Annual Report of the Federal Reserve Board, 1936

TWENTY-THIRD ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COVERING OPERATIONS FOR THE YEAR 1936 UNITED STATES OF AMERICA WASHINGTON: 1937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM DECEMBER 31, 1936 MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman JOSEPH A. BRODERICK JOHN K. MCKEE M. S. SZYMCZAK CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel 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 J. P. DREIBELBIS, Assistant 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 E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, 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 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS TEXT OF REPORT PAGE Introduction 1 Gold and international capital movements 4 Member bank reserves 9 Member bank credit 21 Money in circulation 27 Money rates and bond yields 29 Stock market and security loans 30 Capital issues 33 Business conditions 35 Developments in the commercial banking structure 40 Reorganization of System under Banking Act of 1935 43 Earnings and expenses of Federal Reserve banks 46 Building operations of the Federal Reserve banks 49 Branches and agencies of the Federal Reserve banks 49 Federal Reserve interdistrict collection system 50 Amendment to the Federal Reserve Act 51 Changes in regulations of the Board of Governors 51 Definition of interest in Regulation Q. .. 53 Credits to foreign central banks 55 Bank examinations 56 Trust powers of national banks 57 Holding company affiliates 58 Meetings of Federal Advisory Council 58 Board staff and expenditures 58 ni Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLES FEDERAL RESERVE BANKS PAGE RESERVE BANK CREDIT AND RELATED ITEMS: No. 1. Member bank reserve balances, Reserve bank credit, and related items, annual averages, 1918—36 63 No. 2. Member bank reserve balances, Reserve bank credit, and related items, monthly averages, 1933-36 64 No. 3. Member bank reserve balances, Reserve bank credit, and related items, (end of month figures), 1933-36 65 No. 4. Member bank reserve balances, Reserve bank credit, and related items, by weeks (Wednesday figures), 1934-36 66-68 No. 5. Member bank reserve balances, Reserve bank credit, and related items (call dates), 1921-36 69-70 No. 6. Deposits, total reserves, note circulation, and reserve percentage of Federal Reserve banks, by months, 1933-36 71 No. 7. Assets and liabilities of Federal Reserve banks (in detail), Dec. 31, 1936 72-73 No. 8. Assets and liabilities of Federal Reserve banks (in detail), at the end of each month 74-75 No. 9. Assets and liabilities of each Federal Reserve bank at the end of 1935 and 1936 76-79 No. 10. Bills discounted—holdings of each Federal Reserve bank on Dec. 31, 1936, by classes 80 No. 11. Holdings of bills discounted, bills bought, and industrial advances by Federal Reserve banks, by maturities 81 * No. 12. Holdings of United States Government securities by Federal Reserve banks at the end of 1935 and 1936, by classes 82 No. 13. Industrial advances and commitments, June 19, 1934, to Dec. 30, 1936 83 No. 14. Industrial advances outstanding, by Federal Reserve districts 84 No. 15. Commitments to make industrial advances outstanding, by Federal Reserve districts 84 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS: No. 16. Volume of operations in principal departments, 1932-36 85 No. 17. Volume of operations in principal departments of each Federal Reserve bank, 1936 86-87 No. 18. Volume of operations of branches of Federal Reserve banks 88-89 INTERDISTRICT SETTLEMENT FUND: No. 19. Summary of transactions through the fund, 1927-36 90 No. 20. Summary of transactions through the fund, by districts, 1936. .... 90 FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND: No. 21. Summary of transactions through the fund, 1927-36 91 No. 22. Summary of transactions through the fund, by districts, 1936 91 MEMBERSHIP IN PAR COLLECTION SYSTEM: No. 23. Number of banks on par list and not on par list, by Federal Reserve districts and by States, on Dec. 31, 1935 and 1936 92 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS V FEDERAL RESERVE BANK PREMISES: PAGE No. 24. Cost of bank premises of Federal Reserve banks and branches to Dec. 31, 1936 93 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS: No. 25. Earnings and expenses of the Federal Reserve banks during 1936. . 94-95 No. 26. Total earnings, current expenses and net earnings of Federal Reserve banks and disposition made of net earnings, 1914-36 96-97 No. 27. Earnings of Federal Reserve banks, by sources, 1914-36 98 FEDERAL RESERVE NOTES: No. 28. Federal Reserve note statement at the end of each month 99 GOLD, FOREIGN EXCHANGE, AND MONEY IN CIRCULATION GOLD: No. 29. Monetary gold stock of the United States, 1914-36 103 No. 30. Analysis of changes in monetary gold stock, 1921-36 104 No. 31. Gold held under earmark by Federal Reserve banks for foreign account, by months, 1927-36 104 No. 32. Gold movements to and from the United States, by countries 105 No. 33. Gold movements to and from the United States, 1921-36 105 FOREIGN EXCHANGE RATES: No. 34. Foreign exchange rates, 1922-36 106 MONEY IN CIRCULATION: No. 35. United States money in circulation, by months, 1914-36 107 No. 36. Kinds of money in circulation, 1919-36 108 No. 37. Paper currency, by denominations, and coin in circulation 109 No. 38. Treasury currency outstanding, 1919-36 110 No. 39. Shipments and receipts of United States paper currency, by months, 1923-36 Ill DISCOUNT RATES AND MONEY RATES DOMESTIC MONEY RATES: No. 40. Federal Reserve bank discount rates 115-117 No. 41. Federal Reserve bank buying rates on acceptances—changes from Jan. 1, 1932, to Dec. 31, 1936 117 No. 42. Short-term open-market rates in New York City, by months, 1933-36 118 No. 43. Short-term open-market rates in New York City, by weeks 119 No. 44. Rates charged customers by banks in principal cities, 1924-36 120 No. 45. Maximum rates on time deposits 120 MONEY RATES IN FOREIGN COUNTRIES: No. 46. Discount rates of foreign central banks, 1936 121 No. 47. Open-market discount rates in foreign countries, 1924-36 122 MEMBER AND NONMEMBER BANKS ALL BANKS IN THE UNITED STATES: No. 48. Number of banks and deposits exclusive of interbank deposits, 1914-36 124 No. 49. Loans and investments, 1914-36 125 ALL MEMBER BANKS: No. 50. Condition on Dec. 31, 1936, by classes of banks 126-127 No. 51. Classification of loans, investments, borrowings, and capital stock on Dec. 31, 1936, by classes of banks 128-129 No. 52. Principal assets and liabilities on call dates, 1922-36 130-131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VI ANNUAL REPORT OF BOARD OF GOVERNORS ALL MEMBER BANKS—Continued. PAGE No. 53. Classification of loans and investments on call dates, 1928-36. . . . 132-137 No. 54. Reserves, deposits, and borrowings on call dates, 1928-36 138-143 No. 55. Reserve position, by class of banks, by months, 1936 144 No. 56. Reserve position, by Federal Reserve districts, by months, 1936. . 145-146 No. 57. Reserve position of member banks in New York City, Chicago, and other reserve cities, by weeks, 1936 147-149 No. 58. Deposits of member banks in larger and smaller centers 150 No. 59. Changes in number of banks and branches during 1936, by class of banks 151 No. 60. Earnings, expenses, dividends, and operating ratios, 1929-36. . . . 152-153 REPORTING MEMBER BANKS IN LEADING CITIES: No. 61. Weekly reporting member banks in 101 leading cities—assets and liabilities, by months, 1933-1935 154-159 No. 62. Weekly reporting member banks in 101 leading cities—assets and liabilities, 1936 160-163 No. 63. Weekly reporting member banks in New York City—assets and liabilities, 1936 164-167 No. 64. Weekly reporting member banks in 100 cities outside New York City—assets and liabilities, 1936 168-171 BROKERS' BALANCES: No. 65. Customers' debit balances, money borrowed, and principal related items of stock exchange firms carrying margin accounts 172 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES: No. 66. Commercial paper and bankers' acceptances outstanding 173 BANK DEBITS: No. 67. Debits to individual accounts, by banks in principal cities, 1927-36. 174 BANK SUSPENSIONS: No. 68. Bank suspensions, 1921-36 175 No. 69. Banks suspended in 1933, by districts and by States (revised figures) 176-177 No. 70. Banks suspended in 1933 before and after the banking holiday 177 No. 71. Bank suspensions, by districts and by States, 1934-36 178 BUSINESS CONDITIONS CAPITAL ISSUES AND SECURITY PRICES: No. 72. Capital issues 180-181 No. 73. Security prices 182 No. 74. Bond yields 183 INDEX NUMBERS OF PRODUCTION, EMPLOYMENT, TRADE AND PRICES: No. 75. Production, employment, trade, and prices, 1919-36 184-189 No. 76. Manufacturing production, by groups, 1919-36 190 No. 77. Mineral production, by industries, 1919-36 191 No. 78. Factory pay rolls, by groups, 1919-36 192-193 No. 79. Factory employment, by groups, 1919-36 194-196 No. 80. Wholesale commodity prices in the United States, by groups, 1913-36 197 No. 81. Wholesale commodity prices in the United States, by subgroups. . 198 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS VII APPENDIX Record of policy actions: PAGE Board of Governors of Federal Reserve System 201-222 Federal Open Market Committee 223-230 Recommendations (and directory) of the Federal Advisory Council 231-234 Directory of the Board of Governors of the Federal Reserve System 235 Salaries of officers and employees of the Board of Governors 236-239 Receipts and disbursements of the Board of Governors 240—241 Chairmen, directors, and presidents of Federal Reserve banks 242-245 Number and salaries of officers and employees of Federal Reserve banks 246 State bank and trust company members of Federal Reserve System: List of members, with location, loans, investments, etc 247-264 Number of banks, classified according to size of capital stock 265 Capital stock of banks, classified according to size of capital stock 266 Deposits of banks, classified according to size of capital stock 267 Number of banks, classified according to size of total deposits 268 Total deposits of banks, classified according to size of total deposits 269 Fiduciary powers granted to national banks 270-288 Description of Federal Reserve districts 289-294 Description of Federal Reserve branch territories 295-296 Map of Federal Reserve districts 297 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, June 18, 1937. 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-third Annual Report, prepared by direction of the Board of Governors of the Federal Reserve System, covering operations during the calendar year 1936. Yours respectfully, M. S. ECCLES, Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Early in 1936, in accordance with the provisions of the Banking Act of 1935, the Board of Governors of the Federal Reserve System was reconstituted and the Federal Open Market Committee was reorganized. Presidents and first vice presidents of the twelve Federal Reserve banks were elected by their boards of directors for five-year terms and were approved by the Board of Governors. After the new Board of Governors took office it appointed chairmen of the boards of directors of the Federal Reserve banks, and initiated a procedure looking toward placing the chairmanships upon a largely honorary basis. A detailed statement of changes in the organization and personnel of the System is given on pages 43-46 of this report. During 1936 the Federal Reserve System, as reconstituted, continued to pursue the policy of monetary ease which had been in effect since the beginning of the depression, and money was available in abundance at the lowest rates of interest the country has known. Reserves of member banks continued to increase rapidly throughout the year. They had been built up in recent years largely by the acquisitions of gold which followed revaluation of the dollar in January 1934. Notwithstanding an increase in required reserves resulting from a rapid rise in deposits, excess reserves by the summer of 1936 amounted to over $3,000,000,000. On the basis of these excess reserves and the legal reserve ratios then in effect, bank credit could have been expanded to twice the volume in use at the peak of business activity in 1929; and the gold inflow was still in progress. In July 1936 and again in January 1937 the Board of Governors took action to increase reserve requirements and thereby to eliminate a large part of the excess reserves that had accumulated. The combined effect of these two actions of the Board was to double the reserve requirements of member banks. Thus the power conferred upon the Board by the Banking Act of 1935 to increase reserve requirements for the purpose of preventing injurious credit expansion was fully utilized. In December 1936 the United States Treasury inaugurated a policy of setting aside in an inactive stock all gold purchased subsequent to December 23, 1936, and thereby preventing the further acquisition of gold from increasing bank reserves. The Treasury and Federal Reserve measures taken to- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 ANNUAL REPORT OF BOARD OF GOVERNORS gether largely eliminated the basis of a potential credit expansion arising from the large movement of gold to this country which had begun in 1934 and had greatly expanded the credit base of the country. A more complete discussion of changes in the reserve position of banks since the establishment of the Federal Reserve System, and particularly in recent years, is given in a later section of this report, beginning on page 9. These measures did not reflect changes in Federal Reserve credit policy, which continued to be directed toward monetary ease. They were adopted with a view to reducing redundant reserves created by the gold movement and did not affect the existing volume of currency and bank deposits which had been built up in recent years. The growth of deposits since 1933 has been in part the direct result of the movement of gold, but a far more important factor was the purchase by banks of United States obligations issued to finance the Government's relief and recovery program. As a result of the gold movement member banks had large amounts of unused reserves, and since the demand for credit for business purposes was relatively small, the banks bought Government issues in large volume. They paid for these securities principally by crediting the Government account on their books. Subsequently, as the Government spent the proceeds, funds were transferred from its accounts to deposits of the general public and were distributed through all parts of the country. Chiefly by these two means—gold imports and Government borrowing—to which in 1936 was added a substantial increase in bank loans, the volume of deposits was expanded to an amount larger than in 1929, when the national income and business activity were much greater. The great volume of accumulated cash resources held by individuals and business concerns, which was well in excess of present needs, was not reduced by the actions taken to diminish excess reserves of member banks. Banks continue to have a substantial amount of excess reserves on which to expand credit and can obtain additional reserves by recourse to Federal Reserve banks, but the necessity of calling Federal Reserve credit into use would once again make the banking system more directly responsive to Federal Reserve policy. The existing volume of bank deposits, moreover, was not reduced by the increase in requirements, and these deposits, if more actively utilized, would be sufficient to finance a volume of business far greater than was transacted in 1936. During 1936 business borrowing from banks and in the capital market showed a marked increase. In the early phases of the recovery unused plant capacity was brought into use as production schedules expanded, and the rapid expansion of earnings, as plant capacity became more fully utilized, largely served to finance the necessary increases in inventories. Later, as new plant and equipment began to be needed, many businesses found their existing cash resources sufficient for meeting these requirements. The great expansion of bank credit in connection with Govern- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM d merit borrowing had made additional funds available to business enterprise and to investors. During 1936, however, business drew upon the banks and upon investors' funds to a considerably larger extent. Commercial loans to bank customers, after three years of little change, increased by $1,000,000,000, and securities issued by corporations to obtain new capital (as distinct from refunding issues) amounted to $1,200,000,- 000, or more than the aggregate for the previous four years combined. Since both banks and other investors had unused cash resources, financing of new capital needs, as well as an unusually large amount of refunding, was effected at exceptionally low interest rates. The large volume of idle funds still in the hands of investors should assure business of ample funds at moderate rates to finance further recovery, even without expansion of bank credit. The pressure of these investment funds in the security markets was supplemented by foreign investments in American securities amounting on balance since March 1935 to about $1,000,000,000. The rise in stock prices since March 1935 had been rapid and nearly continuous, and from the autumn of 1935 to the spring of 1936 it was accompanied by an increase in credit extended for margin trading in securities, as well as by greater stock market activity. Under these circumstances it was considered advisable to restrict further buying on the basis of borrowed funds—buying that would be encouraged both by the speculative opportunities that existed in the stock market and by the extremely low rates at which loans on securities were available by reason of the accumulation of excess bank reserves. The Board, therefore, in January and March 1936 took action to increase the margin requirements applicable to security loans made by brokers and dealers in securities and in March also made these requirements, as increased, applicable to loans made by banks on stocks for the purpose of purchasing or carrying stocks registered on national securities exchanges. By these measures the Board undertook to check the growing use of borrowed funds for speculation in securities, without limiting the supply or raising the cost of credit available for commercial, industrial, or agricultural purposes. Extensions of credit by brokers and banks to finance margin trading declined somewhat after the Board's action but in the latter part of the year showed a small increase, which continued during the early months of 1937. Progress in industry and trade was substantial in 1936. Production of durable goods increased considerably and output of nondurable products also showed growth, particularly in the latter half of the year. The increase in durable goods production reflected purchases of equipment both by industry and by individuals as well as further expansion in construction. There was a general rise in employment, and income in both urban and rural areas was considerably larger than in other recent years. Capital values increased during the year, and in the latter part of the year there was a general advance in commodity prices. Total national Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 ANNUAL REPORT OF BOARD OF GOVERNORS income rose to $03,800,000,000 for the year, as compared with $55,000,- 000,000 in 1935 and a low of $39,500,000,000 in 1932. The advance from a depression of extreme depth and long duration toward fuller employment of the nation's labor and productive resources has been considerable and at times increases in activity and in prices have been rapid. A period of expansion after a prolonged depression places on regulatory agencies the responsibility for timely and effective action toward maintenance of a balanced recovery. The steps taken in 1936 and 1937 to absorb excess reserves and limit their further expansion placed the Federal Reserve System in a better position to make its credit policies effective on the member banks and upon the credit situation generally. GOLD AND INTERNATIONAL CAPITAL MOVEMENTS The growth of United States monetary gold stock continued on a large scale in 1936. During the period of nearly three years from January 1934, when the gold content of the dollar was fixed at its present amount, the increase in monetary gold stock amounted to $4,200,000,000, of which $1,100,000,000 occurred in 1936. There were also substantial purchases of silver under the silver purchase program during this period. To the extent that silver has been acquired abroad the resulting imports have, in general, taken the place of equivalent gold imports in settling the balance of international payments to the United States. From January 1934 to the end of 1936 the combined increase in gold and silver stocks amounted to $5,100,000,000, of which $600,000,000 came from domestic sources and $4,500,000,000 was acquired abroad. Factors behind the gold and silver movement.—While acquisitions of foreign gold and silver by the United States have been heavy and virtually uninterrupted over the whole period since revaluation of the dollar, the several factors contributing to the movement have varied greatly in importance. The balance of payments due to the United States by foreigners on merchandise and service account, which was substantial at the beginning of the period, was reversed in 1936. The net inflow of capital from abroad has progressively become more important as a factor in the gold and silver movement, and the character of the capital inflow itself has undergone certain changes as different influences have been brought to bear upon it. The shift in the balance of international payments of the United States on merchandise and service account since 1934 reflects mainly a reduction in the excess of exports, but also an increase in the balance paid to foreigners for tourist expenditures, immigrant remittances, interest, dividends, and other service items. Imports have continued to expand more rapidly than exports, with the result that the export excess, which in 1934 amounted to $481,000,000, was reduced by 1936 to $59,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM I INTERNATIONAL TRANSACTIONS OF THE UNITED STATES, 1934, 1935, AND 1936 (+) indicates net foreign payments to Americans. (—) indicates net American payments to foreigners! [In millions of dollars] Total 1934 1935 1936 1934-1936 Gold and silver movement -1,303 -2,075 -1,210 -4,588 Gold -1,217 -1,739 -1,030 -3,986 Silver -86 -336 -180 -602 Trade and service transactions +461 + 183 -153 +491 Merchandise x +481 +255 +59 +795 Services -20 -72 -212 -304 Capital movement +360 +1,537 +1,172 +3,069 Stocks and bonds +224 +411 +792 +1,427 Short-term funds +192 +970 +404 + 1,566 Direct investments and other capital transactions -56 + 156 -24 +76 Residual item +482 +355 +191 +1,028 1 Includes merchandise adjustments. The substantial rise in the net amount payable to foreigners for services in 1936 reflected mainly increased tourist travel abroad by Americans and larger dividend payments to foreigners by corporations in the United States. The reported net movement of capital to the United States from abroad amounted to $3,100,000,000 from the end of 1933 to the end of 1936. Half the total consisted of an inflow of short-term banking funds; most of the remainder represented net foreign purchases of American securities and, to a lesser extent, of foreign securities in this market. The movement reflected a variety of influences which, operating with varying degrees of force, brought about changes in the character and extent of the capital inflow during the period. The more important of these are discussed in succeeding paragraphs. The net capital inflow for 1936 was not as large as in 1935, but much larger than in 1934. Inflow of short-term banking funds.—Movement of short-term banking funds to the United States amounted to $1,550,000,000 in the three years 1934-1936. A portion of these short-term funds came in a comparatively steady flow, reflecting the accumulation of foreign working balances in the United States and the gradual liquidation of frozen American claims abroad. A far larger part was received at intervals in sharp movements, usually associated with a financial or political crisis in the former gold-bloc countries—France, Netherlands, and Switzerland. Great Britain and other European countries were also affected by these developments and by international uncertainties in Europe of a political character. These special influences, which stimulated the withdrawal of American funds from abroad as well as the inflow of foreign balances, were particularly active in 1935 when the inflow of short-term funds reached a peak. They continued to operate in 1936 but did not lead to so great an inflow as in the previous year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 ANNUAL REPORT OF BOARD OF GOVERNORS One of the reasons for a smaller inflow of short-term funds during 1936 was that by the middle of 1935 American balances in England and the gold-bloc countries had been reduced close to a working minimum. Beginning in January 1936, moreover, some uncertainty abroad as to the course of American monetary policy and as to prospects for the budget of the Federal Government led to a withdrawal of European short-term balances from the United States during the first quarter of the year. In this period French funds, under the influence of continuing political and financial uncertainty in France, sought refuge in London rather than in New York. During May and June, when events reached a critical stage in France, the inflow of foreign balances to the United States again attained substantial proportions. While much French capital continued to go to England in this period, British capital moved in substantial amounts to the United States. The effect of French purchases of sterling upon the forward market for sterling exchange made it profitable to move British funds to New York, notwithstanding lower short-term interest rates in New York than in London. Hence there was a large inflow of British, as well as of gold-bloc, funds to the United States. The end of this crisis in mid-June was followed by a period of several weeks in which European deposits in American banks were again reduced. The outflow of capital from France was resumed in August 1936. At first French capital again went mainly to England, but in September the French and nationals of other gold-bloc countries began to acquire substantial amounts of dollar funds. As in previous gold-bloc crises, British balances in this market also increased. On September 25 the Governments of the United States, France, and the United Kingdom issued similarly worded statements in which each Government declared "its purpose to continue the policy which it has pursued in recent years, one constant object of which is to maintain the greatest possible equilibrium in the system of international exchange and to avoid to the utmost extent the creation of any disturbance of that system"; and "its intention to continue to use appropriate available resources so as to avoid as far as possible any disturbance of the basis of international exchange resulting from the proposed readjustment" of the French currency. Each Government stated that it "must, of course, in its policy towards international monetary relations take into full account the requirements of internal prosperity." Following this statement redemption of notes in gold was suspended in France, Switzerland, and the Netherlands, and the currencies of these countries were allowed to decline on the exchanges. In France and Switzerland exchange fluctuations were limited by law to a range of 66 to 75 per cent of the previous parity. Central bank gold reserves were revalued on the basis of the upper of these two limits, and stabilization funds were set up out of the revaluation profit. The Swiss National Bank was instructed by the Federal Council to maintain the Swiss franc at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 7 approximately 70 per cent of the old parity, and for the remainder of the year the French stabilization fund also maintained the French franc at about the same level. The Netherlands established no legal limits to the fluctuation of the guilder, and gold reserves of the Netherlands Bank were not revalued; but a stabilization fund similar to that of the British was established, and the guilder was maintained on the exchanges at a level of about 80 per cent of the former parity. The Netherlands, Switzerland, and Belgium subsequently declared their adherence to the general principles stated in the tripartite declaration. Belgium had reduced the value of its currency by 28 percent in 1935. With the readjustment of gold-bloc currencies and the tripartite declaration looking toward greater stability in international currency relationships the flight of European funds into American bank deposits ceased. During the last quarter of the year a moderate amount of shortterm funds moved back to Europe—particularly to England where rates in the short-term money market firmed toward the year-end. Thus during much of 1936—i.e. the first quarter, the early summer, and the last quarter of the year—European deposits in American banks were being reduced rather than increased. This, together with the fact that little further return flow of American balances from abroad was possible owing to the small amount of free balances abroad, accounts for the much smaller movement of short-term funds to the United States in 1936 than in 1935. Foreign buying of American securities.—The cessation of the flight of short-term capital to the United States, following the events of September 1936, did not, however, prevent the continued investment of foreign money in American securities. This movement into securities had been in progress since May 1935. In contrast to the shifts of frightened money into American bank deposits during gold-bloc or war-threat crises, followed by periods of inactivity, the movement of foreign investment funds into American security markets had been proceeding week after week almost without interruption. Europeans were increasing their holdings of American equities. The greater assurance of stability in international currency relationships in the last quarter of the year did not diminish the attractiveness of the United States as a field for investment and speculation. In fact the new international currency arrangement was followed by a burst of activity in the capital markets of all the participating countries. There seems to have been a general movement to get idle funds invested now that the chief currency difficulties appeared to have been surmounted. Stock prices in France, Switzerland, and the Netherlands rose sharply and at a more rapid rate than in the United States. In England there was a moderate advance. In conjunction with this expansion of stock-market activity capital flowed to the former gold-bloc countries as well as to the United States— much of it coming from gold and other resources previously held idle in Digitized fLoro FnRdAoSnE. R The movement to France was short-lived, but Switzerland, the http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o ANNUAL REPORT OF BOARD OF GOVERNORS Netherlands, and the United States continued to draw capital and gold for the remainder of the year. During the six weeks from the latter part of September until the middle of November foreign investments in American securities were at four or five times the rate prevailing in the first three quarters of the year. Announcement in November that measures were being considered which would make American investment less attractive to foreigners, together with a slowing down of the stock market advance, contributed to a decrease in the movement; but at the end of the year foreign purchases of American securities were proceeding on about the same scale as during the first nine months of 1936. This investment movement in the final quarter of the year was the chief factor in the heavy inflow of gold from abroad. New Treasury gold policy.—On December 21, 1936, the Secretary of the Treasury announced a change in practice designed to prevent future acquisitions of gold from increasing, and sales of such gold from reducing, member bank reserves. Under this practice, as under the old, the Treasury pays for gold by drawing upon its balance with the Federal Reserve banks, thus transferring funds from Treasury account to member bank account at the Federal Reserve banks. The Treasury's balance is reduced by the operation and member bank reserves are correspondingly increased. At this point the change of practice is introduced. Before the adoption of the new gold policy it was the practice of the Treasury to replenish its balance with the Federal Reserve banks by utilizing the newly purchased gold to give the Federal Reserve banks equivalent credits in the goldcertificate account. Replenishment of its balance in this manner had no effect upon member bank reserves, which therefore retained the increase that had occurred when the gold was sold to the Treasury. Under the new policy effective December 24, however, the Treasury has followed the practice of setting aside its current gold purchases in an inactive account and replenishing its balance with the Federal Reserve banks by drawing funds from the market either through the use of existing balances or through borrowing. Thus funds are transferred back from member bank reserves to the Treasury account at the Federal Reserve banks, cancelling the increase in member bank reserves that occurred at the time the Treasury purchased the gold. While the net result of these operations is to leave unchanged the total volume of member bank reserves, they may have altered the distribution of these reserves among member banks. The new Treasury policy has been applied not only to gold imports, but also to purchases of domestically mined gold. The factor which has been chiefly responsible for the growth of member bank reserves in recent years has thus been eliminated as a current influence in this direction. The excess reserves that had accumulated, however, were unaffected by the Treasury's action. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM MEMBER BANK RESERVES The growth of member bank reserve balances, which had proceeded with only temporary interruptions since 1933, continued in 1936, but the volume of reserves in excess of legal requirements was reduced in the MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS (WEDNESDAY FIGURES) BILLIONS OF DOLLARS 12 1930 1931 1932 1933 1934 1935 1936 year as the result of an increase in reserve requirements by the Board of Governors. Total reserve balances increased by $1,000,000,000 in the year and toward the end amounted to approximately $6,800,000,000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 ANNUAL REPORT OF BOARD OF GOVERNORS compared with a level of about $2,300,000,000 that prevailed with relatively small changes from 1926 to 1931. Required reserves increased by $1,900,000,000 in 1936, reflecting the increase on August 16 in the percentages of deposits required to be held as reserves, together with a continued growth in deposits at member banks. The amount of excess reserves, which had increased from practically nothing prior to 1931 to over $3,000,000,000 toward the end of 1935, was reduced by $900,000,000 during 1936. Changes in member bank reserves and in factors affecting them are shown by weeks since 1929 on the accompanying chart. Changes in reserves during 1936.—Gold imports continued to be the most important factor in the increase in reserves in 1936, while a growth of money in circulation was a factor reducing reserves. Wide fluctuations in reserves during the course of the year reflected principally changes in deposits of the Treasury with the Federal Reserve banks, which were increased periodically by tax receipts and cash payments for new Government securities sold to the public and then gradually decreased by current expenditures of the Treasury. Redemption of adjusted service bonds after June 15 resulted in a rapid increase in reserves during the summer. Substantial reductions in member bank reserve balances at quarterly financing dates were possible without restraint on member banks, because of the existence of large excess reserves. Increase in reserve requirements.—Problems raised by the large volume and continued increase in member bank reserves were given careful consideration by the Board of Governors in the latter part of 1935 and in 1936. Excess reserves held by member banks in June 1936 were sufficient to provide the basis for almost doubling the existing volume of deposits, which was already as large as at any previous time. In order to eliminate the possibility of these excess reserves becoming the basis of an injurious credit expansion, the Board on July 14 decided to raise member bank reserve requirements by 50 per cent, effective after the close of business August 15, 1936. On January 30, 1937, the Board took action to increase requirements by another 50 percent of those prescribed in the Federal Reserve Act, one half of this second increase to become effective March 1 and the other half May 1,1937. This action completed the use of the Board's power under the law to raise requirements to twice the percentages prescribed in Section 19 of the Federal Reserve Act. The accompanying table shows the reserve requirements prescribed under Section 19 of the Federal Reserve Act and how they were changed by the actions of the Board. Growth of member bank reserves in recent years.—The rapid growth of member bank reserves, which was the occasion of the Board's action to increase requirements, had resulted from a number of developments. Additional reserves were created from 1929 to 1933 through purchases of United States Government securities by the Federal Reserve banks as a part of the System's policy to ease money conditions with a view to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 11 MEMBER BANK RESERVE REQUIREMENTS [Percent of deposits] Classes of deposits and banks J A u u n g e . 2 1 t 1 o 5 , , 1 1 9 9 1 3 7 6 , A Fe u b g . . 2 1 t 8 6 o , , 1 1 9 9 3 3 6 7 , A M p a r r . . 3 t 1 o 0 , , 1 1 9 9 3 3 7 7 , M B a e y g i 1 n , n 1 in 9 g 37 On net demand deposits Central reserve city banks 13 22^ 26 Reserve city banks. 10 15 2 17^ 20 Country banks 7 ioy2 14 On time deposits: All member banks.. 3 6 NOTE.—For reserve requirements prior to 1917 see table on page 17. counteracting deflationary forces and encouraging recovery. Until 1933, however, reserves created through open-market operations were largely absorbed by increases in money in circulation and through repayment of borrowings by member banks. In the autumn of 1933, when excess reserves had increased to $800,000,000, the System discontinued its openmarket purchases. Since that time the principal source of additions to SOURCES OF EXCESS RESERVES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 4000 4000 3000 3000 2000 2000 1000 1000 -1OOO -1000 1932 1933 1934 1935 1936 All figures are for end-of-month dates, except that for excess reserves as of August 15, 1936. Cumulated gold imports are imports minus exports since December 31, 1931. member bank reserves has been the importation of gold from abroad. These facts are illustrated by the chart, which shows United States Government security holdings of the Federal Reserve banks, cumulated gold imports, and excess reserves from 1932 to 1936. It is clear from the chart that until the autumn of 1933 increases in excess reserves corresponded approximately to purchases of United States Government securities by the Reserve banks, and after that time to other factors, principally gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 ANNUAL REPORT OF BOARD OF GOVERNORS imports which amounted to about $4,000,000,000 during the three years 1934-1936. In addition to gold imports member bank reserves were increased in these three years by additions to the monetary gold stock from domestic production and other domestic sources, amounting to about $500,000,000, and by the issuance of about $800,000,000 of silver coin and currency by the Treasury. Of the reserves originating from gold and silver purchases, more than $1,000,000,000 was absorbed by an increase in currency in circulation, and required reserves increased by about $1,200,000,000 as a result of the growth in member bank deposits and by $1,500,000,000 because of the Board's action increasing reserve requirements.. As a result of these factors and others of less importance, excess reserves at the end of 1936 amounted to about $2,000,000,000. Member bank reserves, which were increased chiefly through gold imports, were distributed among the different groups of member banks and the different sections of the country through industrial, commercial, financial, and governmental transactions involving the continuous shifting of funds among regions and among banks. Since most of the foreign exchange transactions, which are the basis of gold imports, take place in New York, the effect of gold imports on member bank reserves has been as a rule immediately reflected in additions to the reserves of New York City banks, but in time these reserves have become widely distributed among banks elsewhere. In some cases the gold import may have reflected a foreign demand for dollars to be transferred directly from New York to other parts of the country in payment for goods bought in the United States, for example, or for securities purchased from an American. More generally, the continuous flow of funds in connection with a variety of internal payments, which are not directly related to the international transaction that has led to the inflow of gold, has resulted in a broad distribution of the additional reserves among different banks and regions. It is not possible to measure quantitatively the complex elements that made up this flow of payments, but several of the more important movements of recent years may be enumerated. Improvement in agricultural conditions since 1933 and the increase in farm income carried a larger volume of funds to agricultural regions in payment for their crops. Likewise industrial expansion in various sections of the country resulted in a substantial shifting of funds to such sections. Perhaps the most important factor in the geographical distribution of surplus funds of banks since 1933, however, was the expenditure by the Treasury of funds raised by the sale of Government obligations to banks. Funds spent by the Treasury are not necessarily raised in the locality in which they are spent and do not necessarily remain in the particular section in which payments are made. The bulk of them may be transferred from one locality to another for the purpose of investment or in payment for goods and services, and with each transfer there is a shift of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 13 member bank reserves through the clearing system. City banks, especially those in New York City, have until recently bought relatively more Government securities than the so-called country banks, but expenditure by the Government throughout the nation of funds obtained from city banks has tended to reduce the excess reserves of city banks and to distribute them widely among country banks in different regions. Country banks thus acquiring new funds have kept a portion as excess reserves with Federal Reserve banks, have invested a portion, and have placed a substantial amount on deposit with correspondent banks in financial centers. Balances carried by country banks with city correspondents in 1936 were about twice as large as they were at any time prior to 1934. Consequently, while city banks owned a large part of legal excess reserves, a considerable portion of these reserves in effect belonged to country banks, which could obtain them on demand by withdrawing balances from correspondents. . In December 1936 all classes of member banks had much larger excess reserves than in January 1934, and, notwithstanding the August increase in reserve requirements, the ratio of excess to required reserves for member banks in the aggregate was not much less than at the beginning of 1934. DISTRIBUTION OF EXCESS RESERVES, BY CLASSES OF BANKS [Averages of daily figures] Amount of excess reserves Percent of excess to required (in millions of dollars) reserves Jan.. Aug. 1-15. Dec, Jan., Aug. 1-15, Dec, 1934 1936 1936 1934 1936 1936 Central reserve city banks: New York 147 1,226 697 20 96 35 Chicago 171 290 175 110 103 41 Reserve city banks 305 970 675 52 104 46 Country banks 242 619 498 64 131 67 All member banks 866 3,105 2,046 46 105 44 Aggregate reserve balances of member banks at the end of 1936 were 44 percent in excess of requirements. Banks in reserve cities held reserves 46 percent above requirements, while the so-called country banks held reserves 67 percent above requirements. Central reserve city banks in New York City, with reserves of about 35 percent above requirements, had the smallest percentage of excess reserves of any class of banks. Bankers' balances.—Owing to the large volume of balances that banks outside of New York City carry with correspondents, the effective, as contrasted with the technical, reserve position of these banks is considerably understated when their balances with Federal Reserve banks alone are considered. Banks outside of New York require balances with correspondents to serve as secondary reserves and for clearing and other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 ANNUAL REPORT OF BOARD OF GOVERNORS purposes, but the volume of such balances during the past two or three years has been much larger than ever before. On December 31, 1936, all member banks held demand balances with other domestic banks of $3,900,000,000, whereas from 1922 to 1929 they held an average of $1,900,000,000. New York City banks have continued to hold only small working balances with correspondents. Of the total bankers' balances at the end of 1936 nearly $1,900,000,000 belonged to country member banks, compared with $900,000,000 held by them at the end of 1929. When balances with correspondent banks, as well as excess reserves, are considered, it appears that total unutilized funds owned by country banks at the end of 1936 were sufficient to provide the basis for a very substantial further increase in loans and investments by these banks. Reasons for increase in requirements.—The section of the law which authorizes the Board to change reserve requirements for member banks states that this power may be exercised uin order to prevent injurious .s credit expansion or contraction." The significance of this language is that it places responsibility on the Board to use its power to change reserve requirements not only to restrict and minimize an injurious credit expansion or contraction after it has developed, but to anticipate and prevent such an expansion or contraction. By its action in the summer of 1936 the Board eliminated as a basis of possible credit expansion about $1,500,000,000 of excess reserves, and its action in the spring of 1937 absorbed a further similar amount of excess reserves. The part of excess reserves thus eliminated was superfluous for prospective needs of commerce, industry, and agriculture, and, if permitted to become the basis of a multiple expansion of bank credit, might have resulted in an injurious credit expansion. The summer of 1936 was an opportune time for an increase in reserve requirements. As previously shown, reserves at the time were so large and well distributed that all but a relatively small number of member banks were in a position to meet the increased requirements either by utilizing their excess reserve balances with the Reserve banks or by drawing upon their excess balances with correspondent banks. While there was no evidence of actual excessive expansion in bank loans, the excess reserves provided the basis for such an expansion and it was considered far better to sterilize a part of the superfluous reserves while they were still unused than to permit a credit structure to be erected upon them and then to withdraw the foundation of the structure. The first increase in reserve requirements brought excess reserves to a level of $1,800,000,000, but before the end of the year a continued expansion of member bank reserves arising from gold imports raised excess reserves to a level of $2,200,000,000. The action taken early in 1937 to raise the required reserve percentages to the limit permitted by law, together with the Treasury's policy of sterilizing new gold acqui- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 15 sitions, reduced excess reserves to about $900,000,000. Thus the Federal Reserve System is again placed in a position where such reduction or expansion of member bank reserves as may be deemed in the public interest may be effected through open-market operations, a more flexible instrument, better adapted for keeping the reserve position of member banks currently in close adjustment to credit needs. In raising reserve requirements it was not the intention of the Board to reverse the policy of monetary ease which has been pursued by the System since the beginning of the depression. Rather it was an adjustment to a changed reserve situation brought about through the extraordinary inflow of gold from abroad. At the time of taking action to increase reserve requirements the Board announced that the Federal Reserve System proposed to continue its policy of exerting its influence toward the maintenance of easy money conditions for the encouragement of full economic recovery. Effect of increase in reserve requirements.—The increase in requirements in August 1936 was accomplished with little change in the position of member banks or in money rates. In the week including the effective date of the increase a few scattered banks borrowed at the Reserve banks, but the total amount of borrowing was negligible. Some banks drew upon their balances with other banks in order to meet the increase. Except for a slight advance in the rate on bankers' acceptances at the time of the announcement of the increase, short-term money rates were unaffected and yields on long-term securities subsequently declined further to new low levels. The increase in reserve requirements in August had no immediate effect upon the supply of credit in the money market because member banks held sufficient excess reserves to meet the increase. Its result was to limit the potential increase in credit, not only by reducing the amount of excess reserves upon which expansion may be based, but also by lowering the amount of expansion possible on each dollar of reserves. The average effective ratio of deposit expansion for member banks, which was about $12 of deposits to each $1 of reserves prior to the Board's action, was reduced by the full increase in reserve requirements completed May 1, 1937, to about $6 of deposits for every $1 of reserves. Effect on position of Reserve banks.—The assets and liabilities of the Federal Reserve banks were in no way changed by the increases in reserve requirements of member banks, except to the small extent that member banks borrowed to meet the increase. Since member banks had excess reserves out of which to meet the increase, it did not affect the total amount of deposits at the Reserve banks, but merely converted a portion of the member bank deposits already held from "excess reserves" to "required reserves." It did not add to the volume of funds available to the Reserve banks for investment. The lending power of the Federal Reserve banks is not based upon Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 ANNUAL REPORT OF BOARD OF GOVERNORS funds deposited with them by member banks, but is derived from the authority to issue Federal Reserve notes and to create deposits on the basis of a 40 and a 35 percent reserve, respectively, to be held against notes and against deposits. If member banks were permitted to withdraw all of their reserve balances in currency, the assets of the Reserve banks or the ability of the Reserve banks to expand their assets would not be affected, except to the extent that their reserve requirements would be slightly increased. If deposits were withdrawn in gold or currency redeemed in gold, then the reserves of the Federal Reserve banks and their potential lending power would be reduced. When a Reserve bank purchases in the market a United States Government obligation and pays for it, directly or indirectly, with a deposit credit on its books, it adds to the reserve deposit of some member bank. It is for this reason that the Reserve banks purchase United States Government securities when they wish to ease the credit situation by placing additional funds at the disposal of member banks. Mechanically the process is as follows: when a Reserve bank purchases a Government obligation, it pays for it by a check drawn on itself. The seller of the obligation deposits this check at his bank, and the bank in turn deposits it at the Federal Reserve bank where it is credited to the depositing bank's account. Similarly when a Reserve bank purchases United States Government obligations or acceptances from a member bank or discounts paper or makes an advance to it, the member bank's reserve account is credited with the amount involved. In all these cases member bank deposits at. the Federal Reserve banks are increased. Limits of possible expansion by the Reserve banks are not related to the legal distinction between required and excess reserves, but are determined by the amount of cash reserves of the Reserve banks themselves. In practice, use of the lending power of the Federal Reserve banks is determined not by the theoretical possibilities of expansion on the basis of available reserves or by the possible earnings from such expansion, but primarily by a consideration of the amount of reserve funds required by member banks for the accommodation of commerce and business and the maintenance of sound credit conditions. History and purpose of reserve requirements.—Required reserves against bank deposits have long been a part of the system of banking in this country. Throughout the world banks hold as reserves varying proportions of funds deposited with them. In most countries this amount is determined, not by law, but by custom and the mandates of banking prudence. In this country, however, the proportion of deposits that the banks must keep as reserves has long been prescribed by law. A little more than 100 years ago banks were not required to carry any reserves either against notes or against deposits. At that time bank notes were the common medium in which loans were extended and frequent overissue of State bank notes led to the enactment of reserve requirements in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 17 one form or another by most States. When the National Bank Act was passed, the principle of required reserves found in State laws was carried over into the new national banking system and, with subsequent modifications, was retained until the establishment of the Federal Reserve System. Various reserve requirements of national banks and of member banks of the Federal Reserve System are shown in the following table: RESERVE REQUIREMENTS OF NATIONAL BANKS AND MEMBER BANKS [Percentages of deposits] On demand deposits On time deposits ci C r t e y e s n e b r t a r v n a e l ks ci R ty e s b e a rv n e ks C b o a u n n k t s ry All banks Under National Bank Act: Prior to November 16, 1914—total 25 25 15 0) In vault—minimum requirement 25 12M 6 0) With correspondents 12H 9 0) Under Federal Reserve Act: Provided in original act2—total 18 15 12 5 With Federal Reserve bank—minimum requirement 7 6 5 (3) In vault—minimum requirement 6 5 4 (3) In vault or with Federal Reserve bank 5 4 3 (3) June 21, 1917 to August 15, 1936— With Federal Reserve bank 13 10 7 3 Beginning May 1, 19374— With Federal Reserve bank 26 20 14 6 1 Same as on demand deposits. 2 The distribution of reserves here shown for reserve city banks and country banks was to become effective in November 1917. At the beginning of the System country banks were required to hold a minimum of 1/6 of required reserves with Federal Reserve banks and 5/12 in vault, and reserve city banks were required to hold 1/5 with Reserve banks and 2/5 in vault, while the remainder could be held optionally in vault, with the Reserve banks, or with national banks in central reserve or reserve cities. These fractions, under the Act, were gradually changed to approach those shown in the table. 3 For each class of bank required reserves against time deposits were distributed in same proportions as those against demand deposits. 4 For intermediate changes in requirements in the short period from August 16, 1936, to April 30, 1937, see table on page 11 of this report. NOTE.—In addition to these changes in ratios, changes were also made from time to time, principally in 1917 and 1935, in scope and definition of net demand deposits against which reserves were required to be held. Under the national banking system, prior to the Federal Reserve Act, so-called country banks were required to hold a reserve equal to 15 percent of deposits, of which three-fifths or 9 percent of deposits could be held in balances with correspondents. Reserve city banks were required to hold reserves of 25 percent, of which one-half could be held in central reserve city banks; and central reserve city banks were obliged to hold 25 percent of their deposits in cash. No distinction was made between time and demand deposits. When the Federal Reserve Act was passed it was believed that, because reserves were to be concentrated in twelve regional reserve banks, it would be safe to lower the required ratios of reserves to deposits; and they were reduced, respectively, to 18, 15, and 12 percent on demand deposits at central reserve city, reserve city, and country banks and to 5 percent on time deposits at all member banks, of which part could be held as vault cash and part on deposit with Federal Reserve banks. In 1917, in order to centralize reserves further, member banks were no longer permitted to count cash in vault as legal reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 ANNUAL REPORT OF BOARD OF GOVERNORS To compensate for this exclusion of vault cash, which banks had to continue to carry to meet day-to-day needs of customers, the ratios of required reserves to demand deposits were reduced by five points to 13, 10 and 7 percent and those on time deposits by two points to 3 percent. Changes made in the reserve structure by the Federal Reserve Act and its amendments had the consequence of reducing operating reserves to a lower level than was contemplated at the time the law was passed. The more important of these changes were the provision that vault cash was not to be counted as legal reserves and the reduction of reserves against time deposits to 3 percent. Owing to the ease with which cash could be obtained from the Reserve banks, member banks found that they no longer needed to carry as much cash in vault as previously, but could reduce the amount considerably. An increasing proportion of bank deposits, moreover, began to be classified as time deposits requiring only a 3 percent reserve. As a consequence, the ratio between the total of reserves and cash actually held by all member banks and the total of their time and net demand deposits declined until it reached in 1928 a low point of less than 9 percent, as compared with about 13^2 percent in 1917. This change in effect made possible an expansion in member bank credit of about $12,000,000,000 more than could have occurred with the same volume of reserves on the 1917 basis. This amounted to about two-thirds of the expansion that actually occurred in the period. The principal purpose of reseive requirements was originally to assure the convertibility into cash of bank notes and deposits, i.e., to assure the ability of individual banks to meet liabilities on demand during a period of strain. Although required reserves were never adequate to serve banks in case of large withdrawals or to prevent bank failures, nevertheless it was on the basis of the increased ability to obtain cash to meet deposit withdrawals that reserve requirements were reduced when the Federal Reserve Act was passed in 1913. From the point of view of safety and convertibility an organized banking system with centralized reserves, with discount facilities, and with an elastic currency could afford to operate on a much smaller proportion of reserves than could an unorganized system consisting of thousands of banks without those facilities. For this reason also larger reserves continued to be required against demand deposits at city banks, where financial transactions and correspondent bank relationships occasion larger and more sudden withdrawals than at banks in country districts. Smaller reserves were required against time deposits than against demand deposits on the theory that time deposits turn over much more slowly and that the privilege of requiring notice of withdrawal provided a safeguard against sudden losses of such deposits. In the course of the years before the establishment of the System, however, it had already become evident that reserves alone were not an adequate protection to banks and their depositors. Since withdrawal of Digitized fdore FpRoAsiStsE Rr esults for an individual bank in an equal reduction in reserve http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 19 funds and a much smaller reduction in reserve requirements, reserves are soon exhausted in case of substantial withdrawals. Gradually it has become more clearly understood that safety of deposits depends much more upon the character of other assets of banks than upon legal reserves. More important than the concentration of reserves, from the standpoint of helping banks to meet withdrawals, was the additional liquidity given to bank assets by the Federal Reserve System, with its facilities for rediscounting. The ability of individual member banks to meet large withdrawals of deposits has always been dependent much more upon the possession of balances due from other banks in excess of current needs and of loans and investments that can be readily sold in the open market than upon legally required reserves. The Reserve Act increased this ability by providing additional discount and borrowing facilities for member banks. Under the Federal Reserve System reserve requirements have served primarily as an instrument through which undue bank credit expansion may be checked and undue contraction of credit mitigated, rather than as a means of preserving liquidity of banks. Bank reserves are the principal medium through which the Federal Reserve System exercises its policies to accelerate or retard credit expansion. If it were not for its power to influence the volume of reserves and control the cost of obtaining additional reserves, the Federal Reserve System would be unable to discharge its responsibilities towards maintaining a more stable banking system and indirectly a more stable economy. The fact that the volume of bank credit is several times the volume of reserves gives the Federal Reserve authorities a leverage with which to operate. AVhen the banking system obtains additional reserves, banks can lend or invest the funds thus obtained and, as these funds flow through the clearing system, other banks can relend or reinvest them, and thus the volume of bank deposits may be gradually expanded to several times the amount of reserves. For this reason there is an important distinction between reserves and other money. Reserve money is susceptible of a multiple expansion, whereas cash or deposits in the hands of the public cannot be the basis of expansion. The former may be called "highpower" money and the latter "low-power" money, with the low-power money in the hands of the public and the high-power money in the hands of the Federal Reserve banks. Federal Reserve policy, however, is not the only factor affecting reserves of member banks. Individual member banks may obtain reserves through the clearing system, i.e., through the shifting of funds from other banks, but for the banking system as a whole reserves are generally created only through additions to monetary stocks of gold and silver, through a reduction in the public demand for money in circulation, or through Federal Reserve operations. Treasury operations at times affect reserves, but their effects are generally temporary, except when they Digitized fionrv FoRlvAeS EtRh e issuance or retirement of Treasury currency. Gold movehttp://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 ANNUAL REPORT OF BOARD OF GOVERNORS ments and the public demand for currency are not directly influenced by Federal Reserve policy, except so far as gold movements may be influenced by changes in interest rates. Reserves created through these two channels are accepted by the Federal Reserve System, which may then decide whether their effect should be allowed to operate or should be offset by Federal Reserve operations. The only source of reserves for which the Reserve System has direct responsibility is its own operations. The Federal Reserve banks may supply reserves to member banks either by lending them money or by buying securities or acceptances in the open market or may reduce member bank reserves by the reverse of these operations. When member banks are required to borrow from the Federal Reserve banks, credit expansion is restrained, since banks are likely to adopt more restrictive lending policies when they are in debt. Furthermore, the Reserve banks can make borrowing expensive by raising discount rates. The System can also influence the volume of reserves directly by open-market operations. When the System buys Government securities or acceptances, it pays for them by checks on the Reserve banks; these checks are deposited with member banks and come to the Reserve banks where they become member bank reserve balances. The Reserve System can diminish reserves by selling Government securities or acceptances or by not replacing them upon maturity. These are paid for by withdrawals from member bank balances at the Reserve banks, thereby reducing member bank reserves. Open-market operations are, therefore, the most direct way of influencing the volume of member bank reserves. Discount rate policy supplements the effects of open-market operations. If the banks find themselves short of reserves and borrow, either because they have lost reserves because of the sale of Government securities by the Reserve banks or through other causes, then the Federal Reserve System can make the borrowing less or more expensive by changing the discount rate. Open-market operations, therefore, prepare the way for discount rate policy and make that policy effective. These, very broadly, are the instruments through which the Reserve banks can influence the volume of credit. To these instruments the Banking Act of 1935 added the power to change member bank reserve requirements within certain limits fixed by law. This enabled the Board of Governors, when it decided that member banks should have less idle reserves, to sterilize a part of them by increasing the proportion of reserves that member banks must hold against their deposits. When reserve requirements are considered from the point of view of credit control, it appears that with and following the establishment of the Federal Reserve System not only were member bank reserve requirements reduced but that in addition the increased elasticity of credit and currency introduced by the System made possible a wider expansion of credit on a given basis of reserves than was possible under the old bank- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 21 ing mechanism. From this point of view the recent increases in reserve requirements may be considered not only as a method of absorbing reserves obtained from the gold imports of recent years but also as a method of reducing the ratio of credit expansion on a given reserve base, and thereby offsetting the reduction in effective reserve requirements introduced by the Federal Reserve Act and by developments since its adoption. These changes will make the instruments of credit policy exercised by the Federal Reserve System more effective in encouraging or discouraging the growth of bank credit as may be required in the public interest. MEMBER BANK CREDIT During 1936 there was a considerable growth, for the first time since 1929, in bank loans for commercial and industrial purposes, a cessation of the prolonged rise in bank holdings of United States Government obligations, and an increase in holdings of other securities. Deposits showed a further large increase, and by the end of the year the total of bank deposits and of currency outside banks was larger than at any previous time. Bank profits improved considerably in 1936. LOANS AND INVESTMENTS OF MEMBER BANKS BILLIONS OF DOLLARS ( JUNE 3O THROUGH 1928; CALL DATES THEREAFTER ) BILLIONS OF DOLLARS ! 1 14 — 14 Commercial Loans 12 \ /^ \ 12 \ i 10 ^\ 10 xurity Loans j< J 1 V / y / 8 \ y — y other Securme s - -4 H 6 •- 6 - >*" U.S. Securities A. \ — FReafl Estate Loans 2 — 0 1922 1924 1926 1928 1930 1932 1934 1936 Figures for commercial loans, security loans, and real estate loans partly estimated 1921-1928. Increase in bank loans.—Resumption on a substantial scale of borrowing from banks for commercial purposes began early in March 1936. From the middle of 1933 until that time, as shown on the chart, commercial loans of member banks had been less than half of the pre-depression Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 ANNUAL REPORT OF BOARD OF GOVERNORS volume. A part of the increased supply of funds made available through large-scale borrowing and spending by the Federal Government found its way into the accounts of individuals and firms, thus not only enabling them to repay debts but also relieving them of the necessity of borrowing from banks for the purpose of financing business expansion. As a consequence for a time repayments equalled or exceeded the extension of new loans. Writing off of doubtful loans, which had been widespread during the depression, also continued at many banks, although in diminishing volume. Growth in commercial loans to customers in 1936 was almost entirely at banks in the larger cities throughout the country. The following table shows for the year the increase in so-called "other" loans to customers at central reserve city banks in New York and Chicago, at reserve city banks in the various Federal Reserve districts, and at country banks. These loans include all loans other than loans on securities, loans to banks, loans on real estate, acceptances, and commercial paper bought. They cover, therefore, loans for commercial, agricultural, and industrial purposes, instalment loans, personal loans, etc., not secured by stocks or bonds or by real estate. In addition to these loans, holdings of acceptances and of commercial paper bought in the open market also reflect commercial borrowing. "OTHER" LOANS TO CUSTOMERS BY MEMBER BANKS Change since Dec. 31, Dec. 31, 1935 1936 (million dollars) Million dollars All member banks 6,041 + 1,035 Central reserve city banks: New York City 1,527 +431 Chicago 402 +152 Reserve city banks, by districts: Boston 213 4-21 New York 59 Philadelphia 172 Cleveland 221 Richmond 96 Atlanta .... 166 Chicago 170 St Louis 144 ^Minneapolis 109 Kansas City 156 Dallas . 149 San Francisco 574 Country banks—total 1,881 +++ Percent +21 +39 +61 +11 +29 +12 +36 +15 +19 +29 +711 +63 +58 +31 +27 -3 -3 +22 +16 +25 +?0 +89 +18 +72 +4 NOTE.—Includes all loans other than loans on securities and on real estate, loans to banks, acceptances, and commercial paper bought. At member banks in the two central reserve and 60 reserve cities these loans to customers increased by $950,000,000, or by 30 percent, during 1936, and increases occurred in all Federal Reserve districts except Minneapolis, where there was a slight decline. At so-called country banks, most of which are in the smaller cities and in agricultural areas, "other" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 23 loans showed an increase of only $70,000,000 for the year. Increases at city banks were generally larger in the second half than in the first half of the year, although at reserve city banks in the Boston, Philadelphia, Cleveland, and Chicago districts larger increases occurred in the first half of the year. Some of the growth was the result of special transactions, such as the purchase of Commodity Credit Corporation notes and the granting of loans to receivers of closed banks. The first of these had a substantial influence on the figures for the city of Chicago in July, and the second was important during the spring in Detroit. The bulk of the increase in "other" loans, however, reflected a demand for additional funds by producers and distributors of goods. Loans on real estate by all member banks increased by $120,000,000 in 1936, the increase being largely in loans on urban real estate at country banks. In addition to the increase in loans to customers, reserve city banks reported a small increase in their holdings of acceptances, but at New York City banks holdings of acceptances, including own acceptances held by reporting banks, declined by about $70,000,000. Loans on securities to brokers and dealers, made mostly by city banks, increased during the year by $170,000,000, while other loans on securities declined further by about $100,000,000. Member bank investments.—Investment holdings of member banks, which have increased rapidly since 1931, continued to grow in the first half of 1936, but declined slightly in the latter half. This decrease reflected a reduction by New York City banks in holdings of Government obligations. Security holdings of member banks outside New York generally increased throughout the year. Fluctuations in member bank holdings of investments since 1922 are shown on the chart on page 21. They showed a rapid increase from 1930 to the middle of 1936, accompanying a decline in loans and an increase in member bank reserves. In the years 1930-1935 total investments of member banks rose by $8,000,000,000. In this period United States Government obligations, direct and fully guaranteed, increased by $8,400,000,000, while holdings of other types of securities declined by about $400,000,000. The increase in member bank holdings of Government obligations comprised nearly half of the additional securities issued by the Government and its agencies in financing the relief and recovery program. Over this period country banks took about one-sixth of the Government obligations acquired by member banks, member banks in New York City about one-third, and banks in Chicago and other reserve cities about one-half. In the first half of 1936, as shown by the table, member banks acquired another $1,400,000,000 of Government obligations, of which about onesixth was at country banks, about the same amount at reserve city banks, and the remainder at banks in New York City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 ANNUAL REPORT OF BOARD OF GOVERNORS CHANGES IN INVESTMENTS OF MEMBER BANKS, 1936 [In millions of dollars] United States Gov- Total investments ernment obligations Other securities First Second First Second First Second half half half half half half All member banks +1,907 -77 +1,402 -126 +504 +50 Central reserve city banks: New York +1,043 -603 +937 -554 +106 -48 Chicago +27 +48 -43 +95 +69 -46 Reserve city banks +431 +137 +268 +123 +162 +14 Country banks +405 +340 +240 +210 +166 +129 The decline in holdings of Government obligations in the second half of the year was entirely at New York City banks, while at other member banks there were further increases. In the first half of the year there was a growth in member bank holdings of other securities of $500,000,000, which was fairly evenly distributed among the three classifications of banks. In the last half of the year the increase continued at country banks, while at city banks there was a slight decline. The decrease in holdings of Government obligations by member banks in the last half of 1936 reflected in part adjustments by New York City banks of their reserve positions in anticipation of possible increases in reserve requirements and in part the smaller volume of new borrowing by the Treasury in that period and a change in the type of securities offered. It would appear that purchases of Government obligations by nonbanking investors increased in 1936. This was connected with the fact that of the Treasury issues in 1936 a greater portion consisted of long-term bonds than in other recent years, and the amount of Treasury notes and Treasury bills outstanding was reduced. Member banks in the larger cities, particularly in New York where there are large amounts of bankers' balances and other deposits subject to quick withdrawal, generally hold more of the shorter-term obligations than of bonds, but in 1936 they, too, substantially increased their holdings of bonds. Even in the latter half of the year, when New York City banks reduced their total holdings of Government obligations, they bought more long-term Treasury bonds. Further growth of member bank deposits.—D eposits of member banks increased further in 1936, reflecting a growth of $3,000,000,000 in loans and investments, an addition of over $1,000,000,000 to monetary gold stock, and expenditures by the Treasury from previously accumulated balances. Funds from these sources, however, were not reflected entirely in an increase in deposits, but were partly absorbed by an increase of nearly $700,000,000 in the volume of currency in circulation. Total adjusted demand and time deposits of member banks increased during the year by $3,500,000,000, of which about $2,800,000,000 was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM ZO in demand deposits and $700,000,000 in time deposits. These figures of deposits are adjusted to exclude bankers' deposits, Government deposits, Postal Savings redeposited in banks, and cash items in process of collection. Increases in deposits took place during the year in each of the Federal Reserve districts but were smallest in the Northeastern part of the country, particularly in the Boston district, and in the Western agricultural districts of Minneapolis and Kansas City, which suffered from severe drought. The largest percentage increases in deposits were in the Federal Reserve districts of Cleveland, Chicago, Dallas, and San Francisco. During the first half of the year there were substantial increases in deposits at central reserve city banks in New York City and Chicago, aggregating over $700,000,000, but in the second half the increase at New York City banks was much smaller and at banks in the city of Chicago there was practically no change. ADJUSTED DEPOSITS OF MEMBER BANKS [In millions of dollars] Dec. 31, June 30, Dec. 31, Dec. 31, 1929 1933 1935 1936 All member banks 29,500 20,200 28,800 32,400 Central reserve city banks: New York City 5,900 5,000 6,800 7,600 Chicago 1,400 1,300 1,800 2,000 Reserve city banks 10,000 6,900 10,200 11,400 Country banks 12,200 7,000 10,000 11,400 NOTE.—Demand and time deposits other than United States Government deposits, interbank deposits, and Postal Savings redeposited in banks, and less cash items in process of collection. As shown by the table, deposits at all classes of member banks have increased substantially in recent years. Deposits of member banks in central reserve and reserve cities at the end of 1936 were $3,700,000,000 or 21 percent greater than at the end of 1929, but those at country banks were somewhat smaller than in 1929. This difference is due to a combination of factors, among which is the fact that losses of deposits through bank failures during the depression were relatively larger among country banks than among city banks. A more important factor was the accumulation of idle funds, especially during the early stages of depression, at banks in the financial centers. Percentage increases in deposits since 1933 have been somewhat smaller at banks in New York and Chicago than elsewhere, and during the latter half of 1936 the percentage increase at country banks was half again as large as at city banks. Deposits at banks in New York City and Chicago showed much smaller increases than in other cities. The recent movement has been toward a redistribution of deposits more in accordance with the pre-depression pattern. Deposits at all banks.—At the end of 1936 the volume of deposits in all banks, including mutual savings banks, nonmember commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 ANNUAL REPORT OF BOARD OF GOVERNORS banks and the Postal Savings System, as well as member banks, was larger than ever before. The extent to which bank deposits have expanded since the low point of 1933 is brought out by the chart, which shows the estimated volume of deposits in all banks and the Postal Savings System, beginning with 1920. As a result of bank failures, currency hoarding, and the decline in bank loans and investments, the volume of deposits fell sharply between 1930 and the middle of 1933 to about what it was in 1921. There had been a rapid growth in deposits, accompanying the inflow of gold from abroad and the expansion in DEPOSITS AT BANKS IN UNITED STATES BILLIONS OF DOLLARS C JUNE 30 ™R0UGH 1928; CALL DATES THEREAFTER ) BILLIONS OF DOLLARS 60 60 Total Deposits ( Excluding interbank 50 50 40 40 30 Demand Deposits-Adjusted 30 (including U.S.Government deposits) 20 20 10 10 1920 1922 1924 1926 1928 1930 1932 1934 1936 Demand deposits are adjusted to exclude interbank and United States Government deposits and cash items in process of collection, and time deposits at commercial banks exclude Postal Savings redeposited. Figures included for nonmember banks, other than mutual savings banks, are partly estimated. Deposits at private banks are not included. member bank credit, during the 1920's. In that decade the growth in deposits was largely in time deposits. Growth in deposits since the middle of 1933 has been more rapid and has occurred mostly in deposits subject to check, reflecting in part requirements by banks of minimum balances on checking accounts and refusal by many banks to accept and pay interest on large amounts of time deposits. Demand deposits at the end of 1936 reached an all-time peak of $25,100,000,000 and were 12 percent larger than in 1929. There has also been considerable increase in the amount of currency in circulation outside the banking system. During 1936 the total of deposits and currency increased by $5,100,000,- 000 to a peak of $57,100,000,000, which was about $2,500,000,000 or 5 percent above the pre-depression level. Velocity of deposits.—The volume of checks drawn against bank deposits in 1936 remained well below the volume of pre-depression years, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 27 indicating that the average rate of turnover of deposits, as measured by the ratio of check payments to deposits, was relatively low, owing in part to the large volume of bank deposits held idle awaiting investment or other use. The rate of turnover of deposits in all banks, excluding interbank deposits and deposits in mutual savings banks, has continued since 1933 at about 15 times per annum. This compares with a turnover of about 20 times per annum in the period 1922-1926, prior to the stock-market boom that culminated in 1929. Bank earnings and expenses.—Member banks in 1936 showed a large increase in net profits, notwithstanding the continued low level of interest rates. Current earnings and expenses increased slightly over 1935 and net earnings continued at about 1.3 percent of total loans and investments, compared with 1.7 percent in 1928. The increase in profits resulted from a substantial decline in losses and a considerable increase in recoveries and in profits on securities sold, and reflected principally improvement in business and agricultural conditions, rising commodity prices and security and real estate values, and general betterment in the financial standing of individuals and business firms. Net profits of member banks in 1936 were about 9 percent of total capital funds, or more than double the corresponding ratio for 1935 and close to those for 1928 and 1929. In 1932, 1933, and 1934 the banks showed deficits, owing to the charging off of large losses on loans and investments, but net profits reappeared in 1935 when total losses and depreciation charges declined to the smallest amount since 1930 and recoveries, profits on securities sold, etc., increased. In 1936 recoveries, profits on securities sold, etc., exceeded losses and depreciation. MONEY IN CIRCULATION There was a further increase during 1936 in the volume of money in circulation, that is, currency outside of the Treasury and the Federal Reserve banks. The growth amounted to $660,000,000 during the year, following one of $350,000,000 in 1935. The continued increase in circulation during 1936 reflected principally an increase in payrolls and retail trade at rising wage rates and retail prices. A factor in midsummer was the redemption in cash of veterans' adjusted service bonds. Other factors accounting for the continued increase in demand for currency during recent years were the continued spread of service charges on small bank accounts, the holding of local government funds in cash because of the prevalence of low interest rates, the effect of low rates on the inclination of the general public to hold more funds in cash rather than on deposit with banks, and the fact that banking facilities are less conveniently located for some communities than before the depression. This increased currency demand apparently has not been met to any considerable extent by a return into active circulation of currency previously withdrawn for hoarding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 ANNUAL REPORT OF BOARD OF GOVERNORS For most denominations of currency the increase during 1936 was about 10 percent. The increases in coin and paper money in denominations of $20 or less reflected growing demands for business purposes and for pocket money. Larger denomination currency increased in part as a result of the redemption of adjusted service certificates. MONEY IN CIRCULATION BY DENOMINATIONS [Amounts in millions of dollars] Increasefor year Denomination Dec. 31, June 30, Dec. 31, 1935 1936 1936 Amount Percent $5 and less 1,786 1,832 1,957 171 10 $10 1,373 1,468 1,563 190 14 $20 1,359 1,466 1,501 142 10 $50 and $100 985 1,081 1,106 121 12 $500 and over 384 397 425 41 11 Total1 5,882 6,241 6,543 661 11 1 Total excludes unassorted amounts held n Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed, which are included in the figures by denominations. Most of the increase in currency was in Federal Reserve notes, of which $4,230,000,000 were in circulation at the end of the year as against $3,670,000,000 a year earlier. There was an increase of $230,000,000 in silver certificates. Redemption of national bank notes, Federal Reserve bank notes, and gold certificates continued and reduced these kinds of currency in circulation by $190,000,000 during the year. The largest monthly increase in circulation in 1936 occurred during June. Under the Adjusted Compensation Payment Act of 1936 redemption of adjusted service certificates was begun on June 15, 1936. Payment to veterans holding certificates was made by issuance of bonds in denomination of $50, together with checks for odd amounts. The bonds will mature on June 15, 1945, but were redeemable immediately, and many were cashed. This was responsible for a much larger than seasonal increase in the amount of money in circulation during the latter part of June. In other recent years the increase during the last three weeks of June had been about $50,000,000, while in 1936 it was $310,000,000. In this period the growth was largest in currency of denominations of from $10 to $100. During the following month the return of currency from circulation was $50,000,000 larger than usually occurs during July but considerably smaller than the increase during June. Currency of $10 to $100 denomination showed a larger than seasonal return, although in each case the return was not as much as the earlier increase. Smaller denominations decreased by about the usual seasonal amount in July. During the following months there was a seasonal increase in the amount of currency in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 29 MONEY RATES AND BOND YIELDS Short-term money rates continued at exceptionally low levels during 1936, and long-term rates, as reflected in bond yields, declined further. In the summer of 1936, at the time of the announcement of the increase in reserve requirements, the rate on 90-day bankers' acceptances was raised from 1/8 to 3/16 of 1 percent. There were no other changes until December when some of the more sensitive short-term open-market rates showed small increases. This upward movement continued in the early months of 1937. As shown in the chart, money rates declined almost continuously from 1929 to 1935, with brief interruptions in the autumn of 1931, when England and a number of other countries suspended specie payments and gold was leaving this country in large volume, and again during the banking crisis in 1933. From the middle of 1934 to the end of 1936 rates in the open market on short-term paper were extremely low and showed little change, and rates charged customers by banks in leading cities and bond yields continued to decline in 1935 and 1936. MONEY RATES Treasury Notes \ 4 | ( 3 - 5 years ) V 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 Monthly figures; those for customer loans are averages of prevailing rates charged by banks in 36 cities; others are averages of daily figures: Moody's Aaa corporate bonds, outstanding Treasury notes of 3-5 year maturities, and 90-day bankers' acceptances. Rates on bankers' and Treasury bills were generally below ^ of 1 percent from the middle of 1934 through 1936. The lowest level reached by bankers' acceptances before 1930 was 2 percent in 1924. The rate on call loans with stock exchange collateral, until recent years the most important open-market rate, declined to % of 1 percent in 1935, but was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 ANNUAL REPORT OF BOARD OF GOVERNORS fixed in May 1936 at 1 percent. There were only six scattered years in the period from 1890 to 1930 when this rate averaged below 2 percent and in only one month did it average less than 1 percent. Open-market commercial paper, which for more than half a century has been a popular medium for investment of short-term funds by country banks, was at a rate of % of 1 percent from early in 1935 until early in 1937. The lowest quoted commercial paper rate prior to 1930 was 3 percent in 1924. Prices of bonds continued to rise in 1936, and yields on high-grade long-term bonds, which were at the lowest levels since the early years of this century, declined further. Long-term United States Government bonds sold in the latter half of 1936 on a yield basis of less than 2% percent. The lowest level reached by these bonds in the twenties was d1/^ percent. Pre-war rates are not comparable because most United States Government bonds then bore the circulation privilege, which was at that time of considerable value. The highest-grade corporate bonds sold in 1936 on a yield basis of 3 to 3% percent, compared with a low level for the twenties of 4 to 4% percent and with 3*4 to 3y 2 percent in the years around the turn of the century. Low money rates prevailing in recent years were the result of the large supply of funds seeking profitable use and the small demand from acceptable borrowers. Excess reserves of banks were the principal factor of supply in the short-term market and were also an important influence in the decline in long-term rates. The abundant supply of available funds, together with the small demand for loans, encouraged banks to buy large amounts of securities, particularly United States Government obligations, and bank holdings of securities were the largest on record not only in total amount but also in proportion to total bank assets. The abundant supply of investment funds held by others than banks was also a factor in the low yields on long-term obligations. Insurance companies, other institutional investors, corporations, and individuals have in recent years held a large volume of idle deposits awaiting investment. Continued business recovery and improved corporate earnings to some extent encouraged active investment of these funds. Many investors, holding idle funds awaiting the return of what they would consider as normal interest rates, gradually began to put funds to use at prevailing rates. STOCK MARKET AND SECURITY LOANS Prices of stocks, as well as of bonds, advanced further in 1936, reflecting both investment and speculative demand. There was a sharp decline in stock prices in the spring of 1936, following a sustained advance during the preceding year and a marked increase during January in 1936. The spring decline was brief and the advance was soon resumed. The sharpest increase of the year occurred between late September and early November. For the year as a whole average prices of common stocks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 31 increased by about 25 percent, and during the latter part of the year the average for shares of industrial corporations was at its highest level since the middle of 1930 and utility and railroad shares were higher than at any time since the latter part of 1931. The volume of trading in stocks on the New York Stock Exchange as measured in number of shares sold was larger during 1936 than in 1934 or 1935. While buying of securities during 1936, as in 1935, was largely with funds already available and was not to any considerable extent based on additional credit, there was some growth in the amount of credit used for speculative activity. Stock exchange firms reported an increase of about $140,000,000, or 10 percent, in advances to their customers for margin trading, and loans by banks to brokers and dealers in securities showed a similar increase. There was an increase of nearly $100,000,000 in advances by brokers to customers during the first quarter of the year and a corresponding decline in the next two months, after the Board increased margin requirements. In the last half of the year they showed a steady increase, which continued in the early months of 1937. Other loans on securities by banks showed little change during 1936. Foreign buying of securities in the United States was substantial in the course of the year, amounting on balance to about $600,000,000 of American securities and about $190,000,000 of foreign securities. Increase in margin requirements.—In January and again in March the Board of Governors took measures to restrict the use of credit for purchasing and carrying securities. On January 24, 1936, the Board of Governors, acting under the powers granted it by the Securities Exchange Act of 1934, amended Regulation T, effective February 1, to increase margin requirements on loans made by brokers and dealers in securities. Under the new rule, the minimum required margin on loans collateraled by securities that had had the largest increases in price was raised from 45 to 55 percent of the current market value of the securities. At the time of this action of the Board, the stock market had been showing increasing activity at advancing prices for a period of nearly 10 months. Average prices of common stocks had increased by about 50 percent during the first 8 months of this period, from March to November, 1935, representing the most sustained advance in the stock market since 1929. In the late autumn of 1935 the upward movement was interrupted but it was resumed before the end of the year and at the time of the Board's action in January 1936 the advance was proceeding at an accelerated rate. By this time most stocks had advanced in price to a point at which, notwithstanding the margin requirements then in effect and their so-called "anti-pyramiding" feature, withdrawal of profits or their use as margin for further commitments was again possible. At that time there also were evidences of increased borrowing by brokers' customers, and to some extent by the brokers themselves, for the purpose of purchasing and carrying securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 ANNUAL REPORT OF BOARD OF GOVERNORS Customers7 borrowings from brokers had shown a continuous increase after the middle of 1935, and during the last 4 months of 1935 had increased by about $200,000,000, while brokers' borrowings from banks during the same period had increased by approximately $150,000,- 000, or about 20 percent. Funds making it possible for brokers to increase their loans more rapidly than their borrowings were derived largely from an increase in the credit balances held with brokers by their customers. Regulation U.—On March 24, 1936, the Board adopted a regulation (Regulation U) relating to loans by banks for the purpose of purchasing or carrying stocks registered on national securities exchanges. This regulation, which applies to all banks in the United States, whether or not members of the Federal Reserve System, was issued pursuant to the provisions of Section 7 of the Securities Exchange Act of 1934 and relates to loans made on or after May 1, 1936. The Securities Exchange Act of 1934 required the Board to issue regulations with respect to loans on registered securities by brokers and dealers in securities. In order to prevent circumvention of such regulations, the act also authorized the Board to issue regulations relating to loans made by banks and others for purchasing or carrying registered securities. For a year after October 1, 1934, the effective date of Regulation T, relating to loans by brokers and dealers, bank loans on securities to others than brokers and dealers had declined. In the autumn of 1935, however, the decline had ceased. Since liquidation of old security loans continued, it appeared that banks had been making new loans on securities. Margin requirements on loans by brokers increased during the period, largely as a result of the automatic operation of the statutory margin formula prescribed in Regulation T and partly because of the increase in margin requirements made by the Board effective February 1, 1936. As a result of these increases there was a growing differential between the amount that could be borrowed on a given security from a broker and from a bank. In order to place borrowing for speculative purposes, whether from brokers or from banks, on as nearly an equal basis as the law and the differences in the nature of the enterprises would permit, and in order to place the Board of Governors in a better position to control a speculative expansion, the Board adopted Regulation U, fixed a uniform margin requirement of 55 percent on loans subject to Regulation U, and amended Regulation T, effective April 1,1936, to place the margin requirements on loans by brokers and dealers on the same basis. Adoption of the 55-percent requirement in Regulation T made the required margins on all registered securities the same as those previously required on securities that had had a rapid rise in price. About three-fourths of the trading in stocks on the exchanges was in securities already subject to these higher require- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 33 merits, and the new rule raised the requirements for all registered securities to the same level. Change in basis of determining margins.—In prescribing a minimum margin of 55 percent, the Board departed from the formula stated as a standard but not prescribed in the Securities Exchange Act of 1934. Modification of the margin formula laid down in the act, in accordance with changes in conditions, is specifically authorized by the act. The formula provided for a sliding scale of required margins varying from 25 to 45, later from 25 to 55, percent of market value, according to the extent that a security had advanced in price above its lowest price since July 1, 1933. Under this formula there occurred an automatic advance in margin requirements with rising prices of securities. The average level of margin requirements on actively traded securities had advanced, without any action by the Board, from about 30 percent of current market value at the time when Regulation T went into effect in October 1934 to over 40 percent early in 1936, and by March 1936 the margin required on most active stocks had reached 55 percent, the maximum figure of the sliding scale. A margin requirement expressed as a single percentage of current market value is simpler and more easily understood than the statutory formula, and has also long been generally used by banks in determining margins on security loans. It was the judgment of the Board, therefore, that a flat rate for banks would best serve the public interest. For the sake of uniformity the same requirement was adopted also for loans by brokers. By raising margin requirements the Board is in a position to restrain the demand for credit from speculators in the stock market without restricting the supply available for other borrowers. This method differs from other means of credit control in that it affects directly the demand for credit rather than the available supply or cost, thus exercising a restraint on speculation without limiting the supply or raising the cost of credit to agriculture, trade, and industry. CAPITAL ISSUES Security issues by domestic corporations showed a marked expansion in 1935 and 1936 in response to improved business prospects, the abundance of investment funds, and low interest rates. Securities sold by domestic corporations during 1936 reached a total of about $4,600,000,- 000, double that of 1935. The 1936 total is about 70 percent of the annual average for the pre-depression period 1925-1929, and is to be compared with an annual average of $500,000,000 during the period 1932- 1934, as shown in the following table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 ANNUAL REPORT OF BOARD OF GOVERNORS CAPITAL ISSUES [In millions of dollars] Total Domestic corporate Period dom an e d stic foreign Total Refunding c N ap e i w tal 1925-1929—annual average 9,134 6,322 1,249 5,073 1932-1934—annual average 1,658 505 283 221 1935—total 4,699 2,267 1.864 404 1936—total 6,214 4,579 3,387 1,192 NOTE,—Figures for domestic issues were compiled by the Commercial and Financial Chronicle and exclude U. S. Government issues other than guaranteed issues publicly offered. Corporate issues in 1936 comprised three-fourths of all capital issues 7 according to statistics compiled by the Commercial and Financial Chronicle, which exclude direct obligations of the United States Government. In 1935 corporate issues were about half and in the period 1932-1934 they were less than a third of the total. Publicly-offered issues by States and municipalities and by Federal agencies, excluding direct obligations of the United States Government, declined from $2,400,000,000 in 1935 to $1,500,000,000 in 1936, reflecting principally the completion of substantial refunding operations by the Federal land banks. In contrast with the 1925-1929 period, the major part of the securities issued by domestic corporations during 1936, as during the preceding year, was for the purpose of refunding outstanding issues. In 1936, however, there was an increase in the amount and proportion of security issues for new capital purposes, and the total of $1,200,000,000 for the year was three times that for 1935. It was, however, still small as compared with the 1925-1929 period when the annual average was about $5,000,000,000, including a substantial amount of funds raised for purchase of securities and some used for payment of loans. Available information indicates that during the past two years an increasing proportion of the issues for new capital has been for working capital purposes and for real estate, plant, and equipment rather than for repayment of bank loans and other unfunded debt. Notwithstanding the larger volume of corporate security issues in 1936 for new capital purposes, the major part of public offerings of securities for new capital funds continued, as in other recent years, to come from the Federal Government and from State and local governments. In addition to about $800,000,000 of issues to raise new funds offered by State and local governments and by Federal credit agencies in 1936, the Federal Government showed an increase of about $3,600,000,000 during the year in the outstanding amount of its publicly offered securities with maturities of 1 year or more. New funds were raised by the Federal Government during 1936 in part for redemption of $1.,300,000,000 of the adjusted service certificate bonds issued to veterans in June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 35 During the period 1932-1935 issues for new capital purposes by State and local governments and by Federal credit agencies, together with the increase in outstanding publicly offered bonds and notes of the United States Government, averaged about $3,700,000,000 per year. This compares with an annual average amount of $300,000,000 offered by domestic corporations for new capital purposes. In 1936 the issues by governmental bodies and credit agencies were slightly above the annual average for the 1932-1935 period, while the total issued by domestic corporations was more than four times as large as in that period. In 1936 Federal credit agencies issued small amounts of obligations guaranteed by the United States Government not included in the statistics of publicly-offered issues. The increase during 1936 of $170,000,000 in amount outstanding compares with an increase of $1,400,000,000 for the year 1935, in which the emergency programs of refinancing distressed farm and home mortgages were practically completed. The major part of the 1936 increase was in Home Owners' Loan Corporation bonds, which were issued last year largely in payment of subscriptions for shares of building and loan associations. Lending operations of the Home Owners' Loan Corporation ceased in June 1936. BUSINESS CONDITIONS Recovery in business proceeded further in 1936. The volume of industrial production and of construction increased considerably and there was also a general rise in the number employed. Income in both urban and rural areas was larger than in 1935, and the distribution of commodities to consumers increased substantially. There was a widespread advance in wholesale commodity prices toward the close of the year. Capital values increased during the year, with security prices rising sharply and real estate prices, for both urban and rural property, showing a gradual upward movement. The volume of industrial output for the year as a whole was 105 percent of the 1923-1925 average as compared with 90 in the preceding year and a low of 64 in 1932. The movement during 1936 was generally upward, with an average in the third quarter of 108 and in the fourth quarter of 115, a level not far below the average of 119 for the year 1929. Accompanying the increase in production there was an even greater increase in the demand for goods, with the consequence that a substantial volume of unfilled orders had accumulated by the end of the year. Shortages of equipment appeared in some industries, and orders for new machinery increased further. Continued increase in activity in steel-consuming industries and at steel mills was an outstanding development of 1936. Buying by railroads and the construction industry showed a marked rise from relatively low levels and many other industries, particularly those producing machinery, also increased their purchases of steel. Sustained general Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 ANNUAL REPORT OF BOARD OF GOVERNORS strength in demand for steel was reflected in a 40 percent increase in output of steel ingots and in price advances for finished steel as well as for steel scrap and pig iron. Automobile production in 1936 amounted to 4,450,000 cars, representing an increase of 13 percent from 1935 and the largest annual output for any year except 1929 when 5,360,000 cars were produced. In the lumber industry output showed a further increase, reflecting in large part continued growth in the volume of building and increased activity in the furniture and other wood-fabricating industries. Altogether, output in industries manufacturing durable goods increased over 1935 by approximately a third, and by the end of the year was at about the level of the latter part of 1928, as is shown on the accompanying chart. INDEX OF MANUFACTURING PRODUCTION (ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE FOR TOTAL MOO) POINTS IN TOTAL INDEX POINTS IN TOTAL INDEX 130 130 All Manufactures ( IN F. R. INDEX ) 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 Output of nondurable manufactures increased considerably in 1936, particularly during the second half of the year, and by the close of the year output in this group of industries was above the 1929 level. Activity in the textile industry, after a moderate decline during the early part of the year, showed a rapid advance to new high levels, and total output in 1936 was about as large as in the peak years 1927 and 1929. Petroleum Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 37 refining and output of tobacco and leather products readied new high levels in 1936. Production at mines also increased during 1936. Output of petroleum was larger than in any previous year and about 50 percent above the 1923-1925 average. Coal production increased to about 80 percent of the 1923-1925 average. Output of nonferrous metals and of iron ore also expanded considerably. In construction there was a further increase in activity in 1936 and the total physical volume of construction was at a level about two-thirds that in the latter half of the 1920's. As in other recent years, public projects continued to constitute a greater proportion of all construction work than in the period preceding the depression. During 1936, however, as in 1935, the expansion that occurred was largely in privately-financed projects. Residential building continued the increase begun in the early part of 1935 and there was a considerable expansion in industrial and commercial construction. Rents on residential properties increased during the year as additions to the supply of dwelling units were small in relation to the increase in demand accompanying recovery. The electric power industry operated at record levels in 1936 and increased its construction expenditures, as compared with the exceptionally small outlays of recent years. Although plant expansion by this industry continued at a high level later than in most other industries— the peak being in 1930—it appears that in the latter part of 1936 consumption, at least in some areas, was close to productive capacity. On the railroads there was likewise a considerable expansion in activity, particularly in the latter half of the year, and as volume of traffic expanded, outlays for construction and equipment increased somewhat. The financial position of the railroads, however, while showing considerable improvement in 1936, has been a factor limiting expansion in capital expenditures. Agricultural production, which, as a whole, shows much smaller fluctuations from year to year than manufacturing, mining, or construction, increased slightly in 1936 over the low level of the preceding year, according to figures of the Department of Agriculture. Cotton production was larger and output of truck crops and of citrus fruits was in record volume, while other fruit crops were small and output of feedstuffs was sharply reduced as a result of the drought. Livestock slaughter increased considerably. The substantial growth in economic activity in 1936 was accompanied by a general rise in the number employed and also in the average number of hours worked per week. The most marked increases in employment were at factories and on construction projects, but increases in many other lines were considerable. Employment by the public utilities, which at the beginning of 1936 was little above the depression low, increased some- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 ANNUAL REPORT OF BOARD OF GOVERNORS what during the year and employment on railroads showed a more marked increase than in any other year of the recovery period. The number of workers in trade and service industries also rose further. Altogether, 2,000,000 more were employed in non-agricultural pursuits at the end of 1936 than a year earlier. While the total number of unemployed continued large, it was considerably reduced during the year and shortages of skilled labor developed in certain occupations, particularly the metal trades. During the depression many skilled workers in some lines, such as the building trades, had shifted to other types of work and there had been little training of apprentices. With increased demand for skilled workers, however, some returned to former occupations and the number of apprentices in training increased. WHOLESALE PRICES PER CENT (I926 = IOO) PER CENT 110 1OO 1OO 1932 1933 1934 1935 1936 Wholesale prices showed a general advance during the last two months of 1936, following a period of three years in which price changes had been limited for the most part to agricultural commodities. At the end of the year the general level of wholesale prices, according to the index of the Bureau of Labor Statistics, was at 84 percent of the 1926 average, compared with 81 percent at the beginning of the year. Price changes during 1936 and other recent years are shown for three groups of commodities in the accompanying chart. Prices of farm products and foods declined in the spring of 1936, reflecting primarily reductions in prices of livestock and their products. Invalidation of processing taxes in January 1936 contributed directly to declines in the prices of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 39 pork and flour and also to a decline in cotton textiles. During the summer prices of agricultural commodities advanced, owing in part to reductions in many crops as a result of widespread drought, and in the last two months of the year prices of agricultural commodities rose further. Throughout the year consumers' demands for agricultural products were increasing. Toward the end of the year there was a marked rise in prices of industrial commodities, with the most pronounced increases in raw and semi-manufactured materials, particularly metals, lumber, rubber, wool, and hides and leather. This price advance for industrial commodities reflected the continued growth in consumption of industrial materials both in domestic and foreign markets, declining stocks of many commodities, buying for armament purposes, and some speculative buying. Many industrial and commercial purchasers placed large forward orders, partly to avoid price increases and to be assured of supplies adequate for an increased volume of business. Retail prices of commodities were somewhat higher in 1936 than in the preceding year. National income in 1936 was about $63,800,000,000, according to estimates of the Department of Commerce, and the rate of payment in the latter part of the year was higher. This compares with a high level of $80,800,000,000 in 1929 and a low level of $39,500,000,000 in • 1932. Prices, it may be noted in this connection, were lower than in 1929 and higher than in 1932. Factory payrolls continued to expand rapidly during the year and there was also a sharp rise in payrolls on private construction projects. In trade and other types of nonmanufacturing activity wage payments showed increases of somewhat smaller proportions. For the most part the growth in payrolls represented an increase in the number of employees and in the average number of hours worked, but part of the growth at the end of the year reflected numerous wage rate increases, the first significant change in rates in more than two years. The principal increases in wage rates were in manufacturing, but there were also advances in the mining and construction industries. Cash agricultural income increased 11 percent in 1936 to $7,900,000,000 as compared with a low of $4,300,000,000 in 1932 and an average level of •$10,000,000,000 in the second half of the 1920's. Income from marketings increased by $1,100,000,000 over 1935, while Government payments to farmers declined by $300,000,000. Profits of large industrial corporations for which reports are available were about 50 percent larger in 1936 than in 1935 and more than double those of 1934. Net earnings of public utility companies in 1936 showed an increase of about 20 percent, and railroads reported a substantial net income in 1936 in comparison with a deficit in 1935. Corporate cash dividend declarations, according to figures compiled by the New York Times, reached a total of $4,100,000,000 in the calendar year 1936, an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 ANNUAL REPORT OF BOARD OF GOVERNORS increase of 40 percent over 1935. A large part of this increase occurred during November and December 1936 when cash dividend declarations were $1,360,000,000 or 82 percent more than in the corresponding months of 1935. Distribution of commodities to consumers increased steadily throughout 1936 and at a more rapid rate than in any other year of the recovery period. With considerably larger individual incomes in both urban and rural areas, the expansion was general for practically all lines of wholesale and retail trade and for all parts of the country. There was a growth in the proportion of retail business done on an installment basis, reflecting a marked rise in consumer purchases of automobiles and other durable goods, which are commonly bought on the installment plan, and an increasing tendency to finance purchases of less durable goods such as clothing. Merchandise foreign trade of the United States showed a further increase in 1936, but was still considerably below the volume of pre-depression years. Value of imports rose by a greater amount than value of exports, and the excess of exports was only $34,000,000, compared with $235,000,000 in 1935. The greater part of the rise in exports in 1936, as in the two preceding years, was in finished manufactures but there was also some further growth in exports of semifinished manufactures. Total exports of agricultural products declined, reflecting chiefly smaller shipments of cotton. The rise in imports was general. Imports of crude and semifinished materials increased further, accompanying growth in industrial activity, and imports of foodstuffs showed a continued rise, partly as a result of drought in this country. There were also larger imports of many types of finished manufactures. DEVELOPMENTS IN THE COMMERCIAL BANKING STRUCTURE During 1936 there was a small decrease in the number of commercial banking offices. A decrease in the number of banks, exclusive of mutual savings banks, was partly offset by an increase in the number of branches. The decline in the number of banks reflected largely consolidations, absorptions, and mergers of banks, especially among institutions not members of the Federal Reserve System. Bank suspensions in 1936 numbered 44, involving $11,000,000 of deposits, most of which were covered by deposit insurance. The number of member banks of the Federal Reserve System showed a slight decrease in the year. There was an increase in branches, largely within the membership of the Federal Reserve System and located outside of the city in which the head office of the bank is located. Banks, branches, and banking offices.—During 1936 the number of commercial banks decreased from 15,217 to 15,023, while the number of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 41 branches increased from 3,118 to 3,235. As a result there was a decline of only 77 banking offices, that is, from 18,335 to 18,258. The number of banks was reduced by 176 because of consolidations, absorptions, etc., by 58 because of voluntary liquidations, and by 44 as the result of suspensions. These reductions were offset by 69 primary organizations and 15 reopenings following suspensions. During the year 88 branches were established de novo, 16 banks were converted into branches, while 47 branches were discontinued. Most of the additional branches were located outside the head office city of their parent banks, while many of the discontinued branches were located in the head office city of the parent banks. Many of the additional branches established were located in Pacific Coast States. Changes in the number of banks, branches, and banking offices by classes of banks are shown in the following table. CHANGES IN BANKS, BRANCHES, AND BANKING OFFICES, DURING 1936, BY CLASS OF BANK Dec. 31, 1936 Increase (+) or decrease ( —) in 1936 Clasa of bank Banks l Branches B o a f n fi k ce in s g Banks 1 Branches B o a f n fi k ce in s g National 5,325 1,401 6,726 -61 +72 +11 State member 1,051 983 2,034 +50 +31 +81 Total member 6,376 2,384 8,760 -11 +103 +92 Nonmember: Insured 7,592 808 8,400 -142 + 14 -128 Uninsured 1,055 43 1,098 -41 -41 Total 15,023 3,235 18,258 -194 + 117 -77 1 Exclusive of mutual savings banks, private banks not under State supervision and trust companies and other financial institutions which do not receive deposits but which are included in State bank abstracts. Changes in membership.—The number of Federal Reserve member banks decreased by 11 during 1936 to 6,376 at the end of the year. There were 61 fewer national banks and 50 additional State member banks. Additions to membership, as shown in the following tabulation, resulted principally from admissions of State banks to membership, while the largest losses of members were due to the discontinuance of banks through consolidations, absorptions, and liquidations. There were 17 national banks which converted to State nonmember banks and 7 State banks which withdrew from membership. The primary organization of 6 national banks during 1936 constitutes the smallest number of such organizations in any calendar year since the beginning of the Federal Reserve System. On December 31, 1936, member banks constituted 42 percent of the number and held 84 percent of the loans and investments of all banks in the United States other than mutual savings banks. These ratios were substantially the same as those of December 31, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ANNUAL REPORT OF BOARD OF GOVERNORS CHANGES IN THE NUMBER OF MEMBER BANKS DURING 1936 National m S e t m at b e er Total Number of active member banks at beginning of year 5,386 1,001 6,387 Increases: Primary organizations 6 » 8 Reopenings of suspended banks 1 1 Conversions (including successions): National banks from nonmember banks . . 6 6 National banks from State member banks 4 4 State member banks from national banks 1 1 Admissions of existing State banks to Federal Reserve membership 70 70 Total increases 17 73 90 Decreases: Suspensions 1 1 Conversions (including successions): National banks into nonmember banks 17. 17 National banks into State member banks 1 1 State member banks into national banks 4. 4 Withdrawals of State banks from Federal Reserve membership 7 7 Consolidations, absorptions, liquidations, etc 59' 12 71 Total decreases 78 23 101 Net change -61 +50 -11 Number of active member banks at end of year 5,325 1,051 6,376 1 Includes a newly organized State member bank which succeeded a State member banic, a national bank, and an insured nonmember bank. Additional information regarding the nature of the changes in State bank membership during the year 1936 is given in the following tabulation : Deposits as of Dec. 31, 1936 Admissions of State banks to membership: 68 insured State banks $145,485,000 2 noninsured State banks 3,174,000 1 newly organized bank—to succeed a State member bank, a national bank, and a nonmember insured bank 12,790,000 1 newly organized bank—to succeed a national bank 627,000 1 newly organized bank—primary organization 264,000 Deposits as of Dec. 31, 1935 Decreases in State bank membership: 1 voluntary liquidation $50,000 6 voluntary withdrawals—banks continuing as insured nonmember banks 2,128,000 1 voluntary withdrawal—bank also withdrawing from F. D. I. C. insurance 2,642,000 4 conversions into or successions by national banks. 10,938,000 6 absorptions by or consolidations with national banks 6,781,000 4 absorptions by or consolidations with other State member banks. . 17,646,000 1 absorption by an insured nonmember bank 105,000 Suspensions.—During 1936 there were 44 bank suspensions involving $11,306,000 of deposits. For the third consecutive year there were no suspensions among State member banks. The one national bank which suspended had deposits of $507,000. Of the remaining 43 suspensions, 40 with deposits of $10,207,000 were insured nonmember banks and 3 with deposits of $592,000 were uninsured institutions. About 90 percent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 43 of the deposits of the insured suspended banks and 99.5 percent of the depositors were fully covered. Reconstruction Finance Corporation investments in banks.-^-At the beginning of 1936 the Reconstruction Finance Corporation had an investment of $889,000,000 in the preferred stock, capital notes, and debentures of banks, including a small amount of loans on such securities. During the year this investment was decreased by $225,000,000 to $664,000,000. More than one-half of the reduction resulted from the complete retirement of such issues by four large banks. Loans to the receivers of closed banks and other loans to banks by the Reconstruction Finance Corporation were substantially reduced during the year. REORGANIZATION OF SYSTEM UNDER BANKING ACT OF 1935 In accordance with the provisions of the Banking Act of 1935, changes were made during 1936 in the membership of the Board of Governors and of the Federal Open Market Committee and in officers of the Federal Reserve banks. Reconstitution of the Board,— The Board of Governors of the Federal Reserve System was reconstituted as of February 1, 1936, in compliance with the Banking Act of 1935, section 10 of which provides that the Board of Governors of the Federal Reserve System shall be composed of seven members, to be appointed by the President with the advice and consent of the Senate. Each member of the Board was appointed for a term of not to exceed fourteen years, with not more than one term expiring in any two-year period. Each member hereafter appointed is to serve for a term of fourteen years from the expiration of the term of his predecessor, except that a member appointed to fill a vacancy is to hold office for the unexpired term of his predecessor. The Act also provides that any person appointed as a member of the Board after the date of enactment of the Banking Act of 1935 shall not be eligible for reappointment as a member after he shall have served a full term of fourteen years. The Board prior to February 1 consisted of eight members, including the Secretary of the Treasury and the Comptroller of the Currency who were members ex officio. The Act further provides that, of the persons appointed as members of the Board, one shall be designated by the President as chairman and one as vice chairman of the Board, to serve for a term of four years, and that the chairman of the Board, subject to its supervision, shall be its active executive officer. Marriner S. Eccles, who was governor of the former Board, was designated as chairman of the new Board for a term of four years from February 1, and on August 6, 1936, Ronald Ransom was designated as vice chairman for a term of four years. The following members of the Board were appointed for terms beginning February 1, 1936, as shown: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 ANNUAL REPORT OF BOARD OF GOVERNORS Joseph A. Broderick, New York district, 14 years. M. S. Szymczak, Chicago district, 12 years. John K. McKee, Cleveland district, 10 years. Ronald Ransom, Atlanta district, 6 years. Marriner S. Eccles, San Francisco district, 4 years. Ralph W. Morrison, Dallas district, 2 years. Effective June 25, 1936, Chester C. Davis of the Richmond district was appointed a member of the Board for the unexpired portion of the term of eight years from February 1, 1936. On July 9, 1936, Mr. Morrison resigned as a member of the Board. The members of the Board who went out of office on February 1, 1936, were as follows: Marriner S. Eccles,1 Chairman; J. J. Thomas, Vice Chairman; Charles S. Hamlin, Adolph C. Miller, George R. James, M. S. Szymczak.1 Reorganization of the Federal Open Market Committee.—Effective March 1, 1936, the Federal Open Market Committee, which previously consisted of the governors of the twelve Federal Reserve banks, was reorganized in accordance with Section 12A of the Federal Reserve Act, as amended by the Banking Act of 1935. This amendment provides that the Committee shall consist of the members of the Board of Governors of the Federal Reserve System and five representatives of the Federal Reserve banks, with an alternate for each such representative, to be elected annually. In January 1936, the Board took the position that the intent of the law was that members and alternates representing the Reserve banks should be selected from the official personnel of the Reserve banks. The members of the Committee, elected by the Federal Reserve banks to serve for one year beginning March 1, 1936, were George L. Harrison, President of the Federal Reserve Bank of New York, with Roy A. Young, President of the Federal Reserve Bank of Boston, as alternate; M. J. Fleming, President of the Federal Reserve Bank of Cleveland, with John S. Sinclair, President of the Federal Reserve Bank of Philadelphia, as alternate; B. A. McKinney, President of the Federal Reserve Bank of Dallas, with Oscar Newton, President of the Federal Reserve Bank of Atlanta, as alternate; George J. Schaller, President of the Federal Reserve Bank of Chicago, with William McC. Martin, President of the Federal Reserve Bank of St. Louis, as alternate; and George H. Hamilton, President of the Federal Reserve Bank of Kansas City, with William A. Day, President of the Federal Reserve Bank of San Francisco, as alternate. In accordance with the provisions of the law, four meetings of the Federal Open Market Committee were held in Washington during the year 1936. These meetings were held on January 21, March 18-19, May 25, and November 19-20, 1936. The executive committee of the Digitized for 1 FARppAoSinEteRd as member of new Board. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 45 Federal Open Market Committee met from time to time throughout the year as occasion required. A record of actions taken by the Committee on questions of policy is published as an appendix to this report. Changes in Federal Reserve bank officers.— The original Federal Reserve Act provided that of the three Class C directors of each Federal Reserve bank, appointed by the Federal Reserve Board, one should be designated by the Board as chairman of the board of directors of the Federal Reserve bank and as Federal Reserve agent. The Act also provided that each Federal Reserve bank should have the power "to appoint by its board of directors such officers and employees as are not otherwise provided for in this Act, to define their duties, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers and employees." The board of directors of each Federal Reserve bank under this authority appointed a governor of the bank and such other officers as were deemed necessary. In some instances there developed an overlapping of functions of the positions of chairman and Federal Reserve agent and of governor, which was unsatisfactory as a matter of organization, as well as productive of unnecessary expense. The Banking Act of 1935 provided that, beginning March 1, 1936, the chief executive officer of each Federal Reserve bank should be a president —appointed for a term of five years by the board of directors of the bank, subject to the approval of the Board of Governors of the Federal Reserve System. The Act also provided for the appointment by the directors, subject to the approval of the Board of Governors, of a first vice president to serve for a term of five years. Recognizing the fact that most of the statutory functions of the Federal Reserve agent are of a ministerial nature and in view of the legislative establishment of the position of president as chief executive officer of the bank, the Board of Governors of the Federal Reserve System adopted the policy of placing the chairmanships upon an honorarium basis and of placing under the presidents of the banks the nonstatutory duties previously performed in the office of the chairman and Federal Reserve agent. Under this arrangement the technical duties of the office of Federal Reserve agent in respect to the issuance and retirement of Federal Reserve notes are performed by an assistant Federal Reserve agent under the general direction of the Federal Reserve agent, making it possible for the chairman to discharge the other important responsibilities of his office without being required to devote more than a limited portion of his time to the bank. At the beginning of 1936, the Board of Governors, as then constituted, reappointed for a term of two months the chairmen and Federal Reserve agents of those Reserve banks at which no vacancy existed in this office. After reconstitution of the Board of Governors and adoption of the new policy regarding chairmen, the new Board appointed the following chair- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 ANNUAL REPORT OF BOARD OF GOVERNORS men and Federal Reserve agents for the remainder of the calendar year 1936: Boston F. H. Curtiss New York Owen D. Young (Deputy Chairman) Philadelphia R. L. Austin Cleveland E. S. Burke, Jr. Richmond F. A. Delano Atlanta H. W. Martin Chicago R. E. Wood (Deputy Chairman) St. Louis. Paul Dillard (Deputy Chairman) Minneapolis W. B. Geery Kansas City J. J. Thomas Dallas C. C. Walsh San Francisco W. N. Moore At the end of 1936, the position of chairman and Federal Reserve agent at the Federal Reserve Bank of St. Louis was filled by the appointment of W. T. Nardin; Robert Lassiter was appointed chairman and Federal Reserve agent at the Federal Reserve Bank of Richmond, vice F. A. Delano; and A. 0. Stewart, was appointed chairman and Federal Reserve agent at San Francisco, vice W. N. Moore. At the same time H. W. Martin resigned as chairman and Federal Reserve agent at the Federal Reserve Bank of Atlanta and W. H. Kettig, redesignated deputy chairman at that bank, became acting chairman. Presidents and first vice presidents of the Federal Reserve banks, appointed for the five year terms ending February 28, 1941, and approved by the Board, are as follows: First Presidents Vice Presidents Boston R. A. Young W. W. Paddock New York G. L. Harrison Allan Sproul Philadelphia J. S. Sinclair F. J. Drinnen Cleveland M. J. Fleming F. J. Zurlinden Richmond Hugh Leach J. S. Walden, Jr. Atlanta Oscar Newton R. S. Parker Chicago G. J. Schaller H. P. Preston St. Louis W. McC. Martin O. M. Attebery Minneapolis J. N. Peyton O. S. Powell Kansas City G. H. Hamilton C. A. Worthington Dallas B. A. McKinney R. R. Gilbert San Francisco W. A. Day Ira Clerk At the various Reserve banks titles of other officers were altered to conform to the changes in those of the chief executive officers. EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS Total earnings of the Federal Reserve banks in 1936 amounted to $37,901,000 or $4,773,000 less than in 1935, and net operating expenses, after deduction of reimbursements for certain fiscal agency and other expenses, to $26,016,000, or $1,540,000 less than in the preceding year. In addition to net operating expenses, assessment for expenses of the Board of Governors of the Federal Reserve System amounted to $1,- 680,000, and the cost of Federal Reserve currency to $2,178,000. Net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 47 earnings, representing total earnings plus profits on sales of United States Government securities, etc., and less current expenses, additions to reserves for contingencies, charge-offs and special additions to reserves on bank premises, prior service contributions to the Retirement System, etc., amounted to $8,513,000 compared with $9,437,000 in the precedingyear. Earnings, expenses, dividend payments, etc., for all Federal Reserve banks combined for 1936 and 1935 are shown in the following table: EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1936 AND 1935 [In thousands of dollars] 1936 1935 Total earnings 37,901 r42,674 Current expenses: Net operating expenses 26,016 r27,556 Assessments for Board's expenses 1,680 1,406 Cost of Federal Reserve currency .... 2,178 1,477 Total.. 29,874 r30,439 Current net earnings.. 8,027 r12,235 Additions (profits on sales of U. S. Government securities, etc.).. 9,487 6,914 Deductions (reserves for contingencies, etc.) 9,001 9,712 Net additions.. 486 -2,798 Net earnings... 8,513 9,437 Payment to United States Treasury (sec. 13b) 227 298 Dividends paid 7,830 8,505 Transferred to surplus (sec. 13b) 103 27 Transferred to surplus (sec. 7) 353 607 r Revised. All Federal Reserve banks paid dividends to member banks at the rate of 6 percent per annum on paid-in capital. These dividends amounted to $7,830,000. Gross and net earnings during the year 1936 and the distribution of net earnings of each Federal Reserve bank are shown in the following table: FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE BANKS DURING 1936 R F b e e d a se n e r r k v a e l ea G rn ro in s g s s ear N ni e n t gs ( P T s to e a r c e y . U a m s . 1 u e 3 S r n b y . t ) Div p i a d i e d nds T t ( r o s a e n c s s . u f r e 1 p r 3 l r u b e s ) d T t r o ( a s n s e s u c f . r e p r 7 l r u ) e s d Boston $2 573 553 $522,122 134,488 $563,728 $_76 094 New York 10,537,030 3,699,112 13,752 3,036,704 648,656 Philadelphia 3,256,497 869,927 83,968 736,185 $94,119 -44,345 Cleveland 3,537,159 718,906 14,431 752,931 -48.456 Richmond .. . 2,056,153 -62,452 280,136 -26,247 -316,341 Atlanta 1,524,121 254,262 254,262 Chicago 4,423,476 932,178 28,354 725,553 25,030 153,241 St I ouis 1,863,217 225,165 225,724 -559 Minneapolis 1,362,018 163,439 16,460 179,052 -32,073 Kansas City 1 973,304 247,792 10,959 236,833 Dallas 1,574,705 331,954 25,036 228,445 10,601 67,872 San Francisco 3,219,406 610,028 610,028 Total 37,900,639 8,512,433 -227,448 7,829,581 102,944 352,460 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 ANNUAL REPORT OF BOARD OF GOVERNORS Earnings on total bills and securities were about $4,600,000 less in 1936 than in 1935. This decrease in earnings was due to a reduction from 1.68 percent to 1.49 percent in the average rate of earnings. Average daily holdings of bills and securities, together with average rates and amounts of earnings thereon, are shown for recent years in the following table: EARNINGS ON BILLS AND SECURITIES [Amounts in thousands of dollars] Bills and securities Total disc B o i u ll n s ted op b e o n u B g m il h l a t s r i k n et U G n s o i e v t c e e u d r r n i S m ti t e a e s t n e t s s A b e i c l l l u l s r o i a t t h i n e e d s r 1 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 3,294 1935 2,469,542 7,306 4,922 2,430,821 26,493 1936 2,469,688 6,135 3,725 2,430,535 29,293 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 46,131 152 1935 41,472 156 36 39,796 1,484 1936 36,909 108 30 35,181 1,590 Average rate of earnings (per cent): 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 4.61 1935 1.68 2.14 .73 1.64 ^.60 1936 1.49 1.76 .81 1.45 5.43 1 Includes industrial advances in 1934, 1935, and 1936. Total operating expenses of the Federal Reserve banks in 1936, including reimbursable expenses, were $31,994,000, which was about the same as in the preceding year. Salary payments during 1936, including Retirement System contributions except those for prior service, were $730,000 less than in 1935. Taxes on bank premises were $30,000 less and postage and expressage $690,000 more than in 1935. Reimbursements for certain fiscal agency and other expenses in 1936 amounted to $5,977,000, compared with $4,460,000 in 1935, and net operating expenses after deducting all reimbursable expenses totalled $26,016,000 in 1936 as compared with $27,556,000 in 1935. Assessments on the Federal Reserve banks for expenses of the Board of Governors of the Federal Reserve System showed an increase of $270,000 and the cost of Federal Reserve currency an increase of $700,000. Total current expenses were about $565,000 less than 1935. The average number of officers and employees of the Federal Reserve banks during 1936 was 11,297, compared with 11,649 in 1935. The average number of such officers and employees engaged in fiscal agency, custodianship and depositary work for the United States Government and governmental agencies during 1936 was 2,822, or 166 more than in the preceding year. The volume of work handled in the various departments of the Re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 49 serve banks for which a measurement is available for the last four years is as follows: VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1933 1934 1935 1936 NUMBER OF PIECES HANDLED* Bills discounted: Applications 81,000 15,176 5,084 3,293 Notes discounted 346,000 42,128 12,702 7,502 Industrial advances: Notes discounted . . . 463 973 678 Commitments to make industrial advances 227 552 286 Bills purchased in open market for own account 79,000 7,400 1,932 1,388 Currency received and counted 2,013,459,000 2,067,835,000 2,148,485.000 2,232,980.000 Coin received and counted 2,497,928,000 2,565,164,000 2,590,859,000 2.665,190,000 Checks handled 688,933,000 818,847,000 885,190,000 1.009,264,000 Collection items handled: U. S. Government coupons paid2 18,099,000 21,555,000 22,633,000 18,806,000 All other 8,371,000 7,436,000 7,119,000 6,968.000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations.. 3,502,000 5,281,000 6,838,000 27,919,000 All other 3,742,000 1,538,000 Transfers of funds 1,290,000 1,125,000 982,000 951,000 AMOUNTS HANDLED Bills discounted $9,632,808,000 $714,361,000 $229,546,000 $167,600,000 Industrial advances: Notes discounted .... . . . 14,884,000 28,479,000 8,519,000 Commitments to make industrial advances 11,443,000 29,223,000 . 12,583,000 Bills purchased in open market for own account 898,001,000 75,903,000 31,446,000 25,207,000 Currency received and counted 11,710,364,000 9,932,601,000 9,837,681,000 10,059,637,000 Coin received and counted 624,617,000 298,297,000 275,608,000 276,323,000 Checks handled 157,833,692,000 179,544,488,000 202,989,742,000 234,417,787,000 Collection items handled: U. S. Government coupons paid2 578,082,000 699,325,000 751,916,000 798,925,000 All other 5,539,659,000 6,742,974,000 7,948,641,000 7,089,008,000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations.. 24,622,726,000 29,941,049,000 30,755,611,000 25,196,825,000 All other 3,346,189,000 2,223,136,000 Transfers of funds 85,059,151,000 73,077,156,000 80,483,190,000 87,001,630,000 '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. 3 Figures for years prior to 1935 not available. 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 completed by the end of 1936. 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 1935 continued to function throughout 1936. The table on the following page shows a comparison of the volume of work handled in certain departments by branches from 1933 to 1936. Current expenses during 1936 of the branches and agencies were $5,965,000 compared with $6,142,000 during 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 ANNUAL REPORT OF BOARD OF GOVERNORS VOLUME X OF OPERATIONS OF FEDERAL RESERVE BRANCHES AND AGENCIES 1933 1934 1935 1936 Checks handled: Number . 193,799,000 233,518,000 255,210,000 275,040,031 Amount $33,618,776,000 $43,109,445,000 $49,995,681,000 $58,324,415,148 Currency received and counted: Number of pieces 472,870,000 489,527,000 520,823,000 554,598,497 Amount $2,543,130,000 $2,195,428,000 $2,319,907,000 $2,422,588,942 Coin received and counted: Number of pieces 526,189,000 531,547,000 485,403,000 517,490,187 Amount $126,211,000 $68,136,000 $62,246,000 $55,954,949 1 Two or more checks, etc., handled as a single item, are counted as one "piece." FEDERAL RESERVE INTERDISTRICT COLLECTION SYSTEM At the end of 1936 there were 12,395 banks on the Federal Reserve Par List, comprising all member banks (6,376) and 6,019 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 247, principally as a result of a reduction in the number of banks in operation. There was a net increase of 38 in the number of nonmember banks not on the Par List. This is accounted for largely by withdrawals of State banks from the Par List in the St. Louis Federal Reserve district and withdrawals of State banks from the Par List and conversions of national banks into nonmember non-par banks in the Minneapolis Federal Reserve district. Of the 2,732 banks not on the Par List at the end of 1936, 1,443 were located in 11 Southern States and 1,167 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 2 banks in the Cleveland district were on the Federal Reserve Par List. INTERDISTRICT COLLECTION SYSTEM X Member banks Nonmember s a b v a i n n k g s s , b o a t n h k e s r 2 than mutual Federal Reseive district On par list Not on par list Dec. 31, Dec. 31, 1936 1935 Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1936 1935 1936 1935 United States.... 6,376 6,387 6,019 6,266 2,732 2694 Boston 360 365 171 175 New York 789 793 288 301 Philadelphia 658 656 261 267 Cleveland 627 622 637 642 2 2 Richmond 404 404 324 327 321 31°, Atlanta 330 328 94 93 672 666 Chicago 741 702 1,622 1,690 228 226 St Louis 388 390 815 888 414 387 Minneapolis 481 501 184 198 724 709 Kansas City 726 726 1,027 1,062 174 178 Dallas 550 550 305 315 164 174 San Francisco 322 350 291 308 33 33 1 Includes all banks on which checks are drawn, whether operating with or without restrictions. Digitized for 2 FInRcAluSdeEs Rpr ivate banks reported as either on the Par List or not on the Par List. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 51 AMENDMENT TO THE FEDERAL RESERVE ACT By a resolution of Congress, approved by the President April 21, 1936, section 12B of the Federal Reserve Act was amended so as to extend until July 1, 1938, the period in which the Federal Deposit Insurance Corporation may make loans, under certain conditions, upon the assets of an open or closed insured bank, purchase such assets, or guarantee any other insured bank against loss by reason of its assuming the liabilities and purchasing the assets of an insured bank. Such action may be taken if in the judgment of the Corporation it will reduce the risk or avert a threatened loss to the Corporation and will facilitate a merger or consolidation of an insured bank with another insured bank, or will facilitate the sale of the assets of an insured bank to and assumption of its liabilities by another insured bank. This was the only amendment to the Federal Reserve Act enacted during the year 1936. CHANGES IN REGULATIONS OF THE BOARD OF GOVERNORS During the year 1936 the regulations of the Board of Governors were revised or amended in a number of particulars. These changes are described briefly below. Reserves of member banks.—Pursuant to the authority contained in section 19 of the Federal Reserve Act, the Board issued a supplement to its Regulation D effective after the close of business August 15, 1936, increasing by 50 percent the reserve requirements which member banks were required to maintain with the Federal Reserve banks against demand and time deposits. Trust powers of national banks.—Regulation F, relating to the exercise of trust powers by national banks, was revised effective June 1, 1936, to incorporate certain principles of trust administration which appeared to be desirable, certain prior rulings of the Board, and other changes which were deemed to be appropriate. The revised regulation contains new provisions relating to the supervision of trust departments by the directors and officers of the banks and to "self-dealing" in connection with the investment of trust funds and sale of trust assets, together with numerous other provisions. Interlocking bank directorates under the Clayton Act.— The Banking Act of 1935, which was approved August 23, 1935, made certain amendments to the provisions of the Clayton Act relating to interlocking bank directorates, and in view of these amendments to the law, the Board's Regulation L relating to this subject was revised effective January 4, 1936. Prior to these amendments the Board was authorized under certain conditions to issue permits in individual cases for interlocking bank directorates. Under the amended statute the Board no longer has this authority, but is authorized to permit such relationships within certain limitations by regulation only. In its Regulation L the Board has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 ANNUAL REPORT OF BOARD OF GOVERNORS granted permission for such interlocking bank directorates in certain limited classes of cases. Interlocking relationships between member banks and securities companies.—Section 32 of the Banking Act of 1933, regarding the service of a dealer in securities at the same time as an officer, director or employee of a member bank, was amended, effective January 1, 1936, by the Banking Act of 1935, and in view of these amendments the Board on January 4, 1936, issued a revision of its Regulation R relating to this subject. Under the amended statute the Board no longer has authority to issue permits in individual cases for interlocking personnel relationships between dealers in securities and member banks, but is authorized to permit such relationships in limited classes of cases by general regulations only. The Board's revised Regulation R grants permission for such relationships only where the business of the securities dealer is restricted to obligations of the United States, its Territories, dependencies and insular possessions, and certain of its instrumentalities. Extension of credit by brokers, dealers, and members of securities exchanges.—Effective February 1, 1936, the Board adopted a supplement to Regulation T increasing margin requirements for loans made by brokers and dealers in securities. As thus increased, the minimum required margin for loans collateraled by registered securities that had advanced in price by less than 33 percent above their lowest price since July 1,1933, continued to be 25 percent of current market price; the margin for loans on registered securities which had had the largest increases in prices was set at 55 percent instead of 45 percent as theretofore; and margins required on other registered securities varied between 25 and 55 percent of current market price, depending upon the degree of their price advance. Effective April 1, 1936, these requirements were changed by another supplement to Regulation T in which the Board fixed a margin requirement of 55 percent on all registered securities serving as collateral for loans subject to the regulation, except for certain loans to members, brokers and dealers in securities and to certain distributors, syndicates, etc. The Board also adopted certain detailed amendments to its Regulation T which became effective July 1, 1936. Loans by banks for the purpose of purchasing or carrying stocks registered on a national securities exchange.—Pursuant to the provisions of section 7 of the Securities Exchange Act of 1934, the Board issued Regulation U effective May 1, 1936. With certain exceptions, this regulation required a margin of 55 percent on stocks serving as collateral for loans made by any bank upon the security of stock for the purpose of purchasing or carrying stocks registered on a national securities exchange. Regulation U was amended effective July 1, 1936, in certain detailed particulars. Open-market operations.— Section 12A of the Federal Reserve Act as it existed prior to March 1, 1936, provided for regulations by the Board Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 53 of Governors of the Federal Reserve System relating to open-market operations of the Federal Reserve banks; the law as amended, effective March 1, 1936, by the Banking Act of 1935, provides for regulations on this subject to be prescribed by the Federal Open Market Committee. Accordingly, the Board's Regulation M, which related to open-market operations of the Federal Reserve banks, automatically became ineffective at the close of business February 29, 1936. Pursuant to the provisions of the amended statute, the Federal Open Market Committee on March 19, 1936, adopted a regulation relating to open-market operations of the Federal Reserve banks, which became effective immediately. DEFINITION OF INTEREST IN REGULATION Q The Federal Reserve Act, as amended by the Banking Act of 1933, provides that "no member bank shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on demand* * *." In the amendments to the Federal Reserve Act which were made by the Banking Act of 1935, Congress retained this prohibition upon the payment of interest on demand deposits and added to the law a provision authorizing the Board of Governors to determine what shall be deemed to be a payment of interest and to prescribe such rules and regulations as would effectuate the purposes of the law and prevent evasions thereof. Accordingly, in the latter part of November 1935, the Board adopted a revision of its Regulation Q relating to the payment of interest on deposits by member banks, to become effective January 1, 1936, and this revision contained in subsection (f) of section 1 thereof a definition of the term "interest" as used in the regulation. The Banking Act of 1935 also required the board of directors of the Federal Deposit Insurance Corporation, by regulation, to prohibit the payment of interest on demand deposits in insured nonmember banks. In December of 1935 the Board learned that the regulation which the Federal Deposit Insurance Corporation was preparing to issue on this subject, effective January 1, 1936, contained a definition of interest which differed from that prescribed in Regulation Q. Thereupon the Board deferred the effective date of its definition of "interest" so that an opportunity would be provided to consult with the Federal Deposit Insurance Corporation with a view to harmonizing if possible the provisions of the two regulations governing the payment of interest on deposits by member banks and by insured nonmember banks. However, efforts of the two organizations during the year 1936 to accomplish this end were unsuccessful, and on December 21, 1936, the Board of Governors announced that it had taken action making effective on February 1, 1937, subsection (f) of section 1 of Regulation Q containing the definition of the term "interest". Subsequently the Board was requested by the Chairman of the House Banking and Currency Committee and the Chairman of the Senate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 ANNUAL REPORT OF BOARD OF GOVERNORS Banking and Currency Committee to postpone the effective date of the definition of interest and, in view of these requests, the Board postponed from February 1 to May 1, 1937, the effective date of subsection (f) of section 1 of the regulation. There is printed below the text of a press statement issued by the Board of Governors on January 30, 1937, with reference to this action: Chairman Steagall, of the House Banking and Currency Committee, and Chairman Wagner, of the Senate Banking and Currency Committee, have requested the Board of Governors of the Federal Reserve System to postpone the effective date of the definition of interest contained in subsection (f) of section 1 of the Board's Regulation Q, which the Board on December 21, 1936, announced would become effective on February 1, 1937. The Board, after careful consideration, had reached the conclusion that the law and the existence of certain banking practices required the adoption of this definition but the Board feels that the request which these two Chairmen have now made should be granted in view of the fact that the Board has been informed that a number of Members of Congress are giving consideration to the question of the advisability of amending the law under which the Board's regulation was issued, and desire additional time for that purpose. The Board, therefore, has postponed from February 1 to May 1, 1937, the effective date of subsection (f) of section 1 of Regulation Q, which contains the definition of interest. Following this action, the Board of Governors and the Federal Deposit Insurance Corporation conferred again with a view to finding a basis upon which the differences between their regulations in this respect could be eliminated, with the result that, effective February 11, 1937, the respective regulations were amended by striking out subsection (f) of section 1 of each regulation and by inserting after the first sentence of subsection (a) of section 2 the following sentence: Within this regulation, any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit shall be considered interest. There is printed below a press statement which was released on February 12, 1937, jointly by the Board of Governors and the Federal Deposit Insurance Corporation in connection with this matter: In view of widespread differences of opinion in the law-making and administrative branches of the Government as to the intent of the law and as a result of further consultations between the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System, their respective regulations relating to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 55 payment of interest on demand deposits have been brought into uniformity by amendments adopted by the Board and by the Corporation. The definition of "interest" has been eliminated from Regulation Q of the Board and from Regulation IV of the Federal Deposit Insurance Corporation and paragraph (a) of section 2 of each regulation has been amended by inserting after the first sentence the following: "Within this regulation, any payment to or for the account of any depositor as compensation for the use of funds constituting a deposit shall be considered interest." The effect of these amendments is to declare existing law rather than to interpret and apply the law to particular practices. This will permit the general application by each agency of a uniform law and a determination of specific cases based upon the facts involved. It will also permit each agency to determine, with respect to cases coming before it, whether or not any practice involved in any such cases is a "device" within the meaning of the statute employed by the banks to evade the prohibition of the law. The Board of Governors, in its original definition of the term "interest" (section 1 (f)), specified that such term should include the payment or absorption of exchange or collection charges which involve out-of-pocket expenses. The present action of the Board of Governors removes this finding or specification from its regulation. Henceforth under both regulations the question of what in a particular case is a payment of interest upon a demand deposit or a device to evade the prohibition against the payment of such interest, becomes, for both agencies, a matter of administrative determination under the general law in the light of experience and as specific cases may develop. CREDITS TO FOREIGN CENTRAL BANKS The participation of the Federal Reserve banks in the First and Second Syndicate Credits granted to the National Bank of Hungary in 1931 was renewed at maturity on October 18, 1936, with approval of the Board of Governors, for a further period of nine months, i.e., until July 18, 1937. The share of the Federal Reserve banks, which amounted to $2,520,000 on December 31, 1935, was reduced to $2,506,000 at the close of 1936. In May 1936 a considerable reduction was made in the special demand deposit maintained by the Federal Reserve banks at the Bank for International Settlements and in the volume of bills purchased under the arrangement with that bank. The deposit originated in 1931 when, with the approval of the Federal Reserve Board, several of the Reserve banks placed a total of $10,000,000 on deposit at the Bank for Interna- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 . ANNUAL REPORT OF BOARD OF GOVERNORS Honal Settlements for the purchase of prime commercial bills guaranteed by that bank. The greater part of this sum was withdrawn in 1932. At the beginning of 1936 the special demand deposit amounted to $540,- 000 and the total face amount of bills purchased under the agreement to $2,000,000. In view of the disappearance of the need for such use of the funds it was determined in April, by arrangement with the Bank for International Settlements, to reduce the demand deposit to approximately $100,000 and the investment in bills to approximately $400,000. On December 30, 1936, the demand deposit plus bills bought amounted to $547,000. An advance of $2,500,000 on gold in transit was made on September 30, 1936, to the Bank for International Settlements on behalf of a foreign central bank. The loan was made under authorization granted on September 28, 1936, by the Board of Governors to the Federal Reserve Bank of New York in association with other Federal Reserve banks to make advances to the Bank for International Settlements on gold in transit up to an approximate value of $20,000,000. This was similar to an authorization granted by the Board in 1934, described in the Annual Report for that year, for advances secured by gold up to $50,000,000. No loans were made under the authorization of 1934. The amount of the 1936 advance was paid in full in October upon sale of the gold to the United States Assay Office. Various loans secured by gold, made in November and December 1935 by the Federal Reserve banks, were repaid in the spring of 1936. During the year new loans on gold were made to an aggregate amount of $500,- 000. The amount outstanding at the end of the year was $300,000. BANK EXAMINATIONS State member banks are subject, under the provisions of the Federal Reserve Act, 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. As a matter of practice, the examinations of State member banks made pursuant to such provisions are made under the direction of the various Federal Reserve banks by examiners for the respective Federal Reserve banks, whose appointments are approved by the Board of Governors. During the year the nonstatutory functions of the Federal Reserve Agents were transferred to the Federal Reserve banks, and in this connection the examination work at the Federal Reserve banks which theretofore had been under the direction of the Federal Reserve Agents was transferred to the Federal Reserve banks, with the understanding, however, that this function would, as previously, be conducted under the general supervision of the Board of Governors. In accordance with the practice of previous years, a conference of rep- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 57 resentatives of the bank examination departments of the Federal Reserve banks, including the officers in charge of the examination departments, the chief or senior examiners, and the trust examiners, was held in Washington in the fall of 1936. The conference was called by the Board of Governors, and the representatives of the Reserve banks met with members of the Board of Governors and members of the Board's staff to consider questions involved in the examination of State member banks. The policy approved by the Board of Governors of the 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. 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 pursuant to the policy of making joint examinations wherever practicable in order to avoid duplication of examinations and minimize any inconvenience to the banks examined. All of the 12 Federal Reserve banks were examined during the year by the Board's Division of Examinations. An examination by the Division was made during the year of the head office of the one banking corporation now in operation organized under the provisions of section 25 (a) of the Federal Reserve Act, generally referred to as the Edge Act, to engage in foreign and international banking business. TRUST POWERS OF NATIONAL BANKS During the year 1936, 17 national banks were granted authority by the Board to exercise one or more trust powers under the provisions of section 11 (k) of the Federal Reserve Act. This figure includes six banks which had previously been granted certain trust powers and during the year were granted one or more additional powers; it also includes one bank which had previously been authorized to exercise restricted trust powers and during the year was granted full trust powers. Four banks surrendered the trust powers which had previously been granted them. On December 31, 1936, there were 1,908 national banks holding permits to exercise trust powers. A list of such banks appears on pages 270-288 of this report. In addition, 13 national banks had authority at that time to exercise restricted trust powers only. The term "restricted trust powers" as used above refers to powers granted a bank to acquire certain trust accounts but not to acquire other fiduciary business. Such restricted powers have been granted to enable a newly organized, consolidated or converted institution to acquire the trust business held by a predecessor bank or banks, or to enable a bank to administer certain specific trust accounts, when, in the light of all the facts and circumstances in the particular case, such action was deemed warranted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 ANNUAL REPORT OF BOARD OF GOVERNORS Regulation F, relating to trust powers of national banks was revised effective June 1,1936. Further reference to the revision of the regulation may be found on page 51. HOLDING COMPANY AFFILIATES During the year 1936 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 Reserve Act, as amended, and authorized the issuance of permits as follows: For general purposes, 4; for miscellaneous limited purposes only, such as reduction of common stock, amendments of articles of associations, etc., 7; for the election of directors for the year 1936 and the transaction of routine matters only, 5; for the election of directors for the year 1937 and the transaction of routine matters only, 4; for the election of directors for the year 1937, the transaction of routine matters, and for other miscellaneous purposes, 2. Under the authority of section 301 of the Banking Act of 1935, the Board determined that 19 organizations were not engaged directly or indirectly as a business in holding the stock of, or managing or controlling, banks, banking associations, savings banks or trust companies, and that, therefore, they were not holding company affiliates except for the purposes of section 23A of the Federal Reserve Act. As set forth more fully in the record of policy actions on pages 214 and 219, the Board amended the standard form of agreement, originally approved by the Board in December, 1935, which is required to be executed by holding company affiliates as a condition precedent to the issuance of general voting permits. MEETINGS OF FEDERAL ADVISORY COUNCIL Four meetings of the Federal Advisory Council were held in Washington during 1936 on the following dates: February 11-12, May 18-19, September 9-10, and November 16-17. Other material relating to the Federal Advisory Council appears in the appendix. BOARD STAFF AND EXPENDITURES On February 4, 1936, Charles S. Hamlin was appointed as Special Counsel to the Board of Governors, effective as of the same date. Effective January 8, 1936, J. P. Dreibelbis was appointed an Assistant General Counsel to the Board. George W. Blattner was appointed Assistant Director of the Division of Research and Statistics, effective as of May 1, 1936. Effective as of May 31, 1936, Frank J. Drinnen resigned as Federal Reserve Examiner to accept appointment as First Vice President of the Federal Reserve Bank of Philadelphia, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 59 The total cost of conducting the work of the Board during the year 1936 was approximately $1,582,447. This is exclusive of expenditures in the amount of $1,507,015 made in connection with the new building being erected by the Board. For the general expenses of the Board two assessments were levied against the Federal Reserve banks aggregating $1,679,565.37, or about 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 three times during the course of the year 1936 by the Auditor of the Federal Reserve Bank of Cleveland and certified by him to be correct. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BANK CREDIT AND RELATED ITEMS No. 1.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS (ANNUAL AVERAGES OF DAILY FIGURES), 1918-1936 [In millions of dollars] Member Reserve ban]c credit outstanding bank reserve Treas- balances ury Cur- Treas- Treas- Non- Other cur- rency ury ury mem- Federal Year U.S. Gold rency in cash deposits ber Re- Bills Gov- Other stock 2 out- circu- hold- with de- serve co di u s n - t- bo B u il g ls ht m er e n n - t s R er e v - e Total s i t n a g n d 3 - lation ings 4 b F a . n R k . s posits 5 cou a n c t - s 6 Total c E es x s - 7 ed secur- credit' ities 1918 1,134 287 134 168 1,723 2,871 1,867 4,371 280 111 108 95 1,497 1919 1,906 324 254 141 2,625 2,842 1,716 4,729 365 99 115 155 1,719 1920 2,523 385 324 158 3,390 2,582 1,695 5,191 257 36 67 280 1,835 1921 1,797 91 264 46 2,198 3,004 1,758 4,663 218 45 28 336 1,671 1922 571 159 455 41 1,226 3,515 1,871 4,248 224 44 30 286 1,781 1923 736 227 186 56 1,205 3,774 1,991 4,535 218 37 27 280 1,873 1924 373 172 402 49 996 4,152 2,017 4,592 218 42 27 263 2,023 1925 490 287 359 59 1,195 4,094 2,000 4,582 213 31 31 264 2,167 1926 572 281 350 55 1,258 4,165 1,985 4,645 210 32 28 284 2,209 1927 442 263 417 53 1,175 4,277 2,000 4,605 205 21 31 300 2.290 1928 840 328 297 40 1,505 3,919 2,008 4,496 204 21 29 327 2,355 1929 952 241 208 59 1,459 3,996 2,015 4,476 207 22 30 376 2,358 "43 1930 272 213 564 38 1,087 4,173 2,025 4,245 211 28 28 393 2,379 55 1931 327 245 669 33 1,274 4,417 2,025 4,672 219 32 97 373 2,323 89 1932 521 71 1,461 24 2,077 3,952 2,096 5,328 236 39 56 351 2,114 256 1933 283 83 2,052 11 2,429 4,059 2,271 5,576 288 55 147 350 2,343 528 1934 36 25 2,432 10 2,502 7,512 2,381 5,403 2,798 81 185 253 3,676 1,564 1935 7 5 2,431 32 2,475 9,059 2,478 5,585 2,791 128 252 255 5,001 2,469 1936 6 4 2,431 41 2,48110,578 2,503 6,101 2,474 446 282 269 5,989 2,512 1 Includes Government overdrafts in 1918, 1919, and 1920; includes industrial advances outstanding since July 1934 (see table 13). 2 By proclamation of the President, dated January 31, 1934, the weight of the gold dollar was reduced from 25 8/10 grains to 15 5/21 grains, nine-tenths fine. Between January 31, 1934, and February 1, 1934, the gold stock increased $2,985,000,000, of which $2,806,000,000 was the increment resulting from the reduction in the weight of the gold dollar and the remainder was gold which had been purchased by the Treasury previously but not added to the gold stock. The increment was covered into the Treasury as a miscellaneous receipt, and appeared together with the new gold as a General Fund asset. These transactions were also reflected in an increase in the item "Treasury cash." The increment arising from United States gold coin turned in by the public after January 31, 1934, was also added to both gold stock and Treasury cash at the time of receipt. The increment from this source amounted to about $7,000,000, from February 1 to December 31, 1934, to about $1,000,000 in 1935, and to nearly $1,800,000 in 1936. 3 Comprises outstanding United States notes, national bank notes, silver bullion, Treasury notes of 1890, standard silver dollars, 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 Cash (including gold bullion) held in the Treasury excepting (a) gold and silver held against gold and silver certificates and (b) amounts held for the Federal Reserve banks. 5 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." 7 Represents excess of total reserve balances over reserves required to be held by member banks against their deposits. Figures not available prior to 1929 and since April 1933 are for licensed member banks only. Reserve requirements were increased by 50 percent by Board of Governors effective August 16, 1936. 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. 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 ANNUAL KEPORT OF BOAHD OF GOVERNORS No. 2.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS (MONTHLY AVERAGES OF DAILY FIGURES), 1933-1936 [In millions of dollars] Member Reserve bank creditoutstanding bank reserve T u re ry as- Cur- Treas- Treas- Non- Other balances Month c B o d e i i u d l s n l - s t- bo B u il g ls ht s U m G e i e t c r o i . e n e S u v n s - r . - t - c O s b r R e e a t r h n d e v e - k i e t r 1 Total st G o o c l k d - r s i e c o t n a u n u g n r c t - - d y 3 - r l c a e i i t r n n i c c o u y n - i h c n u o a g r l s y s d h 4 - d F b e w . a p u n R o i r t y k s h . i s ts p m o b d s e e e i m r t - s - 6 c . F o s e R e a u d r c n e v e - t - r e s a 8 l Total c E es x s - 7 1933 January... 255 32 1,806 16 2,110 4,260 2,204 5,344 276 27 60 351 2,516 584 February. . 307 102 1,804 12 2,224 4,204 2,204 5,605 277 37 79 343 2,291 417 Vlarch 999 379 1,875 -15 3,237 3,974 2,256 6,711 303 56 134 349 1,914 April 429 230 1,837 18 2,515 4,014 2,302 5,850 350 40 156 349 2,086 379 May 339 86 1,846 15 2,286 4,026 2,301 5,589 323 48 173 355 2,125 319 June 250 12 1,933 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 363 July 170 16 2,016 10 2,211 4,032 2,283 5,388 274 73 179 344 2,268 436 August 159 8 2,064 8 2,239 4,036 2,280 5,329 271 45 186 349 2,375 566 September 138 7 2,202 12 2,358 4,040 2,280 5,345 272 56 169 347 2,489 675 October. . . 119 7 2,355 11 2,492 4,037 2,277 5,369 273 60 163 351 2,590 758 November. 114 15 2,437 8 2,574 4,036 2,275 5,394 281 68 158 355 2,629 794 December . 117 101 2,432 19 2,669 4,036 2,293 5,524 286 71 143 358 2,616 766 1934 January... 101 113 2,432 9 2,656 4,036 2,302 5,382 309 88 146 304 2,764 866 February.. 70 87 2,432 8 2,597 7,138 2,303 5,339 3,368 80 136 293 2,822 891 March 55 40 2,437 3 2,535 7,602 2,333 5,368 3,256 42 144 298 3,361 1,375 April 43 16 2,439 9 2,507 7,736 2,377 5,366 3,167 55 170 268 3,594 1,541 May 36 6 2,431 6 2,479 7,759 2,378 5,355 3,020 63 249 234 3,695 1,623 June 28 5 2,424 7 2,464 7,821 2,363 5,341 2,939 115 226 237 3,790 1,685 July 23 5 2,432 9 2,469 7,893 2,364 5,350 2,940 59 219 230 3,928 1,789 August.... 21 5 2,432 6 2,463 7,971 2,378 5,355 2,920 56 208 228 4,045 1,884 September. 22 5 2,431 10 2,469 7,971 2,411 5,427 2,915 139 197 227 3,947 1,754 October. . . 12 6 2,430 8 2,457 7,989 2,415 5,473 2,920 91 177 234 3,964 1,731 November. 18 6 2,430 12 2,466 8,047 2,455 5,494 2,925 45 165 238 4,100 1,834 December . 10 6 2,430 26 2,472 8,191 2,494 5,577 2,983 137 181 242 4,037 1,748 1935 January... 8 6 2,430 21 2,465 8,284 2,504 5,411 2,980 73 194 242 4,355 2,035 February.. (i 6 2,430 20 2,462 8,465 2,513 5,439 2,910 55 189 246 4,601 2,237 March 7 5 2,431 18 2,461 8,552 2,526 5,477 2,920 202 236 250 4,452 2,065 April 6 5 2,431 29 2,471 8,641 2,548 5,500 2,938 271 258 256 4,436 2,026 May 7 5 2,434 30 2,476 8,755 2,534 5,507 2,882 60 278 259 4,778 2,297 June 8 5 2,431 36 2,479 9,025 2,513 5,522 2,908 81 266 260 4,979 2,438 July 7 5 2,430 30 2,473 9,128 2,504 5,550 2,839 193 293 259 4,970 2,385 August.... 7 5 2,431 33 2,476 9,180 2,441 5,576 2,729 66 233 261 5,232 2,636 September. 10 5 2,430 35 2,480 9,246 2,389 5,651 2,632 102 236 252 5,243 2,628 October. . . 8 5 2,430 39 2,482 9,545 2,398 5,704 2,638 55 307 253 5,469 2,820 November. 7 5 2,430 40 2,482 9,777 2,410 5,770 2,581 49 256 256 5,757 3,061 December . 6 5 2,430 53 2,49410,072 2,454 5,897 2,545 324 276 263 5,716 2,983 1936 January... 6 5 2,430 43 2,484 10,158 2,486 5,757 2,564 494 280 253 5,780 3,033 February.. 8 5 2,430 50 2,49310,164 2,495 5,779 2,515 466 329 255 5,808 3,038 March 6 5 2,430 43 2,48410,172 2,502 5,857 2,518 760 336 267 5,420 2,653 April 6 5 2,430 39 2,48010,202 2,503 5,892 2,539 845 348 260 5,300 2,510 May 5 4 2,430 37 2,47610,324 2,495 5,918 2,574 559 258 348 5,638 2,800 June 6 3 2,430 39 2,47810,514 2,492 6,062 2,579 793 289 278 5,484 2,593 July 3 3 2,430 37 2,47410,629 2,497 6,203 2,453 545 281 255 5,861 2,907 August. .. . 6 3 2,430 35 2,47410,674 2,499 6,191 2,416 275 328 256 6,181 2,458 September. 8 3 2,430 38 2,47910,764 2,507 6,258 2,386 233 260 268 6,345 1,852 October. . . 7 3 2,430 40 2,48010,983 2,512 6,321 2,413 146 239 263 6,594 2,043 November. 6 3 2,430 33 2,47211,116 2,517 6,401 2,373 86 199 262 6,785 2,219 December . 7 3 2,434 54 2,49811,220 2,528 6,563 2,357 155 238 268 6,665 2,046 * Figure not available- For other footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 65 No. 3.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS (END OF MONTH FIGURES), 1933-1936 [In millions of dollars] Member Reserve bank creditouts tanding bank .reserve T u re ry as- Cur- Treas- T u re r a y s- Non- F O e t d h e e r r al balances Mouth c B d o e i i u l d s l n - s t- b B ou il g ls ht s U G m e e r c o . e n u v n S - r - t . - c O s b r R e a e t r h n e d v e - k i e t r 1 Total st G o o c l k d 2 s r i c o e t n a u n u g n r c t - - d y 3 - r c la e ir i t n n i c c o u y n - i h n c u o a g r l s y s d h 4 - d b e F w p a . n o i R t k s h i s ts p m o b d s e e e i m t r - s - 5co s R e u a r n e c v t - - e s 6 Total ( m e c E e d e s a x s ) t t - ? i s - ities 1933 January... 274 31 1,763 8 2,077 4,266 2,204 5,358 289 44 64 346 2,446 507 February.. 582 336 1,866 10 2,794 4,093 2,217 6,258 264 15 80 346 2,141 317 March 447 305 1,838 3 2,593 3,995 2,289 6,033 364 41 143 348 1,949 249 April 435 171 1,837 16 2,459 4,025 2,305 5,716 338 59 188 355 2,132 366 May 302 20 1,890 7 2,218 4,028 2,298 5,525 273 72 155 353 2,167 339 June 164 48 1,998 10 2,220 4,031 2,286 5,434 264 35 166 346 2,292 475 July 167 9 2,028 6 2,209 4,033 2,281 5,343 291 66 184 346 2,294 468 August.... 153 7 2,129 8 2,297 4,041 2,281 5,325 272 69 197 347 2,409 595 September. 128 7 2,277 9 2,421 4,037 2,278 5,363 275 56 155 348 2,538 713 October. . 116 7 2,421 5 2,548 4,036 2,277 5,348 272 27 173 356 2,685 842 November. 119 24 2,432 7 2,581 4,036 2,277 5,455 287 82 142 354 2,573 727 December . 98 133 2,437 20 2,688 4,036 2,303 5,519 284 3 132 360 2,729 859 1934 January... 83 111 2,434 2 2,630 4,033 2,302 5,289 355 242 141 287 2,652 745 February.. 64 62 2,432 8 2,567 7,438 2,302 5,354 3,395 45 127 292 3,093 ,146 March 54 29 2,447 15 2,545 7,694 2,361 5,394 3,253 39 157 299 3,457 ,444 April 39 9 2,431 6 2,485 7,757 2,378 5,368 3,033 115 268 236 3,599 ,534 May 31 5 2,430 __4 2,463 7,779 2,368 5,357 2,997 55 222 232 3,746 ,662 June 25 5 2,432 10 2,472 7,856 2,366 5,373 2,951 64 233 232 3,840 ,732 July 22 5 2,432 3 2,462 7,931 2,361 5,317 2,912 59 207 229 4,029 ,875 August.... 23 5 2,432 4 2,464 7,978 2,408 5,396 2,917 51 208 226 4,052 ,867 September. 15 6 2,431 11 2,464 7,978 2,405 5,456 2,906 145 178 228 3,934 1,727 October. . . 11 6 2,430 8 2,455 8,002 2,434 5,453 2,939 92 164 237 4,006 1,748 November. 11 6 2,430 6 2,453 8,132 2,468 5,549 2,951 71 161 239 4,081 1,801 December . 7 6 2,430 20 2,463 8,238 2,511 5,536 3,029 121 189 241 4,096 1,814 1935 January... 7 6 2.430 19 2,461 8,391 2,495 5,380 2,915 76 191 243 4,543 2,206 February.. 6 6 2,430 23 2,465 8,527 2,519 5,467 2,909 95 207 246 4,587 2,199 March .... 8 5 2,437 21 2,471 8,567 2,540 5,493 2,939 419 226 253 4,247 1,846 April 6 5 2,430 27 2,468 8,710 2,544 5,478 2,898 98 271 263 4,715 2,253 May 8 5 2,430 26 2,469 8,858 2,525 5,540 2,909 60 254 257 4,832 2,318 J unc 6 5 2,433 37 2,480 9,116 2,506 5,568 2,866 102 325 261 4,979 2,414 July 7 5 2,430 23 2,465 9,144 2,510 5,518 2,865 126 253 257 5,100 2,518 A ugust.... 11 5 2,432 37 2,485 9,203 2,398 5,629 2,635 59 198 260 5,305 2,708 September. 10 5 2,430 32 2,477 9,368 2,386 5,683 2,685 55 304 250 5,254 2,600 October. . . 6 5 2,430 40 2,482 9,693 2,400 5,713 2,604 53 299 258 5,648 2,970 November. 6 5 2,430 39 2,480 9,920 2,438 5,846 2,573 46 284 253 5,835 3,100 December . 5 2,431 45 2,48610,125 2,476 5,882 2,566 544 255 253 5,587 2,844 1936 January... 9 5 2,430 35 2,47910,182 2,493 5,737 2,548 453 304 253 5,860 3,084 February.. 7 5 2,430 40 2,48210,167 2,499 5,846 2,513 424 327 254 5,784 2,986 March 8 5 2,430 31 2,47410,184 2,504 5,877 2,530 1,077 332 259 5,087 2,305 April 5 5 2,430 34 2,47510,225 2,500 5,886 2,531 682 356 260 5,486 2,664 May e 3 2,430 35 2,47410,402 2,490 5,953 2,583 518 337 256 5,719 2,866 June 4 3 2,430 35 2,47310,608 2,498 6,241 2,497 690 262 257 5,633 2,717 July 4 3 2,430 24 2,46210,648 2,496 6,162 2,432 447 306 253 6,005 3,029 August.... 8 3 2,430 30 2,47110,716 2,500 6,227 2,404 104 287 256 6,410 1,950 September. 9 3 2,430 30 2,47310,845 2,512 6,267 2,458 253 234 262 6,357 1,840 October. . . 6 3 2,430 36 2,47611,045 2,516 6,351 2,388 77 205 262 6,753 2,175 November. 7 3 2,430 13 2,45311,184 2,521 6,466 2,364 78 201 261 6,788 2,236 December . 3 3 2,430 64 2,50011,258 2,532 6,543 2,376 244 259 261 6,606 1,984 For footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 ANNUAL REPORT OF BOARD OF GOVERNORS No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS, BY WEEKS, 1934-1936 (WEDNESDAY FIGURES) [In millions of dollars] Member Reserve bankcredit outstanding bank reserve Treas- Treas- Non- Other balances ury Cur- Treas- urv Fed- Date IT. S. Other Gold re c n u c r- y c r y e n i - n c u a r s y h po d s e i - ts m b e e m r - e R r e a - l (Wednes- Bills Gov- Re- stock 2 out- circu- hold- with de- serve Exday) co d e u is d n - t- b B ou il g ls ht s m e e c r e n u n - r t - s b c e r a e r n v d k e - Total s i t n a g n d 3 - lation ings 4 b F a . n R k . s p it o s s 5 - co a u c n - ts6 Total m c e e s a s t t i s - ities it1 ed) i 1934 Jan. 3 106 121 2,432 29 2,688 4,036 2,303 5,504 288 23 145 357 2,710 827 Jan. 10.... 104 113 2,432 7 2,655 4,036 2,302 5,397 295 58 172 295 2,777 895 Jan. 17.... 101 112 2,432 2,646 4,035 2,302 5,356 302 105 143 288 2,788 891 Jan. 24.... 97 104 2,432 —2 2,631 4,035 2,301 5,294 333 65 137 287 2,851 938 Jan. 31.... 83 111 2,434 2 2,630 4,033 2,302 5,289 355 242 141 287 2,652 745 Feb.7 73 97 2,432 <<2,606 7,036 2,301 5,317 3,364 85 142 299 2,736 826 Feb. 14.... 68 86 2,432 "j 2,593 7,089 2,301 5,321 3,345 46 130 290 2,851 923 Feb. 21.... 66 75 2,432 18 2,592 7,203 2,301 5,344 3,333 166 132 291 2,830 891 Feb. 28.... 64 62 2,432 8 2,567 7,438 2,302 5,354 3,395 45 127 292 3,093 1,146 Mar. 7 59 46 2,432 2 2,539 7,556 2,312 5,374 3,259 35 133 294 3,313 1,361 Mar. 14.... 55 37 2,432 8 2,532 7,605 2,332 5,345 3,210 16 143 301 3,454 1,467 Mar. 21.... 51 33 2,432 -9 2,508 7,640 2,343 5,334 3,228 24 154 302 3,449 1,446 Mar. 28.... 53 29 2,432 5 2,519 7,681 2,356 5,336 3,262 56 161 303 3,439 1,432 Apr. 4 48 26 2,432 2,509 7,703 2,369 5,371 3,256 67 140 297 3,450 1,433 Apr. 11.... 43 17 2,432 (8) 2,492 7,732 2,381 5,347 3,210 29 148 312 3,560 1,518 Apr. 18.... 40 13 2,430 9 2,493 7,746 2,381 5,347 3,135 69 167 237 3,665 1,619 Apr. 25.... 40 10 2,430 5 2,486 7,755 2,380 5,324 3,130 18 167 237 3,744 1,691 May 2 38 8 2,432 6 2,484 7,756 2,381 5,359 3,034 143 280 235 3,570 1,506 May 9 37 2,432 9 2,484 7,756 2,380 5,352 3,038 60 257 235 3,678 1,629 May 16.... 34 6 2,430 2,473 7,753 2,380 5,344 3,037 45 252 233 3,694 1,641 May 23.... 34 5 2,430 -1 2,469 7,766 2,375 5,316 3,001 51 242 233 3,767 1,693 May 30... 34 r 2,430 1 2,470 7,776 2,371 5,338 2,999 52 233 232 3,763 1,680 June 6.... 29 5 2,430 10 2,475 7,790 2,365 5,342 2,958 76 230 237 3,787 1,694 June;i3... 28 5 2,430 8 2,472 7,820 2,361 5,313 2,908 48 251 238 3,895 1,789 June 20... 28 5 2,430 5 2,468 7,835 2,359 5,310 2,924 197 224 239 3,769 1,675 June*27.. . 27 5 2,430 2,465 7,846 2,364 5,301 2,943 134 225 236 3,837 1,736 July 3 29 5 2,432 22 2,488 7,866 2,365 5,397 2,961 152 232 230 3,746 1,637 July 11.... 23 5 2,432 8 2,468 7,881 2,365 5,344 2,951 63 223 231 3,902 1,782 July 18.... 23 5 2,432 (s) 2,460 7,897 2,363 5,328 2,933 21 222 229 3,987 1,851 July 25.... 21 5 2,432 _3 2,456 7,911 2,364 5,291 2,924 48 220 228 4,020 1,873 Aug. 1 21 5 2,432 5 2,463 7,932 2,361 5,315 2,914 160 219 232 3,915 1,768 Aug. 8 21 5 2,432 (8) 2,458 7,957 2,357 5,334 2,916 25 209 229 4,059 1,923 Aug. 15 ... 20 5 2,431 11 2,468 7,979 2,375 5,343 2,918 58 211 228 4,064 1,911 Aug. 22 ... 20 5 2,432 (8) 2,457 7,983 2,390 5,347 2,928 44 211 228 4,072 1,902 Aug. 29 ... 21 5 2,432 5 2,463 7,981 2,403 5,345 2,914 30 204 226 4,127 1,945 Sept. 5... . 24 5 2,432 6 2,467 7,963 2,412 5,419 2,924 163 203 225 3,907 1,723 Sept. 12... 23 5 2,431 10 2,469 7,968 2,414 5,409 2,919 139 213 224 3,948 1,762 Sept. 19... 22 5 2,431 8 2,466 7,972 2,412 5,412 2,914 210 195 230 3,889 1,692 Sept. 26... 20 6 2,430 7 2,463 7,976 2,409 5,403 2,906 155 186 229 3,970 ,768 Oct. 3 15 6 2,431 3 2,455 7,980 2,407 5,468 2,912 156 182 229 3,895 1,691 Oct. 10.... 12 6 2,430 (8) 2,448 7,985 2,403 5,479 2,916 51 183 229 3,979 1,771 Oct. 17.... 12 6 2,430 9 2,457 7,990 2,410 5,469 2,915 53 183 239 3,996 1,762 Oct. 24.... 11 6 2,430 5 2,452 7,993 2,429 5,436 2,931 118 165 239 3,985 1,733 Oct. 31.... 11 6 2,430 8 2,455 8,002 2,434 5,453 2,939 92 164 237 4,006 1,748 Nov. 7 13 6 2,430 -9 2,440 8,008 2,442 5,503 2,911 33 172 240 4,032 1,783 Nov. 14.... 25 6 2,430 14 2,474 8,030 2,450 5,480 2,911 53 163 240 4,107 1,848 Nov.21.... 21 6 2,430 13 2,470 8,076 2,459 5,455 2,923 33 159 239 4,196 1,912 Nov. 28 ... 15 6 2,430 9 2,460 8,112 2,469 5,516 2,931 86 160 239 4,108 1,825 Dec 5 10 6 2,430 6 2,452 8,161 2,478 5,545 2,962 98 176 237 4,073 1,786 Dec. 12... \) 6 2,430 17 2,462 8,180 2,486 5,532 2,962 98 184 239 4,112 1,813 Dec. 19.... {) (i 2,430 32 2,477 8,198 2,505 5,587 2,989 232 185 243 3,943 1,646 Dec. 20.... 9 (>2,430 25 2,470 8,228 2,504 5,628 3,013 168 188 244 3,961 1,678 s Less than $500,000. For other footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 67 No. 4.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS, BY WEEKS, 1934-1936 (WEDNESDAY FIGURES)—Continued [In millions of dollars] Member Reserve bankcredit outstanding bank reserve Treas- treas- Non- Other balances ury Cur- Treas- ury Fed- (W D e a d t n e es- Bills U Go .S v . - O R th e- er t G o o c l k d 2 r c e o u n u r c t - y - c c r i y e r n c i u - n - h c u o a r l s y d h - p w o de i s t - i h ts m b d e e e m - r - s e R e r r e a v - l e Exday) co d u is n - t- n B o i u l g ls ht m er e n n - t s b e a r n v k e Total s i t n a g n d s - lation ings 4 F 3a . n R k . s its5 co a u c n - ts6 Total ( m es a t t i - ed secur- cred- ed)? ities it1 1935 Jan.2 7 6 2,431 17 2,461 8,243 2,514 5,534 3,038 126 190 240 4,090 1,802 Jan. 9 7 6 2,430 24 2,467 8,258 2,508 5,420 3,014 80 194 242 4,283 1,986 Jan. 16.... 17 6 2,430 15 2,468 8,273 2,504 5,382 2,952 67 215 242 4,388 2,069 Jan. 23.... 9 6 2,430 19 2,463 8,308 2,500 5,347 2,945 49 188 241 4,501 2,162 Jan. 30.... 7 6 2,430 16 2,460 8,387 2,497 5,358 2,951 56 194 242 4,542 2,203 Feb.6 6 6 2,430 24 2,466 8,421 2,503 5,407 2,895 35 176 246 4,633 2,284 Feb. 13.... 7 6 2,430 8 2,450 8,456 2,525 5,430 2,923 72 182 245 4,580 2,240 Feb. 20.... 6 6 2,430 7 2,448 8,489 2,522 5,442 2,894 38 193 247 4,645 2,272 Feb. 27.... 6 6 2,430 7 2,450 8,524 2,520 5,442 2,907 99 211 246 4,588 2,201 Mar. 6.... 6 6 2,430 10 2,452 8,546 2,517 5,478 2,910 88 237 246 4,555 2,185 Mar. 13... 6 6 2,430 18 2,460 8,551 2,525 5,454 2,921 88 238 247 4,588 2,191 Mar. 20... 8 2,430 11 2,455 8,554 2,521 5,453 2,910 310 243 254 4,361 1,950 Mar. 27... 8 2,430 9 2,452 8,563 2,535 5,436 2,942 393 241 253 4,285 1,888 Apr. 3 6 2,431 19 2,462 8,568 2,548 5,497 2,930 474 230 253 4,193 1,821 Apr. 10.... b 2,430 21 2,463 8,614 2,549 5,487 2,983 393 224 253 4,287 1,907 Apr. 17.... 7 2,431 27 2,470 8,672 2,549 5,512 2,944 205 271 257 4,501 2,095 Apr. 24.... 7 2,430 10 2,452 8,701 2,550 5,459 2,921 57 288 258 4,719 2,264 May 1 6 2,430 21 2,463 8,721 2,543 5,489 2,902 76 276 263 4,721 2,252 May 8 ... 6 2,430 25 2,466 8,728 2,536 5,496 2,887 51 277 261 4,758 2,304 May 15... 7 2,430 32 2,473 8,737 2,534 5,494 2,866 35 267 259 4,822 2,350 May 22... "; 2,430 18 2,459 8,762 2,531 5,481 2,869 37 285 259 4,821 2.328 May 29... 8 2,430 24 2,467 8,835 2,526 5,511 2,896 74 262 258 4,827 2,322 June 5... 8 2,430 32 2,475 8,916 2,521 5,514 2,935 95 196 257 4,914 2,400 June 12.. 2,430 29 2,472 9,016 2,514 5,493 2,922 66 214 258 5,049 2,521 June 19. . 7 2,430 40 2,482 9,089 2,510 5,498 2,897 126 301 264 4,996 2,445 June 26.. 1 2,430 30 2,472 9,109 2,508 5,498 2,911 80 306 263 5,029 2,471 July 3... g 2,431 24 2,468 9 119 2,504 5,619 ? 820 182 312 258 4,900 2,320 July 10... 7 2,430 31 2,473 9,123 2,503 5,551 2,830 102 302 263 5,052 2,456 July 17... 7 2,430 30 2,472 9,127 2,501 5,530 2,835 251 302 258 4,924 2,340 July 24. . 1 2,430 19 2,460 9,135 2,503 5,496 2,852 282 265 258 4,945 2,335 July 31... ' 2,430 23 2,465 9,144 2,510 5,518 2,865 126 253 257 5,100 2,513 Aug. 7... 6 5 2,430 34 2,476 9,158 2,477 5,550 2,819 113 253 261 5,115 2,547 Aug. 14. . i 2,430 36 2,477 9,184 2,437 5,558 2,741 34 251 259 5,254 2,667 Aug. 21. . 7 2,430 26 2,468 9,189 2,421 5,574 2,668 54 230 260 5,291 2,682 Aug. 28.. 2,430 2f 2,471 9,197 2,408 5,573 2,633 50 213 260 5,346 2,749 Sept. 4... 1 2,430 25 2,472 9,209 2,395 5,65( 2,643 103 193 25f 5,228 2,643 Sept. U.. 1 2,43( 34 2,479 9,21! 2,391 5,038 2,602 27 18b 248 5,388 2,790 Sept. 18.. 10 2,430 27 2,472 9,240 2,390 5,632 2,615 224 244 250 5,136 2,527 Sept. 25.. 10 2,430 21 2,474 9,297 2,382 5,62b 2,06b 112 262 250 5,236 2,592 Oct. 2.... 10 2,430 2^ 2,470 9,414 2,399 5,688 2,723 91 30b 251 5,224 2,569 Oct. 9.... 10 2,430 34 2,478 9,463 2,396 5,698 2,687 60 313 250 5,330 2,694 Oct. 16... 2,430 52 2,496 9,584 2,404 5,696 2,639 54 307 254 5,534 2,878 Oct. 23... 2,430 31 2,472 9,629 2,397 5,684 2,595 99 292 254 5,575 2,900 Oct. 30... 2,430 33 2,474 9,686 2,401 5,686 2,605 60 296 260 5,653 2,981 Nov. 6... 2,430 2 2,462 9,714 2,40 5,754 2,595 60 236 260 5,671 2,993 Nov. 13. . 2,430 49 2,492 9,747 2,399 5,746 2,563 78 249 257 5,746 3,052 Nov. 20. . 2,430 31 2,47 9,804 2,409 5,739 2,598 50 262 253 5,782 3,069 Nov. 27.. 2,430 32 2,472 9,874 2,42 5,820 2,571 54 282 252 5,789 3,051 Dec. 4.... 2,430 29 2,47010,009 2,442 5,843 2,583 43 283 262 5,905 3,173 Dec. 11... 2,430 33 2,47410,068 2,447 5,841 2,534 24 280 270 6,040 3,304 Dec. 18... 2,430 41 2,48310,098 2,458 5,902 2,528 633 281 258 5,437 2,706 Dec. 24... 2,43 81 2,52310,115 2,464 5,991 2,542 614 266 259 5,429 2,693 Dec. 31... 2,43 45 2,48610,125 2,476 5,882 2,56b 544 255 253 5,587 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

68 ANNUAL REPORT OF BOARD OF GOVERNORS No. 4.- -MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS, BY WEEKS, 1934-1936 (WEDNESDAY FIGURES)—Continued [In millions of dollars] Member Rese*ve bank credit outstanding bank reserve Treas- Treas- Non- Other balances ury Cur- Treas- ury Fed- (W D e a d t n e es- Bills U Go .S v . - O R th e e - r st G oc o k ld ^ r o c e u n u r c t- - y c c r i y e rc n i u - n - h c u o a r l s y d h - p w o d i s e t i - h ts m b d e e e m - r - s e R e r r e a v - l e Exday) co d e u i d s n - t- bo B u il g ls ht m s e e r e c n n u - t - s b c e r a e r n v d k e - Total s i t n a g n d 3 - lation ings 4 b F a . n R k . s p it o s s 5 - co a u c n - ts6 Total ( m c e e s a s t t i s - rities it i ed) ^ 1936 Jan. 8 5 5 2,430 35 2,47610,144 2,476 5,783 2,588 461 265 253 5,745 3,002 Jan. 15.... 5 5 2,430 45 2,48510,158 2,492 5,722 2,556 462 284 253 5,859 3,095 Jan. 22.... 6 5 2,430 36 2,47710,172 2,498 5,704 2,578 515 296 253 5,802 3,030 Jan. 29.... 7 5 2,430 28 2,47010,179 2,492 5,693 2,553 478 301 254 5,863 3,087 Feb.5 10 5 2,430 44 2,48910,168 2,491 5,742 2,518 440 324 255 5,869 3,089 Feb. 12... 8 5 2,430 65 2,50810,155 2,496 5,763 2,511 482 364 254 5,784 3,007 Feb. 19.... 7 5 2,430 64 2,50510,160 2,499 5,771 2,506 473 327 255 5,832 3,045 Feb. 26.... 7 5 2,430 33 2,47510,163 2,502 5,775 2,516 433 323 254 5,839 3,062 Mar. 4 6 5 2,431 34 2,47510,167 2,506 5,848 2,519 379 321 269 5,813 3,043 Mar. 11... 5 5 2,430 33 2,47310,170 2,503 5,840 2,518 391 337 274 5,786 3,008 Mar. 18.. . 6 5 2,430 44 2,48510,173 2,503 5,841 2,520 1,067 328 261 5,144 2,388 Mar. 25. .. 6 5 2,430 45 2,48510,177 2,502 5,837 2,520 1,147 340 261 5,059 2,315 Apr. 1 7 5 2,430 34 2,47710,185 2,504 5,884 2,528 1,086 331 259 5,077 2,338 Apr. 8 6 5 2,430 38 2,47910,190 2,505 5,906 2,538 964 346 258 5,161 2,384 Apr. 15... 6 5 2,430 35 2,47710,200 2,502 5,877 2,544 830 335 260 5,333 2,548 Apr. 22... 5 5 2,430 35 2,47510,209 2,501 5,860 2,557 712 355 260 5,442 2,640 Apr. 29.... 5 5 2,430 32 2,47210,221 2,501 5,859 2,529 079 362 259 5,506 2,680 May 6 5 5 2,430 38 2,47810,248 2,497 5,912 2,553 622 345 259 5,532 2,697 May 13 ... 5 5 2,430 30 2,46910,302 2,496 5,888 2,583 578 351 257 5,611 2,774 May 20.... 5 5 2,430 30 2,47010,375 2,493 5,896 2,625 513 353 258 5,694 2,859 May 27.... 5 4 2,430 26 2,46610,388 2,494 5,902 2,572 544 326 256 5,747 2,901 June 3.... 6 3 2,430 50 2,48910,409 2,493 5,953 2,579 505 349 292 5,713 2,844 June 10. .. 5 3 2,430 32 2,47110,480 2,489 5,937 2,548 516 306 299 5,833 2,948 June 17. .. 7 3 2,430 40 2,48010,543 2,490 6,048 2,607 1,421 282 261 4,894 2,043 June 24... 6 3 2,430 32 2,47210,600 2,500 6,173 2,648 929 252 261 5,308 2,438 July 1 4 3 2,430 35 2,47310,612 2,498 6,250 2,501 731 256 256 5,589 2,670 July 8 3 3 2,430 36 2,47210,622 2,498 6,242 2,508 507 263 256 5,814 2,883 July 15.... 3 3 2,430 42 2,47810,629 2,496 6,190 2,428 593 266 255 5,872 2,923 July 22.... 3 3 2,430 30 2,46610,634 2,497 6,153 2,436 519 300 254 5,935 2,986 July 29.... 4 3 2,430 23 2,46010,642 2,496 6,123 2,441 466 298 253 6,016 3,049 4ug 5 4 3 2,430 26 2,46310,650 2,496 6,163 2,427 439 321 254 6,005 3,051 Aug. 12... 8 3 2,430 36 2,47710,661 2,498 6,170 2,421 338 337 255 6,116 3,167 Aug. 19... 6 3 2,430 18 2,45710,678 2,499 6,184 2,410 215 342 255 6,229 1,813 Aug. 26. .. 7 3 2,430 25 2,46510,695 2,501 6,184 2,410 143 336 256 6,332 1,892 Sept. 2.... 9 3 2,430 21 2,46310,717 2,502 6,225 2,375 107 280 255 6,441 1,958 Sept. 8.... 8 3 2,430 41 2,48210,736 2,508 6,276 2,365 55 271 288 6,471 1,997 Sept. 16... 8 3 2,430 54 2,49510,762 2,507 6,255 2,371 418 251 263 6,206 ,714 Sept. 23... 7 3 2,430 33 2,47310,786 2,509 6,239 2,399 388 255 263 6,225 1,743 Sept. 30... g 3 2,430 30 2,47310,845 2,512 6,267 2,458 253 234 262 6,357 1,840 Oct. 7 8 2,430 31 2,47210,971 2,509 6,305 2,440 196 271 263 6,479 1,954 Oct. 14.... 8 2,430 43 2,48511,003 2,512 6,316 2,421 135 249 261 6,617 2,072 Oct. 21.... 6 2,430 23 2,46311,008 2,514 6,311 2,403 88 227 264 6,693 2,127 Oct. 28.... 6 2,430 23 2,46211,031 2,514 6,302 2,390 100 220 263 6,732 2,158 Nov. 4.... 7 2,430 7 2,44811,058 2,515 6,378 2,392 95 200 262 6,693 2,138 Nov. 10... 7 2,430 29 2,47011,105 2,516 6,393 2,366 55 191 262 6,825 2,260 Nov. 18... I 2,430 25 2,46411,127 2,520 6,375 2,378 50 197 260 6.851 2,276 Nov. 25... 6 2,430 18 2,45711,162 2,520 6,429 2,370 79 206 261 6,795 2,210 Dec. 2 6 2,430 28 2,46711,188 2,522 6,466 2,353 110 212 260 6,775 2,205 Dec. 9 6 2,430 29 2,46811,206 2,525 6,497 2,372 93 229 278 6,731 2,157 Dec. 16.... 8 2,430 42 2,48311,222 2,532 6,552 2,346 173 227 265 6,674 2,046 Dec. 23.... 9 2,430 100 2,54211,229 2,531 6,680 2,342 251 256 266 6,507 1,881 Dec. 30.. . 2,430 46 2,48411,251 2,530 6,550 2,368 231 274 270 6,572 1,946 5 For footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—MEMBEK BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS (CALL DATES), 1921-1936 [In millions of dollars] Reserve bank credit outstanding Treasury M s e e m rv b e e r b a b l a a n nc k e r s e- Call date* Bills dis- Bills G U ov . e S r . n- R O es th er e v r e Total st G o o c l k d 2 o T c u u r i t e r n s r a e t g s a n u n c 3 r d y y - C in u la r c t r i i e o r n c n c u y - h T o r l e c d a a i s n s h u g r s y 4 d R F e e e w p d s o i e e t s r h r v i a t e s l d m e N e p m o o s n b i e - ts r 5 ac R F O c e e o d s th e u e e r n r v r a t e l s6 Total E ( x e c s e ti s - s counted bought ment bank banks mated) " securities credit* 1921—Apr. 28 2,062 105 268 31 2,466 2,869 1,713 4,763 230 46 34 318 1,657 23 June 30 1,751 40 259 45 2,096 2,988 1,750 4,624 198 43 28 338 1,604 -28 Dec. 31 1,144 145 234 40 1,563 3,373 1,842 4,403 214 96 27 285 1,753 99 w 1922—Mar. 10 613 91 466 7 1,177 3,445 1,838 4,201 214 16 37 274 1,719 56 *r June 30 461 161 555 24 1,202 3,498 1,862 4,176 220 33 30 283 1,820 31 b Dec. 29 609 271 426 83 1,389 3,645 1,957 4,537 226 6 28 275 1,919 68 H 1923—Apr. 3 723 265 245 51 1,284 3,683 1,984 4,451 230 78 21 279 1,891 49 ? June 30 837 206 102 58 1,202 3,763 1,975 4,536 209 34 29 280 1,852 2 S Sept. 14 864 181 111 71 1,227 3,832 1,999 4,619 223 44 21 281 1,870 40 Dec. 31 723 •355 134 27 1,238 3,957 2,009 4,757 213 38 23 275 1,898 14 W 1924—Mar. 31 518 228 263 17 1,026 4,077 2,015 4,612 228 100 22 269 1,885 -8 1 June 30 334 37 431 30 831 4,201 2,019 4,562 219 43 23 261 1,944 Oct. 10 226 180 589 46 1,041 4,216 2,018 4,608 227 42 25 259 2,114 25 # Dec. 31 320 387 540 54 1,302 4,212 2,025 4,760 211 51 39 258 2,220 59 < 1925—Apr. 6 402 305 360 48 1,115 4,047 2,015 4,549 206 27 34 265 2,095 17 HI J S u e n p e t. 3 2 0 8 4 6 9 0 1 8 2 25 5 9 4 3 3 3 5 2 3 4 4 4 6 1 1 , , 1 2 4 4 4 3 4 4, , 0 0 9 7 4 3 1 1 , , 9 9 8 9 5 7 4 4 , , 6 52 3 4 4 2 2 0 1 4 3 2 3 5 1 2 2 7 8 2 2 6 6 3 9 2 2 , , 1 1 7 4 2 5 21 4 K rjl * Dec. 31 643 374 375 67 1,459 4,112 1,977 4,817 203 16 29 272 2,212 -44 w 1926—Apr. 12 525 262 363 15 1,165 4,165 1,984 4,613 222 48 23 281 2,125 -43 H June 30 521 249 385 39 1,194 4,160 1,986 4,598 201 11 20 282 2,229 3 g Dec. 31 637 381 315 49 1,381 4,205 1,991 4,808 201 17 65 293 2,194 -56 § 1927—Mar. 23 457 231 342 24 1,054 4,313 1,994 4,535 199 6 23 298 2,300 80 June 30 443 211 370 58 1,082 4,300 2,003 4,564 211 31 34 296 2,249 -64 Oct. 10 446 258 503 29 1,236 4,286 2,003 4,667 206 17 31 302 2,302 1 Dec. 31 582 392 617 64 1,655 4,092 2,006 4,716 208 18 26 301 2,487 63 1928—Feb. 28 481 346 401 19 1,247 4,075 2,007 4,408 206 25 22 311 2,355 23 June 30 1,095 217 235 38 1,585 3,822 2,006 4,510 200 24 29 325 2,325 Jl-20 Oct. 3 1,026 310 231 64 1,631 3,838 2,010 4,520 206 33 32 339 2,350 38 Dec. 31 1,056 489 228 35 1,809 3,854 2,012 4,686 202 23 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 Board of Governors. For other footnotes see table 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 5.—MEMBER BANK RESERVE BALANCES, RESERVE BANK CREDIT, AND RELATED ITEMS (CALL DATES), 1921-1936—Continued [In millions of dollars] Reserve bank credit outstanding Member bank re- Treasury serve balances Call date* B co il u ls n t d e i c e bo B u il g ls ht G U m ov . e S e n r . t n- R O b e a s th e n r e k v r e Total st G o o c l k d 2 o T c u u r r e ts r a e t s a n u n c r d y y - C in u l a r c t r i i e o r n c n u cy - h T o r l c e d a a i s n s h u g r s y 4 d R F b e e e w p a d s o n i e e t s k r h r v i a s t e l s d m e N e p m o o s n b i - e ts r 6 a R F c O e e c t s o d h u e e n e r r t a v r s l e 6 Total m E ( x a e t c s e e t d i s - ) s ' securities creditx 1929—Mar. 27 i 1,024 208 170 1,429 3,887 2,012 4,380 202 28 363 2,332 24 June 29 1,037 82 216 1,400 i 4,037 2,019 4,459 204 374 2,356 23 Oct. 4 898 297 134 1,414 4,087 I 2,010 4,552 204 28 389 2,301 -18 Dec. 31 632 392 511 1,583 | 3,997 ! 2,022 4,578 216 30 393 2,355 -73 1930—Mar. 27 205 279 529 1,051 | 4,137 ! 2,022 4,203 210 25 400 2,345 54 June 30 272 128 591 1,018 4,248 2,025 4,235 210 40 391 2,389 6 Sept. 24 ! 167 198 602 991 I 4,219 2,026 4,148 213 25 391 2,416 82 Dec. 31 251 364 729 1,373 ! 4,306 ! 2,027 4,603 211 28 375 2,471 96 1931—Mar. 25 165 83 599 858 4,402 | 2,027 4,260 211 24 384 2,357 33 June 30 149 106 668 943 i 4,669 ; 2,022 4,535 224 77 371 2,381 73 Sept. 29 330 423 750 1,532 j 4,470 I 2,023 4,937 225 134 364 2,329 130 Dec. 31 638 339 817 1,853 4,173 2,035 5,360 222 110 354 1,961 -33 1932—June 30 440 67 1,784 2,310 3,632 2,057 5,408 218 42 345 1,982 162 o Sept. 30 332 33 1,854 2,233 3,906 2,154 5,366 264 36 352 2,225 375 Dec. 31 i 235 33 1,855 2,145 ! 4,226 2,204 5,388 272 43 355 2,509 576 1933—June 30 164 48 1,998 2,220 4,031 2,286 5,434 264 166 346 2,292 475 Oct. 25 115 7 2,400 2,526 4,036 2,277 5,321 274 28 167 357 2,693 847 Dec. 30 98 133 2,437 2,688 4,036 2,303 5,519 284 3 132 360 2,729 859 1934— O J M u c n a t. e r . 3 1 0 5 7 1 2 6 1 5 0 2 5 5 6 2 2 2 2 , , , 4 4 4 3 4 3 2 7 0 2 2 2 , , , 4 4 5 7 5 6 2 7 5 j 7 7 7 , , , 8 9 5 5 9 0 6 0 5 2 2 2 , , , 3 4 3 1 6 0 0 6 2 5 5 5 , , , 3 4 4 6 7 0 9 3 3 3 2 2 , , , 3 9 9 1 1 5 7 5 1 3 6 5 8 4 3 2 1 1 3 8 3 3 3 5 2 2 2 9 3 3 3 9 2 3 3 3 , , , 1 8 9 8 4 9 6 0 6 1 1 1 , , , 7 2 7 6 3 3 2 5 2 o o I Dec. 31 7 6 2,430 2,463 I 8,238 2,511 5,536 3,029 121 189 241 4,096 1,814 1935—Mar. 4 7 6 2,430 2,456 | 8,545 2,518 5,504 2,910 59 235 248 4,563 2,196 June 29 6 5 2,433 2,480 9,116 2,506 5,568 2,866 102 ! 325 261 4,979 2,414 Nov. 1 7 5 2,430 2,480 9,703 2,404 5,738 2,592 67 247 258 5,685 3,003 Dec. 31 5 5 2,431 2,486 | 10,125 2,476 5,882 2,566 544 255 253 5,587 2,844 1936—Mar. 4 i 6 5 2,431 2,475 | 10,167 2,506 5,848 2,519 379 321 269 5,813 3,043 June 30 4 3 2,430 2,473 I 10,608 2,498 6,241 2,497 690 262 256 5,633 2,717 Dec. 31 3 3 2,430 2,500 I 11,258 2,532 6,543 2,376 244 259 261 6,606 1,984 For footnotes see preceding page and 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

FEDERAL RESERVE SYSTEM 71 No. 6.—DEPOSITS, TOTAL RESERVES, NOTE CIRCULATION, AND RESERVE PERCENTAGE OF FEDERAL RESERVE BANKS, BY MONTHS, 1933-1936 [Monthly averages of daily figures. In thousands of dollars] Deposits Reserves * Federal i Re- Month Meniber T U re .S as . - For- ! R no e t s e e r c v ir e - s p er e v r e Toal baiik urer— eign Other Total Excess culation centreserves General bank age account 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 84.5 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 60.7 October 2,811,949 2,589,688 59 632 15484 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 6828 136 672 3 771,973 1,552,841 3,071,601 63.9 1934 January 2,997,796 2,763 943 87 558 4 430 141865 3 798,407 1,555,643 2,983,839 63.5 February 3,038,548 2,821 846 80 432 4 380 131890 3 867,322 1,618,806 2,962,562 64.4 March 3,547 832 3,361382 42 159 6245 138046 4 445,932 2,002,525 3,004,165 67.9 April 3,818 484 3,593 505 54 567 5 090 165322 4 685,404 2,132,161 3,041,933 68.3 May 4,006 838 3,694 792 62 675 6 104 243 267 4 864,715 2,237,778 3,061,360 68.8 June 4.131 184 3,790 029 115025 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 11238 185487 5204,506 2,443,543 3,155,662 70.0 October 4 232 659 3 964 277 91,278 8 194 168910 5,196,738 2,443,880 3,178,569 70 1 November 4 309 704 4 100270 44,722 12945 151767 5269,859 2,488,592 3,182,176 70.3 December 4 355 029 4 037 355 136,868 17740 163066 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 115936 4 777,845 60,285 28,884 248 922 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 5 242,784 101,753 17,584 218,836 6,766,237 3,439,452 3,433,624 75.1 October 5 830,635 5468,553 55,299 19,213 287,570 7,088,300 3,643,981 3,508,992 75.9 November 6062,199 5 757,219 49,434 29,519 226,027 7,397,586 3,842,229 3,583,967 76.7 December 6315,272 5 715,582 323,983 32,854 242,853 7,759,832 4,070,663 3,697,059 77.5 1936 January 6 553,567 5 779,813 493,757 41,900 238,097 7,936,080 4,186,366 3,639,915 77.9 February 6,602,790 5 808,136 465,949 60,082 268,623 8,016,502 4,237,597 3,669,821 78.0 March 6,516,990 5420,483 760,058 62,812 273,637 8,023,712 4,245,829 3,742,342 78.2 April 6,493,261 5 300,098 844,686 74,194 274,283 8,022,950 4,242,216 3,770,233 78.2 May 6,545,075 5,638,345 558,727 79,253 268,750 8,084,233 4,281,979 3,778,695 78.3 June 6,565,889 5,483,524 793,026 58,066 231,273 8,229,897 4,378,268 3,883,921 78 8 July 6,686,972 5,860,867 545,191 59,536 221,378 8,455,713 4,511,022 4,010,628 79.0 August 6,784,668 6,180,975 275,281 84,574 243,838 8,537,947 4,565,123 3,995,475 79.2 September 6,838,386 6,345,023 233,102 59,254 201,007 8,645,388 4,634,304 4,044,123 79.4 October 6,978,123 6,593,763 145,606 67,641 171,113 8,831,162 4,751,485 4,093,336 79.8 November 7,070,030 6,784,962 85,640 54,478 144,950 8,983,986 4,849,171 4,150,760 80.1 December 7,057,750 6,664,865 154,703 73,335 164,847 9,076,025 4,896,071 4,274,353 80.1 1 Figures include certain classes of coin and currency not counted as a part of reserves prior to May 12,1933. Bach 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

72 ANNUAL REPORT OF BOARD OF GOVERNORS No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) DECEMBER 31, 1936 * 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 4,618,838 Gold certificates in interdistrict settlement fund with Board of Governors 2,722,585 Gold certificates held by banks 1,510,457 Gold certificates on hand and due from U. S. Treasury 8,851,880 Redemption fund—Federal Reserve notes 12,741 Total gold reserves 8,864,621 Other cash: United States notes 54,505 Silver certificates 176,839 Standard silver dollars 3,638 National and Federal Reserve bank notes 5,126 Subsidiary silver, nickels and cents 16,426 Total other cash 256,534 Total reserves 9,121,155 Bills discounted: Secured by U. S. Government obligations, direct or fully guaranteed: Discounted for member banks 2,185 For others 1 Total secured by U. S. Government obligations, direct or fully guaranteed 2,186 Other bills discounted: For member banks 425 For others 302 Total other bills discounted 727 Total bills discounted 2,913 Bills bought—payable in foreign currencies 3,089 Industrial advances 24,650 U.S. Government securities: Bonds 490,643 Treasury notes 1,340,963 Treasury bills 598,621 Total U. S. Government securities 2,430,227 Total bills and securities 2,460,879 Due from foreign banks 220 Federal Reserve notes of other Reserve banks 32,603 Uncollected items: Transit items 743,650 Exchanges for clearing house '. 38,027 Other cash items 43,544 Total uncollected items 825,221 Bank premises 48,082 All other assets: Claims account closed or suspended banks 2,556 Premium on securities 19,776 Interest accrued 8,927 Deferred charges 426 Suspense account and miscellaneous assets 8,962 Total all other assets 40,647 Total assets 12,528,807 1 Before closing books at end of year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 73 No. 7.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) DECEMBER 31, 1936—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 banks) 4,638,197 Held by issuing Federal Reserve banks and branches 331,769 Forwarded for redemption 22,891 Federal Reserve notes in actual circulation (including notes held by Treasury and by Federal Reserve banks other than issuing bank) 4,283,537 Deposits: Member bank—reserve account 6,605,643 U. S. Treasurer—general account 243,549 Foreign bank 98,620 Other deposits: Nonmember clearing account 123,270 Officers' checks 18,173 Federal Reserve exchange drafts 241 All other 18,523 Total other deposits 160,207 Total deposits 7,108,019 Deferred availability items 786,157 Capital paid in 130,836 Surplus (sec. 7) 145,501 Surplus (sec. 13b) 27,088 Reserve for contingencies: Reserve for self-insurance • 9,155 Reserve for losses 24,691 Total reserve for contingencies 33,846 All other liabilities: Earnings: Gross earnings 37,901 Current expenses 29,874 Current net earnings 8,027 Add—profit and loss 8,360 Deduct: Furniture and equipment 257 Dividends accrued since closing of books 7,829 Net earnings available for depreciation allowances, reserves, and surplus 8,301 Accrued dividends unpaid 790 Unearned discount 10 Discount on securities 347 Suspense account and miscellaneous liabilities 4,375 Total all other liabilities 13,823 Total liabilities 12,528,807 Back Figures.—See Annual Report for 1935 (table 6) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 8.—ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS (IN DETAIL) AT THE END OF EACH MONTH [In thousands of dollars] 1935 1936 Dec. 31 Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. I Dec 31 ASSETS ! Gold certificates on hand and due from U. S. Treasury j 7,553,357 7,651, 7,669,673 7,665,346 7,703,835 7,824,035 8,106,542 3,197,527 S,299,031 8,384,683 8,650,831 !, 799,020 8,851,880 Redemption fund—Federal Reserve notes. . | 17,444i 15, 14,902 14,865 12,877 13,061 12,949 12,663 12,625 12,428 11,662 11,407 12,741 Other cash j 264,550 338,020 336,754 347,090 332,496 295,258 265,154 292,661 266,884 261,445 251,268 237,476 256,534 Total reserves j 7,835,351 8,005,567 8,021,3 B,027,301 8,049,208 8,132,354 8,384,645 8,502,851 8,578,540 8,658,556 8,913,761 9,047,903! 9,121,155 Bills discounted: For member banks 4,316 8,384 6,570 7,654 5,474 5,437 4,072 3,941 8,043 6,545 5,882 6,146 2,612 For nonmember banks, etc. 356 359 359 359 10 11 10 208 2,906 503 503 301 Total bills discounted 4,672! 8,743 6,929 8,013 5,484 5,448 4,082 3,950 8,251 9,451 6,385 6,649) 2,913 Bills bought: Payable in foreign currencies. 4,656 4,671 4,673 4,674 4,684 3,076 3,077 3,092 3,095 3,098 3,087 3,0871 3,089 Industrial advances 32,493 32, 31,778 30,409 30,346 30,274 29,878 29,073 28,514 28,145 26,478 25,828 24,650 U. S. Government securities 2,430,731 2,430,247 2,430,298 2,430,250 2,430,239 2,430,403 2,430,227 2,430,227 2,430,227 2,430,227 2,430,227 2,430,227 2,430,227 o Other Reserve bank credit: Other securities 181 181 181 181 181 181 181 181 181 Due from foreign banks 665 650 649 650 631 237 237 221 219 217 220 221 220 Reserve bank float x 12,233 2,267 7,148 2 294 3,518 4,309 4,997 2 5,220 714 2,218 9,124 2 12,955 39,064 Total Reserve bank credit outstanding 2,485,631 2,478,848 2,481,656 2,473,883 2,475,083 2,473,928 2,472,679 2,461,524 2,471,201 2,473,356 2,475,521 2,453,057 2,500,163 Federal Reserve notes of other Reserve O banks 27,445 18,077 18,365 18,811 21, 18,690 18,409 25,160 24,916 22,640 23,604 26,129! 32,603 Uncollected items not included in float 591,556 496,288 484,877 522,104 552,035 550,773 607,811 545,085 454,440 620,360 554,423 589,7061 786,157 Bank premises 47,723 47,7 47,814 47,885 48,031 48,052 48,052 48,056 48,056 48,060 48,067 48,0671 46,142 All other assets 38,094! 41,057 40,312 36,811 38,509 41,731 42,477 46,089 44,150 39,232 41,252 43,304 38,473 o w Total assets 11,025,80011,087,63611,094,35311,126,795 11,183,955 11,265,528 11,574,073 11,628,765 11,621,303 11,862,204 12,056,628 12,208,166 12,524,693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks. 27,445i 18,077 18,365 18,811 21,1 18,690 18,409 25,160 24,916 22,640 23,604 26,129 32,603 Outside Federal Reserve banks 3,681,629] 3,614,98" 3,713,858 3,744,947 3,741,017 3,775,899 4,016,073 3,953,234 3,993,192 4,026,503 4,092,270 4,172,489 4,250,934 Total Federal Reserve notes in circulation 3 3,709,074j 3,633,064 3,732,223 3,763,758 3,762,106 3,794,589 4,034,482 3,978,394 4,018,108 4,049,143 4,115,874 4,198,618 4,283,537 Deposits: Member bank—reserve account 5,587,208 5,860,064 5,784,423 5,087,086 5,485,655 5,719,490 5,632,735 1,005,108 6,409,966 6,356,952 .,752,698 6,788,055 6,606,430 U. S. Treasurer—General account. 543,770 452,524 424,142 1,077,494 682,139 517,941 690,102 446,908 103,940 252,737 77,109 78,377 243,662 Foreign bank 28,935) 48,155 51,143 80,635 53,523 54,169 60,292 50,572 51,950 44,249 57,489 98,620 Other deposits 225,896 256,073 275,715 269*477 275,262 283,173 207,723 245,519 235,969 181,873 161,204 143,879 160,207 Total deposits .,385,809 6,616,816 6,535,423 6,496,751 6,523,691 6,574,127 6,584,729 6,757,827 »,800,447 i,843,512 7,035,260 7,067,800 7,108,919 Deferred availability items.. 591,556 496,288 484,877 522,104 552,035 550,773 607,811 545,085 454,440 620,360 554,423 589,706 786,157 Capital paid in 130,512| 1330,06747 130,708 130,723 130,659 130,792 130,917 130,176 130,155 130,162 130,227 130,250 130,836 Surplus (sec. 7) 145,501! 145,501 145,501 145,501 145,501 145,501 145,501 145,501 145,501 145,501 145,501 145,501 145,854 Surplus (sec. 13b) 24,235i 26,406 26,419 26,513 26,513 26,513 26,513 26,513 27,088 27,088 27,088 27,088 27,190 Reserve for contingencies 35,C8l! 33,899 34,111 34,105 34,109 34,111 34,116 34,105 34,236 34,241 34,239 34,299 37,200 All other liabilities 4,00332! 5,015 5,091 7,340 9,341 9,122 10,004 11,164 11,328 12,197 14,016 14,904 5,000 Total liabilities , 11,025,800|ll,087,63611,094,35311,126,79511,183,95511,265,52811,574,07311,628,76511,621,30311,862,20412,056,62812,208,166 12,524,693 Commitments to make industrial ad- I 27,649 26,957 25,780 25,084 25,568 25,070 23,928 23,711 23,734 23,307 22,778 21,838 20,643 Ratio of total reserves to deposit and Fed- i eral Reserve note liabilities combined ; (percent) 77.6 78.1 78.1 78.3 78.4 79.0 79.3 79.5 79.9 1 Uncollected items in excess of deferred availability items. 2Deferred availability items in excess of uncollected items. 3 Differs from figures given in table 36, by the amount of Federal Reserve notes held by (a) Federal Reserve banks other than issuing bank and by (b) the U. S. Treasury. Back figures.—See Annual Report for 1935 (table 7) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 9—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1935 AND 1936 [In thousands of dollars] Total Boston New York Philadelphia Cle\eland Richmond 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 ASSETS Glold certificates on hand and due from U. S. Treasury. 7553,357 8 851,880 516,822 554,311 3,320,993 3,438,991 370,230 495,308 515,847 665,017 231,954 302,265 Redemption fund—Federal Reserve notes 17,444 12,741 2,995 1,449 1,792 1,435 1,168 194 1,055 978 1,283 340 3 Other cash .264,550 256,534 32,719 20,192 54,360 64,811 34,078 25,458 19,226 20,077 13,649 17,065 Total reserves 7 835,351 9 121,155 552,536 575,952 3,377,145 3,505,237 405,476 520,960 536,128 686,072 246,886 319,670 Bills discounted: Secured by U. S. Government obligations direct hi or fully guaranteed 1,541 2,186 307 1,070 832 655 250 285 10 45 150 O Other bills discounted 3,131 727 61 22 2,198 491 128 28 33 28 13 13 Total bills discounted.. 4,672 2,913 368 1,092 3,030 1,146 378 313 43 28 58 163 § Bills bought in open market 4,656 3,089 343 225 1,738 1,100 484 317 444 ?94 175 121 Industrial advances 32,493 24,650 2,941 2,875 7,741 5,958 6,768 4,685 1,784 1,214 4,460 2,655 U. S. Government securities: > Bonds ... 216,176 490,643 14,420 35,167 55,908 130,269 16848 4? 194 19,070 49 618 10,209 25,340 Treasury notes .... 1,641,597 1,340,963 107,636 96,116 i 498,307 356,035 120,857 115,317 149,491 135612 80,0?8 69,254 Treasury bills 572,958 598,621 35,615 42,907 j 187,668 158,939 39,415 51,479 49,464 60,539 26,479 30,916 Total U. S. Government securities 2,430,731 2,430,227 157,671 174,190 1 741,883 645,243 177,120 208,990 218,025 245,769 116,716 125,510 Other securities 181 o a Total bills and securities ?,472,733 ?,460,879 161,323 178,382 1 754,392 653,447 184,750 214,305 220,296 247 305 121,409 128,449 Due from foreign banks 665 220 50 17| 265 84 69 21 63 20 10 Federal Reserve notes of other Reserve banks 27,445 32,603 343 310 ! 5,483 8,799 1,506 1,736 1,461 2,192 3,411 2,779 Uncollected items . 603,789 825,221 67,045 81,304 ! 166,040 241,482 40928 58663 54,129 95537 48,099 62,145 Bank premises 47,723 46,142 3,113 3,057 1 10,781 10,134 4 830 4,952 6,525 6368 ,918 2,810 All other assets 38,094 38,473 411 133 27,956 30,576 3,801 3,122 1,324 1,315 863 894 Total assets 11,025,800 12,524,693 784,821 839,155 ! 4,342,062 4,449,759 641,360 803,759 819,926 1,038,809 423,611 516,757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIABILITIES Federal Reserve notes in actual circulation 1. ...... 3,709,074 4,283,537 316,739 361,758 807,718 921,697 271,870 312,078 352,515 418,454 181,523 208,787 Deposits: Member bank—reserve account 5,587,208 6,606,430 326,489 353,497 2,747,431 2,942,652 274,326 381,210 334,461 451,331 165,767 215,791 U. S. Treasurer—general account 543,770 243,662 46,872 9,718 330,925 108,703 10,518 6,258 39,294 26,873 13,184 7,317 Foreign bank 28,935 98,620 2,095 7,327 10,542 35,745 2,881 9,208 2,765 9,109 1,077 4,357 Other deposits 225,896 160,207 3,245 2,830 165,156 96,584 10,175 2,220 3,514 12,797 2,427 4,963 Total deposits 6,385,809 7,108,919 378,701 373,372 3,254,054 3,183,684 297,900 398,896 380,034 500,110 182,455 232,428 Deferred availability items 591,556 786,157 65,359 80,190 160,139 223,480 40,293 58,926 56,330 88,871 44,760 60,837 Capital paid in . . 130,512 130,836 9.430 9,385 51,006 50,590 12,328 12,211 12,299 12,664 4,590 4,719 Surplus (sec. 7) 145,501 145,854 9,902 9,826 50,825 51,474 13,406 13,362 14,371 14,323 5,186 4,869 Surplus (sec. 13b) .. 24,235 27,190 2 876 2,874 7,744 7,744 2 132 4,325 1,007 1,007 3,363 3,422 Reserve for contingencies 35,081 37,200 1,713 1,570 8,849 9,260 3,000 3,000 3,113 3,120 1,512 1,575 All other liabilities 4,032 5,000 101 180 1,727 1,830 431 961 257 260 222 120 Total liabilities 11,025,800 12,524,693 784 821 839,155 4,342,062 4,449,759 641,360 803,759 819,926 1,038,809 423,611 516,757 Commitments to make industrial advances 27,649 20,643 3,338 2,050 9,948 8,424 861 247 1,639 1,280 2,289 2,322 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 4,047,052 4,638,197 346,973 385,745 928,859 1,020,281 288,626 330,441 370,830 451,512 194,630 227,242 Held by Federal Reserve bank 337,978 354,660 30,234 23,987 121,141 98,584 16,756 18,363 18,315 33,058 13,107 18,455 In actual circulation l 3,709,074 4,283,537 316,739 361,758 807,718 921,697 271,870 312,078 352,515 418,454 181,523 208,787 Collateral held by agent for notes issued to banks: Gold certificates on hand and due from U. S. Treasury..... 3,970,843 4,618,838 356,617 406,000 938,706 1,025,706 290,000 332,000 376,440 457,000 176,000 228,000 Eligible paper 2,716 2,237 343 1,070 1,307 692 343 285 10 45 150 U. S. Government securities 127,500- 95,000 19,000 Total collateral held. 4,101,059 4,716,075 356,960 407,070 940,013 1,026,398 290,343 332,285 376,450 457,000 195,045 228,150 For footnote see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 9—ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK AT END OF 1935 AND 1936—Continued [In thousands of dollars] Atlanta Chicago St. Louis Minneapolis KansasCity Dallas San Francisco 1 1935 1936 1935 193€ 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 ASSETS Gold certificates on handand due from U.S. Treasury.. 173,298 249,489 1,342,261 1,664,103 226,121 255,381 136744 175,993 189,173 254216 128870 170362 401044 626442 Redemption fttnd—Federal Reserve notes 2,869 2,659 522 857 799 1,570 540 915 849 666 681 198 2891 1480 Other cash. . 12,057 14,448 30342 30,597 18,000 16,465 8 229 7,301 19,000 13,157 6659 6695 16231 20268 Total reserves 188,224 266,596 1,373,125 1,695,557 244,920 273,416 145513 184,211 209 022 268 039 136 210 177255 420 166 648 190 Bills discounted: Secured by U. S. Government obligations direct or fully guaranteed 25 20 3 1 3 69 2 Other bills discounted 13 11 41 35 15 39 42 7 550 *22 12 10 25 21 Total bills discounted . .. 38 31 41 35 18 40 49. 10 619 99 19 19 95 91 Bills bought in open market 165 10$ 577 385 87 86 61 61 128 87 126 87 328 218 Industrial advances .. 928 400 1,853 1,434 392 424 589 1,064 1146 794 1,780 1325 1 111 1822 td O U. S. Government securities: 55 Bonds 8,240 20,025 25,623 57,324 9,420 23,381 12,956 18,313 10014 25409 16,033 20318 17435 43285 T T r r e e a a s s u u r r y y b n i o l t ls es .. 2 6 1 4 , , 3 5 7 9 3 6 5 24 4 , , 4 7 3 3 2 1 2 8 4 8 2 , ,0 0 6 0 4 2 1 6 5 9 6 , ,6 93 7 9 0 2 7 4 4 , , 4 3 3 4 4 6 2 6 8 3 , , 5 9 2 0 7 1 4 1 7 5 , ,4 1 3 7 9 3 2 5 2 0 , , 3 0 4 5 3 1 7 2 3 4 1 1 9 3 8 ? 31 0 4 0 4 1 5 4 1 7 5 , ,649 2 5 4 5 7 5 8 3 9 0 1 4 3 5 6 2 6 2 7 2 4 1 5 1 2 8 ,8 30 10 1 a o Total U. S. Government securities 94,209 99,188 355,689 283,933 108,200 115,809 75,568 90,707 107344 125855 78,975 100 637 199 331 214,396 a Other securities 181 o Total bills and securities . 95,340 99,727 358,160 285,787 108697 116,359 77960 91,842 109,418 126,7W 80,89S 102,061 200,795 216,4f>7 Due from foreign banks 24 8 80 26 4 4 3 3 18 6 17 6 47 15 Federal Reserve notes of other Reserve banks 1,644 3,564 4,978 3,974 2,027 2,036 1,248 1,740 2030 1760 608 1,044 2,706 2,669 Uncollected items 23,283 27,364 80,345 101,701 24,737 33,949 16,071 18,536 34088 36350 19,607 26,934 29,417 41,256 Bank premises 9,984 2,237 4,896 4,711 9451 2,390 1,531 1,488 3,360 3, 1, 580 449 All other assets 1,449 1,191 405 207 215 183 427 232 190 167 761 283 292 170 Total assets 312,248 400,687 1,821,919 2,091,963 383,051 428,337 242,053 298,052 358,126 436,365 239,620 308,844 657,003 912,206 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIABILITIES Federal Reserve notes in actual circulation * 156,385 189,10l| 851,080 963,398 163,304 183,580 110,562 136,096 141,690 162,081 76,064 91,863 279,624 334,644 Deposits: M U F O o . t e S r h m e . e i r g b T e n d r r e e b a b p a s a o u n n s r k k i e t — s r— re g s e e n rv er e a a l c a c c o c u o n u t nt 11 6 1 2 1 , , , , 1 6 0 5 6 0 4 3 6 3 8 9 15 4 3 4 8 , , , , - 5 3 7 " 6 6 5 ' 5 7 0 " 7 5 9 3 2 2 0 , , , , 3 3 3 2 7 4 8 6 8 6 6 0 9 3 3 11 6 5 1 , , , , < 4 7 1 2 8 5 5 5 9 1 1 5 8 4 9 , , , 6 8 7 5 7 4 2 1 3 6 5 7 18 2 6 8 2 , , , , 9 6 9 2 7 9 5 7 0 7 7 2 9 3 7 6 , , , 1 6 0 2 5 9 5 2 5 8 8 7 12 5 2 5 0 , , , , 4 3 4 5 7 4 7 3 1 6 6 0 16 2 8 , , 8 2 7 7 9 7 8 9 2 6 3 5 21 8 2 8 , , , 2 8 4 4 0 7 0 9 8 2 2 4 12 4 2 3 , , , 8 2 7 8 5 3 5 1 7 6 6 4 16 4 3 2 8 , , , , 8 2 8 1 1 3 7 4 9 3 3 2 2 2 1 8 4 2 4 7 , , , , 1 0 0 3 8 4 3 6 3 4 7 7 47 1 1 6 8 6 8 , , , , 5 8 5 6 5 9 3 8 1 3 8 2 Total deposits 121,356 171,148 848,370 984,855 183,761 200,896 107,138 133,823 172,746 229,976 131,663 179,067 327,631 520,664 Deferred availability items.. 21,336 27,116 79,603 99,577 25,903 33,557 15,513 18,826 33,947 34,551 21,694 27,045 26,679 33,181 Capital paid in 4,168 4,272 12,048 12,324 3,757 3,782 2,! 2,943 3,916 3,962 3,773 3,825 10,198 10,159 Surplus (sec. 7) 5,616 5,616 21,350 21,504 4,655 4,655 3,149 3,116 3,613 3,613 3,783 3,851 9,645 9,645 Surplus (sec. 13b) 754 754 1,391 1,416 546 545 1,003 1,003 1,142 1,142 1,256 1,262 1,021 1,696 Reserve for contingencies — 2,606 2,584 7,576 7/"" 970 1,194 1,501 2,097 841 936 1,361 1,828 2,039 2,037 All other liabilities 27 501 155 128 148 231 104 26 103 166 180 I Total liabilities 312,248 400,687 1,821,919 2,091,963 383,051 428,337 242,053 298,052 358,126 436,365 239,620 308,844 657,0031 912,206 290 156 10 2,256 1,061 138 71 1,353 317 593 489 4,580| 4,082 Commitments to make industrial advances. FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 178,5! 216,545 896,413 1,006,839 171,816 196,159 115,463 142,110 150,726 172,233 83,687 103,272 320,449 385,818 Held by Federal Reserve bank 22,195 27,444 45,333 43,441 8,512 12,579 4,901 6.014 9,036 10,152 7,623 11,409 40,825 51,174 In actual circulation * 156,385 189,101 851,080 963,3 163,304 183,580 110,562 136,096 141,690 162,081 76,064 91,863 279,624 334,644 Collateral held by agent for notes issued to banks Gold certificates on hand and due from U. S. Treasury. 133,685 176,000 911,000 1,030,000 169,632 171,632 106,500 128,000 135,000 170,000 83,000 105,500 294,263 389,000 Eligible paper.. 25 20 8 1 33 3 599 13 3 Government securities 47,000 45,000 3,000 30,000 10,000 15,000 17,000 5,000 1,500 ' 30^666 Total collateral held 180,710 221,020 911,000 1,030,000 172,640 201,633 116,533 143,003 152,599 175,013 84,503 105,503 324,263 389,000 1 Includes Federal Reserve notes held by the U. S. Treasury or by a Federal Reserve bank other than the issuing bank. Backf igures.—See Annual Report for 1935 (table 8) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 ANNUAL REPORT OF BOARD OF GOVERNORS No. 10.- -BILLS DISCOUNTED—HOLDINGS OF EACH FEDERAL RESERVE BANK ON DEC. 31, 1936, 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 a e l s l ) m b l G S g o i y d g e e u r o i a c n a v r U f u t t r e u e i r a o o . c r l e n l n n t b d S y - s - - . a s s O e e n w c c d th u u i s e r r u e e e r n d d - - m b l G S g o i y d g e u e r o i a c n a v r U f t u t r e u e i a r o o c . r l e n l n n t b y d S - s - - . c b S e o y e l l i l c g a o u i t t b r e h e l r e e d a r l a r p c S i b n e f u o t o e l y d i r u i e r c g c n s u b s i h d t b e r i n a i l e c l o s l s o e d u s - e r t - a f p v o t n c a i p i s r d d o o r o h t u n i u r i n n c a p s a n e o d l - s t s r r ' i s , - , teed teed sec. 10 (b) 1936 Boston 1,092 22 1,070 New York 1,146 110 655 37 344 (2) Philadelphia 313 28 285 Cleveland . 28 28 Richmond 163 13 150 Atlanta 31 11 20 Chicago 35 35 St. Louis 40 9 30' 1 Minneapolis 10 7 3 Kansas City 22 22 Dallas 12 10 2 San Francisco 21 21 Total 2,913 316 2,185 37 374 1 1 Authorization by the Board of Governors to wake discounts under paragraph 3 of section 13 of the Federal Reserve act expired July 31. 1936. 2 Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 81 No. 11.—HOLDINGS OF BILLS DISCOUNTED, BILLS BOUGHT AND INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS, BY MATURITIES [In thousands of dollars] Maturity Total 1 W 5 i t d h a in ys 16 cl a t y o s 30 31 d a t y o s 60 61 d a t y o s 90 9 m 1 o t n o d t a h 6 y s s m O o v n er t h 6 s Hills discounted: 1935—Dec. 31 4,672 2,115 176 1,628 198(5—Jan 29 7,065 4,789 132 1,398 585 148 13 Feb. 26 6,932 4,973 1,204 541 121 88 5 Mar. 25 6,065 4,099 252 253 915 530 16 Apr. 29 5,323 3,670 756 723 116 30 May 27 4,828 2,956 718 226 588 338 June 24 6,189 4,411 124 591 638 425 July 29 3,668 2,028 31 673 278 658 Aug. 26 7,238 5,320 803 381 141 592 Sept. 30 9,451 7,628 114 601 865 242 Oct. 28 6,107 4,262 564 594 525 162 Nov. 25 6,065 4,832 542 504 144 43 Dec. 30 5,377 4,737 171 161 302 6 Bills bought: 1935—Dec. 31 4,656 698 986 2,086 1936—Jan. 29 4,670 651 322 1,271 2,426 Feb. 26... 4,673 1,452 2,004 714 503 Mar. 25 4,674 364 750 1,410 2,150 Apr. 29 4,684 394 671 3,339 May 27 4,299 561 2,145 986 607 June 24 3,077 170 270 599 2,038 July 29 3,092 352 769 244 1,727 Aug. 26 3,095 978 495 24 Sept. 30 3,098 481 716 198 1,703 Oct. 28 3,087 31 154 285 2,617 Nov. 25 .3,086 163 99 204 2,620 Dec. 30 3,089 194 63 250 2,582 Industrial advances: 1935—Dec. 31 32,493 1,674 259 980 493 1,583 27,504 1936—Jan. 29.. 32,148 1,632 586 494 685 1,463 27,288 Feb. 26.. 31,773 1,833 250 626 459 1,658 26,947 Mar. 25. 30,501 1,676 161 479 486 1,743 25,956 Apr. 29.. 30,319 1,716 267 424 584 2,159 25,169 May 27.. 30,462 1,526 224 629 675 2,055 25,353 June 24. 29,936 1,631 272 663 599 2,297 24,474 July 29.. 29,448 1,550 179 575 930 1,924 24,290 Aug. 26.. 28,554 1,493 297 750 711 1,900 23,403 Sept. 30. 28,145 1,615 312 551 812 1,976 22,879 Oct. 28.. 26,299 1,092 301 608 984 2,071 21,243 Nov. 25. . 25,980 1,017 334 819 713 2,025 21,072 Dec. 30... 24,768 1,167 260 669 669 1,676 20,327 Back figures.—See Annual Report for 1935 (table 11) and similar tables in previous annual reports, except for industrial advances, which are published in this form for the first time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 ANNUAL REPORT OF BOARD OF GOVERNORS No. 12.— HOLDINGS OF UNITED STATES GOVERNMENT SECURITIES BY FEDERAL RESERVE BANKS AT END OF 1935 AND 1936, BY CLASSES {In thousands of dollars] Dec. 31, 1935 Dec. 31.1936 Rate of interest In System Total (all held (per cent) open In other in System Total a m cc a o rk u e n t t accounts m o a p r e k n et account) Bonds: Conversion loan of 1946-47.. i 644 Treasury bonds of 1941 44,440 44^429 11 47,173 Treasury bonds of 1940-43.. 2,409 2,400 9 2,432 Treasury bonds of 1941-43.. 7,167 4,500 2,667 7,178 Treasury bonds of 1943-45.. 22,694 21,500 2 1,194 22,831 Treasury bonds of 1944-46.. 33,162 33,121 41 34,081 Treasury bonds of 1943-47.. 3,710 3,000 710 3,834 Treasury bonds of 1945-47.. 12,738 11,750 988 21,288 Treasury bonds of 1946-48.. 40,700 40,700 44,036 Treasury bonds of 1946-49.. 1,870 5,906 Treasury bonds of 1948-51... 59,123 Treasury bonds of 1947-52.. 525 525 631 Treasury bonds of 1949-52.. 2,810 2,015 795 7,268 Treasury bonds of 1949-53.. 81,425 Treasury bonds of 1944-54.. 4,379 4,379 6,436 Treasury bonds of 1951-54.. 52,524 Treasury bonds of 1951-55.. 533 533 1,159 Treasury bonds of 1946-56.. 6,037 6,037 4,988 Treasury bonds of 1956-59.. 53,894 Treasury bonds of 1955-60... 3i,034 1,324 34,436 Total bonds 216,176 194,449 21,727 490,643 Treasury notes: Series maturing: Apr. 15, 1936 151,912 134,386 17,526 June 15, 1936 57,945 49,053 8,892 Aug. 1, 1936 86,942 79,042 7.900 Sept. 15, 1936 54,905 53,967 938 Dec. 15, 1936 92,368 92,368 Feb. 15, 1937 85,442 78,590 6^852 Apr. 15, 1937 88,070 86.820 1,250 88,070 Sept. 15, 1937 94,334 86,960 7,374 96,977 Feb. 1, 1938 73,766 72,016 1,750 81,466 Mar. 15, 1938 94,599 94,349 250 113,649 June 15, 1938 82,952 74,324 8,628 85,707 Sept. 15, 1938 91,484 76,831 14,653 94,484 Mar. 15, 1939 92,666 82,651 10,015 89,066 June 15, 1939 90,847 90,485 362 100,197 Dec. 15, 1939 79,476 77,076 2,400 86,176 Mar. 15, 1940 143,275 129,375 13,900 138,275 June 15, 1940 122,287 121,883 404 129,212 Dec. 15, 1940 58,327 44,156 14,171 104,474 Mar. 15, 1941 54,060 June 15, 1941 27,150 Dec. 15, 1941 52,000 Total Treasury notes. 1,641,597 1,524,332 117,265 1,340,963 Treasury bills: Series maturing within: 15 days 25,070 25,070 3,240 16 to 30 days 25,425 25,300 125 23,499 31 to 60 days 68,343 51,505 16,838 54,426 61 to 90 days 122,169 107,728 14,441 95,839 91 days to 6 months 135,803 122,, 171 13,632 172,405 6 to 9 months 196,148 172,594 23,554 249,212 Total Treasury bills.., 572,958 504,368 68,590 598,621 Total holdings 2,430,731 2,223,149 207,582 2,430,227 1 Includes $500—3-per cent loan of 1961. 2 Includes $500,000 acquired under repurchase agreement. Back figures.—See Annual Report for 1935 (table 12) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 83 No. 13.—INDUSTRIAL ADVANCES AND COMMITMENTS, JUNE 19, 1934, TO DECEMBER 30, 1936 [Amounts in thousands of dollars ] Applications Applications a ( p w p i r t o h v a e n d d t o w i d t a h t o e u b t y c o F n e d d it e i r o a n l s R ) eserve banks recommended Applications for approval Date (last received to date, by Industrial Federal Ex- Financ- Wednes- net Advisory Com- Federal Reserve pired, ing inm d e a o a y n c t h o h f ) ( o m w u i i t t t t h e c e o a s n n d t d o i t i w o d n a it s t h e ) - Total R v b e a a a s n d e n c - r k e v s e b c m o a m i n t k - - b p u r A o t v P n - e o d t o r d r e r p w a a w i i t d n h , - p s a t t i r i o t t i u n c - iout- ments com- by ap- pations stand- out- pleted i pli- out- N b u e m r - Amount N b u e m r - Amount N b u e m r - Amount ing st i a n n g d- c e a t n c. t, s i t n a g n d 2 - 1934 Nov. 28 4,635 166,433 961 46,599 828 42,202 9,769 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 3 7,615 306,708 2,176 132,460 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936 Jan. 29 7,714 311,081 2,212 134,243 2,023 125,810 32,483 27,004 10,888 46,736 8,699 Feb. 26 7,831 315,081 2,245 135,320 2,049 126,643 32,129 25,866 10,434 50,636 7,578 Mar. 25 7,934 319,595 2,294 138,450 2,097 129,580 30,947 25,421 11,008 54,654 7,550 Apr. 29 8,046 323,669 2,338 140,104 2,139 131,195 30,800 25,576 9,730 57,351 7,737 May 27 8,113 329,316 2,374 141,749 2,162 132,549 30,958 25,095 9,343 59,512 7,641 June 24 8,158 331,391 2,394 142,811 2,183 133,343 30,487 24,454 9,381 61,422 7,599 July 29 8,197 331,659 2,413 143,978 2,198 134,233 30,217 23,711 8,429 64,342 7,534 Aug. 26 8,240 333,930 2,437 145,939 2,218 135,421 29,265 23,355 9,168 66,304 7,329 Sept. 30 8,284 336,119 2,463 147,191 2,243 137,251 28,885 23,307 8,566 69,217 7,276 Oct. 28 8,308 336,763 2,477 148,237 2,259 138,731 27,038 22,790 8,544 72,915 7,444 Nov. 25 8,339 339,903 2,483 148,317 2,266 138,938 26,720 22,040 7,719 75,045 7,414 Dec. 30 8,379 342,699 2,500 149,204 2,280 139,829 25,533 20,959 8,226 77,903 7,208 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to 111,360,177 on December 30, 1936. 3 Tuesday. Backf igures.—SeeA nnual Report for 1935 (table 16). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 ANNUAL REPORT OF BOARD OF GOVERNORS No. 14.—INDUSTRIAL ADVANCES OUTSTANDING, BY FEDERAL RESERVE DISTRICTS [Monthly averages of daily figures. Inthousands of dollars] 1936 Total B to o n s- Y N o e r w k a P p d h h e i i l l 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 n M o e l a i i n p s - - K C s a a it n s y - D l a a l s - F c S r is a a c n n o - January 32,139 2,922 7,729 6,707 1,735 4,145 916 1,991 443 1,543 1,130 1,771 1,107 February 31,874 2,920 7,681 6,561 1,625 4,130 886 2,085 476 1,508 1,136 1,736 1,130 March 30,588 2,823 7,637 5,646 1,571 3,903 867 2,117 526 1,479 1,156 1,714 1,149 April 30,265 2,907 7,673 5,318 1,632 3,834 845 2,145 525 1,466 1,096 1,725 1,099 May 30,281 2,867 7,531 5,238 1,827 3,805 808 2,124 539 1,456 971 1,718 1,397 June 30,019 2,926 7,364 5,157 1,776 3,706 772 2,119 561 1,354 1,006 1,656 1,622 July 29 542 2,982 7,308 5,137 1,603 3,566 724 2,083 547 1,293 988 1,621 1,690 August 28,716 3,100 7,090 5,085 1,490 3,606 669 1,801 533 1,172 911 1,565 1,694 September 28,575 3,210 7,045 5,058 1,438 3,673 579 1,743 524 1,175 900 1,541 1,689 October 26,754 2,992 6,337 5,049 1,389 3,091 538 1,620 515 1,150 860 1,470 1,743 November 26,172 2,906 6,440 5,017 1,298 2,833 504 1,552 499 1,112 814 1,412 1,785 December 25,244 2,899 6,172 4,788 1,216 2,705 477 1,462 464 1,076 799 1,367 1,819 Back figures.—See Annual Report for 1935 (table 17). No. 15.—COMMITMENTS TO MAKE INDUSTRIAL ADVANCES OUTSTANDING, BY FEDERAL RESERVE DISTRICTS [Monthly averages of daily figures. In thousands of dollars] 1936 T(tal B to o n s- Y N o e r w k P a p d h h e i i l a l - - C l l a e n v d e- R m i o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l i a i n p 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 27,183 3,297 9,898 663 1,676 2,272 492 142 2,162 136 1,351 592 4,502 February 26,428 3,335 9,759 476 1,719 2,284 389 107 2,023 115 1,179 589 4,453 March 25,426 3,242 9,831 336 1,622 2,320 310 93 1,913 106 697 586 4,370 April 25,414| 2,931 10,005 360 1,599 2,366 304 80 1,965 105 620 583 4,496 May 25,509 2,891 10,368 327 1,516 2,395 298 79 1,887 96 533 574 4,545 June 24 644 2,804 10,062 302 1,460 2,343 293 78 1,825 94 437 543 4,403 July 23,783, 2,757 9,312 300 1,479 2,324 287 77 1,780 91 401 537 4,438 August 23,456 2,731 9,116 289 1,403 2,316 321 68 1,755 89 397 525 4,446 September 23,535 2,665 9,446 299 1,360 2,367 315 49 1,591 81 386 508 4,468 October 22,915 2,528 9,301 280 1,400 2,341 304 49 1,410 74 366 499 4,363 November 22,262 2,396 9,128 245 1,375 2,344 300 48 1,276 74 348 494 4,234 December 21,295 2,117 8,782 248 1,310 2,345 294 41 1,139 72 336 491 4,120 Back figures.—See Annual Report for 1935 (table 18). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 85 VOLUME OF OPERATIONS OF FEDERAL RESERVE BANKS No. 16.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS, 1932-1936 [Number in thousands; amounts in thousands of dollars] 1932 1933 1935 1936 NUMBER OF PIECES HANDLED* Bills discounted: Applications 178 81 Notes discounted 779 346 Industrial advances: Notes discounted .7 Commitments .3 Bills purchased in open market for own account 76 79 1,932 1,388 Currency received and counted 2,025,552 2,013,459 2,067 2,148,485 2,232,980 Coin received and counted 2,654,787 2,497,928 2,565 2,590,859 2,665,190 Checks handled 734,538 688,933 818 885,190 1,009,264 Collection items handled: U. S. Government coupons paid2 17,710 18,099 21 22,633 18,806 All other 7,468 8,371 7 7,119 6,968 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 1,956 3,502 6,838 27,919 All other (:!) 3,742 1,538 Transfer of funds 1,469 1,290 982 951 AMOUNTS HANDLED Bills discounted 18,648,306 9,632,808 714,361 229,546 167,600 Industrial advances: Notes discounted 14,884 28,479 8,519 Commitments 11,443 29,223 12,583 Bills purchased in open market for own account 762,755 898,001 75,903 31,446 25,207 Currency received and counted 10,952,597 11,710,364 9,932,601 9,837,681 10,059,637 Coin received and counted 360,295 624,617 298,297 275,608 276,323 Checks handled 176,591,791 157,833,692 179,544,488 202,989,742 234,417,787 Collection items handled: U. S. Government coupons paid2 529,086 578,082 699,325 751,916 798,925 All other 5,427,817 5,539,659 6,742,974 7,948,641 7,089,008 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government direct obligations 19,444,110 24,622,726 29,941,049 30,755,611 25,196,825 Allother (3) (3) (3) 3,346,189 2,223,136 Transfer of funds 116,040,041 85,059,151 73,077,156 80,483,190 87,001,630 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 1935 (table 13) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 17.—VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS OF EACH FEDERAL RESERVE BANK, 1936 Total Boston Ne^vYork Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F c r o an- NUMBER OF PIECES HANDLED i Bills discounted: Applications 3,293 351 1,566 565 99 100 70 14 64 18 124 203 119 Notes discounted 7,502 351 4,247 631 122 100 119 14 66 96 245 1,345 166 Industrial advances: Notes discounted 678 32 370! 86 27 12 12 12 35 44 21 5 22 Commitments 286 12; 88| 10 26 10 3 2 64 27 4 6 34 Bills purchased in open market for own account.. 2 1,388 Currency received and counted 2,232,980,000 215,959,000 642,563,000192,827,000137,880,000122,536,000 116,913,000341,396,000 121,679,00047,802,00069,435,000 61,308,000162,682,000 Coin received and counted.. 2,665,190,000 356,607,000;l,047,007,0001294,110,000142,351,000 179,232,000 65,936,000 161,864,000 110,825,000 19,499,00059,461,00057,683,000170,615,000 Checks handled 1,009,264,000 103,476,000 188,225,000 85,216,000 98,644,000 69,683,000 44,687,000 145,636,000 56,447,00032,936,00071,256,00046,517,000 66,541,000 Collection items handled: 1 U.S. Government coupons paid 3 ... 18,806,000 842,000 4,921,000 1,106,000 2,401,000 655,000 540,000 3,713,000 1,189,000 691,000 1,202,000 421,000 1,125,000 Allother..... 6,968,000 407,000 2,176,000 366,000 392,000 295,000 215,000 806,000 394,000 784,000 410,000 215,000 508,000 Issues, redemptions, and exchanges by fiscal agency department: U. S. Government di- Al r l e o c t t h o e b r ligations 27 1, , 5 91 3 9 8 , , 0 0 0 0 0 0 2,19 35 1 , , 0 0 0 0 0 0 5,4 8 7 1 5 6 , , 0 0 0 0 0 0 1,5 5 6 3 8 , , 0 0 0 0 0 0 2,6 7 0 8 6 , , 0 0 0 0 0 0 5 4 7 7 , , 0 0 0 0 0 0 2,20 1 8 6 , , 0 0 0 0 0 0 5,2 2 1 7 6 9 , , 0 0 0 0 0 0 1,19 4 9 5 , ,0 0 0 0 0 0 8 3 7 8 9 , , 0 0 0 0 0 0 2,09 5 5 3 , , 0 0 0 0 0 0 1,03 1 1 5 , , 0 00 0 0 0 3,39 6 4 3 , , 0 0 0 0 0 0 o Transfer of funds 951,000 24,ooo| 240,000 61,000 48,000 58,000 51,000 160,000 61,000 31,000 63,000 58,000 96,000 o a o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMOUNTS HANDLED (in millions of dollars) Bills discounted 167.6 104.7 13.3 2.6 3.0 2.3 6.7 5.2 4.7 Industrial advances: Notes discounted 8.5 1.4 2.2 .7 .5 .4 .9 .2 .1 1.4 Commitments 12.6 .6 4.2 .5 .5 .1 .1 .2 .5 Bills purchased in open .7 1.8 market for own account.. 25.2 9.1 2.6 1.0 .9 3.1 .4 .7 Currency received and 2.4 1.8 counted 10,059.6 959.4 3,024.0 838.2 513.0 415.6 605.8 448 224.9 297.9 211.0 Coin received and counted.. 276.3 29.8 107.7 26. 679.9 14.7 7.8 18.2 14 2.8 8.7 6.5 841.4 Checks handled 234,417.8 15,561.0 69,505.0 22,021.8 11.8 11,897.4 ,687.1 602.5 12,453 5,542.8 ,694.7 7,877.7 27.5 Collection items handled: U. S. Government cou- 21,798.7 13,776.1 pons paid 3 798.9 52.4 447.1 42.4 58.1 17.4 80.0 20 13.9 19.7 8.2 29.8 All other 7,089.0 599.5 2,246.0 266.2 502.5 316.3 220.0 ,089.8 460 387.5 388.0 233.3 379.1 Issues, redemptions, and exchanges by fiscal agen- 1 cy department. U. S. Government direct obligations 25,196.8 945.7 16,457.9 650.7 707.6 459.7 301.5 164.5 575 374.6 613. 317.8 627.3 All other 2,223.1 38.5 1,614.1 63.9 85.0 65.8 18.3 171.2 49 24.8 41.8 16.2 34.2 Transfer of funds 87,001.6 1,619.7 31,329.9 2,641.1 3.836.0 4,610.1 .361. 16.746.9 3,484 1,886.9 ,537.9 3,386.1 8,561.1 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 1935 (table 14) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 18.—VOLUME OF OPERATIONS OF BRANCHES OF FEDERAL RESERVE BANKS GO QO Noncash collection Issues, redemptions, and items handled a e g x e c n h c a y n g d e e s p b a y rt m fi e sc n a t l disc B o il u l n s ted an C r d e u c r c e r o i e v u n e n c d t y ed an r d e c C c e o o iv i u n e n d ted h C a h n e d c l k e s d U.S. T f r u a o n n f d sf s er Federal Reserve branch and district number G c o o v u er p n o m ns e l nt All other Gov d e i r r n ec m t ent All other obligations NUMBER OF PIECES HANDLED,2 1936 No. 2—Buffalo 67 37,703,000 36,009,000 12,941,000 85,000 89,000 1,000 11,000 No 4—Cincinnati 30,522,000 46,645,000 19,984,000 669,000 36,000 9,000 IO^OOO' 10,000 Pittsburgh 52,609,000 48,651,000 40,763,000 470,000 40,000 15,000 6,000 11,000 No 5—Baltimore 29 55,312,000 125,184,000 24,127,000 352,000 114,000 11,000 19,000 12,000 Charlotte 15,255,000 7,626,000 8,652,000 45,000 49,000 12,000 O No 6—Birmingham 10,328,000 7,770,000 5,911,000 42,000 18,000 5,000 Jacksonville 21,232,000 9,928,000 7,082,000 66,000 50,000 6,000 Nashville 12,718,000 6,263,000 5,213,000 46,000 30,000 2,000 New Orleans 17 25,292,000 24,331,000 6,553,000 148,000 39,000 10,000 2,000 8,000 No 7—Detroit 2 68,395,000 25,895,000 17,945,000 370,000 115,000 6,000 5,000 23,000 w No. 8—Little Rock 2 9,220,000 5,563,000 4,467,000 45,000 86,000 1,000 6,000 o Louisville 2 18,942,000 12,952,000 11,022,000 299,000 36,000 2,000 2,000 9,000 f> No 9— M H e e m len p a his . 1 1 0 2 2 1 , , 1 5 0 0 5 5, , 0 0 0 0 0 0 1 1 0 , , 2 36 0 7 9 , , 0 0 0 0 0 0 4 4 , , 0 0 2 6 2 7 , , 0 0 0 0 0 0 4 6 0 5 , , 0 0 0 0 0 0 5 23 8 , , 0 0 0 0 0 0 1,000 1,000 1 9 1 , , 0 00 0 0 0 o No 10—Denver 83 10,117,000 7,994,000 9,788,000 204,000 65,000 2 * 666 i ^ 666 8,000 o Oklahoma City 10,141,000 9,056,000 16,298,000 59,000 59,000 2,000 Omaha 92 9,788,000 9,375,000 12,430,000 240,000 131,000 2,000 1,000 14,000 No. 11—El Paso 99 3,801,000 1,760,000 3,491,000 24,000 18,000 4,000 Houston 11 11,328,000 15,297,000 8,048,000 88,000 53,000 17,000 San Antonio 55 10,701,000 8,175,000 7,200,000 65,000 36,000 8,000 No 12—Los Angeles 19 81,992,000 70,321,000 19,474,000 429,000 86,000 6,000 5,000 36,000 Portland . 2 9,400,000 6,999,000 6,831,000 125,000 36,000 3,000 2,000 6,000 3 Salt Lake City 13 5,062,000 3,449,000 7,747,000 112,000 173,000 1,000 1,000 9 000 Seattle 13,990,000 13,546,000 6,142,000 125,000 40,000 2,000 1,000 7,000 Spokane 4 2,719,000 2,188,000 4,842,000 45,000 58,000 1,000 1,000 12,000 Total 508 550,177,000 516,553,000 275,040,000 4,258,000 1,538,000 73,000 57,000 258,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMOUNTS HANDLED, 1936 (in thousands of dollars) No. 2—Buffalo 3,294 164,125 3,411 2,566,061 2,904 55,608 308 933,849 No. 4—Cincinnati 107,697 4,925 3,256,842 12,437 96,836 34,611 446,248 Pittsburgh 286,861 3,444 11,264,279 19,693 123,979 117,091 956,140 No. 5—Baltimore 233,648 8,848 3,780,565 11,525 163,463 221,923 875,885 Charlotte 52,660 1,027 1,803,371 440 46,173 1,182,316 No, 6—Birmingham.... 34,349 960 1,428,527 390 16,237 137,216 Jacksonville 87,718 1,422 1,797,208 878 29,224 192,561 Nashville 37,896 701 1,284,402 516 47,580 94,367 New Orleans 447 82,999 2,280 1,510,299 3,166 62,129 43,092 """3 ,173 377,326 No. 7—Detroit 85 383,309 1,869 7,228,835 6,597 193,423 18,327 1,527 2,287,086 No. 8—Little Rock 100 34,473 655 i 882,089 437 61,191 141 93 212,296 Louisville 26 77,394 1,251 ! 2,423,496 3,897 58,156 755 761 547,378 Memphis 194 58,626 2,754 : 1,142,525 786 59,094 465 572 560,609 No. 9—Helena 14 15,354 334 ! 524,342 452 20,012 167,570 No. 10—Denver 3,834 70,482 1,711 2,159,212 2,939 68,677 7,501 388 598,993 Oklahoma City. 35,914 1,052 1,983,662 774 26,842 414 202 67,388 Omaha 766 40,431 1,629 1,937,505 2,981 111,254 2,387 1,019 771,975 No. 11—ElPaso 65 15,582 356 445,553 272 14,134 110,452 Houston 425 39,318 1,527 1,565,379 1,627 63,130 1,162,452 San Antonio.... 53 36,594 1,049 1,077,911 807 39,459 316,269 No. 12—Los Angeles 1,920 338,811 8,794 3,736,625 10,029 87,660 23,987 2,001 1,876,174 Portland 40 47,471 1,615 1,349,196 1,583 34,354 674 732 493,278 Salt Lake City.. 230 30,015 930 1,099,265 1,310 43,709 215 148 348,638 Seattle 76,603 2,693 1,306,309 | 1,933 39,709 1,412 415 482,338 Spokane 120 17,215 647 | 770,957 548 20,563 132 438 199,961 Total.. 12,611 2,405,545 55,884 58,324,415 88,921 1,582,596 473,435 54,074 15,398,765 1 Includes coupons from obligations guaranteed by the United States. 2 2 or more checks, coupons, etc., handled as a single item are counted as 1 "piece." NOTE.—Currency received and counted during 1936 by agencies of the Federal Reserve Bank of Atlanta: Habana, Cuba, 1,232,762 pieces, amount $8,909,500; Savannah, Ga., 3,188,- 921 pieces, amount $8,134,500. Coin received and counted by Habana, Cuba, none; Savannah, Ga., 937,000 pieces, amount $71,300. Transfer of funds by Habana, Cuba, 53 pieces, amount $9,441,226; Savannah, Ga., none. Back figures.—See Annual Report for 1935 (table 15) and similar tables in previous annual reports. GO CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 ANNUAL REPORT OF BOARD OF GOVERNORS INTERDISTRICT SETTLEMENT FUND No. 19.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1927-1936 [In millions of dollars] Daily settlements between Federal Balance Reserve banks Interat begin- Reserve With- Balance Year and month n p i e n r g io o d f Federal tra b n a s n f k ers drawals Deposits at p e e r n io d d of Transit Reserve clearings note clearings 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 1936 3,572.0 102,073.7 786.9 1,869.0 4,028.7 3,179.3 2,722.5 1936 January 3,572.0 8,165.3 74.5 73.0 2,048.0 746.0 2,270.0 February 2,270.0 6,890.5 47.4 117.0 103.1 99.0 2,265.8 March 2,265.8 9,051.7 53.7 158.0 931.8 833.0 2,167.0 April 2,167.0 8,138.5 58.0 306.0 92.5 89.0 2,163.4 May 2,163.4 7,570.2 60.6 219.0 46.0 163.6 2,281 0 June 2,281.0 . 9,147.7 56.6 220.0 303.5 349.0 2,326.5 July 2,326.5 8,369.8 71.3 251.0 100.5 155.0 2,381.0 August 2,381.0 7,821.1 74.8 43.0 23.5 124.6 2,482.2 September 2,482.2 8,496.5 78.3 44.0 51.9 106.0 2,536.3 October 2,536.3 8,997.2 76.3 96.0 59.8 298.0 2,774.5 November 2,774.5 8,643.9 60.1 40.0 83.0 154.0 2,845.5 December 2,845.5 10,780.7 74.6 302.0 184.9 62.0 2,722.5 Back figures.—See Annual Report for 1934 (table 31) and similar tables in previous annual reports. No. 20.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, BY DISTRICTS, 1936 [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 r e r a i n l n o g R t s e e - bank transfers d W raw ith a - ls p D os e i - ts a o in t f n c b e f l u s u o n s s s d i e - Dec. 31 Pay- Re- Pay- Re- Pay- Re- ments ceipts ments ceipts ments ceipts Boston 160.2 7,028.0 7,183.2 62.2 54.5 158.0 35.0 50.0 13.6 148.3 New York 2,382.2 31,733.5 32,448.3 160.1 166.2 1,085.0 179.0 2,207.9 924.0 913.2 Philadelphia 80.2 7,687.4 7,708.4 74.6 74.1 46.0 94.0 72.5 87.0 163.3 Cleveland 139.4 8,171.2 8,540.2 89.0 60.7 221.0 11.0 106.0 44.0 208.0 Richmond. 55.9 6,680.3 6,703.8 55.3 58.1 68.0 78.0 90.0 72.0 74.2 Atlanta 39.5 3,751.0 3,568.6 46.3 70.0 7.0 137.0 76.0 138.6 73.4 Chicago 431.2 14,904.0 15,085.6 110.4 105.1 205.0 305.0 957.5 884.0 634.1 St. Louis 56.4 5,937.3 5,794.8 44.7 66.0 40.0 113.0 141.5 217.0 83.7 Minneapolis 30.2 2,356.9 2,080.3 29.4 23.2 9.0 188.0 85.4 207.0 47.9 Kansas City 53.7 5,564.9 5,196.2 43.1 35.4 278.0 85.5 214.0 83.7 Dallas 45.8 3,855.9 3,742.5 37.4 24.3 io"6" 88.0 42.5 110.0 64.8 San Francisco 96.7 4,402.7 4,021.2 33.8 48.7 20.0 363.0 113.7 268.0 227.4 Total 3,572.0 102,073.7 102,073.7 786.9 786.9 1,869.0 1,869.0 4,028.7 3,179.3 2,722.5 Back figures.—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

FEDERAL RESERVE SYSTEM 91 FEDERAL RESERVE AGENTS' GOLD CERTIFICATE FUND No. 21.—SUMMARY OF TRANSACTIONS THROUGH THE FUND, 1927-1936 [In millions of dollars] Year and month B b o e a f g l a p in n e n c ri i e o n d g at d W raw ith a - ls Deposits T to ra n b s a f n e k rs f T ro r m an s b fe a r n s k Ba e p l n e a r d n io c o d e f at 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 1936 3,965.8 1,810.3 1,158.2 3,313.8 1936 January 3,965.8 646.0 46.5 3,366.3 February 3,366.3 49.0 71.0 3,388.3 March 3,388.3 833.0 127.5 2,682.8 April 2,682.8 49.0 91.0 2,724.9 May 2,724.9 40.6 43.2 2,727.5 June 2,727.5 63.0 300.0 2,964.5 July 2,964.5 62.0 98.5 3,001.0 August 3,001 0 20.6 21.0 3,001.3 September 3,001.3 19.0 50.5 3,032.8 October 3,032.8 19.0 47.0 3,060.8 November . 3,060.8 4.0 81.0 3,137.8 December 3,137.8 5.0 181.0 3,313.8 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, 1936 [In millions of dollars] Balance at Federal Reserve bank B J a a l n a . n c 1 e d W raw ith al - s Deposits T to ra n b s a f n e k rs f T ro r m an s b fe a r n s k b c u lo s s in e e o ss f Dec. 31 Boston 356.6 .6 50.0 406.0 New York 938.7 573 0 160 0 525 7 Philadelphia 290.0 29.0 71.0 332.0 Cleveland 376.4 23.0 103.5 457.0 Richmond 176.0 28.0 80.0 228.0 Atlanta 133.6 31.6 74.0 176.0 Chicago 911.0 835.0 154.0 230.0 St Louis 169.6 138.0 140.0 171.6 Minneapolis 106.5 63.0 84.5 128.0 Kansas Citv 135.0 50.0 85.0 170.0 Dallas 83.0 20.0 42.5 105.5 San Francisco 289.2 19.0 113.7 384.0 Total 3,965.8 1.810.3 1.158.2 3,313.8 Back figures.—See Annual Report for 1934 (table 34) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 ANNUAL REPORT OF BOARD OF GOVERNORS MEMBERSHIP IN PAR COLLECTION SYSTEM No. 23.—NUMBEK OF BANKS ON PAR LIST AND NOT ON PAR LIST, DEC. 31, 1935-1936 [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, 1935 Dec. 31, 1936 Nonmember banksl Nonmember banksl Federal Reserve district or State M b e a m n b k e s r On l i p s a t r p N a o r t l o is n t M b e a m n b k e s r On l i p s a t r p N a o r t l o i n st DISTRICT Boston 365 175 360 171 New York 793 301 789 288 Philadelphia 656 267 658 261 Cleveland 622 642 2 627 637 2 Richmond 404 327 319 404 324 321 Atlanta 328 93 666 330 94 672 Chicago 702 1,690 226 741 1,622 228 St. Louis 390 888 387 388 815 414 Minneapolis 501 198 709 481 184 724 Kansas City 726 1,062 178 726 1,027 174 Dallas 550 315 174 550 305 164 San Francisco 350 308 33 322 291 33 Total 6,387 6,266 2,694 6,376 6,019 2,732 STATE New England: Maine 46 29 45 26 New Hampshire 53 12 53 12 Vermont 43 33 42 33 Massachusetts. 160 45 157 45 Rhode Island 14 9 14 9 Connecticut 60 65 60 64 Middle Atlantic: New York 578 202 575 194 New Jersey 289 113 288 106 Pennsylvania 783 328 785 321 East North Central: Ohio 321 391 324 388 Indiana 133 405 7' 132 390 6 Illinois 364 502 19 382 480 23 • Michigan 175 332 3 189 310 3 Wisconsin 121 330 165 128 310 116 West North Central: Minnesota 220 73 392 211 73 404 Iowa 144 421 108 143 416 111 Missouri 138 497 67 137 442 91 North Dakota 66 7 137 61 5 135 South Dakota 75 24 100 71 19 101 Nebraska 146 134 159 147 131 158 Kansas 206 521 1 205 502 1 South Atlantic: Delaware 20 24 20 24 Maryland 73 112 74 109 District of Columbia 11 10 12 10 Virginia 156 118 49' 156 118 48 West Virginia 98 81 6 98 82 7 North Carolina 54 16 145 52 16 143 South Carolina 24 5 119 24 5 123 Georgia 82 12 233 80 12 246 Florida 54 17 80 57 19 79 East South Central: Kentucky 109 309 14 111 307 14 Tennessee 77 68 178 " 77 67 170 Alabama 87 6 124 87 6 125 Mississippi 28 7 175 28 6 175 West South Central: Arkansas 57 69 121 57 60 124 Louisiana 34 12 104 35 10 101 Oklahoma 215 180 12 217 174 12 Texas 506 297 119 507 289 109 Mountain: Montana 67 36 18 66 33 21 Idaho 33 27 30 23 Wyoming 34 22 3 35 21 2 Colorado 86 67 3 83 67 1 New Mexico 26 15 26 15 Arizona 10 5 0 5 Utah 32 27 32 27 Nevada 6 8 5 7 Pacific: Washington 84 74 29 83 73 29 Oregon.... 50 46 4 43 46 4 California., 139 123 123 112 1 Excludes mutual savings banks; includes private banks reported as either on par list or not on par list. Back figures.—See Annual Report for 1935 (table 23) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK PREMISES No. 24.—COST OF BANK PREMISES OF FEDERAL RESERVE BANKS AND BRANCHES TO DECEMBER 31, 1936 Cost of Cost of buildings land includ- Total Federal Reserve ing old Fixed cost of Book Date bank or branch b d u e il m di o n l g - s mac a h n i d nery o A th l e l r Total l b a u n i d ld a in n g d s value, net occupied ished, equipment net Boston $1,246,726$ 662,157$3542,603$4,204,760"55,451,486S3,056,681 March 1922. STew York 5,215,656 3 28<>,12612,183,52815472,65420,688,310 9,678,952 October 1924. Buffalo 1255,000 465,707 465,707 720,707 455,100 May 1928. Philadelphia i1,884,357 747,173 4, 130,164 4 877 337 6,761,694 4 952,156 December 1917. 1,295,490 1610,58T fi464 953 8 074 838 9,370,328 4 465 939 August 1923. Pittsburgh 781,364 35? 719 1049 451 140? 170 2,183 534 190? December 1931. Richmond 271,994 489 659 9 040 667 9,593 319 2,795 243 156? 977 October 1921. Baltimore 250,487 330439 1?47 1577 701 1,828 188 1?46 571 September 1928. Atlanta 283000 175,279 1,358,082 1533 361 1,816 361 1023631 October 1918. Birmingham 124137 47,448 311 336 358 784 482 313619 January 1927. Jacksonville 45842 25,956 217,330 243 286 289 128 172440 June 1924. Nashville M8 000 25,101 211 616 236 717 284717 154067 December 1922. New Orleans 201250 159,502 738 404 897 906 1,099 156 573086 October 1923. Chicago 2,963 548 1,399,244 6,234 970 7 634 21410,597 762 3 917168 July 1922. 1)etroit 650000 115,841 1,006 868 1 122709 1,772 709 793208 December 1927. St. Louis 1,355 374 1,141 449 2.111 809 3 253 258 4,608 632 1705679 June 1925. Little Rock 85007 103608 233079 336,687 421694 226535 March 1925. Louisville •131177 35 230 226 259 261,489 392666 203204 June 1919. Memphis 100906 44 062 233 645 277,707 378613 254244 June 1929. Minneapolis 600521 628 666 2,316 746 2,945,412 3,545 933 1482514 February 1925. Helena 500( 16109 156290 172,399 177399 5000 February 1921. Kansas City 495,300 848 027 3,391 101 4,239,128 4,734 428 2,188 297 November 1921. Denver .. 101,512 60593 449 876 510,469 611981 365871 November 1925. Oklahoma City 65,021 77480 409 890 487,370 552,391 303,519 April 1923. Omaha 176.427 73479 397 938 471417 647844 4?744? December 1925. Dallas 189,831 352 671 1,172 684 1,525,355 1,715,186 835,659 March 1921. El Paso 39,003 10824 111369 122,193 161,196 76,588 August 1920. Houston 66,313 60001 287 995 347,996 414,309 211,875 February 1922. San Antonio 75 00? ?38 157958 179196 254 198 137063 October 1928. San Francisco 412,996 784 102 3,144 407 3,928,509 4,341,505 1,893,349 December 1923. Los Angeles 453,458 282 698 988 109 1,270,807 1,724,265 1,199,782 April 1930. Salt Lake City 114,075 84 814 341 449 426,263 540,338 356,148 February 1927. Total 19,983, 70414,048 27357,332 84571,381,11891,364 82246,140,685 OTHER REAL ESTATE ORIGINALLY ACQUIRED FOR BANKING HOUSE PURPOSES New York: Annex Building $592,679 $215,418$1,451,570 $1,666,988 $2,259,667$1,113,933 No. 10 Gold Street.... 45,000 125,864 125,884 170,864 76,900 Pittsburgh 297,000 138,994 560,460 699,454 996,454 374,731 Richmond (Annex Bldg.). 80,333 104,217 482,482 586,699 667,032 233,105 Total 1,015,012 458,629 2,620,376 3,079,005 4,094,017 1,798,669 Purchased buildings—"Cost of land" represents appraised value, remainder of purchase price included in "Cost of Buildings." 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 January 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

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS No. 25.—EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1936 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 Fra S n a c n isco CURRENT EARNINGS I I Discounted bills $107,584 $7,658! $70,156 $7,511 $1,459 $1,777 $1,780 $1,649 $1,495 $1,049 $4,004 $6,586 $2,460 Purchased bills 29,592 2,163 10,577 3,035 2,816 1,159 1,037 3,693 798 561 833 832 2,088 U.S. Government securities 35,181,125 2,394,450 9,909,061 2,854,961 3,365,116 1,790,550 1,442,585 4,124,552 1,804,145 1,265,519 1,743,999 ,458,501, 3,027,686 Industrial advances 1,586,688 140,768 374,869 311,519 84,341 211,204 42,368 105,086 20,385 79,125 47,995 93,293| 75,735 Commitments to make industrial advances 282,079 25,649 107,077 2,965 15,731 21,668 1,625 1,548 17,736 979 9,868 5,434: 71,799 Allother 713,571 2,865 65,290 76,506 67,696 29,795 34,726 186,948 18,658 14,785 166,605 10,059! 39,638 Total current earnings 37,900,639 2,573,553 10,537,030 3,256,497 3,537,159 2,056,153 1,524,121 4,423,476 1,863,217 1,362,018 1,973,304 1,574,705! 3,219,406 CURRENT EXPENSES Operating expenses: Salaries: Officers $2,628,875 $141,917 $588,160 $158796 $195485 $155,642 $200,848 $308,226 $175,278 $126,291 $191,473 $155,150 $231,609 o w Employees 17,304,889 1,066, 4,461,410 1,405 9951,628 741 988,167 880,831 2,123,984 929,865 614,200 983,910 716,8561 1,503,984 Retirement System contribu- > tions for current service 932,023 54,870 233,413 71728 83548 54,988 43,726 112, 54,586 36,984 62,520 39,642j 83,432 Legal fees 69,502 1,598 4,698 7045 5234 571 4, 3,658 193 10,147 11,432 9,215! 10,845 Directors' fees and expenses 128,713 5,464 15,277 8882 7394 6,047 13,214 8,264 12,264 10,293 20,462 7,241] 13,911 Federal Advisory Council fees and expenses 14,223 1,150 576 750 710 891 1,1 1,350 1,204 1,239 1,776I 2,600 o Traveling expenses (other than o directors and members of Federal Advisory Council) 296,883 14,901 55,561 32430 27224 21,324 20,293 32,523 14,372 29,912 13,600 13,104] 21,639 Postage and expressage 3,940,790 401,279 668,081 326562 365,295 250,766 273,479 513,020 179,613 148,932 272,853 187,550 353,360 Telephone and telegraph 654,191 28,708 114,920 41444 54,689 43,789 66,741 46,472 47,041 23,822 56,124 41,355 89,086 Printing, stationery and supplies. 853,709 58,159 221,175 79223 70,015 43,786 48,972 41,488 37,388 46,247 43,617 77,553 Insurance on currency and security shipments 276,422 37,303 56,987 29192 27,967 18,102 15,206 31,217 6,173 9,378 10,005 10,461 24,431 Other insurance 259,737 17,501 37,818 21099 19,507 15,936 17,264 21,871 21,169 21,077 26,204 17,269j 23,022 Taxes on bank premises 1,369,378 143,640 396,709 69767 136,185 67,080 53,187 169,742 53,050 66 817 87,303 32,114j 93,784 Depreciation on bank building 1,207,339 55,832 227,327 126,532 156,782 109,233 47,293 125,834 62,623 29,233 82,806 72,239; 111,605 Light, heat, power, and water 393,592 26,168 73,964 35,478 45,259 23,459 19,345 45,522 23,311 20,067 36,262 19,140; 25,617 Repairs and alterations to bank building 210,634 7,827 49,301 24967 13,274 6,031 4,754 22,462 35,211 6,840 10,804 22,869 6,294 Rent 188,109' 240 1,070 81,962 30,794 4,577 14,902 3,001 1,480 50,083 Furniture and equipment 273,7361! 23,268 71,794 23,328 30,523 8,261 4,323 42,258 28,165 11,411 4,027 12,551 13,827 Allother 990,9061 30,515 493,762 72,285 44,188 29,143 43,421 62,581 38,155 34,135; 40,099; 32,141 70,481 Total operating expenses 31,993,651! 2,117,286 7,770,933 2,536,5732,993,9821,873,927 1,763,231 3,772,S77i 1,726,908 1,238,131 1,957,37011,435,7701 2,807,163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Less reimbursements for certain fiscal agency and other expenses.. 5,977,313 277,754 1,419,999 324,475 459,293 302,939 636,304 863,797 417,436 197,977 342,237 306,463 428,639 Net operating expenses 26,016,338 1,839,532 6,350,934 2,212,098 2,534,689 1,570,988 1,126,927 2,908,580 1,309,472 1,040,154 1,615,133 1,129,307 2,378,524 Assessment for expenses of Board of Governors 1,679,566 123,479 609,979 161,061 155,081 73,747 58,865 193,744 49,908 39,751 48,391 49,148 116,412 Federal Reserve currency: Original cost 2,011,748 172,398 444,896 138,315 221,401 90,270 119,591 327,433 80,095 57,826 66,735 96,677 196,111 Cost of redemption 166,371 12,787 35,199 13,854 11,921 10,192 12,880 23,623 11,210 5,458 6,773 7,403 15,071 Total current expenses 29,874,023 2,148,196 7,441,008 2,525,328 2,923,092 1,745,197 1,318,263 3,453,380 1,450,685 1,143,189 1,737,032 1,282,535 2,706,118 PROFIT AND LOSS ACCOUNT Current earnings $37,900,639 $2,573,553$10,537,030$3256,497$3537,159$2,056,153$1,524 121$4,423,476$1,863,217$1,362,018$1,973 304$1,574,705S3,219,406 Current expenses 29,874,023 2,148,196 7,441,008 2525,328 2923,092 1,745,197 1,318 263 3,453,380 1,450,685 1,143,189 1,737 032 1,282 535 2,706,118 Current net earnings 8,026,616 425,357 3,096,022 731,169 614,067 310,956 205,858 970,096 412,532 218,829 236,272 292,170 513,288 Additions to current net earnings: Profits on sales of U. S. Government securities 8,902,507 478,125 2,889,122 582,301 559,635 296,982 239,773 1,150,317 308,766 689,110 308,607 896,350 503,419 All other 584,301 3,106 2,288 7,797 554 3,296 22,976 375,743 13,878 106,871 20,205 4,073 23,514 Total additions 9,486,808 481,231 2,891,410 590,098 560,189 300,278 262,749 1,526,060 322,644 795,981 328,812 900,423 526,933 Deductions from current net earnings: Reserves for contingencies 3,569,550 57,500 413,101 63,120 10,000 406,982 39,316 927,009 301,355 689,110 88,309 500,000 73,748 Special reserves and charge-off s on bank premises 733,594 504,874 ?, 17481 192464 18775 Prior service contributions to Retirement System 2,522,917 178,800 638,293 193,476 225,748 157,044 93,840 329,958 144,902 83,040 170,760 109,308 197,748 Assessment for building for Board of Governors 2,007,219 147,601 729,105 192,254 185,323 88,123 70,352 231,578 59,653 47,516 57,837 58,743 139,134 All other 167,711 565 2,947 2,490 34,279 21,537 10,837 75,433 4,101 14224 386 124 788 Total deductions 9,000,991 384,466 2,288,320 451,340 455,350 673,686 214,345 1,563,978 510 011 851 371 317,292 860,639 430 193 Net additions to current net earnings. . 485,817 96,765 603,090 138,758 104,839 -373,408 48,404 -37,918 -187 367 -55 390 11,520 39,784 96740 Net earnings 8,512,433 522,122 3,699,112 869,927 718,906 -62, 452 254,262 932,178 225 165 163439 247,792 331,954 610028 Paid U. S. Treasury (sec. 13b) 227,448 34,488 13,752 83,968 14,431 28,354 16460 10,959 25,036 Dividends paid 7,829,581 563,728 3,036,704 736,185 752,931 "'280, 136 254^262 725,553 225^724 179 052 236,833 228,445 610028 Transferred to surplus (sec. 13b) '102,880 r94,055 —26,947 25,030 -559 10601 Transferred to surplus (sec. 7) r352,524 -76,094 648,656 r-44,281 -48,456 -316,341 153,241 -32 073 67,872 NOTE.—Current expenses as shown above include the cost of furniture and equipment purchased during the year and normal depreciation on bank buildings and exclude contributions to the Retirement System on account of services rendered prior to the establishment of the Retirement System on March 1,1934. Heretofore prior service contributions have been included in current expenses and the cost of furniture and equipment and normal depreciation on bank buildings have been shown as deductions from current net earnings. Operating expenses now include reimbursable fiscal agency expenses which heretofore were shown separately. CO Back figures.—See Annual Report for 1935 (table 28) and similar tables in previous annual reports. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 26.—TOTAL EARNINGS, CURRENT EXPENSES, AND NET EARNINGS OF FEDERAL RESERVE BANKS AND DISPOSITION MADE OF NET EARNINGS, 1914-36 Earnings and expenses Disposition of net earnings Total earnings e C x u p r e r n e s n e t s Net earnings l Div p i a d i e d nds T t r o ( a S n s ec u s , f r e p r 7 l r u ) e s d T t ( r S o a e c n s . u s f r e 1 p r 3 l r u b e s ) d Pa (S T id e r c e . t a o s 1 u U 3 r b y . ) S. p G F a r o i a d v n e c t r o h n i s m U e e . t n S a t x . 2 Aggregates, years 1914-36: Boston $80,006,901 $38,122,009 $38,627,132 111,379,204 $20,056,188 -$3,155 $83,500 $7,111,395 New York 353,894,678 128,160,973 212,515,836 50,436,453 94,002,939 -7,808 77,990 68,006,262 Philadelphia 92,967,172 40,120,152 48,762,785 14,968,776 27,982,657 126,499 125,952 5,558,901 > Cleveland 106,003,216 48,525,581 48,915,877 15,588,768 28,469,653 -8,156 23,165 4,842,447 Richmond.. 56,515,286 28,432,127 23,687,442 6,741,405 10,677,709 1,425 66,714 6,200,189 Atlanta 56,637,511 24,594,297 25,412,390 5,567,590 10,887,805 -2,632 9,066 8,950,561 Chicago 169,753,958 70,857,291 85,206,285 18,595,941 41,252,119 -1,292 45,991 25,313,526 o St. Louis 51,635,885 27,486,757 18,269,357 5,767,382 9,747,851 -1,505 2,755,629 Minneapolis 39,110,826 19,654,434 16,348,756 3,991,476 7,125,898 -4,832 33,314 5,202,900 Kansas Citv 57,106,684 32,808,899 20,009,335 5,318,940 7,743,958 -3,622 10,959 6,939,100 Dallas 42,348,891 24,284,300 13,887,294 5,057,809 8,210,371 10,601 48,464 560,049 San Francisco 93,833,882 48,066,062 37,986,360 10,829,796 19,495,127 —35,904 7,697,341 o Total.. 1,199,814,890 531,112,882 589,628,849 154,243,540 3285,652,275 469,619 525,115 149,138,300 All Federal Reserve banks: 1914-15 2,173,252 2,320,586 -141,459 i 217,463 o 1916 5,217,998 2,273,999 2,750,998 i 1,742,774 1917 16,128,339 5,159,727 9,579,607 | 6.801,726 1,134,234 1,134,234 o 1918 67,584,417 10,959,533 52,716,310 i 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 I 1920 181,296,711 28,258,030 149,294,774 ! 5,654,018 82,916,014 60,724,742 1921 122,865,866 34,463,845 82,087,225 6,119,673 15,993,086 59,974,466 1922 50,498,099 29,559,049 16,497,736 6,307,035 -659,904 10,850,605 1923 50,708,566 29,764,173 12,711,286 6,552,717 2,545,513 3,613,056 1924 38,340,449 28,431,126 3,718,180 6,682,496 -3,077,962 113,646 1925.. 41,800,706 27,528,163 9,449,066 6,915,958 2,473,808 59,300 1926.. 47,599,595 27,350,182 16,611,745 7,329,169 8,464,426 818,150 1927.. 43,024,484 27,518,443 13,048,249 7,754,539 5,044,119 249,591 1928.. 64,052,860 26,904,810 32,122,021 8,458,463 21,078,899 2,584,659 1929.. 70,955,496 29,691,113 36,402,741 9,583,913 22,535,597 4,283,231 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 2,011,418 1933 49,487,318 29,222,837 957,407 8,874,262 -916,855 1934 48,902,813 29,241396 15!231,409 8,781,661 6,510,071 -60,323 ! 1935 42,751,959 31,577,443 9,437,125 8,504,974 607,422 27,062 ] 297,667 1936 37,900,639 29,874,023 8,512,433 7,829,581 352,524 102,880 i 227,448 Total... 1,199,814,890 531,112,882 589,628,849 154,243,540 3 285,652,275 4 69,619 ; 525,115 149,138,300 ; 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—1500,000 depreciation on bank premises; 1934—$139,299,557 representing cost of F.D.I. C. stock purchased by the Federal Reserve banks. 4 In 1935 the Federal Reserve Bank of Boston credited $1,810 and the Federal Reserve Bank of St. Louis charged $1,176 direct to surplus (sec. 13b). Total payments received from the Secretary of the Treasury under section 13b of the Federal Reserve Act to the end of 1936 and credited to surplus (sec. 13b) amounted to $27,121,311. ft) > GO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 ANNUAL REPORT OF BOARD OF GOVERNORS No. 27.—EARNINGS OF FEDERAL RESERVE BANKS, BY SOURCES, 1914-1936 Earnings Year Total disc b o O i u ll n n s ted pur b c O i h l a l n s sed IT s e e . r c n S u O m r . n i e t G i n e t o s v- D p r e e e n s fi a e c l r i t v e ie n e s t o m us is F s c o r e o u ll m r a c n e e s - l 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 $1^57 1,523,388 1917 16,128,339 6,971,479 4,951,729 2,367,989 194,526 1,642,616 1918 . 67,584,417 48,348,007 11,939,808 3,828,782 698,991 2,768,829 1919 102,380,583 80,768,144 13,994,544 5,761,300 727,844 1,128,751 1920 181,296,711 149,059,825 22,020,158 7,140,615 1,573,335 1,502,778 1921 122,865,866 109,598,675 5,234,141 6,253,854 1,177,562 601,634 1922 50,498,699 26,523,123 5,628,956 16,682,463 602,951 1,061,206 1923 50,708,566 32,956,293 9,371,288 7,444,089 521,061 415,835 1924 38,340,449 15,942,845 5,709,809 14,712,593 381.619 1,593,583 1925 41,800,706 17,679,549 9,103,915 12,783,001 310,406 1,923,835 1926 47,599,595 22,551,561 10,003,081 12,589,119 382,946 2,072,888 1927 43,024,484 17,010,778 9,206,677 14,206,174 273,839 2,327,016 1928 64,052,860 38,334,140 13,020,535 10,827,702 277,401 1,593,082 1929 70,955,496 47,790,662 12,063,349 8,163,486 449,653 2,488,346 1930 36,424,044 10,672,215 6,081,187 17,273,331 225,748 2,171,563 1931 29,701,279 9,820,546 5,009,541 12,428,297 296,960 2,145,935 1932 50,018,817 17,881,058 2,785,213 26,923,568 541,432 1,887,546 1933 49,487,318 9,137,038 1,238,068 37,529,872 191,051 1,391,289 1934 48,902,813 1,231,367 141,225 46,130,941 15,249 1,384,031 1935 42,751,959 156,160 35,894 39,796,177 6,560 2,757,168 1936 37,900,639 107,584 29,592 35,181,125 5,932 2,576,406 Total 1,199,814,890 664,785,240 149,374,292 339,303,169 8,856,223 37,495,966 1 Include earnings on industrial advances and commitments as follows: 1934, $137,909; 1935, $1,725,620; 1936, $1,868,767. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES No. 28.—FEDERAL RESERVE NOTE STATEMENT AT THE END OF EACH MONTH (In thousands of dollars) 1935 1936 Dec. 31 Jan. 31 Feb. 29 Mar. 31 Apr. 30 May 30 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Federal Reserve notes received from the Comptroller 6,761,662 6,864,994 6,954,850 6,991,580 7,015,824 7,060,738 7,198,650 7,203,985 7,217,978 7,247,108 7,277,996 7,355,398 7,481,238 Federal Reserve notes held by Federal Reserve agents 2,714,610 2,914,800 2,979,684 2,972,200 3,000,481 3,011,526 2,902,340 2,917,218 2,916,612 2,900,165 2,886,310 2,877 173 9 842 041 Federal Reserve notes issued to Federal Reserve banks: Held by issuing Federal Reserve bank. 337,978 317,130 242,943 255,622 253,237 254,623 261,828 308,373 283,258 297,800 275,812 279,607 354,660 Held by other Federal Reserve banks. 27,445 18,077 18,365 18,811 21,089 18,690 18,409 25,160 24,916 22,640 23,604 26,129 32,603 Held by U. S. Treasury 14,982 17,293 17,633 18,024 15,503 16,211 13,857 15,756 15,641 15,145 16,402 16,901 18,049 In circulation l 3,666,647 3,597,694 3,696,225 3,726,923 3,725,514 3,759,688 4,002,216 3,937,478 3,977,551 4,011,358 4,075,868 4,155,588 4,232,885 Total notes issued 4,047,052 3,950,194 3,975,166 4,019,380 4,015,343 4,049,212 4,296,310 4,286,767 4,301,366 4,346,943 4,391,686 4,478,225 4,638,197 1 Collateral held as security for Federal Reserve notes issued to Federal Reserve banks: Gold certificates: In vault 5,000 505,000 505,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 1,305,000 In gold fund—Board of Governors. 3,965,843 3,366,343 3,388,343 2,682,843 2,724,903 2,727,523 2,964,523 3,001,023 3,001,338 3,032,838 3,060,838 3,137,838 3,313,838 Total gold certificates 3,970,843 3,871,343 3,893,343 3,987,843 4,029,903 4,032,523 4,269,523 4,306,023 4,306,338 4,337,838 4,365,838 4,442,838 4,618,838 Eligible paper 2,716 6,855 5,216 6,155 4,087 4,078 2,605 2,623 6,540 5,306 4,618 4,937 2,237 U.S. Government securities 127,500 135,400 127,000 69,000 57,000 65,000 63,000 58,000 73,000 88,000 93,000 88,000 95,000 Total collateral held 4,101,059 4,013,598 4,025,559 4,052,998 4,090,990 4,101,601 4,335,128 4,366,646 4,385,878 4,431,144 4,463,456 4,535,775 4,716,075 Collateral required as security for Federal Reserve notes 4,047,052 3,950,194 3,975,166 4,091,380 4,015,343 4,049,212 4,296,310 4,286,767 4,301,366 4,346,943 4,391,686 4,478,225 4,638,197 CCoollllaatteerraall pplleeddggeedd iinn eexxcceessss ooff FFeeddeerraall RRee-- j sseerrvvee nnootteess iissssuueedd 5544,,000077 6633,,440044 5500,,339933 4433,,661188 7755,,664477 5522,,338899 3388,,881188 7799,,887799 8844,5,51122 8844,2,20011 7711,7,77700 5577,5,55500 7777,8,87788 I 1 This figure corresponds with that given under the same caption in table 36. It differs from that given in table 8 by the amount of Federal Reserve notes held by (a) Federal Reserve banks other than issuing bank and by (b) the U. S. Treasury. Back figures.—See Annual Report for 1935 (table 30) 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 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 103 GOLD No. 29.—MONETARY GOLD STOCK l OF THE UNITED STATES, 1914-36 [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 $1 = 15 5/21 grains of gold 9/10 fine, i. e., an ounce of fine gold = $35] Enc of month figures End of month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 January 1,636 1,535 2,635 2,873 2,875 2,643 2,679 3,398 3,666 4,002 4,136 February 1,632 1,551 2,709 2,875 2,878 2,600 2,713 3,436 3,676 4,036 4,077 March 1,644 1,582 2,818 2,878 2,878 2,563 2,799 3,463 3,683 4,077 4,052 April 1,655 1,606 2,850 2,879 2,890 2,554 2,877 3,477 3,695 4,124 4,055 May 1,642 1,642 2,846 2,885 2,890 2,569 2,944 3,484 3,741 4,168 4,070 June 1,604 1,699 2,933 2,876 2,826 2,578 2,988 3,498 3,763 4,201 4,073 July 1,572 1,720 2,903 2,875 2,777 2,575 3,060 3,542 3,792 4,224 4,080 August 1,566 1,789 2,878 2,874 2,838 2,564 3,152 3,568 3,824 4,234 4,095 September 1,557 1,837 2,864 2,866 2,860 2,586 3,232 3,586 3,849 4,224 4,095 October 1,521 1,911 2,866 2,869 2,816 2,581 3,285 3,601 3,880 4,222 4,120 November 1,520 1,973 2,867 2,872 2,757 2,610 3,340 3,619 3,920 4,240 4,110 December 1,526 2,025 2,868 2,873 2,707 2,639 3,373 3,642 3,957 4,212 4,112 End of month 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 January 4,277 4,086 3,840 4,004 4,356 4,129 4,266 4,033 8,391 10,182 February 4,299 4,075 3,866 4,066 4,378 4,067 4,093 7,438 8,527 10,167 March 4,310 4,018 3,901 4,136 4,410 4,103 3,995 7,694 8,567 10,184 April 4,323 3,979 3,973 4,204 4,439 4,080 4,025 7,757 8,710 10,225 May 4,321 3,873 4,014 4,230 4,511 3,865 4,028 7,779 8,858 10,402 June 4,300 3,822 4,037 4,248 4,669 3,632 4,031 7,856 9,116 10,608 July 4,293 3,826 4,054 4,230 4,662 3,687 4,033 7,931 9,144 10,648 August 4,301 3,836 4,073 4,214 4,708 3,801 4,041 7,978 9,203 10,716 September 4,284 3,838 4,085 4,224 4,454 3,906 4,037 7,978 9,368 10,845 October 4,254 3,855 4,099 4,248 4,005 3,977 4,036 8,002 9,693 11,045 November 4,164 3,841 4,080 4,284 4,127 4,053 4,036 8,132 9,920 11,184 December 4,092 3,854 3,997 4,306 4,173 4,226 4,036 8,238 10,125 11,258 Averages of end of month Averages of daily figure; figures Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 January.... 1,530 2,032 2,595 2,865 2,873 2,674 2,644 3,385 3,658 3,979 4,181 February.. . 1,543 2,038 2,672 2,872 2,875 2,622 2,688 3,417 3,673 4,015 4,105 March 1,567 2,037 2,763 2,875 2,874 2,572 2,753 3,449 3,679 4,053 4,053 April 1,594 2,033 2,834 2,876 2,879 2,534 2,830 3,469 3,688 4,096 4,053 May 1,624 2,040 2,848 2,876 2,889 2,548 2,910 3,481 3,706 4,146 4,066 June 1,670 2,103 2,890 2,875 2,882 2,567 2,967 3,489 3,753 4,184 4,073 July 1,709 2,188 2,918 2,874 2,800 2,575 3,018 3,516 3,774 4,216 4,075 August 1,755 2,241 22,896 2,870 2,827 2,568 3,105 3,553 3,810 4,229 4,085 September . 1,813 2,303 22,865 2,869 2,856 2,560 3,192 3,573 3,836 4,228 4,099 October 1,874 2,385 22,864 2,864 2,833 2,568 3,260 3,597 3,868 4,219 4,104 November.. 1,942 2,438 22,866 2,868 2,783 2,586 3,308 3,609 3,895 4,230 4,120 December... 1,999 2,502 22,866 2,869 2,734 2,607 3,356 3,630 3,939 4,220 4,110 Averages of daily figures Month 1926 1927 1929 1930 1931 1932 1933 1934 1935 1936 January 4,240 3,828 3,995 4,335 4,165 4,260 4,036 8,284 10,158 February 4,138 4,289 3,856 4,030 4,369 4,097 4,204 7,138 8,465 10,163 March 4,157 4,308 3,879 4,107 4,395 4,085 3,974 7,602 8,552 10,172 April 4,161 4,314 3,939 4,156 4,424 4,094 4,014 7,736 8,641 10,202 May 4,147 4,364 4,005 4,218 4,480 3,986 4,026 7,759 8,755 10,324 June 4,151 4,319 4,024 4,241 4,578 3,669 4,030 7,821 9,025 10,514 July 4,173 4,288 4,048 4,245 4,671 3,654 4,032 7,893 9,128 10,629 August 4,180 4,298 4,064 4,209 4,688 3,743 4,030 7,971 9,180 10,674 September 4,184 4,297 4,081 4,216 4,661 3,853 4,040 7,971 9,246 10,764 October 4,185 4,279 4,094 4,233 4,160 3,939 4,037 7,989 9,545 10,983 November 4,190 4,203 4,087 4,266 4,076 4,005 4,036 8,047 9,777 11,116 December 4,194 4,129 4,037 4,296 4,163 4,142 4,036 8,191 10,072 11,220 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-December, $52,500,000; 1918, January-May, $52,500,000; June, $16,271,000; July, $11,630,000; August- December, $5,829,000; 1919, January-March, $5,829,000; August, $107,119,000; September, $159,618,000; October, $149,166,000; November, $135,694,000; December, $131,320,000; 1920, January, $114,322,000; February, $112,822,- 000; March-April, $112,780,000; May-July, $111,530,000; August-September, $111,458,000; October, $16,536,000; November-December, $3,300,000; 1921, January-February, $3,300,001); 1927, May, $59,548,000; June, $23,300,000; 1932, December, $72,638,000. 2 Averages of dailj' figures. NOTE.—With respect to revaluation )f 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

104 ANNUAL REPORT OF BOARD OF GOVERNORS No. 30.—ANALYSIS OF CHANGES IN MONETARY GOLD STOCK, 1921-36 [In millions of dollars] Year or month 1921 1922 1923 1924 1925 1926 1927 .... 1928. 1929 1930 1931 1932 1933. 1934 3 1935 1936 1934 January February3.... Mnrrh ill s G to o c ld k In- [Net re- Gold In- Net reat end crease Net lease Other stock crease Net lease Other of year g i o n ld im go p l o d rt f e ro ar m - to fa r c s - 2 Month at o e f nd go in ld im go p l o d rt f e ro ar m - to fa rs c - 2 or stock mark l month stock mark ' month 3,373 734.6 667.4 18.7 48.5 1935 3,642 268 5 238.3 —3.7 33.9 3,957 315.1 294.1 .7 20^3 January 8,391 153.3 149.4 1.1 2.8 4,212 255.6 258.1 —42.2 39 8 February. 8,527 135 3 122.8 12.3 4,112 -100.1 -134.4 32.2 2!l March 8,567 40.4 13.0 -.1 28.1 4,205 92.6 97.8 —26.3 21.1 April 8,710 143.4 148.6 -2.3 —2.9 4,092— 112 8 6 1— 160.2 41.3 May 8,858 148 1 140 0 —1 5 9 6 3,854-237 8 -391 9 119 5 34 5 June . 9,116 257.1 230 4 1.0 25 8 3,997 142.5 175.1 -55.4 22.8 July 9,144 27.9 16.2 -.4 12.1 4,306 309 6 280 1 —2.4 31 9 August 9,203 59 5 46 0 1 8 11 7 4,173 -133.4 145.3-320.8 42.1 September... 9,368 165.0 156.7 1.0 7.3 4,226 52.9 —446 2 457.5 41.6 October 9,693 325.2 315.3 — 1.9 11.8 4,036— 190 4-C173.5 —58 0 41 1 November 9,920 226 7 210 6 6 15 5 8,2384,202.5 1,133.9 82.62,986.1 December. . . 10,125 205.2 190.0 1.3 13.9 10,1251,887.21,739.0 .2 148.0 11,2581,132.51,116.6 —85.9 101.7 1936 January 10,182 57.2 45.6 -1.7 13.3 February.... 10,167 — 15.5 -16.6 -9.5 10.6 4,033 —2 1 —2.8 12.2 -11.6 March 10,184 17.2 5.5 1.0 10.7 7,4383,4O5!o 452.6 68.72,883.8 April 10,225 41.0 28.1 2 13.1 7,694 256.1 237 3 0 19 6 May 10,402 176 7 170 0 —3 2 10 0 7,757 62.2 54.7 —i!i 8.6 June 10,608 206.6 277.8 -24.8 -46.4 7,779 22 4 33 6 5 — 11.6 July 10,648 39.2 15 4 2 3 21 5 June 7,856 77.1 63.7 1.0 12.5 August 10,716 68.4 67.5 -11.9 12.9 July 7,931 74.4 52.3 .6 21.4 September... 10,845 129.0 171.8 -28.8 -14.0 August 7,978 47.4 37.2 -1.1 11.2 October 11,045 199.7 218.8 -11.3 - 7.9 September 7,978 .4 -18.7 2.4 16.6 November... 11,184 139.6 75.8 3.0 60.8 October 8,002 23.5 10.8 .3 12.4 December. . . 11,258 73.3 57.0 — _7 17.0 November.... 8,132 129.9 120.9 -.1 9.1 December.... 8,238 106.2 92.1 .1 14.1 c Corrected. 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 29, note 1, and table 31. 2 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of nonmonetary use or unreported holdings, imports and exports that do not affect gold stock during the month or year, and increment resulting from reduction in weight of gold dollar. 3 Increase in gold stock during February 1934 results principally from reduction in weight of gold dollar on Jan. 31; see note 2 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 1933 (table 51) and similar tables in previous annual reports; see table 29 for revised monetary gold stock figures by months in earlier years. No. 31,—GOLD HELD UNDER EARMARK BY FEDERAL RESERVE BANKS FOR FOREIGN ACCOUNT, BY MONTHS, 1927-30 [In thousands of dollars1] End of month 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 January 19,779 193,919 144,898 134,794 125,795 433,149 92,552 46,874 7,886 10,546 February 16,599 191,051 144,898 134,794 123,295 406,781 270,837 10,709 7,649 20,052 March 18,101 155,251 137,391 119,795 120,295 348,469 370,929 11,546 8,310 19,083 April 19,101 109,511 88,821 119,295 127,795 344,501 337,228 12,679 10,611 19,238 May 114,101 136,050 72,694 117,295 123,795 366,650 315,114 12,190 12,147 22,486 June 114,601 105,997 80,207 115,295 31,531 395,447 311,569 11,204 11,149 47,267 July 114,417 45,050 102,194 118,295 61,231 339,210 227,099 10,616 11,572 44,974 August 116,918 39,134 103,194 118,295 77,231 238,709 147,632 11,671 9,776 56,919 September 125,918 40,334 109,795 114,303 356,321 166,421 98,326 9,252 8,761 85,724 October 150,919 39,134 114,296 120,410 463,931 120,646 71,459 8,993 10,624 96,978 November 190,919 64,136 113,292 122,536 435,821 72,080 70,859 9,077 10,051 94,022 December 199,419 79,897 135,295 137,695 458,534 73,694 59,079 9,017 8,801 94,689 1 At $20.67 a fine ounce through January 1934 and at $35 a fine ounce thereafter. See footnotes to table 1. NOTE.—For statistics of gold earmarked abroad for account of Federal Reserve banks see table 29, note 1. Back figures.—Eee Annual Report for 1934 (table 45) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 105 No. 32.—GOLD MOVEMENTS TO AND FROM THE UNITED STATES, BY COUNTRIES [In thousands of dollars l\ 1933 1934 1935 1936 Imports Exports Imports Exports Imports Exports Imports Exports Belgium 895 12,968 4,059 4 3,350 Czechoslovakia 6,504 France '30,079 246,113 290,531 29,991 934,302 59 590,851 17,180 Germany 1,071 3,603 4 147 63 296 7 Italy 24,044 899 12 3 1 Netherlands i i)', 347 11,445 102,924 7,414 227,225 41 74,773 "'3^765 Norway 6,100 6 Portugal 602 Spain 7 45 24 Sweden 5,002 2 Switzerland 11,631 12,656 254 968 7,510 U.S.S.R 885 18,099 11,208 United Kingdom 55^204 "48^826' 510,161 8,530 316,302 575 179,920 5,826 Yugoslavia 300 795 907 Canada ' 20J41 247' 86,785 173 95,245 74 72,706 57 Newfoundland . 39 89 31 Central America 850 6 2,978 2,814 3,667 Mexico 4,859 579 30,388 '"'288' 14,583 '"'915' 40,664 700 West Indies 525 1 2,221 1,135 1,045 Argentina 14 15 12 19 12 Bolivia 105 124 7 Brazil 2' 12 15 6 British Guiana 49" 5 2 1 Chile 2,337 5,226 '' i,' 882' 6,593 7,893 Colombia 97 1 16,952 8 10,899 11,910 Ecuador 1,007 24 1,555 5,185 3,435 Peru 1,537 1,396 2,148 2,414 Uruguay 864' Venezuela 506' 150 840 620 493 Australia 3,176 1,029 3,498 23,280 British India 25,629 76,820. 75,267 77,892 China 5,931 171 Hong Kong 6,890 16,281 9,431 7^917 Dutch East Indies 801 7 i' 19 Palestine 341 Japan 6,702 4 New Zealand 187 77 73 Philippine Islands 6,023 12,038 15,335 1 21,513 All other countries 2 107 105 198 606 6 Total 193,197 366,652 1,186,671 52,759 1,740,979 1,960 1,144,117 27,534 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 2 to table 1. 2 Includes all movements of unreported origin or destination. Back figures.—See Annual Report for 1935 (table 34), and similar tables in previous annual reports. For figures by months see Federal Reserve Bulletin. No. 33.—GOLD MOVEMENTS TO AND FROM THE UNITED STATES, 1921-36 [In thousands of dollars *] Net im- Net im- Year Imports Exports ports or Month Imports Exports ports or exports (—) exports (—) 1921 691,248 23,891 667,357 1936 1922 275,170 36,875 238,295 1923 322,716 28,643 294,073 January 45,981 338 45,643 1924 319,721 61,648 258,073 February 7,002 23,637 -16,635 1925 128,273 262,640 -134,367 March 7,795 2,315 5,480 1926 . . 213,504 115,708 97,796 April 28,106 51 28,055 1927 207,535 201,455 6,080 May 169,957 5 169,952 1928 168,897 560,759 -391,862 June. .. 277,851 77 277,775 1929 291,649 116,583 175,066 July 16,074 695 15,379 1930 396,054 115,967 280,087 August 67,524 32 67,493 1931 612,119 466,794 145,325 September 171,866 42 171,824 1932 . . 363,315 809,528 -446.214 October 218,929 117 218,812 1933 193,197 366,652 -173,455 November 75,962 127 75,836 1934 1,186,671 52,759 1,133,912 December 57,070 99 56,970 1935 1,740,979 1,960 1,739,019 1936 1,144,117 27,534 1,116,584 1 Figures respresent 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 2 to table 1. Back figure*.—For data by montrtB in earlier years, see Annual Report for 1935 (table 35) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10G ANNUAL REPORT OF BOARD OF GOVERNORS FOREIGN EXCHANGE RATES JNo. 34.—FOREIGN EXCHANGE RATES, 1922 4936 [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A (p t r i e g n s e a o n ) - B (b el e g lg iu a m ) Brazil (milreis) j ( B r I u r n i p d t e i i s e a h ) C (d a o n l a la d r a ) C (p h e i s l o e ) ( C y h u i a n n a ) ( m kr a o r n k e) F (f r r a a n nc c ) 1922777777777777 7. "817817" 77683 12.9486 I........ 28.741 98.478 "1272159" 557807" "207947""872013 1923 78.573 5.219 10.2285 31.110 98.035 12.2423 52.622 18.364 6.0811 1924 78.131 4.644 10.9403 31.784 98.732 10.5448 52.697 16.723 5.2368 1925 91.382 4.758 12.1962 36.264 99.962 11.6031 56.907 21.131 4.7671 1926 92.150 3.372 14.4357 36.327 99.989 12.0766 49.981 26.226 3.2427 1927 96.295 13.916 11.8383 36.312 99.972 12.0652 43.941 26.725 3.9240 1928 96.480 13.928 11.9737 36.466 99.909 12.1451 46.138 26.743 3.9210 1929 95.127 13.912 11.8078 36.202 99.247 12.0601 41.901 26.680 3.9161 1930 83.505 13.952 10.7136 36.067 99.842 12.0785 29.917 26.765 3.9249 1931 66.738 13.929 7.0290 33.690 96.353 12.0669 22.437 25.058 3.9200 1932 58.443 13.914 7.1223 26.347 88.090 7.9079 21.736 18.832 3.9276 1933 72.801 17.900 7.9630 31.816 91.959 7.6787 28.598 19.071 5.0313 1934 33.579 23.287 8.4268 37.879 101.006 10.1452 34.094 22.500 6.5688 1935 32.659 18.424 8.2947 36.964 99.493 5.0833 36.571 21.883 6.6013 1936 33.137 16.917 8.5681 37.523 99.913 5.1240 29.751 22.189 6.1141 1936—January.. 33.074 16.936 8.4167 99.930 5.0950 29.659 22.153 6.6251 February.. 33.329 17.042 8.3803 100.114 5.0950 29.912 22.321 6.6810 March 33.135 16.979 8.4871 99.842 5.0930 29.824 22.190 6.6338 April 32.954 16.915 8.5564 99.502 5.0853 29.734 22.064 6.5898 D N A M O J S J u u e e o u a c l n y p c t v g y o e t e e u e b m m s m e t b r b b e e e r r r . . 3 3 3 3 3 3 3 3 3 3 3 2 3 2 2 3 . . . . . . . . 4 4 6 5 1 7 5 6 8 1 6 0 1 1 8 1 9 8 7 3 8 1 3 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 . . . . . . . . 9 9 8 8 8 9 8 9 0 6 9 3 9 0 3 0 7 2 9 8 3 1 5 7 8 8 8 8 8 8 8 8 . . . . . . . . 5 5 7 6 5 6 6 6 3 7 0 9 3 2 4 6 4 5 1 8 4 1 2 6 9 5 1 1 5 0 2 2 5 5 5 5 5 . . . . . 8 8 8 8 9 9 6 3 4 5 0 3 6 5 2 1 1 7 2 5 J 1 1 1 P 9 9 9 9 0 0 0 O 9 9 9 9 0 0 0 J . . . . . . . 9 8 9 7 0 0 1 H 0 0 7 2 2 1 2 J 6 0 8 1 2 7 0 ^ 5 5 5 5 5 5 5 5 . . . . . . . . 0 1 0 1 1 1 1 1 7 2 6 6 7 7 7 6 5 7 4 9 1 2 2 8 9 5 3 1 9 5 7 8 J 2 2 3 2 2 2 2 9 9 9 0 9 9 9 9 .5 . . . . . . . 6 8 9 9 0 4 3 2 9 6 9 4 6 4 3 j 0 7 0 0 6 8 1 t 2 2 2 2 2 2 2 2 2 2 2 1 2 1 . . . . . . . 4 4 1 8 4 4 8 0 1 8 6 3 8 1 5 9 4 6 4 0 8 6 4 4 6 4 6 6 6 . . . . . . . . 6 5 6 5 3 6 6 5 4 9 6 8 4 2 6 8 7 3 0 6 5 0 7 5 2 2 4 9 8 2 5 3 Year or month ( m r G ei a e c n r h - y s- I (l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o N (k o r r o w n a e y ) (p S e p s a e i t n a) ( S k w ro ed n e a n ) S ( w f l i r a t a n z n e d c r ) - U K d n i o i n m t g ed mark) (pound) 1922 7232 4.7559" "477804 48.715 38.498 17.502 15.483 26.166 19.065 "442.92 1923 .002 4.6016 48.585 48.547 39.101 16.671 14.453 26.555 18.060 457.48 1924 22.998 4.3580 41.186 48.514 38.211 13.940 13.338 26.522 18.223 441.71 1925 23.801 3.9776 41.036 49.393 40.160 17.884 14.344 26.848 19.327 482.89 1926 23.800 3.8894 47.116 48.309 40.098 22.335 14.896 26.765 19.313 485.82 1927 23.764 5.1560 47.411 47.205 40.107 26.048 17.059 26.815 19.262 486.10 1928 23.861 5.2571 46.410 48.107 40.224 26.688 16.594 26.800 19.260 486.62 1929 23.809 5.2334 46.100 48.183 40.162 26.683 14.683 26.784 19.279 485.69 1930 23.854 5.2374 49.390 47.133 40.225 26.760 11.667 26.854 19.382 486.21 1931 23.630 5.2063 48.851 35.492 40.230 25.055 9.545 25.254 19.401 453.50 1932 23.749 5.1253 28.111 31.850 40.295 18.004 8.044 18.471 19.405 350.61 1933 30.518 6.7094 25.646 28.103 51.721 21.429 10.719 22.032 24.836 423.68 1934 39.375 8.5617 29.715 27.742 67.383 25.316 13.615 25.982 32.366 503.93 1935 40.258 8.2471 28.707 27.778 67.715 24.627 13.678 25.271 32.497 490.18 1936 40.297 7.2916 29.022 27.760 64.481 24.974 12.314 25.626 30.189 497.09 1936—January... 40.397 8.0276 28.993 27.768 68.173 24.932 VS.727 25.583 32.662 496.27 February.. 40.687 8.0373 29.130 27.769 68.677 25.121 13.841 25.778 33.033 500.05 March 40.439 7.9830 28.938 27.767 68.353 24.974 13.745 25.626 32.821 497.07 April 40.238 7.8936 28.869 27.768 67.885 24.834 13.654 25.482 32.580 494.27 May 40.285 7.8560 29.075 27.763 67.634 24.969 13.645 25.619 32.391 496.97 June 40.273 7.8645 29.392 27.764 67.686 25.218 13.659 25.877 32.425 501.92 July 40.321 7.8845 29.326 27.765 68.078 25.233 13.714 25.893 32.724 502.25 August 40.221 7.8673 29.404 27.753 67.904 25.249 13.643 25.910 32.599 502.59 September. 40.083 7.8514 29.414 27.753 66.250 25.304 12.347 25.965 31.418 503.63 October.... 40.196 5.5299 28.609 27.747 53.632 24.608 8.954 25.253 22.993 489.84 November. 40.223 5.2603 28.559 27.750 53.991 24.555 8.798 25.196 22.984 488.80 December.. 40.230 5.2609 28.512 27.750 54.566 24.656 7.727 25.300 22.985 490.78 NOTE.—Exchange quotations on various countries partly or wholly nominal as follows: Argentina, Brazil (official rate), and Chile—since April 1933; Italy—November 23, 1935-April 1, 1936, and October 2-3, 1936; Spain —since July 31, 1936. In September 1936 exchange quotations on all other countries, with the exception of Canada and United Kingdom, were partly nominal; and no quotation was available on one day for Spain. Changes have occurred in basis of quotation as follows: Argentina—Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning December 13, 1933; average for 1933 is for gold peso for January 1-Deeember 10. Belgium—Average for franc through 1926 and for belga thereafter (belga = 5 francs). Average for 1926 is for franc for January 1-October 25; average for belga for October 26-December 31 was 13.9095 cents. Brazil—Free market rate quoted in addition to official rate beginning August 3, 1936. Average free market rate for 1936 is for August 3-December 31. China—Beginning April 10, 1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 granvs of pure silver. Average for 1933 is for new yuan for April 10-December 31; average for old yuan for January 1-April 9 was 20.2103 cents. Germany—Average for mark through 1923 and for 1,000,000,000,000 marks or for reichsmark thereafter. Average for 1923 is for January 1-June 30; average for July 1-December 31, 1923, is 6.285 cents per 100,000 marks. Average for 1924 is for January 1-October 28 in cents per 1,000,000,000,000 marks, amount which subsequently became officially exchangeable for one reichsmark; average for reichsmark October 29-December 31, 1924, is 23.8008 cents. Black figures.—See Annual Report for 1935 (table 36) and Federal Reserve Bulletin, which also includes data for additional countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 107 MONEY IN CIRCULATION No. 35.—UNITED STATES MONEY IN CIRCULATION,1 BY MONTHS, 1914-36 Erid of month figures End of month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 January 3,215 2,966 3,305 3,702 3,849 4,632 4,890 5,016 4,154 4,327 4,490 4,515 February 3,216 2,955 3,316 3,833 4,028 4,635 5,073 4,986 4,204 4,416 4,600 4,561 March 3,221 2,977 3,326 3,886 4,109 4,661 5,104 4,837 4,210 4,460 4,612 4,524 April 3,243 2,997 3,334 3,907 4,147 4,656 5,122 4,793 4,181 4,472 4,566 4,495 May 3,246 3,030 3,298 3,969 4,129 4,631 5,165 4,728 4,168 4,510 4,618 4,550 June 3,172 3,033 3,362 23,779 4,195 4,590 5,181 4,624 4,176 4,536 4,562 4,524 July 3,107 3,036 3,371 3,686 4,277 4 583 5 167 4 510 4 137 4 500 4 469 4 505 August 3,254 3,115 3,450 3,693 4,489 4,661 5,261 4,453 4,193 4,589 4,572 4,579 September 3,445 3,168 3,535 3,764 4,740 4,750 5,329 4,457 4,321 4,658 4,576 4,629 October 3,457 3,232 3,589 3,820 4,858 4,840 5,411 4,408 4,359 4,642 4,655 4,682 November 3,123 3,257 3,590 3,965 4,908 4,982 5,356 4,364 4,417 4,731 4,765 4,757 December 3,032 3,302 3,679 4,086 4,951 5,091 5,325 4,403 4,530 4,757 4,760 4,817 End of month 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 January 4,554 4,559 4,390 4,370 4,275 4,323 5,354 5,358 5,289 5,380 5,737 Februarv 4,617 4,598 4,403 4,411 4,292 4,333 5,317 6,258 5,354 5,467 5,846 March 4,573 4,575 4,462 4,461 4,262 4,321 5,172 6,033 5,394 5,493 5,877 April 4,620 4,604 4,461 4,389 4,189 4,365 5,178 5,716 5,368 5,478 5,886 May 4,636 4,606 4,457 4,451 4,264 4,415 5,193 5,525 5,357 5,540 5,953 June 4,598 4,564 4,510 4,459 4,235 4,535 5,408 5,434 5,373 5,568 6,241 July 4,622 4,559 4,414 4,430 4,139 4,550 5,439 5,343 5,317 5,518 6,162 August 4,643 4,567 4,516 4,553 4,246 4,765 5,405 5,325 5,396 5,629 6,227 September 4,691 4,661 4,559 4,532 4,214 4,959 5,366 5,363 5,456 5,683 6,267 October 4,734 4,659 4,519 4,551 4,206 5,253 5,341 5,348 5,453 5,713 6,351 November 4,750 4,665 4,703 4,642 4,373 5,249 5,361 5,455 5,549 5,846 6,466 December 4,808 4,716 4,686 4,578 4,603 5,360 5,388 5,519 5,536 5,882 6,543 Averages of endof month figures Averages of daily figures Month 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 January 3,210 2,999 3,304 3,691 4,019 4,763 4,944 5,114 4,240 4,392 4,560 4,576 February 3,215 2,960 3,311 3,768 3,993 4,645 4,998 4,976 4,164 4,385 4,545 4,518 March 3,219 2,968 3,321 3,860 4,086 4,655 5,111 4,917 4,196 4,426 4,583 4,528 ADril 3,232 2,987 3,330 3,897 4,136 4,683 5,085 4,791 4,195 4,444 4,599 4,517 May 3,244 3,013 3,316 3,938 4,114 4,654 5,127 4,755 4,163 4,477 4,579 4,504 June 3,209 3,031 3,330 23,874 4,161 4,604 5,161 4,649 4,142 4.492 4,543 4,503 July 3,139 3,034 3,366 3,733 4,233 4,609 5,191 4,570 4,156 4,525 4,523 4,507 August 3,180 3,076 3,410 33,714 4,379 4,626 5,222 4,484 4,161 4,546 4,513 4,530 September 3,350 3,142 3,492 33,774 4,624 4,702 5,313 4,465 4,265 4.614 4,566 4,621 October 3,451 3,200 3,562 *3,865 4,847 4,819 5,386 4,434 4,356 4,654 4,604 4,658 November 3,290 3,245 3,590 33,916 4,896 4,921 5,375 4,386 4,384 4,666 4,683 4,673 December 3,078 3,283 3,635 •M.055 4,956 5,055 5,371 4,431 4,540 4,784 4,801 4,832 Averages of dailyfigures Month 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 January 4,604 4,617 4,498 4,461 4,365 4,408 5,358 5,344 5,382 5,411 5,757 February 4,567 4,556 4,422 4,399 4,267 4,311. 5,340 5,605 5,339 5,439 5,779 March 4,577 4,569 4,423 4,422 4,245 4,303 5,244 6,711 5,368 5,477 5,857 April 4,595 4,592 4,443 4,392 4,231 4,360 5,165 5,850 5,366 5,500 5,892 May 4,584 4,573 4,435 4,397 4,210 4,392 5,169 5,589 5,355 5,507 5,918 J une 4,594 4,544 4,449 4,400 4,202 4,463 5,243 5,455 5,341 5,522 6,062 July 4,629 4,564 4,459 4,477 4,196 4,549 5,464 5,388 5,350 5,550 6,203 August 4,625 4,562 4,456 4,490 4,189 4,660 5,432 5,329 5,355 5,576 6,191 September 4,682 4,630 4,517 4,524 4,206 4,846 5,398 5,345 5,427 5,651 6,258 October 4,714 4 647 4 549 4 523 4 214 5 191 5 356 5 369 5 473 5 704 6 321 November 4,718 4,649 4,573 4,558 4,241 5,231 5| 356 5,394 5,494 5,770 6,401 December 4,844 4,761 4,721 4.656 4,536 5,324 5,412 5,524 5,577 5,897 6,563 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. -Figures prior to June 21, 1917 (when legislation became effective changing reserve requirements of member banks), while comparable with one another, are not strictly comparable with those for succeeding dates; the transfer to the Federal Reserve banks of that part of legal reserves of member banks formerly held in own vaults reduced the volume of money outside Treasury and Federal Reserve banks (see note 1). The increasing membership of State banks in the Federal Reserve System after June 1917 had a similar effect upon the figures. 3 Averages of daily figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 ANNUAL REPORT OF BOARD OF GOVERNORS No. 36.—KINDS OF MONEY IN CIRCULATION1 [Outside Treasury and Federal Reserve banks. In millions of dollars] End o y f e m ar onth 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 - d S o i l l l v a e r r s c S ic e i a l r v t t i e e f s r - o T n f r u o e 1 r t a y e 8 s s 9 - 0 s s i S i d l u v ia b e r - r y M co in in or U S n t n o a i t t t e e e s s d F a s n l e e o d r R t v e e e e r s - - F a s n b l e e o a d r R t n v e e k e e r s - - n b N io o a a n t n e - a k s l 1919 5,091 189 286 80 141 244 88 274 2,916 198 672 1920 5,325 188 219 75 70 2 255 95 261 3,256 209 695 1921 4,403 152 177 58 236 2 237 91 275 2,372 97 705 1922 4,530 136 303 60 288 1 246 93 285 2,373 37 708 1923 4,757 123 584 58 374 1 261 98 306 2,224 14 714 1924 4,760 122 970 57 390 1 266 100 297 1,842 8 706 1925 4,817 127 1,113 55 390 1 275 105 295 1,816 6 635 1926 4,808 122 1,092 52 397 1 281 108 297 1,824 5 629 1927 4,716 115 1,074 49 400 1 286 112 293 1,763 4 619 1928 4,686 108 991 46 410 1 291 116 294 1,808 4 616 1929 4,578 97 880 42 417 1 294 119 265 1,862 3 597 1930 4,603 81 1,118 37 404 1 281 119 296 1,641 3 623 1931 5,360 122 877 33 389 1 271 117 288 2,603 3 656 1932 5,388 181 601 29 371 1 258 113 294 2,716 3 820 1933—January. . . 5,358 192 591 28 350 1 250 111 287 2,707 3 836 February... 6,258 284 649 28 362 1 252 111 301 3,405 3 861 March 6,033 80 393 28 376 ] 258 112 266 3,621 17 879 April 5,716 48 323 28 360 1 255 112 261 3,362 50 915 May 5,525 37 280 28 359 1 256 112 265 3,167 99 922 June 5,434 34 265 28 361 1 257 113 269 3,061 126 920 July 5,343 33 252 28 365 1 258 113 275 2,974 129 914 August 5,325 32 242 28 372 1 261 114 277 2,953 133 911 September. 5,363 25 232 28 385 1 265 115 280 2,966 156 901) October.... 5,348 25 225 29 387 1 267 116 277 2,930 189 903 November.. 5,455 24 219 29 394 1 269 117 285 2,998 206 913 December.. 5,519 24 213 29 407 1 272 117 286 3,044 208 918 1934—January. . . 5,289 178 29 391 1 267 116 283 2,894 202 927 February... 5,354 167 29 399 1 270 117 289 2,949 194 938 March 5,394 161 30 403 1 272 118 289 3,005 178 936 April 5,368 157 30 400 1 274 118 282 3,025 162 918 May 5,357 153 30 402 1 277 120 279 3,038 151 906 June 5,373 150 30 401 1 280 119 280 3,068 142 902 July 5,317 146 30 399 1 280 121 277 3,044 133 885 August 5,396 143 31 438 1 282 122 274 3,103 125 878 September. 5,456 139 31 483 1 284 122 274 3,131 119 870 October... . 5,453 136 31 510 1 288 123 273 3,124 112 856 November.. 5,549 133 32 558 1 291 124 273 3,176 107 853 December.. 5,536 130 32 592 1 294 125 265 3,176 101 820 1935—January. . . 5,380 127 31 580 1 287 123 259 3,048 97 827 February... 5,467 126 31 599 1 289 123 263 3,119 94 823 March 5,493 123 31 623 1 290 123 264 3,135 92 810 April 5,478 121 32 653 1 294 124 268 3,120 88 778 May 5,540 119 32 695 1 296 125 281 3,159 85 747 June 5,568 117 32 701 1 297 125 285 3,223 81 704 July 5,518 115 32 702 1 298 125 280 3,232 78 654 August 5,629 114 33 739 1 298 126 283 3,362 75 596 September. 5,683 112 33 756 1 302 127 286 3,439 73 553 October.... 5,713 111 33 773 1 306 128 281 3,495 70 514 November.. 5,846 110 34 812 1 309 130 284 3,612 68 487 December.. 5,882 109 34 828 1 312 131 275 3,667 66 458 1936—January.. . 5,737 107 33 809 1 303 129 259 3,598 63 436 February... 5,846 106 34 841 1 304 129 254 3,696 60 421 March 5,877 104 34 864 1 307 131 245 3,727 58 406 April 5,886 103 34 886 1 309 132 249 3,726 56 391 May 5,953 102 34 914 1 312 133 265 3,760 54 378 June 6,241 101 35 955 1 316 135 278 4,002 52 366 July 6,162 100 35 958 1 318 136 274 3,937 50 352 August 6,227 99 36 986 1 321 137 278 3,978 48 342 September. 6,267 98 37 998 1 326 138 278 4,011 47 332 October.... 6,351 97 37 1,020 1 329 139 282 4,076 46 324 November. 6,466 96 37 1,051 1 334 141 289 4,156 45 316 December. 6,543 95 38 1,057 1 337 142 289 4,233 44 307 1 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 1935 (table 38) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 109 No. 37.—PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Coin Paper currencyL $50 and over End of month Gold Other $5 110 $20 $5,000 Total2 S50 $100 $500 $1,000 and 10,000 1930 December 437 404 696 1,130 852 1931 December 122 421 1,145 1,329 1,336 1932 January 120 407 366 650 1,116 1,329 1,410 February 119 406 361 643 1,113 1,326 1,387 March 117 404 353 624 1,077 1,289 1,343 April 124 401 352 629 1,076 1,280 1,349 May 148 401 353 625 1,069 1,275 1,362 June 166 400 350 623 1,081 1,313 1,513 July 167 397 348 625 1,101 1,335 1,506 August 162 398 348 623 1,097 1,326 1,491 September 158 399 356 627 1,102 1,311 1,458 October 158 400 358 629 1,103 1,301 1,435 November 167 401 358 628 1,098 1,315 1,434 December 181 400 368 635 1,109 1,307 1,435 1933 January 192 390 350 615 1,077 1,311 1,464 February 284 392 361 675 1,190 1,478 1,924 March 80 399 375 729 1,254 1,488 1,778 April 48 395 358 688 1,205 1,406 1,664 May 37 396 356 660 1,150 1,349 1,554 404 686 153 June 34 397 355 654 1,143 1,335 1,490 391 662 145 273 July 33 399 360 656 1,138 1,312 1,419 377 636 136 254 August 32 403 366 664 1,153 1,300 1,380 367 620 131 246 September 25 408 380 685 1,181 1,302 1,356 362 612 127 239 October 25 412 382 682 1,178 1,303 1,338 357 607 124 232 November 24 415 388 702 1,205 1,336 1,358 362 613 125 239 December 24 418 402 719 1,229 1,342 1,360 364 618 125 237 1934 January 412 699 1,173 1,288 1,307 350 593 119 228 February 417 722 1,212 1,304 1,294 347 587 117 225 March 420 397 730 1,230 1,302 1,295 346 584 117 230 April 422 394 722 1,225 1,292 1,287 342 581 117 230 May 427 396 719 1,225 1,288 1,280 341 579 116 228 June 430 396 724 1,231 1,293 1,275 342 579 117 225 July 431 393 719 1,219 1,277 1,254 336 569 113 223 August 435 403 741 1,250 1,294 1,251 335 568 112 222 September 437 411 755 1,266 1,311 1,256 336 571 113 223 October 442 410 752 1,265 1,314 1,252 335 571 112 221 November 447 422 776 1,300 1,332 1,249 337 571 111 214 December 452 423 771 1,288 1,326 1,254 337 577 112 216 1935 January 441 401 740 1,240 1,293 1,246 336 571 111 214 February 443 407 755 1,275 1,314 1,257 340 575 112 217 March 445 410 754 1,285 1,309 1,267 341 578 113 221 April 449 411 749 1,266 1,300 1,278 340 580 116 230 May 453 420 760 1,290 1,309 1,287 343 588 115 225 June 454 419 760 1,296 1,309 1,303 349 598 116 225 July 455 415 755 1,273 1,289 1,303 344 596 116 231 August 457 424 778 1,324 1,313 1,312 347 598 116 233 September 463 433 788 1,334 1,321 1,324 349 603 118 232 October 467 435 787 1,337 1,329 1,336 354 610 119 233 November 472 448 815 1,380 1,354 1,349 356 617 120 234 December 478 460 815 1,373 1,359 1,369 358 627 122 239 1936 January 465 434 782 1,333 1,332 1,367 355 627 122 240 February 467 434 802 1,373 1,360 1,386 361 633 123 243 March 472 439 804 1,378 1,361 1,399 362 641 125 247 April 475 442 804 1,379 1,360 1,404 360 643 126 249 May 480 451 820 1,402 1,369 1,409 363 648 127 245 June 486 463 850 1,468 1,466 1,479 398 683 127 245 July 490 460 844 1,459 1,431 1,449 383 667 127 247 August 494 471 863 1,482 1,436 1,452 381 667 128 250 September 501 477 868 1,488 1,437 1,467 383 673 130 253 October 505 484 882 1,516 1,460 1,478 385 679 132 255 November 513 492 900 1,548 1,486 1,501 390 690 132 258 December 517 499 906 1,563 1,501 1,530 399 707 135 265 1 Includes unassorted currency held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. 2 Separate figures for different denominations not available prior to May 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 ANNUAL REPORT OF BOARD OF GOVERNORS No. 38.—TREASURY CURRENCY OUTSTANDING [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] End of month or year Total x b n d S u d o i l l l l s v l i a i o e l r v n r s e 1 r Su s b il s v id er iary M c i o n i o n r U S n n t o a i t t t e e e s s d R F b e e a d se n e r r k v a e l N n a b t o a i t n o e k n s a 4 l 1919.. 1,707 288 249 347 C2) 1920.. 1,709 270 271 347 1921.. 1,842 358 273 347 1922.. 1,958 442 269 101 347 1923.. 2,009 498 277 101 347 1924.. 2,025 512 283 102 347 1925.. 1,977 524 289 106 347 1,991 535 295 111 347 1927 2,006 538 301 115 347 1928 2,012 540 304 119 347 1929 2,022 540 311 123 347 1930 2,027 540 312 127 347 1931 2,035 540 308 127 347 1932—March 2,060 540 306 126 347 June 2,057 540 305 126 347 September 2,154 540 307 127 347 December 2,204 540 307 127 347 1933—January 2,204 540 307 127 347 February 2,217 540 307 127 347 March 2,289 540 307 127 347 April 2,305 540 307 127 347 May 2,298 540 301 127 347 June 2,286 540 299 127 347 July 2,281 540 299 127 347 August 2,281 540 299 127 347 September 2,278 540 299 127 347 October 2,277 540 299 127 347 November 2,277 540 300 127 347 December 2,303 540 300 127 347 1934—January 2,302 541 300 127 347 February 2,302 542 300 127 347 2 March 2,361 542 299 127 347 65 April 2,378 542 296 127 347 92 May 2,368 542 294 128 347 95 June 2,366 542 296 128 347 100 July 2,361 542 298 128 347 106 August 2,408 607 299 128 347 September 2,405 617 301 128 347 October 2,434 659 305 129 347 November 2,468 701 307 129 347 December 2,511 755 309 131 347 1935—January 2,495 756 310 131 347 February 2,519 768 310 131 347 March 2,540 809 309 131 347 April 2,544 841 310 131 347 May 2,525 850 313 132 347 June 2,506 859 313 133 347 July 2,510 884 315 134 347 August 2,398 905 315 134 347 September 2,386 940 317 134 347 October 2,400 997 320 134 347 November 2,438 ,066 322 135 347 December 2,476 ,124 328 136 347 1936—January 2,493 ,172 328 137 347 February 2,499 ,197 328 137 347 March 2,504 ,218 329 137 347 April 2,500 ,230 330 138 347 May 2,490 ,236 330 138 347 June 2,498 ,255 332 139 347 July 2,496 ,264 335 140 347 August 2,500 ,277 338 142 347 September 2,512 ,194 341 143 347 October 2,515 ,303 346 145 347 November 2,521 ,310 351 146 347 December 2,532 1,323 356 147 347 1 Includes silver held against silver certificates. 2 Less than $500,000. 3 Includes only Federal Reserve bank notes for redemption of which issuing banks have deposited lawful money with the Treasury; does not include notes that are liabilities of issuing banks. Since March 1935 all of these notes outstanding have been liabilities of the Treasury and in process of retirement. 4 Includes national bank notes that are liabilities of issuing banks as well as those for redemption of which issuing banks have deposited lawful money with Treasury. Since July 1935 all national bank notes outstanding have been liabilities of the Treasury and in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 111 No. 39.—SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY, BY MONTHS, 1923-1936 [By selected banks in New York City. In thousands of dollars] Net Net Net ship- ship- ship- Ship- Re- ments Ship- Re- ments Ship- Re- ments Year and ments ceipts (-)or Month ments ceipts (-)or Month ments ceipts (-)or month to from net to from net to from net Europe Europe receipts Europe Europe receipts Europe Europe receipts (+) (+) (+) 1923 ! 25,298 7,359 -17,939 1927 1932 1924 12,400 59,053+46,653 1925 9,660 46,838+37,178 January... 250 3,489+3,239 January... 25 3,335 +3,310 1926 10,000 33,953+23,953 February.. 768 4,725 +3,957 February.. 0 5,221 +5,221 1927 8,388 47,000+38,612 March 1,122 4,844 +3,722 March 0 8,468 +8,468 1928 5,483 41,377 +35,894 April 576 1,911 +1,335 April 0 4,563 +4,563 1929 4,500 31 357+26,857 May 406 4,178+3,772 May 0 10,938+10,938 1930 12,065 38,060+25,995 June 996 4,134 +3,138 June 12 16,265+16,253 1931 40,854 40,008 -846 July 730 5,335+4,605 July 20 6,694 +6,674 1932.* 567 83,838+83,271 August.... 2,095 5,005+2,910 August.... 152 6,458 +6,306 1933 554 91,059+90,505 September. 975 3,975+3,000 September. 36 6,603 +6,567 1934 345 40,587+40,242 October 310 2,772 +2,462 October. . . 7 5,294 +5,287 1935 10,628 19,966 +9,338 November. 50 3,340+3,290 November. 70 6,013 +5,943 1936 34,774 26,216 -8,558 December.. 110 3,292+3,182 December.. 245 3,986 +3,742 1923 1928 1933 January ^ January... 460 4,749 +4,289 January... 3 5,304 +5,301 February 2.. February.. 400 4,405+4,005 February.. 105 5,589 +5,484 March ^ March 1,458 2,930+1,472 March 101 13,786+13,685 April2 April 740 1,691 +951 April 25 8,049 +8,024 May 2,696 481 -2,215 May 1,075 3,073+1,998 May 1 12,523+12,522 June 899 1,692 +793 June 300 4,559+4,259 June 0 6,866 +6,866 July 2 966 1,122 — 1,844 July 210 5,008+4,798 July 4 11,755+11,751 August 1,607 1,146 -461 August.... 415 5,624+5,209 August.... 5 6,153 +6,148 September.. 7,535 535 -7,000 September. 185 2,511+2,326 September. 122 4,756 +4,634 October 2,950 577 -2,373 October. . . 30 2,964 +2,934 October. . . 89 5,905 +5,816 November... 3,075 1,462 -1,613 November. 150 2,105+1,955 November. 57 3,397 +3,340 December... 3,570 344 -3,228 December.. 60 1,758 +1,698 December.. 42 6,976 +6,934 1924 1929 1934 January.... 5,487 317 -5,170 January... 50 4,178+4,128 January... 0 5,256 +5,256 February... 5,639 621 -5,018 February.. 20 2,439 +2,419 February.. 1 3,740 +3,739 March 485 1,506 +1,021 March 6 2,693+2,687 March 0 2,200 +2,200 April 177 2,161 +1,984 April 833 809 -24 April 1 2,900 +2,899 May 172 4,552 +4,380 May. 7 586 +579 May 10 3,780 +3,770 June 107 6,556 +6,449 June 470 3,496+3,026 June 8 3,471 +3,463 July 61 8,261 +8,200 July 49 4,405+4,356 July 63 3,601 +3,538 August 67 6,057 +5,990 August.... 428 4,851 +4,423 August 0 5,193 +5,193 September.. 72 6,636 +6,564 September. 814 3,045+2,231 September. 23 4,254 +4,231 October 62 7,098 +7,036 October. . . 1,626 2,138 +512 October. . . 0 2,524 +2,524 November. . 69 6,133 +6,064 November. 63 1,167 +1,104 November. 199 2,129 +1,930 December... 2 9,155 +9,153 December.. 134 1,550 +1,416 December.. 40 1,539 +1,499 1925 1930 1935 January.... 500 5,681 +5,181 January... 5 3,843+3,838 January... 81 3,705 +3,624 February... 514 7,573 +7,059 February.. 251 6,143 +5,892 February.. 173 1,502 +1,329 March 47 5,057 +5,010 March 0 4,211+4,211 March 167 2,026 +1,859 April o 3,097 +3,097 April 154 3,378+3,224 April 373 1,465 +1,092 May 10 3,444 +3,434 May 1 4,923+4,922 May 1,012 1,612 +600 37 6,716 +6,679 June 30 3,803+3,773 June 191 1 451+1,260 July 520 6,390 +51870 July 30 4,981+4,951 July 286 2,261 +1,975 August 206 4,260 +4,054 August.... 90 3,052+2,962 August.... 282 2,289 +2,007 September.. 3,919 912 -3,007 September. 4,245 1,573 -2,672 September. 721 1,157 +436 October 902 1,049 +147 October. . . 6,112 244-5,868 October. . . 2,536 864 -1,672 November. . 235 1,744 +1,509 November. 872 556 -316 November. 4,203 782 -3,421 December... 2,770 915 -1,855 December.. 275 1,353 +1,078 December.. 603 851 +248 1926 1931 1936 January.... 3,567 1,043 -2,524 January... 470 4,051 +3,581 January... 748 2,743 +1,995 February... 1,340 824 -516 February.. 130 960 +830 February.. 13 3,317 +3,304 March 1,429 1,816 +387 March 1,380 863 -517 March 1,757 3,109 +1,352 April 444 1,822 +1,378 April 915 1,469 +554 April 3,095 938 -2,157 May 735 1,009 +274 May 2,570 2,103 -467 May 3,852 1,685 -2,167 June 480 1,427 +947 June 8,811 779-8,032 June 3,037 1,164 -1,873 July 450 5,059 +4,609 July 10,256 394—9,862 July 900 2,348 +1,448 August 140 5,507 +5,367 August.... 3,226 3,723 +497 August.... 981 2,078 +1,097 September.. 220 5,987 +5,767 September. 8,433 3,290-5,143 September. 3,949 1,131 -2,818 October 285 4,064 +3,779 October.. . 3,088 11,588+8,500 October... 2,013 5,422 +3,409 November. . 310 2,917 +2,607 November. 52 7,039 +6,987 November. 5,960 1,536 -4,424 December... 600 2,478 +1,878 December.. 1,523 3,749+2,226 December. 8,469 745 -7,724 i Total of eight months. 2Figures not available. Back figures.—-Not available. Description.See Federal Reserve Bulletin for January, 1932, pp. 7-8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES AND MONEY RATES 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 115 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- R m i o c n h d - la A n t t - a C ca h g i o - Lo S u t. is a M p n o e in l - i - s K C s a a it n s y - D la a s l- F c S i r s a a c n n o - A. Rates on rediscounts for and advances to member banks under sees. 13 and 13a of the Federal Reserve Act m m m In effect Jan. 1, 1934... . 2>2 2 2H 2/2 2H 3 2H m 1934—Feb. 2 13^2 Feb.3 ""2" F F F e e e b b b . . 9 1 8 0 2 3 "s" 2V2 "3" 3 Feb 16 2 Mar. 16 ""3" D D e e c c . 1 2 5 1 ...2V2 '"2H 1935—Jan. 3 2 Jan 8 2H 23^ Jan. 11 Jan 14 ,...2H "2" Jan. 17 2 Jan. 19 2 May 8 "2 May 9 2 May 10 ""Hi "2" May 11 May 14 2 In effect Dec. 31, 1936... 2 • iy2 2 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 VA 4 4H 5 5 4 1934—Mar. 12 4 July 10 July 16 i 1935—Jan. 14 ..." 4 Jan. 31 i Aug. 26 * : :« S S e e p p t t . . 2 1 0 4 "'2H 2Y2 '''23^ •• — Sept. 23 Oct. 3 2XA Oct. 8 : :« Oct. 10 = Oct. 19 ""2" Oct. 29 2H Nov. 2 , 2XA In effect Dec. 31, 1936... 2 2%, 2 23'2 2V* 2h 2y2 2% 1 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

116 ANNUAL REPORT OF BOARD OF 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 a le n v d e- R m i o c n h d - a A n t t - a c C a h g i o - L S ou t. is a M p n o e in - li - s K C sa 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 5H 5 July 16 5K July 24 5 In effect July 31, 1936 2.. 6 6 6 5 % 5 6 *A 6 5 6 6 D. Rates on advances to individuals, partnerslips, and corporations, secured by direct obligations of the United States, under the last piragraph of sec. 13 of the Federal Reserve Act. In effect Jan. 1, 1934.... 4 4 4 4 4 4H * m 4 1934—Feb. 8 332 Feb. 19 4 Feb. 23 4 Mar. 12 4 Mar 17 '"4" iQ3K—Yeb 21 4 May 10 33^ May 11 In effect Dec. 31, 1936... 4 4 4 4 4 .4 »A 3H 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 »K 6 6 July 12 4-6 Tuly 13 5-6 July 14 6 July 20 4-6 5-6 1935—Fek 23 4-6 Mar. 22 3^2-6 April 9 4H-6 In effect Dec. 31, 1936... 4-6 4-6 434-6 6 6 5-6 «H 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—July 10 4-5 W 5-6 5-6 4M 4K-5 4 July 12 July 13 5-6 July 14 5 July 17 4-6 July 20 . . 4-5 1935—Mar. 22 W2 Apr 9 4 In effect Dec. 31, 1936... 4-5 « 4 4-6 5 5-6 4^-5 4 5-6 4-5 2 The authorization granted by the Board of Governors to the Federal Reserve banks to make loans under the third paragraph of sec. 13 of the Federal Reserve Act expired July 31, 1936. 3 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

FEDERAL RESERVE SYSTEM 117 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 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 r is 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 4K-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 W2 Apr. 16 3 In effect Dec. 31, 1936... 3 3 3 4-6 5 3 4M 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 1-2 1-2 blA 1 1-2 July 13 "'Vi' July 14 •;^:2' Julv 20 1-2 July 28 lA~2 Aug 24 ""i Aug 30 1 Sept. 4 1-2 Sept. 6 Sept. 15 H Nov 21 1935—Mar. 22 Mar 29 V2-2 Apr 8 1-2 Apr. 9 1 Apr 10 1 Dec. 4 V2-2 In effect Dec. 31, 1936... H-i 1-2 V2-I 1 1-2 XA 1-2 1 sy2-2 1 5 Flat charge. Back figures.—See Annual Report for 1935 (table 40) and similar tables in previous annual reports. No. 11.—FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES—CHANGES FROM JAN. 1, 1932, TO DEC. 31, 1936 [Buying rates at the Federal Reserve B;m'< of New York. Percent per annum] Date effective 1 d a t y o s 1 l 5 16 d a to y s 30 31 d a to y s 45 46 d a to y s 60 61 d a to y s 90 91 d t a o y s 120 121 d a t y o s 180 In effect Jan. 1, 1932. 3 3 3M 1932—Jan. 12.. 2% 2% 2% 3 3 Feb. 26.. 2*A 2% 2% 2% 2% 3 M Ju a n r e . 2 2 5 4 . . 2V2 2V2 2Y 2XA "\{A 1933—Feb. 16.. Feb. 27.. 1 Mar. 1. . \V2 W2 Mar. 2.. 2 2 2 Mar. 3.. Mar. 13.. VA 3H &A VA Mar. 17. 3 3 3 3 M M a a r r . . 2 2 2 0 . . 2 2 2H 2 2\>2 2 2 y2 June 29. 1 1 1 Oct. 20.. In effect Dec. 31, 1936 xThis rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum rates on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. Back figures.—See Annual Report for 1935 (table 41) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 ANNUAL REPORT OF BOARD OF GOVERNORS No. 42.—SHORT-TERM OPEN-MARKET RATES IN NEW YORK CITY, BY MONTHS, 1933-36 [Percent per annum] Prevailing rate on- Average rate on— Averco P m rim me e r- Prime Stock-ex- Sto c c a k ll - e lo x a c n h s a n 1 ge of U fe . r e S d . T w r i e th a i s n u r m y o b n il t l h s 2 U.S. Month cial bankers' change Treaspaper, accept- time ury 3-5 4-6 ances, 90 loans, 3- 6- 9- year months days 90 days New Renewal month month month notes bills bills bills 1933—January. . .00 1.00 2.40 February.. 32-1 .00 1.00 2.54 March.... 23-2-3; .27 3.32 3.09 April 2 -334 1 -1 .29 1.37 2.90 May 2 231 .00 1.00 2.68 June .00 1.00 2.53 July .00 1.00 2.49 August 1 -IX .98 .98 2.48 September y2 Yr % .75 .75 2.31 October... IX X %-% .75 .75 2.32 D N e o c v e e m m b b e e r r . . I 1 X H VA- I ' y8-i . .9 7 4 5 . . 9 7 4 5 3 2 . . 2 9 3 8 HiX 1934—January... l -IX 1.00 1.00 3.11 February.. 1.00 1.00 0.85 2.80 March.... x lA 1.00 1.00 .27 2.43 April 1.00 1.00 .18 2.05 May -134 1.00 1.00 .14 1.92 June 1 00 1.00 .07 1.73 July 1.00 1.00 .08 1.57 August — y 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. l .75 .75 .14 1.29 December. l .75 .75 .09 1.26 1936—January... l .75 .75 .10 1.21 February.. l .75 .75 .08 1.15 March l .75 .75 .11 1.09 April i .75 .75 .10 1.10 May l -IX .93 .93 .18 1.09 June IX 1.00 1.00 1.12 July IX 1.00 1.00 '14 1.17 August 1.00 1.00 .18 1.12 September. A 1.00 1.00 .16 1.09 October IX 1.00 1.00 .13 1.12 November. IX 1.00 1.00 .10 .99 December.. IX 1 00 1.00 .21 1.04 1 Monthly averages of daily quotations. 2When no rate is shown, no bills of the stated maturity were offered. Back figures.—See Annual Report for 1935 (table 42) 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

FEDERAL RESERVE SYSTEM 11!) No. 13.—SHORT-TERM OPEN-MARKET RATES IN NEW YORK CITY, BY WEEKS, 1936 [Percent per annum] Prevailing rate on— Averagerate ou- Average Week ending Saturday c m o P p m o r 4 c a i i n p - m m a 6 t e l h e e r s , r- a b a n P a c d c n r c e a i k e s m y e , p s r e t 9 s - ' 0 e 9 S x l 0 c t t o i o h a m d c a n a k n e s y , - g s e S S e to w c c a k l - l e l x o c a h R n a e s n il i g e e wal T o w w r U f b e i f e a i t e . e l h s r S l k e s i u n . d 2 ry T 3 y - r i n U 5 e e o l a . d t y s S e u e s o . a r n y r Jan. 4 1 .75 .75 .11 1.23 Jan. 11 1 .75 .75 .10 1.21 Jan. 18 1 .75 .75 .09 1.18 Jan. 25 1 .75 .75 .10 1.22 Feb.1 1 .75 .75 .10. 1.22 Feb.8 1 .75 .75 .09 1.19 Feb. 15 1 .75 .75 .08 1.16 Feb. 22 1 .75 .75 .07 1.13 Feb. 29 1 .75 .75 .08 1.11 Mar. 7 1 .75 .75 .10 1.05 Mar. 14 1 .75 .75 .10 1.11 Mar. 21 1 .75 .75 .12 1.13 Mar. 28 1 .75 .75 .13 1.12 Apr. 4 1 .75 .75 .11 1.12 Apr. 11 1 .75 .75 .10 1.07 Apr. 18 1 .75 .75 .09 1.09 Apr. 25 1 .75 .75 .09 1.09 May 2 1 .75 .75 .13 1.10 May 9 k .75 .75 .19 1.11 May 16 1.00 1.00 .18 1.09 May 23 1.00 1.00 .20 1.08 May 30 1.00 1.00 .22 1.09 1M June 6 1.00 1.00 .23 1.07 June 13 1.00 1.00 .24 1.09 June 20 1.00 1.00 .24 1.16 June 27 IK 1.00 1.00 .19 1.18 July 4 IX 1.00 1.00 .07 1.17 July 11 1.00 1.00 .07 1.14 July 18 IX 1.00 1.00 .12 1.18 July 25 1.00 1.00 22 1.20 Aug. 1 1.00 1.00 .23 1.16 Aug. 8 m 1.00 1.00 .21 1.14 Aug. 15 1.00 1.00 .19 1.13 Aug. 22 IX 1.00 1.00 .17 1.12 Aug. 29 IX 1.00 1.00 .15 1..09 Sept. 5 X 1.00 1.00 .13 1.07 Sept. 12 IX 1.00 1.00 .15 1..07 Sept. 19 1.00 1.00 .16 1.09 Sept. 26 X 1.00 1.00 .19 1 12 Oct. 3 IX 1.00 1.00 .16 1.13 Oct. 10 1.00 1.00 .14 1 11 Oct. 17 1.00 1.00 .12 1.12 Oct. 24 1.00 1.00 .12 1.12 Oct. 31 1.00 1.00 .12 1.13 Nov. 7 IX 1.00 1.00 .11 1.07 Nov. 14 1.00 1.00 .10 1.01 Nov. 21 M 1.00 1.00 .08 96 Nov. 28 1.00 1.00 .09 95 Dec. 5 1.00 1.00 .09 94 Dec. 12 1.00 1.00 .12 94 Deo. 19 1.00 1.00 .23 I!07 Dec. 26 1.00 1.00 .29 I.15 1 Weekly averages of daily quotations. 2 9-month bills only. Back figures.—See Annual Report for 1935 (table 43) and similar tables in previous annual reports; also Federal Reterve Bulletin for May 1936, p. 317. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 ANNUAL REPORT OF BOARD OF GOVERNORS No. 44.—RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES, 1924-36 [Weighted averages of prevailing rates. Percent per annum] 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 New York City: January 5.21 4.16 4.64 4.66 4.56 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2.64 February 5.07 4.43 4.68 4.56 4.44 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2.56 March 5.06 4.53 4.62 4.56 4.59 5.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 April 4.98 4.48 4.62 4.63 4.72 5.85 4.91 4.17 4.69 4.33 3.39 2.61 2.54 May 4.89 4.38 4.66 4.63 4.97 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 June 4.64 4.36 4.58 4.60 5.09 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 July 4.21 4.46 4.38 4.56 5.38 5.88 4.48 4.05 4.42 3.93 3.30 2.61 2.44 August 4.09 4.36 4.62 4.41 5.56 6.05 4.41 3.97 4.45 3.97 3.33 2.67 2.42 September 4.20 4.57 4.81 4.44 5.63 6.06 4.29 3.93 4.30 3.79 3.26 2.72 2.40 October 4.41 4.62 4.85 4.49 5.63 6.08 4.26 4.27 4.35 3.76 3.28 2.72 2.46 November 4.13 4.61 4.79 4.35 5.56 5.86 4.17 4.67 4.12 3.52 3.22 2.77 2.43 December 4.29 4.70 4.79 4.50 5.63 5.74 4.16 4.64 4.22 3.48 3.18 2.61 2.43 Year 4.60 4.47 4.67 4.53 5.15 5.8 4.6 4.22 4.49 4.02 3.33 2.70 2.49 8 other northern and eastern cities: January 5.53 4.80 5.14 4.99 4.73 5.87 5.88 4.61 5.07 4.89 4.65 4.08 3.62 February 5.38 4.79 5.11 4.98 4.76 5.86 5.66 4.63 5.13 4.84 4.49 4.02 3.63 March.. 5.37 4.89 5.15 4.88 4.81 5.91 5.47 4.62 5.14 5.39 4.52 4.05 3.60 April 5.31 4.92 5.17 4.90 4.91 6.00 5.22 4.57 5.10 5.09 4.52 3.99 3.47 May 5.26 4.95 5.07 4.95 5.04 6.09 5.13 4.55 5.14 4.99 4.39 3.88 3.45 June 5.12 4.95 4.87 4.93 5.36 6.02 5.06 4.49 5.13 4.97 4.30 3.78 3.51 July 5.09 4.90 4.92 4.90 5.57 6.08 4.81 4.48 5.05 4.82 3.87 3.61 August 4.80 4.98 4.91 4.87 5.59 6.11 4.79 4.47 5.12 4.68 3.79 3.47 September 4.87 5.04 5.08 4.77 5.80 6.24 4.74 4.48 5.03 4.65 3.75 3.45 October 4.87 5.16 5.15 4.79 5.80 6.25 4.75 4.62 4.96 4.51 3.75 3.50 November 4.80 5.20 5.07 4.82 5.82 6.12 4.66 4.87 4.88 4.54 3.63 3.47 December 4.87 5.17 5.09 4.76 5.91 5.94 4.68 4.91 4.88 4.59 3.67 3.46 Year 5.11 4.9 5.06 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 3.52 27 southern and western cities: January 6.02 5.57 5.56 5.72 5.53 5.94 6.12 5.50 5.61 5.60 5.40 4.95 4.47 February 5.91 5.55 5.65 5.71 5.53 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 March 5.89 5.61 5.62 5.65 5.54 6.04 5.98 5.40 5.64 5.66 5.40 4.85 4.44 April 5.89 5.61 5.65 5.57 5.54 6.07 5.86 5.36 5.63 5.68 5.34 4.80 4.40 May 5.79 5.58 5.61 5.59 5.56 6.10 5.75 5.26 5.64 5.66 5.28 4.79 4.43 June 5.69 5.59 5.55 5.54 5.67 6.16 5.69 5.34 5.62 5.62 5.19 4.76 4.39 July 5.63 5.59 5.54 5.52 5.77 6.17 5.63 5.30 5.63 5.54 5.07 4.58 4.35 August 5.57 5.60 5.56 5.53 5.80 6.22 5.58 5.28 5.68 5.53 5.05 4.63 4.25 September 5.55 5.55 5.60 5.61 5.82 6.27 5.55 5.32 5.63 5.55 5.04 4.51 4.29 October 5.47 5.53 5.66 5.56 5.87 6.29 5.54 5.38 5.56 5.50 5.05 4.55 4.23 November 5.53 5.55 5.67 5.56 5.90 6.29 5.50 5.53 5.55 5.42 4.93 4.51 4.24 December 5.53 5.61 5.68 5.60 5.91 6.20 5.43 5.56 5.60 5.43 4.92 4.55 4.14 Year. . 5.71 5.58 5.61 5.60 5.70 6.14 5.72 5.39 5.62 5.56 5.17 4.6 4.35 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 1935 (table 44) and similar tables in previous annual reports. No. 45.—MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q [Percent per annum] Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Postal Savings deposits Other time deposits payable in: 6 months or more 90 days to 6 months Less than 90 days NOT E.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 121 MONEY RATES IN FOREIGN COUNTRIES No. 46.—DISCOUNT RATES OF FOREIGN CENTRAL BANKS, 1936 [Percent per annum] Central bank of— Dale effective Ger- Nether- Switzer- England France many Italy Japan lands S woden land In effect Jan. 1, 1936... 2 6 4 5 3.65 2>i 1936—Jan. 2 5 Jan. 10 4 Jan 16 3 Feb. 4 Feb.7 Mar 28 5 Apr. 7 3.29 May 7 6 May 18 May 30 58 June 4 Tune 24 K June 25 4 June 26 4 June 30 3V2 July 7 3 July 10 3 Sept 9 9 Sept. 25 5 Oct. 2 3 Oct 9 Oct. 16 2 Oct 20 2H D N e o c v . 3 26 2 1J-2 In effect Dec. 31, 1936.. 2 2 4 3.29 2 For additional countries see Federal Reserve Bulletin. .Bac& figures.—See Annual Report for 1935 (table 45) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 ANNUAL REPORT OF BOARD OF GOVERNORS No. 47.—OPEN-MARKET DISCOUNT RATES IN FOREIGN COUNTRIES, 1924-36 [Percent per annum] Year or month E (L n o g n l d a o n n d ) F ( r P a a n ri c s e ) G ( e B r e m rli a n n ) y ( I M ta ila ly n) J (T a o p ky a o n ) N (A l e a m t n h s d e te s r r- - S ( w Z la i u t n r z ic d e h r ) 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 2.91 5.49 7.72 6.87 3.67 3.27 1928 4.16 3.02 6.51 5.47 16.39 4.23 3.33 1929 5.26 3.47 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 1.30 4.93 5.79 6.12 .81 1.52 1933 .68 1.63 3.86 3.87 5.44 1.10 1.50 1934 .82 2.03 3.78 3.10 5.19 .89 1.50 1935 .58 3.24 3.15 4.16 5.11 3.18 2.19 1936 .60 3.68 2.96 4.69 4.88 1.75 2.06 1934 January 1.01 2.12 3.87 3.00 5.29 .50 1.50 February .95 2.59 3.87 3.00 5.29 .78 1.50 March .95 2.75 3.87 3.00 5.29 1.24 1.50 April .96 2.70 3.87 3.00 5.29 2.07 1.50 Mav .91 2.60 3.87 3 00 5 26 1 33 1 50 June .91 2.09 3.76 3.00 5.20 .78 1.50 July .87 1.78 3.75 3.00 •5.11 .74 1.50 August . • 79 1 75 3 75 3 00 5 11 75 1.50 September .73 1.50 3.81 3.00 5.11 !61 1.50 October .77 1.45 3.81 3.00 5.11 .59 1.50 November .45 1.44 3.63 3.19 5.11 .63 1.50 December .57 1.50 3.50 4.00 5.11 .60 1.50 1935 January .36 1.79 3.51 4.00 5.11 .59 1.50 February .38 2.12 3.41 4.00 5.11 .58 1.50 March .57 2.12 3.38 3.89 5.11 .60 1.50 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 1936 January .56 4.26 3 00 5 00 5.11 2.37 2.48 February .55 3.81 3.00 5.00 5.11 1.31 2.37 March .56 3.74 3.00 5.00 5.11 1.20 2.26 April .55 5.03 3.00 5.00 4.97 1.19 2.25 May .55 5 60 2 92 4 78 4 93 2 27 2.25 June .78 5.60 2.88 4.50 4.83 4.05 2.25 July .58 3.30 2.88 4.50 4.75 2.04 2.25 August .55 3.00 2.88 4.50 4.75 1.37 2.25 September .55 3.38 3.00 4.50 4.75 1.33 1.98 October .56 2.52 2.94 4.50 4.75 2.03 1.69 November .56 1.96 3.00 4.50 4.75 1.00 1.46 December .83 1.99 3.00 4.50 4.75 .82 1.25 1 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 are compiled by the Board and represent, for Germany, 1927-36, and for England, averages of daily figures; for Germany, 1925-26, and for France, Italy, Netherlands, and Switzerland, averages of monthly averages based on daily figures; 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, 1928-36. For further explanation of table, see Federal Reserve Bulletin for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1029, p. 736; and May 1930, p. 318. Bach 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 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 ANNUAL REPORT OF BOARD OF GOVERNORS ALL BANKS IN THE UNITED STATES No. 48.—ALL BANKS1 IN THE UNITED STATES—NUMBER OF BANKS, AND DEPOSITS EXCLUSIVE OF INTERBANK DEPOSITS, 1914-36 Deposits, other than interbank deposits Number of banks (in millions of dollars) Nonmember Nonmember Member banks banks Member banks banks Date 2 Total, Total, all Mu- all Mubanks Total t N io a n - al State t s u a a v l - Other banks Total t N io a n - al State s t a u v a - l Otrler ings ings 1914—June 30 3... 26,274 37,514 3 644318,116 18,566 36,374 33,91638,276 1915—June 23.... 26,605"7,614 l\597 17 63918,352 19,131 6,678 6,609 68 3,951 8,502 1916—June 30.... 27,041 7,605 7,571 34 63218,804 22,759 8,395 8,159 235 4,18810,176 1917—June 20.... 27,495 7,652 7,599 53 63219,211 26,352 10301 9,742 559 4,42211,630 1918—June 29.... 28,334 8,212 7,699 513 63619,486 28,765 15671 11,2144,457 4,422 8,673 1919—June 30.... 28600 8821 7,7791,042 63319,146 33,603 19170 129516,219 4,751 9,682 1920—June 30.... 29,829 9,398 8,0241,374 63119,800 37,721 21915 143167,600 5,18710,618 1921—June 30.... 30,560 9,745 81501,595 63420,181 35,742 20637 129917,646 5,575 9,529 1922—June 30.... 30158 9892 82441,648 63019,636 37,615 22397 138218,575 5,780 9,439 1923—June 30.... 29833 9856 82361,620 62819349 40688 23871 144909380 629510522 1923—Dec. 31 29505 9774 81791,595 63019101 42163 24996 152319764 645510712 1924—Dec. 31 28806 9587 80431,544 62318596 45835 27836 1669411141 689811101 1925—Dec. 31 28257 9489 80481,441 62118147 49224 30029 1806611964 729811897 1926—Dec. 31 27367 9260 79061,354 618 17489 50155 30474 1802212453 776311918 1927—Dec. 31 26416 9034 77591,275 618 16,764 52909 32063 1966212401 834412502 1928—Dec. 31 25576 8837 7629 1,208 613 16126 56766 34826 2140713419 8849 13091 1929 —Juno 29.... 25110 8707 75301,177 611 15792 53852 32284 1941112873 8983 12584 Dec. 31 24630 8522 7403 1,119 609 15499 55289 33865 2029013575 8916 12508 1930 -June 30 23852 8315 72471,068 606 14931 54954 33690 2055613134 9 19712067 Dec. 31 22769 8052 70331,019 003 14114 53039 32560 2013812422 9507 10972 1931-June 30.... 21903 7782 6800 982 600 13521 51782 31566 19418121471001710199 Dec. 31 19966 7246 6368 878 597 12123 45821 27432 172711016110105 8284 1932-June 30.... 19046 0980 6145 835 594 11472 41963 24,755 15,629 912610020 7188 Dec. 31 18,390 6816 6011 805 594 10980 41643 24,803 16,101 870110022 6,818 1933—June 30 4... 14519 5606 4897 709 576 8337 37998 23,338 14,772 8566 9713 4,946 Dec. 30 15,011 6Oil 5,154 857 579 8421 385055 23,771 15,386 8385 9,708 5,026 1934—June 30.... 15,835 6,375 5,417 958 578 8882 41870 26,615 17,097 9,518 9,780 5,475 Dec. 31 16,042 6,442 5,462 980 579 9021 44,770 28,943 18,51910,424 9,828 6,000 1935—June 29.... 15,994 6,410 5425 985 571 9013 45766 29,496 19,03110,465 9,920 6,350 Dec. 31 15,837 6,387 5',386 1001 570 8880 48,964 32,159 20,88611,273 9,963 6,842 1936—Mar. 4 15,808 6,377 5,375 1002 569 8,862 48,716 31,774 20,60511,169 9,972 6,970 June 30.... 15,752 6,400 5,368 1032 566 8786 51,335 34,098 21,98612,112 10,060 7, 176 Dec. 31 15628 6,376 5,325 1051 565 8687 53,701 35,893 23,10712,78b 10,143 7,666 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. 4 Beginning June 30, 1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 5Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated 1103,000,000 on that date. Back figures.—For call dates other than those shown see Annual Reports for 1935 (table 47) and 1933 (table 66). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 49.—ALL BANKS1 IN THE UNITED STATES—LOANS AND INVESTMENTS, 1914-36 [In millions of dollars] Loans and investments Loans Investments Nonmember Nonmember Nonmember Date2 Total- Member banks banks Total- Member banks banks Total- Member banks banks all all all banks Total I ti N on a a - l State M sav u i t n u g a s l Other banks Total \ ti N o a n - al 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 1914—June 30 20,788 38,313 3 3,979 3 8,496 15,257 j 36.443 3 2,124 3 6,689 5,532 3 1,870 3 1,855 3 1,807 1915—June 23 21,466 8,764 J 8,688 76 4,040 8,662 15,653 "6J20" i 6,663 SI 2,170 6,763 5,813 2^044 2,025 i<j' 1,870 1,899 1 1916—June 30 24,586 10,315 1 10,086 230 4,221 10,050 17,972 7,964 I 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 1 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 1 1 1 9 9 9 2 2 2 8 7 6 — — — D D D e e e c c c . . . 3 3 3 1 1 1 5 5 5 2 8 5 , , , 0 2 4 2 6 5 4 6 0 3 3 3 5 1 4 , , , 6 6 2 8 4 4 4 2 7 2 2 1 1 2 9 , , , 4 5 2 0 3 6 7 5 7 1 1 1 2 3 2 , , , 7 2 3 1 7 7 2 7 4 8 8 9, , , 3 2 8 9 0 6 0 4 0 1 1 1 3 2 2 , , , 1 3 1 9 4 7 2 4 8 4 3 3 0 8 6 , , , 7 4 7 8 2 7 2 6 7 2 2 2 5 3 2 , , , 1 8 6 8 5 5 6 2 5 1 1 1 5 4 3 , , , 2 4 6 8 8 4 2 5 1 9 9 9 , , , 1 8 2 7 7 4 0 0 5 4 5 5 , , , 6 2 8 9 7 2 4 3 1 9 9 9 , , , 3 2 9 0 6 3 4 6 3 1 1 1 7 5 7 , , , 4 2 0 8 4 2 4 6 4 1 1 8 0 0 , , , 9 5 3 9 2 6 9 0 1 5 6 7 , , , 7 8 1 8 9 2 5 4 2 3 3 3 , , , 2 4 4 0 6 0 4 6 7 3 3 3 , , , 3 6 5 8 9 8 3 6 7 2 3 3, , , 2 0 8 5 7 7 6 7 3 w W Kj 1929—Dec. 31 58,417 35,934 21,584 14,350 9,463 13,020 41,918 26,150 15,136 11,014 5,945 9,823 16,499 9,784 6,448 3,336 3,518 3,197 1930—Dec. 31 56,209 34,860 21,426 13,434 9,987 11,362 38,135 23,870 14,347 9,524 6,068 8,196 18,074 10,989 7,079 3,910 3,920 3,165 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 4 40,076 24,786 15,460 9,326 10,044 5,246 22,203 12,858 8,102 4,756 5,941 3,404 17,872 11,928 7,358 4,570 4,103 1,841 Dec. 30 40,319 25,220 15,941 9,278 9,985 5,114 21,977 12,833 8,086 4,747 5,906 3,238 18,342 12,386 7,855 4,531 4,079 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—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 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 1936—Mar. 4 46,115 30,288 18,988 11,300 9,795 6,032 20,267 12,099 7,421 4,678 5,202 2,966 25,847 18,189 11,567 6,622 4,592 3,066 June 30 48,458 32,259 20,208 12,051 9,961 6,238 20,679 12,542 7,748 4,793 5,105 3,032 27,779 19,717 12,459 7,258 4,856 3,206 Dec. 31 49,524 33,000 21,013 11,986 10,060 6,464 21,449 13,360 8,257 5,103 5,027 3,062 28,075 19,640 12,756 6,884 5,034 3,402 For footnotes see table 48. to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS No. 50.—ALL MEMBER BANKS—CONDITION ON DEC. 31, 1936, BY CLASSES OF BANKS [Amounts in thousands of dollars] m b e a A m n l k b l s er n m b a e t a A i m n o l k n b l s e a r l m b S e a A t m n a J t k b e ] s er Ne C w e m n Y t e o r m a rk l b r e e r s e b r a v C n e h k i c s c i a ty go m R b e e c a s m i n e ty k r b v s e e r C m b o e a u m n n k b t s r e y r ASSETS Loans (including overdrafts) 359,853 8,257,123 5,102,730 3,854,977 632,514 4,794,299 4,078,063 United States Government direct obligations 639,486 7,289,607 4,349,879 3,738,935 1,106,897 4,425,967 2,367,687 Securities fully guaranteed by United States Government 905,718 1,383,464 522,254 469,806 93,992 697,314 644,606 Other securities ,094,627 4,083,006 2,011,621 1,216,760 266,487 1,877,119 I 2,734,261 Total Loans and investments 32,999,684 31,013,300 11,986,484 9,280,478 2,099,890 11,794,699 9,824,617 Customers' liability on account of acceptances 179,414 78,692 100,722 137,079 3,838 35,326 3,171 Banking house, furniture, and fixtures 981,975 631,400 350,575 231,643 22,611 338,437 389,284 Other real estate owned 367,486 176,431 191,055 31,155 6,856 142,000 187,475 Reserve with Federal Reserve banks ,571,694 3,828,463 2,743,231 2,658,095 558,002 2,108,285 1,247,312 Cash in vault 697,380 514,717 182,663 61,490 31,700 284,794 319,396 Balances with private banks and American branches of foreign banks....... 35,645 22,823 12,822 1,796 5,475 23,653 3,721 o Demand balances with banks in New York City 599,810 1,189,927 409,883 75,037 145,256 803,430 i 576,087 Demand balances with other domestic banks 318,810 1,824,898 493,912 56,222 34,922 936,177 1,291,489 Time balances with other domestic banks 112,192 88,182 24,010 38 1,055 53,182 57,917 Balances with banks in foreign countries 55,480 28,042 27,438 35,671 2,452 14,071 3,286 Due from own foreign branches 14,209 7,314 6,895 6,895 7,314 Cash items in process of collection 533,275 1,465,888 1,067,387 1,087,375 159^183 970,647 316,070 Cash items not in process of collection 12,919 9,093 3,826 1,558 224 5,945 5,192 Q Acceptances of other banks and bills sold with endorsement 10,578 5,779 4,799 8,874 264 1,120 320 C Securities borrowed 589 273 316 589 Other assets 227,193 126,317 100,876 9,173 35,967 72,982 49,071 Total assets 48,718,333 31,011,439 17,706,894 13,743,579 3,108,695 17,593,062 14,374,997 LIABILITIES Demand deposits—Total 31,896,215 19,840,689 12,055,526 11,127,891 2,389,103 11,361,834 7,017,387 Individuals, partnerships, and corporations 20,970,304 12,671,701 8,298,603 7,274,049 1,495,419 7,023,406 5,177,430 United States Government 881,961 562,713 319,248 225,086 72,284 406,675 177,916 States, counties, and municipalities 2,329,180 1,819,370 509,810 285,049 190,644 842,672 1,010,815 Banks in United States 6,401,831 4,119,583 2,282,248 2,493,398 599,271 2,826,051 483,111 Banks in foreign countries 431,808 198,766 233,042 392,979 4,559 32,702 1,568 Certified and officers' checks, cash letters of credit and travelers' checks, etc 881,131 468,556 412,575 457,330 26,926 230,328 166,547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TTime deposits—Total 10989111 7715,167 3,273,944 696,520 449,455 4,403,003 5,440,133 Individuals, partnerships, and corporations— Evidenced by savings pass books 8991216 6,341,837 2,649,379 348801 379,658 3,588,483 4,674,274 Certificates of deposit 765,315 603,178 162,137 30048 37,408 168,729 529,130 Open accounts 647498 296,863 350,635 299223 29,737 260,341 58,197 Christmas savings and similar accounts 25,319 16,210 9,109 749 2637 8,490 13,443 Postal savings 104,369 92,281 12088 35227 69,142 States, counties, and municipalities 296,229 234,066 62163 13244 10 203211 79,764 Banks in United States 153,372 125,919 27453 10 5 137174 16183 Banks in foreign countries 5,793 4,813 980 4445 1348 Total deposits 42,885,326 27,555,856 15329470 11,824411 2,838558 15764837 12457520 Secured by pledge of loans and/or investments 3,181,586 2,380,979 800607 424020 271158 1520200 966208 Not secured by pledge of loans and/or investments 39,703,740 25,174,877 14528863 11400391 2,567400 14244637 11491312 Due to own foreign branches 63,968 51,753 12215 63968 Agreements to repurchase securities sold 1,810 835 975 1176 634 Bills payable and rediscounts 15,325 2,650 12675 12000' 15 3310 Acceptances of other banks and bills sold with endorsement. 10,578 5,779 4799 8874 264 1120 320 Acceptances executed for customers 173,572 83,101 90471 132793 3809 34447 2523 Acceptances executed by other banks for reporting banks 27,915 11,504 16411 21446 437 5330 702 Securities borrowed 589 273 316 589 Interest, taxes, and other expenses accrued and unpaid 79,523 47,594 31929 20878 8394 32970 17281 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 45,431 28,640 16791 15,962 1,240 16513 11716 Other liabilities 139,117 58,830 80287 57,277 12,012 39052 30776 Capital notes and debentures 74,432 74432 625 238 33145 40424 GO Capital stock1 2,379,408 "i,*595,040' 784368 547,805 126,300 772175 933128 Surplus 1,936,370 I,044,607 891,763 798,378 61,211 579,081 497700 Undivided profits—net 560,324 368,385 191,939 145,770 25,986 187,003 201565 Reserves for contingencies 309,817 145,973 163844 92,352 30,225 120,421 66819 Retirement fund for preferred stock and capital notes and debentures 14,828 10,619 4,209 40 21 4,777 9990 Total liabilities (including capital account) 48,718,333 31,011,439 17,706,894 13742,579 3108,695 17,592,062 14,274,997 Net demand deposits 25,449,917 15,364,149 10,085,768 9909,257 2049,967 8,652,042 4,838,651 Demand deposits—adjusted2 21,647,340 13,493,739 8,153,601 6929,053 1553,806 7,125,759 6,038,722 Number of banks 6,376 5,325 1,051 37 14 336 5,989 1 Represents in the case of: National banks, (1) the par value of capital stock or (2) the net book value of the entire capital account, whichever was the smaller, as reported by individual banks; State member banks with capital notes and debentures outstanding, (1) the par value of common stock or (2) the net book value of the entire capital account less capital notes and debentures and reserves for contingencies and for retirement of capital notes and debentures, whichever was the smaller, as reported by individual banks; State member banks which do not have capital notes and debentures outstanding, (1) the aggregate of the retirable value of preferred stock and the par value of common stock or (2) the net book value of the entire capital account less reserves for contingencies and for retirement of preferred stock, whichever was the smaller, as reported by individual banks. For par value of capital stock see page 129. 2Demand deposits other than interbank, andU. S. Government, less cash items reported as in process of collection. Back figures.—See Annual Report for 1935 (table 49) and similar tables in previous annual reports; for selected items see following tables in this Annual Report; see also Member Bank Call Reports published by the Board of Governors following each official call upon member banks for statements of their condition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 51.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, BORROWINGS, AND CAPITAL STOCK ON DEC. 31, 1936 BY CLASSES OF BANKS GO [In thousands of dollars] m b e a A m n l k b l s er n m b a e t a A m i n o l k b n l s e a r l m b S e a A t m n a l k t b l e s er Ne C w e m Y nt e o r m a rk l b r e e r s e b r a v C n e h k i c s c i a ty go Re c s i e ty rve C m b o e a u m n n k b tr s e y r Loans—Total. 13,359,853 8,257,123 5,102,730 3,854,977 632,514 4,794,299 4,078,063 Acceptances of other banks payable in United States 160,525 75,517 85,008 136,178 2,684 17,200 4,463 Bills, acceptances, etc., payable in foreign countries 18,388 9,329 9,059 10,366 1,184 5,286 1,552 Commercial paper bought in open market 323,742 243,881 79,861 5,467 9,776 130,557 177,942 Loans to banks: On securities 28,694 15,665 13,029 18,362 3,248 6,054 1,030 All other 56,415 37,190 19,225 23,392 2,461 17,142 13,420 Loans on securities exclusive of loans to banks—Total 4,195,344 2,222,007 1,973,337 1,925,515 190,616 1,206,831 872,382 To brokers and dealers in New York. 1,144,446 382,989 1,094,660 500 36,093 13,193 To brokers and dealers elsewhere 266,162 156,589 77,754 49,665 122,610 16,133 Toothers 2,784,736 1,682,429 753,101 140,451 1,048,128 843,056 Real estate loans—-On farm land 258,227 210,819 316 581 ! 96,117 161,213 On other real estate 2,146,305 1,217,238 143,530 12,570 I 1,028,180 962,025 Reporting banks' own acceptances 131,131 90,493 64,956 7,718 55,877 2,580 Agricultural loans (except loans on farm land). 425,887 373,691 1,772 46,438 69,337 308,340 All other loans (including overdrafts) 5,615,195 3,761,293 1,525,123 355,238 2,161,718 1,573,116 Loans eligible for rediscount with Federal Reserve banks... 2,483,604 1,789,360 694,244 619,809 162,530 861,140 840,125 United States Government direct obligations—Total 11,639,486 7,289,607 4,349,879 3,738,935 1,106,897 4,425,967 2,367,687 Treasury bonds maturing on or be fore December 31, 1949... 2,394,108 1,463,004 931,104 662,337 117,251 989,941 624,579 Treasury bonds maturing after December 31, 1949 3,630,520 2,455,704 1,174,816 799,618 415,953 1,403,247 1,011,702 Other United States bonds 35,696 30,043 5,653 34 30 9,582 26,050 Treasury notes 4,526,645 2,675,202 I 1,851,443 1,559,143 375,426 1,903,510 688,566 Treasury bills 1,052,517 665,654 717,803 198,237 119,687 16,790 securities fully guaranteed by U- S. Government—Total . 1,905,718 1,383,464 522,254 469,806 93,992 697,314 644,606 Reconstruction Finance Corporation 210,328 142,698 67,630 98,567 81,888 | 15,930 13,943 Federal Farm Mortgage Corporation 457,388 341,998 115,390 28,756 6,355 1 210,274 212,003 Home Owners' Loan Corporation 1,238,002 898,768 339,234 342,483 5,749 ! 471,110 418,660 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Other securities—Total 6,094,627 4,083,006 2,011,631 1,216,760 266,487 1,877,119 2,734,361 Obligations of: States, counties, municipalities, etc 2,208,638 1,487,758 720,880 423,986 142,512 768,562 873,578 Public utilities 1,002,085 722,298 279,787 141,906 30,427 230,995 598,757 Railroads 991,934 693,135 298,799 193,359 21,986 242,751 533,838 Federal land banks 184,560 144,534 40,026 9,680 15,306 63,523 96,051 Intermediate credit banks 111,068 65,467 45,601 63,583 1,037 43,038 3,410 Joint-stock land banks 18,426 14,831 3,595 312 30 4,364 13,720 Territorial and insular possessions 17,774 12,717 5,057 2,330 313 5,309 9,822 Real estate corporations 68,975 36,412 32,563 12,310 2,935 33,798 19,932 Other domestic corporations 713,109 495,926 217,183 105,069 24,567 214,097 369,376 Stock of: Federal Reserve banks 130,744 78,524 52,220 39,781 5,468 41,354 44,141 Real estate corporations 51,819 34,801 17,018 1,468 1,399 31,167 17,785 Banks and banking corporations 71,494 25,598 45,896 23,683 497 34,719 12,595 Other domestic corporations 287,502 108,659 178,843 126,892 8,626 96,330 55,654 Foreign securities: Central governments 131,059 85,818 45,241 53,026 8,887 32,222 36,924 Provincial, State, and municipal governments.. 55,026 41,573 13,453 9,792 2,026 14,840 28,368 Other foreign securities 50,414 34,955 15,459 9,583 471 20,050 20,310 Bills payable and rediscounts—Total 15,325 2,650 12,675 12,000 15 3,310 With Federal Reserve banks: Bills payable 2 529 1,952 577 2,529 Rediscounts 42 42 15 27 AUother: Bills payable 12 734 636 12 098 12,000 734 Rediscounts 20 20 20 Par value of capital stock1—Total 2,383,174 1,601,236 781,938 547,805 126,300 770,086 938,983 in First preferred 2 396,130 315,646 80,484 10,300 46,020 134,573 205,237 Second preferred 2... 27,579 19,310 8,269 50 8,450 19,079 Common 1,959,465 1,266,280 693,185 537,505 80,230 627,063 714,667 1 Excludes capital notes and debentures, shown on page 127. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. 2 Retirable value exceeds par value, as follows: National banks, First preferred stock—by $16,517,000. Second preferred stock—by $904,000; State banks, First preferred stock—by $25,667,000. Second preferred stock—by $938,000. Back figures.—See Annual Report for 1935 (table 50) and similar tables in previous annual reports. to CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 52.—ALL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON CALL DATES, 1922-36 CO [In millions of dollars] o Loans and investments l Deposits i Call date Total Loans Total In J j i v \ e U d G m e s i t r . o r m e n S e v n - . c e - t t nts s O e t c t i h e u s e ri r - b s s F w R e a e R e e r n r r i e e a v v t d k - - h l e e - s v C a a u s l h t d b £ o a t w B t m n n i a i c l t e k c e - s h s s - 2 Total b m D a t n I i e o c n s k - - t s erba b F n e a i k o n g r k n - s U m G er . e o n S n v - . t - P S o a a s l v t - - m D a e A n - d ll oth T e i r me d j e m u p D a s a o t d e e n s - - d d it 3 sd d s e t s e u o N e p m b r o e v r j a s e e t e n i - c t d s t c r o B e a u d n il n i d l s s t - s c C o a a u c p n - i t - 4 b b N e a u r n m k o s - f li obligai! tions 1922—Mar. 10 (Fri.) 23,278 17,080 6,198 2,701 3,497 1,723 469 1,614 23660 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 i 3,205 3,812 1,835 465 ],647 25547 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 27288 3,453 462 58 15,728 7,587 13,569 16,203 i 727 4,364 9,859 1923—Apr. 3 (Tues.) 26,141 18,419 7,722 I 3,849 3,873 1,909 518 1,774 27200 3,474 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 1,871 429 1,596 27088 3,184 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 1,869 523 1,640 26942 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 1,900 561 1,824 28507 3,476 237 65 16,144 8,586 13,628 16,376 4,378 9,774 1924—Mar. 31 (Mon.).... 26,663 19,045 7,618 ji 3,534 4,084 1,893 494 1,644 28,270 3,447 292 76 15,642 8,814 13,403 16,112 614 4,4 9,681 June30(Mon.).... 27,167 19,204 7,963 3,575 4,387 1,965 504 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 ,813 3,874 4,939 2,228 597 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 I 3,894 4,975 2,092 523 2,091 31,249 4,041 412 16,669 10*, 028 14,761 17,708 4,669 9,531 June 30 (Tues.).... 29,518 20,655 8,863 I 3,780 5,082 2,191 524 2,017 32,457 3,978 177 96 17,922 10,286 15,227 18,277 559 4,690 9,538 Sept. 28 (Mon.).... 30,176 21,285 8,890 3,761 5,129 2,147 525 2,031 32,075 3,828 278 96 17,502 10,372 15,483 18,259 712 4,6" 9,539 Dec. 31(Thurs.)... 30,884 21,996 i 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 9,489 1926—Apr. 12 (Mon.) 30,819 21,785 9,034 3,805 5,229 2,136 540 1,934 32,893 3,802 379 99 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 ji 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 5,0! 9,144 June30(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.)... " """ 23,227 9,959 li 3,856 6,103 2,320 539 2,077 '«,476 3,567 581 435 111 18,433 12,348 15,971 19,170 528 5,295 9,087 Dec. 31 (Sat.) 34,247 23,886 10,361 || 3,978 6,383 2,514 523 2,210 36,657 3,808 733 267 107 19,083 12,658 16,590 20,105 663 5,341 9,034 1928—Feb. 28 (Tues.).... 33, 23,099 10,590 4,216 6,374 2,367 526 1,941 35,367 3,496 635 110 18,227 12,813 16,093 19,236 581 5,404 June 30 (Sat.) 135,061 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 9,191 1,209 5,625 8,929 Oct. 3 (Wed.) 134,929 24,325 10,604 I 4,386 I 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.) 135,684 25,155 10,529 I! 4,312 i 6,217 2,409 564 2,124 39,067 3,773 535 I 262 134 21,167 13,195 16,503 9,944 1,162 5,899 8,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 June30(Mon.).. 35,656 25,214 10,442 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 22,840 11,889 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 June 30 (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 19,261 11,314 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 7,246 1932—June 30 (Thurs.). 28,001 16,587 11,414 5,628 5,786 1,998 478 1,731 27,836 2,940 179 387 610 13,770 9,950 12,433 14,482 815 5,661 Sept. 30 (Fri.). .. 28,045 15,924 12,121 6,366 5,755 2,235 407 2,049 28,417 3,339 218 738 695 13,595 9,831 12,358 14,626 697 5,571 6,904 Dec. 31 (Sat.).... 27,469 15,204 12,265 6,540 5,726 2,511 423 2,416 28,690 3,695 245 475 708 13,813 9,753 12,691 15,193 547 5,409 6,816 19335—June30(Fri.). .. 24,786 12,858 11,928 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 13,059 11,894 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 12,706 13,842 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 9,096 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 12,028 16,122 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 16,857 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 Novl (Fri.) 29,301 11,841 17,460 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 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 GO Dec. 31 (Tues.). . 1936—Mar. 4 (Wed.). .. 30,288 12,099 18,189 10,564 7,625 5,784 624 3,970 38,473 6,300 399 600 167 20,880 10,128 19,161 22,499 11 5,182 6,377 CO June 30(Tues.).. 32,259 12,542 19,717 11,721 7,995 5,607 713 3,944 40,706 6,137 471 1,037 152 22,432 10,477 20,284 23,986 6 5,235 6,400 Dec. 31 (Thurs.). , 33,000 13,360 19,640 11,639 8,000 6,572 697 4,066 42,885 6,555 438 882 104 24,181 10,726 21,647 25,450 15 5,275 6,376 1 For further classification of loans and investments and deposits, see table s53 and 54. 2Prior to Dec. 31, 1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 3Demand 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 4 Aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, etc. 6Beginning June 1933, figures relate to licensed banks only. Back figures.—See Annual Report for 1935 (table 51), and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 53.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-36 [In millions of dollars] Loans to customers (except banks) Open-market loans Investments Total Rea l l o a e n s s tate Purchased paper Call date i m n lo a v e a n e n n d s t s t s - T lo o a t n a s l Total b o Y C r N u T o i o t e k t o s r w y i e k d i r e s o se t t T h i c e o u e s r r i s - f l a a O r n n m d e o s r O t e t h a a n e t l e r p b a a o c o a R n c w n r c e t e k e n i p n s s t ' g - s O c u e w a u t n c h n i r u s s e d e e r e d r e - - d L ba o t n o a k n s s Total A U a a b p c n n l a c i c e y e t e e p - i s d n t- a B br il o l a s d b m C p o a e o u p r m g c e h i r - a t l k t L o Y C e N o r i o e b s a t r w y r n k i o i s n - States TOTAL—ALL MEMBER BANKS 1928—Oct. 3.. 34,929 24,325 21,240 850 5,796 421 2,668 11,507 548 2,537 101 457 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 C 1929—Mar. 27 35,393 24,945 21,903 1,014 6,526 403 2,720 11,240 548 2,493 146 376 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 2,471 108 249 2,025 10,052 4,155 5,898 Oct. 4 35,914 26,165 23,249 7,170 392 2,760 11,988 640 2,275 93 228 1,885 9,749 4,022 5,727 Dec. 31 35,934 26,150 23,194 7,685 388 2,803 11,515 714 2,242 212 291 1,660 9,784 5,921 1930—Mar. 27.. 35,056 25,119 21,495 706 7,024 394 2,776 10,595 527 3,097 175 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 o 1931—Mar. 25... 34,729 22,840 19,940 575 6,848 386 2,834 () 9,298 2,454 361 101 361 1,630 11,889 5,002 6,886 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 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 12,858 11,337 165 3,752 308 2,064 192 4,857 330 1,191 291 25 87 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 37 132 840 12,386 7,254 5,132 1934—Mar. 5.... 26,548 12,706 11,093 164 3,480 298 2,084 250 4,817 225 1,387 350 157 855 13,842 8,667 181 4,995 June 30... 27,175 12,523 10,804 208 3,309 288 2,068 210 4,721 153 1,566 264 200 1,082 14,652 9,137 4 276 •*5,239 Oct. 17.... 27,559 12,293 10,782 167 3,158 266 2,030 229 4,932 149 1,361 276 253 802 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 1,363 256 232 843 16,122 9,906 989 5,227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—Mar. 4 28,271 11, June 29 28,785 11, Nov. 1 29,301 11, Dec. 31 29,985 12, 1936—Mar. 4 30,288 June 30 32,259 Dec. 31 33,000 NEW YORK CITY» 1928—Oct. 3 7,197 Dec. 31 7,951 1929—Mar. 27 7,726 June 29 8,160 Oct. 4 8,150 Dec. 31 8,774 1930—Mar. 27 8,238 June 30 8,798 Sept. 24 8,557 Dec. 31 8,582 1931—Mar. 25 8,473 June 30 8,287 Sept. 29 8,253 Dec. 31 7,460 1932—June 30 6,715 Sept. 30 7,112 Dec. 31 7,327 1933—June 30 3 7,133 Oct. 25 6,971 Dec. 30 6,995 1934—Mar. 5 7,351 June 30 7,666 Oct. 17 7,545 Dec. 31 7,761 1935—Mar. 4 7,783 June 29 8,303 Nov 1 8,167 Dec. 31 8,418 1936— Mar. 4 8,802 June 30 9,556 Dec. 31 9,280 CM CM CO 5 6 5 6 6 6 6 6 6 6 5 5 5 4 3 3 3 CO CO CO OC OC OC OC OC OC OC OC OC OC OC 953 10,420 184 3,031 263 1,987 | 207 4748 133 1,400 235 34 255 875 116,318 |j 9,821 1,200 ; 5,298. 928 10,369 192 2,931 259 2,019 135 4834 119 1,440 201 17 247 975 16,857 || 9,871 1,558 5,427 841 :10,465 179 2,885 252 2,027 159 4963 94 1,282 154 27 290 841 17,460 10,080 1,764 5,615 175 10,548 196 2,893 251 2,033 169 5,006 98 1,529 181 29 272 1,047 17,810 10,501 1,768 i 5,541 099 10,460 211 2,832 253 2,048 156 4,960 82 1,557 164 25 280 1,089 18,189 10,564 1,880 5,745 542 i10,943 266 2,863 256 2,084 117 5,355 81 1,519 144 18 278 1,079 19,717 11,721 1,950 j 6,045 360 11,628 266 2,785 258 2,146 131 6,041 85 1,647 161 324 1,144 19,640 11,639 1,906 | 6,095 18 1 254 3,920 1,491 130 (') 2,253 287 1,048 50 55 63 1,942 1,130 813 018 3,940 1,658 132 C2) 2,100 288 1,791 61 61 29 1,639 1,933 1,094 839 754 4,253 52 1, 148 (2) 2,361 251 1,250 59 52 37 1,102 1,972 1,135 341 4,532 63 1,814 2 173 2,480 314 1,495 58 58 21 1,369 1,819 1,006 813 3 6 4 8 4 3 4 4 , , 8 9 4 6 6 4 4 5 6 5 2 1 , , 1 8 4 9 5 8 1 1 1 7 6 5 9 ( ( 2) ) 2 2 , , 7 5 2 9 6 5 3 3 0 2 2 2 ] 1 , , 1 3 9 9 6 6 1 5 2 9 8 3 4 3 6 2 8 1 1 1 , , 0 2 9 0 6 2 2 1 , ,8 09 0 1 7 1, 9 1 8 1 9 2 8 97 1 9 7 3 5 1 1 5 9 9 4 9 6 2 7 4 4 4 4 , , , , 3 3 3 2 0 3 3 7 9 8 8 8 1 6 6 8 0 0 8 6 4 2 1 1 1 , , , , 0 8 9 9 7 3 4 5 6 3 5 4 :::::: 1 1 1 1 5 5 4 5 0 7 7 7 ( ( ( ( 2 2 2 2 ) ) ) ) 2 2 2 2 , , , , 1 2 0 0 2 5 5 9 9 2 4 0 2 1 1 1 8 9 9 6 3 9 6 9 2 ] , , , , 0 6 5 9 9 5 2 1 1 5 5 2 1 1 1 8 8 4 4 9 8 8 4 4 2 2 2 0 8 2 9 4 3 3 2 9 4 5 2 1 1 1 1 , , , , 2 8 4 7 8 8 7 1 1 3 7 4 2 2 2 2 , , , , 0 4 2 1 4 3 0 9 6 5 3 8 1 1 1 1 , , , , 1 2 1 0 5 3 4 9 0 9 7 1 1 1 1 , , , 8 0 1 1 5 0 9 97 6 7 7 5 > £ a ? , , 4 8 8 1 6 1 3 4 , , 8 0 3 0 9 7 1 1 2 2 1 7 1 1 , , 8 7 3 7 9 0 1 1 6 4 0 9 ( 1 2) 55 1 1, , 8 6 9 2 6 7 1 15 5 0 4 L , , • 6 4 5 9 1 7 2 1 9 9 6 9 4 5 4 1 3 9 5 4 1 1, , 0 3 6 6 3 7 2 2 , ,8 6 0 6 1 2 1 1, , 6 4 5 6 6 6 1 1 , , 1 1 4 9 5 6 ,220 3,850 116 1,699 152 104 1,777 250 L,121 201 33 48 839 3,032 1,830 1,202 U ,763 3,694 87 1,641 153 77 1,735 374 695 107 17 29 542 2,697 1,768 928 2 ,682 2,856 65 1,279 159 138 1,216 260 565 262 21 23 258 3,033 2,008 1,025 ,604 2,638 63 1,237 154 90 1,094 203 763 341 18 14 391 3,508 2,429 1,079 ,538 2,621 61 1,186 159 148 1,066 216 701 330 15 19 337 3,789 2,603 1,186 ,424 2,297 38 1,044 157 120 937 162 964 224 10 10 720 3,709 2,551 1,158 ,470 2,436 47 985 149 179 1,075 143 891 233 8 27 624 3,501 2,320 1,181 ,453 2,395 45 989 147 130 1,084 146 912 170 17 19 706 3,542 2,362 1,179 ,419 2,321 47 938 155 171 1,009 112 986 276 8 14 687 3,932 2,768 105 j 1,059 ,401 2,202 55 882 155 144 965 68 1,131 225 10 13 883 4,265 3,053 U57 i * 1,056 ,243 2,294 50 826 150 159 1,108 66 883 232 12 8 631 4,300 2,954 237 1,109 ,159 2,202 54 820 139 164 1,024 63 894 210 16 6 662 4,602 3,246 278 1,078 ,155 2,198 56 805 139 145 1,054 52 904 203 19 4 678 4,628 3,200 298 1,131 ,319 2,146 58 783 138 82' 1,085 48 1,126 183 7 5 930 4,983 3,462 348 1,174 ,199 2,185 59 775 136 101 1,114 35 979 135 12 4 828 4968 3,340 405 1,223 ,434 2,196 60 793 140 107 1,096 42 1,196 158 16 5 1,018 4985 3,425 401 1,159 ,447 ! 2,215 64 792 148 99 1,112 29 1,202 141 13 4 1,043 5355 3,602 505 1,248 ,528 2,338 76 813 146 65 1,238 28 1,162 123 8 3 1,028 6028 4,196 567 1,265 ,855 i 2,567 78 753 144 65 1,527 42 1,247 136 10 5 1,095 5425 3,739 470 1,217 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 53.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-36—Continued [In millions of dollars] Loans to customers (except banks) Open-market loans Investments Total Purchased paper me U n . t S . o b G l o i v ga e t r i n o - ns Call date i m n lo a v e n a e n d n s t s ! t- T lo o a t n a s l Total b o C Y N r u T o i o t e t k o s r w y i e k i d r e s s o e t t T c o h ie u n o e s r r i s - Total A a a b p c n l a c e c y e e i - p s n t- p B ab a il y l l e - s m p C a e o p r m c e i r - al k t L o Y C e N o r i o e s a t b r w y n r k i o i n s - Total Direct a F g n u u t l a e l r e y - d s O e t t c i h u e e r s i r - United abroad bought States CHICAGO & 1928—Oct. 3 1,910 1,505 1,326 252 543 143 1 3 119 405 191 214 Dec. 31 1,910 1,519 1,388 309 598 91 1 1 75 391 174 217 1929—Mar. 27 1,793 1,456 1,353 311 477 41 8 5 18 337 164 172 June 29 1,767 1,433 1,309 242 484 57 1 3 48 334 159 176 Oct. 4 1,823 1,510 1,374 257 504 67 1 4 59 312 153 160 Dec. 31 1,757 1,448 1,330 240 533 30 9 5| 11 309 116 193 1930—Mar. 27 1,717 1,406 1,160 194 474 188 3 11 33 140 310 146 164 June 30 1,849 1,483 1,257 229 487 176 2 19 56 99 366 160 205 Sept. 24 1,934 1,524 1,187 239 448 296 7 13 42 233 409 157 252 Dec. 31 1,861 1,344 1,194 201 472 95 18 14 18 44 518 240 277 1931—Mar. 25 1,853 1,261 1,050 159 452 2 16 (2) 422 41 171 14 25 21 111 592 329 263 June 30 1,754 1,190 1,004 133 435 2 17 2 415 70 117 3 42 21 51 563 346 217 Sept. 29 1,644 1,129 987 157 421 2 24 3 381 65 77 2 23 24 27 514 308 206 Dec. 31 1,517 1,038 926 124 407 1 22 11 361 87 24 2 10 9 3 480 191 1932—June 30 1,277 876 777 93 361 25 282 77 22 5 5 11 1 401 234 166 Sept. 30 1,192 746 659 85 292 25 227 53 34 16 6 12 1 445 256 189 Dec. 31 1,045 631 552 67 231 is ; 23 210 42 38 22 5 9 1 414 228 186 1933—June 30 » 1,287 677 589 48 251 26 24 237 30 58 27 7 12 13 610 384 226 Oct. 25 1,196 701 608 51 245 30 27 254 26 67 25 7 19 16 495 284 211 Dec. 30 1,259 604 524 33 208 28 32 222 22 58 15 8 16 18 655 386 269 1934—Mar. 5 1,440 587 514 36 203 27 27 221 16 57 18 7 17 15 852 564 213 June 30 1,445 556 491 41 188 20 21 219 13 52 13 1 18 19 889 585 "228 Oct. 17 1,542 560 474 23 176 19 18 236 11 75 20 7 25 24 982 687 218 Dec.31 1,581 532 435 29 170 17 16 202 11 i 87 29 5 27 26 1,049 743 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—Mar. 4 1,704 537 462 30 171 1 16 12 232 8 66 14 3 21 28 ,167 877 78 212 June 29 1,592 485 458 33 163 1 14 12 236 7 20 4 1 14 1 ,107 766 87 254 Nov. 1 1,792 456 433 25 154 1 14 11 227 6 17 3 1 13 1 ,336 973 96 267 Dec. 31 1,868 476 455 28 149 1 14 14 249 6 15 1 1 12 1 1,061 88 243 1936—Mar. 4 1,946 476 456 32 148 1 13 12 251 „ 14 2 1 10 1 ,470 1,131 89 250 June 30 1,951 533 513 59 145 1 14 10 284 0 15 3 * 2 10 1 ,419 1,014 92 312 Dec. 31 2,100 633 613 50 140 1 13 8 402 5 14 3 1 10 1 1,467 1,107 94 266 6 RESERVE CITY BANKS 1928—Oct. 3 12,211 8,681 j! 7,770 435 2,152 124 1,368 (2) 3,691 179 732 5 27 178 522 3,530 1,703 1,827 Dec.31 12,156 8,702 |i 7,879 509 2,318 118 1,387 (2) 3,546 173 651 16 33 136 465 3,454 1,662 1,791 1929—Mar. 27 12,132 8,733 ',932 r 538 2,415 112 1,376 (2) 3,492 196 604 35 27 136 405 3,400 1,732 1,668 June 29 12,065 8,789 1,125 !: 511 2,480 113 1,366 (2) 3,654 241 423 16 22 83 302 3,276 1,607 1,670 Oct. 4 12,161 ! 9,085 1,401 {; 510 2,598 110 1,360 (2) 3,823 225 459 6 27 71 354 3,075 1,519 1,557 Dec. 31 12,029 | 9,084 ',418 425 2,775 110 1,428 (2) 3,679 258 408 43 24 102 239 2,944 1,368 1,576 i a 1930—Mar. 27 11,858 8,752 ',790 |j 360 2,576 113 1,411 (2) 3,330 205 758 55 24 209 3,105 1,516 1,590 D J S u e e n c p . e t . 3 3 2 1 0 4 1 1 1 1 2 1 , , , 8 0 8 9 3 5 7 8 2 8 8 8 , ,3 '5 5 7 0 3 9 0 3 ' • , , , 7 5 7 7 3 1 1 9 2 : i | i | 4 3 3 3 1 6 1 2 0 2 2 2 , , , 6 5 6 7 8 6 1 6 3 1 1 1 1 1 2 1 0 0 1 1 1 , , , 4 3 3 9 9 9 1 4 8 ( ( ( 2 2 2 ) ) ) 3 3 3, , , 1 1 0 1 7 8 9 2 5 2 2 1 3 2 9 1 8 3 7 4 5 3 6 3 6 8 4 1 4 0 1 7 4 7 1 1 1 9 7 5 2 2 1 4 9 9 5 5 4 2 4 1 0 5 2 9 3 3 3 3 3 , , , 3 5 5 1 3 1 9 7 7 1 1 1 , , , 5 4 6 2 8 2 5 6 8 2 1 1 , , , 0 9 7 3 0 9 1 9 4 F 1931~ J M u a n r e . 3 2 0 5 1 1 2 1 , , 1 8 1 1 3 4 8 7 , , 0 6 2 2 8 7 ', , 0 35 9 9 6 i |! ; 2 2 3 0 1 8 2 2 , ,4 5 1 2 3 4 1 1 2 2 2 6 1 1 , , 4 4 8 7 0 6 (2) 19 3 2 , , 0 8 0 5 2 4 1 1 9 7 4 7 4 3 7 5 5 4 1 8 4 7 4 2 2 3 6 1 1 9 6 1 8 1 7 1 3 6 4 4 , , 0 1 8 8 5 6 2 1 , ,9 0 8 6 4 2 2 2 , , 1 1 0 2 1 5 H Sept. 29 11,372 7,325 i,858 j! 205 2,308 120 1,440 22 2,762 219 249 65 12 143 29 4,047 1,993 2,054 Dec. 31 10,598 6,852 .,481 I! 152 2,123 120 1,395 23 2,668 260 111 33 12 53 14 3,746 1,844 1,902 1932—June 30 6,015 5,742 ! 105 1,844 124 1,257 33 2,380 177 97 33 7 50 3,753 1,953 1,800 Sept. 30 9,788 5,806 5,537 92 1,835 125 1,255 36 2,194 152 117 41 9 53 14 3,981 2,209 1,772 Dec. 31 9,489 5,542 5,327 96 1,774 121 1,258 52 2,027 136 78 22 8 36 11 3,948 2,234 1,714 1933—June 30 3., 8,492 4,482 4,257 63 1,340 123 1,008 46 1,678 99 125 36 6 38 45 4,011 2,483 1,528 Oct. 25.... 8,756 4,605 4,304 66 1,297 121 992 49 1,779 94 207 43 7 72 84 4,151 2,605 1,546 Dec. 30... 4,553 4,273 73 1,316 120 1,001 48 1,714 80 200 36 9 61 94 4,344 2,823 1,522 1934—Mar. 5 9,376 4,466 4,154 65 1,262 116 1,014 48 1,650 63 249 46 8 72 123 4,911 3,390 1,521 June 30 9,609 4,394 4,096 97 1,200 116 1,008 41 1,634 40 259 21 6 97 135 5,214 3,516 1,679 Oct. 17 9,826 4,385 4,088 80 1,142 104 996 47 1,720 44 253 19 8 126 99 5,441 3,553 180 1,708 Dec. 31 10,028 4,312 4,024 90 1,124 102 988 49 1,671 55 234 13 9 108 105 5,715 3,809 279 1,628 1935—Mar. 4.... 10,036 4,270 3,974 83 1,090 104 972 48 1,677 48 249 12 9 122 106 5,766 3,724 376 1,666 June 29... 10,151 4,165 3,967 87 1,053 100 1,005 40 1,682 43 154 10 7 112 25 5,986 3,712 571 1,703 Nov. 1.... 10,521 4,268 4,089 82 1,055 97 1,006 44 1,806 34 145 13 12 111 6,253 3,892 655 1,706 Dec. 31.... 10,780 4,347 4,144 96 1,057 97 997 46 1,851 34 170 19 10 120 6,432 4,076 656 1,701 1936—Mar. 4... 10,655 4,279 4,071 101 1,027 97 1,000 43 1,805 31 177 18 9 120 6,375 3,958 656 1,761 June 30.. 11,306 4,443 4,242 115 1,044 95 1,006 40 1,941 31 170 16 7 113 6,863 4,349 651 1,863 Dec. 31.. 11,795 4,794 14,582 123 1,048 96 1,028 56 2,231 23 189 17 5 131 7,000 4,426 697 1,877 See footnotes at end of table. h-» CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 53.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, ON CALL DATES, 1928-36—Continued [In millions of dollars] Loans to customers (except banks) Open-market loans Investments Total Rea l l e a e n s s tate Purchased paper m U en . t S . o b G l o ig v a e t r i n o - ns loans To Re- Other- Loans Loans Call date i m n a v e n e n d s t t s - T lo o a t n a s l Total b o Y C r N u o i o t e t k s r y w i e k d i r e s s o e t t T c o h ie u o n e s r r i s - f l a a O r n m n d e o s r O t e t h a a n e t l e r p b a a o o c a n c w n r c t e k e n i p n s s t ' g - s c u e w a u c n n r i u s s d e r e e d e - d ba t n o ks Total A U a a b p c n n l a c e i c y e t e e i - p s n d t- ab p B a r a b i o l y l l e a - s d b m p C o a e u o p r m g c e h i r - a t l t k o Y C e N r i o b e s t r r y w k o i i n - Total Direct a F g n u u te a ll e r y - d s O e t c t i h e u s e ri r - States COUNTRY BANKS 1928—Oct. 3 13,612 8,885 8,225 117 1,610 294 1,129 5,075 46 614 24 17 195 378 4,727 1,362 3,365 Dec. 31 13,667 8,915 8,254 107 1,799 290 1,154 4,904 37 625 30 8 211 376 4,751 1,382 3,370 1929—Mar. 27 13,741 9,001 8,364 114 1,942 289 1,176 4,843 39 598 44 8 192 354 4,740 1,424 ..3,316 June 29 13,719 9,096 8,551 105 2,034 287 1,199 4,925 49 496 33 7 140 316 4,623 1,384 3,240 Oct. 4 13,780 9,226 8,627 125 2,170 279 1,206 4,847 45 553 27 6 144 376 4,554 1,361 3,193 Dec. 31 13,375 8,936 8,481 83 2,231 276 1,186 4,705 45 408 33 5 163 208 4,439 1,267 3,172 1930—Mar 27 13,243 8,768 8,206 93 2,097 279 1,196 4,541 65 497 27 4 207 258 4,475 1 97*? 3,202 June 30 13,157 8,602 8,229 90 2,137 274 1,201 4,527 62 312 8 4 171 129 4,554 1,229 3,326 Sept. 24 12,944 8,354 8,007 88 2,112 275 1,205 4,326 62 286 4 4 164 115 4,589 1,219 3,370 Dec 31 12 519 8 001 7 762 59 2 090 264 1 191 (2) 4,158 62 177 5 3 120 49 4,519 1,159 3,359 1931—Mar 95 12,290 7,740 7,524 64 2,033 261 1,188 3,978 58 158 5 2 114 36 4,550 1,224 3,326 June 30 12,068 7,513 7,318 47 1,984 260 1,177 2 3,847 60 135 2 2 101 30 4,555 1,279 3,276 Sept 29 11,805 7,199 7,018 43 1,892 254 1,157 1 3,672 64 116 1 2 81 32 4,606 .433 3,172 Dec. 31 10,999 6,608 6,469 28 1,728 237 1,109 4 3,362 69 71 4 2 48 16 4,392 1,418 2,974 1932—June 30 10,240 6,014 5,892 20 1,525 238 1,090 3 3,015 59 64 13 2 36 13 4,226 1,432 2,794 Sept. 30 9,954 5,767 5,663 17 1,464 241 1,084 4 2,854 49 55 8 o 36 9 4,187 1,471 2,715 Dec. 31 9,607 5,493 5,405 15 1,417 234 1,070 2 2,667 50 39 1 2 28 8 4,114 1,474 2,640 1933—June 30 s 7,873 4,275 4,194 15 1,117 182 873 3 2,005 38 43 4 1 27 10 3,598 1,469 2,129 Oct. 25 8,031 4,283 4,175 14 1,104 189 881 3 1,984 35 73 2 2 46 23 3,748 1,592 2,156 Dec. 30 8,068 4,223 4,123 15 1,092 196 865 3 1,952 38 62 * 3 34 22 3,845 1,683 2,162 1934—Mar. 5 8,381 4,234 4,103 16 1,077 181 887 5 1,937 35 95 10 2 54 30 4,148 1,946 2,202 June 30 8,456 4,172 4,016 14 1,039 170 886 3 1,903 33 124 5 o 72 45 4,283 1,982 '"'4 25 « 2,276 Oct. 17 8,649 4,105 3,926 15 1,012 161 865 5 1,868 28 150 5 3 95 48 4,545 1,992 215 2,337 Dec. 31 8,780 4,025 3,849 14 996 158 867 2 1,810 27 149 5 I 2 92 50 4,756 eU08 355 2,293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—Mar. 4 j 8,749 3,991 3,786 157 860 2 1,785 25 181 6 2 109 64 4,757 2,020 448 2,289 June 29 8,739 3,959 3,798 932 158 862 2 1,831 21 139 3 2 116 18 4,780 1,931 553 2,296 Nov. 1 8,821 3,919 3,758 902 154 871 3 1,815 19 141 3 2 132 3 4,903 1,875 609 2,419 Dec. 31 8,919 3,918 3,754 153 882 2 1,810 17 147 3 2 135 7 5,002 1,940 623 2,439 1936—Mar. 4.... 8,885 3,896 3,716 865 155 888 2 1,791 17 164 3 1 145 14 4,989 1,873 630 2,486 June 30.. 9,446 4,038 3,850 861 160 918 2 1,891 16 173 2 1 152 16 5,407 2,163 640 2,605 Dec. 31... 9,825 4,078 3,866 843 161 962 3 1,881 14 197 4 2 178 13 5,747 2,368 645 2,734 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Included in following column, prior to June 1931. 3Beginning June 30, 1933, figures relate to licensed banks only. 4 An estimated small amount of Home Owners' Loan Corporation bonds guaranteed by theU. S. Government as to both interest and principal are included in "other securities. 5 Central reserve city banks only. Back figures.—Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 54.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-36 CO [In millions of dollars] 00 Demand deposits Time deposits se R r e v - es Bal- i C te r a e m s - h s Interbank C f e ie rt d i- I v n i d d i - - De- Interbank Indiv c i o d r u p a o l r s a , t i p o a n r s t , n e e r tc sh . ips, with Cash ances ported and uals, mand Bor- Call date b s F e R a e e r n r e a v d k - l e - s va in ult d b o w a t m n i i c t k e h s s 1 - c e t p a i o s r s o l s o l n i e c o n c - 2 f - b m D a t n i e o c k s - - s b F e a i o n g r k n - s U m G er o . e n S n v - . t - P fu u n b d li s c o c c l e f e c h r f t e t a i e o c t c d s c e . f e h i k r r 3 t s s , s ' , s t p p i n c h e o o a o e t i r r n c p r r t a . - - s s - - , , d j e u p a s o d te s - d it 4 s b m D a t n i e o c k s - - s b F e a i o n g r k n - s P s i o n a s g v t s a - l P fu u n b d li s c d s b a E e p o b v n a v o y i c s i n k e s - g s d s C o i p c e f o a r s d t t e i i e t f s - - c O o a u p c e n - n ts C s s c i a o m a h m a v u n r c a i i i n d n - l s s a t g t s r - s r i o n w gs - 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 K54 117 405 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 16,503 124 134 418 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 1]3 116 429 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 78 115 477 9,834 1,745 997 1,198 Oct. 4 2,322 497 2,005 3,158 3,153 431 315 1,224 1,489 16,713 16,268 111 112 120 491 9,604 1,743 1,136 1,150 Dec. 31 2,374 558 2,167 3,896 3,517 544 143 1,335 1,681 17,526 16,647 95 154 122 595 9,592 1,741 934 879 1930—Mar. 27 2,353 497 1,902 2,401 3,204 446 325 1,446 1,211 15,633 15,889 103 176 128 536 9,626 1,811 1,140 347 June 30 2,408 484 2,360 3,600 3,832 501 281 1,568 1,581 16,494 16,043 112 224 134 571 9,678 1,862 1,233 435 Sept. 24 2,415 470 2,463 1,897 3,817 542 257 1,276 846 15,562 15,787 101 234 144 572 9,632 1,960 1,303 316 Dec. 31 2,475 593 2,456 2,926 3,873 547 267 1,362 1,294 16,139 15,869 107 238 189 509 9,591 1,885 1,027 355 1931—Mar 25 2,364 461 2,791 1,543 4,236 468 502 1,479 693 14,860 15,488 135 201 242 530 9,446 1,928 1,180 281 June 30 2,396 519 2,517 2,488 4,004 512 395 1,556 1,074 15,066 15,208 114 155 279 508 9,316 1,906 1,237 217 Sept 29 2,339 554 1,935 1,542 3,222 663 526 1,350 682 14,177 14,666 86 112 360 440 8,768 1,787 1,223 466 Dec 31 1,975 523 1,662 2,095 2,832 398 412 1,303 797 13,652 13,658 63 26 463 388 8,134 1,472 771 839 j Q32—June 30 1,998 478 1,731 1,337 2,870 172 387 1,314 566 11,890 12,433 70 7 610 337 7,491 1,350 772 815 Sept. 30 2,235 407 2,049 1,237 3,269 213 738 1,034 514 12,047 12,358 70 5 695 342 7,258 1,381 851 697 Dec. 31 2,511 423 2,416 1,122 3,609 243 475 1,119 422 12,273 12,691 87 1 708 342 7,259 1,352 799 547 1933—June 305 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 1 788 300 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 6 781 270 6,261 989 7 647 74 188 Dec. 30 2,678 471 2,031 1,132 3,139 129 967 1,320 378 12,109 12,674 83 7 778 301 6,429 900 7 610 18 143 1934—Mar. 5 3,148 486 2,376 1,159 3,676 173 1,790 1,425 549 12,252 13,066 92 7 755 305 6,747 880 7 595 36 91 June 30 3,819 473 2,760 1,057 4,070 155 1,658 1,598 372 13,349 14,261 122 8 585 333 7,168 931 7 605 59 35 Oct 17 3,976 550 2,930 1,407 4,466 136 1,143 1,680 590 14,449 15,312 135 4 472 294 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 7 452 294 7,599 882 520 19 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—Mar. 4 4,518 534 3,386 1,475 5,095 169 1,270 1,861 741 14,872 15,999 145 399 290 7,746 884 533 40 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 307 285 7,986 869 543 65 9 Nov. 1 5,662 541 3,760 1,756 5,558 361 650 2,251 686 17,327 18,509 132 227 310 8,142 821 623 85 9 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 882 18,035 18,801 151 218 361 8,294 816 548 22 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 2,173 779 17,927 19,161 152 167 344 8,309 834 596 45 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 2,320 789 19,322 20,284 151 152 378 8,566 843 613 77 6 Dec. 31 6,572 697 4,066 2,533 6,402 432 882 2,329 881 20,970 21647 153 104 296 8,991 765 647 25 15 NEW YORK CITY« 1928—Oct. 3... 722 53 82 1,443 950 421 28 71 783 4,478 3889 20 11 560 66 4f'8 285 Dec. 31.. 809 65 120 3,140 1,213 470 52 133 1,765 5,488 4245 57 19 10 588 77 518 390 1929—Mar. 27 60 127 2,386 922 375 136 90 1,488 5032 4225 45 18 6 636 75 510 234 June 29 784 57 157 1,189 1,019 379 78 144 511 5035 4500 61 18 7 639 69 401 360 Oct. 4 735 58 196 1,998 940 365 71 75 1,163 5054 4295 93 18 20 633 80 483 165 Dec. 31 827 68 179 2,406 1,198 464 20 128 1,180 5847 4750 133 18 33 617 77 417 179 1930—Mar. 27 793 63 112 1,555 959 364 91 61 945 4927 4377 144 19 25 636 101 494 39 June 30 814 58 156 2,503 1,311 423 79 123 1,245 5602 4467 184 18 16 642 107 548 116 Sept. 24 858 49 106 1,105 1,106 445 56 68 596 4841 4400 169 17 17 643 79 548 47 Dec. 31 95 145 1,794 1,349 463 37 110 865 5482 4663 182 38 13 452 96 477 37 1931—Mar. 25.. 831 47 133 893 1,340 388 142 107 435 4882 4532 144 49 26 409 124 518 27 June 30.. 847 54 136 1,594 1,352 432 116 152 780 5098 4436 115 50 33 399 117 537 17 Sept. 29.. 883 68 102 866 1,135 568 129 137 458 4816 4544 79 60 19 342 109 520 Dec. 31... 665 54 105 1,168 988 333 167 180 480 4803 4295 21 64 11 320 86 325 1932—June 30 772 52 96 722 1,103 146 118 117 359 4287 4041 5 68 10 309 97 310 14 Sept. 30 971 42 98 687 1,346 187 306 67 350 4350 4081 4 76 20 308 137 341 1 Dec. 31 1,132 47 115 491 1,562 216 173 93 177 4540 4319 1 80 7 315 146 382 13 1933—June 30 * 46 101 874 1,255 127 332 96 461 4676 4358 1 110 4 280 133 251 7 Oct. 25 42 90 553 1,215 100 379 71 299 4513 4330 5 106 10 282 121 272 4 31 Dec. 30 903 47 93 476 1,200 112 422 141 167 4494 4,325 107 14 278 97 244 5 1934—Mar. 5... 1,170 67 91 631 1,402 154 843 109 368 4,422 4,268 105 13 284 83 231 2 June 30.. 1,417 64 97 415 1,591 135 802 167 154 4,894 4,800 69 12 293 106 246 3 Oct. 17.. 1,443 64 84 666 1,689 116 559 201 360 5,107 5,001 65 8 290 112 216 5 Dec. 31.. 1,576 86 103 1069 1,798 126 792 229 540 5,370 5,069 56 4 292 94 204 1 1935—Mar. 4... 1,856 58 86 810 2,047 147 572 190 500 5,329 5,209 44 4 298 88 207 2 2 N Ju o n v e . 2 1 9 .. . . 2 1 , ,9 5 3 9 5 0 5 5 1 4 1 1 3 0 3 9 4 87 4 3 7 2 1 , , 2 9 0 83 3 3 2 2 4 7 8 3 2 6 1 9 9 3 46 5 8 4 4 1 1 4 3 9 5 6 , , 9 1 2 0 4 4 5 6 , , 9 1 7 1 9 2 2 3 7 1 6 3 3 3 0 0 1 4 7 6 5 6 3 1 0 8 4 6 4 5 i Dec. 31.. 2,541 65 111 1133 2,338 410 224 323 524 6,479 6,193 3 12 310 55 225 1 1936—Mar. 4 2,493 57 108 829 2,527 363 140 260 496 6,471 6,398 11 315 48 221 2 2 June 30 2,106 65 114 982 2,390 428 215 357 489 6,891 6,756 10 330 45 222 4 Dec. 31 1 2,658 61 133 1087 2,493 393 225 285 457 7,274 6,929 13 349 30 299 1 12 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 54.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-36—Continued [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e R R a e r e r n r i e e v a v d t k - - h e l - e s s v C a i a n u s l h t d b a o w a B n t m n i i a c c k t l e e h - s s s 1 - p c e t i p a o i o t s r r s o e l s r o e l m n t e - i c e o n c 2 s - d f - Interbank m U G er o e . n S n v - . t - P fu u n b d li s c o c l c C e e f c r h f a f e t e t a i o i e n t e c c r d s f e c d d t e h . i k r i 3 r t - s s s , ' , s t p p I u i v n c e h n o o a a o i t e i d r n d r c l p r r s a t i . - s - - s - , - - , , d ju e m p D s a a t o d e e n - s - d d i t 4 s b m D a t n i I e o c n k s - - t s erba b F e n a i o k n g r k n - s i s n a g v s - P fu u n b d li s c Indiv c i o d r u p a o l r s a , t i p o a n O r s a t p , n c e - e e n r tc s . h I I i s C s p c i a o s a m m h a v , u n r c i i d n a i - n l s a t s g t s r - s j j > r B i o n o w g r s - - CHICAGO 6 1928—Oct. 3 170 12 J 118 349 961 964 24 37 274 168 44 169 128 191 328 9 1,074 975 21 31 276 154 66 Dec. 31 68 14 33 872 34 188 114 1929—Mar. 27 164 10 136 130 314 9 73 21 985 949 23 6 43 199 124 53 June 29 174 10 134 116 312 20 39 27 1,048 998 22 10 72 184 118 48 Oct. 4 169 I 13 ! 133 158 310 26 42 32 1,041 957 19 7 58 156 122 41 Dec. 31 1930—Mar. 27 172 123 89 338 27 27 23 975 935 22 19 50 165 122 2 June 30 177 151 109 370 22 54 29 994 969 16 22 90 167 139 Sept. 24 175 86 356 22 45 31 1,000 990 16 33 121 171 151 23 Dec. 31 210 11 110 365 26 69 24 1,027 1,010 18 23 73 184 | 134 1931—Mar. 25 166 9| 161 58 388 24 36 15 907 900 27 29 63 197 ' 155 1 June 30 169 17 175 78 345 28 108 19 870 919 16 14 37 205 149 Sept. 29 182 13 166 59 284 45 75 16 897 928 18 10 21 198 145 "l Dec. 31 160 13 122 87 274 32 41 16 856 826 10 1 11 185 123 1932—June 30 148 42 140 56 235 3 70 14 664 692 13 2 9 133 49 101 53 Sept, 30 214 15 201 46 285 3 38 12 729 733 13 1 4 136 40 102 40 Dec. 31 284 18 294 50 279 4 62 13 813 838 12 2 148 42 105 1933—June 30 5 232 34 203 61 259 2 87 16 870 912 1 265 34 58 Oct. 25 415 37 184 50 266 2 86 I 13 920 968 1 274 41 32 Dec. 30 345 45 199 64 270 2 122 15 911 984 1 287 36 , 28 1934—Mar. 5 308 42 157 52 336 2 133 | 16 i 865 962 ! 296 33 32 June 30 436 40 162 57 391 2 174 ! 944 1,077 301 21 36 Oct. 17 455 35 167 76 434 2 166 j 1,086 1,196 318 18 19 Dec. 31 415 40 207 90 445 2 i 182 I 23 ' 1,073 330 17 32 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—Mar. 4 359 34 182 70 505 3 41 184 19 1,047 1,179 331 20 20 3 June 29 676 37 1 249 73 504 3 20 14,8 24 1,208 1,357 348 45 73 3 Nov. 1 581 33 188 8li 527 4 62 204 22 1,274 1,416 351 19 30 3 Dec. 31 511 39 209 135 522 4 98 208 27 1,301 1,401 362 19 30 3 1936—Mar. 4 480 35 195 96 594 4 81 217 26 1,243 1,390 356 18 30 3 June 30 749 38 195 147 635 5 102 221 27 1,444 1,546 368 43 30 3 Dec. 31 558 32 188 159 599 5 72 191 27 1,495 1,554 380 37 30 3 RESERVE CITY BANKS 1928—Oct. 3 793 153 835 858 1,733 49 87 436 179 5,425 5,181 31 43 234 3,699 465 3' 491 779 167 899 1,035 1,681 54 153 430 290 5,605 5,289 37 60 261 3,707 466 302 376 Dec. 31 764 149 766 736 .1,464 47 165 505 173 5,256 5,199 37 42 257 3,689 419 337 472 1929—Mar. 27 772 124 801 773 1,409 45 185 524 174 5,294 5,219 32 9 40 289 3,783 399 300 360 June 29 766 146 829 804 1,511 44 166 405 165 5,389 5,156 35 10 41 258 3,653 388 326 566 Oct. 4 751 156 947 1,041 1,604 50 76 423 300 5,547 5,229 30 14 41 371 3,724 411 299 292 1930— D D J S M e e u e c c n p . . a e r t. . 3 3 3 2 2 1 1 0 7 4 7 7 7 7 8 7 7 7 7 1 2 2 1 1 1 16 3 3 2 9 6 8 8 1 1 1 , , , 8 1 1 2 4 3 4 2 9 3 2 0 5 5 7 7 4 8 3 6 3 4 8 4 1 1 1 1 , , , , 5 7 7 9 4 7 7 5 3 3 4 4 5 5 5 7 3 4 6 1 1 1 1 1 5 4 3 5 9 2 6 2 4 4 4 4 7 7 0 2 5 0 4 2 2 1 1 1 5 2 7 1 2 6 0 4 5 5 5 5 , , , , 1 1 0 2 1 7 2 7 9 3 7 4 5 5 5 5 , , , , 0 1 0 0 9 2 9 8 1 9 3 2 3 3 3 4 2 8 5 2 3 3 1 1 2 2 3 8 4 4 4 5 1 2 7 9 2 3 3 2 8 9 2 1 7 5 0 4 3 3 3 3 , , , , 7 7 7 9 7 7 4 0 1 3 5 7 4 4 5 5 7 7 4 3 8 3 6 9 3 3 4 32 1 7 7 1 5 8 8 5 6 6 7 0 9 1 5 1931—Mar. 25 785 132 1,403 447 2,098 54 254 451 132 4,903 5,039 63 28 82 302 3,869 595 386 71 June 30 803 151 1,188 594 1,902 49 187 443 157 4,979 4,985 61 26 100 313 3,787 602 393 23 Sept. 29 720 163 881 459 1,472 , 49 254 390 118 4,576 4,624 52 23 143 284 3,533 561 384 168 Dec. 31 652 154 751 619 1,275 31 169 390 180 4,389 4,339 44 4 202 260 3,283 429 234 337 1932—June 30 619 131 871 392 1,276 22 188 393 112 3,886 3,999 47 268 224 3,048 377 258 221 Sept. 30 609 119 1,078 365 1,394 22 304 316 83 3,955 3,989 47 329 208 2,971 392 283 170 Dec 31 646 126 1,240 417 1,503 21 211 349 141 3,932 4,005 62 338 230 2,962 385 241 115 1933—June 305 705 122 1,002 401 1,315 15 312 349 108 3,708 3,764 59 388 208 2,450 265 209 18 16 D O e c c. t . 2 3 5 0 8 73 5 9 7 1 1 5 3 3 5 9 96 5 9 8 3 4 3 2 8 0 1 1, , 4 2 1 8 5 0 1 1 4 5 3 39 7 3 5 4 3 3 7 5 0 1 8 1 5 1 3 3 , , 9 8 1 0 1 8 3 4 , , 9 0 2 3 4 7 7 7 4 2 i" 3 3 6 7 6 7 2 1 0 7 3 1 2 2 , , 4 5 7 2 0 7 2 21 3 1 3 2 26 6 8 5 2 5 3 2 1 1 6 1934— J M un a e r. 3 5 0 1, 9 1 8 9 5 7 1 15 4 4 7 1 1 , , 1 3 7 9 6 7 3 4 4 1 1 1 1 1 , , 6 7 5 8 3 5 1 1 6 6 6 6 9 3 6 5 4 5 8 2 0 6 1 9 1 1 7 4 3 , , 3 9 6 5 1 8 4 4 , , 1 5 8 9 8 3 1 8 0 0 5 i' 3 25 4 9 5 2 2 0 3 6 4 2 2, , 8 6 4 4 5 8 2 23 1 9 0 2 2 6 6 1 2 1 1 1 9 8 D O e c c. t . 1 3 7 1 1 1 , , 2 2 2 6 9 8 2 1 0 9 7 3 1 1 , , 5 4 4 2 3 2 4 5 7 3 6 7 1 1 , , 9 9 8 9 4 6 1 1 7 7 4 6 2 2 7 0 5 58 2 5 6 1 16 1 9 2 4 4 , ,9 7 1 8 9 5 4 5, , 1 9 3 4 6 7 1 1 1 1 7 7 1 1 1 1 9 8 6 6 2 1 0 9 6 8 3 2 , ,9 0 1 3 5 8 2 2 1 2 0 9 2 2 6 3 5 9 2 6 6 1935—Mar. 4 1,386 197 1,690 432 2,179 18 505 643 132 4,854 5,197 128 167 211 3,123 219 257 12 1 June 29 1,403 213 1,607 471 2,145 21 299 674 140 5,314 5,656 119 1 118 203 3,221 201 227 21 Nov. 1 1,591 218 1,849 579 2,428 27 273 685 146 5,855 6,107 115 1 84 218 3,302 200 236 28 Dec. 31... 1,594 256 1,779 752 2,422 28 385 707 204 6,001 6,161 134 1 79 266 3,355 198 237 7 1936—Mar. 4 1,794 264 1,910 607 2,594 26 285 733 151 5,961 6,238 135 1 72 251 3,339 214 286 14 1 June 30 1,763 289 1.907 763 2,551 30 513 733 152 6,419 6,542 135 1 65 288 3,432 202 300 25 Dec. 31 2,108 285 1,816 971 2,826 33 407 843 230 7,023 7.126 137 1 35 203 3,588 169 260 8 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 54.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, ON CALL DATES, 1928-36—Continued [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e R e R a e r e r r n i e v e a v t d k - - h e l e - s s v C a i a n u s l h t d b a o w B a n t m n i a i c c t k l e e h - s s s 1 - 1 p c i e p a t o t o s r i e s r l r s o o e l m t e i - c e n n o c s - d 2 f - b m D a t n i I e o c n s k - - t s erba b e F n a i k o n g r k n - s m U G er . e o n S n v - . t - P fu u n b d li s c o l c c C e e f c r h f a f t t e e a i o i e n t c e c d r s e c f d e d t . h i r k i 3 r t s - , s s' t s p p I u i n c e v h n o o a a o t e i i d r c n r d l p r r a s . t i - s - - s - , - - , , d j e u m p D a s a t o d e e n - s - d d it 4 s b m D a ti n I e o c n s k - - t s er i ba b F e n a i k o n g r k n - s P i s o n a s g v t s a - l P fu u n b d li s c d s b a E p e o b v n a v o i y c s i I n k - e s n g s d d s iv c C i o o i p d c r f e o u p a r s d a t o t e i i l e r t f s s - a - , t i p o a c n O o r s a t u p , n c n e e - e n t t r s c s . hi C s s c p i a o m s a m h a v , u n r c a i i n i d - n l s s a t g t s r - s r B i o n o w g r s - - COUNTRY BANKS 1928—Oct 3 663 302 990 235 431 2 36 646 140 5,395 5,946 14 52 123 5,169 1,288 It,^1 334 Dec 31 . .. 652 319 977 298 427 2 50 684 171 5,437 5,993 9 54 116 5,240 1,278 98 330 10 1929—Mar 27 644 297 780 194 374 2 77 763 124 5 069 5 762 55 132 5 215 1 264 150 360 June 29 639 241 792 247 350 4 64 771 143 4,989 5,656 i! L 55 139 5,214 1,230 172 426 Oct 4 647 284 847 241 391 2 63 705 132 5,222 5,819 59 140 5 133 1,219 210 371 Dec 31 .... 627 321 908 291 405 3 39 742 169 5,091 5,711 6 '• 61 133 5,095 1,199 95 367 1930—Mar 27 . . .. 617 286 817 173 365 3 67 884 118 4,657 5,485 65 147 5,080 1,217 145 236 June 30 . 629 280 921 250 376 3 51 921 137 4,670 5,478 7 • 1 71 145 5,096 1,214 167 259 Sept. 24 610 284 971 163 402 3 60 760 105 4,602 5,303 11 76 147 5,046 1,226 188 196 Dec. 31 595 317 975 258 387 2 53 762 152 4,458 5,114 88 128 5,047 1,170 95 244 1931—Mar. 25.. . .. 582 273 1,094 146 410 2 75 884 110 4,168 5,016 12 ! 1 104 138 4,972 1,154 121 183 June 30 578 297 1,017 222 405 3 67 853 118 4,119 4,868 12 ; 117 125 4,926 1,122 159 177 Sept. 29 . 554 309 787 157 332 1 132 748 91 3,888 4,569 11 i 145 117 4,695 1,065 175 261 Dec 31 498 302 685 221 295 2 61 692 122 3,604 4,197 179 106 4,346 916 88 441 1932—June 30 458 253 624 167 257 1 60 734 82 3,052 3,701 7 231 94 4,001 826 103 527 Sept 30 441 230 671 140 244 2 613 69 3,013 3,556 260 110 3,842 812 126 485 Dec 31 . 448 232 767 164 263 1 72 615 90 2,988 3,530 7 1. 279 104 3,835 779 72 418 1933—June 30*. 452 203 702 149 228 1 116 555 72 2,576 3,054 7 285 86 3,132 605 61 34 167 Oct. 25 529 232 685 118 230 1 114 579 68 2,633 3,162 12 293 87 3,236 593 77 47 136 Dec 30 . 573 225 769 172 254 1 111 622 85 2,793 3,328 10 300 83 3,337 556 70 10 123 1934—Mar. 5 685 230 951 135 r284 1 181 702 74 3,007 3,648 11 301 87 3,518 554 71 21 83 June 30 . • . 769 216 1,105 174 1 174 731 85 3,150 3,792 15 256 87 3,729 565 60 34 35 Oct. 17 848 258 1,257 189 345 1 125 787 98 3,472 4,168 17 210 87 3,830 575 49 46 17 Dec. 31 822 275 1,296 207 340 2 178 804 106 3,589 4,292 16 210 84 3,939 560 44 11 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1935—Mar. 4 916 246 1,427 163 364 152 845 90 3,642 4,414 17 188 75 3,994 557 49 23 14 June 29 920 236 1,406 192 347 90 865 104 3,761 4,538 16 162 76 4,115 547 57 37 9 Nov. 1 900 237 1,613 221 399 95 895 106 4,095 4,875 17 140 78 4,184 537 54 49 Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 16 136 83 4,267 544 57 12 1936—Mar. 4 1,017 268 1,757 187 433 93 965 106 4,252 5,136 17 95 82 4,299 554 60 25 June 30 989 322 1,727 256 410 207 1,008 121 4,567 5,440 16 87 80 4,435 553 61 45 Dec. 31 1,247 319 1,929 316 483 178 1,011 167 5,177 6,039 16 69 80 4,674 529 58 13 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." 2Does 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. •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. r Revised. f Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 ANNUAL REPORT OF BOARD OF GOVERNORS No. 55.—ALL MEMBER BANKS—RESERVE POSITION, BY CLASS OF BANKS, BY MONTHS, 1936 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves with Federal Reserve banks Class of bank and month demand deposits Net demand Time Total 'otal Required All member banks: January 27,312 22,254 10,412 32,666 5,780 2,747 3,033 February 27,636 22,428 10,400 32,828 5,808 2,770 3,038 March 27,459 22,412 10,474 32,887 5,420 2,767 2,653 April 27,620 22,669 10,545 33,214 5,300 2,790 2,610 May 28,136 23,034 10,675 33,709 5,638 2,838 2,800 June 28,714 23,505 10,694 34,199 5,484 2,891 2,593 July 29,714 24,107 10,743 34,850 5,861 2,953 2,907 Augustx... 29,396 24,182 10,815 34,997 6,181 3,723 2,458 September 29,844 24,532 10,843 35,375 6,345 4,493 1,852 October 30,457 24,895 10,910 35,804 6,594 4,551 2,043 November 30,843 24,987 10,894 35,881 6,785 4,566 2,219 December 31,273 25,352 10,882 36,234 6,665 4,619 2,046 New York City: 2 January 9,790 9,067 620 2,593 1,197 1,395 February 9,997 9,235 600 9,835 2,579 1,219 1,360 March 9,966 9,209 607 9,816 2,271 1,215 1,056 April 9,997 9,266 607 9,874 2,163 1,223 940 May 10,181 9,464 645 10,109 2,384 1,250 1,134 June 10,425 9,671 613 10,283 2,183 1,276 908 July 10,405 9,670 622 10,293 2,279 1,276 1,004 August: 10,233 9,633 643 10,276 2,502 1,599 903 September 10,429 9,735 642 10,377 2,462 1,927 535 October 10,502 9,766 685 10,451 2,574 1,935 639 November 10,654 9,820 653 10,473 2,695 1,944 751 December 10,823 9,913 694 10,606 2,662 1,964 697 Chicago 2 January 2,148 1,879 409 2,289 495 257 239 February 2,166 1,916 407 2,322 487 261 226 March 2,115 1,861 407 2,268 463 254 208 April 2,042 1,778 441 2,219 506 244 262 May 2,174 1,889 455 2,344 636 259 377 June 2,251 1,952 481 2,433 682 268 414 July 2,389 2,093 427 2,520 653 285 369 August1 2,345 2,061 434 2,495 576 353 223 September 2,361 2,072 441 2,513 619 424 195 October 2,414 2,112 431 2,543 637 431 205 November 2,409 2,107 429 2,536 651 430 221 December 2,417 2,105 438 2,543 605 430 175 Reserve city banks: January 9,617 7,338 4,274 11,612 1,714 862 852 February 9,692 7,311 4,290 11,601 1,745 860 885 March 9,565 7,332 4,320 11,652 1,708 863 846 April 9,689 7,486 4,339 11,826 1,675 879 796 May 9,806 7,470 4,406 11,876 1,657 879 778 June 9,961 7,576 4,398 11,974 1,664 890 775 July 10,520 7,928 4,414 12,342 1,886 925 961 August1 10,441 8,002 4,419 12,421 1,954 1,174 780 September 10,554 8,154 4,428 12,582 2,046 1,423 624 October 10,890 8,382 4,432 12,814 2,153 1,457 696 November 11,013 8,409 4,429 12,838 2,185 1,461 724 December 11,160 8,567 4,374 12,941 2,157 1,482 675 Country banks: January 5,757 3,969 5,109 9,077 978 431 547 February 5,781 3,967 5,103 9,070 998 431 567 March 5,813 4,011 5,140 9,151 978 435 543 April 5,893 4,139 5,157 9,296 956 444 512 May 5,974 4,210 5,170 9,380 961 450 511 June 6,076 4,307 5,203 9,509 954 458 496 July 6,400 4,416 5,280 9,696 1,042 467 575 Augustl 6,378 4,485 5,319 9,804 1,149 596 552 September 6,500 4,571 5,332 9,903 1,218 720 498 October 6,651 4,635 5,362 9,997 1,230 728 502 November 6,767 4,651 5,383 10,034 1,254 731 523 December 6,873 4,767 5,376 10,144 1,241 742 498 Effective August 16 reserve requirements on demand deposits were increased to 19% percent for central reserve city banks, 15 percent for reserve city banks, and 10^ percent for banks outside central reserve and reserve cities (so-called country banks) and on time deposits were increased to 4J^ percent. 2 Central reserve city banks only. Digitized forB aFcRk fAigSurEesR.— See Annual Report for 1935 (table 54) and similar tables in previous annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 145 No. 56.—ALL MEMBER BANKS—RESERVE POSITION, BY FEDERAL RESERVE DISTRICTS, BY MONTHS, 1936 I Averages of daily figures. In millions of dollars] Deposits subject to Deposits subject to reserve Reserves held reserve Reserves held Month de N m e a t nd Time Total Total Excess de N m e a t nd Time Total Total Excess 1936 Boston district New York district January 1,367 704 2,071 376 234 10,043 2,075 12,118 2,823 1,509 February 1,381 707 2,087 369 225 10,221 2,030 12,251 2,821 1,486 March 1,395 707 2,102 324 180 10,193 2,041 12,233 2,495 1,163 April 1,413 706 2,119 300 154 10,291 2,044 12,335 2,392 1,050 May 1,416 706 2,122 283 137 10,513 2,077 12,589 2,625 1,254 June 1,423 702 2,125 255 109 10,737 2,049 12,786 2,413 1,015 July 1,471 696 2,167 299 149 10,775 2,085 12,860 2,543 1,140 Augustl 1,451 698 2,149 303 116 10,727 2,110 12,838 2,785 1,028 September 1,466 696 2,162 320 10,856 2,116 12,972 2,759 640 October 1,511 695 2,206 361 131 10,886 2,169 13,054 2,863 736 November 1,532 690 2,222 389 156 10,935 2,133 13,068 2,985 849 December 1,497 685 2,182 363 135 11,059 2,169 13,228 2,952 793 1936 Philadelphia district Cleveland district January 1,254 1,028 2,282 294 149 1,354 1,219 2,573 339 177 February 1,255 1,030 2,286 283 138 1,351 1,237 2,588 350 187 March 1,257 1,042 2,299 295 149 1,372 1,253 2,625 356 191 April 1,288 1,050 2,338 292 144 1,429 1,260 2,689 379 209 May 1,283 1,050 2,333 276 128 1,419 1,283 2,701 370 200 June 1,297 1,050 2,347 276 127 1,436 1,292 2,728 373 201 July 1,347 1,064 2,411 316 161 1,493 1,302 2,795 402 224 Augustl 1,346 1,068 2,414 320 127 1,510 1,300 2,810 420 195 September 1,368 1,070 2,438 354 120 1,524 1,296 2,820 445 175 October 1,418 1,078 2,496 406 164 1,548 1,299 2,847 436 163 November 1,411 1,075 2,486 397 157 1,569 1,310 2,880 445 168 December 1,423 1,063 2,487 383 142 1,628 1,299 2,926 447 162 1936 Richmond district Atlanta district January 708 494 1,202 170 93 593 343 936 112 49 February 707 498 1,205 177 99 582 339 920 121 59 March 688 499 1,187 194 118 595 341 936 119 56 April 682 500 1,182 180 105 618 343 961 113 48 May 697 501 1,197 179 102 626 347 973 107 41 June 718 508 1,225 170 92 634 350 984 108 42 July 759 516 1,276 191 108 651 358 1,009 119 51 August* 779 519 1,297 204 97 658 357 1,015 130 43 September 795 520 1,314 211 82 686 357 1,043 141 34 October 821 523 1,344 212 80 715 357 1,073 146 35 November 807 522 1,329 217 86 718 358 1,075 146 35 December 831 522 1,353 214 81 740 358 1,098 152 1936 Chicago district St. Louis district January 2,989 1,291 4,280 794 412 693 357 1,050 158 83 February 3,041 1,298 4,340 802 414 689 356 1,045 166 92 March 3,013 1,312 4,325 774 390 680 361 1,041 150 77 April 2,943 1,352 4,295 778 403 687 363 1,049 142 68 May 3,080 1,376 4,456 918 526 694 364 1,057 142 67 June 3,184 1,417 4,601 1,003 597 687 366 1,053 155 81 July.. 3,362 1,390 4,752 1,004 577 723 369 1,092 168 91 August1 3,339 1,411 4,750 948 415 726 372 1,099 160 63 September 3,362 1,428 4,790 1,003 363 747 374 1,121 168 49 October 3,426 1,429 4,854 1,037 386 773 375 1,148 179 56 November 3,422 1,441 4,863 1,051 400 778 376 1,154 184 60 December 3,455 1,465 4,920 980 325 803 375 1,178 188 61 1Reserve requirements increased by 50 percent effective August 16. Digitized forB aFcRk fAigSurEesR.— See Annual Report for 1935 (table 55) and similar tables in previous annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 ANNUAL REPORT OF BOARD OF GOVERNORS No. 56.—ALL MEMBER BANKS—RESERVE POSITION, BY FEDERAL RESERVE DISTRICTS, BY MONTHS, 1936—Continued [Averages of daily figures. In millions of dollars]^ Deposits subject to Deposits subject to reserve Reserves held reserve Reserves held Month Net Net demand Time Total Total Excess demand Time Total Total Excess 1936 Minneapolis district Kansas City district January 425 350 775 110 781 310 1,091 176 95 February 421 351 772 122 767 311 1,078 175 96 March 411 352 763 116 772 312 1,084 168 April 411 351 762 82 791 313 1,104 162 May 410 348 758 86 807 313 1,120 173 90 June 422 349 771 93 836 313 1,149 172 86 July 434 353 787 116 872 315 1,187 190 101 August* 459 356 815 125 899 316 1,215 216 101 September 467 360 827 125 910 317 1,227 223 84 October 478 359 837 117 916 317 1,233 221 81 November 487 361 847 126 915 318 1,233 225 85 December 482 362 843 124 932 316 1,247 225 83 1936 Dallas district San Francisco district January 587 196 783 128 1,461 2,045 3,506 299 97 February 574 197 771 128 1,439 2,046 3,485 294 95 March 583 196 779 129 1,454 2,060 3,514 300 99 April 590 196 786 125 1,526 2,069 3,595 354 145 May 587 195 782 122 1,502 2,117 3,619 358 150 June 603 197 800 125 1,528 2,104 3,632 341 131 July 630 200 830 137 1,589 2,096 3,685 378 162 August1 644 200 844 143 1,644 2,107 3,751 428 149 September 662 200 862 151 1,688 2,110 3,798 446 107 October 688 201 889 156 1,715 2,109 3,823 459 117 November 697 201 898 162 1,715 2,109 3,824 457 115 December 708 201 909 166 1,795 2,067 3,862 470 119 1 Reserve requirements increased by 50 percent effective August 16. Back figures.—See Annual Report for 1935 (table 55) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 147 No. 57.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES— RESERVE POSITION, BY WEEKS, 1936 [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves with Federal Reserve banks Week ending (Friday) NEW YORK CITY * 1936—Jan. 3 9,005 629 9,634 2,516 1,190 1,327 Jan.10 8,952 641 9,593 2,534 1,183 1,351 Jan. 17 9,049 626 9,675 2,609 1,195 1,414 Jan.24 9,120 604 9,725 2,628 1,204 1,424 Jan. 31 9,168 603 9,772 2,628 1,210 1,418 Feb.7 9,227 600 9,827 2,590 1,217 1,372 Feb.14 9,211 598 9,809 2,524 1,215 1,309 Feb. 21 9,245 599 9,844 2,590 1,220 1,870 Feb.28 9,250 602 9,852 2,608 1,221 1,387 Mar. 6.... 9,295 602 9,897 2,530 1,226 1,304 Mar. 13... 9,306 609 9,915 2,394 1,228 1,166 Mar. 20... 9,237 606 9,843 2,194 1,219 975 Mar. 27... 9,016 614 9,629 2,084 1,190 April 3 9,229 608 9,837 2,162 1,218 944 April 10 9,220 599 9,820 2,127 1,217 911 April 17 9,249 9,846 2,133 1,220 913 April 24.. 9,273 . 9,883 2,169 1,224 945 May 1 9,341 626 9,967 2,225 1,233 May 8 9,433 653 10,086 2,253 1,246 1,007 May 15 9,424 656 10,079 2,375 1,245 1,130 May 22 9,444 646 10,090 2,444 1,247 1,197 May 29 9,521 633 10,154 2,461 1,257 1,205 June 5... 9,673 618 10,292 2,397 1,276 1,121 June 12.. 9,794 613 10,407 2,412 1,292 1,121 June 19.. 9,668 611 10,279 2,074 1,275 798 June 26.. 9,528 612 10,140 1,984 1,257 727 July 3... 9,684 614 10,299 2,085 1,277 July 10.. 9,632 614 10,246 2,145 1,271 874 July 17.. 615 10,308 2,250 1,278 971 July 24.. 626 10,306 2,349 1,277 1,072 July 31.. 636 10,302 2,460 1,276 1,184 Aug. 7... 9,677 646 10,324 2,517 1,277 1,239 Aug. 14.. 9,656 644 10,300 2,492 1,275 1,218 Aug. 21i.. 9,565 638 10,203 2,446 1,804 642 Aug. 28.. 9,620 639 10,258 2,514 1,905 609 Sept. 4... 9,718 649 10,368 2,588 1,924 663 Sept. 11.. 9,732 645 10,376 2,527 1,927 600 Sept. 18.. 9,745 638 10,383 2,419 1,929 490 Sept. 25.. 9,700 636 10,336 2,403 1,920 483 Oct. 2 9,773 656 10,429 2,434 1,935 Oct. 9 9,752 685 10,437 2,515 1,932 583 Oct. 16 : 9,753 686 10,439 2,555 1,933 622 Oct. 23 9,761 685 10,446 2,607 1,934 672 Oct. 30 9,784 684 10,468 2,636 1,939 697 Nov. 6.. 9,759 665 10,424 2,650 1,933 717 Nov. 13. 9,819 642 10,461 2,689 1,944 745 Nov. 20. 9,822 644 10,466 2,707 1,944 762 Nov. 27. 9,872 664 10,536 2,729 1,955 774 Dec. 4... 9,865 674 10,539 1,954 744 Dec. 11.. 9,872 687 10,559 2,666 1,956 710 Dec. 18.. 9,953 696 10,649 2,687 1,972 715 Dec. 25.. 696 10,644 2,643 1,971 672 For footnotes, see table 55. Back figures.— See Annual Report for 1935 (table 57) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 ANNUAL REPORT OF BOARD OF GOVERNORS No. 57.—MEMBER BANKS IN NEW YORK CITY, CHICAGO, AND OTHER RESERVE CITIES- RESERVE POSITION, BY WEEKS, 1936—Continued [Averages of daily figures. In million of dollars] Deposits subject to reserve Reserves with Federal Reserve banks Week ending (Friday) Net demand Time Total Total Required Exoess CHICAGO 2 1936—Jan 3 1,838 410 2,248 519 251 268 Jan. 10 1,856 410 2,266 529 254 275 Jan. 17 1,891 409 2,300 516 258 258 Jan 24 1,898 408 2,306 467 259 208 Jan. 31 1,895 407 2,302 467 259 208 Feb. 7 1,904 407 2,311 482 260 222 Feb 14 1,918 407 2,325 487 262 226 Feb 21 1,922 407 2,329 492 • 262 230 Feb 28 1,916 407 2,322 486 261 Mar 6 1,910 407 2,316 485 260 225 Mar. 13 1,900 407 2,307 519 259 260 Mar. 20 1,877 408 2,284 454 256 198 Mar 27 1,832 408 2,240 425 250 175 Apr 3 1,682 407 2,089 390 231 160 Apr 10 . . 1,743 421 2,164 436 239 197 Apr. 17 1,799 453 2,252 522 247 275 Apr 24 1,825 454 2,279 552 251 301 May 1 1,852 454 2,305 590 254 336 May 8 1,865 454 2,319 604 256 348 May 15 1,878 455 2,332 621 258 363 May 22 1,891 455 2,346 643 259 384 May 29 1,916 455 2,371 669 263 407 June 5 1,925 466 2,392 688 264 424 June 12 1,953 481 2,434 696 268 427 June 19 1,945 482 2,428 654 267 887 June 26 1,946 484 2,430 666 268 398 July 3 2,033 464 2,497 714 278 436 July 10 2,076 422 2,497 689 282 407 July 17 2,096 427 2,523 675 285 390 July 24 . . . . 2,102" 428 2,530 622 286 336 July 31 2,109 428 2,537 609 287 322 Aug. 7 2,084 427 2,512 578 284 294 Aug. 14 2,062 432 2,494 564 281 283 Aug 211 2,058 438 2,496 591 401 190 Aug. 28 2,045 437 2,483 573 419 155 Sept. 4 2,049 438 2,488 596 419 177 Sept. 11 2,067 441 2,508 649 423 226 Sept. 18 2,070 441 2,511 626 423 203 Sept. 25 2,065 442 2,507 581 423 159 Oct. 2 2,117 440 2,558 623 433 190 Oct. 9 2,090 439 2,529 609 427 182 Oct 16 2,112 428 2,540 637 431 206 Oct. 23 2,123 428 2,551 651 433 218 Oct. 30 2,114 428 2,542 650 431 219 Nov. 6 2,106 428 2,534 645 430 215 Nov 13 2,102 429 2,531 646 429 217 Nov. 20 2,112 429 2,541 656 431 225 Nov. 27 2,113 429 2,542 660 431 229 Dec. 4 2,097 429 2,526 633 428 205 Dec 11 2,107 430 2,537 620 430 190 Dec 18 . . .. 2,131 440 2,571 632 435 197 Dec. 25 2,111 443 2,555 591 432 15S For footnotes, see table 55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 149 No. 57—MEMBER BANKS IN NEW YORK CITY, CPIICAGO, AND OTHER RESERVE CITIES- RESERVE POSITION, BY WEEKS, 1936—Continued [Averages of daily figures. In millions of dollars] Deposits subject to reserve Reserves with Federal Reserve banks Week ending (Friday) Net demand Time Total Total Required Excess RESERVE CITY BANKS 1936—Jan. 3 7,332 4,243 11,575 1,601 861 741 Jan. 10 7,331 4,263 11,594 1,672 861 811 Jan. 17 7,345 4,273 11,617 1,732 863 870 Jan. 24.. 7,348 4,278 11,626 1,741 863 878 Jan.31 7,343 4,286 11,629 1,759 863 896 Feb.7 7,303 4,284 11,587 1,749 859 891 Feb.14 7,322 4,292 11,615 1,753 861 892 Feb.21 7,318 4,289 11,607 1,738 860 877 Feb.28 7,304 4,294 11,598 1,741 859 882 Mar. 6 7,268 4,311 11,579 1,772 856 916 Mar. 13 7,309 4,323 11,632 1,830 861 970 Mar. 20 7,337 4,324 11,661 1,681 863 817 Mar. 27 7,374 4,320 11,694 1,604 867 737 Apr. 3 7,400 4,310 11,710 1,614 869 745 Apr. 10 7,440 4,318 11,758 1,649 874 775 Apr. 17 7,501 4,327 11,828 1,670 880 790 Apr. 24 7,524 4,349 11,873 1,720 883 837 May 1 7,497 4,387 11,884 1,685 881 804 May 8 7,455 4,404 11,859 1,653 878 775 May 15 7,497 4,409 11,905 1,670 882 788 May 22 7,469 4,407 11,877 1,654 879 775 May 29 7,470 4,405 11,875 1,660 879 781 June 5 7,425 4,397 11,822 1,662 874 787 June 12 7,468 4,394 11,862 1,713 879 834 June 19 7,562 4,387 11,949 1,569 888 681 June 26 7,666 4,405 12,071 1,635 899 736 July 3 7,795 4,427 12,222 1,783 912 871 July 10 7,875 4,416 12,291 1,868 920 948 July 17 7,940 4,413 12,353 1,913 926 987 July 24 7,975 4,411 12,386 1,899 930 969 July 31 7,967 4,407 12,374 1,893 929 965 Aug. 7 7,929 4,418 12,348 1,859 925 934 Aug. 14 7,998 4,418 12,416 1,930 932 997 Aug. 211 8,045 4,419 12,463 1,988 1,339 650 Aug. 28 8,053 4,421 12,474 2,013 1,407 606 Sept. 4 8,065 4,422 12,486 2,026 1,409 617 Sept. 11 8,119 4,430 12,549 2,068 1,417 651 Sept. 18 8,166 4,426 12,591 2,032 1,424 608 Sept. 25 8,170 4,425 12,595 2,031 1,425 606 Oct. 2 8,229 4,425 12,654 2,065 1,433 631 Oct. 9 8,289 4,428 12,717 2,086 1,443 643 Oct. 16 8,378 4,431 12,809 2,160 1,456 704 Oct. 23 8,425 4,435 12,860 2,185 1,463 721 Oct. 30 8,457 4,436 12,893 2,203 1,468 735 Nov. 6 8,412 4,435 12,847 2,170 1,461 708 Nov. 13 8,412 4,431 12,843 2,192 1,461 731 Nov. 20 8,433 4,434 12,867 2,199 1,464 735 Nov. 27 8,376 4,435 12,811 2,177 1,456 721 Dec. 4 4,426 12,814 2,200 1,457 742 Dec. 11 8,502 4,346 12,848 2,208 1,471 737 Dec. 18 8,566 4,355 12,921 2,142 1,481 661 Dec. 25 8,617 4,366 12,982 2,108 1,489 619 For footnote, see table 55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 ANNUAL REPORT OF BOARD OF GOVERNORS No. 58.—DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks m Member banks in All member banks larger centers smaller centers (Places over 15,000)>• (Places under 15,000) Month Gross Time Gross Time Gross Time demand demand demand 1936 January 27,312 10,412 13,185 7,186 2,189 2,197 February 27,636 10,400 13,271 7,190 2,202 2,204 March 27,459 10,474 13,167 7,250 2,212 2,210 April 27,620 10,545 13,351 7,280 2,231 2,216 May 28,136 10,675 13,539 7,355 2,242 2,220 June 28,714 10,694 13,769 7,368 2,268 2,232 July 29,714 10,743 14,525 7,434 2,394 2,260 August 29,396 10,815 14,390 7,457 2,429 2,281 September 29,844 10,843 14,576 7,470 2,478 2,290 October 30,457 10,910 15,008 7,492 2,533 2,302 November 30,843 10,894 15,214 7,498 2,566 2,314 December 31,273 10,882 15,455 7,437 2,577 2,313 1Excluding central reserve city banks, for which figures are shown in table 55. Back figures.—Not available for gross demand deposits; for time deposits see Annual Report for 1935 (table 56) and similar tables in previous annual reports. For discussion of changes in reported figures see Federal Reserve Bulletin for September 1936, pages 700-701. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 151 No. 59.—CHANGES IN NUMBER OF BANKS AND BRANCHES DURING 1936 [Preliminary figures] Member banks Nonmember banks 1 Total National State Insured Not insured NUMBER OF BANKING OFFICES On December 31, 1935 . . .. 18,335 6,715 1,953 8,528 1,139 On December 31, 1936 18,258 6,726 2,034 8,400 1,098 Net change -77 +11 +81 -128 -41 NUMBER OF BANKS (HEAD OFFICES) On December 31, 1935 . . .. 15,217 5,386 1,001 7,734 1,096 OnDecember 31, 1936 15,023 5,325 1,051 7,592 1,055 Net change -194 -61 +50 -142 -41 NUMBER OF BRANCHES OnDecember 31, 1935 3,11* 1,329 952 794 43 OnDecember 31, 1936 3,235 1,401 983 808 43 Net change... ... +117 +72 +31 +14 ANALYSIS OF BANK CHANGES Increases in number of banks: Primary organizations (new banks)2 +69 +6 3+2 +29 +32 Reopenings of suspended banks + 15 + 1 +9 +5 Decreases in number of banks: Suspensions -44 -1 -40 -3 Liquidations 2 -58 o -29 -20 Consolidations, absorptions, etc -176 -51 -11 -99 -15 Inter-class bank changes: Conversions— State into national +10 -4 -5 National into State -18 +1 +17 Federal Reserve membership 4— Admissions of State banks +70 -68 2 Withdrawals of State banks +6 +1 Federal deposit insurance 5— Admissions of State banks +39 -39 Withdrawals of State banks -1 +1 Total increase or decrease in number of banks.. -194 -61 +50 -142 -41 ANALYSIS OF BRANCH CHANGES Increases in number of branches: De novo branches +88 +33 +9 +41 +5 Banks converted into branches +76 +43 +15 +18 Decreases in number of branches: Suspensions of parent banks Otherwise discontinued -47 -8 -16 -2i -2 Inter-class branch changes: Branches of State banks which became branches of national banks +4 -3 -1 Federal Reserve membership 4— By admissions of parent banks +25 -25 By withdrawals of parent banks 2 +2 Federal deposit insurance 5— By admissions of parent banks +4 -4 By withdrawals of parent banks Total increase in number of branches +117 +72 +31 +14 1 Exclusive of (a) mutual savings banks; (b) private banks not under State supervision (private banks reporting to State banking departments are included); and (c) trust companies and other financial institutions which do not receive deposits but which are included in State bank abstracts. 2Exclusive of cases where a going bank of a given class is succeeded by a new bank of the same class. 3 Includes a newly organized State member bank which succeeded a State member bank, a national bank, and an insured nonmember bank. 4Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 6Exclu8ive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. NOTE.—The differences between the number of nonmember banks as shown in this table and the number this table and the inclusion in table 48 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 Digitized fothr eF fRigAurSesE inR t able 48 are as of call dates prior to the end of the year. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 60.—MEMBER BANKS—EARNINGS, EXPENSES, DIVIDENDS, AND OPERATING RATIOS, 1929-1936 Amounts (in thousands of dollars) Amounts per $100 of k)ans and investmetits 12 1929 1930 1931 1932 1933 1934 1935 1936 1929 i 1930 1931 1932 1933 1934 '1935 1936 Earnings: Interest and discount on loans 1,562,769 1,349,364 1,072,927 851,007 604,297 540,014 498,419 513,399 $4.38$3.81$3.21 $2.98 $2.42 $2.01:$1.72$1.64 Interest and dividends on investments.. 472,868 472,351 480,296 457,712 426,391 473,791 467,217 487,101 1.32 1.33 1.44 1.60 1.71 1.76! 1.62 1.55 Interest on balances with other banks.. 33,264 35,799 28,682 16,759 7,705 2,425 1,681 1,207 .09 .10 .09 .06 .03 .01 .01 Collection charges, commissions,fees,etc. 61299 50,328 38,389 27,943 24,487 27,810 28,825 31,397 .17 .15 .10 .10 .10 .10 " '. 10 Foreign department 26 209 25,011 25,727 22,531 21,791 17,975 12.282 12,165 07 07 08 08 09 07 04 04 Trust department 77589 80,280 75,041 64,822 59,658 70,994 77,703 88,297 22 .23 09 .23 .24 .26i .27 .28 Service charges on deposit accounts f 20,574 27,619 35,634 39,415 ( ..08 .10; .12 .13 R O e th n e t r r e c c u e r i r v e e n d t earnings 3 J [ 164995 144,789 120,302 112,844 \\ 71,961 83,245 84,888 \ 7 1 8 9 , , 4 4 5 7 6 1 \ .46 .36 .401 U .29 .29 / \ . . 0 2 6 5 Total earnings from current operations 3 . . 2,398 993 2,157,922 1,841,424 1,553,618 1,236,864 1,243,873 1,206,649 1270,908 6.71 6.10 5.51 5.45 4.95 4.62J 4.17 4.05 Expenses: 1 Interest on deposits: Time 444 636 450,865 387,284 301,863 231,765 227,371 196490 175,164 1.25 1.27 1.16 1.06 .93 .84' .68 .56 Demand... 246493 225,280 140,691 97,862 42,802 12,494 9298 7,137 69 64 42 34 17 05 03 02 Bank 68,131 72,847 52,935 34,599 13,424 3,498 2 695 2,175 .19 .21 .16 .12 .05 .or .01 .01 c Total 759,260 748,992 580,910 434,324 287,991 243,363 208483 184,476 2.13 2.12 1.74 1.52 1.15 .90 72 .59 Salaries, officers Sa t l h ar a i n e s o a ff n ic d e rs w ) ages, employees (other \ 463847 451,776 412,531 356,557 306,021 327,424 334 468 \ 2 1 1 3 6 5 , , 2 5 1 0 3 1 Jl.30 1.28 1.23 1.25 1.22 1.22 1.16 / : . . 4 6 3 9 Fees paid to directors and members of executive, discount, and advisory committees.. 6,269 .02 Interest and discount on borrowed money 64,265 22,001 19,136 38,814 15,178 3,637 1230 613 .18 .06 .06 .14 .06 .01! R O e th a e l r e s ta ta x t e e s taxes } 112,476 113,418 86,367 67,077 58,028 62,278 63680 { 3 4 3 7 , , 9 1 7 7 0 5 .32 .26 .24 .23 .23; .22\ .15 Other expenses 283,872 268,148 236,435 246,612 192,082 212,687 224 654 247,897 .79 .76 .71 .86 .77 .79 .78 .79 Total current expenses 1,683,720 1,604,335 1,335,379 1,143,384 859,300 849,389 832,515 872,114 4.71 4.53 3.99 4.01 3.44 3.15; 2.88 2.78 Net earnings from current operations3 715,273 553,587 506,045 410,234 377,564 394,484 374,134 398,794 2.00 1.57 1.51 1.44 1.51 1.46 1.29 1.27 Recoveries, profits on securities, etc.: Recoveries on loans 25,204 23,402 28,000 24,584 28,815 44,389 71901 94,247 .07 .07 .08 .09 .12 .16; 25 .30 R Pr e o c f o it v s e r o ie n s s o ec n u i r n it v ie e s s t s m ol e d nts } 95,062 83,186 83,619 60,191 80,072 185,591 277027{ 2 1 3 6 0 0 , , 6 3 9 1 8 8 }.2V .23 .25 .21 .32 .69,; .96/ I - .5 7 1 4 All other 16,448 11,641 15,053 28,334 15,998 23,979 27078 22,808 .05 .03 .05 .10 .06 .09; .09 .07 Total3 136,714 118,229 126,672 113,109 124,885 253,959 376 006 508,071 .39| .33 .38 .40 .50 .94! 1.30 1.62 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Losses and depreciation: On loans 139,588 194,725 295,241 403,272 425,442 451,782 252,374 206,548 1.41 1.70 1. .87 On investments 95,465 109,028 264,170 304,961 344,053 320,496 198,765 131,406 .27 .79 1.07 1.38 1.19 .42 On banking house, furniture and fixtures 33,171 36,601 29,061 21,370 35,758 39,422 33,586 38,721 .09 .07 .14 .15 .12 All other 27,249 24,960 31,984 48,627 53,026 61,244 53,537 64,873 .10 .17 .21 .23 .21 Total losses and depreciation 295,473| 365,314 620,456 778,230 858,279 872,944 538,262 441,548 .03 1.86 2.72 3.43 3.24 Net profits or net loss (—) 556,5141 306,502 12,261 -254,887 -355,830 -224,501 211,878 465,317 .87| .04 -.83 .73 1.48 Cash dividends declared 5 408,628i 371,968 335,792 245,074 150,804 173,666 186,810 198,663 i Loans2 25,614,655125,018,222|21,732,28916,743,940 12,916,73012,476,57211,985,15012,543,829 Investments 2 10,112,473110,377,19011,699,50211,778,580 12,069,549 14,453,88516,913,30818,839,010 Loans and investments - .. 35,727,128 35,395,41233,431,79128,522,520 24,986,279 26,930,457 28,898,458 31,382,839 Time deposits 2 . 113,331,644 13,611,05212,963,42010,775,783 9,073,494 9,616,32310,181,426 10,660,494 Total deposits 2 ^.'{37,266,248:37,021,454 34,632,00728,913,40126,771,634 30,718,669 35,694,475 40,129,630 Capital funds26 ... 6,360,3061 6,722,7821 6,395,8665,660,145 4,902,319 ,049,525 5,118,478 5,209,486 13 H > Other ratios *2 tr1 Net profit, or net loss ( —) per $100 of capital funds 6 75 $4.56 $0.19-$4 .50-$7.26 $4.45$4.14 58.93 H Interest and discount on loans per $100 of loans 6.10 5.39 .94 5 08 4.68 4.33 4.16 4.09 Losses on loans per $100 of loans .54 .78 1.36 2.41 3.29 3.62 2.11 1.65 Interest and dividends on investments per $100 of investments . 4. 4.55 4.11 3.89 3.53 3.28 2.76 2.59 Losses on investments per $100 of investments .94 1.05 2.26 2.59 2.85 2.22 1.18 .70 Interest on time deposits per $100 of time deposits 3.34 3.31 2.99 2.80 2.55 2.36 1.93 1.64 Total deposits per $1 of capital funds6 5.86 5.51 5.41 5.11 5.46 6.08 6.97 7.70 Loans and investments per $1 of capital funds 6 5.62 5.26| 5.23 5.04 5.10| 5.33 5.65 6.02 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates 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, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2For 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. 3 Figures for 1928-31 as originally published were revised in the 1935 Annual Report by transferring profits on securities sold from "Earnings" to "Recoveries, profits on securities, etc.," putting them on the same basis as subsequent figures. 4 Not reported separately; included partly in "Salaries" and "Other expenses." 5 Includes interest on capital notes and debentures. 6 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 1935 (table 60) and similar tables in previous annual reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 ANNUAL REPORT OF BOARD OF GOVERNORS REPORTING MEMBER No. 61.—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING [Monthly averages of weekly figures. In millions of dollars] Loans on securities Investments Total To brokers loans and dealers All Month and To other i m nv e e n s t t s - Total N I e n w O si u d t e - others loans York New City York City TOTAL, 101 CITIES 1933—January 18,665 4,224 327 231 3,666 5,902 5,260 3,279 February 18,532 4,217 362 221 3,634 5,819 5,206 3,290 March 16,794 3,934 320 218 3,396 4,982 4,717 3,161 April 16,596 3,749 326 201 3,222 4,921 4,788 3,138 May 17,096 3,866 508 189 3,169 5,014 5,128 3,088 June 17,415 3,936 689 172 3,075 5,050 5,362 3,067 July 17,560 4,028 857 170 3,001 5,075 5,388 3,069 August 17,494 3,970 816 166 2,988 5,088 5,376 3,060 September 17,482 3,925 790 168 2,967 5,156 5,342 3,059 October 17,462 3,841 728 172 2,941 5,273 5,261 3,087 November 17,630 3,774 669 171 2,934 5,318 5,433 3,105 December 17,589 3,796 707 164 2,925 5,188 5,534 3,071 1934— A M A M F J Ju u J e p u a a a l n b r g y n y r e i r c u u l u h s a a t r r y y 1 1 1 1 1 1 1 1 8 8 8 8 8 8 8 7 , , , , , , , , 9 6 5 3 9 5 3 5 3 2 5 6 2 5 3 9 1 7 9 5 0 6 3 3 3 3 3 3 3 3 3 3 , , , , , , , , 7 6 7 4 7 7 7 7 3 9 0 5 5 2 6 4 1 1 1 9 7 6 4 3 8 8 9 9 9 7 8 7 8 5 7 2 9 3 3 4 6 8 8 7 0 4 0 7 1 1 1 1 1 1 1 1 7 7 8 6 8 7 5 4 1 1 3 6 2 4 2 7 2 2 2 2 2 2 2 2 , , , , , , , 1 6 6 5 5 5 8 7 1 5 1 8 3 2 4 8 1 6 0 6 4 8 9 2 4 4 4 4 4 4 5 5 , , , , , , , , 7 8 8 8 9 9 0 0 6 7 4 2 8 6 3 5 9 0 8 1 0 5 0 8 7 7 5 6 6 6 6 6 , , , , , , , , 1 6 6 1 6 6 8 4 8 2 5 9 8 8 8 6 2 2 7 2 6 1 1 9 3 3 3 3 3 3 3 3 , , , , , , , , 2 1 1 1 2 4 0 1 5 9 6 4 1 4 7 0 9 9 8 7 5 3 0 0 NEW YORK CITY 1933—January 7,077 1,571 305 1,206 1,839 2,575 1,092 February 7,046 1,621 354 1,205 1,797 2,537 1,091 March 6,477 1,633 311 1,260 1,492 2,234 1,118 April 6,490 1,558 314 1,184 1,555 2,232 1,145 May 6,821 1,704 497 1,149 1,628 2,380 1,109 June 6,979 1,805 663 1,093 1,653 2,441 1,080 July 6,865 1,848 763 1,042 1,598 2,347 1,072 August 6,722 1,781 706 1,034 1,594 2,297 1,050 September 6,724 1,772 697 1,031 1,620 2,280 1,052 October 6,728 ,683 617 1,020 1,715 2,232 1,098 November 6,775 ,643 567 1,032 1,763 2,238 1,131 December 6,717 ,670 588 1,039 1,694 2,256 1,097 1934—January 6,675 ,676 613 1,020 1,672 2,233 1,094 February 6,997 ,711 685 980 1,699 2,517 1,070 March 7,168 ,683 688 947 1,650 2,702 1,133 April 7,269 ,718 766 905 1,631 2,745 1,175 May 7,050 ,680 720 914 1,560 2,735 1,075 June 7,190 ,727 792 881 1,537 2,848 1,078 July 7,273 ,727 815 856 1,501 2,930 1.115 August 7,127 ,520 615 850 1,522 2,883 1,202 OUTSIDE NEW YORK CITY 1933—January 11,588 2,653 171 j 2,460 4,063 2,685 2,187 February 11,486 2,596 159 i 2,429 4,022 2,669 2,199 March 10,317 2,301 9 156 2,136 3,400 2,483 2,043 April 10,106 2,191 12 141 2,038 3,366 2,556 1,993 May 10,275 2,162 11 131 2,020 3,386 2,748 1,979 June 10,436 2,131 26 123 1,982 3,397 2,921 1,987 July 10,695 2,180 94 127 1,959 3,477 3,041 1,997 August 10,772 2,189 110 125 1,954 3,494 3,079 2,010 September 10,758 2,153 93 124 1,936 3,536 3,062 2,007 October 10,734 2,158 111 126 1,921 3,558 3,029 1,989 November 10,855 2,131 102 127 1,902 3,555 3,195 1,974 1934— D J e a c n e u m ar b y er 1 1 0 0 , , 8 9 7 1 2 8 2 2 , , 1 0 2 6 6 7 1 1 1 3 9 4 1 1 2 0 1 4 1 1 : , 8 8 8 2 6 9 3 3 , , 3 4 8 9 6 4 3 3 , , 2 4 7 5 8 9 2 1 , ,9 0 7 0 4 6 February 11,336 2,053 145 106 1,802 3,331 3,952 2,000 March 11,388 2,048 146 118 1,784 3,330 3,984 2,026 April 11,290 2,039 161 127 1,751 3,334 3,877 2,040 May 11,315 2,011 166 125 1,720 3,310 3,922 2,072 June 11,437 1,999 166 128 1,705 3,284 4,033 2,121 July 11,647 1,974 175 127 1,672 3,268 4,252 2,153 August 11,804 1,939 163 116 1,660 3,326 4,298 2,241 NOTE.—For monthly averages beginning September 1934, see p. 156 of this Report; for back data, see Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 155 BANKS IN LEADING CITIES CITIES—ASSETS AND LIABILITIES, BY MONTHS, 1933-1935 [Monthly averages of weekly figures. In millions of dollars] Re w se it r h ves Cash Net Time G U ov . e S r . n- Due Due B in o g rr s o a w t - Federal in demand deposits from to Federal Month Reserve vault deposits ment banks banks Reserve banks deposits banks TOTAL 101 CITIES 2,090 214 11,902 5,691 282 1,809 3,528 64 1933—January 1,895 234 11,609 5,595 221 1,604 3,249 95 February. 1,460 409 9,927 4,756 204 830 2,028 623 March. 1,598 239 10,369 4,666 234 1,181 2,535 171 April. 1,620 220 10,975 4,655 237 1,373 2,834 124 May. 1,730 209 11,306 4,700 418 1,507 3,013 62 June. 1,721 212 11,074 4,927 611 1,306 2,836 25 July. 1,827 205 10,865 4,952 788 1,210 2,616 31 August. 1,974 214 10,958 4,928 904 1,283 2,669 23 September. 2,021 228 11,061 4,912 846 1,310 2,781 21 October. 2,016 238 11,128 4,902 980 1,287 2,819 24 November. 2,004 274 11,248 4,802 845 1,269 2,814 26 December. 2,084 256 11,583 4,820 652 1,369 3,048 20 1934—January. 2,168 251 11,821 4,836 1,291 1,489 3,324 11 February. 2,678 256 12,254 4,872 1,568 1,647 3*, 591 9 March. 2,830 264 12,737 4,911 1,342 ,737 3,769 7 April. 2,913 281 12,925 4,945 1,064 1,730 3,811 (> May. 3,024 266 13,148 4,969 1,215 1,770 3,861 5 June. 3,074 260 13,329 5,020 1,429 ,840 4,023 (i July. 3,192 254 13,503 5,020 1,344 , 723 3,942 5 August. NEW YORK CITY 1,082 39 5,832 893 110 85 1,596 1933—January. 862 41 5,626 839 83 74 1,446 February. 664 83 4,690 748 111 56 826 306' March. 830 43 5,112 746 136 59 1,125 17 April. 827 39 5,530 704 110 81 1,279 May. 836 39 5,644 719 186 79 1,349 June. 742 39 5,344 786 265 74 1,188 July. 803 37 5,210 767 338 67 1,111 August. 878 38 5,255 760 388 67 1,153 September. 859 40 5,261 761 363 76 1,175 October. 817 41 5,224 767 419 77 1,175 November. 779 46 5,198 713 369 76 1,111 December. 839 39 5,328 702 300 76 1,222 1934—January. 875 40 5,388 695 620 77 1,322 February 1,203 39 5,704 686 788 84 1,475 March. 1,234 38 5,980 694 695 82 1,567 April. 1,281 38 6,011 673 563 .77 1,577 May. 1,340 39 6,146 688 629 85 1,617 June. 1,306 38 6,161 687 726 88 1,640 July. 1,429 38 6,216 669 685 63 1,583 August. OUTSIDE NEW YORK CITY 1,008 175 6,070 4,798 172 1,724 1,932 64 1933—January. 1,033 193 5,983 4,756 138 1,530 1,803 95 February. 796 326 5,237 4,008 93 774 1,202 317 March. 768 196 5,257 3,920 98 1,122 1,410 154 April. 793 181 5,445 3,951 127 1,292 1,555 124 May. 894 170 5,662 3,981 232 1,428 1,664 62 June. 979 173 5,730 4,141 346 1,232 1,648 25 July. 1,024 168 5,655 4,185 450 1,143 1,505 31 August. 1,096 176 5,703 4,168 516 1,216 1,516 23 September. 1,162 188 5,800 4,151 483 1,234 1,606 21 October. 1,199 197 5,904 4,135 561 1,210 1,644 24 November. 1,225 228 6,050 4,089 476 1,193 1,703 26 December. 1,245 217 6,255 4,118 352 1,293 1,826 20 1934—January. 1,293 211 6,433 4,141 671 1,412 2,002 11 February. 1,475 217 6,550 4,186 780 1,563 2,116 9 March. 1,596 226 6,757 4,217 647 1,655 2,202 7 April. 1,632 223 6,914 4,272 501 1,653 2,234 6 May. 1,684 227 7,002 4,281 586 1,685 2,244 5 June. 1,768 222 7,168 4,333 703 1,752 2,383 6 July. 1,763 216 7,287 4,351 659 1,660 2,359 5 August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 ANNUAL REPORT OF BOARD OF GOVERNORS No. 61.- WEEKLY REPORTING MEMBER BANKS IN 101 LEADING [Monthly averages of weekly figures. In millions of dollars] Loans to customers (except banks) Open-market loans Total loans To Loans Ac- Month i m n a v e n e n d s t t s - Total b o d r u e a o t a n k s le i d e r d r s e s ot T o h n e o rs e R s e t a a l t - e O lo t t a h o n e s r ba t n o ks a c c a n o e n c p m d e t - - s b L ro o t i k a o n n e s rs Y N o e r w k s i ec lt u e r s - loans m cu e s r t s o 2 - m p e a r p c e i r al Y N o ew rk City i bought City* TOTAL—101 CITIES 1934—September 18,977 162 2348 1,151 3,319 123 467 738 October 19,056 156 2,311 1,148 3,373 120 480 707 November 18,989 6,909 157 2,286 1,143 3,323 122 477 675 December 19,345 6,865 168 2,289 1,139 3,269 127 457 747 1935—January 19,489 6,744 172 2,242 1,133 3,197 125 449 743 February 19,514 6,752 ! 171 2,220 ,126 3,235 119 438 715 March 19,761 6,796 183 2210 ,121 3,282 105 428 811 April 19,856 6,758 172 2,168 ,120 3,298 116 424 785 May 19,814 6,715 177 2129 ,126 3,283 129 395 844 June 19,887 6,720 172 2,117 ,151 3,280 114 350 844 July 19,909 6,667 173 2,089 ,142 3,263 93 314 869 August 19,825 6,623 165 2,074 ,136 3,248 83 311 830 September 20,187 6,680 163 2,065 ,137 3,315 89 316 844 October 20,355 6,751 159 2,078 ,146 3,368 85 327 800 November 20,510 6,770 161 2!081 ,141 3,387 102 338 820 December 20,769 6,824 174 2,107 ,139 3,404 81 358 921 * NEW YORK CITY 1934—September 7,120 2,173 49 799 137 1,188 243 585 October 7,105 2,193 49 784 135 1,225 242 563 November 7,050 2,186 51 784 133 1,218 237 522 December 7,281 2,171 53 794 133 1,191 225 586 1935—January 7,410 2,115 55 780 130 1,150 231 581 February 7,366 2,129 58 781 131 1,159 225 556 March 7,564 2,138 54 775 131 1,178 216 642 April 7,693 2,123 55 754 130 1,184 216 659 May 7,682 2,089 58 737 128 1,166 197 801 June 7,703 2,082 59 733 127 1,163 165 806 July 7,694 2,070 60 729 123 1,158 141 833 August 7,531 2,050 56 720 122 1,152 129 797 September 7,743 2,073 56 709 123 1,185 130 814 October 7,734 2,096 58 721 123 1,194 140 779 November 7,828 2,092 59 727 123 1,183 155 800 December 7,921 2,095 59 745 125 1,166 171 897 OUTSIDE NEW YORK CITY 1934—September 11,857 4,807 113 1,549 1,014 2,131 224 153 October 11,951 4,795 107 1,527 1,013 2,148 238 144 November 11,939 4,723 106 1,502 •1,010 2,105 240 153 December 12,064 4,694 115 1,495 1,006 2,078 232 161 1935—January 12,079 4,629 117 1,462 1,003 2,047 218 162 February 12,148 4,623 113 1,439 995 2,076 213 159 March 12,197 4,658 129 1,435 990 2,104 212 169 April 12,163 4,635 117 1,414 990 2,114 208 126 May 12,132 4,626 119 1,392 998 2,117 198 43 June 12,184 4,638 113 1,384 1,024 2,117 185 38 July 12,215 4,597 113 1,360 1,019 2,105 173 36 August 12,294 4,573 109 1,354 1,014 2,096 182 33 September 12,444 4,607 107 1,356 1,014 2,130 186 30 October 12,621 4,655 101 1,357 1,023 2,174 187 21 November 12,682 4,678 102 1,354 1,018 2,204 183 20 December 12,848 4,729 115 1,362 1,014 2,238 187 24 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Includes reporting banks' own acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 157 CITIES ASSETS ANJ> LIABILITIES, BY MONTHS, 1933-1935—Continued |Monthly averages of weekly figures. In millions of dollars! Investments Reserves U. S o . b l G ig o a v t e io rn n m s ent Other R Fe e w d s i e e t r h r v a e l v C a i a n u s l h t do f D m ro u e m s e tic Month securities banks banks 3 Total Fully Direct giiaranteed TOTAL—101 CITIES 10,669 7,118 4 598 4 2,953 3,083 275 1,667 1934—September. 10,761 7,182 501 3,078 3,111 288 1,718 October. 10,806 7,243 601 2,962 3,236 306 1,762 November. 11,149 7,545 618 2,986 3,159 330 1,868 December. 11,428 7,795 657 2,976 3,455 304 1,970 1935—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. NEW YORK CITY 4,055 2,820 4 253 4 982 1,365 39 58 1934—September. 4,043 2,801 232 1,010 1,403 41 62 October. 4,036 2,827 266 943 1,433 49 62 November. 4,226 2,995 271 960 1,375 52 73 December. 4,419 3,154 271 994 1,579 45 75 1935—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. OUTSIDE NEW YORK CITY 6,614 4,298 4 345 1,971 ,718 236 1,609 1934—September. 6,718 4,381 269 2,068 ,708 247 1,656 October. 6,770 4,416 335 2,019 ,803 257 1,700 November. 6,923 4,550 347 2,026 ,784 278 1,795 December. 7,009 4,641 386 1,982 ,876 259 1,895 1935—January. 7,094 4,680 425 1,989 ,863 257 1,980 February. 7,104 4,656 471 1,977 ,813 255 1,950 March. 7,140 4,614 511 2,015 ,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 2,264 316 2,230 December. 3 Includes dollar balances due from American branches of foreign banks. 4 Securities guaranteed by U. S. Government as to interest only included with fully guaranteed obligations. NOTE.—See next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 ANNUAL REPORT OF BOARD OF GOVERNORS No. 61.—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING [Monthly averages of weekly figures. In millions of dollars] Demand deposits Total assets 1 Other Interbank Month assets lia T b o il t i a t l ies Domestic Foreign G U S m o n t v a e i t e t n e e r t s d n- C c e h e r e t t i c c f . k ie s d , Other TOTAL—101 CITIES 1934—September 984 1,646 26,632 3,960 130 1,171 378 11,528 October 1,041 1,690 26,904 4,091 126 1,037 386 11,806 November 1,119 1,693 27,105 4,181 126 857 391 12,087 December 1,097 1,676 27,475 4,257 134 1,131 453 12,115 1935—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 4,778 266 558 425 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 5,268 438 609 556 14,776 NEW YORK CITY 1934—September 486 772 9,840 1,570 112 598 244 4,859 October 520 807 9,938 1,633 109 532 245 4,969 November 565 792 9,951 1,652 108 446 244 5,056 December 571 756 10,108 1,720 115 580 292 4,998 1935—January 657 735 10,501 1,838 122 718 346 5,102 February 616 637 10,536 1,948 152 601 315 5,161 March 645 622 10,615 1,938 1S8 527 357 5,287 April 643 586 10,656 1,893 162 527 371 5,333 May 708 580 10,825 1,913 189 435 383 5,537 June 583 533 10,834 1,898 245 375 311 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 488 11,568 2,203 354 184 308 6,146 December 483 11,730 2,210 403 182 355 6,217 OUTSIDE NEW YORK CITY 1934—September 498 874 16,792 2,390 573 134 6,669 October 521 883 16,966 2,458 505 141 6,837 November 554 901 17,154 2,529 411 147 7,031 December 526 920 17,367 2,537 551 161 7,117 1935—January 528 902 17,539 679 156 7,122 February 535 909 17,692 2,713 596 145 7,194 March 522 912 17,649 2,726 567 148 7,174 April 534 891 17,591 2,689 567 159 7,230 May 562 886 17,889 2,715 456 170 7,553 June 549 874 17,969 2,729 379 156 7,748 July 549 857 17,958 2,768 260 163 7,897 August 518 869 17,979 2,755 310 145 7,909 September 578 891 18,349 2,865 364 150 8,065 October 612 896 18,678 2,992 386 159 8,183 November 655 899 19,067 3,079 335 176 8,492 December 675 920 19,253 3,058 427 201 8,559 NOTE.—For monthly averages for January 1933-August 1934 see page 154 of this report, and for 1936 ee tables 62, 63, and 64. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 159 CITIES—ASSETS AND LIABILITIES, BY MONTHS—Continued [Monthly averages of weekly figures. In millions of dollars] Time deposits d D ep e o m si a t n s— d Interbank Borrowings lia O b t i h li e ti r es a C c a c p o i u t n al t Month adjusted l Other Domestic Foreign TOTAL—101 CITIES 10,922 120 5 4,882 12 932 3,514 1934—September. 11,150 121 4 4,869 2 944 3,518 October. 11,360 121 4 4,833 4 979 3,522 November. 11,471 121 4 4,761 5 975 3,519 December. 11,542 122 6 4,833 5 905 3,479 1935—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. NEW YORK CITY 4,617 1 4 655 1 332 1,464 1934—Sept ember. 4,693 1 3 652 1 330 1,463 October. 4,735 1 3 630 2 344 1,465 November. 4,719 1 3 596 3 332 1,468 December. 4,791 1 6 604 1 300 1,463 1935—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 4 589 9 267 1,450 September. 5 629 3 619 287 1,450 October. 5,766 4 586 325 1,458 November. 5 818 3 569 332 1,459 December. OUTSIDE NEW YORK CITY 6,305 119 4,227 11 600 2,050 1934—September. 6,457 120 1 4,217 1 614 2,055 October. 6,625 120 1 4,203 635 2,057 November. 6,752 120 1 4,165 643 2,051 December. 6,751 121 4,229 4 605 2,016 1935—Januarv. 6,805 127 4,264 8 601 2,024 February. 6,801 133 4,273 4 577 2,026 March. 6,855 131 4,303 1 462 2,027 April. 7,162 130 1 4,352 3 448 2,037 May. 7,355 120 1 4,319 2 448 2,043 June. 7,512 119 2 4,282 3 409 2,029 July. 7,537 123 2 4,261 2 407 2,038 August. 7,637 119 1 4,264 1 451 2,042 September. 7,730 119 2 4,298 1 463 2,046 October. 8,013 118 4,297 1 482 2,056 November. 8,086 120 4,303 2 489 2,059 December. xDemand 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

160 ANNUAL REPORT OF BOARD OF GOVERNORS No. 62.—WEEKLY REPORTING MEMBER BANKS IN 101 [In millions of dollars] Loans to customers (except banks) Open-market loans Total Date or month in l a o v n a e n d s s t- Total To k o si e u d b r t e s r - o- o o t n T h e o s r e s - e R st e a a t l e O lo t t a h o n e s r L ba o t n o a k n s s A a c c a n o c n c m e d e p s - t- t k L o e o r b a s r n i o s n ments New curi- loans custom- mercial New York ties ers 2 paper York City l bought Cityi 1936 Jan. 8 20,834 6,743 175 2,079 1,137 3,352 78 366 937 Jan. 15 20,913 6,749 1 180 2,074 1,145 3,350 71 366 939 Jan 22 20,969 6,716 1 178 2,066 1,143 3,329 67 367 923 Jan. 29.. 20,995 6,681 1 171 2,064 1,142 3,304 65 360 893 Feb 5 21,023 6,666 174 2,064 1,140 3,288 70 353 888 Feb. 12 21,082 6,663 175 2,054 1,138 3,296 70 354 908 Feb 19 21,100 6,662 178 2,057 1,146 3,281 69 351 909 Feb. 26 21,006 6,646 171 2,048 1,146 3,281 66 349 898 Mar. 4 21,206 6,758 195 2,060 1,148 3,355 64 341 1,003 Mar. 11 21,341 6,803 207 2,068 1,146 3,382 67 349 1,064 Mar. 18 21,637 6,842 200 2,090 1,146 3,406 83 346 979 Mar. 25 21,611 6,850 189 2,087 1,150 3,424 77 343 934 Apr. 1 21,621 6,962 220 2,103 1,144 3,495 88 352 990 Apr 8 21,731 6,962 213 2,098 1,143 3,508 70 353 984 Apr. 15 21,796 6,929 219 2,062 1,140 3,508 66 352 1,023 Apr 22 21,783 6,910 214 2,059 1,140 3,497 62 351 1,009 Apr. 29 21,795 6,898 209 2,063 1,141 3,485 67 346 1,032 May 6 21,897 6,950 212 2,083 1,146 3,509 101 341 1,020 May 13 21,820 6,953 208 2,080 1,146 3,519 100 336 969 May 20 21,799 6,995 213 2,079 1,147 3,556 62 332 964 May 27 21,814 6,972 214 2,070 1,146 3,542 65 322 940 June 3 22,148 7,065 238 2,094 1,147 3,586 92 315 1,154 June 10 22,163 7,059 232 2,096 1,148 3,583 107 318 1,093 June 17 22,659 7,062 244 2,100 1,150 3,568 106 319 1,051 June 24 22,520 7,011 237 2,094 1,149 3,531 65 324 996 July 1 22,619 7,110 253 2,093 1,145 3,619 62 315 973 July 8 22,462 7,064 238 2,082 1,147 3,597 58 313 922 July 15 22,514 7,105 236 2,083 1,145 3,641 58 310 939 July 22 22,446 7,035 227 2,054 1,145 3,609 56 319 938 July 29 22,378 7,010 220 2,046 1,144 3,600 58 319 907 Aug. 5 22,345 7,021 214 2,020 1,147 3,640 59 321 915 Aug 12 22,324 7,058 210 2,019 1,146 3,683 64 321 909 Aug. 19 22,256 7,080 205 2,024 1,146 3,705 63 323 903 Aug. 26 22,264 7,103 208 2,027 ,147 3,721 66 317 939 Sept. 2 22,263 7,113 205 2,014 ,145 3,749 65 318 958 Sept. 9 22,433 7,196 213 2,039 ,146 3,798 88 315 1,028 Sept. 16 22,614 7,257 214 2,038 ,143 3,862 97 316 989 Sept 23 22,610 7,268 207 2,038 ,144 3,879 95 317 968 Sept. 30 22,682 7,358 222 2,048 ,139 3,949 112 311 972 Oct. 7 22,607 7,379 221 2,041 ,142 3,975 56 315 953 Oct. 14 22,568 7,397 218 2,019 ,142 4,018 54 315 929 Oct. 21 22,571 7,414 213 2,014 ,143 4,044 56 316 965 Oct. 28 22,517 . 7,422 220 2,026 ,143 4,033 53 313 933 Nov. 4 22,446 7,411 225 2,024 ,143 4,019 54 317 943 Nov. 10 22,488 7,430 216 2,025 ,144 4,045 70 326 938 Nov 18 22,442 7,450 209 2,029 .150 4,062 58 329 915 Nov. 25 22,401 7,424 210 2,019 1^154 4,041 64 321 970 Dec. 2 22,459 7,456 212 2,024 1,152 4,068 63 324 969 Dec. 9 22,594 7,498 222 2,022 1,154 4,100 56 330 1,028 Dec. 16 22,875 7,648 228 2,048 1,153 4,219 57 341 1,023 Dec. 23 22,941 7,707 233 2,040 1,155 4,279 78 346 1,039 Dec 30 22,931 ! 7,725 242 2,035 1,156 4,292 66 351 1,047 Monthly Averages: January 20,928 1 6,723 ' 176 2,071 1,142 3,334 70 364 923 February 21,053 6,659 j 174 2,056 1,143 3,286 69 352 901 March 21,449 I 6,813 198 2,076 1,147 3,392 73 345 995 April 21,745 i 6,932 215 2,077 1,141 3,499 70 351 1,008 May 21,832 6,967 212 2,078 1,146 3,531 82 333 973 June 22,373 7,050 ! 238 2,096 1,149 3,567 92 319 1,074 July 22,484 7,065 ! 235 2,072 1,145 3,613 58 315 936 August 22,297 i 7,066 i 209 2,023 1,147 3,687 03 320 916 September 22,520 7,238 212 2,035 ,143 3,848 92 315 983 October : 22,566 7,403 218 2,025 1,142 4,018 55 315 945 November 22,444 7,429 ! 215 2,024 1,148 4,042 62 323 941 December 22,760 i 7,607 1 227 2,034 1,154 4.192 64 338 1,021 1 Loans (secured by stocks and bonds) to brokers and dealers in securities, Digitized for F2 IRncAluSdEesR r eporting banks' own acceptances. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 161 LEADING CITIES—ASSETS AND LIABILITIES, 1936 [In millions of dollars] Investments Reserves U. S o . b G lig o a v t e io rn n m s ent Other Fe w d i e th ral C v a a s u h l t in B w m a it l e a h s n t d c ic o es - Date or month Total securi- Reserve banks 3 Fully ties banks Direct guaranteed 1936 12,710 8,516 1,135 3,059 4,707 370 2,284 Jan. 8. 12,788 8,576 1,149 3,063 4,778 346 2,366 Jan. 15. 12,896 8,651 1,162 3,083 4,764 347 2,328 Jan. 22. 12,996 8,655 1,172 3,169 4,843 353 2,366 Jan. 29. 13,046 8,701 1,179 3,166 4,825 339 2,332 Feb. 5. 13,087 8,717 1,197 3,173 4,741 357 2,306 Feb. 12. 13,109 8,726 1,197 3,186 4,772 359 2,334 Feb. 19. 13,047 8,690 1,201 3,156 4,788 371 2,368 Feb. 26. 13,040 8,634 1,224 3,182 4,723 360 2,401 Mar. 4. 13,058 8,591 1,244 3,223 4,626 372 2,418 Mar. 11. 13,387 8,865 1,257 3,265 4,089 362 2,287 Mar. 18. 13,407 8,859 1,265 3,283 4,008 366 2,230 Mar. 25. 13,229 8,643 1,265 3,321 3,866 356 2,198 Apr. 1. 13,362 8,791 1,267 3,304 4,052 375 2,234 Apr. 8. 13,426 8,796 1,276 3,354 4,216 365 2,316 Apr. 15. 13,451 8,805 1,277 3,369 4,348 372 2,310 Apr. 22. 13,452 8,802 1,281 3,369 4,416 382 2,252 Apr. 29. 13,485 8,847 1,278 3,360 4,458 370 2,242 May 6. 13,462 8,872 1,289 3,301 4,537 383 2,250 May 13. 13,446 8,868 1,285 3,293 4,623 369 2,319 May 20. 13,515 8,920 1,290 3,305 4,690 389 2,319 May 27. 13,522 8,909 1,305 3,308 4,594 369 2,363 June 3. 13,586 8,975 1,303 3,308 4,744 386 2,359 June 10. 14,121 9,449 1,302 3,370 3,937 389 2,201 June 17. 14,124 9,474 1,302 3,348 4,282 403 2,235 June 24. 14,159 9,510 1,289 3,360 4,487 388 2,470 July 1. 14,105 9,493 1,277 3,335 4,672 398 2,487 July 8. 14,102 9,488 1,276 3,338 4,717 380 2,557 July 15. 14,098 9,471 1,277 3,350 4,816 380 2,508 July 22. 14,084 9,456 1,272 3,356 4,859 385 2,443 July 29. 14,029 9,442 1,271 3,316 4,786 368 2,443 Aug. 5. 13,972 9,380 1,277 3,315 4,855 383 2,408 Aug. 12. 13,887 9,332 1,232 3,323 4,884 373 2,288 Aug. 19. 13,839 9,274 1,233 3,332 4,976 379 2,276 Aug. 26. 13,809 9,263 1,236 3,310 5,082 371 2,272 Sept. 2. 13,806 9,250 1,237 3,319 5,109 394 2,275 Sepc. 9. 13,955 9,376 1,247 3,332 4,869 379 2,342 Sept. 16. 13,962 9,377 1,252 3,333 4,891 391 2,302 Sept. 23. 13,929 9,336 1,256 3,337 5,023 378 2,363 Sept. 30. 13,904 9,359 1,250 3,295 5,117 390 2,346 Oct. 7. 13,873 9,323 1,258 3,292 5,248 410 2,433 Oct. 14. 13,820 9,286 1,254 3,280 5,350 393 2,389 Oct. 21. 13,796 9,274 1,257 3,265 5,390 405 2,371 Oct. 28. 13,721 9,250 1,253 3,218 5,324 402 2,435 Nov. 4 13,724 9,267 1,258 3,199 5,462 403 2,440 Nov. 10. 13,690 9,234 1,261 3,195 5,471 404 2,505 Nov. 18. 13,622 9,178 1,247 3,197 5,431 407 2,475 Nov. 25. 13,647 9,173 1,246 3,228 5,371 401 2,512 Dec. 2. 13,682 9,192 1,246 3,244 5,317 436 2,457 Dec. 9. 13,806 9,310 1,239 3,257 5,307 429 2,498 Dec. 16. 13,771 9,290 1,240 3,241 5,161 437 2,386 Dec. 23. 13,742 9,241 1,238 3,263 5,163 433 2,345 Dec. 30. Monthly averages: 12,848 8,599 1,155 3,094 4,773 354 2,336 January. 13,072 8,708 1,194 3,170 4,782 356 2,335 February. 13,223 8,737 1,248 3,238 4,361 365 2,334 March. 13,384 8,767 1,273 3,344 4,180 370 2,262 April. 13,477 8,877 1,286 3,314 4,577 378 2,283 May. 13,838 9,202 1,303 3,333 4,389 387 2,290 June. 14,110 9,484 1,278 3,348 4,710 386 2,493 July. 13,932 9,357 1,254 3,321 4,875 376 2,354 August. 13,892 9,320 1,240 3,326 4,995 383 2,311 September. 13,848 9,310 1,255 3,283 5,276 399 2,385 October. 13,689 9,232 1,255 3,202 5,422 404 2,463 November. 13,730 9,241 1,242 3,247 5,264 427 2,439 December. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; Digitized fothre F aRmAouSnEt eRx cluded onDecember 31,1935, was approximately $38,000,000 at all weekly reporting member banks. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 ANNUAL REPORT OF BOARD OF GOVERNORS No. 62.—WEEKLY REPORTING MEMBER BANKS IN 101 [In millions of dollars] Cash Demand deposits items Total reported assets Date or month as on Other Interbank hand or assets U.S. Certified in process Govern- checks, Other of Total Domestic Foreign ment etc. collection liabilities banks banks 1936 Jan. 8 1,271 1.316 30,782 5,409 424 702 553 14,391 Jan. 15 1,536 1,337 31,276 5,518 432 699 594 14,712 Jan. 22 1,331 1.331 31,070 5,526 427 611 532 14,635 Jan. 29 1,203 ,336 31,096 5,486 424 604 471 14,749 Feb. 5 1,156 ,327 31,002 5,516 406 598 435 14,712 Feb. 12 1,398 ,337 31,221 5,480 398 547 535 14,924 Feb.19 l,2hO ,333 31,158 5,524 393 524 519 14,853 Feb.26 1,295 ,351 31,179 5,527 391 510 482 14,903 Mar. 4 1,437 ,342 31,469 5,739 387 511 620 14,783 Mar 11 1,545 ,348 31,650 5,702 380 510 663 14,925 Mar. 18 1,369 ,318 31,062 5,375 373 785 527 14,613 Mar. 25 1,300 ,329 30 844 5,252 366 111 508 14,539 Apr. 1 1,744 ,353 31,138 5,297 370 774 699 14,623 Apr. 8 1,263 ,335 30,990 5,292 359 760 486 14,667 Apr. 15 1,850 ,344 31,887 5,487 351 755 692 15,154 Apr. 22 1,346 ,345 31,504 5,379 350 751 474 15,059 Apr. 29 1,428 ,393 31,666 5,299 348 752 528 15,158 May 6 1,283 ],383 31,633 5,361 374 754 479 15,064 May 13 1,341 1. 379 31,710 5,360 377 752 392 15,221 May 20 1,241 1,363 31,714 5,344 377 754 415 15,216 May 27 1,210 1,379 31,801 5,317 374 747 393 15,379 June 3 1,479 1,389 32,342 5,453 404 746 577 15,482 June 10 1,255 1,395 32,302 5,500 456 742 465 15,467 June 17 1,535 1,358 32,079 5,217 476 852 544 15,422 June 24 . .... 1,272 1,344 32,056 5,315 452 846 408 15,427 2 222 1,348 33,534 5,878 430 839 853 16,048 July 8 1^294 1,302 32,615 5,941 432 836 441 15,483 July 15 1,611 1,312 33,091 6,019 427 823 495 15,862 July 22 ... 1,268 1,324 32,742 5,876 428 823 421 15,704 July 29 1,365 1,329 32,759 5,805 417 823 513 15,702 Aug. 5 1,186 1,300 32,428 5,870 412 822 390 15,477 Aug. 12 1,352 1,308 32,630 5,827 408 821 399 15,705 Aug. 19 1,218 1,296 32,315 5,621 406 820 379 15,633 Aug 26 1,494 1,301 32,690 5,598 408 820 587 15,818 Sept 2 1,322 1,307 32,617 5,731 403 820 449 15,740 Sept. 9 1,380 1,311 32,902 5,773 402 821 551 15,747 Sept. 16 1,614 1,282 33,100 5,801 408 849 509 16,015 Sept 23 1,285 1,300 32,779 5,706 423 849 388 15,896 Sept 30 1,620 1,341 33,407 5,792 480 847 525 16,211 Oct 7 1,338 1,305 33,103 5,903 466 849 450 15,877 Oct. 14 1,743 1,299 33,701 6,032 480 848 433 16,362 Oct 21 1,465 1,284 33,452 5,954 462 772 448 16,245 Oct. 28 1,400 1,303 33,386 5,909 462 704 454 16,286 Nov. 4 1,613 1,302 33,522 6,057 448 626 477 16,342 Nov. 10 1,713 1,299 33,805 6,104 451 596 704 16,388 Nov 18 1,670 1,313 33,805 6,167 444 521 556 16,513 Nov. 25 1,656 1,356 33,726 6,098 450 449 600 16,520 Dec. 2 1,674 1,372 33,789 6,153 443 449 594 16,544 Dec. 9 1,477 1,371 33,652 6,087 443 450 559 16,406 Dec. 16 2,014 1,352 34,475 6,059 445 700 633 17,006 Dec. 23 1,805 1,376 34,106 5,945 419 702 608 16,771 Dec. 30 1,963 1,378 34,213 5,879 423 702 691 16,843 Monthly averages: January 1,335 1,330 31,056 5,485 427 654 537 14,622 February . .. 1,277 1,337 31,140 5,512 397 545 493 14,848 March 1,413 1,334 31,256 5,517 376 646 579 14,715 April 1,526 1,354 31,437 5,351 356 758 576 14,932 M^ay 1,269 1,376 31,715 5,346 375 752 420 15,220 June 1,385 1,371 32,195 5,371 447 797 499 15,449 July 1,552 1,323 32,948 5,904 427 829 545 15,760 August 1,313 1,301 32,516 5,729 409 821 439 15,658 September 1,444 1,308 32,961 5,761 423 837 484 15,922 October 1,487 1,298 33,411 5,950 467 793 446 16,193 November 1,663 1,318 33,714 6,106 448 548 584 16,441 December 1,787 1,370 34,047 6,025 435 601 617 16,714 Bark figures.—¥or weekly figures see Annual Report for 1935 (table 61); for monthly figures see table 61 of this report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 1G3 LEADING CITIES—ASSETS AND LIABILITIES, 1936—Continued [In millions of dollars] Time deposits d a D e d p j e u o m s s t i a e t n s d — d 4 Intersank Other Bo in rr g o s w- lia O b t i h li e ti r es a C c a c p o i u ta n l t Date or month Domestic Foreign banks banks 1936 13,673 135 4 4,889 1 773 3,501 Jan. 8. 13,770 135 3 4,898 2 783 3,500 Jan. 15. 13,836 134 3 4,892 5 799 3,506 Jan. 22. 14,017 135 3 4,888 2 829 3,505 Jan. 29. 13,991 135 3 4,892 3 799 3,503 Feb. 5. 14,061 135 4 4,889 2 803 3,504 Feb. 12. 14,112 135 4 4,889 2 808 3,507 Feb. 19. 14,090 135 4 4,900 3 820 3,504 Feb. 26. 13,966 134 3 4,911 3 866 3,512 Mar. 4. 14,043 133 5 4,931 13 877 3,511 Mar. 11. 13,771 134 4 4,922 21 795 3,513 Mar. 18. 13,747 133 3 4,921 17 815 3,513 Mar. 25. 13,578 133 4 4,909 22 789 3,518 Apr. 1. 13,890 135 3 4,956 6 803 3,523 Apr. 8. 13,996 133 3 4,958 6 821 3,527 Apr. 15. 14,187 133 5 4,985 2 833 3,533 Apr. 22. 14,258 132 5 5,047 865 3,532 Apr. 29. 14,260 130 5 5,076 850 3,540 May 6. 14,272 132 5 5,056 871 3,544 May 13. 14,390 131 4 5,043 892 3,538 May 20. 14,562 132 4 5,028 884 3,543 May 27. 14,580 131 4 5,035 959 3,551 June 3. 14,677 133 4 5,033 956 3,546 June 10. 14,431 131 4 5,021 12 861 3,539 June 17. 14,563 132 5 5,059 875 3,537 June 24. 14,679 132 5 5,011 847 3,491 July 1. 14,630 133 4 4,999 857 3,489 July 8. 14,746 135 4 4,999 838 3,489 July 15. 14,857 134 4 5,014 851 3,487 July 22. 14,850 133 5 5,015 861 3,485 July 29. 14,681 131 5 5,015 825 3,481 Aug. 5. 14,752 131 6 5,021 3' 824 3,485 Aug. 12. 14,794 129 5 5,014 4 813 3,491 Aug.19. 14,911 128 4 5,028 3 803 3,493 Aug. 26. 14,867 129 4 5,032 4 805 3,500 Sept. 2. 14,918 128 4 5,036 22 920 3,498 Sept. 9. 14,910 130 4 5,031 31 820 3.502 Sept. 16. 14,999 129 5,018 17 842 3,506 Sept. 23. 15,116 127 4 5,063 848 3,510 Sept. 30. 14,989 129 4 5,073 1 836 3,515 Oct. 7. 15,052 130 4 5,068 2 829 3,513 Oct. 14. 15,228 130 4 5,072 847 3,518 Oct.21. 15,340 132 5 5,065 849 3,520 Oct. 28. 15,206 130 5 5,042 865 3,530 Nov. 4. 15,379 130 5 5,022 868 3,537 Nov. 10. 15,399 130 5 5,029 3 893 3,544 Nov. 18. 15,464 130 4 5,034 2 894 3,545 Nov. 25. 15,464 128 7 5,037 879 3,555 Dec. 2. 15,488 131 4 5,050 963 3,559 Dec. 9. 15,625 131 5 5,031 3' 904 3,558 Dec. 16. 15,574 132 4 5,043 29 900 3,553 Dee. 23. 15,571 130 4 5,057 23 901 3,550 Dec. 30. Monthly averages: 13,824 135 3 4,892 2 796 3,503 January. 14,064 135 3 4,893 2 807 3,505 February. 13,882 133 4 4,923 13 838 3,512 March. 13,982 133 4 4,971 7 822 3,527 April. 14,371 131 5 5,051 874 3,541 May. 14,563 132 4 5,037 3 913 3,543 June. 14,752 133 4 5,007 851 3,488 July. 14,785 130 5 5,019 2 816 3,488 August. 14,962 129 4 5,036 15 847 3,503 September. 15,152 130 4 5,070 1 840 3,517 October. 15,362 130 5 5,032 1 880 3,539 November. 15,544 130 5 5,045 11 909 3,555 December. 4 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 BOARD OF GOVERNORS No. 63.—WEEKLY REPORTING MEMBER BANKS IN NEW [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 C Y o N k o si i e o u e d b t r r t w y e r s - k o 1 - o o c t n t T u h i e r e o s s i r e - s - e l R o st a e a n a t l s e c O u l e o s t t r a t h o o s n e 2 m s r - L ba o t n o a k n s s A m b p a c o c a e n a o u c n r c p m e c g d e e p i h s - a r t t l - t k L C o Y N e o r i o b e a s t r w r y n k i o 1 s n - 1936 Jan. 8 7,900 2,041 735 127 1,121 42 175 909 Jan. 15 7,906 2,044 730 128 .1,127 36 174 912 Jan. 22 7,940 2,035 728 128 1,118 31 173 893 Jan. 29 8,000 2,025 729 127 1,111 28 168 866 Feb.5 8,028 2,020 731 127 1,102 • 33 162 860 Feb. 12 8,072 2,020 731 127 1,101 33 163 882 Feb. 19 8,094 2,029 738 134 1,095 33 160 882 Feb.26 8,048 2,031 736 134 1,100 31 160 869 Mar. 4 8,296 2,097 742 135 1,158 29 155 969 Mar. 11 8,457 2,069 744 135 1,128 33 159 1,027 Mar. 18 8,410 2,095 758 135 1,138 49 160 946 Mar. 25 8,400 2,096 755 136 1,141 45 158 898 Apr. 1 8,533 2,120 758 134 1,105 52 168 956 Apr. 8 8,514 2,148 763 134 1,184 35 165 944 Apr. 15 8,556 2,118 737 131 1,183 31 163 980 Apr. 22 8,561 2,117 740 131 1,179 28 163 969 Apr. 29 8,571 2,101 739 130 1,164 34 159 988 May 6 8,635 2,134 754 133 1,177 68 153 978 May 13 8,550 2,133 750 133 1,179 67 146 922 May 20 8,561 2,159 750 133 1,204 29 141 918 May 27 8,595 2,140 748 133 1,185 31 134 894 June 3 8,959 2,184 756 133 1,222 57 128 1,103 June 10 8,917 2,179 761 133 1,212 74 132 1,042 June 17 9,075 2,182 767 133 1,206 72 130 1,008 June 24 2,169 765 133 1,196 31 139 955 July 1 9,063 2,228 765 133 1,259 27 136 933 July 8 8,906 2,223 760 133 1,256 27 134 886 July 15 8,884 2,216 753 132 1,257 26 133 904 July 22 8,754 2,148 727 133 1,215 25 128 897 July 29 8,694 2,142 722 133 1,215 27 126 866 Aug. 5 8,627 2,130 698 133 1,226 29 122 872 Aug. 12 8,621 2,138 133 1,238 33 121 868 Aug. 19 8,596 2,155 132 1,253 32 116 862 Aug. 26 8,585 2,170 702 132 1,262 33 113 897 Sept. 2 8,615 2,166 691 132 1,268 33 112 909 Sept. 9 8,758 2,207 709 132 1,291 56 111 977 Sept.16 8,803 2,238 709 133 1,321 65 114 938 Sept. 23 8,786 2,242 710 133 1,326 64 118 924 Sept. 30 8,803 2,293 715 130 1,372 82 116 932 Oct. 7 8,716 2,305 709 131 1,386 25 120 914 Oct. 14 8,687 2,328 705 131 1,412 23 121 891 Oct. 21 8,692 2,334 702 131 1,424 24 125 924 Oct. 28 8,653 2,340 705 131 1,426 23 127 894 Nov. 4 8,608 2,331 707 131 1,415 24 131 903 Nov. 10 8,642 2,350 712 130 1,430 39 136 895 Nov. 18 8,611 2,378 713 130 1,458 26 137 874 Nov. 25 8,625 2,358 707 131 1,444 32 135 930 Dec. 5 8,680 2,361 706 130 1,451 32 135 928 Dec. 9 8,745 2,370 701 130 1,464 25 136 984 Dec. 16 8,777 2,461 726 130 1,529 27 141 980 Dec. 23 8,800 2,483 719 130 1,559 49 142 992 Dec. 30 8,749 2,469 708 129 1,556 38 145 1,004 Monthly averages: January 7,937 2,036 730 128 1,119 34 173 895 February 8,061 2,025 734 130 1,100 33 161 873 March 8,391 2,089 750 135 1,141 39 158 960 April 8,547 2,121 747 132 1,175 36 164 967 May 8,585 2,141 750 133 1,186 48 144 928 June 8,987 2,178 762 133 1,209 59 132 1,027 July 8,860 2,192 745 133 1,241 26 131 897 August 8,607 2,148 697 132 1,245 32 118 875 September 8,753 2,229 707 132 1,315 60 114 936 October 8,687 2,326 705 131 1,412 24 123 906 November 8,622 2,354 710 130 1,437 30 135 901 December 8,750 2,429 712 130 1,512 34 140 978 1 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

FEDERAL RESERVE SYSTEM 165 YORK CITY—ASSETS AND LIABILITIES, 1936 [In millions o I'dollars] Investnents Total U. S o . b G lig o a v t e io rn n m s ent s O ec th u e ri r - R R F e b e e w s d a s e i e n e r t r h r v k v a e e l s C v a a s u h l t in B w b m a i a t l n e h a s k n t d s c ic o e 3 s - Date or month Fully ties Direct guaranteed 1936 4,733 3,315 387 1,031 2,431 56 77 Jan. 8. 4,740 3,311 395 1,034 2,490 53 78 Jan. 15. 4,808 3,368 401 1,039 2,509 52 75 Jan. 22. 4,913 3,391 413 1,109 2,561 53 75 Jan. 29. 4,953 3,422 420 1,111 2,487 50 81 Feb. 5. 4,974 3,430 434 1,110 2,418 52 80 Feb. 12. 4,990 3,438 436 1,116 2,498 50 80 Feb. 19. 4,957 3,431 444 1,082 2,533 54 77 Feb. 26. 5,046 3,451 479 1,116 2,390 49 75 Mar. 4. 5,169 3,522 511 1,136 2,225 52 79 Mar. 11. 5,160 3,466 537 1,157 1,989 49 78 Mar. 18. 5,203 3,476 549 1,178 1,949 51 78 Mar. 25. 5,237 3,485 550 1,202 1,892 48 86 Apr. 1. 5,222 3,499 549 1,174 1,910 51 77 Apr. 8. 5,264 3,506 559 1,199 1,972 50 83 Apr. 15. 5,284 3,523 549 1,212 2,009 51 76 Apr. 22. 5,289 3,545 548 1,196 2,056 55 74 Apr. 29. 5,302 3,581 542 1,179 2,119 50 81 May 6. 5,282 3,618 548 1,116 2,212 53 71 May 13. 5,314 3,655 543 1,116 2,294 51 71 May 20. 5,396 3,734 546 1,116 2,313 55 73 May 27. 5,487 3,809 557 1,121 2,163 51 76 June 3. 5,490 3,814 563 1,113 2,335 52 74 June 10. 5,683 3,954 564 1,165 1,791 52 78 June 17. 5,704 4,007 559 1,138 1,906 55 76 June 24. 5,739 4,036 546 1,157 2,004 54 82 July 1. 5,636 3,976 521 1,139 2,076 54 78 July 8. 5,605 3,945 519 1,141 2,173 50 81 July 15. 5,556 3,894 516 1,146 2,289 51 78 July 22. 5,533 3,880 505 1,148 2,350 53 78 July 29. 5,474 3,863 491 1,120 2,369 50 74 Aug. 5. 5,461 3,853 488 1,120 2,355 54 75 Aug. 12. 5,431 3,856 446 1,129 2,290 50 71 Aug. 19. 5,372 3,800 440 1,132 2,412 51 71 Aug. 26. 5,395 3,826 447 1,122 2,457 50 69 Sept. 2 5,407 3,832 450 1,125 2,388 53 70 Sept. 9 5,448 3,863 454 1,131 2,265 51 74 Sept. 16. 5,438 3,843 463 1,132 2,303 53 71 Sept. 23. 5,380 3,784 467 1,129 2,354 52 76 Sept. 30. 5,352 3,794 460 1,098 2,411 53 72 Oct. 7. 5,324 3,768 462 1,094 2,429 58 73 Oct. 14. 5,285 3,742 459 1,084 2,495 53 76 Oct. 21. 5,269 3,738 464 1,067 2,509 56 77 Oct. 28. 5,219 3,722 464 1,033 2,496 59 70 Nov. 4. 5,222 3,742 462 1,018 55 78 Nov. 10. 5,196 3,722 463 1,011 2*592 56 79 Nov. 18. 5,170 3,699 454 1,017 2,602 60 81 Nov. 25. 5,224 3,722 453 1,049 2,547 56 84 Dec. 2. 5,230 3,722 454 1,054 2,486 61 79 Dec. 9. 5,168 3,661 447 1,060 2,582 61 87 Dec. 16. 5,134 3,647 452 1,035 2,465 69 88 Dec. 23. 5,093 3,579 451 1,063 2,467 66 90 Dec. 30. Monthly averages: 4,799 3,346 399 1,054 2,498 53 76 January. 4,969 3,430 434 1,105 2,484 51 79 February. 5,145 3,479 519 1,147 2,138 51 77 March. 5,259 3,511 551 1,197 1,968 51 79 April. 5,324 3,647 545 1,132 2,234 52 74 May. 5,591 3,896 561 1,134 2,049 53 76 June. 5,614 3,946 522 1,146 2,178 52 80 July. 5,434 3,843 466 1,125 2,357 51 73 August. 5,414 3,830 456 1,128 2,354 52 72 September. 5,308 3,761 461 1,086 2,461 55 74 October. 5,202 3,721 461 1,020 2,575 58 78 November. 5,169 3,666 451 1,052 2,509 63 86 December. s Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on December 31,1935,was approximately $38,000,000 at all weekly reporting member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 ANNUAL REPORT OF BOARD OF GOVERNORS No. 63.—WEEKLY REPORTING MEMBER BANKS IN NEW [In millions of dollars] Cash Demand deposits items Total reported assets Date or month h a a s n d o n or a O s t s h e e ts r Interbank U.S. Certified in process Govern- checks, Other of Total Domestic Foreign ment etc. collection liabilities banks banks 1936 Jan.8 . 635 463 11,562 2,314 395 197 359 5,980 Jan. 15 794 478 11,799 2,370 403 197 398 6,115 Jan 22 655 473 11,704 2,383 397 162 341 6 099 Jan. 29 598 473 11,760 2,368 397 162 294 6,211 Feb 5 545 469 11,660 2,340 376 161 271 6,209 Feb 12 722 472 11,816 2,320 370 144 339 6,340 Feb.19 629 471 11,822 2,345 364 137 345 6,312 Feb 26 . .. 612 475 11,799 2,339 361 131 314 6,318 Mar. 4 753 471 12,034 2,466 357 131 438 6,265 Mar 11 848 468 12,129 2,451 349 131 486 6,315 Mar 18 688 457 11,671 2,270 343 198 361 6,158 Mar. 25 660 463 11,601 2,187 337 197 352 6,177 Apr. 1 978 485 12,022 2,233 339 198 489 6,416 Apr. 8 567 467 11,586 2,240 329 198 286 6,225 Apr 15 1 036 472 12,169 2,376 319 198 520 6,437 Apr 22 623 471 11,791 2,317 318 196 301 6,316 Apr 29 741 495 11,992 2,293 318 196 356 6,437 May 8 608 505 11,998 2,291 343 196 313 6,421 May 13 573 502 11,961 2,318 347 196 236 6,440 May 20 550 482 12,009 2,323 347 198 256 6,456 May 27 528 485 12,049 2,278 344 194 241 6,596 June 3 716 504 12,469 2,326 374 195 384 6,717 June 10 570 510 12,458 2,408 425 194 286 6,671 June 17 . 744 495 12,235 2,242 444 196 378 6,587 June 24 571 476 12,082 2,263 419 192 257 6,565 July 1 1,244 481 12,928 2,535 394 192 615 6,844 July 8 546 460 12,120 2,464 397 193 273 6,443 July 15 759 456 12,403 2,521 390 191 312 6,641 July 22 524 465 12,161 2,437 393 191 254 6,525 July 29 652 470 12,297 2,429 379 191 352 6,569 Aug. 5 474 451 12,045 2,460 377 191 225 6,444 Aug 12 544 459 12,108 2,425 372 191 236 6,537 Aug. 19 507 451 11,965 2,314 369 191 227 6,520 Aug 26 803 454 12,376 2,321 370 191 437 6,714 Sept. 2 591 459 12,241 2,403 368 191 292 6,640 Sept. 9 647 465 12,381 2,387 366 190 370 6,611 Sept. 16 708 453 12,354 2,405 372 193 328 6,687 Sept. 23 536 466 12,215 2,365 385 193 232 6,675 Sept. 30 784 499 12,568 2,431 444 193 346 6,758 Oct. 7 597 475 12,324 2,445 429 193 286 6,577 Oct 14 718 457 12,422 2,463 439 193 257 6,678 Oct. 21 623 452 12,391 2,446 421 164 272 6,685 Oct 28 637 463 12,395 2,423 418 137 292 6,730 Nov 4 706 465 12,410 2,496 405 117 299 6,696 Nov. 10 886 456 12,727 2,545 414 111 516 6,766 Nov 18 795 462 12,595- 2,534 404 97 381 6,774 Nov. 25 .. 793 489 12,650 2,541 411 82 410 6,788 Dec. 2 811 496 12,674 2,536 404 83 393 6,835 Dec 9 724 487 12,582 2,501 405 83 361 6,750 Dec 16 972 480 12,959 2,498 407 203 427 6,990 Dec. 23 867 503 12,792 2,428 383 203 410 6,909 Dec. 30 1,016 496 12,884 2,380 386 203 483 6,981 Monthly averages: January 670 472 11,706 2,359 398 180 348 6,101 February 627 472 11,774 2,336 368 143 317 6,295 March 737 465 11,859 2,343 347 164 409 6,229 April 789 478 11,912 2,292 325 197 390 6,366 May 565 494 12,004 2,303 345 196 261 6,478 June . .. 650 496 12,311 2,310 416 194 326 6,635 July 745 466 12,381 2,477 391 192 361 6,604 August 582 454 12,124 2,380 372 191 281 6,554 September 653 468 12,352 2,399 387 192 313 6,674 October 644 462 12,383 2,444 427 172 277 6,667 November 795 468 12,596 2,529 408 102 402 6,756 December 878 492 12,778 2,468 397 155 415 6,893 Back figures— See Annual Report for 1935 (table 62). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 167 YORK CITY—ASSETS AND LIABILITIES, 1936—Continued [In millions of dollars] Time deposits d a D e d p j e u o m s s i t a t e s n d — d 4 • Interbank Other Borrow- lia O b t i h li e ti r es a C c a c p o i u ta n l t Date or month Domestic Foreign banks banks 1936 5,704 544 310 1,460 Jan. 8. 5,719 543 309 1,461 Jan. 15. 5,785 541 313 1,463 Jan. 22. 5,907 535 326 1,464 Jan. 29. 5,935 537 301 1,462 Feb. 5 5,957 532 305 1,463 Feb. 12. 6,028 537 315 1,464 Feb. 19. 6,020 542 327 1,464 Feb. 26. 5,950 537 370 1,467 Mar. 4 5,953 543 377 1,461 Mar. 11. 5,831 541 318 1,461 Mar. 18. 5,869 546 326 1,462 Mar. 25. 5,927 546 314 1,464 Apr. 1. 5,944 533 301 1,465 Apr. 8. 5,921 532 318 1,466 Apr. 15. 5,994 545 326 1,468 Apr. 22. 6,052 576 345 1,467 Apr. 29. 6,126 602 356 1,472 May 6. 6,103 583 364 1,473 May 13. 6,162 578 379 1,468 May 20. 6,309 561 363 1,468 May 27. 6,385 549 447 1,473 June 3. 6,387 550 448 1,472 June 10. 6,221 542 10 365 1,467 June 17. 6,251 547 367 1,468 June 24. 6,215 550 363 1,431 July 1. 6,170 549 368 1,429 July 8. 6,194 551 364 1,429 July 15. 6,255 561 367 1,429 July 22. 6,269 570 375 1,428 July 29. 6,195 573 344 1,427 A\ig. 5. 6,229 571 345 1,427 Aug. 12. 6,240 562 348 1,428 Aug. 19. 6,348 569 341 1,427 Aug. 26. 6,341 577 331 1,432 Sept. 2. 6,334 571 434 1,427 Sept. 9. 6,307 567 344 1,425 Sept. 16. 6,371 561 359 1,425 Sept. 23. 6,320 366 1,428 Sept. 30. 6,266 605 354 1,431 Oct. 7. 6,217 613 345 1,430 Oc5. 7. 6,334 611 355 1,433 Oct. 21. 6,385 609 350 1,432 Oct. 28. 6,289 591 362 1,440 Nov. 4. 6,396 567 363 1,441 Nov. 10. 6,360 580 377 1,442 Nov. 18. 6,405 592 376 1,444 Nov. 25. 6,417 613 356 1,450 Dec. 2. 6,387 605 421 1,452 Dec. 9. 6,445 614 364 1,452 Dec. 16. 6,452 614 364 1,451 Dec. 23. 6,448 621 353 1,451 Dec. 30. Monthly averai 5,779 540 314 1,462 January. 5,985 537 312 1,463 February. 5,901 542 348 1,463 March. 5,968 547 321 1,466 April. 6,175 581 366 1,470 May. 6,311 547 407 1,470 June. 6,221 556 367 1,429 July. 6,253 569 345 1,427 August. 6,335 575 367 1,427 September. 6,301 610 351 1,431 October. 6,363 583 369 1,442 November. 6,430 613 372 1,451 December. 4Demand deposits other than interbank andU. 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 BOARD OF GOVERNORS No. 64.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE [In millions of dollars] Loans to customers (except banla) Open-market loans Total Date or month in lo a v n a e n d s s t- To k o e u b r t r s - o- ot T h o ers Real O lo t a h n e s r Lo to ans A a c a n c n c e d e p s t- t k L o e o r b a s r n i o n s ments Total side on se- estate to D&I1K.S com- New Y N o e r w k c t u ie r s i- loans m cu e s r t s o 2 - m p e a r p c e i r al C Y i o t r y k i Cityi bought 1936 Jan. 8 12,934 4,702 117 1,344 1,010 2,231 36 191 28 Jan. 15 13,007 4,705 121 1,344 1,017 2,223 35 192 27 Jan. 22 13,029 4,681 117 1,338 1,015 2,211 36 194 30 Jan. 29 12,995 4,656 113 1,335 1,015 2,193 37 192 27 Feb.5 12,995 4,646 114 1,333 1,013 2,186 37 191 28 Feb. 12 13,010 4,643 114 1,323 1,011 2,195 37 191 26 Feb.19 13,006 • 4,633 116 1,319 1,012 2,186 36 191 27 Feb.26 12,958 4,615 110 1,312 1,012 2,181 35 189 29 Mar. 4 12,910 4,661 133 1,318 1,013 2,197 35 186 34 Mar. 11 12,884 4,734 145 1,324 1,011 2,254 34 190 37 Mar. 18 13,227 4,747 136 1,332 1,011 2,268 34 186 33 Mar. 25 13,211 4,754 125 1,332 1,014 2,283 32 185 36 Apr.l 13,088 4,842 157 1,345 1,010 2,330 36 184 34 Apr. 8 13,217 4,814 146 1,335 1,009 2,324 35 188 40 Apr. 15 13,240 4,811 152 1,325 1,009 2,325 35 189 43 Apr. 22 13,222 4,793 147 1,319 1,009 2,318 34 188 40 Apr. 29 13,224 4,797 141 1,324 1,011 2,321 33 187 44 May 6 13,262 4,816 142 1,329 1,013 2,332 33 188 42 May 13 13,270 4,820 137 1,330 1,013 2,340 33 190 47 May 20 13,238 4,836 141 1,329 1,014 2,352 33 191 46 May 27 13,219 4,832 140 1,322 1,013 2,357 34 188 46 June 3 13,189 4,881 165 1,338 1,014 2,364 35 187 51 June 10 13,246 4,880 159 1,335 1,015 2,371 33 186 51 June 17 13,584 4,880 168 1,333 1,017 2,362 34 189 43 June 24 13,522 4,842 162 1,329 1,016 2,335 34 185 41 July 1 13,556 4,882 182 1,328 1,012 2,360 35 179 40 July 8 13,556 4,841 164 1,322 1,014 2,341 31 179 36 July 15 13,630 4,889 162 1,330 1,013 2,384 32 177 35 July 22 13,692 4,887 154 1,327 1,012 2,394 31 191 41 July 29 13,684 4,868 148 1,324 1,011 2,385 31 193 41 Aug. 5 13,718 4,891 141 1,322 1,014 2,414 30 199 43 Aug. 12 13,703 4,920 135 1,327 1,013 2,445 31 200 41 Aug. 19 13,660 4,925 131 1,328 1,014 2,452 31 207 41 Aug. 26 13,679 4,933 134 1,325 1,015 2,459 33 204 42 Sept. 2 13,648 4,947 130 1,323 1,013 2,481 32 206 49 Sept. 9 13,675 4,989 138 1,330 1,014 2,507 32 204 51 Sept. 16 13,811 5,019 139 1,329 1,010 2,541 32 202 51 Sept. 23 13,824 5,026 134 1,328 1,011 2,553 31 199 44 Sept. 30 13,879 5,065 146 1,333 1,009 2,577 30 195 40 Oct. 7 13,891 5,074 142 1,332 1,011 2,589 31 195 39 Oct. 14 13,881 5,069 138 1,314 1,011 2,606 31 194 38 Oct. 21 13,879 5,080 136 1,312 1,012 2,620 32 191 41 Oct. 28 13,864 5,082 142 1,321 1,012 2,607 30 186 39 Nov. 4 13,838 5,080 147 1,317 1,012 2,604 30 186 40 Nov. 10 13,846 5,080 138 1,313 1,014 2,615 31 190 43 Nov. 18 13,831 5,072 132 1,316 1,020 2,604 32 192 41 Nov. 25 13,776 5,066 134 1,312 1,023 2,597 32 186 40 Dec. 2 13,779 5,095 138 1,318 1,022 2,617 31 189 41 Dec. 9 13,849 5,128 147 1,321 1,024 2,636 31 194 44 Dec. 16 14,098 5,187 152 1,322 1,023 2,690 30 200 43 Dec. 23 14,141 5,224 158 1,321 1,025 2,720 29 204 47 Dec. 30 14,182 5,256 166 1,327 1,027 2,736 28 206 43 Monthly averages: January 12,991 4,687 117 1,341 1,014 2,215 36 191 28 February 12,992 4,634 113 1,322 1,013 2,186 36 191 28 March 13,058 4,724 135 1,326 1,012 2,251 34 187 35 April 13,198 4,811 148 1,330 1,009 2,324 34 187 41 May 13,247 4,826 140 1,328 1,013 2,345 34 189 45 June 13,386 4,872 164 1,334 1,016 2,358 33 187 47 July 13,624 4,873 162 1,327 1,012 2,372 32 184 39 August 13,690 4,918 135 1,326 1,015 2,442 31 202 41 September 13,767 5,009 137 1,328 1,011 2,533 32 201 47 October 13,879 5,077 140 1,320 1,011 2,606 31 192 39 November 13,822 5,075 138 ,314 J,0I8 2,605 32 188 40 December 14,010 5,178 152 1,322 1,024 2,680 30 198 43 1 Loans (secured by stocks and bonds) to brokers and dealers i 2 Includes reporting banks' own acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 169 NEW YORK CITY—ASSETS AND LIABILITIES, 1936 [In millions of dollars] Investments Total U. S o . b G lig o a v t e io rn n m s ent s O ec t u h r e i r - R R F b e e e w a s d s e n i e e t r k r h r v v s a e e l s C v a a s u h l t in B w b m a a it l n e h a s k n t d s c i c o e 3 - s Date or month Fully ties Direct guaranteed 1936 7,977 5,201 748 2,028 2,276 314 2,207 Jan. 8. 8,048 5,265 754 2,029 2,288 293 2,288 Jan. 15. 8,088 5,283 761 2,044 2,255 295 2,253 Jan. 22. 8,083 5,264 759 2,060 2,282 300 2,291 Jan. 29. 8,093 5,279 759 2,055 2,338 289 2,251 Feb. 5. 8,113 5,287 763 2,063 2,323 305 2,226 Feb. 12. 8,119 5,288 761 2,070 2,274 309 2,254 Feb. 19. 8,090 5,259 757 2,074 2,255 317 2,291 Feb. 26. 7,994 5,183 745 2,066 2,333 311 2,326 Mar. 4. 7,889 5,069 733 2,087 2,401 320 2,339 Mar. 11. 8,227 5,399 720 2,108 2,100 313 2,209 Mar. 18. 8,204 5,383 716 2,105 2,059 315 2,152 Mar. 25. 7,992 5,158 715 2,119 1,974 308 2,112 Apr. 1. 8,140 5,292 718 2,130 2,142 324 2,157 Apr. 8. 8,162 5,290 717 2,155 2,244 315 2,233 Apr. 15. 8,167 5,282 728 2,157 2,339 321 2,234 Apr. 22. 8,163 5,257 733 2,173 2,360 327 2,178 Apr. 29. 8,183 5,266 736 2,181 2,339 320 2,161 May 6. 8,180 5,254 741 2,185 2,325 330 2,179 May 13. 8,132 5,213 742 2,177 2,329 318 2,248 May 20. 8,119 5,186 744 2,189 2,377 334 2,246 May 27. 8,035 5,100 748 2,187 2,431 318 2,287 June 3. 8,096 5,161 740 2,195 2,409 334 2,285 June 10. 8,438 5,495 738 2,205 2,146 337 2,123 June 17. 8,420 5,467 743 2,210 2,376 348 2,159 June 24. 8,420 5,474 743 2,203 2,483 334 2,388 July 1. 8,469 * 5,517 756 2,196 2,596 344 2,409 July 8. 8,497 5,543 757 2,197 2,544 330 2,476 July 15. 8,542 5,577 761 2,204 2,527 329 2,430 July 22. 8,551 5,576 767 2,208 2,509 332 2,365 July 29. 8,555 5,579 780 2,196 2,417 318 2,369 Aug. 5. 8,511 5,527 789 2,195 2,500 329 2,333 Aug. 12. 8,456 5,476 786 2,194 2,594 323 2,217 Aug. 19. 8,467 5,474 793 2,200 2,564 328 2,205 Aug. 26. 8,414 5,437 • 789 2,188 2,625 321 2,203 Sept. 2. 8,399 5,418 787 2,194 2,721 341 2,205 Sept. 9. 8,507 5,513 793 2,201 2,604 328 2,268 Sept. 16. 8,524 5,534 789 2,201 2,588 338 2,231 Sept. 23. 8,549 5,552 789 2,208 2,669 326 2,287 Sept. 30. 8,552 5,565 790 2,197 2,706 337 2,274 Oct. 7. 8,549 5,555 796 2,198 2,819 352 2,360 Oct. 14. 8,535 5,544 795 2,196 2,855 340 2,313 Oct. 21. 8,527 5,536 793 2,198 2,881 349 2,294 Oct. 28. 8,502 5,528 789 2,185 2,828 343 2,359 Nov. 4. 8,502 5,525 796 2,181 2,852 348 2,362 Nov. 10. 8,494 5,512 798 2,184 2,879 348 2,426 Nov. 18. 8,452 5,479 793 2,180 2,829 347 2,394 Nov. 25. 8,423 5,451 793 2,179 2,824 345 2,428 Dec. 2. 8,452 5,470 792 2,190 2,831 375 2,378 Dec. 9. 8,638 5,649 792 2,197 2,725 368 2,411 Dec. 16. 8,637 5,643 788 2,206 2,696 368 2,298 Dec. 23. 8,649 5,662 787 2,200 2,696 367 2,255 Dec. 30. Monthly averages: 8,049 5,253 756 2,040 2,275 301 2,260 January. 8,103 5,278 760 2,065 2,298 305 2,256 February. 8,078 5,258 729 2,091 2,223 314 2,257 March. 8,125 5,256 722 2,147 2,212 319 2,183 April. 8,153 5,230 741 2,182 2,343 326 2,209 May. 8,247 5,306 742 2,199 2,340 334 2,214 June. 8,496 5,538 756 2,202 2,532 334 2,413 July. 8,498 5,514 788 2,196 2,518 325 2,281 August. 8,478 5,490 790 2,198 2,641 331 2,239 September. 8,540 5,549 794 2,197 2,815 344 2,311 October. 8,487 5,511 794 2,182 2,847 346 2,385 November. 8,561 5,575 791 2,195 2,755 364 2,353 December. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on December 31,1935, was approximately $38,000,000 at all weekly reporting member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 ANNUAL REPORT OF BOARD OF GOVERNORS No. 64.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE [In millions of dollars] Cash Demand deposits items Total reported assets Date or month ha as n d o n or a O s t s h e e t r s Interbank U.S. Certified in process Govern- checks, Other of Total Domestic Foreign ment etc. collection liabilities banks banks 1936 Jan. 8 636 853 19,220 3,095 505 194 8,411 Jan. 15 742 859 19,477 3,148 502 196 8,597 Jan. 22 676 858 19,366 3,143 449 191 8,536 Jan. 29 605 863 19,336 3,118 442 177 8,538 Feb.5 611 858 19,342 3,176 437 164 8,503 Feb.12 676 865 19,405 3,160 403 196 8,584 Feb.19 631 862 19,336 3,179 387 174 8,541 Feb.26 683 876 19,380 3,188 379 168 8,585 Mar. 4 684 871 19,435 3,273 380 182 8,518 Mar. 11 697 880 19,521 3,251 379 177 8,610 Mar. 18 681 861 19,391 3,105 587 166 8,455 Mar. 25 640 19,243 3,065 580 156 8,362 Apr. 1 766 19,116 3,064 576 210 8,207 Apr. 8 696 19,404 3,052 562 200 8,442 Apr. 15 814 872 19,718 3,111 557 172 8,717 Apr. 22 723 874 19,713 3,062 555 173 8,743 Apr. 29 687 898 19,674 3,006 556 172 8,721 May 6 675 878 19,635 3,070 558 166 8,643 May 13 768 877 19,749 3,042 556 156 8,781 May 20 691 881 19,705 3,021 556 159 8,760 May 27 682 894 19,752 3,039 553 152 8,783 June 3 763 19,873 3,127 551 193 8,765 June 10 685 19,844 3,092 548 179 8,796 June 17 791 863 19,844 2,975 656 166 8,835 June 24 701 19,974 3,052 654 151 8,862 Julyl 978 867 20,606 3,343 647 238 9,204 July 8 748 842 20,495 3,477 643 168 9,040 July 15 852 856 20,688 3,498 632 183 9,221 July 22 744 859 20,581 3,439 632 167 9,179 July 29 713 859 20,462 3,376 632 161 9,133 Aug. 5 712 849 20,383 3,410 631 165 9,033 Aug. 12 808 849 20,522 3,402 630 163 9,168 Aug. 19 711 845 20,350 3,307 629 152 9,113 Aug. 26 691 847 20,314 3,277 629 150 9,104 Sept. 2 731 848 20,376 3,328 629 157 9,100 Sept. 9 733 846 20,521 3,386 631 181 9,136 Sept. 16 829 20,746 3,396 656 181 9,328 Sept. 23 834 20,564 3,341 656 156 9,221 Sept. 30 842 20,839 3,361 654 179 9,453 Oct. 7 741 830 20,779 3,458 164 9,300 Oct. 14 1,025 842 21,279 3,569 176 9,684 Oct. 21 842 832 21,061 3,508 176 9,560 Oct. 28 763 840 20,991 3,486 567 162 9,556 Nov. 4 907 837 21,112 3,561 509 178 9,646 Nov. 10 827 843 21,078 3,559 485 188 9,622 Nov. 18 875 851 21,210 3,633 424 175 9,739 Nov.25 863 867 21,076 3,557 367 190 9,732 Dec. 2 863 876 21,115 3,617 366 201 9,709 Dec. 9 753 884 21,070 3,586 367 198 9,656 Dec. 16 1,042 872 21,516 3,561 497 206 10,016 Dec. 23 938 873 21,314 3,517 499 198 9,862 Dec. 30 947 21,329 3,499 499 208 Monthly averages: January 665 858 19,350 3,126 474 189 8,521 February 650 865 19,366 3,176 402 176 8,553 March 676 869 19,397 3,174 482 170 8,486 April 737 876 19,525 3,059 561 186 8,566 May 704 882 19,711 3,043 556 159 8,742 June 735 875 19,884 3,061 603 173 8,814 July 807 857 20,567 3,427 637 184 9,156 August 731 847 20,392 3,349 630 158 9,104 September 791 840 20,609 3,362 645 171 9,248 October 843 836 21,028 3,506 621 169 9,526 November 850 21,118 3,577 446 182 9,685 December 878 21,269 3,557 446 202 9,821 Back figures— See Annual Report for 1935 (table 63). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 171 NEW YORK CITY—ASSETS AND LIABILITIES, 1936—Continued [In millions of dollars] Time deposits d a D e d p j e u o m s s t i a e t n s d — d 4 Interbank Other Bo in rr g o s w- lia O b t i h li e ti r es a C c a c p o i u ta n l t Date or month Domestic Foreign banks banks 1936 7,969 135 1 4,345 1 463 2,041 Jan. 8. 8,051 135 4,355 2 474 2,039 Jan. 15. 8,051 134 4,351 3 486 2,043 Jan. 22. 8,110 135 4,353 2 503 2,041 Jan. 29. 8,056 135 i' 4,355 3 498 2,041 Feb. 5. 8 8 , , 0 1 8 0 4 4 1 1 3 3 5 5 l 4 4 , , 3 3 5 5 2 7 2 2 4 4 9 9 8 3 2 2 , , 0 0 4 4 1 3 F F e e b b . . 1 1 9 2 . . 8,070 135 l 4,358 3 493 2,040 Feb. 26. 8,016 134 4,374 3 496 2,045 Mar. 4. 8,090 133 l 4,388 1 500 2,050 Mar. 11. 7,940 134 l 4,381 3 477 2,052 Mar. 18. 7,878 133 4,375 3 489 2,051 Mar. 29. 7,651 133 i 4,363 475 2,054 Apr. 1. 7,946 135 4,423 502 2,058 Apr. 8. 8,075 133 4,426 6 503 2,061 Apr. 15. 8,193 133 i 4,440 2 507 2,065 Apr. 22. 8,206 132 i 4,471 520 2,065 Apr. 29. 8,184 130 i 4,474 494 2,068 May. 6. 8,169 132 i 4,473 507 2,071 May 13. 8.228 131 4,465 513 2,070 May 20. 8,253 132 4,467 521 2,075 May 27. 8,195 131 4,486 512 2,078 June 3. 8,290 133 4,483 508 2,074 June 10. 8,210 131 r 4,479 2 496 2,072 June 17. 8,312 132 4,512 508 2,069 June 24. 8,464 132 4,461 484 2,060 July 1. 8,460 133 4,450 489 2,060 July 8. 8,552 135 4,448 474 2,060 July 15. 8,602 134 r 4,453 484 2,058 July 22. 8,581 133 4,445 486 2,057 July 29. 8 8 8 , , , 5 4 5 5 8 2 4 6 3 1 1 12 3 3 9 1 1 2 1 4 4 4 , , , 4 4 4 4 5 5 2 2 0 3 2 ' 4 4 4 6 7 8 5 9 1 2 2 2, , , 0 0 0 6 5 5 3 4 8 A A A u u u g g g . . . 1 1 5 9 2 . . . 8,563 128 4,459 1 462 2,066 Aug. 26. 8,526 129 4,455 1 474 2,068 Sept. 2 8,584 128 4,465 1 486 2,071 Sept. 9. 8,603 130 r 4,464 2 476 2,077 Sept. 16. 8,628 129 4,457 1 483 2,081 Sept. 23. 8,796 127 4,465 482 2,082 Sept. 30. 8,723 129 4,468 1 482 2,084 Oct. 7. 8,835 130 4,455 2 484 2,083 Oct. 14. 8,894 130 4,461 492 2,085 Oct. 21. 8,955 132 j 4,456 499 2,088 Oct. 28. 8,917 130 4,451 503 2,090 Nov. 4. 8,983 130 4,455 505 2,096 Nov. 10. 9,039 130 4,449 i' 516 2,102 Nov. 18. 9,059 130 4,442 518 2,101 Nov. 25. 9,047 128 3' 4,424 523 2,105 Dec. 2. 9,101 131 4 445 542 2,107 Dec. 9. 9,180 131 1 4,417 3 540 2,106 Dec. 16. 9,122 132 4,429 3 536 2,102 Dec. 23. 9,123 130 4,446 1 548 2,099 Dec. 30. Monthly averages: 8,045 135 4,352 1 482 2,041 January. 8,079 135 r 4,356 2 495 2,042 February. 7,981 133 4,381 2 490 2,049 March. 8,014 133 4,424 2 501 2,061 April. 8,196 131 4,470 508 2,071 May. 8,252 132 4,490 1 506 2,073 June. 8,531 133 r 4,451 r 484 2,059 July. 8,532 130 4,450 471 2,061 August. 8,627 129 4,461 1 480 2,076 September. 8,851 130 4,460 1 489 2,086 October. 8 9 , , 9 1 9 1 9 4 1 1 3 3 0 0 i 1 4 4, , 4 4 3 4 2 9 r 5 53 1 7 1 2 2, , 1 0 0 9 4 7 N De o c v e e m m b b e e r r . . 4Demand 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 BOARD OF GOVERNORS BROKERS' BALANCES No. 65.—CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firmsof New York Stock Exchange. Ledger balanc3s in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n r c s e ' s 1 Other credit balances End of month to d C m e u b e s i r - t s' p b i a a n r l v a t i n n n e e s c t r e - s s ' b i i a n n l v a f n e i s c r t m e - s on C a h s a h nd M b o o n r e - y par I tn n ers' fi I r n m In b ( a n l e a t n ) c e ! s tr m a a d n e i n d n t g tr m a a d n e i n d n t g banks rowed 2 Free O (n th e e t) r m t i r n e a v n d e t i s n a t g n - d m t i r n e a v n d e t i s n a t g n - d a c c ( a c n p o e i u t t a ) n l ts accounts accounts accounts accounts 1935—September. 1,098 65 119 182 771 257 89 23 12 396 October 1,147 68 119 187 806 277 93 22 10 405 November.. 1,212 73 134 189 859 294 92 22 13 415 December.. 1,258 75 135 179 930 286 79 24 10 410 1936—January... 1,297 63 139 193 922 319 91 26 17 416 February. . 1,290 64 147 208 908 328 98 26 15 425 March 1,351 67 168 181 995 303 89 23 15 429 April 1,295 65 173 268 1,033 301 88 28 13 426 May 1,257 65 159 229 970 282 83 25 14 422 June... 1,267 67 164 219 985 276 86 24 14 420 July 1,295 68 158 221 981 287 96 24 14 422 August 1,287 69 142 213 967 283 92 25 12 423 September. 1,317 72 141 227 995 289 99 24 14 423 October 1,333 69 151 235 | 989 318 99 25 17 428 November. 1,364 65 150 260 f 986 346 110 24 17 435 December.. 1,395 64 164 249 1,048 342 103 30 12 424 1 Excluding balances with reporting firms (1) of member firms of New York StockExchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in Bulletin for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken a? representing the actual net capital of the reporting firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 173 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES No. 66.—COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes Based on Com- Held by Held by goods stored mer- Federal Re- accepting in or shipped cial serve banks banks between End of month paper Total points in out- out- Baseci Based stand- stand- Held on im- on ex- Doling 1 ing For by ports ports lar exac- others into from change For count U.S. U.S. Foro a w c- n o e f i g f n or- Total O bi w lls n bo B u il g l h s t U.S. c e o i u g n n count corre- tries spondents 1924—December 798 821 387 43 (3) (3) (3) (3) 292 305 23 200 1925—December.... 621 774 372 70 93 38 55 239 311 297 19 129 17 1926—December 526 755 378 59 77 35 42 241 284 261 26 145 40 1927—December.... 555 1,081 390 229 105 58 47 356 313 391 28 218 131 1928—December 383 1,284 488 325 76 27 49 396 316 497 39 190 243 1929—December.... 334 1,732 391 548 191 59 132 603 383 524 76 308 441 1930—December 358 1,556 328 439 371 90 282 417 221 415 52 306 561 1931—December.... 118 974 305 251 262 131 131 156 159 222 31 267 296 1932—December.... 81 710 4 41 604 224 380 62 79 164 10 230 228 1933—December.... 109 764 127 4 442 223 219 190 94 207 4 277 182 1934 January . . 108 771 105 4 567 255 312 95 89 225 5 277 175 February 117 750 56 5 581 266 315 108 98 203 4 261 184 March 133 685 23 5 576 252 324 81 103 186 3 226 168 April 139 613 3 4 536 236 299 70 103 164 3 186 158 May 142 569 (2) 3 507 226 281 59 100 150 3 164 152 June . . .. 151 534 (2) 2 480 220 260 53 97 145 4 141 148 July 168 516 1 472 222 250 42 94 135 4 138 144 August 188 520 (2) 1 483 222 261 37 89 140 4 147 141 September 192 539 1 503 223 280 35 94 138 4 166 137 October 188 562 00 (2) 516 245 271 45 93 147 4 184 133 November 178 561 517 252 265 44 89 148 2 195 127 December 166 543 00 1 497 243 254 46 89 140 2 193 119 1935 January 171 516 (2) 00 485 238 247 30 86 133 3 179 114 February 177 493 452 217 235 41 92 123 3 166 109 March 182 466 (2) 423 197 226 43 101 122 2 134 106 April 173 413 (2) 391 178 214 22 103 114 2 96 99 May 173 375 356 162 193 19 107 100 2 76 91 June 159 343 317 154 163 26 102 94 2 57 89 July 164 321 296 148 148 24 99 86 3 47 86 August 177 322 292 145 147 30 102 81 4 52 83 September 183 328 301 148 154 27 102 77 4 66 79 October 180 363 339 178 161 24 106 75 4 98 82 November 178 387 358 182 175 29 105 84 3 111 84 December 172 397 368 183 185 29 107 94 2 110 84 1936 January 178 384 353 181 172 31 108 94 3 96 84 February 176 377 340 172 168 37 114 94 2 81 86 March 180 359 321 150 171 38 113 91 2 66 87 April 174 344 310 143 167 34 111 86 2 57 89 May. . . 184 331 297 155 142 34 110 81 1 55 82 June 169 316 276 129 147 41 107 74 2 49 85 July 188 316 278 131 147 37 105 68 2 57 84 August. 205 308 279 140 139 29 104 63 2 60 79 September 197 315 276 139 137 39 107 64 2 66 76 October 199 330 296 150 147 34 110 67 2 75 77 November 191 349 309 157 152 40 112 77 1 83 76 December 215 373 315 151 164 57 126 86 2 83 76 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. 3 Figures not available. Digitized for BFaRckA fiSguEreRs.— See Annual Report for 1935 (tables 66-67) and similar tables in previous annual reports. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 ANNUAL REPORT OF BOARD OF GOVERNORS BANK DEBITS No. 67.—DEBITS TO INDIVIDUAL ACCOUNTS, BY BANKS IN PRINCIPAL CITIES, 1927-36 [Amounts in millions of dollars] Month 1927 1928 1930 1931 1932 1933 1934 1935 1936 Total, all reporting centers: January 58,200 66,572 86,826 64,291 49,578 36,086 26,386 29,257 32,196 38,097 February 51,110 57,746 74,185 55,751 40,626 29,370 24,131 26,815 27,619 33,887 March 61,921 74,287 87,393 69,275 49,998 32,092 (2) 31,783 33,948 40,036 April 59,054 70,550" 78,682 66,535 49,459 32,188 24,276 33,290 33,870 37,393 May 57,386 75,244 80,347 65,322 46,784 27,446 27,232 30,820 32,436 35,810 June 60,211 76,395 73,623 65,948 48,331 29,234 31,745 32,416 33,871 40,381 July 57,026 62,560 81,714 56,208 42,339 27,297 33,217 29,849 35,693 37,698 August 56,850 61,875 81,187 49,024 36,549 27,005 27,222 27,666 32,586 34,080 September 60,046 66,656 81,666 51,773 39,369 27,782 26,395 25,986 31,339 36,021 October 62,793 76,917 100,042 57,941 41,694 27,291 28,254 29,004 35,209 40,415 November 60,478 75,048 86,116 45,125 31,433 22,532 25,964 26,854 34,780 38,683 December 69,292 86,672 70,750 55,767 39,160 28,941 28,395 33,304 39,170 Total for year.. 714,367 850,522 982,531 702,960 515,320 347,264 3 303,215 357,044 402,718 461,889 New York City: January 31,258 37,884 54,719 34,732 24,556 17,676 12,413 14,023 14,997 17,925 February 27,439 32,740 46,288 31,117 20,947 14,381 12,036 13,231 12,549 15,806 March 34,492 44,786 55,425 40,740 27,590 16,160 (2) 15,608 15,895 19,629 April 32,007 41,778 47,980 38,631 26,820 15,557 12,012 16,953 15,905 17,285 May 31,270 45,270 50,043 37,423 25,072 12,913 13,977 14,652 14,551 16,227 June 33,008 45,456 43,262 37,691 25,893 14,202 16,742 15,388 15,667 18,623 July 30,750 35,084 49,215 29,599 21,007 12,728 17,354 13,842 16,737 16,199 August 31,654 35,103 49,034 25,052 17,501 13,459 13,075 12,285 14,732 14,362 September 33,369 38,726 50,343 27,383 20,073 14,164 12,340 11,121 14,014 15,656 October 34,090 45,189 63,325 30,781 20,677 12,944 13,280 12,285 15,733 17,171 November 33,282 45,469 53,604 22,490 14,464 9,815 12,204 11,343 15,542 17,394 December 38,938 52,727 39,850 29,000 19,233 13,967 13,014 15,215 17,684 22,658 Total for year.. 391,558 500,212 603,089 384,639 263,834 167,965 3148,449 165,948 184,006 140 other cities *: January 23,456 25,001 28,095 25,691 21,697 15,893 12,053 13,198 14,983 17,499 February 20,781 21,753 24,489 21,508 17,084 12,870 10,401 11,784 13,111 15,766 March 24,026 25,847 28,099 24,983 19,421 13,729 (2) 14,077 15,754 17,866 April 23,576 25,225 26,770 24,315 19,620 14,366 10,616 14,278 15,645 17,497 May 22,873 26,346 26,492 24,388 18,858 12,498 11,509 14,105 15,557 16,998 June 23,812 27,029 26,404 24,621 19,406 12,901 12,969 14,754 15,808 18,880 July 22,932 23,897 28,416 23,145 18,444 12,511 13,878 13,910 16,550 18,617 August 22,048 23,401 28,310 20,941 16,526 11,756 12,376 13,421 15,536 17,106 September 23,381 24,450 27,274 21,253 16,627 11,767 12,215 12,888 15,016 17,586 October 25,111 27,705 32,202 23,679 18,125 12,354 13,027 14,465 16,844 20,142 November 23,803 25,880 28,486 19,686 14,605 10,935 11,927 13,409 16,685 18,475 December 26,503 29,659 26,902 23,107 17,112 12,820 13,287 15,700 18,676 23,238 Total for year.. 282,303 306,193 331,938 277,317 217,523 154,401 > 134,257165,9 190,165 219,670 Other reporting cities:i January 3,486 3,687 4,012 3,868 3,325 2,517 1,920 2,036 2,216 2,673 February 2,890 3,253 3,408 3,125 2,595 2,119 1,694 1,800 1,960 2,315 March 3,403 3,654 3,869 3,552 2,987 2,203 2,098 2,299 2,540 April 3,471 3,547 3,932 3,589 3,019 2,265 (2) 2,059 2,320 2,610 May 3,243 3,628 3,812 3,511 2,854 2,035 1,648 2,063 2,328 2,585 June 3,391 3,910 3,957 3,636 3,032 2,131 1,746 2,274 2,396 2,878 July 3,344 3,579 4,083 3,464 2,888 2,058 2,034 2,097 2,406 2,882 August 3,148 3,371 3,843 3,031 2,522 •1,790 1,985 1,960 2,318 2,611 September 3,296 3,480 4,049 3,137 2,669 1,851 1,771 1,977 2,309 2,779 October 3,592 4,023 4,515 3,481 2,892 1,993 1,840 2,254 2,632 3,102 November 3,393 3,699 4,026 2,949 2,364 1,782 1,947 2,102 2,553 2,814 December 3,851 4,286 3,998 3,660 2,815 2,154 1,833 2,389 2,810 3,492 2,094 Total for year . 40,506 44,117 47,504 41,003 33,963 24,898 320,509 25,107 28,547 33,283 Number of cities*.. 123 127 128 125 125 123 120 129 131 133 1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one in 1928. 2 Complete data not available on account of bank holiday. 3Total for 11 months. 4 Cities (other than the 141 cities) for which bank 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, 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 Digitized fboerg FinRs AwSithE R19 19. Corresponding figures for each Federal Reserve district and for each reporting center are available in mimeographed form beginning with 1919 and may be had upon request. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 175 BANK SUSPENSIONS No. 68.—BANK SUSPENSIONS, 1921-1936 [Banks closed either permanently or temporarily, on account of financial difficulties, by order of supervisory authorities or by the directors of the bank. See also footnotes below table 69] Number of banks Deposits l (in thousands of dollars) Year Total National m S e t m at b e er m N em on b - er Total National m S e t m at 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 2 4,004 1,101 174 2,729 3,598,975 1,610,549 783,399 1,205,027 1934 57 1 56 36,937 40 36,897 1935 34 4 30 no,015 5,313 r 4,702 1936 44 1 43 11,306 507 10,799 Total 14,955 2,719 592 11,644 8,542,359 2,803,500 1,463,585 4,275,274 r Revised. iDeposits of suspended member banks 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, except as indicated by the footnotes below table 69 with respect to the figures for 1933. 2 Revised figures. For basis of compilation see footnotes below table 69. NOTE.—Corresponding data by classes of banks, by Federal Reserve districts, by States, and by years appear in Annual Reports as follows: for 1921-1932, in tables 103 and 104 of the report for 1933; for 1933, in table 69 of this report; for 1934-1936, in table 71 of this report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 ANNUAL REPORT OF BOARD OF GOVERNORS No. 69.—BANKS SUSPENDED IN 1933, BY DISTRICTS AND BY STATES (REVISED FIGURES) X Number of banks Deposits 2 (In thousands of dollars) Federal Reserve district and State Total ti N on a- al State m N em on b - er Total National m S e t m at b e er m N em on b - er DISTRICT Boston 80 50 24 188 783 85 442 37 781 65,560 New York 155 117 32 247,417 166,736 24,634 56,047 Philadelphia 140 96 37 228,339 142,863 23,904 61,572 Cleveland 331 142 176 648,663 149,576 358,910 140,177 Richmond 269 80 182 333,379 101,126 56,846 175,407 Atlanta 171 44 120 218,523 42,616 126,267 49,640 Chicago 1,347 246 1,037 1,206,605 705,858 88,630 412,117 St. Louis 448 72 347 175,689 48,526 55,543 71,620 Minneapolis 319 70 242 80,118 35,007 2,374 42,737 Kansas City 467 91 375 118,805 53,504 112 65,189 Dallas 101 36 58 31,599 9,712 560 21,327 San Francisco 176 57 99 121,055 69,583 7,838 43,634 Total. 4,004 1,101 2,729 3,598,975 1,610,549 783,399 1,205,027 STATE New England: Maine 33 93,981 40,023 2,728 51,230 New Hampshire. 6 7,071 5,373 1,698 Vermont 18 23,433 16,691 6,742 Massachusetts 20 59,631 23,355 31,375 4,901 Rhode Island 1 2,491 2,491 Connecticut 5 9,122 1,187 Middle Atlantic: New York 107 84 20 161,384 122,261 5,834 33,289 New Jersey 70 53 12 117,869 65,772 31,514 20,583 Pennsylvania 219 145 68 328,111 210,125 12,938 105,048 East North Central: Ohio 197 58 127 493,027 50,882 357,162 84,983 Indiana 209 44 160 111,918 55,931 10,899 45,088 Illinois 245 107 132 158,274 73,666 5,054 79,554 Michigan 321 54 217 787,801 569,309 74,615 143,877 Wisconsin 368 38 328 121,420 28,433 839 92,148 West North Central: Minnesota 122 27 94 23,921 8,671 118 15,132 Iowa 416 67 343 115,882 23,559 2,606 89,717 Missouri 255 13 18 224 117,113 31,780 31,646 53,687 NorthDakota 44 10 34 9,897 5,902 3,995 South Sakota 27 7 20 4,402 1,934 2,468 Nebraska 203 25 177 31,160 7,336 23,712 Kansas 77 21 56 16,111 6,707 9,404 South Atlantic: Delaware 3 1 2 585 199 386 Maryland 71 24 45 152,839 19,674 36,451 96,714 District of Columbia 14 4 10 43,281 28,519 14,762 Virginia 43 17 24 36,529 10,894 'til 625 8,010 West Virginia 49 21 26 34,061 16,060 389 17,612 North Carolina 10 57 44,584 9,035 2,381 33,168 South Carolina 31 6 25 27,142 17,994 9,148 Georgia » 18 9 7 7,123 2,168 2,907 Florida 30 4 25 8,307 2,987 579 4,741 East South Central: Kentucky 39 20 19 18,653 13,791 4,862 Tennessee 43 14 28 29,342 24,381 4,753 Alabama.. 38 11 26 11,591 3,827 507 7,257 Mississippi 32 3 28 14,949 3,598 626 10,725 West South Central: Arkansas 79 65 28,947 1,684 18,851 8,412 Louisiana 59 48 164,799 6,843 123,133 34,823 Oklahoma 84 68 15,753 7,348 115 8,290 Texas I 73 35 19,169 9,010 445 9,714 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 177 No. 69.—BANKS SUSPENDED IN 1933, BY DISTRICTS AND BY STATES (REVISED FIG- URES) 1—Continued Number of banks Deposits 2 (In thousands of dollars) Federal Reserve district and State Total ti N on a a - l m S e t m at b e erm N em on b - er Total National m S e t m at b e er m N em on b - er STATE—continued Mountain: Montana 21 5 4 12 5,658 1,447 1,085 3,126 Idaho 16 3 1 12 3,102 1,620 357 1,125 Wyoming 3 3 * 293 293 Colorado 59 26 33 12,787 9,085 3,702 New Mexico 7 3 4 7,067 4,712 2,355 Arizona.. . 4 1 3 934 311 623 Utah 6 1 i 4 2,251 386 27i 1,594 Nevada 2 1 1 901 718 183 Pacific: Washington 62 18 9 35 29,230 19,561 3,319 6,350 Oregon 38 11 7 20 13,193 6,909 2,633 3,651 California.. 49 22 2 25 71,886 40,078 1,258 30,550 1 Comprises banks suspended before the banking holiday, licensed banks suspended or placed on restricted basis following the banking holiday, unlicensed banks placed in liquidation or receivership, and unlicensed banks granted licenses after June 30, 1933. At the close of the banking holiday (March 15, 1933) 1,400 national banks with deposits (on December 31, 1932) of $1,942,574,000, and 225 State bank members with deposits of $925,777,000 had not been licensed to reopen. On April 12, 1933, the first date following the banking holiday for which corresponding data are available with respect to nonmember banks, there were 1,108 unlicensed national banks with deposits of $1,818,541,000, 152 unlicensed State member banks with deposits of $842,982,000, and 2,938 unlicensed nonmember banks with deposits of $1,317,607,000. By the end of June, 1933, supervisory authorities had completed their examination of all or nearly all the banks not granted licenses immediately following the banking holiday and had authorized such of the banks to reopen as could then qualify for licenses. On June 30, 1933, there remained 985 unlicensed national banks with deposits of $1,028,347,000, 114 unlicensed State member banks with deposits of $239,268,000, and 1,983 unlicensed nonmember banks with deposits of $1,063,984,000 to be rehabilitated and reopened or to be placed in liquidation or receivership. All such banks (not licensed by June 30, 1933) are treated as suspensions. A summary classification of suspensions before and after the banking holiday is shown in table 70. 2Deposits of member banks suspended are as of dates of suspension, and deposits of nonmember banks suspended are as of dates of suspension or latest available call dates prior thereto. Deposits of unlicensed national banks are as of dates of conservatorship; deposits of unlicensed State member banks are as of June 30, 1933 or the nearest call date prior to liquidation or receivership; and deposits of unlicensed nonmember banks are based on the latest data available at the time the banks were reported as having been placed in liquidation or receivership' or, in the case of those later reopened, as of the dates they were granted licenses to reopen. No. 70.—BANKS SUSPENDED IN 1933, BEFORE AND AFTER THE BANKING HOLIDAY Number of banks Deposits (in thousands of dollars) Total ti N on a- al m S e t m at b e er m N em on b - er Total National m S e t m at b e er m N em on b - er Banks suspended Jan. 1-Mar. 4. 410 64 22 324 200,261 71,802 21,633 106,826 Banks placed in receivership during the banking holiday (Mar. 6 to Mar. 15) 39 2 1 36 15,080 1,381 109 13,590 Licensed banks suspended Mar. Ba 1 n 6 k s t o n D o e t c . li 3 c 1 ensed following 179 9 2 168 145,072 17,322 1,927 125,823 the banking holiday and later placed in liquidation or receivership (Mar. 16, 1933, to Dec. 31, 1936) 2,124 865 74 1,185 2,520,391 1,361,607 672,260 486,524 Banks granted licenses (July 1, 1933, to Dec. 31, 1936) 1,242 161 72 1,009 716,423 158,437 86,988 470,998 Banks neither granted licenses to reopen nor placed in liquidation or receivership by Dec. 31, 1936 10 3 7 1,748 482 1,266 Total 4,004 1,101 2 174 2,729 3,598,975 1,610,549 2783,399 1,205,027 1 See footnotes appended to table 69. 2 Includes 56 banks with deposits of $118,479,000 which did not receive licenses (as member banks) following the banking holiday and later withdrew from the Federal Reserve System. Of these, 28 were subsequently granted licenses as nonmembers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 ANNUAL REPORT OF BOARD OF GOVERNORS No. 71.—BANK SUSPENSIONS, BY DISTRICTS Number of banks suspended Federal Reserve district and State 1 Insured (member Not insured and nonmember) (nonmember) 19343 1935 4 1936B 1934 DISTRICTS Boston 1 New York 2 1 8 Philadelphia 1 3 Cleveland 1 1 1 Richmond 2 Atlanta 1 3 4 Chicago 3 5 5 St Louis 2 2 17 IVIinneaDolis 2 •y 4 Kansas City • • • 4 Dallas 3 4 San Francisco Total 9 26 41 STATE New England: Connecticut 1 Middle Atlantic: New York N Pe e n w n s J y er lv se a y nia i 2 1 1 East North Central: Ohio * 1 1 Indiana l 7 Illinois Michigan 1 Wisconsin 2 4 West North Central: Iowa 1 Minnesota 1 Missouri 2 i3 North Dakota 1 South Dakota 3 Nebraska 1 ...... Kansas 2 South Atlantic: Virginia 1 South Carolina 1 Georgia i 3 East South Central: Kentucky l 1 2 Tennessee 4 Mississippi . ... 2 West South Central: Louisiana 2 Oklahoma 3 Texas 3 2 Mountain: IVTontana l Pacific: California eocoi- AND BY STATES, 1934-1936 Deposits2 of suspended 1>anks (in thousands of dollais) Insured (member Not insured and nonmember) (nonmember) 1935 1936 1934 3 1935 4 1936 6 1934 1935 1936 1,050 649 1,120 28,348 4,545 935 1,062 261 1,875 722 449 636 202 285 " i54 34 14 3 438 1,211 1,309 2,168 250 9 1 137 265 2,552 1,526 205 2 113 687 258 5 ""3" ""2 1,126 277 358 * 3oi" 164 1 r285 1,690 428 1 183 48 8 3 1,952 r9,076 10,714 34,985 939 592 1 050 2 7,059 8 649 1,120 22,114 1 1,062 4,545 110 3 261 1,875 722 13 1 69 2,149 1,968 18 1 1 236 113 29 1 i 59 48 3 "262 1,152 512 203 155 73 7 3 1 419 1,498 1,311 463 49 46 641 3 194 ""275' 1 1 1 183 '"'55' 72 43 115 2 313 467 1 136 169 1 202 285 34 68 36 128 154 153 1,406 1 559 11 1 r285 284 428 40 1 183 1 States listed only in cases where suspensions occurred. 2Deposits 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 the suspensions were reported. 3 All were nonmember banks except 1 national bank in Montana with deposits of $40,000. 4All were nonmember banks except the following national banks: 1 in Pennsylvania with deposits of $4,545,000; 1 in Ohio with deposits of $261,000; 1 inNebraska with deposits of $194,000; and 1 in Virginia with deposits of $313,000. 5 All were nonmember banks except 1 national bank in South Dakota with deposits of $507,000. 'Revised. Back figures—See table 69 of this report and tables 103-104 of the Annual Report for 1933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS CONDITIONS 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 ANNUAL REPORT OF BOARD OF GOVERNORS BUSINESS CONDITIONS No. 72.—CAPITAL ISSUES [In millions of dollars] Domestic Year re T ( i a f n n o u n e g t n d w a ) d l - ( f t o d i T c r o o e m i a t g a n e n l s d ) - Total m S u a p t n n a a d i t l c e i- F a e c g d i e e e n s r 2 - al Total B a o n n C d d o s rporate Stocks e F ig o n r - i notes Preferred Common For new capital 1919 '4,440 3,626 '3,235 678 310 2,246 810 726 710 392 1920 4,074 '3,733 3,235 672 0 2,563 1,561 462 540 497 1921 '4,292 ^3,645 * 3,022 1,199 122 '1,701 r1,435 71 194 623 1922 * 4,296 r4,390 3,627 1,071 344 '2,212 r1,642 293 277 764 1923 5,119 4,437 4,016 1,043 337 2,635 1,976 335 324 421 1924 6,316 5,557 4,588 1,380 179 3,029 2,200 318 511 969 1925 7,126 ••6,202 5,125 1,352 169 3,605 2,452 594 558 1,076 1926 7,359 6,314 5,189 1,344 91 3,754 2,667 509 578 1,125 1927 9,774 '7,555 6,219 1,475 87 '4,657 '•3,183 874 600 1,337 1928 9,898 8,040 6,789 1,379 64 5,346 2,385 1,149 1,812 251 1929 11,513 10,091 9,420 1,418 0 8,002 2,078 1,517 4,407 671 1930 7,619 6,909 6,004 1,434 87 4,483 2,980 412 1,091 905 1931 4,038 3,089 2,860 1,235 75 1,551 1,239 116 195 229 1932 1,751 1,194 1,165 762 77 325 305 10 10 29 1933 1,063 720 708 483 64 161 40 15 105 12 1934 2,160 1,386 1,386 803 405 178 144 3 31 0 1935 4,699 '1,457 r1,409 '855 150 404 334 54 15 48 1936 6,214 1,972 1,949 735 22 1,192 839 90 262 Year For refunding 1919 '814 r434 13 0 '421 '311 67 43 379 1920 342 236 11 0 225 189 21 15 106 1921 646 577 9 0 568 558 4 6 69 1922 906 806 30 42 734 684 40 11 99 1923 682 605 20 55 530 454 72 5 77 1924 759 511 19 0 492 455 28 8 248 1925 924 685 48 20 618 523 43 52 240 1926 1,044 881 22 40 820 687 34 99 163 1927 2,218 1,978 35 93 1,850 1,586 180 84 241 1928 1,858 1,620 36 0 1,584 1,054 248 282 238 1929 1,422 1,387 13 0 1,374 542 178 655 35 1930 709 527 53 0 474 451 9 14 182 1931 949 893 21 51 821 789 32 0 56 1932 557 498 87 93 319 315 (3) 3 59 1933 343 283 37 26 219 187 0 32 60 1934 774 765 136 317 312 312 0 0 9 1935 3,242 '3,216 '365 987 1,864 1,782 69 12 26 1936 4,242 4,123 382 353 3,387 3,187 181 20 119 'Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. 2 Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation; excludes direct obligations of U. S. Treasury. s 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

FEDERAL RESERVE SYSTEM 181 No. 72.—CAPITAL ISSUES—Continued [In millions of dollars] Month 1933 January • • February March April May June July August September October November December 1934 January February March April May June July August September October November December 1935 January February March . II For new capita Total Domestic (new Total and (do- fu r n e d - - m ti e c s- State Fed- Corporate ing) and and eral ei f g o n r- ) 4 Total n m p i a c u l i - - a c g ie e s n 2 - B n a o o n n t d e d s s Stocks 110 65 65 33 10 19 3 57 20 20 17 1 1 0 19 17 17 13 0 0 3 45 26 26 9 0 16 1 67 44 44 40 0 1 3 224 116 109 97 0 3 9 167 122 116 29 35 0 53 56 46 46 32 0 0 14 95 64 64 37 18 0 9 59 58 58 55 0 0 3 89 87 87 80 0 6 76 57 57 41 0 0 16 9 8 1 9 4 8 8 1 4 8 8 1 3 6 7 1 5 7 1 0 2 6 1 149 99 99 83 3 9 5 242 141 141 98 15 24 5 144 100 100 58 13 26 3 307 119 119 98 12 0 9 376 214 214 88 105 19 2 210 180 180 19 153 8 0 71 39 39 32 0 5 2 157 122 122 38 83 0 137 104 104 86 10 8 0 187 139 139 104 0 34 1 141 92 92 '81 6 3 2 96 50 50 44 0 7 0 290 '105 '105 '97 0 8 0 507 90 90 64 4 17 5 473 '83 '82 '37 0 39 6 June 513 '55 '55 '42 0 14 July 640 '127 '127 '72 0 27 August 426 '194 '148 '33 85 29 September 437 '173 '173 '128 0 42 October 368 '149 '147 '59 15 70 November 384 '118 '118 '85 0 30 December 422 '221 '221 '114 40 48 1936 January 401 123 116 51 0 61 February 303 107 107 90 4 4 March 763 128 128 58 11 46 April 986 176 176 48 0 102 May 420 112 112 68 6 13 June 734 218 217 64 1 123 July 339 104 103 33 0 39 August 297 217 217 46 0 146 September 409 178 177 103 0 48 October 464 186 173 78 0 60 November 372 158 158 49 0 97 December 726 266 266 48 0 100 OOO CO CO For refunding Total (do- mes- tic and for- Total eign) 4 45 45 37 37 3 3 19 19 23 17 108 54 45 45 10 10 31 31 1 1 2 2 19 19 43 43 8 50 101 44 189 162 29 32 35 33 48 49 46 '185 '418 '391 ,'457 '513 '231 '265 '220 3 '266 19 '201 4 278 10 196 13 635 26 810 24 308 29 516 31 236 25 80 26 231 35 278 12 214 118 459 OOO DomestiD Corporate State Fed- and eral mu- agen- Bonds n p i a c l i- cies 2 n a o n t d es Stocks 3 0 42 0 1 0 36 0 1 o o 2 2 0 17 0 5 0 12 0 6 0 48 2 0 13 10 0 0 1 12 18 1 0 0 2 0 0 4 14 1 18 23 2 4 2 2 15 22 13 97 9 30 58 44 21 20 3 189 17 147 24 162 6 30 126 29 8 11 10 32 9 13 10 35 4 0 31 28 6 0 22 48 17 18 12 49 16 30 2 46 10 13 23 185 53 20 112 418 92 192 115 391 42 267 82 457 23 319 115 513 16 11 482 213 33 156 265 21 13 230 216 13 24 164 262 28 17 216 201 19 81 85 240 38 201 196 8 6 170 616 71 9 525 765 37 199 492 308 37 4 252 514 45 93 325 236 9 2 222 80 11 8 55 231 56 0 156 278 5 1 249 199 16 28 145 459 49 3 395 oooooo c 0 0 0 0 0 0 0 0 0 OO OO 0 19 0 0 5 24 1 16 1 16 11 11 38 16 50 3 6 19 22 10 13 4Monthly figures for foreign issues are not shown separately. For other footnotes see page 180. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 ANNUAL REPORT OF BOARD OF GOVERNORS No. 73.—SECURITY PRICES l Bonds Common stocks (1926= 100) Pre- Year and month m U G e e r o . n n S v - t . - 2 g i ( M r n p h a i i a d c u g l - e - h 3 ) Total In t C r d i o a u r l s p - ora R t r e o a a 3 i d l- Utility s f t e o rr c e k d s4 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c Number of issues 2-12 15 60 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 (5) (5) (5) (5) 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 97 6 93 6 101 7 97 3 121 0 100 0 100 0 100 0 100 0 1927 108.2 96.7 100.7 95.9 107.0 99.2 127.1 118.3 118.4 119.1 116.0 1928 . . . 106 4 95 6 100 8 95 8 106 7 100 0 130 9 149 9 154 3 128 5 148 9 1929 102.0 92.7 98.0 93.2 103.3 97.7 127.4 190.3 189.4 147.3 234.6 1930 .... 105 7 95 4 99 3 92 6 106 0 99 4 126 4 149 8 140 6 124 9 214 6 1931 103.6 96.4 90.9 81.8 93.9 97.2 119.1 94.7 87.4 72.5 148.7 1932 98.5 87.8 69.5 63.2 64.8 80.5 96.1 48.6 46.5 26.4 79.1 1933 102.5 87.1 73.4 69.2 70.5 80.6 104.8 63.0 65.7 37.7 78.0 1934 103.5 97.3 84.5 81.9 83.8 87.8 120.7 72.4 81.1 41.5 68.9 1935 106.0 109.4 88.6 88.2 79.4 98.2 133.8 78.3 90.8 34.0 71.4 1936 107 0 117 8 97 5 92 2 94 7 105 4 138 9 111 1 127 3 51 2 104 3 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 Nove mber 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 69.6 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 oo Q 55 1 March 106.2 107.6- 84.5 85.2 74.7 93.6 131.3 64.6 76.2 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 1936 January 105.8 113.2 95.3 92.5 88.7 104.7 137.3 100.1 114.5 43.8 97.0 February 106 3 114 4 97 2 93 0 93 6 105 1 138 7 106 1 120 9 49 1 102 8 March 106 6 116 0 96 6 92.1 92.7 105.1 139.6 108.7 124.6 49.2 102 8 April 107.0 116.2 95.9 91.2 91.6 104.8 138.8 108.9 125.3 48.9 101.5 Mav 107 1 116 2 95 5 90 6 90 8 105 0 138 6 101 0 116 2 45 0 94 7 June 106 6 116 9 96 2 90 6 92.5 105.5 138.8 105 6 120 6 47 7 102 0 July 106 6 117 4 97 1 91.1 94.2 106.0 139.1 109.2 124.3 50.7 105.8 August 107.2 117.8 97.7 91.6 95.8 105.7 139.3 113.0 128.4 53.9 108.8 September 107 2 118 8 98 6 92 2 97 9 105.8 139 0 114 1 130 2 55.4 107 7 October 106.9 119.5 99.6 93.1 99.7 105.9 138.3 118.7 136.0 58.4 109.1 Nove mber 108 2 122 1 99 8 94 2 99 2 106 0 139 0 ' 124 2 144 3 57 9 108 9 December 108.0 124.8 99.9 94.5 99.6 105.6 140.1 123.1 143.0 54.4 110.6 1 Prices of stocks and of municipal bonds are averages of Wednesday figures; prices of other bonds are averages of daily figures. -Average price of outstanding issues due or callable after 8 years. 3 Price indexes derived from average yields. 4 Average of prices adjusted to a $7 annual dividend basis. 5 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 1935 (table 73) 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

FEDERAL RESERVE SYSTEM 183 No. 74.—BOND YIELDS l [Percent per annum] Corporate 4 U.S. Munic- Gov- ipal3 By ratings iy groups Year and month ern- (high ment 2 grade) Total Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c dumber of issues 2-12 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 4.46 3.60 3.95 4.55 5.75 4.02 4.95 4.43 1936 2.47 2.68 3.87 3.24 3.47 4.02 4.77 3.50 4.24 3.88 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 August 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 Decembe* 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 4.68 3.77 4.21 4.74 5.98 4.31 4.75 4.97 February 2.73 3.39 4.60 3.69 4.13 4.63 5.95 4.24 4.81 4.76 March 2.69 3.27 4.66 3.67 4.11 4.67 6.20 4.20 5.14 4.65 April 2.64 3.25 4.64 3.66 4.08 4.69 6.13 4.18 5.14 4.60 May 2 61 3 27 4 55 3 65 4 03 4 59 5 94 4 11 5 12 4 43 June 2.61 3.25 4.47 3.61 3.99 4.52 5.77 4.07 4.99 4.37 July 2 59 2 95 4 40 3 56 3 89 4 46 5 67 3 95 4 97 4 26 August 2.66 2.87 4.39 3.60 3.87 4.49 5.58 3.94 4.95 4.28 September 2.78 3.08 4.36 3.59 3.85 4.48 5.53 3.91 4.91 4.27 October 2.77 3.16 4.34 3.52 3.82 4.49 5.54 3.83 4.97 4.24 November 2.73 3.02 4.27 3.47 3.73 4.45 5.43 3.73 4.90 4.17 December 2.73 2.97 4.19 3.44 3.65 4.35 5.30 3.71 4.73 4.12 1936 January 2 68 2 93 4 04 3 37 3 57 4 21 5 00 3 59 4 50 4 02 February 2.62 2.86 3.95 3.32 3.55 4.12 4.80 3.57 4.31 3.98 March 2 54 2 78 3 95 3 29 3 55 4 10 4 86 3 56 4 32 3 9S April " 2.51 2.76 3.97 3.29 3.57 4.12 4.91 3.57 4.38 3.97 May 2 50 2 76 3 96 3 27 3 53 4 11 4 94 3 55 4 40 3 9E June 2 50 2 72 3 94 3.24 3 51 4 09 4 90 3 54 4 35 3 91 July 2.50 2.70 3.90 3.23 3.48 4.05 4.84 3.52 4.31 3.8e August 2.43 2.68 3.85 3.21 3.44 3.99 4.74 3.48 4.22 3.85 September. 2.41 2.62 3.79 3.18 3.41 3.94 4.62 3.44 4.09 3.83 October 2.42 2.58 3.75 3.18 3.38 3.90 4.54 3.42 4.02 3.8( November 2.29 2.45 3.71 3.15 3.31 3.85 4.52 3.38 4.00 3.74 December 2.27 2.31 3.67 3.10 3.28 3.78 4.53 3.37 3.96 3.6c 1 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years. 3 Standard Statistics Co. 4Moody's Investors' Service, revised series. Lists of industrial and public utility bonds revised back to January 1, 1935, and of railroad bonds back to January 1, 1936. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4. Back figures.—See Annual Report for 1935 (table 74) 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 FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 75.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES » [Index number3,1923-25 average=100] Industrial production Construction contracts awarded (value)2 Fac- Wholeemp F l ac o t y o m r e y nt3 t p o a r y y Fr l e o i a g d h i t n - g c s a 3 r D s e to p r a e r t s m al e e n s t 3 sa m l o e d i c t o y m- Year and month Total Manufactures Minerals Total Residential All other rolls 3 (value) prices Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 98 84 78 139 1920 . . 87 87 89 63 30 90 108 118 91 94 154 1921 67 67 70 56 44 65 82 77 78 87 98 1922 85 86 74 79 68 88 90 82 85 88 97 1923 101 101 105 84 81 86 104 103 100 98 101 1924 . . ... 95 94 96 94 95 94 96 96 98 99 98 1925 104 105 99 122 124 120 100 101 103 103 104 1926 108 108 108 129 121 135 101 104 107 106 100 1927 106 106 107 129 117 139 99 102 104 107 95 1928 111 112 106 135 126 142 99 102 104 108 97 1929 119 119 115 117 87 142 105 109 107 111 95 1930 96 95 99- 92 50 125 91 89 92 102 86 1931 81 80 84 63 37 84 77 67 74 92 73 1932 64 63 71 28 13 40 66 46 55 69 65 1933 76 75 82 25 11 37 72 49 58 67 66 1934 79 78 86 32 12 48 83 63 62 75 75 1935 90 90 91 37 21 50 86 71 64 79 80 1936 105 105 104 55 37 70 92 82 75 88 81 1919 January 81 82 82 82 74 79 21 30 9 11 30 45 105 107 96 76 81 60 66 134 February 78 79 80 80 63 70 27 32 15 18 37 44 102 103 90 73 80 59 71 130 March 76 76 78 78 61 66 40 39 25 24 52 51 102 102 91 72 76 65 72 131 April . 77 78 80 79 65 71 53 44 39 32 64 54 102 102 90 73 80 77 72 133 May 80 78 80 78 75 74 69 55 52 42 83 66 103 103 91 79 81 73 69 135 June. 84 83 84 84 82 76 82 70 61 58 99 80 104 104 93 82 81 76 76 136 July 87 87 87 89 88 81 88 78 63 63 108 90 107 107 96 94 92 59 80 141 August 89 89 90 91 83 78 82 78 59 61 101 92 109 108 101 92 89 60 80 144 September 89 87 89 88 94 85 81 78 60 59 99 94 111 109 106 101 93 76 83 141 October 89 86 88 86 95 87 74 78 54 55 90 97 111 109 103 99 89 89 81 142 "November 87 85 91 89 63 63 74 88 49 51 94 117 112 111 108 86 83 101 86 145 December 81 86 83 88 70 77 66 90 37 43 90 128 114 114 115 83 90 137 86 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1920 January 92 95 94 96 82 86 91 31 38 93 134 114 117 118 86 91 82 90 158 February 93 95 96 96 78 84 86 31 36 106 127 113 115 117 83 90 74 89 157 March 94 93 96 95 80 87 78 40 37 113 110 116 115 125 88 93 90 95 159 April 87 88 90 89 73 82 71 45 36 119 99 114 114 122 77 83 91 91 166 May 92 90 93 91 86 85 65 41 33 114 91 112 112 124 87 89 101 96 167 June 92 91 92 91 95 88 60 31 30 105 85 111 111 125 92 90 96 96 167 July 88 89 87 89 94 88 57 26 27 98 82 108 108 120 98 95 73 98 166 August 89 89 88 89 98 91 54 24 26 86 78 108 107 123 100 95 73 97 161 September 88 86 87 86 94 85 54 25 25 80 77 107 105 121 103 93 88 95 155 October 86 83 83 82 100 91 52 24 24 69 74 103 102 117 104 91 102 92 144 November 78 76 74 73 97 94 49 21 22 56 70 97 96 108 95 91 112 96 133 December 68 72 65 68 87 94 46 19 21 46 66 90 89 99 83 90 144 90 121 1921 January 66 67 64 64 77 81 43 19 24 40 58 81 82 84 72 77 83 92 114 February 65 66 64 64 72 77 43 27 32 45 53 82 83 82 71 77 76 92 105 March 64 64 63 63 67 72 46 36 34 57 56 83 83 82 69 73 88 90 102 April 64 64 64 63 65 72 50 45 36 73 61 82 82 80 70 76 87 89 May 67 66 66 64 73 73 53 48 38 81 64 82 82 78 76 78 91 87. June 66 65 65 65 73 71 55 44 42 80 65 81 81 76 78 77 86 87 93 July 64 65 63 64 70 68 57 44 46 77 65 80 80 72 79 77 64 87 93 August 67 67 66 67 71 69 61 48 51 77 70 81 81 75 83 79 63 84 94 September 69 68 68 68 72 67 64 54 55 74 71 83 82 74 89 81 75 82 93 October 73 71 73 71 78 71 65 56 57 67 72 84 82 73 96 85 95 86 94 November 72 71 72 71 71 68 66 57 59 58 72 84 83 73 80 76 97 83 94 December 66 70 66 70 64 69 66 54 59 50 72 83 83 74 69 75 135 84 93 1922 January 72 73 72 73 73 77 50 67 50 61 50 72 83 84 70 73 77 73 83 91 February 76 76 75 74 81 85 59 68 55 61 63 75 85 85 73 79 84 69 83 93 March 81 80 80 78 88 92 77 75 66 62 86 84 86 86 75 83 87 77 85 93 April 78 77 83 81 48 53 95 78 80 65 107 89 86 86 74 71 75 90 86 93 May 82 81 87 86 53 54 100 80 83 68 113 90 88 88 78 77 79 89 87 June 86 85 90 90 63 59 99 85 78 75 117 94 90 90 81 83 82 85 86 July 84 85 88 90 61 57 96 88 70 74 117 99 88 88 79 84 81 64 86 August 83 83 86 87 67 62 89 86 63 89 110 100 91 90 83 86 82 66 88 September 89 88 89 89 88 81 80 80 64 67 93 90 94 92 87 98 89 85 91 October 96 93 95 94 98 90 72 76 68 69 76 81 97 95 90 101 90 102 93 100 November 99 97 99 97 98 94 67 76 71 74 63 78 98 98 93 100 95 108 92 101 December 95 100 95 100 94 100 63 79 72 76 56 81 100 100 96 91 98 152 93 101 1923 January 99 99 99 99 97 101 64 83 68 80 61 86 101 102 95 91 98 79 91 102 February 101 100 103 100 94 99 76 85 77 82 75 88 103 103 98 90 97 77 93 103 March 105 103 106 103 97 103 89 85 87 80 91 89 105 104 103 95 100 93 95 105 April 107 106 109 105 99 111 102 84 97 78 106 89 105 105 104 97 105 97 100 104 May 108 106 108 106 107 108 102 84 89 77 112 89 105 106 108 100 102 100 98 102 June 105 106 104 105 112 108 94 84 80 78 106 88 106 107 108 102 102 99 101 100 July 101 104 98 103 115 111 83 78 72 77 91 79 105 106 103 103 101 73 98 98 August 100 103 98 101 116 110 76 76 68 75 83 76 105 105 104 106 101 75 101 98 September 101 100 100 101 106 97 80 81 77 81 82 80 106 104 104 110 99 94 100 100 October 102 99 100 98 113 104 81 85 83 84 80 86 104 103 107 110 98 111 101 99 November 99 98 98 97 108 106 82 91 89 90 76 91 103 103 104 104 99 117 100 98 December 92 97 92 97 93 99 77 92 89 94 68 90 101 102 103 88 96 164 99 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 75.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES1—Continued [Index numbers, 1923-25 average «100] Year and month Total Indu M str a i n a u l f p a r c o tu d r u e c s tion Minerals T C o o t n a s l truction co R n e t s ra id c e ts n t a ia w l arded (v A a l l l u o e t ) h e * r em F p a lo c y to m ry ent3 r F o t p o l a a l r c s y y - 3 F l r o e a i d g i h n t- g c s a 3 r D st e o ( p v r a e a r l t s u m a e l ) e e n s3 t s W a m p le r o h i d c o c e i o l t e s m y - - Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1924 January 100 99 99 100 103 76 101 67 91 100 101 99 99 100 February 104 102 105 101 100 105 87 101 107 76 89 102 102 104 103 84 101 100 March 103 100 105 100 102 110 102 96 94 102 101 104 98 88 99 April 96 95 98 95 113 119 108 94 100 100 102 95 103 97 May 90 89 89 88 111 107 113 94 97 97 98 91 93 98 97 96 June 84 85 82 84 99 90 106 92 94 94 92 91 92 97 100 95 July 81 84 78 83 95 92 82 101 88 91 92 85 93 92 71 96 August 87 89 86 89 96 88 78 95 87 92 92 89 100 95 72 97 September 95 94 93 93 103 93 85 96 94 93 92 112 100 96 101 97 October 98 95 97 95 104 95 93 103 95 94 95 114 102 105 96 98 November 99 97 100 97 93 97 103 95 94 106 101 117 100 99 December 98 102 95 84 90 101 96 96 93 101 166 99 102 1925 January 105 105 106 105 101 105 78 97 76 99 97 98 96 95 103 84 99 103 February 107 104 109 105 95 100 90 103 90 99 90 106 101 95 102 85 103 104 March 107 103 109 104 90 96 111 107 114 106 109 108 103 95 99 94 102 104 April 104 102 106 103 89 100 127 111 131 112 124 110 100 96 102 105 103 102 May 103 102 103 102 105 104 133 118 130 117 136 118 101 99 101 103 102 102 June 100 102 100 102 104 101 131 123 124 126 137 120 99 99 100 102 98 102 103 July 99 103 97 103 107 104 140 131 131 135 147 128 99 97 104 103 74 100 104 August 101 103 99 102 112 107 140 137 137 145 142 130 100 100 100 111 106 76 10L 104 September 102 101 103 103 97 89 139 133 144 141 134 127 102 100 99 116 102 97 101 103 October 107 104 108 106 98 90 128 131 140 138 118 125 102 101 105 114 101 122 111 104 November 108 107 110 109 98 95 125 131 139 137 113 126 102 102 105 110 105 122 104 105 December 103 109 106 112 93 119 136 125 134 113 138 102 102 105 108 176 104 103 1926 January 105 106 108 109 90 91 113 139 113 135 113 141 101 102 101 94 103 90 106 103 February 108 105 111 107 92 95 121 139 114 127 126 149 102 102 105 96 104 87 105 102 March 110 106 112 106 98 106 130 127 128 121 132 132 102 102 107 99 104 97 103 101 April 108 107 110 106 96 108 142 126 140 121 143 130 102 101 104 99 105 102 103 100 May 107 106 108 106 103 104 135 120 135 120 136 120 100 101 103 105 107 109 109 101 June 106 108 106 108 109 107 131 122 120 119 140 125 100 101 103 106 108 100 105 100 July 103 108 102 108 110 108 136 126 116 119 151 133 99 101 99 110 109 77 106 100 August 109 110 108 110 115 109 137 132 115 119 155 142 101 101 103 113 106 82 108 99 September 113 111 112 111 119 110 137 130 122 120 149 139 104 102 104 122 107 104 106 100 October 115 111 113 111 124 113 127 130 123 122 130 137 103 101 107 124 109 120 109 99 November 110 110 108 109 123 118 125 132 120 118 130 142 101 101 104 115 110 124 106 98 December 101 107 99 105 113 119 114 131 109 117 119 142 100 101 103 109 181 107 98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1927 January 106 107 105 106 112 115 107 132 97 117 115 144 98 100 98 97 107 91 107 9? February 111 108 110 107 113 117 114 131 105 117 121 142 100 100 104 101 108 89 108 96 March 113 110 114 108 111 120 132 128 123 116 138 138 100 100 106 104 108 95 107 95 April 110 108 112 108 96 106 144 128 133 115 153 139 100 100 104 100 106 109 105 94 May 112 109 112 110 108 109 145 128 132 115 157 139 99 99 104 104 105 105 105 94 June 107 107 106 108 108 106 140 128 117 114 158 140 99 100 102 103 104 101 106 94 July 102 106 102 107 103 101 140 128 115 114 160 140 98 99 98 104 103 76 105 94 August 105 106 104 106 111 106 131 126 108 113 149 136 99 99 102 110 104 86 111 95 September 106 104 105 104 111 104 133 128 119 118 145 136 100 98 101 118 104 103 104 96 October 105 102 104 102 112 103 126 128 120 119 131 135 100 98 102 116 101 117 107 97 November 101 101 100 101 105 102 122 129 120 121 124 136 97 97 98 102 99 126 108 96 December 96 102 95 102 97 102 111 131 111 125 111 136 96 97 99 88 98 182 106 96 1928 January 105 107 106 107 100 103 111 137 116 139 108 135 95 97 96 93 103 91 108 96 February 111 109 113 110 99 102 121 138 128 142 115 135 96 97 101 95 102 88 106 96 March 112 108 114 109 98 105 138 137 143 136 134 137 97 97 103 98 103 97 107 96 April 110 108 113 109 95 105 155 137 152 130 157 142 G7 97 101 97 101 105 106 97 May no 108 111 108 104 106 159 137 149 130 168 143 97 97 101 103 104 107 107 98 June 108 108 108 109 104 102 154 139 140 133 166 144 98 98 102 101 101 102 107 97 July 105 109 105 110 104 102 142 132 127 126 155 137 98 98 99 106 104 80 no 97 August 110 110 110 111 111 105 137 131 116 119 154 141 100 99 103 111 105 81 107 September 116 113 116 114 115 107 138 134 118 118 154 147 102 100 105 121 106 113 112 October 118 115 117 116 123 111 134 136 115 115 150 152 102 100 108 122 107 118 108 November 115 117 115 118 118 114 122 132 112 H4 130 148 102 101 105 111 109 125 108 December 109 118 110 120 106 111 107 127 93 106 117 145 101 102 106 95 107 192 111 96 1929 January 117 119 117 120 114 116 98 120 81 97 111 139 101 103 102 97 108 90 110 February 121 118 122 118 116 119 102 118 84 94 110 137 103 104 109 101 109 91 110 March 124 118 126 120 101 109 121 121 106 101 133 137 104 104 112 100 106 107 113 Anril 124 121 128 122 103 114 139 123 117 100 158 142 105 105 113 103 108 103 109 May 126 122 128 123 116 117 143 121 113 97 168 141 105 105 113 107 107 109 109 95 June 125 125 127 127 116 111 144 126 102 95 178 152 105 106 111 110 109 108 113 95 July 120 124 120 125 118 116 136 124 94 93 170 149 106 107 107 112 108 79 109 97 August 122 121 122 122 121 115 129 122 84 86 166 152 108 107 112 116 no 84 111 96 September 123 121 123 121 127 118 112 no 73 73 144 140 109 106 113 123 108 117 113 96 October 121 118 119 118 127 116 104 107 67 67 135 139 108 105 112 120 105 122 111 95 November 108 110 107 110 114 110 94 103 66 67 116 132 103 103 104 103 102 125 108 94 December 96 103 93 101 no 116 84 102 53 61 109 136 100 101 101 90 101 191 110 1930 January 103 106 102 105 108 110 78 95 46 56 104 128 97 99 96 90 100 88 107 93 February 109 107 110 107 104 108 89 104 44 49 126 148 97 98 99 93 100 89 108 91 March.; 106 103 109 104 91 98 102 102 54 52 141 144 97 97 99 91 96 93 107 90 April 107 104 110 104 94 104 113 101 62 53 | 156 140 96 98 98 94 97 110 105 90 May 105 102 106 101 102 104 125 105 61 52 ! 178 148 95 94 95 95 95 105 105 89 June 99 98 98 97 103 102 116 99 54 IS I 166 140 93 93 92 94 94 98 103 87 July 90 93 89 92 100 100 107 95 48 4/ i 155 135 89 90 84 95 91 71 100 84 August 90 90 88 88 101 96 85 81 48 49 115 106 89 88 83 96 91 77 102 84 September 92 90 90 89 101 94 82 81 52 52 108 105 90 87 84 100 88 103 99 84 October 90 88 87 86 105 95 75 78 51 52 94 99 88 86 82 98 86 112 101 83 November 84 86 82 85 96 92 68 76 46 48 86 99 84 84 77 86 84 113 99 81 December ... 76 84 74 82 89 93 59 73 37 43 77 98 82 83 75 74 82 165 96 See footnoi>tes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 75.—PRODUCTION, EMPLOYMENT, TRADE, AND PRICES1—Continued GO [Index numbers, 1923-25 = 100] GO Year and month Total Industr M ia a l n p u r f o a d c u tu c r t e io s n Minerals C To o t n a s l truction co R n e tr s a id ct e s n a ti w al arded (v A a l l l u o e t ) h 2 er em F p a lo c y to m ry ent3 r F t o p o a l a l r c s y y - 3 F lo re a i d g i h n t g - s c a 3 r D s e to ( p v r a e a r l t s u m a e l ) e e n s3 t s m W a p le o r h i d c o c i e o l t e s m y - . - Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1931 January 83 93 81 February 104 81 99 March 98 100 92 100 April 107 96 101 100 May 104 85 97 97 June 101 84 92 95 July 94 82 66 94 August 87 81 89 September 81 80 68 85 71 October 71 76 94 85 70 November 57 67 97 86 70 December 39 50 58 143 83 (39 1932 January 67 February 70 66 March 69 66 April 73 66 May 72 64 June 66 64 July 46 August 49 65 September 71 65 October 75 64 November 73 64 December 106 63 1933 January 65 63 49 61 February 63 61 49 60 March 59 56 50 60 April 66 65 68 60 May 78 77 67 63 June 91 93 64 July 100 102 48 August 91 91 59 70 September 84 83 73 71 October 76 76 77 71 November 72 70 75 71 December 75 73 121 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1934 January 77 78 75 76 86 88 40 49 10 12 64 80 77 78 55 58 62 57 February 83 81 82 80 89 92 38 44 10 12 60 70 81 81 61 62 65 59 74 March 87 84 86 82 91 100 33 33 12 11 50 51 84 84 66 64 65 73 74 April 88 86 89 85 81 90 36 32 14 12 54 48 86 85 68 60 63 73 73 May 89 86 89 86 86 88 32 26 13 11 47 38 86 86 68 63 64 77 74 June 84 84 84 83 86 87 31 26 13 12 46 38 85 85 66 64 64 70 75 July 73 76 71 74 84 84 30 27 12 12 44 39 83 83 61 62 62 51 August 73 73 71 72 83 80 28 27 10 10 43 40 84 83 63 62 61 60 September 73 71 70 69 87 82 30 29 11 11 45 44 80 78 59 67 60 79 October 75 74 73 72 87 81 29 31 12 12 43 46 81 62 65 59 82 November 74 75 73 74 84 81 28 31 11 11 41 48 80 81 61 60 59 83 December 78 86 76 85 85 90 25 31 10 12 36 47 82 82 64 57 60 135 1935 January 88 90 87 90 92 95 22 27 10 12 32 39 82 84 65 59 63 59 79 February 91 90 91 88 93 97 24 28 13 14 33 39 85 85 70 62 66 61 80 March 91 88 91 87 90 97 26 26 16 16 34 35 86 86 72 63 65 71 79 April 89 86 91 86 79 88 30 27 22 18 38 33 86 86 72 59 62 79 80 May 87 85 87 84 88 90 32 27 25 21 39 32 85 85 69 60 61 76 80 June 86 87 84 85 97 99 35 30 26 24 43 36 83 84 67 63 64 76 80 July 83 86 83 87 85 85 39 35 25 25 50 43 84 85 67 59 59 55 79 August 87 88 87 89 86 83 40 38 24 24 54 50 86 86 71 64 63 61 81 September 90 91 89 92 93 87 44 43 25 25 59 58 88 86 74 71 64 86 81 October 97 95 96 95 101 93 45 48 25 25 62 66 89 87 76 75 68 86 81 November 98 96 98 97 96 93 53 60 25 26 76 88 89 88 76 69 68 91 81 December 96 101 95 101 97 102 54 68 22 26 80 103 88 89 78 64 68 145 81 1936 January 95 97 95 96 100 104 50 62 21 25 75 92 87 89 74 65 70 63 81 February 95 U 93 92 107 111 45 52 22 25 63 75 87 87 74 68 71 66 81 March 96 93 97 93 90 97 47 47 28 26 62 63 88 88 78 64 66 77 April 104 101 105 100 95 106 53 47 35 30 67 60 89 89 79 68 71 85 May 105 101 105 101 101 102 56 46 38 32 70 57 90 90 81 71 72 89 June 104 104 105 105 101 100 60 52 39 36 78 65 90 90 81 73 73 84 79 July 105 108 105 109 102 101 65 59 45 44 82 71 91 93 80 77 76 63 81 August 106 108 106 110 104 99 65 62 46 46 81 75 94 93 84 77 76 68 82 September 107 109 107 110 110 102 60 59 47 47 70 69 96 94 84 84 75 94 82 October 111 110 110 111 115 105 54 57 41 43 65 69 97 94 89 86 77 100 82 November 115 114 115 115 115 112 51 58 39 40 62 72 97 96 91 84 82 105 82 December 114 121 114 121 111 117 53 66 38 45 65 83 98 99 95 77 83 161 84 1 Indexes compiled by the Board of Governors of the Federal Reserve System, except for indexes of wholesale commodity prices and indexes of factory employment and pay rolls without seasonal adjustment, 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, September 1933, and November 1936); indexes of factory employment and pay rolls December 1936 (certain revisions March 1937); index of construction contracts awarded, July 1931; index of freight-car loadings, June 1937; index of department store sales, February 1928 (certain revisions November 1930, April 1935 and August 1936). 2Based on 3-month moving average of F. W. Dodge data centered at second month. 3 Revised series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 ANNUAL REPORT OF BOARD OF GOVERNORS No. 76.—MANUFACTURING PRODUCTION, BY GROUPS [Index numbers, 1923-25 average = 100. Monthly series adjusted for seasonal variation] Year and month i t n A r d l i u e l s s - s I a t r n e o d e n l T ti e l x e - s F p u r o c o o t d d s - m A o u b t il o e - s Le p u a a r c n t o t d h d s e - r f m N e e r o t r n a o l - u s s r P e l e f e t i u n r i o m n - g R t u t a u i b n r b b e d e e s s r T p o u r b c o a t d e s - co 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 1936 105 110 111 90 112 115 182 115 152 1933 January 63 29 87 88 48 87 132 59 113 February 61 31 83 84 32 92 131 54 115 March .. . . 56 22 76 84 27 84 135 41 99 April 65 35 85 101 43 93 140 65 116 May 77 48 108 99 50 110 146 94 143 June 93 71 133 100 65 114 153 115 135 July 102 99 130 100 69 117 155 143 117 August 91 80 114 95 60 102 153 111 123 September . 83 65 99 105 55 92 158 103 115 October 76 60 91 85 45 93 152 90 108 November . 70 47 89 91 30 92 146 97 95 December 73 60 78 86 45 94 137 108 123 1934 January 76 56 87 96 56 98 142 97 138 February 80 64 91 91 71 108 144 100 132 March 82 67 94 84 80 107 143 106 119 April 85 77 90 93 85 117 152 97 128 May 86 85 88 98 78 118 153 81 128 June 83 86 77 96 81 101 154 84 132 July 74 48 78 102 78 99 156 83 128 August 72 39 80 106 61 97 157 79 126 September . ... 69 38 63 120 51 88 152 79 125 October 72 41 89 107 41 85 153 82 120 November 74 49 87 102 40 92 155 107 125 December 85 65 97 102 88 104 154 133 143 1935 January 90 80 103 92 103 108 151 106 136 February 88 80 100 81 102 110 155 110 133 March 87 72 99 77 105 110 153 102 130 April 86 67 98 80 104 115 153 103 138 May 84 66 102 78 85 114 160 96 134 June 85 66 100 74 99 104 166 95 138 July 87 69 104 74 94 109 168 81 140 August 89 81 104 76 92 105 169 91 13C September 92 83 106 78 91 104 172 97 129 October 95 88 112 83 96 105 176 91 138 November 97 96 107 82 105 109 176 99 137 December 101 103 111 83 107 124 173 99 147 1936 January 96 86 105 92 108 120 169 107 14? February 92 83 102 84 93 113 172 89 148 March 93 83 100 87 107 108 168 85 14( April 100 100 99 90 122 112 178 113 155 May 101 105 100 84 117 113 180 121 Ul June 105 112 107 88 118 103 181 130 14' July 109 119 116 92 124 114 183 124 154 August 110 120 119 91 111 115 186 119 14' September 110 119 120 90 107 112 189 122 15' October 111 127 114 93 93 112 191 118 14( November 115 137 121 98 105 116 188 126 15( December 121 143 139 99 122 134 191 123 181 NOTE.—Indexes for paper and printing group and lumber being revised; nonferrous metals group index not computed from 1932 to 1936, inclusive; comparable copper figures not available. Rubber tire and tube figures not adjusted for seasonal variation since 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 191 No. 77.—MINERAL PRODUCTION, BY INDUSTRIES [Index numbers, 1923-25 average = 100. Monthly series adjusted for seasonal variation] Bitu- Y m ea o r n a th nd d A u l s l t r i i n e - s m c in o o a u l s An c t i h te ra- Pe c tr r o u l d e e um, sh Ir i o p n m -o en re ts Copper Zinc Lead Silver 1919 77 109 52 91 81 1920 89 109 110 61 113 85 87 1921 70 79 112 64 36 30 39 66 1922 74 78 65 75 82 62 68 77 1923 105 108 115 99 114 93 96 88 1924 96 93 109 97 82 100 97 102 1925 99 99 76 104 104 107 107 110 1926 108 110 104 105 113 110 116 116 1927 107 99 99 122 98 105 111 112 1928 108 96 93 122 104 115 112 106 1929 115 102 91 137 126 127 114 113 1930 99 89 86 122 90 87 91 97 1931 84 73 74 116 45 66 54 68 1932 71 59 62 107 7 38 45 1933 82 64 61 123 42 58 49 1934 86 69 71 123 43 66 57 1935 91 71 64 135 54 78 59 1936 104 83 149 86 94 68 1933 January... 75 109 February.. 80 111 March 81 121 April 73 109 May 79 137 14 June 85 137 15 July 91 134 40 August.... 91 134 57 September. 87 126 68 October 81 121 63 November . 82 117 23 December.. 86 119 1934 January... 88 120 February.. 92 118 March 100 108 122 April 90 73 125 May 88 76 127 40 June 87 69 129 54 July 84 63 128 52 August.... 80 50 124 47 September. 82 61 122 44 October.... 81 53 121 35 November . 81 63 121 14 December.. 90 72 123 1935 January... 95 131 February.. 97 132 March 97 132 April 88 130 May 90 131 53 June 99 134 53 July 85 134 50 August.... 83 133 54 September. 87 136 62 October.... 93 140 62 November. 93 145 44 December.. 102 147 1936 January. .. 104 71 148 February.. 111 100 143 77 March 97 54 146 85 April 106 69 150 91 May 102 77 149 80' 94 June 100 72 146 80 103 July 101 69 144 81 104 August. . .. 99 51 149 87 99 September. 102 58 146 93 97 October.... 105 52 152 98 101 November. 112 69 152 110 100 December.. 117 73 161 NOTE.—Comparable copper figures not available from 1932 to 1936, inclusive. Back figures of monthly series.—For indexes of manufactures and of minerals (all industries), 1919-36, see table 75. Tables showing indexes, both adjusted and unadjusted, by groups and industries, 1923-36, 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.—FACTORY PAYROLLS, BY GROUPS (WITHOUT SEASONAL ADJUSTMENT) [Index numbers, 1923-25 average = 100. Adjusted to Census of Manufactures through 1933] Y m ea o r n a t n h d f m i a n t i r c A a d n i t n e u l u g l u s s r - - - D b u l r e a- p s I u a a r t r n n c e o o t e d d d n s l - ch M in a e - ry G T r r o e a u q n p u s i p p o m rt A e a n t u i t o to n - r R r e o p a a a i d l i - r f m e p N u a r r e r n c o o t o t d a n d s u l - - s s L p u u a r m c n o t d d b s - er p u r c o t d s - d g u N o r o o a n b d - l s e p T t a r i n e l o e x d d s - - L p e u a r a n c o t t d h d 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 r i a n n i p n g d e t- r a t C r n p o i h d c r l o e a e l m d u p s - m e - - C e p l i x e e h c c u t a e r e m l m o p s - t - p R u b r c u o e t b d r s - - 1919 98.3 97.1 103.3 74.8 72.1 89.8 99.9 103.1 107.3 73.1 1920 118.2 123.8 134.8 90.3 110.4 92.8 107.7 106.5 113.7 124.6 99.1 1921 76.9 57.0 48.7 69.7 66.5 89.3 86.5 93.6 104.5 82.5 1922 81.6 70.6 65.7 82.3 72.6 91.4 96.1 91.6 99.1 85.9 1923 103.3 104.1 103.2 104.1 107.7 100.6 109.6 103.7 100.0 98.3 105.8 106.9 99.8 104.1 96.2 102.2 102.1 101.0 1924 96.0 95.7 96.7 94.9 90.8 90.6 95.6 95.9 98.5 100.5 93.8 95.3 99.3 99.4 99.5 96.4 97.0 92.9 1925 100.7 100.2 100.1 101.0 101.5 108.8 94.8 100.4 101.5 101.2 100.4 97.8 100.9 96.5 104.3 101.4 100.9 106.1 1 1 9 9 2 2 6 7 1 1 0 0 3 1 . . 7 7 1 9 0 7 3 . . 9 8 1 9 0 8 5 . . 6 0 1 1 1 06 1 . . 2 1 9 8 9 9 . . 5 8 1 9 0 3 4 . . 3 8 9 9 6 2 . . 1 0 ibo.5 1 9 0 6 2 . . 6 4 1 1 0 0 4 0 . . 2 5 1 1 0 00 6 . . 2 8 1 9 0 8 0 . . 9 3 1 1 0 0 2 3 . . 0 0 9 9 2 1. . 0 1 1 11 1 1 0 . . 0 8 1 1 0 0 8 7 . . 7 8 1 1 0 0 7 6 . . 4 8 1 1 0 1 7 0 . . 0 0 1928 102.4 100.4 100.4 111.3 101.6 113.9 87.2 94.1 96.2 101.7 95.8 106.3 86.1 112.3 108.0 108.0 117.5 1929 109.1 108.8 107.8 134.3 105.4 111.6 90.4 97.3 93.7 105.2 99.0 112.9 81.8 119.5 120.9 118.4 115.1 1930 88.5 83.0 85.7 102.7 70.2 65.7 76.1 76.9 85.6 82.3 108.0 72.7 114.6 112.2 106.6 84.7 1931 67.4 56.3 55.0 64.2 52.3 53.4 61.7 ' 63! i 53.9 75.2 72.1 92.0 60.1 97.3 92.0 87.7 62.5 1932 46.4 34.4 30.4 37.3 37.8 38.8 42.0 40.3 26.6 30.6 53.6 57.6 75.0 48.2 74.8 71.7 66.9 47.4 1933 49.4 37.2 39.0 40.5 35 6 38.3 40.3 43.8 30.3 30.8 61.8 61.2 78.7 44.1 68.3 76.2 72.5 55.0 1934 62.9 51.7 52.3 60.4 61.8 68.2 46.5 58.8 36.9 39.5 72.4 71.7 95.1 48.8 78.5 91.6 89.0 68.8 1935 71.3 62.6 64.4 74.4 79.2 89.5 48.8 70.9 44.6 44.2 81.0 74.1 94.4 47.7 84.2 98.9 96.9 74.2 1936 82.4 78.0 84.1 94.2 102.0 59.4 85.2 55.3 54.2 83.6 72.8 101.3 50.0 91.6 107.8 106.4 87.6 1933—January.... 40.1 28.6 25.0 30.2 32.3 35 37.9 33.6 21.9 23.2 47.9 66.7 36.9 66.0 68.1 63.3 40.4 February... 41.0 28.8 26.9 30.9 29.0 31 37.9 34.1 22.2 24.0 55.1 65.3 38.5 64.8 68.2 63.5 41.0 March 37.9 26.7 25.0 28.6 25.0 26 36.7 31.4 20.1 24.1 51.6 63.2 34.8 62.3 67.1 61.9 36.7 April 39.8 28.1 27.0 29.4 28.6 31 34.9 33.0 21.9 24.6 50.0 69.9 34.9 61.3 67.0 61.8 39.8 May 43.7 32.3 32.3 33.4 34.8 38 37.4 37.8 24.7 27.6 55.5 72.9 43.7 63.7 69.7 64.8 49.0 June 48.1 36.2 38.8 38.3 36.4 41 36.5 42.4 29.0 32.0 62.9 76.2 45.4 65.4 73.4 69.1 58.8 July 51.7 39.4 44.0 41.7 39.1 44 38.5 45.5 31.8 33.3 70.7 79.4 45.3 66.7 76.0 72.5 66.1 August 57.7 45.2 52.6 46.2 44.8 50 44.5 50.7 36.4 37.2 76.5 84.7 46.2 69.9 80.0 77.6 67.1 September. 60.6 46 7 53.5 49.3 43.4 48 43.8 54.0 41.2 36.7 75.8 97.3 49.9 73.7 83.7 81.2 66.4 October.... 60.4 46.8 50.4 52.9 39.1 41 47.4 56.0 41.8 36.9 70.6 93.6 52.9 75.0 87.6 85.3 67.8 November.. 56.5 43.9 45.9 53.0 34.8 35 44.6 54.7 37.5 35.1 58.1 87.9 51.9 74.5 86.8 84.2 62.9 December.. 55.5 43.7 46.3 51.9 39.6 41 43.1 52.5 34.9 34.4 59.2 87.0 48.3 76.2 87.0 84.5 63.7 1934—January.... 54.6 42.7 43.8 50.3 47.6 52 40.7 49.3 30.5 33.0 65.4 83.1 41.0 73.3 86.7 84.0 63.0 February... 61.3 48.9 48.7 54.6 64.7 74 44.1 54.7 34.1 36.5 79.2 83.4 47.0 75.0 89.3 87.1 70.8 March 65.6 53.9 54.6 58.7 76.2 88 47.0 59.7 36.0 38.3 81.9 84.5 47.3 76.8 91.1 89.1 76.4 April 68.1 58.6 60.7 63.5 83.2 96 51.3 62.1 37.8 43.0 79.7 85.5 47.8 78.6 94.2 93.1 80.1 May 68.1 60.1 65.5 65.5 79.4 90 51.9 63.8 39.6 44.3 76.6 89.8 48.0 79.5 90.6 88.2 77.7 June 66.0 58.6 66.9 65.1 70.5 77 52.0 61.0 38.6 43.7 70.7 94.7 49.3 77.9 90.7 88.2 73.4 July 61.4 51.4 51.1 61.8 59.4 63 49.4 56.2 35.7 40.5 75.0 98.5 49.0 76.3 91.1 87.8 67.0 August 63.2 51.4 48.7 61.6 63.4 69 46.9 55.6 37.9 39.1 76.5 108.1 51.2 77.5 92.4 89.0 62.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

September.. 59.1 47.0 43.7 58.8 47.3 49 44.1 56.4 38.3 38.9 74.5 59.3 67.2 112.2 52.1 79.3 92.1 88.9 59.6 October.... 62.2 48.1 45.6 60.4 45.1 47 45.3 60.2 39.8 39.6 80.0 | 76.3 62.5 106.2 50.9 81.6 93.8 90.7 61.9 November.. 60.7 47.8 47.2 60.5 43.9 46 42.9 61.7 37.8 39.5 77.0 72.2 59.1 99.1 50.7 81.6 93.3 90.3 61.9 December.. 64.2 51.9 51.1 63.8 61.1 68 42.9 64.7 37.1 37.9 79.8 76.3 66.9 95.6 51.8 85.1 94.0 91.0 70.7 1935—January.... 65.0 53.8 55.9 64.2 71.8 83 42.3 61.7 35.2 34.5 79.3 79.5 74.1 86.0 42.8 82.2 93.9 91.6 74.1 February... 70.0 60.1 63.9 67.8 85.4 99 46.4 67.1 38.9 38.1 82.6 85.9 80.0 86.2 42.1 83.0 95.5 93.7 78.1 March 71.7 62.0 64.1 70.8 88.5 101 47.9 68.6 40.8 40.9 84.0 88.4 81.5 85.9 45.7 83.4 98.1 96.7 75.9 April 71.7 63.2 64.0 71.5 92.2 105 49.0 68.3 42.1 43.4 82.5 84.2 76.8 88.5 44.6 83.5 98.2 96.7 76.8 May 69.4 61.4 62.8 71.7 84.6 94 50.7 66.9 38.3 44.8 79.5 76.6 70.0 90.0 45.3 83.7 97.3 95.6 71.5 June 67.4 59.1 60.0 70.8 74.2 84 49.3 65.9 40.0 45.1 77.9 71.7 68.7 93.8 48.5 82.3 97.6 95.2 69.9 July 66.5 57.3 56.5 71.2 67.6 77 46.6 62.7 42.7 43.7 78.2 69.2 75.2 99.9 49.3 80.4 98.0 95.3 65.9 August.... . 71.0 61.0 63.8 75.2 64.8 72 47.3 67.9 49.9 45.6 | 83.7 80.3 79.2 104.1 48.3 81.9 99.5 96.6 69.1 September.. 73.7 62.9 67.4 79.2 59.6 65 47.5 74.3 53.3 47.1 1 87.3 86.1 74.5 108.9 51.3 85.1 101.4 99.0 73.7 October.... 76.4 68.4 70.4 82.7 78.0 88 51.3 82.1 54.4 49.5 ! 86.5 86.0 71.4 101.2 52.5 87.1 103.0 101.3 75.7 November.. 75.6 69.9 70.1 83.1 91.4 105 52.6 82.3 50.1 48.7 i 82.8 80.7 64.4 95.0 50.8 86.8 101.5 100.4 77.2 December.. 77.6 71.5 74.3 85.1 92.1 104 55.2 83.0 49.0 49.3 | 85.3 83.0 72.9 93.3 51.5 90.6 103.3 101.1 81.9 1936—January.... 73.8 66.9 69.6 82.5 85.7 96 50.5 76.1 45.9 41.9 82.5 80.2 76.7 89.8 43.0 86.9 100.4 98.8 78.0 February... 73.7 66.6 70.3 83.5 77.1 84 55.9 76.0 45.8 42.4 ! 82.7 82.3 77.4 87.4 44.9 87.7 99.9 98.5 74.9 March 77.6 71.8 75.4 86.8 87.0 94 60.9 77.6 50.3 48.2 | 84.9 85.7 73.1 90.2 46.5 89.3 104.5 103.0 66.7 April . 79.3 76.0 79.7 91.2 99.9 109 58.6 77.8 52.3 52.4 ! 83.5 81.3 67.7 90.3 44.0 89.8 103.8 102.5 82.8 May 80.8 78.5 83.0 94.7 101.6 111 59.5 79.0 54.4 55.6 | 83.8| 78.263.8 95.7 48.5 90.7 105.4 104.0 86.4 June 81.1 79.0 84.6 95.8 98.7 107 60.1 79.9 55.8 55.8 1 83.9 ! 76.864.6 98.9 50.1 89.2 105.4 103.3 89.0 July 80.2 75.9 81.8 92.8 92.6 100 56.0 77.4 54.5 55.3 ! 85.6! 77.3 74.2 107.0 51.0 86.6 106.4 103.8 87.1 August 83.5 77.0 86:8 93.9 81.0 83 57.7 82.9 58.9 58.3 ! 91.8i 87.4 80.3 114.0 53.5 89.4 108.1 106.8 90.8 a September.. 83.6 77.2 87.1 94.7 76.3 77 59.2 88.0 60.3 58.2 ! 91.6 83.9 75.7 116.5 53.3 92.0 112.0 110.6 92.2 October.... 89.0 85.3 93.2 102.7 95.8 102 63.9 99.7 63.5 62.5 ! 93.7 88.5 74.0 111.5 54.7 96.5 114.4 113.9 96.8 November.. 90.7 88.9 95.8 105.6 113.4 126 65.2 102.0 60.8 61.1 ! 92.9 87.2 67.3 108.3 54.8 98.6 114.7 113.3 101.2 December.. 95.2 93.4 103.2 113.6 120.9 136 65.5 105.5 60.5 59.1 97.5 94.6 78.3 105.7 55.4 102.6 118.3 118.0 104.8 CO NOTE.—Indexes compiled by the Bureau of Labor Statistics. Back figures for these groups and indexes for individual industries may be obtained from the Bureau. Underlying figures are for pay-roll period ending nearest middle of month. H Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 79.—FACTORY EMPLOYMENT, BY GROUPS [Index numbers, 1923-25 average =* 100. Adjusted to Census of Manufactures through 1933] I Y m ea o r n a th nd m i f , n a tr A i a d c i n t n u e l u l g u s s r - - - D go b u o l r e d a s - p s I u a a r r t c n n o e o t e d d d n s l - ch M in a e - ry G T r r o e a u q n u p sp ip o m rt A e a n t u i t o to n - r R r e o p a a a i d l i - r f m p e N u a r r e n r c o o t o t d n a d s u l - - s s L p u u a r m n c o t d d b s - er S p g c u a t r l l o c n a o a n t y s d d s e s , - , du N r o a n b - le p T t u a r il n e c o e x t d d s s - - L p e u a r a c n o t t d h d 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 r i a n n i p n g d e t r - t a C r p n o i u h c r d l c o a e e t p l m u d s s e m - - - C e p l i x e e h c c u t a e r e m m l o p s - t - p R u b r u c o e t b d r s - - 1919 106.7 99.9 116.6 85.1 94 86.4 108.1 114.5 113.4 96.0 1920 107.8 107.8 128.6 88.1 89 89.8 99.0 109.6 111.3 103.4 1921 82.2 66.6 77.5 52.9 76 72.2 92.6 93.3 108.3 88.0 1922 90 3 84.1 81.7 71 97 85.5 97.3 97.3 96.5 105.8 92.2 1923.: 104.1 104.6 103.9 105.8 107.6 100.6 108.6 105.4 101 100.4 103.5 105.2 106.6 101.4 105.7 99.2 102.9 102.9 102.6 1924 96.4 96.4 97.0 94.9 93.1 93.6 96.4 96.7 98 98.9 96.4 94.9 96.3 98.3 98.8 99.7 96.8 96.9 91.8 1925 99.5 99.0 99.1 99.3 99.3 105.8 95.0 97.9 100 100.7 100.1 99.9 97.1 100.3 95.5 101.1 100.3 100.2 105.6 1926 101.3 101.7 102.5 107.4 99.1 104.8 95.5 100 103.8 100.9 99.9 96.6 99.7 90.9 104.1 106.5 105.4 105.1 1927 98.9 95.6 97.2 102.4 87.9 91.9 89.0 93 99.9 102.4 104.0 97.7 100.2 93.4 104.1 104.2 102.8 105.7 1928 98.7 96.1 96.6 104.9 96.2 108.1 83.8 92 95.7 101.6 101.3 95.6 103.8 90.7 105.0 103.0 102.5 111.1 1929 104.7 103.7 102.6 125.9 103.5 111.3 82.6 111.4 95 93.8 105.8 104.8 98.5 111.1 83.9 111.3 115.7 113.6 111.0 1930 91.3 86.1 89.2 104.9 80.2 80.3 73.4 75 80.2 96.9 92.9 91.2 107.8 78.3 108.0 109.4 105.6 85.9 1931 77.3 67.3 69.7 78.3 66.3 71.0 64.1 56 63.7 87.9 87.2 84.3 95.6 72.1 96.3 95.4 92.7 73.9 1932 65.5 52.8 56.5 57.0 55.5 60.5 52.5 60.4 43 46.7 79.2 77.9 81.2 88.6 65.6 85.5 85.5 82.2 67.6 1933 72.0 56.7 64.6 60.8 54.5 60.6 50.2 66.7 49 49.4 88.4 90.5 87.2 100.3 63.1 86.7 97.5 95.4 79.1 1934 82.5 69.7 76*. 2 80.0 83.5 94.5 53.5 81.1 54 57.6 96.2 94.4 92.4 114.5 66.2 95.4 110.7 108.8 88.4 1935 86.0 75.5 81.1 89.7 95.7 110.4 51.7 90.2 58 58.6 97.3 98.4 92.5 109.4 61.3 97.6 111.9 110.7 85.6 1936 91.9 84.7 92.3 103.7 103.4 114.1 58.3 99.6 64 64.2 99.5 100.7 91.9 111.1 61.0 100.8 114.6 113.8 90.8 Without seasonal adjustment 1933—January... 62.6 48.1 51.7 49.6 51.4 57 50.2 56.1 41.0 38.8 78.2 80.0 79.9 83.8 58.5 82.1 85.9 83.0 65.0 February.. 63.7 48.7 54.1 50.4 50.5 57 49.2 57.2 41.1 40.4 79.9 83.1 84.4 83.2 61.6 81.9 87.3 84.4 65.8 March 61.5 46.9 52.2 49.0 45.5 50 48.9 54.8 39.6 40.9 77.1 78.3 83.8 82.5 56.4 80.5 89.8 87.3 63.7 April 62.9 47.6 53.8 49.6 45.7 51 46.5 56.2 40.9 42.6 79.3 80.8 82.2 88.6 55.3 80.2 88.4 85.5 63.9 May 65.8 50.4 57.0 52.1 49.1 55 47.9 58.8 43.9 45.6 82.2 85.0 83.9 91.3 62.6 81.2 87.6 84.1 67.8 June 70.2 54.2 62.2 56.3 52.0 59 46.5 63.1 48.9 50.6 87.3 92.5 87.5 96.0 64.7 82.7 89.8 86.4 75.2 July 74.9 58.8 68.3 60.2 58.7 67 49.8 66.4 52.8 53.9 92.2 98.2 93.5 100.8 63.9 84.4 97.7 96.1 83.6 August— 79.6 63.6 74.9 66.6 61.8 70 52.2 73.9 56.6 57.4 96.8 100.5 97.0 111.7 65.7 89.1 100.9 99.6 92.8 September. 83.2 66.9 77.9 71.7 64.6 73 53.1 78.9 60.4 57.5 100.7 100.9 94.8 127.1 65.3 93.2 111.1 110.9 94.7 October... 82.8 66.7 76.4 75.0 59.5 65 53.0 80.4 61.0 56.1 100.1 100.4 92.9 122.0 68.2 94.9 111.4 110.2 94.7 November. 79.5 64.8 74.3 75.5 53.8 58 52.9 78.7 58.0 54.9 95.3 95.6 83.1 110.9 69.7 94.6 110.7 109.1 92.4 December. 77.6 64.1 72.9 73.8 61.4 67 51.6 76.0 55.1 53.5 1 92.0 90.7 82.8 105.3 65.6 95.0 109.8 107.7 89.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1934—January... 76.5 63.2 70.0 72.1 71.6 81 50.9 73.1 50.6 51.6 90.8 i 90.9 87.2 99.6 57.3 92.9 UO.O 108.1 87.4 February.. 81.1 67.0 73.3 75.1 85.2 99 51.5 77.1 52.2 54.0 96.1 !100.0 95.1 99.4 65.5 93.7 112.6 111.4 90.0 March 84.4 70.9 76.9 79.0 94.4 110 53.5 81.9 54.0 56.6 98.8 103.5 97.5 102.4 68.0 94.2 114.5 113.8 93.0 April 86.0 73.9 79.8 82.5 100.2 117 55.7 84.2 55.2 60.2 99.0 102.5 97.1 103.6 68.3 95.7 114.8 114.7 96.3 May 86.2 75.6 82.7 83.5 100.4 116 57.5 85.1 57.3 63.0 97.5 99.3 96.3 106.0 64.7 96.4 108.3 106.2 96.6 June 84.9 74.8 84.1 83.1 96.1 108 57.7 82.9 56.2 62.5 95.7 94.0 92.3 112.6 66.1 95.2 106.8 103.9 92.8 July 82.5 71.4 78.1 81.4 88.8 100 56.2 79.8 54.8 59.2 94.3 88.8 94.2 119.1 64.6 93.9 107.5 104.7 89.3 August 83.6 70.0 76.2 81.4 84.2 94 53.2 79.8 54.9 58.0 98.2 91.3 96.0 134.8 68.9 94.4 109.1 106.3 85.8 September. 80.1 68.1 73.0 80.5 74.5 82 53.7 80.2 55.4 57.8 92.9 76.9 90.2 140.2 68.5 95.8 111.0 108.8 83.2 October... 82.2 66.7 72.9 80.4 64.5 70 52.0 82.0 55.9 56.7 98.9 95.7 87.7 129.5 69.1 97.0 111.8 109.8 81.9 November. 80.4 66.1 73.2 80.4 62.6 68 49.7 83.0 54.4 56.9 95.7 93.9 85.9 116.5 67.7 97.4 110.9 108.9 81.2 December. 81.5 68.1 73.9 80.9 78.9 90 50.2 84.2 53.3 54.4 95.9 95.7 89.2 110.5 65.4 98.1 110.9 109.2 I 83.6 1935—January... 82.2 70.0 75.4 82.3 93.2 110 49.8 83.3 52.2 51.2 95.4 98.2 93.0 100.9 59.6 96.2 110.3 108.8 80.4 February.. 85.1 73.4 78.9 84.7 101.6 119 51.0 87.0 55.1 53.6 97.5 101.8 96.5 100.3 60.5 97.3 111.2 110.4 87.8 March 86.2 75.1 80.1 86.8 104.2 121 51.7 88.5 56.5 55.8 98.1 102.7 97.5 99.0 61.0 97.4 114.1 113.9 87.9 April 86.3 75.9 80.3 88.0 105.3 122 51.0 89.0 57.8 57.7 97.4 100.6 96.3 102.1 60.1 97.5 113.0 112.5 j 86.8 May 84.8 75.4 80.4 87.4 103.1 118 51.7 88.2 56.7 59.7 94.9 96.6 91.3 102.3 59.9 97.1 109.8 108.5 85.7 June 83.2 73.5 79.7 87.2 94.1 109 51.9 86.9 54.0 60.5 93.6 93.1 87.3 106.2 61.2 96.1 109.2 107.1 84.2 July 83.5 73.4 79.0 88.4 87.8 102 51.6 85.2 57.8 59*7 94.4 90.5 91.8 115.9 61.0 96.0 108.9 106.6 81.7 August.... 86.3 74.7 81.1 90.0 84.0 96 50.9 87.2 62.0 60.9 98.7 96.1 94.9 124.3 61.3 96.5 110.1 107.8 82.7 September, 88.1 75.4 82.7 93.7 76.2 85 50.7 92.3 63.9 60.8 101.7 99.4 93.4 132.4 62.5 97.9 112.9 111.8 84.6 October... 89.4 79.2 84.7 95.6 92.9 106 53.1 97.7 64.5 61.9 100.3 101.2 91.0 118.4 63.6 99.0 115.5 114.8 86.3 5> November. 88.8 80.3 85.1 96.5 101.7 117 53.7 99.0 62.5 61.4 97.8 100.1 86.5 107.8 63.2 99.4 114.5 113.8 86.2 December. 88.3 80.0 85.2 95.9 104.0 120 53.8 98.2 60.8 60.1 97.2 100.0 90.7 103.1 61.6 100.3 113.2 112.3 86.4 1936—January... 86.8 78.7 84.4 95.3 102.6 118 54.0 95.0 59.2 55.2 95.4 98.2 92.9 98.4 54.9 98.0 111.8 110.8 85.6 February.. 86.9 78.6 84.4 95.5 99.8 114 56.1 94.9 59.2 55.3 95.8 99.2 94.4 96.7 58.7 110.8 109.8 85.1 March 87.9 80.2 85.6 96.9 100.9 113 58.0 94.6 61.3 58.9 96.1 100.5 93.6 97.7 59.2 113.8 113.6 75.4 Pi April 89.1 82.3 87.8 99.6 104.9 116 57.8 94.4 62.8 63.0 96.3 99.5 90.8 100.3 58.6 99.1 112.3 111 3 87.9 May 89.8 84.0 90.1 102.4 106.3 117 58.0 94.7 64.1 65.3 96.0 97.4 88.2 102.7 60.0 99.5 111.8 110.7 88.9 June 90.1 84.7 91.4 103.6 105.3 116 58.5 95.5 64.8 66.4 95.9 96.2 86.8 107.9 60.2 98.8 110.3 108.5 89.8 July 91.2 84.6 93.0 104.0 101.9 111 56.9 94.5 65.6 67.0 98.2 96.3 91.4 116.9 60.6 98.5 112.7 110.5 90.8 August.... 93.5 84.7 95.3 104.4 93.0 98 58.4 98.4 66.6 68.0 102.8 101.8 94.4 127.9 63.0 100.1 113.4 112.2 92.2 September 95.5 85.7 97.2 107.5 87.3 90 59.3 102.9 68.2 68.2 105.9 103.4 94.1 135.9 63.6 102.6 119.5 118.8 94.3 October... 96.7 89.2 98.9 109.6 102.1 110 60.4 108.3 69.2 69.1 104.7 104.3 92.8 124.2 64.5 104.0 120.3 120.2 97.9 November. 96.9 91.0 99.3 111.4 115.0 128 60.6 110.0 67.8 67.3 103.3 104.8 89.0 114.1 65.9 105.0 119.7 119.4 100.0 December. 98.1 92.7 100.4 114.1 122.1 139 61.2 111.6 67.1 67.1 104.0 106.4 94.0 110.6 63.3 106.0 119.3 119.3 101.9 Adjusted for seasonal variation 1933—January 64.2 49.4 53.0 50.0 50.1 55 51.2 57.7 43.4 43.8 1 80.180.9 81.8 90.7 63.3 81.8 86.0 82.9 65.6 February 64.1 49.0 54.2 50.4 48.0 53 49.4 57.3 42.6 44.2 80.3 80.9 82.9 92.1 62.2 81.7 86.8 83.4 65.9 March 61.4 46.9 51.9 49.0 42.8 46 48.9 54.2 40.8 42.7 77.1 75.3 81.0 91.3 57.0 80.8 85.9 82.2 63.7 April 62.7 47.0 53.4 49.5 42.3 47 45.8 55.7 41.4 42.0 79.4 79.3 80.9 95.3 56.2 80.4 85.8 82.1 63.6 May 65.9 49.4 56.3 52.1 44.7 49 47.1 58.8 43.9 43.7 83.6 85.2 84.7 97.6 63.9 81.5 89.5 86.2 66.6 June 70.7 53.5 61.8 56.5 48.9 55 46.3 63.7 48.4 48.0 89.0 94.4 89.9 98.4 64.8 83.7 93.6 91.2 73.9 July 76.1 58.8 68.8 60.9 56.3 64 50.2 68.7 52.8 52.5 94.7 104.3 92.4 98.4 64.4 85.4 101.3 100.9 : 83.8 August 79.4 63.6 75.0 67.1 62.9 71 52.4 75.8 55.3 55.7 96.4 103.4 92.7 102.7 64.9 90.0 103.1 102.7 i 94.0 September 81.2 66.7 77.8 71.1 69.3 79 52.9 78.4 58.2 55.5 96.8 99.9 91.7 108.7 63.4 93.3 106.9 106.1 ; 95.9 October 81.2 66.8 75.8 73.6 70.2 79 52.7 78.1 58.3 54.4 96.6 98.0 92.0 110.6 64.7 94.1 108.4 106.8 j 94.9 November 79.5 65.3 74.4 74.3 63.4 70 52.9 76.4 56.4 54.1 94.8 95.2 88.0 109.2 66.0 93.4 108.9 106.8 i 91.6 December 78.2 64.8 73.3 73.4 64.2 71 52.0 75.4 55.8 54.9 92.6 I 90.9 87.6 108.0 65.0 93.2 108.7 106.2 I See end of table fo: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

No. 79.—FACTORY EMPLOYMENT, BY GROUPS—Continued [Index numbers, 1923-25 average =100. Adjusted to Census of Manufactures through 1933] Y m ea o r n a th nd f m i a n tr i c A d a n i t n e u u l g l s u s r - - - D b u l r e a- p s I u a a r t r c n n e o o t e d d d n s l - ch M in a e - ry G T r r o e a u q n p u sp ip o m r m t e A a o n t u i b t o t i o l n e - s r s R r e h o p a o a a i p d l i - s r f m p e N u a r r e r c n o o t o t a d n d s u l - - s s L p u u a r m n c o t d d b s - er S p g c u a t r l l o c n o a a n t s y d d s e s , - , du N r o a n bl - e p T t u a r i n c l e o e t x 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 r i a n n i p n g d e t r - t a C r p n o i u h c r d l c o e a e t l m u d p s s e m - - - •Sri Adjusted for seasonal variation 1934—January 78.3 64.8 71.7 72.9 69.8 78 51.8 75.1 53.7 57.4 92.9 91.8 88.8 108.1 62.0 92.6 110.2 108.3 88.1 February 81.4 67.3 73.4 75.5 80.1 91 51.7 77.2 54.1 58.2 96.4 97.3 93.4 109.2 66.7 93.5 112.0 110.3 90.1 March 84.0 70.4 76.6 79.3 87.7 101 53.4 80.9 55.3 58.5 98.7 99.6 94.2 113.9 69.0 94.5 112.2 110.7 92.6 April 85.4 72.6 79.2 82.6 91.8 106 55.0 83.3 55.8 59.2 99.1 100.5 95.3 111.3 69.4 96.0 112.4 111.6 95.4 May 85.9 73.8 81.6 83.4 91.2 105 56.4 85.0 57.2 60.4 98.9 9.9.6 97.2 112.7 66.2 96.7 110.1 108.2 I 94.9 June 85.2 73.7 83.5 83.3 90.4 101 57.4 83.7 55.6 59.4 97.4 95.9 94.6 115.1 66.1 96.3 110.3 108.4 91.4 July 83.4 71.4 78.6 82.5 85.1 95 56.7 82.6 54.8 58.1 96.4 94.4 93.1 115.2 65.3 95.1 110.9 109.2 89.9 August 83.0 70.1 76.2 82.0 85.5 96 53.4 81.9 53.6 56.7 |: 96.8 94.1 92.0 119.2 67.8 95.4 111.3 109.4 : 87.2 September.. 78.1 68.2 72.6 79.8 81.1 91 53.4 79.8 53.4 56.1 88.7 75.8 87.6 119.1 66.4 95.9 110.0 107.9 I 84.4 o October.... 80.8 67.1 72.4 79.3 75.9 85 51.8 79.5 53.4 55.1 j 95.6 93.4 87.0 118.4 65.5 96.2 109.3 106.9 i 82.2 November.. 80.8 67.0 73.4 79.6 74.8 84 49.7 80.4 53.2 56.1 I 95.5 93.6 91.4 116.1 64.1 96.1 109.4 107.1 i 80.8 December.. 82.3 68.9 74.4 80.5 82.6 95 50.6 83.4 54.0 55.9 | 96.7 95.9 94.2 114.8 64.4 96.2 110.2 108.2 84.1 O 1935—January.... 84.1 71.4 77.2 83.1 89.9 104 50.7 85.5 55.4 56.8 j 97.7 99.1 94.5 110.4 64.6 95.9 110.6 109.2 87.3 February... 85.3 73.4 79.1 85.1 94.7 109 51.2 87.1 57.1 57.7 | 98.1 99.0 94.8 111.3 61.8 97.1 110.8 109.7 87.9 March 85.7 74.4 79.8 87.0 96.1 110 51.7 87.4 57.9 57.4 ! 97.8 98.8 94.2 109.4 62.0 97.7 111.4 110.3 87.3 April 85.6 74.4 79.7 87.9 95.7 109 50.3 88.1 58.4 56.6 i 97.6 98.7 94.6 110.2 61.0 97.8 111.3 110.0 85.9 May 84.6 73.7 79.4 87.2 93.7 106 50.8 88.1 56.7 57.2 ; 96.4 96.9 92.1 109.6 61.2 97.4 111.2 109.9 •• 84.1 June 83.7 72.8 79.2 87.4 91.3 106 51.6 87.7 53.6 57.6 | 95.3 94.9 89.4 108.7 61.3 97.2 112.6 in.4 : 83.2 July 85.0 74.3 79.4 89.6 90.9 106 52.0 88.3 57.8 58.6 96.4 96.3 90.7 110.9 61.7 97.2 112.1 110.9 82.2 o August 86.1 75.7 81.1 90.8 91.9 107 51.1 89.5 60.6 59.6 97.3 98.9 91.4 108.7 60.3 97.4 112.2 110.7 ' 84.2 September.. 86.3 76.2 82.3 93.0 89.0 103 50.4 91.9 61.6 59.1 97.2 98.5 90.7 109.1 60.5 98.0 111.9 111.0 i 85.9 October.... 87.3 78.3 84.2 94.3 95.6 110 52.8 94.9 61.7 60.2 96.9 98.7 90.2 107.2 60.3 98.2 112.9 111.9 : 86.6 O November.. 88.1 79.3 85.3 95.5 99.0 113 53.7 96.1 61.1 60.5 97.4 99.8 92.1 107.1 59.9 98.1 112.9 111.8 ! 85.7 o December.. 88.7 80.0 85.7 95.5 101.0 115 54.3 97.4 61.6 61.8 98.1 100.4 95.3 107.3 60.4 98.4 112.4 111.2 : 86.6 1936—January.... 88.8 80.4 86.4 96.3 100.0 113 55.0 97.4 62.8 61.4 97.8 99.2 94.4 107.4 59.6 97.7 112.2 111.2 86.4 February... 87.4 79.2 84.7 95.8 97.0 109 56.4 95.0 61.4 59.7 96.3 96.5 92.7 106.8 60.0 98.6 110.6 109.2 85.2 March 87.7 80.1 85.3 96.9 97.7 108 58.0 93.4 62.8 60.8 95.8 96.7 90.4 107.8 60.1 99.0 111.6 110.6 74.9 April 88.6 81.2 87.1 99.3 99.2 109 57.0 93.4 63.5 61.9 96.5 97.6 89.2 107.7 59.4 99.4 110.8 109.1 87.1 May 89.8 82.7 89.0 102.2 101.3 112 57.0 94.6 64.1 62.5 97.3 97.6 89.0 109.3 61.3 99.8 113.1 112.0 87.4 June 90.4 83.8 90.8 103.9 102.2 112 58.2 96.4 64.2 63.0 97.6 98.1 89.0 110.3 60.3 100.0 113.2 112.2 88.8 July 92.8 85.6 93.5 105.3 105.1 116 57.4 97.8 65.6 65.7 100.4 102.6 90.3 112.4 61.2 99.8 115.7 114.6 91.4 August 93.4 85.7 95.3 105.3 100.9 109 58.7 101.1 65.1 66.4 101.8 104.9 90.9 113.2 61.9 101.1 115.4 114.9 93.9 September.. 93.8 86.6 96.8 106.8 100.8 109 59.1 102.5 65.8 66.1 101.6 102.6 91.4 113.3 61.7 102.7 118.5 118.1 95.8 October.... 94.4 88.2 98.4 108.4 105.0 113 60.1 105.2 66.2 67.2 101.2 101.7 92.0 112.7 61.1 103.1 117.9 117.4 98.3 November.. 96.2 89.9 99.6 110.4 112.3 123 60.6 106.7 66.2 66.3 102.9 104.4 94.9 113.4 62.4 103.6 118.1 117.4 99.4 December.. 98.6 92.7 101.0 114.0 118.7 133 61.7 110.7 67.9 69.0 104.9 106.8 98.8 115.0 62.0 104.0 118.6 118.3 102.2 NOTE.—Indexes without seasonal adjustment compiled by the Bureau of Labor Statistics. Back figures for these groups and indexes for individual industries may be obtained from the Bureau. Seasonally adjusted indexes compiled by Board of Governors. For description, see pages 950-953 of Bulletin for December 1936. For back figures for these groups and indexes for individual industries, see Bulletin for December 1936, pages 953-978 and March 1937, page 259. Underlying figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 197 No. 80.—WHOLESALE COMMODITY PRICES, BY GROUPS l [Index numbers of Bureau of Labor Statistics, 1926 = 100] Other commodities Y m ea o r n a th nd m c t A o i o e m l d s l i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r p T u t r i c e o l t x e d s - - m l F r i a i g i a u n n a h t g e d l e t s l - - M m p u a r e e n c o t t t d a d a s l - l s B m r i u i a n a i t g l l e d s - - C 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 d s - - 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 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64 8 48 2 61 0 70 2 72.9 54.9 70.3 80.2 71.4 73 5 75 1 64 4 1933 65.9 51.4 60.5 71.2 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 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 80.4 81.7 70.5 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 80.4 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 88.6 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 Movember 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 1936 January 80.6 78.2 83.5 78.8 97.1 71.7 75.1 86.7 85.7 80.5 81.4 67.8 February 80.6 79.5 83.2 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81.5 68.1 March 79.6 76.5 80.1 78.9 94.9 70.8 76.2 86.6 85.3 79.3 81.4 68.3 April 79.7 76.9 80.2 78.8 94.6 70.2 76.4 86.6 85.7 78.5 81.5 68.6 May 78.6 75.2 78.0 78.8 94.0 69.8 76.0 86.3 85.8 77.7 81.5 69.2 June 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 8.5.8 78.0 81.4 69.7 July 80.5 81.3 81.4 79.5 93.4 70.5 76.2 86.9 86.7 79.4 81.2 71.0 August 81.6 83.8 83.1 79.7 93.6 70.9 76.3 87.1 86.9 79.8 81.4 71.5 September.... 81.6 84.0 83.3 79.6 94.6 70.9 76.1 86.8 87.1 81.7 81.7 71.3 October 81 5 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82 2 82 0 71 5 Movember 82.4 85.1 83.9 81.0 97.0 73.5 76.8 87.9 87.7 82.5 82.3 73.4 December 84.2 88.5 85.5 82.2 99.7 76.3 76.5 89.6 89.5 85.3 83.2 74.5 1 Index based on 550 price series from 1913 to 1925 and on 784 price series from 1926 to date. Back figures.—See Annual Report for 1935 (table 80) and similar tables in previous annual reports. For weekly figures covering 1936, see Federal Reserve Bulletin for June 1936, November 1936, and February 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 ANNUAL REPORT OF BOARD OF GOVERNORS No. 81.—WHOLESALE COMMODITY PRICES, BY SUBGROUPS, 1936 [Index numbers of Bureau of Labor Statistics. 1926 = 100] Annual Subgroups Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Average Farm products: Grains 78.9 78.3 75.6 73.9 70.6 73.0 88.9102.4102.0102.1102.9109.0 88.3 Livestock and poultry 89.1 90.3 88.3 88.3 82.5 83.2 82.0 84.5 83.8 81.2 79.7 85.0 84.7 Other farm products 70.8 72.7 69.1 70.4 71.4 75.8 78.2 77.8 78.6 80.2 82.9 84.4 76.0 Foods: Dairy products 84.2 85.7 80.3 78.8 75.0 77.6 83.8 87.6 89.5 87.4 88.2 88.9 Cereal products 92.1 88.5 85.8 84.2 82.2 81.6 84.4 87.5 87.6 87.5 85.9 87.1 86.2 Fruits and vegetables 62.2 62.4 65.1 67.8 72.3 82.0 79.7 76.1 71.5 73.8 74.8 75.4 71.9 Meats 94.9 92.1 89.7 91.0 85.1 85.1 84.9 86.4 87.3 84.4 85.2 87.2 87.8 Other foods 75.5 78.1 72.4 72.4 71.5 72.3 73.4 75.6 76.7 77.4 81.4 84.0 75.9 Hides and leather products: Shoes 100.5100.5100.4100.3100.2 99.7 99.3 99.3 99.3 99.3 99.3 99.4 90.8 Hides and skins 100.5 96.7 91.0 90.1 87.3 89.0 87.8 90.0 93.3 97.2101.2110.4 94.6 Leather 87.3 86.0 85.0 84.5 84.4 83.2 83.0 82.4 84.2 85.4 88.4 92.6 85.6 Other leather products 95.3 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.4 95.9 96.3 95.5 Textile products: Clothing 80.8 80.7 80.7 80.8 81.1 80.9 80.7 80.8 80.8 81.2 81.5 83.1 81.1 Cotton goods 80.4 78.1 77.1 76.2 75.5 75.4 78.7 79.5 80.0 82.0 85.5 90.3 80.3 Knit goods 61.8 62.0 62.1 62.0 60.6 60.3 59.3 60.3 60.8 61.1 61.2 63.0 61.2 Silk and rayon 33.5 31.6 30.9 30.1 29.1 29.3 30.7 31.6 30.2 31.1 33.4 33.8 31.2 Woolen and worsted goods... 81.4 82.8 83.8 82.2 82.2 82.6 82.0 81.2 80.9 80.5 84.3 90.5 82.9 Other textile products 67.8 67.2 67.2 67.5 67.5 66.9 66.8 67.0 67.1 67.0 66.5 65.3 67.0 Fuel and lighting materials: Anthracite 82.3 82.6 82.5 80.0 76.6 77.0 78.5 79.1 80.6 81.8 82.4 82.3 80.5 Bituminous coal 98.7100.1 99.4 96.8 96.5 96.5 96.0 96.4 97.0 97.3 97.2 97.3 97.4 Coke 92.7 93.7 93.7 93.7 93.7 93.7 93.7 93.7 93.9 97.8 97.8 97.8 94.7 Electricity 83.1 86.2 84.4 82.8 84.2 83.4 83.4 82.6 83.2 82.8 82.7 82.7 83.4 Gas 83.2 82.1 84.4 84.8 87.3 88.0 87.9 86.1 87.2 86.0 81.9 83.1 85.2 Petroleum products 54.4 55.7 56.0 57.9 58.2 57.7 58.1 57.9 57.5 57.9 58.1 58.0 57.3 Metals and metal products: Agricultural implements.... 94.6 94.9 94.2 94.2 94.2 94.2 94.2 94.2 94.2 93.9 92.9 93.0 94.2 Iron and steel 87.1 86.9 86.3 86.3 86.3 86.3 87.6 87.9 88.1 88.8 88.9 90.9 87.6 Motor vehicles 93 6 93 6 94 0 94 0 93 0 92 9 92 9 92 9 91 5 P0 8 92 0 93 0 92.7 Nonferrous metals 69.7 69.7 69.9 70.4 70.7 70.0 70.4 70.8 71.4 71.7 75.4 78.6 71.6 Plumbing and heating 71.7 73.8 73.8 73.8 73.8 73.8 76.5 76.5 76.5 76.6 76.7 76.7 75.0 Building materials: Brick and tile 88.4 88.4 88.9 89.0 88.8 89.2 89.2 89.1 89.0 88.3 88.8 88.5 Cement 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 95.5 Lumber 82.2 82.3 82.6 83.2 83.0 82.1 83.7 83.8 84.9 86.1 86.6 89.6 84.5 Paint and paint materials... 79.6 79.5 79.2 79.3 78.8 79.5 80.4 81.0 80.6 80.2 80.5 82.4 80.1 Plumbing and heating 71.7 73.8 73.8 73.8 73.8 73.8 76.5 76.5 76.5 76.6 76.7 76.7 75.0 Structural steel 92.0 92.0 92.0 92.0 92.0 92.5 97.1 97.1 97.1 97.1 97.1101.7 95.0 Other building materials.... 90.2 89.5 88.5 89.1 89.9 90.1 90.2 90.3 90.3 90.4 90.9 92.6 90.2 Chemicals and drugs: Chemicals 87.6 87.0 85.9 85.5 84.1 84.3 85.9 86.2 88.6 89.0 89.2 93.3 87.2 Drugs and Pharmaceuticals.. 74.0 73.2 73.0 73.2 73.2 73.2 73.0 73.3 75.3 76.5 77.9 77.4 74.4 Fertilizer materials 64.4 64.5 64.8 64.6 64.7 64.0 65.2 66.7 67.6 67.4 68.0 68.6 65.9 Mixed fertilizers 68.8 68.8 68.3 64.5 65.3 66.0 68.7 69.3 69.4 69.7 69.6 71.4 68.4 Housefurnishing goods: Furnishings 84.8 85.0 84.9 85.0 85.0 85.2 85.1 85.2 85.4 85.6 85.7 86.9 85.3 Furniture 77.9 77.9 77.9 78.0 77.9 77.5 77.2 77.6 78.0 78.3 78.8 79.4 78.0 Miscellaneous: Auto tires and tubes 45.0 45.0 45.0 45.0 47.5 47.5 47.5 47.5 47.5 47.5 50.1 50.1 47.2 Cattle feed 68.6 68.1 67.9 74.0 71.2 80.7107.9114.2107.5111.8126.0130.7 94.4 Paper and pulp 79.8 79.9 80.3 80.5 80.5 80.6 80.b 80.6 80.7 80.8 81.5 82.9 80.7 Rubber, crude 29.8 32.0 32.9 33.0 32.3 33.0 34.3 33.7 34.2 34.4 37.1 41.9 34.2 Other miscellaneous 80.4 80.6 80.6 80.6 80.7 80.8 80.8 81.3 81.5 81.5 81.7 82.2 81.1 Back figures.—Indexes for these subgroups and indexes for individual commodities, 1913-35, may be obtained from Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPENDIX 199 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 the record of actions by the Board of Governors of the Federal Reserve System during the year 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 THURSDAY, JANUARY 2, 1936 Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak, Mr. O'Connor. Selection by Federal Reserve Banks of Representatives on Federal Open Market Committee. The Board voted unanimously to address the following letter to the Chairman of the Federal Reserve Bank of Chicago, and to send copies thereof to all other Federal reserve banks. The reasons for the Board's action are stated in the letter: "Your letter of December 16 in which you quoted a resolution of a clearing house association recommending that the Federal Reserve Banks of St. Louis and Chicago select as their member of the Open Market Committee a man of wide experience in business and financial affairs who is not an officer of either bank was brought to the attention of the members of the Board. In this connection several informal inquiries which have come to the attention of the members of the Board of Governors indicated that there was doubt at some of the Federal reserve banks as to what course should be followed with respect to the selection of their representatives to serve after March 1, 1936, as members of the Federal Open Market Committee. "The law is silent as to the procedure which shall be followed by the boards of directors in the selection of such representatives and it does not place upon the Board of Governors of the Federal Reserve System any duty or responsibility with respect to the determination of such procedure. However, since the question has arisen the Board feels that it may be of some assistance to the directors of the Federal reserve banks by giving them its views and suggestions regarding these matters. "Without reviewing in detail the history of the legislation, it is clear that throughout the discussions the persons whom the proponents of representation of the Federal reserve banks on the Open Market Committee had in mind were the Governors of the Federal reserve banks, as shown for example by the recommendations of the American Bankers' Association, the Reserve City Bankers' Association, and the Federal Advisory Council. When, in addition to this, the fact is taken into consideration that the amendment took away from the Federal reserve banks the power of declining to participate in open market operations recommended by the Federal Open Market Committee and instead made the decisions of the committee binding 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 ANNUAL REPORT OF BOARD OF GOVERNORS upon the banks, it becomes especially significant that the members of the committee to be selected by the banks are referred, to in the amendment as 'representatives of the Federal reserve banks.' The Board therefore believes that it is clear that the Congress intended that these members should be persons in position to present adequately the views of the Federal reserve banks and to speak authoritatively for them. "Aside from these considerations it is evident that any person having otherwise satisfactory individual qualifications who might be selected from outside the official personnel of the Federal reserve banks would almost certainly have or represent interests of a business or investment character which might affect his action as a member of the committee. Even though not influenced by his personal interests, their existence might affect the public interpretation of the actions of the Federal Open Market Committee in which he participated. Moreover, he could not be intimately acquainted with the affairs of the member banks and the Federal reserve banks, the financial policies of the Government, and other phases of monetary matters to the extent that would be desirable and as fully as would be possible in the case of representatives who served only the Federal reserve banks. Although he would have a vote, his contribution to the deliberations of the committee would be more likely that of a consultant or adviser called in at the meetings than that of a true spokesman for the Federal reserve banks. "It is apparent that the situation also presents the question of an appropriate method by which the directors of the banks may contact each other and determine their selections in a mutually satisfactory manner and it seems to the Board that this might be accomplished by preliminary meetings between committees of directors of the banks who could be authorized to formulate procedure and make recommendations for the consideration of the full board of directors of each Federal reserve bank concerned. "The Board will be glad to be advised as to the views of the directors of your bank regarding these suggestions." MEETING ON SATURDAY, JANUARY 4, 1936 Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Regulation L, Interlocking Bank Directorates under the Clayton Act. By unanimous vote, Regulation L, Interlocking Bank Directorates Under the Clayton Act, was approved and adopted in a revised form to become effective January 4, 1936. The revised regulation was prepared as a result of amendments to existing law made by the Banking Act of 1935. The law as amended was interpreted by the Board as evidencing the general purpose of Congress to prevent interlocking directorate relations between banking institutions in competitive situations and to define more clearly the classes of cases in which such relations would be permitted. Since the law specified in some detail the classes of cases exempted from the prohibitions of the law and left to the Board only a power to permit exceptions by regulation, the Board decided that exceptions should be allowed only in certain Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 203 classes of cases which appeared to be clearly in harmony with the general purpose and structure of the amended law. For these reasons, the revised regulation was confined, except for two relatively unimportant classes of cases involving relations for a limited period, to permitting any private banker or director, officer or employee of a member bank to serve not more than one Morris Plan bank, cooperative bank, credit union or other similar institution, and any private banker to serve not more than one nonmember bank or one member bank in certain cases similar to those excepted by the statute in the case of an officer, director or employee of a member bank. Regulation R, Relationships with Dealers in Securities under Section 32 of the Banking Act of 1933. Regulation R, Relationships with Dealers in Securities under Section 32 of the Banking Act of 1933, was approved and adopted in a revised form to become effective January 4, 1936, Mr. Thomas voting "no". Section 32 of the Banking Act of 1933 was amended by the Banking Act of 1935 to define more clearly the classes of relationships which were prohibited by the section, and granted to the Board only the power to allow interlocking relationships between banking institutions and dealers in securities by general regulation, when, in the judgment of the Board, such relationships would not unduly influence the investment policies of member banks or the advice given their customers regarding investments. In these circumstances, the Board decided that Regulation R should be revised to exempt only officers, directors or employees of any corporation or any unincorporated association, partners or employees of any partnership, or individuals not engaged in the issue, flotation, underwriting, public sale, or distribution, at wholesale or retail, or through syndicate participation, of any stocks, bonds, or other similar securities except bonds, notes, certificates of indebtedness, and Treasury bills of the United States, obligations fully guaranteed both as to principal and interest by the United States, debentures issued by Federal Intermediate Credit banks, bonds issued by Federal Land banks, and general obligations of territories, dependencies and insular possessions of the United States. Industrial Loans Under Section 13b of the Federal Reserve Act. The following letter to the governors of all Federal reserve banks, was approved by unanimous vote; the reasons for the Board's action being set forth in the letter: "In the last few weeks the amount of industrial loan applications received by the Federal Reserve banks, and particularly the amount of such applications approved, has increased relatively little. Recent studies which have been made, particularly one by the Committee on Direct Loans of the Associated Business Papers, indicate the existence of some feeling that the Federal Reserve System would have many more applications if a more intensive effort were made to acquaint prospective borrowers with the facilities open to them and to bring to the attention of member banks the desirability of making industrial loans under cover of Federal Reserve bank commitments. "As you know, the Board feels that it is important that each Federal Reserve bank have some qualified person available at all times Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 ANNUAL REPORT OF BOARD OF GOVERNORS to explain to prospective applicants for industrial advances what the Federal Reserve bank is prepared to do and how they should proceed in order to obtain an advance. It is, of course, appreciated that the person having this responsibility should be fully familiar wTith the Federal Reserve bank's policies and able to appraise fairly accurately the financial problems of prospective applicants. He should also be able to convince applicants of the Reserve bank's desire to do whatever it can, consistently with the terms of section 13b, to make credit available to them. "In view of the expressed feeling that the System has not done all that it should to implement the provisions of Section 13b, it will be appreciated if you will address a letter to each bank in your district, requesting its assistance in furthering the industrial loan program. A draft of a letter which it is suggested you use in this connection is attached." The draft of letter to member and nonmember banks referred to above read as follows: "Information which has recently come to the attention of the Board of Governors of the Federal Reserve System indicates the existence of some feeling that the Federal Reserve System has not done all that it could to make a success of the industrial loan program authorized by Section 13b of the Federal Reserve Act. This section was adopted June 19, 1934, and as you recall, authorizes the Federal Reserve banks to make credit available to established industrial and commercial enterprises for the purpose of replenishing working capital, for periods not exceeding five years. "It has been the aim of the Board, the Federal Reserve banks, and the Industrial Advisory Committees to make such credit available to all borrowers who are in need of working capital and to whom advances could be made on a reasonable and sound basis. To that end special efforts have been made to bring the provisions of the section to the attention of member and nonmember banks and industry in general, and applications for such credit have been approved whenever possible. It may be that there are now no enterprises in your community which are unable to obtain needed working capital from the usual sources and to which loans for this purpose could be made on a reasonable and sound basis. This bank desires particularly, however, to do what it can for industry in its district, and if you know of any instances, or hear of any instances, where worthy enterprises in need of working capital have been unable to obtain it, we shall appreciate your bringing them to our attention. "Under the provisions of the Act the Federal Reserve banks are authorized to make these loans either direct to borrowers or in participation with financing institutions. "If you are interested in participating in any loans, the liquidity of which may be guaranteed by the Federal Reserve bank and your loss limited to a maximum of 20 percent, this bank will be glad to cooperate with you in any way it can within the law." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 205 MEETING ON MONDAY, JANUARY 20, 1936 Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman, Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Action on Resolution of the Federal Open Market Committee. The Board voted unanimously to advise the Chairman of the Federal Open Market Committee that the Board had noted with approval the resolution adopted by the Federal Open Market Committee at its meeting on December 17-18, 1935, which authorized the executive committee of the Federal Open Market Committee to make shifts between maturities of Government securities held in the System account 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 $300,000,000. This action was taken by the Board in order that the executive committee of the Federal Open Market Committee might be enabled, for the proper administration of the System open market account, to meet changing market conditions. MEETING ON FRIDAY, JANUARY 24, 1936 Members present: Mr. Eccles, Chairman; Mr. Hamlin, Mr. Miller, Mr. Szymczak, Mr. O'Connor. Increase in Margin Requirements on Loans by Brokers, Dealers, and Members of National Securities Exchanges for the Purpose of Purchasing or Carrying Securities. By unanimous vote, Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges, was amended, effective February 1, 1936, to provide that the maximum loan value of a registered security (other than an exempted security) shall be the maximum loan value which the Board shall prescribe from time to time in supplements to the regulation, and a supplement to the regulation was approved and adopted to become effective on February 1, 1936, which provided that the maximum loan value of a registered security (other than an exempted security) shall be whichever is the higher of: (a) 45 percent of the current market value of the security; or (b) 100 percent of the lowest market value of the security computed at the lowest market price therefor during the period of 36 calendar months immediately prior to the first day of the current month, but not more than 75 percent of the current market value: Provided, That until July 1,1936, for the purpose of this regulation, the lowest price at which a security has sold on or after July 1, 1933, but prior to the first day of the current month, shall be considered as the lowest market price of such security during the preceding 36 calendar months; and Provided, That the lowest market price which could be used under the provisions of this regu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 ANNUAL REPORT OF BOARD OF GOVERNORS lation during any calendar month may be used during the first 7 calendar days of the succeeding calendar month. The maximum loan value of a registered security (other than an exempted security) held in a special account with another member, broker or dealer, or with a distributor, syndicate, etc., was continued unchanged in the supplement at 80 percent of the current market value of the security. The principal effect of the action was to increase the amount of margin required on about three-fifths of the active stocks from 45 percent of their market value to 55 percent; and to raise the upper limit of the "anti-pyramiding zone" from 182 percent of the lowest market price to 222 percent of the lowest market price, thus restoring some stocks (representing about 15 percent of the trading) to that zone; without increasing margin requirements on securities which had risen by less than 82 percent of their official lows. The volume of credit extended to customers by member firms of the New York Stock Exchange who carry margin accounts, which began to increase about the middle of 1935, had increased since that time by about $213,000,000, or approximately 20 percent. The borrowings of these firms at banks had increased by about $150,000,000, and bank loans on securities to borrowers other than brokers, after declining to September, 1935, had subsequently shown a slight increase. These increases in brokers' borrowings from banks and of customers' borrowings from brokers had lasted for several months and had continued until this date, and it appeared that, on the basis of past experience, a further advance in securities prices would be likely to be accompanied by a further growth in the use of credit in the stock market. The advance in stock prices, which began in March, 1935, and continued until the middle of November, had been resumed during recent weeks and during the last few days stock prices had risen to a new high level distinctly above that reached in November and above the level of 1926, and at the same time the volume of trading had increased again to about 3,000,000 shares per day. While the existing amount of borrowing was low as compared with some past years and much of the current trading was on a cash basis, the amount of borrowing was at about the level from which the great increase that accompanied the stock market boom of the 1920's commenced, and it was believed that the restraining influence of any increase in margin requirements, in order to be effective in forestalling an excessive growth in the use of credit for the purpose of purchasing or carrying securities by means of increased borrowing of brokers' customers and to some extent of brokers themselves, should be applied before an unhealthy development of credit in the stock market gets under way. In addition, there continued to exist a large volume of excess reserves of member banks, amounting to over $3,000,000,000, which might be drawn upon in part to finance operations in the securities markets. For these reasons and the further fact that the Board had been entrusted with the specific power under the Securities Exchange Act of 1934 to increase margin requirements for the purpose of preventing the excessive use of credit for the purchase or carrying of securities, the action referred to above was taken. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 207 MEETING ON MONDAY, JANUARY 27, 1936 Members present: Mr. Eccles, Chairman; Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Effective Date of Subsection 1 (f) of Regulation Q Relating to Payment of Interest on Deposits. By unanimous vote, it was decided that, pending further consideration of the matter by the Board, a date upon which subsection l(f) of Regulation Q, Payment of Interest on Deposits, would become effective should not be fixed and that the status of the definition of "interest" in the regulation should remain unchanged for the present. On December 28, 1935, pending action by the Federal Deposit Insurance Corporation on its regulation with respect to the payment of interest on deposits by insured nonmember banks, the Board deferred the effective date of subsection l(f) of its Regulation Q entitled "Interest," which prohibited the absorption by member banks of exchange and collection charges as an indirect payment of interest. Under date of January 20, 1936, a letter was received from the Chairman of the Federal Deposit Insurance Corporation in which he stated that after a thorough study and consideration of the definition of "interest" as contained in subsection 1 (f) of the Board's Regulation Q, the Corporation proposed to adopt in its regulation a definition of "interest" which did not in specific terms prohibit the absorption of exchange and collection charges as an indirect payment of interest. The Corporation's regulation was issued to become rfjtective February 1, 1936, and, in view of these circumstances, the BoarcFfelt that further consideration should be given to the action to be taken with regard to the definition of "interest" contained in Regulation Q and action deferring the effective date of the subsection was taken to afford time for such consideration. MEETING ON FRIDAY, JANUARY 31, 1936 Members present: Mr. Thomas, Vice Chairman; Mr. Hamlin, Mr. Miller, Mr. James, Mr. Szymczak. Resolutions Adopted by the Federal Open Market Committee at its Meeting on January 21, 1936. The following letter to the Chairman of the Federal Open Market Committee was approved unanimously for the reasons stated therein: "The Board of Governors of the Federal Reserve System has received and considered your letter of January 23, 1936, in which you quote three resolutions adopted by the Federal Open Market Committee at its meeting in Washington on January 21, 1936, one of which reads as follows: " 'The Committee has considered the preliminary memorandum and has reviewed the credit situation. It is the sense of the Committee that, so far as business, credit, and banking conditions are concerned, there is nothing in the present situation to prompt the Committee to change its views as expressed in its resolution adopted on December 18th, which the Committee respectfully renews. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 ANNUAL REPORT OF BOARD OF GOVERNORS " 'The Committee recognizes that the risks of action are somewhat increased by the present budgetary situation, but it recognizes also that the longer action is delayed, the greater are the dangers resulting from the combination of inordinately large excess reserves and an unbalanced budgetary position, and the greater will be the difficulty of taking remedial action. " 'Viewing the situation as a w7hole, the Committee strongly believes that action looking toward a substantial reduction in excess reserves should be taken as soon as this may be feasible, in the judgment of the Board of Governors of the Federal Reserve System, having in mind the advantages of a coordinated program of recovery.' "At the meeting of the Federal Open Market Committee with the Board of Governors on December 18, 1935, there was approved by a unanimous vote of the members of the Board and the Committee present, a joint statement which wras issued to the press and which expressed the opinion (1) that continued improvement had been made in business and financial conditions but that the country was still short of a full recovery; (2) that the primary objective of the System at that time was still to lend its efforts to a furtherance of recovery; (3) that there was at that time no evidence of overexpansion of business activity or of the use of business credit; (4) that the then existing volume of member bank reserves, which had been greatly increased by imports of gold from abroad, continued to be excessive, far beyond the present or prospective requirements of credit for sound business expansion, and that, therefore, the special problem created by the continuing excess of reserves had had and would continue to have the unremitting study and attention of those charged with the responsibility for credit policy in order that appropriate action might be taken as soon as it appeared to be in the public interest. "Since the issuance of that statement the Board has given constant attention to current developments. As you know, on January 24, 1936 the Board increased from 45 percent to 55 percent, effective February 1, 1936, the highest margins required on security loans by brokers and dealers. This action was taken in the light of recent trends in the securities markets and for the purpose of preventing the excessive use of credit to finance transactions in securities. "Aside from this element in the general credit situation, however, with which the Board is endeavoring to deal by specific action under authority of the Securities Exchange Act of 1934, there appears to be no material change in the situation as it existed on December 18, 1935, which would require further action by the Board at this time. The Board will, however, continue to give its close attention to the situation and will act whenever in its judgment it is advisable for it to do so. "The Board has noted with approval the resolution which authorizes the executive committee of the Federal Open Market Committee to make shifts between maturities of Government securities in the System account 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 $300,000- 000; this authority being necessary to enable the executive commit- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 209 tee, in the proper administration of the account, to meet changing market conditions. "Inasmuch as any action proposed under the third resolution adopted by the Committee (which authorized the Executive Committee 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) is made subject to the approval of the Board, no action by the Board is required with respect thereto at this time. UA copy of this letter is being sent to the chairman of the board of directors of each Federal Reserve bank." The three resolutions of the Federal Open Market Committee to which reference is made in the foregoing letter are set forth in the separate record of actions taken on questions of policy by the Federal Open Market Committee. MEETING ON FRIDAY, FEBRUARY 14, 1936 Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Morrison. Policy With Respect to Appointments of Presidents and First Vice Presidents of Federal Reserve Banks. By unanimous vote, the Board decided, for the reasons stated below, that it should be guided in its consideration of appointments of presidents and first vice presidents of the Federal reserve banks, when submitted to it for approval, by the general policy of not approving appointments of persons as presidents or first vice presidents who were 70 years or more of age at the time of appointment, or who, before the end of the five year term provided by law for such appointments, would have reached that age. Consideration had been given by the Board on various occasions to the questions involved in determining upon a general policy which the Board should adopt in acting upon appointments of presidents and first vice presidents of the Federal reserve banks. The Federal reserve banks had proposed and adopted voluntarily a retirement system, approved by the governors of the banks, which established the principle in the permanent operation of the system, after the first five years, of mandatory retirement of officers and employees of Federal reserve banks at a maximum age of 70 years. However, the Federal Reserve Act provided that the presidents and first vice presidents be appointed for terms of five years and the Board had no authority to approve such appointments for a shorter term, even though under the rules and regulations of the retirement system an appointee might be subject to mandatory retirement before the end of the five year period. It was the unanimous opinion of the members of the Board that, for these reasons and as the law specifically provides that these appointees are to be the chief executive officers of the Federal reserve banks, they should be younger men who could be expected not only to develop but also to continue, at least during the entire term for which they would be appointed, an active, constructive and vigorous administration of the affairs of the bank with a high degree Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 ANNUAL REPORT OF BOARD OF GOVERNORS of efficiency, and who would be able to make such changes in the banks' organizations as would enable them to meet new conditions in the most effective manner. MEETING ON THURSDAY, FEBRUARY 20, 1936 Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom. Reports by Member Firms of National Securities Exchanges. By unanimous vote, the Board decided to (1) exempt from the requirement of filing monthly reports banks which are members of national securities exchanges, except banks which carry margin accounts for customers, and (2) require semi-annual reports instead of monthly reports from all member firms, except banks, in the following classes: (a) member firms (other than member firms of the New York Stock Exchange) who do not carry any margin accounts for customers; and (b) firms, even though carrying margin accounts, that' are not members of one or more of the following stock exchanges: New York Stock Exchange Baltimore Stock Exchange Boston Stock Exchange Chicago Stock Exchange Cincinnati Stock Exchange Cleveland Stock Exchange Detroit Stock Exchange Los Angeles Stock Exchange New York Curb Exchange Philadelphia Stock Exchange Pittsburgh Stock Exchange San Francisco Curb Exchange San Francisco Stock Exchange The action referred to above was taken for the reasons that: (1) the form of report being obtained was devised primarily with reference to the operations of brokers and was not well adapted to reports by banks, and, in addition, any bank which was a member firm might properly be included with other banks in whatever reporting system might in due time be applied to banks under the Securities Exchange Act of 1934, and (2) while the approximately 170 firms that would be required to report only at semi-annual intervals constituted about 20 percent of the total number of reporting firms, they accounted for only about 1 percent of the total bank borrowings of all reporting firms and less than 1 percent of the total amount of credit extended to customers by all reporting firms. MEETING ON FRIDAY, FEBRUARY 28, 1936 Members present: Mr. Szymczak, Chairman pro tern; Mr. Broderick, Mr. McKee, Mr. Morrison, Mr. Ransom. Changes in Maturities of Securities in the System Open Market Account. By unanimous vote, approval was given to a letter to the Chairman of the Federal Open Market Committee advising Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 211 that if, in connection with March financing, the Treasury offered securities in exchange for Treasury notes maturing April 15, 1936, the Board approved the sale in the market of the $132,386,000 of these notes held in the System account and their replacement with not to exceed $50,000,000 of Treasury bonds and the balance with Treasury notes or bills. The Board had given consideration at a previous meeting to an extract from the minutes of a meeting of the executive committee of the Federal Open Market Committee held on February 26, 1936, in which the opinion was expressed that if, in connection with March financing, the Treasury offered securities in exchange for Treasury notes maturing on April 15, the $132,386,000 of these notes in the System account should be sold in the market and replaced to the extent of about $50,000,000 with Treasury bonds and the balance with Treasury notes or bills. While the executive committee had been authorized by the Federal Open Market Committee, with the approval of the Board, to make shifts in maturities of Government securities in the System open market account up to $300,000,000, provided that the amount of maturities within two years be maintained at not less than $1,000,000,000 and that the amount of bonds be not over $300,000,000, the transaction referred to above would not be carried into effect until after March 1 when the Federal Open Market Committee as constituted pursuant to the Banking Act of 1935 would have come into existence, and the new Committee would not be organized in time to consider the transaction. It appeared to the Board that the transaction would tend to improve the distribution of maturities of the Government securities held and would be desirable from the standpoint of the practical administration of the account. MEETING ON TUESDAY, MARCH 24, 1936 Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom. Regulation U—Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange, and Revised Supplement to Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges. By unanimous vote, the Board adopted Regulation U, and a supplement thereto, to become effective on May 1 ? 1936. The supplement provided that for the purposes of the regulation the maximum loan value of any stock, whether or not registered on a national securities exchange, should be 45 percent of its current market value as determined by any reasonable method. The supplement also provided that a stock registered on a national securities exchange and carried for the account of a customer of a broker or dealer, when pledged as security for a loan by such broker or dealer from a bank, should have, under specified conditions, a special maximum loan value of 60 percent of its current market value. By unanimous vote, the Board also adopted, effective March 30, 1936, a revised supplement to Regulation T which provided that the maximum loan value of a registered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 ANNUAL REPORT OF BOARD OF GOVERNORS security (other than an exempted security) should be 45 percent of the current market value of the security. The supplement also provided that the maximum loan value of a registered security (other than an exempted security), on which credit is extended in a special account with another member, broker, or dealer for the purpose of carrying accounts for customers, should be 60 percent of the current market value of the security. The Securities Exchange Act of 1934, in addition to requiring the Board to issue regulations with respect to loans on registered securities by brokers and dealers in securities, authorized the Board, in order to prevent circumvention of the provisions of that Act, to issue regulations relating to loans made by other lenders for the purpose of purchasing or carrying securities registered on a national securities exchange. Since the passage of the Securities Exchange Act on June 6, 1934, the Board had had before it the question of the advisability of issuing a regulation relating to loans by banks for the purpose of purchasing or carrying securities registered on national securities exchanges. The matter had been considered from time to time and it had been felt by the Board until recently that the issuance of such a regulation might well be deferred until there should be appreciable evidence of need for it to prevent excessive use of bank credit in circumvention of the Act for the purpose of purchasing or carrying securities. Evidence of a growing need for the regulation had been accumulating. Beginning in March, 1935, there had been a substantial increase in prices of securities in the organized securities markets which had been sustained with little interruption during the year ended March 15, 1936. This increase had been accompanied by an upward trend since July, 1935, in the amount of credit extended and maintained by brokers and in the amount of brokers' borrowings at banks. During recent months, the aggregate security loans by banks to borrowers other than brokers and dealers, after having followed a downward trend for several years, had remained practically unchanged, notwithstanding continued liquidation of security loans of long standing, which indicated that banks had been making new security loans in appreciable volume. Many banks were possessed of substantial unused lending power and could not reasonably be expected to look with disfavor on new applications for security loans which they might receive from customers able and willing to pledge as security stock collateral in customary or conventional amounts, notwithstanding the fact that a growing volume of security loans for speculative purposes might lead in the aggregate to the use of more credit for such purposes than would be in the public interest. The operation of Regulation T relating to the extension and maintenance of credit by brokers, dealers, and members of national securities exchanges, which was issued by the Board, effective October 1, 1934, had required brokers to obtain as margin on their security loans to customers an amount of collateral much larger than that commonly required by banks on corresponding loans to customers. In these circumstances it was possible for a borrower to obtain credit at a bank by providing a margin much smaller than that required by a broker. This differential would naturally increase in the future if brokers' requirements, either through the automatic operation of Regulation T or by action of the Board increasing the margin requirements prescribed by that regulation, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 218 should increase/and if banks were meanwhile left free to fix their own margin requirements. Accordingly, the adoption of regulations designed to reduce or eliminate this differential seemed to be a necessary step to the effective operation hereafter of this method of credit control. The Board adopted in the regulations a margin formula based on a percentage of the current market value for the reason that such a formula is the simplest, most easily understood, and the most commonly used by banks in determining margin requirements on security loans. The statutory formula, stated as a standard but not prescribed in the Securities Exchange Act of 1934, would be burdensome for most banks since few banks have a large volume of security loans and most of them are not under the necessity of being familiar with market quotations or the details of the securities loan business, and a flat percentage of market value, therefore, would be better adapted to the existing banking situation. The statutory formula had been found by experience to be involved and difficult to understand, both in respect to its provisions and in respect to its purposes. Furthermore, it was agreed that in Regulation U a loan value should be given to unregistered stocks. The use of the statutory formula as a basis for fixing the loan value of an unregistered stock would be impracticable as would any other formula based in whole or in part on the lowest value of an unregistered stock during an antecedent period, and it would be undesirable to have the loan value of unregistered stocks fixed on a different basis from that of registered stocks. It was also agreed that the only alternative to a formula based on current market value was the statutory formula or a variant thereof; that the principal purpose underlying the statutory formula when the Securities Exchange Act of 1934 was passed had been largely accomplished in that margin requirements, which were very low when the formula first became effective, had increased automatically under the formula to a much higher average level; and that a margin requirement based on a flat percentage of the current market price, if the margin requirement were sufficiently high, could be justified in existing circumstances o$ the ground that a large majority of stocks listed on national securities exchanges had increased to a point where they were no longer subject to the antipynamiding restrictions contained in the statutory formula. The reason for fixing a loan value of 45 percent was that such a loan value was currently prescribed in Regulation T for stocks in which about three-fourths of the trading on the exchanges was taking place, and that to prescribe a higher loan value would lower the margin requirement on these securities and a lower loan value would raise the margin requirement on them, neither of which results the Board wished to bring about at this time. While a margin requirement of 55 percent would result in raising the average margin requirement, because some stocks had a lower margin requirement under the statutory formula, such an increase of margins required on relatively inactive stocks was preferable in existing circumstances to a reduction of margins on active stocks, and a choice had to be made between these results in the adoption of a formula based on a flat percentage. The special loan values of 60 percent, fixed in the supplement to Regulation U in connection with loans by banks to brokers and dealers on registered stocks which such brokers and dealers were carrying for the account of customers and in the supplement to Regulation T in connection Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 ANNUAL REPORT OF BOARD OF GOVERNORS with loans by brokers and dealers to other brokers and dealers, were deemed to be desirable for the reason that brokers and dealers frequently find it necessary to make payments and to deliver securities in connection with purchases and sales for their customers prior to the receipt of payments or of securities and that they should have in their possession sufficient securities to enable them to make deliveries and transfers in an efficient and orderly manner. At the meeting of the Board on March 25, 1936, at which Messrs. Eccles, Broderick, McKee and Ransom were present, it was voted unanimously to postpone the effective date of the revised supplement to Regulation T to April 1, 1936. This action was taken for the reason that it was ordinarily desirable to make changes in margin requirements effective on the first day of a month for accounting and administrative reasons, and that, if the supplement to Regulation T were made effective on April 1, brokers, dealers and members of national securities exchanges would have additional time in which to acquaint themselves with the new margin formula and to apply it to the accounts on their books at the time of the usual end-ofthe-month review of such accounts. MEETING ON SATURDAY, APRIL 4, 1936 Members present: Mr. Broderick, Chairman pro tern; Mr. Szymczak, Mr. McKee, Mr. Ransom. Modification of Standard Form of Agreement Required to be Executed by Holding Company Affiliates as a Condition Precedent to the Granting of General Voting Permits. By unanimous vote, the Board decided that, in authorizing the issuance in the future of general voting permits to national banks which are holding company affiliates, the following provision should be eliminated from the agreement required to be executed by holding company affiliates of member banks as a condition precedent to the issuance of general voting permits, and that appropriate action should be taken by the Board to modify in a similar manner the agreements previously executed by national banks: "except with the permission of the Board of Governors of the Federal Reserve System, it (the holding company affiliate) shall not cause or permit any change to be made in the general character of its business or investments." The reason for this action was that, in view of the restrictions and limitations imposed upon national banks by law, it was felt that this provision was not necessary in cases where the holding company affiliate was a national bank. MEETING ON FRIDAY, APRIL 24, 1936 Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Mc- Kee, Mr. Ransom. Adoption of Regulation F, Trust Powers of National Banks. A revision of Regulation F, Trust Powers of National Banks, was approved and adopted by unanimous vote, to become effective June I, 1936, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 215 The principal changes in the regulation were made by the Board with the view to achieving more effective supervision of trust departments of national banks and the investment of trust funds by such banks, and to improve the practices followed by the banks in the administration of trust accounts. MEETING ON THURSDAY, JUNE 25, 1936 Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Amendments to Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges, and Regulation U, Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange. The Board voted to amend Regulation U, Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange, effective on July 1, 1936, so as (1) to amend section 2 to exempt from the margin requirements prescribed by the regulation loans made to members of national securities exchanges who are arbitrageurs or odd-lot dealers to enable them to perform their functions as such and (2) to amend subsection 3(e) so as to limit the right of a bank to accept the transfer of an under-margined loan, without requiring additional collateral, to cases in which the loan is transferred from another bank, and to allow (a) a bank which has a loan to a brokerage firm which was made prior to May 1, 1936, to continue that loan to a successor partnership without having to subject the loan thereafter to the restrictions of the regulation as to withdrawals and substitutions, (b) the free transfer of security loans by assignment from a bank to its out-of-town correspondents and vice versa, and (c) one bank to take over from another a loan made prior to May 1, 1936, without having to subject the loan thereafter to such restrictions. The Board also voted to amend, effective July 1, 1936, subsection 3(b) of Regulation T, Extension and Maintenance of Credit by Brokers, Dealers, and Members of National Securities Exchanges, so that a broker carrying an "omnibus account" for a correspondent broker, to which a special margin requirement is applicable, may permit the correspondent to make a "net withdrawal" from such account if the account is a restricted account. As Mr. Davis, who had been sworn in as a member of the Board on June 25, 1936, was attending a meeting of the Board for the first time, he did not participate in these actions. These amendments were adopted for the purpose of clarifying the regulations. MEETING ON TUESDAY, JULY 14, 1936 Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 ANNUAL REPORT OF BOARD OF GOVERNORS Increase in Reserve Requirements of Member Banks. Effective after the close of business on August 15, 1936, the Board increased by 50 percent the requirements as to the reserves to be maintained against demand and time deposits by all member banks. Messrs. Eccles, Broderick, Szymczak and Ransom voted "aye," and Messrs. McKee and Davis voted "no." This action was taken pursuant to the authority granted by Section 19 of the Federal Reserve Act as amended, in order to prevent injurious credit expansion, for the reasons set forth in the following press statement: "The Board of Governors of the Federal Reserve System today increased the reserve requirements for member banks as follows: on demand deposits at banks in central reserve cities, from 13 percent to 19% percent; at banks in reserve cities, from 10 percent to 15 percent; and at 'country' banks, from 7 percent to 10% percent; on time deposits at all banks, from 3 percent to 4^2 percent. These increases, which amount to 50 percent of present reserve requirements, will become effective after the close of business on August 15, 1936. "This action eliminates as a basis of possible injurious credit expansion a part of the excess reserves, amounting at present to approximately $3,000,000,000 and expected to increase to nearly three and a half billions by the time this action takes effect. These excess reserves have resulted almost entirely from the inflow of gold from abroad and not from the System's policy of encouraging full recovery through the creation and maintenance of easy money conditions. This easy money policy remains unchanged and will be continued. "The part of the excess reserves thus eliminated is superfluous for all present or prospective needs of commerce, industry, and agriculture and can be absorbed at this time without affecting money rates and without restrictive influence upon member banks, practically all of which now have far more than sufficient reserves and balances with other banks to meet the increase. Furthermore, by this action the remaining volume of excess reserves, which will still be larger than at any time in the System's history prior to the recent large inflow of gold, is brought within the scope of control by the Federal Open Market Committee which, as constituted by the Banking Act of 1935, consists of the members of the Board of Governors and five representatives elected regionally by the Federal reserve banks. "Excess reserves are the funds held by member banks on deposit with the Federal Reserve banks in excess of the amounts required by law. Total reserve deposits of member banks at the present time are $5,900,000,000, of which $2,900,000,000 are required reserves and $3,000,000,000, excess reserves. According to present indications it is estimated that total reserves are likely to increase by as much as $400,000,000 before the increase in reserve requirements goes into effect on August 15, bringing the estimated total of reserves at that time to approximately $6,300,000,000. By the present action required reserves will be increased by $1,450,000,000, or from $2,900,000,000 to $4,350,000,000. This will leave excess reserves of approximately $1,900,000,000. Therefore, even after the increase in reserve requirements has gone into effect, member banks will still have a larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 217 volume of excess reserves than at any time prior to the recent large gold imports. "Present excess reserves of approximately $3,000,000,000 are likely to increase to a new peak of nearly three and a half billions by the time the increase in reserve requirements becomes effective because of an expected reduction in Treasury balances and a decrease in money in circulation, which at the present time is exceptionally high owing to the large disbursements in connection with the cashing of veterans' service bonds. "The portion of existing excess reserves, which will be absorbed by the Board's action, if permitted to become the basis of a tenfold or even larger expansion of bank credit, would create an injurious credit expansion. It is for this reason that the Board decided to lock up this part of the present volume of member bank reserves as a measure of prevention on the one hand and of further encouragement to sound business recovery and confidence in the long-term investment market on the other hand. "The present is an opportune time for the adoption of such a measure. While there is now no excessive credit expansion, since the excess reserves have not been utilized, later action when some member banks may have expanded their loans and investments and utilized their excess reserves might involve the risk of bringing about a severe liquidation and of starting a deflationary cycle. It is far better to sterilize a part of these superfluous reserves while they are still unused than to permit a credit structure to be erected upon them and then to withdraw the foundation of the structure. "Thorough surveys made by the Board show that the reserves are so well distributed that practically all member banks are in a position to meet the increased requirements either by utilizing their excess balances with the Reserve banks or by drawing upon their excess balances with correspondent banks. "In the light of recent experience and in view of the fact that after the increase in requirements goes into effect member banks will still have approximately $1,900,000,000 of excess reserves, the Board is convinced that this action will not affect easy money conditions now prevailing. It does not constitute a reversal of the easy money policy which has been pursued by the System since the beginning of the depression. Rather it is an adjustment to a changed reserve situation brought about through the extraordinary inflow of gold from abroad. "The prevailing level of long-time interest rates, which has been an important factor in the revival of the capital market, has been due principally to the large accumulations of idle funds in the hands of individual and institutional investors. The supply of investment funds is in excess of the demand. The increase in reserve requirements of member banks will not diminish the volume of deposits held by these banks for their customers and will, therefore, not diminish the volume of funds available for investment. The maintenance of an adequate supply of funds at favorable rates for capital purposes, including mortgages, is an important factor in bringing about and sustaining a lasting recovery. "The reduction of excess reserves to an estimated level of approximately $1,900,000,000 brings them within the scope of control Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 ANNUAL REPORT OF BOARD OF GOVERNORS through the System's open-market portfolio which consists of $2,430,000,000 of United States Government securities. Frequent changes in reserve requirements of member banks should be avoided because they affect all banks regardless of their reserve position. At this time an increase can be made equitably because reserves are widely distributed. Unless large additional increases in reserves occur through gold imports or otherwise, no occasion for further adjustments in reserve requirements is likely to arise in the" near future. "For current adjustments of the reserve position of member banks to changes in the credit situation the Reserve System should continue to rely on the traditional methods of credit control through discount policy and particularly through open-market operations. By the present action excess reserves will be reduced to within the amount that could be absorbed through open-market operations, should such action become desirable. Conversely, should conditions develop requiring expansion of reserves, they could be increased through open-market operations. "The Board of Governors believes that the action taken at this time will give assurance for the continued encouragement of full recovery. "The following table gives estimates as of August 15 of the reserves of member banks by classes before and after the increase in reserve requirements: ESTIMATED RESERVE POSITION OF MEMBER BANKS ON AUGUST 15, 1936 [In millions of dollars Before increase in After increase in requirements requirements Total reserves Required Excess Required Excess reserves reserves reserves reserves Central reserve city banks 3,000 1,500 1,500 2,250 750 Reserve city banks . ... 2,200 950 1,250 1,400 800 "Country" banks 1,100 450 650 700 400 All member banks .. 6,300 2,900 3,400 4,350 1,950 In order to carry into effect the Board's action, the following supplement to Regulation D, Reserves of Member Banks, was approved and adopted, Messrs. Eccles, Broderick, Szymczak and Ransom voting "aye," and Messrs. McKee and Davis voting "no": "SUPPLEMENT TO REGULATION D "Effective as to each member bank after the close of business August 15, 1936. "Reserves required to be maintained by member banks with Federal Reserve banks. "Pursuant to the provisions of section 19 of the Federal Reserve Act and section 2(a) of its Regulation D, the Board of Governors of the Federal Reserve System hereby increases by 50 percent the percentages of time deposits and net demand deposits set forth in paragraphs (a), (b), and (c) of section 19 of the Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 219 Act and section 2 (a) of Regulation D which each member bank is required to maintain on deposit with the Federal Reserve bank of its district," MEETING ON FRIDAY, DECEMBER 4, 1936 Members present: Mr. Eccles, Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Davis. Amendment of Standard Form of Agreement Required as a Condition Precedent to the Issuance of General Voting Permits. By unanimous vote, the standard form of agreement required by the Board to be executed as a condition precedent to the issuance of a general voting permit was amended to read as set forth below. This action was taken for the reason that under the regulations of the Bureau of Internal Revenue credit for tax purposes for readily marketable assets acquired in compliance with the provisions of Section 5144 of the Revised Statutes is allowed only to holding company affiliates which hold general voting permits at the end of the taxable year, and it was deemed to be in the public interest for all holding company affiliates to acquire such assets, inasmuch as they constitute reserve funds for additional protection of subsidiary banks. It was also agreed that, without interfering with the discharge of the Board's responsibilities under the law with regard to the granting of voting permits, the standard form of agreement could be amended in such a manner as would facilitate the issuance of such permits to holding company affiliates whose financial condition, character of management, and relations with subsidiary banks warrant the issuance of general voting permits, and that in view of all the circumstances such an amendment would be desirable. AMENDED FORM OF AGREEMENT "In consideration of the granting by the Board of Governors of the Federal Reserve System, under authority of section 5144 of the Revised Statutes of the United States and pursuant to an application heretofore filed with the Board of Governors of the Federal Reserve System by the undersigned, of a general voting permit entitling the undersigned to vote the stock which it owns or controls of the member bank or banks specified in such permit at all meetings of shareholders of such bank or banks, the undersigned hereby represents, undertakes and agrees 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 avail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 ANNUAL REPORT OF BOARD OF GOVERNORS able 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, (ii) 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, (iii) 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, (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 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, (b) 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 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 from, 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 affiliated, except within the same limitations and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 221 subject to the same conditions and provisions as are applicable under section 23A of the Federal Reserve Act to such transactions involving member banks and their affiliates; 5. 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 Reserve System, it shall not cause or permit any change to be made in the general character of its business or investments. "The foregoing representations, undertakings and agreements are subject to the following understandings: "(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. a(B) Whenever, under the terms of this agreement, any amounts are required to 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." MEETING ON FRIDAY, DECEMBER 11, 1936 Members present: Mr. Eccles, Chairman; Mr. Ransom, Vice Chairman, Mr. Szymczak, Mr. McKee. Effective Date of Subsection l(f), Entitled "Interest", of Regulation Q, Payment of Interest on Deposits. By unanimous vote, subsection l(f), entitled "Interest," of Regulation Q was made effective as of February 1, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 ANNUAL REPORT OF BOARD OF GOVERNORS On December 28, 1935, for reasons stated at the time, the Board deferred the effective date of subsection l(f), entitled "Interest" of Regulation Q, Payment of Interest on Deposits, pending action by the Federal Deposit Insurance Corporation on its regulation with respect to the payment of interest on deposits by insured nonmember banks. Since that time the question whether the definitions of "interest" as contained in the regulations of the Board and the Federal Deposit Insurance Corporation should prohibit the absorption of out-of-pocket expenses including exchange and collection charges had been studied very thoroughly by the members of the Board and its staff and had been discussed with representatives of the Federal Deposit Insurance Corporation. At this meeting the question of the action to be taken by the Board with respect to the definition of "interest" as contained in its regulation was given further consideration, particularly in the light of the fact that the Federal Deposit Insurance Corporation had not been disposed to adopt a similar definition in its regulation, and it was felt that inasmuch as section 19 of the Federal Reserve Act expressly provides that "no member bank shall, directly or indirectly, by any device whatsoever, pay any interest on any deposit which is payable on demand," except as provided in the statute, the Board should put into effect a definition of "interest" under which the absorption of out-of-pocket charges as compensation for the use of funds constituting a deposit would be considered as interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS—FEDERAL OPEN MARKET COMMITTEE Following is a copy of the record of actions by the Federal Open Market Committee during the year 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: MEETING ON JANUARY 21, 1936 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, 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 review of a preliminary memorandum on credit conditions submitted by the chairman, and the usual report of operations, and after an extended discussion of business and credit conditions and the various courses which the Federal Reserve System might follow in its policy, the Committee, by a vote of nine to three, adopted the following resolution: The Committee has considered the preliminary memorandum and has reviewed the credit situation. It is the sense of the Committee that, so far as business, credit, and banking conditions are concerned, there is nothing in the present situation to prompt the Committee to change its views as expressed in its resolution adopted on December 18, which the Committee respectfully renews. The Committee recognizes that the risks of action are somewhat increased by the present budgetary situation, but it recognizes also that the longer action is delayed, the greater are the dangers resulting from the combination of inordinately large excess reserves and an unbalanced budgetary position, and the greater will be the difficulty of taking remedial action. Viewing the situation as a whole, the Committee strongly believes that action looking toward a substantial reduction in excess reserves should be taken as soon as this may be feasible, in the judgment of the Board of Governors of the Federal Reserve System, having in mind the advantages of a coordinated program of recovery. 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 ANNUAL REPORT OF BOARD OF GOVERNORS The vote on this resolution was as follows: Yes: Governors Harrison, Norris, Fleming, Seay, Schaller, Geery, Hamilton, McKinney, Calkins. No: Governors Young, Newton, Martin. After discussion it was agreed that authority voted to the executive committee of the Federal Open Market Committee at three 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 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. MEETING ON MARCH 19, 1936 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Fleming, Mr. McKinney, Mr. Hamilton. 1. Adoption of Regulation Relating to Open Market Operations of the Federal Reserve Banks. The Committee, by unanimous vote, adopted a regulation relating to open market operations of the Federal Reserve banks. The regulation states the principles governing purchases and sales in the open market by Federal Reserve banks, and contains provisions concerning the conduct of open market operations by the Federal Reserve banks, including transactions for the System open market account, the functions of the Committee, and the organization and functions of its executive committee. The regulation was published in the Federal Reserve Bulletin for April, 1936, beginning on page 254 Digitized for FRASER f http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 225 Since the Federal Open Market Committee as constituted by the Banking Act of 1935 was meeting for the first time, it was necessary for it to consider and adopt a regulation for the reason that section 12A(b) of the Federal Reserve Act as amended by the Banking Act of 1935 provides that no Federal Reserve bank shall engage or decline to engage in open market operations except in accordance with the direction of and regulations adopted by the Federal Open Market Committee, which is required to consider, adopt and transmit to the several Federal Reserve banks regulations relating to the open market transactions of such banks. 2. Authority to Make Shifts in System Open Market Account. By unanimous vote, the executive committee was instructed to direct the replacement of maturing securities in the System account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, 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 $350,000,000. This authority was granted for the reason that it was felt that the executive committee should have such authority as might be necessary, in the proper administration of the System open market account and the maintenance of the existing portfolio, to enable it to replace maturing securities and to make shifts in maturities to meet changing market conditions, including a limited authority for shifts in the account from shorter maturities to Government bonds. 3. Authority to Increase or Decrease System Account. By unanimous vote, the executive committee was authorized, subject to telegraphic or written approval by a majority of the members of the Federal Open Market Committee, to direct the purchase or sale of Government securities for the System open market account up to an aggregate amount of $250,000,000. It was the consensus of the members of the Federal Open Market Committee that the executive committee should have authority to buy or sell (which would include authority to allow maturities to run off) securities for the System open market account within reasonable limits as to amount, in order that the Committee might be in a position to act promptly if circumstances not foreseen at this meeting should make such action desirable before another meeting of the full Committee. 4. Authority to Federal Reserve Banks to Effect Transactions in Their Own Investment Accounts. By unanimous vote, the Committee authorized each individual Federal Reserve bank holding Government securities in its own portfolio to replace maturing securities in its account and, with the approval of the executive committee, to make shifts between maturities in the account, provided that no change in the total amount of Government securities held by the Federal Reserve bank was effected by such transactions, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 ANNUAL REPORT OF BOARD OF GOVERNORS The authority granted to the Federal Reserve banks by this action corresponded to that granted to the executive committee in connection with the administration of the System open market account and was deemed necessary for similar reasons. 5. Authority to Federal Reserve Bank of New York to Direct Purchases of Bills Payable in Foreign Currencies. By unanimous vote, the Committee authorized the Federal Reserve Bank of New York to direct the purchase of bills payable in foreign currencies in such amounts as might be necessary to replace maturing bills, held for the account of Federal Reserve banks by foreign central banks, including the Bank for International Settlements. For many years the Federal Reserve Bank of New York, with the approval of the Federal Reserve Board, had held for the account of the Federal Reserve banks balances with certain foreign central banks which had been invested to some extent in bills payable in foreign currencies. Since the regulation adopted by the Federal Open Market Committee contains a provision that no obligations payable in foreign currencies shall be purchased except in accordance with directions of the Federal Open Market Committee, it was necessary that authority be granted by the Committee to enable the reserve banks to purchase bills payable in foreign currencies to replace maturing bills held by foreign central banks for the account of the Federal Reserve banks. MEETING ON MAY 25, 1936 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Fleming, Mr. McKinney, Mr. Schaller, Mr. Hamilton. 1. Transfer to System Open Market Account of United States Government Securities Held in Individual Investment Accounts of Federal Reserve Banks. By unanimous vote, the Committee directed that the Federal Reserve banks transfer on June 15, 1936, to the System open market account, at the market prices prevailing on that date, all the United States Government securities held in the individual investment accounts of such Federal Reserve banks, including Government securities held as investments of self-insurance funds. (SECRETARY'S NOTE: Subsequently, with the unanimous approval of the members of the Committee, the date of the transfer to the System open market account of the securities held individually by the banks, and the reallotment of the total securities held in the System account, was changed to June 30, 1936, because of the necessity for the allowance of additional time in which to work out the details of such transfer and reallotment.) In view of the fact that the Banking Act of 1935 transferred to and lodged in the Federal Open Market Committee the final authority over, as well as the responsibility for, the determination of policy with respect to the conduct of open market operations, and provided that no Federal Reserve bank should engage in or decline to engage in such operations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 227 except in accordance with the direction or regulation of the Committee, it was the opinion of the Committee that the separate investments in Government securities held by the reserve banks should be transferred to the System account. 2. Authority to Make Shifts in System Open Market Account. By unanimous vote, the Committee instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities, and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, 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. This action was taken to enable the executive committee to make shifts and replacements in order that there might be no change in the total amount of securities in the System account and for the proper administration of the account, as well as to make shifts from short to long-term securities, to meet changing market conditions and to improve the distribution of maturities in the account. 3. Authority to Increase or Decrease the System Account. By unanimous vote, the Committee authorized the executive committee, subject to telegraphic or written approval by a majority of members of the Federal Open Market Committee, to direct the purchase or sale of Government securities for the System open market account up to an aggregate amount of $250,000,000. This action constituted a renewal of authority previously given to buy or sell (which included authority to allow maturities to run off) securities for the System open market account in order that the executive committee might be in a position to act promptly if unforeseen circumstances should make such action desirable before another meeting of the full Committee. 4. Authority to Federal Reserve Bank of New York to Direct Purchases of Bills Payable in Foreign Currencies. By unanimous vote, the Committee authorized the Federal Reserve Bank of New York to direct the purchase of bills payable in foreign currencies in such amounts as might be necessary to replace maturing bills now held for the account of the Federal Reserve banks by foreign central banks, including the Bank for International Settlements. It was understood, however, that the bank might permit the payment of such maturing bills without replacement thereof to such extent as might be found advisable in the interest of the Federal Reserve banks. This action was a renewal of the authority given at the meeting of the Committee on March 19, 1936, and was taken for the same reasons. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 ANNUAL REPORT OF BOARD OF GOVERNORS MEETING ON NOVEMBER 20, 1936 Members present: Mr. Eccles, Chairman; Mr. Harrison, Vice Chairman; Mr. Broderick, Mr. Szymczak, Mr. McKee, Mr. Ransom, Mr. Davis, Mr. Fleming, Mr. McKinney, Mr. Schaller, Mr. Hamilton. 1. Authority to Make Shifts in System Open Market Account. The Committee, by unanimous vote, instructed the executive committee to direct the replacement of maturing securities in the System open market account with other Government securities and to make such shifts between maturities in the account as may be necessary in the proper administration of the account, 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 having maturities in excess of five years be not over $600,- 000,000 nor less than $300,000,000. This action continued the previous authority of the executive committee to make shifts and replacements necessary for the proper administration of the System account and granted additional authority to increase the holdings of bonds with maturities in excess of five years, as well as authority to reduce such holdings, to meet changing market conditions and to improve the distribution of maturities in- the account. 2. Authority to Increase or Decrease System Account. The Committee, by unanimous vote, authorized the executive committee, subject to telegraphic or written approval by a majority of the members of the Federal Open Market Committee, to direct that the amount of Government securities then in the System open market account be increased or decreased by not more than $250,000,000. The purpose of this action was to continue previous authority so that the executive committee would be in a position to act in the open market promptly if circumstances not foreseen at this meeting should make such action desirable before another meeting of the full Committee. 3. Transactions in Accounts with Foreign Central Banks. The Committee, by unanimous vote, adopted the following resolution: RESOLVED that, unless and until the Federal Open.Market Committee hereafter directs otherwise, each Federal Reserve bank, subject to the provisions of Section 14 of the Federal Reserve Act as amended and the regulations, conditions, and limitations of the Board of Governors prescribed thereunder, may without further directions or authorization of the Committee purchase and sell, at home or abroad, cable transfers, and bills of exchange and bankers' acceptances payable in foreign currencies, to the extent that such purchases and sales may be deemed to be necessary or advisable in connection with the establishment, maintenance, operation, increase, reduction or discontinuance of accounts of Federal Reserve banks in foreign countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 229 The purpose of this action was to simplify the procedure in connection with the handling of accounts with foreign central banks which are subject to special supervision by the Board of Governors of the Federal Reserve System under Section 14 of the Federal Reserve Act. 4. Consideration of Excess Reserves of Member Banks. The Committee took the position that, in the circumstances, it was not then advisable to make any change in the System's existing credit policy; that the Committee was concerned, however, over the current and potential effects on both the credit and banking situation of the continued increase in the excess reserves of member banks; and that, therefore, it was the sense of the Committee that a meeting of the Committee should be held in January, when the situation would have been further clarified by such events as the return flow of currency and the President's budget message, to consider whether it might not then be advisable to take some action in the open market in the light of the reserve position of member banks at that time. This position was approved by all of the members present (Messrs. Schaller and Hamilton having departed prior to this action) with the exception of Mr. McKee who, in the light of a previous discussion with respect to the desirability of issuing a statement to the press, stated that he believed that, prior to the issuance of any public statement by either the Board or the Federal Open Market Committee that would refer to the possibility of a further increase in member bank reserve requirements, action should be taken by the Federal Open Market Committee to reduce its portfolio by allowing maturities to run off or by direct liquidation. The reason for this position, which was taken after consideration of the question whether, if action were taken to reduce excess reserves, it would be preferable for the Board of Governors to use its power further to increase reserve requirements or for the Federal Open Market Committee to reduce the holdings of Governmnt securities in the System open market account, was that most of the members of the Committee were of the opinion that the continued large amount of unemployment, unused productive capacity, and relatively low aggregate of national income and the fact that there was no general indication of unhealthy growth in the use of bank credit, indicated that the time for a reversal of the existing easy money policy had not arrived. As pointed out in the statement of position, in January the President's budget message would be sent to Congress, the results of the year-end return flow of currency would be known, the reserve position of member banks would be subject to closer analysis and the general credit and monetary situation might be further clarified. Upon taking this position, it was voted unanimously to authorize the Chairman to issue a statement to the press, for the reason that it was felt that the investing public should be reminded that the System was considering the problem created by the existing large amount of excess reserves with the view to taking action at such time as it appeared to be necessary in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 ANNUAL REPORT OF BOARD OF GOVERNORS After the meeting, under the authority thus granted to him, the Chairman prepared and gave out the following statement: The Board of Governors of the Federal Reserve System met during the week with the Federal Advisory Council and later with the Presidents of the Federal Reserve banks. In addition, there was a meeting of the Federal Open Market Committee. In the course of these meetings, the business and credit situation was fully reviewed. Particular attention was given to the fact that since the Board's action last July in raising reserve requirements, there has been a continued and substantial increase of member bank reserves, resulting principally from a further large inflow of gold from abroad, so that member bank reserves are once more far in excess of legal requirements and of present or prospective needs of commerce, industry and agriculture. Those charged with responsibility for credit and reserve policy are now giving careful consideration to the various problems raised by the effects of these reserves with a view to taking such action at such time as it appears to be necessary in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE FEDERAL ADVISORY COUNCIL (December 31, 1936) OFFICERS President, WALTER W. SMITH Vice President, HOWARD A. LOEB 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, 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.—EDWARD E. BROWN, president, The First National Bank of Chicago, Chicago, 111. District No. 8.—WALTER W. SMITH, president, First National Bank in St. Louis, 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, Seattle, Wash. RECOMMENDATIONS OF THE FEDERAL ADVISORY COUNCIL TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEBRUARY 12, 1936 TOPIC NO. 1.—Excess reserves. RECOMMENDATION.—The Federal Advisory Council wishes to direct the attention of the Board of Governors of the Federal Reserve System and, through it that of the Open Market Committee of the System, to the communication made by the Council to the Board at its meeting of September 24, 1935, concerning the amount of Government securities held by the System, and to its unanimous recommendation made to the Board at its meeting of November 21, 1935, referring to the same subject and further making recommendations with regard to the amount of excess reserves of member banks now carried with the System. The Council has taken cognizance of a joint statement issued by the Board of Governors and the Open Market Committee under date of 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 ANNUAL REPORT OF BOARD OF GOVERNORS December 18, 1935, which seemed to recognize fully that "the special problem created by the continuing excess of reserves" was of such importance as to justify a continuance of 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." In view of the fact that, since the above statement was made, a great change has taken place in the membership of the Board of Governors and an entirely new arrangement of the composition of the Open Market Committee is about to be consummated, the Council feels that it would be in every way desirable and proper for it at this time to refer to the communications mentioned and to make known its present views. Of the slightly less than six billion dollars of reserves, approximately three billion dollars of which are required, no less than two billion four hundred million dollars were created by purchases of Government securities in the open market by the issuance of reserve bank credit. A very large percentage of the remainder of the reserve structure is the result of gold imports which have come into the country in the last two years, not as the result of a settlement of trade balances but largely for protection against unsettled conditions in other countries, and partly for speculative purposes. The gold holdings thus acquired may be largely transitory and temporary. The Council is of the opinion that it would be unwise and unsound to permit a credit structure to be built on the base of reserves so created. The Council recognizes and has taken into the most careful consideration the fact that there have been various groups representing very important elements in the business and financial structure of the country who have firmly expressed the opinion that the present huge volume of excess reserves is a most serious menace, but that the first step for the proper correction of the situation would be an increase of reserve requirements, control over which has been granted to the Board of Governors of the Federal Reserve System by the terms of the Banking Act of 1935. The Council is so deeply impressed with the necessity for prompt preventive action in order to avoid the possibility of the building of a credit structure on the reserves as at present constituted, that it recommends to the Board at this time a substantial increase in the reserve requirements for member banks. This increase should be at least large enough to prevent a credit structure being built on that part of the gold holdings which may be deemed to be transitory or temporary. In making this recommendation in respect to the raising of reserve requirements, the Council wishes to make it clear that it does not believe that reserve requirements should be varied at frequent intervals or except for grave reasons. It is of the opinion that frequent changes in reserve requirements would destroy confidence both on the part of the borrower and the banker and restrict employment of bank credit needed for continued business recovery. TOPIC NO. 2.—Regulations in respect to margin requirements on collateral loans of banks (Regulation U). RECOMMENDATION .—The Federal Advisory Council is still strongly of the opinion expressed in a recommendation made to the Board of Governors of the Federal Reserve System on November 21, 1935 that there is no need at this time to put into force regulations affecting collateral loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 233 made by banks. The Council believes that the nature of the lending operations carried on by banks is essentially different from that by brokers. Regulations governing collateral loans by banks may affect forms of credit which it is not at all intended to regulate, while the business of brokers is confined almost entirely to loans on registered securities made for the express purpose of purchasing and carrying these. NOVEMBER 17, 1936 TOPIC NO. 1.—Regarding subsection (E) of section 1 of Regulation Q. RECOMMENDATION.—The Federal Advisory Council would prefer that the regulation governing savings accounts stand as it is now since most American banks have become adjusted to it. If, however, there is to be a change, the Council prefers that it be in the direction of greater liberality, and in that case recommends the adoption of the more liberal interpretation omitting, however, the third clause reading as follows: "a corporation, association or other organization which is organized and operated for the mutual benefit of its members and transacts more than half of its business with or for its members, and in respect to which deposit . . . ." TOPIC NO. 2.—Regarding subsection (F) of section 1 of Regulation Q. RECOMMENDATION.—The Federal Advisory Council recommends to the Board of Governors of the Federal Reserve System that it put into effect subsection (F) of section 1 of Regulation Q as proposed by the Board in the memorandum submitted to the Federal Advisory Council under date of October 27, 1936. The Federal Advisory Council answering the queries of the Board in its memorandum of October 27, 1936, addressed to the Council, states the following: 1. If made operative, what effect, if any, would the Board's definition of interest have on: (a). Membership in the Federal Reserve System? The Federal Advisory Council is of the opinion there would be no material effect; there might be a temporary one resulting in the withdrawal of some banks from the System but it is the belief of the Council that in the long run the Federal Reserve System would be strengthened by putting into effect the proposed regulation. (b) Correspondent bank relationships? The Federal Advisory Council believes there would be no permanent adverse effect. 2. Assuming for the purpose of the question in this paragraph that the prohibition against the payment of interest on demand deposits is in the interest of sound banking practice, does the Council feel that the Board's definition of interest would effectuate the purposes of the statutory provision that such interest shall not be paid, directly or indirectly, by any device whatsoever? The Federal Advisory Council replies in the affirmative. 3. Two opposing views have been presented to the Board on one question connected with this definition. It has been stated that making Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 ANNUAL REPORT OF BOARD OF GOVERNORS the definition effective will cause nonmember banks now remitting at par to leave the par list, thus increasing the cost of banking service to the public. It has also been stated that it will have exactly the opposite effect, and that non-par banks would be forced to remit at par and such banks would be deprived of an important source of revenue. The views of the Council are asked as to which, if either, of these suggested consequences they would anticipate if the definition were made effective. The members of the Federal Advisory Council are divided in their opinion. Some members of the Council believe that the regulation would drive nonmember banks on to the par list while some are of the contrary opinion. 4. It has come to the attention of the Board that some nonmember banks have withdrawn or are contemplating withdrawal from the par list in order to obtain additional revenue from exchange and collection charges. The Board would appreciate the Council's comments as to the extent to which member banks are bidding competitively for accounts of banks or others on the basis of the absorption of exchange and collection charges and its opinion on the question whether the making effective of the definition of interest contained in Regulation Q would correct this situation or whether the Board should take some additional action. In a very few of the Federal reserve districts some banks are bidding for accounts on the basis of absorbing exchange and collection charges; in most of the districts, however, there is no such competition. The Federal Advisory Council believes the proposed regulation will put a stop to the practice of competitive bidding for accounts of banks or others on the basis of the absorption of exchange and collection charges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORY OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (December 31, 1936) MARRINER S. ECCLES, of Utah, Chairman. RONALD RANSOM, of Georgia, Vice Chairman. JOSEPH A. BRODERICK, of New York. M. S. SZYMCZAK, of Illinois. JOHN K. MCKEE, of Ohio. CHESTER C. DAVIS, of Maryland. CHARLES S. HAMLIN, Special Counsel. LAWRENCE CLAYTON, Assistant to the Chairman. ELLIOTT THURSTON, Special Assista7it to the Chairman. CHESTER MORRILL, Secretary. LISTON P. BETHEA, Assistant Secretary. 8. R. CARPENTER, Assistant Secretary. J. C. NOELL, Assistant Secretary. WALTER WYATT, General Counsel. J. P. DREIBELBIS, Assistant 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. E. A. GOLDENWEISER, Director, Division of Research and Statistics. WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics. LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics. GEORGE W. BLATTNER, 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. 0. E. FOULK, Fiscal Agent. JOSEPHINE E. LALLY, Deputy Fiscal Agent. 235 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 (December 31, 1936) C. S. Hamlin, special counsel to the Board $12,000.00 OFFICES OF MEMBERS OF THE BOARD Lawrence Clayton, assistant to the Chairman 12,000.00 Elliott Thurston, special assistant to the Chairman 12,000.00 J. M. Daiger, special assistant to the Chairman 9,000.00 1 at $4,200 4,200.00 1 at $3,300 3,300.00 3 at $3,000 9,000.00 1 at $2,800 2,800.00 1 at $2,000 2,000.00 1 at $1,980 1,980.00 1 at $1,800 1,800.00 1 at $1,740 1,740.00 1 at $1,600 1,600.00 1 at $1,320. 1,320.00 Total 62,740.00 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 2 at $2,600 5,200.00 2 at $2,500 5,000.00 3 at $2,400 7,200.00 1 at $2,200. 2,200.00 at $2,100. 2,100.00 1 at $2,000. . . 2,000.00 1 at $1,900. . . 1,900.00 3 at $1,800. . . 5,400.00 1 at $1,740.. 1,740.00 1 at $1,720... 1,720.00 2 at $1,660... 3,320.00 3 at $1,620. . 4,860.00 1 at $1,600. . 1,600.00 3 at $1,560. . 4,680.00 3 at $1,500.. 4,500.00 3 at $1,380.. 4,140.00 7 at $1,320.. 9,240.00 1 at $1,260. . 1,260.00 1 at $1,080. . 1,080.00 1 at $1,020. . 1,020.00 1 at $960 .. 960.00 2 at $840 .. 1,680.00 Telegraph Office: 1 at $3,600.. $3,600.00 2 at $2,400. . 4,800.00 5 at $2,160. . 10,800.00 236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 237 OFFICE OF THE SECRETARY—continued 4 at $2,100 $8,400.00 1 at $1,200 1,200.00 Total 28,800.00 The salaries of operators in the telegraph office are regarded as an expense of the Federal Reserve Leased Wire System and as such are prorated among the Federal Reserve banks and the Board with the other expenses of the Leased Wire System. Total $116,400.00 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 J. P.^Dreibelbis, assistant general counsel 8,500.00 G. Howland Chase, assistant counsel 5,750.00 Alfred K. Cherry, assistant counsel 5,750.00 John C. Baumann, assistant counsel 5,500.00 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 2 at $1,900 3,800.00 2 at $1,800 3,600.00 2 at $1,680 3,360.00 4 at $1,620 6,480.00 1 at $1,560 1,560.00 1 at $1,440 1,440.00 1 at $1,320 1,320.00 Total 113,460.00 DIVISION OF RESEARCH AND STATISTICS E. A. Goldenweiser, director of division 15,000.00 Woodlief Thomas, assistant director 8,500.00 L. B. Currie, assistant director 8,500.00 George W. Blattner, assistant director 7,000.00 Walter R. Gardner, senior economist 7,000.00 Malcolm H. Bryan, senior economist 5,600.00 Frank R. Garfield, senior economist 5,600.00 George Terborgh, senior economist 5,600.00 Susan Burr Litchfield, senior economist 5,200.00 1 at $4,200 4,200.00 1 at $4,000 4,000.00 1 at $3,700 3,700.00 3 at $3,600 10,800.00 2 at $3,500 7,000.00 3 at $3,400 10,200.00 3 at $3,100 9,300.00 1 at $3,000 3,000.00 1 at $2,900 2,900.00 2 at $2,800 5,600.00 5 at $2,600 13,000.00 1 at $2,300 2,300.00 3 at $2,200 6,600.00 4 at $2,100 8,400.00 3 at $2,000 6,000.00 2 at $1,900 3,800.00 6 at $1,800 10,800.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 ANNUAL REPORT OF BOARD OF GOVERNORS DIVISION OF RESEARCH AND STATISTICS—continued 8 at $1,680. $13,440.00 2 at SI,620. 3.240.C0 5 at $1,560. 7.800.00 9 at $1,440 12,960.00 2 at $1,320. 2,640.00 1 at $960 . 960.00 2 at $600 . 1,200.00 Total . . . 221,840.00 DIVISION OF BANK OPERATIONS Edward L. Smead, chief of division 15,000.00 John R. Van Fossen, assistant chief 8,000.00 J. E. Horbett, assistant chief 6,800.00 L. S. Myrick, technical assistant 5,600.00 Bray Hammond, technical assistant 5,000.00 1 at $4,800 4,800.00 1 at $3,900 : 3,900.00 2 at $3,800 .' 7,600.00 2 at $3,200 6.400.00 1 at $3,100 3,100.00 2 at $2,900 5,800.00 1 at $2,800 2,800.00 2 at $2,700 5,400.00 1 at $2,600 2,600.00 1 at $2,500 2,500.00 2 at $2,400 • 4,800.00 3 at $2,000 6,000.00 1 at $1,860 1,860.00 4 at $1,800 7,200.00 1 at Sl,700 1,700.00 3 at $1,680 5,040.00 5 at $1,620 8,100.00 3 at $1,600 4,800.00 1 at $1,560 1,560.00 2 at $1,440 2,880.00 2 at $1,320 2,640.00 1 at $960 960.00 Total 132,840.00 DIVISION OF EXAMINATIONS Leo H. Paulger, chief of division 15,000.00 R. F. Leonard, assistant chief 9,500.00 C. E. Cagle, assistant chief 8,000.00 L. A. A. Siems. Federal reserve examiner 7,500.00 M. R. Wilkes, Federal reserve examiner 6,600.00 Geo. S. Sloan, Federal reserve examiner 6,000.00 R. B. Chamberlin, Federal reserve examiner 5,800.00 H. O. Koppang, Federal reserve* examiner 5,800.00 Edwin R. Millard, Federal reserve examiner 5,500.00 Dwight L. Grays, Federal reserve examiner 5,400.00 William B. Pollard, Federal reserve examiner 5,400.00 C. S. Barker, assistant Federal reserve examiner 5,200.00 J. B. Crosby, Federal reserve examiner 5,200.00 Fred A. Nelson, Federal reserve examiner 5,200.00 Roger M. Calloway, Federal reserve examiner 5,000.00 Clarence C. Hostrup, Federal reserve examiner 5,000.00 4 at $4,800 19,200.00 4 at $4,500 18,000.00 2 at $4,300 8,600.00 1 at $4,200 4,200.00 3 at $4,000 12,000.00 1 at $3,900 3,900.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 239 DIVISION OF EXAMINATIONS—continued 4 at $3,600 $14,400.00 2 at $3,300 6,600.00 1 at $3,200 * 3,200.00 2 at $3,000 6,000.00 2 at $2,700 5,400.00 3 at $2,600 7,800.00 2 at $2,500 5,000.00 1 at $2,300 2,300.00 3 at $2,200 6,600.00 2 at $2,100 4,200.00 2 at $2,000 4,000.00 1 at $1,900 1,900.00 2 at $1,800 3,600.00 1 at $1,740 1,740.00 3 at $1,700 5,100.00 2 at $1,680 3,360.00 1 at $1,660 1,660.00 1 at $1,620 1,620.00 2 at $1,600 3,200.00 1 at $1,500 1,500.00 1 at $1,460 1,460.00 1 at $1,320 ' 1,320.00 2 at $1,200 2,400.00 Total 266,360.00 DIVISION OF SECURITY LOANS Carl E. Parry, chief of division 10,000.00 Philip E. Bradley, assistant chief 7,000.00 Earle W. English, special assistant 5,000.00 1 at $3,000 3,000.00 1 at $2,100 2,100.00 1 at $2,000 2,000.00 1 at $1,900 1,900.00 1 at $1,560 1,560.00 1 at $1,020. : 1,020.00 Total 33,580.00 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 GENERAL 1 at $3,300. 3,300.00 Grand Total. 969,120.00 In addition to the above there was also one temporary employee paid on a daily basis and whose appointment expired on December 31, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECEIPTS AND DISBURSEMENTS OF THE BOARD OF GOV- ERNORS OF THE FEDERAL RESERVE SYSTEM FOR THE YEAR 1936 Special fund account: Raiance January 1, 1936: Available for general expenses of the Board $ 88,780.95 Available for expenses chargeable to Federal Reserve banks... 147,617.10 Total $236,398.05 R BCD I ITS Available for general expenses of the Board: Assessments on Federal Reserve banks for estimated general expenses of the Board $1,679,565.37 Subscriptions to Federal Reserve Bulletin 4,842.85 Reimbursements for leased wire service 40,201.67 Reimbursement on account of bank examinations 346.63 Miscellaneous receipts, refunds, and reimbursements 787.10 Total receipts available for general expenses of the Board $1,725,743.62 Available for expenses chargeable to Federal Reserve banks: Assessments on Federal Reserve banks for: Cost of printing Federal Reserve notes $1,521,694.78 Expenses of leased wire system 144,259.91 Expenses of private telephone lines 27,048.22 Expenses of Federal Reserve Issue and Redemption Division (office of Comptroller of the Currency).... 3,892.48 Miscellaneous expenses 4,672.79 Total receipts available for expenses chargeable to Federal Reserve banks. . ." 1,701,568.18 Total receipts -. 3,427,311.80 Total available for disbursement . .. $3,663,709.85 DISBURSEMENTS For general expenses of the Board: Expenses of 1935 paid in 1936 $33,264.47 Expenses of 1936 (per detailed statement) . $1,582,447.05 Less accounts unpaid December 31, 1936 (estimated) 15,106.49 Expenses of 1936 paid during the year 1,567,340.56 Expenses of leased wire service, reimbursable 41,071.22 Refunds of subscriptions to Federal Reserve Bulletin ... 4.38 Total disbursements for general expenses of the Board $1,641,680.63 For expenses chargeable to Federal Reserve banks: Cost of printing Federal Reserve notes $1,583,606.08 Expenses of leased wire system 134,066.00 Expenses of private telephone lines 28,398.22 Expenses of Federal Reserve Issue and Redemption Division (office of Comptroller of the Currency).... 3,892.48 Miscellaneous expenses 5,376.30 Total disbursements for expenses chargeable to Federal Reserve banks 1,755,339.08 Total disbursements 3,397,019.71 Balance in special fund account December 31, 1936: Available for general expenses of the Board $172,843.94 Available for expenses chargeable to Federal Reserve banks. 93,846.20 266,690.14 Building account: Balance January 1, 1936 $175,147.84 Received from assessments on Federal Reserve banks 2,007,218.35 Miscellaneous receipts 21,055.99 Total $2,203,422.18 Disbursements 1,507,015.00 Balance in building account 696,407.18 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 241 STATEMENT OF EXPENSES OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1936 Personal services $1,103,094.54 Transportation and subsistence 84,220.08 Communication service 59,309.02 Printing, binding, etc 44,770.70 Repairs 1,156.85 Heat, light, and power 100.00 Miscellaneous, unclassified 9,924.62 Equipment rental 33.00 Supplies, stationery, and office 10,109.06 Equipment, furniture, and office 14,690.68 Books and periodicals 4,055.22 Rent 97,692.63 Retirement contributions 153,290.65 Total $1,582,447.05 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 ANNUAL REPORT OF BOARD OF GOVERNORS CHAIRMEN, DIRECTORS, AND PRESIDENTS OF FEDERAL RESERVE BANKS (December 31, 1936) DISTRICT INO. 1 BOSTON I DISTRICT NO. 4—CLEVELAND F. H. CURTISS, chairman and Federal Reserve E. S. BURKE, JR., chairman and Federal Reserve agent. ALLEN HOLLIS, deputy chairman. R. A. agent. , deputy chairman. M. J. YOUNG, president PYKMING, president Term Term Directors expires Directors expires Dec. 31 Dec. 31 Class A: j Class A: Arthur Sewall, Bath, Me | 1936 B. R. Conner, Ada, Ohio 1936 L. S. Reed, Waterbury, Conn I 1937 Ches Lamberton, Franklin, Pa 1937 A. L. Ripley, Boston, Mass j 1938 R. A. Wardrop, Pittsburgh, Pa.. 1938 Class B: | Class B: E. J. Frost, Boston, Mass 1936 J. E. Galvin, Lima, Ohio 1936 E. S. French, Boston, Mass 1937 R. P. Wright, Erie, Pa 1937 P. R. Allen, E.Walpole, Mass 1938 G.D. Crabbs, Cincinnati, Ohio. . . 1938 Class C: Class C: Allen Hollis, Concord, N.H 1936 W. W. Knight, Toledo, Ohio C. H. Merriman, Providence, R. 1 1937 G. C. Brainard, Youngstown, Ohio F. H. Curtiss, Boston, Mass 1938 E. S. Burke, Jr., Cleveland, Ohio... CINCINNATI BRANCH DISTRICT NO. 2—NEW YORK B. J. LAZAR, managing director , chairman and Federal Reserve agent. O. D. YOUNG, deputy chairman. G. L. B. J. Lazar, Cincinnati, Ohio 1936 11ARRISON , president G. M. Verity, Middletown, Ohio 1936 Vacancy 1936 S. B. Sutphin, Cincinnati, Ohio 1937 Class A: W. H. Courtney, Lexington, Ky 1937 C. R. Berry, Waverly, N. Y 1936 J. J. Rowe, Cincinnati, Ohio 1938 G. W. Davison, New York, N. Y 1937 Vacancy 1938 E. K. Mills, Morristown, N. J 1938 Class B: P1 TTSB URGII BRANCH R. T. Stevens, New York, N. Y 1936 T. J. Watson, New York, N. Y 1937 T. C. GRIGGS, managing director W. C. Teagle, New York, N. Y 1938 Class C: T. C. Griggs, Pittsburgh, Pa... 1936 C. M. Woolley, New York, N. Y 1936 J. S. Jones,Wheeling, W.Va... 1936 O. D. Young, New York, N. Y 1937 L. W. Smith, Pittsburgh, Pa... 1936 Vacancy 1938 A. E. Braun, Pittsburgh, Pa.... 1937 H. S. Wherrett, Pittsburgh, Pa 1937 H. B. McDowell, Sharon, Pa... 1938 BUFFALO BRANCH Vacancy 1938 R. M. O'HARA, managing director DISTRICT NO. 5—RICHMOND I1'. A. DELANO, chairman and Federal Reserve R. M. O'Hara, Buffalo, N. Yr 1936 agent. , deputy chairman. HUGH E. G. Miner, Rochester, N. Y 1936 LKACK, president G. F. Rand, Buffalo, N. Y 1936 W. A. Dusenbury, Olean, N. Y 1937 Howard Kellogg, Buffalo, N. Y 1937 Class A: F. F. Henry, Buffalo, N. Y 1938 C.E. Rieman, Baltimore, Md 1936 Vacancy 1938 J. C. Braswell, Rocky Mount, N. C 1937 L. E. Johnson, Alderson, W. Va 1938 Class B: C. C. Reed, Richmond, Va 1936 DISTRICT NO. 3—PHILADELPHIA J. H. Hanna, Washington, D. C 1937 R. L. AUSTIN, chairman and Federal Reserve Edwin Malloy, Cheraw, S. C 1938 agent. , deputy chairman. J.' S. Class C: SINCLAIR, president F. A. Delano, Washington, D. C 1936 Robert Lassiter, Mooresville, N. C 1937 Vacancy 1938 Class A: G. W. Reily, Harrisburg, Pa BALTIMORE BRANCH J. B. Henning, Tunkhannock, Pa W. R. MILFOBD, managing director Joseph Wayne, Jr., Philadelphia, Pa Class B: J. C.DeLaCour, Camden, N. J W. R. Milford, Baltimore, Md 1936 C. F. C. Stout, Camden, N. J Norman James, Baltimore, Md 1936 A. W. Sewall, Philadelphia, Pa M. M. Prentiss, Baltimore, Md , 1936 Class C: L. B. Phillips, Cambridge, Md , 1937 Vacancy Vacancy , 1937 H. L. Cannon, Bridgeville, Del L. S. Zimmerman, Baltimore, Md , 1938 R. L. Austin, Philadelphia, Pa Vacancy 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 243 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 Directors expires Directors expires Dec. 31 Dec. 31 W. T. Clements, Charlotte, N. C 1936 Marcus Walker, New Orleans, La... 1936 R.E. Henry, Greenville, S. C. .. 1936 A. P. Bush, Birmingham, Ala 1936 Robert Gage, Chester, S. C 1936 J. D. O'Keefe, New Orleans, La 1936 W. H. Wood, Charlotte, N. C.... 1937 Ernest T. George, New Orleans, La. 1937 Vacancy 1937 R. S. Hecht, New Orleans, La 1937 C. L. Cobb, Rock Hill, S. C 1938 H. Holmes, Yazoo City, Miss 1938 Vacancy 1938 Vacancy 1938 DISTRICT NO. 7—CHICAGO DISTRICT NO. 6—ATLANTA chairman and Federal Reserve II. W. MARTIN, chairman and Federal Reserve agent. R. E. WOOD, deputy chairman. G. J. agent. W. H. KETTIG, deputy chairman. OSCAR SCHALLER, president NEWTON , president Class A: Class A: J. R. Leavell, Chicago, 111 1936 R. G. Clay, Atlanta, Ga 1936 E. R.Estberg, Waukesha, Wis 1937 W. D. Cook, Meridian, Miss 1937 F. D. Williams, Iowa Citv, Iowa 1938 G. J. White, Mount Dora, Fla 1938 Class B: Class B: M. W. Babb, Milwaukee, Wis 1936 J. A. McCrary, Decatur, Ga 1936 S. T. Crapo, Detroit, Mich 1937 Fitzgerald Hall, Nashville, Tenn 1937 N. H. Noyes, Indianapolis, Ind 1938 E. T. George, New Orleans, La 1938 Class C: Class C: Vacancy 1936 J. P. Allen, Atlanta, Ga 1936 F. J. Lewis, Chicago, 111 1937 W. H. Kettig, Birmingham, Ala 1937 R.E. Wood, Chicago, 111 1938 H. W. Martin, Atlanta, Ga 1938 DETROIT BRANCH R. H. Buss, managing director BIRMINGHAM BRANCH J. H. FRYE, managing director R. H. Buss, Detroit, Mich 1936 David McMorran, Port Huron, Mich 1936 J.E.Davidson, Bay City, Mich 1936 J. H. Frye, Birmingham, Ala I 1936 A. C. Marshall, Detroit.'Mich 1937 E. F. Allison, Bellamy, Ala 1936 James Inglis, Detroit, Mich 1937 W. E. Henley, Birmingham, Ala I 1936 John Ballantyne, Detroit, Mich 1938 J. G. Farley, Birmingham, Ala 1937 Vacancy. 1938 Vacancy 1937 F. M. Moody, Tuscaloosa, Ala 1938 Vacancy 1938 DISTRICT NO. 8—ST. LOUIS 1 chairman and Federal Reserve agent. PAUL DILLARU, deputy chairman. W. McC. MARTIN, president JACKSONVILLE BRANCH G. S. VARDEMAN, Jr., managing director Class A: M. B. Nahm, Bowling Green, Ky 1936 F. G.Hitt, Zeigler, 111 1937 G. S. Vardeman, Jr., Jacksonville, Fla 1936 J. G. Lonsdale, St. Louis, Mo 1938 S. 0. Chase, Sanford, Fla 1936 Class B: G. J.Avent, Jacksonville, Fla 1936 J. W. Harris, St. Louis, Mo 1936 B. W. Haynes, Jacksonville, Fla 1937 W. B. Plunkett, Little Rock, Ark 1937 G. G. Ware, Leesburg, Fla 1937 M. P. Sturdivant, Glendora, Miss 1938 W. R. McQuaid, Jacksonville, Fla 1938 Class C: Vacancy 1938 Vacancy 1936 PaulDillard, Memphis, Tenn 1937 J. R. Stanley, Evansville, Ind 1938 NASHVILLE BRANCH LITTLE ROCK BRANCH J. B. FORT, Jr., managing director A. F. BAILEY, managing director J. B. Fort, Jr., Nashville, Tenn 1936 A. F. Bailey, Little Rock, Ark 1936 W. P. Ridley, Columbia, Tenn 1936 F. K. Darragh, Little Rock, Ark... 1936 C. A. Craig, Nashville, Tenn 1936 W. A. Hicks, Little Rock, Ark 1936 F. J. Harle, Cleveland, Tenn 1937 Jo Nichol, Pine Bluff, Ark 1937 Fitzgerald Hall, Nashville, Tenn 1937 Vacancy 1937 C. W. Bailey, Clarksville, Tenn 1938 Vacancy... 1938 Vacancy 1938 Vacancy 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 ANNUAL REPORT OF BOARD OF 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 1936 J. E. Olson, Denver, Colo 1936 W. P. Paxton, Paducah, Ky 1936 M. W. Gano, Denver, Colo 1936 Vacancy 1936 Harold Kountze, Denver, Colo 1936 W. W. Crawford, Louisville, Ky 1937 H. W. Farr, Greeley, Colo 1937 A. H. Eckles, Hopkinsville, Ky 1937 Vacancy 1937 J. B. Hill, Louisville, Ky 1938 T. A. Dines, Denver, Colo 1938 W. R. Cobb, Louisville, Ky 1938 Vacancy 1938 MEMPHIS BRANCH OKLAHOMA CITY BRANCH W. H. GLASGOW, managing director C. E. DANIEL, managing director W. H. Glasgow, Memphis, Tenn 1936 E. L. Anderson, Clarksdale, Miss 1936 W. R. King, Memphis, Tenn 1936 C. E. Daniel, Oklahoma City, Okla 1936 J. W. Alderson, Forrest City, Ark 1937 J. B. Doolin, Alva, Okla 1936 Vacancy 1937 F. T. Chandler, Chickasha, Okla 1936 Willis Pope, Columbus, Miss 1938 Lee Clinton, Tulsa, Okla 1937 Vacancy 1938 NedHolman, Oklahoma City, Okla 1937 L. D. Edgington, Ponca City, Okla 1938 Vacancy 1938 DISTRICT NO. 9—MINNEAPOLIS W. B. GEEKY, chairman and Federal Reserve OMAHA BRANCH agent. H. P. CLARK, deputy chairman. J. N. 1}KYTON , p resident L. H. EARHART, managing director Class A: H. C. Hansen, Churchs Ferry, N. Dak... 1936 L. H.Earhart, Omaha, Neb 1936 M. O. Grangaard, Minneapolis, Minn... 1937 D. M. Hildebrand, Seward, Neb 1936 H. R. Kibbee, Mitchell, S. Dak 1938 W. D. Clark, Omaha, Neb 1936 Class B: A. H. Marble, Cheyenne, Wyo 1937 A. P. Funk, La Crosse, Wis 1936 Vacancy 1937 W. O. W&shburn, St. Paul, Minn 1937 R. E. Campbell, Lincoln, Neb 1938 J. E. O'Connell, Helena, Mont 1938 G. H. Yates, Omaha, Neb 1938 Class C: H. P. Clark, St. Paul, Minn 1936 G. W. McCormick, Menominee, Mich... 1937 W. B. Geery, Minneapolis, Minn 1938 DISTRICT NO. 11—DALLAS C. C. WALSH, chairman and Federal Reserve agent. S. B. PERKINS, deputy chairman B. A HELENA BRANCH MCKINNEY, president R. E. TOWLE, managing director Class A: R. E. Towle, Helena, Mont 1936 R.E. Harding, Fort Worth, Tex 193!i A. R. McDermott, Billings, Mont. 1936 P. E. Hooks, Itasca, Tex 19-37 J.E. O'Connell, Helena, Mont.... 1936 Alf Morris, Winnsboro, Tex 1938 Peter Pauly, Deer Lodge, Mont... 1937 Class B: Vacancy 1937 J. R. Milam, Waco, Tex 1936 A. S. Cleveland, Houston, Tex 1937 J. D. Middleton, Greenville, Tex 1938 DISTRICT NO. 10—KANSAS CITY Class C: S. B. Perkins, Dallas, Tex 1936 .1. J. THOMAS, chairman and Federal Reserve C.C.Walsh, Dallas, Tex 1937 agent. E. P. BROWN, deputy chairman. G. H. Vacancy 1938 HAMILTON, president EL PASO BRANCH Class A: C. C. Parks, Denver, Colo 1936 J. L. HERMANN, managing director F. W. Sponable, Paola, Kans 1937 E.E. Mullaney, Hill City, Kans 1938 Class B: W. D. Hosford, Omaha, Neb 1936 J. L. Hermann, El Paso, Tex 1936 J. M. Bernardin, Kansas City, Mo 1937 S. P. Applewhite, Douglas, Ariz 1936 L.E. Philips, Bartlesville, Okla 1938 S.D. Young, El Paso, Tex 1936 Class C: C. N. Bassett, El Paso, Tex 1937 E. P. Brown, Davey, Neb 1936 Vacancy 1937 J. B. Doolin, Alva, Okla. 1937 F. R. Coon, Deming, N. M 1938 J. J. Thomas, Kansas City, Mo 1938 Vacancy 1938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 245 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 1936 R. B. West, Portland, Oreg 1936 A. A. Home, Galveston, Tex 1936 R. S. Smith, Eugene, Oreg 1936 Sam Taub, Houston, Tex 1936 Vacancy 1936 J. A. Wilkins, Houston, Tex 1937 H. M. Haller, Portland, Oreg 1937 Vacancy 1937 E. B. MacNaughton, Portland, Oreg, 1937 S. R. Lawder, Houston, Tex 1938 Vacancy 1938 SALT LAKE CITY BRANCH SAN ANTONIO BRANCH W. L. PARTNER , managing director M. CRUMP, managing director W. L. Partner, Salt Lake City, Utah 1936 M. Crump, San Antonio, Tex E. O. Howard, Salt Lake City, Utah 1936 J. M. Bennett, San Antonio, Tex... Vacancy 1936 G. C. Hollis, Eagle Pass, Tex J. E. Halverson, Brigham City, Utah 1937 F. M. Lewis, Sr., San Antonio, Tex. Vacancy 1937 W. P. Napier, San Antonio, Tex.... J. K. Beretta, San Antonio, Tex Vacancy SEATTLE BRANCH DISTRICT NO. 12—SAN FRANCISCO C. R. SHAW, managing director W. N. MOORE, chairman and Federal Reserve agent. A. O. Stewart, deputy chairman. W. A. C. R. Shaw, Seattle, Wash 1936 DAY, president J. W. Maxwell, Seattle, Wash... 1936 Vacancy 1936 G. H. Greenwood, Seattle, Wash 1937 Class A: Vacancy 1937 Keith Powell, Salem, Oreg 1936 C. K. Mclntosh, San Francisco, Calif 1937 Clas T s . B H : . Ramsay, San Francisco, Calif 1938 SPOKANE BRANCH Malcolm McNaghten, Los Angeles, Calif. 1936 E. H. Cox, Madera, Calif 1937 D. L. DAVIS, managing director Vacancy 1938 Class C: W A A . . . P 0 N . . . W S M t e e o l w c o h r a e , r , t S , S a S a n a n n F F r F r a r a n a n c n c i c s is i c s c o c o , o , C , C a C a l a i l f i l f if 1 1 1 9 9 9 3 3 3 8 6 7 D R . . M L. . D H a a v r i d s, y , S Y po a k k a i n m e a , , W W a a sh sh 1 1 9 9 3 3 6 6 Vacancy 1936 S. A.Easton, Kellogg, Idaho 1937 N. A. Telyea, Spokane, Wash 1937 LOS ANGELES BRANCH W. N. AMBROSE, managing director W. N. Ambrose, Los Angeles, Calif 1936 V. H. Rossetti, Los Angeles, Calif 1936 Vacancy 1936 C.E. Brouse, Riverside, Calif 1937 Vacancy 1937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 ANNUAL REPORT OF BOARD OF GOVERNORS NUMBER AND SALARIES OF OFFICERS AND EMPLOYEES OF FEDERAL RESERVE BANKS (December 31, 1, 36) Employees Annu o a f— l salary Other officers a w r e e h x o c r s e e e i p m t s a b th l u a o r r s s i e e e d s a w re E h o m r s e p e im l o s b a y l u e a r e r s i s e e d s Total to bank Federal E,e- to bank serve banks (including branches) Chairman and Presi- Num- Annual Num- Annual Num- Annual Num- Annual Federal Reserve dent ber salaries ber salaries ber salaries ber salaries agent Boston $30,000 10 $95,250 608 $901,630 110 $151,400 $1,178,280 New York 50,000 42 502,800 1,994 3,605,078 371 594,632 2,408 4,752,510 Philadelphia 22,000 10 92,200 696 1,106,935 104 156,449 811 1,377,584 Cleveland 25,000 19 163,400 782 1,308,816 111 191,374 913 1,688,590 Richmond 18,000 17 128,100 507 743,841 164 211,871 689 1,101,812 Atlanta $3,000 25,000 28 165,840 350 455,709 203 242,793 583 892,342 Chicago 35,000 23 207,200 866 1,314,561 403 584,411 1,293 2,141,172 St Louis 25,000 20 148,200 493 673,094 133 185,356 647 1,031,650 Minneapolis 20,000 25,000 12 82,100 256 431,109 70 109,447 340 667,656 Kansas City 20,000 25,000 18 138,100 467 727,405 149 214,401 636 1,124,906 Dallas 30,000 14 100,200 323 517,005 106 161,515 444 808,720 San Francisco 23,000 28 193,800 730 1,227,296 138 206,884 897 1,650,980 Total 43,000 333,000 241 2,017,190 8,072 13,012,479 2,062 3,010,533 10,390 18,416,202 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 247 STATE BANK AND TRUST COMPANY MEMBERS Following is a list of the 1,051 State bank and trust company members of the Federal Reserve System on December 31, 1936, with their loans, investments, deposits, capital, and surplus. [In thousands of dollars] Invest- Total ments deposits Surplus DISTRICT NO. 1 CONNECTICUT Hartford: Phoenix State Bank & Trust Co_ 14,864 12,003 34,687 1,600 1,600 New Haven: Union andNewHavenTrust Co 6,809 2,844 15,065 1,459 550 Southington: Southington Bank & Trust Co 528 512 1,372 150 75 Torrington: Brooks Bank & Trust Co 607 1,849 100 100 Waterbury: Colonial Trust Co 3,040 6,371 8,715 1,000 2,000 Waterbury Trust Co 2,011 813 3,655 300 100 MAINE Augusta: Depositors Trust Co 3,430 4,345 8,230 611 306 Bangor: Merrill Trust Co 6,481 6,596 14,215 1,350 370 Bar Harbor: Bar Harbor Banking & Trust Co. 2,060 1,869 4,076 250 253 Ellsworth: Union Trust Co 656 1,126 1,974 300 50 Sanford: Sanford Trust Co 673 2,444 3,432 250 100 MASSACHUSETTS Arlington: Menotomy Trust Co 2,380 641 3,137 300 150 Boston: NewEngland Trust Co 7,692 16,753 43,026 1,000 2,000 Old Colony Trust Co 513 9,496 5,000 5,000 Pilgrim Trust Co 4,086 411 ' 6^997 300 250 State Street Trust Co 41,251 36,003 93,659 3,890 4,585 United States Trust Co 6,240 5,99* 12,744 1,700 350 Bridgewater: Bridgewater Trust Co 158 528 691 100 100 Brookline: Norfolk County Trust Co 5,093 7,674 15,045 1,000 500 Cambridge: County Bank & Trust Co 2,552 1,693 4,674 300 300 Harvard Trust Co 7,942 10,035 19,965 1,000 1,050 Fall River: B. M. C. Durfee Trust Co 2,483 4,258 8,331 428 428 Fall River Trust Co 1,712 1,453 3,314 300 71 Gloucester: Gloucester Safe Deposit & Trust Co 2,387 1,091 3,697 350 78 Greenfield: Franklin County Trust Co 3,512 1,769 5,274 400 200 Holyoke: Hadley Falls Trust Co 5,242 2,999 9,952 1,400 100 Hyannis: Hyannis Trust Co 2,073 1,237 3,455 250 125 Lynn: Security Trust Co 5,275 2,763 9,375 400 300 Milton: Blue Hill Bank & Trust Co 468 1,835 2,669 100 150 Newton: Newton Trust Co 8,321 10,629 19,467 1,080 1,000 Norwood: Norwood Trust Co 1,633 3,874 5,715 300 300 Quincy: Quincy Trust Co , 2,698 1,674 5,195 550 53 Salem: Naumkeag Trust Co 1,744 4,131 6,718 650 71 Somerville: Somerville Trust Co 3,940 873 6,096 450 159 Springfield: Springfield Safe Deposit & Trust Co 4,166 5,239 13,097 1,000 1,000 Union Trust Co 8,183 3,482 14,410 1,000 1,250 Taunton: Bristol County Trust Co 1,513 2,467 4,390 300 150 Wellesley Hills: Wellesley Trust Co 755 959 2,177 200 100 Winchester: Winchester Trust Co 948 1,066 2,214 100 100 Worcester: Worcester County Trust Co 10,538 17,545 37,944 3,000 1,000 NEW HAMPSHIRE Conway: Carroll County Trust Co 688 568 1,370 150 RHODE ISLAND Providence: Industrial Trust Co. 44,355 55,904 120,743 4,000 7,500 Union Trust Co 10,304 9,956 23,364 1,000 800 1 Includes capital notes and debentures and par value of preferred and common stock. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 ANNUAL REPORT OF BOARD OF GOVERNORS [Tn 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 NEW JERSEY (See also District No. 3) Bayonne: Bayonne Trust Co 2,013 6,134 10,364 400 300 Bloomfield: Bloomfield Bank & Trust Co 5,513 7,009 15,090 1,450 300 Community Trust Co 762 187 1,037 100 30 Bogota: Bank of Bogota 382 846 1,414 100 25 Boonton: BoontonTrust Co 772 638 1,839 100 100 Carteret: Carteret Bank & Trust Co 457 727 1,358 100 35 Cranford: Cranford Trust Co 1,272 1,027 2,787 200 100 Dover: Dover Trust Co 1,333 2,315 4,429 200 250 Duellen: Peoples Trust Co. 277 315 757 100 30 East Orange: Savings Investment & Trust Co 9,254 7,190 19,622 3,175 200 Elizabeth: Central Home Trust Co 1,792 1,563 3,754 500 31 Elizabethport Banking Co 2,889 2,556 6,362 400 150 Fort Lee: Fort Lee Trust Co 468 912 1,594 100 50 Franklin: Sussex County Trust Co 870 1,628 2,570 150 100 Glen Ridge: Glen Ridge Trust Co 828 2,153 3,304 200 75 Glen Rock: Glen Rock Bank 64 257 628 50 40 Hackensack: Hackensack Trust Co 3,515 4,115 11,445 723 177 Peoples Trust Co. of Bergen County 4,791 5,690 13,640 750 850 Jersey City: Commercial Trust Co. of New Jersey 18,503 34,777 71,484 3,400 4,000 New Jersey Title Guarantee & Trust Co 21,617 5,328 24,772 3,018 618 Linden: LindenTrustCo 1,855 1,135 3,558 200 50 Montclair: Bank of Montclair 2,039 3,874 7,163 600 120 Montclair Trust Co 4,718 7,313 14,135 1,040 208 Morristown: Morristown Trust Co 2,472 5,571 10,230 600 200 Newark: Clinton Trust Co 1,802 594 2,543 1,227 3 Columbus Trust Co 700 751 2,283 400 53 Federal Trust Co 16,033 9,692 34,738 1,623 500 Fidelity Union Trust Co 51,592 70,809 148,086 9,000 4,500 Franklin-Washington Trust Co 2,232 2,117 6,228 884 50 Merchants; & Newark Trust Co 7,955 12,652 22,019 2,500 1,500 United States Trust Co 2,005 1,184 5,874 600 500 West Side Trust Co 3,558 4,877 9,766 1,075 250 Nutley: Bank of Nutley 984 1,500 3,003 275 10 Passaic: Passaic Park Trust Co 1,350 1,376 2,908 265 95 Peoples Bank & Trust Co 1,652 3,259 5,180 1,000 200 Paterson: Hamilton Trust Co 2,004 1,735 4,517 1,325 Perth Amboy: Perth Amboy Trust Co. 2,669 523 2,838 671 Raritan Trust Co 482 52 427 250 Plainfield: Mid-City Trust Co 391 634 1,289 100 15 Plainfield Trust Co 6,912 8,308 17,642 1,150 500 State Trust Co 1,981 1,151 4,073 258 60 Rahway: Rahway Trust Co 397 821 1,365 100 50 Ridgefield Park: Ridgefield Park Trust Co 1,063 1,618 3,242 325 23 Rochelle Park: Rochelle Park Bank 280 151 414 50 35 Rutherford: Rutherford Trust Co 2,447 1,569 4,160 250 350 South Orange: South Orange Trust Co 844 770 1,910 163 50 Summit: Summit Trust Co 3,241 4,443 8,962 600 200 Westfield: Peoples Bank & Trust Co 2,132 1,873 6,203 200 300 Westfield Trust Co 2,542 1,989 4,921 810 27 Westwood: Westwood Trust Co 230 373 753 100 10 NEW YORK Adams: Citizens & Farmers Trust Co 1,247 867 2,162 200 60 Albany: First Trust Co 10,494 9,142 22,755 3,000 100 Amityville: The Bank of Amityville 467 704 1,454 100 35 Amsterdam: Montgomery County Trust Co. 1,960 2,661 5,339 200 400 Arcade: Citizens Bank 966 718 1,644 168 15 Avoca: Bank of Avoca 179 287 453 80 15 Batavia: Genesee Trust Co 701 1,170 2,012 250 20 Belmont: State Bank: 283 121 518 50 85 Binghamton: Marine; Midland Trust Co 4,019 2,656 7,717 500 400 Blasdell: Bank of Blasdell 183 163 367 30 Brooklyn. (See New York.) Buffalo: Liberty Bank 22,499 16,992 53,244 5,100 1,500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 249 [In thousands of dollars] Loans Invest- Total Capital Surplus ments deposits DISTRICT NO. 2—Continued NEW YORK—continued Buffalo—Continued. Manufacturers & Traders Trust Co 43,518 50,093 97,255 5,000 7,500 Marine Trust Co 76,056 67,964 167,683 10,000 7,000 Canandaigua: Ontario County Trust Co 1,108 1,276 2,514 300 100 Canisteo: First State Bank 339 127 567 50 15 Cattaraugus: Bank of Cattaraugus 368 837 1,112 100 100 Center Moriches: Center Moriches Bank 381 267 787 145 30 Chatham: State Bank of Chatham 773 1,772 2,500 150 100 Clymer: Clymer State Bank 99 193 339 30 10 Cohocton: Cohocton State Bank 136 247 392 50 16 De Ruyter: De Ruyter State Bank 239 114 301 63 Dunkirk: Dunkirk Trust Co 572 2,625 3,051 250 "'250 Ellenburg Depot: State Bank of Ellenburg 321 270 640 50 33 Elmira: Chemung Canal Trust Co 3,507 7,318 11,493 800 1,300 Endicott: Endicott Trust Co 2,059 2,517 4,708 300 100 Union Trust Co 446 905 1,361 100 100 Evans Mills: Peoples Bank 185 54 223 53 10 Farmingdale: Bank of Farmingdale 436 591 1,261 110 25 Floral Park: Floral Park Bank 1,716 693 2,223 210 25 Fredonia: Citizens Trust Co 670 1,000 1,837 175 35 Garden City: Garden City Bank & Trust Co 1.538 1,856 4,104 150 150 Geneva: Geneva Trust Co. 1,674 2,079 4,081 460 Gloversville: Trust Co. of Fulton County 1,400 961 2,642 350 180 Green Island: Green Island Bank 412 1,069 1,544 150 30 Hamburg: Peoples Bank 822 834 1,793 175 85 Hammondsport: Bank of Hammondsport 333 273 751 65 27 Hicksville: Bank of Hicksville 1,051 1,102 2,580 100 250 Ithaca: Tompkins County Trust Co 4,419 4,642 9,449 560 325 Jamestown: Bank of Jamestown 6,795 4,730 13,116 1,800 200 Johnson City: Workers Trust Co 1,981 2,798 5,134 200 200 Katonah: Northern Westchester Bank 426 990 1,547 100 53 Kingston: Kingston Trust Co 3,123 3,681 6,648 750 200 Lackawanna: American Bank 368 770 1,520 100 25 Little Falls: Herkimer County Trust Co 1,216 3,142 4,450 350 250 Locke: Citizens Bank 120 85 230 25 25 Lowville: Lewis County Trust Co 660 1,330 2,319 300 50 Malone: Peoples Trust Co 1,239 1,094 2,425 200 130 Massena: Massena Banking & Trust Co 365 470 776 150 76 Mayville: State Bank of Mayville 297 546 1,004 100 10 Middletown: Orange County Trust Co 2,225 4,139 6,714 650 65 Millbrook: Bank of Millbrook 473 277 2,157 100 150 Mineola: Nassau County Trust Co 1,263 2,696 5,072 400 152 Mount Kisco: Trust Co. of Northern Westchester 214 168 759 100 21 Mount Vernon: Fleetwood Bank 850 2,343 3,458 275 100 Mount Vernon Trust Co 3,087 2,055 0,877 3,000 500 New York: Amalgamated Bank 1,825 1,352 7,067 650 Bankers Trust Co 220,087 497,431 901,422 25,000 50,^ 666 Bank of the Manhattan Co 248,962 102,102 508,152 20,000 20,, 000 Bank of New York & Trust Co 55,014 79,752 182,124 6,000 9,000 Bank of Yorktown 4,134 1,536 7,739 1,000 500 Brooklyn Trust Co 41,866 54,437 124,458 8,200 4,200 Central Hanover Bank & Trust Co 262,545 394,400 879,465 21,000 60,000 Chemical Bank & Trust Co 217,172 242,094 590,001 20,000 45,000 City Bank Farmers Trust Co 11,402 64,729 105,684 10,000 10,000 Clinton Trust Co 2,491 3,946 7,291 800 400 Colonial Trust Co 3,610 2,096 7,358 1,000 500 Continental Bank & Trust Co 31,880 24,329 80,138 4,000 3,000 Corn Exchange Bank Trust Co 48,490 157,379 324,556 15,000 15,000 Federation Bank & Trust Co 4,774 4,775 11,420 825 825 Fifth Avenue Bank 23,762 17,177 53,427 500 2,000 Fulton Trust Co 3,348 17,718 24,026 2,000 2000 Guaranty Trust Co 617,344 654,206 ,650,283 90,000 170!000 Irving Trust Co 202,369 245,806 595,667 50,000 55,000 J. Henry Schroeder Trust Co 239 14,392 16,360 1,000 400 Lawyers Trust Co 9,799 19,484 41,246 2,000 1,500 Manufacturers Trust Co 223,840 317,158 623,967 42,935 33,000 Marine Midland Trust Co 59,647 30,811 109,217 5,000 5,000 Merchants Bank 2,354 1,540 5,375 400 308 New York Trust Co 124,577 200,743 374,560 12,500 25,000 Pan American Trust Co 169 1,868 2,369 600 125 Pennsylvania Exchange Bank 1,399 1,152 3,780 530 100 Trade Bank 2,421 1,939 6,658 431 170 United States Trust Co 39,423 27,968 77,610 2,000 26,000 Niagara Falls: Power City Trust Co 12,493 11,983 24,971 2,000 2000 North Collins: Bank of North Collins 156 212 367 50 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Loans I m nv e e n s ts t- Total Capital Surplus DISTRICT NO. 2—Continued NEW YORK—continued Ogdensburg: Ogdensburg Trust Co 2,779 1,087 6,254 600 101 Clean: Olean Trust Co 468 672 1,286 100 60 Oneida: Madison County Trust & Deposit Co 949 1,084 2,292 350 25 Ontario: State Bank.. 934 328 1,449 70 30 Orchard Park: Bank of Orchard Park 501 350 795 115 40 Oriskany Falls: First Trust & Deposit Co 294 634 888 130 10 Ossining: Ossining Trust Co 1,174 1,121 2,484 400 75 Pearl River: State Bank 103 302 486 100 10 Perry: Citizens Bank 464 353 1,015 100 20 Pleasantville: Mount Pleasant Bank & Trust Co 1,318 819 2,765 300 45 Port Chester: Mutual Trust Co. of Westchester County 1,235 1,161 3,309 345 15 Rochester: Central Trust Co 8,863 5,374 16,508 1,800 Lincoln-Alliance Bank & Trust Co 32,609 26,900 74,363 5,300 1,300 Rome: Rome Trust Co 2,097 2,810 5,506 300 300 Sag Harbor: Peconic Bank 87 147 250 25 25 Salamanca: Salamanca Trust Co 1,235 2,040 3,759 200 400 Saratoga Springs: Adirondack Trust Co 2,277 5,729 8,290 250 250 Sayville: Oyster man's Bank & Trust Co 816 1,360 2,432 200 65 Schenectady: Schenectady Trust Co 4,421 10,101 16,456 750 1,000 Sea Cliff: State Bank 239 163 563 100 25 Smith town Branch: Bank of Smith town 559 669 1,375 125 25 Southampton: Southampton Bank 876 446 1,524 200 25 Spring Valley: Ramapo Trust Co 618 461 1,055 250 24 Stony Brook: Bank of Suffolk County 199 269 533 75 5 Syracuse: First Trust & Deposit Co 30,455 16,756 53,015 8,820 500 Syracuse Trust Co 11,824 18,519 31,160 2,400 600 Tarry town: Washington Irving Trust Co 1,264 533 1,815 100 100 Utica: First Citizens Bank & Trust Co 20,636 14,683 35,946 7,000 250 Watertown: Northern New York Trust Co 3,778 6,377 10,731 820 175 Watkins Glen: Watkins State Bank 283 220 604 50 50 Westbury: Bank of Westbury TrustCo 602 1,349 2,142 200 30 Westhampton Beach: Seaside Bank 285 528 853 100 40 West New Brighton: West New Brighton Bank 910 1,049 2,443 100 100 White Plains: Citizens Bank 1,754 4,067 7,582 800 100 County Trust Co 4,663 7,338 13,187 580 1,000 DISTRICT INO. 3 DELAWARE Wilmington : Equitable Trust Co 6,620 6,269 17,217 1,500 2,100 Industrial Trust Co 2,117 1,271 2,323 625 775 Security Trust Co 4,234 3,994 9,472 673 450 20,972 35,698 75,158 4,000 10,000 Wilmington Trust Co NEW JERSEY (See also District No. 2) 13,163 25,320 3,288 246 Camden: Camden SafeDeposit &TrustCo 335 625 1,045 145 22 Hightstown: Hightstown Trust Co. 1,319 3,341 5,573 401 200 Princeton: Princeton Bank & Trust Co 446 712 1,668 100 80 Riverside: Riverside Trust Co -$S$... 349 368 952 125 23 Swedesboro: Swedesboro Trust Co PENNSYLVANIA (See also District No. 4) 1,066 916 2,710 225 225 1,316 526 1,422 310 Bloomsburg: BloomsburgBank-ColumbiaTrustCo 3,436 3,563 8,247 1,050 '"550 Carlisle: Carlisle Trust Co 1,170 1,376 2,866 200 300 Chester: Chester-Cambridge Bank & TrustCo 158 423 625 125 13 Clearfield: Clearfield Trust Co 1,125 1,055 2,135 250 250 Danville: Montour County Trust Co 3,597 3,284 8,577 500 500 Du Bois: Union Banking & Trust Co 132 256 50 9 Easton: Easton Trust Co 281 724 60 60 East Petersburg: East Petersburg State Bank Egypt: Farmers Bank 3,673 1,585 .'5,987 400 800 Harrisburg: 2,772 7,863 12,721 400 800 Central Trust Co Dauphin Deposit Trust Co 2,464 4,910 7,821 600 1,400 Hazleton : 1,643 3,265 .5,025 450 360 Markle Banking & Trust Co 1.217 1,100 2,282 350 190 Digitized for FRPAeoSpEleRs S avings & Trust Co Traders Bank & TrustCo http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 251 [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. 3—Continued PENNSYLVANIA—continued Honesdale: Wayne County Savings Bank 1,232 3,070 4,047 719 15 Houtzale: Houtzale Trust Co 208 666 125 44 Huntington: Grange Trust Co 415 531 125 55 Jenkintown: Jenkintown Bank & Trust Co 2,228 5,338 8,839 375 1,000 Lancaster: Farmers Bank & Trust Co 1,906 3,195 6,310 500 268 Northern Bank & Trust Co 618 1,136 1,892 300 167 LeMoyne: Lemoyne Trust Co 1,525 688 1,421 200 200 Lewistown: Lewistown Trust Co 466 303 770 125 51 Littlestown: Littlestown State Bank 284 231 535 50 27 Lock Haven: Lock Haven Trust Co 1,962 2,243 4,263 375 525 Lykens: Miners Bank & Trust Co 140 406 448 150 80 MahanoyCity: Merchants Banking Trust Co 553 522 1,045 300 100 Middletown: Citizens Bank & Trust Co 608 345 676 125 69 Mount Carmel: Liberty State Bank & Trust Co 635 498 1,128 150 128 Myerstown: Myerstown Trust Co 484 435 833 150 97 Nanticoke: Peoples Savings & Trust Co 265 250 579 100 12 New Oxford: Farmers & Merchants Bank 204 327 523 107 10 Norristown: Montgomery Trust Co 1,658 4,674 6,307 1,000 674 Norristown-Penn Trust Co 4,224 3,114 9,171 1,000 1,000 Orrstown: Orrstown Bank. 157 133 285 35 50 Paoli: Paoli Bank & Trust Co 267 164 478 125 30 Philadelphia: Fidelity-Philadelphia Trust Co 32,008 58,265 120,076 6,700 15,000 First Trust Company of Philadelphia 137 223 200 120 GimbelBros. Bank & Trust Co 152 1,229 200 32 Girard Trust Co 13,902 79,378 121,777 4,000 9,000 Integrity Trust Co 14,568 12,705 37,908 5,996 1,000 Ninth Bank & Trust Co 7,435 9,877 19,962 2,343 160 Pennsylvania Co. for Insurance on Lives and Grant ing Annuities 81025 78,638 246,019 8,400 12,000 Provident Trust Co 10,839 38,042 48,518 3,200 12,260 Prospect Park: Interboro Bank & Trust Co 518 730 1,395 163 39 Quakertown: Quakertown Trust Co 469 1,359 150 150 Reading: Reading Trust Co 7221 4,111 15,906 1,170 2,180 Schnecksville: Schnecksville State Bank 41 158 263 25 17 Schuylkill Haven: Schuylkill Haven Trust Co 855 1,181 2,051 150 225 Steelton: Steelton Bank & Trust Co 1371 877 2,324 350 250 Tamaqua: Peoples Trust Co 700 590 1,403 150 4 Temple: Temple State Bank 417 196 699 88 1 Wilkes-Barre: Wilkes-BarreDeposit & Savings Bank.. 1432 1,908 3,930 500 500 Williamsport: West Branch Bank & Trust Co 1284 3,470 5,432 225 300 Wyomissing: Peoples Trust Co 2624 2,161 4,631 500 8 York: Guardian Trust Co 1446 2,341 4,278 500 650 York Trust Co 3728 2,890 7,189 750 1,000 DISTRICT NO. 4 KENTUCKY (See also District No. 8) Covington: Peoples-Liberty Bank &TrustCo 3948 1,648 6,902 550 Lexington: Bank of Commerce 1470 574 2,840 400 165 Security Trust Co 707 3,410 4,587 500 175 Paris: Bourbon-Agricultural Bank & Trust Co 994 691 1,687 200 200 Richmond: State Bank & Trust Co 904 209 1,513 150 58 OHIO Akron: Firestone Park Trust & Savings Bank 4,553 6,494 15,285 900 350 First-Central Trust Co 8,062 8,888 22,212 1,242 383 Apple Creek: Apple Creek Banking Co 186 135 367 25 13 Archbold: Peoples State Bank Co 204 145 473 40 11 Ashland: Ashland Bank & Savings Co 749 878 1,802 150 150 Belleyue: Union Bank & Savings Co 993 844 2,069 300 50 Bellville: Farmers Bank 194 242 467 25 40 Brecksville: Brecksville Bank Co 75 209 314 25 10 Canal Winchester: Peoples Bank Co 192 369 608 25 50 Canton: Geo. D. HarterBank 5,049 3,932 10,980 1,300 250 Castalia: Castalia Banking Co 77 62 138 30 11 Celina: Commercial Bank Co 628 663 1,762 100 Christiansburg: Farmers & Merchants Bank Co. 90 51 141 25 Cincinnati: Central Trust Co 21,230 33,121 70,635 5,500 1,250 Fifth-Third Union Trust Co 40,402 38,010 100,517 8,000 2. OOP Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] invest- Total Loans ments deposits apital Surplus DISTRICT NO. 4—Continued OHIO—continued Ci nci nnati—Continued. Peoples Bank & Savings Co 2, 686 3,245 675 100 Provident Sayings Bank & Trust Co 13, 21,437 49,328 1,800 2,700 Southern Ohio Savings Bank & Trust Co 2, 3,920 5,668 500 250 Western Bank & Trust Co 5, 4,662 11,715 2,250 250 Cleveland: Cleveland Trust Co 142, 106,215 344,017 28,800 2,770 Lorain Street Bank 1,048 2,551 4,027 500 125 Columbiana: Union Banking Co 312 523 1,096 50 50 Columbus: Fifth Avenue Savings Bank Co 603 1,586 2,503 200 69 Conneaut: Citizens Banking & Savings Co 206 486 737 100 26 Conneaut Banking & Trust Co 299 1,112 1,466 125 37 Cortland: Cortland Savings & Banking Co 310 206 527 35 18 Coshocton: Peoples Bank & Trust Co 586 589 2,566 150 75 Danville: Commercial & Savings Bank Co 285 87 394 25 25 Delphos: Commercial Bank 468 324 1,086 75 50 Peoples Bank 227 465 851 50 16 Delta: Peoples Savings Bank Co 216 338 626 50 10 East Liverpool: Potters Bank & Trust Co 2,011 4,557 580 300 Elryia: Elyria Ss/vings & Trust Co 1,367 2,795 300 ' 0 Savings Deposit Bank & Trust Co 1,217 1,826 250 50 Fayette: Fayette State Savings Bank Co 137 128 342 50 10 Geneva: Geneva Savings & Trust Co 615 903 1,986 125 115 Gibsonburg: Home Banking Co 401 190 654 74 13 Hillsboro: Hillsboro Bank & Savings Co 103 251 493 50 40 Hubbard: Hubbard Banking Co 389 141 747 50 40 Leesburg: Citizens Bank & Savings Co 95 179 358 25 5 Lyons: Farmers State Bank 160 160 423 25 13 Madison: Citizens Bank 37 165 227 50 15 Mansfield: Farmers Savings & Trust Co 450 1,271 2,151 150 75 Marengo: Marengo Banking Co 62 38 157 25 9 Martins Ferry: Peoples Savings Bank Co ,235 1,097 2,495 200 200 Mason: First-Mason Bank 207 247 585 35 27 Massillon: Ohio-Merchants Trust Co ,157 1,411 3,305 250 90 Middletown: First American Bank & Trust Co !,544 2,690 13,846 550 162 Minster: Minster State Bank 268 156 898 25 65 Mount Blanchard: Citizens Bank 103 97 209 25 15 Mount Vernon: Knox County Savings Bank 600 921 1,984 150 80 Napoleon: Community Bank 450 617 1,283 100 35 Newwaarrk:: Licking County Bank 921 1,066 2,317 200 75 NNee wark TTrust Co .,948 775 3,225 400 100 New Lexington: Perry County Bank 170 446 759 75 20 New Philadelphia: Ohio Savings & Trust Co 687 697 1,817 250 10 Oak Harbor: Oak Harbor State Bank Co. 192 349 945 60 15 Orrville: Orrville Savings Bank 473 451 1,000 80 25 Pomeroy: Farmers Bank & Savings Co 159 323 680 50 18 Rittman: Rittman Savings Bank 421 176 723 60 25 Russellville: Bank of Russellville Co 210 248 538 25 25 St. Marys: Home Banking Co 477 792 1,787 150 16 Sandusky: Western Security Bank 458 921 1,797 100 50 Shelby: Citizens Bank 463 892 1,587 110 50 Shiloh: Shiloh Savings Bank Co 61 275 35 11 Toledo: Commerce Guardian Bank 7,759 15,493 1,000 500 Ohio Citi zens Trust Co 4,844 12,266 550 350 Toledo Trust Co 46,187 92,526 5,000 2,100 Utica: Utica Savings Bank Co 140 545 35 15 Van Wert: Peoples Savings Bank 448 1,736 100 100 Wakeman: Wakeman Bank Co 173 387 40 14 Wellington: First Wellington Bank 239 1,264 100 75 Wooster: Commercial Banking & Trust Co 325 1,202 150 15 Yellow Springs: Miami Deposit Bank Co 189 536 50 50 Youngstown: Dollar Savings & Trust Co 4,511 13,094 3,750 350 PENNSYLVANIA (See also District No. 3) Aliquippa: Woodlawn Trust Co 1,279 1,113 3,223 125 150 Ambridge: Economy Bank 241 798 1,235 100 55 Beaver: Beaver Trust Co 713 697 1,483 150 200 Dormont: Dormont Savings & Trust Co 983 789 2,378 125 80 Erie: Security-Peoples Trust Co 5,027 5,013 12,178 1,150 110 McKeesport: Peoples City Bank 2,828 2,844 7,419 500 1,000 Meadville: Crawford County Trust Co 826 1,494 2,985 300 70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 253 [In thousands of dollars] Loans I m nv e e n s ts t- d T ep o o t s a i l ts ^iati Surplus DISTRICT NO. 4—Continued PENNSYLVANIA—continued New Brighton: Beaver County Trust Co 590 829 1,296 300 350 New Castle: Lawrence Savings & Trust Co 1366 1,977 4,477 300 300 Paint Borough (Scalp Level P. O.) Merchants & Miners Bank 74 241 309 30 32 Pittsburgh: Allegheny Trust Co 1866 4,678 7,451 700 700 Allegheny Valley Bank 1680 393 2,967 200 200 Colonial Trust Co 13467 11,961 32,393 3,938 790 Commonwealth Trust Co 4788 12,922 19,714 1,500 1,700 Homewood Bank 476 1,102 1,751 100 100 Peoples-Pittsburgh Trust Co 24999 49,183 94,549 6,000 7,000 Potter Title & Trust Co 2826 3,186 6,053 875 130 Union Trust Co 98604 212,151 295,509 1,500 75,000 Turtle Creek: Turtle Creek Bank & Trust Co 440 1,064 1,694 200 125 Warren: Warren Bank & Trust Co 1645 1,269 3,159 300 185 Windber: Windber Trust Co 659 2,222 2,901 250 350 WEST VIRGINIA (See also District No. 5) Sisterville: First-Tyler Bank & Trust Co 1090 127 2,211 200 100 Wheeling: Citizens Mutual Trust Co 2009 955 5,949 600 300 Security Trust Co 2222 2,029 4,798 300 300 Wheeling Dollar Savings & Trust Co 6816 6,839 19,246 1,800 1,800 DISTRICT NO. 5 DISTRICT OF COLUMBIA Washington: American Security &TrustCo 13,315 29,044 52,130 3400 3,400 Union Trust Co 2,813 4,232 10,412 2,000 500 Washington Loan & Trust Co 7,867 9,228 24,727 1,000 1,900 MARYLAND Baltimore: Baltimore-Commercial Bank 1,843 1,909 5,694 500 250 Calvert Bank 2,644 5,140 8,821 400 200 Commonwealth Bank 332 889 1,115 300 150 Fidelity Trust Co 2,013 13,628 19,133 1000 500 Maryland Trust Co 10,021 15,948 38,581 2800 650 Union Trust Co 11,071 16,602 37,481 2500 1,500 Cambridge: County Trust Co 4,605 1,739 7,849 1161 250 Ellicott City: Commercial & Farmers Bank 54 147 223 50 10 Forest Hill: Forest Hill State Bank 250 186 479 50 10 Hagerstown: Hagerstown Trust Co 359 618 1,619 150 30 Salisbury: Farmers & Merchants Bank 1,192 402 2,395 175 35 NORTH CAROLINA Charlotte: AmericanTrustCo 16,759 23,828 59,692 1200 1,000 Concord: Citizens Bank & Trust Co 445 607 1,573 100 75 Edenton: Bank ofEdenton 852 330 1,259 200 41 Marshall: Citizens Bank 371 121 649 50 35 Tryon: Tryon Bank & Trust Co 161 301 522 25 35 Washington: Bank of Washington 454 716 1,987 100 26 Wilmington: Peoples Savings Bank & Trust Co 975 883 2,663 188 70 Wilmington Savings & Trust Co 5,615 867 8,040 300 450 Winston-Salem: Wachovia Bank & Trust Co 22,846 36,010 79,598 4000 1,250 SOUTH CAROLINA Bishopville: Peoples Bank 37 55 717 25 50 Charleston: Carolina Savings Bank 1,057 3,733 6,241 200 100 Chester: Commercial Bank 383 545 1,371 100 100 Hartsville: Bank of Hartsville 335 519 1,653 75 38 VIRGINIA Abingdon: Farmers Exchange Bank, Inc 318 210 750 50 10 Amelia: Union Bank & Trust Co 176 257 521 50 25 Blackstone: Citizens Bank & Trust Co 346 210 728 75 25 Chase City: Peoples Bank & Trust Co 478 271 1,100 100 30 Farmville: Planters Bank & Trust Co 399 586 1,185 50 80 Glade Spring: Bank of Glade Spring 253 143 422 50 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] I m n e v n e t st s - de T p o o t s a i l ts Capital Surplus DISTRICT NO. 5—Continued VIRGINIA—continued Halifax: Bank of Halifax 207 595 1,251 50 Kenbridge: Bank of Lunenburg, Inc 352 563 1,083 65 80 Lacrosse: Bank of Lacrosse 222 169 470 50 50 Lawrenceville: Farmers & Merchants Bank 481 228 992 50 45 Lynchburg: Lynchburg Trust & Savings Bank 2,015 1,151 3,482 300 300 Montross: Peoples Bank 193 65 287 25 20 Petersburg: Petersburg Savings & American Trust Co.. 1)17 1,052 2,541 276 50 Powhatan: Bank of Powhatan, Inc 558 153 735 25 33 Richmond: Bank of Commerce & Trusts 6,152 2,370 10,721 600 400 Mechanics & Merchants Bank 1,192 641 2,054 200 40 State-Planters Bank & Trust Co 17,976 18,565 51,247 3,205 545 Rural Retreat: Peoples Bank 206 104 450 35 35 Smithfield: Merchants & Farmers Bank, Inc 293 86 419 50 34 South Hill: Citizens Bank, Inc 223 278 843 50 25 Suffolk: Farmers Bank of Nansemond 2,738 1,510 4,254 500 500 Tazewell: Farmers Bank of Clinch Valley 875 204 1,454 200 50 Williamssbbuurrgg:: PPeenniinnssuullaa BBaannkk && TlrruussttC C<o 860 491 1,735 100 75 \Vinches1ter: Union Bank of Winchester... 315 363 735 100 30 WEST VIRGINIA (See also District No. 4) Rerwimi. Berwind Bank 475 691 1,342 100 100 Buffalo: Buffalo Bank 110 63 201 25 20 Charleston: Kanawha Banking & Trust Co 2,342 1,641 5,477 690 161 Kanawha Valley Bank 6,761 6,303 19,244 1,000 1,200 Hurricane: Putnam County Bank 135 27 268 50 7 Lewisburg: Greenbrier Valley Bank 363 118 872 75 38 Martinsburg: Peoples Trust Co 1,285 148 1,502 500 130 Parsons: Tucker County Bank 133 113 304 25 5 Petersburg: Potomac Valley Bank 165 103 340 50 7 Rainelle: Bank of Rainelle 17 221 297 25 25 Romney: Bank of Romney 558 167 749 100 50 St. Albans: Bank of St. Albans 236 184 667 50 85 St. Marys: Pleasants County Bank 314 93 427 75 15 Spencer: Traders Trust & Banking Co 546 161 924 80 16 Summersville: Farmers & Merchants Bank 344 116 783 60 26 DISTRICT NO. 6 ALABAMA Aliceyille: Alicey iile Bank & Trust Co 153 343 679 40 20 Birmingham: BirminghamTrust & Savings Co ,228 15,494 27,013 2,370 102 Clanton: Peoples Savings Bank 204 383 909 50 25 Clayton: Bank of Commerce 101 26 286 50 8 Columbiana: Columbiana Savings Bank 168 30 373 35 7 Cullman: Parker Bank & Trust Co 262 289 1,141 90 42 Dothan: Dothan Bank & Trust Co 231 944 1,725 60 90 Eutaw: Merchants & Farmers Bank of Greene County. 194 437 795 55 65 Faunsdale: Watkins Banking Co 69 142 181 50 35 Georgiana: Citizens Bank 22 9 145 25 2 Guin: Marion County Banking Co 111 76 386 25 40 Marion Junction: Marion Junction State Bank 36 1 56 25 15 Oneonta: Citizens Bank 82 21 221 25 6 Pine Apple: Bank of Pine Apple 94 86 272 25 10 Selma: Peoples Bank & Trust Co 595 569 1,448 120 30 Thomaston: Planters Bank & Trust Co 81 22 247 25 5 Winfield: Winfield State Bank 39 36 201 25 3 York: Bank of York 118 330 594 25 FLORIDA Marianna: Citizens State Bank 273 117 652 30 6 Ocala: Commercial Bank & Trust Co 216 539 992 100 27 St. Petersburg: Union Trust Co 1,468 1,457 5,446 300 103 West Palm Beach: Central Farmers Trust Co.. 1,366 1,970 4,895 250 200 GEORGIA Adairsville: Bank ofAdairsville 42 45 160 25 5 Atlanta: Trust Co. of Georgia 10,612 5,184 22,761 2,000 2,000 Augusta: Georgia Railroad Bank & Trust Co.. 4,105 3,083 10,435 1,000 250 Bainbridge: Citizens Bank & Trust Co 393 58 822 150 11 Blackshear: Blackshear Bank 231 255 516 50 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 255 [In thousands of dollars] Loans Invest- Total Capital Surplus ments deposits DISTRICT NO. 6—Continued GEORGI A—continued Brunswick: Brunswick Bank & Trust Co 534 997 1,679 230 70 Canton: Bank of Canton 393 408 947 150 150 Cochran: State Bank 112 284 25 Columbus: Columbus Bank & Trust Co 3,554 1,071 6,617 850 650 Merchants & Mechanics Bank 1,515 309 2,796 200 200 Commerce: Northeastern Banking Co 208 25 405 50 25 Dawson: Bank of Dawson 343 44 687 100 20 Eastman: Bank of Eastman 103 75 337 75 Lawrenceville: Brand Banking Co 133 256 560 50 "50 Lincolnton: Farmers State Bank 70 66 ' 214 25 15 Millen: Bank of Millen 82 268 737 50 50 Monroe: Farmers Bank 157 302 547 100 30 Pelham: Farmers Bank 231 49 343 100 27 Sasser: Bank of Sasser 78 34 122 25 33 Savannah: Citizens Bank & Trust Co 919 540 1,725 350 50 Savannah Bank & Trust Co 3,240 206 4,330 700 100 Soperton: Bank of Soperton 109 56 319 50 10 Swainsboro: Central Bank 145 19 305 25 18 Tifton: Bank of Tifton 708 329 1,695 100 150 LOUISIANA (See also District No. 11) Alexandria: RapidesBank &TrustCo 1,127 1,317 2,712 600 NewOrleans: AmericanBank &TrustCo 7,968 19,562 32,160 2,250 223 214 532 50 Slidell: Bank of Slidell MISSISSIPPI (See also District No. 8) 31 281 7 Crystal Springs: TruckersExchangeBank 409 465 17 Forest: Bank of Forest TENNESSEE 135 321 629 25 5 3,144 3,222 10,436 625 750 Carthage: Citizens Bank & Trust Co 318 1,838 200 Chattanooga: American Trust & Banking Co 201 73 383 25 25 Greeneyille: Greene County Bank 617 1,226 2,509 200 40 Hartsville: Bank of Hartsville Knoxville: Commercial Bank & Trust Co DISTRICT NO. 7 ILLINOIS 139 231 500 25 20 (See also District No. 8) 475 1,360 2,220 100 100 Argenta: GerberStateBank 917 2,664 200 40 Belvidere: Farmers State Bank ,336 7,894 200 400 Bloomington: 672 1,443 50 100 Corn Belt Bank 113 183 597 50 20 Peoples Bank Bushnell: Farmers & Merchants State Bank 939 4,041 7,171 438 Byron: Rock River Community Bank 648 3,723 6,429 450 75 Chicago: 86 1,023 1,774 200 25 Amalgamated Trust & Savings Bank 1,484 132,315 219,366 6,000 7,000 Drexel State Bank 172 1,292 2,049 200 15 Hamilton State Bank. ,937 4,531 11,824 800 20 Harris Trust & Savings Bank 755 13,042 22,904 500 500 I-C Bank & Trust Co 676 2,583 5,314 200 100 Lake Shore Trust & Sayings Bank 348 8,434 16,504 600 300 Lake View Trust & Savings Bank 7,603 16,566 500 400 Main State Bank 2,026 2,793 200 50 Mercantile Trust & Savings Bank 201,090 333,999 3,000 6,000 Merchandise Bank & Trust Co 75 4,362 2,000 500 Metropolitan State Bank 4,274 8,254 200 50 Northern Trust Co 1,955 2,448 200 40 Personal Loan & Savings Bank 954 2,318 120 15 Sears-Community State Bank 3,803 6,820 300 100 Skala State Bank 110 259 25 10 State Bank of Clearing 209 644 50 20 Uptown State Bank 384 839 50 20 Digitized fCoorw FdRenA: SSEtaRte Bank Elburn: Kane County Bank & Trust Co http://frasEeur.rsetkloa:u Fisafremde.ros rSgt/a te Bank j Federal Reserve Bank of St. Louis

256 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Total deposits Capital Surplus DISTRICT NO. 7—Continued ILLINOIS—continued Evanston: Evanston Trust & Savings Bank 423 2,091 3,249 325 State Bank & Trust Co 1,839 7,892 14,738 1,100 Fairbury: Fairbury State Bank 94 417 670 50 23 Fulton: Fulton State Bank. 132 515 639 50 15 Galesburg: Farmers & Mechanics Bank 879 1,076 2,962 200 40 Geneva: Si;ateBank 492 337 1,153 100 50 Joy: Joy State Bank 239 215 740 30 6 Kewanee: Peoples State Savings Bank 456 2,324 3,425 100 50 London Mills: State Bank 60 51 210 40 15 Lostant: Farmers State Bank 184 285 559 35 15 Matte-son: First State Bank 30 65 158 25 10 Mattoon: Central Illinois Trust & Savings Bank. 243 558 886 100 20 Metamora: Metamora State Bank 111 93 470 50 11 Milford: Citizens State Bank 242 81 760 50 10 Momence: Parish. Bank & Trust Co 213 271 565 50 12 Morrison: Smith Trust & Savings Bank 474 285 1,639 100 50 Niantic: State Bank 177 314 574 50 15 Niles Center: Niles Center State Bank 457 1,044 1,581 180 85 Oak Park: Oak Park Trust & Savings Bank 1,845 4,184 7,474 500 100 Petersburg: Schirding State Bank 435 258 882 50 20 Rochester: Rochester State Bank 133 41 323 25 5 Shannon: First State Bank 141 290 706 60 12 Springfield: Springfield Marine Bank 2,803 6,093 11,340 500 200 Stockland: Sumner State Bank 176 33 443 50 10 Thomson: Thomson State Bank 83 205 330 25 9 Tolono: Bank o f Tolono 59 26 201 25 5 Citizen .a Bank 75 69 207 25 7 Tuscola: Tuscola State Bank 156 314 682 70 70 Walnut: Citizens State Bank 113 88 377 25 5 Washington: Danforth Banking Co 109 870 1,050 50 50 Wenona: First State Bank 137 729 1,042 65 30 Wrheaton: Gary-Wheaton Bank 224 663 1,099 100 50 Wheaton Trust & Savings Bank 158 707 1,322 100 25 Wilmette: Wilmette State Bank 501 2,167 3,600 170 55 INDIANA Connersville: FayetteBank & Trust Co 717 1,451 2,488 380 Darlington: Farmers & Merchants State Bank... 70 71 213 25 7 Indianapolis: Fletcher Trust Co 6,227 23,136 37,589 2,470 530 Jamestown: Citizens State Bank 163 28 454 40 5 Mohawk: Mohawk State Bank 80 55 162 25 7 Muncie: Merchants Trust & Savings Co 913 1,093 3,173 225 100 Tipton: Farmers Loan & Trust Co 391 452 1,036 100 13 Valparaiso: First State Bank 394 690 1,333 150 IOWA Afton: Commercial State Bank 214 80 397 25 23 Algona: Iowa State Bank 640 1,799 50 50 Security State Bank 113 21 267 50 9 Blencoe: Biencoe State Bank 80 117 337 25 15 Cherokee: Cherokee State Bank 684 494 1,634 120 30 Davenport: Dave nport Bank & Trust Co 6,251 13,316 24,540 600 600 Des Moines: Bankers Trust Co 4,189 11,063 18,920 1,000 250 Fairneld: Iowa State Bank & Trust Co 340 175 863 100 20 Fontanelle: State Savings Bank ' 196 117 492 40 18 Fort Dodge: State Bank 854 344 2,014 100 60 Fort Madison: Fort Madison Savings Bank 833 1,589 2,784 205 20 Glenwood: Glenwood State Bank 445 229 1,197 50 50 Holstein: Holstein State Bank 335 487 1,035 50 33 Ida Grove: Ida County State Bank 175 432 880 40 20 Lineville: Lineville State Bank , 79 38 139 25 6 Mason City: United Home Bank & Trust Co... 277 27 535 100 37 Monticelic: Monticello State Bank 2,915 920 3,940 400 80 Moor head: Moorhead State Bank 100 99 279 30 15 Muscatine: Central State Bank 605 1,071 2,107 125 25 Muscatine Bank & Trust Co 1,134 1,980 5,191 125 175 Newton: Jasper County Savings Bank 1,582 1,144 3,806 100 75 Osage: Home Trust & Savings Bank 439 377 969 50 35 Ottumwa: Union Bank & Trust Co 1,805 2,359 5,302 300 150 Riceville: Rieeville State Bank 72 29 150 25 • 7 Royal: Home State Bank 153 78 335 25 13 Shenandoah: Security Trust & Savings Bank.. 242 369 1,109 60 30 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 257 [In thousands of dollars] Invest- Total ments deposits pita! Surplus DISTRICT NO. 7 Continual IOWA-continued Storm Lake: Security Trust & Savings Bank 274 329 879 50 25 Templeton: Templeton Savings Bank 270 126 478 25 13 532 560 1,555 50 50 Washington: Washington State Bank 399 76 652 25 15 Williams: Williams Savings Bank MICHIGAN (See also District No. 9) 263 449 1,004 101 Adrian: 545 1,463 2,343 110 Adrian State Savings Bank 442 869 1,653 110 io Commercial Savings Bank 306 469 921 100 10 A Al l g b o i L o n e n a n : c a : C w A o e m l e g m o C n o e a r u c c n i S a ty l a v S & in a S g v s i a n v B g i a n s n g B k s a B nk ank _ 4 7 4 6 3 4 0 2 9 1 0 5 1 4 8 8 2, 4 4 2 2 2 1 6 9 7 2 2 2 0 8 0 5 15 1 0 Alpena: Alpena Savings Bank Alto: Farmers State Bank 6,420 12,790 950 236 A nn Arbor: 3,636 6,755 600 150 Ann Arbor Savings & Commercial Bank 315 557 25 State Savings Bank Armada: Armada State Bank 609 1,509 2,445 300 Bay City: , 570 7,244 9,690 1,000 ioo Bay City Bank 197 198 463 40 15 Peoples Commercial & Savings Bank 90 340 50 10 Belleville: Peoples State Bank 50 36 152 25 Big Rapids: Big Rapids Savings Bank 411 354 972 98 25 Blanchard: Blanchard State Bank 132 147 550 50 10 Blissfield: Blissfield State Bank 70 171 347 25 Bronson: Peoples State Bank Brown City: Brown City Savings Bank 222 187 451 40 15 Cass City: 177 292 574 50 10 Cass City State Bank 147 168 475 40 18 Pinney State Bank 146 206 425 25 7 Cassopolis: Cass County State Bank 147 480 948 54 15 Charlevoix: Charlevoix County State Bank 402 642 1,183 55 55 Charlotte: Eaton County Savings Bank 186 491 782 64 21 C C h h e e l s s a e n a i : n C g: h C el h se e a s a S n t i a n t g e S B t a a n te k Bank 1 5 8 4 6 2 3 1 4 1 9 4 6 4 1 8 1 4 4 5 0 C C C Cr o o o o o l r o s u p s m n e w r n a s e a : v l : l i S : l O l t S e a l : t t d e a C t C B e o o o a B r p n u a e k n n r k s n v a o i l f S l e C t a S r t o e t s a B w te a e B n ll k ank : 25 6 4 6 4 6 2 1 4 1 8 8 7 8 8 3 7 1 2 4 7 50 0 2 30 D D D F P a e u a e r n v t n m r n D i I d o s r v i e n o e i n i t e t i n l : g t r : l : e o e t M d o : D i t n ( a o S > B : v 1 n a < a i F r v s n I o i a o k n e S r n g m t C a s S i o t B e n t u a g a B n t n t e t a o k y B n n k B a S n a t k n a k te Bank 2 8 4, , 3 2 1 1 6 8 7 2 8 5 6 4 67 9 , , 3 3 7 5 1 7 8 5 2 7 4 9 3 1 3 4 2 1 1 3 8 3 , , 3 9 7 5 2 0 7 2 4 4 9 4 4 8 3 8 9 5 5 1 , .5 3 4 8 5 5 0 0 0 0 0 0 0 0 1, 5 0 0 5 1 1 0 0 0 0 F i(" li e n n C t t : o i n ti : z e S n t s a t C e o S m av m in er g c s i a B l an & k Savings Bank ' !, . 0 9 5 4 3 4 4 2 4 8 , , 6 4 5 9 8 5 7 7 22 9 , ,2 8 1 1 0 2 3 0 1 1, 7 0 0 2 0 0 5 0 , 3 1 5 0 3 0 0 Genesee County Savings Bank 664 911 1,731 117 33 Fountain: Fountain State Bank Frankenmuth: Frankenmuth State Bank 236 272 603 50 10 Fremont: 326 249 636 62 13 Fremont State Bank 66 72 215 35 4 Old State Bank G Ga ra g n P G e d t e r o o a H w p n l a n d e v : s H e S S n a t a : v a v e te i n n S g S s a t v a B i t n a e g n B s k a B n a k nk 5 , , 9 0 3 0 2 1 1 9 6 22, 5 8 4 5 6 9 0 1 8 41 2 1 , , , 2 5 3 0 8 4 1 1 4 3,0 1 1 0 0 0 5 0 0 1,0 4 8 0 5 0 0 G Gr r e a e n n d v R il a le p : ids: Old Kent Bank 480 478 1,074 5 Commercial State Savings Bank 147 158 406 50 13 First State Bank 448 1,403 2,862 165 48 Hillsdale: Hillsdale State Savings Bank Holland: ,643 1,412 2,912 250 50 Holland State Bank 839 703 1,995 150 Peoples State Bank 167 324 597 60 3 Holly: First State & Savings Bank 161 216 468 62 13 Howell: First State & Savings Bank 68 185 363 25 5 Imlay City: Imlay City State Bank !,874 4,302 8,904 800 150 Jackson: Jackson City Bank & Trust Co 108 187 406 35 5 Jqnesville: Grosvenor Savings Bank 33 38 151 25 Kingston: Kingston State Bank 117 304 30 Lakeyiew: Bank of Lakeview Digitized foLr aFnR A siA m ngS e : r E ic R an State Savings Bank 305 3 2 , , 8 2 4 6 5 8 4 7 , , 3 9 7 4 3 2 3 6 5 5 0 0 25 http://fraser.stloBuaniskf eofd L.oarngsi/n g Federal Reserve Bank of St. Louis

258 ANNUAL REPORT OF BOARD OF 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. 7—Continued MICHIGAN—continued Lapeer: Lap>eer Savings Bank 196 146 381 61 Lawrence: Home State Bank 71 177 290 25 Lowell: Staije Savings Bank 246 396 688 50 Manchester: Peoples Bank 53 215 292 25 Union Savings Bank 181 435 653 75 Manistee: Manistee County Savings Bank 826 2,540 3,963 225 Marvellus: G. W. Jones Exchange Bank 354 64 805 40 Marshall: Commercial Savings Bank 336 1,076 1,635 100 Mason: Farmers Bank 298 257 762 50 Midland: Chemical State Savings Bank 1,096 1,075 3,982 200 Milan: Peoples State Bank 198 168 450 50 Monroe: Dansard State Bank 222 1,001 1,384 213 Mount Clemens: Mount Clemens Savings Bank. 548 786 1,832 250 Mount Pleasant: Exchange Savings Bank 301 462 1,166 50 Isabella County State Bank 736 1,009 2,207 120 New Baltimore: Citizens State Savings Bank 100 174 321 25 New Haven: New Haven Savings Bank 22 194 241 25 North Branch: Pioneer Bank 65 182 264 50 Onsted: Onsted State Bank 163 87 308 25 Petoskey: First State Bank 448 548 1,208 100 Pigeon: Pigeon State Bank 197 141 462 25 Romeo: Romeo Sayings Bank 133 315 614 55 Royal Oak: Guardian Bank 360 1,472 2,969 100 Saginaw: Saginaw State Bank 1,901 1,933 4,614 389 St. Charles: St. Charles State Bank 144 205 520 25 St. Clair: Commercial & Savings Bank 559 1,460 2,450 175 St. Johns: State Bank of St. Johns 259 601 1,009 100 Saugatuck: Fruit Growers State Bank 199 299 524 60 Sebewaing: Farmers & Merchants State Bank... 217 499 963 50 South Haven: Citizens State Bank 427 539 1,522 100 First State Bank 191 249 761 75 Sparta: Sparta State Bank 202 213 555 30 Spring Lake: Spring Lake State Bank 330 159 607 40 Traverse City: Traverse City State Bank 487 1,484 2,558 200 Wayne: Wayne State Bank 186 721 1,110 50 Whitehall: State Bank 146 272 510 40 Williamston: Crossman & Williams State Bank 121 218 429 50 Williamston State Bank 97 159 301 50 Zeeland: Zeeland State Bank 715 955 1,947 100 WISCONSIN (See also District No. (.)) Antigo: Fidelity SavingsBank (371 1,500 2,295 180 Burlington: Bank of Burlington 549 834 1,505 125 Edgerton: Tobacco Exchange Bank 297 519 909 50 Manitowoc: Manitowoc Savings Bank 2,158 2,860 6,069 500 Markesan: Markeean State Bank 439 742 1,221 60 Mayville: State Bank 445 473 971 145 Milwaukee: American State Bank 879 569 1,920 200 Badger State Bank 1,597 3,432 6,007 500 Marshall & Ilsley Bank 14,698 18,872 43,595 3,000 West Side Bank 1,382 1,784 4,422 400 Platteville: State Bank 217 83 676 100 Sauk City: Farmers & Citizens Bank 144 765 1,048 60 Sheboygan: Bank of Sheboygan 2,285 1,921 4,649 550 Citizens State Bank 2,611 4,493 8,806 500 South Milwaukee: Home State Bank 443 162 1,422 100 Sturgeon Bay: Bank of Sturgeon Bay 704 794 1,941 150 Viroqua: State Bank 77 121 264 50 Waupaca: Farmers State Bank 370 480 1,056 80 Waupun: State Bank 140 756 1,017 50 Wausau: Citizens State Bank 490 1,656 2,243 300 Whitewater: First Citizens State Bank 498 1,241 1,802 145 DISTRICT NO. 8 ARKANSAS Batesville: Citizens Bank & Trust Co... 251 199 1,010 60 Blytheville: Farmers Bank & Trust Co., 170 213 2,480 150 Fordyce: Fordyce Bank & Trust Co 131 172 536 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 259 [In thousands of dollars] Loans I m nv e e n s t t s - d T ep o o t s a i l ts Capital Surplus DISTRICT NO. 8—Continued ARKANSAS—conti nue i Little Rock: W. B. Worthen Co., Bankers 3,103 7,445 14,982 675 Russellville: Bank of Russellville 164 455 100 Peoples Exchange Bank 148 98 556 100 146 168 401 50 Waldron: Bank ofWaldron ILLINOIS (See also District No. 7) 251 369 762 50 Breese: StateBank 576 394 1,121 50 Chester: First State Bank 738 1,904 3,417 600 East St. Louis: Union Trust Co 481 1,103 1,909 150 Edwardsville: Bank ofEdwardsville 664 437 1,465 130 Effingham: Effingham State Bank 137 767 1,179 100 Eldorado: C. P. Burnett & Sons, Bankers 436 317 967 150 Greenville: State Bank of Hoiles & Sons 485 536 1,395 150 Harrisburg: First Trust & Savings Bank 294 457 893 80 Hillsboro: Montgomery County Loan & Trust Co.. 138 158 357 25 Hoyleton: Hoyleton State & Savings Bank 859 1,726 3,972 200 Jacksonville: Elliott State Bank 202 446 764 100 Litchfield: Litchfield Bank & Trust Co 112 50 206 25 O'Fallon: First State Bank 66 37 109 25 Richview: Richview State Bank 250 243 617 25 Steeleville: StateBank KENTUCKY (See also District No. 4) 589 384 1,195 100 42 179 270 25 Danville: Boyle Bank & Trust. Co 434 1,159 2,128 100 Hartford: Citizens Bank Hopkinsville: Planters Bank & Trust, Co 0,41b 2,081 4,140 1,000 Louisville: 5,288 3,865 13,490 750 Kentucky Title Trust Co 9,920 s 3,828 15,040 2,000 Lincoln Bank & Trust Co Louisville Trust Co MISSISSIPPI 231 738 25 (See also District No. 6) Indianola: PeoplesBank MISSOURI 85 83 258 25 (See also District No. 10) 226 465 999 50 624 586 1,328 120 Camdenton: Camden County Bank 284 319 705 75 Clinton: Union State Bank 369 764 1,345 100 Farmington: United Bank 115 364 617 50 Glasgow: Glasgow Savings Bank 189 172 438 25 Hannibal: Farmers & Merchants Bank & Trust Co 417 239 874 100 Lancaster: Schuyler County State Bank 154 302 567 100 Lebanon: State Savings Bank 776 178 1,854 100 Luxemburg: Lemay Ferry Bank 148 178 412 25 Maplewood: Peoples State Bank 136 1,663 3,326 200 Marshall: Wood & Huston Bank 133 318 600 50 Memphis: Bank of Memphis 283 255 528 50 Moberly: Mechanics Bank & Trust Co 153 258 471 45 Monroe City: Monroe City Bank 541 129 857 100 Normandy: Normandy State Bank Pine Lawn: Pine Lawn Bank 667 1,654 2,471 415 Sedalia: Sedalia Bank & Trust Co 644 4,505 5,573 400 St. Louis: 1,672 3,391 6,177 600 Baden Bank 2,003 291 2,860 340 Bremen Bank & Trust Co 601 1,207 2,627 250 Cass Bank & Trust Co 1,336 1,140 2,862 444 Chippewa Trust Co 1,591 3,298 5,871 900 Easton-Taylor Trust Co 1,582 2,766 4,865 300 Jefferson Bank & Trust Co 2,571 2,358 4,988 1,000 Jefferson-Gravois Bank 2,393 5,387 10,435 600 Lindell Trust Co 31,972 96,875 159,455 10,000 Manchester Bank 33,148 40,683 95,908 6,000 Manufacturers Bank & Trust Co 1,006 613 2,137 350 Mercantile-Commerce Bank & Trust Co 2,849 3,975 300 Digitized for FMRiAssSisEsipRp i Valley Trust Co Mound City Trust Co http://fraser.stNloourtihs fSetd. .Loorugi/s Trust Co Federal Reserve Bank of St. Louis

260 ANNUAL REPORT OF BOARD OF GOVERNORS [In thousands of dollars] Invest- Total ments deposits Capital Surplus DISTRICT NO. 8—Continued MISSOURI—continued St. Louis—'Continued. Northwestern Trust Co 2,201 4,520 7,061 800 200 Plaza Bank 1,150 1,538 3,770 200 80 SouthernCommercial & Savings Bank 1,554 1,462 3,260 425 30 Southwest Bank 2,259 692 2,991 425 Tower Grove Bank & Trust Co 5,011 8,204 14,358 800 300 United Bank & Trust Co 2,448 4,574 8,715 1,000 200 St. Louis County: Gravois Bank 416 261 1,014 110 5 Vandalia: Vandalia State Bank 136 126 282 25 13 Versailles: Bank ofVersailles 143 103 358 40 10 Washington: Franklin County Bank 345 534 908 80 23 Webster Groves: Webster Groves Trust Co 733 1,474 2,624 100 100 DISTRICT NO. 9 MICHIGAN (See also District No. 7) Escanaba: StateSavingsBank 456 1,206 1,894 130 20 Ewen: State Bank of Ewen 149 78 291 50 Gladstone: Gladstone State Savings Bank 355 556 1,026 112 Iron Mountain: Commercial Bank 618 1,118 2,113 200 Menominee: Commercial Bank 603 322 1,385 115 15 Sault Ste. Marie: Central Savings Bank 307 805 1,385 130 20 Sault Savings Bank 330 1,071 1,714 144 28 MINNESOTA Aurora: State Bank 29 215 362 35 6 Caledonia: Sprague State Bank 285 616 1,015 60 40 Cannon Falls: Security State Bank 161 110 309 25 5 Chatneld: Root River State Bank 97 217 350 25 10 Clinton: Clinton State Bank 160 24 199 25 Houston: Security State Bank 124 468 680 47 15 Owatonna: Security Bank & Trust Co 497 1,452 2,306 100 80 Plainview: Peoples State Bank 83 292 420 25 Rushmore: First State Bank lit) 140 368 30 5 Sacred Heart: Farmers & Merchants State Bank 146 69 287 35 7 Springfield: Farmers & Merchants State Bank 270 334 696 40 20 State Bank 180 403 731 50 10 Wadena: Wadena County State Bank 159 416 632 30 10 Wycoff: First State Bank 99 145 270 25 5 MONTANA Anaconda: Daly Bank & Trust Co 787 1,880 3,571 280 42 Big Timber: Citizens Bank & Trust Co 373 180 911 124 15 Billings: Security Trust & SavingsBank.. 1,394 3,153 100 100 Bozeman: Gallat in Trust & SavingsBank 115 300 806 125 10 Security Bank & Trust Co 269 200 733 100 10 Butte: Metals Bank & Trust Co 2,411 5,398 12,402 600 400 Columbus: Yellowstone Bank 151 189 477 25 13 Deer Lodge: Deer Lodge Bank & Trust Co.. 488 1,119 2,106 100 50 Denton: Farmers State Bank 86 48 187 25 7 Fromberg: Clarks Fork Valley Bank 80 6 126 25 7 Glasgow: Farmers-StockgrowersBank_ 49 105 586 35 20 Great Falls: Montana Bank & Trust Co.... 319 1,206 2,238 100 75 Helena: Union Bank & Trust Co 1,718 3,128 7,198 500 50 Laurel: Yellowstone Bank 229 111 572 35 1( Libby: First State Bank 216 227 616 25 13 Richey: First State Bank 123 35 179 25 17 Ronan: Ronan State Bank 166 73 454 25 4 Terry: State Bank 190 110 717 40 40 Townsend: State Bank 131 299 472 50 12 Victor: Farmers State Bank 141 98 400 25 20 Worden: Farmers State Bank 25 31 164 25 7 SOUTH DAKOTA Alcester: State Bank 182 169 449 25 15 Alpena: Bank of Alpena 57 16 90 30 3 Arlington: Citizens State Bank 98 63 201 25 8 Belle Fourche: Butte County Bank. 447 144 1,664 75 25 Belvidere: Belvidere State Bank 95 63 296 25 5 Buffalo: First State Bank 141 86 435 25 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 261 [In thousands of dollars] Loans Invest- Total Capital Surplus ments deposits DISTRICT NO. 9—Continued SOUTH DAKOTA—continued Burke: Burke State Bank 77 22 168 25 5 Faith: Farmers State Bank 50 61 371 25 5 Flandreau: Farmers State Bank 204 128 845 50 10 Freeman: Merchants State Bank 129 37 232 40 8 Huron: Farmers & Merchants Bank 100 775 1,074 100 15 Madison: Security Bank & Trust Co 378 78 708 75 10 Mclntosh: Security State Bank 17 123 229 30 6 Miller: Hand County State Bank 105 36 309 25 5 Mitchell: Commercial Trust & Savings Bank. 559 1,055 1,840 200 25 Mobridge: Citizens Bank & Trust Co 28 133 214 50 10 Newell: Reclamation State Bank 273 52 578 25 15 Preeho: Farmers & Merchants State Bank.... 64 29 224 25 5 Sioux Falls: Corn Exchange Savings Bank 414 506 1,420 100 68 Sturgis: Bear Butte Valley Bank 146 69 549 25 15 Toronto: Bank of Toronto 102 147 290 25 5 Wessington Springs: Jerauld County Bank 185 34 294 25 5 126 75 338 25 10 Woonsocket: Sanborn County Bank WISCONSIN (See also District No. 7) 74 218 302 Boyceville: Bank of Boyceville 103 174 342 Glenwood City: First State Bank DISTRICT NO. 10 COLORADO Delta: Colorado Bank & Trust Co 298 165 1,192 50 46 Denver: Central Savings Bank & Trust Co 1,742 1,979 4,958 350 50 International Trust Co 5,444 6,327 15,822 500 1,000 La Junta: Colorado Savings & Trust Co. 436 167 971 75 25 Sterling: Commercial Savings Bank 414 333 1,262 100 24 KANSAS Abilene: Citizens Bank 345 199 1,110 50 50 Hiawatha: Morrill & Janes Bank 378 245 945 100 22 Hutchinson: Hutchinson State Bank 487 444 1,956 150 60 Kansas City: Riverview State Bank 952 2,873 4,662 100 200 Liberal: Citizens State Bank 80 85 347 50 15 Luray: Peoples State Bank 126 15 193 25 6 Ness City: First State Bank 154 48 474 25 7 Onaga: Onaga State Bank 37 46 87 25 3 Osage City: Citizens State Bank 179 130 509 25 15 Pratt: Peoples Bank 528 489 2,156 100 37 Sedan: Sedan State Bank 197 53 386 40 13 St. Marys: St. Marys State Bank 195 186 452 25 5 Sylvan Grove: Sylvan State Bank 175 94 425 25 50 Tonganoxie: First State Bank 68 84 186 25 5 Topeka: Fidelity Savings State Bank 541 961 2,813 200 43 Wakefield: Farmers & Merchants State Bank 107 85 289 25 Winfield: State Bank 331 285 913 110 MISSOURI (See also District No. 8) Albany: Gentry County Bank 225 338 50 25 Carthage: Bank of Carthage 790 375 1,854 150 60 Craig: Bank of Craig 118 64 340 25 15 Kansas City: Commerce Trust Co 31,771 75,651 175,886 6,000 2,200 Merchants Bank 1,417 1,061 3,514 200 100 King City: First State Bank 194 66 474 30 6 Lamar: Barton County State Bank 204 39 470 25 10 Rich Hill: Security Bank 197 50 262 25 10 St. Joseph: Empire Trust Co 819 860 2,274 200 52 South St. Joseph: First St. Joseph Stock Yards Bank.. 613 1,964 4,236 250 52 NEBRASKA Alma: Harlan County Bank 232 59 490 14 Bancroft: Citizens Bank 83 9 201 10 Blair: Washington County Bank 230 267 20 Chappell: Deuel County State Bank 142 60 251 5 Hartington: Bank of Hartington 149 46 368 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 ANNUAL REPORT OF BOARD OP 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. 10—Continued NEBRASKA—continued North Platte: McDonald State Bank 379 247 1,009 100 Pawnee City: Citizens State Bank , 104 71 268 25 Rushville: Union State Bank 142 114 262 30 Scribner: Farmers State Bank 80 333 526 40 Stromsburg: StromsburgBank 143 211 408 30 Valley: Bank of Valley 65 34 283 25 176 115 446 40 Wahoo: Wahoo State Bank NEW MEXICO (See also District No. 11) 138 77 317 30 Aztec: Citizens Bank OKLAHOMA 76 66 269 25 Garber: Bank of Garber 107 92 426 50 157 111 372 25 Okarche: First Bank of Okarche Purcell: First State Bank WYOMING 296 81 475 50 156 56 424 25 Evanston: Stockgrowers Bank 80 18 128 25 201 92 540 38 Lusk: Lusk State Bank Mountain View: Uinta County State Bank 146 49 299 40 Newcastle: First State Bank 210 63 490 43 Saratoga: Saratoga State Bank 367 136 708 40 Sundance: Sundance State Bank Wheatland: 160 130 453 -40 State Bank 358 84 702 25 Stock Growers Bank Worland: Farmers State Bank DISTRICT NO. 1J ARIZONA 2,255 2,961 8,107 250 (See also District No. 12) Tucson: SouthernArizonaBank & Trust Co LOUISIANA 226 44 845 60 (See also District No. 6) 2,393 2,002 9,335 700 Minden: MindenBank &TrustCo Shreveport: Continental-American Bank & Trust Co.. NEW MEXICO 167 291 696 50 201 82 753 50 (See also District No. 10) 67 26 93 25 Carlsbad: American Bank Deming: Mirnbres Valley Bank 434 1,023 2,397 200 Logan: McFarlandBros. Bank 65 73 320 50 77 62 278 60 TEXAS 130 58 656 50 443 332 1,269 100 Beaumont: Security State Bank & Trust Co 50 105 239 25 115 79 233 75 Beeville: State Bank & Trust Co 192 162 519 50 Bremond: First State Bank 292 74 477 50 Brownfield: Brownfield State Bank 3,533 10,969 23,507 1,000 Bryan: First State Bank & Trust Co 238 110 593 150 Celina: First State Bank 81 31 105 25 Clarendon: Farmers State Bank Clifton: Farmers State Bank 2 1 1 8 0 5 6 2 3 27 0 1 3 6 5 0 0 Dalhart: Citizens State Bank Dallas: Dallas Bank & Trust Co 133 97 349 50 Del Rio: Del Rio Bank & Trust Co 67 5 136 40 Dodsonville: First State Bank 97 46 145 45 East Bernard: Union State Bank 147 170 460 50 Eden: Eden State Bank 203 322 889 70 Ferris: Farmers & Merchants State Bank 518 744 1,719 90 Forney: Forney State Bank 397 707 1,546 100 Digitized foFr rFanRkAliSn:E FRir st State Bank http://fraserG.sattleosuviilslfee: dG.ouargra/n ty Bank & Trust Co Gonzales: Gonzales State Bank Federal ReGGseoreoresvneev C iBlrleaee:nk Ck: i Ctoiizft eiSznestn. S sL tSaottuea itBse aBnaknk & Trust Co

FEDERAL RESERVE SYSTEM 263 [In thousands of dollars] Invest- Total Loans ments deposits Capital Surplus DISTRICT NO. 11—Continued TEXAS—continued Hamilton: Hamilton Bank & Trust Co 67 63 227 50 21 Iola: Iola State Bank 33 16 55 25 3 Kirkland: First State Bank 44 9 71 25 9 Kosse: First State Bank 35 13 124 30 1 Ladonia: Farmers & Merchants State Bank 29 178 245 25 8 Llano: Moore State Bank 254 71 617 50 29 Loraine: First State Bank 35 35 124 60 Madisonville: Farmers State Bank 74 61 227 25 Matador: First State Bank 198 15 448 38 25 Mathis: First State Bank 85 54 203 45 14 Maypearl: First State Bank 40 23 108 30 McAllen: City State Bank & Trust Co 310 424 1,277 100 Mount Pleasant: Guaranty Bond State Bank 216 53 486 65 5 Naeogdoches: Commercial State Bank 486 435 1,442 100 60 Pearsall: Security State Bank 203 47 310 25 16 Rails: Security State Bank & Trust Co 148 13 375 50 Richardson: Citizens State Bank 106 27 135 35 '"2 Roscoe: Roscoe State Bank 63 112 447 30 15 Rusk: Farmers & Merchants State Bank & Trust Co. 86 139 384 70 2 Shamrock: Farmers & Merchants State Bank 150 45 321 50 14 Shiro: Farmers State Bank 60 7 81 25 10 Silsbee: Silsbee State Bank 156 293 684 40 25 Sinton: Commercial State Bank 183 91 731 50 25 Spearman: First State Bank 124 109 428 25 10 Thorndale: Thorndale State Bank 78 78 237 30 17 Tomball: Guaranty Bond State Bank 180 227 575 35 20 Turkey: Farmers & Merchants State Bank 131 12 166 25 5 Wellington: Wellington State Bank 252 17 281 50 20 Wharton: Security Bank & Trust Co 149 158 709 75 18 360 356 990 100 100 Wharton Bank & Trust Co DISTRICT NO. 12 ARIZONA (See also District No. 11) 75 79 263 25 Buckeye: Buckeye Valley Bank CALIFORNIA 762 188 1,207 50 75 Carmel: Bank of Carmel 549 602 1,469 75 75 Downey: Los Nietos Valley Bank 154 465 644 75 25 Fairfield: Solano County Bank 7,335 2,552 15,155 1,000 250 Long Beach: Farmers & Merchants Bank Los Angeles: 37,685 37,595 100,413 6,000 1,500 California Bank 17,444 14,093 39,503 2,500 1,500 Union Bank & Trust Co 667 658 1,488 150 80 Newman: Bank of Newman 17,909 12,011 40,011 3,800 1,700 Oakland: Central Bank Pasadena: 1,121 3,792 5,571 300 200 Citizens Commercial Trust & Savings Bank 6,127 5,943 15,881 1,000 500 First Trust & Savings Bank 5,027 2,419 9,062 660 245 Salinas: Monterey County Trust & Savings Bank San Francisco: 115,381 101,719 270,615 15,000 4,000 American Trust Co 57,973 144,314 250,773 9,000 5,000 Wells Fargo Bank & Union Trust Co 2,239 1,188 3,187 100 120 San Rafael: Bank of San Rafael 636 48 814 100 60 Santa Paula: Citizens State Bank IDAHO Aberdeen: Bank of Aberdeen 83 92 309 25 5 Arco: Butte County Bank 106 163 454 35 7 Boise: First Security Bank of Idaho 7,956 10,478 28,206 ,165 335 Hazelton: Hazelton State Bank 59 97 258 25 8 Kellogg: First State Bank 179 329 629 50 10 MaladCity: J.N. Ireland & Co., Bankers 148 237 562 40 14 Orofino: Bank of Orofino 137 385 612 25 25 Richfield: First State Bank 64 32 167 25 10 Soda Springs: Largilliere Co., Bankers 140 155 629 25 13 Twin Falls: Twin Falls Bank & Trust Co 1,261 931 3,352 100 OREGON Albany: Bank of Albany 240 339 1,007 15 Beaverton: First Security Bank 78 71 396 5 Dallas: Dallas City Bank 221 248 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 ANNUAL REPORT OF BOARD OF GOVERNORS [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. 12—Continued OREGON—continued Myrtle Point: Security Bank 185 271 839 134 127 342 Oakland: E. G. Young & Co. Bank UTAH 382 418 1,259 115 Brigham: State Security Bank 491 140 687 100 Cedar City: Bank of Southern Utah 408 41 513 75 Ephraim: Bank of Ephraim 158 15 255 50 Gunnison: Gunnison Valley Bank 340 278 1,039 50 Helper: Helper State Bank 345 67 386 50 Kaysville: Barnes Banking Co 821 510 1,821 150 Logan: Cache Valley Banking Co 2,786 1,935 6,276 550 Ogden: Commercial Security Bank 677 450 1,795 100 Price: CarbonEmery Bank 567 376 1,148 125 Provo: Farmers & Merchants Bank 1,160 1,283 25 Salina: First State Bank Salt Lake City: 1,065 685 1,255 250 Tracy Loan & Trust Co 632 1,438 2,772 300 Utah Savings & Trust Co 7,137 12,638 26,447 2,050 Walker Bank & Trust Co Spanish Fork: 328 50 552 50 Bank of Spanish Fork 524 25 681 75 Commercial Bank 605 215 957 75 Springville: Springville Banking Co Vernal: 218 32 283 90 Bank of Vernal 350 132 711 50 Uintah State Bank WASHINGTON Almira: Almira State Bank 112 83 294 50 Cashmere: Cashmere Valley Bank 302 243 703 50 Chehalis: Coff man-Dobson Bank & Trust Co 980 512 2,561 285 Coulee City: Security State Bank 41 34 143 25 Ellensburg: Farmers Bank 812 474 1,593 100 Hoquiam: Bank of Hoquiam 698 389 l!,475 150 Kalama: Kalama State Bank 59 263 358 48 Kelso: Cowlitis Valley Bank 183 467 773 65 Lacrosse: First State Bank 172 45 493 60 Pomeroy: Pomeroy State Bank 149 34 1,342 50 Pullman: Pullman State Bank 461 197 1,045 50 Puyallup: Citizens State Bank 345 319 795 Puyallup iState Bank 279 268 743 50 Ritzville: Ritzville State Bank 88 332 560 30 Rockford: Farmers & Merchants Bank 132 16 221 25 Rosalia: Bank of Rosalia 140 331 617 25 Seattle: Peoples Bank & Trust Co 9,297 4,749 20,247 1,000 Seattle Trust & Savings Bank 3,382 1,747 5,011 550 Selah: Selah State Bank 215 142 458 30 South Bend: Pacific State Bank 154 425 661 60 Spokane: Washington Trust Co 3,460 1,208 7,791 200 Tekoa: Tekoa State Bank 157 253 670 45 Toppenish: Traders Bank 183 140 625 53 Uniontown: Farmers State Bank 56 28 153 25 Wenatchee: Columbia Valley Bank 737 347 1,610 200 Wilbur: State Bank 234 50 512 50 Yakima: Yakima Valley Bank & Trust Co 781 460 1,731 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 265 NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DECEMBER 31, 1936 Number of banks with a capital stock of— States OOJ si' New England: Maine New Hampshire Massachusetts Rhode Island Connecticut Middle Atlantic: New York 120 New Jersey 55 Pennsylvania 77 East North Central: Ohio Indiana Illinois 75 Michigan 106 Wisconsin 23 West North Central: Minnesota Iowa Missouri South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Pacific: Washington Oregon California Total 1,051 149 131 79 109 95 174 92 1 Includes capital notes and debentures and par value of preferred and common stock. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 ANNUAL REPORT OF BOARD OF GOVERNORS CAPITAL STOOK OF STATE MEMBER BAN;KS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DECEMBER 31, 1936 [In thousands of dollars] Aggregate capital stock of banks with a capital stock of— States 8 6 o c New England: Maine 2,761 800 611 1,350 N M e a w ss H ac a h m u p s s e h tt i s re 26,8 1 4 5 8 0 300 150 4,'278" i * 26616,070 5,000 Rhode Island 5,000 5,000 Connecticut 4,609 100 150 300 4,059 Middle Atlantic: New York 416,799 1,600 1,743 8,071 10,715 27,000 169,855 New Jersey. 46,915 1,000 583 4,224 6,738 25,270 9,000 Pennsylvania... 65,508 300 2,319 6,960 6,644 21,851 27,096 East North Central: Ohio 68,531 300 600 1,260 2,350 4,255 11,342 47,300 Indiana 3,415 50 100 150 605 2,470 Illinois 22,993 300 900 1,050 3,513 6,100 6 i 666 Michigan 23,730 375 800 1,784 2,777 3,700 6,500 5,300 Wisconsin 7,340 200 745 900 2,050 3,000 West North Central: Minnesota 552 125 100 Iowa 3,970 175 400 370 905 600 1,000 Missouri 34,074 175 600 380 4,699 3,700 2,000 22,000 South Dakota... 1,075 325 200 200 Nebraska 435 100 100 Kansas 1,100 200 300 260 200 South Atlantic: Delaware 6,79 1,298 5,500 Maryland 9,086 100 325 500 7,461 District of Columbia ,400 6,400 Virginia— 6,256 50 35 300 976 1,100 3,205 West Virginia 5,805 75 200 500 1,790 2,800 North Carolina... 6,163 25 200 188 500 5,200 G So e u o t r h g i C a. a . r .. olina... 6, 4 4 0 8 0 0 1 2 2 5 5 4 1 0 0 0 0 '366 2 7 0 8 0 0 1,550 3,000 Florida 30 100 550 East South Central: Kentucky 5,775 25 200 150 600 1,800 3,000 Tennessee 1,075 50 400 625 Alabama 3,120 200 75 150 205 120 2^370 Mississippi 75 75 West South Central: Arkansas 1,185 100 200 675 Louisiana 3,660 50 1,300 2,250 Oklahoma 100 50 Texas 3,773 398 625 500 150 1,000 Mountain: Montana 2,389 110 400 249 280 1,100 Idaho 1,515 100 1,165 Wyoming.... 325 200 Colorado..... 1,07, 75 100 350 500 New Mexico., 155 Arizona.. 275 250 Utah 4,330 250 315 200 390 550 550 2,050 Pacific: Washington., 3,616 100 153 328 100 150 935 550 1,000 Oregon... ... 245 70 California 39,810 150 '200 150 366 8,300 30,000 Total. 856,371 3,725 3,111 550 5,491 10,900 13,266 48,853 58,211 187,713 518,551 1 Includes capital notes and debentures and par value of preferred and common stock. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 267 DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF CAPITAL STOCK,1 DECEMBER 31, 1936 [In thousands of dollars] Total deposits of banks with a capital stock of— States O Oi Total §5 ~O3 New England: Maine 31,927 9,482 8,230 14,215 New Hampshire 1,370 1,370 Massachusetts... 363,429 5,574 66,632 11,913 279,310 Rhode Island 144,107 144,107 Connecticut 65,343 1,849 1,372 3,655 58,467 Middle Atlantic: New York 8,150,933 480 706 3,088 3,711 21,953 19,302 99,179181,585 369,864 7,451,065 New Jersey 573,243 1,042 13,074 6,478 62,679 75,056 266,828 148,086 Pennsylvania 1,263,573 '263 '594 792 3,565 20,519 80,479 67,705 589,681 498,552 EastNorth Central: Ohio 849,440 4,874 2,930 5,5 5,167 8,579 16,530 22,351 52,894 122,822 607,695 Indiana 46,448 375 454 1,036 1,333 5,661 37,589 Illinois 773,142 3,643 1,509 11,458 3,323 13,688 13,234 63,793 90 ^029 353,099 219^366 Michigan 376,240 4,764 7,4""3"5" 10,57511,439 13,492 25,148 32,605 45,601 92,136 133,045 Wisconsin 94,481 342 2,190 3,627 2,098 8,514 8,584 25,531 43,595 WestNorthCentral Minnesota 8,624 1,547 3,025 731 1,015 2,306 Iowa 84,587 1,650 7,703 1,109 7,219 8,932 12,025 24,540 18,920 Missouri 560,925 2^460 1,303 2,638 2,612 8,120 4,196 50,742 43,902 13,703 431,249 South Dakota 12,817 4,502 551 1,059 2,372 2,493 1,840 Nebraska 5,193 1,171 3,013 1,009 Kansas 17,902 2,616 386 1,456 7,763 2,813 South Atlantic: Delaware 104,170 11,795 92,375 Maryland 123,387 702 4,013 9,935 5,694 103,043 District of Columbia 87,269 87,269 Virginia 89,459 1,022 4506,852 1,812 3,570 9,531 14,975 51,247 West Virginia.... 65,601 803 1,275 3,005 2,091 7,009 12,928 38,490 North Carolina.. 155,982 522 3,560 2,663 9,299 139,289 South Carolina.. 9,982 717 1 * 653 1,371 6,241 Georgia 59,342 1,084 2,537 337 3,271 1,769 6,200 10,947 33,197 Florida 11,985 652 10,341 East South Central: Kentucky 53,7 270 3,322 1,513 4,526 24,980 19,179 Tennessee 15,795 1,012 4,347 10,436 Alabama 36,671 2,122 1,051 1,376 3,661 1,448 Mississippi 1,484 1,484 West South Central: Arkansas 20,791 937 1,010 1,382 2,480 14,982 Louisiana 45,584 532 845 12,047 32,160 Oklahoma 1,067 641 426 Texas 48,91 1,927 3,240 5,603 5,125 6,525 593 2,397 3^507 Mountain: Montana 38,069 2,603 1,8 4721 1,230 1,717 3,571 19,600 Idaho 35,178 1,975 1,016 6291 3,352 28,206 Wyoming. . . 4,220 1,255 2,490 475| Colorado 24,205 l,192l 9711^262 4,958 15,822 New Mexico. 1,859 "'93 si? 1,449 Arizona 8,370 263 8,107 Utah 50,119 1,283 2,943 2,433 2,482 4,228 4,027 'o\276 26,447 Pacific: Washington. 53,185 1,135 2,046 4,639 3,347 1,593 1,475 13,692 5,011 20,247 Oregon 3,467 1,235 1,890 342 California... 755,793 1,207 2,113 4,001 1,4 5,571 9,062 110,550 621,801 Total.. 15,329,465 49,395 38,27184,115 62,452 160,822153,183 632,272 801,5413,236,555 10,110,859 1 Includes capital notes and debentures and par value of preferred and common stock. For the purposes of membership, the law provides that "capital" and "capital stock" shall include capital notes and debentures purchased by the Reconstruction Finance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 ANNUAL REPORT OF BOARD OF GOVERNORS NUMBER OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, DECEMBER 31, 1936 Number of banks with total deposits of— States SB Total II 8.8' Si 8.8 New England: Maine New Hampshire Massachusetts Rhode Island Connecticut Middle Atlantic: New York 120 New Jersey 55 Pennsylvania. 77 East North Central: Ohio 75 Indiana 8 Illinois 75 Michigan 106 Wisconsin 23 West North Central: Minnesota Iowa Missouri South Dakota.... Nebraska Kansas South Atlantic:: Delaware Maryland District of Columbia.... Virginia. West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi: West South Central: Arkansas Louisiana. „ Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado.... New Mexico. Arizona Utah Pacific: Washington. Oregon California... Total. 1,051 67 178 131 177 174 191. 1 Trust company member with no deposits (has no banking department). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 269 TOTAL DEPOSITS OF STATE MEMBER BANKS, CLASSIFIED ACCORDING TO SIZE OF TOTAL DEPOSITS, DECEMBER 31. 1936 Sin thousands of dollars] Aggregate deposits of banks with total deposits of— ,1 States go Sfc §3 NewEngland: Maine 31,927 1,974 7,508! 22,445 New Hampshire 1,370 I 1,370 Massachusetts 363,429 691 29,727i 239,352 93,659 Rhode Island 144,107 23,364 120,743 Connecticut 05,343 3.221 3,655! 58,467 Middle Atlantic: New York 8,150.931 453 1,056 3.425 5,609 25,595 75,15' 411,446 7,626,293 New Jersey 573,245 841 62812,462 14,519 54,895 280,330 219,570 Pennsylvania 1.203,5721 1,040 4,362 3,347 18,524 64,230 293,139 877,930 I East North Central: i M O I I l n l h i i d c i n o i h o a i i n g s a an 8 3 7 4 4 7 7 1 6 6 3 ) , , , , 4 2 1 4 4 4 4 4 9 1 1 3 1 1 1 , , 0 0 8 3 9 9 7 7 1 6 5 3 4 9 2 . . , 2 8 5 4 9 2 5 5 2 4 8 4 1 1 7 7 0 , , , ' 5 0 4 0 8 9 9 7 3 3 9 6 , , , 4 5 7 5 9 5 2 3 4 1 ) J 3 2 1 0 2 6 9 , , , . 3 4 3 1 5 8 7 7 6 1 1 0 3 3 4 9 5 4 5 , , , , 4 6 5 2 7 6 0 5 9 1 1 4 ] 1 1 1 3 3 4 6 7 7 3 3 , , , , 5 7 2 8 8 3 3 8 9 7 2 7 5 6 1 5 0 3 3 7 3 , , , 6 3 0 9 6 4 5 5 5 Wisconsin 94,482I 9081 676 1,879 12,932' 13,610] 64,477 W est North Central: Minnesota 8,625, 2,365: 2,740 1,015: 2,3061 Iowa 84,587 2,586 1,188 3,591 8,330 14,651 53,952 Missouri 560,92o! 3,763 3,017 4,530! 7,394! 52,781 58,191, 431,249 youth Dakota 12,817 90 1,288| 2,781 1,835 845 5,998! Nebraska 5,192i 201 2,776 1,2061 1,009] Kansas 17,901 379! 2,372 509 3,065' 9,631 South Atlantic: Delaware 104,170 2,323 26,689 75,158 D M i a s r t y ri l c a t n o d f Columbia. 1 8 2 7 3 , , 2 3 6 8 9 9 ' 2231 2,733 2,395 1 3 1 5 7 , , 1 5 3 5 9 9 "52J30 Virginia 89,458 2,048 2,718 2,585 i 2,331 10,721 51,247 West Virginia 65,599! 201 1,636|1,416 2,578i 2,844 7,009 49,915 North Carolina 155,982 1,171 4,819 2,663 8,040 139/289 South Carolina 9,982 717 3,024 6,241 Georgia 59,344 1,994 3,047 1,769 5,099 7,126 39,814 Florida 11,985 6521 992 4,895 5,446 East South Central: Kentucky 53,790 270| 4.394 13,694 35,432 Tennessee 15,795 383 629' 1,838) 2,509 10,436 Alabama 36,672 '561 "9" 95 1,317 1,273 1,704 4,314 27,013 Mississippi 1,484 7461 7381 West South Central: Arkansas 20,790| 401 1,091 8261 1,010 2,480 14,982 Louisiana 45,584 532 845 2,712! 41,495 Oklahoma 1,068 1,068 Texas 48,917 207 2,653 5,937 5,083 U879 7,254 2^397 '23*; 507 Mountain: Montana 38,069i 6561 l,803j3,224 1,717 11,069 19,600 Idaho 35,179 167 1,021 2,433 3,352 28,206] Wyoming 4,220! 12812,141 1,951 Colorado 24,205 971 4^958 15,822 New Mexico 1,859 93 "317 '"696 753 Arizona 8,370 263! 8,107 Utah 50.120 924 3,144 9,600 2,772 32,723 Pacific: Washington 53,185 518 1,603 5,090 1,568 8,796 2,561 33,049 Oregon 3,469 739 1,723 1,007' California 755,793 "644 814 4,164! 3,187 125', 183 621,801 Total i15,329,477I 53312,26065,606 81,615 65,601254.4821543,4792,702,72711,603,174 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 ANNUAL REPORT OF BOARD OF GOVERNORS 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 INO. 1—Continued CONNECTICUT MAINE (See also District No. 2) Augusta: First National GraniteBank.. 1 to 9. Bangor: Merchants National Bank 1 to 9. Ansonia: Ansonia, National Bank 1 to 9. Bar Harbor: First National Bank 1 to 4. Canaan: Canaan National Bank 1 to 9. Bath: Danielson: Windham County Na- 1 to 9. Bath National Bank 1 to 8. tional Bank. First National Bank 1 to 8. Derby: Birmingham National Bank... 1 to 9. Belfast: First National Bank 1 to 9. Hartford: Biddeford: First National Bank 1 to 9. Capitol National Bank & Trust 1 to 9. Camden: Camdon National Bank 1 to 9. Co. Damariscotta: First National Bank.... 1, 2, 3, 5, First National Bank 1 to 9. and 6. Hartford National Bank & Trust 1 to 9. Ellsworth: Liberty National Bank in 1 to 9. Co. Ellsworth. Meriden: Home National Bank 1 to 9. Farmington: Middletown: First National Bank 1 to 9. CentreJ National Bank Ito9. Peoples National Bank .1 to 3, and 5. Middletown National Bank 1 to 9. Houlton: FirstNationalBank I to 5, and 9. Mystic: Mystic River National Bank.. 1 to 9. Lewiston: Naugutuck: Naugatuck National 1 to 9. First National Bank 1 to 9. Bank. Manufacturers National Bank I to 5, and 9. New Britain: New Britain National Ito9. Norway: Norway National Bank I, 2, and 3. Bank. Pittsfield: FirstNationalBank 1 to 9. New Haven: Portland: First National Bank & Trust Co... 1 to 8. • CanalNational Bank L to 9. New Haven Bank, N. B. A 1 to 9. First National Bank at Portland... 1 to 7 and 9. Second National Bank 1 to 9. National Bank of Commerce 1 to 9. Tradesmens National Bank 1 to 9. Portland National Bank 1 to 9. New London: Presquelsle: NorthernNationalBank.. 1,2 and 3. National Bank of Commerce 1 to 9. Rockland: FirstNationalBank 1 to 9. National Whaling Bank 1 to 9. Rumford: Rum ford National Bank 1 to 9. New London City National Bank. 1, 2, 3, 5, 7, Saco: York National Bank 1 to 9. and 8. Skowhegan: FirstNationalBank 1 to 9. NewMilford: First National Bank 1 to 9. Springvale: Springvale National Bank . 1 to 9. Norwich: Uncas-Merchants National Ito8. Thomaston:ThomastonNationalBank. 1 to 3, 5, 8, Bank. and 9. Putnam: Citizens National Bank 1 to 9. Waldoboro: MedomabNational Bank.. 1 to 3, 5 to 7, Torrington: TorringtonNational Bank 1 to 9. and 9. & Trust Co. Waterville: FirstNationalBank Ito9. Wallingford: First National Bank 1 to 9. Waterbury: MASSACHUSETTS Citizens and Manufacturers Na- 1 to 9. . tionalBank. Abington: Abington National Bank Waterbury National Bank 1 to 9. Adams: Willimantic: Windham National Bank 1 to 9. First National Bank 1 to 8. Digitized f W or in F st R ed A : S H E u R rl but National Bank Ito9. Graylock National Bank 1 to 7 and 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 271 Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 1—Continued MASSACHUSETTS—continued MASSACHUSETTS-continued Amherst: FirstNationalBank 1 to 9. Orange: Orange National Bank 1 to 9. Andover: Andover National Bank 1 to 9. Palmer: Palmer National Bank 1 to 9. Athol: First National Bank 1 to 9. Peabody: Warren National Bank 1 to 9. Attleboro: First National Bank 1 to 9. Pittsfield: Beverly: Beverly National Bank 1 to 9. Agricultural National Bank 1 to 9. Boston: Pittsfield-Third National Bank & 1 to 7 and 9. FirstNational Bank 1 to 9. Trust Co. Merchants National Bank 1 to 9. Plymouth: Plymouth National Bank.. 1 to 5. National Rockland Bank 1 to 9. Provincetown: FirstNationalBank 1 to 9. National Shawmut Bank 1 to 9. Rockport: Rockport National Bank 1 to 4. Second National Bank 1 to 9. Salem: Merchants National Bank 1 to 9. Webster & Atlas National Bank.... 1 to 9. Shelburne Falls: Shelburne Falls Na- 1 to 7 and 9. Brockton: tional Bank. Brockton National Bank 1 to 9. Somerville: SomervilleNationalBank.. 1 to 9. Home National Bank 1 to 9. Southbridge: Southbridge National 1 to 9. Concord: Concord National Bank 1 to 9. Bank. Edgartown: Edgartown National Bank. 1 to 3. Springfield: Everett: Springfield National Bank 1 to 9. Everett National Bank 1 to 9. Third National Bank & Trust Co... 1 to 9. Middlesex County National Bank.. 1 to 9. Tisbury: Martha's Vineyard National 1 to 8. Fall River: Fall River National Bank... 1 to 9. Bank. Falmouth: Falmouth National Bank... 1 to 9. Townsend: Townsend National Bank.. 1 to 3. Fitchburg: Safety Fund National Bank. 1 to 9. Uxbridge: Blackstone National Bank... 1 to 4. Foxboro: Foxboro National Bank 1 to 9. Waltham: Waltham National Bank.... 1 to 7 and 9. Framingham: Framingham National 1 to 9. Wareham: National Bank ofWareham. 1 to 9. Bank. Watertown: Union Market National 1 to 9. Gardner: FirstNationalBank 1 to 9. Bank. Gloucester: Webster: FirstNational Bank 1 to 9. Cape Ann National Bank 1 to 9. Wellesley: Wellesley National Bank.... 1 to 9. Gloucester National Bank 1 to 9. Westfield: Great Barrington: National Mahaiwe 1 to 9. FirstNational Bank 1 to 8. Bank. Hampden National Bank & Trust 1 to 7 and 9. Greenfield: First National Bank & 1 to 9. Co. Trust Co. Williamstown: Williamstown National 1 to 9. Haverhill: Bank. Haverhill National Bank 1 to 9. Winchendon: FirstNational Bank 1 to 9. Merrimack National Bank 1 to 4. Winchester: WinchesterNationalBank. 1 to 9. Holyoke: Holyoke National Bank 1 to 9. Woburn: WoburnNationalBank 1 to 3, 6, 7, Hudson: Hudson National Bank. 1 to 9. and 9. Hyannis: Barnstable County National 1 to 9. Worcester: MechanicsNationalBank... 1 to 9. Bank. Yarmouthport: First National Bank 1 to 9. Ipswich: FirstNationalBank 1 to 9. of Yarmouth. Lawrence: Bay State Merchants Na- 1 to 9. tional Bank. NEW HAMPSHIRE Leominster: Merchants National Bank. 1 to 7 and 9. Lowell: Berlin: Berlin City National Bank 1. Appleton National Bank 1 to 9. Charlestown: Connecticut River Na- 1 and 4. Union Old Lowell National Bank... 1 to 9. tionalBank. Lynn: Claremont: Central National Bank 1 to 8. Claremont National Bank 1, 2, 4, 6, 7, Manufacturers National Bank 1 to 9. and 9. National City Bank 1 to 5 and 7. Peoples National Bank 1. Maiden: Concord: FirstNational Bank 1 to 9. FirstNationalBank 1 to 9. Marblehead: National Grand Bank 1 to 9. Mechanicks National Bank 1, 2, 4, 6, 7, Marlboro: and 9. First National Bank 1 to 4. National State Capital Bank 1, 2, and 4. Peoples National Bank 1 to 9. Dover: Medford: FirstNational Bank 1,2, 3 and 5. Merchants National Bank 1 to 3. Methuen: Methuen National Bank Ito8. Straff ord National Bank 1 to 4. Milford: Exeter: RockinghamNational Bank 1, 2, and 4. Home National Bank 1 to 4. Franklin: Franklin National Bank 1, 2, and 9. MilfordNationalBank &TrustCo.. 1 to 9. Hanover: Dartmouth National Bank... 1,2,4, and 9. Nantucket: Pacific National Bank 1 to 9. Keene: Needham: Needham National Bank.... 1 to 9. Ashuelot-Citizens National Bank.. 1 and 4. New Bedford: Keene National Bank 1 to 4. FirstNational Bank 1 to 9. Laconia: Merchants National Bank 1 to 9. Laconia National Bank 1, 2, and 4. Safe Deposit National Bank 1 to 9. Peoples National Bank 1 and 4. Mewburyport: Lancaster: Lancaster National Bank.... 1,2,4, and 9. First and OceanNationalBank 1 to 9. Lebanon: NationalBank of Lebanon... 1, 2, 4, 6, 7, Merchants National Bank 1 to 8. and 9. Newton: Newton National Bank 1 to 9. Manchester: North Adams: North Adams National 1 to 9. Amoskeag National Bank 1, 2, and 4. Bank. Manchester National Bank 1. North Attleboro: Manufacturers Na- 1 to 9. Merchants National Bank 1, 4, and 9. tional Bank. Milford: SouheganNational Bank 1 and 4. Northampton: Nashua: N Fi o r r s t t h N a a m ti p o t n o a n l B N a a n t k ional Bank & 1 1 t to o 9 9 . . IndianHeadNationalBank 1 a to n d 4 9 f . 6, 7, Trust Co. SecondNationalBank 1,2, and 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 1—Continued DISTRICT NO. 2 -Continued NEW HAMPSHIRE—continued CONNECTICUT-continued Newport: CitizensNationalBank 1, 2, 4, 6, 7, Stamford: First Stamford National 1 to 9. and 9. Bank & Trust Co. Peterborc: First National Bank 1, 4, and 9. Plymouth: Pemigewasset National 1 and 4. NEW JERSEY Bank. Portsmouth: (See also District No. 3) First National Bank 1, 2, 4, 6, 7, and 9. Allendale: FirstNationalBank 1 to 9. New Hampshire National Bank 1 and 9. Allenhurst: Allenhurst National Bank 1 to 9. Tilton: CitizensNationalBank 1 and 2. & Trust Co. Wilton: Wilton National Bank 1, 2, 4, 0, 7, Allentown: Farmers National Bank 1 to 9. and 9. Asbury Park: Asbury Park National to 9. Wolfeboro: WolfehoroNationalBank... 1 and 4. Bank & Trust Co. Atlantic Highlands: Atlantic High- to 8. RHODE ISLAND lands National Bank. Bayonne: Broadway National Bank... . i to y. Newport: Belleville: Peoples National Bank & 1 to 9. Aquidneck National Bank 1 to 9. Trust Co. Newport National Bank 1 to 9. Bergenfield: Bergenfield National Bank to 9. Providence: & Trust Co. Blackstone Canal National Bank... 1 to 9. Bernardsville: Bernardsville National 1 to 9. National Bank of Commerce & Ito9. Bank. Trust Co. Boonton: Boonton National Bank 1 to 9. Providence National Bank 1 to 9. Boundbrook: FirstNationalBank 1 to 9. Butler: FirstNational Rank 1 to 9. VERMONT Caldwell: Caldwell National Bahk 1 to 9. Barre: Peoples National Bank 1 to 9. Citizens National Bank & Trust 1 to 8. Bennington: Co. County National Bank 1 to 9. CliffsidePark: United National Bank... Ito9. First National Bank 1 to 9. Clifton: Brandon: First National Bank 1 to 4. CliftonNationalBank Ho 9. Brattleboro: VermontPeoplesNational 1 to 9. FirstNationalBank I to 9. Bank. Closter: ClosterNationalBank & Trust 1 to 9. Burlington: Howard National Bank & 1 to 8. Co. Trust Co. Cranbury: FirstNational Bank 1 to 9. Chester: National Bank of Chester 1,2, 3, and 5. C ran ford: FirstNationalBank 1 to 9. Danville: CaledoniaNationalBank 1 to 9. Dover: National Union Bank 1 to 9. Derby Line: National Bank of Derby 1 to 3, 5, and Dunellen: FirstNational Bank 1 to 9. Line. 9. Elizabeth: National State Bank 1 to 7 and 9 Enosburg Falls: Enosburg Falls Na- 1, 2, 3, 5, 6, Englewood: CitizensNationalBank & 1 to 9. tional iBank. and 7. Trust Co. Manchester Center: Factory Point Na- 1 to 9. Flemington: Flemington National 1 to 9. tional Bank. Bank & Trust Co. Middlebury: National Bank of Mid- 1 to 9. Freehold: dlebury. Central National Bank 1 to 9. Montpelier: FirstNationalBank 1 to 9. FirstNationalBank 1 to 4. FrenchtowTn: UnionNationalBank 1 and 4. Montpelier National Bank 1 to 9. Hacksensack: Newport: National Bank of Newport 1 to 7 and 9. Bergen County National Bank 1 to 9. Northfield: Northfield National Bank... 1 to 9. CityNationalBank & Trust Co.... 1 to 9. Rutland: Hackettstown: Clement National Bank 1 to 3, 5 to 7. HackettstownNationalBank 1 to 9. Rutland County National Bank.... 1 to 9. Peoples National Bank 1 to 9. St. Albans: Welden National Bank in 1 to 9. Hamburg: HardystonNational Bank... 1 to 8. St. Albans. Highland Park: FirstNationalBank.... 1 to 9. St. Johnsbury: Hillside: Hillside National Bank 1 to 9. FirstNational Bank 1 to 6 and 9. Irvington: Merchants National Bank 1 to 8. Irvington National Bank 1 to 9. Springfield: FirstNationalBank 1 to 5. Peoples National Bank & Trust Windsor: Windsor County National 1 to 3, 5 to 9. Co. 1 to 9. Bank. Jersey City: First National Bank 1 to 9. DISTRICT NO. 2 Franklin National Bank 1 to 7 and 9 Hudson County National Bank 1 to 9. CONNECTICUT Kearny: FirstNationalBank & Trust 1 to 9. Uo. (See also District No. 1) Lambertville: Amwell National Bank 1 to 9. Bridgeport: First National Bank & 1 to 9. Lambertville National Bank 1 to 9. Trust Co. Little Falls: Little Falls N ational Bank. 1 to 9. Danbury: Madison: FirstNationalBank 1 to 9. City National Bank & Trust Co... 1 to 9. Manasquan: Manasquan National 1 to 9. Danbury National Bank 1 to 9. Bank. Greenwich: FirstNationalBank in.... 1 to 9. Millburn: FirstNationalBank 1 to 9. New Canaan: First National Bank & 1 to 9. Mill town: FirstNationalBank 1 to 9. Trust Co. Montclair: First National Bank & 1 to 9. Norwalk: National Bank of Norwalk... 1 to 9. Trust Co. Ridgefield: First National Bank & 1 to 9. Morristown: Trust Co. First National Bank 1 to 9. SouthNorwalk: CityNationalBank... 1 to 9. 1 National Iron Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 273 Powers Powers granted granted DISTRICT NO. 2 Continued DISTRICT NO. 2- ontinucrf NEW JERSEY—continued NEW YORK—continued Newark: Baldwin: Baldwin National Bank & 1 to 9. Lincoln National Bank 1 to 9. Trust Co. Mount Prospect National Bank 1 to 9. Baldwinsville: First National Bank & 1 to 9. JN ational Newark & Essex Banking 1 to 9. Trust Co. Co. Ballston Spa: Ballston Spa National 1 to 9. National State Bank 1 to 9. Bank. Union National Bank 1 to 9. Batavia: First National Bank 1 to 9. New Brunswick: Bath: Bath National Bank 1 to 9. National Bank of New Jersey 1 to 9. Bay Shore: First National Bank & 1 to 9. Peoples National Bank 1 to 9. Trust Co. Newton: Sussex ArMerchantsNational I to 9. Beacon: Bank. Fishkill National Bank 1 to 9. N utley: Matteawan National Bunk of 1 to 9. First National Bank 1 to 9. Beacon. Franklin National Bank 1 to 9. Ringhamton: Orange: CityN ational Bank 1 to 9. Orange-First National Bank 1 to 9. First National Bank 1 to 9. Second National Bank 1 to 9. Bridgehampton: Bridgehampton Na- Ho 9. Passaic: PassaiclN ational Bank & Trust 1 to 9. tional Bank. Co. Bronxville: Gramatan National Bank 1 to 9. Paterson: & Trust Co. First National Bank 1 to 9. Camden: First National Bank & Trust 1 to 9. National Bank of America in Pat- 1 to 9. Co. erson. Canajoharie: Canajoharie National 1 to 9. Paterson National Bank 1 to 9. Bank. Second National Bank I to 9. Canandaigua: Canandaigua National 1 to 9. Perth Amboy: Bank & Trust Co. First National Bank 1 to 9. Canton: Perth Amboy National Bank 1 to 9. First National Bank 1 to 9. Phillipsburg: St. Lawrence County National Phillipsburg National Bank & 1 to 8. Bank. 1 to 3, 5 to 8. Trust Co. Carmel: Putnam County National Second National Bank 1 to 9. Bank. 1 to 9. Plainfield: Carthage: CarthageNationalExchange First National Bank 1 to 9. Bank. 1 to 9. Plainfield National Bank 1 to 9. Catskill: Catskill National Bank & Poinpton Lakes: First National Bank 1 to 8. Trust Co. 1 to 8. & Trust Co. Cazenovia: Cazenovia National Bank.. 1 to 9. Prospect Park: Prospect Park National Cedarhurst: PeninsulaNationalBank.. 1 to 9. Bank. Central Square: First National Bank... Ito9. Rahway: Rahway National Bank 1 to 9. Central Valley: Central Valley National 1 to 9. Ramsey: First National Bank & Trust 1 to 9. Bank. Co. Clayton: FirstNationalExchangeBank. 1 to 9. Red Bank: Second National Bank & 1 to 9. Clyde: Briggs National Bank & Trust 1 to 9. Trust Co. Co. Ridgewood: Citizens First National Cohoes: National Bank of Cohoes Bank & Trust Co. Cooperstown: Roselle: First National Bank 1 to 9. First National Bank 1 to 9. Rutherford: Rutherford National 1 to 9. Second National Bank 1 to 8. Bank. Corning: First National Bank & Trust 1 to 8. Sayreville; First National Bank 1 to 8. Co. Somerviile: Second N ational Bank 1 to 4. Cortland: First National Bank of Cort- South Amboy: First National Bank.... 1 to 9. land. South River: First National Bank 1 to 9. Cuba: Summit: First National Bank & Trust 1 to 9. Cuba National Bank 1 to 9. Co. First National Bank 1 to 9. Sussex: Farmers National Bank 1 to 5. Delhi: Delaware National Bank 1 to 9. Tenafly: Northern Valley National 1 to 9. Dolgeville: First National Bank 1 to 9. Bank. Dover Plains: Dover Plains National 1 to 9. Union City: First National Bank 1 to 9. Bank. Washington: First National Bank 1 to 9. Dunkirk: Weehawken: Hamilton National Bank. 1 to 9. Lake Shore National Bank 1 to 9. Westfield: National Bank ofWestfield.. 1 to 9. Merchants National Bank 1 to 8. W est Orange: First N ational Bank 1 to 9. East Rockaway: East Rockaway Na- 1 to 9. Westwood: First National Bank 1 to 9. tional Bank & Trust Co. Edwards: EdwardsNational Bank 4. NEW YORK Ellenville: FirstlNationalBank & Trust Co. 1 to 9. Albany: Elmira: First National Bank & Trust National Commercial Bank & 1 to 8. Co. 1 to 9. Trust Co. Fairport: Fairport National Bank & New York State National Bank 1 to 9. Trust Co. 1 to 9. Amityville: First National Bank & 1 to 9. Farmingdale: First National Bank 1 to 9. Trust Co. Far Rockaway: National Bank of Far 4. Amsterdam: Rockaway. Amsterdam City National Bank 1 to 3, 5 to 8. Floral Park: First National Bank & 1 to 9. Farmers National Bank 1 to 9. Trust Co. First National Bank 1 to 9. Fonda: National Mohawk River Bank.. Ito8. Auburn: TheN ational Bank of Auburn. 1 to 9. Fort Plain: Fort Plain National Bank.. 1 to 9. Babylon: Babylon National Bank & 1 to 9. Frankfort: Citizens FirstN ational Bank Ito9. Trust Co. Fredonia: National Bank of Fredonia.. 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 2—Continued NEW YORK—continued NEW YORK—continued Freeport: NewRochelle: First National Bank 1 to 9. Citizens National Bank 1 to 9. New York: First National Bank & Trust Co.... 1 to 9. Chase National Bank 1 to 9. Fulton: Citizens National Bank & 1 to 9. CommercialNationalBank & Trust 1 to ft. Trust Co. Co. Geneseo: GeneseeVailevNationalBank 1 to 9. Dunbar National Bank 1 to 9. & Trust Co. First National Bank i to e. Glens Falls: Fort Greene National Bank 1 to 9. FirstNational Bank 1 to 9. Grace National Bank 1 to 9. Glens Falls National Bank & Trust 1 to 9. Kingsboro: NationalBank of Brook- 1 to 9. Co. lyn in New York. G lover sville: Lafayette: NationalBank of Brook- 1 to 4i. City National Bank & Trust Co 1 to 9. lyn in New York. Fulton County National Bank & 1 to 9. National City Bank 1 to 9. Trust Co. National Safety Bank & Trust Co. 1 to 9. Goshen: National Bank of Orange 1 to 9. Peoples National Bank of Brook- 1 to 9. County. lyn in New York. Granville: Washington County Na- 1 to 5. PublicNationalBank &Trust Co.. 1 to 9. tional Bank. Sterling National Bank & Trust Co. 1 to 9. Groton: First National Bank 2 and 3. Northport: First National Bank & 1 to 9. Hampton Bays: Hampton Bays Na- 1 to 9. Trust Co. tional Bank. Norwich: Hancock: First National Bank 1 to 9. Chenango County National Bank 1 to 8. Haverstraw: NationalBank &TrustCo. 1 to 9. & Trust Co. Hempstead: SecondNationalBank 1 to 9. National Bank & Trust Co 1 to 9. Hoosick Falls: Peoples First National 1 to 9. Nyack: Nyack National Bank & Trust 1 to 9. Bank. Co. Hudson: Olean: Farmers National Bank 1 to 9. Exchange National Bank 1 to 9. First National Bank & Trust Co 1 to 9. First National Bank 1 to \). Hudson Falls: Oneida: Oneida Valley National Bank.. 1 to y. Peoples National Bank 1 to 9. Oneonta: Sandy Hill National Bank 1 to 9. CitizensNationalBank & Trust Co. 1 to 1). Huntington: First National Bank & 1 to 9. Wilbur National Bank 1 to H. Trust Co. Ossining: First National Bank & Trust 1 to !}. Ilion: Co. Ilion National Bank & Trust Co 1 to 9. Oswego: First & SecondNational Bank 1 to 9. Manufacturers National Bank 1 to 9. & Trust Co. Irvington: Irvington National Bank & 1 to 9. Ovid: First National Bank 4. Trust Co. Owego: Islip: FirstNational Bank 1 to 9. First National Bank 1 to 9. Ithaca: FirstNational Bank 1 to 9. Owego National Bank. 1 to 9. Jamestown: National Chautauqua 1 to8. Pearl River: First National Bank & 1 to 9. County Bank. Trust Co. Kingston: Peekskill: FirstNational Bank of Rondout Ito9. Peekskill National Bank & Trust 1 to 9. National Ulster County Bank 1 to 9. Co. Rondout National Bank 1 to 9. Westchester County National Bank. 1 to 9. State of New York National Bank.. 1 to 9. Perry: FirstNational Bank 1 to 9. Liberty: Sullivan County National 1 to 9. Plattsburg: Bank. MerchantsNationalBank in Platts- 1 to 9. Little Falls: Little FallsNational Bank. 1 to 9. burg. Lockport: Niagara County National 1 to 9. Plattsburg National Bank & Trust 1 to 5, 7 to 9. Bank & Trust Co. Co. Lowville: Black River National Bank... 1 to 9. Pleasantville: First National Bank 1 to 9. Lynbrook: Port Chester: First National Bank & 1 to 9. Lynbrobk National Bank & Trust Ito9. Trust Co. Co. Port Henry: CitizensNationalBank.... 1 to 9. PeoplesNationalBank &TrustCo.. 1 to 9. Port Jervis: Malone: FarmersNationalBank 1 to 9. FirstNational Bank Ito9. Manhasset: First National Bank & 1 to 9. NationalBank & Trust Co. of Port 1 to 9. Trust Co. Jervis. Massena: First National Bank & Trust 1 to 9. Port Richmond: Staten IslandNational 1 to 9. Co. Bank & Trust Co. Mattituck: Mattituck NationalBank 1 to 9. Port Washington: Port Washington 1 to 9. & Trust Co. NationalBank & Trust Co. Merrick: FirstNational Bank 1 to 9. Potsdam: CitizensNationalBank 1 to 9. Middletown: Poughkeepsie: First Merchants National Bank & Ito9. Fallkill National Bank & Trust Co.. 1 to 9. Trust Co. Farmers &ManufacturersNational Ito9. NationalBank of Middletown 1 to 9. Bank. Mineola: FirstNational Bank 1 to 9. FirstNational Bank 1 to 9. Monti cello: National Union Bank of 1 to 9. Merchants National Bank & Trust 1 to 9. Monti cello. Co. Morristown: FrontierNationalBank 4. Red Hook: FirstNational Bank 1, 2, and 3. Mount Kisco: Mount Kisco National 1 to 9. Richfield Springs: First Na tional Bank. 1 to 9. Bank & Trust Co. Riverhead: Suffolk County National 1 to 9. Mount Verno.n: FirstNational Bank Ito8. Bank. Newburgh: Rockville Center: Nassau County Na- 1 to 9. Highland QuassaickNationalBank 1 to 9. tional Bank. Digitized for FR&A STrEuRst Co. Rome: FarmersNationalBank & Trust 1 to 9. National Bank of Newburgh Ito9. Co. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEEAL RESERVE SYSTEM 275 Powers Powers granted granted DISTRICT NO. 2—Continued DISTRICT NO. 3—Continued NEW YORK—continued DELAWARE—continued Roscoe: FirstNationalBank & Trust Ito9. Seaford: First National Bank 1 to 8. Co. Smyrna: Roslyn: RoslynNationalBank & Trust 1 to 9. Fruit Growers National Bank & 1 to 9. Co. Trust Co. Rye: Rye National Bank 1 to 9. NationalBank of Smyrna 1 to 9. St. Johnsville: FirstNationalBank 1 to 9. Wilmington: Saranac Lake: Adirondack National 1 to 9. CentralNationalBank 1 to 9. Bank & Trust Co. Union National Bank 1 to 9. Saratoga Springs: Saratoga National 1 to 9. Bank. NEW JERSEY Saugerties: FirstNationalBank & Trust Ito9. Co. (See also District No. 2) Scarsdale: Scarsdale National Bank & 1 to 9. Trust Co. Abescon: FirstNationalBank Ito9. Schenectady: Atlantic City: Boardwalk National 1 to 9. Mohawk National Bank 1 to 9. Bank. Union National Bank 1 to 9. Audubon: Audubon National Bank 1 to 9. Sidney: FirstNationalBank in Sidney 1 to 9. Barnegat: First National Bank 1 to 9. Silver Creek: Silver Creek National 1 to 9. Beach Haven: Beach Haven National Ito9. Bank. Bank & Trust Co. Skaneateles: National Bank & Trust 1 to 9. Beverly: FirstNationalBank & Trust Ito9. Co. Co. Southampton: FirstNationalBank.... 1 to 8. Blackwood: First National Bank & 1 to 9. Spring Valley: FirstNationalBank 1 to 9. Trust Co Springville: Citizens National Bank 1 to 9. Bordentown: First National Bank 1 to 9. Stamford: NationalBank of Stamford.. 1 to 9. Bridgeton: Suffern: Suffern National Bank & 1 to 9. Bridge ton National Bank Ito9. Trust Co. Cumberland National Bank 1 to 9. Syracuse: Farmers and Merchants National 1 to 9. LincolnNationalBank &TrustCo.. 1 to 9. Bank. Merchants National Bank & Trust 1 to 9. Burlington: MechanicsNationalBank.. 1 to 9. Co. Camden: Tarry town: Tarry town National Bank 1 to 3, 5 to 9. American National Bank 1 to 9. & Trust Co. First Camden National Bank & 1 to 9. Ticonderoga: Ticonderoga National 1 to 9. Trust Co. Bank. Third National Bank & Trust Co... 1 to 9. Troy: Cape May: Merchants National Bank.. 4. Manufacturers National Bank 1 to 9. Collingswood: CitizensNationalBank.. 1 to 9. National City Bank 1 to 9. Elmer: First National Bank Ito9. Union National Bank 1 to 9. Glassboro: FirstNationalBank Ito9. Tuckahoe: First National Bank & 1 to 9. Haddonfield: Haddonfield National 1 to 9. Trust Co. Bank. Utica: Oneida National Bank & Trust 1 to 9. Hightstown: First National Bank Ito9. Co. Hopewell: Hopewell National Bank 1 to 9. Valley Stream: Valley StreamNational Ito9. Lake wood: Peoples National Bank in Ito9. Bank & Trust Co. Lake wood. Walden: FirstNationalBank & Trust 1 to 9. Medford: Burlington County National Ito9. Co. Bank. Walton: First National Bank & Trust 1 to 9. Merchantville: MerchantvilleNational 1 to 9. Co. Bank & Trust Co. Warrensburg: Emerson National Bank. 1 to 9. Millville: Millville National Bank 1 to 9. Warsaw: Wyoming County National 1 to 9. Mount Holly: Union National Bank 1 to 9. Bank. & Trust Co. Warwick: First National Bank 1 to 9. Paulsboro: First National Bank & 1 to 9. Watertown: Trust Co. Jefferson County National Bank 1 to 9. Pemberton: PeoplesNationalBank & 1 to 9. Watertown National Bank 1 to 8. Trust Co. Watervliet: National Bank of Water- 1 to 9. Penns Grove: Penns Grove National 1 to 9. Wa v v li e e r t l . y: Citizens National Bank 1 to 9. Pi B tm an a k n : & P i T tm ru a s n t C N o. ational Bank & 1 to 9. Wellsville: Citizens National Bank 1 to 9. Trust Co. Westbury: Wheatley Hills National 1 to 9. Point Pleasant Beach: Ocean County Ito8. Bank. Westfield: NationalBank ofWestfield.. 1 to 9. Pr 1 i \ n c c lX e lt t )I o l< n A : l . F De i l r U s K tN .. ationalBank Ito9. Whitehall: Merchants National Bank.. 1 to 9. Roebling: First National Bank & Trust 1 to 9. White Plains: PeoplesNationalBank & 1 to 9. Co. Trust Co. Yonkers: City National Bank & Trust Co.... Ito9. CentralNationalBank 1 to 9. Salem National Bank & Trust Co.. Ito9. YonkersNationalBank & Trust Co. 1 to 9. Swedesboro: Swedesboro National 1 to 9. Bank. DISTRICT NO. 3 Toms River: First National Bank 1 to 9. Trenton: DELAWARE Broad Street National Bank 1 to 9. First-Mechanics National Bank 1 to 9. Delmar: First National Bank 1 to 8. Prospect National Bank Ito9. Dover: FirstNationalBank 1 to 9. Ventnor City: Ventnor City National 1 to 9. Harrington: FirstNationalBank 1 to 9. Bank. Laurel: PeoplesNationalBank 1 to 8. Vineland: Vineland National Bank & 1 to 9. Milford: FirstNationalBank & Trust 1 to 9. Trust Co. Co. Wildwood: MarineNationalBank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 3—Continued DISTRICT NO. 3- Continued NEW JERSEY—continued PENNSYLVANIA—continued Woodbury: First National Bank & 1 to 9. Greencastle: First National Bank 1 to 9. Trust Co. Harleysville: Iiarleysville National lto 0. Woodstown: Bank. Fir stNational Bank 1 to 9. Harrisburg: Harrisburg National Bank. 1 to 9. WoodstownNationalBank & Trust 1 to 9. Hatsboro: Hatsboro National Bank 1 to 9. Co. Hatfield: Hatfield National Bank 1 to 9. Hazleton: PENNSYLVANIA First National Bank 1 to 9. Hazleton National Bank 1 to 9. (See also District No. 4) Honesdale: Honesdale National Bank.. 1 to 9. Honeybrook: First National Bank 1 to 9. Allentown: Hummelstown: Hummelstown Na- 1 to 9. AUentown National Bank 1 to 9. tional Bank. Merchants National Bank 1 to 9. Huntingdon: Second National Bank 1 to 9. First National Bank 1 to 9. Altoona: First National Bank 1 to 9. UnionNationalBank & Trust Co... 1 to 8. Annville: Aimville National Bank 1 to 9. Johnstown: Ashland: Ashland National Park 1 to 9. Moxham National Bank I to 9. Ashley: First National Bank 1 to 9. United States National Bank in 1 to 9. Avoca: First National Bank 1 to 9. Johnstown. Bangor: Merchants National Bank I to 9. Kane: First National Bank I to 9. Bellefonte: First National Bank 1 to 9. Kermett Square: National Bank & 1 te 9. Belleville: Kishacoquillas Valley Na- 1 to 3. Trust Co. of Kennett Square. tional Bank.. Kingston: Kingston Natioral Bank 1 to 9. Berwick: Kutztown: KutztownNationalBank.. . 1 to 9. Berwick National Bank 1 to 9. Lancaster: First National Bank I to 9. ConestogaNational Bank I to 9. Bethlehem: Fulton National Bank 1 to 9. Bethlehem National Bank 1 to 9. Lancaster County National Bank 1 to 9. First National Bank & Trust Co 1 to 9. Langhorne: Peoples National Bank & 1 to 9. Blossburg: Citizens National Bank & 1 to 9. Trust Co. Trust Co. Lansdale: First National Bank Boyertown: Lansdowne: National Bank of Lans- Farmers National Bank & Trust 1 to 9. downe. Co. Lebanon: National Bank & Trust Co 1 to 9. First National Bank 1 to 9. Bridgeport: BridgeportNationalBank.. 1 to 9. Lebanon National Bank 1 to '.). Bristol: Farmers National Bank of 1 to 9. Peoples National Bank 1 to 9. Bucks County. Lehighton: Catasauqua: Citizens National Bank & Trust Co. 1 to !!. Lehigh National Bank 1 to 9. First National Bank 1 to 9. National Bank of Catasauqua 1 to 9. Lewisburg: Chambersbnrg: Lewisburg National Bank 1 to 9. National Bank of Chambersburg... 1 to 9. Union National Bank 1 to 9. Valley National Bank 1 to 9. Lewistqwn: Chester: Delaware County National 1 to 9. Citizens National Bank 1 to 9. Bank. Mifrlin County National Bank 1 to 9. Clearfield: County National Bank at 1 to 9. Russell National Bank 1 to 9. Clearfield. Lititz: Farmers National Bank 1 to 9. Coatesville: Littlestown: LittlestownNationalBank. 1 to 9- National Bank of Chester Valley.... 1 to 9. Lock Haven: First National Bank 1 i:,o 9. National Bank of Coatesville 1 to 9. Luzerne: Luzerne National Bank 1 to 9. Columbia: Mahanoy City: Central National Bank 1 to 9. First National Bank 1 to 9. First Columbia National Bank 1 to 9. Union National Bank 1 to 8. Conshohocken: Fir stNational Bank.... 1 to 9. Malvern: National Bank of Malvern.... 1 to 9. Dallastown: First National Bank & 1 to 9. Manheim: Trust Co. Keystone National Bank 1 so 9. Danville: Manheim National Bank 1 DO 9. Danville National Bank 1 to 9. MauchChunk: MauchChunkNational 1 to 9. First National Bank 1 to 9. Bank. Doylestown: Doylestown National 1 to 9. Mechanicsburg: SecondNationalBank. 1 to 9. Bank & Trust Co. Media: First National Bank 1 to 9. DuBois: Millheim: Farmers National Bank & 1 to 9. Deposit National Bank 1 to 9. Trust Co. Du Boia National Bank 1 to 9. Milton; First Milton National Bank.... 1 to 9. East Stroudsburg: Monroe County Na- 1 to 9. Montoursville: FirstNationalBank 1 to 9. tional Bank. Montrose: First and Farmers National 1 to 9. Easton: Bank & Trust Co. Easton National Bank 1 to 9. Mount Carmel: First National Bank & Trust Co.... 1 to 9. FirstNationalBank 1 to 9. Ebensburg: First National Bank 1 to 9. Union National Bank i to y. Edwardsville: Peoples National Bank... 1 to 9. Mount Joy: Elizabethtown: First National Bank 1 to 9. First National Bank & Trust Co 1 to 9. & Trust Co. Union National Mount Joy Bank... 1 to 9. Emaus: Emaus National Bank 1 to 9. Mountville: MountvilleNational Bank. lto 4. Ephrata: Myer fit-own: My era town National 1 to 9. Ephrata National Bank Ito9. Bank. Farmers National Bank. 1 to 9. Nanticoke: Gettysburg: FirstNationalBank 1 to 9. First National Bank 1 to 9. Miners National Bank 1 to 9. Digitized for FRGAetStyEsbRu rg National Bank 1 to 9. Nanticoke National Bank 1 to 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 277 Powers Powers granted granted DISTRICT NO. 3 -Continued DISTRICT NO. 3 -Continued PENNSYLVANIA—continued PENNSYLVANIA—continued Mazareth: Nazareth National Bank & 1 to 9. Smethport: Grange National Bank of 1 to 9. Trust Co. McKean County. New Holland: Farmers National Bank 1 to 9. Souderton: Union National Bank & 1 to 9. & Trust Co. Trust Co. Newtown: FirstNationalBank & Trust 1 to 7 and 9. Spring City: NationalBank & Trust Co. 1 to 9. Co. State College: Newville: FirstNationalBank 1 to 9. First National Bank 1 to 9. Norristown: Peoples National Bank 1 to 9. Montgomery National Bank 1 to 9. Stroudsburg: First Stroudsburg Na- Ito9. Peoples National Bank 1 to 9. tionalBank. Northampton: Cement National Bank Ito8. Sunbury: FirstNationalBank 1 to 9. of Siegfried. Swarthmore: Swarthmore National 1 to 9. Northumberland: Northumberland 1 to 9. Bank & Trust Co. NationalBank. Tamaqua: Oley: FirstNationalBank Ito9. First National Bank 1 to 9. Orwigsburg: First National Bank & 1 to 9. Tamaqua National Bank 1 to 9. Trust Co. Topton: National Bank of Topton 1 to 4. Oxford: National Bank of Oxford 1 to 9. Towanda: CitizensNationalBank 1 to 9. Palmerton: First National Bank 1 to 9. Tyrone: First Blair County National 1 to 9. Pen Argyl: First National Bank 1 to 9. Bank. Philadelphia: Watsontown: Farmers National Bank.. 1 to 9. Central Penn National Bank 1 to 9. Way nesboro: City National Bank 1 to 9. Citizens National Bank & Trust Co. 1 to 9. Corn Exchange National Bank & 1 to 9. FirstNationalBank &TrustCo.in 1 to 9. Trust Co. Way nesboro. Erie National Bank 1 to 9. Weatherly: FirstNationalBank 1 to 9. First National Bank 1 to 9. Wernersville: Wernersville National 1 to 9. Kensington National Bank 1 to 3, 5 to 9. Bank & Trust Co. Market Street National Bank 1 to 9. West Chester: National Bank of Germantown & 1 to 8. First National Bank 1 to 9. Trust Co. National Bank of Chester County Ito9. North BroadNational Bank 1 to 9. & Trust Co. Northeast National Bank Ito9. West Grove: National Bank & Trust Ito9. Northwestern National Bank in 1 to 9. Co. Philadelphia. Wilkes-Barre: Philadelphia National Bank Ito9. Miners National Bank Ito9. Second National Bank 1 to 9. Second National Bank 1 to 9. Tioga National Bank & Trust Co.. 1 to 9. Wyoming National Bank 1 to 9. TradesmensNationalBank & Trust 1 to 9. Williamsport: Co. First National Bank 1 to 9. Philipsburg: FirstNationalBank 1 to 9. Williamsport National Bank 1 to 9. Phoenixville: Farmers and Mechanics 1 to 9. Wrightsville: FirstNationalBank 1 to 9. NationalBank. York: Pine Grove: Pine Grove National Bank 1 to 9. CentralNationalBank & Trust Co.. 1 to 9. & Trust Co. Drovers and Mechanics National 1 to 9. Pittston: Bank. FirstNationalBank 1 to 9. First National Bank 1 to 9. Liberty National Bank 1 to 9. Industrial National Bank of West 1 to 9. Plymouth: FirstNationalBank 1 to 9. York. Port Allegany: First National Bank.... 1 to 9. Western National Bank 1 to 9. Pottstown: York County National Bank 1 to 9. CitizensNationalBank &TrustCo. 1 to 9. York National Bank & Trust Co... 1 to 9. NationalBank of Pottstown 1 to 9. National Iron Bank 1 to 9. DISTRICT NO. 4 Pottsville: Miners National Bank 1 to 9. KENTUCKY Pennsylvania National Bank & 1 to 9. Trust Co. (See also District No. 8) Red Lion: Farmers & Merchants National 1 to 9. Ashland: Bank. Second National Bank 1 to 5, 7 to 9. FirstNationalBank & Trust Co.... 1 to 9. Third National Bank 1 to 5, 7 to 9. Ridgway: Ridgway National Bank Ito9. Brooksville: FirstNationalBank 1 to 5 and 8. Sayre: FirstNationalBank Ito9. Covington: First National Bank & 1 to 9. Schuykill Haven: First National Bank 1 to 9. Trust Co. & Trust Co. Cynthiana: Schwenksville: NationalBank & Trust 1 to 9. Farmers National Bank 1 to 9. Co. NationalBank of Cynthiana 1 to 5, 7 to 9. Scranton: Georgetown: First National Bank Ito9. FirstNationalBank • 1 to 9. Third National Bank & Trust Co... 1 to 9. Georgetown National Bank 1 to 5, 7 to 9. Shamokin: Harlan: Harlan National Bank......... 1 to 5, 7 to 9. Market Street National Bank Ito9. Lexington: FirstNationalBank & Trust 1 to 9. NationalDimeBank of Shamokin.. 1 to 9. Co. Shenandoah: Ludlow: FirstNationalBank 1 to 9. Merchants National Bank 1 to 9. Middlesboro: National Bank of Mid- 1 to 5, 7 to 9. Miners National Bank 1 to 9. dlesboro. Shickshinny: FirstNationalBank 1 to 3, 5 to 8. Mount Sterling: Shippensburg: Montgomery National Bank Ito8. FirstNationalBank 1 to 9. Mount Sterling National Bank 1 to 9. Peoples National Bank 1 to 9. Traders National Bank 1 to 5, 7 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 ANNUAL REPORT OF BOARD OP GOVERNORS Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 4—Continued KENTUCKY—continued OHIO—continued Newport: Tiffin: AmericanNationalBank 1 to 5, 7 to 9. Commercial National Bank 1 to 7 and 9 Newport National Bank 1 to 5, 7 to 9. Tiffin National Bank 1 to 7 and 9 Paintsville: SecondNationalBank 1 to 8. Toledo: National Bank of Toledo 1 to 7 and 9 Paris: National Bank & Trust Co 1 to 9. Troy: First Troy National Bank & 1 to 7 and 9 Pikeville: Trust Co. First National Bank .1 to 8. Warren: Second National Bank 1 to 9. PikevilleNationalBank & Trust Co 1 to 3, 5 to 9. Wilmington: Clinton County National 1 to 7 and 9 Richmond: Madison SouthernNation- 1 to 9. Bank & Trust Co. alBank & Trust Co. Wooster: Wayne County National 1 to 9. Salyersville: Salyersville National 2 to 8. Bank. Bank. Youngstown: Somerset: Mahoning National Bank 1 to 9. Farmers National Bank 1 to 5, 7 to 9. Union National Bank 1 to 7 and 9. First National Bank 1 to 9. Zanesville: Williamsburg: First National Bank 1 to 4. Citizens National Bank in Zanes- 1 to 7 and 9. Winchester: Clark County National 1 to 5, 7 to 9. ville. Bank. First National Bank 1, 4 and 9. OHIO PENNSYLVANIA Alliance: AllianceFirstNational 1 to 9. (See also District No. 3) Ashtabula: FarmersNational Bank & Tr ust Co. 1 to 9. Arnold: National Deposit Bank of 1 to 9. National Bank of Ashtabula 1 to 7 and 9. Arnold. Athens: Braddock: Braddock National Bank 1 to 9. AthensNationalBank 1 to 7 and 9. Butler: Butler County National Bank 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. Charleroi: National Bank of Charleroi 1 to 9. Cincinnati: & Trust Co. Atlas National Bank 1 to 9. Connellsville: National Bank & Trust 1 to 9. First National Bank 1 to 7 and 9. Co. of Connellsville. Lincoln National Bank 1 to 9. East Pittsburgh: FirstNationalBank & 1 to 8. Second National Bank 1 to 7 and 9. Trust Co. Circleville: FirstNational Bank 1 to 7 and 9. Erie: Cleveland: FirstNational Bank 1 to 9. Central National Bank 1 to 7 and 9. Marine National Bank 1 to 9. National City Bank 1 to 7 and 9. National Bank & Trust Co 1 to 9. Columbus: Franklin: LambertonNational Bank... 1 to 9. City National Bank & Trust Co 1 to 7 and 9. Greensburg: First National Bank in 1 to 9. Huntington National Bank 1 to 7 and 9. Greensburg. Ohio National Bank 1 to 7 and 9. Greenville: Coshocton: CommercialNationalBank. 1 to 7 and 9. FirstNational Bank 1 to 9. Dayton: Greenville National Bank 1 to 9. Merchants National Bank & Trust 1 to 9. Grove City: Co. First National Bank 1 to 9. ThirdNationalBank & Trust Co... 1 to 7 and 9. Grove City National Bank Ito9. WintersNationalBank &TrustCo.. 1 to 9. Knox: Clarion County National 1 to 9. East Liverpool: First National Bank — 1 to 7 and 9. Bank. Findlay: FirstNationalBank 1 to 7 and 9. Leechburg: First National Bank 1 to 9. Greenville: SecondNationalBank 1 to 7 and 9. McKeesport: FirstNationalBank 1 to 9. Hamilton: Meadville: FirstNationalBank & Trust Co 1 to 7 and 9. FirstNational Bank 1 to 5, 7 to 9. Second National Bank 1 to 9. Merchants National Bank & Trust 1 to 9. Lima: National Bank of Lima 1 to 7 and 9. Co. Mansfield: Meyersdale: CitizensNationalBank Ito9. CitizensNationalBank &TrustCo. 1 to 4 and 9. Monessen: Peoples National Bank & 1 to 8. Mansfield Savings Trust National 1 to 7 and 9. Trust Co. Bank. Monongahela City: First National 1 to 3, 5 to 8. Marietta: CitizensNationalBank 1 to 7 and 9. Bank. Marion: Nationality Bank & Trust Co. 1 to 7 and 9. New Bethlehem: FirstNationalBank... 1 to 9. Massillon: FirstNationalBank inMas- 4. New Brighton: Union National Bank... 1 to 9. sillon. Newcastle: Mount Vernon: The Knox National 1 to 7 and 9. Citizens National Bank 1 to 9. Bank. First National Bank of Lawrence Ito9. Newark: Park National Bank 1 to 7 and 9. County. New Philadelphia: Citizens National 1 to 7 and 9. New Kensington: Bank. FirstNational Bank 1 to8. Piqua: Logan National Bank & Trust Ito7. CitizensNationalBank &TrustCo. 1 to 9. Co. Piqua National Bank & Trust Co. 1 to 7 and 9. Oil City: Portsmouth: Security CentralNational 1 to 7 and 9. FirstNational Bank Ito9. Bank. Oil City National Bank Ito9. Ravenna: SecondNationalBank 1, 4, and 9. Pittsburgh: Sandusky: Third National Exchange Ito9. Farmers'Deposit National Bank 4 and 9. Bank. First National Bank 1 to 9. Springfield: First National Bank & 1 to 9. Forbes National Bank 1 to 9. Trust Co. Mellon National Bank 1 to 9. Steubenville: UnionNational Bank 1 to 9. National Exchange Bank & Trust 1 to 7 and 9. Punxsutawney: Punxsutawney Na- 1 to 9. Co. tional Bank. Digitized for FPReAopSleEs RN ational Bank 1 to 7 and 9. Reynoldsville: First National Bank 1 to 9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 279 Powers Powers granted granted DISTRICT NO. 4—Continued DISTRICT NO. 5—Continued PENNSYLVANIA—continued NORTH CAROLINA—continued Sharon: Greensboro: Security National 1 to 9. First National Bank in Sharon 1 to 9. Bank. McDowellNationalBank 1 to 8. Lenoir: Union National Bank 1 to 9. Merchants and Manufacturers Na- Ito9. Lumberton: National Bank of Lura- 1 to 9. tional Bank. berton. Titusville: Second National Bank 1 to 9. Mooresville: FirstNational Bank 1 to 9. Uniontown: Second National Bank 1 to 9. Morganton: FirstNationalBank 1 to 9. Warren: Warren National Bank 1 to 9. Mount Airy: FirstNationalBank Ito9. Washington: Citizens N ational Bank.. 1 to 3, 5 to Reidsville: FirstNational Bank 1 to 9. 7, and 9. Rocky Mount: Planters National Bank 1 to 9. Waynesburg: & Trust Co. FirstNationalBank & Trust Co.... .1 to 5, 7 to 9. Salisbury: FirstNational Bank 1 to 9. Union National Bank 1 to 9. Thomasville: FirstNational Bank 1 to 9. Wadesboro: FirstNational Bank 1 to 9. WEST VIRGINIA SOUTH CAROLINA (See also District No. 5) Anderson: Carolina National Bank 1 to 9. Elm Grove: First National Bank 1 to 9. Camden: FirstNationalBank 1 to 9. Sistersville: Union National Bank 1 to 9. Charleston: South Carolina National Ito9. Wheeling: Bank. NationalBank of West Virginia 1 to 9. Chester: Peoples National Bank 1 to 9. National Exchange Bank 1 to 9. Gaffney: Merchants & Planters Na- 1 to 9. tional Bank. DISTRICT NO. 5 Greenville: FirstNational Bank 1 to 9. DISTRICT OF COLUMBIA Peoples National Bank 1 to 9. Holly Hill: FirstNationalBank 1 to 3, 5 to 9. Washington: Rock Hill: Peoples National Bank 1 to 9. HamiltonNationalBank 1 to 8. Spartanburg: Commercial National 1 and 4. Liberty National Bank 1 to 8. Bank. Lincoln National Bank Ito8. Sumter: NationalBank of South Caro- 1 to 9. National Bank of Washington 1 to 8. lina. National Metropolitan Bank 1 to 8. VIRGINIA Riggs National Bank 1 to 8. Second National Bank 1 to 8. Alexandria: Alexandria National Bank 1 to 9. MARYLAND Citizens National Bank 1 to 9. FirstNational Bank 1 to 9. Baltimore: Appalachia: FirstNationalBank 1. BaltimoreNationalBank Ito9. Bedford: Peoples National Bank 1 to 9. FirstNationalBank Ito9. Blackstone: FirstNationalBank 1 to 9. WesternN ational Bank 1 to 9. Bristol: Dominion National Bank Ito9. Cumberland: Charlottesville: FirstNationalBank 1 to 9. National Bank & Trust Co. at 1 to 9 Second National Bank 1 to 9. Charlottesville. Denton: Denton National Bank 1 to 9. Peoples IN ational Bank 1 to 9. Easton: Easton National Bank 1 to 9. Christiansburg: FirstNationalBank 1-3,5 & 8. Frederick: Farmers & Mechanics Na- 1 to 9. Clifton Forge: FirstNationalBank 1 to 6 and 9. tional Bank. Covington: Hagerstown: Citizens National Bank Ito9. Nicodemus National Bank 1 to 9. Covington National Bank 1 to 4. Second National Bank 1 to 9. Culpeper: Second National Bank Ito9. Rising Sun: National Bank of Rising Ito9. Danville: Sun. American National Bank & Trust 1 to 9. Rockville: Montgomery County Na- 1 to 3. FirstNationalBank Ito9. tional Bank. Emporia: Salisbury: Salisbury NationalBank 1 to 9. Citizens National Bank Ito9. Snow Hill: FirstNational Bank 1 to 9. FirstNational Bank 1 to 9. Towson: Towson National Bank 1 to 9. Fairfax: NationalBank of Fairfax 1 to 9. Westminster: Farmville: Farmers & Mechanics National 1 to 9. FirstNational Bank Ito9. Bank. Peoples National Bank 1 to 9. FirstNationalBank 1 to 9. Fredericksburg: Planters National Ito9. Williamsport: Washington County Ito9. Bank in Fredericksburg. NationalBank. Hampton: Merchants National Bank Ito9. NORTH CAROLINA Citizens National Bank Ito9. Harrisonburg: Asheboro: FirstNationalBank 1 to 9. FirstNational Bank Ito9. Asheville: FirstNationalBank &Trust Ito9. NationalBank of Harrisonburg 1 to 9. Co. in Asheville. Rockingham National Bank Ito9. Charlotte: Leesburg: Charlotte National Bank 1 to 9. Loudoun National Bank Ito9. Commercial National Bank 1 to 9. Peoples National Bank Ito9. Union National Bank 1 to 9. Lexington: Concord: Concord National Bank Ito9. FirstNational Bank 1 to 9. Durham: Depositors N ational Bank 1 to 9. Peoples National Bank Ito9. Elizabeth City: First & Citizens Na- 1 to 9. Rockbridge National Bank Ito9. tionalBank. Lovingston: First National Bank of 1 to 9. Graham: NationalBank of Alamance... 1 to 9. Nelson County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 ANNUAL REPORT OF BOARD OF GOVERNORS Powers granted DISTRICT NO. 5—Continued DISTRICT NO. 5—Continued VIRGINIA—continued WEST VIRGINIA—continued Lynchburg: Williamson: First National Bank 1 to 9. First National Bank 1 to 9. LynchburgNationalBank & Trust Ito9. 1 to 9. Co. National Bank of Commerce Marion: MarionNationalBank 1 to 9. Marshall: M shall National Bank & 1 to 9. DISTRICT NO. 6 Trust Co. Martinsville: First National Bank 1 to 9. ALABAMA N N N e a o w r r r f N S o p o e w a o lk a t r s i b : t o : o N n F a e a r i w l d r s B s C t : a N i n t F i a k z t i e i r o o n s f t n s C N a N l o a B a m ti t a o i m o n n n k e a a r l c l B e B a a n n k k . . . . . . 1 1 1 1 t t t t o o o o 9 9 9 9 . . . . A A l n b n e A C i r s o t n t v o m n i n i l m s l : e t e o : r n A c i N l a b l a e t N r i t o a v n t i i l a o l l e n B a N a l a n B t k i a o n n k al Bank. 1 1 1 9 t t t o o o . 7 5 9 , a . 7 n , d a 9 n . d Norton: First National Bank 1 to 9. First National Bank 1 to 8. Orange; Birmingham: First National Bank 1 to 9. Citizens National Bank 1 to 9. Cullman: Leeth National Bank 1 to 4. National Bank of Orange 1 to 9. Decatur: Morgan County National 1,2,3, and 5. Petersburg: Citizens National Bank.... 1 to 9. Bank. Phoebui3: Old Point National Bank 1 to 9. Dothan: FirstNationalBank Ito8. Portsmouth: American National Bank. 1. Fayette: FirstNationalBank 1 to 9. Pulaski: Florence: FirstNationalBank 1 to 8. PeoplesNationalBank 1 to 9. Fort Payne: First National Bank in 1. Pulaski National Bank 1 to 9. Fort Payne. Radford: First andMerchantsNational 1 to 9. Greenville: FirstNationalBank 1 to 9. Bank, Mobile: Richmond: American National Bank & Trust 1 to 9. Central National Bank 1 to 9. Co. First & Merchants National Bank.. 1 to 9. FirstNationalBank 1 to 9. Roanoke: Merchants National Bank 1 to 9. Colonial American National Bank.. 1 to 9. Montgomery: First National Exchange Bank 1 to 9. Alabama National Bank 1 to 9. Rocky Mount* PeoplesNationalBank. 1 to 9. FirstNationalBank 1 to 9. Salem: Farmers National Bank 1 to 9. Oneonta: FirstNationalBank 1 to 3, 5 to 9. Stanley: Farmers & Merchants Na- 1 to 9. Opelika: tional Bank. Farmers National Bank 1 to 9. Staunton: FirstNational Bank 1 to 7. Augusta National Bank 1 to 9. Opp: First National Bank 1 to 9. National Valley Bank 1 to 9. Piedmont: FirstNational Bank 1 to 3. Staunton National Bank 1 to 9. Selma: City National Bank 1 to 8. Strasburg: Sylacauga: Merchants & Planters Na- 1 to 9. Firat National Bank 1 to 9. tional Bank. Suffolk: National Bank of Suffolk 1 to 9. Talladega: Warren ton: Fauquier National Bank.. 1 to 9. Isbell National Bank 1 to 3, 5 to 7. Waynesboro: First National Bank 1 to 9. Winchester: TalladegaNationalBank 1 to 9. Fa B rm an e k r s & & T ru M st e r C c o h . ants National 1 to 9. Tr t o io y n : a F l i B rs a t n F k a . rmers & Merchants Na- 1 to 7 and 9. Shenandoah Valley National Bank 1 to 9. Tuscaloosa: Wytheville: First National Farmers 1 to 9. City National Bank 1 to 8. Bank. First National Bank 1 to 8. Wetumpka: FirstNationalBank 1 to 9. WEST VIRGINIA (See also District No. 4) FLORIDA Becklev: Beckley National Exchange 1 to 9. Bradenton: FirstNational Bank. 1 to 4. Bank. DaytonaBeach: FirstAtlanticNational 1 to 9. Bluefield: Bank. • First National Bank 1 to 9. De Funiak Springs: First National 1 to 8. Flat Top National Bank 1 to 9. Bank. Charleston: Jacksonville: Charleston National Bank 1 to 9. Atlantic National Bank 1 to 9. National Bank of Commerce 1 to 9. Barnett National Bank 1 to 9. Clarksburg: Florida National Bank 1 to 9. Empire National Bank 1 to 9. Lake City: First National Bank 1 to 9. Merchants National Bank of West Ito9. Miami: Virginia. FirstNationalBank 1 to 9. Union National Bank 1 to 9. Florida National Bank & Trust Co. 1 to 9. Grafton: First National Bank 1 to 9. at Miami. Huntington: First Huntington Na- 1 to 9. Miami Beach: Miami Beach First Na- 1 to 9. tional Bank. tional Bank. . Logan: National Bank of Logan 1. Ocala: Munroe & Chambliss National 1 to 9. Madison: Boone National Bank 1 to 4. Bank. Martinsburg: Old National Bank 1 to 9. Orlando: First National Bank at Or- 1 to 9. Montgomery: Montgomery National 1 to 9. lando. Bank. Palm Beach: First National Bank in 1 to 9. Moorefield: South Branch Valley Na- 1 to 3, 5 to 9. Palm Beach. tional Bank. Pensacola: Citizens & PeoplesNational 1 to 9. Parkersburg: Parkersburg National 1 to 9. Bank. Bank. St. Augustine: St. Augustine National Ito9. St. Marys: First National Bank 1 to 9. Bank. Welch: McDowell County National Ito9. Sanford: Sanford Atlantic National Ito9. Digitized for BFaRnAk SinE WRe lch. Bank. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 281 Powers Powers granted granted DISTRICT NO. 6—Continued DISTRICT NO. 6 -Continued FLORIDA—continued TENNESSEE—Continued Sarasota: Palmer National Bank & 1 to 3, 5 to 7 Clarksville: FirstNational Bank 1. Trust Co. and 9. Copperhill: FirstNationalBank of Polk Tampa: County at Copperhill. 1 to 3, 5 to 8. Exchange National Bank 1 to 9. Decherd: FirstNational Bank of Frank- First National Bank 1 to 8. lin County at Decherd. 1, 3 to 9. Winter Haven: Exchange National 1 to 9. Gallatin: First & Peoples National Bank. Bank. 1 to 9. GEORGIA Greeneville: First National Bank Kingsport: FirstNationalBank 1 to 9. Albany: City National Bank Ito9. Knoxville: 1 to 7 and 9. Athens: National Bank of Athens Ito4. Hamilton National Bank 1 to 9. Atlanta: Park National Bank 1 to 9. First National Bank Ito9. Lewisburg: First National Bank 1 to 8. Fulton National Bank 1 to9. Nashville: Augusta: National Exchange Bank 1 to 9. American National Bank 1 to 9. Barnesville: First National Bank Ito8. Broadway National Bank 1 to 7 and 9. Brunswick: National Bank of Bruns- 1 to 9. Third National Bank in Nashville.. 1 to 9. wick. Shelbyville: Peoples National Bank.... 1 to 3, 5 to 9. Cartersville: First National Bank 1 to 9. South Pittsburg: FirstNationalBank.. Ito9. Columbus: Springfield: First National Bank 2, 3, 5 to 7, FirstNational Bank 1 to 9. and 9. Fourth National Bank 1 to 9. Tullahoma: TradersNationalBank 1 to 9. Dalton: FirstNational Bank 1 to 5. 1 to 3, 5 to 9. La Grange: La Grange National Bank. 1 to 8. Winchester: FarmersNationalBank.... Louisville: First National Bank 1 to 9. Macon: First National Bank & Trust 1 to 9. DISTRICT ISO. 7 Co. in Macon. Moultrie: MoultrieNationalBank 1 to 9. ILLINOIS Rome: First National Bank Ito9. (See also District No. 8) National City Bank Ito9. Savannah: Aurora: Ito9. Citizens & Southern National 1 to 9. MerchantsNationalBank 1 to 9. Bank. Old SecondNationalBank Liberty National Bank &TrustCo. 1 to 9. Batavia: 1 to 9. Batayia National Bank 1 to 8. LOUISIANA First National Bank 1 to 9. Belvidere: Second National Bank Ito9. (See also District No. 11) Blue Island: FirstNationalBank 1, 2, 3, 5 Charleston: Charleston N ational Bank and 8. Baton Rouge: Chicago: City National Bank 1 to 9. American National Bank & Trust 1 to 9. Louisiana National Bank 1 to 9. Co. Gretna: First National Bank of Jeffer- Ito9. City National Bank &TrustCo 1 to 9. son Parish at Gretna. Continental Illinois National Bank 1 to !). La Fayette: First National Bank 1 to 9. & Trust Co. New Orleans: ContinentalN ational Ba 11 k *fe Trust1 to !). Hi O be rl r e n a ia n s. National Bank in New 1 to 9. Fi C rs o t - National Bank 1 to !». National Bank of Commerce 1 to 9. FirstNationalBank of Englewood.. 1 to 4. Whitney National Bank 1 to 9. Law ndale N ational Bank 1 to «. Liberty National Bank 1 to 9. MISSISSIPPI Live Stock National Bank 1 to 9. Mutual National Bank 1 to 9. (See also District No. 8) National Builders Bank 1 to 9. Terminal N ational Bank 1 to 9. Biloxi: FirstNational Bank 1 to 5. Chillicothe: FirstNationalBank 1 to 9. Canton: First National Bank 1 to 4. Cicero: FirstNationalBank 1, 2, 3, 5 Hattiesburg: First National Bank 1 to 9. and 8. Jackson: Danville: Capital National Bank in Jackson. Ito9. FirstNationalBank 1 to 9. Jackson State National Bank Palmer American National Bank... Ito9. Laurel: 1 to 7 and 9. SecondNationalBank Ito8. Commercial National Bank & Decatur: Trust Co. Ito9. Citizens National Bank 1 to 9. First National Bank National Bank of Decatur 1 to 9. McCombCity: First National Bank... 1 to 9. Des Plaines: First National Bank 1 to 9. Meridian: 1 to 3 and 5. Dixon: Dixon National Bank 1 to 9. Citizens National Bank 1 to 9. Dundee: FirstNationalBank 1 to 9. FirstNational Bank inMeridian... 1 to 9. Elgin: FirstNationalBank 1 to 9. Vicksburg: El Paso: Woodford County National 1 to 9. FirstNationalBank & Trust Co.... 1 to 9. Bank. Merchants National Bank & Trust Ito9. Evanston: First National Bank & 1 to 9. Co. Trust Co. YazooCity: DeltaNationalBank 1 to 9. Galesburg: First Galesburg National 1 to U. Bank & Trust Co. TENNESSEE Havana: Havana National Bank 1 to 9. Kankakee: City National Bank 1 to 4. (See also District No. 8) Knoxville: FarmersNationalBank 1 to 9. Lake Forest: FirstNationalBank 1 to 9. Chattanooga: La Salle: La Salle National Bank & 1 to 9. Digitized for FRCAomSmEeRrc ial National Bank. 1 to 9. Trust Co. http://fraser.stlHouamisifletodn. oNragt/i onal Bank 1 to 9. Macomb: Union National Bank 1 to 9. Federal Reserve Bank of St. Louis

282 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued ILLINOIS—continued INDIANA—continued Mattoon: National Bank of Mattoon... 1 to 9. Liberty: Union County National Bank. I to 3. Moline: MolineNational Bank 1 to 9. Logansport: National Bank of Logans- 1 to 9. Monticello: National Bank of Mon- 1 to 3, 5 and port. ticello. 8. Lowell: Lowell National Bank 1 to 8. Ottawa: FirstNationalBank 1 to 9. Marion: Paris: FirstNationalBank in Marion 1 to 9. Citizens National Bank 1 to 9. Marion National Bank 1 to 9. Edgar County National Bank 1 to 9. Michigan City: Pekin: American National Bank 1 to 9. FirstNationalBank 1 to 9. Peoria: Merchants National Bank 1 to 9. CentralNationalBank &TrustCo.. 1 to 9. Mishawaka: I irst National Bank I to 9. Commercial Merchants National 1 to 9. Monterey: FirstNationalBank Uo3, 5 to 9. Bank & Trust Co. New Carlisle: FirstNationalBank I to 9. FirstNational Bank 1 to 9. Noblesville: American National Bank.. 1 to 9. Princeton: Citizens National Bank 1 to 3, 5 to 8. Plainfield: FirstN ational Bank & Trust 1 to 9. Rockford: Co. Illinois National Bank & Trust Co.. 1 to 9. Remington: FarmersNationalBank 1 to 3, 5 to 8. Swedish-AmericanN ational Bank.. 1 to 9. Richmond: Third National Bank 1 to 9. FirstNational Bank I to 9. St. Charles: St. Charles National Bank. 1 to 9. Second National Bank 1 to 9. Springheld: Rochester: FirstNationalBank 1 to 5, 7, and FirstNationalBank 1 to 9. 9. Illinois N ational Bank 1 to 9. Rockville: RockvilleNationalBank 1 to 9. Streator: Union National Bank 1 to 9. Rushville: Sycamore: National Bank & Trust Co.. Ito9. Rush County National Bank to 4. Waukegan: FirstNationalBank Ito9. Rushville National Bank :i. to 4. Shelbyville: INDIANA Farmers National Bank : to 9. Shelby N ational Bank to 9. (See also District No. 8) South Bend: MerchantsN ationalBank. :i. to 9. Terre Haute: Albion: Albion National Bank 2,3,5, and 8. Merchants National Bank 1,2,3,5, and Attica: CentralNationalBank & Trust 1 to 9. 8. Co. TerreHauteFirstNationalBank 1 to 9. Auburn: City National Bank 1 to 9. Thorntown: Home National Bank 1 to 8. Aurora: FirstNationalBank Ito9. Tipton: Citizens National Bank 1 to 9. Batesville:: FirstNationalBank 1 to 9. Wabash: First National Bank in Wa- 1 to 9. Bloomington: bash. Bloomington National Bank 1 to 9. FirstNationalBank. 1 to 7 and 9. IOWA Bluffton: Old First National Bank in 1 to 9. Blufiton. Akron: FirstNationalBank 1 to 9. Brazil: RiddellNationalBank 1 to 9. Arlington: American National Bank 1 to 3. Brookville: Boone: Citizens National Bank 1 to 3 and 8. Franklin County National Bank 1 to 9. Cedar Rapids: Merchants National 1 to 4. National. Brookville Bank 1 to 9. Bank. Butler: Knisely National Bank 2, 3, and 5 Charles City: Cloverdate: First National Bank 1 to 9 Citizens National Bank 1 to 9. Columbus: FirstNationalBank 1 to 9. Commercial National Bank 1 to 9. Crawfordsville: Clinton: City National Bank 1 to 9. Citizens National Bank 1 to 4. Columbus Junction: Louisa County 1, 2, 3, and 5 FirstNationalBank 1 to 9. National Bank. Dana: 1b irst National Bank to 3. CouncilBlufis: CityNationalBank to 8. Danville: IB irst National Bank to 9. Creston: I1 irst N ational Bank to 9. Dyer: First National Bank to 4. DesMoines: East Chicago: CentralNationalBank &TrustCo. to 9. FirstN ationalBank inEastChicago to 9. Iowa-LesMoinesNationalBank & to 9. Union National Bank of Indiana to 9. TrustCo. Harbor at East Chicago. Dubuque: FirstNationalBank to 9. Elkhart: FirstNational Bank to 9. Dysart: Dysart National Bank I to 9. Elwood: FirstNationalBank to 8. Eldon: FirstNationalBank to 9. Fort Wayne: Fairheld: FirstNationalBank in Fair- t to 9. Fort Wrayne National Bank Ito9. held. LincolnN ationalBank & Trust Co.. 1 to 9. Fonda: FirstNationalBank I to 4. Franklin: Johnson County National 1, 2, 3, 5, FortDodge:FortDodgeN ationalBank.. L to 8. Bank. and 8. Grinnell: Poweshiek County National L to 9. Goshen: FirstNationalBank 1 to 3, 5, and Bank. 8. Harlan: HarlanNational Bank I to 8. Greensburg: Decatur County National 2, 3, and 5. Iowa City: First CapitalN ational Bank. L to 9. Bank. Knoxville: Community National Bank 1 to 9. Greencastle: CentralNationalBank.... 1 to 9. & Trust Co. Indianapolis: Le Mars: First National Bank in Le 1 to 3, 5, and American National Bank 1 to 9. Mars. 8. Indiana National Bank 1 to 9. Mason City: First National Bank 1 to 9. Merchants National Bank 1 to 9. N ewell: FirstNational Bank 1 to 9. Knightstown: CitizensN ational Bank.. 1 to 3, 5 to 7, Newton: Newton National Bank 1 to 9. and 9. Oelwein: FirstNationalBank Ito7. La Fayette: Paullina: First National Bank 1 to 7 and 9. First-MerchantsNationalBank 1 to 8. Perry: FirstNationalBank Ito9. Digitized for FLRaA FSayEeRtte National Bank 1 to 3, and 5. Peterson: First N ational Bank 1 to 4. La Porte: FirstNationalBank & Trust 1 to 9. Primghar: FirstNationalBank 1 to 9. http://fraser.Csotl.ouisfed.org/ Red Oak: FirstNationalBank L to 9. Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 283 Powers Powers granted granted DISTRICT NO. 7—Continued DISTRICT NO. 7—Continued IOWA—continued WISCONSIN—continued Remsen: First National Bank Ito8. Sparta: FarmersNationalBank 1 to 9. Rippey: First National Bank 1,2, 3, 5 to 8. Stevens Point: Sibley: First National Bank 1 to 3. Citizens National Bank 1 to 9. Sioux City: FirstNationalBank 1 to 8. First National Bank in Sioux City.. 1 to 9. Waukesha: Waukesha National Bank... 1 to 8. Live Stock National Bank Ito9. Waupun: NationalBank of Waupun... 1 to 9. Security National Bank 1 to 9. West Bend: FirstNationalBank 1 to 9. Toy National Bank 1 to 9. Wisconsin Rapids: First National 1 to 9. Spencer: Clay County National Bank.. 1 to 9. Bank. Storm Lake: Citizens First National Ito9. Bank. DISTRICT NO. 8 Thornton: First National Bank 1 to 9. Waveriy: First National Bank 1 to 4. ARKANSAS Webster City: FarmersNationalBank.. 1 to 9. El Dorado: FirstNationalBank 1 to 9. MICHIGAN Fayetteville: FirstNationalBank 1 to 9. Fordyce: FirstNationalBank 1 to 9. (See also District No. 9) Forrest City: NationalBank of Eastern Ito9. Arkansas. Battle Creek: Fort Smith: CityNationalBank &TrustCo 1 to 8. CityNationalBank 1 to 9. Central National Bank at Battle 1 to 3, 5 to 8. FirstNationalBank 1 to 9. Creek. Merchants National Bank 1 to 9. Security National Bank 1 to 3, 5 to 8. Hot Springs: Arkansas National Bank.. 1 to 9. 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 Ito9. Manufacturers National Bank 1 to 9. Newport: FirstNationalBank 1 to 8. National Bank of Detroit 1 to 9. Pine Bluff: SimmonsNationalBank 1 to 9. Flint: iNationalBank of Flint 1,2,3, 5, and Texarkana: StateNationalBank. 1 to 9. Jackson: NationalBank of Jackson 1 to 9. ILLINOIS Kalamazoo: First National Bank & 1 to 9. Trust Co. (See also District No. 7) Lapeer: First National Bank 2,3,5, and 8. Monroe: First National Bank 1 to 9. Alton: FirstNationalBank &TrustCo. 1 to 9. Muskegon: Hackley Union National Ito9. in Alton Bank Belleville: Petoskey: First National Bank 1 to 4. Belleville National Bank 1 to 9. Port Huron: First National Trust & 1 to 9. FirstNational Bank Ito9. Savings Bank. St. Clair National Bank Ito9. Quincy:FirstiNationalBank 2,3,5, and 8. Benld: FirstNationalBank of Benld.... 1 to 3, 5 to 8. St. Johns: St. Johns National Bank.... 2,3,5, and 8. Bridgeport: FirstNationalBank Ito9. Saginaw: Second National Bank & Ito8. BunKerHill: FirstNationalBank 1 to 9. Trust Co. Carlinville: CarlinvilleNationalBank.. 1 to 9. U nion City: U nion City National Bank. 2, 3, 5, and 8. Carmi: NationalBank of Carmi 1 to 9. Centralia: Old National Bank 1 to 9. WISCONSIN East St. Louis: Southern Illinois Na- 1 to 9. tional Bank. (See also District No. 9) Edwardsville: Edwardsville National 1 to 3, 5 to 7. Bank & Trust Co. and 9. Beaver Dam: Effingham: FirstNationalBank Ito9. American National Bank 1 to 9. Highland: FirstNationalBank 1 to 9. Old JNational Bank Ito9. Jonesboro: FirstNationalBank 1 to 9. Beloit: Second iNationalBank 1 to 9. Lebanon: FirstNationalBank 1 to 9. Berlin: First National Bank Ito9. Mascoutah: First National Bank in 1 to 9. Fond du Lac: Masco utah. First Fond du Lac National Bank... 1 to 8. Metropolis: City National Bank 1 to 4. NationalUlxchange Bank 1,2,3,5, and Millstadt: First National Bank 1 to 9. 8. Murphysboro: First National Bank.... 1 to 8. Green Bay: Kellogg Citizens National 1 to 9. Nashville: Bank. Farmers & Merchants National 1 to 9. Hartford: FirstNationalBank 1 to 7 and 9. Bank. Janesville: First National Bank 1 to 9. First National Bank 1 to 9. Lake Geneva: FirstNationalBank 1 to 9. National Stock Yards: National Stock 1 to 9. Manitowoc: First National Bank in 1 to 9. Yards National Bank of National Manitowoc. City. Marinette: FirstNationalBank 1 to 9. O'Fallon: First National Bank 1 to 9. Menasha: FirstNationalBank 1 and 4. Pittsfield: First National Bank Ito9. Milwaukee: MarineN ationalExchange Ito9. Sparta: First National Bank 1 to 3, 5 to 7. Bank. Vandalia: First National Bank 1 to 8. Monroe: FirstNationalBank 1 to 9. Neenah: INDIANA FirstNationalBank 1 to 9. National Manufacturers Bank 1 to 3. (See also District No. 7) Platteville: First iNationalBank Ito9. Racine: FirstNationalBank & Trust 1 to 9. Bedford: Bedford National Bank 1 to 3, 5 to 9. Co. Bicknell: First National Bank 1 to 9. Ripon: FirstNationalBank 1 to 9. Brownstown: First National Bank 1 to 3, 5 to 7 Sheboygan: Security National Bank 1 to 9. and 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICT NO. 8—Continued DISTRICT NO. 8—Continued INDIANA—continued MISSOURI-contimied Cannelton: First Cannelton National 1 to 3, 5 to 8 Hannibal: Hannibal National Bank 1 to 9. Bank. Jefferson: City: Exchange National 1 to 9. Evansville: Bank. National City Bank 1 to 9. Kirksville: Citizens N ational Bank.... 1 to 8. Old National Bank in Evansville.. 1 to 9. Luxemburg: Lafayette National Bank 1 to 9. Fort Branch: Farmers & Merchants 1 to 9. & Trust Co. National Bank. Monett: First National Bank 1 to 9. Madison: First National Bank 1 to 9. Pierce City: First National Bank 1 to 9. Mitchell: First National Bank 1 to 5. St. Charles: First National Bank 1 to 9. New Albany: Union National Bank 1 to 9. St. Louis: Petersburg: First National Bank 2, 3, and 5. Boatmen's National Bank 1 to 9. Princeton: Farmers National Bank.... 1 to 3, 5 to 7, First National Bank in St. Louis.. 1 to 4. and 9. Mercantile Commerce National 1 to 9. Seymour: Seymour National Bank.... 1 to 9. Bank in St. Louis. Tell City: Security National Bank, Savings 1 to 9. Citizens National Bank 1 to 7 and 9. & Trust Co. Tell City National Bank 1 to 9. South Side National Bank in St. 1 to 9. Vevay: First National Bank 1 to 9. Louis. Vincennes: American National Bank.. 1 to 9. Sedalia: Third National Bank 1 to 3, 5 to 7. Wadesville: Farmers National Bank... 1 to 9. Springfield: Union National Bank 1 to 9. Washington: Trenton: Trenton National Bank 1 to 9. Peoples National Bank & Trust 1 to 9. Unionville: Marshall National Bank... 1 to 3, 5 to 7. Co. Warrensburg: Peoples National Bank. 1 and 4. Washington National Bank 1 to 9. TENNESSEE KENTUCKY (See also District No. 6) (See also District No, 4) Dyersburg: First-Citizens National 1 to 9. Bowling Green: American National land 4. Bank. Bank. Jackson: Carrollton: First National Bank 1 to 9. First National Bank 1. Clay: Farmers National Bank 1 to 9. National Bank of Commerce 1 to 9. Columbia: First National Bank & 1 to 3, 5 to 8. Second National Bank 1 to 9. Trust Co. Memphis: Danville:: First National Bank 1 to 9. Citizens National Bank 1 to 9. National Bank of Commerce in 1 to 9. Farmers National Bank 1 to 8. Memphis. Elizabethtown: First-Hardin National 1 to it. Union-Planters National Bank & 1 to 9. Bank. Trust Co. Frankfort: State National Bank 1 to 9. Union City: Old National Bank 1 to 9. Henderson: First National Bank 1 to 9. Lawreneeburg: DISTRICT NO. 9 Anderson National Bank 1 to 3, 5 to 9. Lawreneeburg National Bank 1 to 8. MICHIGAN Lebanon: Citizens National Bank 1 to 9. (See also District No. 7) Farmers National Bank 1 to 9. Marion National Bank 1 to 6 and 8. Hancock: National Metals Bank 1 to 9. Louisville: Houghton: Houghton National Bank.. 1 to 9. Citizens Union National Bank 1 to 9. Ironwqod: Gogebic National Bank 2, 3,5, and 8. First National Bank 1 to 9. Lake Linden: First National Bank 2,3, 5, and 8. Libertv National Bank and Trust 1 to 9. Marquette: Co. " _ First National Bank & Trust Co.. 1 to 9. M M a ay d f is ie o l n d v : ill F e i : r s F t a N rm at e i r o s n N al a t B io an n k al Bank. 1 1 t t o o 9 9 . . Alen U o n m io in n e e N : ational B>ank v 1 to 9. MorganBeld: Morganneld National 1 to 9. First National Bank 1 to 9. Bank. Lumbermen's National Bank 2,3,5,and8. Owensboro: National Deposit Bank in 1 to 9. Munising: First National Bank of 2,3, 5, and8. Owensboro. Alger County. Paducah: Peoples National Bank Ito9. Negaunee: First National Bank 2,3, 5, and 8. Princeton: Farmers National Bank 1 to 9. MINNESOTA First National Bank 1 to 3, 5 to 9. Bemidji: First National Bank 1 to 9. MISSISSIPPI Chatfield: First National Bank. 1 to 5. Duluth: (See also District No. (i) City National Bank 1 to 9. First & American National Bank. 1 to 9 Columbus: First Columbus National 1 to 9. Minnesota National Bank 1 to 9. Bank. Northern National Bank 1 to 9. Greenville: First National Bank Ito4. Eveleth: First National Bank 1 to 3, 5 to £ West Point: First National Bank 1 to 9. Fairmont: First National Bank Ito9. MISSOURI Martin Country National Bank.. Ito9. Faribault: Security National Bank & Ito9. (See also District No. 10) Trust Co. Fergus Falls: Carrollton: First National Bank 1 to 8. Fergus Falls National Bank & Columbia: Trust Co. Digitized for FRE BAx o cSo h nEa e n RC g e o u N n a ty ti o N n a a t l i o B n a a n l k Bank 1 1 t t o o 9 8 . . Hast F in ir g s s t : N F a i t r i s o t n N al a t B io a n n a k l Bank 1 1 t t o o 9 9 . . http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 285 Powers Powers granted granted DISTRICT NO. 9—Continued DISTRICT NO. 9—Continued MINNESOTA—continued SOUTH DAKOTA—continued Little Falls: First National Bank 1, 2, 3, 5, 6, Brookings: Security National Bank.. 1 to 9. 8, and 9. Clear Lake: Deuel County National 1 to 9. Minneapolis: Bank. First National Bank & Trust Co 1 to 9. Lake Norden: First National Bank & 1 to 3, 5 to 8. Marquette National Bank 1 to 9. Trust Co. Midland National Bank & Trust 1 to 9. Lead: First National Bank 1 to 9. Co. Miller: First National Bank 1 to 9. Northwestern National Bank & Rapid City: First National Bank I to 7 and 9. Trust Co. Sioux Falls: Northfield: Northfield National Bank Citizens National Bank & Trust 1 to 9. & Trust Co. Co. Owatonna: First National Bank 1 to 9. First National Bank & Trust Co. 1 to 9. Proctor: First National Bank 1 to 9, in Sioux Falls. Red Wing: Northwest Security National Bank. 1 to 9. First National Bank 1 to 9. Watertown: First Citizens National 1 to 9. Goodhue County National Bank.. 1 to 9. Bank. St. Paul: Yankton: First Dakota National 1 to 9. American National Bank Ito9. Bank & Trust Co. Empire National Bank & Trust 1 to 9. Co. WISCONSIN First National Bank 1 to 9. Midway National Bank 1 to 9. (See also District No. 7) St. Peter: First National Bank 1 to 8. Stillwater: First National Bank 1 to 9. Barron: First National Bank 1 to 3. Truman: Truman National Bank 1 to 9. Chippewa Falls: Virginia: American Exchange Na- 1 to 3, 5 to 8. First National Bank 1 to 9. tional Bank. Lumbermens National Bank 1 to 9. Windom: First National Bank 1 to 9. Eau Claire: Winona: American National Bank & Trust 1 to 9, First National Bank 1 to 9. Co. Winona National & Savings Bank. 1 to 9. Union National Bank 1 to 9. Menomonie: First National Bank 1 to 9. MONTANA S uperior: Billings: First National Bank 1 to 7. Midland National Bank 1 to 9. National Bank of Commerce 1 to 9. Montana National Bank 1 to 9. Bozeman: Commercial National Bank 1 to 4. Butte: Miners National Bank 1 to 9. JHSTKICT NO. JO Dillon: First National Hank 1 to 7 ami 9. (ireat Falls: COLORADO First National Bunk 1 to 9. Great Fails National Bank 1 to 4. Boulder: National State Bank i to 9. Helena: First National Bank <!t Trust 1 to 7 and 9. Brush: First National Bank 1 to 3, 5 to 8. Co. Canon City: Kalispell: First National Bank 1 to 4. First N ational Bank 1 to 9. Lewistown: National Bank of Lewis- Fremont County National Bank.. 1 to 4. town. 1 to 9. Center: First N ational Bank 1 to 4. Livingston: National Park Bank in Colorado Springs; Livingston. 1 to 9. Colorado Springs National Bank.. 1 to 9. Miles Citv: First National Bank in Exchange National Bank 1 to 9. Miles City. 1 to 9. First N ational Bank 1 to 9. Missoula: Denver: First National Bank 1 to 7 and 9. American National Bank 1 to 7. Western Montana National Bank 1 to 8. Colorado National Bank 1 to 9. Denver National Bank 1 to 9. NORTH DAKOTA First National Bank 1 to 9. United States National Bank 1 to 9. Bismarck: Durango: Burns National Bank Ito7. Dakota National Bank & Trust Eagle: First National Bank of Eagle 1 to 4. Co. County. First National Bank 1 and 9. Florence: First National Bank 1 to 9. Dickinson: First National Bank I to 9. Fort Collins: Poudre Valley National 1 to 7 and 9. Ellendale: First National Bank 1 to 4. Bank. Fargo: Fort Morgan: First National Bank. 1 to 4. First National Bank & Trust Co. 1 to 9. Glenwood Springs: First National 1 to 3, 5 to 7. Merchants N ational Bank »fe Tr list 1 to 9. Bank. Co. Grand Junction: First National Bank 1 to 9. Graf ton: Grafton National Bank 1 to 9. in Grand Junction. Grand Forks: First National Bank in 1 to 9. Greeley : Grand Forks. First National Bank 1 to 9. Jamestown: National Bank 1 to 9. Greeley National Bank 1 to 9. Valley City: First National Bank 1 to 9. Gunnison: First National Bank 1 to 9. Hugo: First National Bank Ito3. SOUTH DAKOTA Las Animas: First National Bank 1 to 9. Longmont: Aberdeen: First National Bank Ito9. Aberdeen National Bank & Trust 1 to 9. Longmont National Bank 1 to 9. Co. Montrose: Montrose N ational Bank.... 1 to 9. First National Bank 1 to 9. Ordw7ay: First National Bank 1. Arlington: First National Bank in Ar- 1 to 4. Walsenburg: First National Bank Ito9. lington. Windsor: First National Bank 1 to 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Powers granted granted DISTRICTING). 10—Continued DISTRICT NO. 10—Continued KANSAS NEBRASKA—continued Anthony: Citizens National Bank 1 to 8. Genoa: Genoa National Bank 1 to 9. First National Bank 1 to 4. Grand Island: Arkansas City: Home National Bank. 1 to 9. First National Bank. 1 to 9. Atchison: City National Bank 1 to 9. Overland National Bank 1 to 9. Chanute: First National Bank Ito9. Holdredge: First National Bank 1 to 9. Coffeyville: Lincoln: Condon National Bank 1 to 3, 5 to 9. Continental National Bank 1 to 9. FirstNationalBank 1 to 3 and 5. First National Bank 1 to 9. Dodge City: First National Bank in 1 to 9. National Bank of Commerce 1 to 9. Dodge City. Lyons: First National Bank 1 to 3. 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: CitizensNationalBank 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 1 to 8. Bank. FirstNational Bank 1 to 4. Utica: First National Bank 2 and 3. Jewel City: FirstNational Bank 1 to 3. Wahoo: First N ational Bank 1 to 3, 5 to 9. Kansas City: Security National Bank.. 1 to 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 Ito8. (See also District No. 11) Lawrence National Bank 1 to 8. Leavenworth: FirstNationalBank 1. Albuquerque: Manhattan: Albuquerque National Trust & 1 to 9. First National Bank 1 to 9. Savings Bank. Union National Bank 1 to 9. First National Bank in Albu- 1 to 9. Ottawa: Peoples National Bank 1 to 4. querque. Paola: Miami County National Bank. 1 to 9. Farmington: First National Bank 2 and 3. Pratt: FirstNational Bank in Pratt... 1 to 9. Raton: First National Bank in 1 to 7. Salina: Raton. Farmeri3 National Bank 1 to 5 and 8. Santa Fe: First National Bank 1 to 9. NationalBankof America at Salina. 1 to 9. Topeka: National Bank of Topeka 1 to 9. OKLAHOMA Troy: FirstNationalBank 1 to 3. Wellington: First National Bank in 1 to 9. Ada: First National Bank in Ada 1 to 9. Wellington. Anadarko: First National Bank 1 to 9. Wichita: Bartlesville: FirstNationalBank in Wichita.... 1 to 9. First National Bank in Bartles: 1 to 9. Fourth National Bank in Wichita Ito9. ville. Southwest National Bank 1 to 9. Union National Bank 4. Union National Bank 1 to 9. Bristow: American National Bank 1 to 9. Winfield: Broken Arrow: First National Bank.. 1 to 4, 6 to 9 First National Bank 1 to 9. Cleveland: First National Bank 1 to 9. Winfield National Bank 1 to 9. Dewey: First National Bank 1 to 9. Enid: MISSOURI Central National Bank 1 to 9. First National Bank Ito9. (See also District No. 8) Guthrie: First National Bank 1 to 8. Holdenville: First National Bank Ito9. Cameron: First National Bank 1 to 3. Hominy: First National Bank in 1 to 9. Carthage: Central National Bank 1 to 3. Hominy. Independence: First National Bank... 1 to 9. Hooker: First National Bank 1 to 3 and 5 Joplin: Joplin National Bank & 1 to 9. Lawton: City National Bank 1 to 3, 5 to 7 Trust Co. and 9. Kansas City: McAlester: First National Bank 1 to 3, 5'to 7 City National Bank & Trust Co.. 1 to 9. Miami: First National Bank 1 to 9. Columbia National Bank 1 to 4 and 9 Muskogee: First National Bank 1 to 9. Commercial National Bank in 1 to 8. Interstate National Bank 1 to 9. Muskogee. Stockyards National Bank 1 to 9. First National Bank & Trust Co 1 to 9. Traderi3 Gate City National Bank 1 to 9. Norman: Union National Bank in Kansas 1 to 9. First National Bank 1 to 9. City.. Security National Bank 1 to 9. Neosho: First National Bank 1 to 9. Okenah: Plattsburg: First National Bank 1 to 9. First National Bank 1 to 8. St. Joseph: Okemah National Bank 1 to 9. American National Bank 1 to 9. Oklahoma City: Burns National Bank 1 to 4. City National Bank & Trust Co. 1 to 9. Tootle-Lacey National Bank 1 to 8. Fidelity National Bank 1 to 9. First National Bant; & Trust Co. 1 to 9. NEBRASKA Liberty National Bank 1 to 9. Tradesmens National Bank 1 to 7 and 9 Belden: First National Bank 1 to 3, 5 to 9. Okmulgee: Central National Bank... 1 to 9. Butte: First National Bank 1 to 3. Ponca City: First National Bank at 1 to 9. David City: First National Bank 1 to 9. PoncaCity. Emerson: First National Bank 1 to 8. Shawnee: Federal National Bank 1 to 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 287 Powers Powers granted granted DISTRICT NO. 10—Continued DISTRICT NO. 11—Continued OKLAHOMA—continued TEXAS—continued S till water: Corsicana: First National Bank 1 to 9. First National Bank 1 to 9. Dallas: Stillwater National Bank 1 to 9. First National Bank in Dallas 1 to 9. Tulsa: Mercantile National Bank at 1 to 9. First National Bank & Trust Co. 1 to 9. Dallas. National Bank of Commerce 1 to 3, 5 to 9. National Bank of Commerce 1 to 9. Republic National Bank & Trust 1 to 9. WYOMING Del Rio: Del Rio National Bank 1 to 9. Buffalo: First National Bank 1 to 4. Denison: Casper: Citizens National Bank 1 to 9. Casper National Bank 1 to 5. State National Bank 1 to 9. Wyoming National Bank 1 to 9. El Paso: Cheyenne: El Paso National Bank 1 to 9. American National Bank 1 to 9. State National Bank 1 to 9. Stock Growers National Bank 1 to 9. Floresville: First City National Bank. 1 to 9. Cody: Fort Worth: First National Bank 1 to9. Continental National Bank 1 to 9. Shoshone National Bank 1 and 4. First National Bank 1 to 9. Evanston: First National Bank 1 to 3. Forth Worth National Bank 1 to 9. Kemmerer: First National Bank 1 to 5. Galveston: Laramie: First National Bank 1 to 3. City National Bank ." 1 to 9. Powell: First National Bank 1 to 8. First National Bank Ito9. Rawlins: Hutchings-Sealy National Bank... 1 to 9. First National Bank to 9. United States National Bank 1 to 9. Rawlins National Bank to 9. Granger: First National Bank 1 and 2. Rock Springs: Rock Springs National to 9. Greenville: Greenville National Ex- 1 to 4. Bank. change Bank. Sheridan: First National Bank to 9. Houston: Thermopolis: First National Bank to 9. City National Bank 1 to 9. First National Bank in Houston.. 1 to 9. DISTRICT NO. 11 National Bank of Commerce 1 to 7 and 9. San Jacinto National Bank 1 to 9. ARIZONA Second National Bank 1 to 7 and 9. (See also District No. 12) South Texas Commercial Na- 1 to 9. tional Bank. Nogales: First National Bank 1 to 8. State National Bank 1 to 9. Tucson: Consolidated National Bank. 1 to 4. Italy U : n F io ir n s t N N at a i t o io n n al a l B B an an k k t t o o 9 9 . . LOUISIANA Kingsville: First National Bank to 9. La Grange: First National Bank (See also District No. 6) Longview: First National Bank. to 3, 5 Homer: Homer National Bank 1 to 8. McKinney: Collin County National ltd a n 9 d . 8. Shre C v o e m po m rt e : rcial National Bank in 1 to 9. M B ar a f n a k : . Marfa National Bank Fi S rs h t r N ev a e ti p o o n r a t. l Bank 1 to 9. Mar F sh ir a s l t l : National Bank 1 to 3 and 5. NEW MEXICO Marshall National Bank 1 to 5. Midland: Midland National Bank Ito9. (See also District No. 10) Orange: R Si o lv sw er e C ll: i t F y i : r s A t N m a e t r i i o c n a a n l N B a a t n io k nal Bank 2 1 a to n d 3 . 3. Pale F O st i r i r a n s n t e g : N e R a N o ti y a o t a n i l o a l l n N a B a l a t B i n o a k n n a k i l n B O a r n a k nge 1 1 1 t t t o o o 9 9 9 . . . OKLAHOMA Paris: First National Bank 1 to 9. Port Arthur: Durant: Durant National Bank in 1 to 3, 5 to 8. First National Bank 1 to 5. Durant. Merchants National Bank 1 to 9. TEXAS San Angelo: Abilene: Central National Bank 1 to 4. Farmers & Merchants National First National Bank 1 to 9. Bank. San Angelo National Bank 1 to 9. Albany: First National Bank 4. San Antonio: A A m us a t r i i n ll : o: First National Bank 1 to 9. A Fr l o am st o N N at a io ti n o a n l a B l a B n a k nk 1 1 t t o o 9 9 . . American National Bank 1 to 9. Groos National Bank 1 to 9. Austin National Bank 1 to 9. Nationsl 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- 1 to 9. 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 1 to 9. Terrell: American National Bank 1 to 8. Cameron: Citizens National Bank 1 to 9. Texarkana: Texarkana National Bank. Ito9. Childress: First National Bank in 1 to 9. Troup: First National Bank 1. Childress. Tyler: Colorado: City National Bank Ito4. Citizens National Bank 1 to 9. Corpus Christi: Corpus Christi Na- 1 to 7. Peoples National Bank Ito9. tional Bank. Victoria: Victoria National Bank 1 to 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 ANNUAL REPORT OF BOARD OF GOVERNORS Powers Povers granted grafted DISTRICT NO. 11—Continued DISTRICT NO. 12 —Continued TEXAS—continued IDAHO Waco: Boise: Idaho First National .Bank I to V-'. Citizens National Bank 1 to 9. Hailey: Hailey National Bank 1 to 2. First National Bank 1 to 8. Idaho Falls: American Nation a 1 1 to II. Wichita Falls: Bank. City National Bank in Wichita 1 to 9. Falls. 1 to 9. NEVADA First National Bank Reno: First National Bank in Reno. ... lto 7, and 9 DISTRICT NO. 12 OREGON ALASKA Ashland: First National Bank.. 1to Fairbanks: First National Bank 1 to 9. Athena: First National Bank... 1to • ). Baker: First National Bank 1to 9. ARIZONA Corvallis: First National Bank. 1to 9. Eugene: First National Bank. .. 1to 9. Phoenix: Grants Pass: First National Bank of lto 3, 5 to 7 First National Bank of Arizona at 1 to 9. Southern Oregon. ari.d 9. Phoenix. Harrisburg: First National Bank.. 1to 3. Valley National Bank 1 to 9. Hood River: First National Bank 1to 9. Winslow: First National Bank 1. Klamath Falls: American National Bank 1to 8. CALIFORNIA First National Bank 1 tou. Marshfield: Beverly Hills: Beverly Hills National 1 to 9. Coos Bay National Bank 1to 9. Bank & Trust Co. First National Bank of Coos .1 [to 9. Fullerton: First National Trust & 1 to 9. Portland: Savings Bank. First National Bank 1to 9. Long Beach: California First National 1 to 9. United States National Bank. 1to 9. Bank. Los Angeles: UTAH Citizens National Trust & Sav- 1 to 9. ings Bank. Logan: First National Bank" 1tc:9. Farmers & Merchants National 1 to 9. Ogden: First Security Bank of Utah, 1to 9. Bank. National Association. Seaboard National Bank Ito9. Price: First National Bank 2• s.5 to 8. Security-First National Bank 1 to 9. Salt Lake City: Mountain View: First National Bank.. 4. Continental National Bank & 1to 7 and 9 Orange: First National Bank 1 to 9. Trust Co. Pasadena: Security National Bank 1 to 9. First National Bank 1to 4. Pomona: First National Bank 1 to 9. Redwood City: First National Bank of 1 to 3, 5, 7, WASHINGTON San Mateo County. 8 and 9. Riverside: Citizens National Trust & 1 to 9. Bellingham: Savings Bank. American National Bank nil 9. Sacramento: Capital Nations! Bank.. 1 to 9. Bellingham National Bank Salinas: Salinas National Bank 4. First National Bank n< I 9. San Bernardino: Amorican National 1 to 9. Northwestern National Bank Bank. Burlington: First National Bank nd 9. San Diego: Col fax: Farmers National Bank First National Trust & Savings Ellensburg: Washington National Bank. Bank. San Francisco: Everett: First National Bank. (o 9. Anglo California National Batik. 1 to 9. Longview: First National Bank i 1o 9. Bank of America National Trust & 1 to 9. Mount Vernon: First National Bank. . L to 9. Savings Association. Okanogan: First National Bank L i,o 9. Bank ol California, N. A 1 to 9. Port Angeles: First National Bank.... ;o 9. Crocker First National Bank 1 to 9. Pullman: First National Bank :o 9. Pacific National Bank 1 to 9. Seattle: Santa Ana: First National Bank in 1 to 9. National Bank of Commerce •DO 9. Santa Ana. Pacific National Bank to 9. Santa Barbara: Seattle-First National Bank to 9. County National Bank & Trust 1 to 9. University National Bank to 9. Co. Spokane: First National Trust & Savings 1 to 9. First National Bank in Spokane. .. to 9. Bank. Old National Bank &; Union Trust to 9. Stockton: First National Bank 1 to 9. Co. Ventura: Union National Bank 1 to 5. Tacoina: Whittier: Whittier National Trust <fc 1 to 9. National Bank of Tacorua to 9. Savings Bank, Puget Sound National Bank to 9. AV oodland: Bank of Woodland, N. A .. Waitsburg: First National Bank to 9. Walla Walla: HAWAIIAN ISLANDS Baker-Boyer National Bank to 9. First National Bank to 9. ishop Nat Wenatchee: First National Bank to 9. Hawaii at H<onolulu. Yakirna: West Side National Bank.... to 9. 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 institu- Digitized fotri oFnRs, AbSutE wRh ich have not been granted the right to accept new trust business. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 289 DESCRIPTION OF FEDERAL RESERVE DISTRICTS Land area Population Federal Reserve District (nquare July 1, 1936 miles) (estimated) No. 1—Boston 61,345 8,164,000 No. 2—New York 51,890 16,718,000 No. 3—Philadelphia.... 36,842 7,978,000 No. 4—Cleveland 73,424 11,682,000 No. 5—Richmond 152,316 11,899,000 No. 6—Atlanta 248.226 11,966,000 No. 7—Chicago 190;5i3 18,756,000 No. 8—St. Louis 194,810 10,321,000 No. 9~Minneapolis 414,004 5,417,000 No. 10—Kansas City 480,438 8,144,000 No. 11—Dallas 38G,116 7,276,000 No. 12—San Francisco. 683,852 10,108,000 Total... 2,973,776 128,429,000 FEDERAL RESERVE D 1ST EIC1 £ DISTRICT NO. 1—BOSTON 61,345 i 8,164,000 Connecticut (excluding Fail-field County) 4,189 1,317,000 Maine. 29,895 853,000 Massachusetts 8,039 4,425,000 New Hampshire 9,031 508,000 Rhode Island 1,067 681,000 Vermont 9,124 380,000 DISTRICT NO. 2—NEW YORK... 51,890 16,718,000 Connecticut (Fairfield County) 631 417,000 New Jersey 3,605 3,366,000 Counties of— Bergen Hunterdon Morris Sussex Essex Middlesex Passaic Union Hudson Monmouth Somerset Warren New York 47,654 12,935,000 DISTRICT NO. 3—PHILADELPHIA. 36,842 7,978,000 Delaware 1,965 259,000 New Jersey 3,909 962,000 Counties of Atlantic Cape May Gloucester Ocean Burlington Cumberland Mercer Salon i Camden Pennsylvania (easter.n part) 30,968 6,757,000 Counties of Adams Clinton Lebanon .Philadelphia Bedford Columbia Lehigh Pike Berks Cumberland Luzerne Potter Blair Dauphin Lycoming SchuylkiJl 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

290 ANNUAL REPORT OF BOARD OF GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1, 1936 miles) (estimated) DISTRICT NO. 4-CLEVELAND 73,424 11,682,000 Kentucky (eastern part) 17,614 1,378,000 Counties of— Bath Fleming Lawrence Nicholas Bell Floyd Lee Oweley Boone Garrard Leslie Pendieton Bourbon Grant Letcher Perry Boyci Greenup Lewis Pike Bracken Harlan Lincoln Powell Breathitt Harrison McCreary Puiaski Campbell Jackson Madison Robertson Carter Jessamine Magoffin Rockcastle Clark Johnson Martin Rowan Clay Kenton Mason Scott Elliott Knott Menifee Whitley Estill Knox Montgomery Wolfe Fayette Laurel Morgan Woodford Ohio 40,740 6,713,000 Pennsylvania (westerii part) 13,864 3,379,000 l^lmmfiPR of-—• Allegheny Crawford Indiana Venango Armstrong Erie Jefferson Warren Beaver Fayette Lawrence Washington Butler Forest Mercer Westmoreland Clarion Greene Somerset ^^est "V irginia (northern rmrf") 1,206 212,000 Counties of— Brooke Marshall Tyler Hancock Ohio Wetzel DISTRICT NO. 5—RICHMOND 152,316 11,899,000 District of Columbia 62 619,000 Maryland 9,941 1,674,000 North Carolina 48,740 3,457,000 South Carolina 30,495 1,860,000 Virginia 40,262 2,671,000 West Virginia (southern part) 22,816 1,618,000 Counties of— Barbour Hardy Mingo Roane Berkeley Harrison Monongalia Summers Boone Jackson Monroe Taylor Braxton Jefferson Morgan Tucker Cabell Kanawha Nicholas Upshur Calhoun Lewis Pendieton Wayne Clay Lincoln Pleasants Webster Doddridge Logan Pocahontas Wirt Fayette McDowell Preston Wood Gilmer Marion Putnam Wyoming Grant Mason Raleigh Greenbrier Mercer Randolph Hampshire Mineral Ritchie DISTRICT NO. 6—ATLANTA 248,226 11,966,000 51,279 2,864,000 54,861 1,642,000 58,725 3,060,000 art) 26,891 1,437,000 JLJVJ LiADXCbXXCv yOV-/ClUXA^X IX yj 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- WestBaton 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 (southernpart) 25,519 962,000 Counties of— Adams Harrison Lawrence Scott Amite Hinds Leake Sharkey 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 Kemper Perry Wilkinson Greene La mar Pike Yazoo Hancock Lauderdale Rankin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM 291 FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1, 1936 miles) (estimated) DISTRICT NO. 6—ATLANTA—Continued. Tpnnessee (eastern Daft) 30,951 2,001,000 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 Hickman Moore Unicoi Claiborne Houston Morgan Union Clay Humphreys Overton Van Buren Cocke Jackson Perry Warren Coffee Jefferson Pickett Washington Cumberland Johnson Polk Wayne Davidson Knox Putnam White De Kalb Lawrence Rhea Williamson Dickson Lewis Roane Wilson Fentress Lincoln Robertson Franklin Loudon Rutherford DISTRICT NO. 7—CHICAGO 190,513 18,756,000 Illinois (northern part^ 35,448 6,569,000 Counties of— Boone Ford Livingston Rock Island Bureau Fulton Logan Sangamon Carroll Grundy McDonough Schuyler Cass Hancock McHenry Shelby Champaign Henderson MaLean Stark Christian Henry Macon Stephenson Clark Iroquois Marshall Tazewell Coles Jo Daviess Mason Vermilion Cook Kane Menard Warren Cumberland Kankakee Mercer Whiteside DeKalb Kendall Moultrie Will DeWitt Knox Ogle Winnebago Douglas Lake Peoria Woodford Du Page La Salle Piatt Edgar Lee Putnam Indiana (northern part") 26,707 2,809,000 Counties of— Adams Fountain La Porte Ripley Allen Franklin Madison Rush Bartholomew Fulton Marion St. Joseph Benton Grant Marshall Shelby Blackford Hamilton Miami Starke Boone Hancock Monroe Steuben Brown Hendricks Montgomery Tippecanoe Carroll Henry Morgan Tipton Cass Howard Newton Union Clay Huntington Noble Vermillion Clinton Jasper Ohio Vigo Dearborn Jay Owen Wabash Decatur Jennings Parke Warren DeKalb Johnson Porter Wayne Delaware Kosciusko Pulaski Wells Elkhart Lagrange Putnam White Fayette Lake Randolph Whitley Iowa 55,586 2 543 000 Michigan (southern part^ 40^789 4,468,000 Counties of— Alcona Eaton Lapeer Ogemaw Allegan Emmet Leelanau Osceola Alpena Genesee Lenawee Oscoda Antrim Gladwin Livingston Otsego Arenac Grand Traverse Macomb Ottawa Barry Gratiot Manistee Presque Isle Bay Hillsdale Mason Roscommon Benzie Huron Mecosta Saginaw Berrien Ingham Midland St. Clair Branch Ionia Missaukee St. Joseph Calhoun Iosco Monroe Sanilac Cass Isabella Montcalm Shiawassee Charlevoix Jackson Montmorency Tuscola Cheboygan Kalamazoo Muskegon Van Buren Claire Kalkaska Newaygo Washtenaw Clinton Kent Oakland Wayne Crawford Lake Oceana Wexford Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF BOARD OF GOVERNORS FEDERAL RESERVE DISTRICTS Continued Federal Reserve district DISTRICT NO. 7.—CHICAGO—Continued Wieconssin (southern part) 31,983 2,367,000 Counties of— Ada,ms Green Lake Marquette Sheboygan Brown Iowa Milwaukee Vernon Calumet Jackson Monroe Walworth Clark Jefferson Oconto Washington Columbia Juneau Outagamie Waukesha Crawford Kenosha Ozaukee Waupaca Dane Kewaunee Portage Waushara Dodge Lafayette Racine Winnebago Door Langlade Richland Wood Fond du Lac Manitowoc Rock Grant Marathon Sauk Green Marinette Shawano DISTRICT NO. 8.—ST. LOUIS 194,810 10,321,000 Arkansas. 52,525 2,023,000 Illinois ( C so o u u t n h t e ie r s n p of a — rt") 20,595 1,276,000 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 Effmgham Johnson Pope White Fayette Lawrence Pulaski Williamson Indiana (southern part) 9,338 650,000 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 Kentucky (western part) 22,567 | 1,505,000 Counties of— Ad air Crittenden Hopkins Ohio Allen Cumberland Jefferson Oldhain 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 Case Henderson Monroe Washington Christian Henry Muhlenberg Wayne Clinton Hickman Nelson Webster Mississippi (northern 20,843 1,046,000 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

FEDERAL RESERVE SYSTEM! 293 FEDERAL RESKRVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1, 1936 miles) (estimated DISTRICT NO. 8.—ST. LOUIS—Continue I. I Missouri (eastern part) { 58,206 2,958,000 Counties of— j Adair Douglas Maries Reynolds j Audrain Dimkliu Marion Ripley j Barry Franklin Mercer St. Charles | Benton Gasconade Miller St. Clair j Bollinger Greene Mississippi St. Francois | Boone Grundy Moniteavi St. Louis I Butler Harrison Monroe St. Louis City j Caldwell Henry Montgomery Ste. Genevieve j Callaway Hickory Morgan Saline I Camden Howard New Madrid Schuyler ; Cape Girardeau Howell Oregon Scotland ! Carroll Iron Osage Scott i Carter Jefferson Ozark Shannon j Cedar Johnson Pemiseot Shelby I Chariton Knox Perry Stoddard I Christian Laclede Petti s Stone I 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) 10,736 863,003 Counties of— Benton Fayette Henry Shelby Carroll Gibson Lake Tipton Chester Hardeman Lauderdale Weakley Crockett Hardin McNairy. Decatur Hay wood Madison Dyer Henderson Obioti DISTRICT NO. 0.- MINNEAPOLIS 414,004 5,417,000 Michigan (northern part) 16,691 315,000 Counties of • Alger Dickinson Keweenaw Menoinince Baraga (J oge b i < • L uce (> n ton ago i \ Chippewa Hough (on 'Mackinac S.-hoo]craft Delta Iron Marqm-tte Minnesota 80,858 2,635,000 Montana 146,131 531,000 North Dakota 70,183 703,000 South Dakota 76,868 692,000 Wisconsin (northern part) 23,273 541,000 Counties of— Ashland Dunn Oneida Sawyer Barron Eau Claire Pepin Taylor Rayfield Florence Pierce Trempealeau Buffalo Forest Polk Vilas Burnett Iron Price Washburn Chippewa La Crosse Rusk Douglas Lincoln St. Croix DISTRICT NO. 10—KANSAS CITY j 480,438 8,144,000 Colorado j 103,658 1,066,000 Kansas 81,774 1,886,000 Missouri (western part) 10,52 1,001,000 Counties of— Andrew Cass Holt Nodaway Atchison Clay Jackson Platte Barton Clinton Jasper Vernon Bates DftKalb McDonald Worth Buchanan Gentry Newton j Nebraska * I 76,808 1,364,000 New Mexico (northern part) I 48,359 231,000 Counties of— I Bernalillo Mora San Miguel Valencia | Colfax RioArriba Santa Fe Harding Sandoval Taos i McKinley San Juan Union I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 ANNUAL REPORT OF BOARD OF GOVERNORS FEDERAL RESERVE DISTRICTS—Continued Land area Population Federal Reserve district (square July 1, 1936 miles) (jjstimated) DISTRICT NO. 10.—KANSAS CITY—Continued. Oklahoma (northwestern narti 61,770 2,363,000 Counties of— Adair Ellis Logan Pontotoc Alfalfa Garfield Love Pottawatomie Beaver Garvin McClain Roger Mills Beckham Grady Mclntosh Rogers Blaine Grant Major Seminole Caddo Greer Mayes Sequoyah Canadian Harmon Murray Stephens Carter Harper Muskogee Texas Cherokee Haskell Noble Tillman Cimarron Hughes Nowata Tulsa Cleveland Jackson Okfuskee Wagoner Comanche Jefferson Oklahoma Washington Cotton Kay Okmulgee Washita Craig Kingfisher Osage Woods Creek Kiowa Ottawa Woodward Custer Latimer Pawnee Dels/ware Le Flore Payne Dewey Lincoln Pittsburg Wyoming 97,548 233,000 DISTRICT NO. 11.—DALLAS 386,116 7,276,000 Arizona (southeastern nartl 23,412 118,000 Counties of— Cochise Greenlee Pima Santa Cruz Graham Louisiana (northern partA 18,518 685,000 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 Clai.t)orne La Salle Richland Concordia Lincoln Sabine New Mexico (southern narfi 74,144 191,000 Counties of— Cat r on Eddy Lincoln Sierra Chsives Grant Luna Socorro Curry Guadalupe Otero Torrence De Baca Hidalgo Quay Dona Ana Lea Roosevelt Oklahoma (so\itheasterr> nn-T^ 7,644 165,000 Counties of— Atoka Choctaw Johnston Marshall Bryan Coal McCurtain Pushmataha Texas 262,398 6,117,000 DISTRICT NO. 12—SANFRANCISCO 683,852 10,108,000 Arizona, (northwestern r»n.rtA 90,398 288,000 Counties of— Apache Maricopa Navajo Yavapai Cooonino Mohave Pinal Yuma Gila Califoriiia 155,652 6,059,000 Idaho 83,354 485,000 Nevada 109,821 100,000 Oregon 95,607 1,017,000 Utah 82,184 516,000 Washington 66,836 1,643,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BRANCH TERRITORIES (December 31, 1936) BUFFPAALLOO BRANCH (District No. 2).—The 10 most westerly counties of New York State, as follows: MMonroe Orleans Allegany Wyoming Chautauqua GGeenneesseeoo 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 Spartanbmg Anderson Greenville Lexington Pickens Union Cherokee Greenwood McCormick Richland York Chester BIRMINGHAM BRANCH (District No. 6).—The State of Alabama except the following counties: Mobile, Baldwin, Russell, Pike, Barbour, Coffee, Dale, Henry, Covington, Geneva, and Houston, and towns and cities in Lee and Chambers counties located on or south of the Atlanta & West Point Railroad and the Western Railway of Alabama. JACKSONVILLE BRANCH (District No. 6).—The entire State of Florida. NASHVILLE BRANCH (District No. 6).—That part of the State of Tennessee included in Federal reserve district No. 6 with the exception of the city of Chattanooga. NEW ORLEANS BRANCH (District No. 6).—Those parts of the States of Louisiana and Mississippi located in Federal reserve district No. 6, and the counties of Mobile and Baldwin in Alabama. DETROIT BRANCH (District No. 7).—The following 19 counties in the State of Michigan: Bay Tngham Livingston Saginaw Tuscola Genesec Jackson Macomb Sanilac Washtenaw Hillsdale Lapeer Monroe St. Clair Wayne Huron Lenawee Oakland Shiawassee LITTLE ROCK BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Arkansas except those assigned to the head office and to the Memphis branch. (Foi names of cities see Federal Reserve Interdistrict Collection System list.) LOUISVILLE BRANCH (District NO. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Kentucky and Indiana, included in Federal reserve district No. 8, except those assigned to the head office. (For names of cities see Federal Reserve Interdistrict Collection System list.) MEMPHIS BRANCH (District No. 8).—Territory is not determined by State or county lines. Branch territory consists of all cities in Mississippi included in Federal reserve district No. 8; all cities in Tennessee included in district No. 8, except those assigned to St. Louis, and cities in Arkansas not assigned to St. Louis or Little Rock. (For names of cities see Federal Reserve Interdistrict Collection System list.) 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. 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 ANNUAL REPORT OF BOARD OF GOVERNORS OKLAHOMA CITY BRANCH (District No. 10).—Thai part, of the Shite 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).—Thist part of the States of Arizona, and New Mexico k rated in Federal Reserve District No. 11, and the following 14 counties in the State of Texas: Andrews Fetor Jeff Davis Midland Ward Crane El Paso Loving Pecos Winkler Culberson Hudspeth Martin Reeves HOUSTON BRANCH (District No. 11).—The following 41 counties in the southeastern part of the State of Texas: Anderson Colorado Jackson Montgomery Shelby Angelina Fayette Jasper Nacogdoches Trinity Austin Fort Bend Jefferson Newton Tyler Bastrop Galveston Lavaca Orange Victoria Brazoria Grimes Lee Polk Walker Brazos Hardin Liberty Sabine Waller Burleson Harris Madison San Augustine Washington Chambers Houston Matagorda San Jacinto Wharton Cherokee SAN ANTONIO BRANCH (District No. 11).—The 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 Uvaldo Bexar Edwards Kendall McMullen Val Verde Blanco Frio Kenedy Medina Webb Brewsier Gillespie Kerr Nueces Willacy Brooks Goliad Kimblo Presidio Wilsori Caldweli Gonzales Kmney Rpal Zapata Cnlhoim Quadalupe Kloburg Refugio Zavalla Cameron ITays La Salle S.in Patrieio Los ANCJELKS 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 BRANCH1 (District No. 12).—The entire State of Oregon, and the town of Ilwaco and the following five counties in the State of Washington: Clark Cowlitz Klickitat Skamania Wahkliakum SALT LAKE CITY BRANCH (District No. 12).—The entire State of Utah and the following counties in Idaho and Nevada: IDAHO Ada Bonneviile Custer Jerome Payette Adams Butte Elmore Lemhi Power Bannock Camas Franklin Lincoln Teton Bear Lake Canyon Fremont Madison Twin Falls Bingharn Caribou Gem Minidoka Valley Blainc Cassia Gooding Oneida Washington Boise Clark Jefferson Owyhee NEVADA Clark EJko Miicolu White Pine SKATILB BRANCH.1 (District No. 12).--The entire State of Washington except the city of Spokane, which is affiliated with the Spokane Branch, and the town of Ilwaco and ihe following live counties which arc affiliated with the Portland Branch: Clark Cowlitz Klickitat Skamania Wahkiakum Also, the following counties in the State of Idaho: Benewah Boundary Idaho Latah Nez Perce Bonner Clearwater Kootenai Lewis Shoshone SPOKANE BRANCH1 (District No. 12).—The city of Spokane. 1 Branch territory effective January 18, 1937. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISTRICTS • •••• BOUNDARIES OF FEDERAL RESERVE DISTRICTS - «- BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY LOUISVILLE, LITTLE ROCK, AND MEMPHIS BRANCHES SERVE CERTAIN DESIGNATED CITIES RATHER THAN ZONES DETERMINED BY STATE OR COUNTY LINES SPOKANE BRANCH SERVES CITY OF SPOKANE ONLY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Pase Dollar bankers' acceptances 173 Held by member banks 132, 154,156,158,160,173 Maturity of bills held by Federal Reserve banks 81 Outstanding 173 Payable in foreign currencies 72, 74 Rates, discount and open-market: Buying rates of Federal Reserve banks 117 Open-market rates: In New York City 29,118,119 In foreign countries 122 Additions and withdrawals, banks in Federal Reserve System 41, 42,151 Administrator, list of national banks authorized to act as 270 Advances to industries by Federal Reserve banks. (See Industrial advances.) Advances to member banks under section 10 (b) of Federal Reserve Act: Rates on 115 Advisory Council, Federal: Meetings of 58 Expenses of 94 Members of 231 Recommendations of, to Board of Governors 231-234 Affiliates: Standard form of agreement required in granting general voting permits; policy action of Board 58, 214, 219 Voting permits issued by Board, number of 58 Agencies of Federal Reserve banks. (See Branches and agencies.) Agricultural income 39 Agricultural production 37 Amendment to Federal Reserve Act 51 Area of Federal Reserve districts 289 Assessment for expenses of Board 47, 48, 59, 94, 240 Assets and liabilities: Federal Reserve banks: At the end of each month 84 At the end of 1935 and 1936 76-79 Member banks: By classes of banks 126 On call dates 130 Reporting banks: In leading cities 154 In New York City 164 Outside New York City 168 National banks 126 Reserve city member banks 126 State bank members 126 Assignee, list of national banks authorized to act as 270 Auditing of accounts of Board of Governors 59 Automobiles: Factory employment index 194 Factory pay-roll index 192 Production 36,190 Balance sheets. (See Condition of banks.) Bank consolidations 42,151 Bank examinations 56 Bank debits 26,174 Bank failures 41, 42,175-178 Bank for International Settlements, credit agreements with Federal Reserve banks. 55 Bank mergers 42,151 Bank premises, Federal Reserve 49, 72, 74, 76, 93 Book value 93 Cost of 93 Date occupied 93 Depreciation charges 95 Repairs, cost of 94 Digitized for FRASER http://fraser.stlouisfed.org/ 299 Federal Reserve Bank of St. Louis

300 INDEX Page Bank suspensions 41, 42, 175-178 Bankers' acceptances. (See Acceptances.) Bankers' balances of member banks 13, 126, 130, 138, 155, 165, 169 Banking corporations engaged in foreign banking business, examination of 57 Bills bought by Federal Reserve banks 63-71, 72, 74, 76, 78 Authority granted to Federal Reserve Bank of New York by Federal Open Market Committee to direct purchases in foreign countries. 226, 227 Earnings on .' 48, 94, 98 Rates of 48 Maturities 81 On call dates 69 Payable in foreign currencies 72, 74 Volume of 49, 85, 86 Bills discounted by Federal Reserve banks 63-70, 72, 74, 76, 78 Earnings on 48, 94, 98 Rates of 48 Holdings: By classes 80 By maturities 81 On call dates 69, 70 Secured by United States Government obligai ions 72, 76, 78, 80 Volume of 49, 85, 86 Blattner, George W., appointed assistant director of Division of Research and Statistics 58 Board of Governors of the Federal Reserve System: Approval by, of policy actions of Federal Open Market Committee relative to shifts between maturities of Government securities 205, 208, 211 Auditing of accounts of 59 Blattner, George W., appointed assistant director of Division of Research and Statistics 58 Assessment for expenses of 48, 59, 95, 240 Building account 240 Directory 235 Dreibelbis, J. P., appointed assistant general counsel 58 Drinnen, Frank J., resignation as Federal Reserve, examiner 58 Employees, number and salaries 230 Expenses of 59, 240 Hamlin, Charles S., appointed special counsel 58 Members appointed for terms beginning February 1, 1936 44 Members of '. '. 43, 44, 235 Number of members 43 Policy actions, record of, under section 10 of Banking Act of 1935. {See Policy actions.) Receipts and disbursements 240 Reconstitution of 1, 43 Salaries of officers and employees 236 Term of office of members 43, 44 Bonds: Capital issues 34,180 Prices of 30,182 United States. {See United States Government securities.) Yield on 30,183 Borrowings of member banks at Federal Reserve banks 128,138 Branch banks, number of 40,151 Branches and agencies of Federal Reserve banks: Bank premises: Cost of 93 Date occupied 93 Book value • • 93 Counties comprising territory 295, 296 Directors of \ 242-245 Expenses of 49 Managers of 242-245 Number of 49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 301 Branches and agencies of Federal Reserve banks—Continued. Page Territory 295-296 Volume of operations 50, 88 Broderick, Joseph A., appointed member of Board of Governors 44 Brokers and dealers in securities: Balances 172 Loans by member banks: Classes of banks 128 Discussion of 23, 31, 32 In leading cities 154 In New York City 164 On call dates. . . ." 132 Outside New York City 168 Margin requirements. (See Margin.) Regulation R, revision of 51, 203 Regulation T, revision of 31, 52, 205, 211, 215 Building: Contracts awarded • 37, 184 For Board of Governors, account 240 Materials, wholesale prices 197 Buildings, Federal Reserve banks 49, 93 Book value 93 Cost of bank premises 93 Date occupied 93 Depreciation charges 94 Repairs, cost of 94 Business and credit conditions: Discussion of 3, 35 Resolutions of Open Market Committee regarding 223 Action on, by Board of Governors 207 Call loans: In New York City 29 Money rates in New York City 29,118,119 Capital: Federal Reserve banks 73, 75, 79 Member banks 127,129,130 Movement from abroad 4 State bank members of System 247 Capital issues 33, 34, 180 Capital stock: Investment in, by Reconstruction Finance Corporation 43 State member banks, number of, classified according to size of 265, 266 Car loadings, index of 184 Cash in vault, member banks 126,130,155,165,169 Cash reserves of Federal Reserve banks 72, 74, 76 Central banks, foreign: Credit agreements with Federal Reserve banks 55 Discount rates 121 Open-market rates 122 Central reserve city banks: Condition of 126 Deposits, reserves, and borrowings at Federal Reserve banks 138, 144, 147 Loans and investments 128,132 Changes in discount rates of Federal Reserve banks 115 Changes in membership in Federal Reserve System 41,151 Charts: Deposits of all banks in the United States 26 Excess reserves, sources of 11 Manufacturing production 36 Loans and investments of member banks 21 Member bank reserve balances 9 Member bank reserves and related items 9 Money rates , . ; 29 Reserves of member banks and related items 9 Reserve bank credit 9 Security loans 21 Wholesale commodity prices 38 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 INDEX Check clearing and collection: Page Checks against deposits, volume of 26 Gold certificate fund transactions 90 Operations, volume of: Federal Reserve banks 49, 85, 86 Federal Reserve branch banks 50, 88 Par list, number of banks on 50, 92 Chemicals: Factory employment index 194 Factory pay-roll index 192 Prices, wholesale, index of 197,198 Circulation, money. (See Currency; Federal Reserve notes; Money.) Classification of loans, investments, borrowings, and capital stock of member banks 128 Classification of loans and investments of member banks 132 Clayton Antitrust Act, revision of Regulation L relating to 51, 202 Coal, index of production 191 Coin: Circulation 28,108, 109 Held by Federal Reserve banks 72, 74, 76 Received and counted: At Federal Reserve banks 49, 85, 86 At Federal Reserve branch banks 50, 88 Collateral held by Federal Reserve banks as security for Federal Reserve notes, 77, 79, 99 Collateral notes of member banks held by Federal Reserve banks 80 Collection of checks. (See Check clearing and collection.) Commercial paper: Money rates in New York City 30, 118, 119 Outstanding 173 Purchased by member banks 132,154,164,168 Commodity prices, wholesale 38,197-198 Condition of banks: All banks in the United States 124,125 Federal Reserve banks: Assets and liabilities: At the end of each month 74 At the end of 1935 and 1936 76-79 Weekly statement and balance-sheet items 72 Bills bought. (See Bills bought.) Bills discounted. (See Bills discounted.) Deposits, reserves, note circulation, and reserve percentages 71 United States securities, holdings of. (See United States Govt. securities.) Member banks: All banks: Assets and liabilities: On Dec. 31, 1936, by classes of banks 126 On call dates 130 Changes in membership during 1936 41,151 Classification of loans and investments on call dates 132 Classification of loans, investments, borrowings, and capital stock by classes of banks 128 Deposits subject to reserve, reserves required, and reserves held 144,147,149 Net demand and time deposits: By months . 145,146 In larger and smaller centers 150 Reserve position 144,145 Reserves, deposits, and borrowings on call dates 138 Reporting banks: In leading cities 154 In New York City 164 Outside New York City 168 Congress, joint resolution of, extending period in which the Federal Deposit Insurance Corporation may make loans under certain conditions 51 Consolidations, bank • 42,151 Construction contracts awarded 37,184 Copper, index of production 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 303 Page Cost of Federal Reserve bank premises 93 Counties in Federal Reserve districts 289-294 Counties in Federal Reserve branch territories 295-296 Country member banks: Condition of 126 Deposits, reserves, and borrowings on call dates 142 Deposits subject to reserve, reserves required, and reserves held 144 Excess reserves held by 13 Loans and investments 128,136 " Other " loans to customers 22 Reserve requirements 17 Credit: Federal Reserve bank. (See Federal Reserve bank credit.) Member bank 2, 21 Credit agreements, Federal Reserve banks with foreign central banks 55 Credit conditions, resolutions of Federal Open Market Committee regarding.. . 223, 230 Action on, by Board of Governors 207 Currency: Amounts received and counted: At Federal Reserve banks 49, 85, 86 At Federal Reserve branch banks 50, 88 Circulation 27, 63-71,107-111 By denominations 28 By kinds 108 By months 107 Chart 9 Paper 28,109 Federal Reserve, cost of 95, 240, 244 Shipments and receipts Ill Treasury currency outstanding 110 Davis, Chester C, appointed member of Board of Governors 44 Debits to individual accounts 26,174 Deferred availability items of Federal Reserve banks 73, 75, 79 Deficient reserve penalties imposed by Federal Reserve banks 98 Demand deposits. (See Deposits.) Department-store sales 184 Deposits: All banks in the United States 2, 25, 26,124 Chart showing 26 Banks suspended 42,175-178 Banks admitted to membership in System 42 Checks drawn against, volume of 26 Federal Reserve bank 71, 73, 75, 77, 79 Foreign bank 71, 73, 75, 77, 79,130,138 Government: Held by Federal Reserve banks 63-71, 73, 75, 79 Held by member banks 126, 128, 130,138, 155,165,169 In leading cities 155 In New York City 165 On call dates 130 Outside New York City 169 Member bank: All banks 2, 24,126,130,138,144,145,146,150 Net demand and time 145,146,147 By months 145,146 In larger and smaller centers 150 On call dates 138 Subject to reserve, reserves required, and reserves held 144,147-149 Reporting banks: In leading cities 155 In New York City 165 Outside New York City 169 Maximum rates on time deposits 120 Nonmember bank 63-71,124 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 INDEX Deposits—Continued. Payment of interest on: Regulation Q: Page Effective date of definition of interest; action of Board and Federal Deposit Insurance Corporation 53, 207, 221 Revision of 53, 207, 221 Postal savings. . 140, 146 State bank members of Federal Reserve System 247-264 Classified according to size of capital stock. 265-269 Deputy chairmen of board of directors of Federal Reserve banks, list of 242-245 Directors of Federal Reserve banks: Changes in, made by Banking Act of 1935 45 List of 242 245 Meetings, expenses of 94 Discount and open-market operations of Federal Reserve banks: Acceptances. (See Acceptances.) Bills bought 63-71, 72, 74, 76, 78 Earnings on 48, 94 Rates of 48 Maturities 81 On call dates 69 Payable in foreign currencies 72, 74 Volume of: Federal Reserve banks 49, 85, 86 Federal Reserve branch banks 50, 88 Bills discounted 63-71, 72, 74, 76, 80, 81 Earnings on 48, 94, 96, 98 Rates of 48 Holdings: By classes 80 By maturities 81 On call dates 69, 70 Secured by United States Government obligations 72, 74, 76, 78 Volume of 49, 85, 86 Collateral notes of member banks discounted and held 80 Discounts for individuals, partnerships, and corporations 80 Dollar exchange bills discounted or purchased 74 Industrial advances and commitments to make industrial advances 81, 83, 84 Maturity of bills purchased or held 81 Loans to industries. (See Industries, loans to.) Number of pieces handled 49, 85, 86, 88 Rates charged and rates of earnings on bills discounted 48 United States Government securities: Earnings and rates of earnings 48, 94, 98 Paper secured by, purchased and held 72, 74, 76 Purchased and held 63-71, 72, 74, 76, 80, 82 By classes 82 Volume of operations 49, 85, 86, 88 Discount and open-market rates: Advances to member banks under section 10 (b) of act 115 Average rates earned by Federal Reserve banks on: Bills discounted 48 United States Government securities 48 Buying rates on acceptances 117 Central banks in foreign countries: Changes in 121 Open-market rates 122 Changes in Federal Reserve bank rates 115-117 Open-market rates in New York City 29,118,119 Rates charged customers 120 Discounts for individuals, partnerships, and corporations 80 Rates 116 Districts, Federal Reserve. (See Federal Reserve districts.) Dividends: Corporate 39 Federal Reserve banks 47, 95, 96 Member banks 152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 305 Page Dollar bankers' acceptances held by group of accepting banks 173 Dreibelbis, J. P., appointed assistant general counsel to Board of Governors....... 58 Drinnen, Frank J.: Appointed first vice president of Federal Reserve Bank of Philadelphia 58 Resignation as Federal Reserve examiner 58 Due from foreign banks to Federal Reserve banks 72, 74, 76, 78 Due to and from banks (bankers' balances) 126,130,138, 155, 165, 169,171 Earmarked gold for foreign account 103, 104 Earnings, corporate 39 Earnings and expenses: Federal Reserve banks 46, 94-98 Amounts paid to United States Treasurer out of earnings 47, 94, 96 Rates of earnings 48 Member banks 27,152 Eccles, Marriner S.: Appointed member of Board of Governors 44 Designated chairman of Board of Governors 43 Eligible paper held by Federal Reserve agent as security for Federal Reserve notes.. 99 Employees: Board of Governors, number and salaries. 236 Federal Reserve banks, number and salaries 48, 94, 246 Employment, factory 37,184, 194 England: Discount rates of Bank of 121 Open-market money rates 122 Examinations, bank: Corporation engaged in foreign banking 57 Federal Reserve banks 56 State member banks 56 Excess reserves of member banks 1, 10, 63-71,144, 145,147,149 Chart showing 11 Discussion of 1,10 Recommendations of Federal Advisory Council relative to 231 Resolutions of Federal Open Market Committee regarding 223, 229 Action on, by Board of Governors 208, 216 Exchange rates, foreign 106 Executor, list of national banks authorized to act as 270 Expenses: Board of Governors 59, 240 Branches and agencies of Federal Reserve banks 49 Federal Reserve banks 48,94-98 Fiscal agency departments of Federal Reserve banks 95 Member banks 152 Exports and imports: Acceptances based on, held by Federal Reserve banks 173 Gold 4, 105 Merchandise exports, discussion of 4 Expressage, cost of, at Federal Reserve banks 94 Factory employment and pay rolls 37,184,192,194 Failures, bank 41, 42, 175-178 Farm products, prices of, index of 197 Federal Advisory Council: Meetings of 58 Expenses of 94 Members of 231 Recommendations of, to Board of Governors 231-234 Federal Deposit Insurance Corporation: Interest, definition of, eliminated from Regulation IV 55 Joint resolution of Congress extending certain loans by 51 Federal Open Market Committee: List of members, with alternates 44 Meetings of 44, 223-230 Policy actions, record of. (See Policy actions.) Regulation governing open-market operations 53 Reorganization of. • 44 Selection by Federal Reserve banks of representatives on; action by Board of Governors 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 INDEX Federal Reserve Act: Page Amendment to, extending period in which the Federal Deposit Insurance Corporation may make certain loans 51 Reserve requirements under 17 Federal Reserve agents: Federal Reserve note accounts 99 Gold certificate fund, summary of transactions 91 List of *. 46, 242-245 Placed on honorarium basis 45 Federal Reserve bank credit: Annual averages 63 By weeks (Wednesday figures) 66-68 Chart showing 9 Discussion of •. . 2 End of month figures 65 Monthly averages 64 On call dates 69-70 Federal Reserve bank float 74 Federal Reserve bank note circulation 108 Federal Reserve banks: Agreements with foreign banks to purchase commercial bills 55 Bankpremises 49, 72, 74, 76, 78, 93 Cost of 93 Bills bought by. (See Bills bought.) Bills discounted by. (See Bills discounted.) Branches and agencies of: Bank premises 93 Clearing operations 88 Counties comprising territory 295 Directors of 242-245 Expenses of 49 Managers of 242-245 Number of 49 Territory 295-296 Volume of operations 50, 88 Building operations 49, 93 Capital 73, 75, 77, 79 Chairmen of boards of directors, list of 242-245 Clearing operations 50, 85, 86 Condition of. (See Condition of banks.) Deposits. (See Deposits.) Directors, list of 242-245 Discount rates. (See Discount and open-market rates.) Discounts. (See Discount and open-market operations.) Dividends paid 47, 95, 96 Earnings and expenses 46, 94-98 Rates of earnings 48 Employees, number and salaries 48, 94, 246 Examinations of 57 Fiscal agency operations 49, 95 Franchise tax paid to Government 96 Gold certificate fund 90 Governors: Listof 242-245 Salaries of 246 Officers: Changes in, made by Banking Act of 1935 45 Salariesof 48, 94, 246 Officers and directors, list of 242-245 President as chief executive officer 45 Profit and loss account 95 Reserves. (See Reserves.) Resources and liabilities. (See Assets and liabilities.) Salaries of officers and employees 48, 94, 246 Tax, franchise, paid to Government 96 Volume of operations 49, 85, 86, 88 All banks 49,85 Branches 50, 88 Digitized for FRASER Each bank 86 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 307 Page Federal Reserve Board. (See Board of Governors of the Federal Reserve System.) Federal Reserve branch banks: Bank premises 93 Counties comprising territory 295-296 Directors of 242-245 Expenses of 49 Managers of 242-245 Number of 49 Territory 295-296 Volume of operations 50, 88 Federal Reserve districts: Area, square miles 289-294 Counties comprising branch territory 295-296 Counties in divided States 289-294 Map showing outline 297 Population 289-294 Federal Reserve interdistrict collection system. (See Check clearing and collection.) Federal Reserve notes: Circulation 28, 71, 73, 75, 77, 79, 99,108 Cost of 95, 240 Eligible paper held as collateral against 99 Federal Reserve agents' accounts 99 Gold certificates held as collateral against 77, 79, 99 Held by Federal Reserve banks 72, 74, 76, 78 Fiduciary powers of national banks: List of national banks authorized to exercise 270-278 Number of permits issued 57 Regulation F, revision of 51, 214 Fiscal agency operations of Federal Reserve banks 49, 95 Float, Reserve bank 74 Food products: Factory employment index 194 Factory pay-roll index 192 Production index 190 Food prices, wholesale, index of 197 Foreign bank deposits 71, 73, 75, 79,130,138 Foreign banking, corporation engaged in, examination of 57 Foreign banks: Deposits 71, 73, 75, 79,130,138 Due to Federal Reserve banks from 72, 74, 76, 78 Foreign capital issues 180 Foreign central banks: Credit agreement with Reserve banks 55 Money rates: Changes in 121 Open-market rates 122 Transactions in accounts with; policy action of Federal Open Market Committee 228 Foreign currency, bills payable in: Authority granted to Federal Reserve Bank of New York by Federal Open Market Committee to direct purchases of 226, 227 Holdings of Reserve banks 72, 74 Foreign deposits, member banks 138 Foreign exchange rates 106 Foreign investments in American securities 3, 7 Foreign trade 40 France: Capital movements from 5 Discount rates of Bank of 121 Open-market money rates 122 Franchise tax paid by Federal Reserve banks to Government 96 Freight-car loadings, index of. . 184 Germany: Discount rates of Reichsbank 121 Digitized for FROASpeEnR- market money rates 122 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 INDEX Gold: Page Certificate fund 90 Certificates: Held as collateral against Federal Reserve notes 77, 79, 99 Held by Federal Reserve banks 72, 74, 76, 78 Circulation 108 Earmarked for foreign account 103, 104 Federal Reserve agents' fund 91 Imports and exports 2, 4,105 Purchases 1, 4 Redemption of notes suspended in France, Italy, and Netherlands 6 Reserves of Federal Reserve banks 1, 4, 72, 74, 76, 78 Stock, monetary, in United States 2, 4, 63-70,103,104 Analysis of changes in 104 Chart showing 9 Years 1914-36 103 Treasury policy relative to 1,8 Government bonds. (See United States Government securities.) Governors of Federal Reserve banks, title changed to president 45 Great Britain. (See England.) Guardian of estates, national banks authorized to act as 270 Hamlin,C.S.: Appointed special counsel to Board of Governors 58 Retirement as member of Federal Reserve Board 44 Imports and exports: Bankers' acceptances based on, held by Federal Reserve banks 173 Gold 2, 4, 105 Merchandise exports 4, 40 Income, national 4 Index numbers: Factory employment 194 Factory pay rolls 192 Manufactures and minerals : 190 Production, employment, and trade 184 Security prices 182 Individuals, partnerships, and corporations: Discounts for 80 Rates of discount 116 Industrial advances by Federal Reserve banks 49, 72, 74, 76, 78, 81, 83, 84 Action by Board of Governors relative to System program 203 Applications received and approved 84 By Federal Reserve districts 84 Commitments 84 Discount rates 116 Earnings on 94 Volume of 49, 85, 86 Insured banks, number of 41,151 Interdistrict collection system 50 Interdistrict settlement fund 90 Interest, definition of, eliminated from Regulation Q 53, 207, 221 Interest earned by member banks 152 Interest rates, open market, in New York City 29,118, 119 Interlocking directorates under Clayton Act, revision of Regulation L relating to 51, 202 Interlocking relationships between member banks and securities companies, revision of Regulation R 52, 203 International capital movements 4 Investments and loans. (See Loans and investments.) Iron and steel: Factory employment index 194 Factory pay-roll index 192 Production index 190 Iron-ore shipments 191 Italy: Discount rates of Bank of 121 Open-market money rates 122 James, George R., retirement as member of Federal Reserve Board 44 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 309 Japan: Page Discount rates of Bank of 121 Open-market money rates 122 Joint resolution of Congress extending time for loans by Federal Deposit Insurance Corporation 51 Land area of Federal Reserve districts 289-294 Lead production, index of 191 Leased-wire system, cost of 240 Leather: Factory employment index 194 Factory pay-roll index 192 Production index 190 Products, wholesale prices 197 Loans: On securities, by member banks 23,132,154,164,168 Chart showing 21 To brokers: By member banks: In leading cities 154 In New York City 164 On call dates 132 Outside New York City 168 To individuals, partnerships, and corporations 80 Discount rates on 116 To industries, by Reserve banks 49, 72, 74, 76, 78, 81, 83, 84 Action by Board of Governors relative to System program 203 By Federal Reserve districts 84 Commitments 81, 84 Discount rates 116 Earnings on > 94 Volume of 49, 85, 86 To member banks under sec. 10 (b) of Federal Reserve Act 80 Discount rates 115 Loans and investments: All banks in the United States 125 Member banks: All banks 21, 126,128,130, 132,134 By classes of banks 128 Chart showing 21 On call dates 132 Reporting banks: In leading cities 154 In New York City 164 Outside New York City 168 State bank members of Federal Reserve System 247-264 Lumber: Factory employment index 194 Factory pay-roll index 192 Production index 191 Machinery: Factory employment index , 194 Factory pay-roll index 192 Managers of branches of Federal Reserve banks, list of 242-245 Manufacturing production: Chart showing 36 Discussion of 35 Index of 186,190 Map outlining Federal Reserve districts 297 Margin requirements, stock exchange: Brokers' balances 172 Increase in 3, 31, 33 Recommendations of Federal Advisory Council relative to 232 Regulation T: Action of Board of Governors relative to revision of 31, 205, 211/215 Supplement to 52 Regulation U 32 Maturities: Bills discounted and bought by Reserve banks 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 INDEX Page McKee, John K., appointed member of Board of Governors 44 Member banks: Assets and liabilities: All banks 126,130 Reporting banks 154-171 Bank suspensions 41, 42,175-178 Bankers' balances 13,126,130,138,155,165,169 Borrowings at Federal Reserve banks 128, 138 Branches, number of 40, 151 Capital 127,129,130 Changes in membership 41, 42,151 Deposits: All banks 2, 24,126,129,130,138,144,145,146,150 Net demand and time 145,146,150 Subject to reserve, reserves required, and reserves held 144,147-149 Reporting banks 155,165,169 Dividends declared 152 Dividends paid to, by Federal Reserve banks 47, 95, 96 Earnings, expenses, and dividends 27,152 Examination of 56 Excess reserves 1,10,144,145,147, 149 Failures 41, 42,175-178 Interlocking relationships between securities companies and 52, 203 List of, with loans, investments, deposits, capital, and surplus 247-264 Loans and investments: All banks 21,126,128, 130,132,134 By classes of banks 128 Chart showing 21 On call dates. 132 Reporting banks. . . . 154, 164, 168 Loans to brokers and dealers in securities 23, 31, 32,132,154,164,168 Mergers 42,151 National banks: Additions to and withdrawals from System 42,151 Condition of 126 Loans and investments 125 Number 41,124, 151 Suspensions 41, 42,175,178 Trust powers: List of banks authorized to exercise 270-288 Number of permits issued 57 Number of 41,124,151 Number of, on par list 50, 92 Reserve balances 1,9, 63-71, 75, 77,130, 155,165,169 All banks 126,130,144 Chart showing 9 On call dates 130 Reporting banks 155,165,169 Reserves required, reserves held, and deposits subject to reserve 144,147-149 State banks: Affiliates. (See Affiliates.) Branches, number of 41,151 Capital 247 Changes in membership 41,151 Condition of 126 Deposits 124 List of, with loans, investments, deposits, capital, and surplus 247-264 Loans and investments 125,126,128 Number of 41,124,127,151, 247 Classified according to size of capital stock and size of deposits.. . 265-269 Suspensions 42,175-178 Withdrawals from System 42,151 Membership in Federal Reserve System: Changesin ^ 41, 42,151 State banks and trust companies, list of 247-264 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 311 Page Membership in par collection system 50, 92 Merchandise exports, discussion of 4, 40 Mergers, bank 42,151 Metals, wholesale price index of 197,198 Miller, Adolph C., retirement as member of Federal Reserve Board 44 Mineral production, index of 184,191 Monetary gold stock of United States 2,4, 63-70,103,104 Analysis of changes in 104 Years 1914-36 103 Money in circulation 27, 63-70,107-111 By denominations 28 By kinds 108 By months 107 Chart 9 Paper 28,109 (See also Currency.) Money rates: Chart 29 In foreign countries 121 InNew York City 29,118,119 In principal cities 29,120 Morrison, Ralph W.: Appointed member of Board of Governors 44 Resignation as member of Board of Governors 44 Mutual-savings banks: Deposits 124 Chart showing 26 Loans and investments 125 Number of 124 National Bank Act reserve requirements under 17 ; National bank notes: Circulation 108 Held by Federal Reserve banks 72 National Bank of Hungary, credit to, by Federal Reserve banks 55 National banks: Additions to and withdrawals from System 41,151 Branch offices, number of 41,151 Condition of 126 Deposits 124 Loans and investments 125, 126, 128 Number 41, 42,124,151 Suspensions 42,175-178 Trust powers: List of banks authorized to exercise 270-288 Number of permits issued 57 Regulation F, revision of, action by Board of Governors regarding 214 National income 4, 39 National securities exchanges: Margin requirements: Increase in 3, 31, 33 Recommendations of Federal Advisory Council relative to 232 Regulation T: Action of Board of Governors relative to revision of 205, 211, 215 Supplement to 52 Regulation U 32 Monthly reports from member firms of; policy action by Board 210 Netherlands: Discount rates of Bank of 121 Open-market money rates 122 New York Stock Exchange: Regulation T, amendments to ,52 Nonf errous metals: Factory employment index 194 Factory pay-roll index 192 Production index 190 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 INDEX Nonmenber banks: Page Bills discounted for 72, 74 Branch offices, number of 41,151 Deposits 63-70,124 Loans and investments 125 Number of 41,124,151 Number on par list 50, 92 Suspensions 42,175-178 Number of bank suspensions 42, 175-178 Number of banks in the United States 40, 42,124,151 Number of banks on par list 50, 92 Number of branch banks 40,151 Number of insured banks 41, 151 Number of member banks 41, 42, 124, 151 Number of national banks 41, 42 Number of nonmember banks 41,124, 151 Number of State member banks 41, 42, 151, 247-264 Officers and directors of Federal Reserve banks, list of 242-245 Officers and employees: Board of Governors, number and salaries 236-239 Federal Reserve banks: Changes in officers made by Banking Act of 1935 45 Number and salaries 48, 246 Open Market Committee, Federal. (See Federal Open Market Committee.) Open-market operations: Policy actions of Board of Governors and Federal Open Market Committee in making shifts in accounts 205, 208, 210, 224, 225, 227, 228 Transactions with foreign central banks; policy action of Federal Open Market Committee 228 Regulation of Open Market Committee governing 224 Open-market rates. (See Discount and open-market rates.) Par collections. (See Check clearing and collection.) Par list, number of banks on 50, 92 Pay rolls, factory, index of 39, 192 Penalties for deficient reserves "9% Permits, voting, by holding company affiliates: Number granted 58 Standard form of agreement; action of Board relative to 214, 219 Petroleum refining: Factory employment index 194 Factory pay-roll index 192 Production index 190 Policy actions: Board of Governors: Appointments of presidents and vice presidents of Federal Reserve banks. 209 Changes in maturities of securities in System open-market account 210 Effective date of subsection 1 (f) of Regulation Q relating to payment of interest on deposits 207, 221 Increase in margin requirements on loans by brokers, dealers, and members of national securities exchanges for purposes of purchasing or carrying securities—Regulation T 205 Industrial loans under section 13b of Federal Reserve Act 203 Regulation D, reserves of member banks, supplement to 218 Regulation F, trust powers of national banks 214 Regulation L, interlocking bank directorates under the Clayton Act 202 Regulation R, relationships with dealers in securities under section 32 of Banking Act of 1933 203 Regulation T, extension and maintenance of credit by brokers, dealers, and members of national securities exchanges: Amendment to 215 Supplement to 211 Regulation U, loans by banks for purpose of purchasing or carrying stocks registered on a national securities exchange 211 Amendment to 215 Reports by member firms of national securities exchanges 210 Reserve requirements of member banks 216 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 313 Policy actions—Continued. Board of Governors—Continued. Resolutions adopted by Federal Open Market Commit tee: Page Credit situation 207 Shifts between maturities of Government securities 205 Selection by Federal Reserve banks of representatives on Federal Open Market Committee 201 Standard form of agreement required to be executed by holding company affiliates as a condition precedent to the granting of general voting permits 214, 219 Policy actions, Federal Open Market Committee: Adoption of regulation relating to open-market operations of Federal Reserve banks 224 Authority to Federal Reserve Bank of New York to direct purchases of bills payable in foreign currencies 226, 227 Authority to Federal Reserve banks to effect transactions in their own investment accounts 225 Authority to increase or decrease System account 225, 227, 228 Authority to make shifts in System open-market account 224, 225, 227, 228 Excess reserves of member banks 229 Transactions in accounts with foreign central banks 228 Transfer to System open-market account of United States Government securities held in individual investment accounts of Federal Reserve banks.... 226 Population of Federal Reserve districts 289-294 Postage, Federal Reserve banks, cost of 94 Postal savings deposits: Chart showing 26 On call dates. 130,138 Premises, Federal Reserve banks 49, 72, 74, 76, 78, 93, 106 Book value 93 Cost of 93 Date occupied 93 Depreciation charges. . •. 93 Repairs, cost of 94 Presidents of Federal Reserve banks: As chief executive officer 45 List of 46 Policy action of Board of Governors relative to appointment of 209 Salaries of 246 Term of office 45 Prices: Security 182 Wholesale commodity 38, 197, 198 Chart showing. * 38 Printing and stationery, Federal Reserve banks, cost of 94 Production, industrial: Chart showing 36 Index of 3, 35,184 Profit and loss account of Federal Reserve banks 95 Public-utility stocks, prices of 182 Railroad car loadings, index of 184 Railroad stocks, prices of 182 Ransom, Ronald, appointed member of Board of Governors 44 Rates, discount. (See Discount rates.) Real estate, loans on; held by member banks 21,132,164,168 Receipts and disbursements, Board of Governors 240 Receiver, list of national banks authorized to act as 270 Receiverships, bank 42,175-178 Recommendations of Federal Advisory Council 231-234 Reconstruction Finance Corporation, investment of in preferred stock, capital notes, and debentures of banks 43 Redemption fund, Federal Reserve notes 72, 74, 76, 78 Registrar of stocks and bonds, list of national banks authorized to act as 270 Regulation of Federal Open Marker, Committee relative to open-market operations, superseding Regulation M of Board of Governors 53, 224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 INDEX Regulations of the Board of Governors, revisions of: Page Regulation D, reserves of member banks 51, 218 Regulation F, trust powers of national banks 51, 214 Regulation L, interlocking bank directorates under Clayton Act 51, 202 Regulation M, open-market operations, superseded by regulation of Open Market Committee 53 Regulation Q, payment of interest on deposits 53, 207, 221 Recommendation of Federal Advisory Council relative to 233 Regulation R, relationships with dealers in securities 51, 203 Regulation T, extension of credit by brokers, dealers, and members of securities exchanges 31, 52, 205, 211, 215 Regulation U, loans by banks for purpose of purchasing or carrying stocks. . 32, 52, 211,215 Recommendations of Federal Advisory Council relative to 232 Rent paid by Federal Reserve banks 94 Reorganization of Federal Open Market Committee 44 Reorganization of System under Banking Act of 1935 43-46 Reporting member banks. (See Member banks.) Reports, monthly, from member firms of national securities exchanges; policyaction of Board 210 Reserve balances of member banks 1,9, 63-71, 75, 77,130,155,165,169 All banks 126,130,144 Chart showing 9 On call dates 130 Reporting banks 155,165,169 In leading cities 155 In New York City 165 Outside New York City 169 Reserve bank float 74 Reserve city member banks: Condition of 126 Deposits, reserves, and borrowings 141 Loans and investments : 126,128,135 Reserve requirements of member banks, increase in 1,10,14,16,17 Policy action of Board relative to 216, 230 Recommendation of Federal Advisory Council relative to 232 Reserves: Deficiencies in, penalties for 98 Federal Reserve banks 71, 72, 74, 76, 78 Cash 72, 74, 76, 78 Excess 63-71 Member banks: All banks 1, 9-16,144,145,147-149 Chart showing 9 Discussion of 1, 9-20 Deposits subject to reserve, reserves required, and reserves held. 144,147-149 Excess 1, 9-16,144,145,147-149 Chart showing 9,11 Discussion of 1, 9-16 Recommendations of Federal Advisory Council relative to 231 Resolutions of Federal Open Market Committee regarding 223, 229 Action on, by Board of Governors 208, 216 On call dates 130 Regulation D, revision of 51, 218 Reporting banks 154,164,168 Resolutions of Federal Open Market Committee relative to business and credit conditions 223 Action on, by Board of Governors 207 Resources and liabilities: Federal Reserve banks: At the end of each month 74 At theendof 1935 and 1936 76-79 Weekly statement and balance-sheet items 72 Member banks: Country banks 126 National and State banks 126 On call dates 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 315 Resources and liabilities—Continued. Member banks—Continued. Reporting banks: Page In leading cities 154 In New York City 164 Outside New York City 168 National banks 126 Reserve city banks 126 State member banks 126 Retirement system, contributions to 47, 48 Rubber products: Factory employment index 194 Factory pay-roll index 192 Production index 190 Salaries: Board of Governors, officers and employees 236-239 Federal Reserve banks 48, 94, 246 Securities: Dealers in. (See Brokers and dealers in securities.) Foreign buying of American 3, 4, 7 Loans on, by member banks: Chart showing 21 Discussion of 21, 30 Securities companies, interlocking relationships between member banks and, revision of Regulation R 52 Security prices 182 Silver: Circulation 108 Held by Federal Reserve banks 72 Purchase of, under Silver Purchase Act 4 State banks: Affiliates of member banks. (See Affiliates.) Branches, number of 41,151 Capital 247 Changes in membership 41,151 Condition of 126 Deposits 124 Examination of members 56 List of members, with loans, investments, deposits, capital, and surplus.. . 247-264 Loans and investments 125,126,128 Number of 41, 42, 124, 151, 247 Classified according to size of capital stock and size of deposits 265-269 Suspensions 42,175-178 Stock exchange: M argin requirements. (See M a rgin.) RegulationT 31, 52, 205, 211, 215 RegulationU 32, 52, 211, 215 Stocks: Foreign investments in 3, 4, 7 Margin. (See Margin requirements.) Prices 3, 30 Stocks and bonds: Issues of 180 Loans secured by, made by member banks 132,154,156,160,164,168 On call dates 132 Money rates on loans secured by 118,119 Prices of 182 Surplus: Federal Reserve banks 47, 73, 75, 77, 79, 95 Member banks 126 State bank members of Federal Reserve System 247 Suspensions, bank 41, 42,175-178 Sweden, Bank of, discount rates 12 Switzerland: Discount rates of Bank of 121 -> Open-market money rates 122 Szymczak, M.S., appointed member of Board of Governors 44 Tax, franchise, paid by Federal Reserve banks to Government 96 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

'">!(> INDEX Page Tax on premises, Federal Reserve banks 94 Telegraph, leased-wire system, cost of 240 Telephone and telegraph expenses: Board of Governors 240 Federal Reserve banks 94 Term of office: Members of Board of Governors 43 President of Federal Reserve banks 45 Textiles: Factory employment index 194 Factory pay-roll index 192 Prices, wholesale 197,198 Production index 190' Thomas, J. J., retirement as member of Federal Reserve Board 44 Time and demand deposits. (See Deposits.) Tobacco manufactures: Factory employment index 194 Factory pay-roll index 192 Production index 190 Trade, foreign 40 Trade, wholesale 3, 184 Traveling expenses, Federal Reserve banks 94 Treasury bills: Held by Federal Reserve banks 72, 76, 78, 82 Rates 29 Yield on 29 Treasury bonds: Held by Federal Reserve banks 72, 74, 76, 82 Yieldon 29,118 Treasury notes: Circulation 108 Held by Federal Reserve banks 72, 74, 76, 82 Yieldon 29, 118 Treasury policy relating to gold \, 8 Trust companies. {See State banks.) Trust powers of national banks: List of banks authorized to exercise 270 288 Number of permits issued 57 Regulation F, revision of 51 United States Government deposits: Held by Federal Reserve banks 71, 73, 75, 77, 79 Held by member banks 126,128,130,132,138,155,165,169 In leading cities 155 InNewYorkCity 165 On call dates 138 Outside New York City 169 United States Government securities: As collateral against Federal Reserve notes 99 Average yield on 118,119,183 Bills discounted secured by, held by Federal Reserve banks 72, 74, 76, 80 Bonds: Held by Federal Reserve banks 72, 76, 82 Prices of 182 Yieldon 30,183 Earnings and rates of earnings on purchases by Reserve banks 48, 94, 98 Held by Federal Reserve banks 63-70, 72-79, 82 By classes 82 Chart showing 11 Held by member banks 126,128,130,132,154,164,168 Chart showing 21 Discussion of 21, 24 Held in System account, shifts in maturities of; policy action of Board and Open Market Committee regarding 205, 208, 210, 224, 225, 227, 228 Paper secured by, held by Federal Reserve banks 72, 76, 78, 80 Policy actions of Board of Governors and Federal Open Market Committee relative to purchase of 205, 208, 210, 224, 225, 227, 228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 317 United States Government securities—Continued. page Rates of earnings on purchases by Federal Reserve banks 48 Treasury bills held by Federal Reserve banks 72, 76, 78, 82 Treasury bonds: Held by Federal Reserve banks 72, 76, 78, 82 Yield on 29,118 Treasury notes: Held by Federal Reserve banks 72, 76, 78, 92 Yield on 29,118 Volume handled by Federal Reserve banks 49, 85, 86, 88 United States notes: Circulation 108 Vice presidents of Federal Reserve banks: list of, appointed for 5-year term 46 Policy action of Board relative to appointment of 209 Volume of operations of Federal Reserve banks: All banks 49, 83, 84 Branches 50, 88 Each bank 86 Wholesale trade, index of 184 Withdrawals from Federal Reserve System 42,151 Yields on bonds 29,183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis