Federal Reserve Bulletin, 1935-01

FEDERAL RESERVE BULLETIN JANUARY 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: MARRINER S. ECCLES, Governor. HENRY MORGENTHAU, Jr., J. J. THOMAS, Vice Governor. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. F. T. O'CONNOR, ADOLPH C. MILLER. Comptroller of the Currency. GEORGE R. JAMES. M. S. SZYMCZAK. LAWRENCE CLAYTON, Assistant to the Governor. WOODLIEF THOMAS, Assistant Directory Division of CHESTER MORRILL, Secretary. Research and Statistics. J. C. NOELL, Assistant Secretary. CARL E. PARRY, Chief Division of Security Loans. f L. P. BETHEA, Assistant Secretary. PHILIP E. BRADLEY, Assistant Chief Division of Security y S. R. CARPENTER, Assistant Secretary. Loans. WALTER WYATT, General Counsel. E. L. SMEAD, Chief J Division of Bank Operations. GEORGE B. VEST, Assistant Counsel. J. R. VAN FOSSEN, Assistant Chief', Division of Bank LEO H. PAULGER, Chief J Division of Examinations. Operations. FRANK J. DRINNEN, Federal Reserve Examiner, 0. E. FOULK, Fiscal Agent. E. A. GOLDENWEISER, Directory Division of Research JOSEPHINE E. LALLY, Deputy Fiscal Agent. and Statistics. LAUCHLIN CURRIE, Assistant Directory Division of Research and Statistics. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no. 2 (NEW YORK) JAMES H. PERKINS. District no. 3 (PHILADELPHIA) HOWARD A. LOEB, Vice President. District no. 4 (CLEVELAND) ARTHUR E. BRAUN. District no. 5 (RICHMOND) CHARLES M. GOHEN. District no. 6 (ATLANTA) H. LANE YOUNG. District no. 7 (CHICAGO) SOLOMON A. SMITH. District no. 8 (ST. LOUIS) WALTER W. SMITH, President. District no. 9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R o e f s - erve Bank Chai R nn es a e n r v a e n d a g F e e n d t eral Governor Deputy governor Cashier Boston ! F. H. Curtiss R. A. Young W. W. Paddock.... W. Willett. New York \ J. H. Case G. L. Harrison W. R. Burgess J. W. Jones.i J. E. Crane W. B. Matteson.J W. S. Logan | J. M. Rice.1 L. R. Rounds I Allan Sproul.a L. F. Sailer | H. H. Kimball.i C. H. Coe i L. W. Knoke.i Philadelphia R. L. Austin G. W.Norris W. H. Hutt — I C. A. Mcllhenny. J. S. Sinclair... W. J. Davis.* C. A. Mcllhenny | L. E. Donaldson.1 W. G. McCreedy» Cleveland E. S. Burke, Jr.* E. R. Fancher M. J. Fleming j H. F. Strater. F. J. Zurlinden J Richmond W. W. Hoxton G. J. Seay C. A. Peple..-- -| G. H. Keesee. R. H. Broaddus ! J. S. Walden, Jr.2 Atlanta Oscar Newton H. W. Martin ! M. W. Bell. H. F. Conniff j W. S. McLarin, Jr.* Chicago E. M. Stevens G. J. Schaller C. R. McKay ] W. H. Snyder.a H. P. Preston ! W. C. Bachman.i J. H. Dillard. j 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.1 A. L. Olson.1 St. Louis ._! J. S. Wood W. McC. Martin.. O. M. Attebery J S. F. Gilmore.3 J. G. McConkey _j A. H. Haill.2 F. N. Hall.a G. 0. Hollocher.2 O. C. Phillips.? Minneapolis.. . J. N. Peyton.... _ W. B. Geery Harry Yaeger j H. I. Ziemer. H. I. Ziemer j F. C. Dunlop.2 Kansas City— G. H. Hamilton.— C. A. Worthington—j J. W. Helm. J. W. Helm | Dallas C. C. Walsh. B. A. McKinney— R.R.Gilbert j Fred Harris. R. B. Coleman ! W. O. Ford.i San Francisco. J. U. Calkins_ W. A. Day..- ...I W. M. Hale. Ira Clerk 1 Assistant deputy governor. 2 Controller. 3 Assistant to the governor. * Acting chairman; W. H. Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: C incinnati branch C. F. McCombs. Denver branch J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond*. Omaha branch L. H. Earhart. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch— W. D. Gentry. Birmingham branch J H. Frye. San Antonio branch M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch __ C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 1 Report on the availability of bank credit in the seventh Federal Reserve district 7 German Credit Act 30 Condition of all member banks on October 17, 1934 (from Member Bank Call Report No. 63) 55-56 National summary of business conditions 10 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 11-15 Member and nonmember bank credit: All banks in the United States 18 All member banks 16, 17, 56, 62 Weekly reporting member banks in leading cities 19, 59 Brokers' loans 19 Acceptances and commercial paper 20 Discount rates and money rates • 21 Treasury finance 22 Assets and liabilities of governmental credit agencies 23, 24 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 25 Farm Credit Administration—Loans and discounts outstanding, by institutions 26 Home Owners7 Loan Corporation—Summary of operations 26 Federal home loan banks—Assets and liabilities 26 Security prices, bond yields, and security issues 27 Production, employment, car loadings, and commodity prices 28 Merchandise exports and imports 29 Department stores—Indexes of sales and stocks 29 Freight-car loadings, by classes 29 Financial statistics for foreign countries: Gold reserves of central banks and governments 39 Gold production 40 Gold movements 40-42 Government note issues and reserves 43 Bank for International Settlements 43 Central banks 44-46 Commercial banks 47 Discount rates of central banks 48 Money rates 48 Foreign exchange rates 49 Price movements: Wholesale prices 50 Retail food prices and cost of living 51 Security prices 51 Law department: Revised rules and regulations for selection of directors of branches of Federal Reserve banks 52 Regulations of the Comptroller of the Currency further defining the term "investment securities"-. 52 Federal Reserve statistics by districts, etc.: Banking and financial statistics 54-62 Industrial and commercial statistics 63-67 December crop report 68 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 21 JANUARY 1935 No. 1 REVIEW OF THE MONTH There is also a large volume of currency still Excess reserves of member banks declined held in hoards which may have been drawn during the first 3 weeks of December but in- upon for Christmas purchases. creased in the latter part of Loans and investments of reporting member banks in leading cities, which declined some- SrebaCces ^e month and at the end of what from the middle of Octothe year amounted to about Member bank b h id ^ i Novemer to t e tn r wee n $1,800,000,000. Changes during the month loans and in- . _ .. . _ _ reflected principally the seasonal increase and vestments ber, subsequently increased, and subsequent decrease in the volume of currency on December 19 were in larger in circulation and also an increase, followed by volume than at any time in 2 years. The a decrease, in Treasury deposits with the growth in recent weeks reflected increases in Federal Reserve banks in connection with De- loans to brokers and in holdings of direct cember 15 fiscal operations. There was a obligations of the United States Government. continued inflow of gold during December, Of the increase in the latter $367,000,000 amounting to $92,000,000, bringing up to occurred in the week ending December 19, and about $210,000,000 the amount received in the reflected purchases of new Government securilast 2 months of the year. ties issued on December 15. Loans, other Increased demand for currency during the than security loans, which had increased con- 5 weeks of most active holiday trade ending siderably in the late summer and early autumn, December 26 totaled $173,000,- showed a decline of about $200,000,000 between 00° and was followed by a re- the middle of October and the beginning of turn flow of $94,000,000 in the January. following week. The increase compares with Figures of deposits of all member banks as of a usual seasonal growth of about $260,000,000 October 17, the date of the latest call report, for this period of the year, on the basis of ex- have become available. On perience from 1917 to 1930. The smaller in- memberbLts that date total deposits (includcrease this year than in earlier years was due to ing interbank balances) of all several factors. Although reports indicate that member banks amounted to $32,285,000,000, Christmas trade this year was unusually active, representing a growth of 21 percent, or $5,701,the dollar value of sales was somewhat lower 000,000, in a 12-month period, and of $1,273,than the average for the base period, owing to 000,000 since June 30 of this }^ear. A small a lower level of prices, and consequently re- part of this increase was due to additions of quired a smaller amount of currency. Another banks to the Federal Reserve System. All factor in reducing the seasonal increase in classes of deposits except United States Govcurrency was the large volume of currency out- ernment and postal savings deposits showed standing. There may have been also a tendency increases in the year, as the tabulation indicates. Demand deposits, as shown in the to reduce bank accounts and to use more cash in following table, increased by $2,576,000,000 daily personal transactions as a consequence of and amounts due to other banks by a more general use of service charges by banks. $1,665,000,000. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1935 : The growth of total deposits was somewhat Results of Federal activities in the rehabililess proportionately at New York City banks tation of the banking structure in the 22 than at banks in other localities. The largest months which have elapsed proportional increase in demand deposits, as ?febankstati°n since the bank crisis show unshown in the following table, occurred among licensed banks reduced from country banks, while time deposits showed the more than 4,500 to less than 200 at the end of largest proportional increase in reserve cities, December. At that time the Federal Governexclusive of New York. Amounts due to ment through the Reconstruction Finance banks at $2,170,000,000 in New York City Corporation had authorized investments in were nearly a third larger than a year ago and at the capital structure of about 6,694 banks in other reserve city banks they increased by over an aggregate amount of $1,202,000,000. On 55 percent to $2,698,000,000. This growth in September 1, 1934, when the most recent bankers' balances, which draw no interest, figures became available, the members of the represents chiefly an increase in idle funds of Federal Deposit Insurance Corporation comcountry banks held with city correspondents, prised all licensed commercial banks of the and constitutes an addition to the excess country except 1,200. The number of licensed reserves of these banks held with their Federal member banks in the Federal Reserve System Reserve banks. increased by 439 during 1934. Bank suspensions in 1934 were fewer than DEPOSITS AT ALL MEMBER BANKS in any similar period since 1920. The sus- [In millions of dollars] pensions during the year compendldSl934 prised 56 licensed banks with Changes since Oct. 25, 1933 deposits of $37,000,000, one of Total d O e 1 p c 9 t o . 3 s 4 1 it 7 s , ba A n l k l s Y N C o e it r w y k r O e c s t i e h t r y e v r e C t o r u y n- w $4 h 0 i , c 0 h 0 , 0 w , w ith as d a e p m o e s m its b e a r t o t f i m th e e o F f e d su e s ra p l e n R si e o s n e rv o e f banks banks banks System. Included in these figures of suspensions were 8 other (nonmember) banks partici- Demand 1 ___ 14,449 +2,576 +594 +1,144 +839 Time 2 _.. 8,916 +945 -57 +454 +547 pating in Federal Deposit Insurance. Public funds of States, etc. 1,975 +599 +128 +263 +207 U. S. Government and Preliminary reports indicate that during the : postal savings Deposits of other banks, 1,615 -84 +140 -152 -71 past 12 months, 920 banks, which were not banks, certified and officers' checks out- licensed to operate on an unrestricted basis, standing 5,331 +1,665 +550 +964 +152 with deposits of $647,000,000, were placed Total 32, 285 +5, 701 +1, 355 +2,672 +1,674 in liquidation or receivership. These included 1 Except U. S. Government deposits, public funds, and deposits of 396 national banks with deposits of $402,other banks. 2 Except Postal Savings deposits, public funds, and deposits of other 000,000, 23 State member banks with deposits banks. of $40,000,000, and 501 banks, not members Later figures for weekly reporting member of the Federal Reserve System, with deposits banks show a further increase in deposits after of $205,000,000. October 17. Between that date and January On April 12, 1933, 4,215 banks with deposits 2 these banks reported increases of $400,000,000 of $4,000,000,000 had not been given licenses in demand deposits, of $410,000,000 in United to operate on an unrestricted States Government deposits, and of $170,000,- Unlicensed banks basis. Of these, 1,108 were 000 in bankers' balances, and a decrease of national banks with deposits of $75,000,000 in time deposits. Some of the $1,819,000,000 and 148 were State member increase in total deposits reflected a growth in banks with deposits of $841,000,000. By the uncollected checks and drafts, which, as is end of December 1934 all except 190 banks usual at the turn of the year, w^ere much larger had either been restored to an active status or on January 2 than at other dates in the year. placed in liquidation or receivership. Of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN banks remaining unlicensed, 6 were national bank or branch territory, and not representabanks with deposits of $6,800,000, 4 State tives of interests owned or controlled outside member banks with deposits of $1,800,000, the territory. The value of the regional organand 180 State nonmember banks with deposits ization of the Federal Reserve System rests on of $88,000,000. the closeness of its managements to the local The Federal Reserve Board recently reviewed problems of their communities, and the selection the general policy to be pursued in the selection as directors of persons connected with local of directors of Federal Reserve enterprises will contribute to the maintenance a K n ef d ei 5 b v ra e n b c ^ h n k banks an . d their bra . nches . , 7a . nd of this relationship. In making its own appointments of branch directors determined certain principles directors the Federal Reserve Board will hencethat should be observed in forth select persons who are engaged in agrimaking these appointments. culture, industry, or commerce, rather than Under the law the Board appoints 3 of the 9 persons who are officers of banks, and in its directors of each Federal Reserve bank and either revised regulation the Board provides that two or three of the directors of each branch, de- Federal Reserve banks need not confine their pending on whether the branch has five or seven own appointments to branch directorates to directors. While the majority of branch direcbankers, but may also in their discretion tors are in all cases appointed by the Federal appoint persons engaged in other business in Reserve banks, the method of their selection is the community. The Board's views on this subject to rules and regulations prescribed by matter are based on recognition of the fact that the Board. sympathetic understanding of local trade and In view of the fact that operations of the industrial conditions is as important as banking Federal Reserve banks are vested with a experience for the most effective management public interest, the Board deemed it desirable of a Federal Reserve branch. that there should be a certain degree of rotation in the membership of the directorates of Revised rules and regulations prescribed by these banks and their branches. Gradual the Board for the appointment of branch direcchanges in the personnel of these directorates tors are printed on page 52 of tais issue of the would insure against possible crystallization BULLETIN. On January 9 the Board sent the at the banks of the influence of individ- following letter on this subject to the chairmen uals or groups, which might not be in the of all the Federal Reserve banks: public interest, as the Reserve banks must " The Board has been reviewing the questions render uniform service to all the elements in of general policy involved in the selection of their communities. Continuity of policy and directors of Federal Reserve banks and of the benefits of acquired experience will be their branches. In view of the special character of the functions of these institutions and retained by permitting directors to serve as the public interest in them, the Board believes long as 6 years, and at the same time rigidity that the composition of the boards and the will be avoided by not reappointing persons tenure of service of their members are matters who have completed 6 years of service. The of great importance. The Board recognizes Board proposes to follow this practice in the that experience gained from participation in selection of directors that are subject to appoint- the direction of the management of the Federal ment by the Board. This rule will not apply, Reserve banks and their branches has its however, to chairmen of the boards of directors, distinct value, but it believes that this can be overstressed and that there are special advanwho are full-time officials of the Reserve banks. tages that would come to these institutions The Board also believes that the Reserve from bringing to bear on their management banks and branches will be best adapted to from time to time new points of view and differserving their local communities if their directors ing backgrounds of experience. In conseare selected from persons whose business and quence, the Board believes that neither great financial interests are primarily within the length of service nor too frequent changes are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1935 desirable and has endeavored to find a solu- "It will be appreciated if you will bring this tion which on the whole and in the long run letter to the attention of all the directors of will be conducive to the best development of your bank and its branches, if any." the policies of the banks and at the same time Federal Reserve banks have continued to reprotect them against criticisms based either ceive applications for loans to supply working upon the fact or the possibility of crystallization of control of their managements by capital to industrial and comparticular individuals or groups through long Industrial ad- mercial concerns. As of Janvances continuance in power. uary 2, 1935, 1,020 applica- " Therefore the Board has reached the con- tions for $52,257,000 of loans had been apclusion that 6 years of service represents the proved by the Federal Reserve banks, of which maximum period during which a director $37,974,000 were approved unconditionally and should remain continuously in office. It will be guided by this view in future and will not $14,293,000 with conditions attached. Adcontinue in office as directors men appointed vances had been made in the amount of by it who have served 6 or more consecutive $14,862,000, some of which had been repaid, years (except in the cases of chairmen of the leaving loans in the amount of $14,315,000 Federal Reserve banks). outstanding. In addition, $10,213,000 of com- "It is also the view of the Board^that the welfare of the Federal Reserve banks will be mitments to make advances were also outserved best by directors whose business and standing on January 2. financial interests are primarily within and On December 17 and 18 a conference of the representative of the bank or branch territory chairmen of the Industrial Advisory Commitfor which they are selected rather than of tees was held in Washington. The conference interests controlled or owned outside of such territory. The Board also feels that it is was called for the purpose of reviewing the essential that the directors be men of estab- work done by the Industrial Advisory Comlished reputation and ability to meet their mittees during the preceding 5 months in makfinancial obligations. ing recommendations to the Federal Reserve " While the Board is aware of the fact that banks of their respective districts under section its present regulations provide that directors of branches appointed by the Federal Reserve 13b of the Federal Reserve Act and also for the banks shall be men well qualified and ex- purpose of exchanging views and adopting perienced in banking, the Board believes that methods by means of which to continue this the Federal Reserve banks should be at liberty work in the most effective manner. to select other men of high character and After a complete discussion of the subject standing who are engaged in agriculture, industry, or commerce, and it is the intention of matter, the chairmen issued the following statethe Board to follow uniformly in all districts ment: the policy of selecting as its appointees indi- "At their meetings the last 2 days, the chairviduals who are not officers of banks or primen of the Industrial Advisory Committees marily engaged in banking, although they may reviewed the progress made thus far in extendbe stockholders or directors of banks. "The Board expects to apply these principles ing credit to industry for working capital purin the selection of directors appointed by it in poses and considered means of making better the future, and is also amending its rules and known to bankers and business men generally regulations regarding the appointment of the advantages and benefits which the indusdirectors of branches of Federal Reserve banks trial loan provisions of the Federal Reserve Act which were set forth in its letter of January 29, 1926 (X-4516), so as to conform to these open to them. principles. A copy of the regulations as "Under section 13b, which was added to the revised is attached hereto. Federal Reserve Act on June 19, 1934, member "It may be added in this connection that the banks and other financing institutions which reappointments made by the Board to take make advances maturing in 5 years or less to effect January 1, 1935, of branch directors who have already served 6 or more consecutive established industrial or commercial enterprises years were for the year 1935 only. for the purpose of furnishing working capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN may procure from the Federal Reserve banks direct the applicant to a local institution willing commitments to rediscount or purchase such to supply his needs. In some cases also where advances when requested. Industrial advances, a direct advance has been approved by a Recovered by such commitments, are among the serve bank and is about to be made, a member most liquid assets that member banks can hold. bank or other financing institution will decide It is also provided by the amendment that in to take the loan itself without securing a comexceptional circumstances the Federal Reserve mitment. In other cases, the general knowbanks may make direct advances of credit to ledge that industrial loans are being made by the established industrial or commercial enterprises Federal Reserve banks has encouraged member which are unable to obtain requisite financial banks and other financing institutions to make assistance on a reasonable basis from the usual advances to industry on their own initiative. sources. "Since the chairmen of the Industrial Advi- "Experience brought out at yesterday's sory Committees held their first conference in conference indicates that as a result of the Washington on September 27, they have coopreadiness of the Federal Reserve banks to erated with the Federal Reserve banks in grant commitments to take over such loans, an bringing to the attention of banks and the increasing number of businesses in need of public through correspondence, magazine artiworking capital are finding it possible to get cles, pamphlets, radio addresses, and group the desired credit through their local banks. meetings the advantages made available to This is a hopeful condition; and since the pro- commerce and industry by the recent amendvision of the law authorizing the Federal ment to the Federal Reserve Act. The pro- Reserve banks to make commitments to banks gram adopted by the conference yesterday proand other financing institutions limits the risk vides for a continuance of these efforts." that need be assumed by the latter and gives A report recently made to the Secretary of the to the advances a liquid character, it is to be Treasury on the availability of bank credit in expected that an increasing number of appli- the seventh Federal Reserve cants to whom advances may be made on a ReP*?rb*n district gave the results of a sound and reasonable basis will be able to obtain of credit study of industrial advances by their requirements from their local institutions. the Federal Reserve bank and "Up to December 12, 1934, the Industrial the Reconstruction Finance Corporation. A Advisory Committees had recommended ap- number of recommendations for changes in proval of 1,055 applications for industrial practices and for new legislation were also advances amounting to $51,000,000, most of given in the report. This report is being which have been acted on and approved by published by the Treasury Department. Parts the Federal Reserve banks. The additional of it giving a summary of findings as to facts working capital thus provided goes to a variety and a summary of recommendations are reproof industries, representing comprehensively duced in this issue of the BULLETIN, page 7. the whole field of enterprise. Substantial as The movement of gold from Europe to the they are, it is not believed that advances thus United States was in smaller volume in Defar approved are fully indicative of the benefits cember, and central reserves which industry has derived from the industrial ™ Europe experienced little loan program of the Federal Reserve System, further reduction. The defor many of these benefits are not of a nature cline in reserves of the Bank of Belgium, to be disclosed by the figures of applications amounting to $37,000,000 during a period of approved. For example, in some cases where 9 weeks, and the decline in reserves of the an application is made to a Federal Reserve Netherlands Bank, amounting to $28,000,000 bank in the belief that credit is not available in a period of 5 weeks, were checked early in elsewhere, the Reserve bank has been able to the month. Reserves of the Bank of France, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1935 which had decreased $36,000,000 in the first 3 For the world as a whole reported central weeks of November and had fluctuated since gold reserves increased by $1,500,000,000 in that time, showed a net gain for the month 1934, most of the growth being in monetary ending December 21. gold stock of the United States. This sub- The outward movement of Italian gold that stantial increase was made possible by a world began last March was also checked in the early gold output of $900,000,000, the return of part of December. The decline of $115,000,- scrap gold to monetary reserves in the United 000 in gold reserves of the Bank of Italy during States, and the release of about $500,000,000 1934 had been preceded by a long period of from hoards and unreported holdings. Nearly accumulation beginning at the close of 1927 half of the gold so released came from India when the lira was stabilized at its present and China, and the remainder reflected operaparity. The gold acquisitions during this tions in western countries. period, however, were more than offset by the decline in foreign-exchange reserves from Changes in Discount Rates The rate on discounts for and advances to 8,000,000,000 lire in 1928 to 300,000,000 lire member banks under sections 13 and 13a of the at the end of 1933. Further shrinkage of gold Federal Reserve Act was reduced from 3 to 2% and foreign-exchange reserves accompanied percent at the Federal Reserve Bank of Atlanta, an increase in the excess of merchandise imeffective December 15; at the Federal Reserve ports into the country in 1934. By the end of Bank of Kansas City from 3 to 2}{ percent, November the reserve ratio was little above effective December 21; at the Federal Reserve the legal minimum of 40 percent. On Novem- Bank of St. Louis from 2}{ to 2 percent, effective ber 26 the bank raised its discount rate from 3 January 3,1935; at the Federal Reserve Banks to 4 percent and on December 8 the Italian of Minneapolis and Dallas from 3 to 2% percent, Government decreed that within 10 days effective January 8, 1935. Italian banks and corporations should offer their foreign credits through the medium of Changes in Foreign Central Bank Discount Rates the Bank of Italy to the National Institute The following changes in discount rates of Exchange, to which were granted broad during the month ending January 1, 1935, powers over foreign exchange transactions. have been reported by central banks in foreign Individuals were given to December 31 to countries: make declarations to the Bank of Italy of Bank of Finland—December 3, from 4J^ to 4 percent. their foreign credits, and individuals and Bank of Portugal—December 13, from 5% to 5 percent. corporations alike were given to December 31 National Bank of Rumania—December 15, from to make declarations of their foreign securi- 6 to 4^ percent. ties or Italian securities issued abroad. Fol- Death of Governor Black lowing these measures the decline in gold re- Mr. Eugene R. Black, Governor of the Fedserves of the Bank of Italy ceased, and in the eral Reserve Bank of Atlanta, died on Decem- 10 days ending December 20 the bank acquired ber 19, 1934. Mr. Black served as Governor $3,000,000 of gold. of the Federal Reserve Board from May 19, During 1934 there were substantial reduc- 1933, to August 15, 1934. Except for this tions in the gold reserves of several other counperiod he served as Governor of the Federal tries. Gold reserves declined by $124,000,000 Reserve Bank of Atlanta since January 13,1928. in Germany and by an aggregate of $137,000,- 000 in Belgium, Netherlands, and Switzerland. Appointment of Assistant Chief of Division of France was the only European country to Security Loans acquire a considerable amount of gold during Effective January 2, 1935, Mr. Philip E. the year, reserves of the Bank of France in- Bradley was appointed assistant chief of the creasing $333,000,000. Division of Security Loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN REPORT ON THE AVAILABILITY OF BANK CREDIT IN THE SEVENTH FEDERAL RESERVE DISTRICT Recently there was prepared and sub- On the other hand, bank holdings of Government obligations and other securities have inmitted to the Secretary of the Treasury a comcreased, both in this country and abroad, prehensive report on the availability of bank throughout the depression. credit in the seventh Federal Reserve district. The tendency of the volume of loans and dis- This report was prepared by Charles O. Hardy counts to lag behind the upturn of business is and Jacob Viner and is being published by the not surprising. During a depression those businesses which survive tend to accumulate Treasury Department. unused balances of liquid funds on which they The foreword of the report and sections can draw to finance the earlier stages of the summarizing the findings as to facts and the succeeding expansion. It is only after a conrecommendations are reproduced below: siderable interval that the expansion of pay rolls and of inventories and the replacement of obsolete or worn-out equipment necessitates a FOREWORD general resort to the banks. The situation in this respect with regard to bank credit during This report deals with the availability of a depression is similar to what it is with regard bank credit in the seventh Federal Reserve to other essentials of production; inventories, district; that is, with the question whether tools and equipment, buildings, and the time adequate supply of bank credit is available if, and energy of managers, are all available in when, and as it may be demanded by business excess of immediate needs. men who can offer a bank a reasonable assurance of repayment. It does not concern itself No alarm need be felt, therefore, merely bewith the actual changes in the volume of out- cause of the failure of the bank loan figures to standing credit—the facts in that regard are expand. What is important is the question well known. The volume of bank loans de- whether credit is available for those business clined very drastically from the end of 1929 to men who do need added funds if they are to be the time of the bank holiday; held about even able to make their appropriate contributions in the rest of 1933, and has since made a to the rising volume of business. Failure of further moderate decline. The decline during credit to expand on account of a decreased 1934 has been more marked in the case of loans willingness to borrow is a situation which can classed as "all other", which includes unse- be expected to correct itself as the need develops cured loans to industry and commerce, than if credit is available on reasonable terms. it has in the case of loans on security collateral. There is a wide-spread belief, however, that at The decrease in the volume of bank loans present the banks are over-cautious in lending, since 1929 and its failure to recover since the and are particularly reluctant to make the type end of 1932 is typical of the trend of such loans of loans that is most important in the earlier in post-war depressions both in this country and stages of the expansion of business, that is, abroad. In 1921-22 "all other loans/' in loans to finance expansion of manufacturing reporting banks in the United States continued production. The issue is of major importance, to decline for more than a year after productive because, obviously, the country cannot get back activity, as measured by the Federal Reserve to a normal volume of productive activity Board's index of production, had turned up- without utilizing a larger volume of bank credit ward. In nearly every other country which than is needed in a period of subnormal reports the volume of its commercial bank activity like 1932, or even 1934. The Treasury assets, a similar thing happened in these years. credit survey undertook to investigate this Loans and discounts declined drastically and question, for the seventh Federal Reserve did not turn upward until a considerable time district; and also to study the success of the after business began to revive.1 efforts which have been made to relieve the The phenomenon was repeated in the years credit stringency through direct loans to indusfrom 1929 to 1933; in almost all countries loans try by Federal Reserve banks and the Reconand discounts continued to decline after the struction Finance Corporation. bottom of the depression was reached, early in SUMMARY OF FINDINGS AS TO FACTS 1933, and have not yet reversed their trend. Our findings consist largely of details scat- 1 Apparently bank loans, as distinguished from investments, have had tered through the body of the report. We shall a downward trend in this country since the war, independent of fluctua-not attempt to summarize them all. Our more tions connected with the alternation of prosperity and depression. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY 1935 important findings are the following (all state- SUMMARY OF RECOMMENDATIONS ments refer specifically to the seventh Federal Detailed recommendations are scattered Reserve district): throughout the main body of the report, of (1) That there exists a genuine unsatisfied which the following are the more important: demand for credit on the part of solvent bor- (1) That banks should be encouraged to rowers, many of whom could make economically make sound working capital loans of 6 months7 sound use of working capital. maturity and renew them indefinitely so long as (2) That the total amount of this unsatisfied (a) the borrower is able to pay interest out of demand for credit is considerably smaller than current earnings, or has the prospect of adeis popularly believed, but is large enough to be quate earnings over a reasonable period of time, a significant factor, among many others, in and (b) his statement continues to reflect a retarding business recovery. sound position as to net working capital and net (3) That a very large proportion of would-be worth. borrowers are persons whose equity in the (2) That the rules of eligibility for rediscount business they control is so small that any bank at the Federal Reserve banks be modified so that or individual who lends them substantial paper shall not be ineligible merely because it amounts is assuming a major part of the risk of has a maturity as great as 6 months, nor because the business, rather than the normal risk of a of the number of times it has been renewed. creditor. (4) That there is a larger unsatisfied demand (3) That bank examiners be instructed to for long-term working capital credit than for abandon the classification of loans as "slow", one-turnover loans. so that loans will be criticized only on the basis (5) That one of the most serious aspects of of doubt as to their repayment or the certainty this unsatisfied demand is the pressure for of loss, and that examiners be more closely liquidation of old working capital loans, even supervised and given more specific instructions sound ones. by the examining authorities, to assure greater (6) That this pressure is partly due to a uniformity of policy. determination on the part of bankers to avoid (4) That the Reserve banks be relieved of the a recurrence of the errors which are thought to responsibility of making direct loans to industry. have brought on the recent wave of bank failures. We make this recommendation because we (7) That it is also due in large part to the believe that the extension of this type of credit attitude of bank examiners, both State and conflicts with more important responsibilities of National. the Reserve banks as supervisors of the lending (8) That so far as small business is concerned, and investment policies of the member banks. trade credit is much more easily obtained than (5) That in case the Reserve banks are not is bank credit. relieved of the responsibility of making direct (9) That efforts to relieve this stringency loans to industry, the industrial advisory comthrough direct lending on the part of the Fed- mittees be abolished. This recommendation is eral Reserve Bank of Chicago and the Chicago based on the belief that the work of the comagency of the Reconstruction Finance Cor- mittees is essentially a duplication of the work poration have so far had little effect on the of the lending officials of the banks and results general state of credit. in an undesirable division of responsibility. (10) That both agencies have incurred wide- (6) That if the Reserve banks continue to spread unpopularity, largely because at the make direct loans to industry, lending officials outset of their lending operations publicity was be given considerably greater latitude, by legissuch as to arouse hopes that their policy would lation if necessary, in making loans to clear up be more liberal than the law permits. existing debt. Specifically, we suggest that the (11) That in terms of the existing law and its Reserve banks entertain applications for the present official interpretation, the staffs of the purchase, on a 20-percent-participation basis, two lending agencies just referred to are both of adequately secured notes now or hereafter doing efficient work. held by banks representing working-capital ad- (12) That existing restrictions on the use of vances already made. In passing upon applifunds to clear up existing debt interfere to a cations for such advances, attention should not marked extent with the attainment of the pur- be given to the date when the advance was origiposes of the legislation by which the direct nally made, except as it bears on the adequacy lending system was set up. of the security. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 9 (7) That in case direct lending by theReserve (12) That the Reconstruction Finance Corbanks is continued, the question whether a given poration abandon its policy of requiring appliconcern is a "commercial or industrial" enter- cants to show a probability that a loan can be repaid out of profits, in cases where the security prise within the meaning of the law should be offered is such that the Corporation need not regarded as a legal question and that no applicarely on prospective profits to protect itself tions should be rejected for this reason except against loss. on the basis of legal advice. (13) That the Reconstruction Finance Cor- (8) That until the practice of the commercial poration abandon its stated policy of refusing banks has been liberalized along the lines indi- applications for loans from the brewing induscated in recommendations numbers 1 to 3 try. above, the Federal Government continue to (14) That there be instituted a more liberal make direct loans to industry. This might be policy than is now followed by the Reconstrucdone either through the agency of the Recon- tion Finance Corporation with regard to the struction Finance Corporation, or through a pledge of inventories and the assignment of new intermediate credit system which might accounts, particularly in cases where local succeed to the responsibilities of the Recon- banks are willing to participate in the loan and struction Finance Corporation at the expira- to take responsibility for the "policing" of the tion of its present authority to make these loan. loans. We make no recommendation as to (15) That the Reconstruction Finance Corwhich alternative should be followed.2 poration introduce into its procedure the use of (9) That the policy of the Reconstruction a brief preliminary application to the end that Finance Corporation with regard to the making loans which are clearly ineligible may be reof loans to clear up existing debt be liberalized. jected without subjecting the applicant to the (10) That the Reconstruction Finance Cor- delay and expense involved in the preparation poration relax the stringency of the regulation of the present form of application. which restricts the field of eligibility to appli- (16) That the Reconstruction Finance Corcations for "loans made primarily to supply poration cease to require audit and appraisal needed working capital * * * as contrasted except in cases where such procedure is neceswith fixed capital." While we do not recom- sary in order to establish the adequacy of semend unrestricted lending to finance expansion curity for loans otherwise acceptable. of plant and equipment, we believe that in some (17) That the local agencies of the Reconcases loans to rehabilitate or complete fixed struction Finance Corporation be given authorcapital equipment will not only give employ- ity to grant loans of $10,000 and under, without ment to labor in the creation of the capital the necessity of such grants being confirmed in itself, but facilitate future increased employ- Washington. ment of labor and enlargement of the national (18) That in case the direct lending operaincome. tions now performed by the Federal Reserve (11) That the policy of the Reconstruction banks and the Reconstruction Finance Corpora- Finance Corporation with regard to the accept- tion are united in a single agency, whether the ance of a pro rata share in the protection Reconstruction Finance Corporation or a new afforded by collateral, along with existing agency, and in case lending standards are libercreditors, be liberalized. alized as recommended above, local offices be maintained in or near all cities of, say, 50,000 2 In case the direct-lending functions of the Federal Reserve banks and the R. F. C. are consolidated in a new agency, recommendations population or more, to assist would-be bor- 5 to 7 and 9 to 17, inclusive, will apply in principle to the work of this new agency. rowers in preparing applications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN JANUARY 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Dec. 24 and released for publication Dec. 26] In November the rate of industrial activity Department of Agriculture estimates for showed little change and the general level of December 1 indicate that production of princommodity prices remained unchanged. Dis- cipal crops this season was about 22 percent smaller than in 1933 and 32 percent below the tribution of commodities to consumers was average for the previous 10 years, reflecting well maintained. reductions in acreage and in yield per acre. Production and employment.—Volume of There has been a shortage in feed crops, accomindustrial production declined in November by panied by a sharp increase for the year in the an amount somewhat smaller than is usual at slaughter of livestock. Although output of this season and consequently the Board's agricultural commodities has been smaller seasonally adjusted index advanced from 73 than in any other recent year, farm income has percent of the 1923-25 average in October to been larger than in either 1932 or 1933, reflect- 74 percent in November. In the steel industry ing chiefly higher prices, and, to a smaller output continued to increase during Novemdegree, benefit payments. ber and the first 3 weeks of December, con- Distribution.—Total freight-car loadings detrary to the usual seasonal tendency. Automoclined in November by less than the estimated bile production also showed an increase in the seasonal amount, reflecting chiefly a smaller early part of December, following a decline in decline than is usual in shipments of miscellanconnection with preparations for new models. eous freight. Retail sales generally have been In November lumber output decreased by well maintained. Department-store sales inmore than the estimated seasonal amount. At creased by slightly less than the estimated woolen mills there was a considerable increase seasonal amount in November; preliminary rein output, while consumption of cotton by ports for the first half of December, however, domestic mills showed a slight decline. Acindicate a more than seasonal increase in Christtivity at meat-packing establishments showed mas trade. less than the usual seasonal increase. Pro- Commodity prices.—Wholesale commodity duction of the leading minerals was at about prices generally showed little change during the same level as in October November and the first half of December. Factory employment declined between the Prices of scrap steel continued to increase durmiddle of October and the middle of November ing this period, while corn prices, which adby the usual seasonal amount and was at the vanced rapidly in November, declined somesame level as a year ago. Declines reported what after the first week of December. Retail for the automobile, shoe, and canning indus- food prices declined in November, reflecting tries were smaller than seasonal, while de- lower prices for meats. creases at railroad repair shops and sawmills Bank credit.—Developments at the Federal were larger than are usual at this season. At Reserve banks in December reflected largely the meat-packing establishments, where employ- seasonal increase in the demand for currency ment has been at a high level in recent months, and the continued inflow of gold from abroad. there was a considerable decline, but the Loans and investments of reporting member number on the pay rolls in November was banks in leading cities showed an increase of larger than in the corresponding month of $150,000,000 in the 4 weeks ended December 12, other recent years. Employment at woolen after declining somewhat in the preceding 4 mills showed a substantial increase. The num- weeks. The growth reflected increases in holdber employed on construction projects of the ings of United States Government obligations Public Works Administration declined further and in brokers7 loans. Deposits at banks in November, according to the Bureau of showed a further considerable growth. Labor Statistics. Yields on short-term Government securities Value of construction contracts awarded, as declined slightly in December, while other reported by the F. W. Dodge Corporation, short-term open-market money rates showed showed a considerable decline in November little change. On December 15 the discount and the first half of December, following an rate of the Federal Reserve Bank of Atlanta was increase in October. The indicated decline in reduced from 3 percent to 2% percent and on awards from the third to the fourth quarter December 21 a similar reduction was made at was somewhat smaller than usual. the Kansas City Federal Reserve Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11 JANUABY 1935 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS MILLIONS OF DOLLARS Weekly basis: Wednesday series 8000 8000 7000 - 7000 6000 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 1929 1930 1931 1932 1933 1934 Based on Wednesday figures; latest figures are for December 26. See table on page 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY 1935 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury Treasury Date (Wednesday) B co il u ls n t d e i d s- bo B u il g ls ht m G e o U n v . t e S r s n . e - - Ot s b h e a e r n v r k e re- Total ta M s ry t o o n g ck o e- ld na vo t c a - i a u o n o nn r d n Kl - r al- M c o i t r n i c o e u n y la - in b M b a a s e l n e a m k r n v b c e r e e e s r - c d R F a e e w e s p d h s i o e e t a s r h r v i n a t e l s d b p m N e o r e o s m d n it e - s - - R F c O e o e a s t d u h c e e n - r e r t v r a s e l curities credit rency banks 1933—Nov. 1- 117 7 2,420 7 2,550 4,036 2,276 5,353 2,591 388 178 353 Nov. 8- 112 7 2,430 -7 2,542 4,036 2,275 5,386 2,578 373 161 355 Nov. 15. 111 15 2,432 6 2,564 4,036 2,275 5,368 2,645 345 163 355 Nov. 22. 112 20 2, 431 -1 2,562 4,036 2,276 5,366 2,687 316 149 355 Nov. 29. 119 24 2,432 7 2,581 4,036 2,277 5,455 2,573 369 142 354 Dec. 6_. 116 61 2,431 7 2,615 4,036 2,277 5,471 2,561 386 156 354 Dec. 13. 118 116 2,432 11 2,677 4,036 2,295 5,476 2,638 379 160 355 Dec. 20. 115 113 2,432 25 2,686 4,036 2,299 5,561 2,636 329 132 362 Dec. 27. 111 111 2,432 20 2,674 4,036 2,304 5,537 2,675 315 124 362 1934—Jan. 3__ 106 121 2,432 29 2,688 4,036 2,303 5,504 2,710 311 145 357 Jan. 10- 104 113 2,432 7 2,655 4,036 2,302 5,397 2,777 353 172 295 Jan.17. 101 112 2,432 1 2,646 4,035 2,302 5.356 2,788 407 143 288 Jan. 24. 97 104 2,432 -2 2,631 4,035 2,301 5,294 2,851 398 137 287 Jan. 31. 83 111 2,434 2 2,630 4,033 2,302 5,289 2,652 597 141 287 Feb. 7.. 73 97 2,432 4 2,606 l 7,036 2,301 5,317 2,736 » 3,449 142 299 Feb. 14. 68 86 2,432 7 2,593 7,089 2,301 5,321 2,851 3.391 130 290 Feb. 21. 66 75 2,432 18 2,592 7,203 2,301 5,344 2,830 3,499 132 291 Feb. 28. 64 62 2,432 • 8 2,567 7,438 2,302 5,355 3,093 3,440 127 292 Mar. 7- 59 46 2,432 2 2,539 7,556 2,312 5,374 3,313 3,294 133 294 Mar. 14. 55 37 2,432 8 2,532 7,605 2,332 5,345 3,454 3,226 143 301 Mar. 21. 51 33 2,432 -9 2,508 7,640 2,343 5,334 3,449 3,252 154 302 Mar. 28. 53 29 2,432 5 2,519 7,681 2,356 5,336 3,439 3,318 161 303 Apr. 4.. 48 26 2,432 4 2,509 7,703 2,369 5.371 3,450 3,323 140 297 Apr. 11. 43 17 2,432 (a) 2,492 7,732 2,381 5.347 3,560 3,239 148 312 Apr. 18. 40 13 2,430 9 2,493 7,746 2,381 5,347 3,665 3,204 167 237 Apr. 25. 40 10 2,430 5 2,486 7,755 2,380 5,324 3,744 3,148 167 237 May 2__ 38 8 2,432 6 2,484 7,756 2,381 5,359 3,570 3,177 280 235 May 9- 37 7 2,432 9 2,484 7,756 2,380 5,352 3,678 3,098 257 235 May 16. 34 6 2,430 3 2,473 7,753 2,380 5,344 3,694 3,082 252 233 May 23. 34 5 2,430 -1 2,469 7,766 2,375 5,316 3,767 3,052 242 233 May 30. 34 5 2,430 1 2,470 7,776 2,371 5,338 3,763 3,051 233 232 June 6__ 29 5 2,430 10 2,475 7,790 2,365 5,342 3,787 3,034 230 237 June 13. 28 5 2,430 8 2,472 7,820 2,361 5,313 3,895 2,956 251 238 June 20. 28 5 2,430 5 2,468 7,835 2,359 5,310 3,769 3,121 224 239 June 27. 27 5 2,430 3 2,465 7,846 2,364 5,301 3,837 3,077 225 236 July3_. 29 5 2,432 22 2,488 7,866 2,365 5,397 3,746 3,113 232 230 July 11. 23 5 2,432 8 2,468 7,881 2,365 5,344 3,902 3,014 223 231 July 18. 23 5 2,432 (*) 2,460 7,897 2,363 5,328 3,987 2,954 222 229 July 25. 21 5 2,432 -3 2,456 7,911 2,364 5, 291 4,020 2,972 220 228 Aug. 1— 21 5 2.432 5 2.463 7,932 2,361 5,315 3,915 3,074 219 232 Aug. 8- 21 5 2, 432 (J) 2,458 7,957 2,357 5,334 4,059 2,941 209 229 Aug. 15. 20 5 2,431 11 2,468 7,979 2,375 5,343 4,064 2,976 211 228 Aug. 22. 20 5 2,432 (2) 2,457 7.983 2,390 5,347 4,072 2,972 211 228 Aug. 29- 21 5 2,432 5 2,463 7,981 2.403 5,345 4,127 2,944 204 226 Sept. 5_ 24 5 2,432 6 2,467 7,963 2,412 5,419 3,907 3,087 203 225 Sept. 12. 23 5 2,431 10 2,469 7,968 2,414 5,409 3,948 3,058 213 224 Sept. 19. 22 5 2,431 8 2,466 7,972 2,412 5,412 3,889 3,124 195 230 Sept. 26. 20 6 2,430 7 2,463 7,976 2,409 5,403 3,970 3,061 186 229 Oct. 3._ 15 6 2,431 3 2,455 7.980 2,407 5,468 3,895 3,068 182 229 Oct. 10. 12 6 2,430 (') 2,448 7,985 2,403 5,479 3,979 2,967 183 229 Oct. 17_ 12 6 2,430 9 2,457 7,990 2,410 5,469 3,996 2,968 183 239 Oct. 24. 11 6 2,430 5 2,452 7,993 2,429 5,436 3,985 3,049 165 239 Oct. 31. 11 6 2,430 8 2,455 8,002 2,434 5,453 4,006 3,031 164 237 Nov. 7- 11 6 2,430 -7 , 2,440 8,008 2,442 5,503 4,032 2,944 172 240 Nov. 14. 9 6 2,430 29 2,474 8,030 2,450 5,480 4,107 2,964 163 240 Nov. 21. 11 6 2,430 23 2,470 8,076 2,459 5,455 4.196 2,956 159 239 Nov. 28. 12 6 2,430 12 2,460 8,112 2,469 5,516 4,108 3,017 160 239 Dec. 5.. 10 6 2,430 6 2,452 8.161 2,478 5,545 4,073 3,060 176 237 Dec. 12. 9 6 2,430 17 2,462 8,180 2,486 5,532 4,112 3,060 184 239 Dec. 19. 9 6 2,430 32 2,477 8,198 2, 505 5,587 3,943 3,221 185 243 Dec. 26. 9 6 2,430 25 2,470 8,228 2,504 5.628 3,961 3,181 188 244 i Increase from previous date represents principally increment resulting from reduction in weight of gold dollar on Jan. 31,1934. • Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 13 RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] I Reserve bank credit outstanding Treasury Month or week co B d u i i n l s l t - s ed bo B u il g ls ht G m u ov e . e n s r t n . - r c O e b r s a t e e h n d r e k v i r t e Total ta M s ry t o o n g ck o e- ld T c a u t r n i e b r o d r a a n e s n a n n u k l a c r - - y y c M u in l o a c n ti i e o r y - n b r a e l s a e n r c v e e s b w an it k h s b p m N e o r e o s m d i n t e - s - - R F c O e o e a s d t u c h e e n - r e r t v r s a e l securities 1933—October 119 7 2,355 2,492 4,036 2,277 2,590 333 163 351 November 114 15 2,437 2,574 4,036 2,275 5,394 2, 629 349 158 355 December 117 101 2,432 2,669 4,036 2,293 5,523 2,616 357 143 358 1934—January 101 113 2,432 2,656 4,035 2.302 5,382 2,764 397 146 305 February 70 87 2,432 2,597 l 7,138 2,303 5,339 2,822 1 3, 448 136 293 March 55 40 2,437 2,535 7,602 2,333 5,368 3,361 3, 298 144 299 April 43 16 2,439 2, 507 7,736 2, 377 5,366 3,594 3,222 170 268 May 36 6 2,431 2,479 7,759 2,378 5,355 3,695 3,083 249 234 June 28 5 2,424 2,464 7,821 2,363 5, 341 3,790 3,054 226 237 July 23 5 2,432 2,469 7,893 2,364 5,350 3,928 2,999 219 230 August 21 5 2,432 2,464 7,971 2,378 5,355 4,045 2,976 208 228 September 22 5 2,431 2,469 7,971 2,411 5,427 3,947 3,054 197 227 October 12 6 2,430 2,457 7,989 2,415 5,473 3,964 3,011 177 234 November 11 2,430 2,466 8,047 2,455 5,494 4.100 2,970 165 238 December 10 2,430 2,472 8,191 2,493 5,577 4,037 3,120 181 241 Week ending Saturday- Sept. 1 _ 5 2,432 5 2,464 7,979 2,403 5,368 4,081 2,965 205 227 Sept. 8._ 5 2,432 9 2,470 7,967 2,413 5,423 3,951 3,047 204 225 Sept. 15 5 2,431 13 2,473 7,968 2.414 5,427 3,964 3,034 295 225 Sept. 22 5 2,431 11 2,469 7,972 2.412 5,430 3.920 3,080 193 229 Sept. 29 6 2,431 7 2,463 7,976 2,408 5,429 3,943 3,061 186 228 Oct. 6 6 2,431 7 2, 458 7,980 2. 406 5,476 3,909 3,047 183 229 Oct. 13 6 2,429 6 2.453 7,985 2,403 5,489 3,976 2,961 187 229 Oct. 20 6 2,430 13 2,461 7,989 2,412 5,484 3,963 3,000 178 238 Oct. 27 6 2,430 2,456 7,994 2,426 5,455 3,985 3,030 167 239 Nov. 3..... 6 2,430 10 2,457 8.002 2,434 5,470 4,004 3,015 167 237 Nov. 10. 6 2,430 12 2,459 8,009 2,444 5,506 4,044 2,952 172 238 Nov. 17 6 2.430 32 2.478 8.029 2,453 5,493 4,108 2,955 165 239 Nov. 24 6 2,429 25 2,469 8,069 2,464 5,474 4,159 2,971 160 239 Dec. 1 _ 6 2,430 13 2,460 8,112 2,469 5,511 4,126 3,005 160 239 Dec. 8 6 2,430 13 2,460 8,152 2,476 5,556 i 4,093 3,028 172 239 Dec. 15 6 2,430 19 2,465 8,178 2,487 5,554 ! 4,093 3,061 183 240 Dec. 22... 6 2,430 40 2,486 8,204 2,501 5,604 3,943 3,214 185 244 Dec. 29 _ 6 2,430 33 2, 478 8,225 2, 508 5,609 3, 995 3,180 184 244 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury End of month co B u d i i n l s l t - s ed bo B u il g ls ht s G ec m U o u v e . r e S i n t r . t i n e - s r c O e b r s a t e e h n d r e k v i r t e Total ta M s r t y o o c n g k o e- ld | T c a t r u n i b e o r d a a r n n e s a n u n k l a c r - - y y c M u in l o a c n t i i e r o y - n M b r a e b e l s a a m e n n r b k c v e e e s r c d R F a b e e w e s p a h d s i n o e e t a s k h r r i v n s a t e d l s b p m N e o r e o s m d i n t e - s - - R F c O e e o t s a d u h e c e n - e r r t r v a s e l 1933—October. _. 116 7 2,421 2,548 4,036 2,277 5,347 2,685 299 173 356 November. 119 24 2,432 2,581 4,036 2,277 5,455 2,573 369 142 354 December. 98 133 2,437 2,688 4,035 2,303 5,518 2,729 287 132 360 1934— M A F M J e p a a a b n r r y i u r c l u a h r a y ry.. 8 3 3 6 5 3 9 1 4 4 1 6 2 1 9 5 9 2 1 2 2 2 2 2 , , , , , 4 4 4 4 4 3 4 3 3 3 4 7 2 0 1 —4 2 2 2 2 2 , , , , , 6 5 5 4 4 3 6 4 8 6 0 7 5 5 3 l 4 7 7 7 7 , , , , , 6 7 7 0 4 9 5 7 3 3 4 7 9 3 8 2 2 2 2 2 , , , , , 3 3 3 3 3 0 7 0 6 6 2 8 2 1 8 5 5 5 5 5 , , , , , 3 3 2 3 3 9 6 8 5 5 4 8 9 7 5 2 3 3 3 3 , , , , , 5 6 0 4 7 9 5 5 9 4 9 7 2 3 6 1 3 3 3 3 , , , , 2 1 0 5 4 9 4 5 9 4 3 8 3 7 0 1 1 1 2 2 4 2 5 6 2 1 7 7 8 2 2 2 2 2 2 9 8 9 3 3 9 7 2 6 2 June 25 5 2,432 10 2,472 7,856 2,367 5,373 3,840 3,016 233 233 July 22 5 2,432 3 2,462 7,931 2,361 5,317 4,029 2,971 207 229 August 23 5 2,432 4 2,464 7,978 2,408 5,396 4,052 2,968 208 226 September. 15 2,431 11 2,464 7,978 2,405 5,456 3,934 3,051 178 228 October. _. 11 2,430 8 2,455 8,002 2,434 5,453 4,006 3,031 164 237 November. 11 2,430 6 2,453 8,132 2,468 5,549 4,081 3,022 161 239 December. 7 2,430 20 2,463 *8,239 p 2, 511 v5, 536 4,096 J-3,151 189 241 * Prelimary. 1 Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31, 1934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY 1935 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT AND FEDERAL RESERVE BANK NOTE STATEMENT [In thousands of dollars] Dec. 31, 1934 Nov. 30, 1934 Dec. 31, 1933 ASSETS Gold certificates on hand and due from U. S. Treasury 5,124,347 5,087,164 946,133 Gold - 2,578,104 19, 060 20,137 44, 739 Redemption fund—Federal Reserve notes 257, 577 210,153 224, 634 Other cash __ Total reserves 5,400,984 5,317,454 3, 793, 610 1,677 2,166 13, 082 Redemption fund—Federal Reserve bank notes. Bills discounted: For member banks 6,988 11, 227 i6, 873 For intermediate credit banks.. 310 For nonmember banks, etc 74 69 407 Total bills discounted. 7,062 11, 296 97, 590 Bills bought: Payable in dollars: Bought outright 112 183 108,108 Under resale agreement.. 19, 284 Payable in foreign currencies - 5,501 5,499 6,033 Total bills bought 5,613 5,682 133,425 Industrial advances 14, 301 10,062 U. S. Government securities: Bought outright - 2,430, 256 2,430,122 2,435, 245 Under resale agreement - -.- _ 2,245 Total U. S. Government securities 2,430, 256 2,430,122 2,437, 490 Other reserve bank credit: Municipal warrants - - -- 1,493 Due from foreign banks 805 3,333 Reserve bank float (uncollected items in excess of deferred availability items). 4,880 i 5, 220 14, 745 Total reserve bank credit outstanding __ 2,462,917 2,452, 745 2, 688, 076 Federal Reserve notes of other reserve banks 28, 502 21,124 18,460 Uncollected items not included in float ._ __ 455,252 434,562 430,883 Bank premises 49,161 53,164 51,884 All other assets.. - 43, 652 50, 590 44, 693 Total assets. 8, 442,145 8, 331, 805 7,040, 688 Federal Reserve notes: LIABILITIES Held by other Federal Reserve Banks 28, 502 21,124 18,460 Outside Federal Reserve banks 3,192, 605 3,192,181 3,061, 083 Total notes in circulation 3, 221,107 3, 213,305 3,079, 543 Federal Reserve bank note circulation—net 26, 390 27, 523 208, 997 Deposits: Member bank—reserve account 4,095,946 4,081,350 2,729,442 United States Treasurer—general account. 120,746 70,621 2,837 Foreign bank 19,394 15, 577 4,233 Other deposits 169,264 145,918 128,038 Total deposits 4,405, 350 4,313,466 2,864,550 Deferred availability items.. 455,252 434,562 430,883 Capital paid in 146, 725 146,885 144,693 Surplus (sec. 7) 144,893 138, 383 277,680 Surplus (sec. 13b) 8,069 2,682 Reserve for contingencies.—. 30,816 22, 291 22, 534 All other liabilities 3,543 32, 708 11,808 Total liabilities _ 8,442,145 8, 331,805 7,040,688 Contingent liability on bills purchased for foreign correspondents- 675 491 3,810 Commitments to make industrial advances 10,047 6,510 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents... 3,520,365 j 3,466,978 3, 349,805 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury.. 3, 316, 200 3, 246,416 844,220 Gold. 1,780,833 Eligible paper 5,487 188,440 U. S. Government securities. 241,400 256, 700 600, 500 Total collateral.. 3,563,087 I 3, 512, 782 3,413,993 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 37, 590 38,829 233, 725 Collateral pledged against outstanding notes: Discounted and purchased bills 2,021 U. S. Government securities 42,874 ' 44,574 256, 774 Total collateral 42,874 ••44,574 258,795 i Deferred availability items in excess of uncollected items. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

15 JANUARY 1935 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total G co o i l n d c c G e a r o t t i e l f d s i- d S s o t i a l a l r v l n u a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o f 1 r t y 8 e s 9 s " 0 I Subsid- M co in in or U S n n t o a i t t t e e e s s d F R n e e o d se t e e r r s v a e lF R n b e e o d a se n t e e r k r v s a e l t n b i N o o a n t n a e a k - s l 1933—June 5,434 265 28 361 257 113 269 3,061 125 920 July 5,343 252 28 365 258 113 275 2,974 129 914 August 5,325 242 28 372 261 114 277 2,953 133 911 September. 5,363 232 28 385 265 115 280 2,966 156 909 October 5,347 225 29 387 267 116 277 2,930 189 903 November- 5,455 219 29 394 269 117 285 2,998 206 913 December. . 5,518 213 29 407 272 117 286 3,044 208 918 1934—January 5,289 178 29 391 267 116 283 2,894 202 927 February 5,354 167 29 399 270 117 289 2,949 194 938 March. 5,394 161 30 403 272 118 289 3,005 178 935 April 5,368 157 30 400 274 118 282 3,025 162 918 May 5,357 153 30 402 277 120 279 3,038 151 900 June 5,373 150 30 401 280 119 280 3,068 142 902 July. 5,317 146 30 399 280 | 121 277 3,044 133 885 August 5,396 143 31 438 282 ! 122 274 3,103 125 878 September— 5,456 139 31 483 284 I 122 274 3,131 119 870 October 5,453 136 31 510 288 I 123 273 3,124 112 856 November.. 5,549 133 32 558 291 124 273 3,176 107 853 December * 5,536 11 131 32 592 294 125 265 3,176 101 820 •p Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 61. Back figures—See Annual Report for 1933 (table 56). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATESi [In millions of dollars] [In thousands of dollars] Year and month m a s G t t o o o o e n c f l n d t k d h I i n n s c t r o g e c o a k l s d e N im et p g o o r l t d fr N m om e a t r e r k e a 1 - r- fa O c t t h or e s r « From or to— [mp D o e r c ts em E b x e p r ortsImp N o o r v ts em E b x e p r orts Im Ja p n o v u r e t a m s ry b E - e N x r p o o - rts $1- ¥\o grains of gold <Ko fine; i. e., an Belgium 12,814 12,968 4,059 ounce of fine gold=$2O.67 England 19,741 92 3,687 490,421 8,438 1932—Total (12 mo.). 52.9 | -446. 2 [ 457. 5 | 41. € France 22,430 70,351 268,101 29,991 Germany 4 147 1933—August 4,041 7.5 -80.4 79.5 8.4 Netherlands 17, 790 9,906 85,134 7,414 September. 4.037 -3.8 -56.7 49.3 3.6 Switzerland ""254~ 12,656 254 October 4,036 -0.7 -32.4 26.9 4.8 Canada 8,085 8 9,628 19 78,700 165 November. 4,036 -0.8 0.6 0.1 Central America. __ 202 231 2,776 December._ 4,035 -0.5 -9.1 11.8 -3.1 Mexico 6,116 40 916 37 24, 272 249 Argentina 12 Total (12mo.)_ -190.4 -173.5 ! -58.0 41.1 Colombia 2,111 1 14,841 Ecuador 206 211 1,349 1934—January 4,033 j -2.1 -2.8 I 12.2 -11.6 Peru 139 121 1,257 $1 = 155M grains of gold Mo fine; i. e., an Uruguay __ ounce of fine gold=$85 Venezuela 49 72 791 February 7,438 i 3,405.0 452.6 68.7 2,883.8 Australia 1,029 March ' 7,694 c 256.1 237.3 -0.8 •19.6 British India 12, 574 11, 300 64,246 April 7,757 61.5 54.7 -1.1 7.9 China and Hong May 7,779 22.4 33.6 0.5 -11.6 Kong 529 700 15,923 June -.- 7,856 ! 77.1 63.7 1.0 12.5 Dutch East Indies. 7 1 July 7,931 74.4 52.3 0.6 21.4 Japan 4 August 7,978 47.4 37.2 -1.1 11.2 Philippine Islands. 940 10, 669 September. _ 7,978 0.4 -18.7 2.4 16.6 Allother countries2 2,278 320 9,261 1,894 October 8,002 23.5 10.8 0.3 12.4 D N e o c v e e m m b b e e r r * . > .. _ 8 8 , , 1 2 3 3 2 9 1 1 2 0 9 6 . . 9 9 1 9 2 2 0 . . 1 9 — 0 0 . . 1 1 1 9 4 . . 1 7 Total... 92, 249 140 121,199 310 1,094,421 52,619 Total (12 mo.) »_ 4, 203. 2 1,133. 9 82.6 2,986. 7 i With some exceptions figures represent customs valuations at rate of $20.67 a fine ounce for January 1934 and $35 a fine ounce thereafter. »Includes all movements of unreported origin or destination. » Preliminary. « Corrected. 1 Gold released from earmark at Federal Reserve banks less gold placed Back figures.See Annual Report for 1933 (tables 53 and 54). under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). 2 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock during the month or year, and increment resulting from reduction in weight of gold dollar. Back figures.—See Annual Report for 1933 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUARY 1935 MEMBER BANK RESERVE BALANCES [Averages of daily figures. Figures are for licensed banks only. In millions of dollars] Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y » ork R O c e i s t t h e ie r e s v r e 'C b o a u n n k t s ry" T m b o a t e a n m l— k b s e a 2 r ll Ne C w it Y yi ork R O c e i s t t h e ie r e s v r e 'C b o a u nk n s t r 8 y" 1933—November. 2,599 866 1,181 553 794.1 129.8 474.7 189.6 December.. 2,588 828 1,193 567 765.7 96.0 472.6 197.1 1934—January 2,740 897 1,222 622 865.7 146.8 476.6 242.4 February... 2,799 872 1,271 656 890.8 118.3 509.1 263.4 Maroh 3,345 1,227 1,422 696 1,375.1 432.2 645.5 297.4 April 3,582 1,290 1,536 756 1, 541.0 454.6 736.4 350.1 May 3,695 1,323 1,598 773 1, 623. 5 484.7 778.4 360.4 June 3,790 1,391 1,632 767 1, 684. 6 532.2 799.6 352.8 July 3,928 1,393 1,725 810 1, 789.4 525.7 874.0 389.7 August 4,045 1,509 1,719 817 1,883.6 638.2 852.2 393.3 September. 3,947 1,440 1,692 814 1,754.1 562.0 808.7 383.4 October 3,964 1,461 1,667 837 1,730.6 568.1 766.4 396.1 November.. 4,100 1,506 1,745 849 1,834. 5 603.8 829.3 401.4 Week ending (Friday): Sept. 7 _ 3.960 1,445 1,702 814 1,776. 0 561.1 827.2 388.0 Sept. 14 3,960 1,399 1,722 839 1,779.0 522.5 837.8 419 0 Sept. 21 3,930 1,437 1,648 845 1,734.0 562.3 790.9 381.0 Sept. 28 - 3,940 1,467 1,671 802 1,737.0 590.0 782.1 365.0 Oct. 5-- 3,909 1,474 1,621 814 1,702.0 591.4 731.3 379.0 Oct. 12.. 3,967 1,484 1,651 831 1,760.0 601.6 758.1 400.0 Oct. 19.. 3,966 1,449 1,663 855 1, 733.0 554.4 758.4 420.0 Oct. 26. 3,983 1,439 1,699 845 1,734.0 539.1 792.1 404.0 Nov. 2... 4,000 1,467 1,701 831 1,744.0 561.4 794.6 388.0 Nov. 9... 4,033 1,430 1,736 867 1, 784. 0 530.5 827.0 427.0 Nov. 16.. 4,104 1,478 1,759 868 1,854.0 582.7 841.5 430.0 Nov. 23.. 4,153 1,563 1,748 842 1,873. 0 660.5 829.1 383.0 Nov. 30.. 4,139 1,565 1,736 838 1,861. 0 655.0 814.2 392.0 1 Central Reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—See Annual Report for 1933 (table 73). MEMBER BANK DEPOSITS [Averages of daily figures. Figures are for licensed banks only. In millions of dollars] Net demand and time deposits Net demand deposits Time deposits Month or week a T b ll a o b m n t e k a r e s m l- 1 - C Y N i o e ty r w k * R O c e i s t t h e ie r e s v r e " b C a tr n o y u k " n sl - a T b ll a o b m n t e k a e r m s l- ' - C Y N i o e ty w rk 2 R O c e i s t t h e ie r e v s r e " b C a tr n o y k u " s n * - a T b ll a o b m n t e k a e r s m l - * - C Y N i o e t r w y k 2 R O c e i s t t h e ie r e v s r e " b C a tr n o y k u " s n a - 1933—November „ 23,486 6,289 9,531 7,666 14,347 5,475 5,543 3,330 9,139 814 3,988 4,336 December.. 23,646 6,215 9,659 7,772 14,567 5,452 5,691 3,424 9,078 763 4,348 1934—January 24,248 6,348 9,937 7,963 15,021 5,599 5,894 3,528 9,227 749 4,043 4,435 February. „ 24,674 6,370 10,124 8,180 15, 341 5,624 6,048 3,668 9,333 746 4,075 4,512 March 25,288 6,671 10,303 8,314 15,851 5,943 6,172 3,736 9,437 728 4,131 4,578 April 26,009 6,992 10, 568 8,449 16,457 6,256 6,384 3,817 9,552 736 4,184 4,632 May _. 26.363 7,001 10,787 8,575 6,720 6,283 6,541 3,896 9,643 719 4,246 4,679 June 26, 698 7,168 10,929 8,601 6,433 6,645 3,909 9,711 735 4,284 4,691 July 27,073 7,236 11,127 8,710 17,276 6,500 6,807 3,969 9,796 736 4,319 4,741 August 27,310 7,252 11, 280 8,777 17,490 6,534 6,940 4,016 9,819 719 4,340 4,761 September.. 27,615 7,300 11,436 8,878 17,806 6,591 7,103 4,111 9,809 709 4,333 4,767 October 28,034 7,409 11,587 9,038 18,208 6,704 7,269 4,235 9,826 705 4,319 4,802 November. 28.364 7,465 11,744 9,154 18, 524 6,780 7,418 4,326 9,840 685 4,326 4,829 Week ending (Friday): Sept. 7 7,339 11,362 6,632 7,016 707 4,346 Sept. 14 7,289 11,449 6,577 7,108 711 4,341 Sept. 21 7,270 11,466 6,562 7,132 708 4,334 Sept. 28 7,291 11.475 6,582 7,153 709 4,322 Oct. 5 7,339 11.476 6,627 7,161 712 4,315 Oct. 12._ 7,338 11,510 6,627 7,202 711 4,307 Oct. 19 7,423 11,619 6,718 7,311 706 4,308 Oct. 26.. 7,460 11,663 6,759 7,332 701 4,330 Nov. 2.. 7,503 11, 663 6,806 7,325 4,339 Nov. 9.. 7,449 11,684 6,756 7,346 4,337 Nov. 16. 7,411 11,763 6,725 7,429 4,334 Nov. 23. 7,466 11, 768 6,784 7,443 682 4,325 Nov. 30. 7,515 11,782 6,840 7,475 675 4,307 i Weekly figures are not reported. 1 Central Reserve city banks only. Back figures.—See Annual Report for 1933 (table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 17 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Call date i m T n lo a v o e n a e n t n d a s t s t l s - L ba o t n a o k n s s Total s b c t a o u o b n n r c y e d d k d s sb e c y s u S t r e r a e e - t d a e l s O c u e w a u c n t n h r u i s s e e d r e e e d r - - d Total p A a a c y n i P c c n a e u e b p s r l c t e ha a c p s n A e a e c p c y d e - t - - s pap C m c e o i e r a m r l - - L N k b o i r t e e n o a o r w - n s s Total r U s m G e i e t r . o c e i S n e u v n . - s - - t O r s i e t t c h i u e e - s r s c l b a t o u o n s o b a e r c n d y e n - k d d s s s United able paper Yorki States abroad TOTAL—ALL MEMBER BANKS 1930—Dec. 31 34,860 631 21,007 7,942 3,234 9,831 2,233 315 55 366 1,498 10,989 4,125 6,864 9,754 1931—Mar. 25 34,729 446 19,940 7,423 3,220 9,298 2,454 361 101 361 1,630 11,889 5,002 6,886 9,272 June 30. 33,923 457 19,257 7,117 3,218 8,922 2,103 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29_ 33,073 599 18, 713 6,842 3,149 8,722 1,563 70 296 928 12,199 5,564 6,635 8,081 Dec. 31 30, 575 790 17,570 6,290 3,038 8,242 901 146 41 140 575 11,314 5,319 5,996 7,320 1932—June 30 28,001 573 15,267 5,292 2,894 7,081 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30 28,045 457 14,497 5,086 2,885 6,527 970 407 34 115 414 12,121 6,366 5,755 5,770 Dec. 31- 27,469 444 13,905 4,848 2,862 6,195 855 375 30 93 357 12, 265 6,540 5,726 5,447 1933—June 30» 24,786 330 11,337 3,916 2,372 5,049 1,191 291 25 87 788 11,928 6,887 5,041 4,884 Oct. 25 24,953 297 11,523 3,809 2,364 5,350 1,238 303 24 164 748 11,894 6,801 5,093 4,713 Dec. 30 25, 220 287 11,315 3,772 2,359 5,184 1,231 223 37 132 840 12,386 7,254 5,132 4,769 1934—Mar. 5_._ 26, 548 225 11,093 3,644 2,382 5,067 1,387 350 26 157 855 13,842 8,667 5,175 4,606 June 30 27,175 153 10,804 3,516 2,357 4,931 1,566 264 20 200 1,082 14,652 9,137 5,515 4,651 Oct. 17 27,559 149 10, 782 3,325 2,297 5,161 1,361 276 253 802 15,267 9,186 6,081 4,178 NEW YORK CITY 3 1930— Dec. 31 8,582 283 4,338 2,137 147 2,054 1,525 188 1,281 2,435 1,239 1,197 3,550 1931—Mar. 25 8,473 154 4,007 1,960 150 1,896 1,651 199 1,367 2,662 1,466 1,196 3,397 June 30 8,287 150 3,839 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 30. 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30_ 7,112 203 2,638 1,300 154 1,184 763 341 391 3,508 2,429 1,079 1,811 Dec. 31 _.. 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 1933—June 30» 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 Oct. 25 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Dec. 30 6,995 146 2,395 1,034 148 1,213 912 170 706 3,542 2,362 1,179 1,824 1934—Mar. 5 7,351 112 2,321 985 156 1,180 986 276 687 2,768 1,164 1,724 June 30 7,666 68 2,202 937 156 1,109 1,131 225 883 4,265 3,053 1,212 1,840 Oct. 17 7,543 66 2,294 876 150 1,267 232 631 4,300 2,954 1,345 1,531 OTHER RESERVE CITIES 1930—Dec. 31 13, 758 8,906 3,656 1,631 3,620 531 122 212 167 4,035 1,727 2,308 1931—Mar. 25 13,965 235 8,409 3,366 1,619 3,423 645 158 212 227 4,676 2,313 2,364 3,729 June 30_ 13,567 247 8,100 3,188 1,621 3,291 470 91 189 124 4,750 2,408 2,342 3,459 Sept. 29 13,016 284 7,845 3,092 1,585 3,168 326 67 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050 1932—June 30 .._. 11,045 254 6,519 2,403 1,407 2,709 118 38 62 7 4,154 2,187 1,966 2,585 Sept. 30... _ 10,979 205 6,196 2,304 1,406 2,486 151 58 65 14 4,427 1,961 2,466 2,456 Dec. 31 10, 535 178 5,879 2,169 1,398 2,312 115 44 46 12 4,362 2,462 1,900 2,298 1933—June 30 > 9,780 129 4,846 1,702 1,160 1,984 184 63 51 58 4,621 2,867 1,754 1,846 Oct. 25 9,951 120 4,912 1,660 1,144 2,108 274 68 91 100 4,645 2,889 1,757 1,836 Dec. 30 10,157 103 4,797 1,630 1,151 2,016 258 50 78 112 5,000 3,209 1,790 1,809 1934—Mar. 5 10,816 79 4,669 1,566 1,158 1,945 306 64 89 138 5,763 3,954 1,809 1,753 June 30 11,054 53 4,586 1,526 1,145 1,915 311 34 115 154 6,104 4,102 2,002 1,708 Oct. 17 11,367 55 4,562 1,421 1,120 2,021 328 151 123 6,423 4,240 2,183 1,569 "COUNTRY" BANKS 1930—Dec. 31.... 12, 519 7,762 2,149 1,455 4,158 177 120 4,519 1,159 3,359 2,213 1931—Mar. 25 12,290 7,524 2,097 1,449 3,978 158 114 4,550 1,224 3,326 2,147 June 30- 12,068 7,318 2,031 1,437 3,849 135 101 4,555 1,279 3,276 2,078 Sept. 29 11,805 7,018 1,935 1,411 3,673 116 81 4,606 1,433 3,172 1,985 Dec. 31 10,999 6,469 1,756 1,346 3,367 71 48 4,392 1,418 2,974 1,796 1932—June 30. 10, 240 5,892 1,546 1,328 3,018 64 36 4,226 1,432 2,794 1,574 Sept. 30 _ 9,954 5,663 1,481 1,324 2,857 55 36 4,187 1,471 2,715 1,503 Dec. 31._ 9,607 5,405 1,432 1,304 2,669 39 28 4,114 1,474 2,640 1,450 1933—June 30 » 7,873 4,194 1,132 1,055 2,007 43 27 3,598 1,469 2,129 1,150 Oct. 25 8,031 4,175 1,118 1,070 1,987 73 46 3,748 1,592 2,156 1,148 Dec. 30 _ 8,068 4,123 1,108 1,061 1,955 62 34 3,845 1,683 2,162 1,136 1934—Mar. 5... 8,381 4,103 1,093 1,068 1,942 95 54 4,148 1,946 2,202 1,129 June 30 8,456 4,016 1,053 1,056 1,906 124 72 4,283 1,982 2,301 1,102 Oct. 17 8,649 3,926 1,027 1,026 1,873 150 95 4,545 1,992 2,552 1,078 i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. * Beginning June 30,1933, figures relate to licensed banks only. 1 Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3, 1928, see Annual Report for 1931 (table 53), but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY 1935 ALL BANKS IN THE UNITED STATES [Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private and industrial banks included in abstracts issued by State banking departments] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1929—Oct. 4 58,835 42,201 16,634 35,914 26,165 9,749 i 9, 556 i 5,892 i 3, 664 13,366 ! 10,144 3,221 Dec. 31 58, 417 41,898 16,519 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,803 • 3,217 1930—Mar. 27__._ 57, 386 40, 686 16, 700 35,056 25,119 9,937 i 9,463 i 5,945 i 3, 518 12,868 9,623 3,245 June 30 58,108 40,618 17,490 35,656 25,214 10,442 9,747 6,009 3,739 12,706 1 9,395 3,309 Sept. 24 57, 590 39, 715 17,875 35,472 24, 738 10, 734 i 9, 747 i 6, 009 i 3, 739 12,371 8,968 3,402 Dec. 31 56, 209 38,135 18,074 34,860 23,870 10, 989 9,987 6,068 3,920 11, 362 8,196 3,165 1931—Mar. 25 55,924 36,813 19, 111 34, 729 22,840 11,889 i 9,987 i 6,068 i 3,920 11, 208 7,906 3,302 June 30 55,021 35, 384 19, 637 33,923 21,816 12,106 10, 506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 53, 365 33,750 19, 615 33, 073 20,874 12,199 i 10, 506 i 6,169 i 4,337 9,786 ; 6,707 3,079 Dec. 31 49,704 31,305 18,399 30, 575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27,834 18, 237 28, 001 16,587 11,414 10, 316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 i 10, 316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26, 063 18, 883 27,469 15, 204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 a 40,089 22,215 17,874 24, 786 12,858 11,928 10, 044 5,941 4,103 5,258 3,415 1,843 Oct. 25 3 24,953 13,059 11,894 Dec. 30 40, 319 21,977 18, 342 25, 220 12,833 12, 386 9,989 5,909 4,080 5,111 3,235 1,876 1934—Mar 5 3 26,548 12, 706 13,842 June 30 3 27,175 12, 523 14, 652 Oct. 17 * . - 27, 559 12,293 15, 267 1 Figures of preceding call carried forward. 2 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. * Non-member bank figures not available. Back figures.—See Annual Report for 1933 (tables 67-69). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonm ba e n m k b s er Nonmember banks Date Other Date All banks M b e a m nk b s er M sav u i t n u g a s l no O n t m he e r m- M sa u v t i u ng al s m no em n- banks ber banks banks I ber banks 1929—Oct. 4 55,180 33,004 i 8,983 13,193 Dec. 31 55, 289 33,865 8,916 12, 507 1929—Oct. 4 Dec. 31 1930—-Mar. 27 53,185 32, 082 i 8, 916 12,187 June 30 54,954 33, 690 9,197 12, 067 1930—Mar. 27 Sept. 24 52, 784 31,839 1 9,197 11, 748 June 30. Dec 31 53, 039 32, 560 9,507 10, 972 Sept. 24 1931—Mar. 25 51, 427 31,153 i 9, 507 10, 767 Dec. 31 June 30 _- 51, 782 31, 566 10, 017 10,199 Sept. 29 49,152 29, 469 i 10, 017 9 666 1931—Mar. 25 Dec. 31 45,821 27, 432 10,105 8,284 June 30. Sept. 29 1932—June 30 41,963 24, 755 10,020 7,188 Dec. 31 Sept. 30 41, 942 24, 903 i 10, 020 7,020 Dec. 31 . 41, 643 24,803 10,022 6,818 1932—June 30. 1933—June 302 38,011 23, 338 9,713 4,961 Sept. 30 Oct. 25 3 23, 453 Dec. 31 Dec. 30 38, 505 23, 771 9,711 5,023 1933—June 30 2 1934—Mar. 5 3 25, 293 Oct. 25 3. June 303 26, 615 Dec. 30. Oct. 17 * 27,484 1934—Mar. 5 3 For footnotes see table above. June 30 3 Oct. 17 3. NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,- 000,000 on that date. For footnotes see table above. Back figures.—See Annual Report for 1933 (table 70). Back figures.—See Annual Report for 1933 (table 66). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 19 REPORTING MEMBER BANKS IN LEADING CITIES {Monthly data are averages of weekly figures. In millions of dollars] Total—all weekly reporting member banks New York City Othe c r i t l i e e a s ding Loans and investments Loans and investments Month or date Total c L o u n o r i a t s n i e e s - s o lo A t a h l n e l s r Investm U e .S n . ts se- b F r B i a o . n a n o w g R t r k s - - s . Total c L o u n o r i a t s n i e e s - s o lo A t a h l n e i l ss r Inve s j t U m . e S n .s ts e- b F r B i a o . n a n o w g R t k r s - - s . a m T l n v o o d e e a s n t n a i t t n - s l s - b F r B i a . o n a n o w g R t r k s - - . s Total curities Tloottaall Icurities 1933—October.... 16,536 3,636 4,944 7,956 4,990 6,728 1,683 1,715 3,330 2, 232 9,808 21 November- 16,688 3,574 4,990 8,124 5,135 6,775 1,643 1,763 3,369 2,238 9,913 22 December.. 16,620 3,595 4,862 8,163 5,210 6,717 1,670 1,694 3.353 2,256 9,903 24 1934—January 16, 589 3,542 4.732 8,315 5,334 6,675 1,676 ,672 3,327 2,233 9,914 20 February. __ 17,267 3,567 4,713 6,040 6,997 1,711 ,699 | 3,587 2,517 10,270 11 March 17,484 3,539 4,663 9,282 6,251 7,168 1,683 ,050 ! 3,835 2,702 10,316 10 April 17, 526 3,570 4,648 9,308 6,229 7,269 1,718 ,631 j 3,920 2,745 10, 257 7 May 17, 328 3,516 4,555 9,257 6,256 7,050 1,680 ,560 I 3,810 2,735 10, 278 6 June 17, 542 3, 553 4,511 9,478 6,442 7,190 1,727 , 537 3,926 2,848 10, 352 5 July 17, 749 3, 531 4,455 9,763 6,676 7,273 1,727 ,501 4,045 2, 930 10,476 Aueust 17, 721 3,295 4, 533 9,893 6,650 7,127 1,520 ,522 4,085 10,594 September.. 17,770 3,137 4,697 9,936 7,120 1,455 ,610 !4,055 2,820 10, 650 October 17,835 3,062 4,757 10,016 6,647 7,105 1,418 ,644 !4,043 2,801 10, 730 November- 17, 762 3,008 4,705 10,049 6,696 7,050 1,381 ,633 |4,036 2,827 10, 712 December I 18,102 3,096 4,632 10,374 7,281 1,459 ,596 i4,226 2,995 10,821 Oct. 3 i 17,811 3,047 4,747 10,017 6,636 7,077 1,401 1,624 4,052 2,794 10,734 Oct. 10. 17,824 3,055 4,759 10,010 6,658 7,092 1,402 1,643 I 4,047 2,812 10,732 . Oct. 17. 17,854 3,082 4,765 10, 007 6,650 7,118 1,434 1,645 ! 4,039 2,800 10,736 I Oct. 24. 17,850 3,074 4,760 10,016 6,654 7,114 1,435 1,652 j 4,027 2,798 10,736 Oct. 31 j 17,837 3,051 4,756 10,030 6,639 7,123 1,417 1,654 4,052 2,804 10,714 | Nov. 7 I 17,837 3,010 4,731 10,096 7,123 1,381 1,648 4,094 2,830 10,714 ! Nov. 14 17,759 3,008 4,708 10,043 6,713 7,024 1,378 1,634 4,012 2,825 10,735 | Nov. 21 17,688 2,998 4, 9,997 6,674 6,990 1,377 1,625 3,988 2,813 10.698 | Nov. 28—- i 17,764 3,017 10,059 6,715 7,064 1,390 1,624 4,050 2,841 10,700 j Dec. 5 ! 17,879 3,098 4,676 10,105 6,748 7,186 1,463 1,619 4,104 2,891 10,693 ! Dec. 12 i 17,912 3,099 4,640 10,173 6,809 7,213 1,456 1,602 4,155 2,941 10.699 L Dec. 19 .1 18,339 3,115 4,630 10, 594 7,176 7,388 1,475 1,600 4,313 3,060 10,951 ! Dec. 26 18,221 3,089 4,557 10, 575 7,192 7,335 1,441 1,564 4,330 3,086 10,886 |i For additional data see p. 59. Back figures.—See Annual Report for 1933 (tables 88-90). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [Net borrowings on demand and on time. In millions of dollars] [Monthly data are averages of weekly figures. In millions of dollars] From New From private For ac- Total an Y d o r tr k u s b t a n co k m s - b fo a r n e k ig s n , b b r a o n k k e i r n s, g Month or date Total ow F n o r ac- c o o u u t n -o t f o - f c F o o u r n t a o c- f End of month panies agencies, etc. count town others banks i 1933 1934 1933 1934 1933 1934 1934—January 802 657 137 8 February 889 731 149 9 January... 359 903 270 64 March . _ _ 886 736 148 2 F M e a b r r c u h ary.. 3 3 1 6 1 0 2 24 9 7 8 8 87 6 3 2 1 7 0 6 8 A M p a r y il 9 93 7 7 5 8 7 1 6 3 6 1 1 5 6 6 3 8 6 June 1,016 845 165 6 A M p a r y il - . 3 52 2 9 2 1 1, , 0 0 1 8 6 8 4 2 6 6 1 8 9 91 7 2 3 1 1 0 1 4 6 J A u u ly gust - - 1,0 8 4 2 2 7 8 67 7 0 1 1 1 6 5 8 6 3 1 June.. 780 1,082 694 102 S O e c p to te b m er b e _ r _ 7 7 7 4 6 6 6 6 1 3 2 3 1 1 4 3 2 3 1 1 J A u u ly gust 9 9 1 1 6 7 8 92 7 3 4 8 82 4 2 1 8 8 4 0 9 3 7 7 4 1 D N e o c v e e m m b b e e r r '7 7 1 8 3 4 '5 6 7 3 3 9 1 1 4 3 4 9 1 1 September- 897 832 806 769 | 6 M 2 Nov. 28 '718 '576 '141 1 October.... 776 827 '706 761 66 Dec. 5 _ . 782 639 142 1 N De o c v e e m m b b e e r r . - . 8 7 4 8 5 9 831 7 77 1 6 2 8 7 1 6 3 5 6 6 6 7 D D e e c c . . 1 1 9 2 8 7 0 7 5 8 6 6 3 5 3 8 1 1 4 4 4 5 1 2 Dec. 26 772 626 144 0 Back figures.—See Annual Report for 1933 (table 93). 'Revised. * Member and nonmember banks outside New York City (domestic banks only). Black figures—See Annual Report for 1933 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY 1935 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Fed- Held by accepting Based Based eral Reserve banks on goods on banks stored in goods BasedBased U S n ta i t t e e s d sto in red Total out- For Held im on ex- (ware- Dollar foreign End of month st i a n n g d- o F a w c o - n r o c e o f a i c u g f - o n n r t - Total O bi w ll n s b B ou il g ls ht ot b h y ers End of month Total U in .S to . p U fr o o . r S m ts . s c h h re i o o p d u r p i s t e e s d ) ch e a x n - ge s t h r c i i o b e p e u s p - n o e - d r count corre- between tween spond- domestic foreign ents points points 1932—August 681 3 f>74 108 376 55 OUTSTANDING September. 683 2 573 159 414 64 October 699 3 605 199 406 52 1933—November _ _ 758 98 200 278 4 180 November.. 720 4 655 268 386 28 December 764 94 207 277 4 182 December.. 710 4 C04 224 380 j 62 1934—January . 771 89 225 271 5 175 1933—January.... 707 2 626 256 370 i 38 February 750 98 203 261 4 184 February-_. 704 307 325 201 124 ! 42 March _ 685 103 186 226 3 168 March 671 2S0 261 153 108 ! 85 April 613 103 164 186 3 158 April 697 163 404 206 199 i 86 May - - - 569 100 150 164 3 152 May 669 13 505 229 276 ! 115 June 534 97 145 141 4 148 June 687 41 487 201 287 | 123 July 516 94 135 138 4 144 July 733 2 552 248 304 I 147 August, 520 89 140 147 4 141 August 694 1 490 252 247 154 September 539 94 138 166 4 137 September. 715 1 517 236 282 156 October 562 93 147 184 133 October 737 1 592 271 321 112 November 561 89 14S 195 o 127 November. 758 18 599 273 326 138 December.. 764 127 442 223 219 190 HELD BY F. R. BANKS (OWN ACCOUNT)* 1934—January 771 105 4 567 255 312 95 February—. 750 56 5 581 266 315 108 1933—November . 18 7 2 4 (2) 4 March C85 23 5 576 252 324 81 December 127 23 22 39 •i 39 April 613 3 4 536 236 299 70 May 569 8 3 507 226 281 59 1934—January 105 18 21 30 2 31 June 534 2 480 220 260 53 February. 56 11 11 15 2 16 July 516 8 1 472 222 250 42 March 23 5 6 7 2 4 August 520 1 483 222 261 37 April 3 1 1 (2) 2 S O e c p t t o e b m er b . e _ r _ - 5 5 3 6 9 2 (0 0) 1 5 5 ) 0 f 3 > 2 2 2 4 3 5 2 ?7 8 1 0 •4 3 5 5 J M u a n y e (2) (2) November- 561 0) 0) 517 252 265 44 J A u u l g y ust (2) September (*) «Corrected. October (2) (2) i Less than $500,000. November.,- _ (2) (2) w Source: For acceptances outstanding (and held by accepting banks), American Acceptance Council. «Corrected. Back figures.—See Annual Report for 1933 (table 100). i Total holdings of Federal Reserve banks include a small amount of unclassified acceptances. »Less than $500,000. ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- Back figures.—See Annual Report for 1933 (tables 97 and 25). HOLDINGS OF FEDERAL RESERVE BANES COMMERCIAL PAPER OUTSTANDING [In thousands of dollars] [As reported by dealers in New York City. In millions of dollars] End of month 1931 1932 1933 1934 End of month 1931 1932 1933 1934 January.._ 36,119 33, 444 29,036 5,977 January- 327 108 85 108 February. 23, 958 33, 478 28, 997 5,887 February. 315 103 84 117 March.... 1,063 30. 778 21,788 5,275 March 311 106 72 133 April " 1,074 30, 736 7,181 5,070 April 307 108 64 139 May , 1,073 30,837 6,981 5,076 May 305 111 60 141 June _ 10, 551 30, 762 7,089 5,075 June 292 103 73 151 July 34 371 30,645 6,821 5,081 July 289 100 97 168 August 145,215 30,834 6,199 5,079 August 271 108 107 188 September 48,804 30,849 6,068 5,691 September 248 110 123 192 October... 33, 501 30,659 5,686 5,495 October... 210 113 130 188 November 33,386 30,652 5,841 5,499 November 174 110 133 178 December. 33,429 29, 489 6,033 5,501 December. 118 81 109 166 Back figure*.—See Annual Report for 1933 (table 26). Back figures.—See Annual Report for 1933 (table 96). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 21 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Rediscounts and advances un- Advances under sec. der sees. 13 and 13a of the 10b of the Federal Average yield Federal Reserve Act Reserve Act Federal Reserve bank e R f J f a a e n c te t . i » 1 n n Da l t i e s h e e s d tab- o P us re r v a i t - e e R f J f a a e n c te t . i 1 v n n Da l t i e s h e e s d tab- Month or week Boston 2 Feb. 8,1934 2H 4 Oct. 20,1933 New York IH Feb. 2,1934 2 4 Oct. 2,1933 Philadelphia.... 2H Nov. 16,1933 3 4 Oct. 20,1933 Cleveland 2 Feb. 3,1934 2H 4 Oct. 21,1933 1933 Richmond 3 Feb. 9,1934 *H July 16,1934 December Atlanta 2H Dec. 15,1934 3 July 15,1933 Chicago 2H Oct. 21,1933 3 4 Oct. 16,1933 1934 St. Louis 2H Feb. 8,1934 3 Oct. 21,1933 January Minneapolis— 3 Mar. 16,1934 Ztt 5 Mar. 14,1933 February Kansas City— 2H Dec, 21,1934 3 4 July 10,1934 March Dallas 3 Feb. 8,1934 4 Mar. 12,1934 April San Francisco-. 2 Feb. 16,1934 2H 4 Oct. 19,1933 May June July RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- UALS, PARTNERSHIPS, AND CORPORATIONS August September October Advances secured by November Discounts and advances direct obligations of under par. 3 of sec. 13 the United States December of the Federal Re- (last paragraph of sec. serve Act 13 of the Federal Re- Week ending- Federal Reserve serve Act) bank Dec. 1 Dec. 8 e R f J f a a ec t n e t . i o 1 n n Da l t i e s h e e s d tab- e R f J f a a ec t n e t . i 1 o n n Da l t i e s h e e s d tab- D D e e c c . . 2 1 2 5 Dec. 29 Boston 6 Aug. 11,1933 4 Oct. 20,1933 1 Stock exchange 90-day time loans. New York 6 Aug. 10,1933 Feb. 8,1934 2 Stock exchange call loans; new and renewal rates. Philadelphia 6 Aug. 12,1933 4 Oct. 20,1933 8 Average rate of discount on issues offered by U. S. Treasury within Cleveland 5 July 24,1934 4 Oct. 21,1933 period. Richmond m July 16,1934 4 Feb. 19,1934 Back figures.—See Annual Report for 1933 (tables 60 and 61). Atlanta Mar. 20,1934 4 Mar. 17,1934 Chicago 5 Aug. 13,1933 4 Oct. 16,1933 RATES CHARGED CUSTOMERS BY BANKS IN St. Louis 6 July 10,1934 4H Mar. 15,1933 PRINCIPAL CITIES Minneapolis 6 Aug. 10,1933 4H Apr. 15,1933 [Weighted averages of prevailing rates] Kansas City _. 5 July 10,1934 4 Feb. 23,1934 Dallas 6 Sept. 8,1933 4 Mar. 12,1934 San Francisco _ 6 Sept. 2,1933 4 Oct. 19,1933 New York City a 8 n o d t h e e a r s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n it ie a s nd Month NOTE.—For rates on industrial advances see p. 60. 1932 1933 1934 1932 1933 1934 1932 1933 1934 BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York) January 4.71 4.12 3.58 5.07 4.89 4. 65 5. 61 5.60 5.40 February 4.71 4.11 3.43 5.13 4.84 4. 49 5. 61 5.56 5.39 March 4.72 4.88 3.31 5.14 5.39 4. 52 | 5. 64 5.66 5.40 Maturity e R f J f a a ec t n e t . i 1 o n n Da l t i e s h e e s d tab- Pre ra v t i e ous J M A u p n a r y e il _ 4 4 4 . . . 6 6 5 9 1 5 4 4 4 . . . 2 3 1 4 3 0 3 3 3 . . . 3 4 3 9 2 0 5 5 5 . . . 1 1 1 4 0 3 5 4 4 . . . 0 9 9 9 9 7 4 4 4 . . . 5 3 3 2 9 0 | 5 5 5 . . . 6 6 62 4 3 5 5 5 . . . 6 6 6 8 6 2 5 5 5 . . . 3 2 1 4 8 9 July- _ 4.42 3.93 3.30 5.05 4.82 4.15 5.63 5.54 5.07 August - 4.45 3.97 3.33 5.12 4.68 4.12 5.68 5.53 5.05 September- 4.30 3.79 3.26 5.03 4.65 4.11 5.63 5.55 5.04 1-15 days Oct. 20,1933 October 4.35 3.76 3.28 4.96 4.51 4.13 5.56 5.50 5.05 16-30 days... do November- 4.12 3.52 3.22 4.88 4.54 4.08 5.55 5.42 4.63 31-45 days... .do. December... 4.22 3.48 3.18 4.88 4.59 3.98 5.60 5.43 4.92 46-60 days_. do 61 90 days. .. do 91-120 days. do Back figures.—See Annual Report for 1933 (table 63). 121-180 days do NOTE—Rates on prime bankers' acceptances, Higher rates may be charged for other classes of bills. Back figures—See Annual Report for 1933 (table 58). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY 1935 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest-bearing debt Interest bearing End of month T de o b ta t* l Total Bonds i Notes C ic e a r t t e if s - Bills N t b e o i e r n n a e g i r s n - t - Outstanding Dec. 31, 1934— Total ; Bonds i Notes C ic e a r t t e if s - Bills Total 27,944 ; 16,245 9,586 158 1,954 Obligations maturing: 1933 Before Apr. 1, 1935 1,579 174 528 977 May 21,853 21,469 14,223 4,148 2,119 979 385 Apr. l-June30, 1935 3,263 ! 3 1,869 417 977 June 22, 539 22,158 14,223 4,780 2,200 955 381 July 1-Sept. 30, 1935 354 354 July 22, 610 22,240 14,239 4,801 2,246 954 370 Oct. 1-Dec. 31, 1935 418 418 August 23,099 22, 723 15,074 5,153 1,543 953 376 1936 2,531 , 49 2,482 September 23,051 22, 672 15,074 5,151 1,495 952 379 1937 _ . 1,749 : 1,749 October 23,050 22,669 15,074 5,150 1,493 952 381 1938 3,218 1,272 1,946 November 23, 534 23,161 15, 569 5,148 1,492 952 373 1939 --. 1,294 1,294 December 23,814 23,450 15, 569 5,125 1,753 1,003 364 1941 . __ 834 : 834 1943 898 ' 898 1934 1945 1,401 . 1,401 J F a e n b u r a u r a y ry 2 26 5 , , 0 0 5 7 5 1 2 2 4 5 , , 7 7 0 2 7 0 1 1 5 5 , , 6 5 0 7 0 9 5 6 , ,4 6 7 2 2 6 2 2 , , 2 2 8 7 0 8 1 1 , , 2 3 1 7 4 9 3 3 5 4 1 8 Othe A r f t o e b r li 1 g 9 a 4 t 5 ions 4 9 1 , , 1 24 6 6 0 9,1 6 6 8 0 8 399 158 March. __ 26,157 25, 698 15,579 6,925 1,816 1,378 459 April 26,118 25, 599 15, 718 1,814 1,378 519 1 Issues classified as of date of final maturity; most issues are callable May __ 26,155 25,588 15, 694 6,678 1,812 1,404 567 at earlier dates. Amount callable before Jan. 1,1936, and not yet called, June 27,053 26,480 16,510 6,932 1,635 1,404 573 $3,943,000,000, including certain pre-war issues that are held as collateral July 27,189 26, 605 16, 516 6,951 1,683 1,454 585 for circulating notes. August _- 27,080 26, 495 16, 513 6,921 1,682 1,379 585 2 Approximate amount of 4th Liberties called for redemption Apr. 15, September 27,190 26,626 15,922 8,020 1,156 1,529 564 1934, and Oct. 15, 1934, and not yet redeemed. October 27,188 26, 643 15,808 8,027 1,154 1,654 545 3 Approximate amount of 4th Liberties called for redemption Apr. 15, November 27, 299 26, 761 15, 768 8,036 1,153 1,804 538 1935. December 28, 479 27, 944 16, 245 9,586 158 1,954 535 * Includes the 2-percent Consols of 1930, which are held as collateral for circulating notes, and such issues as Postal Savings bonds, retirementfund notes, and adjusted-service-certificate series, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS In millions of dollars. On basis of daily statements of United States Treasury] Increase or General and special funds Trust decrease during and con- period tributed Receipts Expenditures funds,2 Period Excess of excess of Total Inc ta o x m In e ter P n in r a o g l c e t r a s e x s v - enu O e ther C a c n u e e d s o l t l u o a m n m s i - ? s- Total General i E ge m n e c r y - o r r e i e t c ( u x - e r ) p i e p e s n ts d-o r r e i e t c ( x u - e p ) r i e e p s n ts d- G ba f e u l n a n e n d r c a e l G de ro b s t s Fiscal year ending: June 1932 2,006 1,057 503 445 4,741 3 3,973 3 768 -2, 735 —5 -55 +2,686 June 1933 2,080 746 858 475 4,681 j 33,404 3 1, 277 -2, 602 -5 +445 +3,052 June 1934 _. 3,116 818 353 1,470 475 6,745 2, 741 4,004 -3,630 +835 +1, 720 +4,514 3 months ending: December 1932 1,023 343 388 292 2,207 i 3 i, 730 3 477 -1,184 +3 +138 +1,319 December 1933 1,469 325 133 742 268 2,594 1, 438 1,156 -1,125 + 14 + 164 +1, 275 December 1934 1, 845 421 263 855 307 3,405 ! 1,582 1, 823 -1,560 +116 -18 +1,426 1933 A ugust 188 14 9 126 38 310 i 171 139 -122 -1 +366 +489 September 321 136 23 123 39 329 248 81 -8 +2 -54 -48 October 256 10 26 170 50 500 396 104 -244 +8 -236 November 209 1 19 29 98 63 494 201 294 -285 +198 +484 December ~ . 332 1 133 46 112 41 690 227 463 -358 -3 -81 +280 1934 January 211 10 35 128 38 956 148 808 -745 +2 +511 +1,254 F M e a b r r c u h ary __ ._ 4 2 2 0 0 6 i 2 2 3 3 2 3 3 7 3 1 13 1 0 6 3 2 4 1 6 61 3 0 5 1 16 8 0 8 4 4 5 4 0 7 - - 1 4 9 3 0 0 +2,8 + 10 1 +3, - 3 8 6 4 5 + + 9 1 8 0 4 5 April 182 i 15 32 105 30 674 305 370 -492 -1,993 -2, 524 -39 May _ 237 25 44 119 50 542 191 350 -305 -4 -272 +37 June 391 ! 188 39 130 33 733 310 423 -342 +4 +560 +898 July 218 18 39 132 29 466 230 236 -248 +2 -110 +136 August- 286 25 43 145 73 514 204 310 -227 +2 -335 -109 September 449 173 42 176 57 516 233 283 -66 +13 +56 +110 October 260 19 49 151 41 669 385 284 -409 +29 -381 -2 November., ._ 247 21 47 119 60 599 1 209 390 -353 +28 -214 +111 December 385 164 42 131 47 641 320 321 -256 +43 +966 +1,180 1 Excludes public debt retirement. 2 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable against increment on gold. 3 Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subsequently classified as emergency expenditures were included in general expenditures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 23 ASSETS AND LIABILITIES OF GOVERNMENTAL CREDIT AGENCIES, OCT. 31, 1934 [Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Total Total s C F t R r o i t u n e r i c c p a o o t o n n i n r c o a - e n - C m C o C t o r r i o p e o d m d o n it i r - y t a- E i b m x a p p n o o k r r s t t A t W P r d u a m o t b i r i l o k n i n c s is- R C A C e o t t g g u i r r r o p e i r i o n c d a o n u s l i r t a a l- - l C P C o r t t o r r i i p e o o d d o n n u i r c t a - - Other ASSETS Loans—total. _ 7,145 2,435 1,790 47 225 97 277 Preferred stock, capital notes, and debentures 1807 1807 1807 Cash—total 421 114 40 14 4 2 2 52 Investments: United States securities 390 11 2 9 Obligations guaranteed by United States 229 2 2 Other investments 577 106 106 Accounts and other receivables 145 66 45 1 (2) 5 1 13 Real estate and other business properties 116 31 2 8 2 26 Other assets 103 94 94 Total assets other than interagency - 9,932 3, 665 2,684 i 48 14 231 104 113 471 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 2, 749 248 i 248 All other *> 298 93 93 Other liabilities (including reserves) _.- 370 65 28 --(7)-- (2) 1 3 33 Total liabilities other than interagency 5,417 406 276 (2) (2) 1 3 126 Excess of assets over liabilities, exclusive of interagency transactions 4, 515 3,259 2,408 48 13 231 103 110 345 Privately owned interests _ 294 United States Government interests 4,221 3, 259 2,408 48 13 231 103 110 345 Distribution of Government interests: Capital stock 4,066 3,030 500 3 14 342 45 110 3 2,016 Surplus . - 155 78 68 1 9 -1 Interagency interest (net) 152 1,840 44 -111 49 -1,670 Financed partly from Government funds Federal Total F b l e a a d n n e k d r s al m F b c i e e n r a d d e t n e e d i k r a r i - s a t te l F C r M F e a g o a d t a o r i r e g p o r m r e t o n a - - l c B a o t a o f i o v n p r e k e s r s - H b l a o o n a m k n e s O C H r L w a o o t o r n i m a p o e n o n e r - s' S C I a L a n a o v n o s n r i c u a p n d e n r o g - - s c F s i a a e l a a o v s d t n s i a i e o d n o n r n - g a s s l D F C r I e a a n e o d t n p s r i e c u o p o e r r s o n a - i - l t ration ASSETS Loans—total 4,710 1,908 141 552 25 87 1,997 I C n a v s e h s — tm to e t n a t l s: 307 39 18 11 5 153 (2) 73 United States securities 378 69 33 27 2 246 Obligations guaranteed by United States 227 22 41 50 14 100 Other investments 472 472 Accounts and other receivables 79 40 5 1 1 23 2 2 Real estate and other business properties 85 82 3 8 Other assets _ 9 2 7 Total assets other than interagency 6, 267 2,163 239 1,038 114 109 2,175 102 7 321 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 2,501 796 1,705 All other 2, 205 1,686 178 341 Other liabilities (including reserves)... 305 211 5 47 (2) 4 38 1 Total liabilities other than interagency 5,011 : 1,897 182 843 (2) 4 2,084 1 Excess of assets over liabilities, exclusive of interagency transactions 1,256 266 56 195 113 105 91 102 7 320 Privately owned interests 294 100 1 22 170 United States Government interests _. 962 166 56 195 112 83 91 102 7 150 Distribution of Government interests: Capital stock 1,036 118 70 200 110 82 200 100 7 150 Surplus . . 77 53 33 5 2 1 8 1 Interagency interest (net) -152 -5 -47 -101 1 1 Includes $100,000 of preferred stock of insurance companies. 2 Less than $500,000. 3 Nonstock. *Defic Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY 1935 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOV. 30, 1934 [Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds U.S. Total Total s C F t R r o i u t e n r i c c p a o o t n o n i n r c o a - e n -C m C o C t o r r i o p e o d m d o n it r i - y t a- E i b m x a p p n o o k r r s t t - A t W P d ra u m o t b i i r o l n k i n i c s s- R C A C e o t t g i g u r r r o p e i r i o n c d a o s n u l r it a a l- - l C P C o r t t o r r i i o e o p d d o n n u i r c t a - S C h B c o F M i h r o p l p a e e a p o n e r r i r - n d t t a g - Other* tion ASSETS Loans—total -- -- 7,284 2,319 1,699 34 245 91 114 135 Preferred stock, capital notes, and debentures 822 822 818 3 Cash—total - -- - 469 113 15 (2) 14 1 2 18 63 Investments: United States securities 369 23 2 22 Obligations guaranteed by United States 224 2 (2) 2 Other investments 650 132 106 21 4 Accounts and other receivables 148 67 47 I (s) 5 (2) 9 5 Real estate and other business properties 132 124 1 (2) (2) (2) (2) 50 74 Other assets 190 103 2 (2) (2) 2 (J) 0) 1 98 Total assets other than interagency 10,288 3,705 2,582 35 14 247 97 112 213 404 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,129 249 249 All other 2,248 93 93 Other liabilities (including reserves) -- 217 63 26 (2) (2) 1 1 17 19 Total liabilities other than interagency __ 5,595 405 275 (2) 0) 1 1 17 111 Excess of assets over liabilities, exclusive of interagency transactions -- 4,693 3,300 2,308 35 14 247 97 111 196 293 Privately owned interests 311 U S Government interests 4,382 3,300 2,308 35 14 247 97 111 196 293 Distribution of Government interests: Capital stock 6,434 5,396 500 3 14 3 367 45 110 50 3 4,308 S In u t r e p ra lu g s ency interest (net) -2, 3 3 7 2 9 8 -2, 3 2 4 4 1 5 1,73 7 7 1 3 1 1 (2) -119 4 1 2 0 1 146 -4,03 1 2 7 Financed partly from Government funds Federal Total * i F b l e a a d n n e k d r s al m F b c i e n e r a d e d t n e e d i k r r a i - a s t t l e F C r M F e g a o a d t a o r i r g e p o r m r e t o n a - - l c B a o t a o f i o v n p r e k e s r s - H b l a o o n a m k n e s O C r H L a w o o t o r i n m a p o e n o n e r - s' S C I L a a n a o v n o s n r i c u a p n d e r n o g - - s c F s i a a e l a a v o s d t n s i a i e n d o o n r g - n a s s l D F C r I e a a n e o d n t p s r i e u c p o o r e r o s n a - i - l t ration ASSETS Loans—total 4,966 1,948 147 587 25 88 2,171 Cash—total ._ _. 356 29 12 8 11 7 172 2 115 Investments: United States securities 346 68 34 27 2 215 Obligations guaranteed by United States 222 23 41 50 8 100 Other investments 518 (2) (2) 513 5 Accounts and other receivables . 81 39 5 3 1 1 30 (2) 2 Real estate and other business properties 8 5 (2) (2) (2) (2) 3 (2) (2) Other assets *„ 87 79 (2) (2) (2) (2) 8 (2) Total assets other than interagency 6,583 2,191 238 1,111 114 110 2,376 102 8 332 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States.._ 2,880 878 2,001 All other . 2,156 1,727 172 256 Other liabilities (including reserves) 154 76 5 37 (2) 4 29 (2) 1 Total liabilities other than interagency 5,190 1,804 177 916 (2) 4 2,287 (2) 1 Excess of assets over liabilities, exclusive of interagency transaction 1,393 387 61 195 114 106 89 102 8 331 Privately owned interests 311 105 1 23 181 U. S Government interests 1,082 281 61 195 112 83 89 102 8 150 Distribution of Government interests: Capital stock ._ . 1,038 118 70 200 110 82 200 100 8 150 Surplus .- 82 59 33 -5 2 1 -10 1 Interagency interest (net) -38 105 -42 (2) -101 1 1 Includes proprietary interests held by the Treasury Department. 3 Nonstock (or includes nonstock proprietary interests). 2 Less than $500,000. 4 Includes also War Finance Corporation not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 25 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, less repayments Proceeds not yet disbursed Nov. 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Oct. 31, Nov. 30, 1933 r 1934 1934 1934 1934 1934 1934 v 1934 1934 LOANS AND SUBSCRIPTIONS Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators) 686, 382 582, 200 594,905 591,972 583, 452 599, 397 632, 209 222, 926 182,570 Building and loan associations 68,167 36, 893 31, 494 28, 252 25,205 23, 259 20,082 14 Insurance companies . _ __ _. 64, 922 32, 619 31,678 30, 722 29,982 29, 420 24,829 127 135 Mortgage-loan companies 160, 236 184, 790 162,081 160, 767 159, 327 155,874 160, 591 102,194 107,155 Credit unions - _____ _ _. 526 390 389 388 388 387 386 Federal land banks 72,800 124,951 116, 436 116,040 115, 263 110,997 78,647 Joint stock land banks _ __ 13, 552 8,598 7,676 7,696 7,323 7,132 6,495 1,160 1,037 Agricultural credit corporations.. 1,935 800 800 796 605 600 863 275 275 Regional agricultural credit corporations 34, 566 6,546 4,721 4,389 2,673 866 936 6 Livestock credit corporations 2,879 1,643 1,616 1,604 1,546 1,464 1,334 30 Railroads (including receivers) 333,399 354, 447 343,189 343, 287 353,170 361, 506 376, 555 14,147 8,782 State funds for insurance of public moneys 5,888 2,705 2,150 1,841 1,233 811 541 Fishing industry 25 25 43 38 Processors or distributors for payment of processing taxes 7 9 2 2 2 2 1 Total .__ _ |l, 445, 259 1, 336, 592 1, 297,138 1, 287, 756 1, 280,168 1, 291, 739 1,302, 558 341,851 299,997 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) __ __ 100,020 96,062 107, 287 111,184 112,291 117,027 122,743 108,034 100,832 For financing exports of agricultural surpluses, sec. 201 (c) 4,498 15,185 14,985 14,954 15, 271 14,992 15,176 3, 360 3,227 For financing agricultural products, sec. 201 (d). 2,750 4,507 4,422 5,107 5,717 6,090 4,258 3,733 3,361 To commodity credit corporation 31,636 157,667 108, 646 76, 430 42,969 30,242 33,362 383,025 395, 628 On preferred stock of banks 13. 461 21,922 21,994 22, 289 18,849 18,965 19,124 2,173 1,979 On preferred stock of insurance companies 15,875 25,885 25, 785 25, 785 25, 785 30,033 3, 500 3,500 To drainage levee, and irrigation districts. _ . 8,173 9,177 9,479 11,147 11,321 12,298 63,853 66,057 To public school authorities, ._ 22, 300 22, 300 22, 300 22, 300 To industrial and commercial businesses 274 1,916 3,248 4,166 6,627 14, 287 19, 456 On assets of closed banks 23 22 20 58 3,270 To Secretarv of Agriculture 3,300 20,000 To Public Works Administration on security transactions 1,529 Total 115,665 319,392 314,970 289,444 257, 600 250,911 245,169 602,024 597, 310 Purchases: Preferred stock of banks 55,896 515,794 532, 760 545, 599 562,410 571,193 585,858 67,943 64,636 Capital notes and debentures of banks 40, 740 243,720 248, 525 259,772 256, 671 259,662 260,102 74,881 69,355 Preferred stock of insurance companies 100 100 100 100 Total. _ 96, 636 759,514 781, 285 805, 471 819,180 830,955 846,060 142,824 133, 991 Total loans and purchases . 1,657, 559 2,415,498 2, 393, 393 2, 382,671 2, 356,949 2, 373,605 2,393,787 1,086,700 1,031,297 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932 299,015 298,542 298, 524 298, 227 298,006 297,774 297,774 15 15 Federal Emergency Relief Act of 1933 272, 388 499,591 499,592 499,589 499,590 499, 586 499,588 410 414 Emergency Appropriations Act of 1935 215,000 325,000 470,000 Total 571,403 798,133 798,116 797,817 1,012, 596 1,122, 360 1,267,362 425 429 To other Government agencies: To Secretary of the Treasury for: Purchase of stock of Federal Home Loan banks 68,546 81, 446 81, 446 81,446 81,646 81,646 81,646 43,095 43,095 Purchase of stock of Home Owners' Loan Corporation __ _ 14,000 174,000 200,000 200,000 200,000 200,000 200,000 To Land Bank Commissioner 37,600 147,600 147,600 147,600 147,600 147,600 147,600 97,400 97,400 To Federal Farm Mortgage Corporation 55,000 55,000 55,000 55,000 55,000 55,000 To Federal Housing Administrator 10,000 10,000 10,000 15,000 15,000 25,000 To Secretary of Agriculture for: Crop loans _ 115,000 115,000 115,000 115,000 115,000 115,000 115,000 Reallocated as capital regional agricultural credit corporations _ 44, 500 44,500 44,500 44,425 44,500 44,500 44,500 Reallocated to Governor of Farm Credit Administration _ 40, 500 40,500 40,500 40, 500 40,500 40, 500 40,500 Total _ 320,145 668,046 694,046 693,971 699, 246 699,246 709,246 140,495 140,495 Total allocations 891, 549 1,466,179 1,492,162 1,491,788 1,711,842 1,821,606 1,976,608 140,920 140,924 Total loans, subscriptions, and allocations.2,549,108 3,881,677 3,885,555 3,874,458 4,068,791 4,195,211 4,370,395 1,227,620 1,172,221 i Includes $443,343,000 of loans for distribution to depositors of closed banks. r Revised. Preliminary. Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934, pp. 103 and 132. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN JANUARY 1935 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans by- credit bank loans to and discounts for— End of month lan F d e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- st b o J c a o k n i k n l t a si nd a c p g R a r d r o e n e i u r d d c g a c i u i t t t p o l i i t o r c o n u o o n n a r - r s l a - l; j ! j j A in l t l s i o t o i n t t s h u- er Regional c d r E g r o lo o e m p n a u e a n c g r y n s h - d t f k t r u u A t e e e o n r r v t g a i d a o c n r l t l o i g i l v c M v o o u i A e a p n a l s n - - g c r s - t i : B i B C C n c a a a a o c o t n e t n i o l i o n k v u k v p p s t e d e e r e f s i a s f r o r , n o - l - r g r credit associations 3 1933 February 1,110,032 446,429 1,256 I 85, 570 62,035 86,510 156,468 March 1,107,377 440,130 1,305 I 84,804 83,409 98,283 156,793 April,. ...._.. 1,105,128 434, 514 1,348 ! 83,249 106,540 131,250 155,617 May 1,102,891 40 429,380 1,838 80,830 127,731 137,309 180,264 June 1,102,088 180 422,471 2,483 79,653 145,414 139,158 180,406 July 1,101,446 664 420,080 10,399 78,786 154,321 138,727 177,537 August 1,104,176 2,188 416,385 28,467 78,547 158,394 135,854 176, 553 September 1,110,194 6,026 412,525 49,979 77,257 155, 200 135,087 175,040 184 October _ 1,125,681 15,815 407,754 61, 299 71,357 146,895 110, 324 173,325 7,396 November 1,156,170 34,099 400,977 68,857 72,459 142,558 94,296 172,302 11,144 December 1,213,523 70,738 392,438 73, 263 76, 200 144, 636 89,811 157, 752 18,697 1934 January 1,287,562 120,403 381,380 75, 431 74,588 157 145,198 81,164 69,508 15,386 February 1,371,468 174,308 369, 769 76, 515 71,496 665 145,760 72, 727 69, 214 14,835 March 1,458,311 237,858 349,425 86,081 70,262 4,409 144,905 68,310 68,353 15,824 April 1,483,940 258,730 344, 773 102, 781 69,566 14,392 144,671 84,138 67, 257 17,144 May 1,548,554 311,375 334, 680 120, 282 70,358 28,117 143,093 90,147 54,642 19,310 June 1,630,900 378,526 319, 585 127,470 70,556 38,518 138,478 90,517 54,877 20,539 July 1,690,496 429,830 305,782 128,090 '73,498 49,826 128,831 94,411 55, 437 21,493 August 1, 746,149 477,822 295, 234 125, 270 74,172 58,074 117,664 100, 209 55, 250 23,019 September 1,792,410 516,276 285,085 118,402 72,989 60,887 106,724 105,438 54,870 23,057 October 1.828,698 551,873 275,698 104,909 83,088 58,128 96,914 104,470 57,310 24,561 November 1,866,160 587, 260 265, 762 100, 992 88, 362 58, 328 90, 559 104,913 56, 764 24,710 r Revised. * Includes loans outstanding of joint stock land banks in receivership. 1 Some of the loans made by the regional agricultural credit corporations and all of the loans made by the production credit associations are rediscounted with the Federal intermediate credit banks. The amounts in this column are thus included in the columns headed " Production credit associations" and "Regional agricultural credit corporations." HOME OWNERS' LOAN CORPORATION FEDERAL HOME LOAN BANKS SUMMARY OF OPERATIONS1 COMBINED STATEMENT OF ASSETS AND LIABILITIES Number Loans closed Months of appli- fin thousands of dollars] cations received Number Amount Oct. 31, Nov. 30, 1934 1934 1933 F O N D r c o e o t c v m o e e b m m e o b r b p e e e r r ning to Sept. 30. 4 1 9 9 0 2 0 9 3 9 , , , , 9 2 1 5 4 1 0 3 6 4 4 2 2 1 3 2 0 , , , 5 4 2 9 9 2 8 4 3 6 6 4 $ 6 3 1 1 2 1 0 , , , , 6 6 4 1 2 8 4 6 1 8 4 5 , , , , 0 6 7 8 5 7 8 2 1 8 7 7 L C A In o a c v a s c e h n r s u s t o e m o d n u e h i t n n s a t t t s n a e — d n re d U s i t n n , g it ed A S S S t E a T „ t S . e s sec _ urities. 8 1 5 7 6 , , , 0 4 0 5 9 4 0 1 2 6 3 6 8 1 7 7 5 , , , 0 6 0 7 6 3 1 1 2 1 0 4 1934 Other assets 126 61 J F a e n b u r a u r a y ry 1 1 2 3 3 6 , , 1 1 8 3 9 2 3 3 0 2 , , 3 9 3 4 9 0 8 9 6 3 , , 1 4 4 9 3 9 , , 8 9 3 9 8 5 Total assets 109,184 110, 478 March 168,273 52,260 150,213, 639 April 145,772 56,172 171,490,768 LIABILITIES N J J M S A O u u e o u c a n l p v t y g y e o t e u e b m s m e t r b b e e r r _ , 1 « 9 6 7 3 1 1 5 7 6 2 9 9 4 1 , , , , , , , 6 1 7 0 3 1 8 7 5 9 2 1 7 6 9 7 1 2 7 1 4 6 5 7 7 6 5 6 4 4 8 1 9 5 9 , , , , , , , 1 0 7 7 4 8 2 7 4 6 3 1 6 4 2 6 8 8 3 8 0 2 2 2 2 2 1 1 2 0 3 0 0 7 7 3 0 8 5 1 2 9 , , , , , , , 4 2 4 2 4 2 5 4 9 6 1 4 9 4 0 3 7 1 2 9 4 , , , , , , , 1 7 8 6 5 8 5 9 6 5 0 3 6 6 1 7 6 6 2 4 2 C C S S u u u a b r p r p r s M U i e l t c u a n n r e l s i t i m p t s e l t t b i i d o a o e c b n r S k i s s l t , i a t t f t o i u e e l s s c l y a G p p . i o t a a v i l d e r s n a to m n c d e k n , o t l u e s s t s a n b - a d l i a n n g c : e due -. 8 1 3 2 1 1 9 , , , , , 9 6 6 6 2 3 9 4 2 8 1 9 6 5 3 8 1 4 1 2 1 9 , , , , 7 6 8 8 3 1 4 9 8 3 5 6 4 8 6 Cumulative total. _ 1, 757,163 672, 2052,027,968,961 Total liabilities 109,184 110, 478 » Figures are subject to adjustment. 2 Includes 16,189 applications received from the division of wholesale operations in Detroit, which was a 10-month total and should have been distributed over the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 27 BOND PRICES STOCK PRICES [Averages] j Preferred Common stocks (index, 1926=100) I stocks Year, month, or date ! (indus- Other bonds * trial high- Indus- Railgrade) Total trial road Utility United Year, month, or date G S o t v a e te r s n- r C at o e r p an o d Corporate Number of issues.. 20 421 351 37 ment municbonds g (h r ip a ig d a h e l - ) Total In tr d ia u l s K ro a a i d l- Utility 1 1 1 9 9 9 3 3 3 4 2 3 a a a v v v e e e r r r a a a g g g e e e . . - . . 1 1 9 2 0 6 0 4 . . . 1 7 8 4 6 7 8 3 3 8 4 6 1 6 6 I i ! 7 78 9 1934—January 111.2 76 i 84 73 Number of issues »16 60 20 20 20 February __ 116.5 81 | 88 81 March 117.5 77 I 85 76 1932 average. 99.2 81.1 69. 4 63. 2 64.8 80.5 April 120.2 80 88 76 1933 average. 102.2 84.0 73.4 | 69.2 70.5 80.6 May 121.0 72 ! 80 70 1934 average_ 103.4 96.7 84.5 81.9 83.8 87.8 June 122.1 74 j 81 72 July 123.5 III 80 69 1934—January 100.3 88.3 78.5 75.6 79.0 80.9 August 122.6 77 65 February 101.9 92.9 84.0 79.8 85.8 86.5 September . 121.0 76 64 A M M p a a r y r i c l h- 1 1 1 0 0 0 3 4 2 . . . 4 8 7 0 9 9 7 7 5 . . . 6 0 1 8 8 8 6 7 4 . . . 0 8 1 8 8 8 0 2 2 . . . 5 8 5 8 8 8 6 6 8 . . . 4 9 7 8 8 8 7 9 9 . . . 7 7 1 N D O e o c c t v o e e b m m er b b e e r r . . . . 1 1 1 2 2 2 7 0 4 . . . 8 9 1 6 6 7 7 ! I 8 7 8 0 6 0 6 5 6 3 8 1 June 104.7 99.0 86.3 82.5 87.1 89.4 July. 105.2 99.3 86.1 83.2 85.8 89.4 Dec. 5... 128.0 71 61 August 104.1 97.8 i 83.9 82.6 81.3 87.9 Dec. 12.. 128.1 69 60 September 102.3 96.7 83.0 82.2 79.3 87.6 Dec. 19- 127.5 68 57 October . 103.4 98.4 84.1 82.5 81.6 88.1 Dec. 26.. 127.7 68 55 November j 103.5 98.8 84.3 83.4 81.0 88.6 December j 104.1 100.0 85.8 85.4 83.3 88.8 Source.—Standard Statistics Co. Dec. 5._ 104.0 I 85.8 84.9 83.6 Dec. 12. 104.2 I 100.0 86.1 85.5 83.5 CAPITAL ISSUES Dec 19- 104.3 100.3 86.0 85.9 83.3 Dec. 26. 104.0 I 100.2 85.5 85.6 82.7 [Long-term; i. e., 1 year or more. In millions of dollars] i Price indexes derived from average yields. » Now 3 Liberties and 13 Treasuries. New Treasury issues were added Aug. 15,1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, and Dec. 15,1934. 3 45 corporate and 15 municipal. Source.—For United States Government bonds, Federal Reserve Bank Year and'month of New York; for other bonds, Standard Statistics Co. BOND YIELDS1 United Munic- Corporate, by ratings « Year, month, or States ipal 3 1925 date Treas- (high- 1926 ury * grade) Aaa Aa A Baa 1927 192S 1929 Number of issues 10 15 30 30 30 30 1 1 9 9 3 3 1 0 1932 average 3.66 4.65 5.01 5.97 7.20 9.30 1932 1933 aver age 3.31 4.71 4.49 5,23 6.09 7.76 1933 1934 average 3.10 3.95 4.00 4.44 5.08 6.32 1934 1933—December— 1933—October 3.22 4.60 4.34 4.97 5.76 7.49 November 3.46 4.89 4.54 5.35 6.22 7. 98 1934—January December 3.53 4.89 4.50 5.27 6.21 7.75 February March 1934—January 3.50 4.67 4.35 5.00 5.72 7.01 April J J M A F M A S O u u e e p u c a a n l b p y t g r y r e o r t i c u e u b l h s m — a e t r r b y . er _ - 3 3 3 2 2 2 3 3 3 . . . . . . . . . 1 3 9 2 0 9 8 0 2 2 2 4 1 1 9 5 8 0 4 4 4 3 3 3 3 3 3 . . . . . . . . . 1 4 2 8 7 9 8 6 7 1 8 4 1 3 3 4 9 5 4 4 4 4 3 3 3 3 3 . . . . . . . . . 0 2 8 0 1 9 9 9 9 7 0 9 1 3 3 6 3 0 4 4 4 4 4 4 4 4 4 . . . . . . . . . 7 3 5 3 4 2 3 3 4 0 7 5 0 3 8 4 6 2 5 4 5 4 4 4 5 5 5 . . . . . . . . . 2 1 9 9 9 0 1 9 0 4 2 7 6 6 9 7 3 0 6 6 S 6 6 6 6 6 6 . . . . . . . . . 2 2 0 0 0 4 1 4 f 5 7 1 5 6 9 3 i 0 7 J J A M S O N D u u e u c e o a n l p c y t g v y e o t e u e e . b m _ s m m e t b r b b e e e r r _ r _ . _ _ . . November 3.05 3. 57 3.86 4.27 4.93 6.37 December 2.97 3.52 3.81 4.27 4.86 6.23 ' Revised. 1 Includes issues of Federal land banks and Federal intermediate credit Dec. 5 3.00 3.55 3.84 4.28 4.90 6. 25 banks, not shown separately. Dec. 12 2.97 3. 54 3.81 4.27 4.87 6.24 2 Includes $100,260,300 bonds of Federal Farm Mortgage Corporation Dec. 19 2.94 3.51 3.81 4.26 4.82 6.22 sold by public offering during month. Dec. 26 2.97 3.49 3.80 4.27 4.87 6.21 3 Includes bonds of Home Owners' Loan Corporation sold by public offering during month, amounting to $149,111,100 in August and $53,000,000 in October. * Monthly data are averages of daily or weekly figures. ' Average, computed by Treasury Department, of yields of all out- Sources.—For domestic issues, Commercial and Financial Chronicle; standing Treasury bonds except those due or callable within 8 years. for foreign issues (issues publicly offered) annual totals are as finally » Standard Statistics Co. reported by Department of Commerce, while monthly figures are as * Moody's Investors' Service. compiled currently and are subject to revision. Back figures.—See (for figures of new issues—annual and quarterly basis) Annual Report for 1933 (table 112). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN JANUARY 1935 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production * * Construction contracts awarded (value)a Fac- Factory em- tory Freight-car ployment • pay loadings * * Com- Year and Total Manufactures Minerals Total Residential All other rolls 3 modmonth ity prices« Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 97 84 139 1920 87 87 89 63 30 90 108 117 91 154 1921 67 67 70 56 44 65 82 76 79 98 1922 85 86 74 79 68 88 91 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 97 96 97 98 1925 _. 104 105 99 122 124 120 99 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930- . 96 95 99 92 50 125 92 89 92 86 1931 81 80 84 63 37 84 77 68 75 73 1932 64 63 71 28 13 40 64 46 56 65 1933 76 75 81 25 11 37 69 49 58 66 1934 v 78 v 11 1931 June 83 83 83 82 86 87 74 63 41 37 101 84 78 79 70 77 77 72 July 80 82 79 82 86 86 68 61 36 35 94 82 77 78 66 78 76 72 August- -. 78 78 77 78 82 79 63 59 33 87 81 77 77 66 76 72 72 September 77 76 76 75 83 78 59 59 32 32 81 80 77 75 63 78 69 71 October __ 75 73 72 71 90 83 52 55 29 30 71 76 74 73 61 78 69 70 November 72 73 70 71 84 81 43 49 26 27 57 67 72 72 58 70 68 70 December 68 74 66 72 79 84 30 38 20 23 39 50 71 72 58 61 69 69 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 69 70 54 £S 64 67 February. 71 69 70 68 75 78 23 27 15 17 30 35 70 70 55 59 62 66 March 68 67 66 64 78 85 26 26 16 15 35 36 68 68 53 58 61 66 April 64 63 63 61 72 80 31 27 16 14 43 38 66 66 50 57 59 66 May 61 60 60 59 65 67 31 26 14 12 45 37 63 64 47 53 54 64 June 59 59 58 58 62 64 32 27 12 11 47 39 61 62 43 52 52 64 July . 56 58 55 57 63 65 31 27 12 11 46 40 59 60 40 51 51 65 August... 59 60 58 59 66 65 32 30 11 12 48 45 60 60 41 53 51 65 September 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 65 October. _ 68 67 67 66 80 74 28 29 12 12 41 43 64 63 45 65 57 64 November 65 65 63 63 78 75 24 27 10 10 35 41 63 63 43 58 57 64 December 60 66 58 64 73 77 22 28 8 9 33 43 62 62 42 52 58 63 1933 January.. 64 65 63 63 r 72 '75 18 22 7 8 27 33 60 61 40 61 56 61 February. 64 63 62 61 Til '80 16 19 7 8 23 27 61 62 40 61 54 60 March 60 59 • 58 56 74 '81 14 14 8 8 18 18 59 59 37 48 50 60 April 67 66 68 65 65 '73 16 14 11 10 19 17 60 60 39 51 53 60 May 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 55 55 63 June 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 65 July .. 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 69 August ... 90 91 89 91 '95 91 25 24 12 12 36 33 76 76 57 65 61 70 September 85 84 84 83 '94 87 30 30 12 12 45 45 80 78 59 68 60 7] October. _ 78 76 76 76 '89 81 35 37 12 12 53 57 80 78 59 66 58 71 November 72 72 70 70 '85 '82 42 48 12 13 66 76 76 76 56 60 59 71 December 69 75 67 73 '81 '86 45 57 11 13 73 93 74 75 55 56 63 71 1934 January.. 77 78 75 76 85 88 40 49 10 12 64 80 73 75 54 68 64 72 February- 83 81 82 80 88 91 38 44 10 12 60 70 78 78 61 61 64 74 March 86 84 85 82 91 100 33 33 12 11 50 51 81 81 65 63 66 74 April 88 85 89 85 81 90 36 32 14 12 54 49 82 82 67 60 62 73 May 89 86 89 86 87 89 32 26 13 11 47 39 '83 '83 67 63 63 74 June 84 83 83 83 87 87 31 26 13 12 46 38 81 '82 65 64 64 76 July 73 76 71 74 85 85 30 27 12 12 45 39 79 '80 '61 63 61 75 August... 73 73 71 72 83 80 28 27 10 10 43 40 80 79 62 63 59 76 September 73 71 70 69 87 82 30 29 11 11 45 44 76 74 68 67 59 78 October. _ 76 73 73 72 87 81 29 31 12 12 43 46 78 77 61 64 57 77 November J>74 *72 84 81 28 31 11 11 41 48 77 77 60 60 59 77 » Preliminary. ' Revised. * Average per working day. » For indexes of groups and separate industries see pp. 64-65; for description see BULLETIN for February and March 1927; for revised figures back to 1919 see BULLETIN for September 1933, pp. 584-585. a 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For back figures see Annual Report for 1933 (table 115). 1 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries see p. 66. 4 For indexes of groups see p. 29; for back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February 1931, p. 108. * Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 63. For back figures see Annual Report for 1933 (table 120). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

29 JANUARY 1935 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise e>[ports l Merchandise imports 2 Excsss of exports Month 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 1930 1931 1932 1933 1934 January., _ 411 250 150 121 172 311 183 136 96 136 100 66 15 25 37 February 349 224 154 102 163 282 175 131 84 133 67 49 23 18 30 March 370 236 155 108 191 300 210 131 95 158 69 26 24 13 33 April 332 215 135 105 179 308 186 127 88 147 24 29 9 17 33 May 320 204 132 114 160 285 180 112 107 155 35 24 20 7 6 June.- . 295 187 114 120 171 250 173 110 122 136 44 14 4 -2 34 „ July . 267 181 107 144 162 221 174 79 143 127 46 1 34 August _. 298 165 109 131 172 218 167 91 155 120 79 -2 17 -23 52 Rpiptpmhp.r 312 180 132 160 192 226 170 98 147 132 86 10 34 13 60 October 327 205 153 193 2UI> 247 169 105 151 130 80 36 48 42 77 November 289 194 139 184 P 195 204 149 104 129 v 151 85 44 34 56 p 44 December 275 184 132 193 209 154 97 134 66 30 35 59 Year 3.843 2,424 1,611 1,675 3,061 2,091 1,323 1, 450 782 334 288 225 p Preliminary. i Including both domestic and foreign merchandise. J General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures.—See BULLETIN for January 1931, p. 18. DEPARTMENT STORES— SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average = 100| [Index numbers; 1923-25 average = 100] Index of salesl Index of stocks (end of 1933 ! 1934 month) Adjusted Without Adjusted Without Nov. July | Aug. Sept. Oct. ; Nov. Month for seasonal seasonal ad-fur seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1933 1934 1933 1934 1933 1934 1933 1934 Total. __ 59 61 59 59 57 59 Coal 65 63 58 63 60 64 Coke 52 43 39 45 45 43 January... 60 69 49 57 58 66 52 59 Grain and grain products 62 79 70 63 58 56 February. 60 71 49 59 57 66 54 63 Livestock _ 51 84 107 87 62 55 March 57 77 50 73 54 65 55 67 Forest products 34 30 29 30 30 30 Ore.. 24 46 43 39 30 20 April.. 67 77 68 73 53 65 55 68 Miscellaneous 01 62 59 58 60 64 May.. 67 77 67 77 55 66 56 68 Merchandise i 66 65 65 64 63 64 June.. 68 74 64 70 57 65 56 63 July 69 72 48 51 60 64 56 59 Without seasonal adjustment August 77 79 59 60 64 64 62 61 September. 70 76 73 79 70 64 73 67 N O D c o e t c v o e e b m m er b b e e r r - . 7 6 6 0 5 9 P7 7 7 6 4 3 1 7 7 2 7 5 1 1 8 8 3 3 2 3 7 6 6 0 9 5 6 6 4 5 7 7 6 7 8 2 7 7 1 4 Tota C C G l o o r . a a k .. i l e n .. a nd grain products ___ . . ) i i j 6 6 5 7 6 0 3 1 6 5 3 8 3 7 5 4 6 6 4 7 7 8 5 6 6 6 4 6 4 9 6 5 6 7 4 6 0 0 4 0 Year. 67 P75 61 P65 L Fo iv re e s s t t o p c r k o . d . ucts ! j 3 6 2 0 9 3 5 1 1 3 0 1 3 8 3 3 1 6 2 4 9 Ore I 17 73 63 42 14 ' Preliminary. Miscellaneous j 60 64 fi9 70 63 1 Based throughout on figures of daily average sales—with allowance Merchandise i : (57 65 67 66 65 for changes from month to month in number of Saturdays and for 6 national holidays: New Year's Day, Memorial Day, Independence Day, 1 In less-than-carload lots. Labor Day, Thanksgiving Day, and Christmas. Adjustment for sea- Based on daily average loadings. Source of basic data: American sonal variation makes allowance in March and April for the effects Railway Association. upon sales of changes in the date of Easter. Back figures.—See BULLETIN for November 1930, p. 686; Annual Report Back figures.—See BULLETIN for February 1931, pp. IUS-110. for 1933 (table 115). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY 1935 FOREIGN BANKING AND BUSINESS CONDITIONS GERMAN CREDIT ACT The committee of inquiry into German II. GRANT OR REFUSAL OF LICENSE banking, which met for the first time on September 6, 1933, submitted its final report late SECTION 3 in November 1934. On the basis of the com- 1. Enterprises desiring to engage in the activities of mittee's recommendations a law was enacted credit institutions in Germany must be licensed therefor. The issuance of licenses falls under the jurisdiction on December 5, 1934, to become effective of the Reich Commissioner. January 1, 1935. A full translation of this 2. Licenses are also required law is given below: (a) by domestic credit institutions for the operation of branch offices and sub-branches, agencies, receiving or paying offices of all kinds in Germany GERMAN CREDIT ACT OF DECEMBER 5, 1934 or abroad, (b) by foreign credit institutions for the opera- I. GENERAL PROVISIONS tion of branches in Germany. SECTION 1 SECTION 4 1. All enterprises in Germany engaged in the busi- 1. A license may be refused only, ness of banking or the receipt of savings deposits (a) if the managers of the credit institution or (credit institutions) are subject to the terms of this branches are not trustworthy or possess insuffi- Act. Banking and savings banking business comprise cient professional training or are otherwise in particular the activities listed below: lacking in the qualities or experience essential to (a) the receipt and payment of funds regardless the management of the enterprise or branch under of whether interest is paid or not; their supervision; (b) the purchase or sale of securities for account (b) if, in consideration of the local situation of others; and general economic needs, the license appears (c) the custody and administration of securities unjustified; or for account of others (custody transactions); (c) if the enterprise does not have available in (d) the undertaking of liabilities or guarantees Germany the means required to carry on business. for others in so far as such business is not carried 2. The term managers as employed in paragraph 1 on by insurance companies. {a) is deemed to include owners, personally liable 2. Credit institutions include Girokassen, Girover- partners, executive officers or members of the managing bande, Girozentralen, and other clearing institutions. board of a credit institution, managers of savings 3. The Government may define other types of activ- banks, and auditors and accountants of cooperative ities that, if engaged in, would identify an enterprise societies. The term includes also members of the board as a credit institution coming within the terms of this of directors of a credit institution in so far as they Act. exercise the functions of executive officers. 4. The Reich Commissioner for Credit (hereinafter called the Reich Commissioner) will decide in all SECTION 5 doubtful cases whether or not an enterprise is to be 1. The Reich Commissioner may annul a license, regarded as a credit institution. With the consent of (a) if the enterprise for which it is issued does the Government he may make exceptions in individual not begin operations within one year from the cases and for specific types of activities. His decision date of the license; is binding upon the courts and the administrative (b) if operations have been suspended for a year. authorities. 2. The provisions of paragraph 1 (b) are applicable to credit institutions existing at the time when this SECTION 2 Act shall come into force (sec. 53). 1. The provisions of this Act are not applicable to SECTION 6 (a) the Reichsbank, (6) the Deutsche Golddiskontbank, 1. The Reich Commissioner may prohibit the con- (c) the Deutsche Reichspost and its offices, tinuance of an enterprise, (d) real estate enterprises operating under the (a) if the license shall have been obtained by provisions of chapter III of part VII of the Presi- false statements or fraudulent acts; dential decree for the security of trade and finance (b) if facts show that managers of an enterprise of December 1, 1930 (Reichsgesetzblatt I, p. 517), (sec. 4, par. 2) lack the qualifications essential for (e) enterprises engaged in pawn brokerage. their positions; 2. Enterprises defined under paragraph 1 (d) and (e) (c) if the credit institution does not offer suffiare subject to the provisions of this Act only in so far cient guaranty for the safety of the funds or securias they engage in the activities specified in section 1 ties entrusted to it, or if it endangers important in addition to their regular business. The Minister of general interests. Economics will decide in all doubtful cases whether or 2. The prohibition (par. 1) may be limited to part not the provisions of this Act are applicable. of the enterprise or to individual branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 31 SECTION 7 2. The restrictions laid down in paragraph 1 above do not apply to the Reichsbank or the Deutsche Gold- 1. In the proceedings relating to annulment of li- diskontbank. cense or prohibition of continuance of operations the 3. The term "savings bank" (Sparkasse) or a name Reich Commissioner must give the credit institution containing the term "savings bank" may be used only opportunity to be heard; in specific cases he may set by savings banks and Girokassen which are public time limits for the rectification of defects. institutions or perform public functions. They may 2. In annulling a license or prohibiting the continu- not add to existing names any of the terms mentioned in ance of operations the Reich Commissioner may direct paragraph 1 without the consent of the Reich Comthat his decision be taken as an order to liquidate. He missioner. may issue regulations governing the liquidation. 4. The provisions of paragraph 3, in so far as they concern the use of the term "savings bank", do not III. OBLIGATION TO REPORT apply to building and loan associations established by public authority and any private building and loan asso- SECTION 8 ciations governed by the Act of June 6, 1931 (Reichs- 1. Credit institutions shall report immediately to gesetzblatt I, p. 315) for the supervision of private the Reich Commissioner or to the agency designated insurance companies and building and loan associations by him or to registered cooperative societies which are subject (a) all changes of managing personnel (sec. 4, to examination under section 54 of the Act covering par. 2), cooperative societies, as amended by the Act of Octo- (b) changes in capital, so far as they must be ber 30, 1934 (Reichsgesetzblatt I, p. 1077). With the of public record, consent of the Reich Commissioner, they may use (c) any intention to merge with another credit one of the terms mentioned in the first sentence of institution or to participate permanently in paragraph 3. another institution, 5. If a registered enterprise makes use of a firm (d) the discontinuance of operations or the name or addition to its firm name not admissible closing of branch offices. under paragraphs 1 or 3, the Registration Office shall 2. The Reich Commissioner may order that he be request the enterprise to discontinue such firm name notified also of changes in the managing personnel of or addition to firm name and impose a fine of not branch offices. more than 1,000 Reichsmarks. 6. If a firm name or addition thereto is used in viola- SECTION 9 tion of paragraphs 1 or 3, the Registration Office shall 1. Each credit institution shall report, by the 10th be empowered to cancel the name so used. The law of the following month, the names of all individuals or applicable thereto is prescribed in section 142, paracompanies whose total indebtedness to the credit graph 1, sentence 2 and paragraph 2, and section 143 institution during the month exceeds one million of the Act governing voluntary submission to ad- Reichsmarks, showing the amount of their credit judication. liability at the end of the month. 7. The Reich Commissioner shall determine whether 2. Should it appear that & debtor has obtained or not the use of a firm name or an addition to it are credits from several credit institutions, the Reich permissible under paragraphs 1 or 3; he is empowered Commissioner may notify the institutions concerned to file complaints with the Registration Offices and thereof. The notification shall consist only of the to file appeals from decisions rendered in such cases. amount of the aggregate indebtedness of the debtor and shall be made only to those credit institutions which V. REGULATION OF CREDIT TRANSACTIONS AND have notified the Reich Commissioner that they have LIQUIDITY extended credit to the debtor in question. SECTION n 3. The Supervisory Board for Credit (hereinafter called the Supervisory Board) may permit exceptions 1. The total liabilities of a credit institution which from the provisions of paragraph 1. It has power to result from determine what shall be considered total indebtedness (a) deposits, within the meaning of paragraph 1. (b) savings deposits, (c) current creditor accounts, IV. USE OF THE TERMS "BANK" AND "SAVINGS BANK" (d) credits obtained from third parties on behalf of customers, SECTION 10 (e) nostro liabilities, (/) acceptance of bills drawn, issuance of own 1. The term "bank" or "banker", or a phrase in bills and bills drawn (in so far as such bills are in which the word "bank" or "banker" appears, may circulation) be used in a company name, as addition to a company less quick assets within the meaning of section 16, name, as a definition of the business pursued by a paragraphs 1 and 2, may not exceed a multiple, to be company, or in advertising, only by: determined by the board of directors (Aufsichtsamt), of (a) credit institutions existing at the time of the institution's liability in respect of its own capital. coming into force of this Act, 2. The liability of a credit institution in respect of (b) enterprises wThich have received licenses its own capital is constituted under section 3, paragraph 1, (a) with respect to individual ownership or (c) enterprises licensed by the Reich Commis- partnerships (including partnerships of limited sioner to use one of the terms listed above. liability), by the working capital after deduction The right to use these terms lapses as soon as an of losses or depreciation and drawings by the enterprise ceases activity on account of annulment of partners and credits granted to them. Proved its license, prohibition to operate, or suspension of the unencumbered personal property of partners of banking business for any reason. unlimited liability may be taken into account; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN JANUARY 1935 (b) with respect to incorporated companies, missioner may, in general or in individual cases, stipustock companies, and companies of limited lia- late a different minimum amount from that specified bility, by the paid-up capital plus surplus, less n the preceding sentence. losses incurred; (c) with respect to registered cooperative SECTION 14 societies, by the working funds and surplus, plus an additional amount equal to the liability of the 1. Credits may be granted to managers (sec. 4, par. members, less losses incurred; 2), members of the board of directors (Verwaltungsrat), (d) with respect to credit institutions estab- or the advisory council (Aufsichtsrat) of a credit instilished as bodies corporate, by the capital thereof tution, as well as to officers or employees of a credit plus surplus, less lpsses incurred. institution only upon unanimous resolution of all 3. Extraordinary, hidden, del credere, and special managers and with the specific consent of the board reserves are not considered surplus under the terms of of directors or advisory council. Likewise credits paragraph 2. to managers, members of the board of directors or 4. Liability in respect of own capital within the of the advisory council of a dependent or parent meaning of paragraph 2 shall be determined as shown organization may be extended only upon the unaniin the statement as of the end of the last fiscal year. mous decision of all managers and with express consent 5. The Supervisory Board is empowered, of the board of directors or of the advisory council of (a) to exclude liabilities under paragraph 1 (e) the parent organization. For certain credit transacand to decide upon the inclusion in the total liabili- tions or types of credit transactions the consent may ties (par. 1) of liabilities under guaranty or be given in advance, but not for more than 3 months. other contingent liabilities, including endorsement The grant of consent must contain provisions covering liabilities, the interest to be paid and the repayment of the loan. (6) to determine the proportion of total liabili- Permissions for drawings in excess of the remuneration ties (par. 1) to the capital liability (par. 2) for due to a manager or a member of the board of directors individual credit institutions or classes or groups or of the advisory council, especially the granting of of credit institutions; provided that total liabilities advances on remuneration, are to be considered as (par. 1) less quick assets within the meaning of equivalent to the granting of credits. section 16, paragraphs 1 and 2 may with respect 2. Credits or advances to officers or employees not to all credit institutions amount to five times the exceeding the monthly salary do not come under the liability in respect of own capital, regulations of paragraph 1. (c) to determine to what extent, with respect to 3. The regulations of paragraph 1 apply also to credit institutions established as bodies corporate, credits granted to the wife or husband or a minor for which guarantors are liable under public law, child of a manager, a member of the board of directors such liability may replace liability in respect of or of the advisory council, or of an officer or employee; own capital. they also apply to any third party who acts on behalf of one of these persons. SECTION 12 4. The granting of loans requires the unanimous 1. Credits extended to a single debtor by a credit decision of all managers and the specific consent of institution may not exceed a percentage of its capital the board of directors or of the advisory council if a to be determined by the Supervisory Board (sec. 11, manager of the credit institution is a manager or mempar. 2). ber of a supervisory or advisory body of the debtor 2. Credits in excess of the prescribed limit must be enterprise. The same applies if a manager of the approved by all managers (sec. 4, par. 2), without debtor enterprise is a manager or member of a superprejudice to the legal relationship between the creditor visory or advisory body of the credit institution. and debtor. Such credits must be reported to the 5. If credit is extended in violation of paragraphs 1 Reich Commissioner. through 4, the credit must be repaid immediately irre- 3. Credits include credits of all types including spective of existing agreements unless the required acceptance credits and guaranties and other contingent consent for extension of the credit is granted later. liabilities assumed by the credit institution as measured 6. The members of the board of managers (Vorstand) by the amount of the credit. Participations by credit or the managers are liable if they grant credits in violainstitutions in the enterprise of the debtor also con- tion of the provisions under paragraphs 1 through 4. stitute credits as measured by the value of such par- The members of the board of directors or of the advisory ticipation appearing in the balance sheet. Security council are liable if credit has been extended with their furnished to the credit institution, or credit balances knowledge but without their interference in violation of maintained by the debtor with the credit institution, provisions under paragraphs 1 through 4. Claim may are not taken into account. In addition to the debtor be filed by the creditors of the credit institution in so himself, enterprises dependent upon the original debtor far as they cannot obtain payment from the latter. or upon which he is dependent, all units belonging to The liability to the creditors is not cancelled by a waiver one concern, and in the case of partnerships the partners executed by the credit institution, nor by the fact that thereof are deemed to be one and the same debtor the action was taken upon a resolution adopted by the 4. The provisions of paragraphs 1, 2, and 3 do not body of highest authority (general meeting, meeting; apply to credits extended to the Reich or to the States, of the partners, etc.). Claims based on these provior to credits guaranteed by the Reich or the States or sions expire in 5 years by the statute of limitations. .secured b}r them in any form. 7. Where credits to persons mentioned under paragraphs 1 and 3 exceed the annual salary the Reich SECTION 13 Commissioner must be notified immediately; if the credits were granted under paragraph 3 the annual When extending unsecured credits amounting to salary of the husband, wife, or parent employed by the more than 5,000 Reichsmarks to any one debtor, the credit institution shall be the salary applicable. " The credit institution is required to demand from the Supervisory Board is authorized to permit deviation debtor a statement of the condition of his business or from this regulation for credit institutions or groups of presentation of his balance sheet. The Reich Com credit institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 33 8. The Supervisory Board is authorized to issue bonds not admitted to German stock exchanges may regulations covering the extension of credits for security be exempt from the provisions of sentence 1. dealings to managers, officers, and employees of credit 2. Investments made by a credit institution in institutions. The regulations do not affect the legal landed properties, buildings, or permanent participarelationship between the creditor and debtor. tions shall not exceed the amount of capital (sec. 11, par. 2) of such credit institution, according to the SECTION 15 valuation placed on such investments in the balance sheet. 1. Shares in the profits accruing to managers of credit institutions (sec. 4, par. 2)—provided they are SECTION 18 not proprietors, partners in a private partnership, or The Reich Commissioner may prohibit credit inpersonally liable partners in a special partnership stitutions that have not kept within the limits pre- (Kommanditgesellschaft)—or to managers of branch scribed in sections 11, 12, 16, and 17, from paying divioffices may not be paid in full to the beneficiary. A dends on capital, etc., in excess of a percentage to be portion of the share of each beneficiary, to be deterdetermined by him. Any resolutions in contradiction mined by the Supervisory Board, must be retained. of such order are void. At the request of the owner it may be invested in securities appropriate for trust funds. The percentage to be retained must not exceed 50 percent of the amount SECTION 19 due to the beneficiary. Upon application, the Commissioner may permit 2. The amounts retained as well as the securities in credit institutions to depart temporarily from the prowhich they may have been invested, will be held by the visions of sections 11, 12, 16, and 17. institution for all claims against the beneficiary. They may be delivered to him only after he has left the VI. SUBMISSION OF BALANCE SHEETS institution and has been released from responsibility— at the earliest, however, one year after termination of SECTION 20 his connection. 1. There must be submitted to the Managing Board SECTION 16 (Direktorium) of the Reichsbank, 1. The credit institution must keep a cash reserve (a) by credit institutions operated as proprietorconsisting of cash on hand and credit balances with the ships, partnerships, or special partnerships (Kom- Reichsbank and in postal checking accounts. There manditgesellschaf ten): shall be a minimum ratio, to be determined by the (1) the annual balance sheet and profit and Supervisory Board, of cash reserves to liabilities loss accounts, immediately upon their comunder section 11, paragraph 1, (a), (c), (d), (e), and (/). pletion, The ratio may vary for the different types or groups of (2) a trial balance, as of June 30, by the credit institutions, but may in no case exceed 10 per- end of the following month at the latest; cent. The Supervisory Board may permit liabilities (b) by credit institutions operating as stock mentioned under section 11, paragraph 1 (e), to be companies, limited liability companies, special disregarded in calculating reserve requirements. liability companies (Kommanditgesellschaften 2. Credit institutions shall likewise maintain a ratio, auf Aktien), cooperative associations or publicly to be determined by the Supervisory Board, of (1) com- owned institutions, and having balance sheet totals mercial bills maturing within 90 days and such secu- less than one million Reichsmarks: rities as, in accordance with the banking law, are or (1) their annual balance sheet and profit may be made acceptable as collateral at the Reichsbank and loss accounts, within a week after their to (2) their liabilities under section 11, paragraph 1, (a), approval by the proper bodies, (c), (d), (e), and (/). The ratio may vary for the (2) their trial balance, as of June 30, by different types or groups of credit institutions but shall the end of the following month at the latest; in no case exceed 30 percent. The Supervisory (c) by all other credit institutions: Board may permit liabilities covered in section 11, (1) the annual balance sheet with profit paragraph 1 (e) to be disregarded in calculating the and loss accounts, within a week after their reserve and may permit the inclusion in the ratio of approval by the competent bodies, investments other than those listed in sentence 1. (2) monthly statements for the months of 3. The Supervisory Board may rule that the pro- January through November by the 15th of visions of paragraphs 1 and 2 shall not apply, in whole the following month. or in part, to certain types of credit institutions; in 2. The balance sheets and monthly statements, such cases it may issue special regulations. except annual balance sheets, to be submitted under paragraph 1 must be subdivided in accordance with SECTION 17 specific regulations of the Supervisory Board. 3. The Managing Board (Direktorium) of the Reichs- 1. Stocks, including mining shares other than perma- bank is authorized to issue regulations governing statisnent participations, and bonds not admitted to German tical publication of the balance sheets and monthly stock exchanges that are owned by a credit institution statements to be submitted in accordance with paramay not exceed a certain proportion, to be determined graph 1. Individual balance sheets of credit instituby the Supervisory Board, of its liabilities under section tions operated as proprietorships, private partnerships, 11, paragraph l,"(a), (c), (d), (e), and (/) notwith- or special partnerships (Kommanditgesellschaften) standing regulations applicable to various types of shall not be published separately. credit institutions that prohibit or further restrict the 4. Upon request credit institutions shall explain their acquisition of such securities. The proportion may balance sheets or monthly statements according to differ for the various types or groups of credit institu- specific regulations of the Managing Board (Direktions but must in no case be less than 5 percent. The torium) of the Reichsbank and furnish additional in- Supervisory Board may stipulate that certain types of formation. The obligation of savings banks and credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY 1935 societies to furnish such information extends also, upon SECTION 25 request of the Managing Board (Direktorium) of the Reichsbank, to the association of auditors of which the Credit institutions that accept savings deposits are savings bank or credit society so obligated is a mem- obligated in their bookkeeping to carry their savings ber. business (savings deposits and the in estments desig- 5. The Managing Board (Direktorium) of the nated to secure them) separately from their other Reichsbank shall upon request submit to the Reich business, as well as to show it separately in the monthly Commissioner balance sheets, profit and loss accounts, statements, in the annual balance sheets, and in the and additional information. profit and loss accounts; at the annual closing of the books the gross expenses of the savings bank operations mu t be clearly shown. SECTION 21 SECTION 26 The Reich Commissioner, in agreement with the Managing Board (Direktorium) of the Reichsbank, The Supervisory Board may make exceptions with may exempt credit institutions in whole or in part from regard to the provisions of sections 24 and 25 and issue the provisions of section 20. special regulations for particular groups of credit institutions; it may on request permit a credit institution to be temporarily exempted from the regulations VII. SAVINGS OPERATIONS issued under section 24. SECTION 22 SECTION 27 1. Savings deposits are deposits of money in accounts 1. Industrial savings banks, i. e., special savings that do not serve the purposes of payment but those departments set up by the head of a commercial enterof investment, and that are distinguished as such es- prise that, on the basis of a general regulation (business pecially by the issuance of savings bank books. plan) accept savings deposits from employees, and for 2. Payments from savings deposits may be made which the head of the enterprise is responsible as such, only upon presentation of the savings bank book; upon are to be liquidated by December 31, 1940. The payment in full of the deposit the savings bank book liquidation is to be announced to the Reich Commismust be called in. sioner. 3. It is not permissible to transfer savings deposits; 2. The Reich Commissioner shall decide in cases of it is not permissible to honor a check on a savings doubt whether a savings department is to be classed deposit, regardless of the legality of the check and of as an industrial savings bank; his decision shall be cash withdrawals. binding on the courts and on the administrative 4. The issuance of savings bank books without a authorities. corresponding deposit is prohibited. A credit institution may not enter in a savings bank book any amounts VIII. CLEARINGS AND TRANSFERS (UNBARER ZAHwhich it makes available in the form of credit. LUNGSVERKEHR) 5. The rate of interest paid on savings deposits shall be posted in a conspicuous place in the savings bank SECTION 28 book; changes in the rate of interest with the date on 1. The Supervisory Board is authorized to issue which these changes become effective shall be noted regulations for transfer and clearing payments (unbarer in this place upon the next presentation of the savings Zahlungsverkehr), especially bank book. (a) between the members of clearing asso- SECTION 23 ciations and other institutions (e. g., Girozentralen, central cooperative offices, and credit 1. Funds may not be accepted as savings deposits institutions affiliated with them, etc.), at any other rates of interest than those established (6) between different credit institutions and for savings deposits (sec. 38). between headquarters and branch offices of the 2. The payment of interest on savings deposits that same institutions. are made up to the 15th of any month begins on the 1st 2. In these regulations it may be specified to what of the following month; on deposits made during the extent transfer and clearing payments (unbarer Zahsecond half of any month interest begins on the 15th lungsverkehr) may be made only through the Reichsof the following month. Interest is paid until the day bank, the clearing offices established by the Reichsbank, of withdrawal. or the postal deposit offices. For this purpose banking 3. Withdrawals from savings deposits without notice districts may be established. may be made only up to an amount of 300 Reichsmarks 3. The Supervisory Board may specify the collection for each savings bank book during one month. For of special fees on the transfer and clearing of payments the withdrawal of larger amounts notice is required. (unbarer Zahlungsverkehr), and may fix the amount of Any payments made before the due date shall be con- these fees. The fees shall be fixed for all credit instisidered advances and shall be treated as such in the tutions on uniform bases. matter of interest. The Supervisory Board will issue more detailed regulations with regard to the period of SECTION 29 notice; until their issue the former notice periods will 1. The establishment of newT organizations for the remain in force. transfer and clearing of payments (unbarer Zahlungsverkehr) requires a license from the Reich Commissioner. SECTION 24 2. The Supervisory Board may prohibit the con- 1. Savings deposits are to be invested separately. tinuance of organizations of the type described in para- 2. The Supervisory Board will issue regulations re- graph 1, even when these organizations are already in garding the investment of savings deposits, with a existence when this Act becomes effective, and may view to maintaining the requisite safety and liquidity. provide for their winding up. 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JANUARY 1935 FEDERAL RESERVE BULLETIN 35 IX. SUPERVISION 4. The Supervisory Board may issue instructions according to which the Reich Commissioner has to SECTION 30 conduct his business. 1. All domestic credit institutions and their branches SECTION 33 and the branches in Germany of foreign credit institu- 1. The Reich Commissioner is an officer of the Govtions are under the authority of the Supervisory Board ernment; he has his office in Berlin. for Credit (Aufsichtsamt fur das Kreditwesen) estab- 2. The Reich Commissioner is appointed by the lished by the Reichsbank. Leader (Fiihrer) and Chancellor of the Reich with the 2. The membership of the Supervisory Board in- advice of the President of the Managing Board (Direkcludes: torium) of the Reichsbank. (a) the President of the Managing Board (Di- 3. The Reich Commissioner is responsible for the rektorium) of the Reichsbank as chairman, administration of this Act in accordance with the (b) the Vice President of the Managing Board instructions issued to him by the Supervisory Board. (Direktorium) of the Reichs bank as vice chairman, 4. Regardless of the provisions of this Act, the Reich (c) a member nominated by the Leader (Flihrer) Commissioner is subordinate to the Minister of Finance. and Chancellor of the Reich, (d) the Secretary of State of the Ministry of SECTION 34 Finance, The Reich Commissioner is authorized: (e) the Secretary of State of the Ministry of (a) to require the credit institutions subject to Economics, his authority to submit balance sheets and profit (/) a Secretary of State of the Ministry of Food and loss statements at any time and also for past and Agriculture, dates; also to demand from them, their proprietors, (g) a Secretary of State of the Ministry of the and governing bodies (Organe) information con- Interior. cerning all business transactions; to inspect the 3. The Reich Commissioner is authorized to take part books and records of the credit institutions; and in in all sessions and resolutions of the Supervisory general to carry out or have carried out all investi- Board in an advisory capacity. gations which he considers necessary for the fulfill- 4. The members of the Supervisory Board and the ment of his duties; he may communicate his findings Reich Commissioner may delegate an official of their to the governing bodies (Organe) of credit institudepartment as a substitute in case of absence. In case tions as well as to their individual members and, in of simultaneous absence of the chairman and the vice case the credit institutions are under the direct chairman the duty of presiding falls to the Secretary supervision of a Government authority, he may who is longest in service and if two or more have equal communicate his findings to the supervisory length of service, to the elder. authority; 5. The members of the Supervisory Board receive no (6) to attend and participate in the annual compensation for their services. meetings and other meetings of the members and the sessions of the governing bodies (Organe) of SECTION 31 credit institutions; he may delegate a representa- 1. The decisions and other orders of the Supervisory tive to exercise this function; Board are made by the chairman after consultation (c) to demand the calling of general meetings with the other members of the Supervisory Board, and other assemblies of the members, the sumsubject to the decision of the Reich Government in moning of sessions of the administrative and sucases of doubt. A case of doubt occurs in particular pervisory bodies, and the publishing of the agenda; when a member of the Supervisory Board dissents (d) to require all enterprises and individuals from a proposed decision. The provisions of section 43, having their residence, place of business, or headparagraph 3, are applicable. quarters in Germany, even if these enterprises 2. The conduct of the affairs of the Supervisory and individuals do not carry on a banking or credit Board devolves upon the chairman. business, to furnish him with reports on the status 3. The members of the Supervisory Board are per- of their indebtedness to, and claims against, entermitted to make recommendations. prises and individuals having their residence, place of business, or headquarters abroad, as defined by the laws governing foreign exchange; SECTION 32 (e) to issue in emergencies temporary regula- 1. In addition to the specific duties named in this tions for the purpose of control. Act, the Supervisory Board is charged with giving consideration to general conditions in credit and bank- SECTION 35 ing and with eliminating abuses in the credit system. 1. Enterprises that buy and sell securities for others It can take appropriate measures whenever a credit (sec. 1, par. 1, (&)) or carry on a trust business (sec. 1, institution is in difficulties or is threatened with difficul- par. 1, (c)) are required to submit to a regular examinaties. The Supervisory Board is also charged with re- tion of their trust business. quiring all credit institutions to have their annual state- 2. The Reich Commissioner prescribes the nature ments audited by independent agencies, unless these and scope of the examination. The trust examiner is audits are already required by the Government. The employed by the Reich Commissioner or on his order Supervisory Board can in the latter cases require a by outside agencies. more thorough audit. 2. The Supervisory Board may, regardless of the SECTION 36 general legal requirements, issue rules for the revision 1. The Reich Commissioner may employ qualified as well as instructions for the contents of the auditor's examining agencies (Priifungsorgane) for the execution report. of his duties, and in agreement with the Managing 3. The Supervisory Board may issue rules for the Board (Direktorium) of the Reichsbank and through management of credit institutions. its assistance may use the facilities of the Reichsbank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY 1935- 2. The Reich Commissioner may, with consent of 2. Appeal must be made to the Reich Commissioner the Supervisory Board, in whole or in part transfer to or to the Supervisory Board within a month after other agencies functions assigned to him by this Act. publication of the decision or ruling in question. These agencies must be governed by instructions issued 3. The Supervisory Board makes its final decision on to them by the Reich Commissioner and are responsible appeals by a simple majority vote; in case of a tie the to him for the proper execution of the functions trans- presiding officer casts the deciding vote. For disferred. cussion and decision on an appeal at least five members SECTION 37 of the Supervisory Board must be present. Expenses arising from the examination of a credit SECTION 44 institution are to be repaid by the latter to the Reich and on demand of the Reich Commissioner are to be No compensation shall be granted for any loss paid in advance. They are to be collected in the same sustained through measures taken by the Reich manner as taxes by the Treasury offices for account of Government, the Supervisory Board, or the Reich the Treasury. Commissioner under the authority of this Act. SECTION 38 X. ENFORCEMENT AND PENALTIES The Reich Commissioner may declare as binding the majority decisions of central organizations of credit in- SECTION 45 stitutions regarding business practices—especially as to interest rates anji commissions—and regarding com- 1. The Reich Commissioner may employ measures petition. The Reich Commissioner may revoke his (fines and direct compulsion) to enforce compliance decision. If within a period to be announced by the with the provisions that he sets up within his legal au- Reich Commissioner a majority decision of the central thority. The measures pay be taken against natural organizations of credit institutions is not forthcoming, persons and against public and private legal entities, as lapses, or fails to meet with the approval of the Reich well as against associations of individuals. They may be taken repeatedly until the provision has been com- Commissioner, the Commissioner himself, in agreement plied with. A single fine may not exceed 100,000 with the Managing Board (Direktorium) of the Reichsmarks. The head of the enterprise is liable as Reichsbank, may issue appropriate regulations governjoint offender for fines imposed on individuals affiliated ing the credit institutions and their central organizawith his enterprise, if the lability is so stated in the tions. complaint. Direct compulsion shall be resorted to only SECTION 39 when it appears that the provision cannot otherwise All public authorities are required to assist the be enforced or when there is danger in delay. Reich Commissioner and his agents (Organe) in the 2. Before a measure of enforcement is taken warning exercise of his functions. must be given to the person in regard to his obligation and a definite period for compliance set. The warning SECTION 40 shall be given in waiting and shall contain instructions for making satisfactory redress. The warning is not Decisions and other measures of the Reich Commisnecessary if there is danger in delay. sioner that are subject to appeal are to be supported 3. An appeal to the Supervisor Board against the with evidence and published. After publication they warning measures to be taken is permissible within two become effective. weeks. The same holds good for an appeal against the SECTION 41 imposition of the measures if no appeal has previously 1. The members of the Supervisory Board and all been made against the warning. The appeal against persons and agents (Organe) employed by the Super- the warning applies also against the imposition of the visory Board in the performance of its functions are measures. It postpones them unless in the judgment bound to secrecy. They must not without permission of the Reich Commissioner there is danger in delay. make use of confidential data on business and industry 4. If, after the imposition of the measures, the prothat they obtain in the performance of their duties. This vision is complied with, their enforcement is no longer obligation is not affected by termination of their service permissible. or completion of their duties. SECTION 46 2. The same secrecy is to be observed by the Reich Commissioner as well as by all persons and agents 1. The Reich Commissioner may impose fines up (Organe) that assist him in the performance of his to 100,000 Reichsmarks for each separate offense duties. committed either deliberately or through negligence against the provisions of the Act, against the regula- SECTION 42 tions designed to make it effective, against the agree- The expenses of the Supervisory Board and the Reich ments established or regulations published according Commissioner are to be repaid to the Reich by the to section 38, as well as against the agreements set credit institutions. The Minister of Economics, in forth in section 57 in cases other than those coming agreement with the Minister of Finance and any other under sections 48 through 50, or other provisions under minister concerned in the particular case, issues the which a penalty may be imposed. These measures requisite regulations for the repayment and super- the Reich Commissioner may enforce against heads of vises the procedure. enterprises (sec. 4, par. 2) or their legal representatives, against administrative or supervisory bodies, against SECTION 43 public or private legal entities, or against the managers 1. Appeal to the Supervisory Board against deci- of associations not legally competent. The head of the sions and rulings of the Reich Commissioner under enterprise is liable as joint offender for the disciplinary section 1, paragraph 4; sections 4, 5, 6, and 10; section penalties that are imposed on individuals affiliated 27, paragraph 2; section 29, paragraph 1; and sections with his establishment, if the liability is so stated in 45 and 46 is permitted. All other decisions and rulings the complaint. When, under section 45, a fine is of the Reich Commissioner are final. threatened, a disciplinary penalty in money may not be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 37 inflicted on account of failure to comply with the pro- sections 45 and 46 regarding offences against agreements vision, but only the fine imposed. The complaint shall made or provisions issued under section 38. In exerciscontain instructions for making satisfactory redress. ing these powers, however, the regulatory authority 2. An appeal to the Supervisory Board within two must comply with a request from the Supervisory weeks against the imposition of the disciplinary penalty Board. The Reich Commissioner is authorized to is permissible. The appeal postpones the penalty. make recommendations to the Supervisory Board. The license provided for in section 3 may be granted by the SECTION 47 regulatory authority only with the consent of the Reich Commissioner. 1. The fines and disciplinary penalties imposed are 2. With respect to credit institutions described in collected, like taxes of the Reich, by the Treasury paragraph 1 the powers granted to the Reich Commisoffices for account of the Treasury of the Reich. sioner in section 34 may be exercised in every case by 2. The Government of the Reich is authorized to the regulatory authority. remit in whole or in part the fines and disciplinary penalties imposed. It may transfer this authority to SECTION 52 the Supervisory Board or the Reich Commissioner. The Supervisory Board may exempt from the appli- SECTION 48 cation of the provisions of this Act building and loan associations and businesses that are or may be classified 1. Anyone who conducts a credit institution without with them under section 112, paragraph 2 of the Act of the proper authority, anyone who continues to conduct June 6, 1931 (Reichsgesetzblatt I, p. 315) regarding a credit institution in spite of its prohibition or, without the supervision of private insurance enterprises and permission, reopens a business that has been suspended building and loan associations, and industrial savings shall be punished with imprisonment up to one year and departments as defined in the Act of May 17, 1933 with a fine, or with one of these penalties. (Reichsgesetzblatt I, p. 269) and those enterprises 2. The prosecution shall be initiated only on motion that, under section 1, paragraph 2 of this Act, are of the Reich Commissioner. subject to the provisions governing industrial savings departments. SECTION 49 XII. TRANSITIONAL AND FINAL REGULATIONS 1. Anyone shall be punished with imprisonment and a fine, or with one of these penalties, except as more SECTION 53 severe penalties are incurred under other laws, who deliberately 1. Credit institutions in existence when this Act be- (a) makes false returns, on demand for informa- comes effective do not require a license (sec. 3) in case tion, to the Supervisory Board, the Reich Com- they- are in active business. The same applies to credit missioner, or agents (Organe) and individuals whose institutions in process of liquidation or in bankruptcy, services they may employ in the performance of provided their business activities are limited to the their duties; completion of liquidation or of bankruptcy proceedings. (b) violates his obligation to secrecy, or without 2. Credit institutions or branches of credit instipermission makes use of confidential data on busi- tutions that have been established subsequent to June ness and industry that he has obtained in the per- 30, 1934, however, require a license, provided that up formance of his duties. to the date of effectiveness of this Act the Reich Gov- (c) against his better knowledge invents or cir- ernment has not approved the continuation of the culates untrue statements which are calculated to business beyond October 1, 1934, in accordance with injure or jeopardize the credit of a credit institu- section 4 of the decree of September 4, 1934 (Reichstion. gesetzfc>latt I, p. 815) concerning the prohibition of 2. The prosecution shall be initiated only on motion establishment of credit institutions, or has not consented of the Reich Commissioner, in case of paragraph 1, (b) to their establishment as provided in section 2 of that only on motion of the Government of the Reich. decree. SECTION 54 SECTION 50 1. In order to establish more effective organization Anyone shall be punished with imprisonment and a of the credit system, the Supervisory Board is authorfine or with one of these penalties, except as more ized up to December 31, 1935, to'prohibit the consevere penalties are incurred under other laws, who tinuance of credit institutions that are in existence deliberately submits to a credit institution false when this Act becomes effective even though the conbalance sheets, profit and loss accounts, or statements ditions assumed in section 6, paragraph 1 do not obtain. of his resources in order to obtain a credit, or to have Whenever credit institutions under the supervision of it extended, or to secure more favorable credit terms; a special Reich or State agency are affected by the or who knowingly submits to a credit institution false prohibition the regulatory authority must be consulted declarations with regard to the condition of his business in advance. The Reich Commissioner is authorized to even though no grant of credit results. make recommendations. 2. A prohibition under paragraph 1 may be limited XI. SPECIAL PROVISIONS to a part of the business or to separate branches. SECTION 51 SECTION 55 1. With respect to credit institutions that are under The Reich Commissioner is authorized up to a date a special Reich or State regulatory authority, the to be fixed by the Reich Government to permit exceppowers assigned to the Reich Commissioner in sections tions to sections 11, 12, 16, and 17 for separate credit 3, 6, 45, and 46 are exercised by the regulatory authority institutions or types or groups of credit institutions. unless the matter falls under the cases covered in He may with the consent of the Supervisory Board Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN JANUARY 1935 also issue temparary rulings of a reasonable duration (b) chapter III, section 1, paragraph 2 of the that do not conform with the provisions under sections fourth decree of December 8, 1931 (Reichsgesetz- 22 through 25, provided these rulings are preparatory blatt I, p. 699) issued by the President of the to enforcement of the provisions. Reich for the security of economy and finance and for the protection of domestic peace, SECTION 56 (c) the administrative decree of January 9, 1932 (Reichsgesetzblatt I, p. 29) regarding the reduc- Existing regulations under the laws of the Reich or tion of interest rates on the money market, State authorities affecting the credit system, especially (d) the decree of April 21, 1933 (Reichsgesetzthose for individual credit institutions or types or blatt I, p. 228) for the administration of bank groups of institutions, remain in effect provided they supervision, do not conflict with the provisions of this Act. In (e) the Act of August 7, 1933 (Reichsgesetzbatt case provisions of this Act are effective only after the I, p. 577) regarding banking regulations of the issuance of administrative regulations, the existing en- Reich Commissioner, actments of the Reich or State authority relating (/) chapter I, section 4 of the fifth part of the thereto remain effective without limitation until the third decree of October 6, 1931 (Reichsgesetzblatt corresponding administrative regulations of this Act I, p. 537) issued by the President of the Reich for become effective. the security of economy and finance and for the SECTION 57 suppression of political disorders and the amendment thereto contained in chapter VIII, section 1 Whenever, by virtue of existing legal requirements, of the fourth part of the fourth decree of December agreements between the central associations of the 8, 1931 (Reichsgesetzblatt I, p. 699) issued by the credit institutions have by approval of the Reich President of the Reich for the security of economy Commissioner been made generally compulsory, they and finance and for protection of domestic peace, remain unchanged hereby. The approval may be (g) the decree of September 4, 1934 (Reichswithdrawn. After this Act becomes effective, existgesetzblatt I, p. 815) regarding prohibition of ing arrangements may be modified under the procedure establishment of credit institutions. described in section 38. SECTION 58 SECTION 59 1. This Act comes into force January 1, 1935. The Minister of Economics is authorized, in agree- 2. The following are without force on the same date: ment with the Minister of Finance and any other (a) the second part of the decree issued by the Minister concerned in the particular case, to issue President of the Reich under the law of Sepdecrees and administrative regulations for the execution tember 19, 1931 (Reichsgesetzblatt I, p. 493), of the purposes of this Act. governing the holding of stock, supervision of banks, and taxation amnesty, BERLIN, December 5, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

39 JANUARY 1935 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe End of month Canada c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England $l=25$io grains of gold *Ko fine; i. e., an ounce of fine gold=$20.67 1933—No vember _. 11,959 » 4,012 77 6,942 24 378 11 51 ! 36 928 3,051 97 December.. 11,930 1 4, 012 77 6,916 27 380 11 51 36 928 3,022 92 1934—January 11,951 4,033 77 6,912 27 382 11 51 36 929 3,021 90 grains of gold 9io fine;i. e., an ounce of fine gold=$35 1934—January 20, 229 6,829 130 ! 45 1,573 5,109 152 February... 20,516 7,438 130 ; 639 112 1,574 4,904 134 March. 20, 724 7,694 130 i 635 111 1,574 4,947 96 April._ 20,820 7,757 130 ! 636 111 1,575 5,023 83 May 20, 957 7,779 130 ! 635 111 1,577 5,136 52 June 21,166 7,856 132 I 625 111 1. 578 5,274 28 July_. 21,304 7,931 133 | 618 111 1,579 5,321 30 August v 21.489 7,978 131 11,747 1 623 111 1,580 5,439 30 September.. » 21, 530 7,978 131 v li,787 ! 111 1,581 5,455 30 October » 21, 586 8,002 132 v 11,813 ! 112 1,582 5,468 33 November.. * 21,635 8,132 133 v 11,730 ' 589 112 1,583 5,443 32 December. - v 8,239 PO90 1, 584 , v 5,445 P32 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru ni m a a- Spain Sweden Sw la i n tz d er- U.S.S.R.2 Y sla u v g i o a - 6 c t o o r t u i h e n s e - r $l=25$io grains of gold Ho fine; i. e., an ounce of fine gold=$20.67 1933—November.. 23 14 373 370 40 53 ! 59 [ 436 ! 99 || 386 416 ' 35 December.. 24 14 373 371 38 53 ! 59 436 99 j 386 416 j 35 1934—January 22 : 14 373 370 38 54 i 60 I 436 | 100 | 386 416 ! 35 rains of gold %o fine; i. e., an ounce of fine gold=$S5 1934—January.... 23 ! 633 626 64 91 58 100 739 169 653 704 53 I 58 February.. 23 i 633 539 61 91 62 101 739 169 600 704 53 | 59 March 23 I 613 535 61 91 65 101 739 170 570 706 53 ; 59 April 23; 609 539 61 92 65 101 739 167 534 706 53 i 57 May 23 594 551 61 92 66 102 739 167 535 706 53 ; 58 June 23 i 576 573 61 93 67 102 739 168 535 716 53 i 58 July 23 i 567 588 61 93 67 102 740 168 537 716 53 : 58 August 23 ! 565 588 61 94 67 103 740 169 567 716 53 ! 58 September. 23 ! 554 588 61 94 67 103 740 170 591 p 716 54 ; 61 October 23 541 601 61 94 67 103 740 163 621 »716 54 : 61 November. 23 520 582 61 95 67 103 740 160 624 p 716 54 ! December. pf>24 Latin America Asia and Oceania Africa Total: 4 Total | 2 End of month co (1 u 0 n - ! i Chile c o o th u e n r - co ( u 7 n- India Japan Java c o o th u e n r tries) | tiDa tries I tries' tries grains of gold *Ko fine; i. e., an ounce of fine gold=$20.67 1933—November. 346 [I 244 11 I 8 11 50 7 456 i 162 212 ! 42 25 11 4 125 33 82 10 December. 342 239 12 9 11 50 7 457 162 212 I 44 24 12 3 126 33 83 10 1934—January... 342 II 239 12 ! 8 11 51 7 459 I 162 212 | 45 25 12 3 127 33 84 10 15%\ grains of gold ^io fine; i. e.f an ounce of fine gold=$35 1934—January 579 405 24 ! 86 778 i 274 359 76 42 20 6 215 56 143 17 February.. 588 405 24 i 87 780 1 274 359 79 42 20 6 222 55 150 17 March 590 405 25 ' 87 778 | 274 359 77 42 20 5 218 55 146 17 April 591 i 405 24 87 781 1 275 362 77 42 21 6 220 55 149 17 May 594 ! 405 24; 87 803 i 275 382 79 42 20 6 226 55 154 17 June 593 i 405 25 ! 84 804 275 384 77 42 21 5 233 55 161 17 July 599 = 405 26 I 82 806 ! 275 386 77 42 21 6 244 55 172 17 August '605 i 403 26 P82 807 ! 275 387 77 41 21 6 220 55 149 17 September- 403 24 : P82 803 ! 275 388 77 36 22 6 226 55 155 17 October... 403 22 P82 795 275 390 77 26 22 5 p 245 55 173 v 17 November- 599 P 403 22 "796 : 275 392 77 25 22 5 P245 P 55 P173 P17 p Preliminary. 1 Excludes gold coin in circulation. * Figures reported as of end of each quarter by State Bank of U. S. S. R. carried forward for succeeding 2 months. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372, and December 1934, p. 801. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN JANUARY 1935 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year and month world Africa North and South America Far East pr t o io d n uc- Total A So fr u ic th a d R e h s o i - a A W fr e i s c t a B C e o lg n i g a o n r^aannaaadaaj | s U ta n t i e te s d » Mexico Co b l i o a m- Chile Aujfa' Japan India $l=25*lio grains of gold »/to fine; i. e., an ounce of fine gold=*$20.6? 1932—Total (12mo.)._ 499,049 421,979 238,931 12,000 5,992 3,642 62,933 | 50,626 12,070 | 5,132 788 14,563 8,198 6,782 1933—March 43,509 36,515 19, 658 1,038 522 302 5,399 5,230 1,059 455 220 1,259 747 626 April __ 40,683 33,689 18,430 1,108 528 281 4,919 i 3,928 905 535 222 1,522 726 585 May _. 41,595 34,600 19,519 1,108 520 4,932 3,866 1,035 499 181 1,344 734 554 June... 40,780 33, 785 19,008 I 1,130 561 5,426 2,956 i 986 435 288 1,434 711 543 July. _ 43,909 34,915 19,228 ! 1,133 571 306 5,306 3,638 ! 1,165 577 227 1,420 755 589- August 44,125 35,130 19,235 j 1,167 579 ! 321 5, 325 3, 742 1,198 555 274 1,438 722 575 September 44, 656 35,661 18,664 j 1,180 546 | 307 4,889 5,602 820 375 269 1,591 847 572 October 45, 532 36, 537 18,822 1,143 567 302 5,048 5,209 1,501 700 423 1,436 825 560 November 44,987 35,992 18,613 i 1,150 586 327 5,001 5, 292 1,172 i 694 301 1,501 794 560 44, 690 35,696 18,168 i 1,181 580 325 5,140 5,581 1,038 ! 503 281 1,538 788 573 December i 515, 627 419,695 227,673 ! 13,335 6,623 3,631 60,968 I 52,843 I 13,169 i 6,165 3,009 16,790 Total (12 mo.). 45,516 35,521 18,897 i 1,201 546 | 320 4,781 ; 4,858 ! 1,080 ! 697 462 i 1,3 721 1934—January i grainsoj gold 'ho fine; i.e.t an ounce oj fine go(d=$35 February 71,313 54,243 28,893 1,893 927 502 7,803 6,160 1,906 1,067 656 2,269 1,280 March. _ 75, 281 58, 211 30,550 2,042 965 571 8,726 7,945 1,194 940 554 2,415 1,390 921 April 74,856 57, 786 30,173 2,014 941 509 7,975 7,595 2,233 843 648 2,566 1,376 914 May.. 78,081 61,012 31,324 2,055 951 566 9,090 8,505 2,431 991 425 2,460 1,268 June 76,034 58,964 30.138 2,048 946 547 8,495 8,260 1,941 1,003 623 2,722 1,310 July 77, 392 60,322 30, 773 2,015 1,072 521 8,593 8,750 1,861 1,037 832 2,579 1,351 August 78,232 61,162 31,015 2,085 1,022 542 9,270 8,365 2,078 1,148 666 2,619 1,413 September 77,098 60,028 29, 951 2,061 1,072 544 8,546 9,940 1,396 940 525 2,625 1,495 932 October »80,132 P 63,062 30,994 2,053 P 1225 *582 9,278 10,360 p 2,170 1,143 P525 2,453 1,438 November.. _ ' 76, 993 v 59,923 30, 633 2,065 T> 1, 190 P582 ' 8, 925 8,295 p 1, 855 831 *>525 p 2, 453 p 1, 400 v Preliminary. i Monthly figures for United States are those compiled by American Bureau of Metal Statistics of New York City; annual figures for United States represent official estimates made by Bureau of the Mint in cooperation with Bureau of Mines. June N 1 O 9 T 34 E , . — p. F 3 o 7 r 7 , m a o n n d t h N ly o v f e ig m u b re e s r b 1 a 9 c 3 k 4 , t p o . J 7 a 3 n 7 u . ar F y o r 1 9 a 2 n 9 n a u n a d l f f i o g r u r e e x s p o la f n w at o i r o l n d o p f r o t d ab u l c e t i s o e n e b B a U c L k L t E o T I 1 N 8 7 f 3 o r s e A e p A ri n l n 1 u 9 a 3 l 3 , R p e p p . o 2 rt 3 3 o - f 3 5 D , i F re e c b t r o u r a o ry f t 1 h 9 e 3 4 M , p in . t 1 0 fo 8 rr 1933, p.LlO4. Figures for Canada for 1934 are subject to revision. GOLD MOVEMENTS [In thousands of dollars] United States Total Net imports from or net exports (—) to: Year and month net imports China All e o x r p n o e rt t s E la n n g d - France m G a e n r y - g B i e u l m - N l e a t n h d e s r- Sw la i n tz d er- C ad an a - M ic e o x- A t r i g n e a n- lo C m o b - ia B In ri d ti i s a h H a o nd ng Japan c o o th u e n r - (-) Kong tries Customs valuations; withsome exceptions at rate of$20.67 afine ounee 1932—Total (12mo.)--446, 213 53, 585-441,649-13,356 -82,571 -96,586 -118,273 64,574 20,087 12,991 3,240 26, 597 39,043 49, 719 36,383 1933—July -83,879 -713 -79,617 203 369 -4,121 August -80,388! — 1,535 -73,173 -216 -27 143 125 i -5, 708 September. __ -56, 736 -5,099 -48, 717 -13 -2,171 224 518 8 -1,486 October. __ -32,351 -6,240 -26,923 -109 -18 -9 -453 268 48 I 1,085 November -783 -2,260 —366 —5 -28 216 240 2 1,419 December -9,128 -1,650 -203 -28 -10 -8,883 347 338 ._ 960 Total (12 mo.)_-173,455 6,375-216,035 -2, 532 -895 7,901 -11,631 19,896 4,280 -1 98 25, 629 12, 821 6,702 -26,068 1934—January. _ -2,767 -2, 542 -461 1 -10 -1,678 313 246 1,364 Customs valuations; with some en:eptionsat rate cf$35aj fine ounce February 452,571 239, 800 124,381 1 131 57, 272 9,087 12,114 5,124 1,660 651 4 2,347 March 237,336 135,987 51,821 10,148 3,569 10,272 5,368 2,490"Il,~465 2,865 3,351 April 54,748 24,054 1,786 7,234 9,069 640 5 2,495 4,613 3,067 1,785 May 33,583 5,927 233 10 8 8,673 2,086 2,554 10,240 1,865 1,987 June 63, 705 31, 288 10, 750 —4,865 6,989 2,837 37 12,191 2,286 2,190 July 52,346 22,978 2,212 1 -17 8,982 2,664 _ 8 8,948 3,254 3,316 August 37,225 22,872 -5, 238 -146 -1,943 212 8,200 515 2,484 5,489 672 4,105 September -18,670 -950 -17,748 -2,094 -500 539 3% 6 -8 513 1,174 October 10,837 — 1,118 26 3,775 3, 26o 3,112 50 1,729 November 120,889 3,687 70,351 12,814 9,906 -254 9,609 880 1 11,300 700 1,896 December 92,109 19, 64& 22,430 17, 790 8,077 6,076 2,111 12, 574 529 2,874 Total (12 mo.)1.1,133,912 501, 632 260, 543 -144 8,909 95,510 12, 402 86, 612 30, 090 12 16, 944 76, 820 16,452 4 28,118 1 January figures based on rate of $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 41 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from or net exports (—) to: Year and month I I South Africa, All g B iu e m l- ; J N l e a t n h d e s r-S l w an it d z e l r-i A § m i ° ca e ? r £ - Canada I S m S e t e t r t n a l t i e s t - s Au l s i t a ra- d W R e h s e i o s a - t , c o t o r th i u e e n s r - Africa Official figures converted at rate of $20.67 an ounce 1932—Total (12mo.)-_. 84, 585 -50,642;-297,050; 333-13,434j-71,3781-14,019, 5,746 _. 220,394 10, 781 20,364 255,310 18,279 1933—July 89,056 4, 763 18,0511 486 1,114 13,528j -118 414 4,141 11,942 810 2,692 19,519 11,715 August 25,628 733| 6,259! 179 -1,034-13,583! -380 436 3, 703 4,994 848 1,910 24, 774 -3,212 September- 48,260 3,120 2,163j 32 -111 -3,633! —101= 920 4,108 12,685 526 1,991 21,027 5,434 October 63,918 12, 520 1,865j -11 18! —4,163; -217. 3,611 6, 579 16,122 782 1,942 20,467 4,403 November. 79,138 6,878 33, 338 94 817J 329 -771 120 5,013 4,852 708 2,315 20,885 4,558 December.. 79,426 4,441 15,130 42 147 6,998 -196 8,143 4,186: 5,892 423 1,889 19,460 12,871 Total (12 mo.). 677,405 7, 939 97, 016 41,036 -808 -7,065 -4,299 14,056 43,374 118,817 8,682 60,812 256,177 41,667 1934—January— _ 62,146 4, 788 9,8 -13 -20j 5,310 -170 5,500! 4,530 8,642| 583 2,353 17,667) 3,170 Official figures converted at rate of $35 an ounce February— 184,820 -238,842 283,333 18,837 3,790 17,891! —320! 4,870 30,193 647 2,951 30,881 30, 587 March 91,471 -130,087 66,180 65, 579 358 5,522, -176; 187 39 37,372 1,094 3,105 36, 707 5,591 A J J A S N O M u u e p u c o n l a p t r y g v o y e i t u l e e b s m m e t r b b e e r r . . 3 4 3 2 2 3 5 4 9 5 3 6 0 7 3 9 , , , , , , , , 0 4 9 0 0 9 9 5 8 5 8 0 0 9 9 8 6 6 8 3 5 9 1 5 - - - - - 1 1 1 2 3 -5 7 5 9 9 5 6 , , , , , , , 1 2 4 3 3 8 2 9 9 8 2 6 7 5 5 5 7 4 0 9 5 1 1 0 -3 - - - 2 6 8 7 0 7 6 - - , , , , , , 7 1 3 0 1 8 6 0 9 8 3 3 2 5 2 2 7 8 9 8 1 6 2 6 1 3 8 4 2 7 , , , , , 8 5 0 2 4 1 1 9 2 9 0 4 9 5 4 0 5 4 2 9 5 3 5 1 1 - - - - - 5 2 6 2 1, , , , , - 1 1 0 1 2 2 3 6 9 3 5 9 4 1 4 1 8 1 4 7 4 8 - - -6 2 5 4 5 3 5 - 0 5 1 2 8 9 3 5 0 9 3 ^ 2 : : ; - - - 4 1 1 - , - - , - , - 5 2 1 2 8 1 6 6 7 1 0 5 4 1 0 3 1 6 2 2 9 8 2 1 1 , , , 0 3 6 6 7 7 2 1 4 5 9 4 5 7 8 4 9 2 4 3 5 0 4 4 7 4 1 , , , 6 6 2 6 9 4 6 9 7 7 6 ! , 1 2 1 1 1 1 IS 4 5 3 4 7 2 , , , , , , , 9 1 1 3 0 2 9 7 9 4 4 3 3 1 6 9 2 6 7 0 3 3 2 1 3 4 4 2 1 1 5 4 8 7 6 4 9 5 9 1 5 0 6 5 0 1 3 4 3 2 3 3 3 3 , , , , , , , , 5 6 2 8 6 1 4 0 0 3 8 2 7 3 7 8 7 4 6 4 2 8 3 6 3 3 2 2 3 4 1 1 0 5 4 2 2 1 2 1 , , , , , , , , 4 3 3 3 9 9 2 5 2 1 1 7 2 3 6 0 0 2 5 1 9 5 2 5 1 1 6 3 8 9 4 4 1 2 , , , , , , , ,7 2 7 4 4 0 7 2 9 0 9 7 8 7 5 3 0 1 4 3 3 0 0 3 France Germany Net imports from or net exports (—) to: Net imports from or net exports (—) to: Total Year and month Total net net imports i e m o x r p p n o o e r r t t t s s U S n ta i t t e e s d E la n n g d - m G a e n r y - N e e r t - h- S z w er i - t- c o o A th u l e l n r - e o x r p n o e rt t s U S n ta it t e e d s E la n n g d - France N e e r t - h- S z w er i - t- U S. . R S. . i ; o c A t o h H u e n r - () lands land tries lands land tries Official figures converted at the rate of $20.67 an ounce 1932—Total (12 mo.) 828,178 468,052! 309,984 37,889; 37, 547 -17, 6681 -7, 627 -27,282! 367 -250J-38,170J-24,4551-7,915; 46,656-3, 515 1933—July 54,407! 39,263! -12,527 24,654 5,695 16,598 2-19,275 4,592 -162 153 270 —44| 4,612 -238 August I 53,717,; 75,680! -11,533 -46 -8,025 -1,369 -990 -676 -186 9 -256 -372 September. _ I 43,040 60,988 -l,r~ -8,059i -6,166 -2,176 -150' 19,120 -32 17,910 1,173 55 1 12 October ! 47, 745 -4,640-12,428 -3,369 610: 5,845 41 5,933 -94 -691 3 33 N D o ec v e e m m b b e e r r . . . _ . j - - 5 4 3 5 , , 3 4 1 4 5 7 , 177 - -1 2 9 5 , , 0 3 2 8 5 ; -77 - 2 3 ; -21,4 7 0 0 1 1 - - 2 5 3 , , 6 4 7 4 4 3 - - 1 2 , , 3 5 2 4 8 5! ! 2 2 , , 5 6 7 2 2 7 -13 15 4,710 -5,2 5 6 9 8 0 41 | 3 2 , , 1 6 8 6 2 8 -1 - , 1 3 3 8 3 3 Total (12 I mo.) i 243,944 223,894 -87, 207 73,001! 44,691 10,491 -20,926-102,856 1,799-37,044-64,922 -40,950 206; 40,317-2,265 1934—January ! -7,236, 1,215 -5, 259 -70 -1,187 -1,934; 1,246 •_; -19 -2,615 293 -80 3,610 56 Official figures converted at rate of $35 an ounce February i—175,869:-92,336 -160,187 12, 536 59,196 -1,765 6,687: -20,472 -29,660! -8,054! -946! March 1-232,658 -79,158-155,636 3 15, 955 -2,914 -10,907 -39,440, -55,529j -2: April i -1,373 997 -37,010 78 1,995 32,492 74; -5,655 -3,515 -8,073 May 30,915 124 33, 581 1 516 5,405 » -8,712 -29,040 -13,382 -10,083 -12,363 June ! 6,437 -9, 779 -11,411 18,191 -1,696 19,168: -20,312 7-12,286 -8,155 July ! -2,895 -3,003 926 1 -104 -1,038; 323^ 4, -4, 207 2 -5 August -15,105 -7,290 264 145 -39 -9,226; 1, 041; 5,328 2 -133 September..; 964 5,987 9,606 -3 10-15,492: 8541 62 126 -269 4 -18 October P.—! 22,710 26, 296 3,706 2 139 -6,972' -461 7,872 -66| 3 1,891 November p.; -65,568 -64, 337 -17,936 86 -786 1, 78(ij 15,618 2, 954 -1671 5 182 J» Preliminary. 1 Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately in the official monthly statistics. 2 $20,305,000 exported by France to Belgium in July 1933; $9,747,000 in May 1934. NOTE.—Great Britain and Germany.—-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German gold movements by individual countries beginning July 1934 are subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN JANUARY 1935 GOLD MOVEMENTS—Continued [In thousands of dollars] Netherlands Year and month Total net Net imports from or net exports (—) to: imports or net exports U St n a i t t e e s d England France Germany Belgium Official figures converted at rate of $20.67 an ounce 1932—Total (12 mo.) 116,149 106,623 50,070 | -34,009 | 26,886 j -12,727 -13,630 -16,137 | 16,423 -7,346 1933—July - -13,628 -15,750 6,065 -180 -1,432 -1,174 -1,466 i 291 20 August 24,239 12,996 11,183 47 17 -194 -174 j 275 90 September 16, 488 1,798 13,849 -903 -338 -10 -241 j 2,236 97 October 18,562 2,191 1, 385 14,457 -357 -22 -64 -1,232 ! 2,099 105 November __ 9,688 -1,942 6,096 5,369 -90 -30 -297 441 142 December -9,294 -7,111 -601 -821 -230 -5 -658 ; 31 Total (12 mo.) -67,510 -3,839 -1, 624 ! -72,183 40, 818 -17,873 -6,030 -16,974 • 9,632 567 1934—January... -8,629 -7,082 I -238 | -367 -1,220 i 33 ~246 Official figures converted at rate of $35 an ounce February... -102,784 -17,262 -13, 283 -76,485 235 March -9, 201 -6, 248 -4,928 -4,132 -42 April 3,063 -4,444 -418 -287 164 May 13,859 -115 -158" 359 June 9,570 -225 277 1,701 133 July _. 9,170 75 88 322 August -2, 737 -194 -23 3 1 September. -326 498 -327 7 130 October -2. -637 166 126 November.. -16,849 -17,770 645 830 154 Switzerland British India Total Net imports from or net exports (—) to: Total Net i e m xp p o o r r t t s s ( f — ro ) m t o o : r net j i cr I e n a - se In o c r r d e e a - se Year and month i net — j net Gold or de- crease i imports i imports pro- crease (-)in ! i e o x r p n o e r t ts U S n ta i t t e e s d E la n n g d - France Ger- A So fr u ic th a N la e e n r t d - h s - o t A r th ie l e l s r e o x r p n o e rt t s U S n ta i t t e e s d ! I E la n n g d - j ! c o t o t r h A i u e e n s r l - l I t d i n o u d n c- i a in r G e ( m - o s ) e v e i r n e n v r t e n s - p i I n h n r g i o d v s l i d a a i t - » n e in India Official figures converted at rate of $20.67 an ounce 1932—Total (12mo.). 169,786j[ 124,354 15,342 7,418 7,880 101 14,996 -304J-195,662 -38,094-151,059 -6, 508 6,782 1271-189,007 1933-July. -307 -5,739 -8,324 1,866 -1,756 -4,513 1,785 589 -2! -5,707 August -229 1,135 -1,339 -1,166 -10,971 -10,223; -748 575 -lj -10,395 September.. -431 1,767 149 130 64 -13,411 -12,4691 -942 572 ...' -12,839 October -790 4,243 1 78 124 -7, 643! -7,280 -363 560 ...I -7,083 November^. -1,444 4,684 191 50 -5, 847 -6,023! 176 560 -5,287 December... -9,474 23, 299 741 -5, 734 -5,438! -296 573 -1 -5,160 Total (12 mo.) 10,983 -24, 536-26, 781 -379 205 13,168—13, 78l! —126, 048'-30,340; r -85,463 r -10,244 6,916 -119,124 1934—January 1101 -247 180 82 1 1,187 -471 -14,063 1-12,683; -1,3 560 -13,503 Official figures converted at rate of $35 an ounce February -30,109 -10,8981-21, 567 2, 233 -365 -39, 307 -7,703 -31, 6781 74! 886 -38,421 March -25, 403 — 1,617! —12,110-7, 799 311 -4,143 -20,806 -8,862 -11,664 -280 921 -5 -19,880 April -43, 753 ! 4r-- -38,189 -2,132 1,277 -20,733 -10,697 -9,758 -278 914 186 -20,005 May -11,582 ! -5,350 -6, 613 -222 618 -20, 344-13,143 -7,054 -147 946 -2 -19,396 June -8,372 -8171 -5,648 -2,193 -186 513 -19,105 -7, 464 -11,854 213i 930 12 -18,163 July -390 69! -1,171 11 -41 727 -22,130 -8, 740 -13,601 2111 938 4 -21,196 S A e u p g t u e s m t ber.. -. 2 2 6 1 , . 5 5 3 6 2 9 2, 2 4 , , 0 3 0 6 7 7 1 1 1 5, , 8 8 0 0 4 2 2 1 , ,1 5 0 6 5 6 8 2 , ,2 2 6 0 4 4 1 - -2 3, , 5 5 3 6 4 5 ± 57 ii- - 2 2, , 19 64 f 3 i! ! 109 938 1 - - 2 1 , , 6 6 2 0 8 2 October 12,853 -195 5,821 -305 7,549i -14,431 -12,901 120 949 4 -13,486 November. _. 12, 397 -480 -6, 273 -275 19, 439! v 21, 638 -1,650 949 - 20,689 p Preliminary. r Revised 1 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. NOTE.—Netherlands and Switzerland—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] |l 1934 1933 ; 1934 1933 Nov. Oct. Sept. Nov. Nov. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 247 247 247 252 Gold reserve against Dominion notes.. Currency issued._ 517 519 520 522 Advances to banks under finance act... Irish Currency Commission (thousands Dominion notes: of pounds sterling): Issued _ Legal tender note fund: Outside chartered bank holdings _. British legal tender and bank Indian Government (millions of rupees): balances _. 62 100 335 48 Gold standard reserve: British securities 7,537 7,436 6,970 7,513 Gold... Notes issued .. 7,598 7,536 7,305 7,560 Foreign exchange Consolidated bank notes: 1 Paper currency reserve: Issued. _ _ 4,844 4,838 4,831 4,732 Gold Deemed such under sec. 60 (4) of Silver _ Currency Act, 1927 1,145 1,151 1,158 1.250 Other assets _ Notes issued i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Nov. 10, Oct. 13. and Sept. 15, 1934, and Nov. 11, 1933. Figures for notes deemed to be consolidated bank notes are as of close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS fin thousands of Swiss francs] 1934 1933 1934 1933 Assets Liabilities i | Nov. 30 Oct. 31 Nov. 30 •. Nov. 30 Oct. 31 Nov. 30 Gold in bars I 11,744 11,744 5,554 Demand deposits (gold) 10,921 11,662 5, 554 Cash on hand and on current account with | banks _ ! 4,901 7,705 2, 809 Short-term deposits (various currencies) Demand funds at interest —I 6,963 7,646 20,192 Central banks for own account: Demand j 42,059 46,546 52, 954 Rediscountable bills and acceptances (at j Time—Not exceeding 3 months... .| 108,785 107, 589 105,956 cost): | Commercial bills and bankers' accept- i Total | 150, 845 154,135 158,909 ances _! 173, 319 Treasury bills j 171,500 Central banks for account of others: j ===== Demand.. j 12,140 11, 235 Total.. Other depositors: ! 11,911 Demand | 1,192 2,853 Time funds at interest—Not exceeding 3 I 1,201 months ..I 40,423 : 39,317 oo, ooO Long-term deposits: \ Annuity trust account 154,670 154.764 154,575 Sundry bills and investments: j j German Government deposit 77,335 77,382 77,288 Maturing within 3 months: | j French Government guaranty fund 40, 784 40, 811 43, 60S Treasury bills .'• 16,611 ; 20,311 17, 944 I Sundry investments _.: 44,827 j 73,200 44, 898 I Total 272,789 272,956 275, 561 Between 3 and 6 months: j | | Capital paid in i 125,000 125,000 125, 000 Treasury bills --j 51,500 \ 57,452 42. S96 ! Reserves: j Sundry investments -j 52,976 j 32,016 56, 076 •j Legal reserve fund 2, 672 2,672 2, 022 Over 6 months: Dividend reserve fund. 4, 866 4,866 3, 895 Treasury bills 37,616 i 35,147 8, 513 I General reserve fund _. _ 9,732 9,732 7, 790 Sundry investments . 35,658 I 35,917 37, 827 j Other liabilities: Total 239,188 I 254,043 ' 208,154 j i S G u u n a d r r a y n t i y te m on s commercial bills sold ! 61 6 , , 3 1 7 5 5 1 59 6 , , 1 6 7 2 2 1 i8, 274 Other assets: Guaranty of central banks on bills Su s n ol d d ry items 6 3, , 1 5 3 0 7 8 6 2 , , 1 7 7 2 2 5 !1 J 2,618 Total assets . 657,683 I 659,930 i 651,092 Total liabilities.. i 657,683 659, 930 651, 092 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY 1935 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England (in issue Cash reserves ci N rc o u t l e a- Deposits (Figures in millions of pounds sterling) m de e p n a t r ) t - ! Dis a c n o d unts Securi- tion l O ia t b h i e li r - Coin Notes advances ties Bankers' Public Other ties 1933—Oct 25 190.4 1.3 81.2 8.5 92.5 369.3 104.1 15.9 45.8 17 7 Nov 29 190. 6 1.2 80.4 8.6 84.7 370.2 106.9 13.6 36.5 17.8 Dec 27 190.7 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Jan 31 190.9 .9 84.2 8.2 88.4 366.7 100.6 25.2 37.8 18. 1 Feb. 28 191.0 1.0 83.6 5.8 87.9 367.4 90.3 32.1 37.7 18.2 Mar 28 191 1 1.1 72.3 5 6 88 1 378 8 94.5 17.5 36.9 18 3 Apr. 25 191.2 .9 77.5 5.3 86.3 373.7 99.5 15.8 37.0 17.7 May 30 191.3 .8 73.2 5.6 87.6 378.1 99.4 14.0 36. 1 17.8 June 27 191.5 .7 69.8 6.1 91.9 381.7 96.3 17.6 36.5 18.0 July25 191.6 .6 67.6 7.5 94.2 383.9 104.8 10.9 36.1 18.1 Au? 29 191.8 .6 72.5 5.6 92.5 379.3 83.7 34.0 35.2 18 2 Sept. 26 - - -- - 191.9 .6 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 31 192.0 .6 73.6 8.9 91.6 378.4 100.4 16.9 39.8 17.7 Nov 28 192.1 .6 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 26 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 Assets Liabilities (Figure B s a in n k m o il f l i F on r s a n o c f e francs) Gold e F x o ch re a i n g g n e Do b m il e ls stic Se lo c a u n ri s ty N s e e t b g c ie l o u e s r ti i a - - a O s t s h e e ts r ci N t r i c o o u t n l e a- G m ov e e n D r t n e - p =>S O itS ther l O ia t t i b h e i s e li r - 1933—Oct. 27... 81,032 2,586 I 3,560 2,781 6,238 8,450 81,099 4,027 17,301 2,220 Nov. 24.. 77,822 1, 250 4,092 2,814 6,186 8,533 80, 368 2,956 15,016 2,359 Dec. 29.. 77, 098 1,158 ; 4,739 2,921 6,122 8,251 82, 613 2,322 13,414 1,940 1934—Jan. 26— 77,055 1,130 ! 4,486 2,893 6,119 7,870 79, 474 2,270 15,836 1,972 Feb. 23.. 73, 971 1,070 > 5,963 2,932 6,114 7,960 81,024 1,868 13, 067 2,052 Mar. 30.. 74, 613 1, 068 6,198 2,972 6,007 8,229 82, 833 1,721 12,632 1,900 Apr. 27.. 75, 756 1,066 5,707 3,016 5,973 8,152 81, 502 2,024 14,199 1,944 May 25.. 77, 466 1,094 ! 5,011 3,060 5,950 8,202 79,992 2,996 15, 681 2,114 June 29_. 79,548 1,157 : 4,386 3,076 5,929 8,278 82,058 3,291 15,188 1,837 July 27.. 80 ^52 1,155 ; 4,248 3,054 5,913 8,150 80,809 3,515 16, 547 1,901 Aug. 31.. 82,037 1,082 ; 3,116 3,140 5,913 9,060 81, 732 3,884 16,880 1,852 Sept. 28.. 82, 281 962 4,146 3,134 5,898 8,254 81, 479 3,674 17,673 1,850 Oct. 26... 82, 478 931 1 3,996 3,101 5, 898 8, 264 79, 467 5, 287 17,966 1,942 Nov. 30.. 82,097 960 3,068 3,228 5,898 8,849 81, 879 4, 829 15. 522 1,860 Dec. 28 _. 82, 124 963 3,971 3,211 5,837 8,288 83,412 3,718 15, 359 1,907 Assets Liabilities Reichsbank Reserves (Figures in millions of reichsmarks) Foreign Tr b e i a ll s s ury b c i O h ll e s t c h ( k e a s r n ) d Se lo c a u n ri s ty Se ti c e u s ri- a O s t s h e e t r s ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Gold exchange 1933— Oct. 31.. 396 3,147 143 319 799 3,571 416 850 Nov. 30. 405 3,001 163 518 773 3,542 478 871 Dec. 30. 3,177 183 581 735 3,645 640 836 1934—Jan. 31.. 376 2,845 81 620 843 3,458 498 863 Feb. 28_ 333 2,766 248 666 801 3,494 530 802 Mar. 29. 237 3,144 144 681 685 3,675 547 768 Apr. 30- 205 | 3,140 140 639 760 3,640 515 788 May 31. 130 3,174 125 643 860 3,635 538 778 June 30. 70 3,392 171 685 780 3,777 623 775 July 31. 75 3,408 109 713 886 3,768 649 800 Aug. 31. 75 3,540 128 737 867 3, 824 717 813 Sept. 29. 75 3,811 148 755 806 3,919 848 851 Oct. 31.. 83 3,726 91 750 890 3,823 856 868 Nov. 30. 79 3,848 119 752 881 3,810 961 920 Dec. 31. 79 4,021 146 763 827 3,901 1,001 I I 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. IVOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

45 JANUARY 1935 FEDERAL RESERVE BULLETIN CENTRAL BANKS-Continued [Figures are for last report date of month] 1934 1933 1934 1933 Central bank Central bank Nov. Oct. Sept, Nov. Nov. Oct. Sept. Nov. National Bank of Albania (thousands Central Bank of China—Continued. of francs): Deposits—Government 237 213 164 Gold _ 7,121 7,121 7,355 Bank 42 41 58 Foreign exchange.. 22,768 23, 266 23, 795 Other 10 11 17 Loans and discounts 2,781 2,850 2,883 Other liabilities 75 72 Other assets 3,082 2,844 6,468 Bank of the Republic of Colombia Note circulation 11,212 11,444 11,843 (thousands of pesos): Demand deposits 13,623 13,866 17,489 Gold at home and abroad • 15,676 17, 583 18, 529 14,910 Other liabilities 10,916 10, 773 11,169 Foreign exchange __ 1,655 2,306 1,585 1,383 Commonwealth Bank of Australia Loans to member banks.. 5,281 4,448 3,599 1,673 (thousands of pounds): Note circulation.. _ 36,441 36,697 36,824 28,520 Issue department: Deposits 25, 553 26, 852 27,281 21,066 Gold and English sterling 15, 708 15, 708 15, 708 12, 007 National Bank of Czechoslovakia Securities — 29, 625 29, 625 29,625 29,375 (millions of koruny): Banking department: Gold* 2,676 2,675 2,665 1,707 Coin, bullion, and cash 847 800 841 882 Foreign balances and currency 4_._ 183 154 89 922 London balances 20, 579 21,217 22,865 19,818 Loans and advances 1,205 1,409 1,546 1,402 Loans and discounts 18, 565 17, 072 15,989 13, 689 Note circulation 5,337 5,461 5,589 5,705 Securities 35,758 35, 735 35,032 35, 531 Deposits 828 863 730 715 Deposits 79,515 78,347 77,938 71, 397 Danish National Bank (millions of Note circulation 47, 550 47, 550 47, 550 42,429 kroner): Austrian National Bank (millions of Gold .- 133 133 133 133 schillings): Foreign bills, etc 10 7 9 12 Goldi 242 242 242 170 Loans and discounts _. 73 68 Foreign exchange of the reserve 0 0 0 19 Note circulation 378 384 369 354 Other foreign bills l 46 i 43 40 8 Deposits 127 119 159 64 Domestic bills 241 I 250 254 218 Bank of Danzig (thousands of Government debts 624 624 624 624 gulden): Note circulation 955 954 965 913 Gold 23,985 25,987 25,942 29, 902 Deposits 172 180 174 117 Foreign exchange of the reserve 1,694 2,150 4,811 10,034 National Bank of Belgium (millions Other foreign exchange 177 154 89 157 of be!gas): Loans and discounts 19,198 18,892 18,135 13,841 Gold _— 2,503 2,588 2,661 2,721 Note circulation _ 38,739 39,147 39,778 38,809 Domestic and foreign bills 671 619 671 776 Deposits 1,764 3,150 5,584 10, 707 Loans to State 344 344 344 355 Central Bank of Ecuador (thousands Note circulation 3,501 3,563 3,514 3,453 of supres) : Deposits 225 187 310 556 Gold at home and abroad ._. 15, 707 15,485 14,419 Central Bank of Bolivia (thousands of L Fo o r a e n i s g n a n e d x c d h i a s n c g o e unts 4 1 9 2 , , 8 6 8 0 6 4 5 1 0 2 , , 1 8 8 3 5 5 50 4 , , 4 7 1 6 9 6 bo N D L F G li o o e o v o r a p l t i e d e a n o i n s g s c a o i n i a t t s r s n c ) h e d : u x o l c m d a h i t e a s i o n c a n o g n u e d n a ts broad-. 1 2 7 3 9 9 8 6 7 , , , , , 0 3 9 0 9 5 2 3 4 2 9 0 7 8 7 1 7 3 1 2 1 9 7 5 , , , , , 1 5 7 7 2 1 8 1 2 4 5 0 2 8 7 5 5 4 0 8 5 4 7 , , , , , 0 8 7 6 2 1 0 7 9 3 3 0 6 1 0 Na o t f i N D G F o p o n o e o o r a p l t u e d e l o n i g s c B d i n i t s a r s ) c n e : u x k l c a o h t f a i o n E n g g e ypt2 (thousands 4 3 5 0 6 2 , , , , 9 0 6 5 7 0 6 4 1 0 9 5 4 3 5 0 6 2 , , , , 5 4 6 2 4 4 4 2 9 5 9 0 3 2 3 3 6 0 , , , , 4 6 0 9 5 6 2 3 2 3 9 8 Bank L N D C C o o u e o o a p r r t f e r r n o e e B s s c s n i r i a p t c a r s n o y c z d n i u l d l d a ( e i m t n s io t c i s l n o l a i u o b n n r t s s o a o d f milreis): _ _ ._ _ _ 2 2 , , 3 2 6 9 1 2 4 0 4 3 0 7 6 1 2 2 , , 3 2 6 8 5 3 1 2 8 2 3 0 3 1 2 2 , , 4 2 6 9 9 2 2 4 1 6 9 0 9 2 L B N D O o e o t r G h a p t i e e n o o t r s v i s c s i e a a i t r r s h s n c n s — , d u e m t l E G d s a e t i g n o i s o y t v c n p o e se t r u i n c n a m u t n s r , e i t n i a e t n s d other 3 2 2 5 3 6 0 , , , , , 9 4 9 0 9 5 0 2 3 5 3 3 7 4 7 3 2 4 3 0 2 5 , , , , ,8 1 3 0 7 9 1 0 4 8 9 6 8 4 7 3 2 2 5 4 5 0 , , , , ,8 0 5 4 8 4 4 0 3 9 9 1 9 8 2 National Bank of Bulgaria (millions Other 16,005 15,389 18,480 of N N T L G G O le o o e o o t o v t h a t t v l a a e e n d e f l ) r s . o : r c f n r s i a o e r i m n r g i c e g d u h e i n g t l n d a n t e l i t i s x i o a e o c c b b x n o h l i c u i a l h g i n n t a a i g t n e s t e i g s o . e i n n _ s reserve._ _ . . 2 2 1 1 1 , , , , , - 2 7 4 5 9 0 5 1 5 4 4 1 4 9 7 5 7 9 5 7 2 2 1 1 1 , , , , , - 7 5 1 6 1 7 6 5 4 0 7 3 5 8 8 5 7 7 3 0 1 2 2 1 1 , , , , , - 5 1 8 7 1 6 5 4 5 4 5 5 2 1 7 7 3 9 5 3 2 2 1 1 1 , , , , , 8 5 2 1 8 6 6 2 4 2 9 4 5 1 0 6 3 2 8 4 Bank N N O G L D o o o e e o th a t f p l t d e e n o f E r s o s c s r i l i a t t e i r o s a n i c g — b n d u n i i l l a B G d a i e t t i a ( o i x i s e t o n v c c h s n o h k e o a . r u u n n n s m g t a s e n en d _ t s of krooni): 3 2 1 3 6 6 7 7 5 , , , , , , 8 8 6 0 2 3 2 1 2 0 7 9 5 1 1 4 5 4 2 3 1 8 6 3 7 5 7 4 , , , , , , , 5 8 7 6 2 1 2 1 9 8 6 4 4 2 6 1 1 7 3 9 2 3 2 1 7 8 3 3 6 3 , , , , , ,9 0 7 5 4 7 4 9 1 5 4 4 3 3 7 7 2 6 3 2 2 2 8 0 3 0 6 1 , , , , , , , 4 ; 0 8 0 5 7 8 6 8 6 4 6 9 9 1 9 6 4 1 2 Central Bank of Chile (millions of Other.... 2,124 2,323 2,621 2,831 pesos): Bank of Finland (millions of inark- L N D G G o o e o o s a e p l t v d e n r o e v s s r c a e i n a i n t r m s n d c d u e f n l d o a t i r t s e d i c o i e g _ o n b n u . t _ n e t x s change in re- J j 7 4 3 1 6 5 1 9 4 2 9 7 2 4 7 5 3 1 6 0 1 4 5 0 3 7 6 0 6 4 1 3 1 7 8 0 6 6 1 6 9 1 5 kaa B D G F ) o : a o o c r l l m r a e d e n i e d g c s i n e t t s i s c b i b ll a i s l b l . s r oad an _ d foreign _. 1, 3 6 2 1 2 0 8 6 3 9 9 3 1, 3 6 1 1 2 6 8 9 3 2 7 0 1, 3 2 6 1 2 7 8 2 3 4 4 2 3 3 9 6 2 5 7 2 3 0 9 2 Central Bank of China * (millions of N O o th te e r c s ir ig cu h l t a l t i i a o b n ilities 1, 4 2 2 4 2 6 1, 3 2 8 4 4 5 1, 3 2 8 6 9 1 1, 4 1 8 1 0 5 yuan): 32 28 35 Bank of Greece (millions of drach- Gold 120 124 117 mas): Silver 18 15 15 Gold and foreign exchange 4,058 4,086 3,969 Due from banks abroad. 44 45 25 Loans and discounts 2,191 2,011 1,840 2,875 Due from domestic banks. 178 153 141 Government obligations 3,353 3,353 3,353 3,355 Loans and discounts 18 17 13 Note circulation.. 5,644 5,919 5,426 Securities _. 43 39 35 Other sight liabilities 3,812 3,488 3,162 4,970 Other assets 84 81 70 Liabilities in foreign exchange 129 143 166 71 Note circulation._ _ i Beginning Apr. 30,1934, gold valued at rate of 1 schilling =0.16667 gram of fine gold, instead of 0.21172 as formerly, and foreign exchange valued at market. 1 Items for issue and banking departments consolidated. 1 Gold acquired since Mar. 20,1934, valued at purchase price. 4 Gold content of koruna reduced on Feb. 17,1934, from 44.58 milligrams of fine gold to 37.15 milligrams. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY 1935 CENTRAL BANKS—Continued [Figures are for last report date of month] 1934 1933 1934 ! 1933 Central bank Central bank I i Nov. Oct. i Sept. Nov. Nov. I Oct. J Sept. i Nov National Bank of Hungary (millions Bank of Poland (millions of zlote): of pengos): Gold... 497 495 474 79 79 79 79 Foreign exchange— 30 36 38 91 Foreign bills, etc 15 14 14 10 Loans and discounts 723 745 736 806 Loans and discounts 600 598 594 612 Note circulation 958 1,010 975 995 Advances to Treasury _ 47 47 47 50 Other sight liabilities 237 181 220 223 Other assets 32 31 30 37 Bank of Portugal (millions of escudos): Note circulation - 350 373 373 341 Gold 902 902 901 738 Deposits.-- 100 73 68 101 Other reserves 423 383 381 316 Certificates of indebtedness _. 115 115 118 120 Discounts and advances.. __. 323 314 309 307 Miscellaneous liabilities — 181 178 176 197 Government obligations 1,049 1,049 1,050 1,052 Bank of Italy (millions of lire): Note circulation 2,052 2,074 1,988 1,957 Gold at home • 5,840 6,071 6,213 7,082 Other sight liabilities 807 725 809 519 Credits and balances abroad 26 28 27 310 National Bank of Rumania (millions Loans and discounts 5,179 5,095 4,747 4, 652 of lei): Note circulation - 13,162 13, 251 13,455 13,112 Gold -~ - 10, 235 10,208 | 10,179 9,848 Public deposits 300 300 300 300 Foreign exchange of the reserve— 87 83 | 106 304 Other deposits - 754 839 954 1,304 Other foreign exchange— 14 21 Bank of Japan (millions of yen): Loans and discounts. 6,715 6,517 6,312 9,485 Qold._ 464 462 460 425 State debt- - — 5,668 5,668 5,668 5,704 Advances and discounts - 778 764 889 705 Note circulation .- 21,579 21, 650 21, 666 20,671 Government bonds. 323 358 344 728 Demand deposits 7,431 7,350 7,221 7,685 Notes issued 1,186 1,201 1,223 1,135 South African Reserve Bank (thou- Total deposits 311 296 408 705 sands of pounds): Bank of Java (millions of florins): Gold - 21,017 18, 774 16,845 Gold 113 113 . 113 104 Foreign bills 9,125 10, 781 19, 496 Foreign bills 1 1 1 1 Domestic bills... _ 97 163 9 Loans and discounts .- 63 64 ' 66 63 Note circulation 11,264 12, 507 9,784 Note circulation 181 183 186 185 Deposits—Government 2,338 1,680 1,911 Deposits 34 31 I 31 26 Bank 20, 738 20, 763 28, 285 Bank of Latvia (millions of lats): Other 3,645 2,600 2,666 Gold... 46 46 45 47 Bank of Spain •(millions of pesetas): Foreign-exchange reserve 4 4 4 1 Gold 1 — - 2,267 2,266 2,266 2,261 Bills - 61 62 62 67 Silver 675 673 i 680 646 Loans 76 70 63 59 Balances abroad 279 281 ! 280 281 Note circulation 36 34 32 35 Loans and discounts 2,377 2, 377 I2,450 2,655 Government deposits 44 45 48 59 Note circulation 4,669 4,714 I 4,599 4,750 Other deposits 119 119 114 85 Deposits.. 1,005 887 i 813 Bank of Lithuania (millions of litu): Bank of Sweden (millions of kronor): Gold... - - 53 53 50 Gold. - - 352 359 ! 374 369 Foreign currency - 9 12 Foreign bills, etc .- 522 513 : 472 426 Loans and discounts 86 81 83 Loans and discounts 48 45 I 47 67 Note circulation 87 86 86 91 Note circulation 651 662 ! 695 574 Deposits 62 59 55 50 Deposits 446 434 I 516 Bank of Mexico (millions of pesos): Swiss National Bank (millions of Gold— - 87 82 94 41 francs): I Silver 115 124 126 103 Gold. —-- 1,910 1,902 1,808 1,998 Foreign exchange 6 13 4 6 Foreign balances and bills 18 19 22 14 Loans to member banks 70 66 64 i 45 Loans and discounts 100 134 149 121 Other loans and discounts 19 18 20 I 46 Note circulation 1,376 1,384 1,400 1,436 Other assets 13 12 12 10 Demand deposits 642 666 588 751 Note circulation - 101 108 106 76 Central Bank of the Republic of Tur- Deposits 91 90 99 66 key (millions of pounds): Other liabilities 118 116 114 109 Gold - - 27 27 27 24 Netherlands Bank (millions of flor- Foreign exchange 10 6 5 5 ins): Government securities 153 153 153 152 Gold 856 864 922 Other securities 32 33 32 29 Foreign bills 1 1 1 1 Other assets 28 31 38 37 Loans and discounts 171 171 171 173 Note circulation 158 158 158 161 Note circulation 882 893 882 903 Deposits 29 30 32 28 Deposits 187 202 244 Other liabilities 62 62 i 64 58 Reserve Bank of New Zealand * (thou- Bank of the Republic of Uruguay sands of pounds): (thousands of pesos): Gold 3,002 3,202 351 Gold - 48, 639 Sterling exchange 23, 222 24,501 |. Loans and discounts. 98, 350 Other assets. 1,671 1,689 1,660 j Other assets.. 46, 342 Note circulation 9,611 8,878 8,665 i Note circulation 75, 407 Demand deposits 17,132 17, 700 20,329 Deposits—Demand 33,036 Bank _ 10,737 12, 677 15,913 Time 41,953 Government 6,391 5,020 4,414 Judicial and adminis- Other liabilities 1,537 1, 536 1, 520 trative 2, 615 Bank of Norway (millions of kroner): Other liabilities.. — 40, 320 Gold 135 135 135 148 National Bank of the Kingdom of Foreign balances and bills 37 22 19 4 Yugoslavia (millions of dinars): Domestic credits.._ _ 253 251 247 254 Gold 1,822 1,807 1,827 1,795 Note circulation 315 316 322 309 Foreign exchange 217 189 170 151 Foreign deposits 7 8 5 1 Loans and discounts 1,836 1,841 1,834 2,164 Total deposits 84 77 62 65 Advances to State — 2, 321 2,320 2,320 2,320 Central Reserve Bank of Peru (thou- Note circulation 4,307 4,380 4, 298 4,257 sands of soles): Other sight liabilities 1,268 1,179 1,162 1,105 Gold and foreign exchange 41,662 46, 571 45, 819 Bills 60,471 62,417 48, 882 Note circulation. 71,848 71,928 66,150 Deposits 23, 045 28,845 | 20,730 \ 1 Bank began operations Aug. 1, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 47 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities <10 clearing bank E s n . gl F a i n g d ures in millions v d C a u u a e s l t h f r a o i n n m d M ca o l n l e a y n d at Bills dis- J Secu- Loans to other Deposits Other of pounds sterling) E B n a g n l k a n o d f n s o h t o i r c t e counted rities ers | assets Total Demand l Time1 liabilities .1934—January 223 130 284 i 558 738 • 232 1,920 974 893 244 February .. 209 118 250 i 560 746 ; 231 1,867 932 881 246 March 219 120 202 ; 547 757 .' 226 1,831 910 880 240 April 222 132 212 i 534 763 : 230 1,853 919 890 240 May 218 131 223 ; 542 759 ! 225 1,858 925 887 238 June _ 199 141 228 i 549 761 | 229 1,870 954 888 237 July 210 138 224 '• 550 762 i 220 1,871 960 874 235 August 196 139 222 i 557 759 i 219 1,856 939 869 236 September. 207 137 213 ! 563 757 222 1,858 948 873 24C October 213 136 216 576 760 236 1,891 960 885 245 November. 210 135 233 i 589 759 236 1,911 975 900 250 Assets Liabilities France (4 large banks. Figures in millions of Bills dis- including Other francs) 1934—January- 19,169 1,034 32, 809 31,969 284 February. . 18,174 1,130 30, 736 29,891 334 , March 17,990 1,202 30, 390 29,571 345 i April 17,973 1,220 30, 677 29, 819 320 i May 18,043 1,185 30,621 29,746 261 June 18,435 1,201 30,820 29,916 208 July 18,705 1,270 31,888 30,962 201 August 18, 024 1,316 31,165 30, 275 183 September. 18.384 1,395 32, 460 31, 547 179 October.... 17,972 1,488 32,239 31,332 183 Assets Liabilities Germany ! Cash in Loans, i Deposits i Credits ! i ( n R e m p i o ll r i t o i n n s g b o a f n k re s i . c hs F m ig a u r r k e s s ) d R ue e ic fr h o s m - D b u a e n fr k o s m I c B o i u ll n s t d ed is-i s n e c c lu u d ri i t n y g i S ri e ti c e u s - a O s t s h e e ts r Total Demand Time -' : | o b b a f t n r a k o i s m n e f d o r i ! ! lia O b t i h li e t r ies bank customers! 1934—January *_ February. 139 612 2,127 4,458 2,387 1,196 7,159 3,254 ! 3,905 661 3,100 March 179 j 610 I 2,027 4,482 2,417 1,192 7,153 3,294 j 3,860 646 3,108 April 166 i 603 I 2,103 4,390 2,477 1,195 7,166 3.260 3,906 648 3,120 May 169 ! 619 I 2,160 4,309 2,478 1,184 7,185 3,260 ! 3,925 631 3,103 June 226 619 2,128 4,220 2,512 1,158 7,164 3,361 ! 3.804 609 3,091 July 176 601 ; 2,165 4,239 2,515 1,175 7,151 3,272 3,879 594 3,127 August 145 : 594 I 2f 223 4,211 2,432 1,167 7,068 3,189 3,879 581 3,123 Assets Liabilities Canada Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s u d (1 o r 0 e ll s a c i r h n s a ) m rt i e l r li e o d n s b o a f n C ks a . n a F d i i g an - v t r C a r i e n a u a s l e s l c t h r g e v a o n i e n l n - d s d Se lo c a u n ri s ty l b c o i o O a l u l n t s n s h d t e a e i r n s d - d d a a f u b n o b e a r d r e n o f i n r k g a o e s d n m t I S ri e t c ie u s - a O s t s h e e ts r ci N t r i c o o u n t l e a- Total Demand Time (lia O bi t l h i e ti r es "I" 1934—January 194 104 j 1,012 135 j 832 428 113 1,877 526 1,351 714 February... 193 102 1,011 144 833 442 117 1,885 530 1,355 724 March 187 103 j 1,029 159 835 427 128 1,893 526 1,367 718 April 187 101 ! 1,044 169 ! 837 448 121 1,944 568 1,376 722 May 187 103 i 1,037 176 j 830 469 119 1,964 597 1,368 719 June 185 1,018 183 837 452 129 1,922 557 1,365 723 July 206 996 163 I 850 455 122 1,929 568 1,360 717 August 212 100 1,000 184 i 862 446 131 1,939 571 1,367 733 September.. 219 101 i 1,010 178 , 888 434 136 1,971 594 1. 377 724 October 224 108 1,029 162 ! 911 450 130 2,038 668 1,370 715 November.. 232 99 1,003 185 i 920 445 132 2,035 624 1,411 715 i Excluding deposits of the National Bank relating to offices outside England, which are included in the total. > Figures not available. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN JANUARY 1935> DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective E la n n g d - France m G a e n r- y Italy N la e n th d e s r-Sw la i n tz d er- b C an e k n tr of a — l R Ja a 1 n te . Date effective b C an e k n tr o a f— l R Ja a 1 n te . Date effective I M M F M n e a a a b e r r r . f . . . f e 1 9 1 1 c 8 0 7 t , 1 J 9 a 3 n 2 . 1,1932. 4 6 5 2H 6 7 7 3 2 A A B B e o l u b l l s g i a t v i r n u i i i a a m a 7 6 H J A J N u u u o n l g v y e . . 1 2 2 6 5 8 8 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 3 4 2 4 J J I L n a a a v p d t a a i v a n ia 3.65 J J N F a u e o n l b v y . . . 1 3 6 1 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 4 3 3 3 Mar 21 6 Bulgaria 7 Jan. 2,1934 Lithuania 6 Apr. 1,1930 Apr 9 - 5^ Chile. Aug. 23,1932 Norway May 24,1933 A A p p r r . . 2 1 1 9 3 C Cz o e l c o h m os b lo ia - ... 4 July 18,1933 P Po er la u n d _ _ . 6 5 M Oc a t y . 2 2 0 6 , , 1 1 9 9 3 3 2 3 Apr 28 5 vakia Jan. 25,1933 J M M u a a n y y e 3 2 1 0 2. 2 2H 5 D D a e n n z m ig ark... 4 S N e o p v t . . 3 2 0 1 , , 1 1 9 9 3 3 3 4 S P R o o u u r m t t u h a g n A a i l a f . rica. 5 D D M e e a c c y . . 1 1 1 5 3 5 , , , 1 1 1 9 9 9 3 3 3 4 3 4 J S a e n p t 9 2 1 2 933 4 4 Ecuador 4 Nov. 30,1932 Spain _ 6 Oct. 26,1932 J J M u u n a ly y e 1 2 1 5 9 2 4 E Fi s n to la n n ia d 5 4 D O e c c t. . 3 1 , , 1 1 9 9 3 3 4 4 T S U w u .S r e k d .S e e y . n R 8 D M M e a a c r r . . . 2 2 2 1 , , , 1 1 1 9 9 9 2 3 3 7 3 3 . J A u u l g y 2 1 9 5 3 H Gr u e n e g c a e ry 7 O Oc c t t . . 1 1 4 8 , ,1 1 9 9 3 3 2 3 Yugoslavia- July 16,1934 Sept 4 - - 3H Sept 19 2V, Dec 11 3 Change since Dec. 1: Finland—Dec. 3, down from 4H to 4 percent; Feb 9 1934 3 Portugal—-Dec. 13, down from b\i to 5 percent; Rumania—Dec. 15, down June 1 from 6 to 4H percent. Nov 26 4 In effect Jan. 1,1935. 2 2H 4 4 2^ 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] England (London) Germany (Berlin) Netherlands (Amsterdam) Month 3 B a a m a c n n c o c k e e n p e s t t r , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n ll a d o n w e k p a e o n r s c s i e ' ts d P is r r i c a v o te a u t n e t M 1 o m ne o y n t f h or Da m y- o t n o e -d y ay d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1933—October. _. .79 .73 .75 3.87 5.50 5.11 .50 1.00 November. 1.05 .94 .75 3.87 5.50 5.18 .45 1.00 December. 1.06 1.15 .77 3.87 5.50 4.97 .52 1.00 1934—January- 1.01 .90 .86 3.87 4.78 4.74 .50 1.00 February-. .95 3.87 4.91 4.78 .78 1.00. March .95 3.87 5.00 4.89 1.24 1.07 April .96 3.87 5.11 4.76 2.07 1.85 May. .91 .85 3.87 5.13 4.72 1.33 1.22 June .91 .85 3.76 4.67 4.57 .78 1.00 July .87 .76 3.75 4.44 4.67 .74 1.00 August .79 .74 3.75 5.02 4.72 .75 1.00 September .73 .61 3.81 5.13 4.7i .61 1.00 October.. . .77 .68 3.81 5.13 4.63 .59 1.00 November. .45 .29 4.37 4.21 .63 1.0C Sw la it n z d er- (B Be ru lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d ck e ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t c c i o a P l m r p i m m ap e e r e - r Da m y- o to n - e d y ay L m oa t o o n n s t 3 h u s p Disc b o il u l n s ted ov m e C o rn a n l i e l g y ht 1933— N O o c v to e b m er ber.. 1 1 . . 5 5 0 0 2 2 . . 2 1 1 2 1 1 . . 2 8 5 5 3 3 . . 5 5 0 0 3mH 3 3 - - 5 5 5 5 . . 1 1 1 1 - - 5 5 . . 4 4 8 8 2 2 . . 5 5 6 6 December.. 1.50 2.25 2.26 3.00 8H 5.11-5.48 2.56- 1934—January 1.50 2.14 2.12 3.00 434-7^ 5.11-5.48 2.37 February-- 1.50 2.05 2.59 3.00 4^7^ 3H 5.11-5.48 2.56- M Ap a r r i c l h 1 1 . . 5 5 0 0 2 2 . . 0 1 7 4 2 2 . . 7 7 0 5 3 3 . . 0 0 0 0 m 5 5 . . 1 1 1 1 - - 5 5 . . 4 4 8 8 2 2 . . 5 3 6 7 J J A S N M O u u e u o c n a l p t y g v y e o t u e e b s m m e t r b b e e r r . . . 1 1 1 1 1 1 1 . . . . . . . 5 5 5 5 5 5 5 0 0 0 0 0 0 0 2 2 2 2 2 1 5 . . . . . . . 3 9 2 1 1 3 1 5 3 0 5 1 1 0 2 2 1 1 1 1 1 . . . . . . . 7 7 0 4 6 5 4 8 5 9 4 0 0 5 3 3 3 3 3 3 3 . . . . . . . 0 0 0 0 0 1 0 0 0 0 0 0 9 0 4H-7V 3 3 Z 3 % 3 ^ H H H Y H L 5 5 . . 1 1 1 1 - - 5 5 5 5 5 5 . . . . . . 2 4 1 1 1 1 9 8 1 1 1 1 2 2 2 2 2 2 . . . . . . 3 3 5 5 7 5 7 7 6 6 4 6, NOTE.—For explanation of table see BULLETIN for November 1926, pp. 791-796; April 1927, p. 289; July 1929, p. 503; November 1829, p. 736; and •« May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL KESEBVE BULLETIN 49 FOREIGN EXCHANGE RATES [Averages of daily quotations based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year and month A t r i g n e a n- t A ra u l s i - a A (s u c s h tr il i - a Belgium B (m ra i z l- il g B a u ri l a - Canada Chile China Co b l i o a m- Cuba C sl z o e v c a h k o i - a m De a n r - k (peso)i (pound) 2 ling)' (belga) reis)» (lev)a (dollar) (peso)* (yuan) (peso)i (peso) (koruna) (krone) 1929 - 95.1274 480.83 14.0575 13.9124 11.8078 0.7216 99.2472 12.0601 41.9007 96.5512 99.9647 2.9609 26.6802 U930 83.5050 458.60 14.0891 13.9524 10.7136 .7209 99. 8424 12.0785 29.9166 96.4930 99.9515 2 9640 26 7650 1931 66. 7375 351.50 14.0227 13.9285 7.0290 . 7163 96. 3258 12.0669 22.4369 96.5697 99.9295 2.9619 25.0581 1932 58.4433 279.93 13.9599 13.9137 7.1223 .7193 88.0896 7 9079 21.7357 95. 2750 99. 9409 2 9618 18 8317 1933 . . * 72.8009 337. 07 15. 4478 17.8996 7.9630 L. 0039 91.9587 7. 6787 »28.5979 81. 6966 99.9464 3.8232 19. 0709 1934 33.5793 400.95 18.7930 23.2867 8.4268 L. 2852 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4998 1934—January 33.5007 402.44 17.9115 22. 0360 8. 5637 1.3472 99. 5246 9.4476 34. 0007 66. 9396 99.9578 4. 7039 22.5487 February 33.5494 400.78 18. 5650 22.8893 8.4666 L. 3464 99.1675 9.5966 34.3077 69.9523 99.9616 4.4432 22.4721 March 33.9553 405.86 18. 9114 23. 2981 8. 5420 L. 3324 99. 7871 10.1294 34 6190 67. 6663 99.9535 4 1531 22 7384 April 34.3475 410. 54 18.8724 23.4416 8.6004 L. 3295 100. 2070 10. 2595 34.1506 59.9228 99.9288 4.1720 23.0051 May 34.0413 407.10 18.9429 23.4137 8.6046 L. 3154 100.1859 10. 2531 32.4621 61.4642 99. 9329 4.1755 22. 7948 June 33.6552 402. 24 18.9021 23.3628 8.4734 L. 2503 100.7936 10. 2233 33.0523 57. 8900 99. 9726 4.1590 22. 5395 July 33.6077 401. 70 18.8786 23. 3606 8. 4384 L. 2603 101. 2034 10. 2705 33. 9118 56.1052 99. 9404 4.1540 22. 5103 August -_ 33.7661 403.52 18.9981 23.7056 8.4898 L.2881 102.3779 10.3266 34.8553 55.1596 99.9156 4.1944 22.6215 September 33.2904 396.50 19.0185 23. 7332 8.3096 L.2814 102.9387 10.2974 35.5827 57.6496 99.9150 4.2141 22. 2981 October _. - . 32.9458 391. 52 18.9242 23.4579 8.1899 L. 2428 102.1226 10.3090 34. 5881 60. 2012 99.9165 4.1996 22.0615 November 33.2625 395. 73 18.7956 23.3212 8.2176 1. 2134 102.4719 10.3496 33.3947 65.0391 99.9193 4.1777 22. 2724 December 32.9513 392.27 18.7711 23.3939 8.1904 1.2110 101.3090 10.2367 34.2164 64.5284 99.9194 4.1803 22.0793 Year and month (p E o g u y n p d t ) E (p n o g u la n n d d ) F ( i m n k l a a a ) r n k d - F (f r r a a n n c c e ) ( m m r G e a a i e c r n r k h y - ) s- G (d m r r e a a e c ) c h e - (d H K o o o l n n la g g r) (p H g e a u n r n g y - o)' ( I ru n p d e ia e) 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 ( l l e a lo t n h r d i e n s r ) - 1929 498.0689 485. 6879 2. 5160 3.9161 23.8086 1.2934 47.1669 17.4414 36.2020 5.2334 46.0997 48.1830 40.1622 1930 498.6002 486.2126 2.5169 3.9249 23.8541 1.2959 33.8530 17.4939 36.0672 5.2374 49.3898 47.1331 40.2251 1931 465.1111 453.4990 2.3875 3.9200 23.6302 1.2926 24.3305 17.4522 33. 6895 5.2063 48.8509 6 35.4919 40.2298 1932 359.5406 350.6067 1. 5547 3.9276 23.7492 .8320 23.4604 17.4460 26.3468 5.1253 28.1112 31.8500 40.2949 1933 — 434.3908 423.6821 1.8708 5.0313 30. 5179 .7233 29.4516 22.3598 31.8159 6. 7094 25. 6457 28.1025 51.7209 1934 503.9302 2.2277 6.5688 39.3751 .9402 38.7156 29.5746 37. 8793 8.5617 29.7153 27.7423 67.3831 1934—January 518. 2824 504.9336 2. 2449 6.2110 37. 5872 .8949 37.6811 28. 0425 37.9739 8.3076 30.1136 27. 7434 63. 6167 February 516.0390 503. 2596 2.2288 6.4648 38.8841 .9253 38.0999 29.1191 37.8567 8. 5757 29.7536 27.7313 66.0382 March 522. 3447 509.3917 2.2470 6. 5801 39. 6599 .9413 38.6842 29.6125 38. 3335 8.5763 30.0093 27. 7224 67. 2956 April 528.4813 515.3425 2.2702 6. 6161 39. 5890 .9452 38.1556 29.7652 38.7557 8.5641 30.3124 27. 7222 67.8471 May 523. 7236 510.6279 2.2540 6.6131 39.4712 .9462 36. 2293 29. 7559 38. 3329 8.5176 30. 2276 22. 7432 67.9056 June 517.7111 504.8406 2. 2311 6.5993 38. 2953 .9449 36.4890 29. 7529 37.9072 8.5989 29.9041 27.7492 67.8148 July 516.9506 504.0705 2. 2302 6. 5939 38.4938 .9453 37. 6231 29. 7112 37.8774 8. 5750 29.8434 27. 7481 67. 7146 August 519.5273 506. 5076 2.2403 6. 6592 39.4786 .9565 38. 6140 29.8832 38.0616 8. 6632 29.9933 27.7298 68. 3808 September 512.2619 499.4056 2. 2101 6. 6714 40.2760 .9562 39.3324 30.0219 37.5481 8.6794 29. 7693 27. 7458 68. 5744 October 506.6711 494. 0809 2.1826 6. 6247 40.4507 .9476 40. 4695 29.8995 37.1426 8. 6056 28.6843 27.7514 68.0869 November 511.6889 498.9022 2. 2019 6. 5886 40. 2054 .9392 41. 2418 29.7126 37.4866 8. 5386 29.0554 27. 7620 67.5988 December 494. 5793 2.1859 6. 5971 40.1910 .9375 42.2908 29.5993 37.1835 8.5427 28.8232 27. 7615 67. 6382 Year and month ( Z p e N o a u e l n a w n d d )2 N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( u n le m i u a ) a- (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- T (p u o r u k n ey d) U (p S A n o o i f u o r u i n n c t d h a o ) f 2 (p g U e u r s a u o y - )1 ( Y s d l u a in v g a i o a r - ) 1929 483.21 26. 6827 11.1940 4 4714 0. 5961 14 6833 56. 0117 26. 7839 19. 2792 48. 4105 483 27 98. 6294 1.7591 1930 468.22 26. 7598 11.2051 4.4940 .5953 11. 6670 55.9639 26.8543 19. 3820 47.0608 483. 79 85.8650 1.7681 1931 - - _ 415. 29 25.0546 11.1970 4. 2435 .5946 9. 5453 52. 4451 25. 2540 19. 4009 47.1814 480. 76 55. 3572 1. 7680 1932 320.19 18.0039 11.1823 3.1960 .5968 8. 0438 40. 3970 18.4710 19.4049 47. 2854 476. 56 47.0639 1.6411 ig33 340. 00 21.4292 14.4135 3. 9165 . 7795 10. 7189 49. 2320 22. 0324 24.8355 60.4396 414. 98 60. 3360 1. 7607 1934 402.46 25.3161 18.8460 4. 6089 1.0006 13. 6150 59.0052 25. 9815 32.3663 498.29 79. 9562 2. 2719 1934—January 403.47 25. 3722 17.9281 4.6505 .9614 13. 0042 58.9185 26.0418 30. 6420 75.0781 499. 09 75.8051 2.1818 February 401.81 25. 2835 18.5984 4.6321 .9923 13.3001 58.7852 25.9554 31. 7374 77.7923 497. 42 78. 7499 2. 2468 March 406. 84 25. 5834 18.9043 4.6709 1.0013 13. 6175 59. 6007 26. 2620 32. 2857 79.1507 503. 42 80.1921 2. 2648 April 411.63 25.8824 18. 9554 4. 7085 1.0060 13. 7024 60. 3487 26. 5643 32. 4593 79.6364 509.43 80. 6081 2.2718 May 408. 28 25. 6463 18.9514 4. 6677 1.0032 13. 7050 59.8173 26.3199 32. 5277 79.6204 504. SO 80. 5539 2. 2725 June - 403. 39 25.3559 18. 8879 4.6253 1.0020 13.6776 59.1709 26.0211 32. 4969 79. 4669 499.10 80. 2668 2. 2702 July 402.81 25. 3246 18.8917 4. 6129 1.0045 13 6668 59.0562 25.9880 32. 5771 79. 2912 498. 44 80.1433 2. 2773 August 405.09 25.4504 19. 0824 4.6274 1.0126 13.8002 59.3488 26.1182 32.9542 79.9969 501. 27 80.9961 2. 3075 September 398. 77 25. 0928 19.1413 4. 5593 1.0144 13.8269 58.5164 25. 7483 33.0237 80. 2671 494. 23 81.1496 2.3156 October 393.67 24. 8258 19. 0071 4. 5043 1.0069 13. 7272 57.9172 25.4756 32. 7745 79. 6869 488. 43 80. 5520 2.2993 November 398.07 25. 0655 18.8976 4. 5384 .9998 13. 6532 58. 4538 25.7220 32.4713 79.1991 493.42 80.1486 2.2785 December 394.63 24.8478 18.8941 4.4977 1.0025 13. 6719 57.9717 25.4975 32.4053 489.24 80.2310 2.2756 1 Nominal since April 1933. 2 Nominal since April 1934. 3 Partly nominal since April 1933. 4 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. Average for December 1933 based on paper peso for Dec. 13-31. Average of gold peso for Dec. 1-10 was 75.8904 cents. No quotations Dec. 11 and 12. • Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. Average for April based on new yuan for Apr. 10-30. Average of old yuan for Apr. 1-9 was 20.5383 cents. « Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso for Jan. 2-July 29 was 47.6510 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN JANUARY 1935 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year and month U St n a it t e e d s Canada England France Germany Italy (O Ja ct p o a b n er N l e a t n h d e s r- (1926=100) (1926=100) (1913=100) (1913=100) (1913=100) (1913=100) 1900=100) (1913=100) 1926 100 100 148 695 134 602 237 145 1927 95 98 142 642 138 495 225 148 1928 97 96 140 645 140 462 226 149 1929 95 96 137 627 137 445 220 142 1930 86 87 120 554 125 383 181 117 1931 73 72 104 502 111 328 153 97 1932 65 67 102 427 97 304 161 79 1933 66 67 101 398 93 280 180 74 1933—July 69 71 102 401 94 279 182 73 August - 70 70 103 397 94 278 180 73 September 71 69 103 397 95 276 182 75 October 71 68 103 397 96 274 180 76 November 71 69 103 403 96 273 179 76 71 69 103 407 96 275 176 77 1934—January , 72 71 105 405 96 276 176 79 February - - -- -- 74 72 105 400 96 275 178 80 March 74 72 104 394 96 275 177 79 April 73 71 103 387 96 273 177 79 May_ - _- _ 74 71 102 381 96 273 176 77 June 75 72 104 379 97 272 175 7fr July _ 75 72 103 374 99 270 174 77 August 76 72 106 371 100 271 177 78 September _ _ ._ 78 72 105 365 100 270 179 77 October 77 71 104 357 101 272 182 77 November 77 71 104 356 101 274 181 77 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) England (1913=100) France (1913=100) Germany (1913=100) Year and month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n I i i n n d a i d l s s h u r e e s a m d - w i- tr I i i n s a d h l e u f d i s n - products products 1926 100 100 100 155 144 581 793 129 132 130 150 1927 99 97 94 152 136 599 678 138 129 132 147 1928 106 101 93 152 134 584 697 134 133 134 159 1929 105 100 92 145 132 579 669 130 125 132 157 1930 _ 88 91 85 127 116 526 579 113 113 120 150 1931 65 75 75 112 100 542 464 104 96 103 136 1932 48 61 70 111 97 482 380 91 86 89 118 1933 51 61 71 103 99 420 380 87 75 88 113 1933—July 60 66 72 101 103 414 389 87 77 90 113 August 58 65 74 104 102 407 389 88 76 90 113 September 57 65 76 105 102 413 383 90 75 89 114 October 56 64 77 104 102 417 379 93 73 89 114 November 57 64 77 104 102 425 384 94 73 89 114 December 56 63 78 103 103 432 385 94 73 89 114 1934—January . 59 64 78 104 105 424 387 93 73 90 114 February. .. 61 67 79 104 106 416 386 92 73 91 115 March 61 67 79 101 105 413 378 91 73 91 115 April 60 66 79 99 105 404 372 91 74 91 115 May.. . 60 67 79 100 104 405 360 92 74 90 115 June 63 70 78 104 104 406 356 94 76 91 115 July 65 71 78 104 103 396 354 98 76 92 115 August 70 74 78 111 103 393 351 100 78 92 116 September 73 76 78 110 103 383 350 100 78 92 117 October 71 75 78 107 102 368 347 101 78 92 118- November 71 75 78 107 103 366 347 101 79 92 119 Sources— See BULLETIN for March 1931, p. 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 51 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES-Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United England France Germany United England France Germany Year and month States (July (July (1913- Year and month States (July (Jan.-June (1913- (1913=100)1 1914 = 100) 1914=100V 14=100) (1913 = 100) 1914=100) 1914=100)2 14 = 100) 1926 161 161 113 1926 175 170 103 1927 155 156 113 1927 173 164 104 1928 154 157 112 153 1928 171 166 105 152 1929 157 154 124 156 1929 171 164 113 154 1930 147 145 125 146 1930 164 158 118 148 1931 121 131 124 131 1931 148 148 116 136 1932 102 126 109 116 1932 134 144 107 121 1933 100 120 100 113 1933 132 140 106 118 1933—July 105 118 95 114 1933—July 138 118 August 107 119 97 113 August 139 118 September 107 122 98 114 September.. „ 141 105 119 October 107 123 101 116 October 141 119 November 107 126 103 117 November 143 120 December 104 126 104 118 135 143 107 121 1934—January 105 124 105 118 1934—January . 142 120 February 108 122 103 117 February 141 120 March, 109 120 100 117 March 140 107 120 \pril 107 118 98 116 April 139 120 May 108 116 97 116 May _ _ __ 137 120 June 109 117 98 118 June 136 138 106 121 July 110 122 97 120 July 141 122 August 112 123 97 121 August 142 122 September __ _. 117 126 95 119 September 143 104 122 October 116 125 95 119 October 143 122 November 115 127 94 120 No VATT) bar 139 144 122 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 1 Index represents prices converted to gold basis of 1914. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique GenSrale, and for cost of living, Commission d'etudes relatives au coiit de la vie a Paris. ^SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year and month United England France Germany States (December (1913 aver (average United England l France Germany (average 1921=100)1 age=100) price)i States price) Number of issues 60 87 36 169 421 278 300 329 1926 97 0 110 0 57 4 100 0 100 0 100 0 100.0 1927 98.9 110.7 71.7 118.3 107.0 123.2 145.0 1928 98.7 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 95.7 110.2 85.1 81.4 190.3 119.5 217.6 122.8 1930 98.3 111.8 95.8 83 3 149.8 102.6 187.6 100.2 1931 .... 96.1 108.4 96.9 3 83.4 94.2 78.9 132.2 «78.0 1932 81.1 113.2 88.6 »67.1 48.4 67.9 105.2 >50.3 1933 84.0 119.7 8.1.3 82.5 63.4 78.6 99.6 61.7 1933—July _ 89.6 117.9 80.0 78.2 80.4 83.9 106.0 62.8 August 89.9 120.1 80.2 78.5 75.1 84.4 105.2 60.7 87.9 121.2 81.4 78.2 74.8 85.3 103.0 57.3 October _ 86.5 122.3 81.1 84.7 69.5 82.9 98.3 57.0 November 82.6 122.3 79.6 87 9 69.1 80.9 95.7 58.7 December . 83.6 122.0 79.9 89.6 70.4 81.4 95.3 61.8 1934—January 88.3 123.6 78.7 92.0 75.6 85.5 92.3 64.4 February . . . . . 92.9 124.3 78.7 91,6 80.5 87.0 91.8 67.8 March... 95.1 126.2 76.9 91.9 77.1 87.3 85.0 70.6 ApriL 97.0 126.9 81.9 91.3 79.6 88.1 88.8 68.8 May 97.6 125.8 84.7 90.7 71.8 87.1 90.1 67.2 June 99 0 125.3 85.6 88.9 73.5 86.0 87.6 69.9 July 99.3 127.1 82.7 87.8 71.4 84.8 83.3 71.3 August 97.8 127.4 81.8 87.9 67.8 83.8 81.1 73.4 96.7 128.3 81.3 89.0 67.0 83.6 77.3 76.2 October . .. - . _ . _. 98.4 128.9 82.7 91.6 67.3 84.5 74.7 76.3 November _ 98.8 133.2 85.0 92.2 69.4 85.6 73.0 73.7 1 Annual indexes are unweighted averages of monthly indexes. » Exchange closed from July 13 to Sept. 2f 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources.—See BULLETIN for February 1932, p. 121. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN JANUARY 1935 LAW DEPARTMENT Revised rules and regulations for selection of directors bank shall expire at the end of each year. No of branches of Federal Reserve banks director, other than the managing director, shall be reappointed for a term immediately follow- (1) The board of directors of each branch ing 6 or more years of continuous service as a of a Federal Reserve bank shall consist either director. of seven members or of five members, as may (7) The board of directors of each branch be determined by the Federal Reserve bank, shall annually elect as chairman of the board subject to the approval of the Federal Reserve the member appointed by the Federal Reserve Board. Where the board of directors of the Board whose term of office expires with the branch consists of seven members, four shall current year. be appointed by the Federal Reserve bank and (8) In the event of a vacancy occurring in three by the Federal Reserve Board, and, where the board of directors of a branch of a Federal the board consists of five members, three shall Reserve bank, the appointment to fill such be appointed by the Federal Reserve bank and vacancy shall be made by the body making the two by the Federal Reserve Board. original appointment and such appointment (2) All directors shall be persons of high shall be for the unexpired term. character and standing who have established (9) As provided in section 3 of the Federal reputations and ability to meet their financial Reserve Act, directors of branches of Federal obligations. They shall be persons whose Reserve banks hold office at the pleasure of the business and financial interests are primarily Federal Reserve Board. within and representative of the branch territory rather than of interests controlled or owned outside the territory. The directors appointed by the Federal Reserve banks shall Regulations of the Comptroller of the Currency further be persons who are either well qualified and defining the term "investment securities" experienced in banking or actively engaged in There are printed below the regulations of agriculture, industry, or commerce. The directors appointed by the Federal Reserve the Comptroller of the Currency, issued under Board shall be persons who are actively engaged date of December 27, 1934, further defining the in agriculture, industry, or commerce and who term "investment securities" as used in the are not primarily engaged in banking (although Banking Act of 1933: they may be stockholders or directors of banks). (3) All directors shall be citizens of the dis- By virtue of the authority vested in the trict and shall reside within the territory served Comptroller of the Currency by the terms of by the branch, but at least one of the directors section 5136 of the Revised Statutes as amended appointed by the bank and one appointed by by section 16 of the Banking Act of 1933, apthe Board shall reside outside of the city in proved June 16, 1933, the following regulations which the branch is located. further defining the term " investment securi- (4) One of the directors appointed by the ties" are prescribed: Reserve bank shall be the active manager of the (1) The business of buying and selling investbranch and shall have the title " managing ment securities by national banks is governed by section 5136 of the Revised Statutes of the director." United States as amended by section 16 of the (5) The term of office for the director chosen Banking Act of 1933, approved June 16, 1933, by the Reserve bank to act as managing director as follows: of the branch shall be 1 year, subject to reappointment from year to year, if such action be SEC. 16. Paragraph "Seventh" of section 5136 of desirable. the Revised Statutes, as amended (U. S. C, title 12, sec. 24; Supp. VI, title 12, sec. 24), is amended to read (6) The full term for other directors shall be as follows: 3 years where the branch board consists of "SEVENTH. TO exercise by its board of directors or seven members and 2 years where the branch duly authorized officers or agents, subject to law, all board consists of five members. In order to such incidental powers as shall be necessary to carry on the business of banking; by discounting and negomake practicable an orderly rotation of branch tiating promissory notes, drafts, bills of exchange, and directorships, the terms of directors, other than other evidences of debt; by receiving deposits; by the managing director, shall be so arranged buying and selling exchange, coin, and bullion; by that the term of a director appointed by the loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provi- Federal Reserve Board and the term of a sions of this title. The business of dealing in investdirector appointed by the Federal Reserve ment securities by the association shall be limited to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 53 purchasing and selling such securities without recourse, of national banks under ;>aragraph "Seventh" of secsolely upon the order, and for the account of, customers, tion 5136 of the Revised statutes, as amended. and in no case for its own account, and the association (3) An obligation of indebtedness which shall not underwrite any issue of securities: Provided, That the association may purchase for its own account may be purchased for its own account by a investment securities under such limitations and re- member bank of the Federal Reserve System, strictions as the Comptroller of the Currency may by either State or National, in order to come regulation prescribe, but in no event (1) shall the total within the classification of "investment securiamount of any issue of investment securities of any one obligor or maker purchased after this section as amended ties77 within the meaning of the proviso of sectakes effect and held by the association for its own tion 5136 above quoted, must be a marketable account exceed at any time 10 per centum of the total security as designated by the express language amount of such issue outstanding, but this limitation of said proviso. Under ordinary circumshall not apply to any such issue the total amount of which does not exceed $100,000 and does not exceed stances, the term "marketable77 means that the 50 per centum of the capital of the association, nor (2) security in question has such a market as to shall the total amount of the investment securities of render sales at intrinsic values readily possible. any one obligor or maker purchased after this section as amended takes effect and held by the association for (4) In classifying a given security as marketits own account exceed at any time 15 per centum of able, the Comptroller of the Currency may in the amount of the capital stock of the association specific cases give consideration to various facts actually paid in and unimpaired and 25 per centum of and circumstances, but he will require in all its unimpaired surplus fund. As used in this section the term (investment securities' shall mean marketable cases the following: obligations evidencing indebtedness of any person, co- (a) That the issue be of a sufficiently partnership, association, or corporation in the form of bonds, notes and/or debentures commonly known as in- large total to make marketability possible; vestment securities under such further definition of the (6) (1) Such a public distribution of the term 'investment securities' as may by regulation be securities must have been provided for or prescribed by the Comptroller of the Currency. Except made in a manner to protect or insure the as hereinafter provided or otherwise permitted by law, nothing herein contained shall authorize the purchase marketability of the issue, or, (2) other by the association of any shares of stock of any corpora- existing securities of the issuer have such tion. The limitations and restrictions herein contained a public distribution as to protect or insure as to dealing in underwriting and purchasing for its the marketability of the issue and the issue own account, investment securities shall not apply to obligations of the United States, or general obligations shall have been registered under the proof any State or of any political subdivision thereof, or visions of the Securities Act of 1933 as obligations issued under authority of the Federal Farm amended, or are exempt therefrom under Loan Act, as amended, or issued by the Federal Home Loan Banks or the Home Owners7 Loan Corporation: section 3 thereof. Provided, That in carrying on the business commonly (c) That the trust agreement under known as the safe-deposit business the association shall which the security is issued provides for a not invest in the capital stock of a corporation organized trustee independent of the obligor and in under the law of any State to conduct a safe-deposit business in an amount in excess of 15 per centum of the the case of securities issued under a trust capital stock of the association actually paid in smd agreement executed and delivered after unimpaired and 15 per centum of its unimpaired 60 days from the date of the promulgation surplus." of these regulations, such a trustee must The restrictions of this section as to dealing in invest- be a bank or trust company. ment securities shall take effect one year after the date of the approval of this Act. (5) This series of regulations may be modified, amended or withdrawn at any time by the (2) Section 5 (c) of the Banking Act of 1933 Comptroller of the Currency. provides in part as follows: Signed and promulgated this 27th day of State member banks shall be subject to the same December, 1934. limitations and conditions with respect to the pur- J. F. T. O'CONNOR, chasing, selling, underwriting, and holding of invest- Comptroller oj the Currency. ment securities and stock as are applicable in the case Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN JANUARY 1935 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In millions of dollars] [In thousands of dollars] 1934 1933 Wednesday series (1934 Federal Reserve bank Federal Reserve bank Decem- Novem- Decem- Dec. 5 Dec. 12 Dec. 19 Dec. 26 ber ber ber Boston 1,198 1,528 918 1,551 Boston 1.4 1.5 New York 7,270 5,516 5, 536 5,408 New York 6.2 6.9 46.9 Philadelphia 968 1,028 967 1,185 Philadelphia. 1.0 25.6 Cleveland 384 540 433 380 Cleveland .5 10.3 Richmond 116 118 147 169 Richmond .1 5.4 Atlanta 96 109 99 94 Atlanta .1 6.9 Chicago 200 100 108 48 Chicago 5.9 St. Louis 60 130 175 180 St. Louis .2 1.5 Minneapolis 23 23 Minneapolis. . .01 2.3 Kansas City 85 86 93 131 Kansas City.. .1 I .2 2.0 Dallas - -_ 12 12 Dallas .01 | .1 .9 San Francisco 66 78 119 123 San Francisco .04 2.9 Total 10, 466 9,256 8,607 9,281 Total__. 10.0 ' 10.5 116.9 Back figures.—See Annual Report for 1933 (table 15). Back figures.—See Annual Report for 1933 (table 11). TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Federal Reserve notes in cir- deposit and Federal Total reserves Total deposits culation i Reserve note liabilities combined 1934 1933 1934 1933 1934 1933 1934 1933 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- Decem-Novem- December ber ber ber ber ber ber ber ber ber ber ber Boston 400,890 394,883 266, 496 272,301 273,245 174, 609 270,641 264,690 230,940 73.8 73.4 65.7 New York 1,784,668 1, 768, 235 951,699 1,798,757 1,797,803 1,032,559 675,038 658, 505 655, 420 72.1 72.0 56.4 Philadelphia-. 295, 209 232, 330 215,486 205,924 j 140,278 244,480 239,837 236,364 67.2 66.2 61.7 Cleveland 412,052 387, 269 298,255 297,864 280, 954 185, 910 308,900 300, 653 289,620 67.9 66.6 62.7 Richmond 206,846 203, 666 176, 081 136,125 132, 765 93, 217 173,285 173,141 157,935 66.9 66.6 70.1 Atlanta 136,300 130,830 126, 548 89,238 80, 694 70,149 135,739 137, 793 124, 609 60.6 59.9 65.0 Chicago 1,094,343 1,085, 088 934,853 708,425 713,636 541, 597 786,198 771,569 776,136 73.2 73.1 70.9 St. Louis 208,63£ 211, 053 172, 295 152,808 155,195 107, 885 143,678 143, 304 144,861 70.4 70.7 68.2 Minneapolis.. 158,175 152, 510 95,163 112,858 107, 516 60, 707 107,708 106, 585 92,122 71.7 71.2 62.3 Kansas City— 194,970 191, 426 152,417 166,272 163, 676 119, 794 118,288 117,440 106, 863 68.5 68.1 67.2 Dallas 117,920 117, 669 93, 481 128,142 127,732 ! 101,335 54,186 54, 375 42,357 64.7 64.6 65.1 San Francisco 334,874 332, 021 272, 355 276,753 270, 564 I 201,935 212,480 214, 284 214, 374 68.4 68.5 65.4 Total— 5,358,665 5, 269,859 3, 771,973 355,029 4,309,704 12,829,975 3,230,621 3,182,176 3,071,601 70.6 70.3 i 63.9 i Includes " Federal Reserve notes of other Reserve banks" as follows: Latest month, $21,676,000; month ago, $20,799,000; year ago, $16,058,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

55 JANUARY 1935 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, DEC. 31, 1934 [In thousands of dollars] Total B to o n s- Y N o ew rk C l leve- m Ri o c n h d - At t l a an- Chicago L S ou t. is n M o e l a i i n s p - - K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury 5,124,347 363,292 1,836, 676 271,119 383, 641185, 213 121,475 1, 025,816 193, 736 139,798 187,308 106,021 310, 252 Redemption fund—F. R. notes 19,060 662 1,499 2,525 1,770 1,923 3,853 1,311 614 330 613 328 3,632 Other cash 257, 577 31,028 56,764 35,661 13,315 13,259 13,849 33,384 11,927 11,341 11,431 8,739 16,879 Total reserves ____'5,400,984 394,982 1,894,939 309, 305 398, 726 200,395 139,177 1, 060, 511 206, 277 151,469 199, 352 115,088 330, 763 Redemption fund—F. R. bank notes j 1,677 250 1,427 Bills discounted: f Secured by U. S. Govt. obligations, I direct and/or fully guaranteed 3,494 995 1,538 556 190 24 95 Other bills discounted 3,568 60 2,690 437 125 37 Total bills discounte d 7,062 1,055 4,228 315 139 57 2 3 126 1: 132 Bills bought in open market 5,613 404 1,982 528 209 303 707 116 81 155 154 390 Industrial advances 14,301 1,775 813 932 1,540 847 921 419 1,752 433 1,045 U. S. Government securities: == === Bonds I 395,665 23, 206 141, 018 30,558 14,859 13, 585 62,144 13, 797 15, 35013,335 18,818 23, 857 Treasury notes. 1,507,116 98,827 475, 234 104', 810 1"3 4t,,108 65,195 59, 307 273,102 58, 359 37,058 57,703 38,7011.0044, ,771122 Certificates and bills 527, 475 35,638 161, 566 48,359! 23,509 21,385 93,097 21, 044 13,181 20,806i 13,956 37, 762 Total U. S. Government securities..2,430, 256157, 671 777,818 167,120 213, 025| 103, 563 94, 277 428,343 93, 200 65, 58991,844, 71,475166, 331 Total bills and securities 2,457, 232160,905 784, 841171,933 214,800J105, 451 P5, 484 429, 971 93, 738 07,422 92,558 72,686167, 441 Due from foreign banks 805 60 299 87 77 31 28 6 23 23 57 F. R. notes of other banks.. 28, 502 352 6,950 1,373 1,763 4,050 1,731 4,776 1,901 1,128 1,400 421 2,657 Uncollected items 460,132 50,870 126, 519 38, 75640,953 37, 748 15, 243 58,140 18,455 11, 99025, 020 15,451 20,987 Bank premises 49,161 3,168 11,437 4,411 6,629 3,027 2,325 4,955 2,629 1,580 3,447 1, 681 3,869 All other assets 43, 652 61" 30, 002 5,178 1,324 1,392 1,834 768 194 771 2601 856 456 Total assets 8, 442,145611, 204 2, 856, 414 531,043 664, 272 352,094 255,82211, 559, 228 323, 203 234,366 322, 060,206, 209 526, 230 LIABILITIES F. R. notes in actual circulation 3, 221,107270, 943 680, 935240, 444 306, 626 167,825132,968 788, 933142,880 106, 686 117, 654 53,845211, 368 F. R. bank note circulation—net 26, 390 922 25,468 Deposits: Member bank—reserve account 4,095,946251,604 1L,, 749, 711 211, 578 274, 278 124,826 84,804 633, 316 129,419 97,422 162,475! 12,1135 255,378 U. S. Treasurer—general account 120, 746 10,820 29,697 4,315 4,760 8,585 5, 921 32,551 11,728; 2,590 4,002 2, 578 3,199 Foreign bank 19,394 1,381 6,848 1,995 1,842 729 672 2,417 633 441 537 537 1,362 Other deposits 169, 264 1,794 123,496 1,978 4,226 995 3,708 2, 685 9, 370 6, 2682,322 1,143! 11,279 Total deposits . 4,405,350265, 599 1L, 909, 752219, 866 285,106 135>,, 13595,105 670,969 151,150 106, 721 169, 336 125, 393 271, 218 Deferred availability items 455,252 50,420 120, 72337, 578 41,088 36, 588 14,438 58,879 12,136 26,244 17, 7"20 20,450 Capital paid in 146,725 10, 762 59,606 15,131 13,062 4,975 4,368 12, 723 4,1 3,134 4,068 4,048 10, 760 Surplus (sec. 7) _l 144,893 9,902 49,964 13,470 14, 371 5,186 5, 540| 21, 350 4,655 3,420 3,613 3, 777! 9,645 Surplus (sec. 13b) j 8,069 91: 773 1,049 906 957 754 707 382 751 293 585 Reserve for contingencies 30,816 1,648 7,510 2, 3,000 1,416 2, 595 5,325 893 1,211 1,363 2,053 All other liabilities 3,543 96 1,683 509 113 12 54; 342 167 307 46 63 151 Total liabilities 8,442,145 611, 204 2, 856, 414 531, 043 664, 272 352, 094 255,822! 1, 559, 228 323, 203 234, 366 322, 060 206, 209 526, 230 Ratio of total reserves to deposit and F. R. note liabilities combined (percent) j 70.8 73.6 73.1 67. 2 67. 4 66.1 61. Oj 72.6 70. 2 71. 0 64.2 68.5 Commitments to make industrial advances 10, 047 1. 69' 3,892 399 979 41 590! 30 1,212.... FEDERAL RESERVE NOTE STATEMENTS Federal Reserve notes: J Issued to F. R. bank by F. R. agent '3, 520, 365 299,034 770,506 262, 321,326, 535181, 254 151,812; 826,824 147, 362 111, 439 127, 477 61,484J254,317 Held by Federal reserve bank 299,258 28,091 19, 571 21,877 19.r" 13,429 18,844! 37,891 4,482] 4,753 9,823 7,639j 42,949 In circulation 3, 221,10' 270,943 680,935 240, 444 306, 626 167,825 132,968 788,933 142,880J106,686117,654 53, 845J211, 368 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury.. 3, 316, 200 299, 617 788, 706 223, 1291, 715 146i,, 34091, 385 819, 513|l41,936!llO, 000 124, 55062,675 216,763 Eligible paper 5, 1,055 2,773 830i 315 113 141 2j 3| i 111 12 132 U. S. Government securities 241,400 40,000 35,000 36,000 65,000 10,000, 8,000j 2,400 5,000 40, 000 Total collateral 3,563,087 300,672 791, 479 263,830 327, 030 182,453 156, 526, 829, 515J149,939 112,400,129, 66612, 687 256,895 FEDERAL RESERVE BANK NOTE STATEMENT I Federal Reserve bank notes: Issued to F. R. bank (outstanding)... 37,590 1,511 25,871 10, 208 Held by Federal reserve bank _ 11,200 403 10,208 In circulation—net 26,390 922 25,468 Collateral pledged against outstanding notes: Discounted and purchased bills __ U. S. Government securities.__ 42,874 5,000 25.874 12,000 Total collateral. 42,874 5,000 25,874 12, C Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDEKAL RESERVE BULLETIN JANUARY 1935 LICENSED MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars.] Reserves held Borrowings at Federal R3serve banks Total Excess Federal Reserve district No b v e e r m- October Sep b t e e r m- No b v e e r m- October Sep b t e e r m- No b v e e r m- October Sep b t e e r m- Boston 267.8 254.4 250.4 138.7 125.5 124.5 1 5 1 i 1 0 New York 1, 683. 7 1, 640. 7 1,615.9 667.8 634.5 626.1 6.9 6.9 12.9 Philadelphia ._ _ 198.2 197.7 190.2 76.0 76.5 70.9 .9 1.3 1.9 Cleveland 271.7 259.9 255.9 129.8 121.3 118.5 .3 .3 .4 Richmond 128.1 130.5 130.6 57.7 62.1 64.0 .1 .2 .5 Atlanta 73.9 72.8 71.7 21.6 22.5 23 2 .07 .2 .2 Chicago 702.7 666.5 716. 3 388.4 356.2 410.7 . l .02 .3 St. Louis ._. 140.3 129.3 121.5 75.4 67.4 61.8 .06 .2 .2 Minneapolis 98.2 93.8 92.9 51.0 47.9 47.7 .06 .07 .2 Kansas City 158.2 148.6 152.2 78.2 70.3 76.1 .2 .2 1 Dallas .. .. -. 124.9 121.1 118.4 68.4 65.8 65.3 .06 .04 .1 San Francisco - 252.6 249.0 230. 5 81.5 80.8 65.3 .03 .04 .1 Total 4,100. 3 3,964. 3 3,946. 6 1,834. 5 1, 730. 7 1, 754. 1 10.2 10.7 18.0 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal Reserve" district Net demand Time Net demand Time No b v e e r m- October Septem- No b v e e r m- October Sep b t e e r m- No b v e e r m- October Sep b t e e r m- No b v e e r m- October Se b p e t r em - Boston 1,146 1,139 1,104 601 611 613 92 92 91 123 123 New York.... 7,533 7,451 7,312 1,679 1,706 1,703 206 203 207 440 439 439 Philadelphia.. 876 864 851 631 632 630 157 160 153 382 378 Cleveland 1,047 1,012 900 903 143 143 143 223 220 218 Richmond 533 516 501 308 308 310 117 112 104 160 157 156 Atlanta 404 391 375 266 262 79 74 67 64 66 Chicago 2,333 2,305 2,269 911 893 887 175 172 166 160 157 15f St. Louis 484 457 439 251 249 248 124 120 115 88 86 86 Minneapolis.- 297 283 281 169 169 164 135 133 129 170 169 169 Kansas City.. 562 552 532 209 205 231 224 221 110 109 109 Dallas 405 397 382 162 160 160 191 186 175 35 35 35 San Francisco 3,134 1,108 1,079 1,706 1,699 1,706 110 108 104 90 85 Total... 16, 755 16, 476 16,123 7,790 7,796 7,790 1,732 1,682 2,050 2,030 2,019 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAKY 1935 FEDERAL RESERVE BULLETIN 57 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, OCTOBER 4, 1929, TO OCTOBER 17, 1934 [Amounts in thousands of dollars] 1929 1930 1931 1932 1933 1934 1934 Oct. 4 Sept. 24 Sept. 29 Sept. 30 Oct. 25 i June 301 Oct. 17 i ASSETS Loans (including overdrafts) 26,164,829 24, 738, Oil 20,874, 084 15,923,841 13,058, 608 12, 522,98012, 292, 533 U. S. Government direct obligations .. 4,021,636 4,095, 270 5, 564,461 6,366,099 6,801,360 9,136, 684 9,186, 237 S O e t c h u e r r i t s ie e s c u f r u i l t l i y es guaranteed by U. S. Government— 5,727,306 6, 638,969 6, 634, 689 5, 754, 743 5,092,856• 5, 515,175r L 5,3 7 7 0 1 9 . , 5 0 0 35 7 Total loans and investments— -._ . 35,913,771 35,472,250 33,073,234 28,044,683 24,952,824 27,174,839 27,559,312 Customers' liability on account of acceptances 988,912 912,852 662,415 440,276 392,814 252,916 257,919 Banking house, furniture, and fixtures - 1,175,393 1,230, 754 1, 220, 317 1,167, 763 987, 366 997,817 995,998 Other real estate owned — — 182, 796 197,869 209,518 253, 342 268, 215 303, 904 Reserve with Federal Reserve banks 2, 321,806 2,414,991 2, 339,230 2, 234,919 2, 651,476 3,819,410 3,976.077 Cash in vault ... 497, 212 470, 367 554,150 406, 688 446,983 472, 643 550, 471 Due from member banks \ 2,004,938 2, 462, 827 1,935,119 2,048, 644 1,848,418 2, 574, 608 2, 736, 579 Due from nonmember banks 91, 669 86,796 Balances with domestic banks, not subject to immediate withdrawal () () () () 68, 536 94,009 106,339 Balances with banks in foreign countries (excluding own branches). 135, 348 116,347 115,586 90,420 133,374 140, 680 185,187 Due from own foreign branches- 111, 648 86,100 100,106 84,957 124, 224 91,926 120,930 Items with Federal Reserve banks in process of collection 923,363 698,871 531, 691 387, 225 433,626 473,810 646,818 Exchanges for clearing house and other checks on local banks 2,132,331 1,146,915 959,218 802,881 591, 596 518, 239 703, 345 Outside checks and other cash items. 102, 363 51, 706 50, 696 47,102 34,863 64,730 Redemption fund and due from United States Treasurer 32.828 32, 604 31,524 37, 627 38,220 36, 249 34, 480 Acceptances of other banks and bills sold with endorsement 551, 587 592,732 329, 756 18,558 8,172 1,920 2,111 Securities borrowed .. 32, 592 23,866 17,150 11, 259 5,566 2,524j 1,972 Other assets 198,700 242,062 249,067 233, 501 190, 268 290,474| 291,709 Total assets. 47,305,588 46,153,113| 42, 378,777 36,309,845 33,176, 541 37,384,811 38,616,886 LIABILITIES Demand deposits _-_ 17,937,478 16,838,351 15,526,182 13,081, 243 12,993,682 14,963, 215 16,148,819 Time deposits..- 13,317,649 13,944,868 12, 776,332 10, 601,689 9,114,380 9,811,1531 9,821,146 United States deposits — 315,479 257,185 526,161 737,769 917,881 1,657,793; 1,142,847 Due to Federal Reserve banks (deferred credits) 55, 720 47,147 41, 070 32,196 37,441 41, 5631 59,911 Due to other banks in United States — 3,153,077 3,817,132 3, 222,466 3,268,854 2,975,675 4,054,103! 4,447,420 Due to banks in foreign countries (excluding own branches) 431,303 541, 502 663,092 213,213 117,141 154,4371 135, 709 Certified and officers' checks outstanding.. _ 1,405,446 771,941 617,053 464,006 418,434 317, 387' 520,754 Cash letters of credit and travelers' checks outstanding... 27, 613 26, 638 23, 701 17,958 9,367 12, 716j 8,837 Total deposits (excluding due to own foreign branches) 3G, 643,765 36,244,764 33.S96.05, 28,416,928 26,584,001 31,012,367 32,285,443 Secured by pledge of loans and/or investments— (2) (2) 3,824,137; 3,134,580 Not secured by pledTe of loans and/or investments 27,188,230 29,150,863 Due to own foreign branches __ 50,393 119,110J 84,190 49,463 18,443 National-bank notes outstanding 640,610 628, 334 739,793 743, 589 694,790: 662, 320 Agreements to repurchase securities sold 149,090 38,144 25,303 42, 111 20,306 5,314i 6,144 Bills payable with Federal Reserve banks — 583,665 76.865 209,024 192,878 60, 647 15,997 8,968 Rediscounts with Federal Reserve banks,. 315,646 95,7131 114, 330 138, 467 23,817 3,0711 1,155 Bills payable—All other 226, 742 137,890| 133,002 360,120 103,076 15, 7551 14,009 Rediscounts—All other 23,845 5, 512 9,355 5,284 889 23 Acceptances of other banks and bills sold with endorsement 551, 586 592, 732j 329, 756 18, 558 8,532 1, 9201 2,111 Acceptances executed for customers 984, 670 929, 337 681,145 448,440 410,150 266, 646! 267, 597 Acceptances executed by other banks for reporting banks 40,400 18,127 13,197 5,416 14, 555| 11,352; 10, 391 S In e t c e u r r e i s ti t e , s t a b x o e r s r , o w an e d d other expenses accrued and unpaid... 1 3 7 2 2 , ,1 5 9 9 3 2 1 2 82 3 , . 8 3 6 9 6 7 16 1 2 7 , , 1 5 5 0 0 7 1 1 2 1 9 , , 9 2 6 5 9 9 94 5 , , 6 5 4 6 0 6 1 i , 70 2 , , 5 7 2 5 4 9 ! L 87 1 , , 9 3 7 2 2 8 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () () () () () (2) 7,796 Other liabilities 214,946 212, 698 216, 728 179,998 180,816 179, 375j 141, 649 Capital notes and debentures 154,839 117,102 Capital stock (see par value below) 2, 739, 645 2, 728, 664 2, 580, 550 2, 431, 688 2, 273, 720 2,497,343| 2,534,440 Surplus 2,811,269 2,903, 258 2, 695, 285 2, 262,122 1,817,194 1,690,560, "1, 677,190 Undivided profits—net 980, 928 1,009,435 811,456 516, 491 412, 990 387,2281 427, 714 Reserves for contingencies 143,603 185, 602 271,408 360,860 403,610 374, 257! 362,424 Retirement fund for preferred stock and capital notes and debentures 6971 1,110 Total liabilities (including capital account). 47, 305, 58846,153,113 42, 378, 777 36, 309,84533,176, 54137, 384,81 li 38,616,886 Par value of capital stock: First preferred _ 81,488 459,047 504, 683 Second preferred _ _. 4,300 15, 758 21,077 Common 2, 739,645 2, 728,664 2, 580, 550 2,431,688 2,189, 060 2, 025,022 2,011,613 Total 2,739,645 2, 728, 664 2, 580, 550 2,431,688 2, 274,848 2,499,827 2, 537,373 Number of banks. 8,616 8,246 7, 599 6,904 5,818 6,375 6,433 1 Licensed banks only. 2 Not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN JANUARY 1935 ALL LICENSED MEMBER BANKS—CONDITION ON OCTOBER 17, 1934, BY CLASSES OF BANKS [Amounts in thousands of dollars] All na- I Central reserve city \ b A e l r l m ba e n m ks - m b t e i a o m n n k b a s e l r A m l b l e a m S nk t b a s e t r e ! ! member banks j j j c R b i e t e y r s e m b r a v e n e m k - s C m b o e a u m n n k b t s r e y r New York Chicago | ASSETS Loans (including overdrafts) _-. 2, 292, 533 7,622,071 4,670,462 | 3, 243,078 560,002 4, 384,923 4,104,530 United States Government direct obligations 9,186, 237 5,826, 523 3,359,714 | 2,954,182 3, 552,697 1,992,455 Securities fully guaranteed by United States Government 709,035 510, 747 198,288 236,567 77,229 180,073 215,166 Other securities - 5,371,507 3, 561,929 1,809, 578 1,108,817 217, 570 1, 708,069 2, 337,051 Total loans and investments 17,559, m 17,521,270 10,038,042 7,542,644 1,541,704 9,825,762 8,649,202 Customers' liability on account of acceptances 257,919 137,127 120,792 206,782 7,438 41, 584 2,115 Banking house, furniture, and fixtures _ 995,998 652,369 343,629 247,714 25,765 332,623 389,896 Other real estate owned 303,904 158,764 145,140 26,583 3,748 126,623 146,950 Reserve with Federal Reserve banks 3,976,077 2,509,639 1,466,438 1,443,298 455,416 1,229,211 848,152 Cash in vault 550,471 415,861 134,610 64,400 35,119 193,317 257,635 Due from member banks. .._ 2,736, 579 2,121,810 614,769 81,041 161,985 1,324,791 1,168,762 Due from nonmember banks 86,796 64,537 22,259 2,592 4,506 44,248 35, 450 Balances with domestic banks, not subject to immediate withdrawal 106,339 88, 672 17,667 83 1,000 52, 575 52, 681 Balances with banks in foreign countries (excluding own branches) _ 185,187 93,740 91,447 132,730 6,102 43, 290 3,065 Due from own foreign branches _. 120,930 35,533 85,397 112,691 8,239 Items with Federal Reserve banks in process of collection 646,818 434,259 212,559 163,549 45,442 303,364 134,463 Exchanges for clearing house and other checks on local banks. 703, 345 295,072 408,273 498,617 28,976 136,907 38,845 Outside checks and other cash items 56,939 43,952 12,987 4,129 2,027 35,319 15,464 Redemption fund and due from United States Treasurer 34, 480 34,480 728 135 12,480 21,137 Acceptances of other banks and bills sold with endorsement 2,111 1,201 910 1,333 641 137 Securities borrowed _ 1,972 1,646 326 302 1,670 Other assets 291, 709 155,259 136,450 92,477 43,574 94,131 61, 527 Total assets. 38,616,886 24,765,191 13,851,695 10, 621,391 2,362,937 13,805,407 11,827,151 LIABILITIES Demand deposits 16,148,819 10,098,118 6,050,701 5,308,477 1,252,471 5, 326,867 4, 261,004 Time deposits . 9,821,146 6,887,753 2,933,393 701, 303 358, 278 3,947,583 4,813, 982 United States deposits 1,142,847 608,602 534,245 559,285 30,879 427, 228 125,455 Due to Federal Reserve banks (deferred credits) 59, 911 44, 509 15,402 10,120 49, 791 Due toother banks in United States 4, 447, 420 2,854,729 1,592,691 1,689, 287 434, 057 1,979,368 344, 708 Due to banks in foreign countries (excluding own branches) 135, 709 69, 631 66,078 115,749 2,106 16, 901 953 Certified and officers' checks outstanding 520, 754 214,790 305,964 355,603 18,577 98, 552 48, 022 Cash letters of credit and travelers' checks outstanding 8,837 6,437 2,400 4,101 1,337 3,232 167 Total deposits (excluding due to own foreign branches) 32,285,443 20,784,569 11,500,874 8, 733,805 2,097,705 '11,809,851 9, 644, 082 Secured by pledge of loans and/or investments 3,134, 580 2, 096, 031 1,038, 549 782, 257 129,084 j 1,380,777 842, 462 Not secured by pledge of loans and/or investments 29,150, 863 18, 688, 538 10,462, 325 7,951, 548 1,968,621 '10,429,074 8,801,620 National-bank notes outstanding _ 662, 320 662, 320 9,435 2,693 j 230,875 419,317 Agreements to repurchase securities sold 6,144 4,432 1,712 1,000 I 3,287 1,857 Bills payable with Federal Reserve banks 4,534 4,434 125 -J 50 8,793 Rediscounts with Federal Reserve banks.._ 1,155 559 596 1,155 Bills payable—All other 14,009 3,673 10,336 7,250 150 6,609 Rediscounts—All other 23 20 3 5 18 Acceptances of other banks and bills sold with endorsement 2,111 1,201 910 1,333 641 137 Acceptances executed for customers 267, 597 137,864 129, 733 217, 653 7,452 i 40,869 1,623 Acceptances executed by other banks for reporting banks 10,391 5,497 4,894 6,688 385 ! 2,712 606 Securities borrowed 1,972 1,646 326 302 1,670 Interest, taxes, and other expenses accrued and unpaid 87, 328 53,771 33,557 14,355 39,269 23,716 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 7,796 4,324 i 3,472 3,841 180 2,576 1,199 Other liabilities 141,649 50,187 91,462 53,360 14,777 32, 609 40,903 Capital notes and debentures _. 117,102 117,102 25, 250 250 53,925 37, 677 Capital stock (see par value below) 2, 534, 440 1,768,850 765, 590 642,404 147, 050 813,756 931, 230 Surplus 1, 677,190 843, 504 833, 686 675,377 37,300 493,168 471, 345 Undivided profits—-net-... 427,714 286,125 141, 589 102,813 14, 572 146,984 163, 345 Reserves for contingencies 362, 424 151, 202 211, 222 126,695 30, 585 134,050 71, 094 Retirement fund for preferred stock and capital notes and debentures 1,110 913 197 328 775 Total liabilities (including capital account) J38,616,886 24, 765,191 13,851, 695 10,621, 391 2,362,937 ;13,805, 407 11,827,151 Par value of capital stock: First preferred 504,683 444, 588 60, 095 100,300 76,150 154,936 173, 297 Second preferred 21,077 15, 205 5,872 7,650 13,427 Common ! 2,011,613 1,310,372 701,241 "542," 104 70,900 651,267 747, 342 Total. I 2,537,373 1, 770,165 767,208 642,404 147,050 | 813,853 934, 066 Number of banks _ 6,433 5,461 972 37 6,051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

59 JANUARY 1935 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO [In millions of dollars] Federal Reserve district City Total B to o n s- Y N o e r w k P p d h h e i l l i - a a- C l l a e n v d e- m Ri o c n h d - la A n t- ta c C a h g i- o L S o t u . is n M o e l i a i n p s - - K C s a a i n t s y - Dallas F c S r is a a c n n o - Y N o ew rk C ca h g i- o Loans and investments—total: Dec. 5 .. ._ 17,879 1,139 8,082 1,044 1,185 354 '347 1,921 535 366 577 425 1,904 7,186 1,546 Dec. 12 17,912 1,139 8,112 1,043 1,184 357 349 1,928 537 364 579 423 1,897 7,213 1,555 Dec. 19 18,339 1,161 8,315 1,058 1,202 366 364 1,982 552 363 592 438 1,946 7,388 1,596 Dec. 26 18,276 1,157 8,255 1,057 1,198 366 362 1,998 556 359 587 439 1,942 7,335 1,615 Loans on securities—total: Dec. 5 ' 3,098 218 1,666 205 182 60 '62 281 68 35 54 48 219 1,463 230 Dec. 12 3,099 216 1,668 204 180 61 62 283 67 36 54 48 220 1,456 234 Dec. 19 3,115 220 1,683 204 181 61 62 278 68 35 54 49 220 1,475 230 Dec. 26 _ _ 3,072 219 1,644 206 181 61 61 279 67 34 54 49 217 1,441 231 To brokers and dealers in New York: Dec. 5 724 18 613 19 2 6 5 28 3 6 4 20 587 26 Dec. 12 728 18 616 19 2 6 6 28 3 6 4 20 581 26 Dec. 19 _ 753 19 639 19 2 6 6 28 3 1 6 4 20 605 26 Dec. 26 718 19 602 21 2 6 6 28 3 1 6 4 20 573 26 To brokers and dealers outside New York: Dec. 5 158 33 55 16 7 1 3 25 4 1 3 1 9 52 23 Dec. 12 162 31 55 16 6 2 3 29 4 2 3 1 10 52 27 Dec. 19 162 35 55 16 7 2 3 26 4 1 3 1 9 53 24 Dec. 26 _ . 165 33 56 16 8 2 3 29 4 1 3 1 9 53 26 To others: Dec. 5_. ' 2,216 167 998 170 173 53 '54 228 61 34 45 43 190 824 181 Dec. 12 2,209 167 997 169 172 53 53 226 60 34 45 43 190 823 181 Dec. 19 2,200 166 989 169 172 53 53 224 61 33 45 44 191 817 180 Dec. 26 . 2,189 i 167 986 169 171 53 52 222 60 32 45 44 188 815 179 Acceptances and commercial paper: Dec. 5 445 47 225 20 2 10 2 79 10 6 20 4 20 223 69 Dec. 12 444 45 228 21 2 11 2 77 11 6 17 4 20 226 67 Dec. 19 444 47 230 20 2 11 2 75 11 6 17 3 20 228 65 Dec. 26 435 46 224 19 2 11 3 72 11 6 17 3 21 222 62 Loans on real estate: Dec. 5 981 94 252 72 76 16 11 35 37 7 14 25 342 134 20 Dec. 12. _ 979 93 251 72 76 16 12 35 37 6 14 25 342 133 20 Dec. 19 979 93 250 72 75 16 12 35 37 6 14 25 344 133 19 Dec. 26 _ _ . . 977 93 249 72 75 16 12 34 37 6 13 25 345 132 19 Other loans: Dec. 5 . . ' 3, 250 257 1,420 176 134 82 '116 294 110 110 116 118 317 1,262 222 Dec. 12 __. 3,217 257 1,400 174 134 80 117 290 109 108 116 118 314 1,243 218 Dec. 19 3,207 258 1,396 174 132 80 118 287 109 105 116 117 315 1,239 216 Dec. 26 3,169 258 1,367 174 132 79 119 286 110 102 115 118 309 1,210 215 U. S. Government direct obligations: Dec. 5 ' 6,748 358 3,068 277 '579 122 '96 868 193 148 243 169 627 2,891 699 Dec. 12 6,809 362 3,113 275 579 125 96 878 194 149 248 168 622 2,941 709 Dec. 19. __. 7,176 383 3,260 289 598 134 110 927 210 151 262 184 668 3,060 748 Dec. 26 7,191 380 3,286 287 593 134 108 927 211 151 258 185 671 3,086 750 Obligations fully guaranteed by U. S. Government: Dec. 5 . . '562 8 293 33 '20 6 ' 11 95 22 4 14 18 38 273 78 Dec. 12 564 8 292 35 21 6 11 95 22 3 14 18 39 272 78 Dec. 19 566 8 292 35 21 7 11 95 22 3 15 18 39 270 77 Dec. 26 566 8 289 36 22 7 10 95 25 3 15 17 39 267 78 Other securities: Dec. 5 r 2, 795 157 1,158 261 192 58 '49 269 95 56 116 43 341 940 228 Dec. 12 2,800 158 1,160 262 192 58 49 270 97 56 116 42 340 942 229 Dec. 19 2,852 152 1,204 264 193 57 49 285 95 57 114 42 340 983 241 Dec. 26_ _ 2,866 153 1,196 263 193 58 49 305 95 57 115 42 340 977 260 Reserve with Federal Reserve banks: Dec. 5 _ _ . ' 3,043 217 1,441 132 169 53 '29 526 88 64 88 74 162 1,355 482 Dec. 12 3,060 209 1,444 127 168 49 27 537 91 72 94 78 164 1,372 489 Dec. 19 . .. 2,953 205 1,415 141 163 46 26 483 88 65 86 80 155 1,359 438 Dec. 26 2,955 199 1,471 133 156 45 27 456 86 64 91 76 151 1,415 411 Cash in vault: Dec. 5 275 69 60 14 20 12 6 46 8 4 11 9 16 47 37 Dec 12 297 72 63 16 24 14 7 49 9 4 12 9 18 49 38 Dec. 19 _- _ 305 73 68 16 25 13 7 51 9 5 12 9 17 54 40 Dec. 26 322 76 74 17 24 14 7 53 10 5 13 10 19 59 42 Net demand deposits: Dec. 5 - ' 13,662 907 6,953 719 726 242 '194 1,766 381 266 468 307 733 6,490 1,520 Dec. 12 13, 789 911 7,022 719 727 242 201 1,784 386 274 481 311 731 6,550 1,531 Dec. 19 13,576 895 6,896 709 729 229 197 1,749 386 266 477 309 734 6,441 1,499 Dec. 26 13,551 890 6,910 709 717 237 194 1,738 389 261 475 302 729 6,457 1,490 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN JANUARY 1935 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO—Con. [In millions of dollars] Federal Reserve district City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Time deposits: Dec. 5 ' 4,342 317 1,024 293 443 135 ' 128 494 162 124 163 123 936 603 364 Dec 12 4,341 317 1,018 293 442 134 128 496 162 124 162 123 942 599 365 Dec. 19 4,360 317 1,017 298 438 134 129 509 162 124 162 124 946 596 378 Dec. 26 - - - 4,366 317 1,023 298 437 134 129 510 162 125 162 123 946 602 380 Government deposits: Dec. 5 '772 56 444 40 27 5 44 20 7 14 42 55 425 28 Dec. 12 771 56 444 40 27 5 18 43 20 7 14 42 55 425 28 Dec. 19 1,343 97 772 77 52 10 35 67 32 7 26 63 105 735 46 Dec. 26 1,344 97 772 77 52 10 35 67 32 7 26 64 105 735 46 Due from banks: Dec 5 ' 1,647 116 140 151 111 94 '70 241 99 94 196 140 195 70 158 Dec. 12 1,702 115 147 153 114 95 74 250 97 96 197 143 221 74 167 Dec 19 1,713 109 142 163 121 92 73 265 90 95 203 148 212 75 188 Dec. 26 -- - 1,680 109 139 160 123 85 72 262 91 96 202 144 197 73 186 Due to banks: Dec. 5 _ ' 4,048 203 1,777 246 176 108 '82 543 167 120 267 146 213 1,713 447 Dec 12 4,117 204 1,825 242 177 109 83 557 166 122 270 145 217 1,762 457 Dec 19 . .. 4,045 196 1,788 243 179 106 81 543 164 119 271 146 209 1,727 446 Dec. 26 . . 3,986 189 1,742 239 ]79 103 82 541 166 118 275 145 207 1,679 445 Borrowings from Federal Reserve banks: Dec. 5 2 2 Dec 12 Dec. 19 I 1 Dec 26 1 1 -- >• Revised. RATES ON INDUSTRIAL ADVANCES [Approved by the Federal Reserve Board, under sec. 13 (b) of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on Jan. 2, 1935J 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 - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e-K C an it s y as Dallas F c S r is a a c n n o - Advances direct to industrial or commercial organizations 4-6 4-6 4-6 6 6 6 5-6 6 6 5-6 5-6 Advances to financing institutions: On portion for which institution is obligated 3 3 4 4-S 5 5-6 4 4 3-4 On remaining portion 4-5 <*> 4-6 5 25-6 4^-5 4 5-6 4-5 Commitments to make advances 1-2 (*) W-2 1-2 1-2 •fc-2 •1 1-2 1 Authorized rate 1 percent above prevailing discount rate. 2 With respect to loans received from financing institutions, Federal Reserve bank allows out of interest received on portion of loans retained by it 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower. 3 Same as to borrower but not less than 4 percent. 41 percent below rate charged borrower by financing institution but not less than 4 percent. 6 No general rate established on commitments. • Flat rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 61 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN BANK DEBITS CURRENCY TO AND FROM EUROPE [Debits to individual accounts. In millions of dollars] BY SELECTED BANKS IN NEW YORK CITY [Paper cnrrency only. In thousands of dollars] 1934 1933 1933 1934 Number of centers No b v e e r m- October No b v e e r m- Net Net Month Ship- Re- ship- Ship- Re- shipments ceipts ments ments ceipts ments to from (-)or to from (-)or New York City 1 11,343 12,286 12, 204 Europe Europe rec ( e + i ) pts Europe Europerec(e+ip)ts Outside New York City 140 13,408 14,464 11,927 Federal Reserve districts: Boston 11 1,612 1,612 1,398 J J A J A M S M O N F u u a e e u p c o n l n a a p b y t g r v y r u e o i t u r c e l e a b u h s m m r e t a y r b b r . y e e . r . r . . . - . . 1 1 1 8 5 2 2 0 0 3 0 4 5 9 7 2 5 1 5 1 1 1 1 8 6 6 4 5 3 2 3 5 5 1 , , , , , , , , , , , 1 3 7 9 7 0 5 8 3 5 7 5 9 5 0 5 8 4 6 0 8 2 3 5 7 6 5 9 9 6 4 6 3+ + + + + + + + + + 1 + 1 1 2 5 3 3 8 6 5 6 5 1 , 4 , , , , , , , , , 8 1 , 3 7 4 6 8 3 0 6 5 1 4 0 5 8 6 3 4 2 8 2 6 8 1 1 4 6 4 0 4 5 2 19 2 6 1 0 0 0 0 8 9 3 3 1 1 0 5 3 3 3 4 2 2 2 3 5 2, . , , , , , , , , , 1 4 1 2 2 6 7 7 2 9 5 2 9 7 0 5 5 4 8 0 0 2 9 3 1 1 4 6 0 0 0 0 4 + + + + + + + + + + + 5 3 2 3 3 5 4 2 2 3 1 , , , , , , , , , , , 4 1 9 2 5 8 7 2 2 7 5 6 9 3 3 2 9 3 5 0 7 3 3 3 0 1 4 9 9 6 0 0 8 A N M D S P R C S C K a t h h i e t l a a . i c n l e i i w n l n a l c h L l v n a s a n F a m e o a d s e Y g t r l u s a a e a o a o o i p l n n n C s p r o c d k d h i i l t . s i i . y s a c o _ . ._ 2 1 1 1 1 1 1 9 7 5 7 1 5 0 8 0 3 5 1 3 1 1 1 1 , , , , , 8 1 3 1 8 8 4 4 6 7 5 7 8 6 8 6 1 5 0 7 8 3 8 4 9 0 1 4 4 7 4 1 6 1 2 3 1 1 2 , , , , , 4 0 4 8 8 7 5 5 5 7 2 0 6 9 8 2 4 7 4 3 9 7 9 2 9 5 2 1 2 4 2 3 8 1 2 2 1 1 1 , , , , , 6 1 1 8 4 7 4 5 6 4 6 9 2 2 4 1 5 4 9 3 3 6 7 4 5 4 7 6 1 0 9 9 0 December.. 42 6,976 +6,934 40 1,539 +1, 499 Total 141 24, 751 26, 750 24,131 Total 554 91, 058 +90, 504 345 40,587 +40,242 MATURITY DISTRIBUTION OF BILLS AND For description and back figures see BULLETIN for January 1933, p. 43. SHORT-TERM SECURITIES HELD BY FED- PAPER CURRENCY OF EACH DENOMINATION ERAL RESERVE BANKS IN CIRCULATION [In thousands of dollars] Outside Treasury and Federal Reserve banks. In millions of dollars Den t o io m n ina- 1933 1934 Total W i d n a i t y 1 h s 5 - 16 d a to y s 3 0 3 d 1 a t y o s 60 6 d 1 a t y o s 90 91 m t o d o a s 6 . ys O m v o e s r . 6 Nov. 30June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov.30 Bills discounted: $ $ $ $ $ 5 2 1 1 2 0 0 ; i i 1 1 1 , ,3 2 7 3 3 0 0 3 8 2 3 6 5 8 1 1, , 2 2 7 3 9 3 2 9 3 3 1 4 6 3 1 1 , , 2 2 7 3 1 7 1 9 3 9 7 9 3 2 1 1, , 2 2 4 7 9 5 4 0 3 4 0 1 3 3 1 1 , , 2 3 4 7 6 1 5 1 3 6 1 5 1 2 1 1 , , 2 3 4 7 1 6 1 3 5 4 5 0 2 2 1 1 , , 4 3 3 7 0 7 2 3 3 0 6 ? ? ? Bi o ll p s D D D D e n e e e e c c c c b . . . . m o 2 5 1 1 u a 6 2 9 g rk ht e t: in 1 8 9 9 0 , , , , 2 6 2 4 8 0 6 5 1 6 7 6 9 7 6 7 , , , , 2 0 9 8 8 9 6 6 1 9 2 5 4 2 2 1 0 6 2 7 4 5 1 7 8 4 6 4 3 1 6 7 6 3 2 01 8 7 $ $ $ $ $ 1 5 5 1 5 0 0 , 0 0 0 0 0 0 0 0 0 ! i i i 6 1 3 2 6 1 2 3 2 7 3 5 9 3 2 5 1 2 4 7 1 5 2 9 6 7 3 5 2 1 6 3 2 1 9 6 3 5 3 3 2 5 1 2 3 6 1 2 5 8 5 2 3 5 2 1 3 2 7 1 6 3 1 5 3 3 5 2 1 2 3 7 1 1 5 1 2 5 3 5 9 1 7 1 3 1 1 4 7 1 5 Ind D D D D u e e e e s c c c c t . . . . r 2 5 1 1 i 6 9 a 2 l ad- 5 5 5 5 , , , , 6 6 6 6 1 8 9 8 1 2 0 2 1 1, , 1 1 2 1 6 4 5 4 5 0 4 0 1 1 , , 1 2 5 6 7 2 9 1 7 1 5 3 1 1 1 , , , 0 0 2 9 2 7 7 5 7 5 1 2 2 2 3 3, , , , 1 7 4 7 4 1 2 5 0 3 4 8 $10,000 12 7 8 8 7 7 10 vances: Total. 5,022 4,952 4,896 4,972 5,031 5,025 5,110 D De e c c . . 5 12 1 10 0 , , 2 6 0 6 4 2 4 3 0 4 281 6 1 6 6 9 3 1,468 8 8, , 1 2 1 0 3 4 Dec. 19 12, 494 146 205 1,451 9,761 - NOTE.—Figures include, in addition to currency outside the Treasury Dec. 26 13, 589 71 211 1,636| 10,774 and Federal Reserve banks, unassorted currency held by these institu- Treasury certifitions amounting to $4,000,000-$12,000,000, and also $1,000,000 of currency cates and bills: of unknown denominations reported by the Treasury as destroyed. Dec. 5 629,368128,122 42,399 64, 250 83,239 311,358!.. Dec. 12 636, 367149,872 38, 399 73,035 81,354 293,707.. Dec. 19 527, 475 42, 399 30,950 80,317 78., 752 ,2 95., 0571... UNITED STATES POSTAL SAVINGS Dec. 26 527,475 38, 399 27, 500 83,199 90,570 287,807i I [Balance to credit of depositors. In millions of dollars] End of month 1929 1930 1931 1932 1933 1934 Januarv 153.5 165.1 278.4 665.6 942.5 1, 200. 8 February . 154.8 167.9 292.1 691.8 1. 006. 2 1, 200. 0 March 155.0 169.5 302.7 705.3 1,112. 7 1, 200. 0 April 154.3 170.2 313.8 722.1 L, 158.4 1,197.5 May -- 153.8 171.2 325.0 742.6 L, 178.8 1,196.9 June 153.6 175.3 347.4 784.8 1,185.1 1,197.9 July _- 157.8 180.7 372.5 828.5 L, 176. 7 1,190. 3 A us list 160.1 186.5 422.7 848.5 L, 177. 7 1,192. 2 September 160.3 189.8 469.9 857.4 L, 180. 7 1,192.8 October 161.6 192.5 538.1 870.8 L, 188.9 1,198.6 November 163.7 200.7 565.5 885.2 L. 198. 7 v 1,203.4 December 164.3 245.4 605.1 900.8 1, 208. 8 p 1,207.2 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN JANUARY 1935 BANKS LICENSED AND NOT LICENSED Number of banks Deposits 2 (in thousands of dollars) Total Licensed! lic N k o e t d i! Total Licensed lic N en o s t ed All member banks: Mar. 15, 1933 - 6,699 5,078 1,621 28,421,038 25, 554, 287 2,866, 751 Apr. 12, 1933 6,681 5,425 1,256 28,646,106 25,986,183 2, 659,923 June 30, 1933 6,701 5,606 1,095 27,829,942 26, 563,927 1, 266,015 Oct. 25, 1933 6,577 5,818 759 27,330,869 26,584,001 746,868 Dec. 30, 1933 6,523 6,011 512 27,694,828 27,166,974 527,854 Mar. 5, 1934 6,514 6,206 308 29, 615,026 29, 324,825 290, 201 June 30, 1934 6,488 6,375 113 31,124, 361 31,012,367 111,994 Aug 22, 1934 6,475 6,407 68 31,099,414 31,027,259 j 72,155 Oct. 17, 1934 6,469 6,433 36 32,315, 728 32,285,443 30, 285 Dec. 26, 1934 6,460 6,450 10 32, 278,957 32, 270,380 8,577 National banks: Mar. 15, 1933 5,907 4,507 1,400 18,137,719 16,195,145 1,942, 574 Apr. 12, 1933 5,897 , 4,789 1,108 18,313,090 16,494,549 1,818, 541 June 30, 1933 5,882 |! 4,897 985 17,769, 636 16,741,289 1,028,347 Oct. 25, 1933 5,735 ji 5,052 683 17, 632, 596 17,022,133 610, 463 Dec. 30, 1933 5,606 5,154 452 i 17,990,217 17, 555, 239 434,978 Mar. 5, 1934 5,558 5,288 270 19,048, 533 18,801, 352 247,181 June 30, 1934 5,512 5,417 95 19,993,896 19,895,897 97, 999 Aug. 22, 1934 5,501 5,443 58 19,975,347 19,909,931 65, 416 Oct. 17, 1933 5,491 5,461 30 20,810, 507 20, 784, 569 25, 938 Dec. 26, 1934 5, 477 5,471 20, 771, 521 20, 764, 706 6,815 State-bank members: Mar. 15, 1933 792 571 221 10, 283, 319 9, 359,142 924,177 Apr. 12, 1933 784 636 148 10,333,016 9, 491, 634 841,382 June 30, 1933 819 709 110 10,060, 306 9.822,638 237, 668 Oct. 25, 1933 842 766 76 9, 698, 273 9, 561,868 136,405 Dec. 30, 1933 917 857 60 9,704,611 9,611,735 92,876 Mar. 5, 1934 956 918 38 10, 566, 493 10, 523, 473 43,020 June 30, 1934 976 958 18 11,130,465 11,116,470 13,995 Aug. 22, 1934 974 964 10 11,124,067 11,117,328 6,739 Oct. 17, 1934 978 ! 972 11, 505,221 11,500,874 4,347 Dec. 26, 1934 979 11,507,436 | 11,505,674 1,762 Nonmember banks other than mutual savings banks:3 Apr. 12, 1933 10, 351 7,392 2,959 6,341, 370 5,020,061 1, 321, 309 June 30, 1933 10,171 8,188 1,983 6,135, 648 5,071, 664 1,0G3,984 Oct. 25, 1933 9,887 8,345 1,542 5, 947,892 5,130,627 817, 265 Dec. 30, 1933 9,590 8,333 1,257 5, 559,996 5,062,908 497,088 Mar. 7, 1934 9,337 8,395 942 5,363,592 4,940, 583 423,009 June 27, 1934 9,138 8,629 509 5, 213, 694 4,979,460 234, 234 Ausr. 22, ]934 9,077 8,713 364 5,160, 535 4,981,074 179,461 Oct. 17, 1934 9,032 8,766 266 5,122,402 4.994,639 127, 763 Dec. 26, 1934 8,978 : 180 5,109,573 5,022,006 87, 567 1 Includes a number of national banks whose Federal Reserve bank stock had been canceled and membership terminated but which, on the dates given, were still included in the Comptroller of the Currency's records of unlicensed banks. 2 Deposits of national banks and State bank members are as of the nearest call dates; deposits of nonmember banks for Apr. 12, June 30, and Oct. 25, 1933, are as of Dec. 31, 1932, or the nearest available call date prior thereto; deposits of nonmember banks for Dec. 30,1933, and subsequent dates are as of Dec. 30, 1933, or the nearest available call date prior thereto. 3 Nonmember bank figures are not available for some of the dates for which data are shown for member banks. BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP, JAN. 1 TO DEC. 31, 1934 [Preliminary figures, subject to change] Nonlicensed banks placed Licensed banks suspended1 in liquidation or receivership 2 Number of Deposits»(in Number of Deposits 3 (in banks thousands of banks thousands of dollars) dollars) National banks 1 40 396 401,983 State bank members ._ *23 « 39,606 NoTiTnember banks 55 36,904 501 205,140 Total _ 56 36,944 920 646,729 1 Includes banks placed on a restricted basis. 2 Includes nonlicensed banks absorbed or succeeded by other banks. * Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. * Includes 14 banks with deposits of $12,504,000, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 63 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm com- Year, month, and week m t o ie d s i- p u r c o t d s - Foods Total H p l r i e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n n a g l d s a p n M r d o e d m t u a e c l t s t a s l m Bu a i t l e d r i ia ng ls c C a d l h r s e u a m g n s i d - i f n H u g r o n g u o i s s o e h d - - *1 l M an is e c o e u l s - I 1929 _ 95.3 104.9 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 1933—November- 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 December.. 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 1934—January 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 67.5 February 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 86.6 75.5 81.0 68.5 March 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 April___ 73.3 , 59.6 66.2 78.6 88.9 75.3 71.7 87.9 86.7 75.5 81.6 69.5 May 73.7 I 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. R 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 Week ending— 1934—Sept. l._ 77.5 73.5 76.6 78.4 84.5 71.3 75.1 85.9 86.3 76.3 82.9 70.3 Sept. 8. _ 77.8 74.3 77.2 78.5 84.6 70.6 75.4 85.9 86.3 76.3 82.9 70.6 Sept. 15. 77.5 73.7 76.2 78.5 84.8 70.6 75.5 85.9 85.9 76.5 83.0 70.7 Sept. 22.. 77.5 73.6 76.7 78.4 84.9 70.8 75.5 85.7 85.4 76.8 83.1 70.4 Sept. 29. 77.2 72.8 76.0 78.4 84.9 70.7 75.5 85.7 85.3 77.0 83.1 70.3 Oct. 6.__ 76.6 71.0 75.2 78.2 84.3 70.2 75.5 85.7 85.4 77.3 j 82.8 70.1 Oct. 13. _ 76.4 71.0 74.8 78.1 84.4 70.1 75.4 85.6 85.2 77.1 i 82.8 69.7 Oct. 20_ _ 76.2 70.9 74.9 77.9 84.6 70.0 74.8 85.6 85.0 77. 2 ! 82.8 69.7 Oct. 27-_ 76.2 70.8 75.4 78.0 84.5 75.0 85.5 85.2 77.2 i Nov. 3... 76.0 75.4 77.8 84.4 74.9 85.5 84.9 82.8 Nov. 10.. 76.6 71.1 75.9 78.1 84.9 75.6 85.4 85.1 76.8 82.7 70.5 Nov. 17.. 76.7 71.5 75.5 78.3 84.9 76.1 85.3 85.0 77.0 82.7 70.6 Nov. 24.. 76.3 70.6 75.0 78.1 84.9 75.6 85.3 84.9 77.1 i 82.7 70.6 Dec. 1-. 76.5 71.1 75.0 78.2 84.9 75.7 85.3 84.9 77.4 i 82. 7 j 70.8 Dec. 8._ 76.7 71.7 74.9 78.3 85.0 76.0 85.4 85.1 77.8 ' 82.4 | 71.0 Dec. 15. 76.7 71.1 75.4 78.2 85.7 75.2 85.4 85.0 78.0 : 82.4 | 71.2 Dec. 22. 76.7 71.2 75.4 78.2 86.4 75.0 85.5 84.7 78.1 82.5 I 71.1 Dec. 29. 77.1 72.6 76.3 78.1 86.6 74.7 85.5 84.9 78.3 ! 82.5 j 71.1 1933 1934 1933 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. I Sept. i Oct. jNov. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains _ 61.3 86.0 88.1 85.0 87.2 Agricultural implements 83.7 92.0 92.0 I 92.0 91.9 Livestock and poultry 41.2 56.2 64.1 55.3 54.0 Iron and steel 81.5 86.6 86. 5 86. 2 86.0 Other farm products 61.3 73.1 74.4 75.4 75.8 Motor vehicles 90.9 94.6 94. 7 94. 7 94.7 FOODS: Nonferrous metals 68.0 !. 4 68.1 67.7 Butter, cheese, and milk 67.2 77.3 76.2 77.1 78.6 BUILDING MATERIALS: Cereal products S5.8 91.0 91.9 91.0 91.0 Brick and tile 84.7 91.3 91.3 91.2 91.2 Fruits and vegetables 61.7 65.6 66.0 67.6 65.3 Cement 91.2 93.9 93.9 93.9 93.9 Meats 48.2 69.4 76.6 70.0 68.4 Lumber 86.5 81.8 82.3 82.0 81.2 Other foods 66.4 68.9 70.0 71.0 74.0 Paint materials 76.3 79.9 79.5 79.4 78.8 HIDES AND LEATHER PRODUCTS: Plumbing and heating 73.7 75.0 71.6 68.1 68.8 Boots and shoes 99.0 97.9 97.9 97.7 97.3 Structural steel 86.8 92.0 92.0 92.0 92.0 Hides and skins 70.1 57.4 60.4 59.7 63.1 Other building materials 88.4 90.0 89.3 89.4 Leather 79.3 71.3 70.6 70.5 70.8 CHEMICALS AND DRUGS: Other leather products 87.9 86.8 86.5 85.9 85.7 Chemicals 79.2 79. 2 80. 3 81.1 80.9 TEXTILE PRODUCTS: Drugs and Pharmaceuticals 58.4 72.7 ! 72.7 73.5 73.5 Clothing 88.0 79.5 79.7 79.1 78.4 Fertilizer materials 67.8 64. 8 : 66.4 65.7 64.6 Cotton goods.. 86.0 86.4 87.8 86.6 84.4 Mixed fertilizers 68.5 73.0 : 73.0 73.0 73.5 Knit goods 72.5 59.3 59.9 60.5 81.0 HOUSEFURNISHING GOODS: Silk and rayon 30.4 24.4 24.3 24.8 25.8 Furnishings ! 82.8 84.6 I 84.8 84.4 84. 3 Woolen and worsted goods. _. 84.4 78.9 78.0 74.8 74.1 Furniture | 79.4 78.9 ! 78.8 79.0 78.4 Other textile products 75.8 69.7 69.1 68.5 68.5 MISCELLANEOUS: J i FUEL AND LIGHTING MATERIALS: Auto tires and tubes I 43.2 44.7 ' 44.7 44.7 47.5 Anthracite 81.8 79.9 81.3 82.0 82.1 Cattle feed .._.! 63.5104.0 100.7 97.6 108.2 Bituminous coal 90.7 96.2 96.3 96.4 96.4 Paper and pulp. __| 82.5 82.4 i 82.4 82.4 82.1 Coke 83.2 85.6 85.6 85. 6 85.6 Rubber, crude I 17.5 31.7 I 31.5 28.6 26.6 Electricity.- 93.8 92.6 95.2 94.5 Other miscellaneous ! 78.4 81.0 81.4 ! 81.1 80.8 Gas 94.6 99.2 99.3 96.9 i Petroleum products. _. 51.6 51.6 51.3 50.4 50.5 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p. 139. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN JANUARY 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1933 1934 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactures—Total. 70 73 76 80 82 85 86 83 74 72 69 IRON AND STEEL 47 60 56 63 66 76 84 85 47 38 37 Pig iron,. ._ . 36 40 40 45 51 55 66 66 42 36 Steel ingots 48 62 57 65 68 78 85 87 48 39 Cotton consumption - 89 77 91 95 97 97 95 74 79 86 Wool 80 67 70 73 72 66 65 63 pf>0 Consumption 86 73 70 72 71 68 63 61 MCaarcpheitn aernyd arucgti vloiotym l activity1 8 6 1 3 6 4 9 8 8 4 3 8 8 5 5 4 8 5 2 9 7 5 1 3 5 7 7 2 6 6 8 2 4 6 4 7 6 4 5 7 Silk deliveries 103 92 103 114 129 115 112 109 101 96 FOOD PRODUCTS 91 86 96 91 84 93 98 96 102 106 Slaughtering and meat packing 98 89 100 94 86 102 108 103 120 128 Hogs 101 85 95 80 69 95 104 87 92 79 Cattle 87 88 102 112 106 110 110 123 155 192 Calves 104 106 122 122 122 120 128 139 198 244 Sheep 142 147 139 133 131 129 127 128 134 145 Wheat flour 82 81 91 94 92 91 89 90 81 79 Sugar meltings 82 78 87 73 65 64 71 80 69 64 PAPER AND PRINTING: Newsprint production 71 67 64 63 66 68 68 64 63 63 Newsprint consumption 104 106 108 112 112 115 115 118 116 117 LUMBER 30 32 34 29 38 33 33 31 29 36 TRANSPORTATION EQUIPMENT: A Lo u c to o m m o o b ti i v le e s s _- _- 302 453 5 2 6 701 78 8 1 5 0 7 1 8 0 822 7 3 8 615 Shipbuilding 41 41 26 30 65 39 38 28 95 LEATHER AND PRODUCTS 92 94 97 107 106 116 117 100 99 97 Tanning __ 91 89 91 94 88 95 93 87 86 83 Cattle hide leathers 85 84 81 89 84 90 89 85 81 82 Calf and kip leathers 84 90 85 78 72 85 78 82 74 67 Goat and kid leathers 111 103 126 124 116 118 118 99 114 101 Boots and shoes _ - 93 97 101 116 118 130 133 109 107 106 CEMENT AND GLASS: Cement 39 36 49 61 58 55 57 58 53 48 Glass, plate.. __ __ 52 106 99 98 106 98 83 77 92 86 NONFERROUS METALS:1 Tin deliveries1-.. - 80 56 55 54 58 71 73 68 64 65 FUELS, MANUFACTURED: Petroleum refining 146 137 142 144 143 152 153 154 156 157 G Ke a r s o o s l e in n e e 1 _ . 18747 1 8 7 0 1 1 8 7 9 7 1 8 8 7 1 19757 19 9 1 8 1 9 9 5 1 1 9 9 4 5 2 9 0 2 1 20 9 2 1 Fuel oil1 __ 96 96 95 98 101 99 101 103 100 103 Lubricating oill _ __ 102 92 92 86 90 100 108 95 92 90 Coke, byproduct 75 77 78 85 91 93 102 100 78 74 RUBBER TIRES AND TUBES _ 97 108 97 100 106 97 81 84 83 79 Tirp.s, pnp.iiTnatiCr 100 113 101 103 110 100 83 87 85 82 Inner tubes «. _ 72 68 69 74 82 76 63 62 68 56 TOBACCO PRODUCTS 95 123 138 132 119 128 128 132 128 126 Cigars 62 67 74 66 66 66 62 65 63 66 Cigarettes 118 166 188 181 158 175 178 183 177 172 Minerals—Total '82 '86 88 91 100 90 89 87 85 80 Bituminous coal 'C6 '67 67 74 84 72 72 67 65 61 Anthracite 73 68 82 89 109 73 76 69 63 50 Petroleum, crude .. 117 119 120 118 122 125 127 130 128 124 Iron ore 23 40 54 52 47 Zinc. '71 67 66 '67 68 '65 65 '58 57 60 Lead 71 67 64 64 57 56 66 56 53 44 Silver _ 33 29 37 36 47 45 44 45 40 39 »~rO OCOOC . 5*• 64 40 41 99 120 142 89 216 225 162 85 94 65 121 32 517 133 88 80 79 67 97 93 50 84 68 152 193 85 102 91 OC OCO Oct. Nov. 72 *73 41 48 31 32 42 50 94 90 v 60 69 61 68 46 32 135 111 107 102 119 110 95 90 144 138 145 121 228 143 83 84 101 102 62 60 116 115 29 26 418 37 17 14 '85 91 '81 88 '80 88 68 80 95 98 '87 92 46 48 87 83 58 67 153 155 196 199 92 91 98 101 90 89 73 73 82 107 85 110 61 60 80 125 120 125 66 66 69 171 161 168 82 81 81 64 64 65 62 53 64 122 122 121 44 35 14 61 76 77 55 56 55 36 39 35 1 Without seasonal adjustment. 'Includes also lead and zinc; see "Minerals." vPreliminary. ' Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, mechanical wood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JAKUAET 1935 PEDEKAL RESERVE BULLETIN 65 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1933 1934 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total 70 67 75 82 85 89 89 83 71 71 70 73 P72 IRON AND STEEL 43 53 53 66 75 84 91 85 44 38 37 40 45 Pig iron _ __ _ 37 39 40 46 53 59 67 66 40 35 30 31 32 Steel ingots _ 44 54 55 68 77 87 93 87 44 38 38 41 46 TEXTILES P74 P97 P96 P93 P73 P73 P64 Cotton consumption __ 93 71 95 101 102 104 97 71 72 77 62 97 93 Wool 84 68 71 76 73 65 62 60 P40 P63 P73 Consumption 93 74 72 79 73 65 58 55 P55 p 57 P70 P90 Machinery activity. __ 81 69 83 85 82 71 72 68 67 65 40 61 68 Carpet and rug loom activity 63 48 48 54 59 53 57 62 44 47 41 46 32 Silk deliveries _ _ 106 82 117 122 124 114 111 97 96 100 104 135 115 FOOD PRODUCTS 96 89 102 90 82 87 96 95 100 100 122 110 108 Slaughtering and meat packing 108 106 119 94 81 92 105 102 113 115 138 120 123 Hogs _ _ 111 112 128 88 69 84 100 89 82 60 67 81 99 Cattle 100 93 103 98 92 97 107 116 154 188 240 168 159 Calves _ 106 100 113 114 124 131 144 144 192 224 216 152 124 Sheep 141 144 140 125 119 121 124 126 134 146 188 251 142 Wheat flour 89 78 89 91 86 83 84 80 78 85 100 93 90 Sugar meltings 64 45 57 71 77 75 80 95 84 72 100 96 80 PAPER AND PRINTING: Newsprint production 70 67 65 63 65 69 69 66 61 61 64 62 60 Newsprint consumption 111 109 104 110 117 123 119 117 103 104 118 123 123 LUMBER 29 29 30 28 39 35 35 32 29 38 33 30 25 TRANSPORTATION EQUIPMENT: Automobiles _ _ 19 25 46 76 96 109 98 93 82 67 56 38 24 Locomotives 2 4 1 0 0 9 10 2 3 5 7 8 11 Shipbuilding 36 32 18 21 46 63 50 \ 47 41 140 133 12 12 LEATHER AND PRODUCTS 88 81 90 109 110 114 108 97 98 107 101 '93 87 Tanning _ _ _ 89 87 87 97 88 93 88 86 86 85 85 '86 87 Cattle hide leathers 85 81 82 95 85 90 85 83 79 80 82 '82 87 Calf and kip leathers 79 77 70 72 64 76 74 79 86 81 77 81 76 Goat and kid leathers 110 112 119 129 119 117 109 99 105 99 102 99 97 Boots and shoes 88 76 92 117 124 127 121 103 105 121 111 '98 88 CEMENT AND GLASS: Cement 38 28 30 37 42 53 68 72 64 62 63 53 47 Glass, plate > . 50 80 88 106 115 108 90 79 91 87 85 87 79 NONFERROUS METALS: l Tin deliveries 80 56 55 54 58 71 73 68 64 65 68 58 67 FUELS, MANUFACTURED: Petroleum refining __ 147 138 142 144 143 152 153 154 156 157 152 154 156 Gasoline 184 171 177 181 177 191 191 195 201 202 193 196 199 Kerosene 83 86 91 88 92 97 92 87 86 87 87 97 99 Fuel oil _____ 96 96 95 98 101 99 101 103 100 103 102 98 101 Lubricating oil - 102 92 92 86 90 100 108 95 92 90 91 90 89 Coke, byproduct 77 78 78 87 94 94 101 98 75 72 71 73 74 RUBBER TIRES AND TUBES 73 75 90 108 117 115 102 102 81 78 76 73 80 Tires, pneumatic 75 78 93 112 121 118 106 105 83 81 78 75 83 Inner tubes. __ _ _ 52 49 62 78 89 87 77 74 65 62 61 54 58 TOBACCO PRODUCTS 97 99 131 120 113 118 130 144 139 135 139 129 128 Cigars 73 50 57 57 60 62 64 70 67 69 76 81 82 Cigarettes 117 136 185 164 150 159 179 202 194 186 188 169 166 Minerals—Total ___ '85 '81 85 88 91 81 87 87 85 83 87 87 84 Bituminous coal '74 '71 74 78 84 60 62 60 59 60 68 71 72 Anthracite __ _ '76 67 89 95 89 76 76 60 52 50 62 68 65 Petroleum, crude 116 115 115 116 121 125 128 132 131 126 125 123 120 Iron ore 19 60 106 105 95 85 60 11 Zinc ' 71 68 70 71 72 67 66 55 53 56 58 73 77 Lead 74 68 65 66 58 55 65 57 51 43 52 58 57 Silver 36 29 37 39 52 46 43 44 34 39 34 39 38 1 Includes also lead and zinc; see "Minerals." * Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196 and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, mechanical wood pulp, chemical wood pulp, and paper boxes, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN JANUARY 1935 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Adjusted for seasonal varia- Without seasonal adjustment tion Without seasonal adjustment Industry and group 1934 1933 1934 1933 1934 1933 Nov. Oct. Nov. Nov. Oct. Nov. Nov. Oct. Nov. Total- 76.8 '78.4 76.2 76.7 '76.8 75.9 j 59.5 '61.0 55.5 IRON AND STEEL AND PRODUCTS 66.2 66.0 67.9 66.4 65.6 68.1 44.2 42.8 43. 3 Blast furnaces and steel works 65.9 65.4 67.9 66.7 65.9 68.7 41.7 39.2 42.2 Cast-iron pipe 49.3 50.8 45.0 50.2 50.6 45.8 26.4 27.5 23.8 Cutlery and edge tools 78.9 ••78.3 78.0 77.1 '77.8 76.2 57.4 ' 55.9 54.1 Hardware 45.4 '44.2 57.9 45.2 '43.9 57.7 34.2 '31.8 38.9 Steam, hot-water heating apparatus, etc.. 49.3 49.6 56.3 49.8 48.8 56.9 32.0 32.4 30.6 Stoves 93.9 '95.3 93.5 88.6 ' 86. 2 88.2 67.0 '71.9 61.8 Structural metal work 57.9 '57.1 53.3 57.8 '55.8 53.2 41.2 '40.8 35.4 Tin cans, etc 89.6 '93.9 83.9 93.6 '94.1 87.7 79.4 '82.5 74.7 Wirework 121.2 ' 121.4 118.3 121.0 ' 120. 7 118.1 94.5 '95.9 84.9 MACHINERY 77.9 '77.9 I 73.3 77.2 '75.8 72.3 57.2 '57.0 50.2 Agricultural implements 79.6 72.9 ! 56.1 82.1 76.4 57.9 85.7 74.4 53.6 Electrical machinery, etc 65.4 65.0 60.3 65.4 65.0 60.3 50.0 49.3 41.3 Engines, turbines, etc 73.5 72.3 56.4 75.1 73.1 57.6 50.0 48.4 33.5 Foundry and machine-shop products.. 66.0 66.4 62.5 67.3 66.9 63.7 46.6 47.6 41.9 Machine tools 70.2 69.1 57.7 70.6 68.4 58.0 52.6 50.3 43.2 Radios and phonographs 214.5 ' 222. 8 248.3 175.5 ' 157.1 203.2 131.5 ' 137. 8 150.5 Textile machinery 60.8 77.4 62.0 '62.0 78.9 43.4 '44.8 TRANSPORTATION EQUIPMENT •-62.2 '64.2 53.5 '70.4 '69.3 60.5 '48.4 '49.7 Automobiles 67.1 '68.7 56.6 77.4 '74.7 65.3 51.3 '52.0 39.6 Cars, electric and steam railroad.. r32.4 '36.6 28.5 ' 35. 9 '38.2 31.6 '30.0 '34.4 24.4 Locomotives 37.5 38.0 22.4 39.0 39 3 23.3 16.6 17.0 8.7 Shipbuilding 69.3 71.2 63.5 72.1 76! 1 66.1 54.0 56.2 | 46.8 j RAILROAD REPAIR SHOPS_. 51.6 53.9 54.8 51.7 ! 53.7 55.0 44.4 '46.8 j 46.1 Electric railroads 65.7 65.1 66.6 65.7 | 65.1 66.6 57.4 '57.1 56.2 Steam railroads 50.5 53.1 53.9 50.7 I 52.8 54.1 43.5 46.2 45.5 NONFERROUS METALS AND PRODUCTS.. 76.0 75.1 72.6 74.9 74.1 71.7 58.8 57.5 52.4 Brass, bronze, and copper 72.0 71.0 74.8 72.8 71.9 75.6 51.3 49.5 49.4 Lighting equipment 68.9 67.1 62.6 66.0 65.1 60.0 58.0 56.3 48.8 Silverware and plated ware 71.7 70.6 70.7 68.3 67.7 67.3 56.7 53.8 52.1 Smelting and refining 74.5 73.1 64.2 75.2 72.3 64.8 46.4 45.9 36.6 Stamped and enameled ware 83.9 82.9 79.8 84.0 82.8 79.9 71.9 70.4 63.6 LUMBER AND PRODUCTS 48.6 '49.5 52.3 47.3 '47.7 50.9 33.6 35.2 33.6 Furniture 65.2 '66.5 72.4 60.7 '61.2 67.3 44.5 '47.2 45.0 Lumber, millwork 36.3 36.3 37.2 36.3 36.0 37.2 24.0 24.1 22.1 Lumber, sawmills 32.8 33.9 34.7 32.6 33.3 34.4 21.3 22.6 21.8 STONE, CLAY, AND GLASS PRODUCTS.. 52.2 '51.9 50.3 51.9 '50.0 50.0 35.6 '35.5 31.8 Brick, tile, and terra cotta 29.9 29.9 29.2 30.0 29.2 29.3 16.5 16.9 13.6 Cement 48.2 '50.7 41.2 47.8 '48.8 40.9 29.4 '32.4 23.0 Glass 88.5 86.1 82.2 87.4 81.7 81.2 72.0 69.4 63.0 Pottery 69.7 '68.4 69.1 69.6 '68.0 69.0 47.7 '45.7 45.1 TEXTILES AND PRODUCTS 90.9 92.3 92.9 90.2 90.7 92.1 71.1 74.7 69.7 A. Fabrics 89.7 89.7 93.5 88.2 88.8 91.8 72.5 73.1 73.2 Carpets and rugs 60.1 '63.4 73.6 59.3 '63.7 72.7 43.6 '46.3 53.8 Cotton goods 94.2 94.5 97.0 92.9 93.8 95.7 75.7 78.6 76.1 Dyeing and finishing 91.4 106.7 107.1 90.4 106.2 105.7 73.2 83.0 86.4 Knit goods _. 110.6 109.5 109.2 108.1 108.2 106.7 107.9 107.1 100.0 Silk and rayon goods 75.0 75.9 79.3 75.2 75.4 79.4 62.3 63.7 60.0 Woolen and worsted goods.. 75.0 68.1 80.5 72.2 66.5 77.4 53.6 46.9 56.2 B. Wearing apparel 89.6 94.4 87.7 90.8 91.3 88.7 64.1 73.4 58.6 Clothing, men's 80.3 86.8 81.2 82.0 85.9 82.9 52.1 62.6 52.4 Clothing, women's 115.5 121.7 104.1 119.1 115.8 107.3 81.3 94.8 67.6 Millinery 59.3 68.8 67.4 63.8 67.7 72.5 45.1 54.8 47.6 Shirts and collars _ 101.3 103.4 107.7 96.3 99.3 102.6 98.3 99.8 90.7 LEATHER AND PRODUCTS . 81.6 '83.4 79.1 83.4 '81.4 80.9 61.0 64.3 60.1 Boots and shoes 79.8 82.3 77.0 82.3 79.7 79.4 54.6 60.4 55.6 Leather 89.2 '88.2 87.8 88.6 '88.3 87.2 82.0 '76.9 74.3 ' Revised. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment computed by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1935 FEDERAL RESERVE BULLETIN 67 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for t io s n easonal varia- Without seasonal adjustment Industry and group 1934 1933 1934 1933 1934 1933 Nov. Oct. Nov. Nov. Oct. Nov. Nov. Oct. Nov. FOOD PRODUCTS __. 109.0 119.5 104.8 107.3 ' 109.3 102.3 96.1 ' 103.4 85. a Baking 115.4 116.1 109.1 113.6 114.3 107.4 98.6 98.3 90.4 Butter 76.0 77.7 79.5 76.6 76.7 80.1 56.4 58.3 60.8 Canning and preserving 88.4 137.3 87.1 100.4 94.7 99.0 87.5 134.4 77.2 Confectionery 91.5 96.6 95.4 79.6 80.0 83.0 76.5 84.1 74.1 Flour 77.7 80.5 74.5 76.4 78.5 73.3 63.3 68.5 59.3 Ice cream 63.5 '69.8 61.8 70.4 '71.3 68.5 50.2 '55.2 47.5 Slaughtering and meat packing 109.3 117.6 98.9 108.2 116.7 97.9 100.7 107.0 76.6 Sugar refining, cane 93.6 90.9 89.2 92.1 89.4 87.8 72.8 74.0 70.8 TOBACCO PRODUCTS 64.0 65.3 66.0 61.1 62.5 63.1 48.8 49.0 50.1 Chewing and smoking tobacco, and snuff 73.8 73.5 77.0 73.6 74.1 76.8 62.2 63.9 64.7 Cigars and cigarettes 62.7 64.2 64.7 59.4 61.0 61.4 47.1 47.1 48. a PAPER AND PRINTING 97.0 '96.4 94.2 95.7 '96.0 93.0 82.8 '82.7 75.6 Boxes, paper 90.3 '89.7 87.5 84.6 '85.1 81.9 81.3 '82.6 71.9 Paper and pulp 107.7 106.6 102.2 107.7 106.6 102.2 82.6 83.2 72.4 Book and job printing 87.2 87.0 83.9 86.7 87.8 83.4 74.4 73.7 67.0 Printing, newspapers and periodicals 99.8 99.2 99.6 98.5 99.0 98.3 90.4 89.9 86.4 CHEMICALS AND PETROLEUM PRODUCTS 108.6 ' 109. 4 108.4 107.2 ' 107. 5 106.6 90.9 '91.6 84.6 A. Chemical group, except petroleum 107.9 ' 108. 5 108.1 105.8 ' 106. 2 105.5 89.1 '89.6 83.1 Chemicals 104.4 ' 106. 5 104.0 102.3 ' 105. 3 101.9 90.7 '92.4 85.1 Druggists' preparations 105.5 ' 106.8 101.9 101.8 ' 102.1 98.4 96.8 '99.1 92.8 Explosives 91.6 91.8 92.9 88.9 88.9 90.2 71.2 72.5 66.5 Fertilizers 91.2 '91.5 90.8 100.7 '97.9 100.2 69.7 '73.5 63.0 Paints and varnishes 99.7 '99.6 91.1 100.5 '99.3 91.8 78.5 '78.1 68.3 Rayon and allied products 320.8 307.0 332.0 320.8 307.0 332.0 231.6 217.2 218.9 Soap 104.6 105.7 97.7 101.9 102.7 95.1 92.5 94.6 80.1 B. Petroleum refining 111.9 ' 112. 9 110.0 113.0 ' 113.1 111.1 96.8 '97.9 89.8 RUBBER PRODUCTS 76.6 '77.4 86.7 77.0 '78.1 87.0 57.6 '58.3 58.3 Rubber boots and shoes 53.9 '54.7 65.1 49.6 '52.3 59.9 46.8 '50.3 58.6 Rubber tires and inner tubes 68.7 69.4 72.5 71.0 71.8 75.1 50.4 49.6 44.8 ' Revised. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Value of contracts in millions of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 January . _. 83.4 186.5 12.0 15.1 4.3 10.7 5.8 9.4 42.7 113.7 1.4 19.6 17.3 17.9 February 52.7 96.7 11.8 14.5 2.8 4.2 7.6' 7.6 17.2 53.2 2.2 5.4 11.0 11.8 March... 60.0 178.3 16.0 28.1 6.4 15.9 7.2 13.0 17.6 92.9 1.3 8.8 11.5 19.6 April 56.6 131.4 19.1 22.8 6.2 8.4 6.6 11.9 13.6 69.9 1.1 8.6 9.9 9.8 May 77.2 134.4 26.5 24.8 9.4 8.3 8.9 24.7 19.0 56.8 1.7 10.4 11.6 9.5 June . 102.3 127.1 27.7 26.6 26.8 8.7 9.6 11.9 24.4 57.4 3.5 9.7 10.3 12.8 July 82.6 119.7 23.6 19.8 17.8 25.7 11.5 12.9 18.9 39.1 2.9 7.8 7.8 14.4 August . 106.0 120.0 21.9 18.6 14.1 10.0 10.5 13.5 51.4 50.6 2.6 12.2 5.6 15.2 September 120.1 110.2 21.5 17.9 15.1 6.1 7.4 13.1 60.7 50.0 2.2 12.5 13.0 10.6 October 145.4 135.2 21.5 26.3 9.8 8.5 9.8 '13.5 92.7 65.2 2.2 9.0 9.3 12.7 November 162.3 111.7 23.6 19.9 8.2 4.6 7.3 11.0 111.1 52.3 2.6 8.6 9.6 15. a December 207.2 23.9 6.7 7.1 133.3 16.3 20.0 Year 1, 255. 7 249.3 127.5 99.4 602.7 40.0 136.9 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN JANUARY 1935 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] {Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] ]Number Liabilities 1934 1933 Federal Reserve district 1934 1933 1934 1933 Federal Reserve district Nov. Oct Nov. Nov. Oct. Nov. Nov. Oct. Nov. Boston 11,165 15, 293 11,871 New York... 23,996 26,382 20, 529 Boston 114 138 138 1,802 1,686 2,525 Philadelphia 7,616 12,817 9,054 New York 287 346 311 5,418 6,839 6,930 Cleveland 9,730 10, 304 16, 774 Philadelphia.. 44 50 68 1,298 1,268 2,602 Richmond 8,599 10, 937 14, 576 Cleveland 87 65 83 2,967 1,515 2,192 Atlanta 9,413 7,920 42,854 Richmond 39 48 64 551 778 1,495 Chicago 15, 322 22,960 23, 255 Atlanta 29 25 49 287 967 579 St. Louis 8,425 10, 734 9,678 Chicago.._ 100 124 172 3,016 2,607 4,618 Minneapolis 4,134 5,618 4,023 St. Louis 24 36 47 284 432 579 Kansas City 4,958 7,539 5,891 Minneapolis. _ 28 22 46 197 459 661 Dallas 8,383 4,720 3,837 Kansas City... 34 54 75 564 321 869 Dallas 17 20 32 224 189 527 Total (11 districts) 111,741 135,225 162, 341 San Francisco. 120 163 152 1,742 2,907 1,778 Total.-.. 923 1,091 1,237 18, 350 19,968 25, 353 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Dec. 1, 1934, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate Dec, 1,1934 1933 Dec. 1,1934 1933 Dec. 1,1934 1933 Dec. 1, 1934 Bushels Bushels Bushels Bushels Bushels Bushels Busheli Bushels Boston _. 7,545 7,867 120 120 120 120 New York 21,060 25,132 5,220 5,171 5,096 5,039 124 132 Philadelphia- 44,634 48,105 14, 294 13, 866 14, 209 13, 781 85 85 Cleveland 150, 851 128, 893 37, 550 38, 788 37,479 100 71 Richmond 133,164 132,408 19, 721 22,908 19, 721 22, 908 Atlanta- 151, 672 160, 725 3,166 3,841 3,166 3,841 Chicago 840,127 486, 539 46, 742 50,447 44,426 48, 755 2,316 1,692 St. Louis 296,415 167,470 38, 900 47, 237 38, 778 47,197 122 40 Minneapolis... 219,750 107,474 121,152 63, 272 9,775 10,044 111,377 53, 228 Kansas City—. 391, 614 53,194 130, 510 144,213 122,134 140, 671 8,376 3,542 Dallas 85,134 54, 929 14, 705 26,141 14, 612 26,090 93 51 San Francisco. 9,692 7,982 95,557 81, 703 40,087 49, 229 55,470 32,474 Total 2,351,658 1,380,718 528,975 496,469 350, 792 405,034 178,183 91,435 Tame hay Tobacco White potatoes Cotton Federal Reserve district t P io r n o , d 1 u 9 c 3 - 3 E D st e 1 i c 9 m . 3 4 a 1 t , e t P io r n o , d 1 u 9 c 3 - 3 E D st 1 e i 9 m c 3 . a 4 1 ti , ti P o r n o , d 1 u 9 c 3 - 3 E D st e 1 i c 9 m . 3 4 a 1 t , e t P io r n o , d 1 u 9 c 3 - 3 E D st e 1 i c 9 m . 3 4 a 1 t , e t P io r n o , d 1 u 9 c 3 - 3 E D st e 1 i c 9 m . 3 4 a 1 t , e Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston _ 7,446 7,216 2, 860 2,790 25,345 18,471 49,770 65,891 New York 17,901 24, 745 4,863 3,812 666 488 28, 314 37, 212 Philadelphia-. 13,109 15, 724 2,295 1,947 21,330 17,504 20, 786 31, 787 Cleveland...,. 35,144 36,450 3,959 3,365 116,058 100, 267 15, 501 22,086 Richmond 16, 981 15,475 2,961 2,89S 749,207 594,830 22, 656 32, 805 1,456 1,384 Atlanta 8,183 10,091 2,049 2,067 166, 227 118,173 10, 867 15,109 2,569 2,450 Chicago 314,089 186,086 13,315 9,616 17,814 11,141 39, 752 65, 598 St. Louis 37, 207 18,141 5,253 4,140 273,758 231, 293 9,072 9,681 i 2, 554 2 2,344 Minneapolis-._ 146,952 109, 517 7,856 5,214 1,231 683 42, 539 43, 361 Kansas City- 84,159 50, 782 8,551 4,994 6,003 2,812 30, 566 14, 816 1,051 270 Dallas 22, 347 33,976 894 724 4,419 4, 665 5,114 2,929 San Francisco . 27,982 20, 612 11, 274 10,374 45,961 42, 276 303 354 Total 731,500 528,815 66,130 51,941 1,377, 6 1,095, 662 320, 203 385, 287 13,047 9,731 1 Includes 15,000 bales grown in miscellaneous territory. 2 Includes 17,000 bales grown in miscellaneous territory. NOTE.—1933 figures for all crops except cotton are as revised in December 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS I0WA CHICAG KANSAS KANS. >, \ J I OKLA. Oklahoma City 1 ARK Little#Rock/ rpaso"""j J 11 BOUNDARIES OF FEDERAL RESERVE DISTRICTS —BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis