Federal Reserve Bulletin, 1935-03

FEDERAL RESERVE BULLETIN MARCH 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Banking Developments Annual Report of Bank of France 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 Director, Division of CHESTER MORRILL, Secretary. Research and Statistics. J. C. NOELL, Assistant Secretary. E. L. SMEAD, Chief, Division of Bank Operations. L. P. BETHEA, Assistant Secretary. J. R. VAN FOSSEN, Assistant Chief, Division of Bank- S. R. CARPENTER, Assistant Secretary. Operations. WALTER WYATT, General Counsel. CARL E. PARRY, Chief, Division of Security Loans. GEORGE B. VEST, Assistant Counsel. PHILIP E. BRADLEY, Assistant Chief Division of Security? t LEO H. PAULGER, Chief, Division of Examinations, Loans. FRANK J. DRINNEN, Federal Reserve Examiner. O. E. FOULK, Fiscal Agent. E. A. GOLDENWEISER, Director, 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 LICHTENSTEIX, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal R o e f— serve Bank Chai R rm es a e n r v a e n d ag F en ed t eral Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young ; W. W. Paddock W. Willett. New York J. H. Case Q L. Harrison W. R. Burgess J. W. Jones.i J. E. Crane W. B. Matteson.i W. S. Logan J. M. Rioe.i L. R. Rounds Allan Sproul.* L. F. Sailer H. H. KimbalU C. H. Coe L. W. Knoke.i Philadelphia R. L.Austin.. G. W. Norris W. H. Hutt -. C. A. Mcllhenny. J. S. Sinclair W. J. Davis.» C. A. Mcllhenny L. E Donaldson.1 W. G. McCreedy.* Cleveland -- E. S. Burke, Jr.* M. J. Fleming . F. J. Zurlinden - W. F. Taylor H. F. Strater C. W. Arnold.' Richmond W. W. Hoxton Q. J. Seay C. A. Peple G. H. Keesee. R. H. Broaddus J. S. Walden, Jr.* Atlanta Oscar Newton H. W. Martin M. W. Bell H. F. Conniff W. S. McLarin, Jr.* Chicago E. M. Stevens G. J. Schaller H. P. Preston W. H. Snyder.» C. R. McKay W. C. Bachman.i J. H. Dillard 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.i A. L. Olson.i St. Louis -. J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.2 J. G. McConkey A. H. Haill.a F. N. Hall." GO. Hollocher.* 0. C. Phillips.* Minneapolis J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. F. C. Dunlop.* Kansas City G. H. Hamilton CFT. AT . 7Wipomrtphrington— J. W. Helm. ' J. W. Helm Dallas - C.C.Walsh .._ B. A. McKinney R. R. Gilbert R. B. Coleman. R. B. Coleman W. 0. Ford.» San Francisco J. U. Calkins W A. Day W M Hale Ira Clerk i Assistant deputy governor. * Assistant to the governor. « Controller. * 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: 1 Kansas City: Cincinnati branch B. J. Lazar Denver branch J. E. Olson. Pittsburgh branch ... T. C. Griggs. ! Oklahoma City branch C. E Daniel. Richmond: i Omaha branch L. H. Earhart. Baltimore branch Hugh Leach. j Dallas: Charlotte branch W. T. Clements. El Paso branch J L. Hermann. Atlanta: j 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 141 Annual report of the Bank of France 165 Earnings and expenses of Federal Reserve banks during 1934 186-187 Condition of all member banks on December 31, 1934 (from Member Bank Call Report No. 64) 189-190 Federal Deposit Insurance Corporation—Accounts and deposits in commercial banks and trust companies 200 National summary of business conditions 146 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 147-151 Member and nonmember bank credit: All banks in the United States 154 All member banks 152, 153, 188, 194 Weekly reporting member banks in leading cities 155, 191 Brokers' loans 155 Acceptances and commercial paper 156 Discount rates and money rates 157 Treasury finance _ 158 Assets and liabilities of governmental credit agencies 159 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 160 Farm Credit Administration—Loans and discounts outstanding, by institutions 161 Home Owners' Loan Corporation—Summary of operations 161 Federal home loan banks—Assets and liabilities 161 Security prices, bond yields, and security issues 162 Production, employment, car loadings, and commodity prices 163 Merchandise exports and imports 164 Department stores—Indexes of sales and stocks 164 Freight-car loadings, by classes 164 Financial statistics for foreign countries: Gold reserves of central banks and governments 169 Gold production 170 Gold movements 170-172 Government note issues and reserves 173 Bank for International Settlements 173 Central banks 174-176 Commercial banks . 177 Discount rates of central banks 178 Money rates 178 Foreign exchange rates _ 179 Price movements: Wholesale prices 180 Retail food prices and cost of living 181 Security prices 181 Law department: Rulings of the Federal Reserve Board: Ruling no. 41 interpreting regulation T 182 Proclamation of President extending period within which Government securities may be accepted as collateral for Federal Reserve notes 182 Limitations on purchase of investment securities by national banks—Circular letter issued by Comptroller of the Currency J 183 Federal Reserve.statistics by districts, etc.: Banking and financial statistics 184-194 Industrial and commercial statistics 195-200 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 21 MARCH 1935 No. 3 REVIEW OF THE MONTH The figures for loans and investments showed an increase during 1934 of $2,930,000,000 for all During the month of February gold imports member banks. This growth reflected incontinued on a large scale, and there was an creases of $2,650,000,000 in holdings of direct increase of $135,000,000 in the obligations of the United States, of about Gold imports and monetary gold stock of the member bank , J Jj $900,000,000 in obligations guaranteed as to country, lhis addition to the reserves principal and interest by the United States, gold stock was partly offset by and of about $200,000,000 in other securities, an increase of nearly $90,000,000 in currency offset to the extent of $800,000,000 by a in circulation, and member bank reserve balances showed an increase of $44,000,000. Re- ALL MEMBER BANKS serve requirements increased somewhat during Call date figures the month, and excess reserves at the close of the month, at $2,200,000,000, were about the same as at the end of January. The movement of gold from Europe in February led to some further decline in gold reserves reported by central banks abroad. The reduction amounted to $14,000,000 in Switzerland, $3,000,000 in Netherlands, and $3,000,000 in Belgium. Since the movement of gold to the United States attained large volume in the middle of January, exports of gold from England have been considerably heavier than imports. From January 10 to February 28 net exports amounted to about $60,000,000, although reserves of the Bank of England did not decline. American imports of silver from England in this period amounted to about $25,000,000. Increases in member bank reserve balances 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 in February were in addition to substantial Figures taken from the condition reports of all member banks and beginning June 30, 1933, include licensed banks only. Demand increases in the year 1934 deposits adjusted are derived by subtracting checks and other cash items reported as on hand or in process of collection from demand and in January of this year, in deposits, including in demand deposits certified and officers' checks and cash letters of credit and travelers' checks outstanding but excludwhich gold imports were also ing interbank deposits and United States Government deposits. the principal factor. decrease in loans. The course of member bank Member bank condition statements for De- loans and investments and deposits at call cember 31, 1934, which have recently been report dates since 1922 is shown in the accomcompiled, show changes in member bank de- panying chart. posits and loans and investments during 1934, The following table, which shows the volume a year during which member banks continu- of deposits, classified by types, held by member ously had a large volume of excess reserves. banks at the close of 1934 and changes for the 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN MARCH 1935 year, brings out the fact that the increase in about $325,000,000, reflecting other use of total deposits of nearly $6,700,000,000 was Postal Savings funds. Deposits of States, much larger than the growth of loans and counties, and municipalities showed an ininvestments. This was largely due to the fact crease of $470,000,000. There was an increase that banks have held an increasing volume of of $1,500,000,000 in balances due to banks, funds in the form of excess reserves at the which at the end of the year aggregated Federal Reserve banks or of balances with $4,900,000,000, the largest amount ever reother banks. Reserve balances increased in ported. This increase, nearly all of which was 1934 by $1,400,000,000, of which nearly in balances payable on demand, occurred not- $1,000,000,000 was in excess of legal require- withstanding the prohibition against the payments, and balances due from banks increased ment of interest on demand deposits, and by over $1,100,000,000. In addition the represented further accumulation of idle funds deposits at the end of the year were temporarily by banks. enlarged somewhat by the large volume of The most important factors in the increase checks and other items in process of collection, in deposits during the year were Treasury exwhich exceeded the amount outstanding at _ , penditures of funds raised by x x the end of 1933. When United States Govern- Factors m growth r, _ . . . _ _J ment and Postal Savings deposits are deducted of deposits ^e sa*e °* securities to banks and adjustment is made for interbank deposits and purchases of gold and siland collection items, the growth in individual ver by the Treasury. The Treasury during 1934 deposits during 1934 is shown to be about purchased about $1,400,000,000 of gold and $4,060,000,000. $200,000,000 of silver. The sale of this gold to the Treasury, which paid for it by drafts DEPOSITS AT MEMBER BANKS on the Reserve banks, increased the member fin millions of dollars] banks reserve balances. To the extent that De 1 c 9 . 3 3 30, De 1 c 9 . 3 4 31, In c o c r r e r d e a a s e e - se g d o ra ld w i p n u g rc d h o a w se n s b a a b la r n o c a e d s w he e l r d e a n b o r t o a p d a i b d y fo b r a n b k y s United States Government 967 1,635 +6C8 in this country, the increase in the gold stock Postal Savings 452 -326 Interbank balances 1 (United States and 778 also resulted in an increase in deposits at comforeign) 4,905 +1,509 3,396 mercial banks. In connection with the silver States, counties, and municipalities i__. 2,094 +474 Other customers: 1, 620 purchases, silver certificates were issued in an Demand 12,109 14,951 +2, 842 Time _. 7,^57 9,020 + 1,063 amount corresponding approximately to the Certified and officers' checks, cash letters of credit, and travelers' checks purchase price of the silver bought, and these outstanding 339 790 +451 certificates were either paid into circulation Total deposits _ 27,167 33, 848 +6, 681 Adjusted deposits 2__ 20,893 24, 952 +4, 059 directly by the Treasury or deposited with the 1 Includes both demand and time deposits. Reserve banks. In the former case deposit of 2 All deposits, other than United States Government, Postal Savings, and interbank deposits, minus checks and other cash items reported an equivalent amount of currency at member as on hand or in process of collection. banks, and by them at the Reserve banks, and The largest element in the growth of deposits in the latter case the expenditure of the Treaswas in demand deposits of customers other than ury balance with the Reserve banks, resulted banks or governments. These deposits showed in an increase of deposits and of reserves of the an increase of $2,840,000,000, a part of which member banks. represented checks in process of collection, while In addition to deposits created by Governtime deposits of the same group of depositors ment purchases of the precious metals, addiincreased by $1,060,000,000. United States tional deposits resulted from sales of United Government deposits with member banks States Government obligations to member banks showed an increase of $670,000,000 in the year, and the subsequent disbursement of the funds but Postal Savings deposits were decreased by by the Treasury. Purchase by banks of securities guaranteed by the United States from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 143 holders of these securities also served to increase As compared with 1929, however, the decline deposits. in customers' deposits has been much larger at Deposits created in this manner, however, did country banks, amounting to about 27 percent not always return to the banks that purchased as compared with 7 percent for all city banks. the securities. During 1934 there was a con- This difference was probably due in part to the siderable shifting of deposits among banks larger volume of failures among country banks within the country, largely as a result of the since 1929, and some of the increase in deposits Treasury in effect borrowing from banks in one in 1934 was due to the reopening of a number of locality and expending the money and thus unlicensed banks which were not included in creating deposits in other sections of the country. the reports for 1933. Although the growth in deposits at member Additional deposits obtained in 1934 have banks during 1934 was spread throughout the been employed differently by the different ^ . , country, there were differences classes of banks. It would apx D cl e a p ss o e si s t s o b f y b anks . m changes a A t 4 t .1 h e vari • o us c i lasses bank°sffUndSby pear frOm the following table that country banks showed a of banks. The following table relatively larger increase in deposits of local shows increases during 1934 in deposits at member banks in New York City, in other customers than did city banks, but that country reserve cities, and elsewhere. banks invested a smaller portion of their additional funds and placed a larger portion in idle GROWTH IN DEPOSITS AT MEMBER BANKS IN 1934, BY balances than did the city banks. CLASSES OF BANKS Increa o s f e d ( o in ll a m rs i ) llions Percent of increase CONDITION OF ALL MEMBER BANKS [In millions of dollars] Total de- Adjusted Total de- Adjusted posits deposits } posits deposits i Changes during 1934 at— All member banks 6,681 4,059 25 19 C N O o e th w u e n r Y t r r y e o s r b k er a v C n e k i t s c y i ty b a b n a k n s k s - . 2 2 1, , , 6 7 2 5 9 2 5 7 9 1 1 , , 5 8 7 3 1 0 7 7 5 3 2 2 1 0 4 2 2 1 1 1 4 b m a b A e n e m l r k l s - b Y N C a o i e n t r w k y k s R b O e c a s t i n h e ty k r e v s r e b C a t o r n y u k n s - 1 All deposits other than United States Government, Postal Savings and bankers' deposits, minus checks and other cash items reported Loans _ -805 -294 -313 -198 as on hand or in process of collection. Investments +3, 736 +1, 060 +1, 765 +911 Total loans and investments +2,931 +766 +1, 452 +713 Total deposits showed the largest percentage Reserves with Federal Reserve banks_ + 1,404 +673 +481 +249 increases at New York City banks and the Cash in vault + 138 +39 +49 +50 Due from banks in United States! + .1,118 + 10 +581 +527 smallest at country banks. This was chiefly Total reserves, cash, and due due to the growth of bankers' deposits, which from banks +2, 660 +722 +1,111 +826 are mostly held by city banks, and individual Adjusted deposits 2 +4, 059 +705 +1,817 +1, 537 Interbank deposits.. + 1,509 +613 +790 +106 deposits showed larger increases at country United States deposits +668 +369 +232 +67 banks than at New York City banks. A dif- Postal Savings deposits. .. ... —320 -51 -184 -91 ferent set of figures, showing average daily net 1 Includes time balances. 2 All deposits, other than U. S. Government, Postal Savings, and demand and time deposits at country banks interbank deposits, minus checks and other cash items reported as on hand or in process of collection. for the month of December, indicates that banks in places with a population of less than City banks were relatively heavier pur- 15,000 in a selected list of 21 agricultural States chasers of Government securities in 1934, but were 26 percent larger than a year before, where- it would appear that after expenditure by the as all other country banks taken as a whole Treasury a larger portion of the funds lodged showed an increase of 17 percent. It would ap- as deposits with country banks. The latter pear that the increase in customers' deposits was invested part of these funds, held a part as larger at rural banks in agricultural sections than excess reserves, and placed part on deposit at banks in other places. with city banks. These country-bank deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN MARCH 1935 received through the clearing system were insured, and in the 96 largest banks more added to the credit of the city banks at the Re- than 97 percent were fully insured. Among serve banks. It appears, therefore, that a these largest banks, however, only one-fourth large part of the increase in excess reserves of the aggregate deposit liability was insured, during 1934, although carried by city banks, is while among the 8,191 banks, each with less represented by balances held by these banks for than $500,000 deposits, 85 percent was intheir country correspondents and is at the dis- sured. Details in this connection are shown posal of and subject to call by country banks. on page 200. The Federal Deposit Insurance Corporation By proclamation issued on February 14, has recently released statistics as of October 1, 1935, the text of which is published on page 1934, which classify commercial Extension of 182> ^e President prescribed Banks, by size banks by size. According to Glass-Steagall an additional period of 2 years this compilation 60 percent of the commercial Act after March 3, 1935, during banks had deposits of $500,000 or less. Banks which the Federal Reserve Board may authorhaving over $5,000,000 in deposits constituted ize the use of direct obligations of the United in number 5 percent of all banks in the country States as collateral security for Federal Reserve but controlled three-quarters of all deposits of notes. Authority to use such obligations as commercial banks. collateral against Federal Reserve notes until March 3, 1933, was originally granted by NUMBER AND DEPOSITS OF LICENSED COMMERCIAL the Glass-Steagall Act of February 27, 1932. BANKS AND TRUST COMPANIES, BY SIZE OF DEPOSITS, OCT. 1, 1934 It was later extended for another year and then for 1 more year with authority in the Deposits of— b b N e a u r n m k o s - f T o p o m o t ( a i s 0 t l i 0 t t e 0 s d d * e ) - c b b n t e P e a o u n r e n t m t a r k o - o l - s f f c p t e P o o d n e s t e t a r i - t - o l s f n P ar o r y e t s t i t o d o e t e a n x l t c t e h o e o d l e d x 2 i t n e g y n s e d a b r it s y . fo t r h A e t a n R t h a e e d s d e e r i n t v d i e o n o b a f l a n F p k e e s b r i r o o u d f bills discounted and bought were $12,000,000. $500,000 and under 9,135 $1,955,551 60.42 5.36 In view of this small amount of eligible paper $500,001 to $1,000,000.... 2,501 1, 772,625 16.54 4.86 $1,000,001 to $2,000,000.. 1,664 2,324,922 11.01 6.37 the Reserve banks were continuing to pledge $2,000,001 to $5,000,000-. 1,076 3,242, 721 7.12 8.89 $5,000,001 to $50,000,000.. 647 8, 250,016 4.28 22.61 a considerable volume of United States Gov- $50,000,000 and over 18,942,185 .63 51.91 ernment obligations against outstanding Fed- Total. 15,119 36,488,020 100.00 100. 00 eral Reserve notes. 1 Because of the exclusion of some minor items, these figures are not exactly comparable with the usual compilations. On October 1, 1934, approximately 93 per- Statement by the Secretary of the Treasury cent of all commercial banks were insured by On February 11, Secretary Morgenthau the Federal Deposit Insurance Corporation. issued the following statement: Out of the 14,028 banks participating in in- "1. Since January 14 banks and dealers in surance, 8,191 had deposits of less than foreign exchange and gold have practically $500,000 each, while 944 of the 1,091 uninsured stopped buying and selling gold, within gold banks were in this group. All of the 96 banks import and export points—which means that the international gold standard as between holding deposits in excess of $50,000,000 were foreign countries and the United States has members of the Corporation, and these acceased its automatic operation. counted for somewhat more than half of the "2. Thanks to the foresight of the Seventyaggregate of $35,975,000,000 deposits of banks third Congress, we now have a stabilization participating in insurance. The 1,091 com- fund. "3. When we saw that the external value of mercial banks which were not insured had the dollar was rapidly going out of control, aggregate deposits of $512,781,000. we put the stabilization fund to work on a Among the groups of small banks more moment's notice, with the result that for the than 99 percent of all depositors were fully past 4 weeks we have successfully managed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 145 the value of the dollar in terms of foreign respect to the acquisition, importation, or disposition currencies. of silver salts. The amendment reads as follows: "The country can go about its business with TREASURY DEPARTMENT, assurance that we are prepared to manage the OFFICE OF THE SECRETARY, external value of the dollar as long as it may February 13, 1935. be necessary." AMENDMENT TO THE SILVER REGULA- TIONS OF AUGUST 17, 1934 The silver regulations of August 17, 1934, as Change in Foreign Central Bank Discount Rate amended, are hereby amended in section 22 by adding at the end thereof the following: On February 23 the Austrian National Bank "(g) Silver salts." reduced its discount rate from 4K to 4 percent. The regulations, as so amended, may be modified or revoked at any time. H. MORGENTHAU, JR., Secretary of the Treasury. Meeting of the Federal Advisory Council Approved: The first meeting of the Federal Advisory (Signed) FRANKLIN D. ROOSEVELT, February 14, 1935. Council for 1935 was held on Tuesday, February 19. Mr. Walter W. Smith was reelected president and Mr. Howard A. Loeb w^as re- Expiration of Circulation Privilege with Respect to elected vice president. These officers as ex- Certain United States Government Bonds officio members and Messrs. Steele, Perkins, The following release was issued at the Treas- Young, and Kemper will comprise the executive ury Department on March 2, 1935: committee. Mr. Walter Liechtenstein was reappointed secretary. The Comptroller of the Currency, J. F. T. O'Connor, today announced that in accordance with the opinion of the Attorney General dated August 12, 1932, and the act of Congress of July 22, 1932, the circulation Amendment to Silver Regulations privilege on United States bonds conferred by the act of July 22, 1932, would expire with respect to such bonds On February 16, 1935, the Treasury Depart- on July 22, 1935; that national banks will, therefore, be ment issued the following press release: required either to withdraw these bonds, placing with the Treasurer of the United States lawful money in lieu The Secretary of the Treasury, with the approval of thereof, or place in substitution therefor with the the President, has amended the silver regulations of Treasurer of the United States bonds bearing the cir- August 17, 1934, so as to make it unnecessary for per- culation privilege, namely, 2-percent Consols of 1930 sons to file reports pursuant to such regulations with or 2-percent Panama's of 1916-36 and 1918-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN MARCH 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Feb. 23 and released for publication Feb. 26] Industrial output, which had shown a rapid for residential building in the 3 months from growth in December, increased further in November to January was about the same as January. Activity in the building industry in the corresponding periods of the two precontinued at a low level. Wholesale commod- ceding years. ity prices advanced considerably during Janu- Distribution.—Freight-car loadings showed a ary and the first half of February, reflecting seasonal growth in January. At department chiefly marked increases in the prices of live- stores the volume of business declined somestock and livestock products. what more than is usual after the Christmas Production and employment.—Volume of holidays. industrial production, as measured by the Commodity prices.—The general level of Board's seasonally adjusted index, increased wholesale commodity prices, as measured by from 86 percent of the 1923-25 average in the index of the Bureau of Labor Statistics, December to 90 percent in January. Activity advanced from 77.9 percent of the 1926 average in the steel and automobile industries continued in the week ending January 5 to 79.4 percent in to increase rapidly during January and the the week ending February 16. During January early part of February; in the middle of the prices of cattle and beef showed substantial month, however, steel production declined. increases, and in February the price of hogs Output of lumber increased in January but was advanced considerably. Prices of cotton, still at a low level. At cotton and woolen grains, and silk showed a decline in January textile mills activity showed a considerable and the first few days of February, followed by growth, while in the meat-packing industry an advance in the middle of the month. output declined. Output of crude petroleum Bank credit.—During the 5 weeks ended increased further in January and the first half February 20 member bank balances with the of February. Reserve banks increased by $260,000,000 and Factory employment and pay rolls increased their excess reserves rose to about $2,300,000,somewhat between the middle of December 000. The principal factors in the increase were and the middle of January, although a decline an inflow of gold from abroad and disburseis usual at this season. At automobile factories ments by the Treasury of funds previously held the volume of employment increased further as cash or on deposit with the Federal Reserve by a large amount, and there were substantial banks. increases at steel mills, foundries, and woolen Net demand deposits of weekly reporting mills. Employment in the meat-packing in- member banks in leading cities increased by dustry continued to decline and in January more than $200,000,000 in the 4 weeks ended was at about the same level as a year ago. February 13. Total loans and investments of Among the nonmanufacturing industries, the these banks showed no significant changes durnumber employed at retail trade establish- ing the period. Slight declines occurred in ments and on construction projects showed loans on securities and in holdings of direct declines of a seasonal nature. obligations of the United States Government, Value of construction contracts awarded while other loans and other securities increased in January, as reported by the F. W. Dodge somewhat. Corporation, was slightly larger than in Decem- Yields on United States Government securiber but considerably smaller than a year ago, ties declined slightly further and other openwhen the volume of public projects was excep- market money rates continued at a low level. tionally large. The value of contracts awarded Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 147 RESERVE BANK CREDIT AND RELATED ITtMS MILLIONS OF DOLLARS Weekly basis: Wednesday series MILLIONS OF DOLLARS 9000 r 9000 6000 8000 7000 - 7000 6000 6000 5000 5000 4000 4000 3000 MEMBER BANK RESERVE BALANCES 2000 RESERVE BANK — CREDIT 1000 TREASURY CASH & DEPOSITS WITH F. R. BANKS i . . I I,, I, J o 1930 1931 1932 1933 1934 1935 Based on Wednesday figures; latest figures are for February 27. See table on page 148. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN MARCH 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 U o n v . t e S r s . n e - - O s t b h e a e r n v r k e re- Total ta M s r t y o o n g c e o k - ld na h U t c a B s i u n o I m I r K d n l - . 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 s e p h d s i o e e t s a r h r v i n a t e l d s b p m N e o r e o s m n d it - e - s - R F c O e o e a s t d u c h e e n - e r r t v r a s e l curities credit rency banks 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 17,036 2,301 5,317 2,736 13,449 142 299 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 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 July 3-. 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. 4f53 7,932 2,361 5, 315 3.915 3,074 219 232 Aug. 8- 21 5 2,432 (f) 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 0) 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 3,017 160 230 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 3,060 184 236 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 1935—Jan. 2_.. 7 6 2,431 17 2,461 8,243 2,514 5,534 4,090 3,164 190 240 Jan. 9— 7 6 2.430 24 2,467 8,258 2,508 5,420 4,283 3,094 194 242 Jan. 16.. 17 6 2,430 15 2,468 8,273 2.504 5,382 4,388 3,019 215 242 Jan. 23- 9 6 2,430 19 2,463 8.308 2,500 5,347 4,501 2,994 188 241 Jan. 30— 7 6 2,430 16 2.460 8,387 2,497 5,35S 4,542 3,007 194 242 Feb. 6._ 6 6 2,430 24 2, 466 8,421 2,503 5,407 4,633 2,930 176 246 Feb. 13. 7 6 2.430 8 2,450 8,456 2,525 5,430 4,580 2,995 182 245 Feb. 20.. 6 fi 2,430 7 2,448 8,489 2. 522 5,442 4, 645 2,932 193 247 Feb. 27. 6 6 2,430 7 2,450 8,524 2,520 5. 442 4,588 3,006 211 246 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

MARCH 1935 FEDERAL RESERVE BULLETIN 149 RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Treasury Month or week co B d u i i n s ll t - s ed b B ou il g ls ht s G ec m U o u v . e r S e 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 ry t o o g n c o k e l - d 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 M b r a e b e l s a a m e n n r b c k v e e e s r c d R F a b e e w s e a p h d s n i o e e t k a s r h r v i n a s t e l d s b p m N e o r e o s m d i n t e - s - - R F c O o e e a s d t u c h e e n - e r r t v r a s e l 1933—December 117 101 2,432 19 2,669 4,036 2,293 5,523 2,616 357 143 358 1934—January 101 113 2,432 9 2,656 4,035 2,302 5,382 2,764 397 146 304 February 70 87 2,432 8 2,597 i 7,138 2,303 5,339 2,822 » 3, 448 136 293 March — 55 40 2,437 3 2,535 7,602 2,333 5,368 3,361 3,298 144 299 April 43 16 2,439 9 2,507 7,736 2,377 5,366 3,594 3,222 170 268 May 36 6 2,431 6 2,479 7,759 2,378 5,355 3,695 3,083 249 234 June ___ 28 5 2,424 7 2,464 7,821 2,363 5,341 3,790 3,054 226 237 July 23 5 2,432 9 2,469 7,893 2,364 5,350 3,928 2,999 219 230 August 21 5 2,432 6 2,463 7,971 2,378 5,355 4,045 2,976 208 228 September 22 5 2,431 10 2,469 7,971 2,411 5,427 3,947 3,054 197 227 October 12 6 2,430 8 2,457 7,989 2,415 5,473 3,964 3,011 177 234 November 11 6 2,430 20 2,466 8,047 2,455 5,494 4.100 2,970 165 239 December 10 6 2,430 26 2,472 8.191 2,494 5,577 4,037 3,120 181 241 1935—January 8 6 2,430 21 2,465 8,284 2,504 5,411 4,355 3,053 194 241 February 6 6 2,430 20 2,462 8,465 2, 513 5,439 4,601 2,965 189 246 Week ending Saturday— 1934—Nov. 3 11 6 2,430 10 2,457 8,002 2,434 5,470 4,004 3,015 167 237 Nov. 10 11 6 2,430 12 2,459 8,009 2,444 5,506 4,044 2,952 172 238 Nov. 17 10 6 2.430 32 2,478 8,029 2,453 5,493 4,108 2,955 165 239 Nov. 24 10 6 2,429 25 2,469 8,069 2,464 5,474 4,159 2,071 160 239 Dec. 1 12 6 2,430 13 2,460 8,112 2,469 5,511 4,126 3,005 160 239 Dec. 8 11 6 2,430 13 2,460 8,152 2,476 5,556 4,093 3,028 172 239 Dec. 15 10 6 2,430 19 2,465 8,178 2,487 5,554 4,093 3,061 183 240 Dec. 22 10 6 2,430 40 2,486 8.204 2.501 5,604 3,943 3,214 185 244 Dec. 29 10 6 2,430 33 2,478 8,225 2,508 5,609 3,995 3,180 184 244 1935—Jan. 5 7 6 2,431 21 2,465 8,241 2,513 5,523 4,117 3,146 192 241 Jan. 12 7 6 2,431 23 2,466 8,257 2,508 5,435 4,270 3,090 194 242 Jan. 19 9 6 2,430 22 2,466 8,270 2,504 5,391 4,373 3,028 206 242 Jan. 26 8 6 2,430 24 2,468 8,304 2,500 5,364 4,473 3,001 192 242 Feb.2 7 6 2,430 19 2,462 8,372 2,497 5,377 4,522 3,008 180 244 Feb.9 6 6 2,430 23 2,466 8,421 2,500 5,423 4,602 2,943 174 245 Feb. 16 6 6 2,430 26 2,468 8,453 2,515 5,440 4,590 2,984 177 245 Feb. 23 6 6 2,430 18 2,460 8,497 2,523 5,452 4,625 2,957 200 246 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury End of month co B d u i i n s ll t - s ed bo B u il g ls ht G m U ov . e S e n r . t n- r O e b s a t e h n r e k v r e Total I | i ta M s r t y o o c g n k o e l - d T c a u t r n b i e r o d a r a n e n s n a 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 M b r a e b e l s a a m e n n r b c k v e e e s r c d R F a e e e w s p h d s i o e e t a s h r r n v i a t d e l s b p m N e o r e o s m i n d t e - s - - R F c O e o e a s t d u c h e e n - r e r t v r a s e l securities credit banks 1933—December. 133 2,437 20 2,688 4,035 2,303 5,518 2,729 287 132 1934— F J e a b n r u u a a r r y y .. - . 1 6 1 2 1 2 2 , , 4 4 3 3 2 4 8 2 2 2 , , 6 5 3 6 0 7 » 4 7 , , 0 4 3 3 3 8 2 2 , , 3 3 0 0 2 2 5 5 , , 2 3 8 5 9 5 3 2 , , 0 65 9 2 3 » 3, 5 4 9 4 7 0 1 1 4 2 1 7 2 2 8 9 7 2 March 29 2,447 15 2,545 7,694 2,361 5,394 3,457 3, 293 157 299 April 9 2,431 6 2,485 7,757 2,378 5,368 3,599 3,148 268 236 May 5 2,430 —4 2,463 7,779 2,368 5,357 3,746 3,053 222 232 June 5 2,432 10 2,472 7,856 2,367 5,373 3,840 3,016 233 233 July 5 2,432 3 2,462 7,931 2,361 5,317 4,029 2,971 207 229 August 5 2,432 4 2,464 7,978 2,408 5,396 4.052 208 226 September. 6 2,431 11 2,464 7,978 2,405 5,456 3,934 3,051 178 228 October. __ 6 2,430 8 2,455 8,002 2,434 5, 453 4,006 3,031 164 237 November. 6 2,430 6 2,453 8,132 2,468 5,549 4,081 3,022 161 239 December. 6 2,430 20 2,463 8,239 2,511 5,536 4,096 3,150 189 241 1935—January... 6 2,430 19 2,461 8,391 2,496 5,380 4,543 2,989 191 243 February. . 6 2,430 23 2,465 v 8, 526 2,519 * 5, 467 4,587 » 3,003 207 246; i» Preliminary. 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

150 FEDERAL RESERVE BULLETIN MARCH 1935 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENTS [In thousands of dollars) Feb. 28, 1935 Jan. 31,1935 Feb. 28, 1934 ASSETS Gold certificates on hand and due from U. S. Treasury.. 5, 542, 567 5, 389,056 3,895,811 Redemption fund—Federal Reserve notes... _ 16, 299 15,875 35,138 Other cash 247,913 275,346 208, 727 Total reserves - 5,806, 779 5, 680,277 4,139, 676 250 1,841 12, 595 Redemption fund—Federal Reserve bank notes- Bills discounted: 5,893 6,595 63,998 For member banks - 65 392 FoTro ntoaln mbiellms bdeisr cboaunnktes,d e.tc _ 5,962 64, 390 Bills bought: Payable in dollars 36 56, 458 Payable in foreign currencies. 5, 504 5,502 5,887 Total bills bought 5,504 5,538 62, 345 Industrial advances 19, 397 17,545 U. S. Government securities: Bought outright 2,430,282 2,430,309 2, 430, 351 Under resale agreement 1,600 Total U. S. Government securities 2,430, 282 2,430,309 2,431,951 Other reserve bank credit: Municipal warrants 653 Due from foreign banks... 803 805 3. 485 Reserve bank float (uncollected items in excess of deferred availability items). 3,144 206 3.882 Total reserve bank credit outstanding 2,465,092 2,461,063 2, 566, 706 Federal Reserve notes of other reserve banks 18,445 19,145 13, 293 Uncollected items not included in float 485, 883 459,125 406, 909 Bank premises - - - 49,436 49,307 52, 382 All other assets _ - --- 46, 694 48,657 117.441 Total assets. 8, 872, 579 8,719,415 7. 309 002 Federal Reserve notes: LIABILITIES Held by other Federal Reserve banks... 18, 445 19,145 13, 293 Outside Federal Reserve banks 3,135, 869 3,065,377 2. 966. 344 Total notes in circulation 3,154,314 3,084,522 2, 979, 637 Federal Reserve bank note circulation—net... 1,301 25,412 195, 376 Deposits: Member bank—reserve account 4, 587,083 4,543,331 3,093,119 United States Treasurer—general account. 95,156 75,588 45, 261 Foreign bank 14,602 14,184 3,433 Other deposits 192,116 176,475 123, 568 Total deposits 4,8S8, 957 4, 809,578 3, 265, 381 Deferred availability items 485, 883 459,125 406, 909 Capital paid in 147,002 146,896 145,310 Surplus (sec. 7) 144,893 144,893 138,383 Surplus (sec. 13b) 13, 445 11,560 Reserve for contingencies 30,824 30,820 22, 527 Allother liabilities 5,960 155,479 Total liabilities — - 8,872, 579 8,719,415 7, 309,020 Contingent liability on bills purchased for foreign correspondents... 405 317 4, 835 Commitments to make industrial advances 14,435 11. 738 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents... 3, 423,147 3,369,781 3. 224, 644 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3, 287, 473 3,256,350 2, 765, 318 Eligible paper.- 3,955 5,190 95,149 U. S. Government securities 203,000 186,000 412.800 Total collateral.. 3, 494. 428 3,447,540 3. 273. 267 FEDERAL RESERVE BANE NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 11,719 36,354 219 744 Collateral pledged against outstanding notes: Discounted and purchased bills 1,144 U. S. Government securities 17,000 42,074 249. 774 Total collateral.. 17,000 42,074 250, 918 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 151 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 a l l r v l n d 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 e r 1 t a y e 8 s 9 s - 0 S s u i i b a lv r s y e id r - M c i o n i o n r U S n t n 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 l R F n b e e o d a se t n e e r k r s v a e l t n b i N o o a t n n a e - k a s l 19'6'd—September 5,363 232 265 115 280 2,966 156 October 5,347 225 387 267 116 277 2,930 189 903 November _ 5,455 219 394 269 117 285 206 913 December 5,518 213 407 272 117 286 3,044 208 918 1934—January _ 178 391 267 116 283 202 927 February 5,354 167 399 270 117 2,949 194 938 March. _ __. 5,394 161 403 272 118 3,005 178 936 April 5,368 157 400 274 118 282 3,025 162 918 May 5,357 153 402 277 120 279 3,038 151 906 June _ 5,373 150 401 280 119 280 3,068 142 902 July 5,317 146 399 280 121 277 3,044 133 885 August _ _. 5,396 143 438 282 122 274 3,103 125 878 September 5,456 139 483 284 122 274 3,131 119 870 October... 5,453 136 510 288 123 273 3,124 112 856 November _ 5,549 133 558 291 124 273 3,176 107 853 December 5,536 130 592 294 125 265 3,176 101 820 1935—January 5,380 127 580 287 123 3,048 97 827 February v 5,467 126 599 289 123 3,119 94 823 p Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 193. Back figures.—See Annual Report for 1933 (table 56). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [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 n ld t k d h I i n n s c t o r g e c o a k l s d e N im et p g o o r l t d fr N m o l m e e a a t r s k r e e e * a - r- fa O c t t h o e r r s• From or to— Im F - ebrua E ry x- Im J - anuary Ex- Jan Im ua - r a y r - y Fe E br x u - ports ports ports ports ports ports $1-1 5910 grains of gold 5io fine; i.e., an ounce 0ffine gold=$20.67 Belgium 1932—Total 52.9 -446.2 457. 5 41.6 England 63,424 85,577 149,001 France 45, 766 14,592 60, 358 1933— D N e o c v e e m m b b e e r r 4 4 , , 0 0 3 3 6 5 ~-d.T - - 0 9 . . 8 1 1 0 1 . . 6 8 -3 0 . . 1 1 N G e e t r h m e a r n la y n ds . ._ 1,50 2 7 6 41 12,812 296 14,31 2 8 6 2 4 9 1 6 Switzerland 339 339 Total (12 mo.).. -190.4 -173.5 -58.0 41.1 Canada. _ 5, 350 4 12,098 7 17, 448 11 Central America 231 358 589 1934—January 4,0 $ 3 1 3 —5*M - 2 g . r 1 abis of - g 2 o . l 8 d 9io fin 1 e 2 ; . 2 i.«., a - n 11.6 A M r e s x e i n c t o ina 72 1 9 5,051 6 60 5,780 6 60 ouvceof fine gol Colombia 2,112 2,102 4,214 February 7,438 3,405.0 452.6 68.7 2,883.8 Ecuador 1 726 1,726 March 7,694 256.1 237.3 -0.8 19.6 Peru 174 143 317 April 7,757 61.5 54.7 —1.1 7.9 Uruguay May 7,779 22.4 33.6 0.5 -11.6 Venezuela 44 62 105 June 7,856 77.1 63.7 1.0 12.5 Australia 289 289 July 7,931 74.4 52.3 0.6 21.4 British India 522 10,616 11,138 August 7,978 47.4 37.2 -1.1 11.2 China and Hong September 7,978 0.4 -18.7 2.4 16.6 Kong 359 1,528 1, 887 October 8,002 23.5 10.8 0.3 12.4 Dutch East Indies. November 8,132 129.9 120.9 —0.1 9.1 Japan December 8, 238 106.2 92.1 0.1 14.1 Philippine Islands. 1,086 926 2,012 All other countries2. 1,149 1,870 3,019 Total 4. 202. 5 1.133.9 82.6 2,986.1 1935—Januarv 8.391 153.3 140.4 I. 1 2.8 Total 122,817 46 149, 755 363 272, 572 409 February p 8,526 134.9 122.8 0.2 11.9 »With some exceptions figures represent customs valuations at rate of $35 a fine ounce. v Preliminary. * Includes all movements of unreported origin or destination. 1 Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in gold ear- Back figures.—See Annual Report for 1933 (tables 53 and 64). marked abroad for account of Federal Reserve banks). a 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

152 FEDERAL RESERVE BULLETIN MARCH 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 it Y y* ork R O c e i s t t h e ie r e v s 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 a r ll Ne C w i t Y yi ork R O c e i s t t h e ie r e v s r e "C b o a u n n ks tr « y" 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 March- _____ _ __ 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 December _ 4,037 1,468 1,727 843 1,747.8 555.8 799.9 392.2 1935—January 4,355 1,651 1,837 867 2,035. 2 715.9 907.7 411.6 Weekending (Friday): 1934—Nov 2 4,000 1,467 1,701 831 L, 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 L, 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 Dec 7 4,090 1,469 1,752 869 1,805.0 558.7 825.2 421.0 Dec. 14 4,113 1,457 1,779 877 L, 818.0 538.0 847.7 432.0 Dec. 21 _ _ 3,944 1,421 1,706 818 L, 643.0 508.1 778.1 357.0 Dec 28 3,972 1,482 1,677 813 L 685.0 576.1 755.2 354.0 1935—Jan. 4 4,108 1,564 1,705 839 1,823.0 647.5 783.9 391.6 Jan 11 4,244 1,594 1,794 856 1,95i. 0 674.7 870.6 405.7 Jan. 18 4,365 1,606 1,884 876 2,054.0 670.6 950.7 432.7 Jan. 25- 4,456 1,678 1,904 873 2,125. 0 736.0 972.2 416.8 * Central Reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—SGQ Annual Report for 1933 (table 73). MEMBER BANK DEPOSITS f 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 o a b m t n a e k e r l— s m 1 - C Y N i o e t w r y k * 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 i - a T b ll a o m b n t e k a e r s m l - * - C Y N i o e ty r w k a 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 e a r s m l - » - C Y N i o e t w r y k * 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 - » 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 16,988 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 December _ 28, 538 7,512 11,828 9,197 18,769 6,865 7, 527 4,376 9,769 647 4,301 4.821 1935—January . 28, 907 7,694 11, 933 9,280 18,993 7,043 7,527 4,422 9,914 651 4,406 4,857 Week ending (Friday): 1934—Nov 2 7,503 11,663 6,806 7,325 697 4,339 Nov 9 7,449 11,684 6,756 7,346 693 4,337 Nov. 16 7,411 11,763 6,725 7,429 686 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 Dec 7 7,506 11,813 6,850 7,539 656 4,274 Dec. 14 7,567 11,847 6,922 7,574 645 4,273 Dec 21 7,514 11,828 6,872 7,535 641 4,293 Dec. 28 7,467 11, 793 6,822 7,476 645 4,316 1935—Jan. 4 7,545 11,844 6,897 7,468 648 4,376 Jan 11 7,566 11,878 6,920 7,483 646 4,394 Jan. 18 7,693 11, 968 7,044 7,565 649 4,404 Jan 25 7,751 11,963 7,098 7,547 653 4,416 » 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

153 MARCH 1935 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loan3 1o other customers Open-market loans Investments Total Total Purchaeed paper loans loans Loans Se- Other- Loans U.S. se- Call date i m n a v e n e n d s t t s - ba t n o ks Total s b c t a o u o b n r n c y e d d k d s sb e c y s u S t r r e a e e t - d a e l s c u e w a u c n n r u i s s e d r e e d e - d Total p A U a a c n n y i c c i n a t e e b e p s l d t e - a c p a n A e a b c p y c l e t e - - - s p C m c a o i p e a m r e l - r - Y N k b o i t e r e n o o r r w k s - * Total r s m G e i e t r c o i e n e u v n - s - - t O r s i e t t c h i u e e s - r s b c t a o u o b n n r c y e d d k d s s States abroad TOTAL—ALL MEMBER BANES 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 2,103 389 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29 33,073 599 18,713 6,842 3,149 8,722 1,563 268 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-June30 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 30 253 802 15,267 9,186 6,081 4,178 Dec. 31 28,150 155 10, 509 3,296 2,273 4,940 1,363 256 31 232 843 16,122 9,906 6,216 4,194 NEW YORK CITY » 1931—Mar. 25 8,473 154 4,007 1,960 150 1,896 1,651 199 51 35 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 44 94 1,063 2,801 1,656 1,145 3,026 Sept. 29.- 8,253 250 3,850 L,816 152 1,881 1,121 201 33 48 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 17 29 542 2,697 1,768 928 2,474 1932—June 30_ 6,715 260 2,856 L,343 160 1,353 565 262 21 23 258 3,033 2,008 1,025 1,757 Sept. 30 7,112 203 2,638 1,300 154 1,184 763 341 18 14 391 3,508 2,429 1,079 1,811 Dec. 31 7,327 216 2,621 L.247 160 1,214 701 330 15 19 337 3,789 2,603 1,186 1,699 1933—June 30> 7,133 162 2,297 1,082 157 1,057 964 224 10 10 720 3,709 2,551 1,158 1,888 Oct. 25 6,971 143 2,436 1,032 149 1,254 891 233 8 27 624 3,501 2,320 1,181 1,728 Dec 30 6,995 146 2,395 L,034 148 1,213 912 170 17 19 706 3,542 2,362 1,179 1,824 1934-Mar. 5 7,351 112 2,321 985 156 1,180 986 276 8 14 687 3,932 2,768 1,164 1,724 June 30 7,666 68 2,202 937 156 1,109 1,131 225 10 13 883 4,265 3,053 1,212 1,840 Oct. 17 7,543 66 2,294 876 150 1,267 883 232 12 8 631 4,300 2,954 1,345 1,531 Dec. 31 7,761 63 2,202 874 139 1,188 894 210 16 6 662 4,602 3,246 1,356 1,565 OTHER RESERVE CITIES 1931—Mar. 25 13,965 235 8,409 3,366 1,619 3,423 645 158 48 212 227 4,676 2,313 2,364 3,729 June 30 13,567 247 8,100 3,188 1,621 3,291 470 91 67 189 124 4,750 2,408 2,342 3,459 Sept. 29 13,016 284 7,845 3,092 1,585 3,168 326 67 35 167 56 4,561 2,301 2,260 3,317 Dec. 31 12,115 347 7,407 2,806 1,538 3,063 135 35 21 62 16 4,226 2,133 2,093 3,050 932—June 30 11,045 254 6,519 I 2,403 1,407 2,709 118 38 11 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 14 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 13 46 12 4,362 2,462 1,900 2,298 1933—June 30» 9,780 129 4,846 ,702 1,160 1,984 184 63 13 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 14 91 100 4,645 2,889 1,757 1,836 Dec. 30 10,157 103 4,797 ,630 1,151 2,016 258 50 17 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 15 89 138 5,763 3,954 1,809 1,763 June 30 11,054 53 4,586 1,526 1,145 1,915 311 34 8 115 154 6,104 4,102 2,002 1,708 Oct. 17 11,367 55 4,562 L.421 1,120 2,021 328 39 15 151 123 6,423 4,240 2,183 1,569 Dec. 31 11, 609 65 4,459 1,412 1,108 1,939 320 42 14 135 131 6,764 4,551 2,213 1,567 "COUNTRY" BANKS 1931—Mar. 25 12,290 58 7,524 2,097 1,449 3,978 158 5 2 114 36 4,550 1,224 3,326 2,147 June 30 12,068 60 7.318 2,031 1,437 3,849 135 2 2 101 30 4,555 1,279 3,276 2,078 Sept. 29 11,805 64 7,018 1,935 1,411 3,673 116 1 2 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 69 6,469 1,756 1,346 3,367 71 4 2 48 16 4,392 1,418 2,974 1,796 1932-June 30 10,240 59 5,892 1,546 1,328 3,018 64 13 2 36 13 4,226 1,432 2,794 1,574 Sept. 30 9,954 49 5,663 1,481 1,324 2,857 55 8 2 36 9 4,187 1,471 2,715 1,503 Dec. 31 9,607 50 5,405 1,432 1,304 2,669 39 1 2 28 8 4,114 1,474 2,640 1,450 1933—June 30« 7,873 38 4,194 1,132 1,055 2,007 43 4 1 27 10 3,598 1,469 2,129 1,150 Oct. 25 8,031 35 4,175 1,118 1,070 1,987 73 2 2 46 23 3,748 1,592 2,156 1,148 Dec. 30 8,068 38 4,123 1,108 1,061 1,955 62 3 3 34 22 3,845 1,683 2,162 1,136 1934—Mar. 5 8,381 35 4,103 1,093 1,068 1,942 95 10 2 54 30 4,148 1,946 2,202 1,129 June 30 8,456 33 4,016 1,053 1,056 1,906 124 5 2 72 45 4,283 1,982 2,301 1,102 Oct. 17 8,649 28 3,928 1,027 1,026 1,873 150 5 3 95 48 4,545 1,992 2,552 1,078 Dec. 31 8,780 27 3,849 1,010 1,026 1,813 149 5 2 92 50 4,756 2,108 2,647 1,062 > 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. * 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

154 FEDERAL RESERVE BULLETIN MAKCH 1935 ALL BANKS IN THE UNITED STATES [Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s t t s - 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 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 16,068 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 » 6,169 14,337 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 » ' 40, 076 ' 22, 203 ' 17,872 24,786 12,858 11,928 10,044 5,941 4,103 ' 5, 246 ' 3, 404 r 1, 841 Oct. 25 * 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 • 26, 548 12, 706 13,842 June 30 42,503 21,279 21,224 27,175 12,523 14,652 9,904 5,648 4,256 * 5,425 3,108 2,316 Oct 17 • 27, 559 12, 293 15, 267 Dec. 31 * 28,150 12,028 16,122 r Revised. 1 Figures of preceding call carried forward. * 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 baDk figures not available. < In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127. Back figures.—See Annual Report for 1933 (tables 67-69). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonmember banks Nonmember banks Date Total ! Other Date All banks M b e a m nk b s er M sa u vi t n u g a s l no O n t m he e r m- Total ti N on a a - l State M sa u v t i u n a g l s m no em n- banks ber banks banks ber banks 1930—Mar. 27 53,185 32,082 »8,916 12,187 June 30 54,954 33,690 9,197 12,067 1930—Mar. 27 24,223 8,406 7,311 1,095 1609 15,208 Sept. 24 52,784 31,839 i 9,197 11,748 June 30 23,852 8,315 7,247 1,068 606 14,931 Dec. 31 53,039 32,560 9,507 10,972 S D e e p c. t . 3 2 1 4 2 22 3 , , 7 5 6 9 9 0 8 8 , , 2 0 4 5 6 2 7 7 , , 1 0 9 3 2 3 1 1 , , 0 0 5 1 4 9 16 6 0 0 6 3 1 14 4 , , 1 7 1 3 4 8 1931—Mar. 25 51,427 31,153 i 9,507 10,767 June 30 51,782 31, 566 10,017 10,199 1931—Mar. 25 22,372 7,928 6,930 998 1603 13,841 Sept. 29 49,152 29,469 i 10,017 9,666 June 30 21,903 7,782 6,800 982 600 13,521 Dec. 31 45,821 27, 432 10,105 8,284 Sept. 29 21, 294 7,599 6,653 946 1600 13,095 1932—June 30 41,963 24,755 10, 020 7,188 Dec. 31 19,966 7,246 6,368 878 597 12,123 D Se e p c. t . 3 3 1 0 4 4 1 1 , , 9 6 4 4 2 3 2 2 4 4 , , 9 8 0 0 3 3 i 1 10 0 , , 0 0 2 2 2 0 6 7 , , 8 0 1 2 8 0 1932— S J e u p n t e . 3 3 0 0 1 18 9 , , 0 7 4 9 6 4 6 6 , , 9 90 8 4 0 6 6 , , 1 0 4 8 5 0 8 82 3 4 5 15 5 9 9 4 4 1 11 1 , , 2 4 9 7 6 2 1933—June 30» «• 37,998 23,338 9,713 ' 4,946 Dec. 31 18, 390 6,816 6,011 805 594 10,980 Oct. 25 3 23,453 Dec. 30 38,505 23, 771 9,711 6,023 1933—June 30» '14,519 5,606 4,897 709 576 '8,337 1934— J M un a e r 3 . 0 5 _ » _ ! 41,857 2 26 5 , , 2 6 9 1 3 5 9,780 * 5, 462 D O e c c t. . 2 3 5 0 3 15,011 5 6 , , 8 0 1 1 8 1 5 5, , 1 0 5 5 4 2 8 7 5 6 7 6 581 8,419 D O e c c t . . 1 31 7 * i !-- • 2 2 7 8 , ,9 4 4 8 3 4 1934— J M un a e r. 3 5 0 3 15,835 6 6 , ,2 3 0 7 6 5 5 5, , 4 2 1 8 7 8 9 9 1 5 8 8 678 8,882 Oct. 17 » 6,433 6,461 972 *• Revised. Dec. 31» 6,442 6,462 980 For footnotes see table above. NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank r Revised. deposits not subject to immediate withdrawal, which aggregated $103,- For footnotes see table above. 000,000 on that date. 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

MARCH 1935 FEDERAL RESERVE BULLETIN 155 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 Other leading cities Loans and investments Loans and investments Month or date Total c L o u n o ri a t s n i e e s - s o lo A th a l n e l s r T I o n t v a e l stm c U u e .S r n i . t t i s s e e s - b F r B i a . o n a n o w g t R r k s - - s . Total c L o u n o ri a t s n i e e s - s o l t o A h a l e n l r s T I o n t v a e l stm U cu . e S r n . i t t i s s e e s - b F r B i a . o n a n o w g t R k r s - - s . a m T l n v o d e o e a s n t n a i t t - n s s l - b F r B i a . o n a n o w g t R r k s - - s . 1934—February.. 17,267 3,567 4,713 8,987 6,040 6,997 1,711 1,699 3,587 2,517 10,270 11 March 17,484 3,539 4,663 9,282 6,251 7,168 1,683 1,650 3,835 2,702 10,316 10 April 17,526 3,570 4,648 9,308 6,229 7,269 1,718 1,631 3,920 2,745 10,257 7 May 17,328 3,516 4,555 9,257 6,256 7,050 1,680 1,560 3,810 2,735 10,278 6 June 17, 542 3,553 4,511 9,478 6,442 7,190 1,727 1,537 3,926 2,848 10,352 5 July 17, 749 3, 531 4,455 9,763 6,676 7,273 1,727 1,501 4,045 2,930 10,476 6 August 17, 721 3,295 4,533 6,650 7,127 1,520 1,522 4,085 2,883 10,594 5 September. 17,770 3,137 4,697 6,589 7,120 1,455 1,610 4,055 2,820 10,650 6 October... 17,835 3,062 4,757 10,016 6,647 7,105 1,418 1,644 4,043 2,801 10, 730 1 November. 17, 762 3,008 4,705 10,049 6,696 7,050 1,381 1,633 4,036 2,827 10, 712 2 December. 18,102 3,096 4,632 10, 374 6,981 7,281 1,459 1,596 4,226 2,995 10,821 1 1935—January,.. 18,229 3,049 4,548 7,218 7,410 1,445 1,546 4,419 3,154 10,819 February._ 18, 247 2,996 4,564 7,217 7,366 1,422 1,548 4,396 3,111 10,881 1934—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 17,912 3,099 4,640 10,173 6,809 7,213 1,456 1,602 4,155 2,941 10, 699 Dec. 19.... 18,339 3,115 4,630 10,594 7,176 7,388 1,475 1,600 4,313 3,060 10,951 Dec. 26.._ 18,276 3,072 4,581 10,623 7,191 7,335 1,441 1,564 4,330 10,941 1935—Jan. 2. 18,221 3,081 4,565 10,575 7,192 7,346 1,453 1,551 4,342 3,103 10, 875 Jan. 9 18,158 3,025 4,553 10, 580 7,192 7,332 1,415 1,544 4,373 3,127 10,826 Jan. 16 18,264 3,070 4, 537 10,657 7,234 7,487 1,465 1,539 4,483 3,209 10, 777 Jan. 23 18,257 3,045 4,546 10,666 7,235 7,465 1,454 1,557 4,454 3,179 10, 792 Jan. 30 18, 244 3,024 4,537 10, 683 7,237 7,422 1,437 1,543 4,442 3,150 10,822 Feb.6 18, 208 2,992 4,534 10,682 7,227 7,363 1,413 1,527 4,423 3,129 10,845 Feb. 13_... 18, 245 3,016 4,551 10, 678 7,198 7,392 1,437 1,551 4,404 3,117 10,853 Feb.20_... 18,215 2, 983 4, 567 10, 665 7,217 7,307 1,410 1, 551 4, 346 3,090 10,908 Feb. 27_-_. 18,321 2,995 4,603 10, 723 7,227 7,401 1,428 1,564 4,409 3,108 10,920 * For additional data see p. 191. 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] For ac- From New From private For count of For ac- End of month Total an Y d o p t r r k a u n s b i t e a c s n o k m s - b fo a a r g n e e k i n g s c n , i e b b s r a , o e n k t k e c i r . n s, g Month or date Total o c w o n u n a t c- b o t a u o n t w - k o n f s - 1 c o o t u h n e t r s of 1934 1935 1934 1935 1934 j 1935 1934—February- 731 149 March 736 148 April 975 813 156 J F M a e n a b r u r c a u h r a y ry 9 9 9 3 8 0 8 1 3 8 8 1 2 6 5 8 8 8 3 6 7 9 2 3 7 75 5 0 8 1 6 0 7 4 8 6 6 6 7 6 J J A M u u u l n a y g y e ust 1 1 , , 0 0 8 9 1 4 2 3 6 2 7 7 8 8 6 7 7 4 6 7 1 5 6 0 1 1 1 1 6 5 6 6 5 6 8 3 J M A u p a n r y e il 1 1 1 , , , 0 0 01 8 8 6 8 2 9 9 9 8 1 73 0 2 1 1 1 0 1 0 6 2 4 S N O e o c p v t t o e e b m m e b b r. e e _ r r . . . 7 7 7 7 4 1 6 6 3 6 6 5 3 7 1 3 3 2 1 1 1 3 3 4 3 9 2 December. 784 144 July 923 849 74 A Se u p g t u e s m t ber 8 8 7 3 4 2 8 76 0 9 3 6 7 2 1 1935— Fe Ja b n r u u a a r r y y . . . . . 7 7 7 5 7 6 6 6 3 1 5 4 1 1 4 4 0 0 October 827 761 66 Feb.6 735 593 140 November 831 765 66 Feb. 13 766 623 141 T^ece^ber - - 880 813 67 F F e e b b . . 2 2 0 7.... 7 7 4 8 2 0 6 6 0 3 0 8 1 1 3 4 9 0 Back figures.—See Annual Report for 1933 (table 93). i Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Report for 1933 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN MARCH 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- eral Reserve Held by accepting banks banks Based End of month T o o u t t a - l F a o c- r H b e y ld End of month Total im stand- For count others into ing o a w c- n o e f i g fo n r- _ l , o tal . O bi w ll n s b B ou il g ls ht U S count correspondents 1932—November... 720 4 32 65o 268 386 28 OUTSTANDING December... 710 4 40 604 224 380 62 1934—January 771 89 1933—Jan uary 707 2 41 626 256 370 38 February 750 98 February 704 307 30 325 201 124 42 March 685 103 March— 671 280 45 261 153 108 85 April 613 103 April 697 163 43 404 206 199 86 May 569 100 May 669 13 36 505 229 276 115 June 534 97 June 687 41 36 487 201 287 123 July 516 94 July 738 2 37 552 248 304 147 August 520 89 August. 694 1 40 499 252 247 154 September 539 94 September 715 1 41 517 236 282 156 October 562 93 October.- ._ 737 1 31 592 271 321 112 November 561 89 November... 758 18 3 599 273 326 138 December 543 89 December... 764 127 4 442 223 219 190 1935—January.. ._ 516 86 1934—January 771 105 4 567 255 312 95 February 750 56 5 581 266 315 108 HELD BY F. B. BANKS March 685 23 5 576 252 324 81 (OWN ACCOUNT)» April 613 3 4 536 236 299 70 May 569 (i 3 507 226 281 59 1934—January 105 18 June 534 (t 2 480 220 260 53 February 56 11 July 516 (i 1 472 222 250 42 March . . 23 5 August 520 0 1 483 222 261 37 April 3 1 September... 539 (i 1 503 223 280 35 May (2) October 562 1 0) 516 245 271 45 June 8 November.._ 561 8 (0 517 252 265 44 July December... 543 1 497 243 254 46 August .. September 1935—January 516 0) 0) 485 238 247 30 October l November December (2) * Less than $500,000. 1935—January. Source: For acceptances outstanding (and held by accepting banks), American Acceptance Council. Back figures.—See Annual Report for 1933 (table 100). ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS [ID thousands of dollars] End of month 1932 1933 1934 1935 January- 33,444 29,036 5,977 5,502 February- 33,478 28,997 5,887 5,504 March 30,778 24,788 5,275 April 30,736 7,181 5,070 May 30,837 6,981 5,076 June 30,762 7,089 5.075 July 30,645 6,821 5,081 August 30,834 6,199 5,079 September. 30,849 6,068 5,691 October... 30,659 5,686 5,495 November. 30,652 5,841 5,499 December. 29,189 6,033 5,501 Back figure*.—See Annual Report for 1933 (tablo 26). 333 3 Based Based on goods on stored in goods United stored Based States in on ex- (ware- Dollar foreign ports house ex- counfrom credits) change tries or U.S. or shipped shipped bebetween tween domestic foreign points points 225 277 5 175 203 261 4 184 186 226 3 168 164 186 3 158 150 164 3 152 145 141 4 148 135 138 4 144 140 147 4 141 138 166 4 137 147 184 4 133 148 195 2 127 140 193 2 119 133 179 3 114 21 30 2 36 11 15 2 11 6 7 2 1 0) 2 (J) ;) (J) 8 8 ::::::: (2) * Total holdings of Federal Reserve banks include a small amount of unclassified acceptances. »Less than $500,000. Back figures.—See Annual Report for 1933 (tables 97 and 25). COMMERCIAL PAPER OUTSTANDING * [As reported by dealers in New York City. In millions of dollars] End of month 1932 1933 1934 1935 January- 108 85 108 171 February. 103 84 117 March 106 72 133 April 108 64 139 May 111 60 142 June. 103 73 151 July 100 97 168 August 108 107 188 September. 110 123 192 October 113 130 188 November. 110 133 178 December— 81 109 166 i Includes some finance company paper sold in the open market. Back figures —See Annual Report for 1933 (table 96). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

157 MARCH 1935 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANES [Percent per annum] Rediscounts and advances un- Advances under sec. der sees. 13 and 13a of the 10b of the Federal Prevailing rate on- Average rate Average yield Federal Reserve Act Reserve Act Federal Reserve bank e R M ff a e a c te r t . i o 1 n n Da l t i e s h e e s d tab- o P us r e r v a i t - e e R M ff a e a c t r e t . i o 1 n n Da l t i e s h e e s d tab- Month or week m P c e r o r i m c m i - a e l P b e r a r i n s m k ' e - l T o i a m ns e , Call loans« U. S. b T il r ls e « asury paper, accept- 90 Boston - 2 Feb. 8,1934 2H 4 Oct. 20,1933 m 4 o t n o th 6 s a d n a 9 c y 0 e s s, days l New ne R w e- al 9 b 1- il d l a s y 18 b 2 il - l d s ay New York IH Feb. 2,1934 2 2H Jan. 31, 1935 Philadelphia.— 2 Jan. 17,1935 2H 4 Oct. 20,1933 Cleveland 2 Feb. 3,1934 2H 4 Oct. 21,1933 1934 Richmond 2H Jan. 11,1935 3 4^ July 16,1934 January H 1.00 1.00 Atlanta 2 Jan. 14,1935 2H 4 Jan. 14,1935 February 1H-1H H H-l 1.00 1.00 0.85 Chicago 2 Jan. 19,1935 2H 4 Oct. 16,1933 March H- H H-l 1.00 1.00 .27 St. Louis 2 Jan. 3,1935 2H 4H Oct. 21,1933 April H-H H-l 1.00 1.00 .18 Minneapolis 2M Jan. 8,1935 3 5 Mar. 14,1933 May 1 H- H H-l 1.00 1.00 .14 Kansas City 2U Dec. 21,1934 3 4 July 10,1934 June 94-1 H- H H-l 1.00 1.00 .07 Dallas 2H Jan. 8,1935 3 4 Mar. 12,1934 July U-l H- H 1.00 1.00 .08 San Francisco.. 2 Feb. 16,1934 2U 4 Oct. 19,1933 August H-l H-H 1.00 1.00 .20 September H-l W H H-: 1.00 1.00 .27 October H-l H-: 1.C0 1.00 .21 RATES U O A N L S D , I P S A C R O T U N N E T R S S F H O I R PS , A N A D N D A D C V O A R N P C O E R S A T T O IO N IN S DIVID- November H-l H H-l 1.00 1.00 .22 December H-l H 1.00 1.00 .16 Advances secured by 1935 Di u s n c d o e u r n t p s a a r. n d 3 o a f d v se a c n . c 1 e 3 s d th i e re ct U o n b it l e ig d a tio S n t s a t o es f January H-l H-l 1.00 1.00 .14 of the Federal Re- (last paragraph of sec. February H 1.00 1.00 .12 serve Act 13 of the Federal Re- Federal Reserve serve Act) bank Week ending- Jan. 26 H-l 1.00 1.00 .14 e R M ff a e a c te r t . i o 1 n n Da lni t Q e shn e oe s ria t a b- ; \ e f f M ec 3 a t r $ o x * n ^ Da l t i e s h e e s d tab- F F e e b b . 2 9 H H - - l l 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 . .1 1 1 2 Feb. 16 H-l 1.00 1.00 .12 Feb. 23 H-l 1.00 1.00 .11 Boston 6 Aug. 11,1933 4 Oct. 20,1933 New York 6 Aug. 10,1933 3H Feb. 8,1934 » Stock exchange 90-day time loans. Philadelphia 6 Aug. 12,1933 4 Oct. 20,1933 2 Stock exchange call loans; new and renewal rates. Cleveland 5 July 24,1934 4 Oct. 21,1933 > Average rate of discount on issues offered by U. S. Treasury within Richmond 6H July 16,1934 4 Feb. 19,1934 p of e f r e i r o e d d . . When no rate is shown no bills of the stated maturity were Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 Chicago 6 Aug. 13,1933 4 Oct. 16,1933 Back figures.—See Annual Report for 1933 (tables 60 and 61). St. Louis m July 10,1934 4H Mar. 15,1933 RATES CHARGED CUSTOMERS BY BANKS IN Minneapolis _ Aug. 10,1933 4H Apr. 15,1933 PRINCIPAL CITIES Kansas City 6 July 10,1934 4 Feb. 23,1934 Dallas 5 Sept. 8,1933 4 Mar. 12,1934 [Weighted averages of prevailing rates] San Francisco 6 Sept. 2,1933 4 Oct. 19,1933 6 8 other northern 27 southern and NOTE.—For rates on industrial advances see p. 192. New York City and eastern cities western cities Month BUYING RATES ON ACCEPTANCES 1933 1934 1935 1933 1934 1935 1933 1934 1935 [Buying rates at the Federal Reserve Bank of New York) January 4.12 3.5S 2.83 4.89 4.65 4.08 5.60 5.40 4.95 Maturity e R ff a ec te t i o n n Date estab- Previous M Fe a b r r c u h ary 4 4 .1 8 1 8 3 3 .4 3 3 1 2.90 4 5 . .3 8 9 4 4 4 . . 4 5 9 2 4.02 5 5 . . 5 6 6 6 5 5 . . 3 4 9 0 4.84 Mar. 1 lished rate April 4.33 3.39 5.09 4.52 5.68 5.34 May . . -. 4.24 3.42 4.99 4.39 5.66 5.28 June 4.10 3.30 4.97 4.30 5.62 5.19 1-15 days.... Oct. 20,1933 July 3.93 3.30 4.82 4.15 5.54 5.07 16-30 days... .... do August 3.97 3.33 4 68 4 12 5.53 5.05 31-45 days... .....do September- 3.79 3.26 4.65 4.11 5.55 5.04 46-60 days... .do. October 3.76 3.28 4.51 4.13 5.50 5.05 61 90 days... do November... 3.52 3.22 4 54 4 08 5.42 4.93 91-120 days. do December.._ 3.48 3.18 4.59 3.98 5.43 4.92 121-180 days. do Back figures.—See Annual Report for 1933 (table 63). 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

158 FEDERAL RESERVE BULLETIN MARCH 1935 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars! [In millions of dollars] Interest bearing Nonin- Interest-bearing debt Total terest. End of period ( d g e r b o t s ) s Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- Total Bonds» Notes C ic e a r t t e if s - Bills Outstanding Feb. 28, 1935— Fiscal year Total _.. 27,969 16,247 9,582 161 1,979 ending- Obligations maturing: June 1932_ 19,487 19,161 14, 250 1,465 2,831 616 326 Before Apr. 1, 1935 891 »62 528 301 June 1933_ 22, 539 22,158 14, 223 4,780 2,200 954 381 Apr. 1-June 30, 1935 3,263 3 1,869 417 977 July 1-Sept. 30, 1935 1,005 354 651 1933 Oct. 1-Dec. 31, 1935 .. 468 418 50 December 23,814 23,450 15,569 5,125 1,753 1,003 364 1936 2,531 49 2,482 1937 1,749 1,749 1934 1938 3,218 1,272 1,946 1939 _ 1,294 1,294 J J A M F M u a e p a n a n b r y r u e i r c l a u h r a . y r y . . 2 2 2 2 2 2 6 6 6 6 5 7 , , , , , , 1 1 1 0 0 0 5 5 1 5 7 5 5 7 8 5 1 3 2 2 2 2 2 2 6 5 5 4 5 5 , , , , , , 4 5 7 7 6 5 8 9 0 9 8 2 0 9 7 8 8 0 1 1 1 1 1 1 5 5 5 6 5 5 , , , , , , 5 6 5 7 6 5 7 9 1 1 0 7 9 4 0 8 0 9 5 6 6 6 6 6 , , , , , , 6 6 4 9 9 6 8 2 7 3 7 2 9 6 2 2 8 5 2 2 1 1 1 1 , , , , , , 8 8 8 6 2 2 1 1 1 3 7 8 4 6 2 5 8 0 1 1 1 1 1 1 , , , , , , 4 4 2 3 3 3 0 0 1 7 7 7 4 4 4 8 9 8 4 3 3 5 5 5 5 1 6 4 7 5 9 9 7 8 3 1 Othe A 1 1 1 r 9 9 9 f 4 4 4 t o 5 3 1 e b r li 1 g 9 a 4 t 5 i ons 4 _ - - 9 1 1 , , , 2 1 4 8 8 5 6 0 9 3 8 8 4 0 1 9 1 , , 1 4 7 8 8 0 0 6 9 3 2 8 4 1 0 395 161 July 27,189 26,605 16,516 6,951 1,683 1,454 585 August - - 27,080 26,495 16,513 6,921 1,682 1,379 585 i Issues classified as of date of final maturity; most issues are callable September 27,190 26,626 15,922 8,020 1,156 1,529 564 at earlier dates. Amount callable before Feb. 29,1936, and not yet called, October 27,188 26,643 15,808 8,027 1,154 1,654 545 $3,956,000,000, including certain pre-war issues that are held as collateral November 27,299 26,761 15,768 8,036 1,153 1,804 538 for circulating notes and postal savings bonds. December 28,479 27,944 16,245 9,586 158 1,954 535 3 Approximate amount of 4th Liberties called for redemption Apr. 15, 1934, and Oct. 15, 1934, and not yet redeemed. 1935 3 Approximate amount of 4th Liberties called for redemption Apr. 15, January _ 28,476 27,952 16, 250 9,585 163 1,954 524 1935. February 28, 526 27,969 16, 247 9,582 161 1,979 557 * 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 [On basis of daily statements of United States Treasury. In millions of dollars] Increase or General and special funds Trust decrease during and con- period tributed Period Receipts Expenditures1) Excess of e f x u c n e d ss s, o 2 f Total Inc ta o x m In e ter P n i r n a o g l c e t r a s e s x v - enu O e ther C a c n u e e d s o l t l u a o m n s m i - s s - Total General * E ge m n e c r y - o r r e i e t c ( u x - e p r ) i e p e s n ts d-o r r e i e t c ( u x - e p r ) i e p e s n ts d- G ba f e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending: June 1932 2,006 1,057 503 445 4,741 «3,973 »768 -2,735 -5 -55 +2,686 June 1933 2,080 746 858 475 4, 681 s 3,404 » 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 8 months ending: February 1933 1,250 383 522 345 2,892 3 2,156 3 736 -1,042 -2 -196 +1,448 February 1934 1,886 358 201 986 341 4,185 1,774 2,411 -2, 300 +2,826 +4,040 +3,514 February 1935 2,262 467 353 1,078 364 4,363 2,036 2,326 -2,101 +127 -501 +1,473 1933 December - ._ 332 133 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 February 206 23 33 116 34 635 188 447 -430 +2,810 +3,365 +984 March 420 232 37 130 21 610 160 450 -190 +1 -84 +105 April 182 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 60 599 210 390 -353 +28 -214 +111 December 385 164 42 131 47 641 320 321 -256 +43 +966 +1,180 1935 January . 203 19 46 114 25 462 210 252 -260 +18 -244 -3 February. _ 214 28 44 109 33 496 244 252 -281 -8 -239 +50 * Excludes public debt retirement. a Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable against increment on gold. »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

159 MAECH 1935 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JAN. 31, 1935 [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 o n n i n r c o a - e n -C m C o C t o r r i o p e d o 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 d r u a m o t b i r i l o n k i n c i 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 o a s n u l r it 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 r i 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 d t n t a g - Other* tion ASSETS Loans—total... .. ._ 7,479 2,051 1,397 40 4 267 85 113 145 Preferred stock, capital notes, and debentures 846 846 842 3 Cash—total. . . . ._ 326 108 7 (2) 10 2 3 18 70 Investments: United States securities 469 24 2 22 Obligations guaranteed by United States 226 9 (2) 9 Other investments _. 731 126 100 21 4 Accounts and other receivables 127 62 43 (»)" (2) 4 (2) 9 5 Real estate and other business properties 136 128 1 (2) 00 (2) (2) 50 78 Other assets. 490 389 299 (2) (2) 2 (2) (2) 1 87 Total assets other than interagency 10,831 3,743 2,589 41 14 269 91 115 210 415 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,489 250 250 All other 2,389 80 80 Other liabilities (including reserves) 206 59 18 (2) (a) 1 2 17 22 Total liabilities other than interagency 6,084 389 268 (2) (2) 1 2 17 102 Excess of assets over liabilities, exclusive of interagency transactions - - 4,747 3,354 2,321 41 14 269 90 113 194 313 272 U S Government interests 4,474 3,354 2,321 41 14 269 90 113 194 313 Distribution of Government interests: Capital stock 6,541 5,493 500 3 14 3 390 45 112 50 3 4, 380 Surplus - 375 239 67 1 (2) 11 1 144 15 Interagency interest (net) -2,442 -2, 378 1,754 36 -121 35 -4,082 Financed partly from Government funds Federal • Total« F b e l 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 a r r i - s a t te l F C r M F e g a 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 f o 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 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 d n e n r o g - - s i | 1 c F s i a e a l a a v o s d t n i s i a e n d o o n r g - n a s s l D F C I r e n a a e o d n t p s r i e u c o p o r e r s o n a - i - l t ration ASSETS Loans—total 5,428 2,009 153 643 28 83 2,513 (2) Cash—total - 218 26 13 15 10 18 119; 1 15 Investments: United States securities 446 68 34 27 2 316 Obligations guaranteed by United States 217 18 41 53 6 100 Other investments 606 (2) 604 1 Accounts and other receivables - 65 (!>37 15 1 (2) 4 i 1 2 Real estate and other business properties 8 5 (2) 8 (2) (2) 3 (2) (2) Other assets -- - - 101 85 (2) (2) (2) 14 2 Total assets other than interagency 7,088 2,247 244 1,278 119 110 2,639 ; 102 14 335 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,239 1,041 5 2,197 1 All other 2,309 1 1,814 171 324 ! (2) Other liabilities (including reserves) >._ .. 148 71 5 35 (2) 4 29 (2) Total liabilities other than interagency.- __ 5,696 1,885 175 1,076 (2) 4 2,551 (2) 4 Excess of assets over liabilities, exclusive of interagency transaction 1,392 362 69 202 119 106 88 102 14 331 Privately owned interests 272 108 2 24 139 U. S Government interests 1,120 254 69 202 118 82 88 102 14 192 Distribution of Government interests: Capital stock _ _ 1,048 118 70 200 115 82 200 100 14 150 Surplus 136 65 34 2 3 , (2) -12 2 42 Interagency interest (net) -64 71 -35 -100 i Includes interagency interests held by the Treasury Department. 3 Nonstock (or includes nonstock proprietary interests). 1 Less than $500,000. * Includes also War Finance Corporation not shown separately. 5 Includes unissued bonds covering loans in process. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN MARCH 1935 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds not yet Proceeds disbursed, less repayments disbursed Jan. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28 Dec. 31, Jan. 31, 1934 r 1934 1934 1934 1934 1935 1935 v 1934 1935 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) 700,638 591,972 583,452 599, 397 632,209 595,717 568,814 126,093 117,970 Building and loan associations 62,820 28,252 25,205 23, 259 20,082 15,640 13,567 20,867 21,367 Insurance companies 56, 270 30,722 29,982 29,420 24,829 24,023 22,664 410 135 Mortgage-loan companies 178,943 160,767 159,327 155,874 160,591 156,292 155, 367 103,128 101,317 Credit unions 500 388 388 387 386 367 361 Federal land banks 193,618 116,040 115,263 110,997 78,647 77,023 74,670 Joint stock land banks 13, 618 7,696 7,323 7,132 6,495 5,530 5,031 589 634 Agricultural credit corporations 1,474 796 605 600 863 863 863 Regional agricultural credit corporations 28,383 4,389 2,673 866 Livestock credit corporations 2 211 1,604 1,546 1,464 1,334 1,314 1,272 Railroads (including receivers) 340, 726 343,287 353,170 361,506 376, 555 379,087 379,713 5,364 1,504 State funds for insurance of public moneys 5,488 1,841 1,233 811 541 Fishing industry 25 25 43 53 73 85 Processors or distributors for payment of processing taxes 14 2 2 2 1 1 1 Total _ 1, 584, 704 1,287,756 1, 280,168 1,291,739 1,302, 558 1,255,900 1, 222,374 256, 525 243, Oil Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) . 71,497 111, 184 112, 291 117,027 122, 743 125,408 127,839 104,137 101,336 For financing exports of agricultural surpluses, sec. 201 (c) 9,044 14,954 15,271 14,992 15,176 15,176 15,164 3,095 3,095 For financinga gricultural products, sec. 201 (d). 3,596 5,107 5,717 6,090 4,258 4,177 4,719 5,594 4,202 To commodity credit corporation 130,879 76,430 42,969 30,242 33,362 36,139 35,905 385,002 376, 506 On preferred stock of banks 14,432 22,289 18,849 18,965 19,124 19,487 19,674 1,781 1,534 On preferred stock of insurance companies 4,375 25,785 25,785 25,785 30,033 29,933 29,933 To drainage levee, and irrigation districts 2,414 9,479 11,147 11, 321 12, 298 15,410 16,978 67,949 65,489 To public school authorities 22 300 22 300 22,300 To industrial and commercial businesses 1,916 3,248 4,166 6,627 8,516 10,649 21, 319 23, 247 On assets of closed banks 23 22 20 34 79 105 171 To Public Works Administration on security transactions 1,529 71 1,356 14, 500 7,098 Total 236,237 289,444 257,600 250,911 245,169 254,350 262, 296 603,481 582, 677 Purchases: Preferred stock of banks 227, 555 545 599 562 410 571,193 585,858 598,112 621,055 63, 418 60,954 Capital notes and debentures of banks 168, 485 259,772 256,671 259,662 260,102 256,622 256,316 68, 415 68,127 Preferred stock of insurance companies 100 100 100 100 100 100 Total 396, 040 805,471 819,180 830,955 846,060 854,834 877,472 131,832 129,081 Total loans and purchases 2, 216,981 2,382, 671 2,356,949 2, 373,605 2,393,787 2,365,084 12,362,141 991,837 954, 770 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932 299, 015 298,227 298,006 297,774 297, 774 297,718 297, 718 15 15 Federal Emergency Relief Act of 1933 435,915 499, 589 499, 590 499,586 499,588 499,987 499,991 412 13 Emergency Appropriations Act of 1935 215,000 325,000 470,000 500,000 500,000 30,000 Total 734,930 797,817 1,012, 596 1,122,360 1, 267,362 1,297,705 1, 297, 709 30, 427 28 To other Government agencies: To Secretary of the Treasury for: Purchase of stock of Federal Home Loan banks _ 77,746 81,446 81,646 81,646 81, 646 81,646 81,646 43,095 43,095 Purchase of stock of Home Owners' Loan Corporation _ _ 29,000 200,000 200,000 200,000 200,000 200,000 200,000 To Land Bank Commissioner 147, 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 15,000 15,000 25,000 25,000 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 44,425 44, 500 44, 500 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 454, 346 693,971 699, 246 699, 246 709, 246 709,246 709,246 140,495 140,495 Total allocations _ 1,189, 275 1, 491, 788 1,711,842 1,821,606 1,976,608 2,006,951 2,006,955 170,922 140, 523 Total loans, subscriptions, and allocations.3,406, 256 3,874,458^4,068, 791 4,195,211 4,370, 395 4,372,035 4,369,095 1,162, 759 1, 095, 293 i Includes $393,407,000 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

MARCH 1935 FEDERAL RESERVE BULLETIN 161 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans Federal intermediate b^ credit bank loans to Loans to cooperatives byand discounts for— End of month lan F d ed b e a ra n l ks Co B L m a a n n m d k is- a s c g p o c R a r d r o r c e n e i e u i r d c d g a d a c u i t i i t t t i o p l i i t o t o o c n r u a n o n o n a s r s r s - l a - - 2 l f c i i e n o n O t t x o i i a s o v t c t p n h i e n e e t c e p s s u r i r a t n - - g ti P a o s r n t s i o o o c d n c r u e i s a c d - - it t R u i a r t r e a g a c g t r l o i i i o c o c rp u n r n e o l s a - d - l - c d r E g r l o o o e m p n a u c n e g a y r s n h - - d t m F b c i a e n e r n d e d te k e d ia r r s i - a t t 3 e l B C C c i a a n o B o t e n i c i f o o n n o v k a l p p u t g n e r s e r e d s k a r f r , - o - l - r tu t A r o k r e l f g a o e A u v i c r n l t a n o o i i c M n g c n l d o t u v s g p a l - - - ratives eratives 1933 April 1,105,128 1,348 78, 330 106,540 131, 250 4,919 155,617 May 1,102, 891 40 1,838 76, 564 127, 731 137,309 4, 266 180, 264 June 1,102, 088 180 2,483 75, 719 145, 414 139,158 3,934 180,4C6 July 1,101, 446 664 10, 399 74, 321 154,321 138, 727 4,465 177, 537 August • 1,104,177 2,188 28, 467 73,068 158,394 135,854 5,479 176, 553 September.. 1,110,194 6,026 49,979 70,998 155, 200 135, 087 6,259 184 175, 040 October 1,125, 681 15, 815 61, 299 64, 528 146,895 110, 324 6,829 7,396 173, 325 November.. 1,156,170 34,099 68, 857 62, 379 142, 558 94, 296 10, 080 11, 144 172, 302 December.. 1, 213, 523 70, 738 73, 263 60,989 144,636 89,811 15,211 18, 697 157, 752 1934 January 1, 287, 562 120,403 ••75,432 ••59,916 ••158 145,198 81,164 14, 671 15, 386 69, 508 February... 1, 371, 468 174,308 76,515 58,199 665 145, 760 72, 727 13, 297 14,835 69, 214 March 1,458,311 237,858 86, 081 59,073 4,409 144,905 68, 310 11,189 15, 824 68, 353 April - 1, 483,940 258, 730 102, 781 59, 569 14, 392 144,671 84,138 9,997 17,144 67, 257 May 1, 548, 554 311,375 120, 282 61, 830 28,117 143,093 90,147 8,528 19, 243 54, 642 June 1, 630,900 378, 526 127,470 '62,092 38, 518 138,478 90, 517 8,123 20,539 54,877 July. -- 1, 690, 496 429,830 128, 090 63,392 49, 826 128, 831 94, 411 10, 106 21, 493 55, 437 August 1, 746,149 477, 822 125, 270 64, 203 58,074 117,664 100, 209 9,969 23, 019 55, 250 September.. 1, 792, 410 516, 276 118,402 63,002 60, 887 106, 724 105, 438 9,987 23, 057 54,870 October 1,828, 698 551,873 104, 909 58, 882 58,128 96,914 104,470 24, 207 24, 561 57, 310 November-. 1,866,160 587, 260 100,992 '56,058 58,328 90, 559 104,913 32, 330 24, 710 56,764 December.. 1, 896, 415 616, 825 99,675 55, 672 61, 024 87,102 110,186 33,969 27,851 54, 863 1935 January . 1, 923,198 643,291 i9, 776 53,509 64,637 84, 726 116,846 34, 445 28,498 53,721 'Revised. 1 Does not include loans by joint stock land banks, which are now in liquidation. 2 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 two columns under those headings. 3 Amounts in this column were formerly included with loans by Federal intermediate credit banks to "other financing institutions." HOME OWNERS' LOAN CORPORATION FEDERAL HOME LOAN BANKS SUMMARY OF OPERATIONS1 COMBINED STATEMENT OF ASSETS AND LIABILITIES [In thousands of dollars] Number Loans closed Months o c f a a ti p o p n l s i- Dec. 31, Jan. 31, received Number Amount 1934 1935 1934 ASSETS From^opening to Jan. 31. 845,985 67, 588 $192, 064.181 Cash on hand 7,860 18,154 February 136,132 32,940 93,499,995 Loans outstanding .» 87, 258 82, 585 March 168,273 52, 260 150,213,639 Accrued interest - .. - - - . - 496 422 April 145,772 56,172 171,490,768 Investments . __ _ 14,376 8,846 May 119,791 64,172 208,293,766 Other assets 57 89 June 97,679 71,768 223,440,191 July 66,157 78,046 235,467,606 Total assets 110,048 110.096 August 72,022 69,738 202,442,864 September 39,317 59,240 179,299,857 LIABILITIES October '35,675 65,813 201,211,532 Current liabilities - - 4 663 4 253 November 14,171 54, 468 170, 544, 562 Capital stock, fully paid and oustanding: December 2 ' -679 54,036 169,018,847 Members 20,480 20,859 United States Government— . 81 646 81, 646 1935 Subscriptions to capital stock, less balance due 1,451 1,260 January. . 54,990 166,836,150 Surplus 1,807 2,078 Cumulative total- 1,740,295 781,231 2,363,823,958 Total liabilities 110,048 110,096 r Revised. 1 Figures are subject to adjustment. 2 Adjustments for applications received in earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN MARCH 1935 BOND PRICES1 STOCK PRICES1 Preferred Common stocks (index, 1926=100) Other bonds a stocks Year, month, or date (indus- U S n ta i t t e e s d Corpo- Corporate tr g ia ra l d h e i ) g 2 h- Total In tr d ia u l s -! : R ro a a i d l- Utility year, month, or date Govern- rate and ment municbonds ipal Indus- Rail- Number of issues... 20 351 33 37 g (h ra ig d h e - ) Total trial road Utility 1 1 9 9 3 3 2 3 a a v v e e r r a a g g e e . . . . 1 9 0 6 4 . . 1 8 7 7 8 9 1934 average.. 120.7 Number of issues 3 16 <60 60 20 20 20 1934—February __ 116.5 81 March 117.5 76 1932 average 99.2 81.1 69.4 63.2 64.8 80.5 April 120.2 76 1933 average 102.2 84.0 73.* 69.2 70.5 80.6 May 121.0 70 1934 average 103.4 96.7 84.5 81.9 83.8 87.8 June 122.1 72 July 123.5 69 1934—February 101.9 92.9 84.0 79.8 85.8 86.5 August 122.6 65 March 102.8 95.1 84.8 80.5 86.4 87.7 September. 121.0 64 April 103.7 07.0 87.0 82.8 88.7 89.7 October 120.9 63 May 104.4 97.6 86.1 82.5 86.9 89.1 November.. 124.1 61 June --. 104.7 99.0 86.3 82.5 87.1 89.4 December.. 127.8 58 July 105.2 99.3 86.1 83.2 85.8 89.4 August 104.1 97.8 83.9 82.6 81.3 87.9 1935—January— r 129.1 57 S O e c p to te b m er ber 1 10 0 3 2 . . 4 3 9 98 6 . . 4 7 8 8 3 4 . . 0 1 8 8 2 2 . . 2 5 8 7 1 9 . . 6 3 8 8 7 8 . . 6 1 February. 130.2 55 November 103.5 98.8 84.3 83.4 81.0 88.6 Feb. 6__ 129.3 55 December 104.1 100.0 85.8 85.4 83.3 88.8 Feb. 13.. 130.0 55 Feb. 20.. 130. 6 53 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 Feb. 27- 131.0 67 54 February 105. S 101.3 87.4 86.7 82.0 93.4 F F F e e e b b b . . . 2 6 1 0 3 . 1 1 1 0 0 0 5 5 5 . . . 7 9 7 1 1 1 0 0 0 0 2 1 . . . 9 2 1 8 8 8 6 7 8 . . . 6 5 0 86.2 8 8 8 1 2 3 . . . 5 7 0 9 9 9 2 3 4 . . . 1 3 2 1 r 2 A R M e v v e o r i n s a e t g h d e l . y d e d r a iv ta e d a r p e r i a c v e e s r . age of daily or weekly figures. Feb. 27 106.1 101.1 86.4 78.7 93.9 Source.—Standard Statistics Co. CAPITAL ISSUES 1 Average prices. Monthly data are average of daily or weekly figures. 2 Prices derived from average yields. [Long-term; i. e., 1 year or more. In millions of dollars] 3 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. New issues * 45 corporate and 15 municipal. Re- Domestic fundof S N o e u w rc e Y .— ork F ; o f r o U r o n t i h te e d r B S bo t O a n t d e N s s , D G S o ta v Y n e d r I n a E m rd L e n S D t t a b S t o i 1 s n t d ic s s , F C e o d . eral Reserve Bank Year and month m T e ( a f i o d e o g n s o r t n d a - t - ) i l c Total1! S n m a t i n a c u d t i - e - B a o C n n d o d r s p ' o S r t a o t c e ks F ei o g r n - m i e s a ( f i i s d o e n g n u r o s g n d e - t - ) i s c United Munic- Corporate, by ratings * notes Year, month, or States ipal 3 date Treas- (highury 2 grade) Aaa Aa A Baa 1925. ~~ 6,201 5,125 1,352 2,452 1,153 1,076 925 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 1927 7,556 6,219 1,475 3,183 1,474 1,337 2,220 Number of issues 10 15 30 30 30 30 1928. — 8,040 6,789 1,379 2,385 2,961 1, 251 1,858 1929. --10,091 9,420 1,418 2,078 5,924 671 1,422 1932 average 3.66 4.65 5.01 5.97 7.20 9.30 1930. _ 6,909 6,004 1,434 2,980 1,503 905 711 1933 average 3.31 4.71 4.49 5,23 6.09 7.76 1931 3,089 . 2,860 1,235 1,240 311 229 949 1934 average 3.10 3.95 4.00 4.44 5.08 6.32 1932 1,196 ! 1,166 762 305 20 29 538 1933.... 722 710 484 40 120 12 344 1934—February 3.32 4.48 4.20 4.70 5.24 6.27 1934 1,402 1,402 819 144 35 0 792 March.. 3.21 4.24 4.13 4.55 5.12 6.26 April 3.12 4.11 4.07 4.43 4.97 8.01 1934—February. _. 79 79 59 12 1 0 8 May 3.01 3.93 4.01 4.37 4.96 6.05 March _ 97 97 81 9 5 0 50 June 2.94 3.73 3.93 4.30 4.96 6.06 April 143 143 100 24 5 0 93 July-. 2.85 3.75 3.89 4.28 4.93 6.13 May 103 103 61 26 3 0 39 August 2.99 3.81 3.93 4.34 5.09 6.49 June 123 123 102 0 9 0 183 September 3.20 3.84 3.96 4.42 5.17 6.57 July 217 2 217 91 19 2 0 157 October 3.08 3.69 3.90 4.36 5.00 6.40 August 180 3 180 18 8 0 0 79 November 3.05 3.57 3.86 4.27 4.93 6.37 September.. 43 43 36 5 2 0 26 December 2.97 3.52 3.81 4.27 4.86 6.23 October 122 3 122 39 0 0 0 36 November. _ 107 107 89 8 0 0 35 1935—January 2.83 3.45 3.78 4.21 4.77 5.99 December... 141 141 106 34 1 0 45 February 2.73 3.39 3.72 4.14 4.69 5.97 1935—January 92 92 80 3 2 0 49 Feb. 6 2.77 3.42 3.75 4.16 4.74 6.13 February... 50 50 44 7 0 0 46 Feb. 13 _ 2.76 3.41 3.73 4.14 4.70 5.94 Feb. 20 2.71 3.36 3.71 4.11 4.63 5.87 * Includes issues of Federal land banks and Federal intermediate credit Feb. 27 2.68 3.36 3.69 4.12 4.66 6.02 banks, not shown separately. 2 Includes $100,260,300 bonds of Federal Farm Mortgage Corporation 1 2 A M v o e n ra th g l e y , d co a m ta p a u r t e e d av e b r y a g T es re o a f s u d r a y il y D o e r p a w r e tm ek e l n y t , f i o g f u r y e i s e . lds of all out- s o o ff 3 l e d r I i b n nc g y l u p a d u m e b o s li u c b n o o t n i f n f d e g s r i n t o o g f $ H d 1 u 4 o 9 r m i ,1 n e 1 g 1 O , m 10 w o 0 n n i e t n h r s . A ' L ug o u a s n t C an o d rp $ o 5 r 3 a , t 0 i 0 o 0 n ,0 0 so 0 l d in b O y c p to u b b e l r ic . standing Treasury bonds except those due or callable within 8 years. « Standard Statistics Co. Sources.—For domestic issues, Commercial and Financial Chronicle; 4 Moody's Investors' Service. for foreign issues (issues publicly offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as 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

MARCH 1935 FEDERAL RESERVE BULLETIN 163 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 i * Construction contracts awarded (value)a Fac- Factory em- tory Freight-car ployment 3 pay loadings * * Com- Year and Total Manufactures Minerals Total Residential All other rolls 3 modmonth ity . prices8 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed usted usted 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 82 25 11 37 69 49 58 66 1934 79 78 86 32 12 48 79 62 62 75 1931 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 53 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 J2 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 72 75 18 22 7 8 27 33 60 61 40 51 5G 61 February 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 51 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 71 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 70 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 58 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 "48 82 82 67 60 62 73 May 89 86 89 86 87 89 32 26 13 11 47 "38 83 83 67 63 63 74 June 84 83 ! 83 83 87 87 31 26 13 12 46 38 81 82 65 64 64 75 July. 73 76 71 74 85 85 30 27 12 12 r44 39 79 80 61 63 61 75 August... 73 73 71 72 S3 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 58 67 59 78 October_. 75 73 73 72 87 81 29 31 12 12 43 46 78 77 61 64 57 77 November 74 74 72 73 84 81 28 31 11 11 41 48 77 77 60 60 59 77 December 78 86 77 86 85 89 25 31 10 12 36 47 78 79 63 56 64 77 1935 January. _ »88 »91 »8S *90 91 94 22 27 10 12 32 39 79 80 64 58 64 79 1 " Preliminary. r Revised. * Average per working day. i For indexes of groups and separate industries see pp. 196-197; for description see BULLETIN for February and March 1927; for revised figures back to 1919 see BULLETIN for September 1933, pp. 584-585. * 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). * 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 pp. 198-199. * For indexes of groups see p. 164; 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. 195. For back figures see Annual Report for 1933 (table 120). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN MARCH 1935 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports • Excess of exports Month 1931 1932 1933 1934 i 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 January 250 150 121 172! ,176 183 136 96 136 P167 66 15 25 37 P9 Februarv 224 154 102 163 175 131 84 133 49 23 18 30 March 236 155 108 191 210 131 95 158 ; 26 24 13 33 ! April 215 135 105 179 186 127 88 147 29 9 17 33 May 204 132 114 160 180 112 107 155 '• 24 20 7 6 June 187 114 120 171 173 110 122 136 ! 14 4 -2 34 July 181 107 144 162 174 79 143 127 ! 6 27 1 34 August 165 109 131 172 167 91 155 120 : -2 17 -23 52 September 180 132 160 192 170 98 147 132 10 34 13 60 205 153 193 206 169 105 151 130 36 48 42 77 194 139 184 195 149 104 129 151 44 34 56 44 December 184 132 193 171 154 97 134 132 30 35 59 38 Year 2,424 1,611 1,675 2,133 2,091 1,323 1,450 1,655 334 288 225 478 v Preliminary. i Including both domestic and foreign merchandise. « 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, and for March 1931, p. 136. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers based on value figures; 1923-25 average =» 100] [Index numbers; 1923-25 average=100] Index of salesl Index o m f s o to n c th k ) s (end of 1934 1935 Jan. Sept. Oct. | Nov. | Dec. Jan Adjusted Without Adjusted Without Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1934 1935 1934 1935 1934 1935 1934 1935 Total 64 59 57 59 64 64 Coal 68 63 60 64 71 73 Coke 61 45 45 43 51 62 January - 69 72 57 59 66 64 59 57 Grain and grain products 68 63 58 56 58 56 Februarv 71 .75 59 *>61 66 63 Livestock 51 87 62 55 51 42 March 77 73 65 67 Forest products 30 30 30 30 32 31 Ore 34 39 30 20 34 31 April 77 73 65 68 Miscellaneous 69 58 60 64 71 72 May 77 77 66 68 Merchandise i 70 64 63 64 66 65 June 74 70 65 63 July 72 51 64 59 Without seasonal adjustment August- 79 60 64 61 September 78 79 64 67 October 7 7 4 3 8 8 3 2 6 6 4 5 7 7 4 1 Tota C C l o oa k l e 6 5 7 7 8 7 4 6 6 5 7 8 6 6 4 4 9 6 4 6 7 4 0 0 5 5 7 6 4 6 8 5 6 2 8 9 December '77 '135 64 60 Grain and grain products 65 76 65 60 57 54 - -- Livestock 53 103 83 64 51 44 Year 75 65 Forest products 26 31 31 29 26 28 Ore 8 63 42 14 8 i Based p th P ro re u l g im ho in u a t r o y. n figures of daily avera r g R e e s v a i l s e e s d — . with allowance M M e is r c c e h l a la n n d e i o se u s * 5 6 5 5 6 6 9 7 6 7 6 0 6 6 3 5 5 6 5 2 6 5 1 8 for changes from month to month in number of Saturdays and for 6 national holidays: New Year's Day, Memorial Day, Independence Day, »In less-than-carload lots. Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects Based on daily average loadings. Source of basic data: American upon sales of changes in the date of Easter Railway Association. Back figures.— See BULLETIN for November 1930, p. 686; Annual Report Back figures.—See BULLETIN for February 1931, pp. 108-110. for 1933 (table 115). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 165 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France justified its attitude. After 4 years of unpreccovering the year 1934 was submitted to the edented depression, the franc today is more general meeting of shareholders on January 31, firmly established than ever before. Being 1935, by the new governor of the bank, M. Jean certain that we interpret the opinion of the Tannery. The text of the report is as follows:1 vast majority in the country, we are resolved The depression from which all nations are to defend the franc against every attack, whatstill suffering in various degrees was not relieved ever may be its origin or aim. to any considerable extent during 1934. The Balance of payments.—The resources at our painful work of readjustment was carried on. disposal imposed upon us the obligation to Some positive results were achieved, but they defend the franc and enabled us to do so. On did not lead to general and definite recovery. the final balance sheet of the year, the gold Uneasiness prevailed throughout the wwld, reserve of the bank amounted to 82,123,000,000 and the spirit of enterprise showed little sign francs, a figure almost as high as the maximum of revival. Long-term commitments, so neces- of 83,359,000,000 francs, reached on December sary for the expansion of business, were entirely 2, 1932. out of the question. For the first time since 1931 the net balance In spite of the recent improvement in inter- of gold and foreign-exchange movements was national relations, political uncertainty is favorable to France in 1934. While in 1932 and largely responsible for the lack of confidence 1933 our reserves declined continuously by which still prevails. In our judgment, however, 1,700,000,000 francs and 9,500,000,000 francs, this is not the primary cause of so long and respectively, in 1934 they rose by almost wide-spread a depression. The normal play of 5,000,000,000 francs. The reversal of the economic laws, which would gradually have its movement described in the last two annual remedial effect upon the depression, is contin- reports was not due solely to the noteworthy ually counteracted by artificial and futile inter- reduction from 10,000,000,000 to 5,000,000,000 ventions. Everywhere uncertainty continues francs in our unfavorable trade balance. to prevail in monetary affairs. Currency in- Neither was it caused by an improvement of stability hinders the exchange of commodities, the purely technical elements in our balance of as well as the flow of capital, and blocks all payments. The considerable decline of forinternational recovery. It condemns every eign revenue and the increasing recession of country to fall back upon its own resources tourist expenditures exercised the same inand by artificial measures to seek a false pros- fluence in 1934 as in preceding years. The perity in isolation. Thus we have the contra- inflow of gold into our reserves should not, diction of improved methods of communication therefore, be interpreted as an indication of and the ardent desire of all nations for coopera- genuine recovery in our economic situation. tion on the one hand, and on the other an The inflow is chiefly the result of psychological economic nationalism which is equally harmful reactions, inspired by the increasing confidence for all concerned. which investors feel in regard to the franc. It is not within our power to put an end to Gold movements.—The increase in the rethis situation, but we should do nothing to serve, however, did not proceed uniformly make it worse. The maintenance of the sta- throughout the year. bility of the franc is not only a national The outflow of gold noted at the end of 1933 necessity but also, in our opinion, a duty of a was in still larger amount during the first 2 broader character which we have no wish to months of 1934 and was the direct result of shirk. As in previous years, the Bank of the aggravation of budgetary difficulties and France carried on the policy prescribed in the the increasing tension which marked this monetary law, to which it intends to remain period. From December 29, 1933, to March absolutely faithful. The results achieved have 2, 1934, the reserves declined from 77,098,000,- 000 to 73,928,000,000 francs, that is, a decline i The report, available in French, contains in addition tables showing within a few weeks of more than 3,000,000,000 the operations of the bank in detail, and sections dealing with personnel, etc. For earlier reports, see BULLETIN for March 1934, 1933, 1932, 1931, francs. 1930, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN MAKCH 1935 This, however, was no more than a temporary The treasury benefited greatly from this outflow. The improved political situation and abundance of short-term funds. The rate for the efforts made by the Government to re- 3-month treasury bills w^as reduced succesorganize the budget soon led to a renewal of |sively from 3% percent in March to 3 percent confidence. The repatriation of French capital in May, to 2% percent in June, and to 2% and the inflow of foreign capital to the Paris percent in October. These rates represent a market were from that time on almost uninter- considerable improvement and have reduced rupted. Except for a slight recession in No- the abnormal margin between French rates vember, our weekly balance sheets showed an and those prevailing in London and New York. almost continual rise in the reserve. In 9 Capital Market.—Unfortunately the same months it increased by more than 8,000,000,000 thing is not true of the capital market. In francs. spite of the continued firmness of rentes for On December 14, 1934, the reserve percent- many weeks, the existing rates do not yet age reached 80.97 percent, the highest percent- reflect the indisputable improvement in State age ever shown since the law of 1928 became finances. The credit of the French Governeffective. ment is still underestimated, and economic Our holdings of foreign exchange underwent activity is suffering the direct consequences no considerable change in 1934. At the close of that general distrust on the part of invesof the year they amounted to 741,000,000 tors. The high level of rates for long-term francs, as compared with 928,000,000 francs on funds is one of the most serious obstacles to the corresponding date in 1933. reduced costs of production. This prevents Money market.—The money market was new expansion by industrial enterprises; and constantly affected by the inflow and outflow by keeping overhead charges high, prevents of gold already described. We did not try at conversion operations which would have a any time to direct or to offset the movements favorable influence on retail prices. Kegretof gold, which automatically had their normal table as this appears, a situation so abnormal effect on rates for short-term money. could, of course, change quickly. In fact, the The first 3 months of the year were marked improvement of the long-term market is to a by increasing tension, which caused the private very great extent only waiting upon a perdiscount rate to rise from 2Ke percent in Janu- manent revival of confidence, which is even ary to 2% percent in March and the rates for 3- now beginning to appear. month national-defense bills from 3% percent All the technical conditions would justify a to more than 4 percent. The bank felt that reduction in money rates. The high level of it should adjust its own rates to the situation hoarding of gold and bank notes is undoubtedly then prevailing in the market. On February the result of uncertainty on the part of the 8 your board of directors decided to raise the public, but is also a most tangible expression official discount rate from 2% percent, which of potential national wealth. People who had been maintained since October 9, 1931, to save wish to find profitable investment for 3 percent. their funds; only lack of confidence prevents This rate, which was justified by the large them from investing their savings to the benewithdrawals of gold from our reserve, was in fit of the entire national economy. effect for only a short time. On May 31 it We feel it our duty on this occasion to prowas possible to lower it again to 2% percent, test against the spirit of pessimism which has and since then there has been no change. Be- prevailed in the country for so many months, ginning in April, a gradual relaxation was checking all initiative and paralyzing all effort. apparent in the money market. This became France, in the course of her history, has passed more marked during the closing months of successfully through crises just as serious as the year and made possible a rapid increase of this. She will not lack the determination to bank deposits, which had declined by 2,000,- overcome the present difficulties. 000,000 francs during the first half of 1934. Economic situation.—Undoubtedly, much re- On December 31, in spite of some unavoidable mains to be accomplished. Our first concern tension at the year-end, the private discount should be the definite reform of the budget. rate was reduced to the very moderate level Some important results along this line were of 1% percent. achieved during the past year. New curbs Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

167 MARCH 1935 FEDERAL RESERVE BULLETIN on expenditure absorbed a considerable part ness. Liberal as always, we gave favorable of the budgetary deficit. This reform should consideration to all demands which were legitibe carried on so that French business may not mate and in harmony with actual commercial be handicapped by an increasing burden of requirements. Credits were granted on exceppublic debt. tionally favorable terms. The rates charged The remarkable effort made by the nation represent only a very small item in operating might well prove futile if the burden of taxa- costs of industrial enterprises. tion, already too heavy, should increase indef- We also assisted agriculturists to the full initely while business activity continued to extent permitted under the statutes of the bank decline. Unfortunately, the business situation by admitting to discount large amounts of their showed no marked improvement in 1934. paper secured by wheat. After the recovery of 1933, the various branches During 1934 the bill portfolio showed very of commerce and industry showed a fairly sharp considerable fluctuations. At the beginning recession during recent months—the result in of the year the stringency of money, resulting large measure of the decline in agricultural from the withdrawals of foreign capital and from income. For a number of years an effort was domestic hoarding, caused a large increase in made to maintain agricultural prices by a rediscounts. In that difficult period, while policy of artificial support. The measures now systematically discouraging operations of a taken by the Government are intended to speculative nature, the bank felt obliged to effect a permanent recovery of the agricultural grant legitimate demands without restriction. situation. These measures ought to support On December 29, 1933, our portfolio amounted the domestic business revival; for the French to only 4,856,000,000 francs; in January and market, even with its present reduced capacity February it had risen by almost 2,000,000,000 for absorption, can still furnish an outlet to the francs, and on March 30 it reached 6,213,000,greater part of French industry. 000 francs, the maximum figure for the year. Our export trade held its own with foreign Marked improvement in the general situation competition to a remarkable degree. While led to a sharp reversal of this tendency in April the value of our sales abroad during the past and the monetary tension eased rapidly. The year showed a new decline, their quantity and result was a gradual but continuous decline in weight represented a considerable advance over the portfolio. This decline continued until the 1933. This is the clearest possible proof of the end of 1934, and was accentuated during the gradual adjustment of French business to the closing months as a result of the marked recesnew conditions arising out of the crisis. sion of industrial activity which characterized The French economic situation in general, the last quarter. however unsatisfactory to us, is no more un- On December 21 the portfolio amounted to favorable than that of most other countries. only 3,472,000,000 francs, a slight increase over Although there is still too great a margin the year's minimum of 3,143,000,000 francs between prices in France and abroad, notable shown on November 30. progress has been made along this line. It is Demand liabilities.—Demand liabilities of significant that in 1934 wholesale prices showed the bank rose during 1934 by 4,607,000,000 a sharper decline in this country than anywhere francs and are now at about the same level as else. This downward trend had a marked in October 1933. This increase in the aggregate influence on retail prices, which declined steadily of bank notes and demand deposits corresponds and more sharply than at any other time since almost exactly to the increase in reserves. The the beginning of the depression. volume of notes in circulation showed no great Unemployment, unfortunately, increased increase. From December 23, 1933, to Decemduring the past few months. The social ber 26, 1934, the volume of notes in circulation importance of this problem calls for the fullest rose from 80,638,000,000 to 81,855,000,000 consideration of the Government. Unem- francs. ployment, however, is not more serious in The expansion in demand deposits was much France than in most other countries, and the larger—from 16,953,000,000 to 20,343,000,000 proportion of unemployed workers is less than francs. Deposits of the treasury and the Caisse in England, the United States, and Germany. autonome at the end of the year stood Discount policy.—As in former years, our at 3,843,000,000 francs as compared with discount policy was prompted by the wish to 2,303,000,000 francs at the close of the previous mitigate the effects of the depression on busi- year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN MARCH 1935 The inflow of gold in 1934, like the outflow 8 points as compared with the beginning in 1933, reacted almost exclusively on the of January. We trust that the uncertainty money market. It had no other influence— which still persists with regard to British neither on the movement of prices nor 01 the currency may be ended as soon as possible. expansion of credit nor on the development of We appreciate at their full value the repeated economic activity. statements of the British Government that Monetary policy.—The bank maintained Great Britain intends to return to the gold close contacts with foreign banks of issue in the standard as soon as circumstances permit. same spirit of international cooperation by Outlook for the future.—In spite of the conwhich it has always endeavored to shape its tinued depression, France exhibits an exceppolicy. We sought especially to draw closer tional capacity for resistance and adjustment, the bonds uniting us with other countries which will permit a rapid recovery of business which are still on the gold standard. The when the moment comes. The courage and determination of these countries to maintain patience which the nation has shown for so the stability of their currencies in spite of many years guarantee the security of the many difficulties is as strong as ever. We future. sincerely hope that economic agreements may Our currency is more strongly defended than shortly complete the work, which the experi- ever against all foreign pressure. Its fate deence of the past 18 months has proved to be pends only upon the courage of the French sound. people, and in this respect their choice is made. The experience of 1934 in this respect seems Between uncertainty and illusion, between decisive. The de facto stability of the dollar, saving and speculation, between creative work maintained throughout the entire year, led to and " get-rich-quick-methods" they do not none of the disastrous consequences in the hesitate. We do not have to urge upon them monetary field which were sometimes antici- a decision which they made long ago. It is pated. On the contrary, by checking devalua- sufficient for us to affirm once again our detertion in the United States, it reacted favorably mination to adhere to the only monetary policy upon the economic situation of the entire which seems to us to be in harmony with the world. national interest. The pound sterling closed the year at the approximate rate of 75 francs—a decline of BALANCE SHEET OF THE BANK OF FRANCE AS OF DECEMBER 26, 1934, AND DECEMBER 23, 1933 [In thousands of francs] Dec. 26, Dec. 23, Dec. 26, Dec. 23, Resources 1934 1933 Liabilities 1934 1933 Gold reserve (coin and bullion) _ 82,122,999 76,959,499 Demand liabilities: Silver and copper coins 685,321 669,805 Notes in circulation.-. 81,855, 232 80,637,917 Funds available on demand abroad 11,119 18,962 Current account of the treasury 1,026,282 238,251 Foreign bills: Current account of the Caisse autonome Negotiable 729, 784 908,556 d'amortissement 2,817,215 2,064, 890 Other 221,454 233,926 Other current accounts and deposits 16,318,015 14,460,217 Domestic bills: Other demand liabilities 181,925 190,095 Negotiable 171,954 93,000 Capital... -. 182, 500 182,500 Other 3,572,015 4,087,353 Surplus (laws of June 9, 1857, and Nov. 17, Advances against gold coin and bullion 1,445,916 1,415, 537 1897)... 272, 696 272,696 Advances against securities 3,184,303 2,910,170 Reserve invested in legal securities (law of Postal current accounts... _. 495, 738 591,375 May 17,1834; decrees of April 27 and May 2, Negotiable bills of the Caisse autonome 1848; law of June 9, 1857). - 22,106 22,106 d'amortissement (convention of June 23, Depreciation reserve (real estate) 4,000 4,000 1928, and Dec. 7, 1931) 5,898,270 6,187,425 Profit and loss: Loans to the Government without interest For writing off overdue bills 25,000 (law of June 9, 1857; convention of Mar. 29, Gross dividends 121.591 i francs 22,190 21,988 1878; law of June 13, 1878, extended; laws Carried forward 24,577 24,059 of Nov. 17 1897, Dec. 29, 1918, and June 25, Miscellaneous liabilities _ __ 1,396,591 1,771,258 1928)..- _ —_ 3, 200,000 3,200,000 Rentes earmarked for special purposes _ _ 112,981 112,981 Total -- -- 104,148,329 99,889,977 Bank buildings and equipment 4,000 220,576 Miscellaneous resources 2,292,475 2,280,812 Total demand liabilities 102,198,669 97,591,370 Ratio of gold reserve to demand liabilities Total _ 104,148,329 99,889,977 (percent) _ 80.36 78.86 i For second half year 1934. Gross dividend for first half year 1934,120.482 francs. In accordance with the law of Dec. 23,1933, ana the decree of July 11,1934, which modified the rate of taxation on the yield of French registered shares, the net dividend of shares of the Bank of France was 100 francs for the first half year, and 100.92 francs for the second half year for shares subject to a tax of 17 percent; and 100 francs for the first half year and 107 francs for the second half year for shares subject to a tax of 12 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 169 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. $1=15 Hi grains of gold «M6 fine; i- e., an ounce of fine gold=$35] Europe Total End of month (5 t 0 r i c e o s u ) n- U S n ta i t t e e s d 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 e a c k ho ia - Denmark England France Germany 1933—December.. 20,192 16,793 131 11,703 643 1,572 5,112 156 1934—January 20,229 6,829 130 11,697 646 1,573 5,109 152 February. _. 20,516 7,438 130 11,358 639 112 1,574 4,904 134 March 20,724 7,694 130 11,313 635 111 ],574 4,947 96 April 20,820 7,757 130 11,340 636 111 1,575 5,023 83 May 20,957 7,779 130 11,426 635 111 1,577 5,136 52 June 21,166 7,856 132 11, 548 625 111 1,578 5,274 28 July 21,304 7,931 133 11,592 618 111 1, 579 5,321 30 August 21,489 7,978 131 11, 747 623 111 1,580 5,439 30 September.. 21, 530 7,978 131 11, 787 626 111 1,581 5,455 30 October 21,586 8,002 132 11,813 609 112 1,582 5,468 33 November.. 21,646 8,132 133 11,730 589 112 1,583 5,443 32 December.. » 21,771 8,238 134 11,751 590 112 1,584 5,445 32 1935—January p 21,876 8,391 132 * 11, 696 599 112 1, 586 5,438 32 February.-. v 8, 526 1,586 v 5, 439 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- Ruma- Spain Sweden Sw la i n tz d er- U.S.S.R.» Y sla u v g i o a - 6 c t o o r u t ie h n s e - r 1933—December. .. 632 627 100 739 168 653 704 59 1934—January 633 100 739 653 704 58 February... 633 539 101 739 169 600 704 March 613 535 101 739 170 570 706 April 609 539 101 739 167 534 706 57 May 594 551 102 739 167 535 706 58 June 576 573 102 739 168 535 716 58 July 567 588 102 740 168 537, 716 58 August 565 588 103 740 169 567 716 58 September.. 554 588 103 740 170 591 716 61 October 541 601 103 740 163 621 716 61 November- 520 582 103 740 160 624 716 61 December. _ 518 573 104 740 159 624 744 60 1935—January 519 555 740 159 600 744 February... 586 Latin America Asia and Oceania Africa End of month c t T r o 0 i o u e 0 t s n a ) - l g t A i e n r n a - - Chile l C o b o m ia - - M ic e o x- Peru g U u r a u y - c o tr o t i 4 h u e e n s r - T c tr o o i ( u e 7 t n a s) l - India Japan Java N l Z a e e n w a d - T k u ey r- c o tr o t i h u e e n s r T c tr o o ( i u e 4 ta n s) l - Egypt S A o fr u ic th a c o tr o t i 2 h u e e n s r - 1933—December 578 405 20 24 15 19 85 11 774 274 359 74 41 20 214 56 141 17 1934—January 579 405 20 24 14 19 86 11 778 274 359 76 42 20 215 56 143 17 February 588 405 20 24 18 20 87 14 780 274 359 79 42 20 222 55 150 17 March 590 405 20 25 20 19 87 15 778 274 359 77 42 20 218 55 146 17 April 591 405 20 24 22 19 87 15 781 275 362 77 42 21 220 55 149 17 May 594 405 20 24 23 19 87 16 803 275 382 79 42 20 226 55 154 17 June 593 405 20 25 26 19 84 14 804 275 384 77 42 21 233 55 161 17 July 599 405 24 26 27 19 82 17 806 275 386 77 42 21 244 55 172 17 August._ 605 403 28 26 29 19 82 18 807 275 387 77 41 21 220 55 149 17 September 604 403 28 24 28 19 82 19 803 275 388 77 36 22 226 55 155 17 October. 599 403 29 22 25 19 82 20 795 275 390 77 26 22 245 55 173 17 November 599 403 29 21 26 19 82 '19 796 275 392 77 25 22 255 55 184 17 December P597 403 29 19 23 *19 82 20 798 275 394 77 25 22 »55 184 1935—January. *592 M03 P29 15 P23 J»19 P82 P21 »798 275 *>394 78 25 22 P55 196 » Preliminary. r Revised. * Excludes gold coin in circulation. • Figures for December 1933, March 1934, June 1934, or December 1934 carried forward for subsequent months, for which no figures have been reported. 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

170 FEDERAL RESERVE BULLETIN MARCH 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 u r c- Total' A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o lg n i g a o n I Canada U St n a i t t e e s d «• Co b l i o a m- Chile Au l s ia tra- Japan India l=25$io grains of gold %a fine; i. e.t an ounce of fine gold=$20.67 1932—Total 499,241 421,656 238,931 12,000 5,992 3,642 62,933 50,626 12,070 5,132 788 14,563 8,198 6,782 1933—Total —. 522,555 420,093 227,673 13,335 3,631 52,842 13,169 6,165 3,009 16,790 8,968 6,919 1934—January _ 35,986 18,897 1,201 546 320 4,781 5,322 1,080 697 462 721 560 $l=155M grains of gold *Ko fine; i.e., an ounce of fine gold= February 72,981 54,707 28,893 1,893 927 502 7,803 6,624 1,906 1,067 656 2,269 1,280 881 March 76,949 58,676 30,550 2,042 965 571 8,726 8,409 1,194 940 554 2,415 1,390 926 April 76, 524 58, 250 30,173 2,014 941 509 7,975 8,059 2,233 843 648 2,566 1,376 914 May--- -- 79,750 61,476 31,324 2,055 951 566 9,090 8,969 2,431 991 425 2,460 1,268 946 June 77, 702 59,429 30,138 2,048 946 547 8,495 8,724 1,941 1,003 623 2,722 1,310 930 July 79,060 60,786 30,773 2,015 1,072 521 8,593 9,214 1,861 1,037 832 2,579 1,351 938 August 79,900 61, 627 31,015 2,085 1,022 542 9,270 8,829 2,078 1,148 666 2,619 1,413 938 September 78,766 60,492 29,951 2,061 1,072 544 8,546 10,404 1,396 940 525 2,625 1,495 932 October --. 81,999 63,725 30,994 2,054 1,117 582 9,278 10,824 2,166 1,143 731 2,453 1,438 944 November v 78,988 60,714 30,633 1,932 1,080 590 8,750 8,759 P 1,955 831 1,227 2,650 1,377 929 December v 81,023 62, 749 30,356 2,031 1,225 534 9,148 10,124 P2,030 922 1, 227 2,722 1,435 995 Total (12 mo.). *910,333 *698, 617 353,697 23,432 m, 865 100,455 104, 265 P22, 272 11,562 P 8, 576 29,478 15,854 10,835 Total (new par) *942,374 *723, 237 366,795 24, 264 P12, 242 6,549 103,769 107,632 *>23,020 12,045 30,447 16,354 11,223 v Preliminary. r Revised largely on basis of new estimates in Annual Report of Director of Mint for 1934. Estimate of world production for 1932 is final and that for 1933 preliminary. Estimate of mint for 1933 has been employed for all areas not reporting monthly other than U. S. S. R., figures for which have been carried forward on same basis as that employed by mint in revising Russian estimates in its annual report for 1933. Estimates of monthly production employed for U. S. S. R. are as follows: 1933, January-June, $3,833,000; July-December, $5,833,000; 1934, January, $7,000,000 (old par), February-December, $12,000,000 (new par); 1935, $14,000,000. Monthly figures for United States (including Philippine Islands) represent estimates by American Bureau of Metal Statistics, raised by a constant monthly amount in 1933 and in 1934 so that their aggregates for each year are equal to the annual estimates compiled by Bureau of Mint in cooperation with Bureau of Mines. For areas not reporting monthly, other than U. S. S. R., monthly average production compiled on preliminary basis by mint for 1933 is employed for 1933,1934, and 1935. * January figures placed on same basis as those for subsequent months, i. e., $35 an ounce. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, and November 1934, p. 737. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1934, p. 104. Figures for Canada for 1934 are subject to revision. GOLD MOVEMENTS [In thousands of dollars] United States Year and month T n o e t t al Net imports from or net exports (—) to— imports China All e o x r p n or e t t s England France g B iu e m l- N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Co b lo ia m- B I r n i d ti i s a h H a o n n d g c o o th u e n r - Kong tires Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932—Total (12 months) -446,213] 53, 585 -441,649 -82,571 -96,586-118,273 64,574 20,087 3,240 26,597 39,043 85, 737 1933—October -32,351 -6,240 -26,923 -453 268 48 976 November. -783 -2,260 -366 216 240 1,414 December. . -9,128 -1,650 -203 347 338 Total (12 months). -173,455 6,375 -216,035 -895 7,901 -11,631 19,896 4,280 25,629 12,821 -21,898 1934—January -2,767 -2, 542 -461 -10 -1,678 313 246 1,365 Customs valuations; with some exceptions at rate of $35 a fine ounce February... 452,571 239,800 124, 381 131 57,272 1,087 12,114 5,124 1,660 651 2,352 March 237,336 135,987 51,821 10,148 1,569 10,272 5,368 2,490 11,465 2,865 3,351 April 54,748 24,054 1,786 7,234 9,069 640 2,495 4,613 3,067 1,790 May _ 33,583 5,927 233 8,673 2,086 2,554 10, 240 1,865 1,987 June 63, 705 31,288 10,750 -4,J 2,837 37 12,191 2,286 2,190 July 52,346 22,978 2,212 -17 8,982 2,664 8 3,254 3,316 August 37, 225 22, 872 -5, 238 -1,943 212 8,200 515 2,484 5,489 672 3,960 September . -18,670 -950 -17,748 -2,094 -500 539 399 —8 513 1,780 October 10,837 -1,118 26 3,775 3,265 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 19,649 22,430 17,790 8,077 6,076 2,111 12,574 529 2,874 Total (12 mo.)— 1,133,912 501,632 260, 543 8,909 95,510 12,402 86,612 30,090 16,944 76,820 16,452 27,935 Total (new par)*. 1,131,994 499,870 260,223 8,902 94,348 12,402 30,270 16,944 76,820 16,452 28,990 1935—January.. _ 149,392 85, 577 14, 592 12,812 12,091 4,991 2,101 10,616 5,083 February- 122, 771 63,424 45, 766 1,466 339 5,346 729 2,112 522 359 2,709 i January figures placed on same basis as those for subsequent months, i. e., $35 an ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDEBAL RESERVE BULLETIN 171 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain Net imports from or net exports (—) to: Total Year and month net im- South e o x p r p o n o rt e r s t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N la e n th d e s r-S l w an it d zer- A So i m c u a e t r h - Canada B In ri d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s i t a ra- A d W R f e r h s e i o i c s a - a t , , c o t o A r th i u l e e l n s r - Africa Official figures converted at rate of $20.67 an ounce 1932-TotaL— 84,585 -50,642 -297,050 333 -13,434 -71,378 -14,019 5,746 220,394 10, 781 i 20,364 255,310 18,279 1933—October 63,918 12,520 1,865 -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 94 817 329 -771 120 5,013 4,852 708 2,315_ 20,885 4,558 79,426 4,441 15,130 42 147 -196 8,143 4,186 5,892 423 19,460 12,871 December 677,405 7,8 97,016 41,036 -7,065 -4,299 9,610 43,374 118,817 60,812 256,177 46,110 Total (12 mo.)—. 62,146 4,788 9,805 -13 -20 5,310 -170 5,500 4,530 8,642 2,353 17,667 3,170 1934—January Official figures converted at rate of $85 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 April 35,003 -19,851 -7,038 3,524 44 523 -216 343 47 13,033 359 3,824 31,929 8,483 May 37,986 -5,197 -30,856 8,243 -34 319 -252 284 75 14,147 485 3,086 42,935 4,750 June , 53,056 -35,375 6,622 17,495 218 -659 -71 144 17,330 441 3,172 30,505 13, 233 July 30,991 -121 4,099 -2,161 -46 -102 1,794 12, 213 70 3,234 32,312 9,070 August , 26,005 -15,420 -6,797 45 -6,034 -4,563 1,749 25,146 66 4,673 22,371 4,774 September 23,488 6,251 -8,188 2,890 -2,157 -203 -1,849 2,052 7,266 962 151 3,507 11,315 1,491 October 49,999 950 -339 105 -1,291 482 -1,118 655 4,669 4,992 245 3,438 24,420 12,790 November 49, 585 -17,284 27,026 152 -5, 198 -550 -60 670 1,697 18, 791 190 2, 686 18,495 2,970 December 27,215 -22,489 1,769 69 -1,087 310 -109 241 17, 882 128 4,126 23,469 2,906 Total (12 mo.)— 673,194 -500,484 341,394 121,026 -13,571 28,895 -9,005 13,756 23,193 200, 704 4,458 40,159 323,007 99,662 Total (new par.)2. 716,269 -497,166 348,190 121,017 -13,585 32, 575 -9,123 17, 568 26, 316206,711 4,863 41, 790335, 253101,860 1935—January -4,218 -79, 628 4,270 36 8,780 -53 24,046 12 4,066 37,231 -3,071 France Germany Net imports from or net exports (—) to: Net imports from or net exports (—) to: Year and month Total Total net im or p n o e r t ts U S n ta i t t e e s d E la n n g d - m G a e n r y - g B iu e m l- N la e n t d h s - S la w n i d t- c o t o A r th i u e l e n l s r - i e m o x r ( p p ) n o o e r r t t t s s 'E la n n g d - France N la e e n r t d - h s - U S. . S R . . c o t o A r th i u e l e n l s r - Official figures converted at rate of $20.67 an ounce 1932—Total 828,178 468,052 309,984 37,889 -35,010 37, 547 -17,668 27,382 -27, 282| -250 -38,170 -24,455 46,656 -11,063 1933—October 26,233 47,745 —It' -4,640 -12,428 -3,369 3,698 5,845 5,933 -94 36 November -53,315 177 -25,025 -3 -947 -21,461 -5,674 -381 2,572 4,710 -5,268 3,182 -40 -45,447 -19,387 -772 -474 701 -23,443 -2,071 2,627 691 590 2,668 -1,336 December 243,944 223,894 -87,207 73,001-28,979 44,691 10,491 8,053-102,856 -37,044-64,922 -40,950 40,317 -260 Total (12 mo.).-. -7, 236 1,215 -5, 259 -173 -70 -1,187 -1,761 1,246 -19 -2,615 293 3,610 23 1934—January Official figures converted at rate of $85 an ounce February -175,869 -92,336 -160,187 12, 536 -166 59,196 -1,765 6,853 -20,472 -29,660 -8,054 18,034 155 March -232,658 -79,158 -155,636 3 398 15,955 -2,914 -11,305 -39,440 -55, 529 -2 16,992 86 April -1,373 997 -37,010 78 -213 1, 32,492 286 -5,655 -3,515 -8,073 -8,189 13,971 153 May _ -_ 30,915 124 33,581 1 -9,299 5,405 427 -29,040 -13,382 -10,083 -12,363 6,761 27 June 6,437 -9,779 -11,411 18,191 -1,400 -1, 19,168 -6,636 -20,312 7 -12, 286 -8,155 123 July -2,895 -3,003 926 1 -320 -104 -1,038 643 4,469 -4,090 1 -16 8,457 117 August -. -15,105 -7,290 264 145 -122 -39 -9,226 1,163 5,327 -2,604 2 -52 7,828 153 September 964 5,987 9,606 -3 -44 10-15,492 898 61 -269 6 52 274 October. 22,710 26,296 3,706 2 -464 139 -6,972 3 7,873 -59 4 1, 5,760 257 November *> -65, 568 -64,337 —17,1 -2,633 -786 1,786 3 18, 251 2,954 -167 7 238 313 2, 562 December * 37,733 -19,918 —8, 738 -3,114 -232 4,220 3 65, 517 1,206 -85 -1 -99 1,162 227 Total (12mo.)--_ -401,945 -241,202 -348,094 31,038 -17,549 75,044 24,477 74,339 -91,783 -109,372 -41,094 -28,317 82,888 4,111 Total (new par.) 2 406,949 -240, 361 -351, 729 31,036 -17,669 74,995 23,657 73,123 -90,920 -109,386 -42,907 -28,114 85, 390 4,097 v Preliminary. e Corrected, 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 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce. a $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934. NOTE.—-Oreat 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN MARCH 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 S n ta i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B I r n i d ti i s a h c A o l u l n o t t r h ie e s r Official figures converted at rate of $20.67 an ounce 1932—Total. 116,149 106,623 50,070 -34,009 26,886 -12,727 -13,630 -16,137 16,423 -7,346 1933—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 99 Total (12 mo.) -67,510 -1,624 -72,183 40,818 -17,873 -6,030 -16,974 9,632 567 1934—January -8,629 -7,082 -238 -367 -1,220 33 246 Official figures converted at rate of $85 an ounce February -102,784 -17,262 -13,283 -76,485 233 4,077 -62 -257 21 235 March -9, 201 -6,248 -4,928 -4,132 345 6,116 -141 -532 360 -42 April 3,063 -4,444 -418 -287 7,951 -102 201 5 164 May 13,859 -115 -158 11,835 -68 1,696 311 359 June 9,570 -225 277 1,701 7,704 -166 -291 -12 451 133 July 9,170 8,880 75 88 71 -53 -103 -112 322 August -2,737 -194 -23 3 -42 174 -278 -2,546 168 1 September.. -326 498 -327 7 34 -2 -44 -1,016 130 October -2,386 -637 166 -1,864 -178 -65 -4 126 November... -16,849 -17, 770 645 830 -6 -5S7 -65 -106 154 December.. _ -9,431 -9,270 -312 62 78 -95 -34 -25 165 Total (12 mo.) -116,681 -46,040 -26,128 -78,444 25,972 9,285 -1,253 -3,938 1,868 1,997 Total (new par)* -122, 664 -46,040 -31,038 -78, 610 25, 716 9,285 -1,253 -4, 784 1,891 2,171 1935—January -18,300 -15,605 -3, 221 -161 -30 Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Gold Change in— Year and month net net proi e m o x r ( p p -) o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A r th i u l e e l n s r - i e m o x r p p o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - c o t o A r th i u l e e l n s r - t I i d n o u d n c i - a in s G I e n r r i o e n d v - v e i t a s . P I in h n r g i o d v s l i d a a i - t n 2 e Oj%cial fignires comerted atrate of $20.67 an ourice 1932—Total 169,786 124,354 15,342 7,418 -58 -2,954 14,996 10,688 -195,662 -38,094 -151,059 -6,508 6,782 127 -189,008 1933—October 4,073 502 -790 4,243 -35 78 73 -7,643 -7,280 -363 560 -7,083 November. _ 3,553 -1,444 4,684 35 -39 191 125 -5,847 -6,023 176 560 -5, 287 December _ 23,996 8,756 -9,474 23, 299 125 558 741 -9 -5, 734 -5.438 -296 573 -1 -5,160 Total (12 mo.) -41,121 10, 983-24, 536-26, 781 735-15,330 13,168 635 -126,048 -30,340 -85,463—10.244 6,916 -5 -119,124 1934—January. _. __ 1,266 110 -247 180 115 -421 1,187 342 -14,063 -12,683 —1, 380 560 -13,503 <Wcialfi. lures converted ct rate of $3,> an ounce February -30,109 -10,898 -21, 567 2,333 36 138 -365 314 -39,307 -7,703 -31, 678 74 886 -38,421 March -25,403 -1,617 -12,110 -7,799 326 2,269 311-6,782 -20, 806 -8,862 -11,664 -280 921~"-5 -19,880 April -43, 753 -4,682 -38,189 97 1,392-2,132 -238 -20, 733 -10,697 -9,758 -278 914 186 -20,005 May__ -11,582 -5,350 -6,613 128 113 -222 364 -20,344 -13,143 -7,054 -147 946 o -19,396 June -8,372 -817 -5, 648 -2,193 98 166 -186 208 -19,105 -7,464 -11,854 213 930 -12 -18,163 July _. -390 69 -1,171 11 141 387 -41 214 -22,130 -8, 740 -13,601 211 938 4 -21,196 August 26, 569 2 4,007 11,802 30 1,105 2,566 7,056 -3, 565 -1, 577 -2,196 208 938 1 -2, 628 September- 21, 532 2,367 15, 804 56 2,304 1,105 -105 -2, 534 -2,643 109 932 - -1,602 October 12, 853 -195 5, 821 3,538 3,987 -305 7 -14,431 -1,650 -12,901 120 «944 -13,491 November.. 12,397 291 -771 -6, 273 13, 526 6,001 -275 -102 -20, 700 -2, 229 -18,617 146 929 -19,771 December.. _ -1,950 -417 -4,143 226 2,280 114 -15 -23, 255 -3,201 -20, 216 162 995 9 -22,257 Total (12 mo.) -46,942 -12,860 -45, 784-29, 359 18, 317 19, 721 1,757 1,263 -220,973 -65, 266-154,865 -842 10, 833 173 -210, 313 Total (new par)i -46,065 -12, 784-45,955 -29, 235 18,397 19, 431 2,580 1,500 -230, 720 -65, 266-163,657 -1,797 11, 222 173 -219,671 1935—January -4,125 -17 -216 -4, 344 472 -218 198 p-17,681 *995 P-16,684 * Preliminary. »Corrected. 1 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce. * 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

MARCH 1935 FEDERAL RESERVE BULLETIN 173 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1935 1934 1935 1934 Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Argentine Conversion Office (millions of Canadian Minister of Finance (millions gold pesos): of Canadian dollars): Gold 247 247 247 247 Gold reserve against Dominion notes. . 70 Currency issued 521 515 517 552 Advances to banks under finance act,_. 44 Irish Currency Commission (thousands Dominion notes: of pounds sterling): Issued 217 217 219 177 Legal tender note fund: Outside chartered bank holdings. _ 32 34 31 28 British legal tender and bank Indian Government (millions of rupees): balances 211 534 62 32 Gold standard reserve: British securities 7,176 7,528 7,537 7,013 Gold 29 29 29 71 Notes issued 7,387 8,062 7,598 7,045 Foreign exchange 505 505 505 465 Consolidated bank notes: 1 Paper currency reserve: Issued-_ 4,857 4,852 4,844 4,754 Gold 416 416 373 Deemed such under sec. 60 (4) of Silver 951 962 1,003 Currency Act, 1927 1,130 1,137 1,145 1,232 Other assets 482 473 473 404 Notes issued.- 1,836 1,839 1,851 1,780 i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Jan. 5, 1935, Dec. 8, Nov. 10, and Jan. 6, 1934. Figures for notes deemed to be consolidated bank notes are as of close of business on these dates. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1935 1934 1935 1934 Assets Liabilities Jan. 31 Dec. 31 Jan. 31 Jan. 31 Dec. 31 Jan. 31 Gold in bars 11,008 11,008 7,578 Demand deposits (gold) 10,921 10,921 7,578 Cash on hand and on current account with banks 2,611 2,354 3,370 Short-term deposits (various currencies): Demand funds at interest 4,794 4,988 18,690 Central banks for own account: Demand.. 21,461 36,472 48,303 Rediscountable bills and acceptances (at Time—Not exceeding 3 months 107,605 110, 662 106, 520 cost): Commercial bills and bankers' accept- Total 129,065 147,134 154, 823 ances 164, 959 175,391 165, 273 Treasury bills 184,810 179, 384 187,936 Central banks for account of others: Demand.. 12, 491 12,342 11,564 Total 349, 769 354, 775 353, 209 Other depositors: Demand.. 1,413 1,232 Time funds at interest—Not exceeding 3 months 40, 229 40, 638 35,852 Long-term deposits: Annuity trust account 154,481 154,529 154, 200 Sundry bills and investments: German Government deposit 77, 241 77, 264 77,100 Maturing within 3 months: French Government guaranty fund.. 41,062 40,678 42, 758 Treasury bills 29, 503 34, 431 23,591 Sundry investments 33, 514 32,823 33, 737 Total 272, 784 272,471 274,058 Between 3 and 6 months: Capital paid in 125,000 125,000 125,000 Treasury bills 34, 234 45,878 16,874 Reserves: Sundry investments 63, 633 63, 472 67,403 Legal reserve fund 2,672 2,672 2,022 Over 6 months: Dividend reserve fund 4,866 4,866 3,895 Treasury bills 23,094 18,895 47,987 General reserve fund 9,732 9,732 7,790 Sundry investments. 36, 253 36,182 37, 981 Other liabilities: Guaranty on commercial bills sold 6,188 6,135 4,852 Total 220, 230 231, 681 227,573 Sundry items.. 62, 594 61,878 61,590 Other assets: Guaranty of central banks on bills sold 6,129 6,135 4,352 Sundry items, 2,956 2,805 2,969 Total assets 637, 726 654, 384 653, 594 Total liabilities 637, 726 654, 384 653, 594 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDEKAL EESERVE BULLETIN MARCH 1935 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England (in G o is l s d ue Note (Figures in millions of pounds sterling) m de e p n a t r ) t - l Cash reserves Dis a c n o d unts Se ti c e u s ri- cir ti c o u n la- Deposits l O ia t b h i e li r - Coin Notes advances Bankers' Public Other ties 1933—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 July 25. 191.6 67.6 7.5 94.2 383.9 104.8 10.9 36.1 18.1 Aug. 29. 191.8 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 73.6 8.9 91.6 378.4 100.4 16.9 39.8 17.7 Nov. 28. 192.1 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 26. 192.3 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Jan. 30_. 192.4 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18.2 Feb. 27. 192.5 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Assets Liabilities (Figure B s a in nk m o il f l i F o r n a s n o ce f 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 u o 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 - posi O ts ther l O ia ti t b e h i s e li r - 1933—Dec. 29.__ 77,098 1,158 I 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 June29___ 79, 548 1,157 4,386 3,076 5,929 8,278 82,058 3,291 15,188 1,837 „ July 27... 80,252 1,155 4,248 3,054 5,913 8,150 SO, 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 1,853 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 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 1,869 Dec. 28 .._ 82,124 963 3,971 3,211 5,837 8,288 83, 412 3,718 15,359 1,907 1935—Jan. 25—. 82,014 962 4,003 3,149 5,837 7,970 81, 686 3,751 16, 473 2,024 Feb. 22*_ 82, 040 960 3,996 3,079 5,833 (2) 81,917 3,618 16, 328 (2) Assets Liabilities Reichsbank Reserves (Figures in millions of reichsmarks) Gold e F x o c r h e a i n g g n e Tr b e i a l s ls 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 t y Se t c ie u s ri- a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia ti t b e h i s e li r - 1933—Dec. 30._ 386 3,177 183 581 735 3,645 640 836 1934—Jan. 31— 376 2,845 81 620 843 3,458 498 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 3,901 984 1,001 1935—Jan. 31... 80 3,620 81 759 837 3,660 822 900 Feb. 28 v 80 3,656 188 764 3,617 * Preliminary. »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. 1 Not yet available. NOTE.—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

175 MAECH 1935 FEDERAL RESERVE BULLETIN CENTRAL BANKS-Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Jan. Dec. Nov.. J an. Jan. Dec. Nov. ! Jan. National Bank of Albania (thousands Central Bank of China—Continued. of francs): Deposits—Government 197 256 I 196 Gold __ _ 7,122 7,123 7,225 Bank _. 30 ! 38 Foreign exchange ... 22,629 22, 506 25,573 Other 14 10 j Loans and discounts. 2,723 2,772 2,838 Other liabilities... 143 80 ! 67 Other assets. ___ 3,040 3,127 2,330 Bank of the Republic of Colombia Note circulation 11,019 11,059 11,680 (thousands of pesos): Demand deposits _ 13,372 13,420 16,073 Gold at home and abroad > _. 10,884 14,251 15, 676 14,686 Other liabilities _.. 11,123 11,049 10,212 Foreign exchange 1,615 1,892 1,655 3,403 Commonwealth Bank of Australia Loans to member banks 6,465 8,078 5,281 4,262 (thousands of pounds): Note circulation 35,028 40,137 36,441 31,349 Issue department: Deposits 23,906 24,819 25, 553 24,853 Gold and English sterling 15, 708 15,708 15,708 14,508 National Bank of Czechoslovakia Securities 25, 555 32,369 29,625 29,375 (millions of koruny): Banking department: Gold*... 2,682 2,680 2,676 1,707 Coin, bullion, and cash 870 657 847 949 Foreign balances and currency *._- 305 229 183 774 London balances 19,092 17,497 20,579 19,733 Loans and advances 1,180 1,379 1,205 1,424 Loans and discounts 19, 579 19,733 18,565 15,779 Note circulation.. 5,028 5,640 5,337 5,449 Securities 35, 873 35, 758 35, 358 Deposits 1,317 766 874 Deposits_._ 77,221 75,941 79, 515 73, 290 Danish National Bank (millions of Note circulation- 47, 550 50,300 47,550 47, 301 kroner): Austrian National Bank (millions of Gold. 133 133 133 133 schillings): Foreign bills, etc 16 14 10 9 Goldi 242 242 242 189 Loans and discounts 73 75 73 77 Other foreign bills i 36 35 46 17 Note circulation 361 388 378 345 Domestic bills _ 237 236 241 262 Deposits 91 123 127 58 Government debts _. 624 624 624 624 Bank of Danzig (thousands of Note circulation.- 902 964 955 909 gulden): Deposits 215 154 172 187 Gold 20, 485 23,577 23,985 30,158 National Bank of Belgium (millions Foreign exchange of the reserve 2,703 2,899 1,694 8,814 of belgas): Other foreign exchange 125 38 177 136 Gold 2,543 2,505 2,503 2,745 Loans and discounts 21, 253 22, 265 19,198 17,194 Domestic and foreign bills. 684 673 671 769 Note circulation 38,072 38,920 38, 739 39,187 Loans to State _ 340 344 344 347 Deposits 2,621 3,824 1,764 12,721 Note circulation _ 3,636 3,530 3,501 3,398 Central Bank of Ecuador (thousands Deposits _ 241 234 225 599 of sucres): Gold at home and abroad 15. 824 15,276 14,375 Central Bank of Bolivia (thousands of Foreign exchange— 10,670 I 15,426 6,967 bolivianos): Loans and discounts 51,142 I 50,464 48,098 Gold at home and abroad _. 9,509 9,417 7,917 Note circulation 46, 562 | 46,8281 35,664 Foreign exchange 5,160 5,795 2,658 Deposits 27,548 i 29,477 I 20,293 Loans and discounts 43,881 34,133 18,807 National Bank of EgyptJ (thousands Note circulation .__ 83, 597 79,162 54,623 of pounds): Deposits 139, 917136,211 51,027 Gold 6,545 6,663 Bank of Brazil (millions of milreis): Foreign exchange 3,153 4,082 Currency _. 312 297 396 Loans and discounts 5,539 5,227 Correspondents abroad 173 236 304 British, Egyptian, and other Loans and discounts 2,721 2,605 2,755 1 Government securities 32, 625 33,594 Note circulation.- 20 20 20 Other assets 4,371 3,501 Deposits 3,023 2,915 2,887 Note circulation.. 20,435 19,838 National Bank of Bulgaria (millions Deposits—Government 6,227 of leva): Other 16,101 19,035 Gold 1,547 1,547 1,547 1,546 Other liabilities 8,748 7,965 Net foreign exchange in reserve.-. -69 -52 -59 63 Bank of Estonia (thousands of krooni): Total foreign exchange 203 200 217 187 Gold.... 27,700 27,673 27,815 20,135 Loans and discounts 940 1,025 1,047 1,127 Net foreign exchange 5,071 4,389 3,821 3,045 Government obligations-- 2,698 2,755 2,755 2,783 Loans and discounts. 14,093 16,587 15,021 19,198 Note circulation 2,226 2,449 2,449 2,571 Note circulation 35,984 36, 676 36,604 31,548 Cen O tr t a h l er B s a i n g k h t o li f a b C il h it i i l e e s (millions of 1,980 1,758 1,915 1,802 Deposits—G B O o a th v n e k e r rnment 9 7 2 , , , 4 0 6 8 3 0 1 5 8 9 7 2 , , , 6 7 7 0 4 5 3 8 7 6 7 2, , , 1 2 3 2 7 9 4 5 4 4 6 2 , , , 3 9 7 8 4 1 1 9 3 Gold and foreign exchange in re- Bank of Finland (millions of mafk- Lo s a e n rv s e and discounts 1 4 4 9 2 1 5 4 1 4 1 1 6 1 9 8 ka G a) o : ld 323 j 323 323 323 N D G e o o p t v e o e s r c i n i t r s m c e u n la t t d io e n b . t - 5 3 7 1 4 1 6 6 4 7 5 3 1 0 3 7 2 8 6 3 5 8 6 1 2 4 6 D B Fo a o c r l m r e a e i n e d g c s i n e t t s i s c b i b ll i a s l b ls road and foreign 1, 6 3 1 0 3 1 6 3 0 1, 5 3 1 2 4 1 3 9 8 1,2 1 8 6 3 9 1, 3 5 0 5 0 7 0 8 1 Central Bank of China » (millions of Note circulation 1,268 1,277 1,246 1,166 yuan): Other sight liabilities 381 370 422 457 Gold 20 35 Bank of Greece (millions of drach- Silver 104 115 105 mas): Due from banks abroad 10 11 11 Gold and foreign exchange 3,968 4,105 4,058 4,033 Due from domestic banks 38 49 44 Loans and discounts 2,378 2,573 2,191 3,477 Loans and discounts 85 191 137 Government obligations... _. 3,308 3,353 3,353 3,355 Securities 174 23 13 Note circulation 5,268 5,686 5,644 5,171 Other assets. _ 47 44 36 Other sight liabilities 4,094 4,165 3,812 5,905 Note circulation 71 Liabilities in foreign exchange 81 129 65 1 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. 2 Items for issue and banking departments consolidated. s Gold acquired since Mar. 20,1934, valued at purchase price, « Gold content of korana 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

176 FEDERAL RESERVE BULLETIN MARCH 1935 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Jan. Dec. I Nov. Jan Jan. Dec. Nov. Jan National Bank of Hungary (millions Bank of Poland (millions of zlote): of pengos): Gold 505 503 Gold 79 79 79 Foreign exchange 20 28 30 82 Foreign bills, etc 22 20 15 15 Loans and discounts 757 723 749 Loans and discounts 580 631 600 593 Note circulation 937 981 958 947 Advances to Treasury 50 50 47 50 Other sight liabilities 234 241 237 248 Other assets 18 34 32 27 Bank of Portugal (millions of escudos): Note circulation 353 381 350 348 Gold 903 902 777 Deposits 87 106 100 91 Other reserves 437 423 341 Certificates of indebtedness 115 115 115 120 Discounts and advances 316 323 330 Miscellaneous liabilities 170 184 181 178 Government obligations 1,049 1,049 1, 051 Bank of Italy (millions of lire): Note circulation 2,121 2,052 1,934 Gold at home 5,822 5,811 5, 840 7,099 Other sight liabilities.. 758 807 601 Credits and balances abroad 82 72 26 274 National Bank of Rumania (millions Loans and discounts 5,136 6,455 5,179 4,284 of lei): Note circulation 12, 787 13,145 13,162 13,068 Gold 10, 285 10, 235 9,940 Public deposits 300 300 300 300 Foreign exchange of the reserve. _. 91 87 160 Other deposits 993 805 754 1,757 Loans and discounts 6,729 6,715 9,029 Bank of Japan (millions of yen): Special loans * _ 2,946 3,251 3,165 Gold 468 466 464 425 State debt2 9,668 5,668 5,681 Advances and discounts 771 987 778 762 Note circulation. _ 22, 307 21, 579 20,834 Government bonds 507 647 323 602 Demand deposits 7,232 7,431 7, 474 Notes issued 1,326 1,669 1,186 1,261 South African Reserve Bank (thou- Total deposits 366 341 311 433 sands of pounds): Bank of Java (millions of florins): Gold 23, 743 22,287 22, 295 17,320 Gold 115 114 113 112 Foreign bills 7,136 10,517 9,117 19,956 Foreign bills _ 1 1 1 1 Domestic bills 14 51 131 86 Loans and discounts 61 62 63 60 Note circulation 11, 541 13,007 12, 721 10,456 Note circulation 176 177 181 190 Deposits—Government 3,369 1,882 2,278 1,755 Deposits 35 36 34 26 Bank 21,121 21,471 20,942 28,266. Bank of Latvia (millions of lats): Other 3,948 5,216 4,671 2,951 Gold 46 46 46 44 Bank of Spain (millions of pesetas): Foreign-exchange reserve 6 3 4 2 Gold 2,268 2,268 2,267 2,262 Bills 61 62 61 66 Silver 688 677 675 658 Loans 73 75 76 64 Balances abroad 279 281 279 278. Note circulation 37 36 36 35 Loans and discounts 2,351 2,525 2,377 2,608 Government deposits 49 45 44 58 Note circulation 4,591 4,696 4,669 4,729 Other deposits 114 113 119 107 Deposits 959 866 1,005 962 Bank of Lithuania (millions of litu): Bank of Sweden (millions of kronor): Gold. 47 52 53 52 Gold 351 351 352 362 Foreign currency 8 8 13 Foreign bills, etc 563 555 522 453 Loans and discounts 101 101 85 Loans and discounts 50 57 48 58 Note circulation 90 87 87 Note circulation 651 708 651 583 Deposits 62 60 Deposits 475 407 446 513 Bank of Mexico (millions of pesos): Swiss National Bank (millions of Gold 87 45 francs): Silver 115 115 Gold 1,838 1,910 1,910 1,998 Foreign exchange 6 9 Foreign balances and bills 3 8 18 20 Loans to member banks 70 40 Loans and discounts 95 144 100 106 Other loans and discounts 19 47 Note circulation 1,334 1,440 1,376 1,391 Other assets 13 7 Demand deposits 592 £24 642 753 Note circulation 101 80 Central Bank of the Republic of Tur- Deposits 91 66 key (millions of pounds): Other liabilities 118 116 27 27 27 25 Netherlands Bank (millions of flor- Foreign exchange 13 13 10 6 ins): Government securities 152 153 153 155 Gold 816 842 856 919 Other securities 35 33 32 29 Foreign bills 1 1 1 1 Other assets 35 32 28 36 Loans and discounts 171 174 171 173 Note circulation 164 165 159 160 Note circulation 855 912 882 890 Deposits 31 32 29 32 Deposits 179 146 187 246 Other liabilities 68 62 62 59 Reserve Bank of New Zealand (thou- Bank of the Republic of Uruguay sands of pounds): (thousands of pesos): Gold 3,002 3,002 3,002 Gold 46,643 46,643 49,109 Sterling exchange 21,868 22,092 23, 608 Loans and discounts 104,849 100, 957 95, 252 Other assets 2,203 1,989 1,671 Other assets 42,385 46.306 45, 523 Note circulation 9,534 9,772 9,611 Note circulation 79,606 73,975 77, 766 Demand deposits 15,988 15,771 17,132 Deposits—Demand 32,042 30,816 32,880 Bank 7,687 9,072 10, 737 Time 39,242 43,698 42,899 Government 8,295 6,391 Judicial and adminis- Other liabilities 1,551 1,540 1,537 trative 2,702 2,787 2,661 Bank of Norway (millions of kroner): Other liabilities 40,295 42, 639 33, 678 Gold 135 135 135 140 National Bank of the Kingdom of Foreign balances and bills 42 40 37 2 Yugoslavia (millions of dinars): Domestic credits 237 263 253 270 Gold 1,251 1,785 1,822 1,795 Note circulation 312 333 315 312 Foreign exchange 159 225 217 139 Foreign deposits 7 7 7 2 Loans and discounts 1,803 1,764 1,836 2,055 Total deposits 82 82 84 Advances to State 2,287 2,287 2,321 2,317 Central Reserve Bank of Peru (thou- Note circulation 4,288 4,384 4,307 4,212 sands of soles): Other sight liabilities 1,292 1,268 1,062 Gold and foreign exchange 40,547 44, 257 Bills 62,955 51,829 Note circulation 71,281 66,079 Deposits 25,070 23,336 1 Agricultural and urban loans in process of liquidation. See note 2. 2 Beginning with December 31,1934, includes Treasury bills received from Government in connection with losses on agricultural and urban loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 177 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities (10 clearing o f b a p n o k u E s n . n d g s l F a s i n t g e d u rl r i e n s g ) in millions v d E B C a u n u a a e g s n l t l h f k a r a o n i o n n m d f d M c n a o s l o n h l t o e i a y c r n t e d at B co il u ls n t d e i d s- S ri e ti c e u s - L c o u a s e t n r o s s m t - o a O s t s h e e ts r Total D D e e m po a s n i d ts Timei lia O b t i h li e ti r es 1934—March.... 219 120 202 547 757 226 1,831 240 April 222 132 212 534 763 230 1,853 890 240 May 218 131 223 542 759 225 1,858 887 238 June 199 141 228 549 761 229 1,870 888 237 July 210 138 224 550 762 220 1,871 874 235 August 196 139 222 557 759 219 1,856 869 236 September 207 137 213 563 757 222 1,858 873 240 October.._ 213 136 216 576 760 236 1,891 885 245 November 210 135 233 589 759 236 1,911 900 250 December. 216 151 255 594 759 247 2,222 910 251 1935—January... 225 137 284 593 756 2, 233 (*) 251 Assets Liabilities <4 large banks. f F F ra r i a n g n c u s c r ) e e s in millions of v d B C a F u u a a e ra s n l t h f n k r a c o i o n e m n f d D b u a e n f k ro s m B co il u ls n t d e i d s- i s n L e c l c o o lu u a a d r n n i i s s t n y , g O as t s h e e ts r Total D D e e p m o a si n t d s Time ac O c w ep n t- lia O b t i h li e ti r es 1934—March 5,001 1,634 17,990 8,514 1,202 30,390 | 29,571 819 345 3,606 April 5,306 1,590 17,973 8,616 1,220 30,677 29,819 857 320 3,708 May 5,567 1,496 18,043 8,356 1,185 30,621 29,746 875 261 3,766 June 5,547 1,478 18,435 8,199 1,201 30,820 i 29,916 904 208 3,833 July 6,105 1,407 18, 705 8,526 1,270 31,888 i 30,962 926 201 3,925 August 6,263 1,393 18,024 8,327 1,316 31,165 | 30,275 889 183 3,976 September. 6,946 1,419 18,384 8,511 1,395 32,460 i 31, 547 913 179 4,016 October 7,450 1,508 17,972 8,124 1,488 32.239 i 31,332 908 183 4,119 November.. 6,485 1,473 17, 363 8,003 1,562 30,542 ! 29, 582 960 192 4,152 Assets Liabilities (Reportin G g e b r a m n a k n s y . Figures v C au a l s t h a I n n d Due from Bills dis- in L c o lu a d n i s n , g Secu- Other Deposits o C b f r t r a e o i d m n i e ts d Other in millions of reichsmarks) R b e a ic n h k s- banks counted se l c o u a r n i s ty rities Total Demand Time c b u a s n to k m s f e o r r s liabilities 1934—March 179 610 2,027 4,482 2,417 1,192 7,153 3,294 3,860 646 3,108 April 166 603 2,103 4,390 2,477 1,195 7,166 3,260 3,906 648 3,120 May 169 619 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 2,223 4,211 2,432 1,167 7,068 3,189 3,879 581 3,123 September. 210 595 2,251 4,249 2,455 1,186 7,200 3,344 3,856 570 3,175 October 163 579 2,364 4,227 2,478 1,195 7,244 3,360 3,884 559 3,204 Assets Liabilities Deposits payable in Canada Canada Entirely in Canada Security excluding interbank deposits loans d u (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 ad F i i a g n - v t C a r in a u a l s l c t h g e a o n i n l n - d 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 h s d t e a e i r n d s- d d a a f u b n o b e a d r r e n o f i r n k g a o s e d n m t S ri e t c ie u s - a O s t s h e e ts r ci X J t r N T i c o u 0 n A 1 l - 6 a- Total Demand Time lia O b t i h li e ti r es reserves 1934—March 187 103 1,029 159 835 427 128 1,893 526 1,367 718 April 187 101 1,044 169 837 448 121 1,944 568 L,376 722 May 187 103 1,037 176 830 469 119 1,964 597 1,368 719 June 185 99 1,018 183 837 452 129 1,922 557 L, 365 723 July 206 98 996 163 850 455 122 1,929 568 L.360 717 August 212 100 1,000 184 862 446 131 1,939 571 L, 367 733 September. 219 101 1,010 178 888 434 136 1,971 594 L,377 724 October... 224 108 1,029 162 911 450 130 2,038 668 1,370 715 November. 232 99 1,003 185 920 445 132 2,035 624 1,411 715 December. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—January... 230 91 958 147 973 441 117 2,014 602 1,412 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. 2 Figures not yet 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

178 FEDERAL RESERVE BULLETIN MAECH 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 M Ra a t r e . Date effective | b C an e k n t o r f a — l M Ra a t r e . Date effective In effect Jan. 1,1932. 2H 7 7 3 2 1 1 Feb. 18,1932. 5 Mar. 9 6 Mar. 10 4 Albania Nov. 16,1933 India Feb. 16,1933 Mar. 17 Austria 4 Feb. 23,1935 ! Japan __3.65 July 3,1933 Mar. 21 6 Belgium Aug. 28,1934 Java Nov. 1,1934 Apr. 9 __ . _ 5^ Bolivia 6 July 5,1932 Latvia Jan. 1,1933 Apr. 19 2H Apr. 21.._ 3 Bulgaria 7 Jan. 2,1934 Lithuania 6 Apr. 1,1930 Apr 28 5 Chile Aug. 23,1932 : Norway May 24,1933 May 2 5 Colombia.. 4 July 18,1933 Peru 6 May 20,1932 May 12____ 2V£ Czechoslo- Poland 5 Oct. 26,1933 June 30 _ _. 2 vakia Jan. 25,1933 Sept. 22 4 Portugal 5 Dec. 13,1934 Jan. 9,1933 1 4 Danzig _ 4 Sept. 21,1934 Rumania Dec. 15,1934 May 12 I 3H Denmark 2H Nov. 30,1933 South Africa. May 15,1933 June 29 ' Ecuador 4 Nov. 30,1932 Spain Oct. 29,1934 July 15 4 July 29 Sweden _ Dec. 1,1933 Aug. 15 3 Estonia 5 Oct. 1,1934 Turkey Mar. 2,1933 Sept. 4 ZH Finland 4 Dec. 3,1934 U.S.S.R.... 8 Mar. 22,1927 Sept. 19 2]i\ Greece 7 Oct. 14,1933 Yugoslavia. ._ 5 Feb. 1,1935 Dec. 11 3 Hungary Oct. 18,1932 Feb. 9, 1934 3 June 1 Nov. 26 4 Change since Feb. 1: Austria—Feb. 23, down from m to 4 percent. In effect Mar.l. 1935. 2 2H 4 4 2Yi 2 MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- England (London) Germany (Berlin) dam) Month 3 B a a a m 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 to ne -d y ay o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i 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 c i a v o te a u t n e t M 1 o m ne o y n t f h or 1933—December. 1.06 1.15 3.87 5.50 4.97 .52 1.00 1934—January... 1.01 .90 3.87 4.78 4.74 .50 LOO February. .95 .86 3.87 4.91 4.78 .78 1.00 March .95 .84 3.87 5.00 4.89 1.24 1.07 April _ ,96 .89 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. SI 5.13 4.71 .61 1.00 October. __ .77 .68 3.81 5.13 4.63 .59 1.00 November .45 .29 3.63 4.37 4.21 .63 1.00 December. .57 .47 3.50 3.56 4.28 .60 1.00 1935—January _._ .36 .26 3.51 3.93 3.82 I .59 1.00 Sweden Sw la it n z d e r- ! I ( B B e ru lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r i c a v o te a u t n e t 1 | j d P is r r i c a v o te a u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o te a u t n e t c c i o a P l m r i p m m a e p e r e - r Da m y- o t n o e -d y ay L m oa o to n n s 3 t 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—December. 1.50 2.25 2.26 3.00 5.11-5. 48 2.56 1934—January. __ 50 I 2.14 2.12 3.00 5.11-5. 48 2.37 February. 50 ! 2.05 2.59 3.00 5.11-5.48 2.56 March 50 ! 2.07 2.75 3.00 5.11-5.48 2.56 April 50 I 2,14 2.70 3.00 5.11-5. 48 2.37 May 50 ! 1.93 2.60 3.00 5.11-5. 48 2.37 June 50 ! 2.11 2.09 3.00 5.11-5. 29 2.37 July.. 50 I 2.20 1.78 3.00 5.11 2.56 August 50 ! 2.31 1.75 3.00 5.11 2.74 September 50 I 2.15 1.50 3.00 5.11 2.56 October. __ 50 ! 2.10 1.45 3.00 5.11 2.66 November 50 '• 2.23 1.44 3.19 5.11 2.56 December. 50 I 2.38 1.50 4.00 3fc 5.11 2.74 1935—January.. _ 1.50 j 2.38 1.79 4.00 NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 179 FOREIGN EXCHANGE RATES [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Argen- Aus- Austria Brazil Colom- Czecho- Den- Year and month tina tralia (schil- Belgium (mil- Canada bia Cuba slovakia mark (peso)1 (pound)2 ling)* (belga) reis)i (dollar) (peso)i (peso) (koruna) (krone) 1929 95.1274 480.83 14.0575 12.0601 41.9007 96.5512 26.6802 1930 83.5050 458. 60 14.0891 12.0785 29. 9166 96.4930 26.7650 1931. 66.7375 351.50 14.0227 12.0669 22.4369 96.5697 25.0581 1932_ 58.4433 279.93 13.9599 7.9079 21. 7357 95.2750 18.8317 1933 _. 72.8009 337.07 15.4478 7. 67875 28.5979 81. 6966 19.0709 1934 33.5793 400.95 18.7930 10.1452 34.0937 61.7799 22.4998 1934—February 33. 5494 400. 78 18. 5650 34. 3077 69. 9523 22.4721 March 33. 9553 405.86 18.9114 34. 6190 67. 6663 22. 7384 April 34.3475 410, 54 18.8724 34.1506 59.9228 , i 23.0051 May 34.0413 407.10 18.9429 32.4621 61.4642 99.9329 22.7948 June 33.6552 402. 24 18.9021 33.0523 57.8900 99. 9726 22. 5395 July 33. 6077 401. 70 18. 8786 33.9118 56.1052 99.9404 22.5103 August 33.7661 403.52 18.9981 34.8553 55.1596 99.9156 22.6215 September 33.2904 396. 50 19.0185 35.5827 57.6496 99.9150 22.2981 October 32.9458 391. 52 18.9242 34.5881 60.2012 99.9165 22.0615 November 33.2625 395. 73 18.7956 33.3947 65.0391 99.9193 22. 2724 December 32. 9513 392.27 18.7711 34.2164 64.5284 99.9194 22.0793 1935—January 32. 6038 387. 92 18. 7725 34. 9924 64.1450 99. 9215 21. 8447 February 32. 4607 386.37 18.7900 36.5369 58.9577 99.9205 21.7594 Ger- 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 ( r fr a a n n c c e ) ( m m re a a ic r n k h y ) s- G (d r m r e a a e ) c c h e - i j j (d H K o o o l n l n a g g r) ( H p g e u a n r n g y o - )' ( I r n u d p i e a e) I (l t i a r l a y ) J ( a y p en an ) Mexico Nether- 1929. 498.0689 2.5160 3.9161 23.8086 1.2934 47.1669 17.4414 36.2020 5.2334 46.0997 48.1830 1930.. 498.6002 2. 5169 3.9249 23.8541 1.2959 33.8530 17.4939 36.0672 5. 2374 49.3898 47.1331 1931.. 465.1111 2.3875 3.9200 23.6302 1. 2926 24.3305 17.4522 33.6895 5. 2063 48.8509 '35.4919 1932.. 359.5406 1. 5547 3.9276 23. 7492 .8320 23.4604 17.4460 26.3468 5.1253 28.1112 31.8500 434.3908 1. 8708 5.0313 30.5179 . 7233 29.4516 22.3598 31.8159 6. 7094 25. 6457 28.1025 1934 516.8549 2. 2277 6.5688 39.3751 .9402 j38. 7156 29.5746 37.8793 8.5617 29.7153 27. 7423 1934—February.... 516.0390 2. 2288 6.4648 38.8841 .9253 !38.0999 29.1191 37.8567 8. 5757 29. 7536 27. 7313 March 522. 3447 2. 2470 6.5801 39. 6599 .9413 I 38.6842 29.6125 38.3335 8.5763 30.0093 27. 7224 April _. 528.4813 2.2702 6.6161 39. 5890 .9452 !38.1556 29.7652 38. 7557 8.5641 30.3124 27. 7222 May 523. 7236 2.2540 6.6131 39.4712 .9462 | 36.2293 29.7559 38.3329 8.5176 30.2276 •27.7432 June 517.7111 2.2311 6. 5993 38. 2953 .9449 36.4890 29.7529 37.9072 8.59S9 29.9041 27. 7492 July- 516.9506 2. 2302 6.5939i 38.4938 .9453 37.6231 29.7112 37.8774 8.5750 29.8434 27.7481 August 519.5273 2. 2403 6. 6592j 39.4786 .9565 38.6140 29.8832 38.0616 8.6632 29.9933 27.7298 September.. 512.2619 2. 2101 6. 6714I 40.2760 .9562 39.3324 30.0219 37. 5481 8. 6794 29.7693 27.7458 October 506. 6711 2.1826 6. 6247| 40.4507 .9476 40.4695 29.8995 37.1426 8.6056 28.6843 27. 7514 November.. 511.6889 2. 2019 6. 5886! 40.2054 .9392 41.2418I 29.7126 37.4866 8. 5386 29.0554 27.7620 December... 494. 5793 2.1859 6.5971i 40.1910 .9375 42.2908 I 29.5993 37.1835 8.5427 28.8232 27.7615 1935—January 501.7925 2.1636 6. 5820I 40.0614 . 9341 43.1695 j 29.5828 36. 8611 8. 5209 28.4725 27. 7541 February... 2.1536 6. 5936! 40.1178 .9339 44.3362 i 29.6955 36. 7994 8.4730 28.3913 27. 7515 Straits Year and month P ( o zl l o a t n y d ) ( P e o s g r c a t u l u d - o) ( n fe £ u) T ( S m d e o e t l t n l l a e t 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 e d y ) ( g U p u e r s a u o y - )l ( Y s d l i u a n v g a i o a r - ) I 1929... 11.1940 4.4714 0.5961 14. 6833 56.0117 26.7839 19.2792 48. 4105 483. 27 98. 6294 1.7591 1930 __ 11.2051 4.4940 .5953 11.6670 55.9639 26.8543 19.3820 47.0608 483. 79 85.8650 1.7681 1931 11.1970 4. 2435 .5946 9. 5453 52.4451 25. 2540 19.4009 47.1814 480.76 55.3572 1.7680 1932... 11.1823 3.1960 .5968 8.0438 40. 3970 18. 4710 19. 4049 47.2854 476. 56 47.0639 1.6411 1933 14.4135 3. 9165 .7795 10. 7189 49.2320 22. 0324 24.8355 60.4396 414.98 60.3360 1.7607 1934. 18.8460 4.6089 1.0006 13.6150 59.0052 25. 9815 32.3663 79. 0472 498.29 79.9562 2.2719 1934—February 18.5984 4. 6321 .9923 13, 3001 58. 7852 25.9554 31.7374 77.7923 497.42 78. 7499 2. 2468 March 18.9043 4.6709 1.0013 13. 6175 59. 6007 26. 2620 32. 2857 79.1507 503.42 80.1921 2. 2648 April 18. 9554 4. 7085 1.0060 13.7024 60. 3487 26.5643 32. 4593 79. 6364 509.43 80. 6081 2. 2718 May 18.9514 4. 6677 1. 0032 13.7050 59.8173 26. 3199 32. 5277 79.6204 i 504. 80 80. 5539 2. 2725 June 18.8879 4.6253 1.0020 13.6776 59.1709 26.0211 32.4969 79.4669 ' 499.10 80.2668 2.2702 July 18.8917 4.6129 1.0045 13.6668 59.0562 25.9880 32. 5771 79.2912 498. 44 80.1433 2. 2773 August 19. 0824 4. 6274 1.0126 13.8002 59.3488 26.1182 32.9542 79.9969 501. 27 80.9961 2.3075 September 19.1413 4. 5593 1.0144 13.8269 58. 5164 25.7483 33.0237 80.2671 494.23 81.1496 2.3156 October 19.0071 4. 5043 1.0069 13.7272 57.9172 25.4756 32.7745 79. 6869 488.43 80. 5520 2.2993 November 18.8976 4. 5384 .9998 13.6532 58.4538 25.7220 32.4713 79.1991 493.42 80.1486 2.2785 December 18.8941 4.4977 1.0025 13.6719 57.9717 25. 4975 32.4053 79.2964 489.24 80.2310 2.2756 1935—January 18. 8535 4. 4500 1. 0027 13.6408 57. 2421 25.2267 32. 3055 79.3381 4S3. 99 80. 0194 2. 2716 February 18.8721 4.4328 .9592 13. 6626 57.0057 25.1256 32. 3525 482.30 80.1306 2. 2717 i Nominal since April 1933. 2 Nominal since April 1934. a Partly nominal since April 1933. « Corrected. * 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. «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. 8 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

180 FEDERAL RESERVE BULLETIN MARCH 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 c p to a b n er N l e a t n h d e s r- (1926=100) (1926=100) (1930=100)1 (1913=100) (1913=100) (1913=100) 1900=100) (1913=100) 1926 100 100 695 134 602 237 145 1927 95 98 642 138 495 225 148 1928 97 96 645 140 462 226 149 1929 95 96 627 137 445 220 142 1930 86 87 100 554 125 383 181 117 1931 73 72 88 502 111 328 153 97 1932 65 67 86 427 97 304 161 79 1933 66 67 86 398 93 280 180 74 1933—October ... 71 68 88 397 96 274 180 76 November.— . . 71 69 88 403 96 273 179 76 December 71 69 88 407 96 275 176 77 1934—January 72 71 89 405 96 276 176 79 February ... .-„-- . 74 72 89 400 96 275 178 80 March 74 72 88 394 96 275 177 79 April 73 71 88 387 96 273 177 79 May 74 71 87 381 96 273 176 77 June.. 75 72 88 379 97 272 175 76 July 75 72 87 374 99 270 174 77 August 76 72 89 371 100 271 177 78 September ._ »- . 78 72 88 365 100 270 179 77 October 77 71 88 357 101 272 182 77 November 77 71 88 356 101 274 181 77 December. _ 77 71 88 344 101 276 181 '78 1935—January 79 72 88 350 101 277 182 78 ••Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) England (1930-100)! France (1913=100) Germany (1913 = 100) Indus- 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 s l c * ts p A r t g o u r d r i u c a u l c l t - s P s r io o n v s i- a p t f r n i r i n o d a i d l s s h u e r e a c m d w ts i- p tr I r i i o n s a d d h l u e u f d c s in - ts - 1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1)928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 166 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1933—October 56 64 77 84 90 417 379 93 73 89 114 November 57 64 77 84 90 425 384 94 73 89 114 December - 56 63 78 83 90 432 385 94 73 89 114 1934—January.. . 59 64 78 84 91 424 387 93 73 90 114 February 61 67 79 84 92 416 386 92 73 91 115 March 61 67 79 82 91 413 378 91 73 91 115 April 60 66 79 82 91 404 372 91 74 91 115 May 60 67 79 82 90 405 360 92 74 90 115 June 63 70 78 84 90 406 356 94 76 91 115 July 65 71 78 84 89 396 354 98 76 92 115 August __ 70 74 78 90 89 393 351 100 78 92 116 September 73 76 78 88 89 383 350 100 78 92 117 October 71 75 78 87 88 368 347 101 78 92 118 November .. 71 75 78 86 88 366 347 101 79 92 119 December 72 75 78 87 89 344 343 101 79 92 119 1935—January 78 80 78 87 89 351 350 100 81 92 119 1 New index—Board of Trade Journal, Jan. 24. 1935. Sources.—See BULLETIN for March 1931, p. 159. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 181 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) 14=100) (1913=100) 1914=100) 1914=100)* 14=100) 1914=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—October 107 123 101 116 1933—October 141 119 November 107 126 103 117 November 143 120 December 104 126 104 118 December 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 April . 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 November 139 144 122 December 114 127 94 119 December,. 144 102 122 1935—January 119 125 92 119 1935—January 143 122 * 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—S tat is tisches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average-100) Year and month ( U a S p v t r n a e i i c r t t a e e e g ) s d e ( 1 D E 92 e n 1 c g = e l 1 m a 0 n b 0 d ) e » r ( a 1 g F 9 e 1 r 3 = a n 1 a c 0 v e 0 e ) r G ( p a e v r r i e m c r e a a ) g n i e y U St n a it t e e d s England * France Germany 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 '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 81.3 82.5 63.4 78.6 99.6 61.7 1933—October 86.5 122.3 81.1 84.7 69.5 82.9 98.3 67.0 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 September 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 December __ 100.0 132.7 85.8 93.8 69.2 85.3 74.7 73.2 1935—January. _. . 101.3 134.6 88.9 96.0 69.7 86.9 83.7 76.6 1 Annual indexes are unweighted averages of monthly indexes. * Exchange closed from July 13 to Sept. 2, 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

182 FEDERAL RESERVE BULLETIN MARCH 1935 LAW DEPARTMENT Securities affected by discontinuance of securities debit balance of the account, so that such acdivision of New York Produce Exchange counts will become "restricted accounts" and Ruling no. 41 interpreting regulation T.— will accordingly become subject to the provi- Announcement has been made that the New sions of Regulation T relating to such accounts. York Produce Exchange, which is now a national securities exchange, will discontinue its securities division in the near future. At Government securities as collateral for Federal Reserve that time all securities, including certain bank notes stocks, which are now "registered securities" There is printed below a proclamation of the solely because of the fact that they are listed on President extending for 2 years the period that exchange, or have unlisted trading priv- within which the Federal Reserve Board may ileges thereon, will cease to be " registered authorize the Federal Reserve banks to offer, securities " as defined in Regulation T. In these and the Federal Reserve agents to accept, circumstances the Federal Reserve Board has direct obligations of the United States as been asked whether such of these securities as collateral security for Federal Reserve notes. are at that time being carried for customers by brokers and dealers subject to Regulation T BY THE PRESIDENT OF THE UNITED STATES OF may continue to be so carried and what "loan AMERICA value", if any, such securities will have under the regulation. A PROCLAMATION In reply the Board points out that, under section 5 (c) of Regulation T, the creditor is Whereas the second paragraph of section 16 given express permission to retain, until July of the Federal Reserve Act (38 Stat. 265), as 1, 1937, as collateral for any credit initially amended by the act of March 6, 1934 (48 Stat. extended prior to October 1, 1934, or extended 398), provides: in conformity with the regulation, any Any Federal Reserve bank may make application to collateral whatsoever, including unregistered the local Federal Reserve agent for such amount of nonexempted securities, provided that the the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accomcollateral other than exempted or registered panied with a tender to the local Federal Reserve securities shall not be the basis of any addi- agent of collateral in amount equal to the sum of the tional extension of credit and shall be given no Federal Reserve notes thus applied for and issued value in determining the maximum loan value pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or of the securities in the account. The Securities acceptances acquired under the provisions of section 13 Exchange Act of 1934 and the regulations issued of this Act, or bills of exchange endorsed by a member thereunder do not require liquidation in con- bank of any Federal Reserve district and purchased sequence of the action of the New York Produce under the provisions of section 14 of this Act, or bankers' acceptances purchased under the provisions of said Exchange, inasmuch as they do not force a section 14, or gold certificates: Provided, however, broker or dealer to sell, or to compel his cus- That until March 3, 1935, or until the expiration of tomers to sell, securities which cease to be such additional period not exceeding 2 years as the "registered securities." It is to be noted, President may prescribe, the Federal Reserve Board may, should it deem it in the public interest, upon the furthermore, that no provision of the Securities affirmative vote of not less than a majority of its mem- Exchange Act of 1934 or of any regulation bers, authorize the Federal Reserve banks to offer, and issued thereunder has imposed any restrictions the Federal Reserve agents to accept, as such collateral on the amount of credit that may be extended security, direct obligations of the United States * * *. on such securities by any bank which is not a And whereas it is deemed advisable that the member of a national securities exchange. authority of the Federal Reserve Board to The Board calls attention to the possibility authorize the Federal Reserve banks to offer, that in the circumstances recited the securities and the Federal Reserve agents to accept, diin certain accounts may no longer have loan rect obligations of the United States as colvalue equal to or greater than the adjusted lateral security for Federal Reserve notes issued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 183 to the Federal Reserve banks be continued for be purchased and held by a national banking associaan additional period after March 3, 1935: tion for its own account. The question has arisen as to whether or not the determination of the limit that Now, therefore, I, Franklin D. Roosevelt, may be invested in such securities is to be based upon President of the United States of America, the amount of money actually invested by the bank acting under and by virtue of the authority therein, or on the asset value of the securities as reflected conferred upon me by the aforesaid section by the books of the bank, or on the par value of the security in question. 16 of the Federal Reserve Act, as amended, It is our opinion that a correct interpretation of this do hereby proclaim, declare, and prescribe statute requires that the limitation in question be an additional period of 2 years from and after measured by the par value of the securities. This in- March 3, 1935, during which the Federal terpretation seems to be required in view of the language used in the statute. It will be noted that the Reserve Board may, should it deem it in the pertinent language of the statute as used in the various public interest, upon the affirmative vote of places where reference is had to a limitation on amount not less than a majority of its members, is as follows: authorize the Federal Reserve banks to offer, "But in no event (1) shall the total amount of any issue of investment securities", etc.; "This limitation and the Federal Reserve agents to accept, shall not apply to any such issue, the total amount of direct obligations of the United States as which does not exceed $100,000", and " Nor (2) shall the collateral security for Federal Reserve notes total amount of the investment securities of any one issued to the Federal Reserve banks under the obligor or maker purchased after this statute as amended takes effect and held by the association for its own provisions of the aforesaid section. account exceed at any time", etc. In witness whereof, I have hereunto set my It seems clear that "the amount of any issue" and hand and caused the seal of the United States "the total amount of the investment securities of any to be affixed. one obligor or maker" must be construed as requiring determination of the "amount" on a par-value basis. Done at the city of Washington this 14th Neither the value at which carried on the bank's books day of February, in the year of our Lord nine- nor the market value of the securities held bears any teen hundred and thirty-five, and of the relationship to the total amount of the issue nor the independence of the United States of America total amount of securities held belonging to the one obligor. Consequently, in determining whether or not the one hundred and fifty-ninth. the amount of securities held exceeds the limitations [SEAL] FRANKLIN D. ROOSEVELT. of this statute, such securities shall be considered on a par-value basis. By the President: Further question has arisen as to determination of CORDELL HULL, the limitation on the amount of investment securities Secretary of State. which may be purchased or held by the bank under the following circumstances: The bank owns investment securities issued by the .X company. The Y company is also liable on said Limitations on purchase of investment securities by securities either by way of guaranty or assumption of national banks liability or in some other manner. In determining the amount of investment securities issued b}^ the Y com- There is printed below a copy of a circular let- pany which may be purchased and held by the bank, ter issued by the Comptroller of the Currency to must there be taken into consideration the amount of all national banks involving an interpretation securities issued by the X company and held by the bank upon which the Y company is thus directly or of paragraph "Seventh" of section 5136 of the indirectly obligated? It is our position that in deter- Revised Statutes of the United States with mining the limit as to the amount of investment securirespect to the limitation on the amount of ties issued by the Y company which may be purchased investment securities of any one obligor which by the bank, there must be taken into consideration the amount of such investment securities of the X commay be purchased or held by national banks. pam^ as are held by the bank. For example, assuming the "bank's limit is $200,000 and it holds $100,000 of TREASURY DEPARTMENT, such securities of the X company, it would then be per- Washington, January 15, 1935. missible for the bank to hold only $100,000 of invest- To all National Banks: ment securities issued by the Y company. R. S. 5136 as amended by section 16 of the Banking Very truly yours, Act of 1933 provides certain limitations as to the J. F. T. O'CONNOR, Comptroller. amount of an issue of investment securities which may Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN MARCH 1935 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In thousands of dollars] fin thousands of dollars] 1935 1934 Wednesday series (1935) Federal Reserve bank Federal Reserve bank February January February Feb. 6 Feb. 13 Feb. 20 Feb. 27 Boston 210 568 2,020 Boston 348 312 79 147 New York 3,977 4,833 32, 318 New York... 4,047 4,273 3,937 4,359 Philadelphia 791 946 19, 839 Philadelphia. 819 773 701 735. Cleveland . _ _ 561 441 4,047 Cleveland.. 612 564 409 Richmond 231 211 2,685 Richmond. 256 131 246 308 Atlanta - - 163 152 2,357 Atlanta 111 164 189 197 Chicago 100 299 2,223 Chicago 100 200 123 St. Louis 22 55 741 St. Louis 28 13 19 Minneapolis 2 1,290 Minneapolis... 5 Kansas City 97 111 654 Kansas City... 160 76 Dallas 36 21 99 Dallas 17 36 San Francisco 50 208 1,790 San Francisco. 40 51 Total 6,240 7,845 70,063 Total. b,428 6,510 5,926 6,464 Back figures.—See Annual Report for 1933 (table 11). Back figures.—See Annual Report for 1933 (table 15). 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 todeposit and Federal Total reserves Total deposits Federal Reserve notes in Reserve notes liabilicirculation * ties combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 Febru- Janu- Febru- February January February February January February February January February ary ary ary Boston 435, 705 429, 379 272, 695 311,215 308,708 191, 550 264, 372 261,717 220, 461 75.7 75.3 66.2 New York 2,164,880 1,952, 832 958,411 2,204,404 1,993,704 1,069,223 659,404 655,020 606,887 75.6 73.7 57.2 Philadelphia- 308,993 307,063 249,905 224,117 225, 417 162, 303 234,022 231, 653 233,985 67.4 67.2 63.1 Cleveland,, 405, 787 390, 819 338,005 296, 280 285, 051 229, 790 302, 791 299, 517 286,711 65.4 Richmond- 199,932 195, 379 169, 303 145, 395 137, 071 104, 463 155, 325 160, 494 147,459 66.5 65.7 67.2 Atlanta.._.. 128, 762 131, 263 145, 476 90,494 90,499 88, 419 126, 220 128,966 122, 760 59.4 59.8 68.9 Chicago 1, 079, 300 1,085,859 909, 374 692, 052 710,912 532, 501 775,897 772,196 764, 079 73. 5 73.2 70.1 St. Louis 204,949 217, 555 179,643 164,990 165,930 123, 057 138, 626 138, 743 137, 621 67.5 71.4 68.9 Minneapolis- 150, 577 153,824 111,524 107, 718 111,774 72, 623 104, 209 103,835 95, 376 71.1 71.3 66.4 Kansas City__. 204,440 199, 752 170,512 177, 491 174, 454 135,556 116,100 114, 633 108,088 69.1 70.0 Dallas 122, 680 117,229 94,174 138, 414 130, 647 113,192 48, 301 50, 555 41,325 65.7 64.7 60.9 San Francisco _ 340, 592 335, 326 268,300 293, 318 287, 028 215,871 199,154 201, 289 197,810 69.2 68.7 64.9 Total . 5,746,597 5,516,280 3, 867, 322 4,845,888 4,621,195 3,038,548 3,124, 421 3,118, 618 2, 962, 562 72.1 71.3 64.4 1 Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $18,067,000; month ago, $24,313,000; yTar ago, $15,200,000. Back figures.—See Annual Report for 1933 (table 9) and 1932 (table 8). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 185 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK NOTE STATEMENT, FEBRUARY 28, 1935 [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- 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 p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Gold certificate on hand and due from U. S. Treasury 5, 542, 567389, 670 2,136,800 280,203 413, 243.79,033 12, 987 1,083,646 .91,869 .40,511187,431114,715 312,459 Redemption fund—F. R. notes 16, 299 375 1,307 2,080 1,640 1,859 3,459 660 445 476 496 222 3,280 •Other cash 247,913 26,960 69,955 34,105 11,286 13,236 27,845 9,087 10, 506 10,929 6,182 18,823 Total reserves 5,806,779 417, 005 2, 208,062 316, 388 423, 882192,178 29, 682 1,112,151 201, 401151,493 198,856121,119 334, 562 Redemption fund—F. R. bank notes 250 250 Bills discounted: Secured by U.S. Government obligations, direct and/or fully guaranteed. 2,581 215 1,155 326 337 275 130 100 20 Other bills discounted 3,381 51 2,564 353 141 23 82 23 36 31 Total bills discounted 5,962 3,719 679 478 212 123 19 5 76 36 51 Bills bought in open market-.. 5,504 404 2,104 555 523 204 198 651 105 84 148 143 385 Industrial advances 19, 397 2,167 1,548 3,691 1,339 3,093 1.087 1,356 548 1,835 641 1,406 686 U. S. Government securities: Bonds 395,691 23, 214 139, 228 25,136 30, 557 16, 292 13, 589 60, 349 15, 949 15,364 13,333 18,820 23,860 Treasury notes 1,511,166 99, 020 469,469 05,012 .34, 370 71, 633 59,423 265, 667 67,934 37,129 57,816 38,775104,918 Certificates and bills 523,425 35, 445 156, 621 36,972 48,097 25,638 21, 271 89,827 24, 317 13,109 20,695 13,880 37, 553 Total U.S. Government securties... ,430,282 157,679 765,318167,120 213, 024113, 563 94, 283 415,843108, 200 65, 602 91,844 71, 475166,331 Total bills and securities... , 461,145 L60, 516 772, 689 72,045215, 364.17,158 95, 780 417, 973 08,872 67, 526 92, 709 73, 060 167,453 Due from foreign banks 803 60 315 83 76 30 29 97 8 6 22 21 56 F. R. notes of other banks- 18,445 339 7,125 764 998 1,174 1,285 2,409 919 749 664 316 1,703 Uncollected items 489, 027 50, 569 118,147 39,173 48,457 41,850 18,160 72, 905 21,316 11,947 29, 248 .17,619 19,636 Bank premises. 49,436 3,168 11, 598 4,525 6,629 3,028 2,325 4,955 2,628 1,580 3,447 1,684 All other assets. 46, 694 658 33, 091 4,641 1,519 1,311 1,765 950 226 745 914 576 Total assets _. 8,872, 579632, 565 3,151,027 537, 619 696,925 356, 729 249,026 1,611,440 335,370 234,046 325,244 214,733 527,855 LIABILITIES F. R. notes in actual circulation 3,154,314265,718 666,567237,303 307,775 156,242 125,525 784,610 140,211104,389 117,780 48,349199,845 F. R. bank note circulation—net 1,301 1,301 Deposits: Member bank—reserve account 4, 587, 083284, 693 2, 07t,4 7,47217, 455298,999 137,011 82,681 697, 727 1401,,634 475 164,944 131,495 257, 222 U. S. Treasurer—general account. _ 95,156 2,396 42, 262 4,537 7~, •"" 5,809 4,182 7,917 7,193 1,974 2,541 3,385 5,477 Foreign bank 14, 602 967 6,118 1,329 1,275 497 483 1,557 403 322 362 349 940 Other deposits,.- 192,116 2,684 126, 057 3,735 3,521 2,007 4,356 3,549 14,252 6,043 1,529 3,336 21,047 Total deposits 290, 740 2, 249,184 227, 056 311, 278 145,324 91,702 710, 750 162,482 107,814 169, 376 138,565 284, Deferred availability items. 485, 883 50,531 113,651 39,305 46,085 41,723 18, 368 74,336 22, 34412, 754 17,917 1"9,921 •Capital paid in 147,002 10,763 59,726 15,142 13,119 5,053 4,391 12,747 4,072 3,128 4,050 4,017 10,794 Surplus (sec. 7) 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). 13,445 1,789 1,492 2,098 1,007 1, 754 1,330 477 1,003 523 626 649 Reserve for contingencies 30,824 1,648 7,501 2,996 3,000 1,416 2,599 5,325 894 1,211 1,363 2,062 All other liabilities 5,960 173 2,942 249 290 147 992 23, 327 145 119 253 Total liabilities . 8,872,579 632, 565 3,151,027 537, 619 696,925356,729 249,0261,611,440335, 370 234,046 325,244 214, 735327,855 Ratio of total reserves to deposits and F. R. note liabilities combined (percent)... 72. 74.9 75.7 68.1 63. 59. 74.4 66.5 71.4 64.8 69.0 Commitments to make industrial advances _ 14, 435 2,217 6,048 298 1,272 627 731 453 1,387 30 1,184 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to F. R. bank by F. R. agent- 3,423,147 287, 212 757,185 251,369 322, 225 164, 731742,495 819, 204 145,478 108,851 123,77953,862 246,750 Held by Federal Reserve bank 268,833 21, 494 90,618 14,0"6 6 14,450 8", 49"5""16,970 34,594 5,267 4•, 4"6"2 5,999 5,513 46,905 In circulation . 3,154, 314265, 718 666, 567237, 303 307, 775156, 242 125, 525784,610140,211104,389 117,780 48,349 199,845 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3, 287, 473301, 617 788, 706 222, 000 29,22,15130,340 80,685 828, 536 133,936109, 500 125,00054,675220,263 Eligible paper 3, 955 252 1,998 561 459 266 195 100 45 29 37 U. S. Government securities 203, 000 30,000 30,000 35,000 65,000 13,000 30,000 Total collateral 3, 494,428 301,869 790, 704 252, 561 322, 674 165,601645,880 146,949 109, 500125,045 54,704 250,300 FEDERAL RESERVE BANK NOTE STATEMENT Federal Reserve bank notes: Issued to F. R. bank (outstanding). 11,719 10,208 Held by Federal Reserve bank 10, 418 210 10,208 In circulation—net.. 1,301 1,301 Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Government securities 17, 000 5,000 12,000 Total collateral . 17,000 5,000 12,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1934 00 EARNINGS Philadel- Minne- Kansas San Fran- Total Boston New York phia Cleveland Richmond Atlanta Chicago St. Louis apolis City Dallas cisco Discounted bills $1, 231,367 $27, 964 $429,833 $455, 972 $73, 547 $56, 403 $47,188 $48, 227 $12, 520 $15, 628 $28, 778 $7, 612 $27,695 Purchased bills 141,225 26,537 18,935 10, 049 14,105 4,716 5,129 17, 069 4,762 3,224 4,805 15,903 15, 991 Industrial advances 121, 274 16,189 8,504 17,323 5,701 16,513 10, 971 9,422 5,846 15, 928 3,408 8,405 3,064 United States Government securities.__ 46,130,941 2,934, 435 15,475, 254 3,151, 641 3, 953,101 1, 825, 339 1,631,014 7, 843, 286 1,741,855 1, 346, 610 1, 449, 799 3, 086, 621 Commitments to make industrial advances 16, 635 1,828 3,565 1,421 3,838 713 2 3,031 730 1,507 Deficient reserve penalties _ _. 15, 249 793 3,016 1,173 3,486 685 1,311 717 699 1,213 589 918 649 Miscellaneous 1, 246,122 48,182 142,828 86,195 80, 307 121,835 233, 648 55, 740 32, 494 229,802 39, 334 86,893 Total earnings 48,902, 813 3, 055,928 16,081,935 3, 725, 0224,137, 556 1, 987,801 1,818,161 8,152, 371 1, 824,453 1, 415, 097 1, 960, 098 1, 521, 971 3, 222,420 CURRENT EXPENSES Salaries: C O l f e fi r c i e c r a s l employees .. $ 1 2 1 , , 7 5 2 0 1 1 , , 7 9 9 1 9 6 $1 7 3 7 9 1 , , 5 3 7 3 4 8 3 $ ,1 5 0 7 6 1 , , 0 2 5 2 8 7 1, $ 1 0 5 3 8 3 , , 3 9 5 4 7 3 1 $ ,1 24 0 1 0 , , 4 22 0 4 1 $1 6 8 2 3 7 , ,0 3 6 3 9 0 $ 4 20 1 8 0 , , 0 5 0 7 1 6 1, $ 3 44 5 0 4 , , 2 2 9 7 8 4 $1 5 6 5 7, 6 ,1 3 4 0 0 2 $ 4 1 2 1 7 5 , ,3 5 2 6 2 6 $1 6 7 1 7, 7 ,8 7 4 4 4 0 $1 4 6 2 4 3 , , 2 6 3 8 1 0 $ 9 2 8 4 7 0 , , 6 57 4 4 6 i Other employees 3,396, 898 161,517 875,187 172,564 470, 052 182, 529 95,143 463,886 158, 890 119, 534 231, 779 114,825 350,992 Contributions—Retirement system 1,343,116 85, 568 340, 448 104,659 126,901 80,802 52,615 170, 660 72, 769 50, 260 89,878 56,809 111,747 Governor's conferences 5,667 344 126 121 421 137 253 263 415 720 563 887 1,417 Federal Reserve agents' conferences 3,325 181 197 61 109 80 153 370 629 416 255 371 503 Federal Advisory Council 13, 507 1,150 694 750 655 350 911 924 1,350 1,308 1,350 1,465 2,600 Directors' meetings 149, 808 6,641 21,645 7,716 11,023 6,823 17, 924 9,212 13,406 7,994 22, 545 7,551 17,328 Industrial Advisory Committee 10,931 1,296 1,029 82 1,412 634 825 976 1, 085 1,371 1,323 350 548 Traveling expenses * 282, 571 14, 214 51,683 31, 776 36, 660 21,629 15,617 32,104 12, 348 23, 412 9,397 6,629 27,102 Assessments for Federal Reserve Board's expenses 1, 372, 022 486, 560 141, 761 130,157 51,046 47,133 164,711 44,001 31, 535 38, 833 38, 525 98,151 Legal fees 106, 392 13,674 11,888 8,177 12, 818 93 12, 267 4,117 818 12, 503 10,846 9,092 10,099 Insurance on currency and security shipments 306, 240 42,989 64, 519 34,141 30,075 19,086 18,993 34, 256 5,901 10,111 10, 572 12, 739 22,858 d Other insurance. _ 325, 823 19,470 65,595 24, 765 22, 241 18,947 18,194 27, 317 25, 241 23, 312 35,448 19, 212 26, 081 Taxes on banking house. 1, 352, 279 136,175 402,096 71, 563 132, 394 66, 542 57, 801 135, 822 53,333 85, 300 33, 435 94,120 Light, heat, power, and water 373,135 22,331 74,104 30, 905 43, 740 16, 840 19,194 44, 543 23, 517 20,322 32,689 18,138 26,812 Repairs and alterations, banking house- 145, 233 8,309 28,749 27,109 11, 827 2,035 4,422 19, 428 9,015 11, 759 14,186 4,152 4,242 Rent 163, 227 342 1,139 82, 917 15, 937 4,489 3,000 1,380 54, 023 Office and other supplies 348, 537 21,090 72,315 36, 256 36, 618 21, 658 16,970 34, 837 13,865 20, 215 25,989 12,174 36, 550 Printing and stationery 400, 098 41, 530 72, 920 29, 344 38,801 21,680 26, 966 43, 960 29, 254 22, 601 22, 306 15, 705 35,031 Telephone 245, 385 18,791 77, 265 • 33,438 20, 909 8,254 6,102 18, 872 14, 066 7,812 7,670 9,988 22, 218 Telegraph 300, 983 4,965 17, 338 6,271 20, 976 25, 803 43, 816 25,000 29, 261 13, 736 41, 536 26, 047 46, 234 Postage 2, 228, 778 261, 791 360,119 207, 222 206, 781 161, 243 130, 574 264,568 105,380 115, 60S 151, 983 109, 765 153, 744 Expressage 446, 665 50,807 111,568 45, 658 32, 872 30, 927 31,521 54, 029 13,862 7,327 20, 323 22, 751 25,020 Miscellaneous expenses 671, 340 35,631 141,471 69,499 55,849 29, 074 40, 920 38, 725 34,473 32, 075 72, 227 Total, exclusive of cost of currency28, 215, 675 1,959,327 6,954,801 2, 277, 277 2,867,833 1, 602,172 1, 269, 534 3, 427,125 1, 395, 768 1,167,167 1, 684, 828 1,141, 976 2, 467,867 Federal Reserve currency: Original cost 497, 576 45, 797 154,175 55, 286 27,167 20, 027 24, 590 72, 310 37, 777 24,137 20, 327 2,095 13, 888 Cost of redemption 142, 200 11,862 37, 305 13,108 10, 001 7,801 6,430 23,949 8,962 4,842 5,686 3,210 9,044 Taxes on Federal Reserve banknote circulation 385,945 16, 726 189, 709 33, 297 41, 568 3,969 5,540 28, 454 13, 027 9,184 11, 099 13,830 19, 542 Total current expenses 29, 241, 396 2, 033, 712 7, 335, 990 2, 378, 968 2, 946, 569 1, 633,969 1, 306, 094 3, 551, 838 1, 455, 534 1, 205, 330 1, 721,940 1,161,111 2, 510, 341 1 Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFIT AND LOSS ACCOUNT Earnings. __ - - $48,902,813 $3, 055, 928 $16, 081, 935 $3, 725, 022 $4,137, 556 $1, 987, 801 $1,818,161 $8,152, 371 $1, 824, 453 $1, 415, 097 $1, 960, 098 $1, 521, 971 $3, 222, 420 Current expenses-.. 29, 241, 396 2, 033, 712 7, 335, 990 2, 378, 968 2, 946, 569 1, 633, 969 1, 306, 094 3, 551, 838 1, 455, 534 1, 205, 330 1, 721, 940 1,161,111 2, 510, 341 Current net earnings 19,661,417 1, 022, 216 8, 745, 945 1, 346, 054 1,190, 987 353, 832 512, 067 4, 600, 533 368, 919 209, 767 238,158 360, 860 712, 079 Additions to current net earnings: Profit on United States Government securities sold ._ 7, 992, 543 521, 658 2, 481, 437 558, 768 707, 893 327, 207 293,043 1, 498, 266 308,050 192, 914 297,302 253, 275 552, 730 Withdrawn from reserves for Allolosstehser 8 1 0 2 4 8 , 5 8 7 7 9 7 45, 963 239, 948 66, 040 61, 758 25, 259 12 2 8 5, , 5 5 5 7 9 9 113,724 32, 550 91, 670 28, 880 28, 829 44, 697 Total additions 8, 925,999 567, 621 2, 721, 385 624, 808 7G9, 651 352, 466 447,181 1, 611, 990 340, 6C0 284, 584 326,182 282,104 597, 427 Deductions from current net earnings: Bank premises—depreciation 4, 215, 939 55, 832 186, 427 250, 000 158, 866 109, 219 47,115 2, 434, 800 498, 714 84, 997 96,811 73, 278 219,880 Furniture and equipment 238,123 5,115 75, 849 26, 355 17, 475 15, 427 14,183 16, 506 27,128 15, 701 7,795 4,491 12, 098 Reserve for losses 7,186, 865 595, 609 2, 836, 228 650, 926 700, 000 259,188 1, 352, 519 42, 857 207, 025 28, 750 80, 440 433, 323 Reserve for self-insurance 1, 628, 657 57,105 237, 750 1, 000, 000 183, 802 150, 000 Allother 86, 423 489 4,587 702 41, 600 9,117 4, 388 4,207 824 10, 343 3,648 2,886 3,632 Total deductions 13, 356, 007 657,045 3,160,196 927,983 917,941 392,951 303, 436 4, 808, 032 569, 523 318, 066 320, 806 311,095 668,933 Net deductions from current net earnings 4, 430, 008 89, 424 438,811 303,175 148, 290 40, 485 -143, 745 3,196, 042 228, 923 33, 482 -5, 376 28, 991 71, 506 Net earnings 15, 231, 409 932, 792 8, 307,134 1, 042, 879 1, 042, 697 313, 347 655, 812 1, 404, 491 139, 996 176, 285 243, 534 321, 869 640, 573 Dividends paid 8, 781, 661 644,075 3, 567, 690 925, 875 769, 096 299, 050 264, 093 761, 334 241, C09 181,117 247,156 237, 924 643, 242 Withdrawn from surplus (sec. 13-b) _ _ 60,323 3,155 7,694 896 8,156 298 2,632 26, 322 47 4,832 3,622 2,669 Transferred to surplus (sec. 7) 6, 510, 071 291,872 4, 747,138 117,900 281, 757 14, 595 394, 351 669,479 -100,966 93,945 1 REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1934 W fExpenditures as fiscal agents and custodians for the Treasury Department and United States Government agencies. Not included in "current expenses" as shown in the preceding table] Treasury Department $778, 715 $47, 304 $102, 594 $32, 666 $85, 516 $38, 494 $19, 680 $180,142 $43, 384 $50,166 $94, 636 $31, 642 $52, 491 Reconstruction Finance Corporation. _. 2, 364, 593 44, 351 175, 241 115, 275 209, 597 205, 508 256, 619 641, 217 182, 092 99, 398 173, 266 129, 951 132, 078 Other United States Government agencies 510, 589 15,836 88, 624 2, 749 11, 862 32, 497 18, 626 14,197 67, 649 72,197 104, 770 30, 647 50, 935 Total 3, 653, 897 107, 491 366, 459 150, 690 306, 975 276, 499 294,925 835, 556 293,125 221, 761 372, 672 192, 240 235, 504 oo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN MARCH 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 Reserve banks Total Excess Federal Reserve district 1935 1934 1935 1934 1935 1934 January De b c e e r m- No b v e e r m- January De b c e e r m- No b v e e r m- January De b c e e r m- No b v e e r m- Boston 302.1 261.0 267.8 173.3 134.5 138.7 .6 1.4 1.5 New York 1, 841. 4 1,647. 2 1,683.7 791.0 620.5 667.8 4.8 6 1 6 9 Philadelphia - 216.9 203.8 198.2 91.9 80.1 76.0 .9 1.0 .9 Cleveland _ 274.7 280.7 271.7 129.4 133.9 129.8 .3 .4 .3 Richmond _. -- .- 130.8 123.0 128.1 59.6 52.8 57.7 .2 .1 .1 Atlanta 82.4 78.5 73.9 28.7 24.6 21.6 .2 .05 .1 Chicago 695.9 672.2 702.7 375.8 353.2 388.4 .3 . l . l "St. Louis 146.4 131.4 140.3 80.1 65.7 75.4 .05 .2 .1 Minneapolis 103.0 102.2 98.2 55.9 54.5 51.0 .01 .1 Kansas City 169.0 157.6 158.2 88.6 77.1 78.2 .1 .1 .2 Dallas 126.3 124.0 124.9 70.7 67.7 68.4 .02 .007 .1 San Francisco - .. 266.0 255.7 252.6 90.3 83.1 81.5 .2 .1 .03 Total. -.- _-- 4,354.9 4,037. 4 4,100. 3 2,035. 2 1, 747.8 1,834. 5 7.7 9.7 10.2 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) Net demand Time Net demand Time Federal Reserve district 1935 1934 1935 1934 1935 1934 1935 1934 Janu- Decem- Novem- Janu- Decem- Novem- Janu- Decem- Novem- Janu- Decem- Novemary ber ber ary ber ber ary ber ber ary ber ber Boston 1,152 1,124 1,146 593 589 601 85 88 92 120 122 123 New York 7,821 7,639 7,533 1,637 1,635 1,679 200 200 206 440 438 440 Philadelphia... . _ -_ 907 899 876 631 613 631 155 155 157 390 385 385 Cleveland 1,082 1,101 1,047 883 880 896 147 144 143 226 224 223 Richmond __ 539 531 533 309 306 308 121 118 117 164 160 160 Atlanta 414 419 404 261 266 268 99 94 88 72 68 67 Chicago 2,375 2,374 2,333 959 920 911 181 177 175 164 162 160 St. Louis 497 494 484 250 246 251 128 125 124 89 88 88 Minneapolis _ _ _ 294 300 297 171 169 169 135 136 135 172 171 170 Kansas City 565 567 562 203 201 209 238 236 231 109 109 110 Dallas 397 404 405 162 161 162 194 194 191 35 34 35 San Francisco 1,160 1,143 1,134 1,782 1,731 1,706 106 109 110 92 90 90 Total 17,204 16,993 16,755 7,840 7,718 7,790 1,789 1,776 1,769 2,074 2,052 2,050 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 189 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES DEC. 31, 1929, TO DEC. 31, 1934 [Amounts in thousands of dollars] 1929, 1930, 1931, 1932, 1933, 1934, 1934, Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 301 Oct. 171 Dec. 311 ASSETS Loans (including overdrafts) 26,150,061 23, 870, 488 19, 260, 685 15, 204, 050 12, 833, 483 12, 292, 533 12, 028,103 United States Government direct obligations 3,862, 968 4,124, 776 5, 318, 654 6, 539, 706 7, 254, 234 9,186, 237 9, 905, 692 Securities fully guaranteed by United States Government 709,035 989, 208 Other securities 5, 920,921 6,864, 247 5, 995, 786 5, 725, 714 5,131, 926 5, 371, 507 5, 227, 275 Total loans and investments 35,933, 950 34, 859, 511 30, 575,12527, 469,47025,219, 643 27,559,312 28,150,278 Customers' liability on account of acceptances 1, 252,147 1,117, 833 718, 500 412, 248 459, 264 257, 919 241, 951 Banking house, furniture, and fixtures 1,190,306 1, 240, 444 1,174, 957 1,150, 245 981,206 995, 998 1,001,087 Other real estate owned 183, 989 191,169 211, 755 268, 945 274, 966 303,904 313, 556 Reserve with Federal Reserve banks 2, 373, 760 2, 474, 509 1, 975,169 2, 511, 374 2, 677, 693 3, 976,077 4,081,565 Cash in vault 558,450 592, 504 522,551 422,838 471,006 550,471 608,602 D D u u e e f f r r o o m m n m o e n m m b e e m r b b e a r n k b s anks * >2,167, 756 2, 455, 948 1, 662, 226 2, 415, 656 1, 969,141/2, 7 8 3 6 6 , , 7 5 9 7 6 9 2, 9 8 5 5 0 , , 7 1 2 0 9 5 Balances with domestic banks, not subject to immediate withdrawal () () () () 61,868 106, 339 113,139 Balances with banks in foreign countries (excluding own branches) _ 139, 723 134, 299 90,928 91,175 158, 683 185,187 184, 515 Due from own foreign branches 124,111 126, 519 83, 255 102, 706 143,816 120,930 92, 536 Items with Federal Reserve banks in process of collection 994, 373 757, 216 598, 285 449,848 485,022 646, 818 590, 987 Exchanges for clearing house and other checks on local banks 2, 762, 463 2, 076,189 1, 388, 409 594, 695 588, 237 703, 345 1, 233, 067 Outside checks and other cash items 139, 056 92, 766 108,128 77, 406 59, 079 56, 939 79, 253 Redemption fund and due from United States Treasurer 32, 889 32, 318 31, 372 39, 242 40, 307 34, 480 33, 956 Acceptances of other banks and bills sold with endorsement 735,193 662, 686 310, 502 14, 869 46, 349 2,111 1,761 Securities borrowed 35, 533 21, 069 13, 473 12, 928 10,827 1,972 1,896 Other assets 219, 379 222,911 223, 687 226, 281 229, 219 291, 709 313, 208 Total assets . 48, 843,078 47,057,891 39, 688, 32236, 259,92633,876, 32638, 616, 886 40,077,191 LIABILITIES Demand deposits 18,861,582 17, 501, 55014, 955,40013, 393, 23513, 442, 26016,148,819 16, 774,164 Time deposits 13, 233,481 13, 546, 20.111, 315,84210, 549, 579 9,125, 241 9, 821,146 9, 907, 928 United States deposits 143, 203 267,415 411,845 474, 741 967,167 1,142,847 1, 635, 516 Due to Federal Reserve banks (deferred credits) 54, 458 49, 267 48, 381 36, 663 59, 911 48, 204 Due to other banks in United States 3, 517, 325 3, 872,842 2, 832, 296 3, 607, 649 3,124, 968 4, 447, 420 4, 546, 038 Due to banks in foreign countries (excluding own branches) 543,612 546, 796 398, 390 242, 829 129,085 135, 709 146, 504 Certified and officers' checks outstanding 1, 603, 562 1, 223, 777 729, 301 369,891 331,157 520, 754 782, 618 Cash letters of credit and travelers' checks outstanding 23, 460 20,960 19, 581 15, 250 8,166 8,837 7,433 Total deposits (excluding due to own foreign branches) 37, 980, 683 37, 028, 808 30, 711, 03628, 689, 83727,166, 97432,285,443 33, 848, 405 Secured by pledge of loans and/or investments (3) (3) (3) (3) 3,134, 580 3, 694, 023 Not secured by pledge of loans and/or investments 29,150,863 30,154, 382 Due to own foreign branches 33,052 88,131 35, 350 53,160 13, 748 National-bank notes outstanding 645, 562 639, 640 624, 234 776, 749 775, 270 662, 320 650, 935 Agreements to repurchase securities sold 136, 957 158,141 81, 583 45, 579 11, 669 6,144 6,341 Bills payable with Federal Reserve banks 453, 574 138, 843 402, 003 136, 920 56,154 6,291 Rediscounts with Federal Reserve banks 192, 760 109,174 220, 649 97, 604 18, 602 1,155 598 Bills payable—all other 214, 209 101, 710 202,833 308, 495 67,187 14, 009 5,830 Rediscounts—all other 17, 979 5,441 13, 643 3,766 1,397 23 68 Acceptances of other banks and bills sold with endorsement 735,193 662, 686 310, 502 14, 869 46, 349 2,111 1,761 Acceptances executed for customers 1, 276,159 1,138, 624 732, 253 429, 738 480, 969 267, 597 253, 791 Acceptances executed by other banks for reporting banks 29, 647 15, 031 14,169 7,335 10, 725 10, 391 8, 976 Securities borrowed 35, 533 21, 069 13, 473 12, 928 10,827 1,972 1,896 Interest, taxes, and other expenses accrued and unpaid 137, 660 121,190 98, 668 73, 276 69,120 87, 328 63, 378 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () () () () () 7,796 40,312 Other liabilities 245, 585 236, 366 228, 597 200, 501 184,973 141, 649 134,114 Capital notes and debentures 103, 610 117,102 118, 515 Capital stock (see par value below) 2, 757,113 2, 665,151 2, 499,098 2, 409, 859 2, 312, 019 2,534, 440 2, 545, 571 Surpplus 2, 864, 612 2, 822,091 2, 524, 460 2,148, 260 1, 749,935 1,677,190 1, 661,656 Undivided profits—net 909, 548 894, 388 605, 403 438, 521 355, 386 427, 714 391,013 Reserve for contingencies 177, 252 211, 407 370, 368 412, 529 441, 412 362, 424 335, 218 Retirement fund for preferred stock and capital notes and debentures 1,110 2,522 Total liabilities (including capital account). 48, 843,07847, 057, 89139, 688, 32236, 259,92633, 876, 32638, 616, 886 40,077,191 Par value of capital stock: First preferred 158,025 504, 683 530, 628 Second preferred 5,750 21, 077 22, 946 Common 2, 757,113 2, 665,151 2, 499, 098 2,409, 859 2,148, 692 2, 011, 613 Total 2, 757,113 2, 665,151 2,499,098 2,409,859 2, 312, 467 2, 537, 373 2, 549, 654 Number of banks. 8,522 8,052 7,246 6,816 6,011 6,433 6,442 1 Licensed banks only. 2 Included in "other assets." 3 Not reported separately. * Prior to Oct. 17, 1934, dividends declared but not yet payable were included in "Other liabilities" and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures in "Undivided profits." 5 Included in "Undivided profits." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN MARCH 1935 ALL LICENSED MEMBER BANKS—CONDITION ON DEC. 31, 1934, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central Reserve city b A e l r l b m a e n m ks - m A b t e i l a l o m n n N k b a s a e l - r A m b l e l a m S nk b ta s e t r e New m e Y m o b rk e r b C a h n i k ca s go c b i R e t r y e s b m e a r e n v m k e s - C m b o e a u m n n k b t s r e y r ASSETS Loans (including overdrafts) 12,028,103 7,475,377 4, 552, 726 3,158, 700 532,432 4, 312, 211 4,024, 760 United States Government direct obligations 9,905,692 6, 250,822 3,654,870 3, 246, 203 742, 509 2,108,120 Securities fully guaranteed by United States Government 989,208 696,728 292,480 277,977 77,550 278,786 354,895 Other securities... 5, 227, 275 3,487, 405 1, 739,870 1, 078,124 228,820 1,627, 761 2, 292, 570 Total loans and investments 38,150,278 17,910, 332 10,239, 946 7, 761,004 1, 581, 311 10,027,618 8, 780, 345 Customers' liability on account of acceptances 241, 951 135, 687 106, 264 187,169 10,920 41,073 2,789 Banking house, furniture, and fixtures, _ 1,001,087 652,000 349, 087 249,688 25, 595 331, 223 394, 581 Other real estate owned 313, 556 161,891 151, 665 26,690 3,757 130,729 152,380 Reserve with Federal Reserve banks 4,081, 565 2,525,448 1/556,117 1,576,317 414,919 1, 268,130 822,199 Cash in vault _. 608, 602 453, 749 154,853 86,305 40, 264 206,683 275,350 Due from member banks _ 2,950,105 2, 280,185 669,920 100,612 198,422 1,445,714 1, 205,357 Due from nonmember banks 85,729 66,938 18, 791 2,410 7,236 42, 576 33, 507 Balances with domestic banks, not subject to immediate withdrawal. ___ 113,139 92, 560 20, 579 41 1,000 54,842 57, 256 Balances with banks in foreign countries (excluding own branches). 184,515 85,993 98, 522 121, 727 8,816 49,043 4,929 Due from own foreign branches. _-. 92,536 34,352 58,184 83,894 8,642 Items with Federal Reserve banks in process of collection 590,987 385,201 205,786 157,167 36,015 262, 574 135, 231 Exchanges for clearing house and other checks on local banks 1, 233,067 534, 563 698, 504 907,026 49,198 222,464 54,379 Outside checks and other cash items 79, 253 57, 517 21, 736 4,571 4,463 52,355 17,864 Redemption fund and due from United States Treasurer 33,956 33, 956 728 150 12,246 20, 832 Acceptances of other banks and bills sold with endorsement 1,761 750 1,011 1,235 339 187 Securities borrowed 1,896 1,529 367 302 1,594 Other assets 313, 208 168,281 144,927 106, 817 43,789 95,362 67, 240 Total assets. 40,077,191 25, 580,932 14,496, 259 11, 373,401 2,425,855 14, 251,915 12,026, 020 LIABILITIES Demand deposits 16, 774,164 10, 393, 761 6,380,403 5, 599,355 1, 255,030 5, 523, 859 4,395,920 Time deposits 9,907,928 6,996,314 2,911,614 658,603 382,105 4,002,919 4,864,301 United States deposits 1,635, 516 884,935 750, 581 791,698 45,831 620,182 177,805 Due to Federal Reserve banks (deferred credits) 48,204 34,006 14,198 7,004 41, 200 Due to other banks in United States . 4, 546,038 2,883, 555 1, 662,483 1, 797, 455 444,894 1,963,773 339.916 Due to banks in foreign countries (excluding own branches) 146, 504 73,804 72,700 125,787 2,337 16, 727 1,653 Certified and officer's checks outstanding 782, 618 365, 503 417,115 535,839 22,838 159,379 64, 562 Cash letters of credit and travelers' checks outstanding 7,433 5, 272 2,161 3,948 601 2,713 171 Total deposits 33,848,405 21, 637,150 12, 211,255 9, 512, 685 2,153, 636 12,296, 556 9, 885, 528 Secured by pledge of loans and/or investments •_ 3,694,023 2,442,745 1, 251, 278 1, 010, 505 144,155 1,611,410 927,953 Not secured by pledge of loans and/or investments -. 30,154,382 19,194,405 10,959,977 8, 502,180 2,009,481 10, 685,146 8,957,575 National-banknotes outstanding 650,935 650,935 9,436 3,000 224, 738 413, 761 Agreements to repurchase securities sold 6,341 2,361 3,980 1,042 3,541 1,758 Bills payable with Federal Reserve banks 6,291 3,777 2,514 185 6,106 Rediscounts with Federal Reserve banks 598 383 215 598 Bills payable—all other 5,830 3,565 2,265 5,830 Rediscounts—all other 68 68 68 Acceptances of other banks and bills sold with endorsement 1, 761 750 1,011 1,235 339 187 Acceptances executed for customers 253, 791 138,913 114,878 199,010 11,045 41,353 2,383 Acceptances executed by other banks for reporting banks 8,976 4,717 4,259 5,677 310 2,544 445 Securities borrowed - 1,896 1,529 367 302 1,594 Interest, taxes, and other expenses accrued and unpaid 63, 378 38,911 24,467 15, 246 7,702 24,882 15, 548 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 40, 312 22, 642 17, 670 19,848 1,436 13,010 6,018 Other liabilities 134,114 51,187 82,927 44, 571 30,638 36, 266 Capital notes and debentures 118,515 118, 515 25, 700 250 51,675 40, 890 Capital stock (see par value below) _. 2, 545, 571 1,782, 746 762,825 640, 280 147, 250 813,035 945, 006 Surplus.. 1, 661,656 836,056 825.600 670,751 37, 595 497,329 455,981 Undivided profits—net 391,013 261,456 129,557 101, 872 11, 285 137, 826 140,030 Reserves for contingencies 335,218 141, 534 193,684 126,038 29. 707 113,158 66,315 Retirement fund for preferred stock and capital notes and debentures 2,522 2,320 202 10 804 1,708 Total liabilities (including capital account). 40,077,191 25, 580, 93214, 496, 25911, 373, 401 2, 425, 85514, 251,915 12, 026,020 Par value of capital stock: First preferred 530, 628 464, 714 65,914 100,300 76,150 154,321 199,857 Second preferred 22,946 17,178 5,768 7,500 15, 446 Common 1,996, 080 1, 302, 599 693,481 ~539,~980" 71,100 651,312 733, 688 Total 2, 549,654 1, 784,491 765,163 640,280 147,250 813,133 948, 991 Number of banks. 6,442 5,462 18 328 6,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

191 MARCH 1935 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO [En millions of dollarsj Federal Reserve District City Total B to o n s- Y N o ew rk P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i- o L S ou t. is M n o e i l a i n s p - - K C s a a it s n 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: Feb. 6 18, 208 1,141 8,241 1,079 1,192 371 350 2,009 536 361 570 423 1,935 7, 363 1,651 Feb. 13 18, 245 1,141 8,270 1,085 1,194 368 352 2,007 535 361 569 420 1,943 7,392 1, 655 Feb. 20 18, 215 1,158 8,188 1,085 1,193 365 354 2,039 536 363 572 410 1,952 7. 307 1, 686 Feb. 27 18, 321 1,162 8, 275 1,079 1,194 367 351 2,041 547 364 576 413 1,952 7, 401 1, 689 Loans on securities, total: Feb. 6 2,992 211 1,613 203 174 57 51 276 67 34 52 49 205 1,413 233 Feb. 13 3, 016 213 1,638 202 175 57 51 272 66 34 53 49 206 1,437 231 Feb. 20.__ 2,983 215 1,613 198 173 57 50 272 66 35 52 48 204 1,410 230 Feb. 27 2, 995 216 1, 629 196 173 56 51 273 66 32 51 49 203 1,428 231 To brokers and dealers in New York: Feb. 6 679 16 566 22 2 6 4 28 4 1 6 4 20 536 26 Feb. 13 707 16 596 21 2 6 4 28 4 6 4 20 564 26 Feb. 20 684 17 576 18 2 6 4 28 4 1 6 4 18 542 26 Feb. 27 726 17 615 18 2 6 4 30 4 6 5 19 582 28 To brokers and dealers outside New York: Feb. 6 163 32 59 15 6 1 3 30 4 1 2 1 9 57 27 Feb. 13 __ 165 33 61 15 6 1 3 26 4 2 3 1 10 59 24 Feb. 20 168 37 60 15 6 1 3 27 4 2 2 1 10 58 25 Feb. 27 166 37 58 14 6 1 3 28 4 1 2 1 11 56 25 To others: Feb. 6 2,150 163 988 166 166 50 44 218 59 32 44 44 176 820 180 Feb. 13 2,144 164 981 166 167 50 44 218 58 32 44 44 176 814 181 Feb. 20 2,131 161 977 165 165 50 43 217 58 32 44 43 176 810 179 Feb. 27 2, 103 162 956 164 165 49 44 215 58 31 43 43 173 790 178 Acceptances and commercial paper: Feb. 6 429 46 226 22 2 12 2 63 9 6 18 3 20 224 52 Feb. 13 428 46 224 22 2 12 2 61 10 6 19 3 21 222 49 Feb. 20 437 46 229 22 2 12 2 63 10 6 20 3 22 227 51 Feb. 27 440 47 230 22 2 11 2 62 10 9 20 3 22 228 50 Loans on real estate: Feb. 6 .. 969 91 249 71 74 17 12 33 37 6 14 23 342 131 19 Feb. 13 969 91 249 71 74 17 12 33 37 6 14 23 342 131 18 Feb. 20. 969 91 249 72 74 16 13 33 37 6 13 23 342 131 18 Feb. 27 965 90 248 72 73 16 12 33 37 6 14 23 341 131 18 Other loans: Feb.6 3,136 278 1,317 172 132 79 123 289 108 100 111 114 313 1,172 218 Feb. 13 3,154 283 1,344 172 129 79 123 287 109 100 108 112 308 1,198 214 Feb. 20 3,161 291 1,339 169 130 78 124 296 107 100 108 111 308 1,193 224 Feb.27 _ 3,198 294 1,353 167 130 79 124 299 108 100 108 112 324 1,205 227 United States Government direct obligations: Feb. 6 7,227 355 3,305 291 600 134 102 1,000 194 155 242 175 674 3,129 833 Feb. 13 7, 198 346 3,292 293 599 129 102 999 193 154 241 167 683 3, 117 841 Feb. 20 7,217 350 3,267 301 599 127 102 1,029 194 156 244 159 689 3, 090 871 Feb. 27 7,227 347 3,276 297 602 133 98 1,032 205 155 247 161 674 3,108 873 Obligations fully guaranteed by United States Government: Feb. 6 616 10 309 51 22 12 11 89 26 5 17 18 46 283 81 Feb. 13 633 11 305 55 22 14 12 89 26 6 18 25 50 277 81 Feb. 20 645 11 306 58 23 15 14 86 28 6 19 25 54 275 78 Feb. 27 660 12 318 59 23 13 14 86 26 7 20 24 58 285 78 Other securities: Feb. 6 .. 2,839 150 1,222 269 188 60 49 259 95 55 116 41 335 1,011 215 Feb. 13 2,847 151 1,218 270 193 60 50 266 94 55 116 41 333 1,010 221 Feb. 20 2,803 154 1,185 265 192 60 49 260 94 54 116 41 333 981 214 Feb. 27. 2, 836 156 1,221 266 191 59 50 256 95 55 116 41 330 1, 016 212 Reserve with Federal Reserve banks: Feb. 6 3,493 251 1,875 148 151 55 28 474 94 63 105 79 170 1,804 404 Feb. 13 3,450 254 1,823 139 150 57 28 473 100 64 106 85 171 1,765 388 Feb. 20 3,496 241 1,893 144 156 55 28 471 104 54 99 90 161 1,826 388 Feb. 27 3,454 236 1,838 149 165 51 28 482 95 63 98 86 163 1,773 401 Cash in vault: Feb. 6 275 69 65 13 19 11 6 45 8 4 11 9 15 50 36 Feb. 13 292 70 70 15 21 12 6 . 48 8 5 11 9 17 57 38 Feb 20 282 69 68 14 20 11 6 45 8 5 11 9 16 53 35 Feb. 27 286 69 66 15 20 12 7 46 8 5 12 9 17 54 36 Net demand deposits: Feb. 6 13, 998 933 7,303 728 699 246 190 1,761 384 256 469 306 723 6,851 1,514 Feb. 13 14,100 948 7,318 730 698 246 198 1,760 392 261 487 316 746 6,864 1,503 Feb. 20 14,160 952 7,352 735 706 244 196 1,794 397 256 478 313 737 6,892 1,540 Feb. 27 -14,173 949 7,347 735 719 241 191 1,818 398 '261 480 312 722 6, 978 1.561 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN MARCH 1935 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO— Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o ew rk P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - 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 - Y N o e r w k C ca h g i o - Time deposits: Feb 6 4,446 317 1,032 317 447 137 129 524 165 128 164 124 962 619 386 Feb. 13 _ .- 4,448 317 1,032 315 448 137 130 525 165 127 165 125 962 618 386 Feb. 20 4,447 316 1,039 312 451 138 131 513 165 128 163 125 966 621 374 Feb. 27 4,449 316 1,035 313 452 138 130 514 166 127 165 124 969 618 374 Government deposits: Feb 6 1,224 83 713 69 48 9 33 63 24 6 23 58 95 680 44 Feb. 13 _. 1,136 75 654 65 46 8 31 61 22 5 22 56 91 623 43 Feb 20 1,086 73 605 65 46 9 32 60 22 5 22 56 91 574 43 Feb. 27 1,019 71 555 63 45 8 31 58 22 5 21 52 88 525 42 Due from banks: Feb. 6 1,801 115 158 167 124 83 78 276 111 95 227 159 208 72 170 Feb. 13 1,860 120 172 164 131 87 83 300 112 97 242 159 193 77 198 Feb. 20 1,860 114 164 163 130 91 80 292 110 96 241 168 211 72 191 Feb 27 1,850 116 167 167 135 89 82 299 106 94 238 163 194 67 186 Due to banks: Feb 6 4,363 215 1,970 252 194 104 83 596 186 118 287 150 208 1,903 486 Feb 13 4,422 215 2,015 251 194 106 86 604 186 120 290 148 207 1,948 491 Feb. 20 . — — 4,471 218 2,053 257 194 106 83 607 190 117 287 153 206 1,985 495 Feb. 27 4,462 210 2,026 260 199 106 85 616 192 121 289 149 209 1,958 501 Borrowings from Federal Reserve banks: Feb 6 Feb. 13 1 1 Feb 20 Feb. 27 1 1 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 Mar. 1,1935] Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - 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 5J^ 6 4-6 5-6 5-6 Advances to financing institutions: On portion for which institution is obligated - 3 3 13 4 4-6 5 5-6 4H 4H-5 4 4 3-4 On remaining portion 1__ 3^-5 4-5 (2) (3) 4-6 5 4 5-6 4H 4 5-6 4-5 CommitTrifiTits to Tn^kft ndvannps H-2 1-2 (fi) H-2 1-2 H 1-2 «H «H-2 •1 1-2 • Authorized rate 1 percent above prevailing discount rate. * Same as to borrower but not less than 4 percent. »1 percent below rate charged borrower by financing institution but not less than 4 percent. « "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. «No general rate established on commitments. «Flat rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1935 FEDERAL RESERVE BULLETIN 193 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 BANES IN NEW YORK CITY [Paper currency only. In thousands of dollars] Number 1935 1934 of 1934 1935 centers January December January Month Ship- Re- Ship- Re- New York City 1 14,998 15,214 14, 023 ments ceipts Net ments ceipts Net Outside New York City. 140 15,064 15,701 13,198 to from receipts to from receipts Europe Europe Europe Europe Federal Reserve districts: Boston. 1,627 1,728 1,542 New York 15,624 15,780 : 14,608 January 0 5, 256 5,256 81 3,705 3,624 Philadelphia 1,517 1,497 : 1,320 F M e a b r r c u h ary 0 1 3 2, , 2 7 0 4 0 0 3 2 , , 7 20 3 0 9 173 1,502 1,329 R Cl i e c v h e m la o n n d d 1,4 5 9 6 7 5 1,6 5 6 9 1 8 ; ; l 1,2 4 4 7 1 8 April — __ 1 2,900 2,899 Atlanta 718 781 ' 684 May 10 3,780 3,770 Chicago 3,874 3,903 3,072 June 8 3,471 3,463 St. Louis 758 796 708 July 63 3,601 3,538 Minneapolis 474 537 425 August. _ 0 5,193 5,193 Kansas City 884 760 September 23 4,254 4,231 Dallas 529 465 October _ 0 2,524 2,524 San Francisco 2,074 2,221 1,918 November _ 199 2,129 1,930 December 40 1,539 1,499 Total 141 j 30,062 I 30,915 27, 221 Total 345 40, 587 40, 242 MATURITY DISTRIBUTION OF BILLS AND For description and back figures see BULLETIN for January 19321 SECURITIES HELD BY FEDERAL RESERVE pp. 7-9, and for January 1934, p. 51. BANKS PAPER CURRENCY OF EACH DENOMINATION [In thousands of dollars] IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total W i d n a i t y 1 h s 5 - 3 1 0 6 d t a o ys60 3 1 d a to y s 90 6 1 d a to ys 91 m to d o a s 6 . ys O m v o e s r . 6 1934 1935 Denomina- Bills distion counted: Jan.31 .lug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 Jan. 31 Feb. 6 6,428 4,693! 673 715 299 10 i F F e e b b . . 2 13 0 . . _ - _ . 6 5 , , 5 9 1 2 0 6 4 5 , , 3 5 2 2 1 8 i 1 73 8 3 1 6 1 7 5 5 7 2 27 8 1 6 ; | 2 3 2 7 7 1 1 0 0 $1 386 403 411 410 422 423 401 Feb. 27__- 6,464 4,353 j 880 332. 67l| 216 12 $2 32 33 32 32 32 32 32 Bills bought in $ $ 5 10 1,1 6 7 9 3 9 1,2 7 5 4 0 1 1,2 7 6 5 6 5 1,2 7 6 5 5 2 1,3 7 0 7 0 6 1,2 7 8 7 8 1 1,2 7 4 4 0 0 k op et e : n mar- $20 1,288 1,294 1,311 1,314 1,332 1,326 1,293 Feb. 6 5,503 1,219 2191 3,208 $50 350 335 336 335 337 337 336 Feb.13_.. 5,502 3,426 817: 599 $100 593 568 571 571 571 577 571 Feb.20__. 5,501 3,499j 163 905 934 $500 119 112 113 112 111 112 111 Feb.27__- 5,505 3, 388; 702 704| 711 $1,000. 228 222 223 221 214 216 214 Industrial ad- $5,000 7 5 5 5 5 5 5 vances: $10,000 10 8 7 7 10 7 7 Feb. 6 17,824 139 551 748 1,: 1,052| 14,036 Feb. 13.... 18, 375 93 618 702 1,315 956 14,691 Total. 4,884 4,972 5,031 5,025 5,110 5, 095 4,953 Feb. 20.... 18,729 97 432 1,225 893 925 15,157 Feb. 27.— 19,163 274 599 784 862 15, 646 United States NOTE.—Figures include, in addition to currency outside the Treasury Government and Federal Reserve banks, unassorted currency held by these institu- securities: tions amounting to $7,000,000-$12,000,000, and also $1,000,000 of currency Feb. 6 2,430,221|35,114: 39,690 165,130 179,175 504,000 1, 507,112 of unknown denominations reported by the Treasury as destroyed. Feb. 13_.__2, 430, 334 |3366,, 222 120,030 80, 750 183, 618 510, 586 1,499,128 Feb. 20— 2,430,348 1,054 92,368i503,1301,491,926 UNITED STATES POSTAL SAVINGS Feb. 27— 2, 430, 311 j3389,, 659400! 112344,, 108100117790,,174 93,096 494, 294 1, 500,197 [Balance to credit of depositors. In millions of dollars] End of month 1931 1932 1933 1934 1935 January. _. 278.4 666. 2 943.4 1, 200. 8 I, 200. 8 February. 292.1 692.6 1,007. 1 1, 200. 0 March 302.7 706. 0 1,113.9 1, 200. 0 April 313.8 722.8 1,159. 8 1,197. 5 May 325.0 742.6 1,180. 3 1,196. 9 June 347.4 784.8 1,187. 2 1,197. 9 July 372.5 829.5 1,178. 4 1,190. 3 August 422.7 848.5 1,179. 4 1,192. 2 September 469.9 858 7 1 181 5 1,19? 8 October. __ 538.1 871.9 1,189. 0 1,198. 6 November. 565. 5 885.2 1,198.7 1, 203. 5 December. 605. 6 901.6 1, 208. 9 P],207. 2 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN MARCH 1935. BANKS LICENSED AND NOT LICENSED Number of banks Deposits i (in thousands of dollars) Not Total Licensed Licensed licensed All member banks: Mar. 15, 1933 5,078 25, 554, 287 2,866, 751 Apr. 12, 1933 6,681 5,425 25,986,183 2,659,923 June 30, 1933 6,701 5,600 26, 563,927 1, 266,015 Dec. 30, 1933 6,523 6,011 27,166,974 527,854 June 30, 1934 _. 6,488 6,375 31,012, 367 111,994 Dec. 26, 1934 6,460 6. 450 32, 270, 380 8, 577 Feb. 27, 1935 6,427 6,424 33, 853,882 1, 646 National banks: Mar. 15, 1933 ._. 5,907 18,137,719 i 16.195,145 1,942,574 Apr. 12, 1933- _. 5,897 16,494,549 1,818,541 June 30, 1933 5,882 16,741,289 j 1,028,347 Dec. 30, 1933 5,606 17,555,239 , 434,978 June 30, 1934 5,512 19,895,897 97,999 Dec. 26, 1934 5,477 ; 20,764,706 i 6,815 Feb. 27, 1935 5,44)8 21,668,141 ! State-bank members: Mar. 15, 1933 792 l 9,359,142 i 924,177 Apr. 12, 1933 784 ! 9,491,634 ! 841,382 June 30, 1933 819 I 9,822,638 237,668 Dec. 30, 1933 917 | 9,611,735 ] 92,876 June 30, 1934 976 i 11,116,470 13,995 Dec. 26, 1934 983 : 11,505,674 : 1,762 Feb. 27, 1935 979 I 12,185,741 j 1,646 Nonmember banks other than mutual savings banks:3 Apr. 12, 1933 10, 351 5,020,061 1,321,309 June 30, 1933 ._ 10,171 5,071.664 , 1,063,984 Dec. 30, 1933 9,590 5,062,908 ! 497,088 June 27, 1934 ' 9,269 5,313,565 234,234 Oct. 17, 1934 r 9,161"7 ! 5,356,384 ! 127,763 Dec. 26, 1934 * 9,113 5,383,751 j 87,567 Feb. 27, 1935 ._ 9,053 5,358,603 i 66,806 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 available call dates; deposits of nonmember banks for Apr. 12 and June 30,1933, 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 Also exclusive of any trust companies and other financial institutions which do not receive deposits but are included in State bank abstracts. Nonmember bank figures are not available for some of the dates for which data are shown for member banks. r Revised (in BULLETIN for February 1935) to include private banks which, under the provision of sec. 21 (a) of the Banking Act of 1933, became subject to State or Federal supervision in June 1934. Banks reporting to the Comptroller of the Currency under sec. 21 (a) of the Banking Act of 1933 numbered 131 on June 30, 1934, 135 on Oct. 17, 1934, and 140 on Dec. 31, 1934, and their deposits aggregated $28,202,000, $55,842,000, and $52,220,000, respectively. BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY-FEBRUARY 1935 [Preliminary figures] Licensed banks suspended 1 Nonlicensed o b r a r n e k c s e i p v l e a r c s e h d i p in 2 liquidation Deposits 3 (in Deposits 3 (in Number of banks thousands of Number of banks thousands of dollars) dollars) Year Jan .-Feb. Year Jan.-Feb. Year Jan.-Feb. Year Jan.-Feb. 1934 ; 1935 1934 ; 1935 1934 1935 1934 1935 National banks.- ... 1 1 40 368 396 3 401, 983 4,384 State bank members * 23 «2 * 39, 606 « 4, 328 Nonmember banks ... . . 55 2 36,904 780 501 20 205,140 4,042 Total -_ 56 3 36,944 1,148 920 25 646, 729 12,754 1 Includes banks placed on a restricted basis. 2 Includes nonlicensed banks absorbed or succeeded by other banks. f 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. 4 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. 6 These banks 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

195 MARCH 1935 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, and week m c t o o ie m d s i - - p u r c o t d s - Foods Total E p l l r i e o d a e d t s h u a e c n r ts d. p T ro e d xt u i c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c ls t t a s l m Bu at i e ld ri i a n l g s 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 i o s s o e h d - - s Mi.TO 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 ?4.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932__ 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1934—January 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 80.8 67.5 February.. . 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 86.6 75.5 81.0 68.5 March 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 April 73.3 59.6 66.2 78.6 88.9 75.3 71.7 87.9 86.7 75.5 81.6 69.5 May 73.7 59.6 67.1 78.9 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 June 74,6 63.3 69.8 78.2 87.1 72.7 72.8 87.7 87.8 75.6 82.0 70.2 July 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69.9 August 78.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75 7 81.8 70.2 September.. 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 October 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 November.. 76.5 70.8 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70.6 December.. 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 1935—January 78.8 77.6 I 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 Week ending— 1934—Nov. 3- 76.0 75.4 77.8 84.4 69.5 74.9 85.5 84.9 76.9 82.8 69.6 Nov. 10. 76.6 71.1 75.9 78.1 84.9 69.4 75.6 85.4 85.1 76.8 82.7 70.5 Nov. 17. 76.7 71.5 75.5 78.3 84.9 69.3 76.1 85.3 85.0 77.0 82.7 70.6 Nov. 24. 76.3 70.6 75.0 78.1 84.9 69.3 75.6 85.3 77.1 82.7 70.6 Dec. 1__ 76.5 71.1 75.0 78.2 84.9 69.3 75.7 85.3 77.4 82.7 70.8 Dec. 8.. 76.7 71.7 74.9 78.3 85.0 69.3 76.0 85.4 85.1 77.8 82.4 71.0 Dec. 15. 76.7 71.1 75.4 78.2 85.7 69.4 75.2 85.4 85.0 78.0 82.4 71.2 Dec. 22. 76.7 71.2 75.4 78.2 86.4 69.7 75.0 85.5 84.7 78.1 82.5 71.1 Dec. 29. 77.1 72.6 78.1 86.6 69.7 74.7 85.5 78.3 82.5 71.1 1935—Jan. 5._. 77.9 75.6 78.5 78.0 70.0 74.1 85.6 84.6 79.1 82.3 70.9 Jan.12. 78.6 77.2 79.7 78.1 70.0 74.2 85.6 84.8 79.6 82.2 71.0 Jan.19. 78.5 76.7 79.8 77.9 70.0 74.0 85.3 84.8 79.8 82.1 70.7 Jan. 26. 79.0 79.0 80.9 77.9 86.8 70.0 74.3 85.2 84.9 80.0 82.1 70.6 Feb. 2.. 79.1 78.3 81.5 77.9 86.8 74.4 85.2 84.9 80.2 82.2 70.2 Feb. 9.. 79.1 78.1 82.3 77.8 86.6 74.3 85.2 84.7 80.4 82.3 70.1 Feb. 16- 79.4 79.2 83.1 77.7 86.7 74.0 85.1 84.6 80.4 82.1 70.2 Feb. 23. 79.6 79.9 83.2 77.7 73.9 85.1 84.8 81.0 81.9 70.2 1934 1935 1934 Subgroups Subgroups Jan. Oct. Nov. Dec.Jan. Jan. Oct. Nov. Dec. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 63.7 85.0 87.2 91.5 Agricultural implements ._ 85.2 92.0 91.9 92.7 92.7 Livestock and poultry.. 41.1 55.3 54.0 57.2 73.3 Iron and steel 83.6 86.2 86.0 85.6 85.7 Other farm products 67.4 75.4 75.8 75.1 76.6 Motor vehicles 96.9 94.7 94.7 94.6 94.1 FOODS: Nonferrous metals 66.1 68.1 67.7 67.5 67.6 Butter, cheese, and milk 65.0 77.1 78.6 79.6 83.5 BUILDING MATERIALS: Cereal products 85.8 91.0 91.0 92.2 91.6 Brick and tile 91.2 91.2 91.2 91.1 Fruits and vegetables 68.0 67.6 65.3 62.4 62.8 Cement 93.9 93.9 93.9 93.9 Meats 48.9 70.0 68.4 69.0 81.6 Lumber 87.4 82.0 81.2 81.2 79.9 Other foods . 64.0 71.0 74.0 74.3 76.2 Paint materials 78.4 79.4 78.8 78.8 79.0 HIDES AND LEATHER PRODUCTS: Plumbing and heating 72. 5 68.1 68.8 68.8 68.0 Boots and shoes 98.5 97.7 97.3 97.2 97.1 Structural steel 92.0 92.0 92.0 92.0 Hides and skins 77.2 59.7 63.1 67.4 71.1 Other building materials _ 89.3 89.4 90.3 Leather 79.9 70.5 70.8 71.8 74.3 CHEMICALS AND DRUGS: Other leather products 87.0 85.9 85.7 85.7 85.0 Chemicals 78.8 81.1 80.9 82. 2 84.5 TEXTILE PRODUCTS: Drugs and Pharmaceuticals 65.2 73.5 73.5 73. 4 73.1 Clothing 87.5 79.1 78.4 78. 4 78.4 Fertilizer materials 68.4 65.7 64.6 65.3 66.5 Cotton goods 86.5 86.6 84.4 84. 3 84.1 Mixed fertilizers 71.2 73.0 73.5 73.7 73.3 Knit goods 70.6 60.5 61.0 61.9 ! 63.5 HOUSEFURNISHING GOODS: Silk and rayon 29.7 24.8 25.8 27.1 i 28. 6 Furnishings 82.9 84.4 84.3 ! 84.2 84.3 Woolen and worsted goods 84.3 74.8 74.1 74.0 73.8 Furniture 78.8 79.0 78.4 i 78.2 78.2 Other textile products 76.9 68.5 68.5 68.6 I 68.8 MISCELLANEOUS: FUEL AND LIGHTING MATERIALS: Auto tires and tubes 43. 2 44.7 47.5 j 47.5 47.5 Anthracite 81.5 82.0 82.1 82.3 82.3 Cattle feed j 68.5 97.6 108.2 123.1 116.2 Bituminous coal 90.8 96.4 96.4 96.5 96.3 Paper and pulp : 83.0 82.4 82.1 | 81.5 81.5 Coke 83.5 85.6 85.6 85.6 86.4 Rubber, crude 18.9 28.6 26.6 ; 26.4 26. 5 Electricity 92.3 94.5 94.0 1 Other miscellaneous 81.8 81.1 80.8 80.7 80.4 Gas 96.9 92.4 89.3 Petroleum products 51.1 50.4 50.5 49.8 48.8 r Kevised. Back figures.—Tor 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

196 FEDERAL RESERVE BULLETIN MARCH 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average** 100] 1934 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. manufactures—Total 76 80 82 85 86 83 74 72 69 72 73 86 IRON AND STEEL 56 63 66 76 84 85 47 38 37 41 48 64 Pig iron 40 45 51 55 66 66 42 36 31 31 32 34 Steel ingots .. - 57 65 68 78 85 87 48 39 38 42 50 67 TEXTILES 87 91 94 90 88 77 78 80 63 89 87 97 Cotton consumption -- 91 95 97 97 95 74 79 86 64 94 90 92 Wool 70 73 72 66 65 63 61 59 38 59 69 85 Consumption 70 72 71 68 63 61 62 60 37 63 82 97 Machinery activity1. 83 85 82 71 72 68 67 65 40 61 68 92 Carpet and rug loom activity1 48 54 59 53 57 62 44 47 41 46 32 41 Silk deliveries 103 114 129 115 112 109 101 96 99 135 111 140 FOOD PRODUCTS 96 91 84 93 98 96 102 106 120 107 102 102 Slaughtering and meat packing 100 94 86 102 108 103 120 128 142 119 110 107 Hogs _ __ 95 80 69 95 104 87 92 79 89 95 90 79 Cattle 102 112 106 110 110 123 155 192 216 144 138 146 Calves - -- 122 122 122 120 128 139 198 244 225 145 121 130 Sheep 139 133 131 129 127 128 134 145 162 228 143 139 Wheat flour 91 94 92 91 89 90 81 79 85 83 84 87 Sugar meltings 87 73 65 64 71 80 69 64 94 101 102 108 PAPER AND PRINTING: Newsprint production '66 63 66 68 68 64 63 63 65 62 60 66 Newsprint consumption __ 108 112 112 115 115 118 116 117 121 116 115 118 LUMBER 34 33 33 31 32 29 38 29 36 29 26 29 TRANSPORTATION EQUIPMENT: A Lo u c to o m m o o b ti i v l e e s s _ -- 56 2 701 708 8 1 5 0 7 1 8 0 82 2 738 615 51 7 481 3170 1059 Shipbuilding -- -- 26 30 59 65 39 38 28 95 133 17 14 18 LEATHER AND PRODUCTS r98 ' 108 '107 r 118 ' 101 99 97 88 85 '92 104 Tanning 91 94 89 95 93 87 86 83 80 81 89 93 Cattle hide leathers _ - - 81 89 85 90 89 85 81 82 79 80 89 92 Calf and kip leathers 85 78 72 85 78 82 74 67 67 68 80 96 Goat and kid leathers 126 124 116 118 118 99 114 101 97 95 98 90 Boots and shoes -- - - ' 102 ' 118 118 ' 131 r 134 ' 110 r 108 106 '94 '88 '94 112 CEMENT AND GLASS: Cement 49 61 58 55 57 58 53 48 50 46 48 45 Glass, plate - 99 98 106 98 83 77 86 84 87 83 '140 NONFERROUS METALS:1 92 Tin deliveries1 55 54 58 71 73 68 65 68 58 67 80 FUELS, MANUFACTURED: 64 Petroleum refining.- 142 144 143 152 153 154 157 152 153 155 153 Gasoline1 177 181 177 191 191 195 201 202 193 196 199 1P4 Kerosene 89 87 95 98 95 94 15962 91 85 92 91 Fuel oil1 95 98 101 99 101 103 100 103 102 98 101 Lubricating oil1 92 86 90 100 108 95 92 90 91 90 89 Coke byproduct 78 85 91 93 102 100 78 74 73 73 73 RUBBER TIRES AND TUBES 97 100 106 97 81 83 79 79 82 107 Tires pneumatic 201 103 110 100 83 87 85 82 82 85 110 Inner tubes -- 69 74 82 76 63 62 68 56 61 60 80 TOBACCO PRODUCTS 138 132 119 128 128 132 128 126 125 120 125 Cigars 74 66 66 66 62 65 63 66 66 66 69 Cigarettes 188 181 158 175 178 183 177 172 171 161 168 Minerals—Total 88 91 100 90 89 87 85 80 82 81 81 Bituminous coal . 67 '75 84 72 72 67 65 61 64 64 65 Anthracite 82 89 109 73 76 69 63 50 62 53 64 Petroleum, crude . .._ 120 118 122 125 127 130 128 124 122 122 121 Iron ore 40 54 52 47 44 35 14 Zinc 66 67 68 65 65 58 57 60 61 76 77 Lead— 64 64 57 56 66 56 53 44 55 56 55 Silver 37 36 47 45 44 45 40 39 36 39 35 OOC OSCO 1935 Jan. p90 79 49 82 103 98 102 116 110 52 119 91 83 54 120 132 133 86 130 61 121 33 1049 107 117 42 174 78 151 191 99 99 '88 91 76 88 133 139 91 143 136 76 72 r. f> 186 89 94 69 74 72 76 124 131 74 71 60 50 53 50 1 Without seasonal adjustment. JIncludes also lead and zinc; see "Minerals." p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, 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

197 MABCH 1835 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100) 1934 1935 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufacturers—Total 75 82 85 89 89 83 71 71 70 73 72 77 ^88 IRON AND STEEL 53 66 75 84 91 85 44 38 37 40 45 56 76 Pig iron .. _ _ 40 46 53 59 67 66 40 35 30 31 32 34 49 Steel ingots 55 68 77 87 93 87 44 38 38 41 46 58 79 TEXTILES.. 91 97 96 93 89 73 73 76 63 92 91 92 108 Cotton consumption 95 101 102 104 97 71 72 77 62 97 93 84 102 Wool.. 71 76 73 65 62 60 57 57 39 62 73 86 104 Consumption 72 79 73 65 58 55 55 56 38 69 89 98 119 Machinery activity 83 85 82 71 72 68 67 65 40 61 68 92 110 Carpet and rug loom activity 48 54 59 53 57 62 44 47 41 46 32 41 52 Silk deliveries 117 122 124 114 111 97 96 100 104 135 115 125 136 FOOD PRODUCTS 102 90 82 87 96 95 100 100 122 110 108 103 90 Slaughtering and meat packing 119 94 81 92 105 102 113 115 138 120 123 123 94 Hogs 128 88 69 84 100 89 82 60 67 81 99 104 72 Cattle 103 98 92 97 107 116 154 188 240 168 159 153 121 Calves 113 114 124 131 144 144 192 224 216 152 124 124 123 Sheep 140 125 119 121 124 126 134 146 188 251 142 136 134 Wheat flour _ 89 91 86 83 84 80 78 85 100 93 90 83 84 Sugar meltings 57 71 77 75 80 95 84 72 100 96 80 81 86 PAPER AND PRINTING: Newsprint production '66 63 65 69 69 66 61 61 64 62 60 66 62 Newsprint consumption. _ 104 110 117 123 119 117 103 104 118 123 123 121 116 LUMBER 35 29 29 30 28 39 35 32 38 33 30 25 26 TRANSPORTATION EOUIPMENT: A Lo u c to o m m o o b ti i v le e s s 461 706 906 10 9 9 9 1 8 0 932 82 3 657 576 388 2141 5180 86 8 Shipbuilding 18 21 46 63 50 47 41 140 133 12 12 14 LEATHER AND PRODUCTS r 91 ' 110 110 114 108 97 98 107 r 102 93 '88 89 ,99 Tanning 87 97 88 93 88 86 86 85 85 86 87 90 Cattle hide leathers 82 95 85 90 85 83 79 80 82 82 88 90 Calf and kip leathers 70 72 64 76 74 79 86 81 77 81 76 82 Goat and kid leathers 119 129 119 117 109 99 105 99 102 99 97 97 Boots and shoes '93 '119 124 '128 '122 ' 104 ' 106 '122 '112 98 '89 88 30ft CEMENT AND GLASS: Cement 30 37 42 53 68 72 64 62 63 53 47 35 25 Glass, plate - ... . 88 106 115 108 90 79 91 87 85 87 79 '105 155 NONFERROUS METALS: ! Tin deliveries 55 54 58 71 73 68 64 65 68 58 67 80 78 FUELS, MANUFACTURED: Petroleum refining 142 144 143 152 153 154 156 157 152 154 156 154 151 Gasoline 177 181 177 191 191 195 201 202 193 196 199 194 191 Kerosene 91 88 92 97 92 87 86 87 87 97 99 '96 101 Fuel oil 95 98 101 99 101 103 100 103 102 98 101 '103 99 Lubricating oil. _. . 92 86 90 100 108 95 92 90 91 90 89 '98 91 Coke, byproduct . .. 78 87 94 94 101 98 75 72 71 73 74 77 89 RUBBER TIRES AND TUBES 90 108 117 115 102 102 81 78 76 73 80 92 Tires, pneumatic - - 93 112 121 118 106 105 83 81 78 75 83 96 Inner tubes 62 78 89 87 77 74 65 62 61 54 58 66 TOBACCO PRODUCTS _ _ _ 131 120 113 118 130 144 139 135 139 129 128 115 128 Cigars 57 57 60 62 64 70 67 69 76 81 82 57 55 Cigarettes -. - ... 185 164 150 159 179 202 194 186 188 169 166 161 182 Minerals—Total .._ 85 88 91 81 87 87 85 83 87 87 84 85 91 Bituminous coal 74 '80 84 60 62 60 59 60 68 71 74 82 Anthracite . .. 89 95 89 76 76 60 52 50 62 68 65 71 82 Petroleum, crude ... 115 116 121 125 128 132 131 126 125 123 120 120 126 Iron ore 60 106 105 95 85 60 11 Zinc. . 70 71 72 67 66 55 53 56 58 73 77 76 76 Lead 65 66 58 55 65 57 51 43 52 58 57 60 50 Silver . . _ . 37 39 52 46 43 44 34 39 34 39 38 54 50 * Includes also lead and zinc; see "Minerals." Preliminary. T 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, box board, 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

198 FEDERAL RESERVE BULLETIN MARCH 1935 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931; 1923-25 average = 100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 Jan. Dec. Jan. Jan. Dec. Jan. Jan. Dec. Jan. Total 78.6 '78.0 73.3 80.4 '78.9 75.1 64.1 63.2 4.0 IRON AND STEEL AND PRODUCTS 67.7 66.6 63.5 69.3 67.7 64.9 '51.8 '47.6 41.1 Blast furnaces and steel works ••69.4 66.9 65.0 '69.9 68.0 65.5 '53.9 46.5 41.2 Cast-iron pipe '49.9 48.5 50.6 '52.2 49.7 52.9 '26.8 27.4 28.0 Cutlery and edge tools 75.8 76.6 70.6 76.4 76.1 71.2 55.5 57.6 48.8 Hardware 51.6 50.4 69.0 51.6 50.0 69.0 41.7 41.1 49.7 Steam, hot-water heating apparatus, etc. 47.9 48.6 43.9 49.0 50.6 44.9 31.0 31.4 25.8 Stoves 81.0 86.1 65.0 95.4 88.0 76.6 55.4 61.1 37.5 Structural metal work '55.9 57.6 51.6 '57.4 '58.1 53.0 '39.5 39.2 31.9 Tin cans, etc 83.6 85.5 79.1 89.3 88.9 84.5 78.9 79.6 71. 1 Wirework 120.7 126.1 119.6 121.3 127.2 120.2 102.7 107.2 91.7 MACHINERY 79.6 78.5 70.0 81.4 79.2 71.8 60.8 60.2 47.6 Agricultural implements 89.6 83.8 65.8 86.7 84.1 63.6 97.5 91.2 65.2 Electrical machinery, etc 65.9 65.6 57.8 65.9 65.6 57.8 52.4 52.2 38.2 Engines, turbines, etc 79.5 76.7 59.7 81.0 78.4 60.8 54.5 52.7 36.8 Foundry and machine-shop products 69.2 66.8 61.2 70.3 68.4 62.1 51.5 49.7 41.3 Machine tools 73.1 72.2 58.9 72.4 71.4 58.3 58.2 56.4 44.5 Radios and phonographs '191.4 207.9 181.7 '227.3 203.8 215.8 '112.5 132.0 95.1 Textile machinery 64.1 62.5 71.1 64.2 62.3 71.2 52.0 50.9 57.5 'TRANSPORTATION EQUIPMENT '92.4 78.4 71.2 '93.5 84.4 72.1 '74.9 '67.6 52.7 Automobiles ' 108.1 88.9 80.3 ' 109. 2 96.6 81.1 '92.2 76.4 58.3 Cars, electric and steam railroad 34.2 34.0 31.5 38.3 37.0 35.3 31.7 31.5 26.2 Locomotives 30.3 36.5 19.8 31.3 36.9 20.4 13.2 16.6 7.5 Shipbuilding '68.3 68.5 64.4 '66.3 68.5 62.5 '56.2 55.3 48.2 RAILROAD REPAIR SHOPS 51.6 52.0 52.8 52.4 52.1 53.6 43.8 44.4 42.1 Electric railroads. 65.3 65.5 65.9 65.3 65.5 65.9 58.0 58.4 55.4 Steam railroads 50.6 51.0 51.8 51.4 51.1 52.6 42.9 43.5 41.2 NONFERROUS METALS AND PRODUCTS '75.9 76.9 67.3 '76.8 76.1 68.1 '58.4 61.5 47.1 Brass, bronze, and copper '75.4 74.0 70.9 '75.8 74.5 71.3 '58.3 55.6 48.3 Lighting equipment 66.3 69.8 59.6 67.9 68.1 61.1 54.8 60.1 44.9 Silverware and plated ware '67.8 70.7 64.1 '70.4 67.5 66.6 '47.5 55.6 43.2 Smelting and refining 73.6 74.7 61.6 72.4 74.1 60.6 46.5 46.6 35.7 Stamped and enameled ware 89.1 87.5 72.7 92.0 88.4 75.1 77.6 79.1 56.8 LUMBER AND PRODUCTS 47.1 47.8 45.6 47.8 47.2 31.7 33.3 27.4 Furniture 64.1 65.0 60.0 66.4 62.9 62.2 43.5 45.9 35.3 Lumber, millwork 35.9 36.7 33.3 37.0 37.3 34.3 23.0 24.6 19.7 Lumber, sawmills 31.6 30.7 32.4 32.2 32.1 19.1 20.0 17.4 STONE, CLAY, AND GLASS PRODUCTS 47.2 50.1 47.3 51.7 51.2 52.0 31.6 34.4 29.9 Brick, tile, and terra cotta 24.8 28.0 24.7 28.2 29.5 28.1 13.0 15.3 12.2 C ement 37.2 41.6 35.6 41.9 43.9 40.1 21.2 24.1 19.4 Glass 86.5 87.4 83.8 94.0 87.8 91.1 69.9 71.9 65.3 Pottery 70.6 66.5 71.3 70.4 67.8 46.9 50.0 40.5 TEXTILES AND PRODUCTS 95.2 92.8 88.2 95.1 92.1 88.1 '78.5 75.3 64.8 A. Fabrics 95.8 94.0 89.4 94.8 92.4 88.5 '82.2 SO. 2 67.0 Carpets and rugs 66.5 63.8 66.9 64.9 62.4 65.3 55.5 51.0 49.7 Cotton goods 96.3 96.0 95.0 94.8 94.4 93.5 '81.8 81.2 74.5 Dyeing and finishing 117.1 114.8 104.9 115.4 112.9 103.3 102. 7 99.6 81.3 Knit goods 109.2 110.4 97.3 109.2 108.3 97.3 1G6.2 109.2 71.3 Silk and rayon goods 80.7 76.3 74.9 81.2 76.1 75.4 68.4 64.9 55.8 Woolen and worsted goods. _-_ 91.8 85.6 79.1 89.9 82.8 77.4 73.1 66.6 56.9 B. Wearing apparel 89.4 86.0 81.4 91.3 87.4 83.1 66.6 61.3 56.6 Clothing, men's 83.9 79.1 76.7 84.4 80.9 77.2 57.0 52. 6 48.8 Clothing, women's 117.3 111.6 102.3 120.3 114.7 104.9 87.8 77.6 71. 2 Millinery 62.4 55.9 73.5 62.8 59.3 73.9 54.0 44.1 58.1 Shirts and collars 90.4 90.5 84.3 93.4 87.9 87.2 77. 8 79.7 67.4 LEATHER AND PRODUCTS 88.3 82.9 89.1 88.9 83.6 76.4 69.1 67.5 Boots and shoes 87.0 82.9 88.4 88.1 82.1 72.5 63.7 64.2 Leather 94.0 92.7 92.3 92.3 89.8 88.5 86.5 77.9 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

199 MAECH 1935 FEDERAL RESERVE BULLETIN 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 seasona variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 Jan. Dec. Jan. Jan. Dec. Jan. Jan. Dec. Jan. FOOD PRODUCTS . '94.4 103.8 94.1 ' 104. 8 107.9 104.0 ' 83. 3 92.9 80.7 Baking ' 106 7 115.4 106 4 ' 109 0 115.4 108.7 ' 89. 6 98.7 88.5 Butter 68.3 72.3 76 5 75.8 75.1 84.9 51.7 • 53.0 56.7 Canning and preserving 61.3 69.0 54.0 127.7 115.0 112.5 64.3 72.5 53.9 Confectionery __ 78. 6 91.3 74.6 80.2 82.8 76. 1 67.4 82.8 64.1 Flour 76 2 77 2 73 2 76 8 77.5 73.8 63.8 63. 6 60.3 Ice cream ' 60.8 61.0 57 9 r 70. 5 69.9 67.2 '48.6 49.1 45.3 Slaughtering and meat packing 94.3 105.5 96.5 91.6 101.1 93.7 84.0 98.4 81.8 Sugar refining, cane ______ 84.4 87.7 76.8 87.9 91.2 80.0 71.1 72.5 58.5 TOBACCO PRODUCTS 56.5 61.9 54.5 60.7 61.6 58.4 41.5 49.9 39.8 Chewing and smoking tobacco, and snuff _ „ 73.5 71. 5 76.6 70.1 70.2 73.0 68. 5 67.4 68.3 Cigars and cigarettes 54.3 60.6 51.6 59.4 60.4 56.5 38.1 47.7 36.2 PAPER AND PRINTING _ '95.6 '97.5 92.4 '94.9 '95.8 91.7 '83.4 ' 86. 3 74.3 Boxes, paper __ 83.2 88.5 77.9 83.7 84.9 78.4 74.9 82.7 63.6 Paper and pulp._ _. . '106.8 ' 107. 4 100.3 ' 106. 8 ' 107. 4 100.3 '83.5 '83.5 71.3 Book and job printing _ 87.7 89.3 85.7 85.7 87.1 83.8 78.1 80.1 69.3 Printing, newspapers and periodicals _ 98.4 100.4 98.1 98.0 98.6 97.7 89.5 94.2 83.3 CHEMICALS AND PETROLEUM PRODUCTS ' 108. 4 ' 108. 8 107.9 108.4 ' 108.1 107.7 '91.6 91.7 84.5 / Chemical group, except petroleum r 108. 2 ' 108. 3 107.3 ' 107. 9 ' 107.1 106. 6 ' 90. 5 89.9 83.0 Chemicals 103 0 103.9 104 8 101.6 101.8 103.4 90.8 90.0 86.9 Druggists' preparations 101.3 102.8 101.9 99.1 101.3 99.7 96.8 94.8 90.9 Explosives.. 88.1 90.6 89.9 87.3 88.0 89.1 68.3 70.7 64.4 Fertilizers 111.0 99.5 106.6 115.0 110.9 110.4 83.6 75.5 76.9 Paints and varnishes.. _ ___ __ ___ ... _ 98.7 99.5 93.9 101.0 101.1 96.1 79.4 78.1 71.5 Rayon and allied products ' 338.0 329.5 319.4 ' 338. 0 329.5 319.4 ' 245.4 240.1 208.1 Soap '99 1 99 6 91 6 ' 100 8 98.9 93.2 '90.7 90.7 76. 5 B. Petroleum refining . 109.0 110.8 110.3 111.1 112.1 112.4 95.2 97.8 89.5 RUBBER PRODUCTS 81.8 79.0 82.0 83 3 79.5 83.4 69.4 66.0 58.7 Rubber boots and shoes 52.5 52.8 60.0 51.1 49.1 58.4 51.4 52.1 52.2 Rubber tires and inner tubes _ 74.7 71.9 71.5 77.0 74.4 73.7 62.2 60.0 48.6 j ' 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 compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 Januarv 186.5 99.8 15.1 22.4 10.7 7.1 9.4 10.8 113.7 44.4 19.6 3.7 17.9 11.4 February __ _ 96.7 14.5 4.2 7.6 53.2 5.4 11.8 IVIarch 178 3 28 1 15 9 13 0 92 9 8.8 19.6 April 131 2 22.6 8.3 11.9 69.9 8.5 9.8 M!ay 134 4 24 8 8 3 24 6 56 8 10.4 9.5 June . 127.1 26.6 8.7 11.9 57.4 9.7 12.8 July 119.7 19.8 25.7 12.9 39.1 7.8 14.4 119 6 18.6 10.0 ;;;;;;;; 13.5 50.6 12.2 14.7 SAeupgteumstber 110 2 17 9 6.1 13.1 50.0 12.5 10.6 October 135 2 26 3 8.5 13.5 65.2 9.0 12.7 November 111.7 19.9 4.6 11.0 52.3 8.6 15.3 December 92.7 14.6 5.1 8.2 50.1 5.0 9.8 Year 1, 543.1 248.8 116.1 150.6 751.2 117.5 158.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN MARCH 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] ]Vumbei Liabilities 1935 1934 Federal Reserve district 1935 1934 1935 1934 Federal Reserve district Jan. Dec. Jan Jan. Dec. Jan. Jan. Dec. Jan. Boston 6,424 7,928 12,100 New York 17, 660 18,931 Boston. 146 120 154 3,677 1,612 3,616 Philadelphia 5,208 6,009 8,101 New York. 377 297 407 6,470 ' 5.615 12,953 Cleveland 11,452 6,671 32,645 Philadelphia 71 39 62 797 769 1,320 Richmond 10, 325 13, 699 31,109 Cleveland— _ _ _ 103 61 104 1,201 729 1,998 Atlanta 11, 534 5,709 31,091 Richmond. 65 45 98 502 667 1,765 Chicago 13,983 17, 616 27, 682 Atlanta 33 32 51 204 1,072 760 St. Louis 6,055 5,088 10,422 Chicago -__ _ 136 115 175 1,834 4,213 4,802 Minneapolis 2,027 4,018 3,789 St. Louis 26 45 32 180 506 757 Kansas City. 8,560 5,458 7,858 Minneapolis - 19 23 30 219 181 415 Dallas _._. 6,547 5,203 2,734 Kansas City 37 51 48 238 755 403 Dallas 24 21 27 405 ! 554 502 Total (11 districts) 99, 774 92, 685 186,464 San Francisco 147 114 176 3,096 3,240 3,615 Total 1,184 963 1,364 18, 824 19,911 32, 905 FEDERAL DEPOSIT INSURANCE CORPORATION NUMBER OF BANKS AND ACCOUNTS AND DEPOSITS IN COMMERCIAL BANKS AND TRUST COMPANIES, BY SIZE OF DEPOSITS: OCT. 1, 1934 Insured banks Noninsured banks * Accounts Deposits 1 (in thousands of dollars) Deposits Deposits N of u b m a b n e k r s Total in F s u u l r l e y d I ! f s t u u o R c l r t l e a e a y n l d t i t i ( o ) t n p o - er Total Insured i t n o s R c t u a e a r l n ( t e i t p d o ) e t r o N of u b m a b n e k r s ( s d i a n o n l t l d h a s r o s o u ) f - $ 100,000 and under 1,502 616,046 614,460 i 99.74 99,714 91,403 91.67 426 24,116 $100,001 to $250,000 3,580 2,738,463 2,726,389 I 99.56 609,390 529,892 86.95 349 55,10a $250,001 to $500,000 3,109 4,119,429 4,095,818 ! 99.43 1,108,586 921,653 83.14 169 58,642 $500,001 to $750,000 1,477 2,995,488 2,974,979 99.32 903,230 720,627 79.78 54 32,786 $750,001 to $1,000,000— 943 2,596,962 2,577,867 99.26 813,367 631,175 77.60 27 23, 242 $1,000,001 to $2,000,000.. 1,630 6,252,654 6,196,088 99.10 2,278,799 1,700,515 74.62 34 46,123 $2,000,001 to $5,000,000.. 1,060 7, 508,918 7,422,184 98.84 3,193,457 2,207,934 69.14 16 49,264 $5,000,001 to $50,000,000. 631 12,040,862 11,839,415 98.33 8,026,511 3,978, 691 49.57 16 223,505 $50,000,001 and over.._. 10,856,922 10,548,778 97.16 18,942,185 4,865,341 25.69 Total 14,028 49,725, 744 48,995,978 98.53 35,975,239 J 15,647,231 43.49 1,091 512,781 1 Total deposits as reported to the Corporation on Oct. 1,1934, differ in some respects from gross deposits shown on bank's published statements and cannot be used as a basis for comparison with deposits on previous dates. 1 Number of noninsured banks as of Dec. 1, 1934, with deposits on June 30, 1934, or nearest available previous call dates, as reflected in the final 1934 edition of Rand McNally Bankers' Directory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS <*.r\ / / / ^ ... •', X ,r— ARK. Melg}:."..-, v" '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