Federal Reserve Bulletin, 1935-04

FEDERAL RESERVE BULLETIN APRIL 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Member Bank Reserves and Treasury Operations 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-ofl5cio 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. LISTON 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 LEO H. PATJLGER, 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 Director, 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. BRATJN. District no. 5 (RICHMOND) CHARLES M. GOHEN. District no. 6 (ATLANTA) H. LANE YOUNG. District no. 7 (CHICAGO) SOLOMON A. SMITH. District no. 8 (ST. LOUIS) WALTER W. SMITH, President. District no.9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairrnan and Federal of- Reserve agent Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young W. W. Paddock-. W. Willett. W. R. Burgess J. W. Jones.* New York J. H. Case G. L. Harrison J. E. Crane W. B. Matteson.' W. S. Logan J. M. Rice.i L. R. Rounds Allan Sproul.' L. F. Sailer H. H. Kimball.' 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. Arnolds Richmond- W. W. Hoxton—. G. 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. Connifl W. S. McLarin, Jr.* Chicago E. M. Stevens G. J. Schaller... H. P. Preston W. H. Snyder.a C. R. McKay W. C. Bachman.i J. H. Dillard O. J. Netterstrom.' A. T. Sihler.i E. A. Delaney.1 A. L. Olson.' St. Louis.._ J. S. Wood W. McC. Martin.. 0. M. Attebery S. F. Gilmore.2 A. H. Haill.i J. G. McConkey F. N. Hall.* G. 0. Hollocher.* O. C. Phillips.' Minneapolis. J. N. Peyton W. B. Geery Harry Yaeser H. I. Ziemer. H. I. Zieraer F. C. Dunlop.1 Kansas City G. H. Hamilton— C. A. Worthington- J. W. Helm. J. W. Helm._. Dallas C. C. Walsh B. A. McKinney- R. R. Gilbert R. B. Coleman. R. B. Coleman W. O. Ford.i San Francisco J. U. Calkins W. A. Day W. M Hale. Ira Clerk 1 Assistant deputy governor. » Assistant to the governor. 2 Controller. * Acting chairman; W. H. Fletcher, acting Federal Reserve agent MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS i Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City; Cincinnati branch B. J. Lazar Denver branch J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch _ J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H. Frye. San Antonio branch M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch ___ W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch _ R. H. Buss. Seattle branch 0. 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 BULLETIIV 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Member bank reserves and Treasury operations 201 Federal Deposit Insurance Corporation—Condition of insured commercial banks and trust companies, Dec. 31, 1934, and June 30, 1934 '_ 247 Department-store sales and stocks—Revised indexes 254-255 National summary of business conditions 207 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 208-212 Member and nonmember bank credit: All banks in the United States 215 All member banks -_ 213, 214, 242, 246 Weekly reporting member banks in leading cities -- 216, 243 Brokers1 loans 216 Acceptances and commercial paper _ 217 Discount rates and money rates 218 Security prices, bond yields, and security issues 219 Treasury finance _ _ - 220 Assets and liabilities of governmental credit agencies 221 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 222 Farm Credit Administration—Loans and discounts outstanding, by institutions 223 Home Owners' Loan Corporation—Summary of operations 223 Federal home loan banks—Assets and liabilities - 223 Production, employment, car loadings, and commodity prices 224 Merchandise exports and imports -- - 225 Department stores—Indexes of sales and stocks 225 Freight-car loadings, by classes 225 Financial statistics for foreign countries: Gold reserves of central banks and governments 226 Gold production __. 227 Gold movements— - 227-229 Government note issues and reserves - 230 Bank for International Settlements 230 Central banks - -- -- 231-233 Commercial banks 234 Discount rates of central banks 235 Money rates — 235 Foreign exchange rates 236 Price movements: Wholesale prices 237 Retail food prices and cost of living 238 Security prices 238 Law department: Rulings of the Federal Reserve Board: Transactions constituting withdrawals from savings accounts 239 Federal Reserve statistics by districts, etc.: Banking and financial statistics 240-246 Industrial and commercial statistics 248-253 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 21 APRIL 1935 No. 4 REVIEW OF THE MONTH culating notes in the amount of $220,000,000, and the sale of $100,000,000 of Treasury bills Member bank excess reserves, which reached in excess of maturities and $40,000,000 of new a peak of $2,300,000,000 on February 9, declined savings bonds. These and other Treasury reto about $1,850,000,000 at the ceipts exceeded Treasury expenditures and in- JSSe balances end of March. Most of the decreased the total of Treasury cash and balances cline occurred during March, as at Federal Reserve banks to an unusually high the result of a temporary increase of $350,level. 000,000 in the amount of cash held by the Substantial changes in the amount of cash Treasury and Treasury balances with Reserve held by the Treasury and in its deposits with banks. Other factors in fluctuations in mem- Federal Reserve banks exert an important ber bank reserves were relatively unimportant though temporary influence on the volume of during March. member bank reserves. Expenditures of the The decline in excess reserves in March Government are made largely from Treasury occurred first at New York City banks, since balances maintained with Reserve banks, and a substantial part of the Treasury's financing these balances are constantly being replenished operations takes place at these banks. During by receipts from taxes, cash sales of public-debt the latter part of the month outside banks securities, and withdrawal of funds from delost reserves. For the month as a whole excess pository banks. When the Reserve banks reserves of all member banks showed a decline receive funds for account of the Treasury from of $350,000,000, of which $130,000,000 occurred any of these various sources, funds are thereby at New York City banks. Changes in excess withdrawn from the market and member bank reserves during March by banks classified as to reserves are reduced by a corresponding amount. locations are shown in the following table. On the other hand, when the Treasury makes disbursements, funds are returned to the mar- EXCESS RESERVES OF MEMBER BANKS ket and member bank reserves are increased [In millions of dollars] thereby. Fe 1 b 9 . 3 5 28, Ma 1 r 9 . 3 5 31, Change As explained above, the sale of securities by the Treasury in exchange for cash results in an New York City member banks 883 749 -134 immediate withdrawal of funds from the mar- C hicago member banks _. 186 99 -87 0 ther licensed member banks 1,130 998 -132 ket and a reduction in member bank reserves. Total 2,199 1,846 -353 On the other hand, the sale of new United States Government securities to a member bank in The increase in the amount of cash held by exchange for a deposit balance to the credit of the Treasury and its balances with Federal the Treasury at that bank has no effect upon Eeserve banks in March re- member bank reserves until the deposit thus opSons and fleCted PrinciPally i n c™ tax created, or a part of it, is transferred to the bank reserves collections of about $330,000,- Reserve bank. Short-term Treasury bills are 000, unusually large gift tax generally sold on an immediate payment basis, collections, the deposit of lawful money by while most other securities, when sold to banks, national banks for the retirement of their cir- are paid for by credits to the account of the 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN APRIL 1935 Government on the books of banks purchasing The Treasury Department announced on the securities. Purchases by investors other March 9 the call of the 2-percent Consols of than banks result in withdrawals of reserve Retirement of 1930 for redemption on July funds from member banks and increases in national bank 1, 1935, and of the 2-percent Treasury deposits at Reserve banks. notes Panama Canal loans of 1916-36 Over a period of time the amount of cash and of 1918-38 for redemption on August 1, held by the Treasury and its balances at 1935. The former issue was outstanding on Reserve banks are maintained at a fairly con- February 28 in the amount of $599,724,050 stant level. Over short periods, however, there and the latter issues in the amount of $74,may be changes of considerable magnitude. 901,580. In addition to effecting some reduc- During the past year or more Treasury opera- tion in the interest-bearing debt of the Govtions have had a larger influence in changing ernment, this measure will necessitate the rethe volume of member bank reserves than in tirement of the national bank note circulation. former years, as is indicated by fluctuations in The called bonds are the only outstanding Gov- Treasury cash and deposits with Federal Re- ernment securities which permanently contain serve banks, shown in the chart on page 208. the privilege for the issuance of circulating In January 1934 sales of Treasury securities notes against their pledge. The provisions of took $300,000,000 of funds from the market. the Federal Home Loan Bank Act which tem- On February 1, 1934, there was an increase in porarily extended the circulation privilege to Treasury cash holdings of $2,800,000,000, repre- all United States Government bonds bearing senting the increment resulting from the reduc- interest at a rate not exceeding 3% percent tion in the weight of the gold dollar. Since this expire on July 22, 1935. Consequently, upon change arose from a revaluation of existing the retirement of the Panama Canal issues on gold holdings, it represented no withdrawal August 1, there will be no bonds outstanding from member banks. Between that time and bearing the circulation privilege. June 13, 1934, there was a decline of about The following table shows the situation as to $450,000,000 in Treasury cash and deposits at national bank notes on February 28, 1935: Federal Reserve banks. Subsequently, there have been further considerable fluctuations in NATIONAL BANK NOTES, FEB. 28, 1935 Treasury balances which have had a substan- Total outstanding: $837,712,095 Held by the treasury $18,071,880 tial effect on member bank reserves. Increases Held by Federal Reserve banks 26,839,770 44) 911t 63o occurred around quarterly income tax dates In circulation 822,800,465 and at times of new issues of Government se- Lawful money on deposit to redeem circulation 214,371,617 curities, while between these dates there were United States bonds on deposit to secure circulation 657,937,080 gradual decreases. National bank note redemption fund 31,447, 706 In view of the large volume of excess reserves Amounts of various issues of bonds on deposit in the hands of member banks, however, these with the Treasury on February 28 to secure fluctuations have not seriously affected their circulation of national bank notes are given in position. The fluctuations have been in fact to the following table, which also shows the total some extent a consequence of the existence of amounts of these issues outstanding. It will excess reserves, since an increasing number of be noted that the issues bearing permanent banks appear to follow the practice of sub- circulation privilege, which have been called, scribing to new Treasury issues through an accounted for $521,000,000 of the total of $658,immediate charge against their reserve balances 000,000 of bonds on deposit. The remainder, rather than through the creation of Govern- amounting to $137,000,000, was comprised ment deposits on their books. mostly of various issues of Treasury bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 203 The table also shows that most of the called Under the procedure to be followed in retirbonds outstanding, amounting to $675,000,000, ing national bank notes, this action will have were deposited to secure circulation. only a temporary effect upon Effect on ^he total volume of member UNITED STATES GOVERNMENT BONDS WITH ClRCULA- member bank , _ _ . . , TION PRIVILEGE, FEB. 28, 1935 reserves bank reserves. Each national bank with notes in circulation Amount out- On deposit standing c t i o rc s u e l c a u ti r o e n will, before redemption of the bonds or before expiration of the circulation privilege, deposit Issues with permanent circulation privilege: with the United States Treasury a sufficient 2-percent Consols of 1930 .-. $599,724,050 $480,506,250 2-percent Panama Canal loan of 1916-36_ 48,954,180 25,683,060 amount of lawful money to cover its liability 2-percent Panama Canal loan of 1918-38. 25,947,400 14,923,020 against its notes outstanding, and this liability Total 674,625,630 521,112,330 will thereby be transferred to the Treasury. Other pre-war issues: 3-percent Panama Canal loan of 1961 ... 49,800,000 1,000 In making this deposit the issuing bank will 3-percent Conversion bonds of 1946-47-. 28,894,500 15,000 receive credit for the 5-percent redemption Total. 78,694,500 16,000 fund already held by the Treasury. The Treasury bonds: 3J4-percent Treasury bonds of 1941 834,474,100 19,022,650 deposit made to retire its circulating notes will 3 ^-percent Treasury bonds of 1941-43.. 544,914,050 21,481,000 3^1-percent Treasury bonds of 1940-43._ 352,993,950 7,419,050 at the time reduce the amount of member bank 3^-percent Treasury bonds of 1943-45.. 1,400,570,500 337,500 3J4-percent Treasury bonds of 1944-46.. 1,518,858,800 9,393,500 reserves. When the called bonds are redeemed, 3%-pereent Treasury bonds of 1943-47.. 454,135,200 22,415,250 3-percent Treasury bonds of 1946-48 824,508,050 10,835,750 however, the funds thus disbursed will re- 3^-percent Treasury bonds of 1946-49.. 818,646,500 15,387,450 3H-percent Treasury bonds of 1949-52.. 491,377,100 3,759,000 plenish member bank reserves. 3-percent Treasury bonds of 1951-55 755,478,850 26,757,600 Since the amount of called bonds outstand- Total 7,995,957,100 136,808,750 ing at the end of February, $675,000,000, plus Grand total 8, 749, 277, 230 657,937,080 the 5-percent redemption fund, $31,000,000, exceeded the amount of notes outstanding not This action will simplify and make more already covered by deposits of lawful money, uniform the currency system of the country by $654,000,000, the net effect of these various eliminating national bank notes, transactions, when completed, will be a small Effect upon ti n contemplated at the an ac O increase in the total volume of member bank the currency r reserve balances. In the interim, however, to system time ol the passage ol the Fedthe extent that deposits are made by national eral Reserve Act, and by conbanks for retirement of their notes before the centrating the currency issue in the Governcalled bonds are redeemed, there will be some ment and Reserve banks. Retirement of nareduction in reserve balances. This has already tional bank notes will not result in any conoccurred in March to the extent of $220,000,000. traction in the amount of currency in circula- The existing large volume of excess reserves is tion, since Federal Reserve notes will be issued sufficient to absorb these relatively small and in place of the retired bank notes. This will transitory influences without difficulty. Indileave in active circulation only three types of vidual national banks, which have deposited paper currency: Federal Reserve notes, silver Treasury bonds against their note issues and certificates, and United States notes. Types do not hold called bonds in an amount correof currency that are being retired as rapidly as sponding to their notes outstanding, may lose they return from circulation are gold certificates, reserves, and there may occur, therefore, a Treasury notes of 1890, and Federal Reserve certain amount of shifting of excess reserves bank notes, to which list there have now been among member banks. added national bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 FEDERAL RESERVE BULLETIN APRIL 1935 The Treasury will obtain funds for retire- Treasury during March also called for redempment of these called bonds from the increment tion on June 15 the $1,930,000,000 of First resulting from reduction in the weight of theLiberty Loan bonds now outstanding. As a gold dollar. The Federal Reserve banks will result of these calls and regular maturities, the receive from the Treasury gold certificates or Treasury will redeem during the remainder of credits payable in such certificates, and the1935 about $4,200,000,000 of bonds and Treasury deposit thus established will be drawn $1,200,000,000 of maturing notes, as well as meet down in redeeming the bonds. In this way a regular weekly maturities of short-term bills. new source of reserve funds will be supplied to Changes in the maturity distribution of the replace the reserves withdrawn by the retire- interest-bearing debt of the United States ment of national bank notes. The net result Government in the past 2 years are indicated upon the various reserve factors, when the OD the accompanying chart, which shows by bonds have been redeemed and the notes years maturities of obligations outstanding on retired, will be a decrease in Treasury and March 31, 1933, and again on March 31, 1935. national bank currency and a decrease in Treasury holdings of cash. The volume of U. S. GOVERNMENT INTEREST-BEARING DEBT DISTRIBUTION BY MATURITY DATES member bank reserve balances and of money in BILLIONS OF DOLLARS BILLIONS OF DOLLARS 7 7 circulation will remain practically unchanged. Redemption of bonds bearing the circulation March 31,1933 privilege is a part of a broader series of changes • Bills [xl Certificates in the public debt of the United ffl Notes H Bonds Recent changes States Government that have I in public debt been completed in the past 2 years or are now in process. The changes • I ill already completed have brought about a 5 5 reduction in the average rate of interest paid on outstanding obligations and an extension of maturities over a longer period of years. In March 31,1935 March $1,560,000,000 of Fourth Liberty Loan ] Bills &){ percent bonds that had been called for \ j B N o o n t d e s s redemption on April 15 were offered in exchange for a corresponding amount of 20-25-year !!••• I ••• t Treasury bonds, bearing an interest rate of 2% percent. In addition, over $500,000,000 of 1% 1 in i ll ill 111 HI Hi IS Hi II ill percent 5-year Treasury notes were issued in In the 2-year period since March 31, 1933, exchange for a similar amount of 2% percent as a result of emergency expenditures by the notes maturing on March 15. After these Government, the total interest-bearing debt exchanges $310,000,000 of the Fourth Liberty has been increased from $21,000,000,000 to Loan bonds called for April 15 and $50,000,000 $28,000,000,000. In March 1933, in addition called for earlier dates remained outstanding. to a substantial volume of short-term issues On April 13 the Treasury issued a call for maturing in 1933 and various issues of notes redemption on October 15 of the remaining maturing within 5 years, a major problem $1,250,000,000 of Fourth Liberties not previrequiring early consideration was the disposiously called. Thus all of the $6,270,000,000 tion of the $6,270,000,000 of Fourth Liberty outstanding 18 months ago have been redeemed Loan bonds, bearing an interest rate of 4}£ or called for redemption. percent, soon callable, and maturing in a little In addition to calling bonds bearing perma- over 5 years. Of less urgency were the nent circulation privilege, the Secretary of the $1,930,000,000 of First Liberty Loan bonds, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 205 bearing a rate of 3% percent on about 70 per- year, as was the case 2 years ago. The amount cent of the issue and 4% percent on most of of bonds outstanding and the number of the remainder, then callable, but not maturing individual issues have been increased, but the until 1947. average amount per issue has been reduced and As a result of a series of offers, the first of the average maturity lengthened. As a result which was in October 1933 and the latest in of the April 15 call for the remaining Fourth March of this year, as described, Liberty Loan bonds the amount of maturities JSScddebt°f a11 but $1,250,000,000 of the shown in the chart for 1935 will be increased by Fourth Liberty Loan bonds had $1,250,000,000, while that for 1938 will be by early in April been redeemed or called for decreased by the same amount. redemption. In addition to the $1,560,000,000 On February 18 the Secretary of the Treasury recently offered in exchange for 20-25-year announced an offering of a new form of security, bonds bearing a rate of 2% percent, about United States savings bonds, $2,200,000,000 of the retired bonds were ex- bonds°f Series A> t0 be on sale at P°st changed for 10-12-year bonds bearing an offices on March 1, in denomiinterest rate of Sji percent, $600,000,000 for nations of from $25 to $1,000 (maturity value). 4-year 2% percent notes, and about $700,000,000 These bonds mature in 10 years and are sold on have been redeemed in cash or are subject to a discount basis, a $100 bond selling at $75, to cash redemption. The effect of these exchanges provide a yield, if held to maturity, of about 2.9 was to reduce the interest burden on the percent per annum compounded semiannually. $5,000,000,000 of debt redeemed by more than The bonds will be redeemed at the owner's op- 1 percent per annum, as well as to spread tion any time after 60 days from the issue date, maturities over a longer period. in accordance with a special table of redemp- In addition to exchanges for the Fourth tion values, which provide lower yields for Liberty bonds, the Treasury has in the past 2 early redemption. The savings bonds are not years sold for cash or issued in exchange for ma- transferable and are payable only to the owner turing certificates or notes, the following bonds: named thereon. They are designed to provide $800,000,000 maturing in 1941, $500,000,000 an attractive medium of investment for the maturing in 1945, and $200,000,000 maturing savings of individuals and to encourage the in 1946, all at 3% percent, $500,000,000 at 3% practice of investing savings in Government percent maturing in 1952, and $800,000,000 at securities. About $38,000,000 of the bonds, at 3 percent maturing in 1948. The volume of purchase value, were sold during March. Treasury notes, issued to mature in from 1 to From February 27 to March 27 weekly 5 years, was< increased from about $3,500,000,- offerings of Treasury bills amounted to $100,- 000 to $9,500,000,000, and the short-term 000,000, divided into $50,000,000 of 6-month Treasury bill issues outstanding increased from bills and $50,000,000 of 9-month bills, instead $800,000,000 to $2,000,000,000, while shortof $75,000,000 of 6-month bills, which had term certificates of indebtedness which were been the regular offering for several months. outstanding in the amount of $2,400,000,000 Prior to February 1934 Treasury bills sold had on March 31, 1933, have been entirely elimia maturity of 3 months. In view of the nated except for $160,000,000 of issues made large increase in Treasury balances during for special purposes. March, the offering of bills made in the last The chart illustrates how maturities of Treasury obligations have been spread out week of March for sale on April 3 was reduced during the past 2 years. As a result there are to $50,000,000 of 9-month bills, being $25,now no large maturities of bonds in any single 000,000 less than the maturity on April 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN APRIL 1935 Compared with an increase in the total YIELDS ON UNITED STATES GOVERNMENT SECURITIES interest-bearing debt of the United States [Monthly averages] Decline in interest Government of one third in the March January charge on public past 2 years, the computed 1935 1933 e annual interest charge on this debt increased from $720,000,000 to $800,- Treasury bonds: Average yield on long-term issues 2.69 3.19 000,000, or 11 percent, and the average rate of Treasury notes: interest paid declined from 3.43 percent to 4-5 years 1.35 2.47 12 months. __ 0)) .66 2.86 percent. This decline reflects both the Treasury bills: 3-6 months.. .10 .21 unusually low rates paid at present upon short- 1 Negative yield. YIELD ON U.S. GOVERNMENT BONDS Foreign Central Bank Discount Rates LONG-TERM ISSUES P 5 ER CENT (Monthly a\verages ) PER CENT On March 11 the Bank of Canada commenced operations with a discount rate of 2% \ percent. On March 25 the Bank of Italy J reduced its discount rate from 4 to 3K percent; on April 5 the Netherlands Bank raised its V discount rate from 2){ to 3% percent and on April 10 to 4% percent. v > Revision of Index of Department Store Sales The Board's seasonally adjusted index of 1929 1930 1932 1933 1934 1935 department-store sales has been revised from term borrowings and the refunding of high- 1929 to date to take account of changes which coupon Liberty bonds into lower-coupon have developed in recent years in the typical securities. The chart shows fluctuations in the seasonal fluctuations. The principal effects average yield on long-term Treasury bonds of the revision are to lower the level of the since the beginning of 1928. The present index in April, August, and October, and to level is the lowest of the post-war period. raise the index in January, November, and The decline during the past 2 years in yields December. The adjusted and unadjusted on various types of United States Government indexes and the seasonal adjustment factors obligations computed on the basis of current for both sales and stocks are shown from 1919 market prices is shown in the following table. to date on pages 254 and 255 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

207 APRIL 1935 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Mar. 25 and released for publication Mar. 27] In February industrial production increased this period showed a slight increase over the by less than the usual seasonal amount, follow- low level of a year ago. ing sharp advances in December and January. Distribution.—Daily average volume of reve- Wholesale prices of many leading commodities nue freight-car loadings showed a seasonal showed little change in February and declined increase in February and little change in the in the early part of March; prices of livestock first half of March. Department-store sales and meats, however, advanced further in increased in February, a month when there is February and continued at relatively high usually little change, and the combined total levels during the first 3 weeks of March. for the first 2 months of the year was larger Production and employment.—Daily average than a year ago by 5 percent. output of basic industrial commodities in- Wholesale commodity prices.—During the creased in February by an amount smaller than period from the beginning of February to the is usual at this season, and the Federal Reserve middle of March there were wide movements Board's index, which makes allowance for in prices of many individual commodities, seasonal variations, declined from 91 percent while the general level of wholesale prices, as of the 1923-25 average in January to 89 percent measured by the Bureau of Labor Statistics in February. At steel mills activity increased index, showed little change. In the third week further during the early part of February; later of March prices of cotton and other textiles, in the month and in the first 3 weeks of March, grains other than wheat, coffee, rubber and however, activity declined, contrary to seasonal tires, scrap steel and tin were considerably tendency. In the automobile industry prolower than at the beginning of February, while duction continued to increase and the output prices of livestock, meats, and sugar were indicated for the first quarter is larger than in higher. the corresponding period of any other year since 1929. Lumber production remained at a Bank credit.—During the 4 weeks ended low level. At textile mills activity in February March 20 member-bank reserve balances dedeclined somewhat from the relatively high clined by $280,000,000, principally in conserate of the preceding month. In the meat- quence of an increase in Treasury deposits packing industry output continued to decline. with Federal Reserve banks built up in connection with March 15 fiscal operations. Excess Factory employment increased between the reserves of member banks declined to about middle of January and the middle of February $1,950,000,000. by more than the usual seasonal amount, reflecting substantial increases in working forces Demand deposits (net) of weekly reporting in the automobile, machinery, iron and steel, member banks in leading cities increased and wearing-apparel industries, and smaller in- further by $380,000,000 during the 4 weeks creases in many other lines. At meat-packing ended March 13. The balances of other banks establishments employment continued to de- with reporting banks increased by $100,000,000, cline and at tobacco factories it showed less while Government deposits declined, reflecting than the usual seasonal growth. Pay rolls at the withdrawal of funds from depository banks. manufacturing establishments also increased Loans and investments of reporting banks inconsiderably in February. In nonmanufactur- creased by $275,000,000. There was a further ing industries employment and pay rolls showed growth of $85,000,000 in holdings of direct little change. obligations of the United States Government Total value of construction contracts and a smaller increase in obligations guaranteed awarded in the period from January 1 to March by the Government. Loans to brokers and 15, as reported by the F. W. Dodge Corpora- dealers in securities increased by $130,000,000, tion, w^as smaller than in the corresponding while other loans showed little change. period last year, reflecting a reduction in the Yields on United States Government oblivolume of public projects. The value of con- gations declined slightly further, and opentracts awarded for residential building during market money rates continued at a low level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN APRIL 1935 RESERVE BANK CREDIT AND RELATED ITEMS Weekly basis: Wednesday series MILLIONS OF DOLLARS 9 MI 0 LL 0 IO 0 NS OF DOLLARS 9000 8000 8000 7000 7000 6000 6000 5000 5000 4000 4000 3000 3000 2000 2000 RESERVE BANK «- CREDIT 1000 1000 TREASURY CASH & DEPOSITS WITH F. R. BANKS 1930 1931 1932 1933 1934 1935 Based on Wednesday figures; latest figures are for March 27. See table on page 209. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935J FEDERAL RESERVE BULLETIN 209 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES) [Tn millions of dollars] Reserve bank credit outstanding Treasury Mone- Tre a a n s d ury Money in Member c d a e s p h o a si n ts d \jT\.o_n» F O e t d h e e r r al Date (Wednesday) U.S. Other tary gold national- circula- bank re- with mem- Reserve B co il u ls n t d e i d s- bo B u il g ls ht m G e o n v t e r s n e - - re b s a e n rv k e Total stock b c a u n r k - tion ba s l e a r n v c e es F R e e d se e r r v a e l b p e o r s i d t e s - co a u c n - ts curities credit rency banks 1934—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... 63 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 (J) 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 Mav 23... 34 5 2,430 -1 2,469 7,766 2,375 6,316 3,767 3,052 242 233 May 30... 34 5 2,430 1 2,470 7,776 2,371 6,338 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 6,397 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. l_-_. 21 5 2,432 5 2,463 7,932 2,361 5,315 3,915 3,074 219 232 Aug. 8 21 5 2,432 (») 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 6 2,432 (») 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 2,944 204 220 Sept. 5-_. 24 5 2,432 6 2,467 7,963 2,412 5,419 3,907 3,087 203 225 Sept. 12.. 23 5 2,431 10 2,469 7,968 2,414 5,409 3,948 3,058 213 224 Sept. 19.. 22 5 2,431 8 2,466 7,972 2,412 5,412 3,889 3,124 195 230 Sept. 26.. 20 6 2,430 7 2,463 7,976 2,409 5,403 3,970 3,061 186 229 Oct. 3.-.. 15 6 2,431 3 2,455 7.980 2,407 5,468 3,895 3,068 182 229 Oct. 10__. 12 6 2,430 (') 2,448 7,985 2,403 5,479 3,979 2,967 183 229 Oct. 17-.. 12 6 2,430 9 2,457 7,990 2,410 5,469 3,996 2,968 183 239 Oct. 24... 11 6 2,430 5 2,452 7,993 2,429 5,436 3,985 3,049 165 239 Oct. 31-_. 11 6 2,430 8 2,455 8,002 2,434 5,453 4,006 3,031 164 237 Nov. 7.... 11 6 2,430 -7 2,440 8,008 2,442 5,503 4,032 2,944 172 240 Nov. 14.. 9 6 2,430 29 2,474 8,030 2,450 5,480 4,107 2,964 163 240 Nov. 21... 11 6 2,430 23 2,470 8,076 2,459 5,455 4,196 2,956 159 239 Nov. 28.. 12 6 2,430 12 2,460 8,112 2,469 5,516 4,108 3,017 160 239 Dec. 5 10 6 2,430 6 2,452 8,161 2,478 5,545 4,073 3,060 176 237 Dec. 12... 9 6 2,430 17 2,462 8,180 2,486 5,532 4,112 3,060 184 239 Dec. 19... 9 6 2,430 32 2,477 8,198 2,505 5,587 3,943 3,221 185 243 Dec. 26... 9 6 2,430 25 2,470 8,228 2,504 5,628 3,961 3,181 188 244 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 3,019 216 242 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 5,358 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... 6 2.430 8 2,450 8,456 2,525 5,430 4, 580 2,995 182 245 Feb. 20... 6 6 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 Mar. 6—. 6 6 2,430 10 2,452 8,546 2,517 5,478 4,555 2,998 237 246 Mar. 13... 6 6 2,430 18 2,460 8,551 2,525 5,454 4,588 3,009 238 247 Mar. 20... 8 5 2,430 11 2,455 8,554 2,521 5,453 4,361 3,220 243 254 Mar. 27... 8 5 2,430 9 2,452 8,563 2,535 5,436 4,285 3,335 241 253 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

210 FEDERAL RESERVE BULLETIN APRIL 1935 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 bo B u il g ls h t ! 1 ! I s G e m U o cu v e . r e n S i r t t . n ie - 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 k c v e e e s r c d R F a b e w e s e p a h d s n o i e e t a k s r h r v i n a s t e d l s b p m N e o r e o s m d i n t e - s - - R F c O e o e a s d t u h c e e n - e r r t v r a s e l 1934—January 101 113 2,432 2,656 4,035 2,302 5,382 2,764 397 146 304 February 70 87 2,432 2,597 i 7,138 2,303 5,339 2,822 » 3,448 136 293 March 55 40 2,437 2,535 7,602 2,333 5,368 3,361 3,298 144 299 April... 43 16 2,439 2,507 7,736 2,377 5,366 3,594 3,222 170 268 May... 36 6 2,431 2,479 7,759 2,378 5,355 3,695 3,083 249 234 June 28 5 2,424 2,464 7,821 2,363 5,341 3,790 3,054 226 237 July 23 5 2,432 2,469 7.893 2,364 5,350 3,928 2,999 219 230 August 21 5 2,432 2,463 7,971 2,378 5,355 4,045 2,976 208 228 September 22 5 2,431 2,469 7,971 2,411 5,427 3,947 3,054 197 227 N D O e o c c t v o e e b m m e b r b e e r r 1 1 1 2 1 0 2 2 2 , , , 4 4 4 3 3 3 0 0 0 2 2 2 , , , 4 4 4 6 5 7 6 7 2 8 8 7 , . , 0 1 9 4 9 8 7 1 9 ! 2 2 2 , , , 4 4 4 9 5 1 4 5 5 5 5 5 , , , 4 5 4 9 7 7 4 7 3 3 4 4 , , , 9 1 0 6 0 3 4 0 7 3 3 2 , , , 1 9 0 7 2 1 0 0 1 1 1 1 7 6 8 7 5 1 2 2 2 3 3 4 « 4 1 i 1935—January 8 2,430 2,465 8,284 ! 2,504 5,411 4,355 3, 053 194 241 February 6 2,430 2,462 8,465 ; 2,513 5,439 4,601 2,965 189 246 March 7 2,431 2,461 8,552 2,526 5, 477 4,452 3,122 236 250 Weekending Saturday- 1934—Dec. 1 2,430 13 2,460 8,112 2,469 5,511 4,126 3,005 160 239 Dec. 8 2,430 13 2,460 8,152 2,476 5,556 4,093 3,028 172 239 Dec. 15 2,430 19 2,465 8,178 2,487 5,554 4,093 3,061 183 240 Dec. 22 2,430 40 2,486 8,204 2,501 5,604 3,943 3,214 185 244 Dec. 29 2,430 33 2,478 8,225 2,508 5,609 3,995 3,180 184 244 1935—Jan. 5. 2,431 21 2,465 8,241 2,513 5,523 4,117 3,146 192 241 Jan.12 2,431 23 2,466 8,257 2,508 5,435 4,270 3,090 194 242 Jan.19 2,430 22 2,466 8,270 2,504 5,391 4,373 3,028 206 242 Jan. 26 2,430 24 2,468 8,304 2,500 5,364 4,473 3,001 192 242 Feb. 2 2,430 19 2,462 8,372 2,497 5,377 4,522 3,008 180 244 Feb.9 2,430 23 2,466 8,421 2,500 5,423 4,602 2,943 174 245 Feb. 16 2,430 26 2,468 8,453 2,515 5,440 4,590 2,984 177 245 Feb. 23 2,430 18 2,460 8,497 2,523 5,452 4,625 2,957 200 246 Mar. 2 2,430 13 2,455 8,526 2,520 5, 465 4,595 2,980 214 247 Mar. 9 2,430 17 2,459 8,545 2, 517 5,491 4,563 2,983 236 247 Mar. 16 2,430 23 2,465 8,550 2,522 5,476 4,570 3,003 240 249 Mar. 23 2,430 15 2,458 8,554 2,526 5,470 4,389 3,183 242 254 Mar. 30 2,432 15 2,461 8,562 2.538 5,464 4,285 3,323 235 253 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 l s l t - s ed bo B u il g ls ht s G ec m U o u v . e r S e n it r . t i n e - s r O c e b r s a t e e h n d r e v k i r t e Total ta M s ry to 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 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 p a h d s n i o e e t k a s r h r v i n a s t e l s d b p m N e o r e o s m n i d t e - s - - R F c O e o e a s d t u c h e e n - r e r t v r a s e l 1934—January 111 2,434 2,630 4,033 2,302 5,289 2,652 597 141 287 February— 62 2,432 2,567 » 7,438 2,302 5,355 3,093 I 3,440 127 292 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 3,148 268 236 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 2,968 208 226 September.. 2,431 11 2,464 7,978 2,405 5,456 3,934 3,051 178 228 October 2,430 8 2,455 8,002 2,434 5,453 4,006 3,031 164 237 November.. 2,430 6 2,453 8,132 2,468 5,540 4,081 3,022 161 230 December.. 2,430 20 2,463 ' 8, 238 2,511 5,538 4,096 ' 3,151 189 241 1035—January... 2,430 19 2,461 8,391 2,496 5,380 4,543 191 243 February- 2,430 23 2,465 8,527 2,519 5,467 4,587 3,004 207 246 March 2,437 21 2,471 » 8, 567 2,540 v 5, 494 4,247 v 3,358 226 252 » Preliminary. T Revised. 1 Increase from previous date represents principally increment resulting from reduction in the weight of gold dollar on Jan. 31 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 211 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANES IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] Mar. 31, 1935 Feb. 28, 1935 Mar. 31, 1934 Gold certificates on hand and due from U. S. Treasury.. 5, 576, 023 5, 542, 567 4, 303, 587 Redemption fund—Federal Reserve notes 15, 649 16, 299 32, 748 Other cash 232,933 247,913 200, 647 Total reserves. 5,824, 605 5,806, 779 4, 536,982 Redemption fund—Federal Reserve bank notes. 250 9,086 Bills discounted: For member banks 7,373 '5,693 53, 670 For nonmember banks, etc 243 '269 Total bills discounted. 7, 616 5,962 54, 068 Bills bought: Payable in dollars 23, 273 Payable in foreign currencies _ 5, 305 5,504 5, 275 Total bills bought 5, 307 5,504 28, 548 Industrial advances 21,173 19,397 U. S. Government securities: Bought outright 2, 437, 303 2,430, 282 2, 445, 636 Under resale agreement- 1.600 Total U. S. Government securities _ 2, 437, 303 2,430, 282 2, 447, 236 Other reserve bank credit: Municipal warrants 563 Due from foreign banks 702 803 3,131 Reserve bank float (uncollected items in excess of deferred availability items) _ 1904 3,144 11, 536 Total reserve bank credit outstanding 2, 471,195 2, 465,092 2, 545, 082 Federal Reserve notes of other reserve banks 15, 067 18, 445 16, 569 Uncollected items not included in float 429, 666 485,883 387, 639 Bank premises 49, 524 49, 436 52, 442 All other assets 42, 947 46, 694 120, 630 Total assets _ 8. 833. 004 8, 872, 579 7. 668, 430 Federal Reserve notes: Held by other Federal Reserve banks. 15,067 18,445 16, 569 Outside Federal Reserve banks 3,150, 582 3,135, 869 3,021,734 Total notes in circulation __ 3,165, 649 3,154, 314 3,038, 303 Federal Reserve bank-note circulation—net . 1,301 116, 876 Deposits: Member bank—reserve account 4, 247. 242 4, 587,083 3,457, 069 U. S. Treasurer—general account 418,858 95,156 39, 220 Foreign bank 19,186 14,602 5, 941 Other deposits 207, 306 192,116 151,166 Total deposits 4, 892, 592 4,888, 957 3, 653,396 Deferred availability items.. 429, 666 485,883 387,639 Capital paid in 146, 922 147, 002 146, 221 Surplus (sec. 7) 144, 893 144,893 138, 383 Surplus (sec. 13b). 14, 781 13,445 Reserve for contingencies 30,804 30,824 22, 530 All other liabilities 7, 697 5,960 165, 082 Total liabilities 8,833,004 8,872, 579 7,668,430 Contingent liability on bills purchased for foreign correspondents_ 98 405 4,937 Commitments to make industrial advances _ 15,964 14,435 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents... 3,416. 088 3,423,147 3, 264,452 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3, 268,179 3,287, 473 2,861,734 Eligible paper 5,761 3,955 54, 621 U. S. Government securities.. 231,100 203, 000 385,300 Total collateral.. 3, 505. 040 3,494,428 3,301, 655 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) _ 11, 719 132,895 Collateral pledged against outstanding notes: D iscounted and purchased bills 971 U. S. Government securities 17,000 161,774 Total collateral. 17,000 162,745 ' Revised. i Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN APRIL 1935 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 G er o ti l f d 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 1 r t a y 8 e s 9 s - 0 S s u i i b a lv r s y e id r - M c i o n in or U S n n t o a i t t t e e e s s d F R n e e o d se t e e r r s v a e l F R n b e e o d a se t n e e r k r s v a e l t b n i N o o a n a t n e - a k s l 1933—October... 5,347 225 387 267 116 277 2,930 189 903 November. 5,455 219 394 269 117 285 2,998 206 913 December _ 5,518 213 407 272 117 286 3,044 208 918 1934—January__. 5,289 178 391 267 116 283 2,894 202 927 February.. 5,354 167 399 270 117 289 2,949 194 938 March 5,394 161 403 272 118 289 3,005 178 936 April 5,368 157 400 274 118 282 3,025 162 918 May 5,357 153 402 277 120 279 151 906 June 5,373 150 401 280 119 280 3,068 142 902 July 5,317 146 399 280 121 277 3,044 133 885 August 5,396 143 438 282 122 274 3,103 125 878 September. 5,456 139 483 284 122 274 3,131 119 870 October... 5,453 136 510 288 123 273 3,124 112 856 November. 5,549 133 558 291 124 273 3,176 107 853 December. 5,536 130 592 294 125 265 3,176 101 820 1935—January... 5,380 127 580 287 123 259 3,048 97 827 February- 5,467 126 599 289 123 263 3,119 94 823 March *>— 5,493 123 623 291 123 264 3,135 92 810 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 245. Back figures.—See Annual Report for 1933 (table 56). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES^ [In millions of dollars] [In thousands of dollars] Year and month m a s G t t o o o o e n c f l n d t k d h I i n n s c t 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 r e k e e a * - r- fa O c t t h o e r r s• From or to— Im M - arch Ex- Im F - ebrua E ry x- Ja I n m u - ary-M E ar x c - h ports ports ports ports ports ports $1=.Wo grair s of gold 9io fine; I «., an ounce offine gold=$20.67 Belgium _. 1932—Total 62.9 -446.2 457.5 41.6 England 278 466 63,424 149, 279 466 1933—December 4,035 -0.5 -9.1 11.8 -3.1 F G r e a r n m ce any 70 14 45, 7 2 6 6 6 60, 4 2 2 6 8 29 1 6 4 Total (12 mo.).. -190.4 -173.5 -58.0 41.1 N Sw et i h tz e e r r l l a a n n d d s 1,5 3 0 3 7 9 41 14,3 3 1 3 8 9 41 1934— M A M F J e p a a a b n r y r i r u c l u a h a ry ry - _ - - 7 4 7 7 7 , , , , , 4 7 7 6 0 $ 3 5 7 9 3 1 8 7 9 4 3 =t6 3 H ,4 i 2 - o 0 6 2 5 2 g u 5 1 2 6 r . n . . . . 1 a 0 5 4 1 c ir e is o f o f f 4 2 - in 3 g 5 5 3 2 e o 3 2 4 7 . l . . . . 8 d g 6 6 7 3 o 9 l i d o = f * - i - n $ 6 1 1 0 e 8 0 8 2 . . ; . 5 . 8 1 . 5 7 2 i.«., 2 a , - - 8 n 1 1 8 1 1 1 7 3 9 . . . . . 6 6 9 8 6 A U M E P C C C e c o r e a r e g r u u n n l x u o e a g t a i m r n c d d u a o t o a b a l i r n i y A a a . merica. . _ __ 4 1, , 4 4 8 3 1 1 0 6 7 4 7 2 7 6 6 9 8 8 4 1 3 8 2 5 , , 1 3 2 7 1 1 5 2 3 7 2 0 9 1 1 4 4 2 6 2 5 1 , , , , 6 0 9 4 7 6 5 7 1 4 6 2 7 5 4 5 8 6 1 1 2 0 9 3 J A u u ly gust - 7 7 7 7 , , , , 9 8 9 9 5 7 7 3 6 8 8 1 7 7 4 0 4 7 7 . . . . 4 4 4 1 -1 6 3 5 8 3 7 2 . . . . 7 7 2 3 — 0 2 1 1 . . . . 0 6 4 1 2 1 1 1 1 6 2 1 . . . . 4 6 5 2 A V B C r h e u i n i s t n t i e r s a z a h u l e i I a a l n n a d d i a Hong 2,13 5 9 5 52 4 2 4 13, 2 2 1 8 7 6 9 6 1 N Oc o t v o e b m er b er . . - 8 8 . ,1 0 3 0 2 2 1 2 2 3 9 . . 5 9 1 1 2 0 0 . . 8 9 -0 0 . . 1 3 1 9 2 . . 1 4 Du K t o ch n g East Indies. 334 359 2,221 December 8,238 106.2 92.1 0.1 14.1 Total 4,202. 5 1,133. 9 82.6 2,986.1 A Ph ll i l o i t p h p e i r n c e o I u s n l t a r n ie d s s 2 . - 1 1 , , 3 9 4 1 6 6 1 1 , , 1 0 4 8 9 6 4 3 , ,3 9 5 3 8 5 1935— F J e a b n r u u a a rv ry 8 8 , , 3 5 9 2 1 7 1 1 3 5 5 3 . . 3 3 1 1 4 2 9 2 . . 4 8 0 1 . . 2 1 1 2 2 . . 8 3 Total 13,543 540 122,817 46 286,116 949 March * 8,567 40.3 13.0 -0.7 27.9 i With some exceptions figures represent customs valuations at rate of $35 a fine ounce. v Preliminary. * Includes all movements of unreported origin or destination. »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 54). marked abroad for account of Federal Reserve banks). » 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

21 APRIL 1935 FEDERAL RESERVE BULLETIN 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 n l— k b s e a r ll Ne C w i ty Y o i rk R O c e i s t t h e ie r e s v r e "C b o a u n n k t s ry" T m b o a t e a n m l k — b s e a J r ll Ne C w i t Y yi ork R O c e i s t t h e ie r e s v r e "C b o a u n n k t s r ' y" 1934—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 February— 4,601 1,864 1,826 911 2, 236. 6 898.9 886.7 451.0 Week ending (Friday): 1934—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 1,818.0 538.0 847.7 432.0 Dec. 21 3,944 1,421 1,706 818 1, 643.0 508.1 778.1 357.0 Dec. 28 3,972 1,482 1,677 813 1,685.0 576.1 755.2 354.0 1935—Jan. 4 __. 4,108 1,564 1,705 839 1,823.0 647.5 783.9 392.0 Jan. 11 4,244 1,594 1,794 856 l,95i.O 674.7 870.6 406.0 Jan. 18 4,365 1,606 1,884 876 2,054. 0 670.6 950.7 433.0 Jan. 25 4,456 1,678 1,904 873 2,125. 0 736.0 972.2 417.0 Feb. 1 4,519 1,802 1,834 883 2,177. 0 845.5 902.6 429.0 Feb. 8 4,588 1,872 1,809 907 2, 243. 0 910.9 880.1 452.0 Feb. 15 4,593 1,844 1,840 909 2, 253. 0 882.5 903.4 467.0 Feb. 22 4,624 1,869 1,839 915 2,265. 0 905.5 893.4 466.0 1 Central Reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—See Annual Report for 1933 (table 73). MEMBER BANK DEPOSITS [Averages of daily figures. Figures are for licensed banks only. In millions of dollarsl Net demand and time deposits Net demand deposits Time deposits Month or week a T b ll o a b n t m e a k r l e s — m * - C Y N i o e ty w rk * R O c e i s t t h e ie r e s v r e " b C a tr n o y k u " s n 1 - a T b ll a o b n m t e k a r e s l m l - - C Y N i o e ty w rk a R O c e i s t t h e ie r e s v r e " b C a tr n o y k u " s n - * a T b ll a o b n m t e k a r e s l m - * - C Y N i o e t w y rk » R O c e i s t t h e ie r e s v r e " b C t a r o n y u k " n s - ' 1934—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 Rftpt.p.mhor 27, 615 7,300 11,436 8,878 17,805 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 February . _ _ 29, 357 7,926 12,063 9,368 19,361 7,268 7,606 4,487 9,996 658 4,457 4,881 Week ending (Friday): 1934—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 Feb. 1 7,866 11,964 7,209 7,538 657 4,427 Feb. 8 7,895 11,947 7,240 7,508 655 4,439 Feb. 15 . 7,905 12,038 7,246 7,581 658 4,457 Feb 22 7,920 12,125 7,262 7,658 658 4,467 i Weekly figures are not reported. 1 Central Reserve city banks only* Back figures.—See Annual Report for 1933 (table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDEKAL RESERVE BULLETIN APRIL 1935 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Total Purchased paper loans Call date i m n lo a v e n a e n n d s t s t s - L ba o t n o a k n s s Total s b c t a u o S o b n r e n c y e - d d k d s s b e c y s u S t r e r a e - e t d a e l s O c u e w a u c t n h n i r u s s e d e e r e d r e - - d Total p A U a a c n n y i c c i n a e t e b e p s l d t e - a c p a A n e a b c c p y l - e t e - - s p C m c a o i e p a m r e l - r - L Y N k b o o i r t e e o n a o r r w - n s k s i Total r U s m G e i e t . r o c e i S n e u v n . - s - - t O s ri e t t c i h e u e s - r s b c t a o u o s b n e n r c y - e d d k d s s States abroad TOTAL—ALL MEMBER BANKS 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 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—June 30 28,001 573 15,267 5,292 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 i 5,132 4,760 1934—Mar. 5 26,548 225 11,093 3,644 2,382 5,067 1,387 350 26 157 855 13,842 8,667 I 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 1,367 2,662 1,466 1,196 3,397 June 30— 8,287 150 3,839 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29- 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31— 7,460 374 3,694 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 30-.. 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30- 7,112 203 2,638 1,300 154 1,184 763 341 391 3,508 2,429 1,079 1,811 Dec. 31— 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 1933—June 30».. 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 Oct. 25... 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Dec 30— 6,995 146 2,395 1,034 148 1,213 912 170 706 3,542 2,362 1,179 1,824 1934—Mar. 5—. 7,351 112 2,32i 985 156 1,180 986 276 687 3,932 2,768 1,164 1,724 June 30-.. 7,666 2,202 937 156 1,109 1,131 225 883 4,265 3,053 1,212 1,840 Oct. 17... 7,543 2,294 876 150 1,267 883 232 631 4,300 2,954 1,345 1,531 Dec. 31— 7,761 63 2,202 874 139 1,188 210 4,602 3,246 1,356 1,565 OTHER RESERVE CITIES 1931—Mar. 25— 13,965 235 8,409 3,366 1,619 3,423 645 158 212 227 4,676 i 2,313 2,364 3,729 June30__. 13,567 247 8,100 3,188 1,621 3,291 470 91 189 124 4,750 I 2,408 2,342 3,459 Sept. 29— 13,016 284 7,845 3,092 1,585 3,168 326 67 167 56 4,561 2,301 2, 260 3,317 Dec. 31-_. 12,115 347 7,407 2,806 1,538 3,063 135 35 62 16 4,226 2,133 2,093 3,050 932—June 30— 11,045 254 6,519 2,403 1,407 2,709 118 38 62 7 4,154 2,187 1,966 2,585 Sept. 30— 10,979 205 6,196 2,304 1,406 2,486 151 58 65 14 4,427 1,961 2,466 2,456 Dec. 31.- 10, 535 178 5,879 2,169 1,398 2,312 115 44 46 12 4,362 2,462 1,900 2,298 1933—June 30 ».. 9,780 129 4,846 1,702 1,160 1,984 184 63 51 58 4,621 2,867 1,754 1,846 Oct. 25... 9,951 120 4,912 1,660 1,144 2,108 274 68 91 100 4,645 2,889 1,757 1,836 Dec. 30... 10,157 103 4,797 1,630 1,151 2,016 258 50 78 112 5,000 3,209 1,790 1,809 1934—Mar. 5— 10,816 79 4,669 1,566 1,158 1,945 306 64 89 138 5,763 3,954 1,809 1,753 June 30_- 11,054 53 4,586 1,526 1,145 1,915 311 34 115 154 6,104 4,102 2,002 1,708 Oct. 17... 11,367 55 4,562 1,421 1,120 2,021 328 39 151 123 6,423 4,240 2,183 1,569 Dec. 31—. 11,609 65 4,459 1,412 1,108 1,939 320 42 135 131 6,764 4,551 2,213 1,567 I "COUNTRY" BANKS 1931—Mar. 25 ! 12,290 7,524 2,097 1,449 i 3,978 158 114 36 4,550 1,224 3,326 2,147 June 30 | 12,068 7,318 2,031 1,437 3,849 135 101 30 4,555 1,279 3,276 2,078 Sept. 29 —-l 11,805 7,018 1,935 1,411 3,673 116 81 32 4,606 1,433 3,172 1,985 Dec. 31 10,999 6,469 1,756 1,346 3,367 71 48 36 4,392 : 1,418 2,974 1,796 1932—June 30 10,240 I 5, 892 1, 546 1,328 3,018 64 36 13 4,226 i 1,432 2,794 1,574 Sept. 30 9,954 5,663 1,481 1,324 2,857 55 36 9 4,187 1,471 2,715 1,503 Dec. 31 9,607 5,405 1,432 1,304 2,669 39 28 8 4,114 1,474 2,640 1,450 1933—June 30 * 7,873 4,194 1,132 1,055 2,007 43 27 10 3,598 i 1,469 2,129 1,150 Oct. 25 8,031 4,175 1,118 1,070 1,987 73 46 23 3,748 1,592 2,156 1,148 Dec. 30 8,068 4,123 1,108 1,061 1,955 62 34 22 3,845 1,683 2,162 1,136 1934—Mar 5_. 8,381 4,103 1,093 1,068 1,942 95 54 30 4,148 1,946 2,202 1,129 June 30 8,456 4,016 1,053 1,056 1,906 124 72 45 4,283 1,982 2,301 1,102 Oct. 17 8,649 3,926 1,027 1,026 1,873 150 95 48 4,545 1,992 2, 552 1,078 Dec. 31 1 8,780 3,849 1,010 1,026 1,813 149 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. 1 Beginning June 30,1933, figures relate to licensed banks only. 1 Central reserve city banks only. Back figures.—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report fox 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

215 APRIL 1935 FEDEKAL EESERVE BULLETIN 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 Mutual savings banks Other nonmember banks Date 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 ts t- 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 i 6,068 i 3,920 11,208 7,906 3,302 June 30 _ „ . .. 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 53, 365 33, 750 19, 615 33,073 20,874 12,199 i 10,506 1 6,169 i 4,337 9,786 6,707 3,079 Dec. 31 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46, 071 27,834 18, 237 28,001 16, 587 11,414 10, 316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26, 985 18, 867 28,045 15,924 12,121 i 10,316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26, 063 18,883 27,469 15, 204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30» 40,076 22, 203 • 17,872 24,786 i 12,858 11,928 10, 044 5,941 4,103 5,246 3,404 1,841 Oct. 25 3 24, 953 13, 059 11,894 Dec. 30 40, 319 21,977 18,342 25, 220 12,833 12, 386 9,989 5,909 4,080 5,111 3,235 1,876 1934—Mar. 5 3 26,548 12, 706 13,842 June 30 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. 313 _ 28,150 12,028 16,122 i 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 bank figures not available. 4 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 sav u i 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 e n m - ^ banks ber banks banks ber banks 1930—Mar. 27 53,185 32,082 18,916 12,187 June 30_ - ; 54,954 33,690 9,197 12,067 1930—Mar. 27 24,223 8,406 7,311 1,095 i 609 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 Sept. 24_ 23, 590 8,246 7,192 1,054 1606 14,738 1931—Mar. 25 ' 51,427 31,153 i 9,507 10,767 Dec. 31 22, 769 8,052 7,033 1,019 603 14,114 J D S u e e n p c e . t . 3 3 2 0 1 9 ._! | J 4 5 4 9 1 5 , , , 1 7 8 5 8 2 2 2 1 2 2 3 7 1 9 , , , 5 4 4 6 6 3 6 9 2 i 1 1 1 0 0 0 , , , 0 1 0 1 0 1 7 5 7 1 9 8 0 , , , 2 6 1 8 6 9 4 8 9 1931— J S M u e n p a e r t. . 3 2 2 0 9 5 2 2 21 2 1 , , , 9 3 2 0 9 7 3 4 2 7 7 7, , , 5 9 7 9 2 8 9 8 2 6 6 6 , , , 8 6 9 0 3 5 0 0 3 9 9 9 9 4 8 8 6 2 i 1 6 6 6 0 0 0 3 0 0 1 1 1 3 3 3 , , , 0 8 5 9 4 2 5 1 1 1932—June 30. ! 41,963 24,755 10, 020 7,188 Dec. 31 19, 966 7,246 6,368 878 597 12,123 Sept. 30 I 41,942 24,903 1 10, 020 7,020 Dec. 31 ' 41,643 24,803 10,022 6,818 1932—June 30 19, 046 6,980 6,145 835 594 11,472 1933—June 30» \ 37,998 23, 338 9,713 4,946 S D e e p c. t . 3 3 1 0 1 1 8 8 , , 3 79 9 4 0 6 6, , 8 9 1 0 6 4 6 6 , ,0 0 8 1 0 1 8 8 0 2 5 4 15 5 9 9 4 4 1 1 1 0 , , 2 9 9 8 6 0 Oct. 25 3 | 23, 453 Dec. 30 i 38,505 23, 771 9,711 5,023 1933—June 30 * 14,519 5,606 4,897 709 576 8,337 1934—Mar. 5 « I 25, 293 Oct. 25 3 5,818 5, 052 766 June30...._ J 41,857 26, 615 9,780 * 5, 462 Dec. 30 _. 15, 011 6,011 5,154 857 581 8,419 D O e c c t . . 1 3 7 1 » J i 2 27 8 , , 9 4 4 8 3 4 1934—Mar. 53 6,206 5,288 918 June 30 15,835 6,375 5,417 958 578 8,882 Oct. 17» 6,433 5,461 972 For footnotes see table above. Dec. 313 6,442 5,462 980 NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,- 000,000 on that date. For footnotes see table above. Back figures.—See Annual Report for 1933 (table 70). Back figures.—See Annual Report for 1933 (table 66). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN APRIL 1935 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 t a h 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 s i s e e s - b F r B i a . o n a o n 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 lo A th a ll n er s T I o n t v al estm U cu e .S r n . i t t s i s e e s - b F r B i a . o n a n o w g t R r k s - - s . a m T l n v o o d e e a s n t n a i t t n - s l s - b F r B i a . o n a n o w g t R r k s - - s . 1934—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 August 17,721 3,295 4,533 9,893 6,650 7,127 1,520 1,522 4,085 2,883 10, 594 September. 17,770 3,137 4,697 9,936 6,589 7,120 1,455 1,610 4,055 2,820 10,650 October. __ 17,835 3,062 4,757 10,016 6,647 7,105 1,418 1,644 4,043 2,801 10, 730 November. 17, 762 3,008 4,705 10,049 6,696 7,050 1,381 1,633 4,036 2,827 10, 712 December- 18,102 3,096 4,632 10,374 6,981 7,281 1,459 1,596 4,226 2,995 10, 821 1935—January... 18,229 3,049 4,548 10,632 7,218 7,410 1,445 1,546 4,419 3,154 10,819 February.. 18, 247 2,996 4,564 10,687 7,217 7,366 1,422 1,548 4,396 3,111 10,881 March 3,081 4,587 10,818 7,278 7,564 1,493 1,554 4,517 3,189 10, 922 1935—Jan. 2 18,221 3,081 4,565 10,575 7,192 7,346 1,453 ,551 4,342 3,103 10, 875 Jan. 9 18,158 3.025 4,553 10, 580 7,192 7,332 1,415 ,544 4,373 3,127 10,826 Jan.16 18,264 3,070 4,537 10, 657 7,234 7,487 1,465 L, 539 4,483 3,209 10, 777 Jan. 23 18,257 3,045 4,546 10,666 7,235 7,465 1,454 ,557 4,454 3,179 10, 792 Jan. 30 18,244 3,024 4,537 10, 683 7,237 7,422 1,437 ,543 4,442 3,150 10,822 Feb. 6 18, 208 2,992 4,534 10,682 7,227 7,363 1,413 ,527 4,423 3,129 10,845 Feb. 13_ — 18,245 3,016 4,551 10,678 7,198 7,392 1,437 ,551 4,404 3,117 10,853 Feb.20..._ 18, 215 2,983 4,567 10, 665 7,217 7,307 1,410 ,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 Mar. 6 18,462 3,125 4,598 10,739 7,222 7,547 1,530 1,564 4,453 3,128 10,915 Mar. 13-— 18,522 3,121 4,578 10,823 7,284 7,602 1,529 1,551 4,522 3,198 10,920 Mar. 20— 18,498 3,050 4,590 10,858 7,324 7,539 1,466 1,557 4,516 3,202 10,959 Mar. 27— 18, 463 3,028 4,581 10,854 7,281 7,566 1,447 1,542 4,577 3,230 10,897 i For additional data see p. 243. Back figures.—SeeA nnual Report for 1933 (tables 88-90). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [Net borrowings on demand and on time. In millions of dollars] [Monthly data are averages of weekly figures. In millions of dollars] ! From New From private For ac- Total i an Y d o t r r k u s b t a n co k m s - b fo a r n e k ig s n , b b r a o n k k e i r n s g , Month or date Total ow F n o r ac- c o o u u t n -o t f o - f c F o o u r n t a o c- f End of month panies agencies, etc. count b t a o n w k n sl others 1934 1935 ! 1934 1935 1934 1935 1934—March—... 886 736 148 2 April 975 813 156 6 May 937 766 163 8 January 903 825 I 839 758 64 67 June 1,016 845 165 6 February 938 816 i 862 750 76 66 July 1,042 871 168 3 March 981 773 i 873 706 108 67 August 827 670 156 1 September- 776 633 142 1 April 1,088 I 973 116 October 746 612 133 1 May. 1,016 ! 912 104 November- 713 573 139 1 June 1,082 i 980 102 December.. 784 639 144 1 July 923 i 849 74 1935—January.. 777 635 140 2 A Se U D ffU te S m t ber 8 8 3 7 2 4 ! ! 7 8 6 0 9 3 6 7 2 1 F M e a b r r c u h ary . 8 7 3 5 9 6 6 6 1 9 4 6 1 1 4 4 0 1 2 2 October 827 i 761 66 Mar. 6— 876 731 144 1 November 831 i 765 66 Mar. 13.. 876 732 143 1 December 880 i 813 67 Mar. 20.. 808 663 143 2 j Mar. 27_. 796 658 135 3 Backf igures.—SeeA nnual Report for 1933 (table 93). i Member and nonmember banks outside New York City (domestic banks only). Back figures.—Bee Annual Report for 1933 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 217 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) {In millions of dollars] [In millions of dollars] H er e a l l d b a R b n e y k s s e F r e v d e - Held b b y a n a k c s cepting s o t n B o r a g e s o d e o d i d n s B go a o o s n e d d s Based United stored Based States in End of month s T t o a * o u n * t t d a - - l 1 ! 1 1 1 i | | 1 o T a w ? c ^ n - o c e F o f a i o u c g f r n - o n t r-Total O bi w ll n s b B ou il g ls ht o H t b h e y e ld rs End of month Total U i i n m t S o o p U f n r o o . r e S m t x s . - s c ( h h r w e i o p o d a u r p i r s t e e e s - d ) c D h o e a x l n l - g a e r s t f h r c o i i o b r e p e u e s p i - n g o e - n d r ;j count corre- between tween spond- domestic foreign ents points points 1932—December... 710 40 604 224 380 62 OUTSTANDING 1933—January 707 2 41 626 256 370 38 1934—February 750 98 203 261 4 184 February 704 307 30 325 201 124 42 March 685 103 186 226 3 168 March 671 280 45 261 153 108 85 April 613 103 164 186 3 158 April... 697 163 43 404 206 199 86 May 569 100 150 164 3 152 May 669 13 36 505 229 276 115 June 534 97 145 141 4 148 June 687 41 36 487 201 287 123 July 516 94 135 138 4 144 July.... 738 2 37 552 248 304 147 August. 520 89 140 147 4 141 August 694 1 40 499 252 247 154 September 539 94 138 166 4 137 September- 715 1 41 517 236 282 156 October > 662 93 147 184 4 133 October 737 1 31 592 271 321 112 November.. 561 89 148 195 2 127 November... 758 18 3 599 273 326 138 December 543 89 140 193 2 119 December...! 764 127 4 442 223 219 190 1935—January - 516 86 133 179 3 114 1934—January 771 105 4 567 255 312 95 February . 493 92 123 166 3 109 February 750 56 5 581 266 315 108 March 685 23 5 576 252 324 81 HELD BY F. E: BANKS April 613 3 4 536 236 299 70 (OWN ACCOUNT)! May 569 0) 3 507 226 281 59 June 534 (*) 2 480 220 260 53 1934—February 56 11 11 15 2 11 J A u u l g y u . st 5 5 1 2 6 0 ( 0 0 ) 1 1 4 4 7 8 2 3 2 2 2 2 2 2 2 26 5 1 0 4 3 2 7 M Ap a r r i c l h 23 3 5 1 6 1 (2) 7 (2) 2 2 4 September.. 539 0) 1 503 223 280 35 May (2) 0) October 562 1 0) 516 245 271 45 June (2) November.. 561 0) 517 252 265 44 July December.. 543 0) 497 243 254 46 August (2) (2) September . (2) (2) 1935—January 516 0) 0) 485 238 247 30 October 1 (2) (2) February... 493 0) 452 217 235 41 November 8 (*) D ecember (2) (2) * Less than $500,000. 1935—January (2) (2) Source: For acceptances outstanding (and held by accepting banks), American Acceptance Council. Back figures.—See Annual Report for 1933 (table 100). i Total holdings of Federal Reserve banks include a small amount of unclassified acceptances, i Less than $500,000. Back figures.—See Annual Report for 1933 (tables 97 and 25). ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANES COMMERCIAL PAPER OUTSTANDING * [In thousands of dollars] [As reported by dealers in New York City. In millions of dollars] End of month 1932 1933 1934 1935 End of month 1932 1933 1934 1935 January.._ 33, 444 29,036 5,977 5,502 January... 108 85 108 171 February.. 33, 478 28, 997 5,887 5,504 February. 103 84 117 177 March.... 30, 778 24,788 5,275 5,305 March 106 72 133 April 30, 736 7,181 5,070 April- 108 64 139 May 30,837 6,981 5,076 May. 111 60 142 June 30,762 7,089 5,075 June 103 73 151 JUly 30, C45 6,821 5,081 July 100 97 168 August 30,834 6,199 5,079 August 108 107 188 September. 30,849 6,068 5,691 September. 110 123 192 October... 30,659 5,6S6 5,495 October 113 130 188 November. 30,652 5,841 5,499 November. 110 133 178 December. 29, 489 6,033 6,501 December.. 81 109 166 Back figures.—See Annual Report for 1933 (table 26). 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

218 FEDEKAL RESEKVE BULLETIN APRIL 1935 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Rediscounts and advances un- Advances under sec. der sees. 13 and 13a of the 10b of the Federal Prevailing rate on- Average rate Average yield Federal Reserve Act Reserve Act on— Federal Reserve bank Boston e R f A f a e p c te r t 2 . i o n 1 n F D eb a l . t i e s h e 8 e s , d 1 ta 9 b 3 - 4 o P u r s e r v 2 a i t H - e e R A ff a e p c t r e t . 4 i o 1 n n O D c a t l t . i e s h e 2 e s 0 d t ,1 a 9 b 3 - 3 Month or week m m p P 4 c a e r o o p r i t n m c o m e t i r h a - e 6 , l s a P a b c d n e r a c a 9 i r c n e m y s 0 e k p ' s s e - t , - l d T o a i a 9 y m n 0 s s e , * N C e a w ll lo n a R e n w e s - a « l 1 U 8 b . 2 i l - S l d s . b a T i y l r ls e 2 » a 7 b s 3 i u l - l d r s y ay New York 1H Feb. 2,1934 2 2M Jan. 31,1935 Philadelphia.... 2 Jan. 17,1935 2H 4 Oct. 20,1933 Cleveland 2 Feb. 3,1934 2U 4 Oct. 21,1933 1934 Richmond 2Y, Jan. 11,1935 3 July 16,1934 March L -1M H- H H-l 1.00 1.00 0.27 Atlanta 2 Jan. 14,1935 2H 4 Jan. 14,1935 April L -IN 1.00 1.00 .18 Chicago 2 Jan. 19,1935 4 Oct. 16,1933 May 1 M- H 1.00 1.00 .14 St. Louis 2 Jan. 3,1935 2H 4fc Oct. 21,1933 June H-l H- H H-l 1.00 1.00 .07 Minneapolis 2tt Jan. 8.1935 3 5 Mar. 14,1933 July H-l H- H H-l 1.00 1.00 .08 Kansas City.— 2H Dec. 21,1934 3 4 July 10,1934 August H-l H- H-l 1.00 1.00 .20 Dallas 2H Jan. 8,1935 3 4 Mar. 12,1934 September H-i H-l 1.00 1.00 .27 San Francisco.- 2 Feb. 16,1934 2H 4 Oct. 19,1933 October H-l H-l 1.C0 1.00 .21 November H-l H H-l 1.00 1.00 .22 December H 1.00 1.00 .15 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- UALS, PARTNERSHIPS, AND CORPORATIONS 1935 January H-l 1.00 1.00 .14 Advances secured by February U-l 1.00 1.00 .12 .17 Discounts and advances direct obligations of March 1.00 1.00 .10 .16 under par. 3 of sec. 13 the United States of the Federal Re- (last paragraph of sec. serve Act 13 of the Federal Re- Week ending- Feder b al a n R k eserve serve Act) Feb. 23.... H-l 1.00 1.00 .11 .17 Mar. 2 %-i 1.00 1.00 .10 .15 e R f A f a e p c te r t . i o 1 n n Da l t i e s h e e s d tab- e R f A f a e p c te r t . i o 1 n n Da l t i e s h e e s d tab- M M M a a a r r r . . . 9 1 2 6 3.... H H sA - - - i i i 1 1 1 . . . 0 0 0 0 0 0 1 1 1 . . . 0 0 0 0 0 0 . . . 0 0 1 9 9 1 . . . 1 1 1 4 5 8 Mar. 30 H-i 1.00 1.00 .16 Boston 6 Aug. 11,1932 4 Oct. 20,1933 New York 6 Aug. 10,1932 3H Feb. 8,1934 1 Stock exchange 90-day time loans. Philadelphia 6 Aug. 12,1932 4 Oct. 20,1933 * Stock exchange call loans; new and renewal rates. » Average rate of discount on issues offered by U S Treasury within Cleveland 5 July 24,1934 4 Oct. 21,1933 period. When no rate is shown no bills of the stated maturity were Richmond m July 16,1934 4 Feb. 19,1934 offered. Average rates on 91-day bills as follows: March 1934, 0.08; Atlanta Mar. 20,1934 4 Mar. 17,1934 April 1934, 0.08; May 1934, 0.06. Chicago 5 Aug. 13,1932 4 Oct. 16,1933 Back figures.—SeeA nnual Report for 1933 (tables 60 and 61). St. Louis 6 July 10,1934 4 Feb. 21,1935 Minneapolis 5H Aug. 10,1932 Apr. 15,1933 RATES CHARGED CUSTOMERS BY BANKS IN Kansas City 6 July 10,1934 4 Feb. 23,1934 PRINCIPAL CITIES Dallas 5 Sept. 8,1932 4 Mar. 12,1934 San Francisco 6 Sept. 2,1932 4 Oct. 19,1933 [Weighted averages of prevailing rates] 6 NOTE.—For rates on industrial advances see p. 244. New York City a 8 n d o th ea er s te n r o n r t c h i e ti r e n s 27 w s e o s u te t r h n e r c n i ti a e n s d Month BUYING RATES ON ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York) 1933 1934 1935 1933 1934 1935 1933 1934 1935 Maturity e R A ff a e p c t r e t . i o 1 n n Da l t i e s h e e s d tab- Pre ra v t i e ous J M F a e n a b r u r c a u h r a y ry 4 4 4 . . . 8 1 1 8 2 1 3 3 3 . . . 5 3 4 8 1 3 2 2 2 . . . 6 9 8 4 0 3 4 5 4 . . . 3 8 8 9 9 4 4 4 4 . . . 4 6 5 9 5 2 4 4 4 . . . 0 0 0 8 5 2 5 5 5 . . . 6 5 6 0 6 6 5 5 5 . . . 4 3 4 0 9 0 4 4 4 . . . 9 8 8 5 4 5 April .. 4.33 3.39 5.09 4.52 5.68 5.34 May . 4.24 3.42 4.99 4.39 I 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 6.05 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

Ai-KIL 1935 FEDERAL RESERVE BULLETIN 219 BOND PRICES1 STOCK PRICES1 Other bonds * Pr s e to fe c r k r s ed Common stocks (index, 1926=100) Year, month, or date (indus- Year, month, or date G U S o n t v a i e t t e e r s d n- r C at o e r p an o d - Corporate tr g ia ra l d h e i ) g > h- T l 0t t al , I t n r d ia u l s- r R rno a aaH il d - U m t i i l l i it tv y ment municbonds ipal Number of issues... 20 421 351 37 g (h ra ig d h e) - Total I t n r d ia u l s' H ro a a i d l- Utility 1932 average 96.1 79 1933 average 104.8 78 1934 average 120.7 Number of issues 3 14 4 60 60 20 20 20 1934—March 117.5 76 1 1 1 9 9 9 3 3 3 3 4 2 a a a v v v e e e r r r a a ag g g e e e 1 1 9 0 0 9 3 2 . . . 2 4 2 9 8 8 6 1 1 . . . 7 1 0 8 6 7 4 9 3 . . . 5 4 4 8 6 6 1 3 9 . . . 9 2 2 8 6 7 3 4 0 . . . 8 8 5 8 8 8 7 0 0 . . . 8 6 5 J J A M u u p l a n y r y e il 1 1 1 1 2 2 2 2 1 2 3 0 . . . . 0 2 1 5 7 7 6 7 6 0 9 2 1934— J A J M u u M p l a n y r y e a i l rch,. , .. — - 1 1 1 1 1 0 0 0 0 0 3 5 2 4 4 . . . . . 2 8 4 7 7 9 9 0 9 9 9 5 7 7 9 . . . . . 0 6 3 1 0 8 8 8 8 86 6 7 4 6 . . . . . 0 8 1 3 1 8 8 8 8 8 0 2 3 2 2 . . . . . 8 2 5 5 5 8 8 8 8 8 6 6 8 5 7 . . . . . 4 9 7 8 1 8 8 8 8 8 9 7 9 9 9 . . . . . 7 7 4 4 1 A N D S O e e u c o p c t g v o e t u e b e m s m e m t b r b b e e r e r r . . _ .. . 1 1 1 1 1 2 2 2 2 2 7 1 2 0 4 . . . . . 8 0 6 9 1 5 6 6 6 6 8 5 4 3 1 N A S O e o u c p t v g o t e u e b m s m e t r b b e e r r 1 1 1 1 0 0 0 0 3 3 4 2 . . . . 4 5 1 3 9 9 9 9 8 8 7 6 . . . . 8 4 8 7 8 8 8 8 3 4 3 4 . . . . 0 9 3 1 8 8 8 8 3 2 2 2 . . . . 4 6 2 5 8 8 8 7 1 1 1 9 . . . . 0 6 3 3 8 8 8 8 8 7 7 8 . . . . 6 9 6 1 1935— F M J e a a b n r r u c u h a a ry ry . 1 1 1 3 2 3 0 9 1 . . . 2 1 3 5 5 5 7 5 3 December _ 104.1 100.0 85.8 85.4 83.3 88.8 March 6 131.7 53 1935— M F J e a a b n r r u c u a h a ry ry 1 1 1 0 0 0 6 5 5 . . . 6 1 8 1 1 9 0 0 9 1 1 . . . 9 3 3 8 8 8 7 7 4 . . . 6 4 5 8 8 8 6 6 5 . . . 7 7 2 8 8 7 5 2 4 . . . 0 7 0 9 9 9 3 1 3 . . . 4 2 6 M M M a a a r r r c c c h h h 2 1 2 0 7 3... 1 1 1 3 3 3 0 1 1 . . . 8 5 1 5 5 5 2 2 5 March 6 107.0 100.9 85.6 86.5 76.4 94.0 1 Monthly data are average of daily or weekly figures. M M a a r r c c h h 2 1 0 3 1 1 0 0 6 6 . . 7 2 9 9 9 9 . . 7 9 8 8 3 3 . . 9 8 8 8 5 4 . . 6 0 7 73 3 . . 9 8 9 9 2 2. . 9 3 2 Average derived prices. March 27 106.6 99.1 83.2 83.6 72.3 93.8 Source.—Standard Statistics Co. CAPITAL ISSUES 1 2 P A r v ic e e ra s g d e e p ri r v ic e e d s . f ro M m o a n v t e h r l a y g d e a y t i a e a ld re s . average of daily or weekly figures. [Long-term; i. e., 1 year or more. In millions of dollars] 3 Now 14 Treasury bonds. New Treasury issues were added Aug. 15, 1933, Nov. 1,1933, Apr. 16,1934, June 15,1934, Dec. 15,1934, and Mar. 15, New issues 1935. The 3 Liberties were omitted beginning March 1935. Re- * 45 corporate and 15 municipal. Domestic funding of S N ou ew rc e Y .— o F rk o ; r fo U r n o i t t h ed er S b t B o at n O e d s s N G , S o D v ta e n r Y n d m a I r E e d n L S t t b D a o t n i S s d t 1 s i , c s F C ed o e . ral Reserve Bank Year and month m T e ( a f i o e d o g n s t o r d n a t - - ) i l c TotalJ S n m a p t i n a a c u d l t i - e - B a o C n n d o d r s po S ra to te cks F ei o g r n - m i e s ( a f i s e d o g n u s o r d n e - t - ) i s c notes United Munic- Corporate, by ratings * Year, month, or States ipals date Treas- (high- 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 ury2 grade) Aaa Aa A Baa 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 1928-- 8,040 6,789 1,379 2,385 2,961 1,251 1,858 Number of issues 7-11 15 30 30 30 30 1929 10,091 9,420 1,418 2,078 5,924 671 1,422 1930— 6,909 6,004 1,434 2,980 1,503 905 711 1932 average 3.66 4.65 5.01 5.97 7.20 9.30 1931 3,089 2,860 1,235 1,240 311 229 949 1933 average 3.31 4.71 4.49 5,23 6.09 7.76 1932 1,196 1,166 762 305 20 29 538 1934 average 3.10 3.95 4.00 4.44 5.08 6.32 1933. - 722 710 484 40 120 12 344 1934 1,402 1,402 819 144 35 0 792 1934—March 3.21 4.24 4.13 4.55 5.12 6.26 April 3.12 4.11 4.07 4.43 4.97 fl.01 1934—March _ 97 97 81 9 5 0 50 May 3.01 3.93 4.01 4.37 4.96 6.05 April- 143 143 100 24 5 0 93 June 2.94 3.73 3.93 4.30 4.96 6.06 May.. 103 103 61 26 3 0 39 July 2.85 3.75 3.89 4.28 4.93 6.13 June.. 123 123 102 0 9 0 183 August 2.99 3.81 3.93 4.34 5.09 6.49 July... 217 2 217 91 19 2 0 157 September 3.20 3.84 3.96 4.42 5.17 6.57 August 180 »180 18 8 0 0 79 October 3.08 3.69 3.90 4.36 5.00 6.40 September.. 43 43 36 5 2 0 26 November 3.05 3.57 3.86 4.27 4.93 6.37 October 122 3 122 39 0 0 0 36 December 2.97 3.52 3.81 4.27 4.86 6.23 November. _ 107 107 89 8 0 0 35 December... 141 141 106 34 1 0 45 1935—January _. 2.83 3.45 3.78 4.21 4.77 5.99 February 2.73 3.39 3.72 4.14 4.69 5.97 1935—January 92 92 80 3 2 0 March 2.69 3.27 3.71 4.15 4.72 6.22 February. __ 50 50 44 7 0 0 46 March. 108 108 100 8 0 0 180 March 6 2.66 3.31 3.68 4.11 4.66 6.07 M M a a r r c c h h 2 1 0 3 2 2 . . 7 7 0 2 3 3. . 2 3 4 1 3 3. . 7 7 2 3 4 4 . . 1 1 9 3 4 4 . . 7 7 4 5 6 6 . . 2 3 9 3 1 Includes issues of Federal land banks and Federal intermediate credit March 27 2.68 3.23 3.71 4.21 4.78 6.35 banks, not shown separately. * Includes $100,260,300 bonds of Federal Farm Mortgage Corporation sold by public offering during month. 1 Monthly data are averages of daily or weeitly figures. *Includes bonds of Home Owners' Loan Corporation sold by public * Average, computed by Treasury Department, of yields of all out- offering amounting to $149,111,100 in August and $53,000,000 in October. standing Treasury bonds except those due or callable within 8 years. Sources.—For domestic issues, Commercial and Financial Chronicle; » Standard Statistics Co. for foreign issues (issues publicly offered) annual totals are as finally < Moody'a Investors' Service. 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

220 FEDERAL RESERVE BULLETIN APRIL 1935 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Interest-bearing debt Total Nonin- End of period ( d g e r b o t s ) s Total Bonds Notes C ic e a r t t e i s f- Bills t b e i e r n a e g r s - t Total Bonds» Notes C ic e a r t t e if s - Bills Outstanding Mar. 31,1935— Total 28,043 16, 238 9,567 160 2,079 Fiscal year Obligations maturing: ending- Before July 1,1935 3,790 2 2,397 417 977 J J u u n n e e 1 1 9 9 3 3 2 3 _ . 2 1 2 9 , , 5 4 3 8 9 7 2 1 2 9 , , 1 1 5 6 8 1 1 1 4 4 , , 2 2 5 2 0 3 4 1 , ,4 7 6 8 5 0 2 2, , 2 8 0 3 0 1 9 6 5 1 4 6 3 3 2 8 6 1 J J O a u c n l t y . . 1 1 1 - - - M D Se e a p c r t . . . 3 3 3 1 1 0 , , , 1 1 1 9 9 9 3 3 3 5 6 5 1,8 6 5 8 6 5 0 9 9 3 675 4 3 5 1 5 5 8 4 9 8 25 5 0 1 1934 Apr. 1-Dec. 31, 1936 1,923 1,923 1937 1,749 1,749 January 25,071 24,720 15,600 5,626 2,280 1,214 351 1938 3,193 1,246 1,946 February 26,055 25,707 15,579 6,472 2,278 1,379 348 1939 - - 1,294 1,294 March. 26,157 25,698 15,579 6,925 1,816 1,378 459 1940 514 514 April 26,118 25,599 15, 718 1,814 1,378 519 1941 834 834 May 26,155 25, 588 15,694 6,678 1,812 1,404 567 1943 898 898 June 27,053 26,480 16,510 6,932 1,635 1,404 573 1945 -. 1,401 1,401 July 27.189 26, 605 16, 516 6,951 1,683 1,454 585 After 1945 - 8,685 8,685 August 27,080 26,495 16, 513 6,921 1,682 1,379 585 Other obligations 4 656 102 394 160 September 27.190 26,626 15,922 8,020 1,156 1,529 564 October 27,188 26,643 15,808 8,027 1,154 1,654 545 November 27,299 26,761 15,768 8,036 1,153 1,804 538 i Issues classified as of date of final maturity; most issues are callable December 28,479 27, 944 16, 245 9,586 158 1,954 535 $ at 1 , e 3 a 4 r 8 l , i 0 e 0 r 0 d ,0 a 0 t 0 e , s . i nc A lu m d o in u g n t p o ca s l t l a a l b s le a v b i e n f g o s r e b o A n p d r s . 1 a , n 1 d 9 3 t 6 h , e a u n n d c n al o l t e d y e 4 t th c a L lle ib d - 1935 erties. »Includes $464,000,000 of 4th Liberties called for redemption Apr. 15, January 28,476 27,952 16, 250 9,585 163 1,954 524 1934, Oct. 15,1934, and Apr. 15,1935, and not yet redeemed; and $1,933- February. 28,526 27, 969 16,247 9,582 161 1,979 557 000,000 of 1st Liberties called for redemption June 15, 1935. March _. 28,817 28,043 16, 238 9,567 160 2,079 1775 3 Includes $600,000,000 of Consols of 1930 called for redemption on July 1, 1935, and $75,000,000 of Panama Canal loan bonds called for redemption on Aug. 1, 1935. i Includes $504,000,000 of Government liability for retirement of * Includes such issues as Postal Savings bonds, retirement-fund notes, national bank and Federal Reserve bank notes, as a result of deposit and adjusted-service-certificate series, in which special funds are inof funds by banks; this compares with $309,000,000 on Feb. 28,1935. vested. The 2-percent Consols of 1930, formerly included, are called for redemption on July 1,1935. SUMMARY OF TREASURYIOPERATIONS [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 Expenditures^ Excess of e f x u c n e d ss s , o 2 f receipts receipts General Internal revenue Customs or expend-ar expend- fund Gross Total Inc ta o x me P i r n o g c e ta s x s- Other a c n e e d o l l u a m s n i - s- Total General» E ge m n e c r y - it ( u - r ) es it ( u - r ) es balance debt Fiscal year ending: June 1932 2,006 1,057 503 445 4,741 »3,973 •768 -2,735 -5 -55 +2,68« June 1933 . . 2,080 746 858 475 4,681 »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 9 months ending: March 1933 1,522 564 589 369 3,322 2,429 893 -1,800 (') +76 +1,875 M M a a r r c c h h 1 1 9 9 3 3 4 5 2 2 , , 3 8 0 6 6 3 7 5 9 9 3 0 3 2 9 3 9 8 1 1 , , 2 1 6 1 7 6 4 3 0 6 3 2 4 4 , , 9 7 0 9 9 6 2 1 , ,9 2 3 9 5 5 2 2 , , 6 8 1 6 4 1 - - 2 2 , , 0 4 4 9 6 0 +2+,814267 +3 - , 1 9 3 5 6 6 + + 1 3 , , 7 6 6 1 4 9 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 March 601 326 47 189 39 546 258 288 +55 +19 +365 +291 1 Excludes public debt retirement. «Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable against increment on gold. 8 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. < Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDEEAL RESERVE BULLETIN 221 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEB. 28, 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 n e r i c c o p a o t n o n i n o c ra - e n -C m C o C t o r r i o p o e d m o d n it r i - y a t - E i b m x a p p n o o k r r s t t - A t W P r d a u m o t b i r i o l n k i n c i s s R C A C e o t t g i u g r r o r p e r i i n o c a d o s n u l i r t a l a - C P C o r t t o r r i i o o p e d d o n n u i r c t a -S C h B c o F M i h r o p l p e a e p a o e n r r in r t - d t a g Other» tion ASSETS Loans—total 7,548 2,027 1,374 40 4 276 82 112 139 Preferred stock, capital notes, and debentures 868 868 865 3 Cash—total 337 107 4 (2) 10 2 2 18 71 Investments: United States securities 467 24 2 22 Obligations guaranteed by United States 226 10 (2) 10 Other investments 762 124 99 21 4 Accounts and other receivables _ 155 50 31 (2) (2) 4 (2) 9 6 Real estate and other business properties 141 133 1 (2) (2) 50 83 Other assets 488 383 299 (2) (2) 3 1 80 Total assets other than interagency 10,992 3,727 2,574 40 14 279 88 114 209 408 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,596 251 251 All other 2,405 72 72 Other liabilities (including reserves) .- - 224 55 19 (2) (2) 1 1 17 17 Total liabilities other than interagency __ 6,225 378 270 (2) (2) 1 1 17 89 Excess of assets over liabilities, exclusive of interagency transactions - 4, 767 3,349 2,305 40 14 279 88 113 193 318 Privately owned interests 327 TT s Government interests 4,439 3,349 2,305 40 14 279 88 113 193 318 Distribution of Government interests: S I C n u a t r e p p r i l a t u a c s l e n st c o v c k interest (net) - - -2 6 , , 4 5 3 7 7 3 1 3 7 -2 5 , , 4 5 2 0 1 4 5 5 0 1,7 5 3 0 6 6 0 9 36 3 1 (2) 14 - 3 1 4 2 0 1 0 4 3 1 5 2 1 - ,: 112 1 •= 14 50 3 ~ - 3 4 4 ,0 ,3 8 1 9 8 5 1 Financed partly from Government funds Federal Total * F b e l a a d n n e k d ra s l m F b c i e n e r a d e d t n e e d i k r a r i - a s t te l F C r M F e g a o a d t a o r i r g e o p 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 s e O C r H L a w o o t o r i n m a o p e n o n e r - s' S C I L a a n a o v n o s n r i c u a p n d e r n o g - - s c F sa i a e l a a v o s d t n s i i a e n o o d n r g n - a s s l D F C r I e a a n e o d n t p s r i e u c o p o r e r o s n a - i - l t ration ASSETS Loans—total 5,520 2,047 158 665 29 77 2,544 Cash—total. > - . - 230 24 14 18 6 30 122 1 15 Investments: United States securities 443 67 34 25 1 316 Obligations guaranteed by United States _. 215 16 41 58 1 100 Other investments 638 1 <\ 627 10 (2) Accounts and other receivables _. 105 40 19 1 (2) 37 2 Real estate and other business properties 8 5 (2) (2) (2) (2) 3 (2) Other assets _ 105 84 (2) (2) (2) (2) 18 W 2 Total assets other than interagency _ 7,265 2,284 251 1,330 130 110 2,706 102 18 335 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,346 1,089 5 2, 256 All other 2,333 1,835 175 322 Other liabilities (including reserves) . 169 82 4 36 (2) 3 39 (2) 5 Total liabilities other than interagency 5,847 1,917 179 1,126 (2) 3 2,617 (2) 5 Excess of assets over liabilities, exclusive of interagency transaction 1,417 366 72 204 130 106 89 102 18 331 Privately owned interests 327 121 2 24 6 181 U. S. Government interests _. 1,090 245 72 204 128 82 89 102 18 150 Distribution of Government interests: Capital stock 1,058 114 70 200 125 82 200 100 18 150 Surplus 97 65 34 4 3 1 -11 2 Interagency inter est (net) -66 66 -32 -100 i Includes interagency interests held by the Treasury Department. «Includes unissued bonds covering loans inprocess. e Includes $41,000,000 of assessments paid in by member banks and » Nonstock (or includes nonstock proprietary interests). trust companies formerly included under U. S. Government interests. * Includes also War Finance Corporation not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN APRIL 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 Feb. 28, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28 Mar. 31, Jan. 31, Feb. 28, 1934 r 1934 1934 1934 1935 1935 1935 v 1935 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) 690,471 583,452 599,397 632,209 595,717 568,814 538,431 117,970 113,005 Building and loan associations 59,552 25,205 23,259 20,082 15,640 13,567 12,281 21,367 21,367 Tnsiiranftfi cnrnpanifts 54,059 29,982 29,420 24,829 24,023 22,664 22,035 135 135 Mortgage-loan companies .. . 167,315 159,327 155,874 160,591 156,292 155,367 151,796 101,317 99,226 Credit unions 499 388 387 386 367 361 343 Fpdsral land banks 193,618 115,263 110,997 78,647 77,023 74,670 72,318 Joint stock land banks 13,158 7,323 7,132 6,495 5,530 5,031 4,078 634 621 Agricultural credit corporations 1,214 605 600 863 863 863 861 Regional agriculturalcredit corporations __ 29,145 2,673 866 Livestock crpfiit cornorations 2,071 1,546 1,464 1,334 1,314 1,272 1,256 Railroads (including receivers) 345,178 353,170 361,506 376,555 379,087 379,713 380,199 1,504 753 State funds for insurance of public moneys 5,055 1,233 811 541 Fishing industry 25 25 43 53 53 85 78 Processors or distributors for payment of processing taxes -_. 13 2 2 1 1 1 1 Total _ 1,561,348 1, 280,168 1,291,739 1,302,558 1,255,900 1,222,374 1,183, 651 243,011 235,184 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) . 71,217 112, 291 117,027 122,743 125,408 127,839 132,908 101,336 97,588 For financing exports of agricultural surpluses, sec. 201 (c). 10,053 15, 271 14,992 15,176 15,176 15,164 14, 953 3,095 3,088 For financing agricultural products, sec. 201 (d). 4,448 5,717 6,090 4,258 4,177 4,719 5,332 4,202 3,689 To commodity credit corporation 153,525 42,969 30,242 33,362 36,139 35,905 39, 552 376, 506 372,034 On preferred stock of banks . .. 10,757 18,849 18,965 19,124 19,487 19,674 20,304 1,534 1,345 On preferred stock of insurance companies 4,375 25,785 25, 785 30,033 29,933 29,933 29,933 To drainage levee, and irrigation districts 2,414 11,147 11,321 12,298 15,410 16,978 21, 292 65,489 65,147 To Dublic school authorities 22, 300 22, 300 To industrial and nnmmfirnial hiisinfissp.s 3,248 4,166 6,627 8,516 10,649 12, 740 23, 247 24,050 To mining, milling, and smeltering businesses.. 168 On assets of closed banks 23 22 20 34 79 150 171 219 To Public Works Administration on security transactions _ 1,529 71 1,356 17,311 7,098 2,407 Total _ 256,788 257, 600 250,911 245,169 254,350 262, 296 294,475 582, 677 569, 734 Purchases: Preferred stock of banks _ . 261,438 562,410 571,193 585,858 598,112 621,055 627,876 60,954 36,835 Capital notes and debentures of banks 192,897 256,671 259,662 260,102 256,622 256,316 254,666 68,127 65,914 Preferred stock of insurance companies. 100 100 100 100 100 100 Total _ 454,335 819,180 830,955 846, 060 854,834 877,472 882, 642 129,081 102, 748 Total loans and purchases 2,272,472 2,356,949 2,373,605 2,393,787 2,365,084 2,362,141 12,360,767 954,770 907,667 ALLOCATIONS For relief: F F e e d d e e r r a a l l E E m m e e r r g g e en n c c y y R R e e l l i i e e f f A A c c t t o o f f 1 1 9 9 3 3 2 3 2 4 9 7 9 8 , , 0 2 0 4 3 4 2 49 9 9 8 , , 0 5 0 9 6 0 2 49 9 9 7 , r 7 5 7 8 4 6 2 4 9 9 7 9 , , 5 7 8 7 8 4 2 4 9 9 7 9 , , 7 9 1 8 8 7 2 4 9 9 7 9 , , 7 9 1 9 8 1 2 4 9 9 7 9 , , 9 7 9 1 4 1 1 1 5 3 1 9 5 Emercencv ADDroDriations Act of 1935 215,000 325,000 470,000 500,000 500,000 500,000 Total 777, 247 1,012,596 1,122, 360 1, 267, 362 1,297,705 1,297,709 1,297, 704 28 24 To other Government agencies: To Secretary of the Treasury for: Purchase of stock of Federal Home Loan banks 79,146 81,646 81,646 81, 646 81,646 81,646 81, 646 43, 095 43,095 Purchase of stock of Home Owners' Loan Corporation 39,000 200,000 200,000 200,000 200,000 200,000 200,000 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 55, 000 To Federal Housing Administrator 15,000 15,000 25,000 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, 500 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 520,746 699, 246 699,246 709, 246 709,246 709,246 709, 246 140, 495 140,495 Total allocations 1,297,993 1,711,842 1,821,606 1,976, 608 2,006,951 2,006,955 2,006,950 140, 523 140, 519 Total loans, subscriptions, and allocations 3,570,464 4,068,791 4,195,211 4,370,395 4,372,035 4,369,095 4,367,717 1, 095, 293 1, 048,186 »Includes $372,065,000 of loans for distribution to depositors of closed banks. ' Revised. 9 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

APRIL 1935 FEDERAL RESERVE BULLETIN 223 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS fin thousands of dollars] Farm mortgage loans Federal intermediate credit bank loans to Loans to cooperatives byby—i and discounts for— End of month la F nd e d b e a ra n l ks Co B L m a a n n m d k is- a c g p R a r r o n e e i r d c d g a u i i t t p o l i t o r c n u o o n a r - r s l a - l fi i n n O t a i s o t n t h i n c t e s u i r n - g ti P a o t s r n i s o o o c n d c r s u i e a c 3 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 c r o p u r n n e o l s a d - - l - c d r E g r l o o o e m p a n u n e c g a r s y n h - d t m F i e e n d d te e ia r r - a te l B C c i a a n o t e n i c i o n n v k l p u g t e s r e d s a r f , - - o l r tu A r k r e g a e A v i r n l t o i i c M g c l n t v u g a * l r - sioner duction except credit Bank fund credit as- coopera- banks for loans sociations 2 tives Cooper- to coopatives eratives 1933 May 1,102,891 40 1,838 76, 564 127, 731 137,309 4,266 «• 181,054 June .- 1,102,088 180 2,483 75, 719 »• 145, 412 139,158 3,934 r181,195 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 r 143,127 90,147 8,528 19, 243 54, 642 June --- 1, 630, 900 378, 526 127, 470 62,092 38, 518 r 138, 485 90,517 8,123 20, 539 54,877 July 1, 690,496 429, 830 128, 090 63, 392 49, 826 r 128,830 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 r 105, 446 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, S94 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 99, 776 53, 509 64, 637 84,726 116,846 34,445 53,721 February 1, 944, 976 664, 886 103,360 53,172 71,192 82,342 125,124 34,132 29,445 49,687 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 most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the two columns under those headings. s Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks. HOME OWNERS' LOAN CORPORATION FEDERAL HOME LOAN BANKS SUMMARY OF OPERATIONS1 COMBINED STATEMENT OF ASSETS AND LIABILITIES fin thousands of dollars] Number Loans closed of appli- Months cations Jan. 31, Feb. 28, received Number Amount 1935 1935 1934 From opening to Feb. 28.. 982,117 100,528 $285, 564,176 Cash on hand. 18,154 30,272 March 168, 273 52, 260 150, 213, 639 Loans outstanding. 82,585 77,170 April__ 145,772 56,172 171,490, 768 Accrued interest-.. 422 435 May 119,791 64,172 208, 293, 766 Investments 8,846 2,241 June 97,679 71, 768 223, 440,191 Other assets 89 44 July - 66,157 78,046 235,467, 606 August 72,022 69, 738 202, 442,864 Total assets. 110,096 110,162 September 39, 317 59, 240 179, 299, 857 October 35, 675 65,813 201, 211, 532 LIABILITIES November 14,171 54,468 170, 544, 562 Current liabilities 4,253 3,851 December 2 2,173 54,036 169,018,847 Capital stock, fully paid and oustanding: Members __ 20,859 21,010 1935 United States Government 81, 646 81,646 January. _. 54,990 166,836,150 Subscriptions to capital stock, less balance due 1,260 1,308 February.. 36, 542 104, 919, 941 Surplus 2,078 2,348 Cumulative total. . 1, 743,147 817, 7732, 468, 743, S Total liabilities.. 110,096 110,162 * Figures are subject to adjustment. 2 Revised adjustments for applications received in earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN AFBIL 1935 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i • Construction contracts awarded (value)J Fac- Factory em- tory Freight-car ployment 3 pay loadicgs<* Corn- Year and Total Manufactures Minerals Total Residential All other rolls 3 modmonth ity 3nces« Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed lusted justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 83 84 77 63 44 79 107 97 84 139 1920 . . 87 87 89 63 30 90 108 117 91 154 1921 67 67 70 56 44 65 82 76 79 98 1922 ., 85 86 74 79 68 88 91 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 , . 95 94 96 94 95 94 97 96 97 98 1925 104 105 99 122 124 120 99 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930 96 95 99 92 50 125 92 89 92 86 1931 , . 81 80 84 63 37 84 77 68 75 73 1932 64 63 71 28 13 40 64 46 56 65 1933 76 75 82 25 11 37 69 49 58 66 79 78 86 32 12 48 79 62 62 75 1931 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 58 64 67 February- 71 69 70 68 75 78 23 27 15 17 30 35 70 70 55 59 62 66 March 68 67 66 64 78 85 26 26 16 15 35 36 68 68 53 58 61 66 April . 64 63 63 61 72 80 31 27 16 14 43 38 66 66 50 57 59 66 May 61 60 60 59 65 67 31 26 14 12 45 37 63 64 47 53 54 64 June 59 59 58 58 62 64 32 27 12 11 47 39 61 62 43 52 52 64 July 56 58 55 57 63 65 31 27 12 11 46 40 59 60 40 51 51 65 August... 59 60 58 59 66 65 32 30 11 12 48 45 60 60 41 53 51 65 September 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 65 October. _ 68 67 67 66 80 74 28 29 1 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 56 61 February- 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 51 54 60 March 60 59 68 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 7J October-_ 78 76 76 76 89 81 35 37 12 12 53 57 80 78 59 66 58 71 November 72 72 70 70 85 82 42 48 12 13 66 76 76 76 56 60 59 71 December 69 75 67 73 81 86 45 57 11 13 73 93 74 75 55 56 63 71 1934 January. _ 77 78 75 76 85 88 40 49 10 12 64 80 73 75 54 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 44 39 79 80 61 63 61 75 August.._ 73 73 71 72 83 80 28 27 10 10 43 40 80 79 62 63 59 76 September 73 71 70 69 87 82 30 29 11 11 45 44 76 74 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 '73 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 90 87 90 91 94 22 27 10 12 32 39 79 '81 64 58 64 79 February. •91 »89 • 91 92 96 24 28 13 14 33 39 81 82 69 61 65 80 * Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 249-250; for description see BULLETIN for February and March 1927; for revised figures back to 1919 see BULLETIN for September 1933, pp. 584-585. 1 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. 251-252. 4 For indexes of groups see p. 225; 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. 248. For back figures see Annual Report for 1933 (table 120). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 225 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exportsl Merchandise imports • Excess of exports Month 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 January 250 150 121 172 176 183 136 96 136 167 66 15 25 37 9 February . 224 154 102 163 *163 175 131 84 133 *153 49 23 18 30 »10 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 JUD6 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 o 17 -23 52 180 132 160 192 170 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 sales i Index of m s o to n c t k h s ) (end of 1934 1935 Feb. Oct. Nov. j Dec. Jan. Feb. Adjiisted Without Adjusted Without Month for se*isonal seasonal ad- for seasonal seasonal advarijition justment variation justment Adjusted for seasonal variation 1934 1935 1934 1935 1934 1935 1934 1935 Total 64 57 59 64 64 65 Coal 78 60 64 71 73 75 Coke 76 45 43 51 62 62 January 71 74 57 59 66 64 59 57 Grain and grain products 68 58 56 58 56 59 Februarv 71 75 59 61 66 64 63 61 Livestock 48 62 55 51 42 39 March 78 73 *>70 65 67 Forest products 30 30 30 32 31 35 Ore 34 30 20 34 31 34 April 74 73 65 68 Miscellaneous 67 60 64 71 72 73 May 77 77 66 68 Merchandise i _ 67 63 64 66 65 65 June 74 70 65 63 July 73 51 64 59 Without seasonal adjustment August 77 60 64 61 September 75 79 64 67 D O e ct c o e b m e b r er 7 7 7 4 3 8 1 8 8 3 3 2 5 6 6 6 4 4 5 7 7 6 1 4 0 Tota G C C l o o ra a k i l e n and grain products 6 6 4 6 4 9 6 5 4 6 7 6 4 0 0 0 5 5 5 7 6 4 7 6 8 6 5 5 2 9 8 4 L r 7 8 w 6 ( 1 1 1 Year 75 65 L Fo iv r e e s s t t o p c r k oducts 8 3 3 1 6 2 4 9 5 2 1 6 4 2 4 8 3 3 7 6 Ore,_ 42 14 8 7 8 i 9 B P a r s e e li d m t i h n r a o r u y g . hout on figures of daily average sales—with allowance M M e is r c c e h l a la n n d e i o s u e s l 7 6 0 6 6 6 3 5 5 6 5 2 5 6 8 1 6 6 3 2 for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Indepen- 1 In less-than-carload lots. dence Day, 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: Association upon sales of changes in the date of Easter. of American Railroads. Back figures.—See pp. 254-255 of this BULLETIN; seasonally adjusted index of sales revised from 1929 to date. Back figures.—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN APRIL 1935 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS [In millions of dollars. $l=15^i grains of gold *Ko fine; i. e., an ounce of fine gold=$35] Total Europe 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 Denmark England France Germany 1934—January 20,229 130 11,697 646 86 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 1,574 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, 787 111 1,581 5,455 October 21,586 8,002 132 11,813 112 1,582 5,468 November- 21,646 8,132 133 11,730 112 60 1,583 5,443 32 December. . 21,771 8,238 134 11, 751 112 1,584 5,445 32 1935—January v 21,880 8,391 132 11,696 599 112 1,586 5,438 32 February... v 22,022 8,527 135 v 11, 679 596 112 1,586 5, 439 32 March *8,567 180 532 1,586 v 5,479 33 E urope—C ont inued End of month Nether- Portu- Ruma- Switzer- Yugo- 6 other Greece Hungary Italy lands Norway Poland gal nia Spain Sweden land U.S.S.R.1 slavia countries 1934—January——. 633 626 100 739 169 653 704 58 February,-. 633 539 101 739 169 600 704 59 March 613 535 101 739 170 570 706 59 April 609 539 101 739 167 634 706 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 519 555 104 740 159 600 744 59 February—. 39 519 552 68 105 740 159 586 744 March 553 741 560 Latin America Asia and Oceania Africa End of month T c tr o o ( i 1 u e t 0 n a s) l - g t A i e n r n a - - Chile l C o b m i o a - - Mex- Peru g U u r a u y - c o t o r th i u 4 e e n s r - T c tr o o i ( u e t 7 s a n ) l - IndiaJapan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u e e n s r - T c tr o o i ( u e t 4 s n a ) l - Egypt S A o fr u i t ca h o c t o r th i 2 u e e n s r - 1934—January 579 405 20 778 274 215 143 17 February 588 405 20 780 274 359 222 150 17 March 405 20 778 274 359 218 146 17 April 591 405 20 781 275 362 220 149 17 May 594 405 20 803 275 382 226 154 17 June 405 20 804 275 384 233 161 17 July 405 24 806 275 386 244 172 17 August 605 403 28 807 275 387 220 149 17 September 604 403 28 803 275 388 226 155 17 October 599 403 29 795 275 390 245 173 17 November 599 403 29 796 275 392 255 184 17 December 403 29 275 394 255 184 17 1935—January _ 403 29 800 275 395 267 196 17 February J>592 »29 804 275 397 '285 214 » Preliminary. 1 Figures for December 1933, March 1934, June 1834, 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

APEIL 1935 FEDERAL RESERVE BULLETIN 227 GOLD PRODUCTION [In thousands of dollars] Esti- Production reported monthly Year and month m w a o t r e ld d Africa North and South America Far East pr t o i d o u n 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 Canada U S n ta it te e s d Mexico Co b l i o a m- Chile Au l s ia tra- Japan India $l=25¥io grains of gold ¥10 fine; i. e., an ounce of fine gold=$2O.67 1932—Total —. 499,241 238,931 12,000 788 14,563 1933—Total 522,555 227,673 13,335 3,009 16,790 1934—January 546 320 5,322 1,080 697 grains of gold 9/io e., an ounce oj fine gold=$35 February 72,981 54,707 28,893 1,893 927 7, 1,906 1,067 2,269 1, March 76,949 58,676 30, 550 2,042 965 8,726 1,194 940 2,415 1,390 April 76, 525 r 58, 251 30,173 2,014 941 7,975 2,233 843 2,566 1,376 May... _ 79,750 61,47 31,324 2,055 951 ,090 2,431 991 2,460 1, June 77,702 59,429 30,138 2,048 946 8,495 8,724 1,941 1,003 2,722 1,310 July _ 79,060 60, 786 30,773 2,015 1,072 ,593 9,214 1,861 1,037 2,579 1,351 August 79,900 61, 627 31,015 2,085 1,022 9, 270 8,829 2,078 1,148 2,619 1,413 September 78,766 60,492 29,951 2,061 1,072 8,546 10,404 1,396 940 2,625 1,495 October 81,999 63, 725 30, 994 2,054 1,117 9,278 10,824 2,166 1,143 2,453 1,438 November 79,039 60, 765 30,633 1,932 1,080 8,750 8,759 2,006 831 2,650 1,377 December _ 80,394 P 62,120 30, 356 2.031 1,135 9,148 10,124 2,030 922 2,722 1,435 Total (12 mo.). Total (new par) 1935—January February •p Preliminary. * Revised. * 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, November 1934, p. 737, and March 1935, p. 170. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 1934, p. 104. Figures for Canada since 1933 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars] United States Total Net imports from or net exports (—) to— net Year and month imports China All e o x r p n or e t t s England France Belgium N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Colombia 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 -441,649 -82,571 -96,586-118,273 64,574 20,087 3,240 26,597 39,043 85,737 1933—December _._. -9,128 -10 -8,883 347 932 Total (12 months). -216, 035 -895 7,901 -11,631 19,896 4,280 25, 629 12,821 -21,898 1934—January -461 -10 -1,678 313 : 1,365 Customs valuations; with some exceptions at rate of $35 a fine ounce February... 452, 571 239,800 124, 381 131 57,272 9,0871 12,114 5,124 1,660 651 2,352 March 237,336 135, 987 51,821 10,148 3,569 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 10 8,673 2,086 2,554 10, 240 1,865 1,987 June 63, 705 31, 288 10, 750 -4,865 6,989 2,837 37 12,191 2,286 2,190 July. 52, 346 22,978 2,212 -17 8,982 2,664 8 8,948 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) i. 1,131,994 499,870 260, 223 8,902 94, 348 12,402 86,829 30, 270 16,944 76,820 16,452 28,990 1935—January... 149,392 85, 577 14, 592 12,81: 12,091 4,991 2,101 10,616 1,528 5,083 February.. 122, T 63, 424 45, 766 1,466 339 5,346 729 2,112 522 359 2,711 March 13,003 -187 56 4,449 833 1,407 2,139 334 3,972 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

228 FEDERAL RESERVE BULLETIN APEIL 1935 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 ) o n rt r e 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 el m - N la e n th d e s r- SS la w n i d tz e i r I - A So m ic u a e t r h - Canada B I r n i d ti i s a h S S m t e e r 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 e l e n l 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 10,7811 255, 310 18,279 1933—December 79,426 4,441 15,130 42 147 -196 8,143 4,186 5,892 423 19,460 12,871 Total (12 mo.)— 677,405 7,939 97,016 41,036 -7, 065 -4, 299 9,610 43,374 118,817 60,812 256,177 46,110 1934—January 62,146 4,788 9,805 -13 -20 5,310 -170 5, 500 4,530 8,642 583 2,353 17,667 3,170 Official figures converted atrate of $85 an ounce February 184,820 -238,842 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 31,929 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 -29,369 -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 -5 -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 4,992 245 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, 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.) 716, 269 -497,166 348,190 121,017-13, 585 32, 575 -9,123 17, 568 26,316 206, 711 4,863 41, 790335, 253 101,860 1935—January -4, 218 -79,628 4,270 8,780 -53 381 24,046 12 4,066 37, 231 -3,071 February -36, 566 -74,127 -17,739 -951 2,145 -305 2,057 19,093 88 3,067 18, 669 11,410 March v 63,953 67 26,958 -1,602 142 4,738 -341 2,949 14,040 258 2,539 11, 772 2,380 France Germany Net imports from or net exports (—) to: Net imports from or net exports (—) to: Year and month Total Total net net i e m o x r p p n o o e r r t t t s s U S n ta i t t e e s d E la n n g d - m G a e n r y - g B iu e m l- N la e e n r t d - h s - S l z a w e n r 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. . R S. . 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—December -45,447 -19,387 -772 -474 701-23,443 -2,071 15 691 590 2,668-1,336 Total (12 mo.)-- 223,894 -87, 207 73,001-28,979 44,691 10,491 8,053 -37,044 -64,922 -40,950 1934—January _ 1,215 -5,259 -2 -173 -70 -1,187 -1,761 1,246| -19 -2,615 293 3,610 Official figures converted at rate of $35 an ounce February -175,869 -92,336 -160,187 12, 536 -166 59,196 -1,765 6,853 -20,472 -29,660 -8,054 -946 18,034 155 March -232,658 -79,158 -155,636 3 398 15,955 -2,914 -11,305 -39,440 -55,529 -2 -988 16,992 86 April -1,373 997 -37,010 78 -213 1,995 32,492 286 -5,655 -3, 515 -8,073 -8,189 13,971 15a May 30,915 124 33,581 1 -9,299 676 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 -I,1 19,168 -6, 636 -20,312 -12,286 -8,155 123 July. -2,895 -3,003 926 -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,r "• 153 September 964 5,987 9,606 -3 -44 10-15,492 61 -269 6 52 274 October.- _ 22, 710 26,296 3,706 2 -464 139 -6,972 7,873 -59 4 1,908 5,760 257 November *» -65, 568 -64, 337 -17,936 -2, 633 -786 1,786 318,251 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 (12 mo.)"— -401,945 -241,202 -348, 094 31,038 17,549 75,044 24,477 74,339 -91,783 -109,372 41,094 28,317 4,111 Total (new par.) 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 1935—January P_ 7,796 -15,376 -2,931 115 -994 -96 1,231 3 25, 849 1,312 23 527 75 685 February * -32, 479 -50, 314 8,670 -2,497 249 11,975 -561 295 -49 -62 404 * Preliminary. 1 Except during January 1933, imports of gold from Switzerland are included under "All other countries" since they are not reported separately in the official monthly statistics. 2 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce. 3 $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935. NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

229 APKIL 1935 FEDERAL RESERVE BULLETIN 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 er s 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—November. -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 -3,839 -1,624 -72,183 40,818 -17,873 -6,030 -16,974 9,632 567 = 1934—January -8,629 -7,0 -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 -1,016 393 130 October -2,386 -637 166 -1,864 -178 -65 -4 70 126 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)1 -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, 221 110 -161 -30 27 476 171 February -2, 899 -2, 495 -352 64 77 -159 -197 171 Switzerland British India Year and month i e m o T x ( r n p p o ) e n o o t t a e r r l t t t s s United Ne E l t a n n i g m d - por F t r s a f n r c o e m o g B r i u e n m l e - t ex I p t o a r ly ts (— N la e ) e n r t t d - h o s - : c o t o A r th i u e l e n l s r - i e m o T x r n p p o n e o o t t a e r r l t t t s s U N S n t e a i t t t e e i e s d m xp p o o r r E l t t a s s n n g ( d f — r - om ) t o o c o t : o r A r t h i u n e l e n l s e r - t t I G i d p n o u r o d n o c l i - - d a ins G I e n r r i o C e n d v v - h e i t a s a . ng P i I e n h n r g i o i d n v s l i — d a a i - t n 2 e Official figures converted at rate of $20.67 an ounce 1932—Total g, 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—November.. 3,553 -1,444 4,684 35 191 125 -5,847 -6,023 176 560 -5,287 December- 23,996 8,756 -9,474 23, 299 125 741 -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 -247j 180 115 -421 1,187 342 -14,063 -12,683 -1,380 560 -13,503 Official figures converted at rate of $5J an ounce February -30,109 -10,898-21,567 2,333 36 138 -365 314 -39,307 -7,703 -31,678 74 -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 -2 -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 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 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 -3 -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 -16,334 -1,667 -14,874 207 946 -2 -15,386 February. _. -15,025 -51 -2,108 -16,117 225 2,689 -90 428v-16,958 *946 1 p-16,013 J> Preliminary. 1 January figures placed on same basis as those for subsequent months—i. e., $35 an ounce. 2 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

230 FEDERAL RESERVE BULLETIN APRIL 1935 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1935 1934 1935 1934 Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. 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 72 70 72 69 Currency issued 529 521 515 553 Advances to banks under finance act__. 35 35 35 50 [rish Currency Commission (thousands Dominion notes: of pounds sterling) : Issued 220 217 217 176 Legal tender note fund: Outside chartered bank holdings. _ 45 32 34 28 British legal tender and bank Indian Government (millions of rupees): balances 151 211 534 32 Gold standard reserve: British securities _ . . 7,176 7,176 7,528 6,863 Gold. . 29 29 29 68 Notes issued 7,327 7,387 8,062 6,895 Foreign exchange 505 505 505 465 Consolidated bank notes: * Paper currency reserve: Issued __ _. _ 4,867 4,857 4,852 4,759 Gold 416 416 416 376 Deemed such under sec. 60 (4) of Silver 915 939 951 989 Currency Act, 1927 1,125 1,130 1,137 1,223 Other assets ._ 502 482 473 408 Notes issued 1,832 1,836 1,839 1,773 i Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Feb. 2 and Jan. 5,1935, Dec. 8 and Feb. 3,1934. Figure: 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 Feb. 28 Jan. 31 Feb. 28 Feb. 28 Jan. 31 Feb. 28 Gold in bars ___ -_. 11,008 11,008 17,962 Demand deposits (gold) 10,921 10,921 17,962 Cash on hand and on current account with banks - 2,338 2,611 3,819 Short-term deposits (various currencies) Demand funds at interest 4,224 4,794 17,681 Central banks for own account: Demand 27,987 21,461 42,142 Eediscountable bills and acceptances (at Time—Not exceeding 3 months—. 107, 759 107,605 109,777 cost): Commercial bills and bankers' accept- Total 135,746 129,065 151,919 ances ._- 163,500 164,959 157,071 Treasury bills _._ 194,896 184,810 189,926 Central banks for account of others: Demand 15,398 12,491 Total 358, 396 349, 769 346,998 Other depositors: Demand... 1,428 1,413 924 Time funds at interest—Not exceeding 3 Time—Over 6 months 488 months __. 41, 771 40,229 37, 047 Long-term deposits: Sundry bills and investments: Annuity trust account 154,294 154,481 153, 640 Maturing within 3 months: German Government deposit 77,147 77, 241 76, 820 Treasury bills _ 30, 751 29, 503 30,184 French Government guaranty fund.. 61,930 41,062 40,903 Sundry investments 54,037 33, 514 57, 291 Between 3 and 6 months: Total 293,371 272,784 271, 363 Treasury bills 36,917 34, 234 18, 504 Capital paid in 125,000 125,000 125,000 Sundry investments 42,459 44,717 Reserves: Over 6 months: L«gal reserve fund 2,672 2,672 2,022 Treasury bills 20,307 23,094 35,869 Dividend reserve fund 4,866 4,866 3,895 Sundry investments 36, 247 36, 253 37,934 General reserve fund 9,732 9,732 7722 Other liabilities: Total 220, 718 220,230 224,499 Guaranty on commercial bills sold... 6,084 6,188 4,163 Other assets: Sundry items.. 42, 312 62,594 63,757 Guaranty of central banks on bills sold 6,084 6,129 4,163 Sundry items 3,481 2,956 4,976 Total assets 648,018 637, 726 657,145 Total liabilities 648,018 637,726 657,145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 231 CENTRAL BANKS Assets of banking department Liabilities of banking department Gold (Figures in B m a i n l k li o o n f s E o n f g p l o a u n n d ds sterling) ( m d in e e p n i a s t s r ) u t - 1 e Cash reserves Dis a c n o d unts Se ti c e u s ri- ci N t r i c o o u t n l e a- Deposits l O ia t b h i e li r - Coin Notes advances Bankers' Public Other ties 1934—Jan. 31- 190.9 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 77.5 5.3 86.3 373.7 99.5 15.8 37.0 17.7 May 30. 191.3 73.2 5.6 87.6 378.1 99.4 14.0 36.1 17.8 June 27. 191.5 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 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. S 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 .5 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 Mar. 27. 192.5 .6 71.1 5.6 99.0 381.4 9P..6 20.1 41.2 18.3 Assets Liabilities Bank of France (Figures in millions of francs) Gold e F x o c r h e 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 - - Other ci N r ti 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 - 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 16,188 1,837 July 27. 80,252 1,155 4,248 3,054 5,913 8,150 80,809 3,515 16, 547 1,901 Aug. 31. 82,037 1,082 3,116 3,140 5,913 9,060 81,732 3,884 16,880 1,853 Sept. 28 82, 281 962 4,146 3,134 5,898 8,254 81,479 3,674 17,673 1,850 Oct. 26 82, 476 931 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 82,040 961 3,998 3.080 5,833 7,914 81,917 3,619 16,328 1.962 Mar. 29 82,634 1,017 4,170 3,119 5,833 (2) 83,043 3,667 16,213 (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 ty Se ti c e u s ri- Other ci N t r i c o o u t n l e a- Deposits l O ia t b h i e li r - 1934—Jan. 31... 376 2,845 81 620 843 3,458 498 863 Feb. 28_. 333 2,766 248 666 801 3,494 530 802 Mar. 29. 237 3,144 144 681 685 3,675 547 768 Apr. 30.. 205 3,140 140 639 760 3,640 515 788 May 31.. 130 3,174 125 643 860 3,635 538 778 June 30.. 70 3,392 171 685 780 3,777 623 775 July31_. 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. 80 3, 656 188 764 697 3,617 928 866 Mar. 30. 81 3,799 757 701 3,664 922 830 v 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

232 FEDERAL RESERVE BULLETIN APRIL 1935 CENTRAL BANKS-Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Feb. Jan Dec. Feb. Feb. Jan, Dec. ! Feb, National Bank of Albania (thousands Central Bank of China—Continued. of francs): Deposits—Government 197 ) 200 Gold. 7,122 7,122 7,223 Bank. 39 i 43 Foreign exchange 22,969 22,629 24,933 Other_.._ 14 i 13 Loans and discounts 2,576 2,723 2,913 Other liabilities.— 143 j 71 Other assets. _ 2,252 3,040 2,478 Bank of the Republic of Colombia Note circulation.- 12,739 11,019 11,417 (thousands of pesos): Demand deposits 11,815 13,372 15,893 Gold at home and abroad • 10,495 10,884 14, 251 14, 719 Other liabilities 10,365 11,123 10,237 Foreign exchange. 2,263 1,615 1,892 2,996 Commonwealth Bank of Australia Loans to member banks... 6,748 6,465 8,078 3,662 (thousands of pounds): Note circulation 35,357 35,028 40,137 33,297 Issue department: Deposits... 24, 398 23,906 24,819 24,848 Gold and English sterling 15,708 15,708 15,708 15,508 National Bank of Czechoslovakia Securities 26,314 25, 555 28,875 (millions of koruny): Banking department: Gold 2,682 2,680 | 2,668 Coin, bullion, and cash _ 870 657 1,015 Foreign balances and currency 284 305 229 I 78 London balances 20,339 19,092 17,497 24,466 Loans and advances 1,060 1,180 1,379 ! 1,346 Loans and discounts 17,660 19, 579 19,733 14,888 Note circulation 5,253 5,028 5, 640 5,523 Securities _ _. 36,123 35,873 35,898 35,858 Deposits. _ 975 1,317 766 444 Deposits _ 77,007 77,221 75,941 79,707 Danish National Bank (millions of Note circulation- - 47,050 47, 550 50,300 41,155 kroner): Austrian National Bank (millions of Gold 133 133 133 133 schillings): Foreign bills, etc 15 16 14 10 Goldi__ 242 242 242 189 Loans and discounts. 77 73 75 71 Other foreign bills i _. 38 36 35 22 Note circulation 363 361 386 351 Domestic bills 234 237 236 297 Deposits. _ _. 92 91 123 L78 Government debts 624 624 624 624 Bank of Danzig (thousands of Note circulation-. 902 902 964 993 gulden): Deposits 212 215 154 138 Gold. 20,010 20,485 23,577 30,161 National Bank of Belgium (millions Foreign exchange of the reserve 1,478 2,703 2,899 9,133 of belgas): Other foreign exchange 84 125 38 523 Gold 2,531 2,543 2,505 2,714 Loans and discounts 21, 358 21, 253 22,265 15,246 Domestic and foreign bills 671 684 673 760 Note circulation 37,647 38,072 38,920 39,220 Loans to State _ 340 340 344 347 Deposits _ 1,764 2,621 10,757 Note circulation-- 3,647 3,636 3,530 3,473 Central Bank of Ecuador (thousands Deposits 237 241 234 of sucres): Gold at home and abroad 15,973 15,824 15,082 Central Bank of Bolivia (thousands of Foreign exchange 11,306 10,670 7,195 bolivianos): Loans and discounts 51,021 51,142 47,471 Gold at home and abroad , 9,509 14,364 Note circulation 45,506 46, 562 36,477 Foreign exchange I 5,1603,841 Deposits 29,629 27,548 22,188 Loans and discounts i 43,881 22,136 National Bank of Egypt» (thousands Note circulation 83,597 56,539 of pounds): Deposits 139, 917 60,690 Gold 6,545 6,545 6,546 Bank of Brazil (millions of milreis): Foreign exchange 4,378 3,863 3,450 Currency 341 377 312 386 Loans and discounts 5,169 5,542 4,992 Correspondents abroad. 189 168 173 302 British, Egyptian, and other Loans and discounts _ 2,886 2,568 2,721 2,766 Government securities 31, 791 32,177 34,604 Note circulation __ 20 20 20 20 Other assets 4,195 3,352 3,489 Deposits 2,778 2,899 3,023 3,009 Note circulation 19, 527 19,803 19,624 National Bank of Bulgaria (millions Deposits—Government 7,663 7,043 6,649 of leva): Other 16, 782 16, 515 18,814 Qold _ _ 1,547 1,547 1,547 1,547 Other liabilities _ 8,106 8,118 7,995 Cen N N T L G O tr o o o a e t o h 0 a t l t t v a e e n : e f l r s B o r c f r n s a i a o e r i m n n r i g c g e k d h u e i n g t n l d a n o t e l i t i f x s i o a e c o c b b x C o h n i l c u l a i . h h i g n n t i a a i l g t n e e s t e i s g o e i ( n n m s r i _ l e _ l s io e n r s v e o - f -. 2 2 , , - 1 1 3 9 8 7 9 1 6 7 6 5 9 5 2 2 1 , , , - 2 9 2 6 9 6 2 0 4 8 9 9 3 6 0 0 8 2 2 1 1 , , , , - 2 4 7 7 0 5 4 5 2 0 5 2 0 9 8 5 5 2 2 1 1 , , , , 1 9 4 7 1 2 6 0 8 0 3 3 0 4 3 9 Bank N L N D G o o e o o e a p t l f t d e n o E f s o s c s i r i a t t e r o s n i c — g n d u n i l a B O G d a e t i a t ( o x i s h t o n c v c h e n o k h e o r u . r a u n n n s m g t a s e n en d t s of krooni): 2 3 1 7 7 8 2 5 7 4 , , , , , , , 5 3 7 5 1 7 7 5 9 4 8 9 3 1 1 3 4 8 0 9 0 3 2 1 7 9 7 5 5 2 4 , , , , , , , 4 0 6 0 9 0 7 8 7 3 0 8 9 0 1 1 5 4 3 8 0 3 2 1 9 6 4 2 7 7 6 , , , , , , , 6 7 3 6 7 5 6 0 5 8 7 4 8 7 7 3 3 9 7 8 6 3 2 1 4 7 2 4 3 0 9 , , , , , , , 0 8 0 6 0 4 0 0 6 8 2 1 9 3 0 6 4 2 9 4 8 Gold and foreign exchange in re- Bank of Finland (millions of mark- N D L G o e o o s a p e t v e n r o e v s s r c e i n i a t r m s n c d u e n l d a t i t s i d c o e o n b u . t n _ ts 5 3 7 1 1 5 1 5 4 1 1 3 1 2 3 5 7 1 4 4 1 1 4 6 9 6 4 2 6 5 3 1 1 8 5 2 7 2 2 9 3 0 1 kaa G B F D ) o : a o o c r l l m r a e d e n i e d g c s i n e t t s i s c b i b ll a i s l b l . s . road and foreign 1, 3 6 2 1 2 6 6 1 3 0 5 8 1, 3 6 1 3 2 0 1 30 3 6 3 I , j 1, 5 3 1 4 2 1 3 9 8 1, 3 6 3 0 2 1 5 4 3 1 8 4 Central Bank of China • (millions of Note circulation 1,372 1,268 '1,277 1,286 yuan): Other sight liabilities _. 294 381 370 390 Gold 20 35 Bank of Greece (millions of drach- Silver 104 112 mas) : Due from banks abroad 10 16 Gold and foreign exchange 3,936 4,105 3,962 Due from domestic banks 38 51 Loans and discounts.._ 1,903 2,378 2,573 3,532 Loans and discounts _. 85 137 Government obligations 3,262 3,308 3,353 3,355 Securities 174 13 Note circulation.._ 5,221 5,268 5,686 5,044 Other assets.__ _ 47 35 Other sight liabilities._ 3,652 4,094 4,165 6,030 Note circulation. 72 Liabilities in foreign exchange 96 81 76 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. *Items for issue and banking departments consolidated. 8 Gold acquired since Mar. 20,1934, valued at purchase price. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFIIL 1935 FEDERAL RESERVE BULLETIN 233 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Feb. Jan, Dec. Feb Feb. Jan Dec. Feb. National Bank of Hungary (millions Bank of Poland (millions of zlote): of pengos): Gold 506 505 503 479 Gold 79 79 79 79 Foreign exchange 18 28 78 Foreign bills, etc 20 22 20 15 Loans and discounts _ 673 757 752 Loans and discounts 569 580 631 588 Note circulation 940 937 981 939 Advances to Treasury 52 50 50 49 Other sight liabilities _ 230 234 241 271 Other assets 55 18 34 27 Bank of Portugal (millions of escudos): Note circulation 353 353 381 347 Gold 905 905 903 833 Deposits 84 87 106 90 Other reserves 476 466 437 382 Certificates of indebtedness 115 115 115 120 Discounts and advances 298 302 316 330 Miscellaneous liabilities 199 170 184 176 Government obligations 1,049 1,049 1,049 1,051 Bank of Italy (millions of lire): Note circulation 2,049 2,079 2,121 1,925 Gold at home _-_ 5,824 5,822 5,811 7,105 Other sight liabilities.. 810 758 771 Credits and balances abroad 50 82 72 83 National Bank of Rumania (millions Loans and discounts 4,937 5,136 6,455 5,810 of lei): Note circulation 12,634 12, 787 13,145 12, 708 Gold _ 10,414 10,346 10,285 9,974 Public deposits 300 300 300 300 Foreign exchange of the reserve. _. 92 91 91 146 Other deposits 923 805 1,426 Loans and discounts 6,276 6,588 6,729 8,892 Bank of Japan (millions of yen): Special loans * 2,893 2,911 2,946 3,168 Gold___ ___ 470 468 466 425 State debt « _ 9,799 9,717 9,668 5,681 Advances and discounts 720 771 987 771 Other assets 9,308 9,188 9,202 8,437 Government bonds 404 507 647 528 Note circulation 21, 225 21,617 22, 307 20,815 Notes issued 1,186 1,326 1,669 1,138 Demand deposits. 8,152 7,618 7,232 7,449 Total deposits 363 366 341 384 Other liabilities. 9,406 9,607 8,034 Bank of Java (millions of florins): South African Reserve Bank (thou- Gold 117 115 114 116 sands of pounds): Foreign bills _ 1 1 1 1 Gold 25,939 23, 743 22,287 18, 255 Loans and discounts 64 61 62 57 Foreign bills 6,788 7,136 10,517 21, 206 Note circulation 174 176 177 190 Domestic bills 121 14 51 201 Deposits 42 35 36 28 Note circulation 11,477 11, 541 13,007 10,429 Bank of Latvia (millions of lats): Deposits—Go vernment 3,369 1,882 1,899 Gold _ 46 46 46 44 Bank 24,980 21,121 21,471 32, 261 Foreign-exchange reserve 7 6 3 3 Other 3,329 3,948 5,216 1,735 Bills 59 61 62 66 Bank of Spain (millions of pesetas): Loans _ _ 73 73 75 64 Gold 2,269 2,268 2,268 2,262 Note circulation 38 37 36 33 Silver 691 688 677 663 Government deposits 46 49 45 58 Balances abroad 284 279 281 281 Other deposits 111 114 113 106 Loans and discounts 2,330 2,351 2,525 2,519 Bank of Lithuania (millions of litu): Note circulation 4,590 4,591 4,696 4,748 Gold.__ 46 47 52 52 Deposits 1,051 959 912 Foreign currency 9 8 8 15 Bank of Sweden (millions of kronor): Loans and discounts 102 101 101 83 Gold _ 351 351 351 373 Note circulation 93 90 88 87 Foreign bills, etc , 557 563 555 511 Deposits.. _ 60 63 69 59 Loans and discounts ^... 50 50 57 58 Bank of Mexico (millions of pesos): Note circulation 659 651 708 597 Gold... 72 76 61 Deposits 454 475 407 562 Silver 116 117 118 Swiss National Bank (millions of Foreign exchange 16 10 2 francs): Loans to member banks 65 66 44 Gold 1,794 1,838 1,910 1,837 Other loans and discounts 18 16 51 Foreign balances and bills 7 3 8 3 Other assets 11 10 8 Loans and discounts 96 95 144 116 Note circulation 100 100 84 Note circulation 1,330 1,334 1,440 1,390 Deposits... 93 89 80 Demand deposits 556 592 624 557 Other liabilities 107 105 120 Central Bank of the Republic of Tur- Netherlands Bank (millions of flor- key (millions of pounds): ins): Gold 28 27 27 25 Gold 811 816 842 792 Foreign exchange 14 13 13 4 Foreign bills _ 1 1 1 1 Government securities 152 152 153 155 Loans and discounts 156 171 174 173 Other securities 35 35 33 31 Note circulation 857 855 912 898 Other assets 33 35 32 32 Deposits 155 179 146 110 Note circulation 162 164 165 160 Reserve Bank of New Zealand (thou- Deposits.__ 29 31 32 28 sands of pounds): Other liabilities.. 71 68 62 60 Gold 3,002 3,002 3,002 Bank of the Republic of Uruguay Sterling exchange _ 21,811 21,868 22,092 (thousands of pesos): Other assets 2,264 2,203 1,989 Gold 46, 643 46,643 49,861 Note circulation 9,327 9,534 9,772 Loans and discounts 102, 957104,849 95,950 Demand deposits 16, 205 15,988 15,771 Other assets 41, 609 '42,395 45,332 Bank 5,954 7,687 9,072 Note circulation 75, 584 79,606 78,231 Othe G r o l v ia e b rn il m it e ie n s t .... _ 1 1 0 , , 5 2 4 4 5 7 8 1 , ,5 2 5 9 1 5 6 1, , 5 6 4 9 0 3 Deposits— T D i e m m e and 3 3 9 3 , , 1 3 6 7 6 1 3 3 9 2 , , 0 2 4 4 2 2 3 42 3 , , 9 6 8 8 8 2 Bank of Norway (millions of kroner): Judicial and adminis- Gold _ _ 135 135 135 135 trative 2,626 2,702 2,710 Foreign balances and bills 40 42 40 10 Other liabilities.. 40,462 40,295 33, 532 Domestic credits 227 237 263 263 National Bank of the Kingdom of Note circulation 311 312 333 313 Yugoslavia (millions of dinars): Foreign deposits _. 6 7 7 2 Gold _ 1,260 1,251 1,785 1,765 Total deposits 70 82 82 Foreign exchange 164 159 225 169 Central Reserve Bank of Peru (thou- Loans and discounts 1,828 1,803 1,764 1,959 sands of soles): Advances to State 2,288 2,287 2,287 2,317 Gold and foreign exchange 44,112 44, 438 Note circulation 4,322 4,288 4,384 4,233 Bills 61, 782 51, 639 Other sight liabilities 1,241 1,292 Note circulation 73,675 66,198 Deposits.. 28,310 22, 704 « Corrected. 1 Agricultural and urban loans in process of liquidation. See note 2. 2 Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately from "other assets'* beginning with Dec. 31, 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN APRIL 1935 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities (10 clearing bank E s. n gl F a i n g d ures in millions v d C a u u a e s l t h f r a o i n n m d M ca o l n l e a y n d at Bills dis- Secu- L cu o s a t n o s m to - Other Deposits Other of pounds sterling) E B n a g n l k a n o d f n s o h t o ic rt e counted rities Total Demand Time* liabilities 1934—April 222 132 212 534 763 1,853 919 890 240 May 218 131 223 542 759 225 1,858 925 887 238 June 199 141 228 549 761 229 1,870 954 888 237 July 210 138 224 550 762 220 1,871 960 874 235 August 196 139 222 557 759 219 1,856 939 869 236 September. _ 207 137 213 563 757 222 1,858 948 873 240 October 213 136 216 576 760 236 1,891 960 885 245 November.. 210 135 233 589 759 236 1,911 975 900 250 December 216 151 255 594 759 247 2,222 1,044 910 251 1935—January 225 137 284 593 756 237 2,233 1,034 899 251 February 213 127 265 606 759 231 2,202 (2) 248 Liabilities France v C au a l s t h a i n n d Loans, Deposits Own (4 large banks. Figures in millions of due from Due from Bills dis- including Other accept- Other francs) B F a ra n n k c o e f banks counted se l c o u a r n i s ty Total Demand Time liabilities 1934-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 29,916 904 208 3,833 July 6,105 1,407 18,705 8,526 1,270 31,888 926 201 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 31,547 913 179 4,016 October 7,450 1,508 17,972 8,124 1,488 32,239 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 December.. 6,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—January 5,864 1,662 18,024 8,052 29,830 763 220 3,779 Assets Liabilities I ( n R e m p i o ll r i t o i n n G s g e b o r a f m n a k r n e s y i . c hs F m ig a u r r k e s s ) v d C a R u u b a e e l a s i t c h n f r a h k o i n s n m - d D b u a e n f k ro s m B co il u ls n d te 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 S ri e t c ie u s - Other Total D D ep e o m s a it n s d Time c o b u C b a s f n r t t r a e o o k i d m m s n i e f t e o s d r r s lia O b t i h li e t r ies 1934—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 November. 140 586 2,378 4,206 2,502 1,200 7,254 3,372 3,882 541 3,218 Assets Liabilities Canada Entirely In Canada Security Deposits payable in Canada loans excluding interbank deposits a d (1 r o e 0 ll s a c i r h n s a ) m rt i e ll r i e o d n s b o a f n C k a s. n a F di i a g n - v t r C r a i e n a u a s l s e l c t h r g e v a o n i e n l n - d s d Se lo c a u n ri s ty l b c o i o O a ll u n t s n h s d t e a e i r n s d - d d a f u b n o e a r d e n f i n r k g o s e n m t S ri e t c ie u s - Other ci N t r i c o o u n t l e a- Total Demand Time lia O b t i h li e ti r es 1934-April - 187 101 1,044 169 837 448 121 1,944 568 1,376 722 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 1,365 723 July— 206 98 996 163 850 455 122 1,929 568 1,360 717 August 212 100 1,000 184 862 446 131 1,939 571 1,367 733 September- 219 101 1,010 178 888 434 136 1,971 594 1,377 724 October 224 108 1,029 162 911 450 130 2,038 668 1,370 715 November.. 232 99 1,003 185 920 445 132 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 1,412 710 February... 230 86 957 149 984 434 119 2,003 575 1,428 717 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. * 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

APRIL 1935 FEDERAL RESERVE BULLETIN 235 DISCOUNT RATES OF CENTRAL BANES [Percent per annum] Central bank of— Date effective E la n n g d - France m G a e n r- y Italy N l e a t n h d e s r- Sw la i n tz d er- b C an e k n tr o a f— l R A 1 a p 0 t r e . Date effective b C an e k n tr o a f— l R A 1 a p 0 t r e . Date effective In effect Apr. 1,1932- ZH 2H 6 6 3 2 Albania Nov. 16,1933 India Feb. 16,1933 Apr. 9 Austria 4 Feb. 23,1935 Japan 3.65 July 3,1933 A A A p p pr r r . . 2 1 2 1 9 8 3 5 2H B Bo el l g iv iu ia m 2 6 H J A u u ly g . 2 5 8 , , 1 1 9 9 3 3 2 4 J L a a v t a via Z bH H J N a o n v . . 1 1 , , 1 1 9 9 3 3 4 3 J J J M J S M M u u a u e n l n a a a n p y y y y e e t . 9 1 2 3 2 1 1 2 , 5 1 9 0 2 2 2 933 2 4 4 5 4 ZH D B C C C Cz u h o a a v e n l n i l a g l o c z a e k h a m i d i g r o a a b i s a i l a o- _. 4 4 4 Z 7 2H H S J J J J M a u a a e n n n a l p y . . . r t . . 2 2 2 1 1 2 1 5 1 3 8 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 3 4 4 4 3 5 3 \ ; N N R P L P P o o e i u e o t r r l w m r h u a t w u u n a Z g a d a n e y a n i a l a i l a and _ . _ . 4 Z 6 6 5 5 H M A D A M D O e u p e c a a c c t g r y y . . . . . 2 2 1 2 1 1 1 0 4 5 3 6 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 3 3 3 2 4 0 4 4 3 3 6 J A u e u l p g y t . 2 1 4 9 5 ZH Z 3 H D Ec e u n a m do a r rk... 2 4 H N N o o v v . . 3 3 0 0 , ,1 1 9 9 3 3 2 3 S S p o a u i t n h Africa . ZH M Oc a t y . 1 2 5 9 , , 1 1 9 9 3 3 3 4 • F D S e e e b p c . t 9 1 1 1 9 1934 3 3 2H E F G i s r n t e o l e a n c n e ia d 4 7 5 D O O e c c c t t . . . 1 3 1 4 , , , 1 1 1 9 9 9 3 3 3 4 3 4 ! j ; T S U w u .S r e k d .S e e y . n R____ 8 2H D M M e a a c r r . . . 2 1 2 2 , , , 1 1 1 9 9 9 2 3 3 7 3 3 June 1 2H Hungary Oct. 18,1932 : Yugoslavia... 5 Feb. 1,1935 Nov. 26 4 Mar 25 ZH I Apr. 5 . ZH Change since Mar. 1: Italy—Mar. 25, down from 4 to ZH percent; Apr 10, Netherlands—Apr. 5, up from 2H to ZH percent; Apr. 10, up from ZH to In effect Apr. 10,1935 2 2H 4 ZH 2 \H percent. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] England (London) Germany (Berlin) Netherlands (Amsterdam) Month 3 B a a a m c n n c o c k e e n e p s t r t , h - s s ' T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n l l a d o n e w k p a e o n r s c s i ' e ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y- o t n o e -d y ay d P i r s r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1934—January—. 1.01 3.87 4.78 4.74 .50 LOO February. .95 3.87 4.91 4.78 .78 1.00 March .95 3.87 5.00 4.89 1.24 1.07 April .96 3.87 5.11 4.76 2.07 1.85 May .91 3.87 5.13 4.72 1.33 1.22 June .91 3.76 4.67 4.57 .78 1.00 July .87 3.75 4.44 4.67 .74 1.00 August .79 3.75 5.02 4.72 .75 1.00 September .73 3.81 5.13 4.71 .61 1.00 October... .77 3.81 5.13 4.63 .59 1.00 November. .45 3.63 4.37 4.21 .63 1.00 December. .57 3.50 3.56 4.28 1.00 1935—January- 3.51 3.93 3.82 1.00 February.. 3.41 3.77 3.83 .58 1.00 Sweden Sw la it n z d er- (B Be ru lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P i r s r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t d P is r r i c a v o te a u t n e t c c i o a P l m r p i m m ap e e r e - r Da m y- o t n o e -d y ay L m oa t o o n n s 3 t h u s p Disc b o il u ls nted ov m e C o r a n n l i e l g y ht 1934—January... 1.50 2.14 2.12 3.00 4H-7J- zn 2HAH 5.11-5. 48 2.37 February . 1.50 2.05 2.59 3.00 iH-7)> 2H-4H 5.11-5.48 2.56 March 1.50 2.07 2.75 3.00 Z' 2YW 5.11-5. 48 2.56 April 1.50 2.14 2.70 3.00 5.11-5. 48 2.37 May 1.50 1.93 2.60 3.00 5.11-5. 48 2.37 June 1.50 2.11 2.09 3.00 m 5.11-5. 29 2.37 July 1.50 2.20 1.78 3.00 5.11 2.56 August 1.50 2.31 1.75 3.00 ZH 5.11 2.74 September 1.50 .2.15 1.50 3.00 iH-7H ZH 2H4H 5.11 2.56 October- 1.50 2.10 1.45 3.00 4H-7H ZH 2H-4H 5.11 2.56 November. 1.50 2.23 1.44 3.19 4^-7" ZH 2H4H 5.11 2.56 December. 1.50 2.38 1.50 4.00 ZH 5.11 2.74 ZH 1935—January... 1.50 2.38 1.79 4.00 2H-4H 5.11 2.56 February.. 1.50 2.38 2.12 4.00 Hm 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

236 FEDEKAL RESERVE BULLETIN APEIL 1935 FOREIGN EXCHANGE RATES [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year and month A ( r p t e g i s n e o a n ) - i (p t A o r u a u l s n i - d a )2 A ( u l s i s c n t h g r i ) l i - a 3 B ( e b l e g lg i a u ) m B r ( e r m a is z i ) l i - i l g ( B l a e u r v i l ) a - 3 C (d a o n l a la d r a ) ( C p h e i so l ) e i ( C y h u i a n n a ) C ( o p b e l i s o a o m ) - i ( C p u e b s a o) C ( s k l z o o e v r c u a h k n o i a - a ) ( m D kr e a o n r n k - e) 1929 95.1274 480.83 14.0575 13.9124 11.8078 0.7216 99.2472 12.0601 41.9007 96. 5512 99.9647 2.9609 26.6802 1930 83. 5050 458.60 14.0891 13. 9524 10.7136 .7209 99. 8424 12.0785 29.9166 96.4930 99.9515 2.9640 26.7650 1931 66. 7375 351. 50 14.0227 13.9285 7.0290 .7163 96. 3258 12.0669 22.4369 96. 5697 99.9295 2.9619 25.0581 1932. __.. 58.4433 279.93 13.9599 13.9137 7.1223 .7193 88.0896 7.9079 21. 7357 95. 2750 99.9409 2.9618 18.8317 1933 *72. 8009 337.07 15.4478 17.8996 7.9C30 1.0039 91.9587 7. 6787 '28.5979 81. 6966 99. 9464 3.8232 19.0709 1934 33.5793 400.95 18.7930 i23.2867 8.4268 1.2852 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4998 1934—March 33.9553 405. 86 18.9114 '23.2981 8. 5420 1.3324 99.7871 10.1294 34. 6190 67. 6663 99.9535 4.1531 22. 7384 April 34.3475 410. 54 18.8724 23. 4416 8.6004 1.3295 100. 2070 10. 2595 34.1506 59.9228 99.9288 4.1720 23.0051 May 34.0413 407.10 18.9429 23.4137 8. 6046 1. 3154 100.1859 10. 2531 32.4621 61.4642 99. 9329 4.1755 22.7948 June 33.6552 402. 24 18.9021 23. 3628 8.4734 1. 2503 100. 7936 10. 2233 33.0523 57. 8900 99. 9726 4.1590 22. 5395 July 33. G077 401. 70 18.8786 ,23.3606 8.4384 1. 2608 101. 2034 10. 2705 33.9118 56.1052 99. 9404 4.1540 22.5103 August 33. 7661 403. 52 18.9981 23. 7056 8.4898 1.2881 102.3779 10. 3266 34.8553 55.1596 99.9156 4.1944 22. 6215 September. . 33.2904 396.50 19.0185 23. 7332 8.3096 1.2814 102. 9387 10. 2974 35. 5827 57. 6496 99.9150 4.2141 22. 2981 October 32.9458 391. 52 18.9242 23.4579 8.1899 1. 2428 102.1226 10. 3090 34.5881 60. 2012 99.9165 4.1996 22.0615 November. _ 33. 2625 395. 73 18. 7956 23.3212 8. 2176 1. 2134 102.4719 10.3496 33.3947 65. 0391 99. 9193 4.1777 22. 2724 December.... 32.9513 392. 27 18.7711 23. 3939 8.1904 1.2110 101.3090 10. 2367 34.2164 64.5284 99.9194 4.1803 22. 079 & 1935—January 32. 6038 387. 92 18. 7725 !23. 3150 8.1451 1.1955 100.1825 5. 0630 34. 9924 64.1450 99.9215 4.1711 21. 8447 February 32.4607 386.37 18.7900 I23. 3293 8.1282 1. 2665 99.8852 5.0761 36. 5369 58.9577 99.9205 4.1784 21.7594 March 31. 8033 378. 56 18. 8827 !22. 7564 8. 2363 1. 2878 99.0647 5. 0885 38. 2960 54.1613 99. 9200 4.1982 21. 3244 I Year and month (p E o g u y n p d t ) E (p n o g l la n n d d ) F | i nl ( a ™ n « d k- F ( r fr a a n n c c e ) ( m m r G e a a i e c r n r k n - y ) s- G (d m r r e a a e c ) c h e - j j (d H K o o o l n n la g g r) (p H g e a u n r n g y - o)1 India I (l t i a r l a y ) ! J ( a y p en an ) M ( e p x e i so c ) o N ( e l f t a lo h n r d e i s r n - ) i 1929 498.0689 485.6879 2. 5160 3.9161 23.8086 1.2934 I 47.1669 17.4414 36.2020 5. 2334i 46.0997 48.1830 40.1622 1930 498.6002 486.2126 2.5169 3.9249 23.8541 1.2959 | 33.8530 17.4939 36.0672 5.2374 i 49.3898 47.1331 40.2251 1931. 465.1111 453.4990 2.3875 3.9200 23.6302 1.2926 ! 24.3305 17.4522 33.6895 5.2063 i 48.8509 «35.4919 40.2298 1932 359. 5406 350.6067 1. 6547 3.9276 23. 7492 .8320 23.4604 17.4460 26.3468 5.1253 I 28.1112 31.8500 40.2949 1933. 434.3908 423. 6821 1.8708 5.0313 30.5179 .7233 29.4516 22. 3598 31.8159 6.7094 25.6457 28.1025 51.7209 1934. 516.8549 503.9302 2.2277 6.5688 39.3751 .9402 38.7156 29.5746 37.8793 8.5617 29.7153 27.7423 67.3831 1934—March 522. 3447 509.3917 2.2470 6.5801 39.6599 .9413 38.6842 29.6125 38.3335 8.5763 ! 30.0093 27.7224 67. 2956 April __ 528.4813 515.3425 2. 2702 6. 6161 39.5890 .9452 38.1556 29.7652 38.7557 8. 5641! 30.3124 27. 7222 67. 8471 May 523. 7236 510.6279 2. 2540 6.6131 39.4712 .9462 36.2293 29. 7559 38. 3329 8.5176 ! 30.2276 27.7432 67.9056 June 517.7111 =504.8046 2.2311 6. 5993 38. 2953 .9449 36.4890 29. 7529 37.9072 8.5989 ! 29.9041 27. 7492 67. 8148 July— 516.9506 504.0705 2. 2302 6.5939 38. 4938 .9453 37.6231 29. 7112 37.8774 8. 5750 29.8434 27. 7481 67. 7146 August 519.5273 506. 5076 2. 2403 6. 6592 39.4786 .9565 38. 6140 29.8832 38.0616 8. 6632 29.9933 27.7298 68.3808 September. _. 512.2619 499.4056 2. 2101 6.6714 40. 2760 .9562 39.3324 30.0219 37. 5481 8. 6794 29.7693 27.7458 68.5744 October 506*6711 494.0809 2.1826 6. 6247 40.4507 .9476 40. 4695 29.8995 37.1426 8.6056 28.6843 27.7514 68. 0869 November... 511. 6889 498.9022 2. 2019 6. 5886 40. 2054 .9392 41. 2418 29.7126 37.4866 8. 5386 29.0554 27. 7620 67.5988 December 494. 5793 494.5793 2.1859 6. 5971 40.1910 .9375 42.2908 29.5993 37.1835 8.5427 28.8232 27. 7615 67.6382 1935—January 501.7925 489. 2457 2.1636 6. 5820 40. 0614 . 9341 43.1695 29. 5828 36. 8nll 8. 5209 28. 4725 27. 7541 67. 4562 February 499. 7457 487. 3466 2.1536 6. 5936 40.1178 .9339 44. 3362 29. 6955 36. 7994 8.4730 28.3913 27.7515 67.5602 March. 477. 6211 2.1099 6. 6232 40. 3722 .9399 47. 9147 29. 6405 36. 0210 8. 3368 27. 9837 27. 7500 67.9506 ! I Year and month ( Z p e N o a u e l n a w n d d ) 2 N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a a ) - (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- T (p u o r u k n e d y ) U (p S A n o o i f u o r u i n n c t d h a o ) f (p g U e u r s a u o y - ) ( Y s d l i a u n v g a i o a r - ) 1929 483. 21 26.6827 11.1940 4. 4714 0.5961 14. 6833 56.0117 26.7839 19.2792 48. 4105 483.27 98.6294 1.7591 1930 468. 22 26.7598 11.2051 4. 4940 .5953 11. 6670 55.9639 26.8543 19.3820 47.0608 483. 79 85.8650 1.7681 1931 415. 29 25.0546 11.1970 4.2435 .5946 9. 5453 52.4451 25. 2540 19.4009 47.1814 480. 76 55.3572 1.7680 1932 320.19 18.0039 11.1823 3.1960 .5968 8.0438 40. 3970 18.4710 19.4049 47. 2854 476. 56 47.0639 1.6411 1933 . 340. 00 21.4292 14.4135 3. 9165 .7795 10. 7189 49. 2320 22. 0324 24.8355 60.4396 414.98 60.3360 1. 7607 1934 402.46 25.3161 18.8460 4.6089 1.0006 13.6150 59.0052 25.9815 32.3663 79.0472 498.29 79.9562 2. 2719 1034—March 406.84 25.5834 18.9043 4. 6709 1.0013 13.6175 59. 6007 26.2620 32. 2857 79.1507 503. 42 80.1921 2.2648 April 411.63 25.8824 18.9554 4. 7085 1.0060 13. 7024 60.3487 26.5643 32. 4593 79.6364 509.43 80. 6081 2. 2718 May 408. 28 25. 6463 18.9514 4. 6677 1.0032 13. 7050 59.8173 26.3199 32. 5277 79. 6204 504.80 80. 5539 2. 2725 June 403.39 25.3559 18. 8879 4.6253 1.0020 13. 6776 59.1709 26. 0211 32. 4969 79. 4669 499.10 80. 2668 2. 2702 July 402.81 25. 3246 18.8917 4. 6129 1.0045 13. 6668 59.0562 25.9880 32. 5771 79. 2912 498.44 80.1433 2. 2773 August 405. 09 25. 4504 19. 0824 4. 6274 1.0126 13. 8002 59. 3488 26.1182 32.9542 79.9969 501. 27 80. 9961 2.3075 September 398. 77 25. 0928 19.1413 4. 5593 1. 0144 13. 8269 58.5164 25. 7483 33.0237 80. 2671 494. 23 81.1496 2.3156 October 393. 67 24.8258 19. 0071 4. 5043 1. 0069 13.7272 57.9172 25.4756 32. 7745 79. 6869 488.43 80. 5520 2.2993 November 398. 07 25. 0655 18.8976 4. 5384 .9998 13. 6532 58. 4538 25. 7220 32.4713 79.1991 493.42 80.1486 2.2785 December 394.63 24.8478 18.8941 4.4977 1.0025 13. 6719 57.9717 25.4975 32. 4053 79.2964 489. 24 80. 2310 2.2756 1935—January 390. 25 24.5815 18.8535 4. 4500 1.0027 13.6408 57. 2421 25. 2267 32. 3055 79. 3381 4S3. 99 80. 0194 2. 2716 February 388.69 24.4880 18.8721 4.4328 .9592 13. 6626 57.0057 25.1256 32.3525 79. 5018 482.30 80.1306 2. 2717 March 380. 91 24.0265 18. 9611 4. 3430 1.0093 13. 7232 55. 6346 24. 6264 32. 5301 472. 31 80. 4779 2.2852 I 1 Nominal since April 1933. » Nominal since April 1934. 3 Partly nominal since April 1933. 4 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. • 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. fl 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. * Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 237 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year and month U St n a i t t e e s d 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) (1913=100) (1913 = 100) (1913 = 100) 1900=100) (1913=100) 1926 ' 100 100 695 134 602 237 145 1927 1 95 98 642 138 495 225 148 1928 _ | 97 96 645 140 462 226 149 1929 -J 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—November ! 71 69 88 403 | 96 273 179 76 December _ 71 69 88 407 96 275 176 77 1934—January _ i 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 i 75 72 87 374 99 270 174 77 August. - \ 76 72 89 371 . 100 271 177 78 September _ i 78 72 88 365 100 270 179 77 October j 77 71 88 357 101 272 182 77 November.. _ j 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 February.. j 80 72 88 344 101 278 184 77 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) England (1930 -100) France (1913=100) Germany (1§13=100) Indus- Indus- Indus- Agricul- trial raw Industrial trial tural and semi- trial finproducts products products finished ished products products 1926 1927 1928- 1929 1930 1931 1932 1933_ -. 1933—November December. 1934—January _.. February. March April May - June July August September October- November December. 1935—January- February.. Sources.—See BULLETIN for March 1931, p. 159, and March 1935, p. 180, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN APRIL 1935 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United England France Germany United England France Germany Year and month States (July (July (1913- Year and month States (July (Jan.-June (1913- (1913=100)1 1914=100) 1914=100)3 14=100) (1913=100) 1914=100) 1914=100)3 14-100) 1926_ 161 161 113 1926- 175 170 103 1927 155 156 113 1927. 173 164 104 1928 154 157 112 153 1928- 171 166 105 152 1929 157 154 124 156 1929- 171 164 113 154 1930 147 145 125 146 1930- 164 158 118 148 1931 121 131 124 131 1931- 148 148 116 136 1932 102 126 109 116 1932- 134 144 107 121 1933 100 120 100 113 1933- 132 140 106 118 1933—November. 107 126 103 117 1933—November. 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 13Q 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 J 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 February.. 122 124 90 120 February. 142 123 i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes Figures given are for the date nearest 15th of month. 1 Index represents prices converted to gold basis of 1914. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'etudes relatives au cotit de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks <1926 average5= 100) Year and month ( U S a p v t r n a e i i c r t t e a e e ) s g d e ( 1 D E 92 e n 1 c g = e l 1 m a 0 n b 0 d e )1 r ( a 1 g F 9 e 1 r a 3 = 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 1 e y U St n a it t e e d s England i 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—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 February 101.3 131.6 89.5 95.5 67.8 85.4 80.3 79.3 i Annual indexes are unweighted averages of monthly indexes. « Exchange closed from July 13 to Sept. 2S1931, 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

APHIL 1935 FEDERAL RESERVE BULLETIN 239 LAW DEPARTMENT Transactions constituting withdrawals from savings instructions constituted payments to the deaccounts positor or his designee and should be regarded In response to an inquiry the Federal Reas withdrawals from the savings deposits serve Board recently expressed an opinion as to requiring the presentation of the passbooks in whether certain transactions constituted witheach instance. drawals from savings deposits requiring the In the second situation, the member bank presentation of the passbooks. wished to know whether it was permissible for In the first situation, a few customers of the it to charge to its customers' savings accounts, member bank had left with the note departwithout the presentation of the passbooks, ment and escrow department of the bank inout-of-pocket expenses incurred by the bank structions to charge their savings accounts with in connection with these accounts, such as interest and payments due on their notes or costs of telegrams, exchange charges, and escrows as they matured. The bank desired to postage. The Federal Reserve Board stated know whether or not the Board regarded such that in its opinion such charges did not contransactions as being withdrawals requiring the stitute withdrawals within the meaning of the presentation of the passbooks in each instance applicable provisions of the Board's regulations in order that the accounts could be classified and, accordingly, that such charges could be as savings deposits. The Federal Reserve made by the bank without the presentation of Board expressed the opinion that charges the passbooks. against savings accounts pursuant to such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN APRIL 1935 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In thousands of dollars] [In thousands of dollars] 1935 1934 Wednesday series (1935) Federal Reserve bank Federal Reserve bank March February March Mar. 6 Mar. 13 Mar. 20 Mar. 27 Boston _ 497 210 1,875 Boston 153 213 301 1,268 New York 4,090 1,977 25,361 New York 3,456 4,008 4,502 4,414 Philadelphia.. 557 791 17,126 Philadelphia.. 609 524 553 552 Cleveland 561 3,334 Cleveland 865 836 664 566 Eichmond 248 231 1,968 Richmond 266 259 276 203 Atlanta 203 163 1,177 Atlanta _. 191 222 206 187 Chicago 75 100 1,804 Chicago 23 23 23 23 St. Louis 35 22 363 St. Louis 28 48 25 25 12 2 920 5 20 20 5 Minneapolis- Minneapolis- Kansas City- 97 374 Kansas City- 139 115 71 81 133 36 87 67 79 165 223 Dallas 178 50 961 Dallas 306 78 851 131 San Francisco San Francisco. Total— 6,810 6,240 55,350 Total. _. 6,108 6,425 7,657 7,678 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 Federal Reserve notes in to deposit and Fed- Total reserves Total deposits circulation * eral Reserve note liabilities combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 Febru- March February March March February March March February March March ary March Boston 439,708 435,705 327, 515 314, 629 311,215 229, 209 265,106 264, 372 225,143 75.8 75.7 72.1 New York- 2,175,433 2,164,880 1, 354,115 2,199,866 2, 204,404 1,425,455 664,118 659, 404 617,505 76.0 75.6 66.3 Philadelphia-. 327,682 306, 393 241,165 224,117 211,106 235,031 234,022 238,300 67.4 68.2 Cleveland.. 443, 634 405, 787 359, 964 327,336 296, 280 243, 297 309, 754 302,791 294,651 69.6 67.7 66.9 Richmond- 211, 516 199,932 165,768 167,559 145,395 106,897 153,438 155,325 147,881 65.9 66.5 65.1 Atlanta 134, 643 128, 762 139, 520 96, 356 90,494 89,106 125, 737 126, 220 126, 052 60.6 59.4 64.8 Chicago 1,077,898 1,079,300 938,497 662,821 692,052 556,667 787,987 775,897 772, 542 74.3 73.5 70.6 St. Louis 199,764 204,949 180,481 161,453 164,990 122,129 140, 090 138, 626 136, 395 66.2 67.5 69.8 Minneapolis- 153,537 150, 577 116, 334 111, 750 107, 718 75, 687 103,948 104, 209 71.2 71.1 67.4 Kansas City— 201,041 204, 440 179,095 182, 321 177,491 149,167 118, 531 116,100 109,191 69.6 69.3 Dallas -— 111, 279 122, 680 106, 215 129,425 138,414 124, 500 48,183 48, 301 41,064 62.7 65.7 64.2 San Francisco. 343, 246 340, 592 272,035 295,903 293,318 214, 612 203,048 199,154 198,553 69.2 65.8 Total.. 5,819,381 5, 746, 597 4,445,932 4,890, 584 4,845,888 3, 547, 8323,154,971 3,124,421 3,004,165 72.3 72.1 67.9 i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $15,787,000; month ago, $18,067,000; year ago, $15,217,000. 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

241 APRIL 1935 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, MARCH 31, 1935 [In thousands of dollarsl Total B to os n - 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 - lanta Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - D la a s l- F c S i r s a a c n n o - Gold certificates on hand and due from U. S. Treasury 5, 576,023415, 6332, 223, 56i,295, 738 454.969 208,071114,401 293 176,341134, 988 187, 820 94, 782 300),,418 Redemption fund—Federal Reserve notes- 15,649 279 806 1,878 1,4• 11 •1 ,4•"9•5 3,305 1,37 383 445 905 188 3,178 Other cash _ 232,933 24, 770 68, 213 33,158 10, 507 9,253 11, 676 24,771 9,615 10, 666 10,489 5,518 14, 297 Total reserves 5,824,605440,6822, 292, 588 330, 774 466,88'218, 81<J129,382 995,440 186, 339 146,099 199, 21400,488 317,893 Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed_ 4,351 1,605 1,347 351 358 153 60 300 50 100 Other bills discounted 3,265 112 2,465 173 31 65 125 170 17 Total bills discounted 7,616 1,717 3,812 524 389 218 185 323 25 5 81 220 117 Bills bought in open market 5,3C5 389 2,032 536 504 196 191 627 99 79 143 138 371 Industrial advances 21,173 2,146 1,876 3,786 1,350 3,535 1,085 1,603 490 1,957 959 1,699 687 U. S. Government securities: Bonds 391,917 23,453 136, 433 25,386 30,879 16,461 13,663 50,015 16,112 16,209 15,647 19,635 28,024 Treasury notes 1,494, 726 97,607 447, 515 10033,, 554400 .13322,,453 70,611 58,587 249,826 66,965 39, 76366,317 41, 333120,209 550, 660 36,619 162, 370 38,194 49,692 26,491 21,976 90,002 25,123 14, 70824,88C 15,507 45,0a8 Certificates and bills __. 2,437, 303157,679 746, 318 167,120 213,024 113, 56394, 226 389,843 108, 20070,680 106,844 76, 475193,331 Total U. S. Government securities.. 2, 471,397161,931 754,038 171,966 215, 267 117,51295,687 392,396 108,814 72,721108,027 78, 532 194, 506 Total bills and securities 70S 53 278 73 67 26 25 85 5 4 19 18 49 Due from foreign banks 15,067 416 3,434 680 564 1,103 1,343 2,281 1,302 832 864 399 1,849 Federal Reserve notes of other banks 428, 762 44, 094 109, 54130,340 40,145 32, 76815, 646 67, 28318,831 9,906 24,407 14,952 20,849 Uncollected items. ._ 49, 524 3,168 11,658 4,553 6,629 3,028 2,325 4,955 2,628 1,580 3,447 1,684 3,869 Bank premises 42,947 674 29,812 4,502 1,587 1,311 1,750 780 225 262 841 523 All other assets. _ _ Total assets _.8,833,004 651, 0183, 201, 34S 542,888 731,146 374, 562'46,158 1,463, 220 318,144231,822 336, 24C196,914539, 538 LIABILITIES Federal Reserve notes in actual circulation _ _ 3,165,649 266, 535 669,813 236, 684 311,439 151, 335 125,141792,489 139,995 102,806 119,08247,162 203,168 Deposits: Member bank—reserve account 4, 247, 242279,485 1,926,198 216,953 309,962 145,99882, 954 520, 296 127, 23896,304 174,724 115,220 251,910 U. S. Treasurer—general account 418,858 31,227 218,277 19,790 32,816 29,110 5,288 3"4", "31~7 7,'" 5,015 7,971 4,906 22,203 Foreign bank __, 19,186 1,206 8,602 1,658 1,591 620 603 1,943 502 402 452 435 1,172 207,306 3,840 147,432 3,651 3,959 1, 3,318 3,319 12,999 7,236 634 2,883 16,546 Other deposits.._ Total deposits 4,892, 592315,758 2, 300, 509 242,052 348, 328 177, 21972,163 559,875 148,677 108,957 183, 781123,444 291,831 Deferred availability items 429,666 43,955 108,645 30,113 39,537 32,120 15,344 68,734 18,983 10,864 24,032 16, 31821,021 Capital paid in _ 146,922 10,772 59,575 15,148 13,123 5,035 4,406 12,794 4,072 3,131 4,053 4,018 10,795 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) 14, 781 2,165 1,778 2,098 1,007 2,085 754 1,351 547 1,003 672 626 695 Reserve for contingencies 30,804 1,648 7,501 2,996 3,000 1,416 2,600 5,325 891 1,211 812 1,363 2,041 All other liabilities _ 7, """ 283 3,564 327 341 173 210 1,302 324 430 195 206 342 Total liabilities 8,833, 004651,018 3, 201, 349 542, 888 731,146 374, 567 246,158 1, 463, 220 318,144 231,822 336, 240 196, 914 539, 538 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 72.3 75.7 77.2 69.1 70.8 66.6 73.6 64.6 69.0 65.8 58.9 64.2 Commitments to make industrial advances __ 15,964 2,663 6,223 439 1,315 453 1, 33 309 1,506 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 3,416,088283,342 751,844 249, 732 325, 399 160, 567 142, 69! 823,859 144, 566 108, 478 126,338 54,058 245, 210 Held by Federal Reserve bank 250, 439 16,807 82,031 13,048 13,960 9,232 17, 554 31,370 4,571 5,672 7,256 42,042 In circulation 3,165, 649266, 53/ 669, 813 236, 684 311, 439 151, 335 125,141 792,489 139, 995 102,806 119,082 47,162 203,168 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3, 268,179301, 617 788, 706 228,000 321, 215 148,340 85, 685 796, 546 121, 632 103, 500 117, 000 53, 675 202, 263 Eligible paper 5,749 1,703 2,174 504 370 187 16: 300 11 36 212 90 U. S. Government securities 231,100 22,000 5,000 13,000 60,000 40,000 24,000 6,100 10,000 1,000 50,000 Total collateral 3, 505,040303, 320 790,880 250, 504 326, 585 161, 527 145,847 836,846 145, 643 109, 600 127,036 54,887 252, 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN APRIL 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 February January De b c e e r m- February January De b c e e r m- February January De b c e e r m- Boston 303.2 302.1 261.0 172.7 173.3 134.5 0.2 0.6 1.4 New York... 2,069.5 1,841. 4 1, 647. 2 988.4 791.0 620.5 3.9 4.8 6.1 Philadelphia.. 216.2 216.9 203.8 89.6 91.9 80.1 1.0 Cleveland 287.5 274.7 280.7 141.7 129.4 133.9 .5 .3 .4 Richmond 139.1 130.8 123.0 67.1 59.6 52.8 .2 .2 .1 Atlanta 83.2 82.4 78.5 28.4 28.7 24.6 .2 .2 .05 Chicago 680.1 695.9 672.2 354.4 375.8 353.2 .1 .3 .1 St. Louis 146.3 146.4 131.4 79.6 80.1 65.7 .02 .1 .2 Minneapolis.. 99.0 103.0 102.2 52.0 55.9 54.5 .01 Kansas City.. 173.2 169.0 157.6 92.3 77.1 .1 .1 .1 Dallas 133.9 128.3 124.0 76.6 70.7 67.7 .03 .02 .01 San Francisco. 270.1 266.0 255.7 93.6 90.3 83.1 .05 .2 .1 Total... 4, 601. 4 4, 354.9 4,037. 4 2, 236. 6 2, 035. 2 1, 747.8 6.0 7.7 9.7 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 Febru- Janu- Decem- Febru- Janu- Decem- Febru- Janu- Decem- Febru- Janu- Decemary ary ber ary ary ber ary ary ber ary ary ber Boston 1,170 1,152 1,124 593 593 589 85 85 88 120 120 122 New York 8,057 7,821 7,639 1,645 1,637 1,635 209 200 200 441 440 438 Philadelphia 919 907 899 637 631 613 155 155 155 393 390 385 Cleveland 1,079 1,082 1,101 902 883 880 150 147 144 227 226 224 Richmond . 546 539 531 315 309 306 120 121 118 165 164 160 Atlanta . 428 414 419 266 261 266 98 99 94 68 72 68 Chicago . - .-_ 2,414 2,375 2,374 969 959 920 187 181 177 166 164 162 St Louis 495 497 494 251 250 246 133 128 125 91 89 88 Minneapolis 293 294 300 172 171 169 135 135 136 172 172 171 Kansas City 567 565 567 206 203 201 241 238 236 109 109 109 Dallas 410 397 404 162 162 161 199 194 194 36 35 34 San Francisco. 1,165 1,160 1,143 1,798 1,782 1,731 105 106 109 92 92 90 Total 17,543 17, 204 16,993 7,916 7,840 7,718 1,818 1,789 1,776 2,080 2,074 2,052 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 243 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO [In millions of dollars] Federal Reserve district City Total B to os n - Y N o ew rk P p d h h e i l l i - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M e l a i i s p n o - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Y N o e r w k c C a h g i- o Loans and investments, total: Mar. 6 18, 462 1,149 8,433 1,085 1,183 372 352 2,053 547 363 577 413 1,935 7, 547 1,682 Mar. 13 18, 522 1,160 8,491 1, 085 1,186 374 346 2,040 540 361 578 419 1,942 7, 602 1, 671 M<ir. 20 18, 498 1,178 8, 421 1,088 1,178 373 354 2,018 563 363 580 427 1,955 7, 539 1, 650 Mar. 27 18, 463 1,175 8,441 1,085 1,172 371 357 1,991 560 364 578 425 1,944 7. 566 1, 599 Loans on securities, total: Mar. 6 3,125 217 1,740 198 174 57 52 279 34 53 49 205 1, 530 238 Mar. 13 3,121 212 1, 739 199 174 57 52 278 35 54 49 205 1,529 237 Mar. 20 3,050 212 1, 667 199 173 58 52 284 34 54 203 1, 466 244 Mar. 27 3,028 210 1,635 201 174 58 53 292 34 54 203 1,447 252 To brokers and dealers in New York: Mar. 6 834 71S 676 Mar. 13 834 722 678 20 Mar. 20 755 644 609 27 Mar. 27 ._ 740 5 604 27 To brokers and dealers outride New York: Mar. 6 173 38 57 14 34 1 10 32 Mar. 13 171 37 56 15 34 1 9 54 32 Mar. 20 174 36 56 15 6 39 1 9 54 37 Mar. 27 188 35 56 16 7 48 1 11 54 46 To others: Mar. 6 2,118 160 965 164 166 215 43 175 799 178 Mar. 13 2,116 160 961 163 165 216 43 177 797 179 Mar. 20 2. 121 160 967 164 165 216 43 176 803 180 Mar. 27 2,100 160 953 164 165 215 42 172 789 179 Acceptances and commercial paper: Mar. 6 431 223 23 2 2 62 20 3 22 221 50 Mar. 13 420 48 214 23 2 2 60 21 3 21 212 49 Mar. 20 422 49 213 24 2 2 60 20 3 22 211 48 Mar. 27 429 48 222 25 2 2 60 21 3 21 220 Loans on real estate: Mar. 6.. 903 90 248 72 73 12 33 14 23 339 131 18 Mar. 13 962 90 248 72 73 12 32 13 23 340 130 17 Mar. 20 964 90 248 72 73 12 32 6 13 23 342 130 17 Mar. 27 967 90 248 72 73 12 32 6 13 24 345 130 17 Other loans: Mar. 6 3, 204 296 1,357 167 132 124 302 108 101 107 112 320 1,212 230 Mar. 13 3,196 301 1,353 167 134 123 303 107 100 108 110 312 1,209 230 Mar. 20 3,204 298 1,360 168 135 125 304 108 100 108 110 311 1,216 230 Mar.27 3,185 297 1,336 168 135 126 307 107 101 107 111 310 1,192 234 U* S. Government direct obligations: Mar. 6 7,222 330 3,309 302 589 136 1,034 205 151 246 161 660 3,128 857 Mar. 13 7,284 337 3,386 299 590 136 94 1,021 199 149 244 166 663 3,198 848 Mar. 20 7,324 355 3,400 300 584 132 99 989 223 150 246 173 673 3,202 317 Mar. 27 7,281 356 3,433 294 578 128 101 943 222 151 245 171 659 3,230 750 Obligations fully guaranteed by U.S. Government: Mar. 6_. .„_ 673 12 324 23 20 25 61 284 78 Mar. 13 674 12 312 23 21 28 66 270 78 Mar. 20.— 674 12 304 23 22 29 67 274 7S Mar, 27 681 12 307 23 21 29 69 276 73 Other securities: Mar. 6 2,841 156 1,232 190 255 117 40 328 1,041 211 Mar 13 2,865 160 1,239 269 190 256 117 40 335 1,048 212 Mar. 20. 2 S60 162 1,229 269 188 259 117 40 337 1,040 216 Mar.27 2,892 162 1,260 269 187 264 117 39 337 1,071 220 Reserve with Federal Reserve banks: Mar. 6 3,370 246 1,762 153 171 58 443 96 63 100 80 170 1.701 373 Mar. 13 3,420 255 1,762 152 173 53 467 105 64 101 83 176 1,704 394 Mar. 20 3,196 231 1,681 148 166 50 419 S3 59 102 74 154 1,622 356 Mar.27 3,174 223 1,703 141 48 390 58 103 73 157 1,644 331 Cash in vault: Mar. 6 _ 274 62 14 20 11 45 4 11 9 15 49 35 Mar. 13 282 64 14 20 12 46 5 12 9 16 51 35 Mar. 20 279 65 13 21 11 46 8 5 11 9 16 53 35 Mar.27.. 62 14 21 12 46 8 5 VI 9 17 50 35 Net demand deposits: Mar. 6 14,294 942 7,510 753 710 252 1,781 401 265 474 309 701 7,052 1,521 Mar. 13 14,479 965 7, 551 764 725 252 206 1,799 404 270 493 321 729 7,100 1,533 Mar. 20 14,155 957 7,362 751 709 241 209 1,716 403 269 485 316 737 6,924 1,453 Mar.27 14,150 946 7,429 746 721 240 207 1,654 401 270 484 318 734 6,994 1,384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN APRIL 1935 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO—Con. [In thousands of dollars] Federal Reserve district City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M e l a i i s p n o - - K C s a i a t n s y - D la a s l- F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Time deposits: Mar. 6 - 4,446 316 1,025 309 45i 138 129 521 165 127 165 123 974 609 380 Mar. 13 4,433 312 1,027 302 451 139 129 522 166 127 165 123 970 612 380 Mar. 20 . ... 4, 451 312 1,028 306 452 139 128 538 166 127 166 123 969 615 394 Mar **7 4 4fifi 312 1,037 315 452 139 128 530 166 127 166 123 971 610 386 Government deposits: Mar. 6. •L, 015 72 556 62 45 8 31 58 22 5 21 52 83 526 42 Mar 13 L, 015 71 557 62 45 8 31 58 ?2 5 21 52 83 527 41 Mar. 20 ,016 71 557 62 45 8 31 58 22 5 22 52 83 527 42 Mar 27 L, 016 71 557 62 45 8 31 58 22 5 22 52 83 527 41 Due from banks: Mar. 6 ,835 116 150 173 138 80 83 296 111 97 236 16? 187 66 188 Mar 13 . . 1,855 110 137 175 133 82 94 297 116 96 249 164 202 65 185 Mar 20 ,778 106 131 158 134 82 85 292 103 93 232 161 201 oe Mar 27 ]L, 749 106 140 168 143 81 84 276 98 93 225 150 185 176 Due to banks: 64 Mar 6 /1,548 210 2,086 261 203 107 88 620 194 123 293 150 213 2,018 503 Mar 13 . .. LI,533 207 2,072 257 206 107 89 625 191 127 292 147 213 2,006 609 Mar. 20 -. t1,347 204 1,944 248 199 101 86 611 187 124 287 147 209 1,881 495 Borr M ow ar in . g 2 s 7 from Federal Re- I1,282 200 1,909 248 196 98 86 611 185 121 282 142 204 1,846 496 serve banks: Mar. 6 1 1 Mar 13 1 1 Mar. 20 ... - 2 1 1 Mar. 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 Apr. 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 i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - Advances direct to industrial or commercial organizations __. 3^-6 4-6 4-6 5-6 4-6 5-6 5-6 Advances to financing institutions: On portion for which institution is obligated 3 3 13 4 4-6 5-6 4H 4^-5 4 3-4 Com O m n i t r m em en a t i s n i t n o g m p a o k rt e i o a n dvances 3 4 1 - - 5 2 H-2 4 1 - - 6 2 *5 1 - - 6 2 4M 4^-5 1 5 e - 6 1 4-5 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. 31 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 byit 1 percent per annum to financing institutions which agree to service loans and report regularly on status of borrower, fi No general rate established on commitments. « Flat rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 245 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] 1935 1934 Number of 1934 centers Fe a b ry ru- January Fe a b ry ru- Month Ship- Re- Ship- Rements ceipts Net ments ceipts Net New York City 1 12,549 14,998 13,231 to from receipts to from receipts Outside New York City. 140 13,181 r 15,065 11,784 Europe Europe Europe Europe Federal Reserve districts: Boston 1,369 1,627 1,322 January 0 5,256 5,256 81 3,705 3,624 New York 13,150 15, 624 13,714 February 1 3,740 3,739 173 1.502 1,329 Philadelphia 1,250 1,517 1,109 March . 0 2,200 2,200 167 2,026 1,859 Cleveland 1,311 1,497 1,158 April 1 2,900 2,899 Richmond 498 565 438 May 10 3,780 3,770 Atlanta 628 718 618 June 8 3,471 3,463 Chicago 3,336 3,874 2,852 July 63 3,601 3,538 St. Louis 645 758 647 August. . 0 5,193 5,193 Minneapolis 408 474 364 September 23 4,254 4,231 Kansas City 747 847 689 October 0 2,524 2,524 Dallas 472 488 423 November 199 2,129 1,930 San Francisco 1,916 2,074 1,682 December 40 1,539 1,499 Total 141 25, 730 r 30,063 25, 015 Total 345 40,587 40,242 For description and back figures see BULLETIN for January 1932, «• Revised. pp. 7-9, and for January 1934, p. 51. MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY FEDERAL RESERVE PAPER CURRENCY OF EACH DENOMINATION BANKS IN CIRCULATION [In thousands of dollars] [Outside Treasury and Federal Reserve banks. In millions of dollars] With- 16 to 31 to 61 to 91 days Over 1934 1935 Total in^ 30 60 90 to 6 6 in os. Denomina- days days days days mos. tion Feb. 28 Sept. 30 Oct. 31 Nov. 30 Dec. 31Jan. 31 Feb, Bills discounted: $1 393 411 410 422 423 401 407 Mar. 6.... 6,108 4,687 205 276 680 247 13 $2 33 32 32 32 32 32 31 Mar. 13... 6,425 5,073 149 338 619 231 15 $5 722 755 752 776 771 740 755 Mar. 20... 7,657 5,613 58 333 1,568 69 16 $10 1,212 1,266 1,265 1,300 1,288 1,240 1,275 Mar. 27... 7,678 5,533 244 170 1,639 77 15 $20 1,304 1,311 1,314 1,332 1,326 1,293 1,314 Bills bought $50 347 336 335 337 337 336 340 in open mar- $ $ $ $ $ 5 1 1 1 5 0 0 0 , , 0 0 0 , 0 0 0 0 0 0 0 0 . . . . . . . . 2 5 1 2 8 1 1 7 5 7 7 0 2 5 1 2 7 1 5 7 3 1 3 5 2 1 2 7 1 5 7 1 1 2 5 2 1 1 7 1 1 5 4 1 0 1 2 5 1 1 7 1 5 6 7 7 2 2 5 1 1 7 1 5 7 4 1 1 2 5 1 1 1 7 7 2 5 In IK d rtp u J MM M M fL s *. t a a a a ri r r r r a . . . . l 6 2 2 1 a 3 0 7 d . - . ~ . 5 5 5 5 , , , , 5 2 5 3 0 9 0 0 6 9 5 6 7 6 2 1 0 0 0 1 2 8 8 2 4,0 7 5 1 4 5 3 9 2 1 8 3 4 1 , ,1 0 6 5 8 0 2 2 9 4 9 9 4 3 , , 0 4 1 5 1 2 4 2 4 1 9 7 Total. 4,957 5,031 I 5,025 5,110 5,095 4,953 5,039 vances: Mar. 6.... 19,470 197 560 1,354 312 1,078 15,969 Mar. 13... 19,869 625 99 1,609 530 932 16,074 NOTE.—Figures include, in addition to currency outside the Treasury Mar. 20... 20,409 623 590' 1,173 425 1,090 16, 508 and Federal Reserve banks, unassorted currency held by these institu- Mar. 27... 20, 785 508 652 1,118 501 1,069 16.937 tions amounting to $7,000,000-$18,000,000, and also $1,000,000 of currency U. S. Governof unknown denominations reported by the Treasury as destroyed. ment securities: UNITED STATES POSTAL SAVINGS Mar. 6.... 2,430,486 125, 685 40,550177,761 91, 546510,7831,484,161 Mar. 13...2,430,361137,100 28, 250176,621 93,784495,0801,499, 526 [Balance to credit of depositors. In millions of dollars] Mar. 20...2,430,307 40, 550 34,009 89,843272,839352, 5391, 640, 527 Mar. 27. .. 2,430,305 28,250 37,078 90, 571270,013371,9761,632,417 End of month 1931 1932 1934 1935 January... 278.4 666.2 943.4 1, 200.8 vl, 200. 8 February.. 292.1 692.6 007.1 1, 200. 0 n, 205. 7 March 302.7 706.0 113.9 1, 200. 0 April 313.8 722.8 159.8 1,197. 5 May 325.0 742.6 180.3 1.196. 9 June 347.4 784.8 187.2 1.197. 9 July 372.5 829 5 178.4 1,190. 3 August 422.7 848.5 179.4 1,192. 2 September 469.9 858.7 181.5 1,192.8 October... 538.1 871.9 189.0 1.198. 6 November. 565.5 885.2 198.7 1, 203. 5 December. 605.6 901.6 208.9 1, 207. 4 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN APRIL 1935 BANKS LICENSED AND NOT LICENSED Number of banks Deposits *(in thousands of dollars) Total Licensed lice N n o se t d i Total Licensed lic N en o s t ed All member banks: Mar. 15, 1933 _ 6,699 5,078 1,621 28,421,038 25, 554, 287 2,866, 751 Apr. 12, 1933 6,681 5,425 1,256 28,646,106 25,986,183 2, 659,923 June 30, 1933 6,701 5,60G 1,095 27,829,942 26,563,927 1, 266,015 Dec. 30, 1933.- 6,523 6,011 512 27,694,828 27,166,974 527,854 June 30, 1934 _.. 6,488 6,375 113 31,124, 361 31,012,367 111,994 Dec. 26, 1934 6,460 6,450 10 32, 278,957 32, 270,380 8,577 Mar. 27, 1935 6,425 6,422 33,855,332 33,853,686 1,646 National banks: Mar. 15, 1933 _ 5,907 4,507 1,400 18,137,719 16,195,145 1,942,574 Apr. 12, 1933— 5,897 4,789 1,108 18, 313,090 16,494, 549 1,818,541 June 30, 1933.— _ _... __.. 5,882 4,897 17, 769, 636 16,741, 289 1,028,347 J D u e n c. e 3 30 0 , , 1 19 9 3 3 4 3_—r_... _. 5 5 , , 6 5 0 1 6 2 5 5 , , 1 4 5 1 4 7 45 9 2 5 1 1 7 9 , , 9 9 9 9 0 3 , , 8 2 9 1 6 7 1 1 7 9 , , 5 8 5 9 5 5 , , 2 8 3 9 9 7 4 9 3 7 4 , , 9 9 9 7 9 8 Dec. 26, 1934 5,477 5,471 20, 771, 521 20, 764, 706 6,815 Mar. 27, 1935 5,447 5,447 21,6G8,238 21,668,238 State-bank members: Mar. 15, 1933 792 571 221 10, 283, 319 9, 359,142 924,177 Apr. 12, 1933 784 636 148 10, 333,016 9, 491, 634 841,382 June 30, 1933 819 j 709 110 10,060, 306 9,822,638 237,668 Dec. 30, 1933 917 857 60 9, 704, 611 9,611, 735 92,876 June 30, 1934 976 958 18 11,130,465 11,116,470 13,995 Dec. 26, 1934 983 979 4 11,507,436 11,505,674 1,762 Mar. 27, 1935 978 975 3 12,187,094 12,185,448 1,646 Nonmember banks other than mutual savings banks:3 Apr. 12, 1933 10, 351 7,392 2,959 6,341,370 5,020,061 1,321, 309 June 30, 1933 10,171 8,188 1,983 6,135,648 5,071,664 1,063,984 Dec. 30, 1933 9,590 8,333 1,257 5,559,996 5,062,908 497,088 June 27, 1934 ••___ ..._ 9,269 8,760 509 5,547, 799 5,313,565 234, 234 Oct. 17, 1934 r 9,167 8,901 266 5,484,147 5,356,384 127,763 Dec. 26, 1934 •• 9,113 8,933 180 5,471,318 5,383,751 87, 567 Mar. 27, 1935 9,044 8,949 95 5,425, 587 5,372, 528 53,059 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. ' 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-MARCH 1935 [Preliminary figures] Licensed banks suspended l 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 i 2 n liquidation Deposits 3 (in Deposits 3 (in Number of banks thousands of Number of banks thousands of dollars) dollars) Year Jan.-Mar. Year Jan.-Mar. Year Jan.-Mar. Year Jan.-Mar. 1934 1935 1934 ! 1935 1934 1935 1934 1935 National banks 1 1 40 368 396 4 4fli Q82 6 499 State bank members - 4 23 M 4 39 606 4 6 076 Nonmember banks. . 55 5 36,904 1,168 501 25 205,140 9,680 Total _. 56 6 36, 944 1,536 920 33 646,729 j 22,255 1 Includes banks placed on a restricted basis. 2 Includes nonlicensed banks absorbed or succeeded by other banks. 3 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 in 1934 and 3 banks with deposits of $4,858,000 during January-March 1935, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 247 FEDERAL DEPOSIT INSURANCE CORPORATION CONDITION OF INSURED COMMERCIAL BANKS AND TRUST COMPANIES IN CONTINENTAL UNITED STATES DEC. 31, 1934, AND JUNE 30, 1934 [Amounts in thousands of dollars] Dec. 31, 1934 June 30, 1934 State State State State banks banks not banks banks not All banks 1 N b a a ti n o k n s al o m f e F m ed b e e r r a s l o m f e F m ed b e e r r a s l All banks i N b a a ti n o k n s al o m f e F m ed b e e r rs alo m f e F m ed b e e r rs al Reserve Reserve Reserve Reserve System System System System Number of banks _ 14,135 5,462 13,896 5,417 958 7,521 ASSETS Loans and discounts (including overdrafts) 14, 602,317 7,475, 377 4, 552, 726 2, 574, 214 15,188, 678 7, 680, 576 4,842,404 2, 665, 698 U. S. Government direct obligations 10, 502, 606 6, 250,822 3, 654, 870 596, 914 9, 707,976 5, 637, 522 3,499,162 571, 292 Obligations fully guaranteed by U. S. Government. 1,209,835 696, 728 292,480 220, 627 2 593, 524 2 357, 618 2 151,025 2 84,881 Other bonds, stocks, securities, etc-— 2 6, 458,188 3,487,405 1, 739,870 1, 230, 913 6,196, 585 3, 335, 729 1, 670, 803 1,190, 053 Total loans and investments 32, 772,946 17,910,332 10, 239,946 4, 622, 668 31, 686,763 17,011,445 10,163, 394 4, 511,924 = Customers' liability on account of acceptances 243,093 135,687 106,264 1,142 254, 360 129, 097 123, 819 1,444 Banking house, furniture and fixtures 1,212,373 652,000 349,0.87 211,286 1, 212,843 654,135 343,682 215,026 Other real estate owned 465,305 161,891 151,665 151,749 426, 996 151, 859 134,489 140,648 Reserve with Federal Reserve banks 4,081, 565 2, 525,448 1,556,117 3,819, 410 2,497,400 1,322,010 Cash in vault 792,491 453,749 154,853 183,889 622,749 349,870 122,773 150,106 Balances with other banks 4,977, 206 2,910,877 1,013,598 1,052,731 4,286,797 2, 529,716 845,060 912, 021 Exchanges, outside checks, and other cash items.-. 1,350,159 592,080 720, 240 37,839 613, 839 311,346 271,623 30, 870 Redemption fund and due from U. S. Treasurer. _. 33,956 33,956 36, 249 36, 249 Acceptances of other banks and bills sold with endorsement 1,932 750 1,011 171 2,371 1,408 512 451 Securities borrowed __ 3,641 1,529 367 1,745 5,110 2,112 412 2,586 Other assets 502,135 202,633 203, 111 96,391 468,301 180,897 201, 503 85,901 Total assets 46,436,802 25, 580,932 14,496, 259 6,359, 611 43,435, 788 23,855, 534 13, 529, 277 3, 050,977 LIABILITIES Demand deposits of individuals, firms, or corporations 16, 716, 506 8, 980, 775 5, 970, 394 1, 765, 337 14,881, 070 8, 028, 503 5, 320, 221 1, 532, 346 Time deposits of individuals, firms, or corporations- 11,653,152 6, 293, 227 2, 727, 215 2,632, 710 11, 320,198 6,057, 749 2, 705, 489 2, 556,960 Public funds 2, 600, 552 1, 639,105 454, 782 506,665 2,407, 580 1, 497,184 433,360 477,036 U. S. Government and postal-savings deposits 2, 210,808 1, 234, 989 852, 515 123, 304 2, 369, 468 1, 327, 369 915,451 1.26, 648 Deposits of other banks; cash letters'of credit; certified, officers', and travelers' checks outstanding... 5,813, 246 3,489,054 2, 206. 349 317,843 4,835, 278 2,985,092 1,741,949 108,237 Total deposits. 38,994, 264 21, 637,150 12, 211, 255 5,145,859 35, 813, 594 19,895, 897 11,116, 470 4,801, 227 Circulating notes outstanding 650,935 650, 935 694, 790 694, 790 Agreements to repurchase U. S. Government obligations or other securities sold 6,942 2,361 3,980 601 6,275 4,399 915 961 Bills payable 40, 504 7,342 4,779 28,383 68, 463 13,672 18.080 36, 711 Rediscounts 1,322 383 283 656 4,112 2,007 1,0S1 1,024 Securities borrowed 3,641 1,529 367 1,745 5,110 2,112 412 2, 586 Acceptances executed by other banks for account of reporting banks 4,717 4,259 384 11, 670 4,669 318 Acceptances of other banks and bills sold with endorsement 1,932 750 1,011 171 2,371 1,408 512 451 Acceptances executed for customers 254, 312 138,913 114,878 521 267, 542 133,190 133, 456 896 Expenses accrued and unpaid 70, 641 38,911 24,467 7,263 79,376 41,662 29, 097 8,617 Dividends declared but not yet payable 42, 287 22, 642 17, 670 1,975 Other liabilities 209, 362 51,187 82,927 75, 248 238,158 64, 363 115,012 58, 783 Capital stock and capital notes and debentures 3, 348, 678 1, 782, 746 881, 340 684, 592 3, 319, 216 1,734,164 918,018 667, 034 Surplus 1,914,751 836, 056 825, 600 253,095 1, 962,163 852,225 838, 335 271, 603 Undivided profits—net 469,996 261,456 129,557 78,983 470,668 257,238 129,990 83, 440 Reserves for contingencies, etc 414, 086 141, 534 193, 684 78, 868 491,126 151,153 223,104 116, 869 Retirement fund for preferred stock or capital notes and debentures 3, 789 2,320 202 1,267 1,154 571 126 457 Total liabilities. 46, 436, 802 25, 580,932 14, 496, 259 6, 359, 611 43, 435,788 23, 855,534 13, 529, 277 6,050,977 1 Exclusive of insured mutual savings banks. 2 Includes Home Owners' Loan Corporation 4-percent bonds guaranteed by the United States as to interest only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN APRIL 1935 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 i o e m d s i - - p u r c o t d s - Foods Total H p l r i e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li u g a 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 l t s t a s lm Bu at i e ld ri i a n l g s c C a d l h r s e u m a 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 l M an is e c o e u l s - 1929__ 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82 A 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69 8 1932-_ 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1934—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 69.6 67.1 78.9 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 June_._ 74.6 63.3 69.8 78.2 87.1 72.7 72.8 87.7 87.8 75.6 82.0 70.2 July. 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69,9 August 76.4 69 8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75 7 81.8 70.2 September 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70 ? 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 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 February 79.5 79.1 82.7 77.4 86.0 70.1 72.5 85.8 85.0 80.4 80.7 70.1 Weekending— 1934—Dec. 1 76.5 71.1 75.0 78.2 84.9 69.3 75.7 85.3 84.9 77.4 82.7 70 8 Dec. 8 76.7 71.7 74.9 78.3 85 0 69 3 76.0 85.4 85.1 77.8 82.4 71.0 Dec. 15 76.7 71.1 75.4 78.2 85.7 69.4 75.2 85.4 85.0 78.0 82.4 71.2 Dec. 22 76.7 71.2 75.4 78.2 86.4 69.7 75.0 85.5- 84.7 78.1 82.5 71 1 Dec. 29 . . 77.1 72.6 76.3 78.1 86.6 69.7 74.7 85.5 84.9 78.3 82.5 71.1 1935—Jan. 5 77 9 75.6 78 5 78 0 86 8 70.0 74.1 85.6 84.6 79.1 82.3 70.9 Jan.12 78.6 77.2 79.7 78.1 86.9 70.0 74.2 85.6 84.8 79.6 82.2 71.0 Jan. 19 78.5 76.7 79.8 77 9 86 8 70 0 74.0 85.3 84.8 79.8 82.1 70.7 Jan. 26 . ... 79.0 79.0 80.9 77.9 86.8 70.0 74.3 85.2 84.9 80.0 82.1 70.6 Feb. 2 79.1 78 3 81.5 77 9 86 8 69 9 74.4 85 2 84.9 80.2 82.2 70.2 Feb. 9 79.1 78.1 82.3 77.8 86.6 69.6 74.3 85.2 84.7 80.4 82.3 70.1 Feb. 16 79 4 79.2 83.1 77 7 86 7 69 7 74.0 85.1 84.6 80.4 82.1 70.2 Feb. 23 79.6 79.9 83.2 77.7 86.8 69.7 73.9 85.1 84.8 81.0 81.9 70.2 Mar. 2 79.6 80.0 82.5 77.6 86.6 69.4 73.9 85.0 84.7 81.6 81.9 69.9 Mar. 9 79.6 80.0 82.1 77.5 86.4 69.3 73.8 85.1 85.0 81.6 82.0 69.8 Mar. 16 79.4 79.2 82.6 77.3 86.0 69.0 73.8 85.0 84.6 81.5 81.9 69 0 Mar. 23 78 8 77.6 81.1 77.3 85.8 68.8 74.0 84.9 85.0 80.9 81.9 68.8 Mar. 30 78.9 77.5 81.8 77.3 85.7 68.8 74.2 85.0 84.9 80.4 81.9 68.8 1934 1935 1934 1935 Subgroups | Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. FARM PRODUCTS: i METALS AND METAL PRODUCTS: Grains 63.2 87.2 91.5 88.8 87.4 Agricultural implements 85.2 91.9 92.7 92.7 93.6 Livestock and poultry 48.2 54.0 57.2 73.3 78.4 i Iron and steel __ 86.3 86.0 85.6 85.7 86.1 rr" Other farm products 68.3 75.8 75.1 76.6 76.8 Motor vehicles 97.8 94.7 94.6 94.1 93.6 FOODS: i Nonferrous metals 65.8 67.7 67.5 67.6 67.2 Butter, cheese, and milk 69.1 78.6 79.6 83.5 87.0 BUILDING MATERIALS: Cereal products 85.7 91.0 92.2 91.6 91.9 Brick and tile 87.2 91.2 91.2 91.1 90.6 Fruits and vegetables.. 71.7 65.3 62.4 62.8 63.6 Cement 93.9 93.9 93.9 93.9 93.9 Meats 53.3 68.4 69.0 81.6 87.9 her _ _ _ . 87.3 81.2 81.2 79.9 80.5 Other foods 64.1 74.0 74.3 76.2 77.2 Paint materials 79.3 78.8 78.8 79.0 78.8 HIDES AND LEATHER PRODUCTS: Plumbing andheating 72.7 68.8 68.8 68.0 67.1 Boots and shoes 98.4 97.3 97.2 97.1 97.2 Structural steel 86.8 92.0 92.0 92.0 92.0 Hides and skins 78.0 63.1 67.4 71.1 69.6 Other building materials. 90.3 89.4 89.8 90.3 90.3 Leather . 80.1 70.8 71.8 74.3 74.6 CHEMICALS AND DIIUGS: Other leather products. 86.9 85.7 85.7 85.0 84.6 Chernicals 78.8 80.9 82.2 84.5 86.5 TEXTILE PRODUCTS: DrugrS and pharmanentinals 71.5 73.5 73.4 73.1 73.1 Clothing 87.2 78.4 78.4 78.4 78.5 Fertilizer mateirials 69.2 64.6 65.3 66.5 66.2 Cotton goods. 88.6 84.4 84.3 84.1 83.3 Mixed fertilizers 72.5 73.5 73.7 73.3 72.8 Knit goods 67.0 61.0 61.9 63.5 63.6 HOUSEFtJRNISHINGGOODS: S W il o k o l a e n n d a r n a d y o w n orsted goods 8 3 4 1. . 0 3 2 7 5 4 . . 8 1 2 7 7 4 . . 1 0 2 7 8 3 . . 6 8 2 7 8 3. . 6 1 F F u u r r n niistuhriengs 8 7 3 9 . . 0 2 8 7 4 8. . 4 3 8 7 4 8 . . 2 2 8 7 4 8 . . 3 2 8 7 4 7 . . 1 2 Other textile products.. 77.8 68.5 68.6 68.8 68.6 MISCELLANEOUS: FUEL AND LIGHTING MATIs RIALS: Auto tires and tubes 43.5 47.5 47.5 47.5 47.5 Anthracite 81.2 82.1 82.3 82.3 82.3 Catte feed 73.4 108.2 123.1 L16. 2 109.0 Bituminous coal 91.1 96.4 96.5 96.3 96.4 Paper and pulp 82.7 82.1 81.5 81.5 80.9 Coke 83.5 85.6 85.6 86.4 88.8 Rubaer, crude, 21.4 26.6 26.4 26.5 26.2 Electricity 91.8 94.0 93.1 89.9 Other miscellarleous 83.2 80.8 80.7 80.4 80.1 Gas 89 3 92 4 89.3 87.6 Petroleum products 50.3 50.5 49.8 48.8 48.7 Back figures—For monthly and annual indexes of groups, see Annual Report for 1933 (table 120); indexes of subgroups available at Bureau of Labor Statistics., For weekly indexes covering 1932 and 1933, see Annual Report for 1933 (table 121) and BULLETIN for February 1934, p. 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1935 FEDERAL RESERVE BULLETIN 249 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average—100] 1934 1935 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total . 80 82 85 86 83 74 72 69 72 73 86 90 »88 IRON AND STEEL 63 66 76 84 85 47 38 37 41 48 64 79 79 Pig iron 45 51 55 66 66 42 36 31 31 32 34 49 57 Steel ingots . ... 65 68 78 85 87 48 39 38 42 50 67 82 82 TEXTILES _ „ _„ . __ 91 94 90 88 77 78 80 63 89 87 97 103 100 Cotton consumption . 95 97 97 95 74 79 86 64 94 90 92 98 95 Wool.. 73 72 66 65 63 61 59 38 59 69 85 102 97 Consumption. _ ____ 72 71 68 63 61 62 60 37 63 82 97 116 97 Machinery activity * 85 82 71 72 68 67 65 40 61 68 92 110 116 Carpet and rug loom activity * . 54 59 53 57 62 44 47 41 46 32 41 52 65 Silk deliveries 114 129 115 112 109 101 96 99 135 111 140 119 122 FOOD PRODUCTS 91 84 93 98 96 102 106 120 107 102 102 91 81 Slaughtering and meat packing 94 86 102 108 103 120 128 142 119 110 107 83 76 Hogs. 80 69 95 104 87 92 79 89 95 90 79 54 56 Cattle 112 106 110 110 123 155 192 216 144 138 146 120 101 Calves -. . 122 122 120 128 139 198 244 225 145 121 130 132 109 Sheep 133 131 129 127 128 134 145 162 228 143 139 133 131 Wheat flour _. 94 92 91 89 90 81 79 85 83 84 87 86 90 Sugar meltings 73 65 64 71 80 69 64 94 101 102 108 130 86 PAPER AND PRINTING: Newsprint production 63 66 68 68 64 63 63 65 62 60 66 61 61 Newsprint consumption 112 112 115 115 118 116 117 121 116 115 118 121 LUMBER- 29 38 33 33 31 29 36 32 29 26 29 33 30 TRANSPORTATION EQUIPMENT: Automobiles 71 78 85 78 82 78 61 51 41 37 105 104 105 Locomotives 0 0 10 10 2 3 5 7 8 10 9 '8 8 Shipbuilding 30 59 65 39 38 28 95 133 17 14 18 27 68 LEATHER AND PRODUCTS . 108 107 117 118 101 99 97 88 85 92 104 107 108 Tanning 94 89 95 93 87 86 83 80 81 89 93 96 96 Cattle hide leathers 89 85 90 89 85 81 82 79 80 89 92 93 93 Calf and kip leathers 78 72 85 78 82 74 67 67 68 80 96 97 91 Goat and kid leathers -- .. 124 116 118 118 99 114 101 97 95 98 90 105 110 Boots and shoes 118 118 131 134 110 108 106 94 88 94 112 ••114 115 CEMENT AND GLASS: Cement _ 61 58 55 57 58 53 48 50 46 48 45 42 45 Glass, plate 98 106 98 83 77 92 86 84 87 83 140 174 166 NONFERROUS METALS: » Tin deliveries* 54 58 71 73 68 64 65 68 58 67 80 78 73 FUELS, MANUFACTURED: Petroleum refining.. 144 143 152 153 154 156 157 152 153 155 r 154 151 155 Gasoline * 181 177 191 191 195 201 202 193 196 199 194 191 196 Kerosene 87 95 98 95 94 92 91 85 92 91 89 99 105 Fuel oil i 98 101 99 101 103 100 103 102 98 101 103 99 102 Lubricating oil * — ... .. 86 90 100 108 95 92 90 91 90 89 98 91 94 Coke, byproduct 85 91 93 102 100 78 74 73 73 73 76 88 95 RUBBER TIRES AND TUBES.. 100 106 97 81 84 83 79 79 82 107 133 115 Tires, pneumatic 103 110 100 83 87 85 82 82 85 110 139 119 Inner tubes 74 82 76 63 62 68 56 61 60 80 91 82 TOBACCO PRODUCTS . 132 119 128 128 132 128 126 125 120 125 143 136 133 Cigars 66 66 66 62 65 63 66 66 66 69 76 72 69 Cigarettes 181 158 175 178 183 177 172 171 161 168 196 186 183 Minerals—Total 91 100 90 89 87 85 80 82 81 81 89 94 96 Bituminous coal 75 84 72 72 67 65 61 64 64 65 69 74 80 Anthracite 89 109 73 76 69 63 50 62 53 64 72 76 67 Petroleum, crude 118 122 125 127 130 128 124 122 122 121 124 131 132 Iron ore . 40 54 52 47 44 35 14 Zinc . . 67 68 65 65 58 57 60 61 76 77 74 71 73 Lead 64 57 56 66 56 53 44 55 56 55 60 50 50 Silver 36 47 45 44 45 40 39 36 39 35 53 50 65 » Without seasonal adjustment. «Includes also lead and zinc; see "Minerals." » Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 684-587. 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

250 FEDERAL RESERVE BULLETIN APRIL 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1934 1935 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb Manufacturers—Total. 82 83 71 70 73 '73 87 IRON AND STEEL. 85 44 38 37 40 45 76 Pig iron 66 40 35 30 31 32 49 58 Steel ingots-. 87 44 38 38 41 46 79 TEXTILES 97 73 73 76 63 92 91 108 105 Cotton consumption 101 102 104 97 71 72 77 62 97 93 102 101 Wool.. 76 73 65 62 60 57 57 39 62 73 104 101 Consumption 79 73 65 58 55 55 56 38 69 89 119 105 M achinery activity 85 82 71 72 68 67 65 40 61 68 92 110 116 Carpet and rug loom activity- 54 59 53 57 62 44 47 41 46 32 41 52 65 Silk deliveries. 122 124 114 111 97 96 100 104 135 115 125 136 130 FOOD PRODUCTS - - 90 82 87 95 100 100 122 110 108 103 90 79 Slaughtering and meat packing — 94 81 92 105 102 113 115 138 120 123 123 94 75 Hogs _ 69 84 100 89 82 60 67 81 99 104 72 62 Cattle -- -- 92 97 107 116 154 188 240 168 159 153 121 89 Calves - 114 124 131 144 144 192 224 216 152 124 124 123 101 Sheep. - 125 119 121 124 126 134 146 188 251 142 136 134 123 Wheat flour- _. - 91 86 83 84 80 78 85 100 93 90 83 84 87 Sugar meltings ^ 71 77 75 80 95 84 72 100 96 81 84 PAPER AND PRINTING: Newsprint production 63 65 66 61 61 64 62 60 66 62 61 Newsprint consumption _ 110 117 123 119 117 103 104 118 123 123 121 116 LUMBER _ 28 39 35 35 32 29 38 33 30 25 26 29 29 TRANSPORTATION EOUIPMENT: Automobiles 76 109 93 82 67 56 112 Locomotives — 0 0 9 10 2 5 7 Shipbuilding 21 46 63 50 47 140 133 LEATHER AND PRODUCTS 110 110 114 108 97 107 102 110 Tanning 97 88 93 88 86 85 85 87 99 Cattle hide leathers.._ 95 85 90 85 83 79 80 82 100 Calf and kip leathers.. 72 64 76 74 79 86 81 77 84 Goat and kid leathers. 129 119 117 109 99 105 99 102 100 115 Boots and shoes 119 124 128 122 104 106 122 112 '103 116 CEMENT AND GLASS: Cement. 37 42 53 35 25 27 Glass, plate 106 115 108 105 155 179 NONFERROUS METALS: i Tin deliveries 54 58 64 65 58 67 80 78 FUELS, MANUFACTURED: Petroleum refining 144 143 152 153 154 156 157 152 154 156 rl55 151 156 Gasoline 181 177 191 191 195 201 202 193 196 199 194 191 196 Kerosene- — 92 97 92 87 86 87 87 97 99 96 101 107 Fuel oil 101 99 101 103 100 103 102 98 101 103 102 Lubricating oil 90 100 108 95 92 90 91 90 89 98 94 Coke, byproduct 87 94 94 101 75 72 71 73 74 77 98 RUBBER TIRES AND TUBES. 108 117 115 102 102 81 78 76 73 92 106 Tires, pneumatic 112 121 118 106 105 83 81 78 75 83 96 110 Inner tubes.. 78 87 77 74 65 62 61 54 58 75 TOBACCO PRODUCTS.. 120 113 118 130 144 139 135 139 129 128 115 128 121 Cigars 57 60 62 64 70 67 69 76 81 82 57 55 60 Cigarettes 164 150 159 179 202 194 186 188 169 166 161 182 166 Minerals—Total. 81 87 87 85 83 87 87 84 85 91 92 Bituminous coal.. 80 84 60 62 59 60 72 74 82 85 Anthracite 95 89 76 76 52 50 62 65 71 82 72 Petroleum, crude- 116 121 125 128 132 131 126 125 123 120 120 126 129 Iron ore 60 106 105 95 85 60 11 Zinc 71 66 55 53 56 58 73 77 78 Lead. 65 57 51 43 52 58 57 51 Silver 43 44 34 34 39 38 70 iIncludes also lead and zinc; see "Minerals." v Preliminary. ' 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

APEIL 1935 FEDERAL RESERVE BULLETIN 251 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufacturers 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 Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Total . -. 81.2 '78.7 77.7 81.9 '80.5 78.4 69.1 64.1 60.6 IRON AND STEEL AND PRODUCTS. . 70.6 r67.8 66.6 70.4 r69.4 66.4 58.9 r51.9 45.7 Blast furnaces and steel works 72.9 69.4 67.3 72.2 69.9 66.6 63.8 53.9 46.1 Cast-iron pipe 48.6 49.9 49.6 50.4 52.2 51.5 25.6 26.8 27.0 Cutlery and edge tools 78.4 75.8 74.2 76.1 76.4 72.0 60.0 55.5 53.0 Hardware 56.2 51.6 73.7 55.8 51.6 73.1 49.6 41.7 55.7 Steam, hot-water heating apparatus, etc _ __ 49.6 47.9 45.4 49.2 49.0 45.0 33.1 31.0 26.8 Stoves 89.0 81.0 75.4 92.2 95.4 78.1 63.3 55.4 48.3 Structural metal work __ _ . _. 53.8 55.9 52.8 55.3 57.4 54.3 37.6 39.5 33.5 Tin cans, etc 83.9 ••85.0 79.6 87.7 '90.8 83.2 75.5 ••80.7 70.5 Wire work __ ._ . __. 122.5 120.7 120.7 120.0 121.3 118.2 114.2 102.7 92.5 MACHINERY .. _ 82.1 79.6 72.9 83.2 81.4 74.0 64.3 60.8 51.8 Agricultural implements 92.7 89.6 75.6 87.1 86.7 71.1 100.9 97.5 75.7 Electrical machinery, etc -- - 67.5 65.9 59.2 67.5 65.9 59.2 55.0 52.4 40.9 Engines, turbines, etc 85.5 79.5 62.8 85.0 81.0 62.4 59.9 54.5 39.6 Foundry and machine-shop products 72.0 69.2 64.1 71.6 70.3 63.8 55.7 51.5 45.4 Machine tools _ _ - 76.9 73.1 67.8 75.1 72.4 66.2 63.2 58.2 54.2 Radios and phonographs 188.8 191.4 177.5 230.2 227.3 216.4 105.2 112.5 96.5 Textile machinery _ _ - 64.8 64.1 74.1 64.0 64.2 73.2 52.6 52.0 60.6 TRANSPORTATION EQUIPMENT 100.9 92.4 84.6 98.4 93.5 82.5 94.7 79.4 71.9 Automobiles 117.5 108.1 97.4 114.1 109.2 94.6 110.3 92.2 82.3 Cars, electric and steam railroad ._ . _ 43.6 34.2 37.7 46.9 38.3 40.5 43.4 31.7 35.4 Locomotives 30.9 30.3 19.5 31.4 31.3 19.8 13.6 13.2 7.7 Shipbuilding . _ 72.8 68.3 66.0 69.3 66.3 62.8 59.7 56.2 49.0 RAILROAD REPAIR SHOPS . - . .. 52.9 51.6 53.4 53.6 52.4 54.2 48.0 43.8 45.6 Electric railroads 65.9 65.3 65.8 65.9 65.3 65.8 59.7 58.0 56.4 Steam railroads - _ - 51.9 50.6 52.5 52.7 51.4 53.3 47.2 42.9 44.9 NONFERROUS METALS AND PRODUCTS . _- 79.2 75.9 70.9 78.3 76.8 70.1 63.4 58.4 52.2 Brass bronze and copper 80.8 75.4 72.7 79.3 75.8 71.3 63.2 58.3 51.4 Lighting equipment 68.3 66.3 62.0 68.4 67.9 62.1 57.4 54.8 48.3 Silverware and plated ware. --- - 67.5 67.8 66.7 67.6 70.4 66.8 51.5 47.5 46.6 Smelting and refining 75.0 73.6 64.1 73.4 72.4 62.7 48.0 46.5 37.7 Stamped and enameled ware 94.3 89.1 79.8 93.2 92.0 78.9 86.8 77.6 66.2 LUMBER AND PRODUCTS 49.4 47.1 47.1 50.8 48.8 48.4 34.8 31.7 30.5 Furniture 66.9 64. 1 62.4 67.6 66.4 63.0 47.1 43.5 40.5 Lumber millwork 37.9 35.9 36.1 38.4 37.0 36.6 25.3 23.0 21.7 Lumber, sawmills 32.7 30.9 31.3 34.2 32.4 32.7 21.4 19.1 19.1 .STONE, CLAY, AND GLASS PRODUCTS 49.6 47.2 49.8 52.4 51.7 52.7 34.8 31.6 33.3 Brick tile, and terra cotta 25.7 24.8 25.6 29.6 28.2 29.4 15.0 13.0 13.1 Cement 37.8 37.2 41.0 42.4 41.9 46.1 22.1 21.2 22.5 Glass -. -_ .- 91.7 86.5 89.5 94. 1 94.0 91.8 75.6 69.9 73.5 Pottery 71.4 69.9 69.3 70.6 71.3 68.4 50.3 46.9 44.1 TEXTILES AND PRODUCTS . . .. 98.4 95.2 96.8 96.6 95.1 95.1 84.5 78.5 77.9 A Fabrics 97.2 95.8 96.4 95.6 94.8 94.8 84.5 82.2 78.3 Carpets and rugs - 69.7 66.5 69.7 68.1 64.9 68.1 60.5 55.5 48.0 Cotton goods 96.7 96.3 99.8 95.3 94.8 98.3 82.8 81.8 80.6 Dyeing and finishing 117.8 117.1 113.1 113.6 115.4 109.1 100.6 102.7 96.5 Knit goods 112.5 109.2 107.1 111.1 109.2 105.7 112.1 106.2 98.9 Silk and rayon goods 81.3 80.7 85.5 80.1 81.2 84.2 70.0 68.4 69.6 Woolen and worsted goods -- - 93.9 91.8 85.9 92.1 89.9 84.2 74.9 73.1 64.4 B Wearing apparel 96.8 89.4 93.4 94.7 91.3 91.3 79.5 66.6 72.3 Clothing men's 91.8 83.9 85.5 89.4 84.4 83.3 71.8 57.0 60.6 Clothing, women's 125.1 117.3 119.0 121.4 120.3 115.5 101.6 87.8 94.1 Millinery - - 66.5 62.4 83.9 61.6 62.8 77.8 58.7 54.0 71.3 Shirts and collars 99.8 90.4 98.6 100.8 93.4 99.6 95.7 77.8 84. C LEATHER AND PRODUCTS 91.6 88.3 90.3 89.7 89.1 88.4 82.5 76.4 81.7 Boots and shoes 90.7 87.0 89.6 88.9 88.4 87.8 79.2 72.5 81.0 Leather - - - - 95.6 94.0 93.6 93.2 92.3 91.2 92.6 88.5 82.6 FOOD PRODUCTS -. - - - 93.8 94.4 93.9 105.0 104.8 104.3 83.4 83.3 81.1 Baking 111.3 106.7 108.4 113.8 109.0 110.8 93.7 89.6 91.4 Butter 67.6 68.3 74.2 75.8 75.8 83.2 52.2 51.7 56.5 Canning and preservinf 58.3 61.3 54.3 121.4 127.7 113.1 64.8 64.3 56.9 Confectioner v 80.3 78.6 79.2 81.9 80.2 80.8 70.3 67.4 67.2 Flour -- -- - ----- - 76.5 76.2 75.4 76.8 76.8 75.7 66.1 63.8 61.6 Ice cream 61.3 60.8 57.1 70.4 70.5 65.6 49.6 48.6 44.3 Slaughtering and meat packing. - _ 87.2 94.3 95.5 85.7 91.6 93.9 76.5 84.0 78.6 Sugar refining, cane 81.5 84.4 83.2 84.9 87.9- 86.7 69.6 ' 71.1 66.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN APRIL 1935 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufacturers 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 Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. TOBACCO PRODUCTS _ 57.3 56.5 62.1 57.7 60.7 62.6 40.8 41.5 45.5 Chewing and smoking tobacco and snuff 72.6 73.5 81.0 68.7 70.1 76.6 66.7 68.5 74.1 Cigars and cigarettes ___ ___ 55.3 54.3 59.7 56.3 59.4 60.7 37.5 38.1 41.9 PAPER AND PRINTING _ . 96.7 95.6 93.1 96.4 94.9 92.9 84.1 83.4 76.0 Boxes, paper 84.6 83.2 80.7 85.8 83.7 81.8 76.5 74.9 69.6 Paper and pulp 108.7 106.8 102.5 108.7 106.8 102.5 86.8 83.5 76.4 Book and job printing _ _ 89.3 87.7 85.0 88.4 85.7 84.2 78.1 78.1 68.3 Printing, newspapers and periodicals 98.0 98.4 98.0 97.8 98.0 97.8 88.8 89.5 84.0 CHEMICALS AND PETROLEUM PRODUCTS 109.4 108.4 110.6 108.6 108.4 109.6 93.2 91.6 87.2 A. Chemical group, except petroleum 109.9 108.2 110.6 108.6 107.9 109.0 92.5 90.5 J-6.1 Chemicals 102.8 103.0 104.8 101.2 101.6 103.1 91.0 90.8 88.0 Druggists' preparations 102.4 101.3 102.4 101.4 99.1 101.4 97.9 96.8 91.8 Explosives .. ._ 89.3 88.1 95.6 89.3 87.3 95.6 75.5 68.3 68.8 Fertilizers 120.3 111.0 121.5 114.0 115.0 115.2 91.1 83.6 81.6 Paints and varnishes 102.2 98.7 97.6 102.3 101.0 97.7 83.7 79.4 74.5 Rayon and allied products 346.8 338.0 325.2 346.8 338.0 325.2 252.3 245.4 220.0 Soap 102.1 99.1 98.0 101.7 100.8 97.6 94.3 90.7 83.5 B. Petroleum refining 107.3 109.0 110.6 108.7 111.1 112.1 95.3 95.2 90.8 RUBBER PRODUCTS 83.2 81.8 84.6 83.8 r83.4 85.1 71.9 69.4 65.2 Rubber boots and shoes. 52.5 '52. 6 56.1 52.4 '51.2 56.0 49.4 '51.3 47.7 Rubber tires and inner tubes ._ , 75.7 74.7 74.6 76.4 77.0 75.4 65.8 62.2 57.9 ' 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 253 APRIL 1935 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 January 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 75.0 14.5 16.6 4.2 7.8 7.6 9.2 53.2 27.8 5.4 5.8 11.8 7.9 March - .. 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 May 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 August 119.6 18.6 10.0 13.5 50.6 12 2 14 7 September 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 1,543.1 248.8 116.1 150.6 751.2 117.5 158.9 CONSTRUCTION CONTRACTS AWARDED, COMMERCIAL FAILURES, BY DISTRICTS BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities 1935 1934 Federal Reserve Federal Reserve district district 1935 1934 1935 1934 Feb. Jan Feb. Feb. Jan Feb. Feb. Jan Feb, Boston 3,802 6,424 5,357 M N A K D P R C S C h t i l h t a e a . i e c l i n i n w l a l v h c L l n a s n a e a m a o d e Y g t l s s a a e a u o o . o p l n . n i C - p r d o s d k h i . l t . i i . s y a . -- _ .. - . 1 1 8 4 3 6 8 3 5 6 2 1 , , , , , , , , , , 4 2 9 5 7 4 5 7 3 2 7 2 3 9 0 9 4 0 5 1 9 7 5 4 3 8 4 2 0 4 1 1 1 1 1 0 5 6 2 8 6 1 7 3 1 , , , , , , , , , , 5 0 0 5 2 9 5 4 6 3 4 5 2 6 0 8 3 5 6 2 7 5 3 7 4 0 8 2 0 5 1 1 1 1 4 2 5 8 6 5 5 1 1 9 , , , , , , , , , , 0 4 9 7 4 8 7 3 7 0 9 1 8 0 0 6 2 4 4 8 5 9 5 1 2 4 4 2 6 2 N A M B P R S K C C t h o h i e l t a . i c e l i s i w n n a h v c l L t s a n o n a m e o a d g e t n l Y s u a a o e a o n i o l n p C s p d d r o h i k l t i i . y a s . . . . . . . . . 3 1 1 4 3 4 2 6 7 3 1 0 1 0 9 0 3 1 6 3 6 5 8 3 1 1 1 7 7 3 3 4 6 2 3 0 1 7 1 3 6 6 5 6 7 3 9 3 1 1 8 3 4 4 5 6 2 2 0 3 6 2 4 7 0 2 4 9 0 3 9 2 1 1 , , , , 1 9 8 6 2 2 3 2 0 3 0 6 3 0 3 6 0 8 4 3 1 1 3 6 5 2 8 3 7 0 3 6 1 1 , , , , 4 6 7 5 2 2 2 2 8 1 7 7 1 9 0 0 3 0 3 8 9 7 0 4 8 7 2 1 0 4 2 6 3 1 1 , , , , , 2 8 3 8 4 3 3 3 5 3 5 8 8 0 6 0 5 5 3 4 9 3 6 1 0 1 7 3 6 3 Dallas 28 24 26 315 405 367 Total (11 districts).. 75, 047 19,774 96,716 San Francisco. 126 147 116 1,457 3,096 1,399 Total. .. 1,005 1,184 1,049 18, 738 18, 824 19,445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN APRIL 1935- DEPARTMENT-STORE SALES [Index numbers based on daily averages of dollar volume of sales; 1923-25=100] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 Without seasonal adjustment: January 60 82 83 73 79 86 84 90 91 91 90 88 81 64 49 57 59 February -- -- 59 74 76 69 77 84 85 87 89 88 91 89 81 64 49 59 61 March 65 90 88 77 93 88 94 97 95 97 107 93 92 69 50 73 P70 April 77 91 87 90 97 103 105 102 109 105 103 110 101 73 68 73 May 73 101 91 89 100 98 103 109 105 107 109 105 '97 72 67 77 June - 76 96 86 85 99 97 98 100 101 102 108 98 92 66 64 70 July 59 73 64 64 73 71 '74 77 76 80 79 71 66 46 48 51 August - -- 60 73 63 66 75 72 76 82 85 81 84 77 68 49 59 60 September 76 88 75 85 94 96 97 104 103 113 117 103 88 71 73 79 October 89 102 95 102 111 105 122 120 117 118 122 112 94 75 77 82 November 101 112 97 108 117 117 122 124 126 125 125 113 97 73 75 83 December - - 137 r 144 135 152 164 166 176 r 181 182 192 191 165 143 106 121 135 Yearly average. 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 Adjusted for seasonal variation: January 66 90 92 83 91 99 99 106 107 108 110 107 99 79 61 71 74 February 71 89 92 83 93 101 103 105 108 106 no 108 99 78 60 71 75 March 72 93 89 84 95 99 103 101 106 107 107 98 73 57 78 April 72 93 89 87 100 98 102 105 106 106 112 105 102 74 64 74 May 69 96 87 87 98 97 102 109 105 107 110190 105 '97 72 67 77 June . 76 96 87 86 101 100 102 105 106 107 113 103 96 69 68 74 July 80 98 87 86 98 96 r 100 106 105 110 109 100 94 66 70 73 August - 80 97 84 88 101 96 101 108 111 107 111 102 89 64 75 September .-. . .. 83 95 82 91 100 101 101 106 104 112 113 99 85 68 69 75 October - _ 81 92 86 93 101 96 111 109 107 108 111 101 85 68 69 73 November .. . 86 96 83 92 100 100 104 106 108 108 108 99 85 64 66 74 December 86 '90 84 93 99 99 104 -•107 106 111 110 96 83 62 70 78 p Preliminary. »• Revised. NOTES.—The seasonally adjusted indexes have been revised for the period from January 1929 to date; other figures are shown as previously published. The daily average sales are computed on the basis of the number of working days, with an extra one-third of a day added in each 5-Saturday month; allowance is made for the number of Sundays in each month and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. For description of this index see Federal Reserve BULLETIN for April 1928, pp. 236-242 and revised statement available at the Division of Research and Statistics. SEASONAL ADJUSTMENT FACTORS FOR INDEX OF DEPARTMENT-STORE SALES [Average for year=100] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 January. _. 91 90 87 85 85 85 84 82 80 February. 83 83 83 83 83 83 83 83 82 82 82 82 82 March L.- 89 98 91 89 91 96 90 91 87 94 95 88 94 86 April i 106 97 104 97 105 103 97 103 99 94 105 99 98 105 99 107 May 105 104 103 102 101 101 100 100 100 100 100 100 100 100 100 100 June 99 99 99 98 97 96 95 95 95 95 95 95 95 95 95 95 July 74 74 74 74 74 74 74 73 73 73 72 71 70 69 69 69 August 75 75 75 75 75 75 75 76 76 76 76 76 77 78 78 September 92 92 92 93 94 95 96 98 101 104 104 104 105 105 105 105 October. _. 110 no 110 110 110 110 110 110 109 109 no 111 111 111 112 112 112 November 117 117 117 117 117 117 117 116 116 114 114 114 113 113 113 December. 159 117 161 163 165 167 169 170 171 173 115 173 173 173 173 173 173 159 173 i Adjustments for the effects of changes in the date of Easter are made on the same basis as heretofore; description of method is available at the Division of Research and Statistics. NOTE.—Revised, 1929-35 inclusive. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

255 APK1L 1935 FEDERAL, RESERVE BULLETIN DEPARTMENT-STORE STOCKS [Indexnumbers based on dollar volume of stocks at end of month End of month 1919 1920 1921 1922 1923 1924 1925 1926 Without seasonal adjustment: January 65 86 78 80 83 89 90 93 February 68 96 82 84 90 96 96 98 March 72 107 88 91 98 105 105 107 April 73 110 90 91 101 107 106 107 May 72 107 89 88 99 103 103 104 June 70 104 86 85 93 97 98 98 July 73 103 84 82 91 93 94 93 August 82 108 89 86 96 96 98 97 September -.. . . 92 117 97 93 105 105 107 107 October 98 119 100 96 110 111 112 114 November 100 114 101 100 113 112 115 117 December 87 90 83 85 94 94 97 96 Yearly average 79 105 89 89 98 101 102 103 Adjusted for seasonal variation : January 73 97 88 90 93 100 102 105 February 71 101 86 89 94 101 101 104 March 70 104 85 89 95 102 102 104 April 70 106 87 87 97 103 102 103 May 71 105 87 86 97 101 101 102 June 72 107 88 88 96 100 101 101 July 78 110 90 88 97 100 101 100 August 85 113 93 90 100 100 102 September 88 113 93 90 101 101 103 October 89 108 91 88 100 101 101 November 88 101 89 89 100 99 102 December 93 96 89 90 69 100 103 22222 ; 1923-25 average=100] 1927 1928 93 92 98 98 107 107 104 98 95 98 108 114 117 96 103 104 103 103 103 102 101 102 102 104 104 104 103 222^ 1929 1930 1931 1932 1933 1934 1935 89 88 78 66 52 59 57 95 93 81 69 54 63 61 102 100 87 73 55 67 103 101 87 72 55 68 101 98 85 69 56 68 95 93 80 65 63 93 92 87 75 59 56 59 97 96 87 77 59 62 61 103 104 95 84 63 73 67 112 112 101 89 67 71 115 115 104 90 69 78 74 94 94 85 73 56 62 60 101 100 94 82 66 61 65 103 100 99 88 75 58 66 64 103 100 98 86 73 57 66 64 101 99 97 84 70 54 65 101 99 97 84 69 53 65 100 99 96 84 68 55 66 99 98 96 82 67 57 65 100 99 94 81 64 60 64 101 100 91 80 61 64 64 99 100 91 81 60 70 102 101 92 81 61 70 64 102 102 92 79 61 G9 65 100 100 91 77 60 65 64 NOTE.—The constant seasonal adjustment factors for stocks, which have not been revised, are as follows, the average for the year being equal to 100: January 89, February 95, March 103, April 104, May 102, June 97, July 93, August 96, September 104, October 110, November 113, December 94. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE DISTRICTS .... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis