Federal Reserve Bulletin, 1935-05

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

FEDERAL RESERVE BOARD Ex-officio members: MARRINER S. ECCLES, Governor. J. J. THOMAS, Vice Governor. HENRY MORGENTHAU, Jr., 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. LAUCHLIN CTJRRIE, Assistant Director, Division of CHESTER MORRILL, Secretary. Research and Statistics. J. C. NOELL, Assistant Secretary. WOODLIEF THOMAS, Assistant Director, Division of LISTON P. BETHEA, Assistant Secretary. Research and Statistics. S. R. CARPENTER, Assistant Secretary, E. L. SMEAD, Chief, Division of Bank Operations. WALTER WYATT, General Counsel. J. R. VAN FOSSEN, Assistant Chief, Division of Bank GEORGE B. VEST, Assistant General Counsel. Operations. B. MAGRUDER WINGFIELD, Assistant General Counsel. J. E. HORBETT, Assistant Chief, Division of Bank LEO H. PAULGER, Chief, Division of Examinations. Operations, R. F. LEONARD, Assistant Chief, Division of Examina- CARL E. PARRY, Chief, Division of Security Loans. tions. PHILIP E. BRADLEY, Assistant Chief, Division of Security C. E. CAGLE, Assistant Chief, Division of Examinations. Loans. FRANK J. DRINNEN, Federal Reserve Examiner. O. E. FOULK, Fiscal Agent. E. A. GOKDENWEISER, Director, Division of Research JOSEPHINE E. LALLY, Deputy Fiscal Agent. and Statistics. FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON) THOMAS M. STEELE. District no. 2 (NEW YORK) JAMES H. PERKINS. District no. 3 (PHILADELPHIA) HOWARD A. LOEB, Vice President. District no.4 (CLEVELAND) ARTHUR E, BRAUN. District no. 5 (RICHMOND) CHARLES M. GOHEN. District no. 6 (ATLANTA) H. LANE YOUNG. District no. 7 (CHICAGO) SOLOMON A. SMITH. District no. 8 (ST. LOUIS) WALTER W. SMITH, President. District no. 9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) JOSEPH H. FROST. District no. 12 (SAN FRANCISCO) M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank Chairman 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 W. S. Logan W. B. Matteson.i L. R. Rounds J. M. Rice.* L. F. Sailer Allan Sproul.1 C. H. Coe H. H. Kimball.1 L. W. Knoke.i Philadelphia R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. J. S. Sinclair W. J. Davis.i C. A. Mcllhenny W. G. McCreedy.i L. E. Donaldson.1 Cleveland E. S. Burke, Jr. «_. M. J. Fleming F. J. Zurlinden W. F. Taylor. H. F. Strater C. W. Arnold.' 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. Conniff__ W. S. McLarin, Jr.* Chicago _. E. M. Stevens G. J. Schaller H C. . R P. . P M re c s K to a n y W W . . H C. . B Sn a y c d h e m r. a * n.1 J. H. Dillard O. J. Netterstrom.» A. T. Sihler.i E. A. Delaney.1 A. L. Olson.i St. Louis. J. S. Wood. W. McC. Martin O. M. Attebery.... S. F. Gilmore.1 J. G. McConkey A. H. HailU F. N. Hall.» G. O. Hollocher.» O. C. Phillips.* Minneapolis... J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer .__ F. C. Dunlop.* 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.» San Francisco.. J. U. Calkins W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor. * Assistant to the governor. 1 Controller. < Acting chairman; W. H. Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch B. J. Lazar Denver branch J. E. Olson. Pittsburgh branch. T. C. Griggs. Oklahoma City branch _ 0. 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 BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking developments 257 Federal Deposit Insurance Corporation—Condition of insured banks, Dec. 31, 1934 263 Balance of international payments of the United States 264 Annual report of the German Reichsbank 284-289 Belgian legislation on currency and foreign exchange 290-291 Earnings and expenses of member banks 313-315 Deposits of member banks by size of account 316-318 National summary of business conditions 265 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 266-270 Member and nonmember bank credit: All banks in the United States 273 All member banks - 271, 272, 312, 322 Weekly reporting member banks in leading cities 274, 319 Brokers' loans 274 Acceptances and commercial paper 275 Discount rates and money rates 276 Security prices, bond yields, and security issues 277 Treasury finance 278 Assets and liabilities of governmental credit agencies 279 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 280 Farm Credit Administration—Loans and discounts outstanding, by institutions 281 Home Owners' Loan Corporation—Summary of operations 281 Federal home loan banks—Assets and liabilities 281 Production, employment, car loadings, and commodity prices 282 Merchandise exports and imports 283 Department stores—Indexes of sales and stocks 283 Freight-car loadings, by classes 283 Financial statistics for foreign countries: Gold reserves of central banks and governments 292 Gold production - . 293 Gold movements 293-295 Government note issues and reserves 296 Bank for International Settlements 296 Central banks 297-299 Commercial banks 300 Discount rates of central banks 301 Money rates 301 Foreign exchange rates 302 Price movements: Wholesale prices 303 Retail food prices and cost of living 304 Security prices 304 Law department: Rulings of the Federal Reserve Board: Ruling No. 42 interpreting Regulation T 305 Ruling No. 43 interpreting Regulation T 305 Decision of Supreme Court of United States in case involving the validity of a State bank reorganization statute 305 Amendments to Regulations T 308 Federal Reserve statistics by districts, etc.: Banking and financial statistics _ 310-312, 319-322 Industrial and commercial statistics 323-328 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 21 MAY 1935 No. 5 REVIEW OF THE MONTH The increase in vault cash holdings of banks is a reflection of the large amount of excess Continued imports of gold from abroad and reserves held by member banks. Banks having disbursements by the Treasury from its holdbalances with the Reserve banks in excess of ings of cash and deposits with legal requirements are under no pressure to toe Reserve banks in April rebuild up these balances by depositing with the suited in a growth of member Reserve banks all the currency that comes into bank balances with the Reserve banks and a their possession above current over-the-counter restoration of excess reserves to a level of nearly requirements, and consequently such banks are $2,300,000,000. The decrease in Treasury cash and deposits with Reserve banks during April, likely to hold somewhat larger amounts of following a substantial increase in March, re- vault cash than was previously their custom. flected interest payments on public debt, other For all member banks cash in vault on March 4, expenditures in excess of receipts, cash redemp- 1935, totaled $534,000,000, an increase of tions of Fourth Liberty bonds called for retire- $48,000,000 over the amount held a year ment on April 15, and maturities of Treasury earlier. A portion of this increase reflects an bills in excess of sales. A factor tending to de- increase in the number of member banks, but crease reserve balances was the deposit by the major part represents larger holdings of national banks with the Treasury of about vault cash by individual banks. Weekly report- $160,000,000 for retirement of national bank ing member banks on April 24, 1935, held about notes. Similar deposits in March amounted to $40,000,000 more in vault cash than on the $220,000,000. corresponding report date in 1934. From January 23, when the amount of money Rates for call and time loans on the New in circulation was at a seasonal low level, to York Stock Exchange were reduced about the Money in April 24 circulation showed a middle of April to }i percent Interest rates circulation i se of $110,000,000, a from the levels of 1 percent for net ncrea somewhat larger increase than is usual at this call money and of %-l percent for time money, time of year. Part of this growth is accounted which had prevailed for more than a year. for by an increase in retail trade and pay rolls These changes bring rates on stock-exchange in excess of the usual seasonal expansion. On loans more nearly in line with other New York April 24 the volume of money in circulation was open-market rates. The rate on 90-day bank- $135,000,000 larger than a year ago. This re- ers' acceptances has been % percent since Octoflected partly an increase in wage payments and ber 1934, and the prevailing rate on openretail trade, partly increased use of currency as market commercial paper has been % percent against checking accounts because of service since January 1935. Rates at which short-term charges and the absence of banking facilities in Treasury bills have sold have generally dursome communities, and partly an increase in ing the past year averaged between }i and ){ vault cash holdings of some member banks. percent. 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN MAT 1935 Rates charged customers by New York City one-fourth of the applications rejected were banks have also declined further in recent ineligible for loans under the provisions of the months. In April reported rates averaged law, and most of the remainder were rejected about 2% percent as compared with about 3}i because of unsatisfactory financial condition, percent last autumn. In other principal cities inadequate security, or unsatisfactory business rates have declined slightly in the last 6 months prospects. The following table compares indusand on the average are lower than a year ago trial loan activity on January 2 and April 24, by a margin of about one-half of 1 percent. In 1935, and shows changes between these dates. 8 other northern and eastern cities the average rate is now about 4 percent, while in 27 southern INDUSTRIAL ADVANCES AND COMMITMENTS UNDER and western cities it is about 4% percent. At SECTION 13 (b) OF FEDERAL RESERVE ACT these levels customers' rates are lower than at [In thousands of dollars] any other time in the entire post-war period. Industrial advances by Federal Reserve banks Ap 1 r 9 . 3 2 5 4, Ja 1 n 9 . 3 5 2, Change and commitments to make such advances have Net applications received J 225,900 190, 798 +35,102 continued to increase during advances by 1935. By April 24, $81,000,000 Federal Reserve bank action: Approved—total 2 81,134 52, 257 +28,877 Federal Reserve f applications had been ap- Rejected _. 125, 672 95, 721 +29, 951 o banks j A I • ^ Applications under consideration 15, 201 41, 387 -26,186 proved. Approvals since the Advances outstanding3 26, 206 14, 315 +11, 891 Commitments outstanding 16,908 10, 213 +6, 695 first of the year amounted to $29,000,000. The volume of industrial advances outstanding on * Excluding applications withdrawn before review and reductions in amounts applied for. April 24 was $26,000,000 and of commitments 2 Including applications withdrawn, reduced, or expired (unused) in the amount of $1,899,000 by Jan. 2, and $4,926,000 by Apr. 24. outstanding $17,000,000. Of the remaining > Excluding repayments in the amount of $547,000 by Jan. 2, and $2,850,000 by Apr. 24. approvals $18,000,000 have conditions yet to be satisfied by the applicants, $5,000,000 have Deposits and total loans and investments of been withdrawn or reduced or have expired member banks continued to increase during the unused, $5,000,000 are covered by financing Condition of first 4 months of the year. At institution participations, nearly $3,000,000 reporting reporting member banks in have been advanced and repaid, and over member banks leading cities the i ncreas e in $7,000,000 are in process of completion. loans and investments did not equal the growth Applications received have been smaller in in deposits, and reserves and other idle balances both number and amount since the first of the of member banks increased. National banks year than in the period from August to Decem- have also deposited considerable amounts with ber 1934. Since January 2 applications acted the United States Treasury for retirement of on have exceeded those received and the total national-bank notes. At banks in New York amount involved in applications awaiting action City a large part of the additional funds that by the Federal Reserve banks has decreased. have become available have been employed Since the beginning of the year the amount of in making loans and investments, while at applications approved has been a larger per- banks in other cities total loans and investcentage of total applications acted on than in ments showed no increase in the period. The the earlier period. Prior to January 2 approv- following table shows changes from Decemals by the Federal Reserve banks amounted to ber 26, 1934, to April 24, 1935, in the princi- 35 percent of the total of approvals and rejec- pal types of loans and investments at reporttions, whereas between January 2 and April 24 ing banks in New York City and in other approvals practically equaled rejections. About cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 259 LOANS AND INVESTMENTS OF MEMBER BANKS IN New York City banks and pay the commission LEADING CITIES charged by these banks for negotiating the [In millions of dollars] loans. Loans on securities to customers continued to decline. There was an increase in Change since Dec. 26, All re- 1934 all other loans at outside banks. Loans of porting banks this type, which include loans to commercial, New Apr. 24, All re- York Other industrial, and agricultural customers and 1935 porting City banks banks banks which declined almost steadily from 1930 to 1933, have been relatively stable for the past Totalpoans and investments 18, 617 +341 +401 -60 year at banks outside New York. Loans on securities—total 3,067 -5 +167 -172 Total deposits at banks in leading cities in- T T o o * o b t r h o e k r e s r s . and dealers 2 1, , 0 0 1 4 8 9 + -1 1 4 3 0 5 + - 2 5 2 4 1 -8 8 6 6 creased by about $1,200,000,000 between Acceptances and commercial paper December 26 and April 24. Although com- Lo b a o n u s g o h n t real estate 3 96 9 3 5 - -1 4 4 0 - - 1 4 6 - - 1 2 0 4 parable figures are not available for earlier All other loans 3,217 +48 +1 +47 years, deposits of this group of banks are Investments—total. _ 10,975 +352 +253 +99 probably almost as large as at any previous U. S. Government direct obligations._ __ 7,336 +145 +177 -32 time. Much of the increase in total deposits in Obligations fully guaranteed by U. S. Government— 711 +145 -6 +151 recent weeks was in interbank balances, which Other securities. __ 2,928 +62 +82 -20 showed a growth of over $500,000,000, while United States Government deposits declined Most of the increase in investments of the by $330,000,000. When allowance is made for reporting banks was in direct obligations of these factors and for an increase in collection the United States Government and in obliga- items, it would appear that adjusted deposits, tions fully guaranteed by the Government, as shown in the accompanying table, increased but holdings of other securities also showed by more than $800,000,000. an increase. The increase in holdings of direct obligations of the Government, which has oc- DEPOSITS OF MEMBER BANKS IN LEADING CITIES curred almost entirely since the early part of [In millions of dollars] March, reflects principally purchases by New York City banks of bonds recently called for Change since Dec. 26, 1934 redemption by the Treasury. The calling of All reporting these bonds made them attractive to banks as banks New short-term investments. At reporting member Ap 1 r 9 . 3 2 5 4, p A o l r l t i r n e a - ' Y C o it r y k b O a t n h k er s banks banks banks outside of New York City holdings of Government securities declined, while holdings United States Government 1,014 -330 -209 -121 of obligations fully guaranteed by the United I O n t t h e e rb r a c n u k st o b m al e an rs c : es 1 4,773 +517 +323 +194 States Government increased. T D i e m m e a 2 nd 1 4 1 , , 3 9 7 89 5 + + 6 1 3 2 7 8 + + 3 2 8 5 4 + + 2 1 5 0 3 3 Total loans on securities showed little change, Certified and officers' checks, cash letters of credit, and travelers' although during the period loans to brokers and checks 626 +259 +222 +37 dealers showed an increase, reflecting to a large Adjust T e o d t a d l e d p e o p si o ts si * ts .. . . . . 2 1 2 5 , , 8 7 1 7 4 7 +1 + ,2 8 1 1 1 6 + + 7 42 4 4 5 + + 4 3 6 9 6 2 extent transactions by dealers in Government securities. About the middle of April there 1 Includes amounts due to United States and foreign banks and demand and time deposits of banks. was a substantial increase in brokers' loans by 2 3 I A n l c l lu d d e e p s o s P it o s s t o a t l h S er a v t i h n a g n s d U e n p i o t s e i d t s S w ta h t i e c s h G ar o e v n e o r t n m re e p n o t rt a e n d d s i e n p t a e r r a b t a e n ly k . New York City banks, but a decline at other deposits minus checks and other cash items reported as on hand or in process of collection. banks. This shift was due to the reduction in rates on street loans to one-fourth of 1 percent, Adjusted deposits increased by similar a level at which it was no longer profitable for amounts at New York City banks and at banks outside banks to make loans to brokers through in other leading cities. Interbank balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN MAY 1935 showed a much larger increase at New York both direct and guaranteed obligations of the City banks but increased also at outside banks. United States Government increased substan- Some of the increase in interbank balances re- tially in the past year, and there was also some flected the transfer of funds by banks outside increase in holdings of other securities. Loans of New York from brokers7 loans to balances to customers secured by stocks and bonds and with other banks. Since in the period from by real estate declined considerably through- December 26 to April 24 reporting banks out the year, while other loans to customers, showed an increase of only about $150,000,000 following a temporary increase in the third in their balances due from banks, it would ap- quarter of 1934, have shown no net decline pear that most of the increase in balances due since last June. The accompanying table to banks occurred in those held for nonreport- shows the various kinds of loans and investing banks. The largest relative increases in ments of all member banks on March 4, 1935, deposits by Federal Reserve districts, outside of together with changes since December 31 and New York, were in the Boston, Philadelphia, March 5 of last year. and Chicago districts. LOANS AND INVESTMENTS—ALL MEMBER BANKS Figures from the latest member-bank call [In millions of dollars] report show changes in loans and investments Change sinceof all member banks between Out- Loans and standing investments, all December 31, 1934, and March M 1 a 9 r 3 . 5 4, Dee. 31, Mar. 5, member banks 4, 1935. In this period total 1934 1934 loans and investments at New York City Loans to banks 133 -22 -92 banks and at reserve city banks, except in Loans to other customers: Chicago, showed little change; at Chicago Secured by stocks and bonds.— 3,215 -81 -428 Secured by real estate 2,250 -23 -132 banks they increased by $120,000,000; and Otherwise secured and unsecured 4,955 +15 -112 at country banks they declined by $30,000,000. Open-market loans - _ _ _ 1,400 +37 +12 These changes are somewhat different from Total loans . 11,953 -75 -753 those shown by weekly reporting banks in Direct obligations of U. S. Government 9,821 -85 +1,154 Obligations fully guaranteed by U. S. Govthe period to April 24, partly because of ernment 1,200 +210 +1,019 Other securities _.. 5,298 +70 +303 differences in the banks covered, but princi- Total investments 16,318 +196 +2,476 pally because between March 4 and April 24 Total loans and investments 28,271 +121 +1,723 holdings of Government securities and brokers' loans increased substantially at New York City The heavy shipments of gold from Europe banks and decreased at banks in other leading to the United States which began in January cities. . , came to an end about the T Country banks, which are not covered by International . , „ ^ , __ _ ni the weekly reports, showed little change in gold movements middle of February. The chart their total loans and investments between shows that at the beginning of December 31, 1934, and March 4, 1935. Their March European gold currencies were above holdings of direct obligations of the United par on the exchange market. Later in the States Government decreased, while those of month, however, weakness developed and the movement of gold to the United States was obligations guaranteed by the Government resumed. To the end of April $130,000,000 increased. Loans to customers continued to was shipped to this country from France and decline, but brokers' loans and paper purchased Netherlands. Much of the gold coming from in the open market increased somewhat. France was indirectly drawn from Belgium Recent changes in member-bank loans and and Switzerland. Central reserves reported investments are in general continuations of in these four gold bloc countries declined trends that were noted last year. Holdings of $425,000,000 from the middle of March to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 261 end of April. This was nearly $300,000,000 fixed at 72 percent of the former gold parity of greater than the amount of gold shipped to the the belga, or 16.95 cents as compared with the United States. During the same period a sub- former rate of 23.54 cents. The obligation of stantial amount of gold became available from the National Bank to redeem its notes in gold the world's mines and Indian hoards. Al- or gold exchange has been suspended indefithough the figures are not complete, it appears nitely. The announced program of the Govthat some $350,000,000 of gold was absorbed ernment includes guarantee of bank desposits into unreported European holdings during the and other measures to improve the banking sitperiod. A part of this gold represents transfers to the newly created Belgian exchange equaliza- GOLD CURRENCIES, JANUARY-APRIL 1935 NOON FOREIGN EXCHANGE RATES IN NEW YORK tion fund. The remainder went largely into CENTS 23.8 -OLD PAR -_ unreported holdings in London. 23.4 >s/Vt The Belgian exchange equalization fund was 23.0 1 L set up after developments in Belgium had cul- 22.6 \ i 22.2 1 minated in a suspension of the I 218 I Belgium gold standard. For some time 21.4 BULCA U M previous Belgium's position in 21.0 MA I world markets had been difficult. The coun- 20.6 M 1 try's major exports—coal, iron and steel, ma- 20.2 1 19.8 1 chinery, textiles, chemicals—competed directly 19.4 with the products of larger industrial countries 1 19.0 I having depreciated currencies. Furthermore, 186 I \ 1 the banks were not in position to meet a sus- 18.2 1 tained export of funds abroad, notwithstanding 17-8 the steps previously taken by the Government 17.4 to convert a portion of their assets into Gov- 17.0 69.0 ernment-guaranteed securities. DUTCH FLORIN ' y^ \ PAR 68.0 /^N^i ^ "" On March 18 regulations for the control of Vvy- 67.0 V gold and foreign exchange transactions were 33.0 SWISS FRANC S**~± PAR 32.5 -^——^r put into effect, and on the following day the 32.0 cabinet resigned. A new cabinet, including FRENCH FRANC /"*"% PAR members of the chief parties, was formed on ^ V^r March 25 by M. Paul van Zeeland, vice governor of the National Bank of Belgium. On uation and to facilitate the supply of credit at March 30 a law was passed providing for ultimoderate rates to business. mate devaluation of the currency to not more On May 2 the gold content of the Danzig than 75 percent and not less than 70 percent gulden was reduced to 0.1687923 gram, a reof its existing gold parity, for revaluation duction of 42.37 percent. The meanwhile of the gold and foreign exchange Danzig new parity, which is equivaholdings of the National Bank as of March 29 lent to 18.99 cents, is the same on the basis of 75 percent of the existing parity, as that of the Polish zloty. and for the creation of an exchange equalization fund from the proceeds of the increment on gold and foreign exchange. The fund is to Changes in Foreign Central Bank Discount Rates buy and sell exchange at rates to be fixed by royal decree within the limits of ultimate During the period April 10-May 3 the followdevaluation set by the law. On March 31 ing changes in discount rates have been reported the initial rate for the fund's transactions was in foreign countries: Bank of Danzig, May 2, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN MAY 1935 from 4 to 6 percent, Swiss National Bank, May direct that, with respect to all silver received 3, from 2 to 2% percent. by a United States coinage mint under the provisions of the proclamation of the twentyfirst day of December 1933 which such mint, Changes in the Board's Staff subject to regulations prescribed hereunder by the Secretary of the Treasury, is satisfied has been Effective May 1, 1935, the Federal Reserve mined on or after April 10,1935, from natural de- Board appointed Messrs. George B. Vest and posits in the United States or any place subject to B. Magruder Wingfield assistant general counthe jurisdiction thereof, the deduction for seignsel; Messrs. R. F. Leonard and C. E. Cagle were iorage and services performed by the Go ver nment appointed assistant chiefs of the Division of shall be 45 percent and there shall be returned Examinations; and Mr. J. E. Horbett was therefor in standard silver dollars, silver certifiappointed assistant chief of the Division of cates, or any other coin or currency of the Bank Operations United States the monetary value of the silver so received (that is, $1.2929+ a fine ounce), less such deduction of 45 percent. SILVER SEIGNIORAGE—PROCLAMATIONS BY Notice is hereby given that I reserve the right THE PRESIDENT by virtue of the authority vested in me to revoke or modify this proclamation as the inter- On April 10 and April 24, 1935, the President est of the United States may seem to require. issued the following proclamations: In witness whereof I have hereunto set my BY THE PRESIDENT OF THE UNITED STATES OF hand and caused the seal of the United States AMERICA to be affixed. Done at the city of Washington this 10th A PROCLAMATION day of April, in the year of our Lord nineteen hundred and thirty-five, and of the Independ- Whereas, by proclamation of the twentyence of the United States of America the one first day of December 1933 as modified by prochundred and fifty-ninth. lamation of the ninth day of August 1934 the [SEAL] FRANKLIN D ROOSEVELT. United States coinage mints are directed to By the President: receive for coinage and addition to the mone- CORDELL HULL, tary stocks of the United States silver mined Secretary of State. subsequent to December 21, 1933, from natural deposits in the United States or any place subject to the jurisdiction thereof; and Whereas, such proclamation as so modified BY THE PRESIDENT OF THE UNITED STATES OP is subject to revocation or further modification AMERICA as the interest of the United States may seem A PROCLAMATION to require. Now, therefore, finding that the interests of Whereas, by proclamation of the twenty-first the United States require further modification day of December 1933 as modified by proclaof said proclamation of the twenty-first day of mations of the ninth day of August 1934 and December 1933; by virtue of the power in me the tenth day of April 1935 the United States vested by the act of Congress cited in said proc- coinage mints are directed to receive for coinage lamation, and other legislation designated for and addition to the monetary stocks of the national recovery, and by virtue of all other United States silver mined subsequent to Deauthority in me vested; cember 21, 1933, from natural deposits in the I, Franklin D. Roosevelt, President of the United States or any place subject to the juris- United States of America, do proclaim and diction thereof; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDEKAL RESERVE BULLETIN 263 Whereas, such proclamation as so modified is CONDITION OF INSURED BANKS, subject to revocation or further modification as DECEMBER 31, 1934 the interest of the United States may seem to The Federal Deposit Insurance Corporation require; released on April 24 a pamphlet giving data Now, therefore, finding that the interests of on the condition of all insured banks and trust the United States require further modification companies on December 31, 1934. Important of said proclamation of the twenty-first day of tabulations shown include a summary of December 1933; by virtue of the power in me condition by class of bank as well as condition vested by the act of Congress cited in said in detail by class of bank and by States for all proclamation, and other legislation designated insured banks, exclusive of mutual savings for national recovery, and by virtue of all other banks. Condition of insured banks not memauthority in me vested; bers of the Federal Reserve System is shown in I, Franklin D. Roosevelt, President of the detail by size of bank. United States of America, do proclaim and On December 31, 1934, there were 14,137 direct that with respect to all silver received banks and trust companies, exclusive of mutual by a United States coinage mint under the pro- savings banks, insured by the Federal Deposit visions of the proclamation of the twenty-first Insurance Corporation, of which 6,442 were day of December 1933 which such mint, subject members of the Federal Reserve System. to regulations prescribed hereunder by the Since the last call for condition reports, June Secretary of the Treasury, is satisfied has been 30, 1934, there has been an increase of 241 mined on or after April 24, 1935, from natural banks in the number insured. Total deposits deposits in the United States or any place sub- iii insured banks, other than mutual savings ject to the jurisdiction thereof, the deduction banks, on December 31, 1934, amounted to for seigniorage and services performed by the Government shall be 40 percent and there shall SELECTED CONDITION ITEMS OF INSURED BANKS, EXCLUSIVE OF MUTUAL SAVINGS BANKS, NOT be returned therefor in standard silver dollars, MEMBERS OF FEDERAL RESERVE SYSTEM, BY SIZE OF silver certificates, or any other coin or currency BANK, DEC. 31, 1934 of the United States, the monetary value of the silver so received (that is, $1.2929+ a fine Total L a o n a d ns Total c T a o pi t t a a l l Num- invest- deposits account ounce), less such deduction of 40 percent. Deposits of ber of ments banks Notice is hereby given that I reserve the (000 omitted) right by virtue of the authority vested in me to revoke or modify this proclamation as the $100,000 and under 1,250 $119,546 $75,400 $84,053 $33,611 $100,001 to $250,000 2,613 551,637 363,883 436,790 110,400 interest of the United States may seem to $250,001 to $500,000 1,781 758,420 521,095 620,480 130,646 $500,001 to $750,000 664 491,280 348,051 404,831 81,986 require. $750,001 to $1,000,000 393 406,358 296,967 337,060 65,667 $1,000,001 to $2,000,000 599 1L, 005,413 735,668 820,019 170,293 In witness whereof I have hereunto set my $2,000,001 to $5,000,000 262 927,561 702,069 753,066 158,024 $5,000,001 to $50,000,000.— 116 1L, 637,971 198,356 1, 287,048 289,954 hand and caused the seal of the United States $50,000,001 and over.... 400,757 342,009 354,765 43,690 to be affixed. All banks.. 7,682 6,298,943 4, 583,498 5,098,1112,084,261 Done at the city of Washington this 24th day of April, in the year of our Lord nineteen hun- PERCENTAGE DISTRIBUTION dred and thirty-five, and of the Independence $100,000 and under 16.3 1.9 1.6 1.6 3.1 of the United States of America the one hun- $100,001 to $250,000 34.0 8.8 7.9 8.6 10.2 $250,001 to $500,000 23.2 12.0 11.4 12.2 12.0 dred and fifty-ninth. $500,001 to $750,000 •___ 8.6 7.8 7.6 7.9 7.6 $750,001 to $1,000,000 5.1 6.5 6.5 6.6 6.1 [SEAL] FRANKLIN D. ROOSEVELT. $1,000,001 to $2,000,000 7.8 16.0 16.1 16.1 15.7 $2,000,001 to $5,000,000 3.4 14.7 15.3 14.8 14.6 By the President: $5,000,001 to $50,000,000—. 1.5 26.0 26.1 25.2 26.7 $50,000,001 and over .1 6.3 7.5 7.0 4.0 CORDELL HULL, All banks.. 100.0 100.0 100.0 100.0 100.0 Secretary of State. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN MAY 1935 $38,996,340,000, an increase of $3,182,746,000 insured commercial banks not members of the since June 30, 1934. The 68 mutual savings Federal Reserve System by size of bank as of banks which were participating in deposit December 31, 1934. Over 87 percent of these insurance on December 31, 1934, had deposits insured nonmember banks had deposits of less of $1,044,806,000. Banks not participating in than $1,000,000 each; but these banks held insurance included about 500 mutual savings only 37 percent of the total deposits of insured banks with deposits of about $8,700,000,000 nonmember commercial banks. The summary and more than 1,000 other incorporated banks of condition of insured banks by class of bank with deposits of about $575,000,000. for December 31, 1934, as well as June 30, The accompanying tabulation presents se- 1934, was published in the BULLETIN for April, lected items from the condition statements of page 247. BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES The Department of Commerce has published a preliminary summary of the international transactions of the United States in 1934. The summary is given below in substantially the same form as that employed by the Department of Commerce. Balance Dollar Dollar receipts payments 1. Merchandise: We sold goods in the amount of $2,133,000,000 and bought goods in the amount of 1,855,000,000 $478,000,000 Net receipts from merchandise. 478,000,000 2. Service items: We received for shipping and freight services 58,000,000 and made payments for shipping and freight services amounting to.. 95,000,000 $37,000,000 We received from foreign tourists., 94,000,000 and our tourists spent abroad 322, 000, 000 228, 000,000 We received interest and dividends on our investments abroad 390,000,000 125,000,000 265,000, 000 and remitted interest and dividend payments to foreign investors 124, 000, 000 Our immigrant remittances and contributions for various causes amounted net to. 200,000, 000 We received from raiscellaneous trade and service transactions 179, 000,000 27, 000, 000 and made payments for miscellaneous trade and service imports Net payments on service items.. 97,000,000 3. Gold and silver: We received payment for gold exported in the amount of... 53,000,000 and we paid for gold imported in the amount of 1,187,000,000 1,134, 000,000 We paid net for gold released from earmark for account of foreigners. 83, 000,000 We received payment for silver exported in the amount of. 17,000,000 and we paid for silver imported in the amount of 103,000,000 86, 000,000 Net payments on gold and silver. 1 1,303,000,000 Capital items (based on reported data): We sold stocks and bonds in the amount of -.- 990,000,000 and bought stocks and bonds in the amount of... 885,000,000 105,000,000 We received net on account of sinking fund and bond redemption, direct investments, net inflow of funds from arbitrage transactions, etc 116,000,000 The year's estimated net inflow of short-term banking funds resulting from (a) changes in foreigners' banking funds in the United States and (6) changes in United States sb abniking funds in foreign countries amounted to. 200,000,000 We paid net for paper currency returned from abroad... 48,000,000 Net receipts from capital items. 373,000,000 5. Residual item (largely unestimated capital transactions)2. 549, 000,000 Total of summary items ., 400, 000, 000 1,400,000,000 1 Differs from Department of Commerce total because of transfer of $48,000,000 net movement of currency from section 3 to section 4. Foreign holdings of dollar currency are regarded as similar to foreign holdings of dollar deposits. 2 This item consists largely of (a) special transactions (such as the inflow of private, commercial, and other nonbanking funds, and miscellaneous forward exchange operations) following the devaluation of the dollar on January 31 and (b) unreported international security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 265 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Apr. 25 and released for publication Apr. 271 Volume of industrial production, which the F. W. Dodge Corporation, while contracts usually increases somewhat at this season, for public projects continued at a lower level showed little change in March. Building than a year ago. activity in the residential field increased in Distribution.—Distribution of commodities by March and the first half of April, reflecting in rail showed little change in March; in the early part seasonal factors. Wholesale prices of part of April, however, shipments declined, refarm products and foods, after declining in flecting a sharp reduction in loadings of coal. March, showed a considerable increase in the Department-store sales increased from Februfirst 3 weeks of April. ary to March by more than the estimated Production and employment.—The Federal seasonal amount. Reserve Board's adjusted index of industrial Commodity prices.—The general level of production, which makes allowance for changes wholesale commodity prices, as measured by in the number of working days and for usual the index of the Bureau of Labor Statistics, seasonal variations, was 88 percent of the advanced from 78.8 percent of the 1926 average 1923-25 average in March as compared with in the week ending March 23 to 80.3 percent 89 percent in February and 90 in January. in the week ending April 20, reflecting chiefly Steel production, after declining in the latter advances in the prices of farm products and part of February, showed little change during foods. The increase in the general index fol- March and the first 3 weeks of April. Output lowed a decline from a level of 79.6 percent in of automobiles increased further and was larger the early part of March. than in the corresponding period of any other Bank credit.—During the 4 weeks ended year since 1929. In the cotton textile industry April 17 member bank balances with the Feddaily average output declined in March and, eral Reserve banks increased by $140,000,000 according to trade reports, showed a further and excess reserves rose to $2,100,000,000. considerable decrease in the early part of April. This increase reflected gold imports of $120,- Activity at woolen mills also decreased 000,000 and disbursement of $105,000,000 by somewhat in March, while shoe production the Treasury from the balance with the Reshowed little change. Activity in the meat- serve banks, offset in part by an increase of packing industry in March, as in other recent $60,000,000 in the demand for currency. months, was at a lower level than a year ago. Total loans and investments of weekly re- Output of bituminous coal declined sharply in porting member banks in leading cities inthe early part of April, following an increase creased by $150,000,000 in the 4 weeks ended earlier in the year. April 17. Loans on securities declined some- Factory employment and pay rolls increased what during this period, while other loans and between the middle of February and the middle holdings of investments increased. Net deof March by somewhat more than the usual mand deposits of these banks increased by seasonal amount. The most marked increases $380,000,000. were in industries producing machinery, furni- The rate for call money on the New York ture, and clothing, while employment in indus- Stock Exchange was reduced in April to onetries producing textile fabrics and foods showed fourth percent from the 1 percent level that had a decline. been in effect for more than a year. Quotations Value of construction contracts awarded for for 90-day time money were also lowered to residential building increased in March and one-fourth percent, and there was a reduction the first half of April, according to reports by in rates on acceptances of the longer maturities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN MAY 1935 RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS Weekly basis: Wednesday series MILLIONS OF DOLLARS 9000 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 April 24. See table on page 267, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 267 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY SERIES) [In millions of dollars] Date (Wednesday) B co il u ls n t d e i d s- R b e B o se u i r l g l v s h e t ban m G k e U o n v c . r e t S r e s . n d e i - - t ou r O e b ts s a t t e h n a r e n k v r e ding Total ta M s r t y o o n c g k o e- ld T na r b e t c a a i u a n o r n s d - n u k a r l y - M c o ir t n i c o e u n y la i - n b M b a a s e l n e a m r k n v b c r e e e e r s - T c d R F a r e e w e s e p d h s a i o e e s t a r s h r u i v n a r t e d s l y b p m er o e m si - d ts e- R F c O o e e a s t u d c h e e n - r e r t v r a s e l curities credit rency banks 1934—Mar. 7—. 59 46 2,432 2 2,539 7,556 2,312 5,374 3,313 3,294 133 294 Mar. 14._. 55 37 2,432 8 2,532 7,605 2,332 5,345 3,454 3,226 143 301 Mar. 21... 51 33 2,432 -9 2,508 7,640 2,343 5,334 3,449 3,252 154 302 Mar. 28... 53 29 2,432 5 2,519 7,681 2,356 5,336 3,439 3,318 161 303 Apr. 4.... 48 26 2,432 4 2,509 7,703 2,369 5,371 3,450 3,323 140 297 Apr. 11... 43 17 2,432 0) 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 7,765 2,380 5,324 3,744 3,148 167 237 May 2.... 38 8 2,432 6 2,484 7,756 2,381 5,359 3,570 3,177 280 235 May 9.... 37 7 2,432 9 2,484 7,756 2,380 5,352 3,678 3,098 257 235 May 16.. 34 6 2,430 3 2,473 7,753 2,380 5,344 3,694 3,082 252 233 May 23... 34 5 2,430 -1 2,469 7,766 2,375 5,316 3,767 3,052 242 233 May 30... 34 5 2,430 1 2,470 7,776 2,371 5,338 3,763 3,051 233 232 June 6 29 5 2,430 10 2,475 7,790 2,365 5,342 3,787 3,034 230 237 June 13. _. 28 5 2,430 8 2,472 7,820 2,361 5,313 3,895 2,956 251 June 20... 28 5 2,430 5 2,468 7,835 2,359 5,310 3,769 3,121 224 June 27... 27 5 2,430 3 2,465 7,846 2,364 5.301 3,837 3,077 225 July 3.... 29 6 2,432 22 2,488 7,866 2,365 5,397 3,746 3,113 232 230 July 11... 23 5 2,432 8 2,468 7,881 2,365 5,344 3,902 3,014 223 231 July 18... 23 5 2,432 0) 2,460 7,897 2,363 5,328 3,987 2,954 222 229 July 25... 21 5 2,432 -3 2,456 7,911 2,364 5,291 4,020 2,972 220 228 Aug. 1—. 21 5 2,432 5 2,463 7,932 2,361 5,315 3,915 3,074 219 232 Aug. 8—. 21 5 2,432 (9 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 Aug. 22... 20 5 2,432 (l) 2,457 7,983 2,390 5,347 4,072 2,972 211 Aug. 29... 21 5 2,432 5 2,463 7,981 2,403 5,345 4,127 2,944 204 Sept. 5... 24 5 2,432 6 2,467 7,963 2,412 5,419 3,907 3,087 203 22S 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 (9 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 Oct. 24... 11 6 2,430 5 2,452 7,993 2,429 5,436 3,985 3,049 165 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 4,198 2,956 159 239 Nov. 28.. 12 6 2,430 12 2,460 8,112 2,460 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 3,019 215 242 Jan. 23.... 9 6 2,430 19 2,463 8,308 2,500 5,347 4,501 2,994 188 241 Jan. 30..-. 7 6 2,430 16 2,460 8,387 2,497 0,358 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... 7 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 3,006 211 248 Mar. 6—. 6 6 2,430 10 2,452 8,546 2,517 5,478 4,555 2,998 237 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 3,335 241 283 Apr. 3.— 6 5 2,431 19 2,462 8,568 2,548 5,497 4,193 3,404 230 253 Apr. 10. .. 6 5 2,430 21 2,463 8,614 2,549 5,487 4,287 3,376 224 253 Apr. 17— 7 5 2,431 27 2,470 8,672 2,549 5,512 4,501 3,149 271 257 Apr. 24... 7 5 2,430 10 2,452 8,701 2,550 5,459 4,719 2,978 288 258 i Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN MAY 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 l - l t s ed bo B u il g ls ht s G ec m U o u v . e r S e i n . t r i t n e - s r c O e b r s a e t e h n d r e v k i r t e Total ta M s ry to o g c n 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 c a 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 v k e e e s r c d R F a b e s e w e a p h d s n o i e e t a k s r h r v n i a s t e d s l b p m N e o r e o s m n i d t - e s - - R F c O o e e a s d t u c h e e n - e r r t v r a s e l 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 1 7,138 2,303 5,339 2,822 13,448 136 293 March 55 40 2,437 2,535 7,602 2,333 6,368 3,361 3,298 144 299 April 43 16 2,439 2,507 7,736 2,377 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 7,893 2,364 6,350 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 October.. 12 6 2,430 2,457 7,989 2,415 5,473 3.964 3,011 177 234 November 11 6 2,430 2,466 8,047 2,455 5,494 4,100 2,970 165 238 December 10 2,430 2,472 8.191 2,494 5,577 4,037 3,120 181 241 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 April 2,431 2,471 8,641 2,548 5,500 4,436 3,209 258 256 Week ending Saturday- 1935—Jan. 5 2,431 2,465 8,241 2,513 5,523 4,117 3,146 192 241 Jan. 12 2,431 2,466 8,257 2,508 5,435 4,270 3,090 194 242 Jan. 19 2,430 2,466 8,270 2,504 5,391 4,373 3,028 206 242 Jan. 26 2,430 2,468 8,304 2,500 5,364 4,473 3,001 192 242 Feb. 2. 2,430 2,462 8,372 2,497 5,377 4,522 3,008 180 244 Feb. 9 2,430 2,466 8,421 2,500 5,423 4,602 2,943 174 245 Feb. 16 2,430 2,468 8,453 2,515 5,440 4,590 2,984 177 245 Feb. 23 2,430 2,460 8,497 2,523 5,452 4,625 2,957 200 243 Mar. 2 2,430 2,455 8,526 2,520 5,465 4,595 2,980 214 247 Mar. 9 2,430 2,459 8,545 2,517 5,491 4,563 2,983 236 247 Mar. 16 2,430 2,465 8,550 2,522 5,476 4,570 3,003 240 249 Mar. 23 2,430 2,458 8,554 2,526 5,470 4,389 3,183 242 254 Mar. 30 2,432 2,461 8,562 2.538 5,464 4,285 3,323 235 253 Apr. 6 2,433 2,466 8,571 2,545 5,508 4,193 3,401 228 253 Apr. 13 2,430 2,467 8,607 2,550 5,506 4,240 3,392 234 252 Apr. 20 2,430 2,481 8,650 2,549 5,517 4,459 3,172 276 256 Apr. 27 2,430 2,470 8,695 2,548 5,480 4,697 2,992 285 259 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH SERIES) [In millions of dollars] Reserve bank credit outstanding Treasury End of month co B d u i i n s l - l t s ed bo B u il g ls ht s G ec m U o u v . e r S e i n . t r i t n e - s r c O e b r s a t e e h n d r e v k i r t e Total ta M s r t y o o c g n k o e l - d T c a u t r n b i e r o d a r a n e n s n n a u k l a c r - - y y c M u in l o a n c 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 v k e e e s r c d R F a b e s e w 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 n i d t - e s - - R F c O o e e a s d t u c h e e n - e r r t v r a s e l 1934—January. ._ Ill 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 13,440 127 292 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 3,599 3,148 268 236 May 5 2,430 -4 2,463 7,779 2,368 5,357 3,746 3,053 222 232 June 5 2,432 10 2,472 7,856 2,367 5,373 3,840 3,016 233 233 July 5 2,432 3 2,462 7,931 2,361 5,317 4,029 2,971 207 229 August 5 2,432 4 2,464 7,978 2,408 5,396 4,052 2,968 208 226 September. 6 2,431 11 2,464 7,978 2,405 5,456 3,934 3,051 178 228 October. _. 6 2,430 8 2,455 8,002 2,434 5,453 4,006 3,031 164 237 November. 6 2,430 6 2,453 8,132 2,468 5,549 4,081 3,022 161 239 December. 6 2,430 20 2,463 8,238 2,511 5,536 4,096 3,151 189 241 1935—January... 2,430 19 2,461 8,391 '2,495 5,380 4,543 '2,992 191 243 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 r 5,493 4,247 3,358 226 '253 April 2,430 27 2,468 8,709 2,544 5,478 4,715 2,994 271 263 r 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

269 MAY 1935 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] Apr. 30, 1935 Mar. 31,1935 Apr. 30, 1934 ASSETS Gold certificates on hand and due from U. S. Treasury _- - 5, 748,844 5,576,023 4, 589, 990 Redemption fund—Federal Reserve notes 20, 520 15,649 31, 047 Other cash 244,137 232,933 222,034 Total reserves _ _ _ _ 6, 013, 501 5,824,605 4,843,071 Redemption fund—Federal Reserve bank notes 6,333 Bills discounted: For member banks _ _ 5,678 7,373 38, 641 For nonmember banks, etc _____ _-_ _ _. 144 243 401 Total bills discounted _ _ ___ 5,822 7,616 39,042 Bills bought: Payable in dollars 3,492 Payable in foreign currencies - 4,696 5,305 5,070 Total bills bought - 4,696 5,305 8,562 Industrial advances ___ _ __ 26, 309 21,173 U. S. Government securities: Bought outright 2, 430, 215 2, 437,303 2, 431, 273 Under resale agreement Total U. S. Government securities _ __ _ 2, 430, 215 2, 437,303 2,431, 273 Other reserve bank credit: Federal intermediate credit bank debentures _ _ 200 Municipal warrants 548 Dne frorn foreign bfvnks 702 702 3,131 Reserve bank float (uncollected items in excess of deferred availability items) 27 2,574 Total reserve bank credit outstanding 2,467, 771 2,471,195 2,485,330 Federal Reserve notes of other reserve banks __ _ _ _ 18,150 15,067 18, 414 Uncollected items not included in float 506, 434 429, 666 364, 279 Bank premises _ . _ 49,617 49, 524 52, 567 All other assets _ 40, 205 42,947 183, 071 Total assets. __ _ _ 9,095,678 8,833,004 7,953, 065 Federal Reserve notes: LIABILITIES Held by other Federal Reserve banks _ - - _ 18,150 15, 067 18,414 Outside Federal Reserve banks.. ___ _ _._ 3,134,629 3,150,582 3, 041, 690 Total notes in circulation 3,152, 779 3,165, 649 3,060,104 Federal Reserve bank note circulation—net 74, 582 Deposits: Member bank—reserve account _ __ 4, 714, 787 4, 247,242 3, 598, 528 United States Treasurer—general account 98, 360 418,858 115, 302 Foreign bank_. 15, 252 19,186 6,228 Other deposits _._ __ _ _ 255, 419 207,306 262, 041 Total deposits . 5, 083,818 4,892,592 3,982,099 Deferred availability items 506,434 429, 666 364, 279 Capital paid in 146,662 146,922 146, 395 Surplus (sec. 7) 144,893 144,893 138,383 Surplus (sec. 13b) 19,209 14,781 Reserve for contingencies _ _ _ _ _ __ 30,807 30,804 22,529 All other liabilities .. 11,076 7,697 164, 694 Total liabilities __ _ _ 9,095, 678 8,833, 004 7,953,065 Contingent liability on bills purchased for foreign correspondents 20 98 4,296 Commitments to make industrial advances _ __ 16,929 15,964 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents __ 3,425, 781 3,416,088 3,316, 776 Collateral held by agents as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3, 285, 979 3, 268,179 2,987,271 Eligible paper. 4,110 5,761 23, 025 U. S. Government securities 226,100 231,100 350,400 Total collateral _ 3, 516.189 3, 505, 040 3,360,696 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) __ _ 88,852 Collateral pledged against outstanding notes: Discounted and purchased bills 9 U. S. Government securities _ __ 110,774 Total collateral 110, 783 i Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN MAY 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 c G e a r o t t i e l f d s i- S d s o t i a a l l r v l n d a e d r r s - c S e i r l t v if e l 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 a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d F R n e e o d se t e e r r s v a e lF R n b e e d o a se n t e e r r k v s a e l t n b i N o o a n a t n e - a k s l 1933—-November.. 5,455 219 117 285 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 2,949 194 938 March 5,394 161 403 272 118 3,005 178 936 April 5,368 157 400 274 118 282 3,025 162 918 May 5,357 153 402 277 120 279 3,038 151 906 June. 5,373 150 401 280 119 280 3,068 142 902 July 5,317 146 399 280 121 277 3,044 133 885 August 5,396 143 438 282 122 274 3,103 125 878 September .. 5,456 139 483 284 122 274 3,131 119 870 October 5,453 136 610 288 123 273 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 5,467 126 289 123 263 3,119 94 823 March 5r493 123 290 123 264 3,135 92 810 April * 5,478 121 294 124 3,119 778 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 320 Back figures—Be* Annual Report for 1933 (table 56). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] s G to o c ld k IncreaseNet gold Net re- Other April March January-April Year and month at o e f nd in st o g c o k ld import fro m m ar k ea * r- factors» From or to— Im- Ex- Im- Ex- Im- Exmonth ports ports ports ports ports ports <$ o i u o n c g e r ai o ns f f o in f e g o g l o d l d H — o $ 2 f 0 in .6 e 7 ; i. e.t an B En el g g l i a u n m d . 1,481 278 466 150,760 466 1 1 9 9 3 3 2 3 — — T T o o t t a a l l . . -19 5 0 2 . . 4 9 - - 1 4 7 4 3 6 . . 5 2 - 4 5 5 8 7. . 5 0 4 4 1 1 . . 1 6 F G r e a r n m ce any 32, 510 1 70 14 92, 93 2 8 7 29 1 6 4 Netherlands 94,890 109,208 41 1934—January- 4,033 -2.1 —2.8 12.2 -11.6 Switzerland 339 t5H\ ou g v ra ce in s o f o f f g in o e l d q H old o = f $ i S n 5 e: i. e,,,an C C a e n n a tr d a a l America _ 10,9 2 8 4 8 9 20 4,4 1 6 7 6 8 18 32 1, , 0 9 1 0 6 2 49 M Fe a b r r c u h ary __. 7 7 , , 4 6 3 9 8 4 3,4 2 0 5 5 6 . . 0 1 4 2 5 3 2 7 . . 6 3 - 6 0 8 .8 .7 2,88 1 3 9 . . 8 6 A M r e g x e i n co tina 966 4 42 876 43 • 7,6 1 23 1 146- April 7,757 61.5 54.7 —1.1 7.9 Colombia 2 1,407 5,623 May 7,779 22.4 33.6 0.5 -11.6 Ecuador 335 349 2,410 J J u u n ly e — — 7 7 , , 8 9 5 3 6 1 7 74 7 . . 4 1 6 5 3 2 . . 7 3 0 1 . . 6 0 2 1 1 2 . . 4 5 U Pe r r u u guay 163 128 608 D A S O N e e u c o p c g t v o t e u e e b m s m m t e — b r b b e e e r r r 7 8 8 7 8 , , , , , 9 9 1 0 2 7 7 3 0 3 8 8 2 2 8 1 1 4 2 2 0 0 7 3 9 6 . . . . . 4 4 5 9 2 -1 1 3 9 1 2 8 7 2 0 0 . . . . 7 . 2 8 1 9 - - 1 0 2 0 0 . . . . . 1 1 4 3 1 1 1 1 1 9 6 2 1 4 . . . . . 1 6 4 2 1 V A B C r e h u K i n i s t n o e i t s r a z n a h u g l e i I a a l n n a d d i a Hong 2,9 3 3 2 0 1 6 4 4 3 1 2,1 3 3 5 3 9 5 4 1 2 6, , 5 2 5 2 3 9 2 0 4 3 1 0 Dutch East Indies. Total . 4,202.5 1,133.9 82.6 2,986.1 Japan Philippine Islands - 924 1,346 4,281 1935—January ._ 8,391 153.3 149.4 1.1 2.8 All other countries2- 2,555 1,916 7,490 February. 8,527 135.3 122.8 0.2 12.3 M Ap a r r i c l h P 8 8 , , 5 7 6 0 7 9 1 4 4 0 1 . . 4 8 1 1 4 3 8 . . 0 6 - - 0 2 . . 7 3 - 2 4 8 .5 .1 Total 148,670 62 13,543 540 434,786 1,011 i With some exceptions figures represent customs valuations at rate of p Preliminary. $35 a fine ounce. »Gold released from earmark at Federal Reserve banks less gold placed 1 Includes all movements of unreported origin or destination. under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). Back figures.—See table of gold movements, United States, p. 293, and * Figures are derived from preceding columns and indicate net result Annual Report for 1933 (tables 53 and 54). 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. Bach figures.—See Annual Report for 1933 (table 51), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1935 FEDERAL RESERVE BULLETIN 271 MEMBER BANK RESERVE BALANCES (Averages of daily figures. Figures are for licensed banks only. In millions of dollars] Reserves held Excess i•eserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i ty Y o * 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 * r ll Ne C w it y 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 nk n s t * ry" 1934—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 1,609 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 March 4,452 1,760 1,787 905 2,064.7 779.0 842.3 443.5 Week ending (Friday) 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 1,95i. 0 674.7 870.6 406.0 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 Mar. 1 4,605 1,871 1,822 913 2, 225. 0 896.4 872.3 456.0 Mar. 8 4,562 1,800 1,833 929 2,186.0 820.8 888.7 477.0 Mar. 15 4,579 1,784 1,879 916 2,189. 0 793.8 923.3 472.0 Mar. 22 4,414 1,725 1,787 902 2,002. 0 746.6 838.6 417.0 Mar. 29 4,297 1,726 1,686 885 1,894. 0 749.7 746.9 397.0 1 Central Reserve city banks only. s 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 m T b o a e n a m ta l k l b l s — e * r C Y N i o e ty r w k » R O c e i s t t h e ie r e s v r e " b C a tr n o y k u " s n 1 - m T ba e o a n m t l k a l b s l e l - r C Y N i o e t r y w k * R O c e i s t t h e ie r e s v r e " b C a tr n o y k u " s n J - m T b e a o a m n t l k l a b s l e - l r C Y N i o e t r w y k ' R O c e i s t t h e ie r e s v r e " b C a tr n o y k u " s n J - 1934—March 25,288 6,671 10,303 8,314 15,851 5,943 6,172 3,736 9,437 728 4,131 4,578 ApriL. 26,009 6,992 10,568 8,449 16,457 6,256 6,384 3,817 9,552 736 4,184 4,632 May 26,363 7,001 10, 787 8,575 6,720 6,283 6,541 3,896 9,643 719 4,246 4,679 June 26, 698 7,168 10,929 8,601 16,988 6,433 6,645 3,909 9,711 735 4,284 4,691 July 27,073 7,236 11,127 8,710 17, 276 6,500 6,807 3,969 9,796 736 4,319 4,741 August __ .. __ 27,310 7,252 11, 280 8,777 17,490 6,534 6,940 4,016 9,819 719 4,340 4,761 September 27,615 7,300 11,436 8,878 17,806 6,591 7,103 4,111 9,809 709 4,333 4,767 October _. 28,034 7,409 11,587 9,038 18, 208 6,704 7,269 4,235 9,826 705 4,319 4,802 November.. 28,364 7,465 11,744 9,154 18,524 6,780 7,418 4,326 9,840 685 4,326 4,829 December 28, 538 7,512 11,828 9,197 18, 769 6,865 7,527 4,376 9,769 647 4,301 4,821 1935—January.. _ 28,907 7,694 11,933 9,280 18,993 7,043 7,527 4,422 9,914 651 4,406 4,857 February 29,357 7,926 12,063 9,368 19, 361 7,268 7,606 4,487 9,996 658 4,457 4,881 March 29, 586 8,050 12,148 9,387 19, 554 7,399 7,662 4,493 10,031 651 4,486 4,895 Week ending (Friday): 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 Mar. 1. 8,005 12,161 7,345 7,692 660 4,470 Mar. 8 8,034 12,124 7,386 7,637 648 4,487 Mar. 15 8,117 12, 231 7,470 7,753 647 4,478 Mar. 22 8,028 12,178 7,378 7,699 651 4,479 Mar. 29 8,013 12,119 7,359 7,625 654 4,495 i Weekly figures are not reported. a 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

272 FEDERAL RESERVE BULLETIN MAY 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 l a o 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 n e c y e d - d k d s s b c y u S r e r e e - d al s O c u e w a u c t n n h r i u s s e d e r e e d e r - - d Total p A U a a c n n y i c c n i a e t e b e p s l d t e - a c p a n A e a b c p c 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 n a o o r r w n - k s s * Total U r s m G e i e t r . o c e i n S e u v n . - s - - t O s ri e t t c h ie u e s - r s b c t u a o o s b n r e n c y e - d d k d s s States abroad TOTAL—ALL MEMBER BANKS 1931—June 30 33,923 457 19,257 7,117 3,218 8,922 2,103 113 384 1,217 12,106 5,343 6,763 8,563 Sept. 29 33,073 599 18,713 6,842 3,149 8,722 1,563 268 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 41 140 675 11,314 5,319 5,996 7,320 1932—June 30 28,001 573 15,267 5,292 2,894 7,081 747 313 34 122 278 11,414 5,628 5,786 5,916 Sept. 30—-. 28,045 457 14,497 5,086 2,885 6,527 970 407 34 115 414 12.121 6,366 5,755 5,770 Dec. 31 27,469 444 13,905 4,848 2,862 6,195 855 375 30 93 357 12,265 6,540 5,726 5,447 1933—June 30»—. 24,786 330 11,337 3,916 2,372 5,049 1,191 291 25 87 788 11,928 6,887 6,041 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 6,184 1,231 223 37 132 840 12,386 7,254 5,132 4,769 1934—Mar. 5 26,548 225 11,093 3,644 5,067 1,387 350 26 157 855 13,842 8,667 5,175 4,606 June 30 27,175 153 10,804 3,516 2,357 4,931 1,566 264 20 200 1,082 14,652 9,137 5,515 4,651 Oct. 17 27,559 149 10,782 3,325 2,297 5,161 1,361 276 30 253 802 15,267 9,186 6,081 4,178 Dec. 31 28,150 155 10. 509 3,296 2,273 4,940 1,363 256 31 232 843 16.122 9,906 6,216 4,194 1935—Mar. 4 28, 271 133 10,420 3,215 2,250 4,955 1,400 235 34 255 875 16,318 9,821 6,497 4,132 NEW YORK CITY * 1931—June 30 8,287 150 3,839 1,897 160 1,782 1,497 296 1,063 2,801 1,656 1,145 3,026 Sept. 29 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31 7,460 374 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 30 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30 7,112 203 2,638 1,300 154 1,184 763 341 391 3,508 2,429 1,079 1,811 Dec. 31 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 1933—June 30 »—. 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,551 1,158 1,888 Oct. 25 6,971 143 2,436 1,032 149 1,254 891 233 624 3,501 2,320 1,181 1,728 Dec 30 6,995 146 2,395 1,034 148 1,213 912 170 706 3,542 2,362 1,179 1,824 1934—Mar. 5 7,351 112 2,321 985 156 1,180 986 276 687 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 1,631 Dec. 31 7,761 2,202 874 139 1,188 894 210 662 4,602 3,246 1,356 1,565 1935—Mar. 4 7,783 52 2,198 861 139 1,199 904 203 678 4,628 3,200 1,429 1,560 OTHER RESERVE CITIES 1931—June 30— 13,567 247 8,100 3,188 1,621 3,291 470 124 4,750 2,408 2,342 3,459 Sept. 29 13,016 284 7,845 3,092 1,585 3,168 326 167 56 4,561 2,301 2,260 3,317 Dec. 31... 12,115 347 7,407 2,806 1,538 3,063 135 62 16 4,226 2,133 2,093 3,050 1932—June 30. __ 11,045 254 6,519 2,403 1,407 2,709 118 62 7 4,154 2,187 1,966 2,585 Sept. 30— 10,979 205 6,196 2,304 1,406 2,486 151 65 14 4,427 1,961 2,466 2,456 Dec. 31-.- 10,535 178 5,879 2,169 1,398 2,312 115 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 51 58 4,621 2,867 1,754 1,846 Oct. 25--- 9,951 120 4,912 1,660 1,144 2,108 274 91 100 4,645 1,757 1,836 Dec. 30___ 10,157 103 4,797 1,630 1,151 2,016 258 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 89 138 5,763 3,954 1,809 1,753 June 30 11,054 53 4,586 1,526 1,145 1,915 311 115 154 6,104 4,102 2,002 1,708 Oct. 17... 11,367 55 4,562 1,421 1,120 2,021 328 151 123 6,423 4,240 2,183 1,569 Dec. 31.... 11, 609 6.1 4,459 1,412 1,108 1,939 320 135 131 6,764 4,551 2,213 1,567 1935—Mar. 4—- 11, 739 56 4,436 1,373 1,093 1,970 315 142 134 6,933 4,601 2,331 1,526 "COUNTRY" BANKS 1931—June 30 12, 068 7,318 2,031 1,437 3,849 135 101 4,555 1,279 3,276 2,078 Sept. 29.— 11,805 7,018 1,935 1,411 3,673 116 81 4,606 1,433 3,172 1,985 Dec. 31 10,999 6,469 1,756 1,346 3,367 71 48 4,392 1,418 2,974 1,796 1932—June 30 10, 240 5,892 1,546 1,328 3,018 64 36 4,226 1,432 2,794 1,674 Sept. 30 9,954 5,663 1,481 1,324 2,857 55 36 4,187 1,471 2,715 1,503 Dec. 31..... 9,607 5,405 1,432 1,304 2,669 39 28 4,114 1,474 2,640 1,450 1933—June 30 «... 7,873 4,194 1,132 1,055 2,007 43 27 3,598 1,469 2,129 1,150 Oct. 25 8,031 4,175 1,118 1,070 1,987 73 46 3,748 1,592 2,156 1,148 Dec. 30 8,068 4,123 1,108 1,061 1,955 62 34 3,845 1,683 2,162 1,136 1934-Mar. 5 8,381 4,103 1,093 1,068 1,942 95 64 4,148 1,946 2,202 1,129 June 30 8,456 4,016 1,053 1,056 1,906 124 72 4,283 1,982 2,301 1,102 Oct. 17 8,649 3,926 1,027 1,028 1,873 150 95 4,545 1,992 2,552 1,078 Dec. 31 8,780 3,849 1,010 1,026 1,813 149 92 4,756 2,108 2,647 1,062 1935—Mar. 4 8,749 3,786 981 1,018 1,786 181 109 4,757 2,020 2,737 1,047 » Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. » Beginning June 30,1933, figures relate to licensed banks only. 1 Central reserve city banks only. Back figures—This classification of loans is not available for dates prior to Oct. 3,1928, see Annual Report for 1931 (table 53), but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-28, in the Annual Report for 1928 (table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1933 (table 78). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDEEAL RESERVE BULLETIN 273 ALL BANKS IN THE UNITED STATES [Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1930—SeDt. 24 57, 590 39,715 17,875 35,472 24,738 10,734 i 9, 747 16,009 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 13,920 11,208 7,906 3,302 June 30 55,021 35, 384 19, 637 33,923 21,816 12,106 10,506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 53,365 33,750 19, 615 33, 073 20,874 12,199 i 10, 506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31 49,704 31,305 18, 399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27, 834 18, 237 28,001 16,587 11,414 10, 316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 i 10,316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26,063 18,883 27,469 15, 204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30». 40, 076 22, 203 17, 872 24, 786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Oct. 25* 24,953 13,059 11,894 Dec. 30 40, 319 21,977 18, 342 25, 220 12,833 12, 386 9,989 5,909 4,080 5,111 3,235 1,876 1934—Mar. 5« 26, 548 12, 706 13,842 June 30 42,503 21,279 21, 224 27,175 12, 523 14,652 9,904 5,648 4,256 * 5, 425 3,108 2,316 Oct. 17» _ 27, 559 12, 293 15, 267 Dec. 31 * . 28,150 12,028 16,122 1935—Mar. 4 3 28, 271 11, 953 16, 318 1 1 Figures of preceding call carried forward. &•'' 1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to conmember banks. » Non-member bank figures not available. < In connection with the increase over December, see the headnote; also BULLETIN for February 1935, p. 127. Back figures.—See Annual Report for 1933 (tables 67-69). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonm ba e n m ks ber Nonmember banks Date Total Other Date All banks M b e a m nk b s er M s b a a v u n i t n u k g a s s l b n e o O r n t i b h n a e e n r n k i s - Total ti N on a- al State M s b a u a v n t i u n k g a s l s m n b o e e m n r banks 1930—Sept. 24... 62, 784 31,839 i 9,197 11,748 Dec 31 53, 039 32,560 9,507 10, 972 1930— D S e ep c. t . 3 2 1 4 2 2 2 3 , , 5 7 9 6 0 9 8 8 , , 2 0 4 5 6 2 7 7 , , 1 0 9 3 2 3 1 1 , , 0 0 1 5 9 4 i 6 60 0 6 3 1 1 4 4 , ,1 7 1 3 4 8 1931—Mar. 25 51, 427 31,153 i 9, 507 10, 767 June 30 51, 782 31, 566 10, 017 10,199 1931—Mar. 25 22,372 7,928 6,930 998 1603 13,841 Sept. 29 49,152 29, 469 i 10,017 9, 66f> June 30 21,903 7,782 6,800 982 600 13, 521 Dec. 31 45,821 27, 432 10,105 8,284 S D e e p c t . . 3 2 1 9 2 1 1 9 , , 9 2 6 9 6 4 7 7, , 2 5 4 9 6 9 6 6 , , 3 6 6 5 8 3 8 9 7 4 8 6 16 5 0 9 0 7 1 12 3 , , 1 0 2 9 3 5 1932—June 30 _ 41,963 24, 755 10, 020 7,188 Sept. 30 41,942 24, 903 i 10, 020 7,020 1932—June 30 19, 046 6,980 6,145 835 594 11,472 Dec. 31 _-. 41,643 24, 803 10,022 6,818 Sept. 30 18, 794 6,904 6,080 824 1594 11,296 Dec. 31 _ 18, 390 6,816 6,011 805 594 10,980 1933—June 30 » 37,998 23, 338 9,713 4,946 Oct. 25 3 23, 453 1933—June 30 « 14,519 5,606 4,897 709 576 8,337 Dec. 30 38,505 23, 771 9,711 5,023 Oct 25 3 5,818 5,052 766 1934—Mar. 5 * 25, 293 Dec. 30 15, 011 6,011 5,154 857 581 8,419 June 30 41, 857 26, 615 9,780 « 5, 462 Oct. 17» 27, 484 1934—Mar 5 3 6,206 5,288 918 Dec 31 28,943 June 30 15,835 6,375 5,417 958 578 8,882 1935—Mar. 4 3 28, 589 D O e ct c . 1 3 7 1 l * 6 6 , , 4 44 3 2 3 5 5 , , 4 4 6 6 1 2 9 9 8 7 0 2 1935—Mar 4 3 6,422 5,446 976 For footnotes see table above. NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,« For footnotes see table above. 000,000 on that date. Back figures.—See Annual Report for 1933 (table 70). Back figures.—See Annual Report for 1933 (table 66). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN MAY 1935 REPORTING MEMBER BANKS IN LEADING CITIES» IMonthly data are averages of weekly figures. In millions of dollars] Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investments Month or date Total c L o u n o ri a t s n i e e s - s o lo A th a l n e l r s Investm U e .S n . t s se- 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 n n e - r s Investm U e .S n . t s se- b F r B i a o n . a o n w g t R r k s - - s . a m T l n v o d o e e a s t n 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 Total curities Total curities 1934—April 17,526 3,570 4,648 9,308 6,229 7,269 1,718 1,631 3,920 2,745 10,257 May 17,328 3,516 4,555 9,257 6,256 7,050 1,680 1,560 3,810 2,735 10,278 June 17,542 3,553 4,611 9,478 6,442 7,190 1,727 1,537 3,926 2,848 10,352 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 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 1,648 4,396 3,111 10,881 March 18, 486 3,081 4,587 10,818 7,278 7,564 1,493 1,554 4,517 3,189 10,922 April 18,576 3,008 4,611 10,957 7,327 7,693 1,487 1,573 4,633 3,295 10,883 1935—Feb. 6 18, 208 2,992 4,534 10, 682 7,227 7,363 1,413 1,527 4,423 3,129 10,845 Feb. 13— 18, 245 3,016 4,551 10, 678 7,198 7,392 1,437 1,551 4,404 3,117 10,853 Feb. 20.... 18, 215 2,983 4,567 10, 665 7,217 7,307 1,410 1,551 4,346 3,090 10,908 Feb. 27-... 18,321 2,995 4,603 10,723 7,227 7,401 1,428 1,564 4,409 3,108 10,920 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 10,897 Apr. 3 18, 509 2,974 4,635 10, 900 7,280 7,661 1,412 1,592 4,657 3,290 10,848 Apr. 10 18, 535 2,969 4,624 10, 942 7,323 7,635 1,408 1,583 4,644 3,310 10,900 Apr. 17.-- 18, 644 3,023 4,609 11,012 7,371 7,741 1,519 1,572 4,650 3,319 10, 903 Apr. 24— 18, 617 3,067 4,575 10,975 7,336 7,736 1,608 1,545 4,583 3,263 10,881 i For additional data see p. 319. Bar. k figures.—See Annual Report for 1933 (tables 88-90). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N.Y. CITY [Net borrowings on demand and on time. In millions of dollars] [Monthly data are averages of weekly figures. In millions of dollars] For ac- From New From private For count of For ac- Total York banks banks, brokers, Month or date Total own ac- out-of- count of End of month and p tr a u n s i t e s com- fo a r g e e i n gn ci e b s a , n e k tc i . ng count b t a o n w k n s1 others 1934 1935 1934 1935 1934 1935 1934—April 975 813 156 May 937 766 163 June 1,016 845 165 January 903 825 839 758 64 67 July 1,042 871 168 February 938 816 862 750 76 66 August 827 670 156 March 981 773 873 706 108 67 S O e c p t t o e b m e b r e .. r . . 7 7 7 4 6 6 6 6 1 3 2 3 1 1 4 3 2 3 A M p a r y il . 1 1 , ,0 0 1 8 6 8 9 91 7 2 3 762 1 10 1 4 6 43 D N e o c v e e m m b b e e r r . . 7 7 8 1 4 3 6 6 3 7 9 3 1 1 4 3 4 9 June 1,082 980 102 1935—January... 111 635 140 July 923 849 74 February.. 756 614 140 August 874 803 71 March 839 696 141 September 832 769 April 803 714 86 October 827 761 Apr. 3 771 631 136 N D o ec v e e m m b b e e r r 831 8 7 1 6 3 5 A A A p p p r r r . . . 2 1 1 4 0 7 - - — .-. 7 8 7 7 9 7 6 2 4 8 6 7 4 3 4 6 2 6 1 4 2 3 4 9 6 Back figures.—See Annual Report for 1933 (table 93). »Member and nonmember banks outside New York City (domestic banks only). Back figures.—See Annual Report for 1933 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

275 MAT 1935 FEDERAL RESERVE BULLETIN ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES, BT HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Fed- Held by accepting Based Based eral Reserve banks on goods on banks stored in goods United stored BasedBased States in Total For Held on on ex- (ware- Dollar foreign End of month st o i a n u n g t d - - o F a w o c- n r o c e f o a i u g c fo - n n r t - Total O bi w ll n s bo B u il g ls ht ot b h y ers End of month Total T i i T n m t Q o p U fr o o . r S m ts . s c h h re i o p o d u r p i s t e e s d ) ch e a x n - ge s t h r c i i o b e p u e s p - n o e - d r count corre- between tween spond- domestic foreign ents points points 1932—December... 710 4 40 604 224 380 62 OUTSTANDING 1933—January 707 2 41 626 2/56 370 38 1934—March 685 103 186 226 3 168 February 704 307 30 325 201 124 42 April 613 103 164 186 3 158 March 671 280 45 261 153 108 85 May 569 100 150 164 3 152 April 697 163 43 404 206 199 86 June 534 97 145 141 4 148 May 669 13 36 505 229 276 115 July 516 94 135 138 4 144 June 687 41 36 487 201 287 123 August 520 89 140 147 4 141 July.. 738 2 37 552 248 304 147 September... 539 94 138 166 4 137 August 094 1 40 499 252 247 154 October 562 93 147 184 4 133 September 715 1 41 617 236 282 156 November 561 89 148 195 2 127 October. 737 1 31 592 271 321 112 December 643 89 140 193 2 119 November... 758 18 3 699 273 326 138 December... 764 127 4 442 223 219 190 1935—January.. 516 86 133 179 3 114 February 493 92 123 166 3 109 1934— January 771 105 4 567 255 312 95 March 466 101 122 134 2 106 February 750 56 5 581 266 315 108 March 685 23 5 576 252 324 81 HELD BY 1". R. BANES 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—March 23 5 6 7 2 4 July 516 (0 1 472 222 250 42 April 3 1 1 2 August 520 0) 1 483 222 261 37 May (2) (2) September... 539 0) 1 503 223 280 35 June . 7j\ (J) October 562 0) 516 245 271 45 July (2) November... 561 0) 0) 517 252 265 44 August (2) (2) December... 543 497 243 254 46 September 0) October 1 (2) (2) (2) 1935—January 516 0) 485 238 247 30 November (2) (») February 493 0) 452 217 235 41 December (2) (2) (2) March 466 0) 423 197 226 43 0) 1935—January (2) (2) (2) February i Less than $500,000. March _ Source: For acceptances outstanding (and held by accepting banks), American Acceptance Council. • i Total holdings of Federal Reserve banks included small amount of Back figures.—See Annual Report for 1933 (table 100). unclassified acceptances. 1 Less than $500,000. Back figures.—See Annual Report for 1933 (tables 97 and 25). ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- HOLDINGS OF FEDERAL RESERVE BANKS 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 5,604 February. 103 84 117 177 March.... 30.778 24,788 5,275 5,305 March 106 72 133 182 April 30, 736 7,181 5,070 4,696 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 5,686 5,495 October 113 130 188 November 30, 652 5,841 5,499 November. 3 110 133 178 December. 29.189 6,033 5,501 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

276 FEDERAL RESERVE BULLETIN MAY 1935 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANES [Percent per annum] Rediscounts and advances under sees. 13 and 13a of the Federal Prevailing rate on- Average rate Average yield Reserve Act on- Federal Reserve bank Boston e R f M f a e a c te y t i o n 1 n F D eb a l . t i e sh e 8 e s , d t 1 a 9 b 3 - 4 Pre ra v t i e ous Month or week m m p P 4 c a e r o o t r p i n o m c m e t i r - 6 h a e , l s a P a b c d n e r a c a 9 r i c n e s m y 0 e k p ' s s e - t , - l d T o a i a 9 y m n 0 s s e i , N Ca e l w l lo n a e R n w e s - a J l 1 U 8 b . 2 i l - S l d s . b a T y il r ls e 2 » a 7 b s 3 i u l - l d r s y ay New York.._. Feb. 2,1934 Philadelphia- Jan. 17,1935 Cleveland Feb. 3.1934 1934 Richmond Jan. 11,1935 April 1 -INH- H 1.00 0.18 Atlanta Jan. 14,1935 May 1.00 .14 Chicago Jan. 19,1935 June H- 1.00 .07 St. Louis Jan. 3.1935 July H-: H- H 1.00 .08 Minneapolis. . Jan. 8,1935 August H-: 1.00 .20 Kansas City.. Dec. 21,1934 September H-: 1.00 .27 Dallas Jan. 8,1935 October 1.00 .21 San Francisco Feb. 16,1934 November H-: 1.00 .22 December 54-1 1.00 .15 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- 1935 UALS, PARTNERSHIPS, AND CORPORATIONS January H-l H-l 1.00 1.00 .14 February 94-1 1.00 1.00 .12 0.17 Advances secured by March H-l 1.00 1.00 .10 .16 Discounts and advances direct obligations of April ._.- .63 .64 .17 under par. 3 of sec. 13 the United States of the Federal Re- (last paragraph of sec. Week endingserve Act 13 of the Federal Re- Federal Reserve serve Act) Mar. 2 1.00 1.00 .10 .15 bank Mar. 9 H-l LOO 1.00 .09 .14 Mar. 16 H-i 1.00 1.00 .09 .15 e R f M f a e a c te y t i o 1 n n Da l t i e s h e e s d tab- e R f M f a e a c t y e t i o 1 n n Da l t i e sh e e s d tab- M Ma a r r . . 2 3 3 0 H H - - l l 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 .11 . . 1 1 6 8 Apr. 6._ H-l 1.00 1.00 .18 Apr. 13 H-l 1.00 1.00 .18 Boston 6 Aug. 11,1932 4 Oct. 20,1933 Apr. 20 H-H .38 .44 .17 New York 6 Aug. 10,1932 Feb. 8,1934 Apr. 27 H-H .25 .25 Philadelphia 6 Aug. 12,1932 4 Oct. 20,1933 Cleveland 5 July 24,1934 4 Oct. 21,1933 * Stock exchange 90-day time loans. Richmond,. _ July 16,1934 4 Feb. 19,1934 1 Stock exchange call loans; new and renewal rates. Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 • Average rate of discount on issues offered by U. S. Treasury within Chicago 6 Aug. 13,1932 4 Oct. 16,1933 p of e f r e i r o e d d . . W A h v e e n ra g n e o r a ra te te s o is n s 9 h 1 o - w da n y n b o il l b s i l a ls s f o o f l l t o h w e s : s t A at p e r d i l m 19 a 3 t 4 u , r 0 it .0 y 8 ; w M er a e y St. Louis 5H July 10,1934 4 Feb. 21,1935 1934, 0.06. Minneapolis 6 Aug. 10,1932 Apr. 15,1933 Back figures.—See Annual Report for 1933 (tables 60 and 61). Kansas City 5 July 10,1934 4 Feb. 23,1934 Dallas _ 6 Sept. 8,1932 4 Mar. 12,1934 RATES CHARGED CUSTOMERS BY BANKS IN San Francisco _. 6 Sept. 2,1932 4 Oct. 19,1933 PRINCIPAL CITIES [Weighted averages of prevailing rates] NOTE.—For rates on industrial advances see p. 320. BUYING RATES ON ACCEPTANCES 8 other northern 27 southern and New York City and eastern cities western cities [Buying rates at the Federal Reserve Bank of New York] Month 193? 1934 1935 1933 1934 1935 1933 1934 1935 Maturity e R f M f a e a c te y t i o n 1 n Da l t i e s h e e s d tab- Pre ra v t i e ous January 4.12 3.58 2.83 4.89 4.65 4.08 5.60 5.40 4.95 February 4. 11 3.43 2.90 4.84 4.49 4.02 5.56 5.39 4.84 9 3 4 6 1 1 1 1 1 6 1 2 - 6 1 - 1 - - - - 1 4 6 9 3 5 - 2 1 5 0 0 0 d 8 0 d d d d a 0 d y a a a a d a s y y y y a y s s s s y s . . . . s . . . . . Oc . t . - _ . . d d d d d d o o o o o o 2 . . . . . 0,1933 1 1 1 1 1 1 J J A M S M A O u u e u c p a n l a p t g y r y r o e i u t c b l e s h . e t m r b . er- 3 3 3 4 3 4 4 4 . . . . . . . . 7 7 9 9 2 1 3 8 6 9 7 3 4 0 3 8 3 3 3 3 3 3 3 3 . . . . . . . . 2 2 3 3 3 4 3 3 6 8 0 3 0 2 9 1 2 2 . . 6 6 4 1 4 4 4 4 4 4 5 5 . . . . . . . 9 6 9 0 9 8 3 6 1 5 9 9 7 2 9 8 4 4 4 4 4 4 4 4 . . . . . 3 3 1 5 5 1 1 1 0 9 5 2 2 3 1 2 4 3. . 9 0 9 5 5 5 5 5 5 5 5 5 . . . . . . . . 5 5 6 5 5 6 6 6 0 5 6 4 3 8 2 6 5 5 5 6 5 5 5 5 . . . . . . . . 0 3 1 2 0 0 0 4 4 4 9 8 7 5 5 0 4 4. . 8 8 0 5 November- 3.52 3.22 4.54 4.08 5.42 4.93 NOTE.—Rates on prime bankers' acceptances. Higher rates may be December. ._ 3.48 3.18 4.59 3 98 5.43 4.92 charged for other classes of bills. Back figures.—See Annual Report for 1933 (table 58) Back figures.—See Annual Report for 1933 (table 63). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 277 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- U S n ta i t t e e s d Corpo- Corporate tr g ia r l a d h e i ) g " h- Tl ott al , I t n r d ia u l s - r R o a a i d l- umtillllittyv Year, month, or date Govern- rate and ment municbonds ipal Indus- Rail- Number of issues 20 421 351 37 g (h ra ig d h e) - Total trial road Utility 1932 average. 96.1 79 1933 average 104.8 78 1934 average 120.7 Number of issues g 14 <60 60 20 20 20 1934—April 120.2 76 1 1 1 9 9 9 3 3 3 4 2 3 a a a v v v e e e r r r a a a g g g e e e 1 1 9 0 0 9 3 2 . . . 2 4 2 9 8 8 6 1 4 . . . 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 M A u u u l n a y g e y u . s . t 1 1 1 1 2 2 2 2 2 1 3 2 . . . . 0 6 5 1 7 7 6 6 0 2 9 5 1934— J J M A u u p l a n y r y e i l --.. 1 1 1 0 0 0 4 4 5 . . . 7 4 2 9 9 9 9 9 7 7 9 . . . . 0 6 0 3 8 8 8 8 6 6 7 6 . . . . 0 1 3 1 8 8 8 8 2 3 2 2 . . . . 8 2 5 5 8 8 8 8 S 6 7 5 . . . . 9 1 8 7 8 8 8 8 9 9 9 9 . . . . 4 4 7 1 N D S O e e o c p t c v o t e e e b m m m er b b b e e e r r r . - . . 1 1 1 1 2 2 2 2 7 0 1 4 . . . . 8 9 0 1 6 6 5 6 4 3 8 1 D N A S O e e o u c p c t g v o t e u e e b m m s m e t b r b b e e e r r r _ 1 1 1 1 1 0 0 0 0 0 3 4 3 4 2 . . . . . 5 1 4 1 3 1 9 9 9 9 0 8 8 7 6 0 . . . . . 8 4 0 8 7 8 8 8 8 8 5 4 3 3 4 . . . . . 8 3 0 9 1 8 8 8 8 8 5 3 2 2 2 . . . . . 4 4 6 2 5 8 8 8 8 7 3 1 1 1 9 . . . . . 0 3 6 3 3 8 8 8 8 8 8 8 7 7 8 . . . . . 8 6 9 6 1 1935— A M F J e p a a b r n r i r c l u u h a a ry ry ,. . . . . 1 1 1 1 3 3 2 3 0 1 9 2 . . . . 2 3 1 2 5 5 5 5 7 5 3 9 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 Apr. 3_ 130.9 56 February.. 105.8 101.3 87.4 86.7 82.0 93.4 Apr. 10 131.5 M Ap a r r i c l h 1 1 0 0 6 7 . . 6 0 1 9 0 9 0 . . 9 0 8 8 4 5 . . 5 5 8 8 5 5 . . 2 9 7 7 4 5 . . 7 0 9 9 3 5 . . 6 5 A A p p r r . . 2 1 4 7 1 1 3 3 2 3 . . 7 7 70 5 6 9 3 Apr. 3 106.8 99.1 83.7 84.8 72.0 94.1 i Monthly data are average of daily or weekly figures. Apr. 10.--- 107.0 100.0 85.3 85.3 75.5 95.2 J Average derived prices. Apr. 17 106.8 100.2 85.6 86.3 74.9 95.9 Apr. 24 107.2 100.6 86.7 86.9 76.7 96.3 Source.—Standard Statistics Co. CAPITAL ISSUES 1 ' 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 e d a y t i a e l a d re s. average of daily or weekly figures' [Long-term; i. e.t 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 fundof S N o e u w rc e Y .— or F k o ; r f U or n o it t e h d e r S b t B a o t n O e d s s N G , D o S v t a e n r Y n d m a I r E e d n L t S b t D a o t n S is d 1 t s ic , 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 r o d n a - t - ) i l c TotaP S n m a p t i n a a c u d t l i - e - B n a o o C n t n d o e d s r s po S ra to te cks F ei o g r n - i m e s ( a i f i s d e n o g n u s o g r n d e - t - ) i s o United Munic- Corporate, by ratings * Year, month, or States ipal* 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 1 1 1 9 9 9 3 3 3 4 2 3 a a a v v v e e e r r r a a a g g g e e e 3 3 3 . . . 1 6 3 0 6 1 3 4 4 . . . 9 6 7 5 5 1 4 5 4 . . . 0 0 4 0 1 9 t 5 5 L . . 4 9 2 4 7 3 5 6 7 . . . 0 0 2 8 9 0 6 9 7 . . . 3 3 7 2 0 6 1 1 1 1 9 9 9 9 3 3 3 3 4 2 3 1 3 1 1 , , , 4 1 0 7 0 9 8 2 2 6 9 2 2 1 1 , , , 1 4 8 7 6 0 6 1 6 2 0 0 1,2 4 8 7 3 1 8 6 5 9 4 2 1, 3 1 2 0 4 4 4 5 0 4 0 3 1 2 1 3 2 0 1 5 0 2 2 2 1 0 9 9 2 9 7 5 3 4 9 4 3 9 2 4 8 1934—April 3.12 4.11 4.07 1.43 4.97 6.01 May 3.01 3.93 4.01 1.37 4.96 6.05 1934—April 143 143 100 24 5 0 93 June 2.94 3.73 3.93 1.30 4.96 6.06 May 103 103 61 26 3 0 39 July 2.85 3.75 3.89 1.28 4.93 6.13 June 123 123 102 0 9 0 183 August 2.99 3.81 3.93 1.34 5.09 6.49 July 217 2 217 91 19 2 0 157 September 3.20 3.84 3.96 1.42 5.17 6.57 August 180 3 180 18 8 0 0 79 October 3.08 3.69 3.90 1.36 5.00 6.40 September. . 43 43 36 5 2 0 26 November 3.05 3.57 3.86 1.27 4.93 6.37 October 122 3 122 39 0 0 0 36 December 2.97 3.52 3.81 1.27 4.86 6.23 November. _ 107 107 89 8 0 0 35 December—_ 141 141 106 34 1 0 40 1935—January 2.83 3.45 3.78 1.21 4.77 5.99 February 2.73 3.39 3.72 1.14 4.69 5.97 1935—January 92 92 80 3 2 0 49 March 2.69 3.27 3.71 1.15 4.72 6.22 February 50 50 44 7 0 0 46 April 2.64 3.25 3.72 i1.19 4.75 6.14 March 108 108 100 8 0 0 180 April 90 90 64 17 5 0 413 Apr. 3. 2.65 3.25 3.72 4.22 4.81 6.32 A A A p p p r r r . . . 2 1 1 4 0 7. 2 2 2 . . . 6 6 6 4 1 5 3 3 3. . . 2 2 2 4 4 5 3 3 3. . . 7 7 7 2 1 1 4 4 4 . . . 1 1 1 9 7 8 4 4 4 . . . 7 7 7 7 5 1 6 6 6 . . . 0 1 1 4 4 8 ba 1 1 n I I k n n s c c , l l n u u o d d t e e s s s h i $ s o 1 s w 0 u 0 n e , s 2 s 6 o e 0 f p , 3 F a 0 e r 0 a d t e b e r o l a y n l . d la s n o d f b F a e n d k e s r a a l n d F a F r e m d e M ral o i r n tg te a r g m e e C di o a r t p e o c ra re ti d o i n t sold by public offering during month. 1 Monthly data are averages of daily or weekly figures. • Includes bonds of Home Owners' Loan Corporation sold by public 3 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'3 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

278 FEDERAL RESERVE BULLETIN MAY 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 Nonin- End of period T ( d g e o r b o ta t s ) l 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 Bonds1 Notes C ic e a r t t e if s - Bills Outstanding Apr. 30, 1935— Total 27, 766 15,394 10,236 158 1,978 Fiscal year Obligations maturing: ending- Before July 1, 1935 2,173 21,080 417 676 J J u u n n e e 1 1 9 9 3 3 3 2 . . 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 , , 7 46 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 u a c n ly t . . l 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 5 6.... 1 1 ' , , 1 8 9 5 8 6 0 0 5 * 3 1 , 6 2 7 4 5 6 (r 4 3 ) 1 5 8 4 8 3 1 5 0 5 1 1 0 1934 Apr. 1-June 30, 1936 1,245 1,245 July 1-Dec. 31, 1936 1,236 1,236 February 26,055 25,707 15,579 6,472 2,278 1,379 348 1937 1,749 1,749 March.. 26,157 25, 698 15,579 6,925 1,816 1,378 459 1938 1,946 1,946 April... 26,118 25,599 15, 718 6,689 1,814 1,378 519 1939 1,294 1,294 May 26.155 25, 588 15,694 6,678 1,812 1,404 567 1940 1,160 1 160 Jane 27,053 26,480 16,510 6,932 1,635 1,404 573 1941 834 834 July—. 27,189 26,605 16,516 6,951 1,683 1,454 585 1943 - . 898 898 August- 27,080 26, 495 16, 513 6,921 1,682 1,379 585 1945 1,401 1,401 September 27,190 26,626 15,922 8,020 1,156 1,529 564 After 1945 9,158 9,158 October 27,188 26,643 15,808 8,027 1,154 1,654 545 Other obligations 5 677 102 417 158 November 27,299 26, 761 15,768 8,036 1,153 1,804 538 December 28, 479 27, 944 16, 245 9,586 158 1,954 535 r Revised. 1935 i Issues classified as of date of final maturity; most issues are callable at earlier dates. No outstanding issues, except postal-savings bonds, are January 28,476 27,952 16, 250 9,585 163 1,954 524 callable before 1940. February. 28,526 27,969 16, 247 9,582 161 1,979 557 1 Includes $171,000,000 of 4th Liberties called for redemption Apr. 15, March.. 28,817 28,043 16, 238 9,567 160 2,079 775 1934, Oct. 15, 1934, and Apr. 15, 1935, and $910,000,000 of 1st Liberties April.- 28,668 27,766 15,394 10,236 158 1,978 1902 called for redemption June 15, 1935, and not yet redeemed. * 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 i Includes $639,000,000 of Government liability for retirement of on Aug. 1, 1935. national bank and Federal Reserve bank notes, as a result of deposit * Approximate amount of 4th Liberties called for redemption'on Oct. of funds by banks; this compares with $309,000,000 on Feb. 28, 1935. 15, 1935. •Includes such issues as Postal Savings bonds, retirement-fund notes, and adjusted-service-certificate series, in which special funds are in- SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars! Increase or General and special funds Trust decrease during and con- period tributed Period Receipts Expenditures * Excess of e f x u c n e d ss s, o 2 f receipts receipts General Internal revenue Customs or expend-or 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 d o ll u a m s ne is - - Total General» E ge m n e c r y - it ( u -) res it ( u -) res balance debt Fiscal year ending: June 1932 2,006 1,057 503 445 4,741 1 3,973 •768 -2, 735 -5 —55 +2,686 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 10 months ending: April 1933 1,636 583 658 395 3,769 3 2,767 3 1, 002 -2,133 +2 -176 +1,954 April 1934 2,488 605 270 1,220 392 5,470 2,239 3,231 -2,982 +834 +1,432 +3,580 April 1935 3,091 822 443 1,383 443 5,520 2,627 2,894 -2, 430 +167 -647 +1,615 1934 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 -fl -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 April 228 29 44 116 39 611 332 279 -383 +21 -511 -149 * Excludes public debt retirement. 1 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, and expenditures chargeable against increment on gold. 1 Prior to July 1933, emergency expenditures included only net expenditures for the Reconstruction Finance Corporation; other items subsequently classified as emergency expenditures were included in general expenditures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 279 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAR. 31, 1935 [Compiled by IT. 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 C o t o r r i o p o e d m d o n it i r - y t a- E i b m x a p p n o o k r r s t t - A t W P r d 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 r it a a l- - l C P C o t r t i o r r i o o p e d n d o n u s r i c a t - - S C h B c o F M i h r o p l p a e e a p o n e r r i r - n d t t a g - Other» tion ASSETS Loans—total - 7,643 2,037 1,366 44 3 284 80 112 148 Preferred stock, capital notes, and debentures 874 874 870 3 Cash—total 339 99 1 (2) 11 2 1 17 66 Investments: United States securities 469 24 2 22 Obligations guaranteed by United States 215 19 (2) 19 Other investments 797 123 98 21 4 Accounts and other receivables - 159 51 34 1 (2) 3 (2) 7 g E O e th al e r e s a t s a s t e e t s and other business properties - 4 1 9 4 2 5 3 1 8 3 2 6 299 1 ( ( 2 2 ) ) 8 4 ( ( 2 2 ) ) ( ( 2 2 ) ) 50 1 8 7 6 8 Total assets other than interagency -. 11,132 3,747 2,571 44 14 288 85 121 208 414 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,658 251 251 All other 2,437 70 70 Other liabilities (including reserves) 238 51 16 (2) (2) (2) (2) 15 19 Total liabilities other than interagency._ 6,332 373 267 (2) (2) (2) (2) 15 89 Excess of assets over liabilities, exclusive of interasrsncv tr&ns&ctions 4,800 3,374 2,304 44 14 288 85 121 193 325 Privately owned interests 333 U S Government interests 4,467 3,374 2,304 44 14 288 85 121 192 325 Distribution of Government interests: Capital stock 6,631 5,570 500 3 14 3 413 45 120 50 3 4, 426 Surplus 338 240 71 1 (2) 11 1 143 13 Interaeencv interest (net) - - -2, 502 -2, 436 1,734 41 -125 29 -4,114 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 t e l F C r M F e a g o a d t a o r i r g e p o r m r e t o n a - - l c B a o t a o f i o v n p r e k e s r s - H b l a o o n a m k n e s O C H r 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 n a e o d n t s p r i u e c p o o r e r o s n a - i - l t ration ASSETS Loans—total 5,606 2,077 172 687 28 73 2,569 Cash—total - - 240 28 16 9 8 34 128 1 16 Investments: United States securities 445 67 35 25 2 316 Obligations guaranteed by United States 196 11 40 43 2 100 Other investments.. 673 1 (2) 648 24 (2) Accounts and other receivables 108 41 5 20 1 (2) 38 2 3 R O e th a e l r e s a t s a s t e e t s and other business properties 11 9 0 87 5 8 (2) ( ( 2 2 ) ) ( ( 2 2 ) ) (2) 3 ( ( 2 2 ) ) 20 {!> 2 Total assets other than interagency _. 7,386 2,317 267 1,364 130 111 2,738 103 20 336 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 3,406 1,124 « 2, 282 Allother 2,367 ~~1,~856~ 188' 323 Other liabilities (including reserves) 186 89 5 37 (2) 4 46 (2) 5 Total liabilities other than interagency 5,960 1,945 193 1,162 (2) 4 2,651 (2) 5 Excess of assets over liabilities, exclusive of interagency transaction __ 1,426 372 75 202 130 107 87 102 20 331 Privately owned interests _ _ 333 126 2 24 181 U. S. Government interests 1,093 246 75 202 128 82 87 102 20 150 Distribution of Government interests: Capital stock 1,061 114 70 200 125 82 200 100 20 150 Surplus . 98 68 34 2 3 1 -13 2 Interagency interest (net) -66 64 -29 — 100 i Includes interagency interests held by the Treasury Department. 4 Includes also War Finance Corporation not shown separately. « Less than $500,000. * Includes unissued bonds covering loans in process. * Nonstock (or includes nonstock proprietary interests). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN MAY 1935 RECONSTRUCTION FINANCE CORPORATION LOANS, SUBSCRIPTIONS, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, less repayments Proceeds not yet disbursed Mar. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28 Mar. 31, Apr. 30, Feb. 28, Mar. 31, 1934 r 1934 1934 1935 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) 651,189 599,397 632,209 595,717 568,814 538,431 522,471 113,005 115,396 building and loan associations . 55, 225 23,259 20,082 15,640 13,567 12, 281 11, 303 21,367 21, 298 Insurance companies 51,554 29,420 24,829 24,023 22,664 22,035 21,184 135 135 161, 097 155,874 160,591 156,292 155,367 151, 796 149,128 99, 226 96, 435 Credit unions 493 387 386 367 361 343 335 Federal land banks 193,618 110,997 78,647 77,023 74,670 72,318 70,527 Joint stock land banks 11,120 7,132 6,495 5,530 5,031 4,078 3,720 621 602 Agricultural credit corporations __ 1,134 600 863 863 863 861 861 27 Regional agricultural credit corporations 22 081 866 Livestock credit corporations 1,813 1,464 1,334 1,314 1,272 1,256 1,255 Railroads (including receivers) 345,181 361,506 376,555 379,087 379,713 380,199 386,617 753 153 State funds for insurance of public moneys 4 162 811 541 Fishing industry. .. 25 25 43 53 53 76 78 57 Processors or distributors for payment of processing taxes. _ 13 2 1 1 1 1 1 Total.. _ _ 1, 498, 681 1, 291, 739 1,302, 558 1,255, 900 1, 222,374 1,183, 651 1,167,476 235,184 234,105 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) 80,195 117,027 122, 743 125,408 127,839 132,908 134,509 97, 588 92,499 For financing exports of agricultural surpluses, sec. 201 (c)- 11,051 14,992 15,176 15,176 15,164 14,953 14,963 3,088 3,078 For financing agricultural products, sec. 201 (d). 4,181 6,090 4,258 4,177 4,719 5,332 6,505 3,689 4,662 To commodity credit corporation 161,813 30,242 33, 362 36,139 35,905 39, 552 49,156 372,034 365, 388 On preferred stock of banks 12,171 18,965 19,124 19,487 19,674 20,304 20,295 1,345 681 On preferred stock of insurance companies 4,375 25, 785 30,033 29,933 29,933 29,933 29,933 To drainage, levee, and irrigation districts 2,525 11, 321 12, 298 15,410 16,978 21,292 23, 507 65,147 61, 330 To Dublic school ftiithorifies 22,300 To industrial and commercial businesses 4,166 6,627 8,516 10,649 12, 740 14,693 24,050 26, 007 To mining, milling, and smeltering businesses.. 168 608 On assets of closed banks . 22 20 34 79 150 235 219 325 To Public Works Administration on security transactions _ _ 1,529 71 1,356 17,490 15, 282 2,407 1,345 Total 276,311 250,911 245,169 254,350 262, 296 294,654 309,077 569,734 555,923 Purchases: Preferred stock of banks - _ 358,918 571,193 585,858 598,112 621,055 627, 876 620,144 36, 835 27, 198 Capital notes and debentures of banks 221,963 259,662 260,102 256,622 256,316 254,666 248,103 65,914 65, 586 Preferred stock of insurance companies 100 100 100 100 100 100 Capital stock of the R. F. C. Mortgage Co 10, 000 10,000 Total _ 580, 881 830,955 846, 060 854,834 877,472 882, 642 890,346 102, 748 102, 784 Total loans and purchases _ 2, 355, 873 2, 373,605 2,393,787 2,365,084 2,362,141 2,360,946 ^^Gti^OO 907, 667 892,811 ALLOCATIONS For relief; • Federal Emergency Relief Act of 1932 298, 992 297.774 297,774 297,718 297,718 297, 711 297,711 15 15 Federal Emergency Relief Act of 1933 486, 687 499, 586 499,588 499,987 499,991 499,994 499, 997 9 6 Emergency Appropriations Act of 1935 325,000 470. 000 500,000 500,000 500.000 500,000 Total 785, 678 1,122, 360 1, 267,362 1,297,705 1, 297, 709 1, 297, 704 1, 297, 708 24 21 To other Government agencies: To Secretary of the Treasury for: Purchase of stock of Federal Home Loan banks 79,646 81,646 81, 646 81,646 81,646 81, 646 81, 646 43,095 43,095 Purchase of stock of Home Owners' Loan Corporation 59, 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 25,000 25,000 25,000 25,000 34,000 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, 425 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 __. 541,171 699, 246 709, 246 709,246 709,246 709,246 718, 246 140, 495 140, 495 Total allocations 1, 326, 849 1,821,606 t, 976, 608 2,006,951 2,006,955 2, 006, 950 2,015,953 140,519 140,517 Total loans, subscriptions, and allocations.3, 682, 722 4,195, 211 4, 370, 395 4, 372,035 4,369,095 4, 367, 896 4,382,854 1,048,186 1,033, 328 1 Includes $354,762,000 of loans for distribution to depositors of closed banks. »• Revised. Preliminary. Back figures.—See BULLETINS for December 1933, pp. 738-739, and February 1934. pp. 103 and 132. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 281 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans Federal intermediate by—i credit bank loans to Loans to cooperatives byand discounts for— End of month lan F d e d b e a r n a k l s1" C s o B L i m o a a n n n m e d k r is- a s c g p o c R a r d r o r c e n e i e u i r d c d a g d a c u i t i i t t t i p o t l i i o t o o r c n u a n o n o n a s r s - r s l - a 2 - l f c i i n o e n O t t x o a i i s v o t c p n t h i e n e e c t e s p s r u i r a n t - - 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 d 3 - - 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 n r 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 b c i e e n r a d e d t n e e d i k a r r i - s a t te l B C C c i a a n o B o t e n c i i f o o n n o v k a l p p u g t n r s e e r e d s k a r f r , - o - l - r tu t A r o k r e l f g a o e A u v i c r l n t a n o o i i c M n g c n d l o t v s u g p a - l - r - atives eratives 1933 June -_. 1,118,434 180 2,483 75, 719 145,412 139,158 3,934 181,195 July 1,118,625 664 10, 399 74, 321 154, 321 138, 727 4,465 177,537 August 1,121,461 2,188 28,467 73, 068 158,394 135,854 5,479 176,553 September __ 1,127,910 6,026 49,979 70,998 155, 200 135, 087 6,259 184 175,040 October 1,143, 518 15,815 61, 299 64, 528 146, 895 110,324 6,829 7,396 173,325 November 1,174,763 34,099 68,857 62, 379 142, 558 94, 296 10, 080 11,144 172, 302 December 1, 232, 707 70, 738 73,263 60,989 144, 636 89,811 15,211 18, 697 157, 752 1934 January 1,307,116 120,403 75,432 59, 916 158 145,198 81,164 14,671 15,386 69, 508 February.- 1,390, 743 174,308 76, 515 58,199 665 145, 760 72, 727 13, 297 14,835 69,214 March 1,478,373 237, 858 86, 081 59, 073 4,409 144,905 68, 310 11,189 15,824 68,353 April 1,503,155 258, 730 102, 781 59, 569 14, 392 144,671 84,138 9,997 17,144 67, 257 May 1,568,097 311,375 120, 282 61,830 28,117 143,127 90,147 8,528 19, 243 54, 642 June 1,650, 779 378, 526 127,470 62,092 38, 518 138, 485 90,517 8,123 20, 539 54,877 July— 1, 710,977 429,830 128, 090 63, 392 49,826 128,830 94,411 10,106 21,493 55,437 August 1,766, 361 477, 822 125, 270 64, 203 58, 074 117, 664 100, 209 9,969 23,019 55, 250 September ._ 1,810, 559 516, 276 118, 402 63, 002 60, 887 106, 724 105,446 9,987 23, 057 54,870 October 1,848, 727 551, 873 104, 909 58, 882 58,128 96,914 104,470 24, 207 24, 561 57, 310 November 1,886, 335 587, 260 100, 992 56, 058 58, 328 90, 559 104,994 32,330 24, 710 56, 764 December. 1,915,792 616,825 99,675 55, 672 61, 024 87,102 110,186 33,969 27,851 54,863 1935 January 1,942,916 643, 291 99, 776 53, 509 64,637 84,726 116,846 34,445 28,498 53,721 February 1,961, 275 664,886 103, 360 53,172 71,192 82, 342 125,124 34,132 29, 445 49, 687 March. 1,974,952 686,606 115, 281 54,442 85,819 134,597 31,873 28,025 49,880 r Figures for past months revised by Farm Credit Administration. 1 Does not includeloans 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. 3 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 OPERATIONS * COMBINED STATEMENT OF ASSETS AND LIABILITIES fin thousands of dollars] Number Loans closed of appli- Months cations Feb. 28, Mar. 31, received Number Amount 1935 1935 1934 ASSETS From opening to Mar. 31 _ 1,150,390 152, 788 $435,777, 815 Cash on hand . .. - -- 30, 272 33,611 April 145, 772 56,172 171,490, 768 Loans outstanding - - 77,170 72,637 May 119,791 64,172 208, 293, 766 Accrued interest . . 435 384 June 97, 679 71, 768 223,440,191 Investments 2,211 4,263 July 66,157 78, 046 235, 467, 606 Other assets 44 39 August 72, 022 69, 738 202, 442,864 September 39, 317 59, 240 179, 299,857 Total assets 110,162 110, 934 October 35, 675 65,813 201,211,532 November 14,171 54, 468 170, 544, 562 LIABILITIES December 2 2, 312 54,036 169,018,847 Current liabilities . 3,851 4,219 Capital stock, fully paid and oustanding: 1935 Members 21,010 21, 230 January. _. 54, 990 166, 836,150 United States Government 81, 646 81, 646 February. 36, 542 104, 919,941 Subscriptions to capital stock, less balance due 1,308 1,313 March 23,140 70, 664, 400 Surplus 2,348 2,526 Cumulative total- 1, 743, 286 840,913 2, 539,408, 299 Total liabilities 110,162 110, 934 1 Figures are subject to adjustment. 8 Revised adjustments for applications received in earlier months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN MAT 1935 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average-100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production * • Construction contracts awarded (value)J Fac- Factory em- tory Freight-car ployment * pay loadings * * Com- Year and Total Manufactures Minerals Total Resicential All other rolls 3 modmonth ity prices8 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed 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 1934 79 78 86 32 12 48 79 62 62 75 1932 January.. 71 72 70 71 74 77 25 31 16 19 33 41 69 70 54 5< 64 67 February- 71 69 70 68 75 78 23 27 15 17 30 35 70 70 55 59 62 6fl 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 6fi 80 74 28 29 12 12 41 43 64 63 45 65 57 64 Novemoer 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 58 56 74 81 14 14 8 8 18 18 59 59 37 48 50 60 April 67 66 68 65 65 73 16 14 11 10 19 17 60 60 39 51 53 60 May 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 55 55 63 June 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 65 July 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 69 August. -. 90 91 89 91 95 91 25 24 12 12 36 33 76 76 57 65 61 70 September 85 84 84 83 94 87 30 30 12 12 45 45 80 78 59 68 60 71 October __ 78 76 76 76 89 81 35 37 12 12 53 57 80 78 69 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 '86 88 40 49 10 12 64 80 73 75 54 58 64 72 February- 83 • 81 82 80 '89 '92 38 44 10 12 60 70 78 78 61 61 64 74 March 86 84 '86 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 r gQ '88 32 26 13 11 47 38 83 83 67 63 63 74 June 84 83 83 83 87 87 31 28 13 12 46 38 81 82 65 64 64 75 July 73 76 71 74 '84 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 '75 73 73 84 81 28 31 11 11 41 48 77 77 60 60 59 77 December '77 86 '76 '85 85 '90 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 88 P2 96 24 28 13 14 33 39 81 82 69 61 firi 80 March *90 »87 *90 P86 *90 .97 26 26 16 16 34 35 82 82 71 62 65 79 ' Revised p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 324-325; for description see BULLETIN for February and March 1927; for revised figures back to 1919 see BULLETIN for September 1933, pp. 584-585. « 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. For back figures see Annual Report for 1933 (table 115). 3 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. 326-327. 4 For indexes of groups see p. 283; 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. 323. For back figures see Annual Report for 1933 (table 120). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 283 MERCHANDISE EXPORTS AND IMPORTS [In millions ot dollars] Merchandise exports l 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 84 133 152 49 23 18 30 11 March 236 155 108 191 v 185 210 131 95 158 v 177 26 24 13 33 *8 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 Juno 187 114 120 171 173 110 122 136 14 4 —2 34 July 181. 107 144 162 174 79 143 127 6 27 1 34 August 165 109 131 172 167 91 155 120 —2 17 —23 52 September 180 132 160 192 170 98 147 132 10 34 13 60 October 205 153 193 206 169 105 151 130 36 48 42 77 November . 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. 1 Including both domestic and foreign merchandise. 2 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 * Index of stocks (end of 1934 1935 month) Mar. Nov. Dec. Jan. Feb. Mar. Month fo A r d s j e u a s s t o e n d al se W as i o t n h a o l u a t d- fo A r d s j e u a s s t o e n d al se W as i o t n h a o l u a t dvariation justment variation justment Adjusted for seasonal variation 1934 1935 1934 1935 1934 1935 1934 1935 Total 66 59 64 64 65 65 Coal 87 64 71 73 75 82 Coke 71 43 51 62 62 52 January 71 74 57 59 66 64 59 57 Grain and grain products 75 56 58 56 59 67 February 71 75 59 61 66 64 63 61 Livestock 46 55 51 42 39 39 Ivtarch 78 82 73 71 65 63 67 65 Forest products 32 30 32 31 35 33 Ore 41 20 34 31 34 40 April 74 *74 73 *79 65 68 Miscellaneous. _ _ 67 64 71 72 73 70 May 77 77 66 68 Merchandise i _- 66 64 66 65 65 64 June.. - 74 70 65 63 July. 73 51 64 59 Without seasonal adjustment August __ 77 60 64 61 September 75 79 ------ 64 67 October 73 82 64 71 Tota C l oal 6 8 3 2 6 7 0 0 5 7 6 6 5 8 8 2 8 61 1 7 62 7 N D o ec v e e m m b b e e r r 7 7 4 8 1 8 3 3 5 6 6 4 5 7 60 4 C G o ra k i e n and grain products 7 6 ] 3 4 6 4 0 5 5 7 4 5 6 4 9 7 5 0 7 5 5 2 7 Year 75 65 L Fo iv re e s s t t o p c r k o . ducts _ _ __ 4 3 0 3 2 6 9 4 5 2 1 6 4 2 4 8 3 3 7 6 3 3 4 4 Ore 10 14 8 7 8 10 1 p B Pr a e s l e i d m t i h n r a o ry u . ghout on figures of daily average sales—with allowance M M i e s r c c e h l a la n n d e i o se u s 1 6 6 4 7 6 6 3 5 5 6 5 2 5 6 8 1 6 6 2 3 6 6 7 5 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 BULLETIN for April 1935, pp. 254-255. Back figures.—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN MAY 1935 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE GERMAN REIGHSBANK The annual report of the German Reichs- redemption of maturing tax vouchers,2 issued bank for the year ended December 31, 1934, in previous years as an advance against future was presented to the general meeting of share- surpluses, and led to a reform of the tax system holders on March 14, 1934. The main text of based on social and general economic considerthe report is given herewith:1 ations. Through price control, prevention of stock-exchange speculation and other measures, During the year under review the Governthe Government took care that the marked ment of the Reich resolutely continued the business improvement arising out of Governfight begun in 1933 against unemployment and ment action should not lead to profiteering. economic distress. Obstacles arising out of the Easing of the money and capital markets made political and economic situation abroad failed considerable progress and led to a general reto weaken the purpose of the united German duction of interest rates at the beginning of nation, but rather strengthened its powers of 1935. Savings deposits continued to increase, reconstruction. The coordination of economic and the position of credit institutions became and currency policy, effected by the appointmore liquid. ment of Dr. Schacht, president of the Reichsbank, to be Reich Minister of Economics in Money market.—In apparent contradiction addition to his former position, furnished one to the business revival, the money market of the necessary conditions for a continuation during the past year became increasingly easier. of business recovery. When in June the con- This was partly due to such factors as the tinued decline of foreign trade made it neces- decline in stocks of commodities resulting from sary to declare a transfer moratorium for the the scarcity of raw materials, and the accuentire service of the long-term foreign debt, a mulation of funds which, because of import and solution of the foreign exchange problem ac- transfer restrictions, were temporarily unemcording to a unified plan became imperative. ployed and therefore sought investment in the An effort was made to place German foreign money market. The principal reason for the trade on a new basis through complete control ease of the money market, however, was that of imports and by utilizing domestic sources of a portion of the large volume of funds paid to raw materials as far as possible, so that the business firms out of the financing of the workpurchase of foreign commodities might be bet- creation program was used to liquidate bank ter adjusted to receipts of foreign exchange. credits, and part flowed back into the banks This measure was forced upon Germany; it and savings banks in the form of cash balances was not intended to interfere with the former and savings deposits. Thus, aside from the policy of facilitating the exchange of commodi- work-creation program, the banks were enabled ties with foreign countries in every way pos- not only to make new credits available to busisible. For the support of the domestic market ness and to take up private discounts, but also large Government credits were established with to meet a larger demand than that of the year the cooperation of the Reichsbank, on the basis before for short and medium-term Treasury of a stable currency and prudent financial bills of the Reich. The demand for both management. By this means private business interest-bearing and non-interest-bearing Treaswas stimulated even along lines not directly ury bills, which are usually handled through benefited by the measures for work creation. the Reichsbank, became very active, so that a Production figures and trade turnover rose gradual reduction of interest rates and an considerably. The number of unemployed de- extension of some maturities was possible. clined by almost one and a half million. The Interest rates.—With the increased supply of increasing volume of wages stimulated conshort-term funds, the tension of the money sumption and thus caused a rise in the promarket began to relax. In the course of the duction of consumption goods and a vigorous year three reductions, each by one-eighth of 1 revival of the smaller industries. The favorpercent, were made in the private discount able revenue position permitted the systematic rate, which had remained unchanged since 1 The report, available in German, contains in addition sections on September 1932; these reductions brought the the German Credit Act and the transfer of the Saar, and tables and charts showing the operations of the bank in detail. For earlier reports, rate down to 3% percent. The discount for see BULLETIN for April 1934, May 1933, April 1932, August 1931, May Reich Treasury bills with a maturity of 1 year 1930, etc. 2 See Annual Report of the Reichsbank for 1932, in BULLETIN for May was reduced from 4% to 3% percent. Rates for 1933, p. 289. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 285 call and 30-day money showed an average lapse of Russo-German trade. The substantial decline of about 1 percent. The movement easing of credit demands thus brought about, toward reestablishing normal interest rates was together with small requirements on the part of continued into the first months of 1935. private business, enabled the bank to take up Credit policy.—The systematic financing of an increasing amount of work-creation bills the work-creation program—expanded in 1934 without any unfavorable effects on the currency. to include the building of motor roads and other Gold and foreign exchanges.—The German projects—received vigorous support from the foreign-exchange position became worse in the Reichsbank through its rediscounting facil- first half of 1934. The rather sudden revival of ities. The Reichsbank also continued to grant the domestic market caused an increased decredit for all legitimate needs of private busi- mand for foreign exchange for import purposes. ness with special attention to credit for small The service of the foreign debt also required and medium-sized business. The require- increasing amounts of foreign exchange notments of agriculture for accommodation were withstanding the reductions which had been made. Moreover, in spite of all Germany's met as far as the changed legal conditions perefforts, foreign countries were unwilling to mitted; to facilitate crop moving and to assure increase their purchases of German goods; Geran adequate supply of food continued to be the man exports, caught between clearing agreeaim of the bank. These important tasks were ments and foreign-exchange restrictions and accomplished without any considerable inbarred by protective measures abroad, decrease of money in circulation; for the guiding clined still further, so that the balance of payprinciple of credit policy in all planning was, ments showed a deficit which could be met only as heretofore, to keep the circulation within through recourse to the already weakened rethe prescribed bounds and to avoid imperiling serves of the Reichsbank. Consequently, the the currency in any way. In this effort the holdings of gold and foreign exchange eligible Reichsbank had the full support of the Governas reserves declined in the first half of the year ment, whose policy helped substantially to from 395,000,000 to 77,000,00p reichsmarks— maintain confidence in the German currency the lowest point ever reached in the history of both at home and abroad. The conviction was the Reichsbank. This situation called for strengthened that in the last analysis it is not prompt and decisive measures. Permission the size of the gold holding, but a sound ecoto make use of the general authorization to imnomic and banking policy, inducing confidence port commodities was gradually reduced from and pursued with a sense of responsibility, 50 percent of the basic amount in February to 5 which safeguards a currency. percent in July. As a temporary measure of Investments of the Reichsbank in bills, secu- relief, applications for foreign exchange were rities and lombard loans rose during the past apportioned according to the volume of foreign year by about one billion reichsmarks, that is, exchange received daily; this measure was put from four to five billions. Some 300,000,000 into effect in June. Payments, but not imports, reichsmarks of this increase took the place of were reduced by this regulation; this situation, gold "withdrawn from the Reichsbank; about together with other things detrimental to 350,000,000 reichsmarks represented an increase German credit, led to the accumulation of an in transfer funds, which rose considerably as increasing volume of commercial debts. Thus compared with the previous year both as a re- it became necessary to change the method of sult of the transfer moratorium and also in administering foreign exchange—in future to connection with clearing agreements; note cir- deliver foreign exchange only when definite per* culation rose by only a negligible amount. The mission to import had been given and so to adheavier burden of the central bank, therefore, just the volume of imports to the volume of can be regarded as due only in part to the crea- available means of payment. The measures tion of additional credit. The composition of by which this new method of regulation was put the bill portfolio showed considerable change. into effect are known as the "new plan." On The volume of foreign bills declined sharply as the basis of the decree of September 4, 1934 for the foreign-exchange position became worse. control of trade (Reichsgesetzblatt I, p. 816) The balance of the intervention credits still out- and the amendment to the decree of September standing from the crisis year 1931 declined by 11, 1934 for control of foreign exchange (Reichsmore than half because of the easier credit posi- gesetzblatt I, p. 829), all German import trade tion. The volume of Russian bills also showed was placed under permanent control through 25 supervisory offices, which were to take over a considerable recession on account of the col- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN MAY 1935 the tasks of the foreign-exchange offices in The bonds mature on January 1, 1945, and matters of trade. In order to make adequate carry the guaranty of the Reich. The proprovision for business requirements in the posed alternative offer of cash payment of matter of indispensable raw materials and food interest coupons and funding bonds had later stuffs, the supervisory offices are to facilitate to be withdrawn as the foreign exchange imports and payment for imported goods position became worse. This transfer regulathrough foreign-exchange certificates. The al- tion never came to be of much practical lotment of foreign-exchange certificates gen- importance. Thus far no funding bonds have erally follows the principle of making foreign- been issued; meanwhile clearing agreements— exchange deliveries only to the extent of foreign- sometimes in place of the previous central bank exchange receipts. The limit of delivery of agreement—have been made with most of the foreign exchange for tourist purposes, which had governments of the creditor countries reprebeen reduced in April from 200 to 50 reichs- sented at the conference. Clearing agreemarks, was further reduced to 10 reichsmarks. ments also included the regulation of capital Previous notices of the Reichsbank regarding movements. The service of the Reich loans— the use of foreign means of payment were rear- likewise within the scope of the clearing agreeranged (Reichsanzeiger no. 271 of Nov. 19, ments—was made the subject of special regula- 1934). Provisions regarding foreign-exchange tion through arrangements with the creditor control were republished in the collection of countries concerned. laws on foreign exchange together with the Under these circumstances the network of enabling act of February 4, 1935 (Reichsge- transfer and payment agreements with foreign setzblatt I, p. 105). countries has become increasingly close. Con- Suspension of debt service.—The service of ventions of this kind now exist with almost all the medium and long-term foreign obligations European as well as a number of non-European of Germany had become impossible in its governments. The newer clearing agreements existing form. Accordingly, representatives owe their existence chiefly to the desire of of the most important foreign creditor coun- foreign countries to insure the payment of their tries, under an agreement made at the con- capital claims. A prerequisite for this is the ference in January 1934, held a session in maintenance of a certain surplus of foreign Berlin at the end of April 1934 to plan for trade in favor of Germany. Since the former suspension of the debt service. The creditors German export surpluses have been sharply recognized that the difficulties of the German reduced or wholly destroyed by the clearing position derived from the impossibility of agreements—as the Reichsbank accurately effecting transfers and not from inability to predicted—the anticipations of foreign counpay; nevertheless even after long negotiations tries in regard to these conventions have been they were unable to reach a unanimous and only partly fulfilled. An almost continuous definite decision, especially as they were not series of negotiations bears witness to the invested with full authority. The Reichsbank, difficulties of striking a satisfactory balance therefore, in view of its obligations under the between the divergent wishes of foreign counlaw of June 9, 1933, governing debt payments tries and the vital necessities of Germany. to foreign countries, put into effect on its own In order to eliminate the unfavorable effects initiative a proposal which it had laid before on trade of international clearing operations, the conference and which the conference had an effort was made in the new agreement with accepted, although with partial reservations. England (Reichsanzeiger no. 261 of Nov. 7, The new transfer regulation covered all the 1934) to substitute cash payments in foreign maturities falling due from the middle of 1934 exchange for the clearing system. Under the to the middle of 1935 on medium and long-term terms of this agreement satisfactory arrangeforeign debts except loans of the Reich, and ments were made for the payment of accumprovided for a complete suspension of cash ulated commercial debts with the cooperation transfers. The holders of maturing interest of the Bank of England, which granted the coupons and similar claims were allowed to Reichsbank a 12-month credit for this purpose. receive 3 percent funding bonds of the Con- The duties of the Reichsbank in carrying out version Office for Foreign Debts to the amount the clearing agreements, especially the manof the nominal value of the coupon. The agement of the clearing accounts, were turned amount of bonds that may be issued is deter- over to the German Clearing Office, set up as a mined by the volume of reichsmark payments semi-governmental corporation by the law of into the Conversion Office for Foreign Debts. October 16, 1934 (Reichsgesetzblatt I, p. 997) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDEEAL EESERVE BULLETIN 287 for the purpose of relieving the Reichsbank of reichsmarks from abroad. The Reichsbank of this work; in recognition of the public accordingly had to block the payment of character of these duties the Reich assumed reichsmarks into these special accounts for the responsibility for the obligations of this insti- time being. For protection of the reichsmark tution. abroad, sending or carrying German bank Standstill agreement.—The German standstill notes and gold coins out of the country was obligations were again reduced by more than forbidden by the decree of April 17, 1934 half a billion reichsmarks to 1,700,000,000 (Reichsgesetzblatt I, p. 313). reichsmarks as a result of the credit agreement Capital market.—During the year the restoraconcluded at the end of February 1935. The tion of an effective capital market was vigorreduction concerns chiefly the conversion of ously pushed, with full cooperation on the part claims to foreign exchange into registered of the Reichsbank. The necessity for reducing marks. Negotiations with the standstill credi- prevailing interest rates by natural means, and tors were resumed at the beginning of February preparation for the many urgent tasks con- 1935 and led to a further prolongation of the fronting the capital market, called for an standstill to February 29, 1936. The rate of energetic but at the same time farsighted and interest on some classes of credits was reduced cautious procedure. Moderation in resorting by one-half of 1 percent and the Reichsbank to legislative measures, and firmness in mainwas authorized to postpone the transfer of taining currency stability revealed a detercertain capital payments. The single exten- mination to prevent any disturbance of the sion of the import credits of German banks, newly awakened confidence, which forms the agreed upon in November 1934, was provided foundation of any sound credit business. Emfor the duration of the new agreement. The phasis was placed on strengthening the bond transfer of Gold Discount Bank payments was market, which was also favored in the matter again postponed. The demand of foreign of taxes. creditors for a uniform reduction of unavailed In order not to overburden the capital marcredit lines was allowed to drop. On the other ket, the issue and listing of new securities was hand a partial cancelation was agreed upon limited to what was absolutely pecessary, since for such credit lines as had remained unused the conversion of dollar bonds into reichsmark for a considerable time. bonds, the conversion of communal loans, and The credit agreement of 1933 for German the issue of non-interest-bearing bonds in conpublic debtors was replaced in March 1934 by nection with the housing improvement project, a new agreement, which provided for the con- would undoubtedly put some strain upon the tinuation of the credits up to March 15, 1935. market. The issue of a 4-percent Government It contained special provisions as to partial loan—which was successfully floated—was not repayments in reichsmarks as well as to partici- so much for the purpose of creating additional pation by the foreign creditors in debt conver- funds as to guide the future course of interest sion under the law regarding conversion of the rates in the bond market, to redeem the taxdebts of the communes. A renewal of the agree- free 6 (7) percent Government loan of 1929, ment for a year at a time up to a maximum of called for June 30, 1934, and at the same time 4 years was also provided. The first renewal to absorb the so-called "Neubesitzanleihe." 3 constitutes the credit agreement for German It was possible also to wind up the remainder public debtors made in February 1935, effective of the loans still outstanding from the period of until March 15, 1936. The foreign creditors inflation. The loans secured on rye and wheat expressed their willingness to reduce the interest were converted into reichsmark bonds. The rate on these credits by one-half of 1 percent status of revalorized industrial obligations and as was done in the agreements on private stand- similar bonds was improved by legislation afstill credits. fecting their interest and amortization. Efforts Exchange rate of the reichsmark.—The quo- were made to forestall impending disturbances tation of the reichsmark abroad was generally of the capital market, which were threatening maintained at about its mint parity; some- because the revalorized mortgages were about times it was even higher. Its weakness during to mature and the moratorium on foreclosure of the first part of the year was due chiefly to the low-interest mortgages was about to expire; an fact that special accounts of foreign banks of 3 "New" holders' loans were paper-mark loans of the Reich, acquired issue were improperly used for the import of by purchasers after July 1, 1920. Interest and liquidation provisions for these bonds were less favorable than those made for the "Altbesitcommodities from third countries, so that on zanliehe," or "old" holders' loans, acquired before July 1, 1920. (The several occasions there was an excessive offer Execution of the Experts' Plan, Third Annuity Year, Sept. 1, 1926, to Aug. 31, 1927, p. 66.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN MAY 1935 arrangement was sought whereby the interests several small issues of mortgage bonds bearing of both creditors and debtors should be taken 4:% percent interest, a considerable reduction of into consideration, while a gradual liquidation interest was effected in these markets. Condiof claims and a temporary redistribution of tions for uniform technical regulation were set dates of maturity should be effected. In mat- up by the law of January 24, 1935 (Reichsters of personnel and organization the German gesetzblatt I, p. 45), providing for a reduction stock exchange system was established on a new of interest at credit institutions. Interest basis which, by reducing the number of stock rates of mortgage bonds and municipal obligaexchanges, prevents undue decentralization of tions of the mortgage banks and of the semisecurity transactions and by transferring the governmental credit institutions were reduced supervisory powers of the State Governments to 4}£ percent, effective April 1, 1935, without to the Reich Minister of Finance, assures a undue intervention and with the voluntary uniform system of stock-exchange control. cooperation of the security holders. The an- These measures for the relief, reorganization, nual average saving of l}{ percent on interest and control of the capital market were supple- applies entirely to mortgage debts. The sucmented by other measures designed to create a cess of this partial achievement made it posmore abundant supply of long-term capital. sible, under the law of February 27, 1935, Among these measures are the. German Credit governing interest reductions in the case of Act (discussed briefly later on), and the provi- Government loans, to include Government sions of the Government Securities Act of securities in the rate conversion (Reichsgesetz- December 4, 1934 (Reichsgesetzblatt I, p. blatt I, p. 286). With this reduction in 1222), which regulate the distribution of profits interest, which applies to a volume of securities of joint-stock companies. Dividends of joint- in excess of 10,000,000,000 reichsmarks, the stock companies in excess of the fixed percent- object of freeing business from the burden of age will not be paid to the claimants—although excessive interest was accomplished. A further their legal right to such dividends is acknowl- sign of the recovery of the capital market is edged—for a period of 3 years, but during this that, for the first time in the post-war period, period will be placed in a loan fund under the the Reich was able to float a fairly large loan trusteeship of the Gold Discount Bank and under favorable terms; the organization of invested in Government securities which, after savings banks stated its willingness to take up the expiration of the suspension period, will be a 4K percent Reich loan of 500,000,000 reichsdelivered to the rightful claimants. marks with a 28-year maturity at 98){. After a temporary recession in the first half Although the concern of the authorities was of the year, the combined influence of these directed chiefly to investment securities, the measures brought a definite improvement. stock market was also strengthened as a result Additional support was given through prudent of the stimulus given to recovery by the use of central bank resources in open-market Government. operations, which the Reichsbank was author- German Credit Act.—[The full translation of ized to conduct under the amendment of this law is given in the BULLETIN for January October 27, 1933, to the bank law. As soon as 1935, pages 30-38.] the important economic legislation of early Private banks of issue.—Following the law December became known, a considerable ad- of December 18, 1933 (Reichsgesetzblatt II, p. vance took place in the price of securities and 1034), amending the law governing the private the upward movement continued into the new banks of issue, whose note-issue privilege exyear. The lower-interest-bearing securities took pires on December 31, 1935, a second law pubpart in the advance and approached their lished on December 29, 1934 (Reichsgesetzpar value. Investment securities improved to blatt II, p. 1399), authorized the conversion of a point where their conversion could be the four private banks of issue into strictly seriously considered. After trying out the commercial banks. mortgage and mortgage-bond market with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 289 BALANCE SHEET OF THE GERMAN REICHSBANK: AS OF DEC. 31, 1934, AND DEC. 30, 1933 [In thousands of reichsmarks] Resources 1934 1933 Liabilities 1934 1933 Gold, not under lien (gold bars, domestic and Total bank note issue 9, 753,456 I, 340, 679 foreign coins): Credit balances of giro and current accounts 983, 540 639,815 In the cash offices of the bank 57, 897 343,163 Non-interest bearing deposits 33 18 With foreign banks of issue 21, 205 43,019 Original capital 150,000 150,000 Legal reserve fund (including transfers from net 79,102 386,182 profits of the year) 71, 265 67, 262 Reserve for pension and unemployment fund... 80,000 80,000 Cash: Reserve for probable losses 241,962 241,962 Reichsbank notes _ 5,851, 206 4, 694,145 Subsidiary coin 162,164 171,836 Reserves for: Rentenbank notes 23,989 17,164 Printing of new notes 16,035 20,682 Notes of German private banks of issue 6,112 3,798 New buildings 21, 660 22, 636 6, 043,471 4,886, 944 37, 695 43,318 Credit balances in foreign currencies (of which Special reserve fund for future payments of the equivalent of 609,000 1 reichsmarks was dividends 40,254 40, 235 assigned as cover for the notes in circulation). 70, 284 28, 594 Foreign notes -_. 3,998 3,526 Miscellaneous: Foreign bills and checks _ _ 34,444 193, 259 Interest on bills due in 1935 19, 650 J 13, 612 Domestic bills and checks: Dividends due but not yet paid _. 322 951 Treasury bills of the Reich._ 44,940 48, 650 Dollar Treasury notes of the Reich to be Other domestic bills and checks 3,986,354 2,987,900 redeemed by the Reichsbank 153 158 Silver - 64 Liabilities in foreign'currencies 19, 713 3,765 Unpaid claim of the German Government— Loans against collateral (lombards), viz: contra account 70,082 70,082 Loans against gold and silver (sec. 21, 3, a, Payments due from the German clearing of the bank law) _. 2,368 54 office to the Franco-German office 95,000 Loans against securities (sec. 21, 3 b, c, d, of Other book debts 60,048 40,678 the bank law)... 132, 714 150,870 Loans against bills (sec. 21, 3 e, of the bank 264,968 129, 245 law)-. 2,403 3,157 Loans against goods (sec. 21,3 f, of the bank Net profits for the year less 10 percent assigned law).- 8,063 6,309 to the legal reserve 36,026 27,075 Loans against Treasury bills of the Reich (sec. 21, 3 g, of the bank law) 141 22,888 145,689 183, 279 • — — Securities eligible for note cover, purchased in virtue of sec. 21, 4, of the bank law.._ _ 444, 775 259,382 Other securities owned__ 327,911 332, 684 Doubtful assets 16, 580 18, 762 Land and buildings Claims resulting from the settlement with the 30,000 30,000 Reich Miscellaneous: 94, 775 98, 057 Bank notes no longer fit for circulation Postponed claim on the German Govern- 1,642 1,517 ment in virtue of sec. 11, 4, of the law of Aug. 30, 1924, for the liquidation of Rentenbank notes in circulation 70,082 70, 082 Credit balances with postal check offices 11,723 12, 559 Investments for pension and unemployment fund - - 78,825 78,889 Reichsmark claims on foreign correspondents 14,199 27, 498 Reichsmark claims on foreign correspondents (medium-term claims) 21,342 21,777 Revolving credit to the Reich 800 46, 600 Claims against the Reich for sinking-fund purchases.. 26, 007 Advances for new Reichsbank building, Berlin 8,362 Foreign exchange authorized but not yet delivered 21,355 Other claims 82,468 43, 405 Total resources. 11,659,199 9, 759,611 Total liabilities.. 11,659,199 9, 759,611 i 5,901,000 reichsmarks on Dec. 30, 1933. 2 Interest on bills due in 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN MAY 1935 BELGIAN LEGISLATION ON CURRENCY AND FOREIGN EXCHANGE The Belgian Government in March adopted ARTICLE 6. The shipment or transport, outside the a series of monetary and exchange control territory of the Belgo-Luxemburg Economic Union, of merchandise, securities, coupons, or specie, the countermeasures, culminating in abandonment of the value of which in belgas or foreign exchange is not existing gold parity of the belga.1 These meas- remitted into the territory of the Belgo-Luxemburg ures became effective upon publication in the Economic Union, is prohibited. The Exchange Office shall determine the means of Moniteur Beige. The two royal decrees of execution and control and the period within which March 17 became effective March 18. The payment shall be made. monetary law of March 30 and the royal decree ARTICLE 7. The import and export of gold in bullion of March 31 became effective March 31. or in coin is reserved to the National Bank of Belgium. Trading in gold coin, bullion, or bars within the terri- Translations of the four measures are given tory of the Belgo-Luxemburg Economic Union is subject below. to authorization by the National Bank of Belgium. ROYAL DECKEE REGULATING THE IMPORT, EXPORT, AND ARTICLE 8. Persons domiciled within the territory of the Belgo-Luxemburg Economic Union or abroad, who TRANSIT OP SECURITIES, MERCHANDISE, AND MATEhave belga accounts in banks or with private parties, RIALS OF GOLD AND SILVER MARCH 17, 1935 may not issue checks intended for negotiation abroad Leopold III, King of the Belgians } to all present and to or place their credit balances at the disposal of persons come, greetings: resident outside the territory of the Belgo-Luxemburg By virtue of article 1, No. Ill, letter a, and Nos. Economic Union without the authorization of the IVj;and V, of the law of July 31, 1934, extended and Exchange Office. completed by the laws of December 7, 1934, and Drawings on accounts in foreign currencies opened March 15, 1935, granting to the King certain powers within the territory of the Belgo-Luxemburg Ecoinjreference to economic and financial recovery and to nomic Union are authorized only for the payment of reduction of financial charges; commercial debts contracted before March 1, 1935 by Upon proposal of our Council of Ministers, We have the persons in whose names these accounts stood, or for decreed and do decree: conversion into belgas. ARTICLE 1. All operations in foreign exchange and, All persons are forbidden to make advances in any in general, all payment operations between the Belgoform whatsoever to residents outside the territory of Luxemburg Economic Union and abroad are subject the Belgo-Luxemburg Economic Union, except by to the control of the Central Exchange Office. authorization of the Exchange Office. ARTICLE 2. The purchase of foreign exchange at ARTICLE 9. In order to ascertain the validity of the sight or forward is prohibited, except for the payment declarations and documents delivered to it and the credit of merchandise actually imported into the territory and debit situation in foreign exchange, the Exchange of the Belgo-Luxemburg Economic Union and in Office may, at any time, on its own initiative or settlement of freight, transport charges, and insurance that of the National Bank, make inquiry or proceed relative thereto. to verification. All purchases for other purposes require authoriza- Except as provided in Article 29 of the Criminal tion in advance by the Central Exchange Office. Code, these investigations are deemed to fall under the ARTICLE 3. Trading in foreign exchange may be the seal of professional secrecy. carried on only by the National Bank of Belgium, the ARTICLE 10. The provisions of the present decree Central Exchange Office, and persons designated by extend to the Belgian Congo and to territories under the latter. Belgian mandate. ARTICLE 4. Persons authorized to trade in foreign ARTICLE 11. The provisions of the present decree are exchange may sell exchange at sight or forward only not applicable to payment for merchandise effected for the operations designated in Article 2. in conformity with the exchange cleasing agreements Forward operations are permitted only if the merat present in effect between the Belgo-Luxemburg chandise is actually imported into the territory of the Economic Union and the following countries: Chile, Belgo-Luxemburg Economic Union within a maximum Germany, Greece, Hungary, Rumania, Turkey, Yugoperiod of three months. slavia. Applications for exchange must be embodied in a ARTICLE 12. Any infringement of the provisions of the letter signed by the interested party and supported, in present decree or the measures taken to insure its execucases designated by Article 2, paragraph 1, by the subtion is punishable by imprisonment of from eight days mission of original commercial documents which shall to one year and by a fine of from 200 francs to 100,000 be countersigned in each case by the seller of the francs, or by either of these penalties separately. foreign exchange. In case of repetition of the offense, the penalties shall ARTICLE 5. Persons designated by the Exchange Office be doubled and punishment snail in every instance must maintain a register in a form to be determined include imprisonment. by the latter, in which they shall record daily, without blank space or interlinear entries, each operation [NOTE.—The remainder of Article 12 and all of carried out. Article 13, which are concerned with details of legal A certified true copy in conformity with the opera- procedure in connection with the enforcement of the tions recorded in the register shall be sent daily to the penalties, are omitted.] Central Exchange Office. The form of this report will be determined by that ARTICLE 14. The present decree shall take effect institution. from the day of its publication in the Moniteur, Our Correspondence and bookkeeping entries relative to Minister of Finance is charged with its execution. exchange operations shall be separately maintained. Given at Brussels, March 17, 1935. i The belga is equivalent to 5 francs and is the only legal unit for foreign exchange quotations. Its fine gold content under the decree of Oct. 25, 1926, was 0.209211 gram. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 291 ROYAL DECREE CREATING A CENTRAL EXCHANGE w ARTICLE 2. As soon as circumstances permit, the OFFICE—MARCH 17, 1935 King, by decree deliberated in Ministerial Council, will define the new parity of the franc with gold. This Leopold III, King of the Belgians, to all present and to parity will, however, be not less than 70 percent nor come, greetings: more than 75 percent of the parity laid down by arti- By virtue of article 1, No. Ill, letter a, and No. IV, cle 8 of the royal decree of October 25, 1926. of the law of July 31, 1934, extended and completed ARTICLE 3. The King will, by decree deliberated in by the laws of December 7, 1934, and March 15, 1935, Ministerial Council and upon consultation with the granting to the King certain powers in reference to National Bank, and within the limits laid down in artieconomic and financial recovery and to reduction of cle 2 above, fix the rates at which purchase and sale financial charges; of foreign currencies will be effected pending definition By virtue of the royal decree of this date regulating of the new gold content of the franc. the import, export, and transit of securities, merchan- The King is authorized to create an "Exchange dise and materials of gold and silver; Equalization Fund" for the purpose of establishing and Upon the proposal of our Council of Ministers, We maintaining these rates. have decreed and do decree: He will determine the scope and functions of the ARTICLE 1. There is created a Central Exchange Fund. Office possessing legal personality and the functions ARTICLE 4. The notes issued by the National Bank set forth below. of Belgium will continue to have legal-tender status. Its headquarters are at Brussels. The provisions of the present law and the decrees to ARTICLE 2. The Central Exchange Office is instructed be promulgated in execution thereof will not alter the to watch over the execution of the provisions of the existing legal provisions as regards the legal-tender royal decree of this date regulating the import, status of these notes and the obligation of public offices export, and transit of securities, merchandise, and and private parties to receive them as legal money, notmaterials of gold and silver. withstanding any agreement to the contrary. ARTICLE 3. It will designate the persons who shall ARTICLE 5. Pending the definition of the new gold be authorized, under its control, to carry on trade in content of the franc in accordance with article 2, the foreign exchange under conditions to be determined National Bank of Belgium will revalue its reserve of by it. These authorizations may be revoked at any time. gold and foreign exchange held on March 29, 1935, ARTICLE 4. Its control shall be exercised over all on the basis of 75 percent of the former parity. transfers of funds and securities from the territory of The increment in the assets resulting from revaluathe Belgo-Luxemburg Economic Union abroad, or tion of the reserve of gold and foreign exchange of the from abroad into the territory of the Belgo-Luxem- National Bank of Belgium, and of all deliveries of gold burg Economic Union, whatever be the reason for the effected by the bank shall accrue to the Treasury. transfer or the means employed to effect it. It will The King will appropriate these increments to the prescribe, in agreement with the Ministers of Finance Exchange Equalization Fund or will employ them in and of Transportation, the measures judged necessary execution of the policy of economic recovery. for the accomplishment of this end. ARTICLE 6. The present law shall become effective ARTICLE 5. The Central Exchange Office is author- immediately upon publication. ized to buy and sell foreign exchange and all other means We promulgate the present law and order that of payment outside the territory of the Belgo-Luxemit be sealed with the State seal and published in burg Economic Union. the Moniteur. ARTICLE 6. The Exchange Office operates under the guarantee of the State. Given at Brussels, March 30, 1935. ARTICLE 7. The administration of the Exchange Office is entrusted to a managing committee composed ROYAL DECREE OF MARCH 31, 1935, ESTABLISHING THE of: BASIS FOR PURCHASE AND SALE OF FOREIGN EX- Paul van Zeeland, Vice-Governor of the Na- CHANGE BY THE EXCHANGE EQUALIZATION FUND. tional Bank of Belgium; J. Warland, Director General of the Treasury Leopold III, King of the Belgians, to all present and to and the Public Debt; come, greetings: E. Deroover, Honorary Director General of By virtue of article 3 of the law of March 30, 1935, the Caisse G6ne"rale d'Epargne et de Retraite permitting the King by decree deliberated in Minis- (General Savings and Pension Office). terial Council, and upon consultation with the National This committee has all necessary powers for carry- Bank of Belgium, and within the limits laid down in ing out the objectives of the Exchange Office. article 2 of the said law, to fix the rates at which pur- ARTICLE 8. The present decree shall take effect from chase and sale of foreign exchange will be effected pendthe day of its publication in the Moniteur. The ing definition of the new gold content of the franc; Minister of Finance is charged with its execution. Upon the proposal of our Council of Ministers and Given at Brussels, March 17, 1935. after consultation with the National Bank of Belgium, We have decreed and do decree: MONETARY LAW OF MARCH 30, 1935 ARTICLE 1. Purchase and sale of foreign exchange against bank notes which shall be undertaken by the Leopold III, King of the Belgians, to all present and to Exchange Equalization Fund in accordance with the come, greetings: law of March 30, 1935, shall be effected on the basis of a The Chambers have approved and We sanction the weight of 0.150632 gram of fine gold to the belga, acfollowing: count being taken of the charges and commissions ARTICLE 1. The obligation placed upon the National normally entering into the calculation of the gold im- Bank of Belgium to redeem its notes, in accordance port and export points. with the provisions of article 8 of the royal decree of ARTICLE 2. The present decree shall become effec- October 25, 1926, relative to monetary stabilization, is tive on the day of its publication in the Moniteur. suspended. Given at Brussels, March 31, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN MAY 1935 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. $l=15^i grains of gold 9io fine; i. e., an ounce of fine gold=$35] Europe Total United End of month (5 t 0 r i c e o s u ) n- States Canada Austria Bulgaria g^akia Denmark England France Germany 1934—January 20,229 6,829 130 11,697 646 86 5,109 152 February... 20,516 7,438 130 11, 358 639 112 4,904 134 March 20, 724 7,694 130 11,313 635 111 4,947 April 20,820 7,757 130 11, 340 636 111 5,023 May 20,957 7,779 130 11,426 635 111 5,136 52 June 21,166 7,856 132 11, 548 625 111 5,274 28 July. r 21,302 7,931 133 11, 592 618 111 5,321 August ' 21,487 7,978 131 11, 747 623 111 5,439 30 September.. ' 21, 528 7,978 131 11, 787 626 111 5,455 October ' 21, 584 8,002 132 11,813 609 112 5,468 November.. 21,646 8,132 133 11,730 112 5,443 33 December.. 21,771 8,238 134 11, 751 112 5,445 32 1935—January 21,879 8,391 132 '11,697 112 5,438 32 February.. . v 22,022 8,527 135 Il,fi79 596 112 5,439 32 March »: 22,084 8,567 1180 * 11,629 532 112 5,479 33 April.. p 8,709 181 518 v 5,366 *33 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U.S.S.R.* Y sla u v g i o a - 6 c o o t u h n e - r tries 1934—January__ _ 37 633 626 100 739 653 704 58 February... 633 539 101 739 600 704 March 613 535 101 739 170 570 706 April.. 609 539 101 739 167 534 706 57 May 594 551 102 739 167 535 706 58 June 576 573 102 739 168 535 716 July 567 588 102 740 168 537 716 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—. 519 552 68 105 740 159 586 744 58 March 519 553 96 106 741 160 560 744 April »519 *446 Latin America Asia and Oceania Africa End of month T c tr o o ( i 1 u e t 0 a s n ) l - g t A i e n r n - a - Chile l C o b o m ia - - M ic e o x- Peru g U u r a u y - o c t t o r h i u e e n s r - T c tr o o i ( u e t 7 a s n ) l - IndiaJapan Java N l Z a e e n a w d - T k u ey r- o t t r h i 2 e e s r T c tr o o i ( u e t 4 n a s) l - EgyptS Af o r u i t c h ac o t o r th i u e e n s r - 1934—January 579 405 778 274 359 215 56 143 17 February 588 405 780 274 359 222 55 150 17 March 590 405 778 274 359 218 55 146 17 April.- 591 405 781 275 362 220 55 149 17 May 594 405 803 275 382 226 55 154 17 June 593 405 804 275 384 233 55 161 17 July-... '597 405 806 275 386 244 55 172 17 August '603 403 807 275 387 220 55 149 17 September '602 403 803 275 388 226 55 155 17 October '597 403 795 275 390 245 55 173 17 November 599 403 796 275 392 255 55 184 17 December '595 403 798 275 394 255 55 184 17 1935—January 592 403 800 275 395 267 55 196 February 593 403 804 275 397 *285 55 214 March *595 *805 *>275 *308 '55 236 > 17 p Preliminary. r Revised. 1 Beginning March 1935, the figure represents gold reserves of Bank of Canada, acquired as follows (round figures, in Canadian dollars): From Canadian Minister of Finance, $69,000,000; from chartered banks, $38,000,000. » Figures for December 1933, March 1934, June 1934, or December 1934 carried forward for subsequent months, for which no figures have been reported. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuanta; 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

MAY 1935 FEDERAL RESERVE BULLETIN 293 GOLD PRODUCTION [In thousands of dollars] Esti- Production reported monthlymated Year and month world Africa North and South America Far East pro ti 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 i t t e e s d Mexico Co b l i o a m- Chile AUliaFa" JaPan India $l=25¥io grains of gold 9Ao fine; i. e., an ounce of fine gold=$W.67 1929—Total 404,969 359, 347 215, 242 11, 650077 44,,229977 22,,339900 3399,,886622 4455,,883355 1133,, 446633 22,8,8123 683 8,712 6,927 7,508 1930—Total 430,725 373,154 221,526 11,417766 44,,999955 22,,669999 4433,, 445544 4477,,112233 1133,,881133 33,,22!81 428 9,553 8,021 6,785 1931—Total 461,592 394,399 224,863 11,1L9933 55,,552244 33,,222244 5555,, 668877 4499,, 552244 1122,,8 86666 44,,00:16 442 12,134 8,109 6,815 1932—Total 499, 241 421, 656 238,931 12,0)0000 55,,999922 33,,664422 6622,,993333 5500,,662266 1122,,007700 55,,11!32 788 14, 563 8,198 6,782 1933—Total 522,555 420,093 227,673 13, 3$3355 66,,662233 33,,663311 6600,,996688 5522,,884422 ^, 1133,,116699 66,,11615 3,009 16, 790 8,968 6,919 $l=15%i grains of gold Ho fine; i. e., an ounce of fine gold=$S5 1934—Total 941,860 722,724 366,795 24, 264 12,153 6,549 103, 769 107, 632 23,135 12,045 8,358 30,447 16,354 11,223 February.. 72,981 54,707 28,893 1,893 927 502 7,803 6,624 1,906 1,067 656 2,269 1,280 March 76,949 58,676 30, 550 2,042 965 571 8,726 8,409 1,194 940 554 2,415 1,390 •921 April 76,525 58, 251 30,173 2,014 941 509 7,975 8,059 2,233 843 648 2,566 1,376 914 May 79,750 61,476 31.324 2,055 951 566 9,090 8,969 2,431 991 425 2,460 1,268 946 June 77, 702 59, 429 30,138 2,048 946 547 8,495 8,724 1,941 1,003 623 2,722 1,310 930 July 79,060 60,786 30, 773 2,015 1,072 521 8,593 9,214 1,861 1,037 832 2,579 1,351 938 August 79,900 61,627 31,015 2,085 1,022 542 9,270 8,829 2,078 1,148 666 2,619 1,413 938 September 78, 766 '60,493 29,951 2,061 1,072 544 8,546 10,404 1,396 940 525 2,625 1,495 932 October... 81,999 63, 725 30,994 2,054 1,117 582 9,278 10,824 2,166 1J43 731 2,453 1,438 944 November. 79,039 60,765 30,633 1,932 1,080 590 8,750 8,759 2,006 831 1,227 2,650 1,377 929 December. 80,457 62,183 30,356 2,031 1,135 534 9,148 10,124 2,093 922 688 2,722 1,435 1935—January,.. » 80,432 9 60,159 31, 202 2,024 1,075 599 8,353 8,610 p 1,995 830 P688 2,374 1,463 946 February.. v 76,726 p 56,452 28,717 1,920 P 1.050 *599 p 8, 050 7,700 p 2,030 991 P688 p 2,374 1,386 *946 March p 81,406 9 61,132 p 30,870 91,195 p 1, 330 *599 p 8,470 9,415 9 2,030 P945 P688 P 2,374 P 1,470 P946 Preliminary. ' Revised. «Corrected. 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 tries Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932—Total -446, 21311 53, 5851 -441,6491 -82,5711 -96,5861-118,2731 64,5741 20,0871 3,2401 26,5971 39,0431 85,737 1933—Total -173,455|| 6, 375| -216,035| -895| 7,90l| —11,63l| 19,896| 4,280| 98| 25,6291 12,8211 -21,898 Customs valuations; with some exceptions at rate of $35 a fine ounce 1934—Total i_-_ 1,131, 994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 76,820 16,452) «28,935 February. 452,571 239,800 124, 381 131 57, 272 9,087 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 1 -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 • 1,180 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 1935—January.,. 149, 392 85, 577 14, 592 12,812 12, 091 4,991 2,101 10,616 1,528 5,083 February. 122, 772 63, 424 45, 766 I,- 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 April 148, 608 1.481 Wr14 32, 510 94,890 10, 968 923 2 2,924 313 4,596 • Corrected. i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN MAT 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 r n t r e s t t s U S n ta i t t e e s d m G a e n r y - g B iu el m - N la e n th d e s r- S l w an it d ze i r- A So i m c u a e t r h - Canada B In ri d ti i s a h S S m t e 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 h r 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 84,68511-50,6421-297,0501 }|-13,4341-71,3781-14,0191 5,7461 1 220,3941 10,7811 20,3641 255,3101 18,279 1933-Total 677,405|| 7,939| 97,016| 41, -808| -7,065| 9,610| 43,374| 118,817| 8,682| 60,812| 256,177| 46,110 Official figures converted at rate of $35 an ounce 1934-Total 716,269 497,166 348,190 121,0171-13,585 32,575 -9,123 17,568 26,316 206,711 4,863! 41,790 335,253 101,860 February.. 184,820 -238,842 283,333 18,837 3,790 17,891 4,870 30,193 647 2,951 30,881 March 91,471 -130,087 66,180 65,579 358 6,522 -176 187 39 37,372 1,094 3,105 36,707 5,591 April. 35,003 -19,851 -7,038 3,524 44 523 -216 343 47 13,033 359 3,824 31,929 8,483 May 37,986 -5,197 -30,856 8,243 -34 319 -252 284 75 14,147 485 3,086 42,935 4,750 June 53,056 -35,375 8,622 17,495 218 -659 -71 144 17,330 441 3,172 30,505 13,233 July 30,991 -121 4,099 —2,161 -46 -102 1,794 12,213 70 3,234 32,312 9,070 August 26,005 -15,420 -6,797 45 -6,034 -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,-" 4,992 245 3,438 24,420 12,790 November. 49, 585 -17,284 27,026 152 -5,198 -550 -60 670 V 18,791 190 2,686 18,495 2,970 December.. 27,215 -22,489 1."" -1, 310 -109 241 17,882 128 4,126 23,469 2,906 1935—January r-4,279 -79,628 4,270 -'349 8,780 -53 24,046 12 4,066 37,231 -3,071 February.. -74,127 -17,739 -951 2,145 -305 2,05' 19,093 88 3,067 18,669 11,410 March 66, 557 66 26, 612 -1,992 51 -6 1,195 2,970 15,457 296 2,685 12,661 6,570 April * 22,753 -13,667 -33,487 -231 19,192 22,541 -907 430 14,951 531 1,874 16,797 -5,310 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 xp p o o r r t t s s gtates E la n n g d - m G a e n r- y g B iu el m - 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. . S R . . c o t o A r th i u e l e n l s r - Official figures converted at rate of $20.67 an ounce 1932—Total 828,1781 468,052 309,9841 37,8891 —35,0101 37,5471-17,6681 27,3821 -27,28211 -2501-38,1701-24, 4551 46,6561 -11,063 1933—Total 243,944| 223,894 -87, 207| 73,00l|-28,979| 44,69l| 10,49l| 8,053|-102,856|| -37,044|-64,922| -40,950| 40,317| -260 Official figures converted at rate of $85 an ounce 1934—Total 406,949 -240,361-351,729 31,036-17,669 74,995 23,657 73,123-90,920-109,386-42,907 85,390 4,097 LSI 3 February. -160,187 -1,765 6,853 -20,472 15A March -79,158 -155,636 -2,914 -11,305 -39,440 86 April 997 -37,010 32,492 286 -5,655 153 May 124 33,581 5,405 427 -29,040 27 June -9,779 -11,411 19,168 -20,312 123 July -3,003 926 -1,038 4,469 117 August -7,290 264 -9,226 6,327 153 September 5,987 9,606 -15,492 61 274 October 26,296 3,706 -6,972 7,873 257 November p -64,337 -17,936 1, 2,954 2,662 December » -19,918 -8,738 4,220 1,206 227 1935 —January*. 7,796 -15.376 -2,931 «320 February *_ -32,479 -50,314 8,670 404 March * 19,118 648 14,676 472 * Preliminary. e Corrected. r Revised. » 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. " > $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

MAY 193S FEDERAL RESERVE BULLETIN 295 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 i e e r s Official figures converted at rate of $20.67 an ounce 1932—Total 116,149 I 106,623 I 50,070 1 -34,009 1 26,886 1 -12,727 1 -13,630 1 -16,137 I 16,423 I -7,346 1933-Total -67,510| -1,624 I -72,183 | 40,818 | -17,873 | -6,030 | -16,974 I 9,632 I 567 Official figures converted at rate of $35 an ounce 1934—Total -122,664 -46,040 -31,038 -78,610 25,716 9,285 -1,253 -4,784 2,171 February -102,784 -13,283 -76,485 233 r4,084 -62 March -9,201 -4,928 -4,132 345 6,116 -141 April 3,063 -418 -287 7,951 -8 -102 May 13,859 -115 -158 11,835 -68 June 9,570 -225 277 1,701 7,704 -166 -291 July 9,170 8,880 75 71 -53 -103 August -2,737 -194 -23 -42 174 -278 September -326 498 -327 7 34 -2 -44 October -2,386 -637 166 -1,864 -178 -65 November -16,849 ~-l7,~776" 645 830 -6 -5S7 -65 December -9,431 -9,270 -312 62 78 -95 -34 1935—January— -18,300 -15,605 -3,221 110 -161 -30 February -2,899 -2, 495 -352 64 -159 -8 March 510 37 -1, 299 1,066 -3 617 Switzerland British India Total Net imports from or net exports (—) to: Total Net i e m xp p o o r r t t s s ( f — rom ) t o o : r net Change in— Year and month net net G pr o o l - d i e m o x r p p o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - i e m o x r p p o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - c o t o A r th i u e l e n l s r - t I i d n o u d n c i - a in s G I e n r r i o e n d v v - i e t a s . P I in h n r g i o d v s l i d a a i - t n e i Official figures converted at rate of $20.67 an ounce 1932—Total 124,3541 15,3421 7,4181 -581 -2,954! 14,996! 10,688! -195,66211-38,0941-151,0591 -6,5081 6,7821 1271 -189,008 1933—Total -41,121| 10,983|--24,536J-26,78l| 735|-15,330| 13,168| 635| —126,048[|—30,340| -85,463| -10,244| 6,916| -5| -119,124 Official figures converted at rate of $35 an ounce 1934—Total -46,065 -12,784-45,955 -29,235 18,397 19.431 2,580 1,500 -230,720-65,266-163,657 173 -219,671 February.. -30,109 -10,898 -21,567 r 2, 233 138 -365 314 -39,307 -38,421 March -25,403 -1,617 -12,110 2,269 311-6,782 —20,806 -19,880 April -43, 753 -4,1"" -38! 189 97 1,392 -2,132 -238 -20, 733 -20,005 May -11,582 -5,350 -6,613 128 113 -222 364 -20,344 -19,396 June -8,372 -817 -5,648 -2,193 98 166 -186 208 -19,105 -18,163 July -390 69 -1,171 11 141 387 -41 214 -22,130 —21,196 August 26, 569 2 4,007 11,802 30 1,105 2,566 7,056 -3, 565 September. 21, 532 2,367 15,804 56 2,304 1,105 -105 -2, 534 October 12,853 -195 5,821 3,538 3,987 -305 7 -14,431 November. 12, 397 291 -771 -6, 273 13, 526 6,001 -275 -102 -20, 700 December.. -1,950 -417 -4,143 226 2,280 114 -15 -23, 255 1935—January -4,125 -17 -216 -4,344 472 -218 198 -16,334 February.. -15,025 -51 -2,108 -16,117 225 2,689 -90 428 -17, 746 March -17,830 5 -16,148 415 4,734 -202 207 -16,088 "-15,143 v Preliminary. r Revised. 1 Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. NOTE.—Netherlands and Switzerland—-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN MAT 1936 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1935 1934 1935 1934 Mar. Feb. Jan. Mar, Mar. Feb. Jan Mar. 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.. Currency issued 534 529 521 548 Advances to banks under finance act__. 40 Irish Currency Commission (thousands Dominion notes: of pounds sterling): Issued 220 217 173 Legal tender note fund: Outside chartered bank holdings.. 45 32 30 British legal tender and bank Indian Government (millions of rupees): balances 354 151 211 166 Gold standard reserve: British securities _ _. 7,377 7,176 7,176 7,013 Gold - 29 29 29 29 Notes issued ___ 7,730 7,327 7,387 7,179 Foreign exchange. _ 505 505 505 505 Consolidated bank notes: 1 Paper currency reserve: Issued. _ 4,871 4,867 4,857 4,763 Gold 416 416 416 415 Deemed such under sec. 60 (4) of Silver 904 915 939 Currency Act, 1927 _ _. 1,120 1,125 1,130 1,214 Other assets _ _. 542 502 482 377 Notes issued 1,861 1,832 1,772 1 Figures for consolidated bank notes issued represent daily averages for 4 weeks ended Mar. 2, Feb. 2, and Jan. 5, 1935, and Mar. 3, 1934. Figures for notes deemed to be consolidated bank notes are as of close of business on these dates. J On Mar. 11, the Bank of Canada commenced operations, assumed liability for Dominion notes, and received equivalent amount of gold and other assets from Minister of Finance. Chartered banks repaid all advances from minister and deposited their gold held in Canada and most of their Dominion notes with Bank of Canada. See table on central banks. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1935 1934 1935 1934 Assets Liabilities Mar. 31 Feb. 28 Mar. 31 Mar. 31 Feb. 28 Mar. 31 Gold in bars _ _. 11,008 11,008 28,176 Demand deposits (gold) 10,921 10,921 28,176 Cash on hand and on current account with banks 2,639 2,338 2,757 Short-term deposits (various currencies): Demand funds at interest 15,465 4,224 14,447 Central banks for own account: Demand.. _ 23,711 27,987 42,609 Rediscountable bills and acceptances (at Time—Not exceeding 3 months... 108,014 107, 759 108,126 cost): Commercial bills and bankers' accept- Total.. 131, 725 135, 746 150,735 ances 148,451 163,500 157,719 Treasury bills 213,976 194,896 192,103 Central banks for account of others: Demand 22,751 15,398 9,418 Total _ 362,427 41,771 349,822 Time—Not exceeding 3 months- 2,947 Other depositors: Time funds at interest—Not exceeding 3 Demand 2,220 1,428 1,071 months _._ 37,482 358,396 41,211 Time—Over 6 months 488 Between 3 and 6 months 2,036 Sundry bills and investments: Maturing within 3 months: Long-term deposits: Treasury bills 31,898 30, 751 18,344 Annuity trust account 154,294 154, 294 153,546 Sundry investments 64,038 54,037 64,929 German Government deposit __ 77,147 77,147 76, 773 Between 3 and 6 months: French Government guaranty fund _. 61,930 61,930 40,903 Treasury bills 28,165 36,917 39, 256 French Government deposit (Saar).. 2,031 Sundry investments 31,664 42,459 31,490 Over 6 months: Total 295,402 293,371 271, 220 Treasury bills ._ 28, 340 20, 307 31, 606 Capital paid in... 125,000 125,000 125,003 Sundry investments 36, 244 36, 247 36,409 Reserves: Legal reserve fund 2, 672 2,672 2,022 Total __ 220, 348 220,718 222,044 Dividend reserve fund-. 4,866 4,866 3,895 Other assets: General reserve fund 9,732 9,732 7,790 Guaranty of central banks on bills Other liabilities: sold 6,120 6,084 4,691 Guaranty on commercial bills sold.. 6,234 6,084 4,691 8undry items 4,340 3,481 4,376 Sundry items 43,323 42,312 63, 506 Total assets 659,829 648,018 667,526 Total liabilities.. 659,829 648,018 667, 526 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1935 FEDERAL RESERVE BULLETIN 297 CENTRAL BANKS Assets of banking department Liabilities of banking department Gold Bank of England (in issue Note (Figures in millions of pounds sterling) m de e p n a t r ) t - * Cash reserves Dis a c n o d unts Securi- ci t r i c o u n la- Deposits l O ia t b h i e li r advances ties ties Coin Notes Bankers' Public Other 1934-Feb.28__ 191.0 1.0 5.8 87.9 367.4 90.3 32.1 37.7 18.2 Mar. 28... 191.1 1.1 72.3 5.6 88.1 378.8 94.5 17.5 36.9 18.3 Apr. 25__ 191.2 .9 77.5 5.3 86.3 373.7 99.5 15.8 37.0 17.7 May30._. 191.3 .8 73.2 5.6 87.6 378.1 99.4 14.0 36.1 17.8 June 27__ 191.5 .7 69.8 6.1 91.9 381.7 96.3 17.6 36.5 18.0 July 25._. 191.6 .6 67.6 7.5 94 2 383.9 104 8 10.9 36.1 18.1 Aug. 29__. 191.8 .6 72.5 5.6 92.5 379.3 83 7 34.0 35.2 18.2 Sept. 26.. 191.9 .6 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 31___ 192.0 73.6 8.9 91.6 378.4 100.4 16.9 39.8 17.7 Nov. 28.. 192.1 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 26 ... 192.3 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935-Jan. 30... 192.4 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18 2 Feb. 27. _ 192.5 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Mar. 27.. 192.5 71.1 5.6 99.0 381.4 93. 6 20.1 41.2 18.3 Apr. 24... 192.6 59.4 5.8 97.4 393.2 98.1 7.6 39.6 17.7 Assets Liabilities (Figure B s a in nk m o il f l i F o r n a s n o ce f francs) Gold e F x o c r h e a i n g g n e Do b m il e ls stic S l e o c a u n r s it * y N s e e t b g c ie l u o e s r ti i a - - O as t s h e e ts r 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—Feb. 23.._ 73,971 1,070 5,963 2,932 6,114 7,960 81,024 1,868 13,067 2,052 Mar. 30— 74,613 1,068 6,198 2,972 6,007 8,229 82, 833 1,721 12, 632 1,900 Apr. 27._. 75,756 1,066 5,707 3,016 5,973 8,152 81, 502 2,024 14,199 1,944 May 25— 77, 466 1,094 5,011 3,060 5,950 8,202 79,992 2,996 15, 681 2,114 June 29___ 79, 548 1,157 4,386 3,076 5,929 8,278 82, 058 3,291 15,188 1,837 July 27.._ 80,252 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. 3O.._ 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 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... 82,635 1,017 4,170 3,139 5,833 8,074 83,044 3,668 16,213 1,943 Apr. 26 v_ 1,064 4,280 3,093 5,804 (3) 82, 351 3,702 15,145 (3) Assets Liabilities Reichsbank Reserves (Figures in millions of reichsmarks) Foreign 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 t c ie u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - Gold exchange 1934—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 3,777 623 776 July 31 __ 75 3,408 109 713 886 3,768 649 800 Aug. 31.. 75 3,540 128 737 867 3,824 717 813 Sept. 29.. 75 3,811 148 765 806 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 45 4,021 146 763 827 3,901 984 1,001 1935—Jan. 31... 3,620 81 759 837 3,660 822 900 Feb. 28.. 3, 656 188 764 697 3,617 928 866 Mar. 30- 3,799 66 757 701 3,664 922 830 Apr. 30 p. 27 3,861 87 701 739 3,711 952 837 * Preliminary 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. » Beginning with Mar. 29, 1935, includes advances for not over 30 days secured by Government obligations maturing within 2 years. Such advances carry a lower rate of interest than other advances. * Figures 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

298 FEDERAL RESERVE BULLETIN MAT 1935 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Mar. Feb. Jan, Mar. Mar. Feb. Jan, Mar. National Bank of Albania (thousands Central Bank of China—Continued. of francs): Silver 118 103 US Gold 7,122 7,122 7,224 Due from banks abroad 10 8 20 Foreign exchange 22,557 22,969 24,532 Due from domestic banks 33 34 68 Loans and discounts 2,532 2,576 2,944 Loans and discounts 80 77 135 Other assets 2,319 2,252 2,883 Securities 173 173 13 Note circulation._ 13,617 12,739 11, 710 Other assets.. 61 58 4ft Demand deposits 10,498 11,815 15,394 Note circulation 91 90 69 Other liabilities 10,415 10,365 10,480 Deposits—Government 195 201 215 Commonwealth Bank of Australia Bank 48 38 42 (thousands of pounds): Other 24 12 8 Issue department: Other liabilities 140 139 8ft Gold and English sterling 15,708 15,708 15,708 15, 508 Bank of the Republic of Colombia Securities 30,052 26,314 25,555 28,625 (thousands of pesos): Banking department: Gold at home and abroad * 9,922 10,495 10,884 14,989 Coin, bullion, and cash 985 870 Foreign exchange 2,868 2,263 1,615 2,702 London balances 33,146 20,339 19,092 22,912 Loans to member banks 6,545 6,748 6,465 6,594 Loans and discounts 13,398 17,660 19,579 14,634 Note circulation. 36,072 35,357 35,028 34,903 Securities 36,123 36,123 35,873 36,108 Deposits 23,206 24,398 23,906 28,430 Deposits 85, 770 77,007 77, 221 78,893 National Bank of Czechoslovakia Note circulation 47,050 47,050 47,550 40,910 (millions of koruny): Austrian National Bank (millions of Gold.... 2,684 2,683 2,682 2,661 schillings): Foreign balances and currency 291 284 305 64 Goldi 242 242 242 189 Loans and advances 1,124 1,060 1,180 1,562 Other foreign bills L._ 32 38 36 24 Note circulation. 5.560 5,253 5,028 5,544 Domestic bills.._ 234 234 237 308 Deposits _. 796 975 1,317 Government debts 624 624 624 624 Danish National Bank (millions of Note circulation-- 914 902 902 981 kroner): 199 212 215 154 Gold 133 133 133 133 National Bank of Belgium (millions Foreign bills, etc 23 15 16 16 of belgas): Loans and discounts 73 77 73 72 Gold 2,259 2,531 2,543 2,700 Note circulation 369 363 361 369 Domestic and foreign bills.- 933 671 684 705 Deposits 99 92 91 99 Loans to State 380 340 340 347 Bank of Danzig (thousands of Note circulation 3,770 3,647 3,456 gulden): Deposits -. 211 237 241 433 Gold. 20,144 20,010 20,485 30,160 Central Bank of Bolivia (thousands of Foreign exchange of the reserve 1,090 1,478 2,703 11,340 bolivianos): Other foreign exchange 148 84 125 121 Gold at home and abroad _. 10,074 9,662 14, 543 Loans and discounts 24,614 21,358 21,253 15,881 Foreign exchange 5,777 6,770 10,069 Note circulation 39,258 37,647 38,072 41,280 Loans and discounts 14,022 53,064 21, 707 Deposits 1,257 1,764 2,621 10,848 Note circulation 227,131 207,135 .15, 307 Central Bank of Ecuador (thousands Securities: National Government-. 3,495 3,848 5,191 of sucres): Other - 95, 776 90, 598 57,254 Gold at home and abroad 14,973 15,973 16,417 Deposits. 167,865 .45,045 76,383 Foreign exchange— 14,831 11,306 6,916 Bank of Brazil (millions of milreis): Loans and discounts 51,370 51,021 50,018 Currency 341 377 458 Note circulation- _ 44,705 45,506 37, 711 Correspondents abroad- 189 168 415 Deposits. 27,390 29,629 23,070 Loans and discounts _ 2,886 2,568 2,703 National Bank of Egypt 3 (thousands Note circulation 20 20 20 of pounds): Deposits 2,778 2,899 Gold 6,545 6,545 6,546- National Bank of Bulgaria (millions Foreign exchange— 4,051 4,378 3,209 of leva): Loans and discounts 4,690 5,169 4,33ft Gold 1,586 1,547 1,547 1,547 British, Egyptian, and other- Net foreign exchange in reserve.-. -75 -87 -69 19 Government securities. 32,752 31, 791 35,320 Total foreign exchange 468 365 203 149 Other assets. 4,713 4,195 3,458 Loans and discounts 603 919 940 1,032 Note circulation. 19,290 19, 527 19,544 Government obligations 2,698 2,783 Deposits—Government 8,594 7,663 5,118 Note circulation 2,229 2,176 2,226 2,603 Other. 16,674 16,782 20,402 Other sight liabilities. _ 1,842 2,195 1,980 1,625 Other liabilities 8,194 8,106 7,80ft Bank of Canada « (thousands of Ca- Bank of Estonia (thousands of krooni): nadian dollars): Gold 28,615 27, 739 27,700 20,432 Gold 106, 585 Net foreign exchange 5,259 5,598 5,071 6,104 Sterling exchange. 1,156 Loans and discounts 14,155 14,144 14,093 19,330 United States exchange. 6,818 Note circulation. 37,725 37, 710 35,984 34,540 Government securities: Deposits—Government 8,326 8,551 9,008 4,849 2 years or less _ 39,324 Bank 8,085 7,780 7,635 7,569 Over 2 years.. 115,014 Other 2,546 2,481 2,954 Other assets. 2,588 Bank of Finland (millions of mark- Note circulation 97,080 kaa): Total deposits _ 169,094 Gold 323 323 323 32? Chartered banks 148,979 Balances abroad and foreign Government— 19,854 credits 1,317 1,268 1,330 1,054 Other liabilities 5,310 Foreign bills. 107 115 113 328 Central Bank of Chile (millions of Domestic bills 750 660 606 717 pesos): Note circulation 1,441 1,372 1,268 1,322 Gold and foreign exchange in re- Other sight liabilities 344 294 381 332 serve 142 142 170 Bank of Greece (millions of drach- Loans and discounts 48 51 98 mas): Government debt 713 713 721 Gold and foreign exchange 3,787 3,936 3,968 3,96ft Note circulation.. 508 511 544 Loans and discounts 2,567 1,903 2,378 3,594 Deposits ___ 346 351 352 Government obligations 3,267 3,262 3,308 3,355 Central Bank of China 3 (millions of Note circulation... 5,541 5,221 5,268 5,098 yuan): Other sight liabilities. 3,770 3,652 4,094 6,066 Gold. 22 26 26 Liabilities in foreign exchange 170 81 72 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. 3 items for issue and banking departments consolidated. » Bank began operations Mar. 11,1935. * Gold acquired since Mar. 20,1934, valued at purchase price. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 299 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank Mar. Feb. Jan, Mar. Mar. Feb. Jan. Mar. National Bank of Hungary (millions Bank of Poland (millions of zlote): of pengos): Gold 507 506 505 481 Gold • 79 79 79 79 Foreign exchange 15 18 20 67 Foreign bills, etc 20 20 22 15 Loans and discounts 682 673 699 745 Loans and discounts 535 569 580 583 Note circulation 945 940 937 955 Advances to Treasury 58 52 60 49 Other sight liabilities 210 230 234 232 Other assets 72 55 18 30 Bank of Portugal (millions of escudos): Note circulation 370 353 353 360 Gold 905 905 867 Deposits 86 84 87 79 Other reserves 476 466 360 Certificates of indebtedness 115 115 115 120 Discounts and advances 298 302 334 Miscellaneous liabilities 168 199 170 171 Government obligations 1,049 1,049 1,051 Bank of Italy (millions of lire): Note circulation 2,049 2,079 1,965 Gold at home. 5,825 5,824 5,822 6, 874 Other sight liabilities 862 810 755 Credits and balances abroad 52 50 82 44 National Bank of Rumania (millions Loans and discounts 4,900 4,937 5,136 6,037 of lei): Note circulation 12,894 12, 634 12, 787 12,963 Gold. 10,461 10,414 10,346 10,010 Public deposits 300 300 300 300 Foreign exchange of the reserve 91 92 91 215 Other deposits 845 923 998 Loans and discounts 5,918 6,276 6,588 9,074 Bank of Japan (millions of yen): Special loans l 2,876 2,893 2,911 3,135 Gold 472 470 468 425 State debt« 9,824 9,799 9,717 5,681 Advances and discounts 870 720 771 859 Other assets 9,886 9,308 9,188 8,512 Government bonds 643 404 507 587 Note circulation 21,904 21, 225 21,617 21,479 Notes issued 1,334 1,186 1,271 Demand deposits 7,700 8,152 7,818 7,318 Total deposits. 578 497 Other liabilities _ 9,453 9,406 9,607 7,830 Bank of Java (millions of florins): South African Reserve Bank (thou- Gold _ 117 117 115 113 sands of pounds): Foreign bills 1 1 1 0 Gold. 28,624 25, 939 23,743 17,740 Loans and discounts 65 64 61 58 Foreign bills 6,558 6,788 7,136 22,341 Note circulation 175 174 176 191 Domestic bills 217 121 14 Deposits. - 43 42 35 28 Note circulation 13,076 11,477 11,541 11,975 Bank of Latvia (millions of lats): Deposits—Government 8,289 3,998 3,705 Gold.. 46 46 46 44 Bank 25,122 24,980 21,121 27,281 Foreign-exchange reserve 6 7 6 3 Other 2,817 3,329 3,948 1,824 Bills 59 59 61 65 Bank of Spain (millions of pesetas): Loans __ 72 73 73 64 Gold 2,269 2,269 2,268 2,262 Note circulation.— 39 38 37 33 Silver 697 691 688 674 Government deposits 48 46 49 57 Balances abroad 281 284 279 283 Other deposits 107 111 114 107 Loans and discounts 2,346 2,330 2,351 2,510 Bank of Lithuania (millions of litu): Note circulation 4,560 4,590 4,591 Gold- 46 46 47 54 Deposits. 1,049 1,051 Foreign currency 8 9 8 13 Bank of Sweden (millions of kronor): Loans and discounts 104 102 101 86 Gold „ 352 351 351 374 Note circulation 98 93 90 90 Foreign bills, etc... * 603 557 563 513 Deposits 56 63 61 Loans and discounts ^._. 51 50 50 54 Bank of Mexico (millions of pesos): Note circulation 705 659 651 644 Gold 72 71 Deposits 455 454 475 484 Silver. 116 119 Swiss National Bank (millions of Foreign exchange 16 9 francs): Loans to member banks 65 44 Gold 1,713 1,794 1,838 1,746 Other loans and discounts 18 38 Foreign balances and bills 6 3 1 Other assets..' 11 8 Loans and discounts _. 109 96 95 136 Note circulation 100 91 Note circulation „ 1,358 1,330 1,334 1,405 Deposits 93 85 Demand deposits 481 556 592 482 Other liabilities 107 114 Central Bank of the Republic of Tur- Netherlands Bank (millions of flor- key (millions of pounds): ins): 28 28 27 25 Gold 813 811 816 786 Foreign exchange .._ 13 14 13 3 Foreign bills 1 1 1 Government securities 151 152 152 153 Loans and discounts 154 156 171 172 Other securities 35 35 35 31 Note circulation 848 857 855 901 Other assets 33 33 35 33 Deposits 163 155 179 103 Note circulation 159 162 164 159 Reserve Bank of New Zealand (thou- Deposits 30 29 31 29 sands of pounds): Other liabilities.. 70 71 68 57 Gold— 3,002 3,002 3,002 Bank of the Republic of Uruguay Sterling exchange 22,435 21,811 21,868 (thousands of pesos): Other assets .. 2,300 2,264 2,203 Gold 46,160 46, 643 49,869 Note circulation 9,341 9,327 9,534 Loans and discounts 101,064 102,957 97,868 Demand deposits 16,837 16,205 15,988 Other assets. 44, 845 41, 609 45,465 Bank 4,796 5,954 7,687 Note circulation 76, 569 75, 584 79, 483 Government 12,033 10, 247 8,295 Deposits—Demand 32,965 33,166 35,394 Other liabilities 1.558 1,545 1,551 Time 39, 371 41, 339 Bank of Norway (millions of kroner): Judicial and adminis- Gold-— _ .... 135 135 135 135 trative 2,609 2,626 2,701 Foreign balances and bills 45 40 42 12 Other liabilities- 40,587 40,462 34,236 Domestic credits 232 227 237 274 National Bank of the Kingdom of Note circulation 323 311 312 330 Yugoslavia (millions of dinars): Foreign deposits 7 6 7 2 Gold 1,266 1,260 1,251 1,766 Total deposits... _ _ 79 70 82 61 Foreign exchange 207 164 159 129 Central Reserve Bank of Peru (thou- Loans and discounts 1,820 1,828 1,803 1,876 sands of soles): Advances to State 2,289 2,288 2,287 2,317 Gold and foreign exchange 43, 227 42,969 41, 852 Note circulation 4,432 4,322 4,288 4,232 Bills..... __ __ 60,373 60,193 56,184 Other sight liabilities 1,191 1,241 1,292 944 Note circulation _ 73,183 73,953 64,941 Deposits. 26, 814 25,823 26,046 1 Agricultural and urban loans in process of liquidation. See note 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

300 FEDERAL RESERVE BULLETIN MAT 193« 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) short counted rities liabilities Bank of notice Total Demand Time* England 1934—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 1,009 248 March 214 133 207 614 771 231 2,171 994 248 Assets Liabilities (4 large banks. f F F ra i r g n a u c n s r c ) e e s in millions of v d B C a F u u a a r e a n l s t h n f k r a c o i o n e n m f d D b u a e n f k ro s m B co il u ls n t d e i d s- i s n L e c l c o o lu u a a d r n n i i s s t n y , g Other Total D D e e p m o a s n it d s Time ac O c w ep n t- lia O b t i h li e ti r es 1934—May 5,567 496 18,043 8,356 1,185 30,621 29,746 875 261 3,766 June 5,547 ,478 18,435 8,199 1,201 30,820 29,916 904 208 3,833 July 6,105 407 18, 705 8,526 1,270 31,888 926 201 3,925 August 6,263 393 18,024 8,327 1,316 31,165 30,275 889 183 3.976 September 6,946 419 18,384 8,511 1,395 32,460 31,547 913 179 4,016 October... 7,450 508 17,972 8,124 1,488 32.239 31.332 908 183 4.119 November. 6,485 473 17,363 8,003 1,562 30,542 29.582 960 192 4,152 December. 6,836 421 18, 304 8,159 1,717 30,943 30. 039 904 193 4,301 1935—January... 5,864 ,662 18,024 8,052 «992 30.593 29,830 763 220 3,779 February. 5,607 603 18, 300 7,840 1,010 30,342 29, 591 751 228 3,789 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 r k e n s i y . 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 h a 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 t d e i d s- i s n L e c l c o o lu u a a d r n n i i s s t n y , g S ri e t c ie u s - a O s t s h e e ts r Total D D ep e o m s a it n s d Time c b o u C a b s f n t r 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—May 619 2,160 4,309 2,478 1,184 7,185 3,260 3,925 631 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 1,180 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 u d (1 o r 0 e ll s a c i r h n s a ) m rt i e l r l e io d n s b o a f n C ks a . n a F d i i g an - C d a u s e h fr a o n m d Security lo O an th s e a r nd d a a u n b e d r o fr n a o e d m t S ri e ti c e u s - a O s t s h e e ts r ci N t r i c o o u n t l e a- lia O b t i h li e ti r es Bank of loans bills dis- foreign Total Demand Time CanadaJ counted banks 1934—May 187 103 1,037 176 830 119 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 March 207 81 965 152 970 431 118 2,006 560 1,447 681 • Corrected. i Excluding deposits of the National Bank relating to offices outside England, which are included in the total. * Bank of Canada began operations Mar. 11, 1935. 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

MAT 1935 FEDERAL RESEEVE BULLETIN 301 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective E la n n g d - France m G a e n r y - Italy N l e a t n h d e s r- Sw la i n tz d er- b C an e k n t o r f a — l R M a 3 a t y e Date effective b C an e k n t o r f a — l M Ra 3 a t y e Date effective I A A A A n p p p p e r r r r f . . . . f e 2 9 2 1 c 8 9 1 t . A .. pr. 1,1932. 3 3 H 2H 5 6 6 3 2H 2 A A B Bo e l u b l l s g i a t v i r n u i i i a a m a 4 6 J A N F u e u o l b y g v . . . 2 2 1 5 3 8 6 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 2 5 4 3 J J I L a a n a v p d t a a v i n a ia .... 3.65 S Z H tt J J N F a u e o n l b y v . . . 1 1 3 1 6 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 3 4 3 3 J J M S M M u a e n a n a a p y y y . e t . 9 1 3 2 1 2 , 2 2 0 2 1 _ 933 . . 2 4 4 5 B C C C u h a o n l i l g l o a e a d m r a i b a ia... 7 4 4 2H c J J J M u a a n n ly a . . r. 2 1 1 2 3 8 1 , , , 1 , 1 1 1 9 9 9 9 3 3 3 3 4 5 3 5 N L N P Po i e e o t l r w h r a w u u n . Z a a d . n e y a ia land- 4 6 6 5 M A A M O p u c a a t g r y y . . . 2 2 2 1 1 0 4 6 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 2 0 3 3 J J J S A u u u e u n l l p y y g e t . . 2 2 1 1 4 9 9 5 5 4 3 D D C Ec z a e v e u n n a c a z k m h d i i g o a o a s r r lo k - ... 6 4 J M N N a o o n a v v y . . . 3 2 3 2 0 5 0 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 5 3 2 3 P R S Sp o o u a u r m t i t u n h a g n a A i l a frica. 5 D D M O e e c a c c t y . . . 1 1 1 2 5 3 5 9 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 4 4 4 3 J N S F D u e e o e n b p c v e t . . . 9 1 1 1 2 , 1 9 6 1934 3 3 4 2H E H F G i s r u n t e n o l e a g n c n e a ia d ry 5 4 7 D O O O e c c c c t t t . . . . 1 1 3 1 8 4 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 4 4 2 3 S T Y U w u u .S r e g k d . o e S e s y n . l R av _ i . a _ - . 2 5 5 V J^ £ F D M M e e a a b c r r . . . . 2 1 2 1 2 , , , , 1 1 1 1 9 9 9 9 3 2 3 3 7 5 3 3 e Mar 25 1935 3H Apr. 5 3H • Corrected. Apr. 10, May 3 - _ - Change since Apr. 10: Danzig—May 2, up from 4 to 6 percent; Switzer- In effect May 3,1935. 2 2H 4 4H 2H land—May 3, up from 2 to 2H 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 c o k e e n p e s t t r , h - s' s T m b re i o l a l n s s t , u h r 3 s y Da m y- o to ne -d y ay o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o te a u t n e t M 1 o m ne o y n t f h orDa m y- o to n - e d y ay d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1934—February __ .95 3.87 4.91 4.78 .78 1.00 March .95 3.87 5.00 4.89 1.24 1.07 April .96 3.87 5.11 4.76 2.07 1.85 May .91 .85 3.87 5.13 4.72 1.33 1.22 June .91 .92 3.76 4.67 4.57 .78 1.00 July.. .87 .85 3.75 4.44 4.67 .74 1.00 August .79 .81 3.75 5.02 4.72 .75 1.00 September- .73 .78 3.81 5.13 4.71 .61 1.00 October .77 .75 3.81 5.13 4.63 .59 1.00 November. .45 .68 3.63 4.37 4.21 .63 1.00 December.. .57 .70 3.50 3.56 4.28 1.00 1935—January... .36 3.51 3.93 3.82 .59 1.C0 February- .38 .63 3.41 3.77 3.83 .58 1.00 March .57 .72 3.38 3.60 3.94 .60 1.00 Sw la it n z d er- (B Be ru lg s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h S w o t e o lm d ck e ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t i c c ia o P l m r i p m m ap e e r e - r Da m y- o to n - e d y ay L m oa t o o n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1934—February. 1.50 2.05 2.59 3.00 «-5.29 2.56 March 1.50 2.07 2.75 3.00 '5.29 ' 2.57 April 1.50 2.14 2.70 3.00 '5.29 ' 2.46 May 1.50 1.93 2.60 3.00 '5.29 '2. 43 June 1.50 2.11 2.09 3.00 '5.26 '2.44 July 1.50 2.20 1.78 3.00 '5.20 '2.57 August 1.50 2.31 1.75 3.00 m7K 5.11 r2.79 September 1.50 2.15 1.50 3.00 5.11 '2.63 October... 1.50 2.10 1.45 3.00 4U-7H 6.11 '2.52 November 1.50 2.23 1.44 3.19 4H7H 5.11 2.56 December. 1.50 2.38 1.60 4.00 5.11 2.74 1935—January... 1.50 2.38 1.79 4.00 5.11 '2.59 February.. 1.50 2.38 2.12 4.00 5.11 2.62 March 1.50 2.12 3.89 ' Revised. 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

302 FEDERAL RESERVE BULLETIN MAY 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 (p t r i e g n s e a o n ) - i (p t A o ra u u l n s i - a d)' A ( l u s in c s h g tr i ) l i ' - a 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 a l u r )» i l a - C (d a o n l a la d r a ) ( C p h e i s l o e )1 ( 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 es b o a ) C ( s k l z o o e v r c u a h k n o i a - a ) ( m D k a e ro r n 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. 9030 1.0039 91.9587 7. 67878 28.5979 81. 6966 99.9464 3. 8232 19.0709 1934 33.5793 400.95 18. 7930 23. 2867 8.4268 1.2852 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4998 1934—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. 6077 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 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 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 22.0793 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 23.3293 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 April........ 32. 2220 383. 52 18.7898 16.9430 8. 2578 1.2725 99.5277 5.1000 38. 7908 52.8846 99. 9194 4.1814 21. 5902 I Year and month (p E o g u y n p d t ) E (p n o g u la n n d d ) F ( i m n k l a a a r ) n k d - F (f r r a a n n c c e ) ( m m r G e a i a e c r n r k h - y ) s- G (d m r r e a a e c ) c h e - (d H K o o o ll n n a g g r) (p H g e a u n r g n y o - )J ( I ru n p d e ia e) I (l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o N ( l f e a lo t n h r d i e n s r ) - 1929 498.0689 485. 6879 2. 5160 3.9161 23. 8086 1.2934 47.1669 17.4414 36.2020 5.2334 46.0997 48.1830 40.1622 1930 498.6002 486. 2126 2. 5169 3.9249 23.8541 1.2959 33.8530 17.4939 36.0672 5. 2374 49.3898 47.1331 40. 2251 1931 465.1111 453.4990 2.3875 3.9200 23. 6302 1. 2926 24.3305 17.4522 33. 6895 5.2063 48.8509 «35.4919 40. 2298 1932 359.5406 350.6067 1. 5547 3.9276 23. 7492 .8320 23.4604 17.4460 26. 3468 5.1253 28.1112 31.8500 40.2949 1933 434.3908 423.6821 1.8708 5.0313 30. 5179 .7233 29.4516 22. 3598 31.8159 6. 7094 25. 6457 28.1025 51. 7209 1934 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-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 8.6989 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 36.8611 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 .) 489.7472 477. 6211 2.1099 6. 6232 40. 3722 .9399 47.9147 29. 6405 36.0210 8.3368 27.9837 27. 7500 67.9506 April— 483. 6812 2.1315 6.5970 40. 2638 .9354 52.6702 29.4937 36.4393 8.2821 28.3679 27. 9350 67.4576 t Year and month ( Z p e N o a u e l n a w n d d )' N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( u n le m i u a a ) - (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- T (p u o r u k n 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 ( g p U u e r s a u o y - )1 ( Y s d l i u a 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 1934—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. 6520 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 483. 99 80 0194 2. 2716 February. 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 80.6676 472. 31 80. 4779 2.2852 April 385. 85 24.2975 18. 8617 4. 3930 1. 0074 13. 6693 56. 3329 24. 9325 32.3645 478. 27 80.2015 2.2757 i Nominal since April 1933. 2 Nominal since April 1934. 3 Partly nominal since April 1933. 4 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13,1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. fi 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. 6 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

MAY 1935 FEDERAL RESERVE BULLETIN 303 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_ 100 100 134 602 237 US 1927 95 642 138 495 225 148 1928 97 645 140 462 226 149 1929 95 627 137 445 220 142 1930. 86 87 100 554 125 383 181 117 1931 73 72 88 £02 111 328 153 97 1932 65 67 86 427 97 304 161 79 1933 66 67 86 398 93 280 180 74 1934__ 75 72 88 376 273 178 78 1934—January... 72 71 89 405 96 276 176 79 February.. 74 72 89 400 275 178 80 March 74 72 88 394 275 177 79 April 73 71 88 387 273 177 79 May 74 71 87 381 273 176 77 June 75 72 88 379 97 272 175 76 July 75 72 87 374 99 270 174 77 August 76 72 371 100 271 177 78 September. 78 72 365 100 270 179 77 October. _. 77 71 357 101 272 182 77 November. 77 71 356 101 274 181 77 December. 77 71 344 101 276 181 78 1935—January... 79 •-71 350 101 277 182 78 February „ 80 72 '343 101 278 184 77 March 79 72 87 335 101 184 75 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above} United States (1926=100) England (1930 -100) France (1913=100) Germany (1913 = 100) Year and month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts a p n r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n I i i n n d a i d l s s h u r e e s a m d - w i- p tr I r i i n o s a d d h l u u e fi d c s n - ts products 1926 100 100 100 581 793 129 132 130 150 1927 ^__ _ 99 97 94 599 678 138 129 132 147 1*928 . . 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 166 100 526 579 113 113 120 150 1 19 9 3 3 2 1 4 6 8 5 6 7 1 6 7 70 5 8889 8 85 7 5 48 4 2 2 4 38 6 0 4 1 9 0 1 4 9 86 6 1 8 0 9 3 1 11 3 8 6 1933 51 61 71 83 87 420 380 87 75 88 113 1934 .. 65 71 78 85 90 410 361 96 76 91 116 1934—January 59 64 78 84 91 424 387 93 73 90 1H February ._ _. 61 67 79 84 92 416 386 92 73 91 115 March 61 67 79 82 91 413 378 91 73 91 115 April _ 60 66 79 82 91 404 372 91 74 91 115 May.. 60 67 79 82 90 405 360 92 74 90 115 June 63 70 78 84 90 406 356 94 76 91 115 July. 65 71 78 84 89 396 354 98 76 92 115 August 70 74 78 90 89 393 351 100 78 92 116 September , 73 76 78 88 89 383 350 100 78 92 117 October , 71 75 78 87 88 368 347 101 78 92 118 November 71 75 78 86 88 366 347 101 79 92 119 December ... 72 75 78 87 89 344 343 101 79 92 119 1935—January 78 80 78 87 89 351 350 100 81 92 119 February 79 83 77 87 89 339 ••346 100 81 92 120 March 78 82 77 85 88 329 341 99 83 91 120 *• Revised. 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

304 FEDERAL RESEKVE BULLETIN MAT 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)' 14=100) (1913 = 100) 1914=100) 1914=100)' 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 1934 111 122 98 118 1934 138 141 105 121 1934—January 105 124 105 118 1934—January 142 120 February 108 122 103 117 February_ 141 120 March 109 120 100 117 March 140 107 120 April 107 118 98 116 April _ _ 139 120 May 108 116 97 116 May 137 120 June 109 117 98 118 June 136 138 106 121 July 110 122 97 120 July 141 122 August 112 123 97 121 August 142 122 September 117 126 95 119 September 143 104 122 October 116 125 95 119 October 143 122 November 115 127 94 120 November 139 144 122 December 114 127 94 119 December.. . . 144 102 122 1935—January . 119 125 92 119 1935—January.. . . 143 122 February 122 124 90 120 February 142 123 March 122 122 88 119 March _ . 141 122 * Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 1 Index represents prices converted to gold basis of 1914. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n6rale, and for cost of living, Commission d'e"tudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average= 100) Year and month United England France Germany States (December (1913 aver- (average United England i France Germany (a p v r e ic ra e g ) e 1921 = 100)» age =100) price)i States 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 >60.3 1933 84.0 119 7 81.3 82.5 63.4 78.6 99.6 61.7 1934 — - 96.7 127.5 82.1 90.7 72.5 85.7 83.3 71.1 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 March . 99.9 130.3 84.1 96.1 63.9 82.6 78.1 80.6 1 Annual indexes are unweighted averages of monthly indexes. 2 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources.—See BULLETIN for February 1932, p. 121. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1935 FEDERAL KESERVE BULLETIN 305 LAW DEPARTMENT Unsecured loans between members not for the purpose be of considerable value to the lender in deterof purchasing or carrying securities mining whether a loan is or is not "for the pur- Ruling no. 42 interpreting Regulation T.—The pose of purchasing or carrying securities", and Federal Reserve Board has been asked whether the Board knows of no reason why a declaration a member of a national securities exchange is from the customer should not be obtained even permitted under the provisions of the Board's with respect to an extension of credit without Regulation T to make a short-time unsecured collateral. loan to a customer who is also a member of such exchange if such loan is not "for the pur- Authority of business conduct committee to grant more pose of purchasing or carrying securities" than one extension of time under section 4 (e) or within the meaning of those words as used in section 6 of Regulation T the Securities Exchange Act of 1934. The Ruling No. 43 interpreting Regulation T.— inquiry makes clear that the loan in question is In reply to an inquiry of a business conduct not a loan of an emergency nature permitted committee of a national securities exchange, the under the provisions of section 10 (d) of Regula- Federal Reserve Board rules that if such a comtion T. In reply, the Board rules that the makmittee has granted a "creditor", as defined in ing of the loan referred to is permitted under Regulation T, an extension of time amounting the provisions of section 5 (b) of the regulation to less than 10 days in which to obtain margin if the loan is not made for the purpose of evadunder section 4 (e) of Regulation T, such coming or circumventing the provisions of the mittee may grant a further extension of time if regulation. the circumstances of the case warrant such The Board has also been asked whether a action provided that the aggregate of all extendeclaration of the borrower as to the purpose of sions so granted in such case does not exceed 10 an unsecured loan may be relied upon by the days. The Board also rules that if, in the case lender with the same effect as in the case of a of a cash transaction under section 6 of the declaration made under section 8 (c) of Regula- regulation, such a committee has granted a tion T. The declaration referred to in section "creditor" an extension of time amounting to 8 (c) is a declaration with respect to an extension less than 35 days, such committee may grant a of credit on registered, nonexempted securities, further extension of time if the circumstances and the provisions of that section do not apply of the case warrant such action provided that with the same effect to a declaration made with the aggregate of all extensions so granted in respect to an extension of credit without col- such case does not exceed 35 days. lateral. An extension of credit without collateral by a member of a national securities exchange to his customer, if in fact made "for the purpose of purchasing or carrying securities", Validity of State bank reorganization statute would be made in violation of section 7 (c) (2) In a decision rendered on April 1, 1935, in of the act, and the Board is not empowered to the case of Doty v. Love (55 S. Ct. 558), the make any rule or regulation which would allow Supreme Court of the United States upheld such extension of credit to be validly made. In the validity of a statute of the State of Misthese circumstances, the Board does not feel sissippi authorizing the reorganization of State that it is appropriate for it to make any pro- banks. The statute under consideration by vision in its regulations or to express any opinion the court authorized the State superintendent with respect to the circumstances under which, of banks to reopen any closed bank, with the or the extent to which, the lending member approval of the appropriate chancery court, would be justified in placing reliance upon his when at least three-fourths of the general customer's written declaration as to the purpose depositors and creditors therein, or any numof a loan without collateral. It is recognized, ber of the general depositors and creditors however, that a declaration similar to that pro- owning at least three-fourths of the deposits in vided for in section 8 (c) of Regulation T may or claims against the bank, should agree to such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN MAY ] reopening and should agree to accept repay- In the fall of 1932, after about two years of liquidation by the Superintendent of Banks, a movement was ment of their deposits over a period of years or started by a large number of depositors to set the bank in reduced amounts. The statute provided upon its feet. For help in that endeavor, they had that a plan of reorganization so adopted should recourse to methods made available by a statute be binding upon the general depositors and adopted in May, 1932, which is quoted in the margin.* other creditors not expressly agreeing to accept Laws of Mississippi, 1932, c. 251; supplement to Mississippi Code of 1930, § 3817-1. The substance of the payment of their claims in accordance with statute is that the Court of Chancery shall have power such plan. The Supreme Court of Mississippi to reopen a closed bank in accordance with a plan proheld that neither the statute nor the plan of posed by at least three-fourths of the creditors and recreorganization effected thereunder in the case ommended by the Superintendent, if the court is satisfied that the plan is feasible and just. Upon the apunder consideration violated the constitutional proval of such a plan, assenting and non-assenting credrights of a depositor who did not agree to the itors shall be required to accept payment in accordance plan of reorganization. The opinion of the with its terms. The Superintendent shall have no Supreme Court of the United States, affirming power to diminish to the prejudice of creditors any assets that otherwise would be available for payment. the decision of the Supreme Court of Missis- Liquidation by the bank itself, though in a reorganized sippi, is set forth in full below: form, is to be substituted for liquidation at the hands of a statutory receiver. SUPREME COURT OF THE UNITED STATES Resorting to that statute, about eighty per cent of the creditors signed a "freezing-of-deposits agreement" No. 585.—October term, 1934 prescribing a time and method for the payment of the debts. The bank, when reorganized, was to have a Mrs. Oscar C. Doty, et al., Appellants, vs. J. S. Love, capital of $55,000 and a surplus of $45,000, a total Superintendent of Banks of the State of Mississippi, capital and surplus of $100,000. Shareholders of the Appellee. Appeal from the Supreme Court of the old bank, having shares of the par value of $110,000, State of Mississippi. were to contribute the new capital ($55,000, or 50% of their old holdings) in cash or its equivalent. In [April 1, 1935] consideration of this payment, they were to be released Mr. Justice CAEDOZO delivered the opinion of the * "Section l. Be it enacted by the Legislature of the State of Missis Court. sippi, That the Superintendent of Banks of the State of Mississippi be A statute of Mississippi, adopted in 1932, permits theauthorized to reopen any closed bank, with the approval of the chancery court of the county in which the bank is situated, or of the chancellor in reopening of closed banks upon terms proposed by vacation, when at least three-fourths of the general depositors and credthree-fourths of the creditors in number or m value if itors therein, or any number of the general depositors and creditors therein the plan is approved by the Superintendent of Banks provided they own at least three-fourths of the deposits in or claims against such bank, agree to the reopening thereof and sign what is comand confirmed by the Court of Chancery. A bank has monly termed a 'freezing-of-deposits agreement', under which they agree been reopened in accordance with this statute. The to accept repayment of their deposits and claims over a period of years, question is whether contractual rights have been im- for the full amount thereof or in reduced amounts, with or without interest, the period over which the deposits and claims are to be repaid and paired or rights of property annulled in contravention the rate of payment, together with the interest rate, if any, to be deterof the provisions of the Constitution of the United mined by the superintendent of banks, provided the superintendent States. of banks is convinced that such bank is in solvent condition and can repay the depositors the amounts of their deposits in accordance with The People's Bank & Trust Company of Tupelo, the terms of the agreement for the repayment of same. But, before any Mississippi, closed its doors on December 24, 1930. In such bank shall be reopened, the entire plan for the reopening of same, accordance with the statutes then in force (Code of 1930, and all facts in connection therewith, shall be submitted by the superintendent of banks to the chancery court of the county in which the bank § 3817), the Superintendent of Banks took charge of the is situated, or to the chancellor in vacation, by proper petition, duly business and proceeded to liquidate it, his action being verified, such petition to contain a statement of the assets and liabilities subject at all times to the supervision of the Court of of the bank and such other information as may be necessary to convey to the court or chancellor the true facts with reference to the condition of Chancery. The bank owed about $200,000 for public such bank, and a decree of the court or of the chancellor in vacation moneys on deposit. These were preferred claims under obtained approving the plan agreed upon for the reopening of such bank the laws of Mississippi, and were paid in full. It owed and authorizing the same to be reopened. for bills payable and rediscounts $457,500, amply "Section 2. When any closed bank has been reopened as herein provided, the general depositors and creditors thereof who have not expressly secured by collateral. These also were paid in full, the agreed to accept the repayment of their deposits and claims in accordance security being unaffected by liquidation or insolvency. with the freezing-of-deposits plan shall be bound to accept repayment of Out of the remaining assets, so far as they would serve, their deposits and claims on the same basis and at the same rate as those general depositors and creditors who have signed the freezing-of-deposits the liquidator would have to pay the general deposits agreement, but this shall not apply to public depositors or to those (about $1,450,000) as well as any other debts. There depositors and creditors holding preferred claims, or secured claims, nor was also available for the protection of depositors the to correspondent banks holding bills payable of the closed bank. Proper provision must be made in the plan for the reopening of such bank to personal liability of the shareholders to the extent of pay public depositors, depositors and creditors holding preferred claims the par value of their shares, a liability which under and secured claims, and correspondent banks, on terms acceptable to the statute was to be "enforced in a suit at law or in them, but any arrangement so made shall not operate prejudicially to the rights of the general depositors and creditors of the bank. equity by any such bank in process of liquidation, or "Section 3. That this Act shall not be construed to give the superinby the superintendent of banks, or other officer suc- tendent of banks the right to diminish the assets of a closed bank to the ceeding to the legal rights of, said bank." Mississippi prejudice of the depositors and creditors thereof, and any assets that may Code, § 3815. The share capital of the bank was be charged out as doubtful or as losses shall be held by the bank and collected for the benefit of its depositors and creditors, and all amounts $200,000, and the personal liability of the shareholders so collected shall be held by the bank to be paid to them in accordance would have added a like amount to the assets if all the with the agreement for the repayment of their deposits and claims. shareholders had paid in full. "Section 4. That this act shall be in force from and after its passage. "Approved May 18, 1932." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDEEAL RESERVE BULLETIN 307 from any other liability on the old shares, though the assumed. Payment of the creditors is still the end to statutory liability would attach automatically to the be attained, and resumption of business a means and new ones if the reorganized bank were to go under. nothing more. If debts are thereby swollen or assets Shareholders not contributing to capital (represent- made to shrink, the outcome is an unlooked for incident ing $90,000 of the old shares) were to remain personally of a method of administration conceived to be more liable as if no plan had been adopted. Of the claims efficient than present sale and distribution. The Conagainst the old bank as distinguished from those stitution of the United States does not confer upon the against the shareholders, twenty-five per cent were to depositors a vested right to liquidation at the hands of be assumed by the reopened bank; seventy-five per a state official. Gibbes v. Zimmerman, 290 U. S. 326, cent were to be a charge upon certain assets which were 332. to be placed in a pool and made to realize what they The argument will not hold that the necessary operacould. Assets having an estimated value in excess of tion of the statute is to subject dissenting creditors, the liabilities assumed were to be turned over to the who may be as many as one-fourth, to the will or the reopened bank to enable it to make good its promise. whim of the assenting three-fourths. The creditors This was the primary source of payment, though the favoring reorganization, though they be ninety-nine covenant of assumption was to be back of it. Out of per cent,* have no power under the statute to impose the assets so delivered deposits of $5 or less, amounting their will on a minority. They may advise and recomin all to $3,649.87, were to be paid in full. All other mend, but they are powerless to coerce. Their recomclaims then outstanding for deposits or other debts mendation will be ineffective unless approved by the were to be ratably satisfied up to the limit of twenty- Superintendent. Even if approved by him, it will be five per cent, five per cent at once, and the remaining ineffective unless the court after a hearing shall find twenty per cent in five per cent instalments as the it to be wise and just. Upon such a hearing every assets turned over to the reopened bank were con- objection to the plan in point of law or policy may be verted into cash, the process of conversion being sub- submitted and considered. The decree when made by ject to the supervision of the court. Proceeds of col- the Chancellor will represent his own unfettered judglection in excess of the twenty-five per cent were not ment. The judicial power has not been delegated to to be retained, but were to be paid into the pool. non-judicial agencies or to persons or factions interested Certain other assets having an estimated value of in the event. Like statutes have been upheld by the $45,000 were turned over to the reopened bank for sur- courts of other states. Dorman v. Dell, 245 Ky. 34; plus or reserve. This amount was to be repaid out of Milner v. Gibson, 249 Ky. 594; Nagel v. Ghingher, (Md.), the net earnings at the rate of $7,500 a year by addi- 171 Atl. 65; McConville v. Fort Pierce Bank & Trust Co., tions to the pool. No dividends were to be declared 101 Fla. 727; Smith v. Texley, 55 S. D. 185; Hoff v. upon the shares of the reopened bank till all the liabili- First State Bank of Watson, 174 Minn. 36; Paul v. ties assumed by it had been satisfied completely. The Farmers & Merchants State Bank, 187 Minn. 411. assets deposited in the pool were to be administered by The Act of 1932 being valid on the surface, the questhe bank as a trust for the benefit of creditors. Many tion remains whether it has been so applied or interother details would have to be stated to exhibit the preted in the adoption of this plan as to bring out plan fully. For an understanding of the objections the defects that were lurking underneath. Dahnke-Walker outline given will suffice. Co. v. Bondurant, 257 U. S. 282, 289; Merchants' The Superintendent of Banks filed a petition in the National Bank v. Richmond, 256 U. S. 635, 637; Kansas Court of Chancery approving the plan and recom- City So. R. Co. v. Road Improvement District, No. 6 f mending its adoption. Notice of hearing was served 256 U. S. 658, 659. by publication upon the 5,000 creditors affected, as The argument is made that some of the assets of the well as personally upon some of them selected by the old bank are placed at the risk of the business of the court as representing the interests of all. Only a few new one. All this was done for the protection of existcreditors opposed the granting of the petition. Some ing creditors. The finding is that collections are made of these withdrew their objections at the close of the more promptly and readily by a going concern than by hearing with the result that the number of opponents one in liquidation. Cf. Christensen v. Merchants & was reduced to six. After full consideration, the court Marine Bank of Pascagoula, 168 Miss. 43, 57. For on May 15, 1933, entered a decree overruling the objec- illustration, a live bank is much more efficient than a tions and reopening the bank in accordance with the closed one in selling parcels of real estate or in carrying plan. Two of the objecting creditors appealed to the them while unsold at profitable rentals. Adequate Supreme Court of the state, invoking the protection of precautions are embodied in the plan to assure the Article I, § 10, and the Fourteenth Amendment of the enjoyment of these benefits by the creditors and not Federal Constitution. The decree was affirmed, one by others. It is one of the terms of the decree that judge dissenting. 155 So. 331. The case is here upon none of the profits of the business may be used for the appeal. Judicial Code, § 237; 28 U. S. C. § 344. new shareholders until every dollar's worth of assets If we look to the surface of the statute and no farther, turned over by the Superintendent has been paid to there is not even colorable basis for the argument that the creditors or delivered to the pool. The court may the Constitution is infringed. All that the statute does intervene upon a showing of unreasonable delay. There upon its face is to change the method of liquidation. is no need to consider whether any of these safeguards The assets of the business are to be devoted without might have been omitted without invalidating the impairment or diversion to the payment of the debts. plan. We take the record as we find it. As to this the statute is explicit. Act of 1932, Chapter The argument is made that a cause of action upon 251, § 3. In the discretion of the Court of Chancery a contract has been destroyed or given away to the reopened bank is to take the place of the state Super- prejudice of depositors in that shareholders have been intendent for the purpose of gathering in the assets and released from their personal liability in return for a discharging liabilities. The substitution may not be contribution of capital to the regenerated business. made unless the court is satisfied that the reopened This is said to constitute a denial of due process or an bank is solvent and able to satisfy the debts to be impairment of contract within the doctrine of Eitor v. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL RESERVE BULLETIN MAY 1935 Tacoma, 228 U. S. 148, and Coombes v. Getz, 285 U. S.The appellants also say that their constitutional 434. The answer is much the same as to the argument rights were infringed by those provisions of the plan last considered, The effect of the release has been to whereby a preference was granted to the holders of make it possible for the bank to be reopened with the small claims. None of these claims ($3,649.87 in the result to the creditors of economies and other benefits aggregate) was for more than $5, and many, we were that would otherwise be lost. During about two years informed upon the argument, were for only a few cents. and a half of liquidation there had been collected from The Chancellor found by his decree that it would be the whole body of the shareholders, representing 2,000 more economical to pay these accounts in full than to shares, a small percentage only of the total liability. incur the bookkeeping expenses incidental to a calcula- The Superintendent expressed the belief that it might tion of percentages whenever dividends were paid to be possible in the course of many years and with great others. Cf. Nagel v. Ghingher, supra, at p. 69. The expense and labor to bring collections from these objecting creditors have not been damaged by that sources to a total of $75,000. Through the method feature of the plan. called for by the plan, capital in the sum of $55,000 Finally the appellants say that the proceedings in became available at once as additional security for the the Court of Chancery are void for insufficient notice obligations assumed by the reorganized business. This to the depositors and others. A sufficient answer is capital was supplied by the holders of 1,100 shares, that the appellants appeared generally and were fully whose maximum liability was $110,000. The liability heard upon the merits. of the other shareholders ($90,000 at the maximum) The decree should be affirmed, and it is continued unimpaired for whatever it was worth. The So ordered. Chancellor found from the evidence that in all prob- A true copy. ability the moneys thus obtained as contributions to Test: capital could not have been collected by judgment and execution, and that the depositors would be the gainers Clerk, Supreme Court, U. S. by the substituted form of payment. He reached that conclusion after a trial in the county of the vicinage with his finger on the pulse of neighborhood conditions. On appeal to the Supreme Court his findings were Amendments to Regulation T confirmed. Cf. Smith v. Texley, supra, at p. 195. In such circumstances it is idle to speak of the release The Federal Reserve Board recently adopted of liability as a gift or a sacrifice of valuable assets. certain amendments to its Regulation T re- The release was none of that, but a compromise of a lating to extension and maintenance of credit liability of uncertain value upon terms beneficial to the by brokers, dealers, and members of national creditors. So the trier of the facts has found. The securities exchanges. These amendments are title to the extinguished cause of action was not in the depositors, but in the Superintendent or the bank. If as follows: there had been no plan to reorganize, the Superintend- Amendment No. 1 of Regulation T—Effective May ent like a receiver might have compromised the cause 10, 1935.—Section 2 of Regulation T is hereby amended of action and released it with the approval of the court. by adding at the end thereof a new subsection reading His authority was no less because the release was incias follows: dental to a project to rehabilitate a business for the good of all concerned. The jurisdiction of the Court of u(ri) The term 'days' as distinguished from Chancery to give approval to a settlement by a receiver 'business days' and. 'full business days', means or other officer did not have its genesis in the Act of 1932 calendar days, but if the last day of a specified or in the procedure there prescribed. It existed in like period of days be a Saturday, a Sunday, or a holimeasure when the liquidation of this bank was begun in day, such period shall be considered to end on the 1930 and for many years before. Depositors were next full business day." chargeable with notice of that power and became sub- Amendment No. 2 of Regulation T—Effective May ject to its exercise in making their deposits. 10, 1935.—Section 5 of Regulation T is hereby amended In last analysis, then, the appellants' grievance, if by adding at the end thereof a new subsection reading they have any, is this and nothing more, that there was as follows: error of judgment to their prejudice in the approval of the plan with the compromise of liability as one of its " (d) Maintenance of credit without collateral or important features. They refer us to nothing in the on collateral other than exempted or registered serecord to give support to that contention. The testi- curities.—Any credit which was initially extended mony as to the probable results of liquidation without prior to October 1, 1934, or which was extended the aid of a reopened bank was not contradicted or dis- in conformity with this regulation and which is or credited. But the result would not be changed if the has become, without violation of this regulation, record, in that respect were different. Error of judg- credit maintained without collateral or on collatment in the compromise of liabilities is not a taking of eral other than exempted or registered securities, property or an impairment of contract in derogation of may be maintained without collateral or on collatthe restraints of the Constitution of the United States. eral other than exempted or registered securities The appellants make the point that by the Act of until July 1, 1937: Provided, That any collateral 1932 a preference was accorded to the claims of corre- securing such credit other than exempted or regisspondent banks, though such a preference did not tered securities (a) shall not be the basis of any exist under the statutes in force when the Superin- additional extension of credit which is*for the tendent went into possession. A sufficient answer is purpose of purchasing or carrying securities, and that in this case the correspondent banks were protected (6) shall be given no value in determining the by collateral security which apart from the new prefer- maximum loan value of the securities in the ence would have required them to be paid in full. account." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 1935 FEDERAL RESERVE BULLETIN 309 Amendment No. 3 of Regulation T—Effective May 10, repaid by the customer: Provided, however, That, 1935.—Section 6 of Regulation T entitled "Cash trans- in exceptional cases, any regularly constituted comactions " is hereby amended to read as follows: mittee of a national securities exchange having jurisdiction over the business conduct of its mem- " SECTION 6. CASH TRANSACTIONS bers, of which exchange the creditor is a member or through which his transactions are effected, "Notwithstanding any other provision of this may, on application of the creditor, grant a further regulation, a creditor may, in a special cash account extension of time not exceeding 35 days or, in the recorded separately, subject to the conditions spec- case of a registered security, authorize the creditor ified in this section, (1) effect bona fide cash trans- to extend credit on such security subject to the actions and transactions incidental thereto and provisions of this regulation, if such committee is (2) make, for limited periods not exceeding seven satisfied that the transaction was a bona fide cash days, extensions of credit which are incidental to transaction, that the creditor is acting in good bona fide cash transactions. faith in making the application, and that the cir- "A bona fide cash transaction is (1) a transaction cumstances warrant such action. in which a customer buys a security (whether reg- "The special cash account provided for in this istered or unregistered), through a creditor acting section shall not be used in any way for the purpose as broker or from a creditor acting as dealer, pur- of evading or circumventing any provision of this suant to an agreement made in good faith, and not regulation. No transactions shall be effected in to evade or circumvent the provisions of this regu- such account except bona fide cash transactions lation, that the customer will promptly make full and transactions incidental thereto, and no excash payment for such security, or (2) a transaction tension of credit shall be made in such account in which a customer sells, through a creditor acting except extensions incidental to bona fide cash as broker or to a creditor acting as dealer, a secu- transactions." rity (whether registered or unregistered) which the creditor holds in the special cash account of such NOTE.—The Board's rulings numbered 16, 27, 34, customer or which, pursuant to an agreement made and 35 interpreting Regulation T may be disregarded in good faith and not to evade or circumvent the with respect to transactions occurring on and after the provisions of this regulation, is to be deposited in effective date of the foregoing amendment. After or transferred to such account. enactment of Amendment No. 3, Ruling No. 36 inter- "The creditor shall record the full details of preting Regulation T will still be controlling as to the every bona fide cash transaction and of every trans- facts stated in the ruling but it is contemplated that action incidental thereto which is effected in the the ruling will be of less general interest because of the special cash account provided for in this section possibility under Amendment No. 3 of transferring and shall record in the special cash account itself unregistered, nonexempted securities from a combined the following details: (1) in the case of every secu- account to a cash account for the purpose of effecting rity purchased by the customer, the name of the their sale as a bona fide cash transaction. customer, the date of payment by the creditor, and Amendment No. 4 of Regulation T—Effective May the date of payment by the customer, and (2) in the 10, 1935.—Subsection (b) of section 8 of Regulation T case of every security sold by the customer the name is hereby amended by adding at the end thereof a new of the customer, the date of deposit of the security paragraph reading as follows: in or the transfer thereof to the account, the date of payment to the customer, and the date of the "Nothing in this regulation shall be construed crediting of the proceeds of the sale to the account. to prevent a creditor from paying to or for a customer from any account (including any restricted "No extension of credit which is incidental to account) interest and/or cash dividends collected any such bona fide cash transaction shall constitute by the creditor for the customer's account, if such a violation of this regulation (1) if, within the time payment is made within 35 days after the day on specified above, payment is received by the creditor which, in accordance with the creditor's usual (who may disregard for the purpose of this clause practice, such interest or dividends are credited to any sum due not exceeding $50), or (2) if, within the account, and if the crediting of such interest or two full business days after the time when paydividends has not served in the meantime to perment should have been received under this section, mit in the account any purchase of securities or the creditor (a) in the case of any security purother transaction which could not otherwise have chased by the customer from the creditor acting been effected in accordance with this regulation." as dealer, cancels the sale or resells the security, or (6) in the case of any security purchased through NOTE.—The Board's rulings numbered 30 and 38 the creditor acting as broker, sells the security, or interpreting Regulation T must be disregarded with (c) in the case of any security sold through the respect to transactions occurring on or after the effeccreditor acting as broker, resells the security or is tive date of the foregoing amendment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN MAY 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 April March April Apr. 3 Apr. 10 Apr. 17 Apr. 24 Boston. 650 497 1,524 Boston 752 235 941 New York... 3,801 4,090 19,435 New York t,644 4,065 3,960 3,948 Philadelphia. 556 557 13,836 Philadelphia. 497 502 503 545 Cleveland- 132 684 2,406 Cleveland.. 374 118 118 62 Richmond. 247 248 1,623 Richmond- 218 264 299 241 Atlanta 235 203 815 Atlanta 190 201 178 301 Chicago 58 75 1,503 Chicago 123 12 12 22 St. Louis 16 35 326 St. Louis 26 23 16 7 Minneapolis- 52 12 588 Minneapolis., 25 22 62 79 Kansas City... 92 Kansas City... 171 101 93 Dallas 373 133 196 Dallas.__ 254 391 413 San Francisco.. 159 178 583 San Francisco. 117 129 155 172 Total. 6,371 6,810 43,141 Total- 6,391 6,019 6,661 6,824 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 figure.s Amounts in thousands of dollars] Ratio of total reserves to Total reserves Total deposits Federa c l ir R c e u s la er ti v o e n n i otes in R de e p s o er s v it e s n a o n te d lia F b e i d li e t r ie a s l combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 April March April April March April April March April April March April Boston 447,093 439,708 368,416 321,393 314,629 265, 628 266,722 265,106 242,198 76.0 75.8 72.5 New York 2, 249, 302 2,175,433 1, 467, 570 2, 259, 876 2,199, 866 1,523,713 662, 799 664,118 633,549 77.0 76.0 68.0 Philadelphia 326,607 327,682 309, 240 236,970 241,165 215, 497 237, 523 235,031 243,616 68.8 68.8 67.4 Cleveland 455,183 443,634 357,196 335, 314 327, 336 241,270 312, 739 309, 754 298, 267 70.2 89.6 66.2 Richmond 202, 637 211,516 215,173 159, 809 107, 559 161, 378 153, 468 153, 438 143, 824 64.7 65.9 70.5 Atlanta 132, 336 134,643 139, 760 92, 910 96, 356 89, 408 126,993 125, 737 129, 329 60.2 60.6 63.9 Chicago 1,138,604 1,077, 898 962,154 703,905 662,821 598,029 792,158 787,987 773, 377 76.1 74.3 70.2 St. Louis 183,321 199,764 193,117 145,059 161,453 140, 584 140,017 140,090 134, 512 64.3 66 2 70.2 Minneapolis 145, 206 153, 537 113,071 107,485 111, 750 76, 935 104, 208 103,948 96,100 68.6 71.2 65.3 Kansas City 199,486 201,041 166,016 183,817 182,321 146,110 119, 743 118, 531 107, 521 65.7 66.8 65.5 Dallas 98, 303 111,279 98, 646 121, 086 129, 425 118, 790 47,221 48,183 39, 766 58.4 62.7 62.2 San Francisco 327, 703 343, 246 295,045 297,918 295,903 241,142 207,948 203,048 199,874 64.8 88.8 66.9 Total . . 5,905, 781 5, 819,381 4, 685, 404 4,965, 542 4, 890, 584 3, 818, 484 3,171, 539 3,154,971 3,041,933 72.6 72.3 68.3 i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $16, 422,000; month ago, $15,796,000'-; year ago, $17,331,000. ' Revised. Back figures.—SeeA nnual Report for 1933 (table 9) and 1932 (table 8). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 311 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, APRIL 30, 1935 [In thousands of dollars] Total B t o o s 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 - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - 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 5,748,844433,974 2,170, 373 297,818 429,361191,460 113,954 1,241,491465,988 123,114 185,01690,252 306,040 Redemption fund—Federal Reserve notes. 20,520 2,094 1,144 1,665 1,674 1,821 3,482 2,549 1,318 659 827 376 2,911 Other cash _ ___ 244,137 26,027 66,938 33,939 11,126 11,841 12,823 24,813 11,918 12,253 11,357 5,705 15, 397 Total reserves _ _ _. 6,013, 501462,095 2,238,455 333,422 442,161 205,122 130, 259 1, 268,856 179,224 136, 026 197,29060,333 324,348 Bills discounted: Secured by U-. S. Government obligations, direct and/or fully guaranteed. 2,516 149 993 537 124 169 220 120 Other bills discounted 3,306 111 2,316 171 61 189 285 Total bills discounted. 5,822 260 3,309 708 185 358 94 7 63 84 505 180 Bills bought in open market 4,696 346 1,805 475 446 174 169 557 81 65 127 122 329 Industrial advances... 26,309 2,154 6,112 3,568 1,331 3,876 1,150 2,193 537 1,960 965 1,786 677 U. S. Government securities: Bonds 321,612 19,285 109,884 21,039 25,223 13,446 11,187 41,331 12,752 14,479 12, 81617, 28022,890 Treasury notes 1,524, 543 99, 204 463, 708 1-0055., 220016 "1314,;622 71, 76759, 535 253,154 68, 56140,358 67,402 3388,,884499 122,177 584,060 39,189 170, 72640,87; 53,180 28, 35023, 518 95,358 26, 88715, 74126, 62615, '34 6 48,264 Certificates and bills 2,430,215157,678 744,318167,120 213,025113, 56394,240 389,843 108,200 70, 578 106, 84471,475 193,331 Total TJ. S. Government securities- 2,467,042160,438 755, 544 171, 871 214,871117,798 95,917 392, 687 108, 82f72,666108,020 73, 888 194, 517 Total bills and securities 702 53 279 72 67 26 25 85 4 19 18 49 Due from foreign banks __ 18,150 343 5, 932 558 924 1,931 734 2,530 958 850 992 363 2,035 Federal Reserve notes of other banks 506,461 46,780 134, 85833,089 47,185 40,949 20,106 77,067 21, 52012,900 30, 75817, 27623, 973 Uncollected items. _ 49, 617 3,168 11,724 4,578 6,629 3,029 2,325 4,955 2,628 1,580 3,447 3,869 Bank premises 40, 205 627 26, 216 5,129 2,017 1.247 1,721 717 244 637 255 511 All other assets Total assets 9,095, 678673, 504 3,173,008 548, 719 713,854 370,102 251,087 1,746, 897 313,404 224,663 340,691190, 544497,302 LIABILITIES Federal Reserve notes in actual circula^ tion 3,152, 779262, 292 648,814 236, 644 312, 953 150,460 126, 766788,430 139, 601 104,235 119,80846,857 215,919 Deposits: Member bank—reserve account 4, 714, 787325, 771 2,029, 098 235,074 309. 238 152, 50882, 873 823, 851 125, 76687,346 177, 933 106,082 259, 247 U.S. Treasurer—general account 98, 360 5,537 39,234 4,803 7,737 8,911 4,432 7,849 2,651 2,134 2,412 5,885 6,775 Foreign bank 15, 252 1,246 4,315 1,713 1,644 640 623 2,008 519 415 467 450 1,212 Other deposits 255,419 5,116 189,972 3,677 3,773 3,681 3,264 3,451 11, 940 8,584 783 2,823 18,355 Total deposits 5,083,818337,670 2, 262,619 245, 267 322,391265, 740 91,192 837,159 140,876 98,479 181, 595 115, 240 285, 589 Deferred availability items 508, 434 48,676 133,679 32,069 46,565 39, 907 19, 559 78, 56222,310 12,947 29,664 18,372 24,124 Capital paid in 146, 662 10,763 59,372 15,133 13,126 5, 03: 4,447 12, 778 3,999 3,124 4,032 4,031 10,822 Surplus (sec. 7) 144, 893 i, 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) 19, 209 2,165 6,064 2,098 1,007 2,084 754 1,391 54" 1,003 775 626 Reserve for contingencies 30, 1,648 7,500 2,996 3,000 1,416 2,600 5,325 891 1,211 816 1,363 2,041 All other liabilities 11, 076 388 4,990 1,042 440 274 229 1,902 525 244 388 181 467 Total liabilities 9,095,678 673, 504 3,173, 008 548, 719 713, 854 370,102 251,0871, 746, 897 313,404 224,663 340,691190,447 549,302 Ratio of total reserves to deposits and Federal Reserve note liabilities combined (percent) 73.0 77.0 76.9 \ 69. 2 64.9 59.8 78.1 63.9 67.1 65.4 59.4 64.7 Commitments to make industrial advances 16, 929 2, 65f 6,329 480 1,436 1,219 725 501 1,399 36 384 160 1, 605 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 3,425, 781 280,189 746,501 249,800 327,830 160, 68' 144,466 819,160145,866 108,839 128,461 53,100 260,882 Held by Federal Reserve bank 273, 002 17, 89; 97, 68' 13,156 14,877 10, 22' 17, 700 30, 730 4,604 8,653 6,243 44,963 In circulation.. 3,152, 779 262,29: 648, 814236,644 312,953 150,460126,766 788,430 139,601104, 235119,808 46,857 215,919 Collateral held by agent as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury _.3, 285, 979 301,617 788, 706 230,000 308, 715141,340 87, 685 827,346118.632 97, 500 120),,000 51,175 213, Eligible paper 4,110 253 1,744 698 59 158 340 61 59 498 154 U. S. Government securities 226,100 22,000 20,000 20,000 60,000 29,000 12,100 10,000 3,000 50,000 Total collateral. 3,516,189301,870 790,450 252, 698 328, 774161,498148,025 827,428 147,636 109, 661130, 05954, 673 263,417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN MAY 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 Federal Reserve district Total Excess March February January March February January March February January Boston 296.0 303.2 302.1 164.6 172.7 173.3 0.5 0.2 0.6 New York 1,954.8 2,609.5 1,841.4 857.7 988.4 791.0 4.0 3.9 4.8 Philadelphia 222.2 216.2 216.9 93.5 89.6 91.9 .5 .8 .9* Cleveland 304.3 287.5 274.7 156.4 141.7 129.4 .6 .5 .3 Richmond 151 9 139.1 130.8 79.4 67.1 59.6 .2 .2 .2 Atlanta 85.3 83.2 82.4 28.7 28.4 28.7 .2 .2 .2 Chicago. _. 634.9 680.1 695.9 312.7 354.4 375.8 .04 .1 .3 St. Louis _ .. 139.9 146.3 146.4 71.9 79.6 80.1 .04 .02 .1 Minneapolis 100.9 99.0 103.0 52.8 52.0 55.9 .007 Kansas City __ __ 174.7 173.2 169.0 93.1 92.3 88.6 .1 .1 .1 Dallas 122.8 133.9 126.3 65.8 76.6 70.7 . 1 .03 .02 San Francisco 264.6 270.1 266.0 88.1 93.6 90.3 .2 .05 .2 Total 4,452. 2 4,601.4 4,354. 9 2,064. 7 2, 236.6 2, 035. 2 6.5 6.0 7.7 NET DEMAND AND TIME DEPOSITS OF LICENSED MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks n larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Net demand Time Net demand Time Federal Reserve district March Fe a b ry ru- January March Fe a b ry ru- January March Fe a b ry ru- January March Fe a b ry ru- January Boston 1,178 1,170 1,152 592 593 593 83 85 85 120 120 120 New York 8,177 8,057 7,821 1,642 1,645 1,637 205 209 200 442 441 440 Philadelphia _ __. 942 919 907 632 637 631 157 155 155 394 393 390 Cleveland 1,096 1,079 1,082 909 902 883 153 150 147 227 227 226 Richmond-.- . .-. 551 546 539 321 315 309 119 120 121 165 165 164 Atlanta- 445 428 414 262 266 261 101 98 99 70 68 72 Chicago _ . 2,387 2,414 2,375 984 969 959 192 187 181 168 166 164 St. Louis 510 495 497 254 251 250 131 133 128 90 91 89 Minneapolis 302 293 294 171 172 171 137 135 135 172 172 172 Kansas City 574 567 566 207 2Q6 203 243 241 238 109 109 109 Dallas 411 410 397 158 162 162 194 199 194 35 36 35 San Francisco.. 1,160 1,165 1,160 1,816 1,798 1,782 106 105 106 92 92 92 Total - - 17,733 17, 543 17, 204 7,949 7,916 7,840 1,821 1,818 1,789 2,082 2,080 2,074 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 313 EARNINGS AND EXPENSES OF MEMBER BANKS LICENSED STATE MEMBER BANKS, BY DISTRICTS, FIRST 6 MONTHS OF 1934 [In thousands of dollars] Federal Reserve District Total Boston Y N o ew rk 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 - AtlantaChicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - Earnings- Interest and discount on loans 91,383 6,027 42, 668 6,641 12,019 3,527 1,295 5,603 3,332 528 1,017 680 8,046 Interest and dividends on investments . 80,125 3,403 43, 525 6,124 8,580 2,045 601 6,425 2,776 426 1,179 256 4,785 Interest on balances with other banks 500 3 337 71 7 7 6 36 7 7 3 16 Collection charges, commissions, fees, etc 4,693 136 2,550 78 155 203 119 495 246 69 34 59 549 Foreign department 3,560 29 3,228 21 45 11 60 16 3 1 146 Trust department 21,837 1,606 13,414 2,532 1,606 387 178 1,072 369 12 102 11 548 Service charges on deposit accounts 3,810 265 1,546 148 328 143 68 657 149 33 66 52 355 Other current earnings. _ 13,381 460 5,455 1,156 1,901 414 402 1,000 514 84 412 100 1,483 Total earning from current operations.._ 219, 289 11,929 112, 723 16, 771 24,641 6,737 2,669 15, 348 7,409 1,159 2,816 1,159 15,928 Expenses: Interest on deposits: Time 33, 330 2,726 10, 252 2,376 5,990 1,250 466 3,326 1,477 341 234 126 4,766 Demand . 2,058 25 685 348 352 83 55 130 31 39 66 14 230 Bank 724 38 351 246 24 1 1 9 2 29 1 22 Total 36,112 2,789 11,288 2,970 6,366 1,334 522 3,465 1,510 380 329 141 5,018 Salaries and wages 60, 254 3,245 32, 286 4,868 5,459 1,861 648 4,228 1,851 348 707 389 4,364 Interest and discount on borrowed money 1,273 14 514 128 50 20 17 64 438 1 7 2 18 Taxes 9,798 744 4,185 905 1,220 413 196 875 383 66 107 74 630 Other expenses. _ 40,377 2,005 21,848 3,470 3,130 1,213 495 2,515 1,335 216 681 246 3,223 Total current expenses. 147, 814 8,797 70,121 12, 341 16, 225 4,841 1,878 11,147 5,517 1,011 1,831 852 13, 253 Net earnings from current operations __ 71, 475 3,132 42, 602 4,430 8,416 1,896 791 4,201 1,892 148 985 307 2,675 Recoveries, profits on securities, etc.: On loans 6,140 155 3,445 404 299 86 76 441 546 56 40 76 516 On in vestments. __ 38, 503 2,248 25,383 2,962 1,671 1,338 343 1,303 1,182 109 144 52 1,768 All other _ 3,742 60 2,145 186 226 252 13 259 175 84 31 23 288 Total . _ 48,385 2,463 30,973 3,552 2,196 1,676 432 2,003 1,903 249 215 151 2,572 Losses and depreciation: On loans 93, 222 3,553 45, 585 10,149 9,365 3,542 1,690 4,853 4,327 708 636 261 8,553 On investments 74,997 4,627 35,165 9,324 6,816 2,810 154 2,842 5,030 1,041 1,311 17 5,860 On banking house, furniture and fixtures 5,253 177 2,765 267 549 171 34 128 169 11 253 30 699 All other 11,881 417 3,374 847 1,207 531 222 1,702 607 48 316 43 2,567 Total losses and depreciation.. 185,353 8,774 86,889 20, 587 17,937 7,054 2,100 9,525 10,133 1,808 2,516 351 17, 679 Net addition to profits » -65,493 -3,179 -13,314 -12,605 -7, 325 -3,482 -877 -3,321 -6, 338 -1,411 —.1,316 107 -12,432 Cash dividends declared 41, 566 1,397 31, 390 3,308 2,650 474 214 816 339 16 103 96 763 Capital funds,* June 30, 1934.2,109, 573 84, 565 1, 306,132 160,378 221, 768 47,816 21,974 96, 552 53, 619 7,826 18, 294 7,551 83,098 Number of banks, June 30, 1934 958 47 163 61 95 60 56 152 70 71 46 60 77 1 Net loss indicated by minus (—) sign. 2 By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred and/or capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN MAY 1935 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued LICENSED STATE MEMBER BANKS, BY DISTRICTS, LAST 6 MONTHS OF 1934 [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - Earnings: Interest and discount on loans 85,871 5,724 39,561 6,224 11,191 3,436 1,232 5,262 3,092 595 961 559 8,034 Interest and dividends on investments 79, 271 3,704 41,171 5,990 8,989 2,116 695 7,072 2,633 457 1,120 300 5,024 Interest on balances with other banks 576 4 425 28 13 35 6 3 9 3 22 28 Collection charges, commission, fees, etc 4,738 135 2,202 89 534 172 139 527 266 91 41 70 472 Foreign department 3,665 24 3,258 21 52 8 46 12 4 1 239 Trust department 23, 612 1,847 14,141 2,772 1,867 459 149 1,169 437 14 86 7 664 Service charges on deposit accounts 4,523 308 1,832 210 369 198 68 720 228 48 95 57 390 Other current earnings.. 15,339 467 6,047 1,172 1,920 455 255 2,114 622 100 409 194 1,584 Total earning from current operations.- _ 217, 595 12, 213 108, 637 16, 506 24,935 6,879 2,544 16,913 7,299 1,308 2,738 1,188 16, 435 Expenses: Interest on deposits: Time - 31,112 2,540 9,992 2,188 5,488 1,205 413 3,087 1,136 301 215 117 4,430 Demand 1,679 32 493 221 342 58 49 141 21 19 42 14 247 Bank- 732 32 383 179 31 33 2 5 2 18 1 46 Total 33, 523 2,604 10,868 2,588 5,861 1,296 464 3,233 1,159 320 275 132 4,723 Salaries and wages 61,123 3,330 32, 541 4,912 5,620 1,884 664 4,355 1,911 347 704 390 4,465 Interest and discount on borrowed money 787 6 219 67 8 7 2 56 415 1 1 1 4 Taxes 10, 204 631 4,396 764 1,571 350 241 890 384 85 102 89 701 Other expenses 39, 710 1,869 21, 332 3,449 3,154 1,113 439 2,667 1,306 239 662 258 3,222 Total current expenses - 145, 347 8,440 69, 356 11, 780 16, 214 4,650 1,810 11, 201 5,175 992 1,744 870 13,115 Net earnings from current operations - _ ._ 72, 248 3,773 39, 281 4,726 8,721 2,229 734 5,712 2,124 316 994 318 3,320 Recoveries, profits on securities, etc.: On loans 6,230 290 3,831 187 221 91 112 357 194 96 45 57 749 On investments 27, 433 875 18,167 1,651 1,363 600 172 1,251 934 148 332 42 1,898 All other 4,985 745 1,569 878 693 158 13 336 88 25 64 52 364 Total 38, 648 1,910 23, 567 2,716 2,277 849 297 1,944 1,216 269 441 151 3,011 Losses and depreciation: On loans - - 58, 334 2,214 38, 515 3,851 4,970 919 909 3,619 767 311 295 311 1,653 On investments 39,130 1,443 25, 950 3,504 2,256 776 88 1,740 920 537 53 156 1,707 On banking house, furniture, and fixtures 4,754 456 2,550 301 378 207 59 226 131 21 25 59 341 All other 12, 785 1,022 6,599 1,283 654 169 331 795 364 74 277 88 1,129 Total losses and depreciation 115,003 5,135 73, 614 8,939 8,258 2,071 1,387 6,380 2,182 943 650 614 4,830 Net addition to profits * -4,107 548 -10,766 -1,497 2,740 1,007 -356 1,276 1,158 -358 785 -145 1,501 Cash dividends declared 40, 402 1,363 29, 715 3,258 2,911 664 274 456 498 44 136 84 999 Capital funds,2 Dec. 31,1934..2,030, 383 89, 571 1, 224, 421 156, 927 220,894 49, 081 21, 295 98, 443 52,978 8,141 16,820 7,597 84, 215 Number of banks, Dec. 31, 1934 980 49 164 61 99 61 55 163 71 69 48 60 80 1 Net loss indicated by minus (—) sign. 2 By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred and/or capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 315 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued LICENSED NATIONAL BANKS, BY DISTRICTS, FIRST 6 MONTHS OF 1934 NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currenc3r from reports submitted by national banks. [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Earnings: Interest and discount on loans - - - 185,533 16,817 35,248 17,935 14,727 9,187 9,599 18,925 6,030 6,653 9,911 10,375 30,126 Interest and dividends on investments 152,056 12,447 36,885 15,016 13,512 6,651 6,127 16,768 5,302 6,773 7,977 5,627 18,971 Interest on balances with other banks 622 20 117 73 26 20 46 28 19 76 108 17 72 Collection charges, commissions, fees, etc 8,783 265 1,281 221 342 356 935 1,613 480 1,134 660 556 940 Foreign department 6,405 722 3,909 221. 119 33 124 827 20 15 5 17 393 Trust department 12,068 781 3,183 481 610 347 352 3,441 100 412 468 178 1,715 Service charges on deposit accounts 8,787 917 1,285 406 358 381 529 1,434 241 419 835 604 1,378 Other current earnings 27, 523 2,060 6,937 1, 533 1,867 926 1,377 3,787 883 991 1,771 1,634 3,757 Total earnings from current operations 401, 777 34, 029 88,845 35, 886 31, 561 17,901 19,089 46,823 13,075 16, 473 21, 735 19,008 57,352 Expenses: Interest on deposits: Time. 82, 318 6,196 12,978 10,162 7,870 4,656 3,725 7,548 2,827 4,103 3,448 2,202 16, 603 Demand 4,675 116 728 265 637 124 166 655 136 176 500 267 905 Bank 1,071 149 163 181 144 29 49 32 84 96 104 12 28 Total 88,064 6,461 13, 869 10, 608 8,651 4,809 3,940 8,235 3,047 4,375 4,052 2,481 17, 536 Salaries and wages 102,182 8,153 23,174 7, 361 7,054 4,165 4,844 13, 522 3,323 4,531 6,299 4,970 14,786 Interest and discount on borrowed money 1,189 96 292 195 77 76 124 52 43 25 24 55 130 Taxes 21, 456 1,351 4,965 1, 249 1,392 1,016 1,139 2,975 898 1,094 1,076 1,640 2,661 Other expenses 66,142 5,256 15, 266 4,578 4,863 2,557 3,491 8,278 2,114 3,291 4,109 3,350 8,989 Total current expenses.. 279,033 21, 317 57, 566 23, 991 22,037 12, 623 13, 538 33, 062 9, 425 13, 316 15, 560 12, 496 44,102 Net earnings from current operations 122, 744 12, 712 31, 279 11, 895 9,524 5,278 5,551 13, 761 3,650 3,157 6,175 6,512 13, 250 Recoveries, profits on securities, etc.: On loans 15, 740 966 3,701 276 659 319 308 4,355 336 980 1,409 1,433 998 On investments 68, 647 5,638 21, 048 3, 993 3,492 4,314 2,775 9,837 2,491 2,016 3,669 2,903 6,471 All other 10, 271 449 1,172 176 225 240 160 6,220 609 215 305 154 346 Total 94, 658 7,053 25,921 4,445 4,376 4,873 3,243 20,412 3,436 3,211 5,383 4,490 7,815 Losses and depreciation: On loans . 192, 269 15.692 70,876 11, 251 12,422 6,306 7,463 19, 500 4,059 10,315 8,415 9,0-S1 16,889 On investments 137, 681 6,223 68,996 8,087 7,960 3, 4fi2 2,791 10,931 3,911 6,960 5,200 2,092 11,068 On banking house, furniture and fixtures 16,730 972 5,979 342 702 355 443 1,974 218 1,202 1,086 1.844 1,583 All other 19,465 1,597 4,192 746 1.957 684 1,165 1,483 849 1,237 1,156 1,462 2,937 Total losses and depreciation 366,145 24,484 150,043 20,426 23,041 10,807 11,862 33,8R8 9,067 19,714 15,857 14,479 32,477 Net addition to profits *_ _-148,743 -4, 719 -92f843 -4,086 -9,141 -656 -3,068 285 -1,981 -13,346 -4, 299 -3,477 -11,412 Cash dividends declared 42, 554 4,727 13,489 5,384 2,217 2,651 1,648 1,390 1.101 607 1,598 1,769 5,973 Capital funds,2 June 30, 1934_.2,995, 351 288,161 743,810 313,752 245, 038 126, 620 132,159 367,523 92,867 102,166 131,494 130,838 320,923 Number of banks, June 30, 1934 5,417 326 625 583 518 334 268 506 313 460 690 494 300 1 Net loss indicated by minus (—) sign. 2 By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred and/or capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN MAY 1935 DEPOSITS OF MEMBER BANKS BY SIZE OF ACCOUNT LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT AND BY CLASS OF DEPOSITS, OCT. 25, 1933 [Amounts of deposits in thousands of dollars] Deposit accounts of— Total—All deposit accounts $2,500 or less $2,501 to $10,000 $10,001 to $50,000 Over $50,000 Class of banks and class of deposits o N f u d to m e r p b s o e s r i- o A f m d i e o ts p u o n s t - o N f u d to m e r p b s o e s r i- o A f m d i e t o s p u o n s t - d N b e t e p u o r o r m s o s - i f - o A f m d i e t o s p u o n s t - d N b e t e p o u r o r m s o s - i f - o A f m d i e o ts p u o n s t - d N b e t e p o u r o r m s o s - f i- o A f m d i e t o s p u o n s t - All licensed member banks: State, county, and municipal funds._ 63,729 1,376, 256 40,989 23,121 10, 711 57,870 8,252 187, 633 3,777 1,107,632 U. S. Government deposits i 917,889 863 3,403 14, 851 898, 772 Postal savings J 782,691 299 2,574 28, 845 750,973 Deposits of other banks 76,488 3, 236,892 22,607 17, 781 19,005 110, 292 23, 580 547, 258 11, 296 2, 561, 561 Certified and cashiers' checks, etc2.-. 967, 578 429, 650 951,898 71,002 10,826 44,987 3,834 72, 054 1,020 241, 607 Other active accounts 27, 432,172 19, 652,404 26,425, 235 5, 617,388 808,831 3, 670, 387 164, 448 3,111,475 33, 658 7, 253,154 Other dormant accounts 3 5, 646, 045 189, 039 5, 632, 643 112,940 12,126 47,062 1,211 19, 963 65 9,074 Total on Oct. 25, 1933 4 34,186, 012 26, 584,821 33, 073, 372 5, 843, 394 861,499 3,936, 575 201,325 3,982,079 49,816 12,822, 773 Percent 100.0 100.0 96.7 22.0 2.5 14.8 .6 15.0 .2 48.2 Total on May 13, 1933 4 30, 556,105 23, 542,307 29,482,384 5, 580, 327 839,736 3, 752,923 187,115 3, 720, 403 46,870 10, 488, 654 Percent 100.0 100.0 96.5 23.7 2.8 15.9 15.8 .1 44.6 National bank members: State, county, and municipal funds __ 53,140 1,075, 065 34,121 19, 201 9,077 48,929 6,962 157,492 2,980 849,443 U. S. Government deposits l 514, 035 789 3,112 13,000 497,134 Postal savings l 578,182 246 2,330 25,390 550, 216 Deposits of other banks__ 57, 761 2, 024, 302 17, 521 13, 503 14,584 85, 469 17,983 418, 012 7,673 1, 507,318 Certified and cashiers' checks, etc.2.-. 663,950 193,148 654,361 49,061 7,117 2,002 33,976 470 84, 015 Other active accounts 20,040,976 12, 505, 505 19,362, 244 4,014,419 554, 746 2,497, 582 105, 049 1,926,177 18,937 4,067,327 Other dormant accounts 3 4, 526,153 131,896 4, 516,931 82, 549 30,438 685 10,995 51 7,914 Total on Oct. 25, 1933 4 25,341.980 17,022,133 24, 585,178 4,179, 768 594,010 2, 693,956 132, 681 2, 585,042 30, 111 7, 563, 367 Percent 100.0 100.0 97.0 24.6 2.4 15.8 .5 15.2 .1 44.4 Total on May 13, 1933 22, 476, 727 14,909, 352 21, 748, 754 3,983, 711 579, 589 2, 552,918 120,028 2,366, 331 28, 356 6,006,392 Percent 100.0 100.0 96.8 26.7 2.6 17.1 .5 15.9 .1 40.3 State bank members: State, county, and municipal funds.. 10,589 « 301,191 3,920 1,634 8,941 1,290 30,141 797 258,189 U. S. Government deposits i 5 403, 854 74 291 1,851 401, 638 Postal savings * 204, 509 53 244 3,455 200, 757 Deposits of other banks 18,727 51,212,590 5,086 4,278 4,421 24, 823 5,597 129, 246 3,623 1,054, 243 Certified and cashiers' checks, etc.2.-. 303, 628 « 236, 502 297, 537 21,941 3,709 18,891 1,832 38,078 550 157, 592 Other active accounts 7,391.196 7,146, 899 7, 062,991 1, 602,969 254,085 1,172, 805 59, 399 1,185, 298 14,721 3,185,827 Other dormant accounts 3 1,119,892 57,143 1,115, 712 30, 391 3,640 16, 624 526 8,968 14 1,160 Total on Oct. 25, 1933 4. 8,844, 032 9,562,688 8,488,194 1, 663, 626 267,489 1, 242, 619 68, 644 1,397, 037 19, 705 5, 259,406 Percent 100.0 100.0 96.0 17.4 3.0 13.0 .8 14.6 .2 55.0 Total on May 13, 1933 4. 8,079, 378 8,632,955 7, 733, 6301, 596, 616 260,147 1, 200, 005 67,087 1, 354, 072 18, 514 4, 482, 262 Percent 100.0 100.0 95.7 18.5 3.2 13.9 15.7 .23 51.9 fT, ! For the purposes of the reports underlying this table, each member bank was requested to count all United States Government deposit accounts as constituting one account, and likewise to consider all postal-savings deposits as one account. In this table, however, the United States Government and the Postal Sayings System are not counted in the number of depositors. 2 Figures shown against this item under the head of "Number of depositors" actually represent the number of checks. 3 Represents deposit accounts from which no withdrawals and to which no credits were made (other than interest credited to such accounts) between Jan. 1, 1929 and Oct. 29, 1933, inclusive, except that if a depositor had a dormant account and also one or more active accounts all of his accounts were combined and included in active deposits as one account. 4 Since the figures for Oct. 25, 1933 represent the number of "depositors" while those for May 13, 1933 represent the number of "deposit accounts", they are not entirely comparable. s These figures differ somewhat from corresponding totals in the "Member Bank Call Report", due to the fact that some banks submitted corrections in their condition reports after the "Member Bank Call Report" had been compiled, and to the fact that in some cases it was not found practicable to reconcile relatively minor differences between condition reports and the special schedules classifying deposits according to size of accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 317 LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT AND BY FEDERAL RESERVE DISTRICTS, OCT. 25, 1933 [Amounts of deposits in thousands of dollars] Deposit accounts of— Total—All deposit accounts $2,500 or less $2,501 to $10,000 $10,001 to $50,000 Over $50,000 Class of banks and Federal Reserve districts o N f u d to m e r p b s o e s r i- o A f m d i o t e s p u o n s t - o N f u d to m e r p b s o e s r i- o A f m d i e t o s p u o n s t - d N b e t e p o u r o r m s s o - i f - o A f m d i e t o s p u o n s t - d N b e t e p o u r o r m s s o - i f - o A f m d i e t o s p u o n s t - d N b e t e p o u r o r m s s o - i f - o A f m d i o t e s p u o n s t - All licensed member banks: Boston 2, 315, 002 989,945 2, 217,877 486, 594 77, 518 343,939 15, 668 314,655 3,939 844,757 New York 6, 582,141 664,265 6, 282,0351,331, 584221, 426 59,088 1, 213, 782 19,592 6,090,000 Philadelphia 2,939,648 976,956 2,838,899 542,459 83,017 371, 855 14, 724 285,559 3,008 777,083 Cleveland 3,431,940 047,934 3, 335,893 557,464 77,587 352, 797 15,063 299,277 3,397 838,396 Richmond 2,082,034 976,604 2,030,864 296,702 40,658 185,658 8,716 173,004 1,796 321, 240 Atlanta 2,026,041 799, 557 1,986,476 211,347 27,355 126,876 10, 808 137, 542 1,402 323, 792 Chicago 3,946, 294 996,283 3,824,141 655,197 92, 663 422,747 23,149 470, 263 6,341 1,448,076 St. Louis 1, 708,210 858,688 1,667,916 255,611 31,430 143,789 7,336 150,603 1,528 308,685 Minneapolis 1, 257,538 712,698 1,219,993 229,180 30,359 137,908 6,053 123,360 1,133 222,250 Kansas City 2,103,825 033,314 2,054,964 281, 372 35,924 160,350 10,630 209, 506 2,307 382,086 Dallas 1, 680, 981 769,031 1, 643,422 220, 797 28, 323 130,929 7,666 157,953 1,570 259, 352 San Francisco 4,112, 358 759,545 3,970,892 775,086 115, 239 530,828 22, 424 446,575 3,803 1,007,056 Total 34,186,012 26, 584, 820 33,073, 3725, 843, 393861,499 3,936, 575201,325 3, 982,079 49, 816 12,822, 773 National bank members: Boston __. 1,713, 367 1,535, 225 1, 643,916 367,031 55, 270 240, 519 11,029 223,747 3,152 703, 928 New York 3, 742,920 4,004, 673 3,605,723 693,862 107,218 23,090 464, 726 6,889 2, 357,839 Philadelphia 2, 297,080 1, 363, 848 2, 222, 227 416,993 62, 759 277, 319 10,144 196,007 1,950 473, 529 Cleveland 2, 076, 630 1, 228, 236 2, 018, 757 340,825 46, 493 211,921 9,232 186,067 2,148 489,423 Richmond 1, 649, 404 727, 340 1, 610,056 233,193 31,633 143, 757 6,504 129, 263 1,211 221,127 Atlanta 1, 852, 278 723,864 1, 816, 240 189,484 24, 528 114,089 10,207 125,164 1,303 295,127 Chicago 2, 882,984 2, 357, 528 2, 793, 470 469, 924 67,183 306,278 17, 438 358,238 4,893 1, 223,088 St. Louis '._ 1.145,015 574,218 1,117, 880 167, 952 20,956 96, 807 5,142 106,053 1,037 203, 406 Minneapolis 1,183, 707 677, 327 1,148,074 216,015 28, 780 130, 708 5,761 117, 762 1,092 212, 842 Kansas City 1,925, 639 914, 393 1,881,115 260, 755 33, 054 147,211 9,513 186, 548 1,957 319, 879 Dallas ._ 1, 586, 999 736,873 1, 551,034 208, 640 27, 086 125, 259 7,350 151, 486 1,529 251, 488 San Francisco 3, 285,957 2,178, 608 3,176, 686 615, 094 89,050 411,842 17, 271 339, 981 2 ,950 811,691 Total 25, 341, 98017,022,133 24, 585,1784,179, 768594,010 2, 693, 956132,681 2, 585, 042 30, 111 7, 563, 367 State bank members: Boston __ 601, 635 454, 720 573,961 119,563 22, 248 103,420 4,639 90, 908 787 140, 829 New York. _ 2,839, 221 5, 659, 592 2, 676,312 637, 722 114, 208 540, 653 35,998 749,056 12, 703 3, 732,161 Philadelphia 642, 568 613,108 616, 672 125,466 20,258 94, 536 4,580 89,552 1,058 303,554 Cleveland 1, 355,310 819,698 1,317,136 216, 639 31,094 140,876 5,831 113,210 1,249 348,973 Richmond 432, 630 249,264 420,808 63,509 9,025 41, 901 2,212 43,741 585 100,113 Atlanta 173,763 75, 693 170,236 21,863 2,827 12, 787 601 12,378 99 28,665 Chicago _. 1,063, 310 638,755 1,030, 671 185, 273 25, 480 116, 469 5,711 112,025 1,448 224,988 St. Louis 563,195 284, 470 550,036 87, 659 10,474 46,982 2,194 44, 550 491 105, 279 Minneapolis 73,831 35. 371 71,919 13,165 1,579 7,200 292 5,598 41 9,408 Kansas City 178,186 118,921 173,849 20, 617 2,870 13,139 1,117 22,958 350 62, 207 Dallas 93,982 32,158 92, 388 12,157 1,237 5,670 316 6,467 41 7,864 San Francisco 826, 401 580,937 794, 206 159,992 26,189 118,986 5,153 106, 594 853 195, 365 Total 8,844,032 9, 562, 687 8, 488,1941, 663, 625267,489 1, 242,619 68,644 1,397,037 19,705 5, 259,406 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN MAY 1936 LICENSED MEMBER BANKS—DEPOSITS BY SIZE OF ACCOUNT AND BY STATES, OCT. 25, 1933 [Amounts of deposits in thousands of dollars] Deposit accounts of— Total—All deposit accounts $2,500 or less $2,501 to $10,000 $10,001 to $50,000 Over $50,000 State o N f u d to m e r p b s o e s r i- o A f m d i o t e s p u o n ' s t - o N f u d to m e r p b s o e s r i- o A f m d i o t e s p u o n s t - d N b e t e p u o r o r m s s o - i f - o A f m d o ep u o n s t - d N b e t e p u o r o r m s s o - i f - o A f m d i o t e s p u o n s t - d N b e t e p o u r o r m s s o - i f - o A f m d i o t e s p u o n s t - New England: Maine 195,266 94,134 188,321 44,074 6,107 25,336 746 13,699 92 11,025 New Hampshire . 136,913 53,705 132,717 21,952 3,686 11,917 439 8,766 71 11,070 Vermont 97,198 36,859 94,476 19,414 2,426 10,463 276 5,150 20 1,832 Massachusetts _.. 1,224,405 1,332, 375 , 169, 593 270,136 41,861 190,033 9,916 204,358 3,035 667,848 Rhode Island 379,141 247, 590 361, 440 70, 629 14,691 67,820 2,674 50,459 336 58,682 C onnecticu t 352,123 265, 556 338, 756 74,082 10,896 47, 522 2,022 39,434 449 104, 518 Middle Atlantic: New York 4,977,477 8,820, 249 4, 731, 5961, 021,391174, 739 822,657 52, 4361, 092,672 18,706 5,883,529 New Jersey... 1,930,855 974,438 1,868,675 360,188 53,696 237,602 7,520 137,694 964 238,954 Pennsylvania. 3,670,332 2,683, 248 3, 543,748 663,142 103,106 463,061 19,089 372,877 4,389 1,184,168 East North Central: Ohio 1,993, 275 1,031, 508 1,941,914 325,273 41, 466 190,150 8,232 164,677 1,663 351,408 Indiana 513,647 217,358 502,879 72,472 8,513 37,648 1,881 37,433 374 69,805 Illinois 2,150,891 2,019, 538 2,075,892 363,154 55,117 257,377 15,208 311,489 4,674 1,087,518 Michigan. 785,618 471,356 762,603 142,805 18,834 85, 111 3,449 68, 246 732 175,194 Wisconsin 625,285 315,234 608,792 107,426 13,404 56,945 2,63b 51,630 453 99,233 West North Central: Minnesota 756,629 478, 368 733,189 138,782 18, 587 84,457 3,956 81,192 897 173,937 Iowa 378,459 175,943 369,593 56,735 6,893 30,294 1,651 34,611 322 54,303 Missouri 1,011,007 709,310 981, 562 160, 561 21,621 99,721 6,170 128,916 1,654 320,112 North Dakota 104,913 44,231 102,286 17,830 2,182 9,762 404 8,449 41 8,190 South Dakota 111, 071 45,110 108,665 16, 662 1,939 9,247 430 9,100 37 10,101 Nebraska 307,886 155,955 299,814 50,121 5,998 27,836 1,800 33,877 274 44,121 Kansas.- 452,238 156,735 444,198 59,156 5,735 25, 778 2,031 31,461 274 40,340 South Atlantic: Delaware. 59,000 58,976 56,230 12,984 2,166 10,265 482 9,799 122 25,928 Maryland 300, 355 244, 768 287,691 59,854 10,088 47,395 2,142 43,834 434 93,685 District of Columbia. 273, 567 178,183 264,322 47,858 7,326 33,357 1,550 30,025 369 66,943 Virginia 766,637 286,568 750, 537 102, 672 13,095 59,098 2,543 48,033 462 76,765 West Virginia 435,340 124, 293 428,141 51,643 5,942 26,002 1,096 21,890 161 24,758 North Carolina 247,307 129,898 241,660 33,222 4,089 18,785 1,227 25,159 331 52,732 South Carolina 112,048 36,120 110, 264 10, 711 1,346 6,288 359 8,171 79 10,950 Georgia 564,407 227,383 554,933 57,165 7,200 33,161 1,836 39, 303 438 97,754 Florida 288, 204 133, 217 282,809 30,904 4,172 19,301 20,067 224 62,945 East South Central: Kentucky 477,024 165, 099 468,162 61, 581 7,235 32,916 1,398 28,459 229 42,143 Tennessee 463,241 204,628 453, 378 55, 750 7,542 35,862 1,947 39,910 374 73,106 Alabama 434, 593 137, 399 423, 369 42, 648 5,593 25,894 5,415 25,231 216 43, 626 Mississippi 129,167 40, 514 126, 699 14,967 2,040 9,415 378 7,695 50 8,437 West South Central: Arkansas 179,183 63,804 175,497 21, 218 2,884 13,432 721 15, 200 81 13,954 Louisiana 438, 502 183, 753 430, 668 42, 554 5,809 27, 377 1,671 34, 268 354 79, 554 Oklahoma 593, 537 242,495 582, 517 64,026 8,099 33, 309 2,341 51,044 94,116 Texas 1, 551, 511 710,925 1, 516,708 204, 341 26, 322 121,484 7,011 144, 718 1,470 240,382 Mountain: Montana 111, 103 75,353 106,888 23,103 3,404 15,668 702 13, 572 109 23,010 Idaho 66, 221 27, 501 64,693 10, 297 1,223 5,730 247 5,110 58 6,364 Wyoming 87,782 30,311 86,032 10, 641 1,363 6,340 337 7,049 50 6,281 Colorado 337,717 192,928 327,814 54, 655 7.997 34, 686 1,522 30, 764 384 72,823 New Mexico. 57,691 20,865 56,588 7,982 863 4,087 215 4,179 25 4,617 Arizona 44,460 24, 532 43,440 8,253 821 3,934 165 3,250 34 9,095 Utah 120, 583 67,283 117,156 19, 241 2,675 13,046 627 13,080 125 21,916 Nevada 19,636 9,739 18,913 3,591 627 2,742 1,949 8 1,457 Pacific: Washington. 402,360 232,362 391, 737 65, 351 8,230 37,304 1,982 40,102 411 89,605 Oregon 315,394 156,625 307,280 58,901 6,799 30,010 1,125 21,041 190 46,673 California 3,154,813 2,250,498 3,038,537 611, 295 95,052 438,950 18, 233 362,987 2,991 837,266 Total _ 34,186,012 26,584,820 33,073,372 5,843,393 861,499 3,936, 575201, 3253,982,079 49,816 12,822,737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 319 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 i l - a a- C la le n v d e m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - D la a s l- F c S r is a a c n n o - Y N o e r w k Chi- Loans and investments, total: Apr. 3 18,509 1,184 8,539 1,079 1,170 368 358 1,917 559 366 577 427 1,965 7,661 1,521 Apr. 10 18,535 1,184 8,521 1,079 1,175 369 354 1,957 561 363 589 435 1,948 7,635 1,564 Apr. 17 18,644 1,176 8,633 1,078 1,185 362 355 1,959 557 363 591 433 1,952 7,741 1,572 Apr. 24 18, 617 1,172 8,620 1,076 1,188 359 349 1,964 560 361 590 429 1,949 7,736 1,566 Loans on securities, total: Apr. 3 2,974 210 1,602 199 172 57 52 278 65 33 54 204 1,412 238 Apr. 10 2,969 209 1,608 197 172 57 51 272 64 34 54 202 1,408 231 Apr. 17 3,023 203 1,709 195 171 54 50 258 61 33 49 195 1,519 221 Apr. 24 3,067 205 1,790 191 168 50 47 249 33 47 185 1,608 213 To brokers and dealers in New York: Apr. 3 720 601 576 27 Apr. 10 732 613 578 27 Apr. 17 796 717 692 17 Apr. 24 850 807 791 To brokers and dealers outside New York: Apr. 3 170 30 57 15 33 14 55 31 Apr. 10 165 29 56 14 30 14 54 27 Apr. 17 162 28 56 15 30 12 54 28 Apr. 24 168 31 58 14 31 15 56 29 To others: Apr.3 2,084 159 944 163 164 216 170 781 180 Apr. 10 _. 2,072 158 939 162 164 213 169 776 177 Apr. 17 2,065 159 936 162 163 210 168 773 176 Apr. 24.__. 2,049 159 925 162 162 209 167 761 175 Acceptances and commercial paper: Apr.3 '424 229 25 2 2 '47 10 21 21 227 '35 Apr. 10 '414 220 25 2 2 ••45 10 22 3 21 218 '33 Apr. 17 r401 214 25 2 2 '42 10 23 3 20 212 '31 Apr. 24 395 208 25 2 2 41 10 22 3 21 206 29 Loans on real estate: Apr.3 248 71 73 12 32 36 13 25 344 130 17 Apr. 10 248 71 73 12 32 36 13 25 345 130 17 Apr. 17 ..- 964 247 71 73 12 31 36 13 24 346 130 17 Apr. 24 245 71 73 12 31 36 13 25 346 128 17 Other loans: Apr.3 " 3,245 294 1,380 166 135 127 '319 109 103 109 111 312 1,235 '246 Apr. 10 '3,244 295 1,380 165 135 127 '324 108 102 106 111 312 1,235 '251 Apr. 17 • 3, 244 1,375 166 139 127 '326 106 101 107 111 314 1,230 '251 Apr. 24 3,217 291 1,355 164 139 128 323 105 100 107 110 316 1,211 248 U. S. Government direct obligations: Apr. 3 7,280 366 3,494 293 579 127 102 877 • 217 152 240 163 670 3,290 684 Apr. 10 7,323 365 3,511 296 581 128 95 905 220 150 253 168 3,310 723 Apr. 17 7,371 366 3,526 295 589 126 95 921 219 152 258 170 3,319 741 Apr. 24 7,336 361 3,470 297 594 127 90 940 224 149 257 169 658 3,263 748 Obligations fully guaranteed by U. S. Government: Apr. 3 702 11 310 56 23 22 71 279 78 Apr. 10 716 12 311 56 25 103 23 71 275 78 Apr.17 715 12 308 56 25 103 23 70 272 78 Apr. 24__._ 711 12 56 25 103 26 71 261 79 Other securities: Apr.3 2,918 164 1,276 269 186 266 118 343 223 Apr. 10 2,903 165 1,243 269 187 276 118 346 ,059 231 Apr.17 2,926 167 1,254 270 186 278 118 353 ,059 233 Apr. 24 2,928 167 1,254 272 187 277 97 118 352 ,059 232 Reserve with Federal Reserve banks: Apr. 3 3,047 224 1, 596 147 171 46 386 56 103 70 149 ,530 336 Apr. 10 3,156 228 1,634 143 162 53 442 58 101 70 163 ,576 391 Apr. 17 3,345 239 1,710 150 165 51 524 58 105 69 167 ,631 468 l~ Apr. 24 3,538 256 1,820 153 163 63 584 56 103 67 164 ,734 533 Cash in vault: Apr.3 270 68 61 13 19 11 45 4 10 9 16 49 35 Apr. 10 289 78 65 14 20 12 6 45 4 11 9 17 52 35 Apr. 17... 282 75 62 14 19 11 6 44 5 11 9 17 50 34 Apr. 24-. 281 73 57 14 11 7 45 4 12 10 17 44 35 Net demand deposits: Apr.3- _ 14,087 963 7,409 747 718 241 207 1,574 268 482 317 763 6,964 1,308 Apr. 10 -.-. 14, 224 968 7,413 744 724 245 209 1,666 403 268 493 319 772 6,965 1,403 Apr.17... - 14,530 978 7,593 753 733 235 211 1,740 403 270 507 326 781 7,100 1,470 Apr. 24 14,646 7,662 754 737 240 208 1,788 408 267 '500 319 774 7,185 1,516 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN MAY 1935 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK AND CHICAGO [In millions of dollars] Federal Reserve district City Total B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - 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: Apr. 3 -. 4,476 312 1,047 316 454 139 129 531 166 128 164 122 624 386 Apr. 10 4,474 312 1,048 314 451 139 129 534 166 128 163 122 629 387 Apr. 17 4,494 314 1,040 313 452 139 130 555 167 129 163 123 625 408 Apr. 24 4,498 312 1,044 312 451 139 131 558 167 129 162 123 970 627 411 Government deposits: Apr. 3 1,016 72 557 62 45 31 58 22 5 21 52 83 527 42 Apr. 10 -. 1,016 71 557 62 45 31 58 22 5 21 53 83 527 41 Apr. 17 1,014 71 .557 62 45 30 58 22 5 21 52 83 527 41 Apr. 24 1,014 71 556 62 45 31 58 22 5 21 52 83 526 42 Due from banks: Apr. 3 1,732 106 143 175 143 79 278 100 91 212 149 175 65 174 Apr. 10. 1,693 94 135 174 139 81 271 97 88 199 139 195 64 171 Apr. 17 1,784 109 156 179 142 80 291 100 87 207 145 202 184 Apr. 24 1,819 108 155 185 150 293 102 212 142 209 190 Due to banks: Apr. 3 4,285 212 1,900 258 195 100 609 182 121 281 141 199 1,836 490 Apr. 10 4,234 206 1,891 252 191 100 591 177 118 278 137 206 1,829 478 Apr. 17 4,418 216 2,023 261 196 102 602 180 120 285 134 210 1,960 488 Apr. 24 4,438 215 2,014 264 202 102 87 616 181 121 287 137 212 1,949 502 Borrowings from Federal Reserve banks: Apr. 3 Apr. 10__. Apr. 17__ -. Apr. 24 RATES ON INDUSTRIAL ADVANCES [Approved by the Federal Reserve Board, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent per annum except as otherwise specified. In effect on May 1,1935] New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston York delphia land mond lanta cago Louis apolis City Dallas F c r is a c n o - Advances direct to industrial or commercial organizations 4-6 4-6 5-6 4-6 6-6 5-6 Advances to financing institutions: On portion for which institution is obligated 13 4-6 13 4 3-4 On remaining portion _ 4-5 4-6 5-6 6-6 4-6 Commitments to make advances 1-2 1-2 1-2 1-2 1 H-2 i Authorized rate 1 percent above prevailing discount rate. » Same as to borrower but not less than 4 percent, a Flat charge. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 321 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 1935 centers March February March Month Ship- Re- Ship- Rements ceipts Net ments ceipts Net New York City 1 15,895 12,549 15,608 to from receipts to from receipts Outside New York City 140 15,849 13,181 14,077 Europe Europe Europe Europe Federal Reserve districts: Boston. _ 11 1,721 1,369 1,533 M J F a e a n b r u r c a u h r a y ry 0 0 1 3 2 5 , , , 7 2 2 4 0 5 0 0 6 3 5 2 , , , 7 2 2 3 5 0 9 0 6 1 1 7 8 6 3 1 7 3 2 1 . , , 0 7 5 2 0 0 6 5 2 3 1 1 , , , 6 3 8 2 2 5 4 9 9 N P C h l e e i w l v a e d Y la e o n lp r d k hia 1 13 7 0 1 1 1 6 , , , 5 4 4 3 8 9 9 5 0 1 1 1 3 , , , 2 3 1 5 1 5 0 0 1 1 1 1 6 , , , 3 2 1 8 9 4 4 7 2 April 1 2,900 2,899 373 1,465 1,092 Richmond . 7 575 498 513 J J M u u a n ly y e - - 6 1 8 3 0 3 3 3 , , , 4 6 7 7 0 8 1 1 0 3 3 3 , , , 7 4 5 7 6 3 0 3 8 A S C t h t . l i a c L a n o g t u a o i . s 2 1 1 5 5 4,2 7 7 8 2 8 7 6 4 3,3 6 6 3 2 4 8 5 6 3,5 6 7 8 9 2 6 8 8 August 0 5,193 5,193 Minneapolis.. __ 9 480 408 436 September 23 4,254 4,231 Kansas City 15 892 747 815 October 0 2,524 2,524 Dallas 10 511 472 459 November 199 2,129 1,930 San Francisco 18 2,255 1,916 2,094 December 40 1,539 1,499 Total 141 31,744 25,730 29,685 Total 345 40,587 40,242 For description and back figures see BULLETIN for January 1932, MATURITY DISTRIBUTION OF BILLS AND pp. 7-9, and for January 1934, p. 51. SECURITIES HELD BY FEDERAL RESERVE PAPER CURRENCY OF EACH DENOMINATION BANKS IN CIRCULATION [In thousands of dollars! I Outside Treasury and Federal Reserve banks. In millions of dollars] With- 16 to 31 to 61 to 91 days Over 1934 1935 Total i d n a ^ ys da 30 ys da 60 ys da 9 y 0 s t m o o . 6 6 mo. Denomination Mar. 31 Oct. 31Nov. 30 Dec. 31 Jan. 31 Feb. 28 Mar. 31 Bills discounted: Apr. 3 6,391 4,168 245 783 1,093 78 24 $1 397 410 422 423 401 407 410 Apr. 10_._ 6,019 3,982 211 698 1,035 81 12 $2 33 32 32 32 32 31 32 Apr. 17... 6,661 4,586 238 718 1,014 87 18 $5 730 752 776 771 740 755 754 Apr. 24... 6,824 4,582 176 1,530 390 113 33 $10 1,230 1,265 1,300 1,288 1,240 1,275 1, 285 Bills bought $20 1,302 1,314 1,332 1,326 1,293 1,314 1, 309 in open mar- $50 346 335 337 337 336 340 341 ket: $100 584 571 571 577 571 575 578 Apr. 3 5,304 497 3,674 472 661 $500 117 112 111 112 111 112 113 Apr. 10... 5,307 4,077 242 624 364 $1,000 230 221 214 216 214 217 221 Apr. 17... 5,302 3,703 265 727 607 $5,000 7 5 5 5 5 6 6 Apr. 24... 4, 247 381 559 3,509 $10,000 9 7 10 7 7 8 8 Industrial advances: Total. 4,986 5,025 5,110 5,095 4,953 5,039 5, 057 Apr. 3 21,073 774 473 564 1,265 17,112 Apr. 10... 21, 256 492 340 2,169 16,424 an N d O F T e E d . e — ra F l i R gu e r s e e s r v in e c b lu a d n e k , s i , n u a n d a d s i s t o io rt n e d t o c c u u rr r e re n n c c y y h o e u ld ts i b d y e t t h h e e s e T r i e n a s s ti u tu ry - A A p p r r . . 1 2 7 4 . . _ .. . 2 2 6 6 , , 1 2 6 0 3 6 1 1 , , 5 3 2 5 7 8 3 2 7 6 4 4 3 43 9 1 4 3 3 4 6 7 0 2 2, , 3 3 7 0 7 4 2 2 1 1 , , 4 2 2 0 9 4 tions amounting to $7,000,000-$14,000,000, and also $1,000,000 of currency U. S. Governof unknown denominations reported by the Treasury as destroyed. ment securities: Apr. 3 2, 430, 819 33, 252 41, 07889,021291,959 327,2961,648,213 UNITED STATES POSTAL SAVINGS Apr. 10... 2, 430, 431 37,080 41, 69089, 7842 29900,,856 308,1961, 662,825 Apr. 17... 2,430, 853 41,078148,765 151109, 325 3498,33 1, 617, 501 [Balance to credit of depositors. In millions of dollars] Apr. 24... 2, 430, 232 41, 690 48,881257, 519 113, 295 3292,15 1, 639, 632 End of month 1931 1932 1933 1934 1935 January. __ 278.4 666.2 943.4 1,200.8 1,200.8 February. 292.1 692.6 007.1 1,200.0 1,205. 7 March 302.7 706.0 113.9 1, 200.0 n, 202. 5 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 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN MAY 1935 BANES LICENSED AND NOT LICENSED Number of banks Deposits > (in thousands of dollars) Total Licensed Not Total Licensed Not licensed * licensed All member banks: Mar. 15, 1933 ,_ 6,699 5,078 1,621 28,421,038 25, 554, 287 2,866,751 Apr. 12, 1933__ 6,681 5,425 1,256 28,646,106 25,986,183 2,659,923 June 30,1933 6,701 5,606 1,095 27,829,942 26,563,927 1,266,015 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 Apr. 24, 1935 6,420 6,418 2 33,855,727 33,855, 299 428 National banks: Mar. 15, 1933.__ _ 5,907 4,507 1,400 18,137,719 16,195,145 1,942,574 Apr. 12, 1933 5,897 4,789 1,108 18,313,090 16,494,549 1,818,541 June 30, 1933. _ 5,882 4,897 985 17,769,636 16, 741,289 1,028,347 Dec. 30, 1933 _ _ 5,606 5,154 452 17,990,217 17,555,239 434,978 June 30, 1934... 5,512 5,417 95 19,993,896 19,895,897 97,999 Dec. 26, 1934 5,477 5,471 6 20,771,521 20,764,706 6,815 Apr. 24, 1935 5,438 5,438 21, 668,322 21,668,322 State-bank members: Mar. 15, 1933 792 571 221 10, 283,319 9,359,142 924,177 Apr. 12. 1933 784 636 148 10,333,016 9,491,634 841,382 June 30, 1933 819 709 110 10,060,306 9,822,638 237,668 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 Apr. 24, 1935 982 980 2 12,187,405 12,186,977 428 Nonmember banks otber than mutual savings banks:8 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 Apr. 24, 1935 _ 9,031 8,948 83 5,422,742 5,375,906 46,836 i 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. 3 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. » 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 BANES PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY-APRIL 1935 [Preliminary figures! Licensed banks suspended i Nonlicensed o b r a r n e k c s e i p v l e a r c s e h d ip i * n liquidation Deposits» (in Deposits * (in Number of banks thousands of Number of banks thousands of dollars) dollars) Year Jan.-Apr. Year Jan.-Apr. Year Jan.-Apr. Year Jan.-Apr. 1934 1935 1934 1935 1934 1935 1934 1935 National banks 1 1 40 368 396 4 401,983 6,499 State bank members «23 «4 * 39,606 *6,076 Nonmember banks... 55 9 36,904 1,549 501 30 205,140 10,312 Total 56 10 36,944 1,917 920 38 646, 729 22,887 i Includes banks placed on a restricted basis. 1 Includes nonlicensed banks absorbed or succeeded by other banks. J Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. * Includes 14 banks with deposits of $12,504,000 in 1934 and 3 banks with deposits of $4,858,000 during January-April 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

MAT 1935 FEDERAL RESERVE BULLETIN 323 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities All Farm Year, month, and week m c t o o ie m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n 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 l m 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 h e 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 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 61.4 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—March 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 April 73.3 59.6 66.2 78.6 88.9 75.3 71.7 87.9 86.7 75.5 81.6 69 5 May 73.7 59.6 67.1 78.9 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 June. - .. 74.6 63.3 69.8 78.2 87.1 72.7 72.8 87.7 87.8 75.6 82.0 70.2 July 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69.9 August 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 September 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 October 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 November— 76.5 70.8 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70 « 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 March 79.4 78.3 81.9 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69 ?, Week ending— 1936—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 ?, Feb. 9 79.1 78.1 82.3 77.8 86.6 69.6 74.3 85.2 84.7 80.4 82.3 70.1 Feb. 16 79.4 79.2 83.1 77.7 86.7 69.7 74.0 85.1 84.6 80.4 82.1 70.2 Feb. 23 79.6 79.9 83.2 77.7 86.8 69.7 73.9 85.1 84.8 81.0 81.9 70.2 Mar. 2 79.6 80.0 82.5 77.6 86.6 69.4 73.9 85.0 84.7 81.6 81.9 69.9 Mar. 9 79.6 80.0 82.1 77.5 86.4 69.3 73.8 85.1 85.0 81.6 82.0 69 8 Mar. 16 79.4 79.2 82.6 77.3 86.0 69.0 73.8 85.0 84.6 81.5 81.9 69.0 Mar. 23 78.8 77.6 81.1 77.3 85.8 68.8 74.0 84.9 85.0 80.9 81.9 68 8 Mar. 30 78.9 77.5 81.8 77.3 85.7 68.8 74.2 85.0 84.9 80.4 81.9 68.8 Apr 6 __ 79.2 78.6 82.9 77.2 85. 6 68.7 74.1 85.0 84.3 80.2 81.9 68.4 Apr. 13 79.9 81.0 84.5 77.2 85. 9 68.8 74.0 85.0 84.5 80.5 81.9 68,4 Apr. 20 80.3 81.8 85.3 77.3 86.5 69.0 74.0 85.1 84.3 80.7 81.9 68.7 Apr. 27 80.3 81.7 85.4 77.5 87.9 68.8 74.3 85.2 84.4 80.8 82.0 68.9 1934 1935 1934 1935 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 62.3 91.5 88.8 87.4 82.8 Agricultural implements 85.2 92.7 92.7 93.6 93.6 Livestock and poultry 49.5 57.2 73.3 78.4 85. 8 Iron and steel 86.3 85.6 85.7 86.1 86.0 Other farm products 67.7 75.1 76.6 76.8 72.1 Motor vehicles 97.8 94.6 94.1 93.6 93.6 FOODS: Nonferrous me1tals 66.3 67.5 67.6 67.2 67.1 Butter, cheese, and milk 88.9 79.6 83.5 87.0 82.9 BUILDING MATERIALS: Cereal Droducts 85.3 92.2 91.6 91.9 92.1 Brick and tile. 88.5 91.2 91.1 90.6 90.2 Fruits and vegetables 71.6 62.4 62.8 63.6 63.2 Cftmftnt. 93.9 93.9 93.9 93.9 94.4 Meats 56.5 69.0 81.6 87.9 91.6 Lumber 86.4 81.2 79.9 80.5 79.9 Other foods 63.5 74.3 76.2 77.2 73.4 Paint materials 79.7 78.8 79.0 78.8 79.4 HIDES AND LEATHER PROTJTTP.TS: Plumbing and heating _ . 72.7 68.8 68.0 67.1 67.2 Boots and shoes 98.5 97.2 97.1 97.2 97.2 Structural steel 86.8 92.0 92.0 92.0 92.0 Hides and skins 73.4 67.4 71.1 69.6 66.6 Other building materials 89.9 89.8 90.3 90 3 90 1 Leather 79.7 71.8 74.3 74.6 74.2 CHEMICAT.S ANT* DRTTOS! Other leather products 86.7 85.7 85.0 84.6 84.6 Cheinicals 79.0 82.2 84.5 86.5 88.1 TEXTILE PRODUCTS: Drm*s and pharmaceuticsIs 71.9 73.4 73.1 73.1 73 0 Clothing 87.2 78.4 78.4 78.5 78.5 Fertlizftr materials 69.5 65.3 66.5 66.2 66.3 Cotton goods 89.1 84.3 84.1 83.3 82.4 Mixed fertilizers 72.6 73.7 73.3 n 8 72,8 Knit goods 65.6 61.9 63.5 63.6 62.5 HOUSEFURNISHING GOODS: Silk and rayon 29.4 27.1 28.6 28.1 27.3 Furnishings 83.2 84.2 84.3 84 1 84 1 Woolen and worsted goods 84.0 74.0 73.8 73.6 73.1 Furrliture 79.8 78.2 78.2 77.2 77.3 Other textile products. 78.5 68.6 68.8 68.6 67.7 MlSCELLANEOUS: FUEL AND LIGHTING MATERIALS: Autc> tires andtubes 44.6 47.5 47.5 47.5 46.6 Anthracite 81.2 82.3 82.3 82.3 81 1 CattlA fAAd 79.6 123.1 116.2 109.0 102.2 Bituminous coal 91.1 96.5 96.3 96.4 96.3 Paper and pulp 82.7 81.5 81.5 80 9 80 ft Coke 83.4 85.6 86.4 88.8 88.8 Rubber, crude. 22.8 26.4 26.5 26.2 23.5 Electricity 88.5 93.1 89.9 9a 3 Other miscellarleous . 83.2 80.7 80.4 80.1 80.1 Gas 89.4 89.3 87.6 87.7 Petroleum products 48.7 49.8 48.8 48.7 ~49.~8~ 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

324 FEDERAL RESERVE BULLETIN MAT 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average-100] 1934 1935 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total 82 85 86 83 74 72 69 72 73 '85 90 88 P86 IBON AND STEEL _*_> . 66 76 84 85 47 38 37 41 48 64 79 79 71 Pig iron . * 51 55 66 66 42 36 31 31 32 34 49 57 55 Steel ingots - 68 78 85 87 48 39 38 42 50 67 82 82 72 TEXTILES - 04 90 88 77 78 80 63 89 87 97 103 100 98 Cotton consumption.. 97 97 95 74 79 86 64 94 90 92 98 95 90 Wool 72 66 65 63 61 59 38 69 69 85 102 97 95 Consumption 71 68 63 61 62 60 37 63 82 97 116 97 102 Machinery activity * 82 71 72 68 67 65 40 61 68 92 110 116 99 Carpet and rug loom activityl -- 59 53 57 62 44 47 41 46 32 41 52 65 71 Silk deliveries 129 115 112 109 101 96 99 135 111 140 119 122 135 FOOD PRODUCTS . 84 93 98 96 102 106 120 107 102 102 91 81 77 Slaughtering and ir»eat pficlriTig 86 102 108 103 120 128 142 119 110 107 83 76 73 Hogs _- _ 69 95 104 87 92 79 89 95 90 79 54 56 51 Cattle 106 110 110 123 155 192 216 144 138 146 120 101 98 Calves .. 122 120 128 139 198 244 225 145 121 130 132 109 112 Sheep 131 129 127 128 134 145 162 228 143 139 133 131 151 Wheat flour 92 91 89 90 81 79 85 83 84 87 86 90 88 Sugar meltings . 65 64 71 80 69 64 94 101 102 108 130 86 75 PAPER AND PRINTING: Newsprint production _„ - -- 66 68 68 64 63 63 65 62 60 66 61 61 59 112 115 115 118 116 117 121 116 115 118 121 122 123 TRANSPORTATION EQUIPMENT: '80 85 78 '81 78 61 51 41 ••40 '88 104 105 106 Locomotives 0 10 10 2 3 5 7 8 10 9 8 8 Shipbuilding 59 65 39 38 28 95 133 17 14 18 27 68 LEATHER AND PRODUCTS 107 117 118 101 99 97 88 85 92 104 107 108 107 Tanning . _ 89 95 93 87 86 83 80 81 89 93 96 96 95 Cattle hide leathers 85 90 89 85 81 82 79 80 89 92 93 93 91 Calf and kip leathers -- 72 85 78 82 74 67 67 68 80 96 97 91 90 Goat and kid leathers 116 118 118 99 114 101 97 95 98 90 105 ' 112 112 Boots and shoes -- 118 131 134 110 108 106 94 88 94 112 114 '116 115 CEMENT AND GLASS: Cement 58 55 57 58 53 48 50 46 48 45 42 45 47 106 98 83 77 92 86 84 87 83 140 174 166 183 NONFERROUS METALS:* Tin deliveriesi 58 71 73 68 64 65 68 58 67 80 78 73 81 FUELS, MANUFACTURED: Petroleum refining 143 152 153 154 156 157 152 153 155 154 151 155 153 Gasolinel 177 191 191 195 201 202 193 196 199 194 191 196 191 Kerosene - - 95 98 95 94 92 91 85 92 91 89 99 105 108 Fuel oil i 101 99 101 103 100 103 102 98 101 103 99 102 101 Lubricating oil1 90 100 108 95 92 90 91 90 89 98 91 94 94 Coket byproduct 91 93 102 100 78 74 73 73 73 76 88 95 90 RUBBER TIRES AND TUBES 106 97 81 84 83 79 79 82 107 133 115 101 93 110 100 83 87 85 82 82 85 110 139 119 104 96 Inner tubes 82 76 63 62 68 56 61 60 80 91 82 76 68 TOBACCO PRODUCTS . _ > 119 128 128 132 128 126 125 120 125 143 136 133 130 Cigars. 66 66 62 65 63 66 66 66 69 76 72 69 67 Cigarettes 158 175 178 183 177 172 171 161 168 196 186 183 180 Minerals—Total 100 90 '88 87 85 80 82 81 81 '90 94 96 97 Bituminous coal 84 '71 '70 '66 '64 61 64 '65 65 '72 74 '81 88 Anthracite 109 73 76 69 63 50 62 53 64 72 76 67 54 Petroleum, crude _ _ 122 125 127 130 128 124 122 122 121 124 131 132 132 Iron ore 40 54 52 47 44 35 14 Zinc 68 65 65 58 57 60 61 76 77 74 71 '74 73 Lead 57 56 66 56 53 44 55 56 55 60 '48 50 55 Silver 47 45 44 45 40 39 36 39 35 53 50 65 50 i Without seasonal adjustment. 'Includes also lead and zinc; see "Minerals." » 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, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1935 FEDERAL RESERVE BULLETIN 325 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average=100| 1934 1935 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, Manufactures—Total. 71 70 73 '76 87 91 IRON AND STEEL. 85 44 40 56 76 80 Pig iron 66 40 31 34 49 58 58 Steel ingots.. 87 44 41 58 79 82 TEXTILES - 73 73 76 63 92 92 108 105 100 Cotton consumption 102 104 97 71 72 77 62 97 84 102 101 94 Wool.... 73 65 62 60 57 57 39 62 86 104 101 96 Consumption 73 65 58 55 55 56 38 69 98 119 105 104 Machinery activity 82 71 72 68 67 65 40 61 92 110 116 99 Carpet and rug loom activity- 59 53 57 62 44 47 41 46 32 41 52 65 71 Silk deliveries 124 114 111 97 96 100 104 135 115 125 136 130 130 FOOD PRODUCTS..- 82 87 95 100 100 122 110 108 103 90 79 75 Slaughtering and meat packing. 81 92 105 102 113 115 138 120 123 123 94 75 69 Hogs 69 84 100 89 82 60 67 81 99 104 72 62 51 Cattle 92 97 107 116 154 188 240 168 159 153 121 89 86 Calves 124 131 144 144 192 224 216 152 124 124 123 101 114 Sheep.. 119 121 124 126 134 146 188 251 142 136 134 123 137 Wheat flour 86 83 84 80 78 85 100 93 90 83 84 87 83 Sugar meltings 77 75 80 95 84 72 100 96 80 84 88 PAPER AND PRINTING: Newsprint production 65 61 61 64 61 Newsprint consumption . 117 123 119 117 103 104 118 123 123 121 116 121 128 TRANSPORTATION EQUIPMENT: Automobiles 109 r92 67 56 r37 112 130 Locomotives 0 9 10 2 5 7 Shipbuilding.. 46 63 50 47 140 133 LEATHER AND FRODUCTS 110 114 108 97 107 102 110 U0 Tanning 88 93 88 86 85 85 92 >• 100 94 Cattle hide leathers... 85 90 85 83 79 80 82 94 '99 92 Calf and kip leathers.. 64 76 74 79 81 77 80 84 80 Goat and kid leathers . 119 117 109 99 105 99 102 100 ' 116 U5 Boots and shoes 124 128 122 104 106 122 112 103 ' 117 121 CEMENT AND GLASS: Cement. 42 53 35 25 27 34 Glass, plate 115 108 105 155 179 199 NONFERROUS METALS: I Tin deliveries 58 64 65 68 58 67 80 78 73 81 FUELS, MANUFACTURED: Petroleum refining 143 152 153 154 156 157 152 154 156 155 151 156 153 Gasoline 177 191 191 195 201 202 193 196 199 194 191 196 191 Kerosene 92 97 92 87 86 87 87 97 99 96 101 107 105 Fuel oil 101 99 101 103 100 103 102 98 101 103 99 102 101 Lubricating oil 90 100 108 95 92 90 91 90 89 98 91 94 94 Coke, byproduct 94 94 101 98 75 72 71 73 74 77 92 RUBBER TIRES AND TUBES. 117 115 102 102 81 78 76 73 92 106 110 102 Tires, pneumatic 121 118 106 105 83 81 78 75 83 110 114 105 Inner tubes 87 77 74 65 61 54 58 75 80 74 TOBACCO PRODUCTS-. 113 118 130 144 139 135 129 128 115 128 121 124 Cigars 60 62 64 70 67 69 76 81 82 57 55 60 61 Cigarettes 150 159 179 202 194 186 188 169 166 161 182 166 171 Minerals—T otal. 91 81 87 r84 83 87 87 84 85 91 92 90 Bituminous coal.. 84 60 r61 '58 r73 r76 82 85 Anthracite.. 89 76 76 60 52 50 62 65 71 82 72 45 Petroleum, crude. 121 125 128 132 131 126 125 123 120 120 126 129 130 Iron ore 106 105 95 85 60 11 Zinc 55 53 56 58 73 77 79 Lead. 57 51 43 52 58 57 56 Silver 44 34 39 34 38 55 » Includes also lead and zinc; see "Minerals." Preliminary. ' Revised. c Corrected 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, mechanicaJ wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN MAY 1935 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average=100j Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. Total..- 82.4 81.2 80.8 82.4 81.9 81.0 70.8 69.1 64.8 IRON AND STEEL AND PRODUCTS 71.9 '70.7 70.0 70.9 '70.6 69.1 59.5 '59.0 51.3 Blast furnaces and steel works 74.0 72.9 70.1 72.4 72.2 68.6 63.5 63.8 52.2 Cast-iron pipe 48.6 48.6 50.3 48.9 50.4 50.6 25.1 25.6 26.1 Cutlery and edge tools 80.1 78.4 79.9 77.4 76.1 77.2 61.2 60.0 57.2 Hardware 56.5 56.2 80.6 55.7 55.8 79.4 47.9 49.6 64.6 Steam, hot-water heating apparatus, etc 50.3 49.6 45.8 49.7 49.2 45.3 33.5 33.1 27.7 Stoves 91.8 89.0 83.7 90.6 92.2 82.6 68.2 63.3 57.0 Structural metal work 55.6 53.8 53.9 56.9 55.3 55.2 39.1 37.6 35.1 Tin cans, etc 86.4 '85.4 85.4 89.2 '89.2 88.1 83.3 '77.3 79.7 Wirework _. 124.5 122.5 125.5 124.9 120.0 125.9 115.1 114.2 99.5 MACHINERY 84.1 '82.0 76.8 85.6 '83.1 78.4 66.9 '64.1 55.8 Agricultural implements 101.3 92.7 75.9 94.7 87.1 70.9 113.7 100.9 78.2 Electrical machinery etc 69.2 67.5 61.8 69.2 67.5 61.8 57.2 55.0 43.8 Engines, turbines, etc 90.8 85.5 65.8 89.3 85.0 64.7 64.2 59.9 41.3 Foundry and machine-shop products -- 73.5 72.0 68.3 72.6 71.6 67.4 57.5 55.7 49.9 Machine tools 79.6 76.9 70.9 77.7 75.1 69.2 66.5 63.2 57.4 Radios and phonographs 189.0 ' 186.0 187.6 252.7 ' '±26.8 250.8 110.6 ' 103. 2 101.5 Textile machinery _ 64.8 64.8 75.8 63.7 64.0 74.4 52.3 52.6 61.6 TRANSPORTATION EQUIPMENT . , 103.5 100.9 93.4 99.3 98.4 89.6 99.0 94.7 84.4 Automobiles 119.5 117.5 108.4 114.4 114.1 103.7 113.7 110.3 98.1 Cars, electric and steam railroad 52.2 43.6 41.1 52.6 46.9 41.4 54.5 43.4 38.9 Locomotives -- _ _. __ 32.5 30 9 22.7 32.2 31.4 22.5 14.6 13.6 9.1 Shipbuilding _ - - _. 73.5 72.8 69.3 69.7 69.3 65.7 63.5 59.7 52.4 RAILROAD REPAIR SHOPS _- 53.6 52.9 55.5 53.8 53.6 55.8 49.6 48.0 48.5 Electric railroads _. ._ 65.8 65.9 66.3 65.8 65.9 66.3 60.7 59.7 58.6 Steam railroads 52.7 51.9 54.7 53.0 52.7 55.0 48.9 47.2 47.9 NONFERROUS METALS AND PRODiUCTS 80.5 79.2 75.1 79.0 78.3 73.7 64.6 63.4 56.8 Brass, bronze, and copper - 82 0 80 8 78.1 79.8 79.3 76.0 64.0 63.2 56.3 Lighting equipment 69.8 68.3 64.4 69.1 68.4 63.8 57.0 57.4 51.3 Silverware and plated ware 69.0 67.5 69.4 68.5 67.6 68.9 52.5 51.5 50.3 Smelting and refining 75.7 75.0 64.2 74.1 73.4 62.8 48.3 48.0 39.9 Stamped and enameled ware - -- - 97.0 94.3 87.5 93.4 93.2 84.3 91.4 86.8 75.8 LUMBER AND PRODUCTS - - -.. 50 6 49 4 48 5 51.9 50.8 49.8 36.3 34.8 31.9 Furniture 69.1 66.9 63.0 70.3 67.6 64.1 49.7 47.1 41.1 Lumber, mill work . 38 3 37 9 37.6 38.8 38.4 38.1 25.8 25.3 23.2 Lumber sawmills 33.5 32.7 32.6 34.6 34.2 33.7 22.4 21.4 20.7 STONE, CLAY, AND GLASS PRODUCTS 51 5 49 6 52.1 52.4 52.4 53.1 37.4 34.8 34.7 Brick, tile, and terra cotta 27.6 25.7 26.9 29.9 29.6 29.2 16.3 15.0 13.7 Cement - -- 41 6 37 8 42.4 44.4 42.4 45.3 25.0 22.1 24.1 Glass _ 93.7 91.7 93.9 92.9 94.1 93.1 81.3 75.6 74.6 Pottery 72.9 71.4 71.7 71.4 70.6 70.3 52.4 50.3 47.2 TEXTILES AND PRODUCTS 99.2 98.4 100.0 96.6 96.6 97.3 86.8 84.5 82.6 A. Fabrics 96 4 97 2 98 4 94.6 95.6 96.5 83.3 84.5 80.8 Carpets and rugs 75.4 69.7 72.6 73.1 68.1 70.4 68.3 60.5 55.0 Cotton goods 95.5 96.7 103.1 93.4 95.3 100.9 80.6 82.8 84.9 Dyeing and finishing . 116 9 117.8 117.2 112.1 113.6 112.4 100.3 100.6 98.2 Knit goods _- 114.5 112.5 112.3 112.6 111.1 110.4 114.6 112.1 107.0 Silk and rayon goods 76.5 81.3 84.7 74.4 80.1 82.4 65.6 70.0 68.3 Woolen and worsted goods 92.4 93.9 82.3 92.4 92.1 82.4 72.5 74.9 60.8 B. Wearing apparel -- .~ 101.4 96.8 99.4 96.9 94.7 94.9 88.5 79.5 81.4 Clothing, men's 94.6 91.8 88.7 92.7 89.4 87.0 82.0 71.8 65.9 Clothing, women's 133.6 125.1 130.5 122.6 121.4 119.7 111.3 101.6 108.3 Millinery 70.2 66.5 86.3 62.5 61.6 76.8 70.5 58.7 84.4 Shirts and collars -. .- 104.3 99.8 105.0 104.3 100.8 105.0 101.3 95.7 95.2 LEATHER AND PRODUCTS - . 92.7 91.6 92.7 90.5 89.7 90.5 84.1 82.5 84.4 Boots and shoes 92.1 90.7 92.2 89.9 88.9 90.0 80.7 79.2 84.1 Leather. 95.5 95.6 95.1 93.3 93.2 92.9 94.2 92.6 83.9 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1935 FEDERAL RESERVE BULLETIN 327 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. FOOD PRODUCTS 92.7 93.8 96.2 102.8 105.0 107.8 83.0 83.4 82.2 Baking _ . __ 110.9 111.3 110.3 113.2 113.8 112.6 93.7 93.7 91.8 Butter 1 67.8 67.6 76.8 73.4 75.8 83.1 52.4 52.2 58.4 Cannin°" and preserving 54.7 58.3 67.7 105.2 121.4 130.2 60.4 64.8 67.2 Confectionery S2.2 80.3 80.3 85.5 81.9 83.6 72.9 70.3 68.0 Flour 75.0 76.5 74.6 75.9 76.8 75.5 63.5 66.1 60.2 Icecream ._ _ _ _ 64.3 61.3 59.2 71.6 70.4 65.9 52.4 49.6 46.5 Slaughtering and meat packing 82.9 87.2 92.8 84.9 85.7 95.1 73.5 76.5 75.9 Sugar refining, cane - - 81.0 81.5 86.2 81.8 84.9 87.1 69.6 69.6 66.5 TOBACCO PRODUCTS 57.8 57.3 64.4 58.2 57.7 64.9 44.3 40.8 45.8 Chewing and smoking tobacco and snuff 70.6 72,6 81.1 68.0 68.7 78.1 67.7 66.7 . 72.2 Cigars and cigarettes - 56.1 55,3 62.2 57.0 56.3 63.1 41.3 37.5 42.5 PAPER AND PRINTING . 96.9 96.7 93.7 96.7 96.4 93.4 84.5 84.1 77.7 Boxes paper 86.3 84.6 83.8 87.4 85.8 84.9 79.6 76.5 74.8 Paper and pulp 109.7 108. 7 104.4 109.7 108.7 104.4 88.4 86.8 78.6 Book and job printing 87.4 S9.3 83.5 86.4 88.4 82.5 77.0 78.1 68.9 Printing newspapers and periodicals 98.8 98.. 0 98.2 98.6 97.8 98.0 89.2 88.8 85.7 CHEMICALS AND PETROLEUM PRODUCTS _ 112.7 109.4 112.8 110.7 108.6 110.9 96.1 93.2 89.1 A Chemical group except petroleum 113.9 109.9 113.4 111.1 108.6 110.7 96.0 92.5 88.3 Chemicals - _ _ _ _ 103.4 102.8 107.7 102.3 101.2 106.5 93.7 91.0 89.1 Druggists' preparations 98.9 102.4 103.1 96.8 101.4 100.9 95.9 97.9 92.6 Explosives 88.3 89.3 94.7 89.6 89.3 96.0 73.0 75.5 70.5 Fertilizers 167.5 120.3 160.4 130.0 114.0 124.5 130.4 91.1 107.3 Paints and varnishes _ 104.2 102.2 98.4 103.4 102.3 97.7 86.2 83.7 77.1 Rayon and allied products 348.9 346.8 321.9 348.9 346.8 321.9 252.3 252.3 218.2 Soap 103.3 102.1 103.1 102.9 101.7 102.7 95.9 94.3 88.4 "R. Petroleum rpfining . . _ 107.9 107.3 110.2 109.0 108.7 111.3 96.4 95.3 92.0 RUBBER PRODUCTS - ... - - 83.3 83.2 87.1 84.6 83.8 88.3 70.4 71.9 70.5 Rubber boots and shoes 51.7 52.5 55.3 53.4 52.4 57.2 49.8 49.4 48.3 Rubber tires and inner tubes 75.2 75.7 78.1 76.7 76.4 79.7 62.5 65.8 63.4 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

328 FEDERAL RESERVE BULLETIN MAY 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 178.3 123.0 28.1 32.2 15.9 6.5 13.0 12.3 92.9 46.3 8.8 10.4 19.6 15.4 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 COMMERCIAL FAILURES, BY DISTRICTS CONSTRUCTION CONTRACTS AWARDED, 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 Federal Reserve 1935 1934 district 1935 1934 1935 1934 Federal Reserve district Mar. Feb. Mar. Mar. Feb. Mar. Mar. Feb. Mar. Boston... _ . 103 105 107 1,209 1,330 3,830 Boston 10,269 3,802 11, 646 New York 302 323 298 6,186 9,101 7,893 New York _ _ 25,590 13, 214 36,470 Philadelphia 73 61 51 1,326 1,087 2,555 Philadelphia 5,988 4,493 9,203 Cleveland... 65 76 75 1,744 961 1,836 Cleveland 9,135 6,535 14, 233 Richmond 58 39 50 1,062 806 877 Richmond 11,185 8,204 15,881 Atlanta 28 33 33 246 248 570 Atlanta. 12, 780 8,702 20,292 Chicago 99 116 159 2,540 2,363 3,610 Chicago _ 21,871 11,350 25,241 St. Louis 44 40 37 591 635 754 St. Louis.. 8,587 6,794 16,657 Minneapolis 25 18 35 265 233 712 Minneapolis 3,406 2,548 4,507 Kansas City 34 40 56 302 202 604 Kansas City _ 7,350 3,479 7,681 Dallas. 19 28 28 130 315 581 Dallas 6,882 5,927 16,536 San Francisco 126 126 173 2,922 1,457 3,405 Total (11 districts) 123,044 75,047 178,346 Total 976 1,005 1,102 18,523 18, 738 27,228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS^ S.DAK. I ^ ' V t I --7 V 7 r ARK. ™yj™..4 v Little#Rock/ TPadb—j J il — 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