Federal Reserve Bulletin, 1935-08

FEDERAL RESERVE BULLETIN AUGUST 1935 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Changes in Member Bank Reserves Physical Volume of Manufactures Deposits and Assets of Postal Savings System UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex-officio members: MARRINER S. ECCLES, Governor, HENRY MORGENTHAU, Jr., J. J. THOMAS, Vice Governor. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. ADOLPH C. MILLER. J. F. T. O'CONNOR, Comptroller of the Currency. GEORGE K. JAMES. M. S. SZYMCZAK. LAWRENCE CLAYTON, Assistant to the Governor, E. A. GOLDENWEISER, Director, Division of Research ELLIOTT L. THXJRSTON, Special Assistant to the and Statistics. Governor. LAUCHLIN CTJRRIE, Assistant Director, Division of Research and Statistics. CHESTER MORRILL, Secretary. WOODLIEP THOMAS, Assistant Director, Division of J. C. NOELL, Assistant Secretary. Research and Statistics. LISTON P. BETHEA, Assistant Secretary. E. L. SMEAD, Chief', Division of Bank Operations. S. R. CARPENTER, Assistant Secretary. J. R. VAN FOSSEN, Assistant Chief, Division of Bank WALTER WYATT, General Counsel. Operations. GEORGE B. VEST, Assistant General Counsel. J. E. HORBETT, Assistant Chief, Division of Bank B. MAGRUDER WINGPIELD, Assistant General Counsel. Operations. LEO H. PAULGER, Chief, Division of Examinations* CARL E. PARRY, Chief, Division of Security Loans. R. F. LEONARD, Assistant Chief t Division of Examina-PHILIP E. BRADLEY, Assistant Chief, Division of Secutions. rity Loans. C. E. CAGLE, Assistant Chief\ Division of Examinations.0. E. FOTJLK, Fiscal Agent. FRANK J. DRINNEN, Federal Reserve Examiner. JOSEPHINE E. LALLY, Deputy Fiscal Agent. 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 BANES Federal Reserve Bank Chairman and Federal of- Reserve agent Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young. W. W. Paddock W. Wfllett. New York J. H. Case G. L. Harrison W. R. Burgess J. W. Jones.* W.S.Logan W. B. Matteson.1 L. R. Rounds J. M. Rice.* L. F. Sailer. Allan Sproul.* C. H. Coe H. H. KimbalM L. W. Knoke.* Philadelphia R. L. Austin G. W. Norris W. H. Hutt J. S. Sinclair C. A. Mcllhenny w! O. McCreedy.i L. E. Donaldson.* 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. P. Preston W. H. Snyder.» C. R. McKay. W. C. Bachman.* J. H. Dillard 0. J. Netterstrom.i A. T. Sihler.t E. A. Delaney.t A. L. Olson.* St. Louis J. S. Wood W. McC. Martin 0. M. Attebery S. F. Gilmore.' J. G. McConkey A. H. Haill.« F. N. HalU G. 0. Hollocner.* 0. C. Phillips.* Minneapolis __ J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. TT T 7lflmm> Kansas City G. H. Hamilton.. - .. C. A. Worthineton J. W. Helm. J. W. Helm Dallas C. C. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman. R. B. Coleman W. 0. Ford.* San Francisco J, TT, Calkins..„ W. A, Day W. M. Hale. Ira Clerk i Assistant deputy governor. * Assistant to the governor. »Controller. * Acting chairman; W. H. Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director • Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle Cleveland: Kansas City: Cincinnati branch B. J. Lazar. Denver branch J. E. Olson. - Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch,. Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch. J. H. Frye. M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch....... J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch.. R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch — R. H. Buss. Seattle branch C. R. Shaw, St. Louis: Spokane branch D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent changes in member bank reserves ---- 493 Member bank excess reserves - --- enn Averages of United States Government bond yields, 191&-25 suu Physical volume of manufactures in the United States, 1919-34 _ 500 Deposits and assets of the Postal Savings System 501~Knq Balance of international payments of the United States 50d Earnings and expenses of member banks KA!L National summary of business conditions—.:-_ 504 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc _ 505-509 Member and nonmember bank credit: All banks in the United States 512 All member banks 510, 511, 539, 550 Weekly reporting member banks in leading cities. 513, 547 Brokers'loans -- - 5lZ Acceptances and commercial paper -__..- 514 Discount rates and money rates- 515 Security prices, bond yields, and security issues 516 Treasury finance 517> 550 Assets and liabilities of governmental credit agencies 518 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 519 Farm Credit Administration—Loans and discounts outstanding, by institutions - — 520 Federal Home Loan Bank Board—Loans outstanding, by institutions 520 Obligations fully guaranteed by the United States—Amounts outstanding, by agencies 520 Production, employment, car loadings, and commodity prices.--- 521 Merchandise exports and imports _ _ - 522 Department stores—Indexes of sales and stocks 52* Freight-car loadings, by classes __ 522 Financial statistics for foreign countries: Gold reserves of central banks and governments 523 Gold production-. ... 524 Gold movements.- ,.... _ 524-526 Central banks ._ _„„ 527-530 Bank for International Settlements _, 530 Commercial banks 531 Discount rates of central banks , 532 Money rates _ 532 Foreign exchange rates _ ___ 533 Price movements: Wholesale prices _ 534 Retail food prices and cost of living -- 535 Security prices __ "_"."_"-- - 5 Law department: Rulings of the Federal Reserve Board: Ruling no. 46 interpreting regulation T _ 536 Amendment no. 5 of regulation T 536 Federal Reserve statistics by districts, etc.: Banking and financial statistics _ _ 537-539, 547-550 Industrial and commercial statistics 551-556 July crop report 557 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 21 AUGUST 1935 No. 8 REVIEW OF THE MONTH reserves, i. e., those that use reserve funds. Member bank reserve balances, which rose Current figures for these various items and a above $5,000,000,000 in the first half of June, chart covering a number of years are regularly showed wide temporary flue- published in the BULLETIN. (See pp. 505-507.) *uatiolls around that level dur" It will be seen from the chart that the large ing the remainder of June and increase in member bank reserve balances durin July. On July 31 total reserve balances ing the year and a half covered was not a amounted to $5,100,000,000, and excess re- steady growth. In the first 6 months of the serves to about $2,510,000,000, only slightly period balances increased from $2,650,000,000 less than the June maximum. The fluctua- to over $4,000,000,000, and during the retions in recent weeks reflected in part the in- mainder of 1934 they fluctuated around crease and subsequent decrease in the demand $4,000,000,000. The increase from January to for currency around the July 4 holiday and in August 1934 resulted principally from large part changes in Treasury cash and balances at imports of gold following revaluation of the dolthe Reserve banks. Gold imports, which ac- lar and in smaller part from the disbursement by counted for much of the increase in May and the Treasury of funds previously held as cash or the early part of June, were small in subsequent on deposit with Reserve banks. A part of the weeks. reserve funds obtained by member banks was From the end of January 1934, when the used to reduce their borrowings at the Federal Gold Reserve Act was passed, to July 31, 1935, Reserve banks and to pay off maturing acceptreserve balances of member ances held by the Reserve banks. As a conbanks increased by sequence the Reserve banks' holdings of bills $2,450,000,000 and excess re- discounted and bills bought were reduced to serves by $1,770,000,000. The difference of small amounts. The reduction in Treasury cash and deposits with Reserve banks reflected $680,000,000 represented a growth in reserve expenditures made from an unusually large requirements due to expansion in the deposits balance held in January 1934, increased by proof member banks. Weekly fluctuations in ceeds from sales of securities, and by inclusion reserve balances and in the principal factors in Treasury cash of gold previously purchased that influence the amount of these balances and not reported, as well as by the increment since January 31, 1934, are shown on the chart arising from the reduction in the gold content on the following page. A description of these of the dollar. factors, together with a discussion of the significance of each and their interrelationships, was Reserve balances showed no further increase published in the BULLETIN for July. The chart in the latter part of 1934. Gold movements is arranged to show on the left-hand side those were small from August to October but imports items increases in which have the effect of were substantial in November and December. increasing member bank reserve balances, i. e., In this period the available supply of reserve the factors that supply reserve funds, and on funds was also increased by the issuance of over the right-hand side, in addition to reserve $200,000,000 of silver certificates, offset in part balances, those items increases in which reduce by the retirement of about $50,000,000 of na- 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN AUGUST 1935 tional bank notes. The reserve funds thus bearing a permanent circulation privilege. made available were used to meet a seasonal Shortly afterwards national banks began to increase in money in circulation during the make deposits with the Treasury for redempautumn and a substantial increase in December tion of their outstanding notes. These deof Treasury cash and deposits with Reserve posits increased Treasury holdings of cash and banks. deposits with Reserve banks and decreased From the latter part of December until early member bank reserve balances. The Treasury in February 1935, the post-holiday return flow also received in March large income and gift tax of currency, a substantial reduction in Treasury payments and sold securities on an immediate payment basis in an amount larger than cash SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS redemptions of maturing issues. In April in- Jonuory31,t934 to July 31,1935. 1BIL0LI ON f S OF DOLLARS Wednesday figures BILUONS OF DOLLAR 6 S' terest payments on public debt, cash redemptions of Fourth Liberty bonds called for retirement on April 15, and maturities of Treasury bills in excess of sales decreased Treasury cash and deposits with Reserve banks and, together with gold imports, increased member bank reserve balances. In May and the first half of June substantial gold imports, reflecting currency uncertainty in the European gold-bloc countries, again resulted in a rapid growth of member bank re- Treosury Cash and serve balances, which rose to over $5,000,- Deposits with FR. Banks 000,000 for the first time in the history of the Federal Reserve System. Since the middle of June, as previously explained, fluctuations in reserve balances have largely reflected changes in currency in circulation and in Treasury cash and deposits at the Reserve banks. Treasury operations during recent weeks are described in a later section. Changes in member bank reserve balances 0 rT~JTT"TTrT^^r"*r"*'r^=^ F.M.A.MJ J A.S.aM.a J.rKA.M.J-0. F.'RA.M.J.J.V'*.*aR'aJ.'r.'KA.'M.'j.'j and related items for the period as a whole since January 31, 1934, and for the shorter cash and deposits at Reserve banks, and further period of 6 months since January 31, 1935, are gold imports resulted in an increase of over shown in the following table. This summary $600,000,000 in member bank reserve balances shows the items that over a more extended to a total of about $4,600,000,000. period have caused the increase in reserves. In March and April there was a decrease of Comparisons are made with the end of January about $400,000,000 in reserve balances and a in part because the revaluation of the dollar subsequent increase of $500,000,000, resulting occurred on that date in 1934 and in part bealmost entirely from operations of the Treasury. cause at that time, as at the end of July, the Early in March the Treasury called for redemp- Volume of money in circulation is ordinarily at tion in July and August its outstanding bonds a seasonally low level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL. RESERVE BULLETIN 495 SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS tions to gold stock, amounting to $750,000,000. tin millions of dollars] Most of the increase in money in circulation and in nonmember deposits, previously men- 18 months ending 6 months ending July 31, 1935 July 31, 1935 tioned, occurred in this period and absorbed a substantial amount of the reserves supplied by ChangesChanges Changes Changes the increase in gold stock. Treasury cash and that that that that added to reduced added to reduced deposits with Reserve banks, which fluctuated reserves reserves reserves reserves widely during these months, showed no change Items increases in which add to for the 6 months as a whole. reserves; Reserve bank credit -165 +4 There has been a substantial and continuous Monetary gold stock i-j-2 304 +752 Treasury and national bank growth since 1933 in the amount of deposits currency +209 +16 Items increases In which reduce at member banks, and consereserves; Excess reserves _ , _ Money in circulation +230 +139 Treasury cash and deposits quently,asshownon the accomwith Federal Reserve banks * ^ l—412 panying chart, an increase in the amount of Nonmember deposits +112 +62 Other Federal Reserve accounts.-. +14 MEMBER BANK RESERVE BALANCES Total 2,955 .107 772 215 B 6 ILLIONS OF DOLLARS Wednesday figures Net chango in member bank reserve balances held.__ __ +2,4-18 +557 Net change in estimated required reserves +6S0 +250 Net chango in estimated excess reserves +1,768 +307 J After adjustment of $2,806,000,000, representing increment resulting from reduction in the weight of the gold dollar, added after close of business Jan. 31, 1934. By far the largest single factor in the growth of $2,450,000,000 in member bank reserves during the past 18 months has been the increase of $2,300,000,000 in the monetary gold stock. Additions to the supply of reserve funds resulted also from the following sources: (1) An increase of $210,000,000 in Treasury and national bank currency, reflecting principally the issuance of silver certificates and the transfer to the Treasury of liability for retirement of Federal Keserve bank notes in excess of the amount of national bank notes and Federal Reserve bank notes retired; and (2) a decrease of $410,000,000 in Treasury cash and deposits 1932 1933 1934 with Federal Reserve banks. Some of these funds were absorbed, however, in a reduction reserve balances that these banks are required of $165,000,000 in the amount of Reserve to hold with the Federal Reserve banks, but bank credit, an increase of $230,000,000 in the the increase in required reserves has been demand for currency and an increase of $110,- considerably less than the increase in total 000,000 in nonmember deposits. balances actually held. As a consequence excess reserves have continued to increase, In the 6 months since January 31, 1935, the showing about the same short-time fluctuations increase of $560,000,000 in member bankreserve as total reserves. Sinco excess reserves may balances was, as in the entire year-and-a-half become the basis of an expansion in member period, accounted for largely by further addi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDEBAL RESERVE BULLETIN AUGUST 1935 bank credit and since they reflect changes in the circulation declined until the latter part of various factors that influence the supply and use 1934. More recently there has been an inof reserve funds as well as changes in reserve re- crease, reflecting in part the holding of public quirements, figures for excess reserves are among funds by States and municipalities in the the most important financial indicators. Ee- form of currency instead of bank deposits, cently the Federal Reserve Board has begun in owing to the unwillingness of banks to pay connection with the weekly statement of condi- rates of interest required by law for the accepttion of Federal Keserve banks to release for pub- ance of such deposits. During the past 2 lication a weekly estimated figure for excess years there has been a steady increase in cirreserves. Corresponding figures for recent years culation of notes of denominations of $20 and are published in this issue of the BULLETIN, on less. A part of this increase in small denominapages 499-500, and current figures will in the tions reflects the increased use of currency in future be regularly published in the BULLETIN. lieu of checking accounts with banks, and a As was mentioned in a previous paragraph part an increase in retail prices and pay rolls. there has been in recent months an increase in Since January 1934 there has been a conthe amount of money in circu- siderable change in the kinds of money in Changes in lation, which has absorbed a circulation. Circulation of gold certificates money in ' and Federal Reserve bank notes, which are no circulation part of available reserve funds. longer issued and are retired as they return During the 6 months from Janfrom circulation, decreased in the past 18 uary 31 to July 31 of this year the increase months by $60,000,000 and $120,000,000, reamounted to $140,000,000. In past years spectively, and national-bank notes, the issuthe amount of money in circulation at the end ance of which has also been discontinued, have of July has generally been about the same as been retired from circulation in the amount of at the end of January. $270,000,000 in the period. Silver certificates, The decline in money in circulation that rewhich have been issued in connection with the sulted from the return of notes from hoarding silver-buying program of the Government, after the banking holiday in 1933 apparently have increased by $310,000,000. Federal Reended in the autumn of 1933. Since that time serve notes have supplied the larger part of the increased trade requirements for currency, remainder of the increased demand for curservice charges on checking accounts, and rency, increasing by $340,000,000. There was other factors have resulted in a substantial also an increase of $40,000,000 in the circugrowth in the demand for currency. In July lation of coins, reflecting a growth in demand the amount of money in circulation was about for small change. $200,000,000 larger than in July 1934 and also Retirement of national-bank notes from cirlarger than in the same month of any previous culation has been in process since early in 1934, year. As compared with earlier years some reflecting in part anticipation of the increase no doubt reflects savings with- Retirement of by issuing banks of the expiradrawn from banks from the latter part of 1930 national-bank tion in July 1935 of the circunotes until the banking holiday and still being held lation privilege on certain in the form of currency. Notes of denomina- Treasury bonds, which were granted that privtions of $50 and over reported as in circulation ilege for a 3-year period by a provision in on June 30,1935, although $200,000,000 smaller the Home Loan Bank Act in 1932, and in part in amount than on the same date in 1932 and the fact that the issuance of notes was no longer 1933, were still $1,300,000,000, or double the profitable to national banks. Retirement of amount reported as in circulation on October the notes was expedited in March of this year 31, 1930, the earliest date for which circulation by the calling of bonds bearing the permanent figures by denominations are available. The circulation privilege; for redemption in July amount of notes of these denominations in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 497 and August. As previously stated, many Treasury operations in connection with retirebanks in March and April made deposits with ment of consols and national bank notes and in the Treasury for retirement of their notes and connection with sales of new withdrew their bonds. Others authorized the Sehratt^seinUJul securities during July, as prey Treasury to utilize the proceeds from the re- viously mentioned, caused wide demption of their bonds as deposits for retire- fluctuations in member bank reserve balances. ment of their notes. Late in June and early in July, $90,000,000 of Redemption of the $600,000,000 outstanding gold-certificate credits and $350,000,000 from consols called for retirement on July 1 pro- balances with depositary banks were transceeded throughout the month. On July 1 ferred to the Treasury balance with Federal Reserve banks, and in addition the proceeds of checks were issued for redemption of about a sale of about $110,000,000 of bonds were $320,000,000 of these bonds. Most of the readded to these deposits. Large expenditures, maining $280,000,000 had been redeemed by however, for retirement of consols, for cotton the end of July. About $200,000,000 of the proloans taken over by the Commodity Credit ceeds from redemption of the bonds was trans- Corporation, and for other purposes quickly ferred to the credit of national banks owning diminished Treasury deposits at Reserve banks. the bonds to provide for the retirement of their In order to build up its balances at the Reoutstanding notes. serve banks and at depositary banks, the Retirement of national-bank notes continued Treasury during July sold new securities. in July at a gradual pace as they were returned There was an issue of $526,000,000 of 1% perby the Reserve banks for cancellation and durcent 4K-year Treasury notes and a sale on a ing the month $20,000,000 were retired, reduccompetitive-bid basis of $100,000,000 of 2% pering the amount outstanding by July 31 to cent Treasury bonds of 1955-60 at an average $750,000,000, of which $650,000,000 was in price of 101%, representing a yield to the earcirculation outside the Treasury and the Fedliest call date of 2.77 percent. Toward the end eral Reserve banks. The total of retirements of the month there was a similar offering of made since March 11 amounted to $120,000,000. bonds. In the early part of the month Treas- The Treasury set aside $646,000,000 from the ury bill sales, amounting to $100,000,000 a gold increment fund to provide for redemption week, exceeded maturities of $75,000,000, but of consols and retirement of national bank later in the month bill offerings were reduced notes. By the end of July $90,000,000 of this to $50,000,000 a week. amount had been transferred to the Treasury The bonds and bills were sold on a directbalance at the Reserve banks, leaving $556,- payment basis and the proceeds were added to 000,000 available on July 31 to be used as the the Treasury account at the Reserve banks. notes are gradually retired. The Reserve About $275,000,000 of the notes were paid for banks received gold-certificate credits for the by the establishment of deposits to the credit portion so transferred. By transferring gold- of the Treasury on the books of purchasing certificate credits and thus building up its banks, while $250,000,000, an unusually large balance at the Reserve banks as national bank amount, were purchased on a direct-payment notes are retired, the Treasury will effect retire- basis. The proceeds of the latter served to ment of the notes without causing a decrease increase the Treasury balance at the Reserve in its deposit balance or in member bank re- banks, which increased around the middle of July to over $300,000,000. Toward the end of serve balances. 5812—35 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN AUGUST 1935 the month, however, this balance was again Home mortgage loans of these associations, considerably reduced, as a result of various as shown in monthly reports made by nearly Treasury operations, and on July 31 the total 75 percent of the associations, totaled $150,of Treasury cash and deposits with the Re- 000,000 on June 30, 1935, as compared with serve banks was about the same as at the end reports by about 60 percent of the associations of June. of loans of $30,000,000 at the end of September During the past year there has been some in- 1934 when the monthly reporting was inaugucrease in loans made by the various Govern- rated. About 80 percent of the loans reported ment credit agencies. Most of at the end of June represented loans by Loans by fofe in ase has occurred in converted associations, that is, associations Cre Government , . . . . _., organized under State laws which have been credit agencies loans of farm and home credit granted Federal charters. agencies. The demand for The farm mortgage loans of the Farm Credit loans to relieve financial institutions lessened Administration increased in the past year by and the amount of such loans outstanding de- about $720,000,000. Emergency loans by the clined, reflecting repayments in excess of new Farm Credit Administration to farmers and loans made. Figures covering the activities of livestock raisers more than doubled in the year Government credit agencies are shown in the as a result of last summer's drought and on tables on pages 519-520 of this BULLETIN. June 30 amounted to $200,000,000. Short- New tables on page 520 of this BULLETIN give term loans by the production credit associations more complete monthly figures on the out- increased by about $70,000,000, more than standing loans of institutions under the super- offsetting a decrease in loans by the regional vision of the Federal Home Loan Bank Board agricultural credit corporations, which are than have appeared in earlier issues and show being replaced by the production credit associfor the first time monthly figures of outstand- ations. ing obligations that are guaranteed as to Crop loans by the Commodity Credit Corinterest and principal by the United States. poration, which are made from funds borrowed Similar figures will hereafter be published from the Reconstruction Finance Corporation, regularly in the BULLETIN. declined considerably in the last half of 1934 Home mortgage loans made by the Home and continued relatively small until June 1935. Owners1 Loan Corporation, which became Loans on 1934 crops were largely carried by most active early in 1934, increased from about banks and other private credit agencies until $1,000,000,000 on June 30,1934, to $2,700,000,- June, but in that month and in July under 000 a year later. In contrast to the emergency the purchase guarantee carried in the notes the activities of the Home Owners' Loan Corpora- Commodity Credit Corporation took over a tion, the Federal Home Loan banks and the large quantity of them. As a consequence Federal Savings and Loan Association repre- advances by the Eeconstruction Finance Corsent the development of a permanent home poration to the Commodity Credit Corporation mortgage credit system under Federal super- at the end of July amounted to $230,000,000, vision. Total loans by these agencies are small as compared with about $60,000,000 at the as compared with those of the Home Owners' end. of May and $160,000,000 on July 31, 1934. Loan Corporation. Federal Home Loan bank Total loans and investments of the Reloans amounted to $80,000,000 on June 30, construction Finance Corporation, excluding 1935, or $7,000,000 less than a year earlier. allocations of funds to other Government There was a steady growth during the year agencies, showed a decrease of about $100,000,in the number of Federal savings and loan 000 in the 12 months ended June 30, 1935. associations, which are the local credit insti- Loans to banks and trust companies, building tutions for making home mortgage loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 499 and loan associations, insurance companies, and Changes in Foreign Central Bank Discount Rates mortgage companies declined by $200,000,000, The following changes in discount rates and there was also a decrease of $130,000,000 during the period July 7 to August 9 have been in loans to Federal Land banks. Holdings of reported by central banks in foreign countries: preferred stock and capital notes and deben- Austrian National Bank, July 10, from 4 to 3K percent: Bank of Spain, July 15, from tures of banks, however, showed an increase 5K to 5 percent; Netherlands Bank, July 18, of $90,000,000. Loans to railroads, to drainfrom 3K to 3 percent; July 25, from 3 to 5 age, levee, and irrigation districts, to industrial percent; July 26, from 5 to 6 percent; and and commercial enterprises, and for self- August 3, from 6 to 5 percent; Bank of France, liquidating projects also increased by a total July 19, from4 to 3J4 percent; and August 9, from Z}{ to 3 percent. of $160,000,000. MEMBER BANK EXCESS RESERVES This issue of the BULLETIN includes for the received from member banks; for the latest first time current estimates of excess reserves month, however, these figures are partially of member banks. These figures for recent estimated because of delay m receiving reports. months and weeks are shown in the tables on Required reserves are not computed every day Federal Reserve bank credit and related items but figures are available daily for member regularly published in the BULLETIN; see pages banks in New York City and weekly for re- 506-507. Available figures for earlier periods porting banks in other leading cities, and these are given in the following table. Monthly aver- figures are used in estimating excess reserves ages of daily figures, which begin in January for end-of-month and Wednesday dates. These 1929, are derived from computations of re- estimates are available only since the beginning quired reserves based upon periodic reports of September 1931. MEMBER BANK EXCESS RESERVES, 1929-34 [In millions of dollars] Monthlyaverages: Monthly aver- Endof-month fig- Wednesday fig- Wednesday fig- 1929—Jan.... 63.4 ages— Contd. ures (estimat- ures—Contd. ures—Contd. Feb 46.1 1932—Jan 35.4 1931—Sept. 23... 86 1932—June 8 279 Mar. 40.9 Feb 43.8 1931—Sept 159 Sept. 30... 159 June 15_ 274 Apr 36.5 Mar 59.0 Oct 74 Oct. 7 129 June 22. 249 May 33.0 Apr 152.1 Nov -3 Oct. 14. 105 June 29.... 220 June.. 41.7 May 277.1 Dec—*— -33 Oct. 21. 166 July 6 162 July 42.2 June 234.4 Oct. 28..-- 136 July 13.... 216 AAugg 35.5 July 204.4 1932—Jan 40 Nov.4_— 43 July 20—. 247 SSetpt 34.2 Aug Feb. -3 Nov. 11... 43 July 27 282 Oct 42.4 Sept 345.5 Mar 87 Nov. 18... 60 Aug, 3 213 Nov —_ 65.4 Oct 435.9 263 Nov. 25... 65 Aug. 10— 267 Dec 48.3 Nov 482.2 M?yII—I 262 Dec. 2 25 Aug. 17... 277 Dec 525.8 June 162 Dec. 9 64 Aug. 24-. 337 1930- A D N J J S O A M J F u a u e e e u o c p l n a p c b n t g y v r r t e .!.." _ I 5 5 7 7 5 5 4 4 5 5 4 5 2 9 1 2 4 9 2 3 4 6 5 3 . . . . . . . . . . . . 8 7 0 2 4 1 3 9 0 5 1 2 1933- D J J N A S A ^ M M O F u u a e e u e p o c a n l n a p b g c t r v y r y e t . _ . * * _ .. 6 4 7 7 7 3 5 5 4 3 3 7 5 6 3 9 6 6 1 1 7 8 8 5 4 5 4 5 3 9 7 9 3 . . . . . . . . . . . 4 7 7 5 1 1 5 1 3 1 8 1933— J M A M J N A D F S O J u u a e e p u e o c a a n l n b p r c y y t g v e r . t . * 2 3 3 5 4 2 4 4 3 5 3 4 1 6 0 7 5 9 9 7 3 7 9 9 7 6 7 5 9 9 8 6 0 5 1932— J J J D M D D F F F F J a a a e e e e a e e e n n a n n b b b b c c c . . . r . . . . . . . . . 2 6 2 1 2 3 3 1 1 1 2 2 0 7 0 4 3 0 0 3 7 - . . . . — . — . — — . . . . . . - . . . - . . . . 3 1 4 3 3 3 6 4 2 5 2 4 3 5 8 5 9 5 2 3 7 2 0 7 4 6 A N N N N S S O S S O O O e e e e u o o o o c c c c p p p p t g t v v v v t t . . . . t t t . . . . . t . . . . 5 2 1 1 2 3 2 2 1 1 7 9 2 2 9 6 3 8 1 — 6 4 — 1 . — . — — . . . . . - . . . . . . . . . . . - . . . . 3 5 4 3 4 4 3 4 5 4 4 4 3 3 0 9 6 9 3 2 9 5 7 3 2 0 0 2 0 1 3 7 8 4 5 4 7 3 3 July 468 Mar. 9. 69 Nov. 30.._ 498 1931—Jan 104.7 1934-^Tan 865.7 Aug 595 Mar. 16... 58 Dec. 7 485 Feb 56.6 Feb 890.8 Sept 713 Mar. 23... 84 Dec. 14 517 Mar 66.5 Mar 1,375.1 Oct 842 Mar. 30... 81 Dec. 21 525 Apr 55.6 Apr 1,541.0 Nov 727 Apr. 6 110 Dec. 28 554 June 12 6 8 6 . . 9 8 J M un ay e 1 1 , , 6 6 2 84 3 . . 6 5 Dec 859 A A p p r r . . 2 1 0 3 1 12 7 8 5 1933—Jan. 4 582 July 124.4 July 1,789.4 Wednesday fig- . Apr. 27.— 259 Jan. 11.— 627 Aug 100.6 Aug 1,883.6 ures (esti- May 4_... 2S9 Jan. 18.... 609 Sept 120.3 Sept 1,754.1 mated): May 11... 281 Jan. 25. 573 Oct 129.I Oct 1,730.7 1931—Sept 2 130 May IS... 331 Feb. 1 499 Nov 57.O Nov 1,834.5 Sept 9 70 May 25... 354 Feb. 8 501 Dec 59.5 Dec 1,747.8 Sept. 16— 203 June 1 270 Feb. 15™ 340 J March data not available. 'Beginning with April, figures are for licensed banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN AUGUST 1935 MEMBER BANK EXCESS RESERVES, 1929-34r1-Continued [In millions of dollars] Wednesday fig- • Wednesday fig- Wednesday fig- Wednesday fig- Wednesday fig ures—Contd. ures—Contd. ures—Contd. ures—Contd. ures—Contd. 1933—Feb. 22 401 1933—July 12_._. 446 1933—Nov. 29-.. 727 1934—Apr. 11—-1,518 1934—Aug. 22-..1,902 Mar. 1... 272 July 19.™ 466 Dec. 6 719 Apr, 18....1,619 Aug. 29_..1,945 Mar. 8.... 129 July 26.... 473 Dec. 13.... 798 Apr. 25....1,691 Sept. 5....1,723 Mar. 15.... 309 Aug. 2__. 491 Dec. 20.... 788 May2-._ .1,506 Sept. 12..-1,762 Mar. 22.... 238 Aug. 9 553 Dec. 27.... 815 May 9....1,629 Sept. 19...1,692 Mar. 29.... 293 Aug. 16. _. 562 May 16...1,641 Sept. 26...1,768 Apr. 5 >-.. 288 Aug. 23__. 631 1934—Jan. 3 827 May 23. ..1,693 Oct. 3.....1,691 Apr. 12 . 388 Aug. 30... 613 Jan.10 895 May 30...1,680 Oct. 10....1,771 Apr. 19.... 435 Sept. 6.... 637 Jan. 17.... 891 June 6—-1,694 Oct. 17....1,762 Apr. 26.... 377 Sept. 13... 720 Jan. 24.... 938 June 13. _.1,789 Oct. 24....1,733 M M a a y y 3 10 .. . . .. 2 2 9 62 9 S S e e p p t t . . 2 2 0 7 . . . . . . 7 7 1 7 6 4 J F a e n b . . 3 7 1.... 7 82 4 6 5 J Ju u n n e e 2 7 2 _ 0 _ _„. .1 1 , , 7 6 3 7 6 5 N O o c v t. . 3 7 1 _ . _ .. . . . 1 1 , , 7 7 4 8 8 3 May 17... 311 Oct. 4 708 Feb. 14 923 July 3.....1,637 Nov. 14...1,848 May 24... 377 Oct. 11-— 748 Feb. 21.... 891 July U...-1,782 Nov. 21...1,912 May 31... 339 Oct. 18.... 815 Feb. 28....1,146 July 18....1,851 Nov. 28...1,825 June 7.... 363 Oct. 25.... 847 Mar.7_...1,361 July 25....1,873 Dec. 5.....1,786 J J J J u u u u n n n l e e e y s 1 2 2 . 4 1 8 .. - . . . . . . . . . 4 3 3 4 8 8 9 2 6 4 3 1 N N N N o o o o v v v v . . . . 1 8 2 1 5 2 . . . . . . 8 8 7 7 4 1 4 4 0 4 3 7 A M M M p a a a r r . r r . . . 4 2 1 2 4 8 1 . . . . . . . . . 1 1 1 1 , , , , 4 4 4 4 3 4 6 3 6 7 2 3 A A A u u u g g g . . . 1 8 1 5 . . . . . . . . - . . 1 1 1 , , . 7 9 9 6 2 1 8 3 1 D D D e e e c c c . . . 2 1 12 6 9 _ , . _ . . . . L . . 1 . 1 I , , , 6 8 6 4 1 7 6 3 8 i Beginning with April, figures are for licensed banks. AVERAGES OF UNITED STATES GOVERNMENT For bonds selling above par and callable at BOND YIELDS, 1919-25 par before maturity, the yields included in the average are those computed on the basis of There are given below monthly averages of redemption at first call date, while, for bonds daily yields on United States Government selling below par, yields to maturity are used. bonds for the period 1919-25. These aver- Monthly averages are averages of daily figures. ages, which have been prepared by the Divi- Each daily figure is an unweighted average sion of Research and Statistics of the Treasury of the yields of the issues used based on the day's Department, are calculated on the same basis closing price, except that in some instances the as yields in the regular BULLETIN table on mean of closing prices for the period is used. bond yields described in the BULLETIN for June 1934 (p. 322). In that issue monthly AVERAGE YIELD ON UNITED STATES GOVERNMENT figures were given for the period beginning BONDS, BY MONTHS, 1919-25 1926. [Averages of daily figures. Percent per annum] The yields are based on all outstanding partially tax-exempt Government bonds due Month 1919 1920 1921 1922 1923 1924 1925 or callable after 8 years. During the period January 1, 1919-October 15, 1925, these bonds January 4.57 4.93 5.23 4.45 4.32 4.30 3.96 included certain Liberty Loan issues whereas February.... 4.62 5.05 5.28 4.50 4.33 4.28 3.95 March 4.62 5.09 5.27 4.42 4.38 4.28 3.96 after October 15, 1925, they included only April 4.60 5.2S 5.24 4.28 4.39 4.23 3.93 Treasury bonds. The following issues of Gov- J M un ay e __ 4 4 . . 5 5 5 3 5 5 . . 5 5 8 3 5 5. . 2 2 7 5 4 4 . . 2 2 6 4 4 4. . 3 3 4 7 4 3. . 9 1 8 5 3 3. . 7 8 9 7 ernment bonds were included in the average July 4.62 5.57 5.26 4.14 4.34 3.94 3.79 August 4.66 5.67 5.22 4.12 4.35 3.91 3.85 from 1919 to 1925: September... 4.61 5,44 5.12 4.19 4.36 3.92 3.85 October 4.60 5.08 4.83 4.30 4.40 3.87 3.82 November 4.69 5.21 4.64 4.36 4.37 3.90 3.79 Amount December... 4.77 5.40 4.47 4.35 4.35 3.96 3.80 issued Date bond is Date bond is (in mil- first included excluded Year... 5.32 5.09 4.30 4.36 4.06 3.86 lions of in index from index dollars) First Liberty Loan 4's of 1932- PHYSICAL VOLUME OF MANUFACTURES IN First Liberty Loan 4H's of 668 Jan. lr 1919 i Dec. 31,1919 THE UNITED STATES, 1919-34 555 do June 15,1924 Second Liberty Loan 4's of A comprehensive index of phjsical volume 3,808 do Nov. 15,1919 Second Liberty Loan 4H's of of production of manufactures in the United Third Liberty Loan 4tf's of 3,708 do Do. States based upon data from the Census of Fourth Liberty Loan 4H's of 4,176 do - Sept. 15,1920 Manufactures has recently been computed for 6,965 do Oct. 15,1925 1933,1 and at the same time similar indexes Treasury bonds of 1947-52,4 Ws 764 Jan. 1,1923 previously published for earlier years have Treasury bonds of 1944-64,4's— 1,047 Jan. 1,1925 i The index was compiled for the Central Statistical Board by V. S. 'Excluded because of conversion. Kolesnikofl. Indexes for the census years 1914-25 were originally compiled by E, E. Day and Woodlief Thomas, and for 1927-31 by Aryness Joy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 501 AUGUST 1935 been revised.2 The combined indexes, together nearly accurate annual measure of changes in with indexes of the 13 industrial groups, are manufacturing production and to facilitate shown in the accompanying table by census comparison with annual indexes of other series of economic importance, the census index of INDEXES OP PHYSICAL VOLTTME OF MANUFACTURES, manufactures has been estimated annually on BY M^JOR INDUSTRIAL GROUPS a 1923-25 average base. Figures for non- [Based on Census data, 1919=100] census years were computed by a process of interpolation based upon annual averages of 1921 1923 1925 1927 1929 1931 1933 the Federal Reserve Board's index. The census index thus estimated annually and the All industries- '79.2' 122.7'128.2'127.9 145.1'96.4 89.2 Board's annual index are shown on a 1923-25 Food and kindred prod- base in the accompanying table. ucts '92.6 113.2 118.5 120.8' 131.5 121.7 118.1 Textiles and their products ••96.6 122.7 118.5 124.7 130.2 '107.9 115.5 DEPOSITS AND ASSETS OF THE POSTAL Iron and steel and their products 56.6 131. 131.5 127.0 157.5 70.9 62.2 SAVINGS SYSTEM Lumber and its remanufactures _ 79.9 110.1 113.6 102.4 108.4 48.0 40.5 Detailed statistics covering the operations of Leather and its finished the Postal Savings System since its inauguraproducts _ 85.2 105.6 93.4 103.0 86.4 95.4 Paper and printing 93.4 137.1 152.5 165. 181.3 152. 136.1 tion are published in this issue of the BULLETIN, Chemicals and allied products 94.5 125.1 141.2 157.8 186. 146.8 140.6 and will be shown currently in future issues. St p o r n o e d , uc c t l s ay, and glass '93.7 1157.5'180.5 176.81176.8 106, 74.8 Table 1 shows the balances to the credit of Nonferrous metals _. 66.5 125. 129.8 129.7 158.5 90.5 69.6 depositors at the end of each month from 1912 Tobacco manufactures . 95.3 109.8 126.5 148.5 155.0 149.0 125.1 Vehicles for land trans- to 1933. These balances, which at the end of portation 73.7 195. 218. 145.8 210.3 83.9 73.8 November 1930 amounted to about $200,000,- Ship and boat building... 30.7 7.9 7.0 8.8 8.2 7.9 1.6 Rubber products.. 80.0 130.8 158.8 171. ISO. 4 121.8 124.0 000, increased during the subsequent period of banking unsettlement to a total of $1,200,r Revised. 000,000 in 1933. Since 1933, as shown in table 2, there has been no further growth in postal years from 1919 to 1933. The value added by savings deposits. manufacture of the industries covered in the Table 2 shows the distribution of assets of index represents more than half the value the Postal Savings System, as well as depositors' added by all manufacturing establishments balances, for selected dates since 1911. The reporting to the Bureau of the Census. Postal Savings Act provides that postal savings deposits, aside from a 5 percent reserve fund, INDEXES OF THE PHYSICAL VOLUME OF MANUFACTURES shall be offered for deposit in qualifying local [1923-25 average^ 100] banks, and amounts not redeposited shall be invested in United States Government obliga- Census R F e e s d e e r r v a e l Census R Fe e d se e r r v a e l tions. During most of the history of the index Board index Board Postal Savings System the larger part of these index index deposits has been redeposited with banks. During two periods, however, substantial por- 1919 182.0 84.5 1927, 1104.9 105.7 1 1 1 9 9 9 2 2 2 0 1 2 . , . .""! "I " I" ' » 8 8 6 5 5 4 . . . 0 1 9 8 8 6 7 6 6 . . . 4 6 3 1 1 9 9 2 3 9 8 0 _ 1 1 1 9 1 1 4 0 9 . . . 3 9 0 1 1 9 1 1 5 9 1 . . . 3 5 3 i t n io U ns n i o te f d t h S e ta p te o s s t G al o v sa e v rn in m g e s n f t u o n b d l ig w a e t r i e o n i s n . v e T st h e e d 1923 ;.""" U00.6 101.0 1931- 179.0 SO. 2 first of these periods was between December 1924. . 94.3 94.3 1932 61.7 62.9 1925- 1105.1 104.6 1933 173.1 75.4 1918 and December 1921, when investments in 1926..::::::*' 107.9 107.9 1934 76.7 78.4 United States Government securities were increased to about $100,000,000. The major 1 Index computed from census data1. part of these funds was later returned to de- Annual averages of the Federal Reserve pository banks, and in June 1930, balances board's monthly index of the volume of manu- with banks totaled $148,000,000, while investfactures, which is less comprehensive than the ments in Government securities amounted to index based upon census data, have shown $26,000,000. movements closely similar to those of the The large increase in postal savings deposits census index. There have been slight differ- from 1930 to 1933 was mostly deposited in ences in the movements of the two indexes at banks, and in June 1933 these redeposits gmes, however, and in order to provide a more amounted to $977,000,000, while investments in Government securities were $131,000,000. This period marked the peak in redeposits of leeted in v?wu&i> ana llme^ «>r which quantity figures v ^postal savings funds. Recently many banks »euea in 1933 were excluded from the index in earlier years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN AUGUST 1935 have found it unprofitable to accept postal Between June 1933 and April 1935 balances savings money in view of the 2% percent with depository banks declined by more than interest required to be paid on these deposits, $500,000,000, while investments in United the low rate of return obtainable on invest- States Government direct and guaranteed ments, and the diminished demand for loans. obligations increased by a similar amount. TABLE 1.—DEPOSITORS7 BALANCES IN POSTAL SAVINGS SYSTEM, MONTHLY, 1912-33 [In millions of dollars] End of month 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 January 75 116 144 172 160 164 145 February. 77 121 146 176 160 163 145 March 79 125 148 177 159 161 144 fc: S 82 O 1 1 2 3 8 1 1 1 4 4 7 7 1 1 7 7 5 0 1 1 5 5 8 8 1 1 5 5 8 5 1 1 4 4 2 0 86 132 148 167 157 152 138 J N J S A O u u e o u c l n p t y g v e o t u e e b s m m e t r b b e e r r . . 40 1 1 1 1 9 9 0 0 0 1 0 5 9 4 0 2 1 1 1 1 1 1 4 4 4 4 4 3 3 0 2 3 3 6 1 1 1 1 1 1 5 5 5 6 6 6 6 8 2 3 8 0 1 1 1 1 1 1 6 6 6 6 6 6 5 5 3 1 1 1 1 1 1 1 1 1 6 6 5 6 6 6 3 1 8 0 3 2 1 1 1 1 1 1 5 5 5 4 4 4 2 2 0 6 9 7 1 1 1 1 1 1 3 3 3 3 3 3 5 6 4 3 2 3 December.. End of month 1923 1924 1925 1926 1927 1923 1929 1930 1931 1932 January 131 130 134 134 141 149 154 165 278 666 943 February... 132 132 134 135 144 151 155 168 292 693 [,007 March 132 133 134 135 146 152 155 170 303 706 1,114 April 132 133 133 135 147 152 154 170 314 723 [,160 May 132 133 133 134 147 152 154 171 325 743 1,180 June 132 133 132 134 147 152 154 175 347 785 1,187 July 132 133 132 135 147 152 158 181 372 830 1,178 August 133 134 132 136 148 152 160 187 423 848 1,179 September. 133 134 132 136 148 152 160 190 470 859 \, 182 October 133 134 133 137 149 153 162 193 538 872 _,189 November., 133 134 133 138 149 154 164 201 666 885 1,199 December.. 131 133 134 139 149 154 164 245 606 902 1,209 TABLE 2.—DEPOSITORS' BALANCES AND ASSETS OF THE POSTAL SAVINGS SYSTEM, 1911-35 [In millions of dollars] Assets Assets U. S. Government U. S. Government securities securities End of month End of month 1911—December.- II 11 10 1932—June 785 801 71 48 1912—December.. 28 28 26 December 902 920 793 71 56 1913—December.. 40 40 37 () 1933—June 1,187 1,207 977 131 99 1 1 9 9 1 1 5 4 — — D D e e c c e e m m b b e e r r . . . . 5 74 9 6 7 0 6 5 69 6 1 December 1,209 1,235 914 200 121 1 1 1 1 9 9 9 9 1 1 1 1 6 8 9 7 — — — — D D D D e e e e c c c c e e e e m m m m b b b b e e e e r r r r - . . . . . . . 1 1 1 16 4 6 1 1 5 8 2 1 1 1 1 6 1 4 7 8 5 8 2 1 1 1 1 3 3 4 0 9 0 6 7 3 1 2 3 0 8 3 1 3 2 0 8 1934— A M F J e p a a b n r r i r u c l u a h a ry ry „ 1 1 1 1 , , , , 1 2 2 2 9 0 0 0 7 0 0 1 1 1 1 1, , , , 2 2 2 2 2 2 2 2 4 5 8 8 9 8 8 8 0 5 8 0 3 6 4 7 2 3 2 2 0 4 2 3 9 0 0 2 1 1 1 1 0 2 0 1 8 9 5 2 1920—December.. 163 171 55 105 105 May 1,197 1,224 731 318 175 1921—December.. 146 154 44 103 103 June 1,198 1,225 695 453 35 77 1922—December.. 132 141 56 77 77 July 1,190 1,218 644 478 60 96 1923—December.. 131 142 63 72 72 August _ 1,192 1,221 598 519 101 104 1924—December.. 133 139 93 33 33 September 1,193 1,222 574 565 114 83 1925—December.. 134 141 100 33 33 October 1,199 1,229 501 571 114 97 1926—December.. 139 148 106 33 33 November 1,204 1,236 551 581 114 104 1927—December.. 149 158 116 34 34 December 1,207 1,237 540 597 130 100 1928—December.. 154 163 129 25 25 1935—January 1,201 1,232 509 614 147 109 1 1 1 9 9 9 2 3 3 9 1 0 — — — D D D J J J e u u u e e c n n n c c e e e e e e m m m b b b e e e r r r . , . . . . 2 3 6 1 1 1 0 4 4 5 6 7 6 5 7 4 4 5 3 6 2 1 1 1 5 1 5 7 8 6 6 6 3 4 5 3 3 5 2 1 1 1 1 0 0 3 4 2 1 7 9 8 8 7 2 7 2 2 2 2 0 7 7 6 6 6 2 2 7 2 2 2 7 7 0 6 6 6 J AA M F Md u e 'p a aa n b r r " yy e r i c " . u l . . h , . . . a , . . r . . . y , ' » 1 1 1 1 l , , , , , 2 2 2 2 2 0 0 0 0 0 5 5 0 5 3 1 1 1 , , , 2 2 2 3 3 3 7 2 1 4 4 4 7 9 5 8 1 2 6 6 6 9 8 3 1 5 3 1 1 1 6 8 4 6 3 6 1 6 9 1 3 4 3 » Preliminary. iS£8SrtS^ workfaS tods ««h the Treasurer of the TTnHad States, •Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 503 BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES The Department of Commerce has published lies in an increase of $63,000,000 in the estia final summary of the international transac- mate of interest and dividends received from tions of the United States in 1934, which differs American investments abroad. The summary somewhat from the preliminary summary is given below in substantially the same form published on page 264 of the FEDERAL RESERVE as that employed by the Department of BULLETIN for May 1935. The chief difference 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 1,655, 000,000 $478,000,000 Net receipts from merchandise.. 478,000,000 2. Service items: We received for shipping and freight services 61,000,000 and made payments for shipping and freight services amounting to. 96,000,000 $35,000,000 We received from foreign tourists 94,000,000 and our tourists spent abroad 314,000,000 220,000,000 We received interest and dividends on our investments abroad.. 453,000,000 327,000,000 and remitted interest and dividend payments to foreign investors 126,000,000 121,000,000 Our immigrant remittances and contributions for various causes amounted net to We received from miscellaneous trade and service transactions t 231,000,000 40,000,000 and made payments for miscellaneous trade and service imports K-- 191,000,000 12,000,000 Net payments on service items - 3. Gold and silver: 1,134,000,000 We received payment for gold exported in the amount of 53,000,000 83,000,000 and we paid for gold imported in the amount of 1,187,000,000 We paid net for gold released from earmark for account of foreigners 86,000,000 WNe eret cpeaivyemd epnatsy mone ngto lfdo ra snidlv esri lvexepr.orted in the amount of - - 17,000,000 1,303,000,000 4. Capaintadl witeem psa i(db afoser ds iolvne rre pimorptoedrt edda tian) :the amount of 103,000,000 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 - 07,000,000 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) change In United States banking funds in foreign countries amounted to. 192,000,000 Miscellaneous net short-term credits amounted to 8,000,000 We paid net for paper currency returned from abroad... 48,000,000 Net receipts from capital items. *33S, 000,000 5. Residual item (largely unestimated capital transactions)«.. 499,000,000 Total of summary items 1,315,000,000 1,315,000,000 \ These miscellaneous items include merchandise adjustments, war debt receipts, governmental receipts and expenditures, and miscellaneous service items. 1 Differs from the 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. . 3 This item consists largely of (a) special transactions (such as the inflow of unreported private, commercial, and other funds, and miscellaneous foreign 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

504 FEDERAL RESERVE BULLETIN AUGUST 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 24 and released for publication July 26] Factory production declined seasonally in a year ago, but smaller than the 5-year average June, while output of mines increased. Em- for 1928-32. Acreage of cotton in cultivation ployment and pay rolls at factories showed on July 1 was reported as about 5 percent larger more than seasonal declines. There was little than at the same time last year. change in the average level of wholesale prices, Distribution.—Daily average loadings of and a decrease in retail food prices. freight on railroads increased during June, re- Production and employment.—Daily average flecting larger shipments of coal. Daily average output at factories, according to the Federal value of department-store sales showed little Reserve Board's production index, declined by change from May to June, when a decline is about the usual seasonal amount during June. usual, and the Board's seasonally adjusted Output of mines increased, and the Board's index advanced from 76 percent of the 1923-25 combined index of industrial production, which average to 80 percent. is adjusted for usual seasonal changes, advanced Commodity prices.—Wholesale prices of farm from 85 percent of the 1923-25 average in May products and foods declined during June, while to 86 percent in June. Daily average output of the prices of other commodities as a group automobiles and lumber increased in June, showed little change. Retail prices of food, while activity at cotton mills, shoe factories, which had increased sharply in the 2 years endand meat-packing establishments declined. ing last April, according to the index of the Activity at steel mills declined seasonally dur- Bureau of Labor Statistics, declined somewhat ing June, but, according to trade reports, in- m May and June. creased after the first week of July. There were Bank credit.—Member bank reserve balances sharp increases in the production of anthracite with the. Federal Reserve banks and excess reand bituminous coal during June, and output serves stowed declines for the 4 weeks ending of crude petroleum was also larger than in May. July 17, reflecting in large measure an increase Factory employment and pay rolls decreased in the balance of the Treasury with the Federal between the middle of May and the middle of Reserve banks following a sale of Treasury June. More than seasonal declines in employ- notes. ment were reported by producers of automo- Total loans and investments of reporting biles, clothing, shoes, and cotton fabrics, and banks in leading cities increased by $260,000,000 employment at lumber mills also decreased, during the 5-week period ended July 17. Subwhile the number of workers at woolen mills scriptions by reporting banks to new security increased. In most other manufacturing indus- offerings by the Treasury exceeded retirement tries changes in employment from May to of bonds held by these banks, and consequently June were largely seasonal in character. their holdings of direct obligations of the United Employment and pay rolls at mines increased States increased by $200,000,000. Holdings of considerably. other securities increased by $125,000,000, while Daily average construction contracts loans declined by $60,000,000. Government awarded, according to reports of the F. W. deposits with these banks were reduced by over Dodge Corporation, were larger in value in $200,000,000, while other deposits, exclusive of June and the first half of July than in May. interbank balances, showed an increase of a Awards of residential building contracts were similar amount. twice as large as a year ago, while contracts for Yields on Government securities declined public projects continued smaller than last year. slightly during this period, while other short- The Department of Agriculture July 1 esti- term open-market money rates remained at low mates forecast corn and wheat crops larger than levels. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FE0ERAL RESERVE BULLETIN 505 RESERVE BANK CREDIT AND RELATED ITEMS _ M1LU0MS WeekIy bosls: Wednesd°y fi^res) toooo 9000 8000 7000 6000 5000 4000 3000 MEMBER BANK RESERVE BALANCES 2000 2000 1000 1000 TREASURY CASH & DEPOSITS WITH F.R. BANKS 1930 1931 1932 1933 1934 1935 Based on Wednesday figures; latest figures for July 31. See table on page 506. 5812—35 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN AUGUst 1935 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES) [In millions of dollars] Reserve bant credit outstanding Treas- Treasury r M es e e m rv b e e b r a l b a a n n c k es Date (Wednesday) co B d u i i n s l - l t s s b B ou il g ls ht s m U e G e c r o . e n u S v n - r . - i t - R c O b e r a s t e h e n d r e k i v r t e Total M s g t t a o o o r l n c y d k e- n a r l a e c a u t b n u n r i a y o r d c - n y n k - M i c n t o u i o c l n a n i e r - y - c d R F a b e e w e s p a h d s i n o e e a t s k h r r n i v s a t d e l s b p m N e o r e o s m d i n t e - s - - R c O e F o e a s t u e r c h e a d - n e r l - t v r s e Total E m ( x e a c s t t e e i s d - s ) ties 1934—June 6.. 2,430 10 2,475 7,790 2,365 5,342 3,034 230 237 3,787 1,694 June 13. 2,430 2,472 7,820 2,361 5,313 2,956 251 238 3,895 1,789 June 20. 2,430 2.468 7,835 2,359 5,310 3,121 224 239 3,769 1,675 June 27- 2,430 2,465 7,846 2,364 5,301 3,077 225 236 3,837 1,736 July 3__. 2,432 2,488 7,866 2,365 5.397 3,113 232 230 3,746 1,637 July 11- 2,432 2,468 7,881 2,365 5,344 3,014 223 231 3,902 1,782 July 18- 2,432 2,460 7,897 2,363 5,328 2,954 222 229 3,987 1,851 July 25.. 2,432 2,456 7,911 2,364 5,291 2,972 220 228 4,020 1,873 Aug. 1.- 2.432 2.463 7,932 2,361 5,315 3,074 219 232 3,915 1,768 Aug. 8,.. 2,432 2,458 7,957 2,357 5,334 2,941 209 229 4,059 1,923 Aug. 15_. 2,431 11 2,468 7,979 2,375 5,343 2.976 211 228 4,064 1,911 Aug. 22.. 2,432 0) 2,457 7,983 2,390 5,347 2,972 211 228 4,072 1,902 Aug. 29-. 2,432 2,463 7,981 2,403 5,345 2,944 204 226 4,127 1,945 Sept. 5-. 2,432 2,467 7,963 2,412 5,419 3,087 203 225 3,907 1,723 Sept. 12.. 2,431 2,469 7,968 2,414 5,409 3,053 213 224 3,948 1,762 Sept. 19.. 2,431 2,466 7,972 2,412 5,412 3,124 195 230 1,692 Sept. 26.. 2,430 2,463 7,976 2,409 5,403 3,061 186 3,970 1,768 Oct. 3—. 2,431 2,455 7,980 2,407 5,468 3,068 182 229 3,895 1,691 Oct. 10... 2,430 2,448 7,985 2,403 5,479 2,967 183 229 3,979 1,771 Oct. 17— 2,430 2,457 7,990 2,410 5,469 2,968 183 239 3,996 1,762 Oct. 24— 2,430 2,452 7,993 2,429 5,436 3,049 165 239 3,985 1,733 Oct. 31... 2,430 2,455 8,002 2,434 5,453 3,031 164 237 4,006 1,748 Nov. 7—. 2,430 2,440 8,008 2,442 5,503 2,944 172 4,032 1,783 Nov. 14.. 2,430 2,474 8,030 2,450 5,480 2,964 163 240 4,107 1,848 Nov. 21- 2,430 2,470 8,076 2,459 5,455 2,956 159 239 4,196 1,912 Nov. 28.. 2,430 2,460 8,112 2,469 5,516 3,017 160 4,108 1,825 Dec. 5... 2,430 2,452 8,161 2,478 5,545 3,060 176 237 4,073 1,786 Dec. 12.. 2,430 2,462 8.180 2,486 5,532 3,060 184 239 4,112 1,813 Dec. 19.. 2,430 2,477 8,198 2,505 5,587 3,221 185 243 3,943 1,646 Dec. 26.. 2,430 2,470 2,504 5,628 3,181 138 244 3,961 1,678 1935—Jan. 2... 2,431 2,461 8,243 2,514 5,534 3,164 190 4,090 1,802 Jan. 9— 2,430 2,467 8,258 2,508 5,420 3,094 194 242 4,283 1,986 Jan. 16.. 2,430 2,468 8,273 2,504 5,382 3,019 215 242 4,388 2,069 Jan. 23.- 2,430 2,463 8,308 2,500 5,347 2,994 188 241 4,501 2,162 Jan. 30.. 2,430 2,460 8,387 2,497 5,358 3,007 194 242 4,542 Feb. 6.. 2,430 2,466 8,421 2,503 5,407 2,930 176 246 4,633 2,284 Feb. 13. 2,430 2,450 8,456 2,525 5,430 2,995 182 245 4,580 2,240 Feb. 20. 2,430 2,448 8,489 2,522 5,442 2,932 193 247 4,645 2,272 Feb. 27. 2,430 2,450 8,524 2,520 5,442 3,006 211 246 4f58S 2,201 Mar. 6_- 2,430 2,452 8,546 2,517 5,478 2,998 237 246 4,555 2,185 Mar. 13. 2,430 2,460 8,551 2,525 5,454 3,009 238 247 4,588 2,191 Mar. 20. 2,430 2,455 8,554 2,521 5,453 3,220 243 254 4,361 1,950 Mar. 27- 2,430 2,452 8,563 2,535 5,436 3,335 241 253 4,285 1,888 Apr. 3... 2,431 2,462 8,568 2,548 5,497 3,404 230 253 4.193 1,821 Apr. 10.. 2,430 2,463 8,614 2,5*9 5,487 3,376 224 253 4,287 1,907 Apr. 17. _ 2,431 2.470 8,672 2,549 5,512 3,149 271 257 4,501 2,095 Apr. 24.. 2,430 2,452 8,701 2,550 5,459 2,978 283 258 4,719 2,264 Mayl_ 2,430 2,463 8,721 2,543 5,489. 2,978 276 263 4,721 2,252 May 8. > 2,430 2,466 8,728 2,536 5,496 2,938 277 261 4,758 2,304 May 15. 2,430 2,473 8,737 2,534 5,494 2,901 267 259 4,822 2 350 MMa2y222. 2,430 2,459 8,762 2,531 5,481 2,906 285 259 4,821 2,328 May 29. 2,430 2,467 8,835 2,526 5,511 2,970 262 258 4,827 2,322 Junes... 2,430 2,475 8,916 2,521 5,514 3,030 196 257 4,914 2,400 June 12.. 2,430 2,472 9,016 2,514 5,493 2,988 214 258 5,049 2 521 June 19.. 2,430 2,482 2,510 5,493 3,023 301 264 4,996 2,445 June26.. 2,430 2,472 9,109 2,508 5,498 2,991 306 263 5,029 2,471 J J J J J u u u u u l l l l l y y y y y 1 3 1 2 3 7 0 1 4 . — . . . . . . . . . . . . 2 2 2 2 2 , , , , , 4 4 4 4 4 3 3 3 3 3 0 0 0 0 1 2 2 2 2 2 , , , , , 4 4 4 4 4 6 6 7 7 6 5 0 2 3 8 9 9 9 9 9 , , , , , 1 1 1 1 1 2 4 1 3 2 7 3 9 5 3 2 2 2 2 2 , , , , , 5 5 5 5 5 1 0 0 0 0 0 4 3 1 3 5 5 5 5 5 , , , , , 4 5 5 6 5 1 1 9 3 5 8 9 6 0 1 3 3 2 3 2 , , , , , 1 0 9 9 0 3 8 9 3 0 4 6 1 2 2 3 3 3 2 2 0 1 0 5 6 2 2 2 3 5 2 2 2 2 2 5 6 5 5 5 8 3 8 8 7 4 4 5 5 4 , , , , , 1 9 9 9 0 0 0 2 4 5 0 0 4 5 2 2 2 2 2 2 , , , , . 4 3 3 3 5 5 2 4 3 1 f 0 0 5 3 i * Less than $500,000. Back figures.—See Annual Report for 1934 (table 4) and for excess reserves pp. 499—500 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 507 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES) _____ [In millions of dollars] End of month . c o B d u i i n l s l t R - s ed ese b r B o v u e il g l b s h a t nk G s m U e o c t c v i . r e e S u e e n s . d r r t n i i - t - o R c u O b e r t a s e t s h e n d t r a e k i v t n r e d | in T g otal M s g t t a o o o r c l n y d k e - - t T r b i e c a o u r n a u n e n n r a n r c a y d a - * k y s l - - M i c n t u i o o c l n a n i e r - - y T c d R F a r b e e e w s e a p h s d a n o i e e s t a k s r h u r v i n a s r t e l d s y b m p N e o r e o s m n i d t - s e - - R F c O e o e a s t d u c h e e n - r e r t v r a s e l ' r M e T s o e e t r m a v l e b e b r E m a ( b l x e a a a c s n t n t e e c i s k d - e s i s 1934—January- Ill 2,434 2,630 4,033 2,302 5,289 597 141 287 2,652 745 February. 62 2,432 2,567 7,438 2,302 5,354 3,440 127 292 30M 1,146 March 29 2,447 2,545 7,694 2,361 5,394 3,292 157 299 1,444 April 9 2,431 2,485 7,757 2,378 5,368 3,148 268 230 3. 5W 1,534 May 5 2,430 2,463 7,779 2,368 5,357 3,052 222 232 3, 74 fi 1,662 J J u u n ly e 5 5 2 2 , , 4 4 3 3 2 2 2 2 , , 4 4 7 6 2 2 7 7, . 9 8 3 5 1 6 2 2 t , 3 3 6 6 6 1 5 5, , 3 3 1 7 7 3 3 2 , ,9 0 7 1 1 5 2 2 0 3 7 3 2 22 3 9 2 3 4 , . 0 £ 2 4 0 0 1 1 , ,8 7 7 3 5 2 August 5 2,432 2,464 7,978 2,408 5,396 2,968 208 22f, 4,052 1,867 September. 6 2,431 11 2,464 7,978 2,405 5,456 3,051 178 22S 3,934 1,727 October..-, 6 2,430 2,455 8,002 2,434 5,453 3,031 164 237 4,006 1,748 November. 6 2,430 2,453 8,132 2,468 5,549 3,022 161 239 4,081 1,801 December. 6 2,430 2,463 8,238 2,511 5,536 3,150 189 241 4,090 1,814 1935—January.._, 2,430 2,461 8,391 2,495 5,380 2,991 191 243 4,543 2,200 February.. 2,430 2,465 8,527 2,519 5,467 3,004 2(7 246 4,687 2,11*9 March 2,437 2,471 8,567 2,540 5,493 3,358 226 253 4,247 l,*4i April 2,430 2,468 8,710 2,544 5,478 2,996 271 263 4,715 2. M3 May , 2,430 2.469 8,858 2,525 5,540 2,969 254 257 4,832 2.318 June 2,433 2,480 9,116 2,508 5,568 2,968 325 261 4,979 2,414 July 2,430 2,465 * 9,143 2,510 > 5.518 P 2,991 253 257 6,100 2,513 * Preliminary, Back figures.—See Annual Report for 1934 (table 5) and for excess reserves pp. 499-500 of this BULLETIN. RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding Treasury reserve balances Year or month . c o B d u i i n l s l t - s ed bo B u il g ls ht s U m G e e c . r e o S u n n v . r - t - i- R O c b e r a s t e h e n d r e k i v r t e Total M s g t t a o o o r c n l y d k e- u n a T r l a r e c - r t y b n u e io a a c a r n - n y s n - - k dM cu i ( n l o a n c ti i e o r y - n c d R F a b e e s w e a p h d s n o i e e t a k s r h r v i n s a t e d l s b p m N e o r e o s m i n d t e - s - * F R c O e e o a d s t u c h e e - n r e r v t a r s e l ! Total Excess ties 1929—Average 952 241 208 1,459 2,015 4,476 229 376 2,358 43 ^Average 272 213 564 1,087 4,173 2,025 4,245 239 28 393 2,379 55 1 1 1 1 9 9 9 9 3 3 3 3 3 1 4 2 — — - - A A A A v v v v e e e e r r r r a a a a g g g g e e e e 2 3 5 3 8 2 2 6 3 7 1 2 8 7 4 1 5 3 2 2 1 , , ,4 0 4 6 6 5 3 6 1 2 2 9 2 2 2 1 , , , ,2 4 5 0 7 7 2 0 4 7 9 2 3 4 7 4 , , , , 0 5 4 9 5 1 1 5 7 2 9 2 2 2 2 2 , , , , 2 3 0 0 7 8 2 9 1 1 5 6 4 5 5 5 , , , , 5 4 6 3 7 0 7 2 6 3 2 8 2, 3 2 8 2 4 5 7 7 3 1 9 5 1 1 9 5 8 4 7 6 5 7 3 3 3 2 5 7 5 5 1 3 0 3 3 2 2 2 , , , , 6 1 3 3 7 1 2 4 6 4 3 3 1, 2 5 5 8 6 5 2 9 4 6 8 1934— J J A $ M S F O u u J e e u c a a l n 2 p b t y n g r e o t r u c u e b u — a h s m e a r t y r r b y er 1* 4 5 7 0 3 5 0 1 1 8 4 1 1 5 6 5 5 6 6 5 7 0 6 3 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3 2 3 3 3 3 3 3 3 3 1 1 7 4 9 0 0 2 2 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 4 5 4 5 6 4 4 5 4 4 4 5 6 3 6 9 5 6 0 7 6 6 7 7 9 5 4 7 6 3 7 9 6 9 2 7 4 7 7 7 7 8 8 7 7 7 7 , , , , , , , , , , , , 9 8 9 7 1 0 1 0 6 7 9 8 7 7 2 3 4 5 9 3 3 0 8 9 1 1 1 8 1 7 9 6 6 2 9 3 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 3 3 3 3 3 4 3 3 4 3 4 4 3 7 6 7 0 1 9 1 0 7 6 5 3 7 1 4 8 3 5 4 2 8 3 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 3 3 3 3 4 3 3 3 3 4 4 5 4 6 5 8 3 5 2 6 9 5 7 7 1 3 5 2 9 5 7 6 4 0 3 7 3 3 3 3 2 3 3 2 3 3 2 , , , , , , , , , , , 4 2 0 9 2 0 1 9 0 0 9 3 4 9 8 9 2 5 1 7 5 2 7 9 8 8 3 2 4 9 1 4 0 6 0 7 2 2 2 2 1 1 1 1 1 1 1 1 1 4 2 0 4 4 3 7 6 9 8 7 9 9 6 8 4 6 6 0 5 7 1 7 2 2 3 2 2 2 2 2 2 2 2 2 3 9 0 3 2 9 6 3 3 2 4 3 4 8 4 0 8 3 8 8 4 7 2 7 2 3 3 3 4 4 3 4 3 2 3 3^ , , , , , , , , , , , 3 6 9 5 9 0 1 0 8 7 7 9 6 9 4 2 9 3 4 0 6 2 9 6 1 5 7 8 4 0 7 5 0 4 2 4 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 8 8 3 5 7 7 6 6 8 7 7 8 4 7 8 3 2 9 8 8 6 5 4 3 1 5 9 1 3 1 5 4 6 4 8 4 1935— A J M M N D F u J e p e o a a n a b r c n v r y e i e c r u e l u m h a m r a b y b r e . y e r r . . . . 2 2 2 2 2 2 2 , , , , , , , 4 4 4 4 4 4 4 3 3 3 3 3 3 3 1 0 1 1 0 4 0 2 2 2 2 2 2 2 , , , , , , , 4 4 4 4 4 4 4 7 6 6 6 7 7 7 1 1 2 5 6 9 3 8 8 8 8 8 9 9 , , , , , , , 4 2 6 5 7 0 1 6 4 8 2 5 2 5 5 1 4 8 5 5 2 2 2 2 2 2 2 2 , , , , , , , 5 5 5 5 5 5 5 1 2 3 0 4 1 0 3 6 4 4 3 8 4 5 5 5 5 5 5 5 , , , , , , , 4 4 4 5 5 5 5 3 1 7 0 5 0 2 1 9 7 0 0 7 2 3 2 3 3 2 2 3 , , , , , , , 9 0 1 2 9 9 0 6 5 2 0 8 4 3 3 5 2 9 9 2 2 2 1 2 2 2 1 2 3 9 6 5 8 7 9 6 4 6 9 9 8 3 2 2 2 2 2 2 2 4 5 4 5 6 5 5 6 0 2 6 1 9 9 4 4 4 4 4 4 4 , , , , , , , 6 4 3 4 9 7 9 0 3 5 5 7 7 7 1 6 5 2 9 0 8 v 2 2 2 2 2 2 2 , , , , , , , 2 0 0 0 4 2 3 3 2 3 6 9 3 7 7 6 5 5 7 3 S ji p Preliminary. Back figures.—See Annual Report for 1934 (table 2) and for excess reserves pp. 499-500 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN AUGUST 1935 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] July 31, 1935 June 29,1935 July 31,1934 ASSETS Gold certificates on hand and due from U. S. Treasury- • - 6,224,116 6,180,183 4,906,012 Eedemption fund—Federal Reserve notes 21,829 22,882 24,056 Other cash 269,230 222,979 223,655 Total reserves. 6,515,175 6,426,049 5,153,723 Kedemption fund—Federal Reserve bank notes. 2,105 Bills discounted: For member banks 6,563 5,740 21,960 For nonmember banks, etc - 29 373 Total bills discounted. 6,570 6,769 Billss bboouugghhtt:: P PPb aal yy aabbllee iiIn dollars—Bought outright— 4,687 4,689 5,0 1 8 4 1 8 Payable In foreign currencies Total bills bought 4,687 4,689 5,229 Industrial advances 28,354 27,638 TJ. S. Government securities: Bought outright 2,430,209 2,432,246 2,430,159 Under resale agreement 500 1,600 Total U. S. Government securities - 2,430,209 2,432,746 2,431,759 Other Reserve bank credit: Municipal warrants - 465 Due from foreign banks - 635 633 3,124 Reserve bank float (uncollected Items In excess of deferred availability items).. 15,438 8,548 U.053 Total Reserve bank credit outstanding , 2,465,017 2,480,023 2,461,857 Federal Reserve notes of other Reserve banks - „. 17,127 18,951 16,653 Uncollected items not included in float 460,873 511,095 420,325 Bank premises 49,904 49,826 52,727 All other assets 47,516 43,197 53,158 Total assets., 9,555,612 9,529,141 8,160,548 LIABILITIES Federal'Reserve notes: Held by other Federal Reserve banks... 17,127 18,951 16,653 Outside Federal Reserve banks 3,244,495 3,238,889 3,060,364 • Total notes in circulation 3,261,622 3,257,840 3,077,017 33,812 Federal Reserve bank note circulation—net Deposits: Member bank—reserve account-—*——. 5,099,616 4,978,770 4,028,523 United States Treasurer—general account 125,981 102,235 58,570 Foreign bank 23,288 23,772 7,159 Other deposits 229,553 301,218 200,323 Total deposits 5,478,438 5,405,995 4,294,575 Deferred availability items 460,873 511,095 420,325 Capital paid in. 146,647 146,575 146,546 Surplus (sec. 7) - 144,893 144,893 138,383 Surplus (sec. 13b) , 21,572 20,870 Reserve for contingencies... 30,781 30,777 "22,540 All other liabilities 10,786 11,096 27,350 Total liabilities 9,555,612 9,529,141 8.X60.548 Contingent liability on bills purchased for foreign correspondents.. Commitments to make industrial advances , 23,"022 20,"798 FEDERAL RESERVE NOTE STATEMENT Notes Issued to Federal Reserve banks by Federal Reserve agents. 3,532,140 3,492,851 3,367,502 Collateral held by agents as security for notes Issued to banks: Gold certificates on hand and due from U. S. Treasury 3,389,839 3,294,639 3,097,156 Eligible paper 5,090 4,276 11,803 U. a. Government securities .„ 205,000 231,000 298,400 Total collateral. 3,599,929 3,529,915 3,407,359 FEDERAL RESERVE BANK NOTE STATEMENT Notes Issued to Federal Reserve banks (outstanding) 45,718 Collateral pledged against outstanding notes: 51,974 U. S. Government securities i Excess of deferred availability items over uncollected items* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUQUST 1935 FEDERAL RESERVE BULLETIN 509 KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End or month Total 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 c e i a r l t t v i e f e s i r - O T n f u r o e r 1 t a y 8 e s 9 s - 0 S s u i il a b v r s e y i r d- M co in in or U S n t n o a i t t t e e e s s d R F n e e o d se t e e r r ? v a e l R F n b e e o a d se t n e e r r k s v a e l t n b i N o o a n t n a e a - k s l 1934—January... 5,239 178 391 267 116 2S3 2.894 202 927 February- 5,354 167 399 270 117 289 2,949 194 933 March -. 5,394 161 403 272 118 2S9 3,005 178 936 April. _.~... 5,368 157 400 274 113 282 3,025 162 918 May 5,357 153 402 277 120 279 3,038 151 906 June 5,373 150 401 280 119 230 3,068 142 002 July 5,317 146 399 280 121 277 3,044 133 885 August 5,396 143 438 282 122 274 3,103 125 873 September. 5,456 139 483 284 122 274 3,131 119 870 October... 5,453 136 510 288 123 273 3,124 112 856 November. 8,549 133 558 291 124 273 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 3,018 97 827 February.. 5,467 126 599 289 123 263 3,119 94 823 March 5,493 123 623 290 123 264 3,135 92 810 April 5,478 121 653 294 124 263 3,120 33 778 May 5,540 119 C95 296 125 2S1 3,159 85 747 June., 5.563 117 701 297 125 235 3,223 81 704 July P 5,518 116 702 298 125 230 3,232 78 654 I p Preliminary figures. NOTE.—For figures of paper currency of each denomination In circulation see p. 549. Back figures.—See Annual Report for 1933 (table 5G). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES i [In millions of dollars] [In thousands of dollars] Gold Net July June January-June Year or month y m a s e t t o a o o e n r c f n t k o h d r I i n n s c t o r g e c o a k l s d e im g N o p e l o d t rt r m e f e r l a e a o r a r m k - se 1 fa O ct t o h r e s r J From or to— p I o m rt - s p E o x r - ts p I o m r - ts p E o x rt - s p I o m rt - s p E o x rt - s $l*=£5Ho grains of gold Mo fine; *.«., on Belgium 1 ounce of fine ffold**$£0.67 England 31 939 153,38* 466 1932 4,226 || 52.9 | -446.2 | 457.5 | 41.6 France 194,293 1411,288 14 1933 4,036 II -190.4 | -173.5 | -58.0 I 41.1 Germany 33 Netherlands 975 22,061 135,154 i o g u r n a c i e n s o f o f f i g n o e l d g o M ld o * = f $ in S e 5 ; f. e.t an S C w an it a z d e a rland 6,770 8,734 44,6 3 9 3 7 9 56 1934—April 7,757 62.2 54.7 1.1 8.6 Central America... 191 210 1,469 May 7,779 22.4 33.6 .5 -11.6 Mexico ... 781 844 165 9,457 "352 June 7,856 77.1 63.7 1.0 12.5 Argentina 11 July 7,931 74.4 52.3 .6 21.4 Colombia I 1,750 7,375 August 7,978 47.4 37.2 -1.1 11.2 Ecuador 710 177 2,771 September, 7,978 .4 -18.7 2.4 16.6 Peru 213 59 944 October- 8,002 23.5 10.8 .3 12.4 Uruguay N D o ec v e e m m b b e e r r . . 8 8 , , 1 2 3 3 2 8 1 1 2 0 9 6 . . 9 2 1 9 2 2 0 . . 1 9 -. . 1 1 1 9 4 . . 1 1 A V Br e u i n s ti t e r s z a h u l e i I a l n a dia 30 4 2 7 6 8 16, 3 5 3 3 9 6 5 6 7 Year.... 8,233 4,202.5 1,133.9 82.6 2,986.1 Ch K in o a n g and Hong *. 438 448 3,4S9 1935—January 8,391 153.3 149.4 1.1 2.8 Dutch East Indies. February.. 8,527 135.3 122.8 .2 12.3 Japan - March 8,567 40.4 13.0 -.7 28.1 Philippine Islands. 1,803 1,122 6tfi0i April 8,710 143.4 148.6 -2.3 -3.0 All other countries'. 3,244 1,581 11,076 May 8,858 148.1 140.0 -1.5 9.6 June 9,116 257.1 230.4 1.0 25.8 Total 16,287 59 230,538 166 505,389 1,226 July 9 0,143 27.5 16.2 -.4 11.7 * With some exo » Preliminary. $35 a fine ounce. 1 Gold released from earmark at Federal Reserve banks less gold * Includes all movements of unreported origin or destination. placed under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). Backfiii,£ttr«.—See table of go s l 5 d 3 m a o n v d e m 54 e ) n . ts, United States, p. 460, and Annual Report for 1933 (tab) of such factors as domestic production, movements Into and out of nonmonetary use, imports and exports that do not affect gold stock during the month or year, and increment resulting from reduction in weight of gold dollar. Back figures.—See Annual Report for 1933 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDEKAL RESERVE BULLETIN AUGUST 1935 MEMBER BANK RESERVE BALANCES [Averages of daily figures. In millions of dollars] Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll • N e C w i t Y y o i rk R c e O i s t t e i h e 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 i ty Y o i rk R O c e i s t t h e ie r e v s r e 'C b o a u n n k t s r * y" 1934— J J u u l n y e 3 3 , , 7 9 9 2 0 8 1 1, , 3 3 9 9 3 1 1 1 , , 6 7 3 2 2 5 7 8 6 1 7 0 1,789.4 5 6 3 2 2 5 . . 2 7 7 8 9 7 9 4 . . 6 0 35 ( 2 9 . . 8 7 August 4,045 1,509 1,719 817 1,883.6 638.2 852.2 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 2,236.6 886.7 451.0 March — 4,452 1,760 1,787 905 2,064.7 779.0 842.3 443.5 April 4,430 1,715 1,831 890 2,025.6 723.0 878.4 424.3 May 4,778 1,813 2,031 935 2,296.9 797.5 1,038.4 461 0 June 4,979 1,969 2,092 918 2,437.6 915.3 1,079.0 443.4 Week ending (Friday): 1035—Apr. 5 4,202 1,684 1,652 1,817.0 699.6 731.7 Apr. 12 4,230 1,648 1,717 1,857.0 673.6 777.6 406.0 Apr. 19 4,410 1,701 1,815 895 2,008.0 712.5 855.8 440.0 Apr. 26 4,670 1,779 1,985 905 2,224,0 773.1 1,016.1 435.0 M M M a a a y y y 3 1 1 0 7 4 4 4 , , , 8 7 7 3 0 1 4 5 9 l 1 1 f , , 7 7 8 5 7 2 7 8 0 2 2 2, , , 0 0 0 3 0 1 7 5 3 9 9 9 3 6 4 6 4 8 2 2 2 , , , 2 2 3 5 8 4 5 1 0 . . . 0 0 0 8 7 7 1 5 5 3 4 9 . . . 4 8 1 1 1 1 , , , 0 0 0 4 3 3 3 0 0 . . . 5 2 0 4 4 4 6 9 8 6 6 3 . . . 0 0 0 May 24 4,805 1,844 2,039 922 2,317.0 826.0 1,042.8 448.0 May 31 4,810 1,863 2,047 900 2,303.0 834.0 1,046.3 423.0 June 7 4,879 1,912 2,047 920 2,364.0 873.9 1,050.8 439.0 June 14 5,001 1,994 2,093 913 2,476.0 948.8 1,083.8 443.0 June 21 5,025 1,998 2,109 919 2,477.0 938.7 1,087.3 451.0 June 28 5,011 1,981 2,116 914 2,455.0 914.7 1,095.7 445.0 1 Central Reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.SM Annual Report for 1933 (table 73). MEMBER BANK DEPOSITS [Averages of daily figures. In millions of dollars] Net demand and time deposits Net demand deposits Time deposits Month or week m T b e a o m a n t l k l b a s 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 v s r e " b C a tr n o y k u " s n i - m T b e a o a m n t l k a l 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 v s r e " b C a tr n o y k u " s n * - m T b e a o m a n t l k a l b s l e - 1 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 v s r e " b C a tr n o y k u " s n * - 1934—June , 7,168 10,929 8,601 6,433 6,645 3,909 9,711 735 4,284 4,691 J D A N S O u e e u o c l p c t g y v o t e u e e b m m s m e t b r b b e e e r r r 2 2 2 2 2 2 7 7 7 8 8 8 , , , , , , 6 0 3 3 5 0 7 1 6 3 3 1 3 5 4 8 4 0 7 7 7 7 7 7 , , , , , , 2 5 2 3 4 4 1 3 5 0 0 6 2 6 2 0 9 5 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , 4 7 2 5 1 8 3 4 2 8 8 2 6 4 7 0 7 8 8 8 8 9 9 , , , , , 7 7 8 1 1 1 5 9 7 7 0 4 7 7 8 6 6 6 6 6 6 , , , , , , 5 5 5 7 8 7 3 9 0 0 6 8 1 4 0 4 5 0 6 6 7 7 7 7 , , , , , , 8 1 9 2 4 5 0 0 1 4 6 2 7 3 8 0 9 7 3 4 4 4 4 4 , , , , , , 0 9 1 3 3 2 1 6 2 7 1 3 6 6 6 1 5 9 9 9 9 9 9 9 , , , , , , 8 7 8 8 8 7 1 9 0 4 2 6 9 6 9 0 6 9 7 7 7 7 6 6 3 1 0 0 8 4 6 9 9 5 5 7 4 4 4 4 4 4 , , , , , , 3 3 3 3 3 3 1 4 1 2 3 0 9 0 9 6 3 1 4 4 4 4 4 4 , , , , , , 7 7 7 8 8 8 4 6 6 0 2 2 1 7 1 2 9 1 1935— J A M M F u J e p a a a n b n r y r e i r u c l u a h a ry ry , 2 2 2 2 3 3 9 0 1 8 9 9 , , . , , , 5 5 0 9 3 8 8 7 0 0 5 8 6 1 3 7 7 2 8 8 8 8 7 7 , , , , , , 1 3 0 6 9 5 4 1 9 2 5 6 5 8 4 6 0 5 1 1 1 1 1 1 1 2 2 2 2 2 , . , , , , 8 9 1 0 2 6 1 4 3 6 6 4 4 8 3 3 0 7 9 9 9 9 9 9 , , , , , , 2 6 6 3 4 3 2 0 8 7 8 6 4 6 7 7 0 8 7 7 7 7 7 7 , , , , , , 3 4 2 6 9 0 9 8 6 5 6 4 1 9 8 5 7 3 8 7 7 7 7 8 , , , , , , 0 6 5 2 7 6 0 8 2 7 4 6 6 7 5 5 5 2 4 4 4 4 4 4 , , , , , , 4 4 6 5 4 6 2 8 3 4 9 5 2 7 8 2 3 7 1 1 1 1 9 9 0 0 0 0 , , , , , , 9 9 0 1 1 1 1 9 3 0 1 9 4 1 6 3 4 4 6 6 6 6 6 5 6 5 5 5 6 9 4 3 1 1 3 7 4 4 4 4 4 4 , , , , , , 4 4 4 5 5 5 5 0 8 6 3 1 7 6 6 2 9 5 4 4 4 4 4 4 , , , , , . 8 8 9 8 9 9 5 9 3 6 6 8 7 5 5 9 7 1 Week ending (Friday): 1935—Apr. 5 8,080 11,982 7,419 7,480 661 4,502 Apr. 12 8,010 12,138 7,346 7,640 663 4,498 Apr. 19 8,112 12,317 7,448 7,808 663 4,510 Apr. 26 8,251 12,414 7,586 7,884 665 4,530 M M M M a a a a y y y y 2 3 1 1 4 0 7 8 8 8 8 , , , , 3 2 2 3 4 5 2 5 6 3 3 3 1 1 1 1 2 2 2 2 , , , , 5 4 6 6 6 7 6 8 6 8 8 7 7 7 7 7 , , , , 5 5 6 6 5 9 8 8 9 0 0 6 8 8 7 7 , , , , 1 0 9 9 2 9 9 2 6 7 9 5 6 6 6 6 6 6 6 6 4 6 3 7 4 4 4 4 , , , , 5 5 5 5 6 7 5 6 7 0 3 1 May 31 8,423 12,714 7,765 8,168 653 4,546 J J J J u u u u n n n n e e e e 2 2 7 1 8 1 4 8 8 8 8 , , , , 6 4 4 6 5 5 9 0 4 5 8 5 1 1 1 1 2 2 2 2 , , , , 9 8 6 7 0 8 5 7 0 6 5 3 8 7 7 8 , , , , 0 0 9 8 1 6 0 4 0 3 2 8 8 8 8 8 , , , , 1 3 3 2 3 5 3 5 3 0 5 3 6 5 5 5 0 9 9 9 6 6 5 2 4 4 4 4 , , , , 5 5 5 5 6 2 3 1 4 2 6 5 > Weekly figures are not reported. »Central Reserve city banks only. Bach Agutes.—See Annual Report for 1933 (table 73). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1U35 FEDERAL RESERVE UULLET1N 511 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars) Loans to other customers Open-market loans Investment* Total Total Purchased paper l loans Loans Se- Other Loam U.S. w Call date i m n a v e n e n d s t t s - ba t n o ks Total s c t a u o b n r c y d e k d s b e c y s u S t r r e a e c - t d : e il] s u e w a c n n u i s s d r e e e - d Total A p a a c n y c o a e t p b * t le -] a c A n ep c c e - t- s C m o c m r- * k b t i e r n o o rs - ToUl t G e ti r n o n n v * l - O rH th ta e i r •lo b c y k | bonds cured in Pay- cUI New United able paper York «. Stales abroad TOTAL—ALL MEMBER BANK3 1031-Sept. 29 33,073 599 18,713 6,842 3,149 8,722 1,663 268 028 12,199 A, Ml H.OH1 Doc. 31 30,575 790 17,570 6,290 3,033 8,242 901 140 140 A7A 11,314 A3 ft, WO 7,»30 1032-Juno3O 28,001 573 15,207 5,292 2,894 7,081 747 313 122 278 11,414 A.C2H A, 780 A, 016 Sept. 30 28,045 457 14,497 5S 2,885 6,527 970 407 116 411 12,121 0^00 ft, 7Wi A, 770 Dec. 31 27,4G9 444 13,905 4,848 2,862 6,195 855 375 03 3J7 12.20A 0, M0 A, 720 A, 447 1033-June30» 24,786 330 11,337 3,916 2,372 5,049 1,1U1 291 67 788 1I,W2H 0,8*7 6,041 4,hK4 Oct. 25 24,953 297 11,523 3,809 2,304 5,350 1,233 303 164 718 11,801 0, K)l A.0U3 4,713 Dec. 30 25,220 287 11,315 3,772 2,359 &.184 1,231 223 132 840 12,3*0 7, ISM A, 132 <70tf 1031—Mar. 5 26,548 225 11,093 3,644 2,382 6,067 1,387 350 1L7 MA 13,842 8,007 A, 176 Juno 30 27,175 153 10,804 3,516 2,357 4,931 1,566 2G4 300 1,0*2 I4.CA2 0,137 A, MA 4,051 Oct. 17 27,559 149 10,782 3,325 2,297 6,161 1,301 276 253 802 I A, 207 0,180 0,0M 4.17* Doc. 31 28,150 165 10,509 3,296 2,273 4,940 1,363 250 232 613 1 ft, 122 9, &00 0,210 4*101 1035-Mar.4 28,271 133 10,420 3,215 2,250 4.955 1,400 235 255 875 1ft, 31* 0,821 0,407 4,132 June 29* 28,794 120 10,420 3,121 2,278 5,020 1,439 201 240 070 10, hit 0,870 0,045 4,134 NEW YORK CITY » 1031—Sept. 29 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2.7H0 Dec. 31 7,460 374 3,694 1,728 153 1,813 695 107 M2 2,007 1,708 V28 2,471 1032—Juno 30 6,715 260 2,856 1.343 160 1,353 665 262 258 S, 033 2,00* I, (125 1,767 Sept. 30 7,112 203 2,633 1,300 154 1,184 763 341 Z'A 3W» 2,429 1,070 1,811 Doc. 31 7,327 216 2,621 1,247 160 1,214 701 330 537 3,7KV %m MM 1,000 1033—Juno 30 * 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 I.1A8 t,KKH Oct. 25 6,971 143 2,436 1,032 149 1,254 891 233 624 2,A0l 2, AM 1,181 1,728 Dec. 30 6,995 146 2,395 1,034 148 1,213 012 170 700 3,542 2,320 1,170 1,821 1034-Mar.5 7,351 112 2,321 985 156 1,180 0S6 270 CS7 S, W32 2.3C2 MM 1,721 J O u c n t o . 1 3 7 0 7 7 , , 6 5 6 4 6 3 6 6 8 6 2 2 , , 2 2 9 0 4 2 9 87 3 6 7 1 1 5 5 6 0 1 1, , 2 1 6 0 7 9 1, 8 1 8 3 3 1 2 2 2 3 5 2 8 C 8 3 3 1 4 4 , , 2 3 0 0 5 0 2 3, , a 7 f 0 > 8 3 1 1, , 3 2 4 1 ^ 2 1 1 , A 8 1 1 1 0 Dec. 31 7,761 63 2,202 874 139 1,188 894 210 602 4,002 2.9M I.3&4 1035-Mar. 4 7,783 62 2,198 861 139 1,199 904 203 078 4,028 3,240 1,429 Juno 29* 8,361 43 2,214 841 138 1,235 1,120 183 930 4,073 3 3 , , 2 4 0 6 0 2 1,612 OTHER RESERVE CITIES 1031-Sept. 29 13,016 234 7,845 3.092 ,685 3,168 326 167 66 4,601 2,801 2,200 1,317 Dec. 31 12,115 347 7,407 2,806 ,533 3,063 135 62 16 4,220 2,133 2.W3 80M) 1032—June 30 11,045 254 6,519 2,403 ,407 2,709 118 62 7 4,154 2,187 100fl Sept. 30 10,979 205 6,196 2,304 ,406 2.4S6 151 65 14 4,427 1,061 2.46* Dec. 31 10,535 178 ft, 879 2,169 ,398 2,312 115 46 12 4,302 2,402 2,2W 1933—June 30» 9,780 129 4,846 1,702 ,160 1,984 184 51 68 4,021 2,807 ,7M I, MC Oct. 25 9,951 120 4,912 1,660 ,144 2,108 274 91 100 4,045 2,889 ,757 I, KM Dec. 30 10,157 103 4,797 1,630 ,151 2,016 258 78 112 6,000 3,209 !,7W I. WO 1034 - ~ M J J O D M u u c e a n n a t c r . e e . r . . 1 3 2 3 4 5 7 1 9 0 * Ill 1 1 1 1 1 11 1 1 0 1 1 , , , , , , 7 0 3 8 6 7 2 5 6 1 0 3 1 4 7 6 9 9 7 6 5 6 5 6 9 3 5 5 6 0 4 4 4 4 4 4 , , , . , , 4 4 6 4 5 5 1 3 6 5 8 6 8 6 9 9 6 2 1 1 1 1 1 1 , , , , , , 4 5 3 3 4 5 2 2 3 7 6 1 1 6 7 3 6 2 , , , , , ,1 1 0 1 1 1 1 4 9 5 2 0 9 5 3 8 0 8 2 l 1 1 1 1 t , , , 9 , , 0 9 9 9 9 4 2 3 1 6 7 5 1 9 5 2 0 3 3 3 3 3 1 1 1 2 0 2 7 1 5 8 6 0 5 1 1 1 1 1 8 5 1 3 2 4 9 1 5 5 0 2 1 1 1 1 1 2 3 5 3 2 3 0 4 4 1 3 8 7 6 0 6 6 A , , , , , 0 , 7 7 1 4 7 0 G 0 0 2 & 3 4 4 3 3 3 3 4 4 4 4< , , , , & 5 1 2 G 5 0 4 M 0 1 2 0 0 1 2 2 2 2 1 , , , . , 7 1 2 0 8 4 * 3 0 0 1 3 3 2 3 1 .. , A 7 3 O A M 3 "COUNTRY" BANES 1 1 1 9 0 0 3 3 3 3 2 1 — — — - - M M J J S O D O p J J S u u e u u e e e a c c a p n n n n p c t c t r r . e e . e t e t . . . . . . 2 3 1 3 3 3 2 3 5 4 3 2 5 0 7 9 0 0 1 0 0 9 * ™ » » "III I " I " I " I 1 I 1 1 1 9 9 7 8 8 8 8 8 8 8 8 0 1 0 , , , , , , , , , , . , , , 0 3 9 6 7 8 0 7 4 6 7 9 8 2 3 8 5 0 1 7 9 0 6 8 4 5 4 4 1 1 4 7 2 9 5 3 0 8 0 6 9 9 7 6 5 5 4 4 4 5 4 4 3 3 3 3 , , , , , , , , , , , , , , 1 0 1 1 4 8 8 6 1 4 0 7 9 7 9 1 7 0 4 6 2 1 9 0 8 6 2 8 4 8 5 3 9 3 6 7 6 6 9 2 5 3 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 7 9 4 5 1 4 0 0 1 1 0 0 9 9 8 5 3 4 1 9 3 2 0 3 1 5 8 1 1 6 5 6 8 3 2 7 8 2 0 3 1 3 1 1 [ 1 1 [ 1 [ [ , , , , , , , , , , , 3 3 3 3 0 4 , , , 0 0 0 0 0 0 0 0 1 0 4 2 2 5 6 2 2 1 2 6 7 5 1 4 6 8 4 5 8 6 6 8 1 1 0 6 3 3 3 2 2 2 1 1 1 1 1 1 1 1 , , , , , , . , , , , , , , 6 3 0 6 8 0 9 9 8 8 9 9 8 7 7 6 1 6 5 0 8 5 7 1 0 2 4 8 3 7 9 8 7 7 7 5 3 3 6 3 2 6 1 1 1 1 1 1 7 6 1 5 3 4 9 7 6 2 3 4 5 3 1 4 6 5 9 3 5 3 2 4 1 9 0 9 1 1 8 4 3 3 4 2 2 3 5 7 9 9 0 1 1 8 6 6 6 8 7 4 4 2 5 2 9 5 4 4 4 4 4 3 B 3 4 4 4 4 4 4 , , , , , , , . , , , , , , 1 0 2 3 1 2 6 8 1 7 7 7 7 M R 8 0 2 3 1 0 4 4 4 5 5 6 7 0 0 2 1 8 5 8 5 S 7 0 3 3 1 1 1 1 1 1 h 1 2 1 2 1 l 1 , , , , , , . , , . , , , 4 4 4 4 4 t 4 0 t 9 1 0 0 0 m 7 # 7 3 1 3 0 8 4 * 2 0 2 1 4 3 8 2 2 9 3 0 2 9 8 0 3 2 2 2 2 2 2 2 2 3 2 2 2 2 , . , , , , , , , . , . , , 1 1 0 7 1 7 0 1 3 2 0 7 8 M & 7 7 0 2 1 0 0 4 0 4 3 3 4 4 2 0 5 1 2 2 0 2 7 7 6 5 1 1 1 I 1 1 1 . . , , W 1 , , , , , , 0 1 1 4 1 1 0 0 0 3 7 0 1 8 6 2 1 0 0 O A 8 2 8 0 0 0 7 2 1 Preliminary. fe°an (secured by stocks and bonds) to brokers and dealers In securities at New York City, i ^ June ^ 1933' fleures relat« to Mcensed banks only. ^ffifcr^^^ JoMWS* (table 5)7 tor teptr»ui fl'furaiTof Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN AUGUST 1936 ALL BANKS IN THE UNITED STATES f Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and Industrial banks as are included In abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Invest- Invest- Total Loans ments Total Loans ments Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1930—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 1031-Mar. 25- 65,924 36,813 19,111 34,729 22,840 11,889 19,987 16,068 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 12,199 110,506 t 6,169 14,337 9,786 6,707 3,079 Dec. 31— 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 fi,827 2,814 1032—June 30... 46,071 27,834 18,237 23,001 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 15,524 12,121 U0.316 16,130 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 7,295 4,780 2,515 6,079 4,103 June 30*.— 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 5,246 3,404 1,841 Oct. 25 K... 24,953 13,059 11,894 4,103 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 5,115 "3,"238" "It"§77 "4,"679" 1934—Mar. 5 K. 26,548 12,706 13,842 June 30... 42,502 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 *5,423 3,108 2,315 Oct. 17»- 27,659 12,293 15,267 Dec. 31... 43,458 20,474 22,984 28,150 12,028 16,122 5,491 4,291 "5,"526 *2,~955" ~2,*571 1935—Mar. 4*.. 28,271 11,953 16,318 June 29 > » 28,794 11,979 16,815 9 Preliminary. 1 Figures of preceding call carried forward. > Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. »Nonmember 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] Nonmember Member banks banks 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 b m h a e e n r m ks - Total ti N on a- al State s M b a a v u n i t n u k g s a s l m n b e o e m n r - banks 1930 SeDt 24 52,784 31,839 1 9,197 11,748 Dec. 31 53,039 32,560 9,507 10,972 1930-Sept. 24 23,590 8,246 7,192 1,054 1606 14,738 1931 Mar. 25 - 51,427 31,153 »9,507 10,767 Dec. 31 22,769 8,052 7,033 1,019 603 14,114 June 30 „__- 51,782 31,566 10,017 10,199 Sept. 29 49,152 29,469 U0,0l7 9,666 1931—Mar. 25 22,372 7,928 6,930 998 1603 13,841 Dec. 31 45,821 27,432 10,105 8,284 June 30 21,903 7,782 6,800 982 600 13,521 Sept. 29 21,294 7,599 6,653 946 1600 13,095 1932—June 30 41,963 24,755 10,020 7.188 Dec. 31 19,966 7,246 6,368 878 597 12,123 Sept. 30 41,942 24,903 '10,020 7,020 Dec. 31 41,643 24,803 10,022 6,818 1932—June 30 19,046 6,980 6,145 835 594 11,472 1933—June 30» 37,998 23,338 9,713 4,946 Sept. 30 18,794 6,904 6,080 824 1594 11,296 Oct. 25* 23,453 Dec. 31 18,390 6,816 6,011 805 594 10,980 Dec. 30- 38,505 23,771 9,708 5,026 1933—June 30« 14,519 5,606 4,897 709 576 8,337 1934—Mar. 5 * 25,293 Oct. 25» 5,818 5,052 766 J O u c n t e . 1 3 7 0 >_... 41t870 2 2 7 6 . , 4 6 8 1 4 5 9,780 <5,475 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 31 . .. 44,771 28,943 9,828 6,000 1934—Mar. 5» _ 6,206 5,288 918 1935—Mar. 4 » 28,589 June 30 15,835 6,375 5,417 958 578 8,882 Oct. 17 * 6,433 5,461 972 For footnotes see table above. Dec. 31 16,042 6,442 5,462 980 579 9,021 NOTE.—Prior to Dec. 30,1933, member-bank figures Include interbank 1935—Mar. 4« . 6,422 5.446 976 deposits not subject to immediate withdrawal, which aggregated $103,- 000,000 on that date. For footnotes see table above. Back figure*.—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

AUGUST 1935 FEDERAL RESERVE BULLETIN 513 REPORTING MEMBER BANKS IN LEADING CITIES » (Monthly data are averages of weekly ngures. In millions of dollars] Total—all weekly reporting member banks New York City Other leading cities Loans and investments Loans and investments Month or date Total c L o u n o ri a t s n i e e s - s o lo A t a h l n e l s r T I o n t v a e l stm U cu . e S r n . i t t i s e se s - b F r B i a . o n a n o w g t R k r s - - s . Total c L o u n o ri a t s i n e e s - s o lo A t a h l n e l s r T I o n t v a e l stm U cu . e S r n . i t t i s e se s - b F r B i a . o n a n o w g t R k r s - - s . a m T n l v o d o e e a s n t n a t i t - s n l s - b F r B i a . o n a n o w g t R r k s - - s . 1934-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 4,757 10,016 6,647 7,105 1,413 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 ,546 4,419 3,154 10,819 February 18,247 2,996 4,564 10,687 7,217 7,366 1,422 ,548 4,396 3,111 10,881 March 18,486 3,081 4,587 10,818 7,278 7,564 1,493 ,554 4,517 3,189 10,922 April 18,576 3,008 4,611 10,957 7,327 7,693 1,487 ,573 4,633 3,295 10,883 May 18,520 3,043 4,569 10,903 7,267 7,682 1,619 ,543 4,520 3,227 10,833 June 18,550 3,028 4,506 11,016 7,345 7,703 1,617 ,496 4,590 3,299 10,847 July 18,582 3,023 4,433 11,126 7,375 7,694 1,639 1,457 4,598 3,253 10,888 1935—May 1 18,689 3,112 4,584 10,993 7,324 7,830 1,655 7546 4,629 3,290 10,859 May 8 18,518 3,015 4,563 10,940 7,299 7,630 1,584 ,526 4,520 3,221 10,883 May 15 18,442 3,015 4,583 10,844 7,250 7,605 1,591 ,547 4,467 3,198 10,837 May 22 18,479 3,043 4,556 10,880 7,249 7,656 1,623 ,540 4,438 3,199 10,823 May 29 18,471 3,054 4,558 10,859 7,211 7,690 1,639 ,554 4,497 3,225 10,781 JuneS 18,414 2,992 4,503 10,919 7,293 7,631 1,583 ,494 4,554 3,285 10,783 June 12 18,500 3,040 4,527 10,933 7,294 7,674 1,620 ,508 4,546 3,274 10,826 June 19 18,620 3,020 4,507 11,093 7,388 7,730 1,609 ,495 4,626 3,314 10,890 June 26 18,668 3,061 4,483 11,119 7.407 7,775 1,655 1,486 4,634 3,324 10,893 July 3 18,508 3,099 4,449 10,960 7,279 7,718 1,700 1,473 4,545 3,245 10,790 July 10 18,414 3,019 4,435 10,960 7,219 7,612 1,628 1,459 4,525 3,187 10,802 July 17 18,762 3,034 4,471 11,257 7,492 7,805 1,650 1,480 4,675 3,327 10,957 July 24 18,718 2,997 4,449 11,272 7,507 7,785 1,623 1,466 4,691 3,330 10,933 July 31 18,507 2,967 4,360 11,180 7,380 7,548 1,590 1,406 4,552 3,174 10,959 1 For additional data see p. 547. Backfigum.See Annual Report for 1933 (tables 88-90). BROKERS' LOANS REPORTED BY THE NEW YORK STOCK EXCHANGE MADE BY REPORTING MEMBER BANKS IN N. Y. CITY [Net borrowings on demand and on time. In millions of dollars] [Monthly data are averages of weekly figures. In millions of dollars] From New From private For ac- End of month Total an Y d o p t r r k a u n s b i t e a s n co k m s - b fo a a r g n e e i k g n s n c , i b e b s r a o , n k e k t e i c r n . s g , Month or date Total o c w o F n u o n r a t c- c b o o t a u o u n t w n - k o t n s f o * - f co F o u o t n r h t e a r c o s - f 1934 1935 1934 1935 1934 1935 1934—July 1,042 871 16S August 827 670 156 J M F a e n a b u r r c a u h r a y . r . y.. 9 9 93 3 0 1 8 3 8 8 7 1 2 7 6 5 3 8 8 8 7 6 3 3 2 9 7 7 7 5 5 0 0 8 6 1 7 6 0 6 4 8 6 6 6 7 6 7 N D S O e e o c p c t v o t e e e b m m m e b r b b e e e r r r 7 7 7 7 4 8 1 7 6 4 3 6 6 5 6 6 7 1 3 3 3 2 3 9 1 1 1 1 3 3 4 4 9 3 4 2 J A M u p a n r y e il " — 1 1 1 , , , 0 0 0 1 8 8 6 8 2 8 8 7 0 0 9 8 5 3 9 9 98 7 1 0 3 2 7 7 7 5 7 6 9 6 2 1 1 1 0 1 0 4 6 2 4 3 3 3 4 2 1935— M F J e a a b n r r c u u h a a ry rv .* . . 7 8 7 7 3 5 7 9 6 6 6 6 3 1 9 5 4 6 1 1 1 4 4 4 0 0 1 July. April 803 714 86 August...I 923 769 849 741 74 23 May 878 858 19 September.'."!"" 8 8 7 3 4 2 8 76 0 9 3 7 6 1 2 J J u u n ly e 8 9 8 0 3 3 8 8 6 9 5 3 I 1 S 5 October N De o c v e e m m b b e e r r." 8 8 83 2 8 1 7 0 8 7 7 1 6 6 3 5 1 6 6 6 7 6 6 J J J u u u l l l y y y 3 1 1 0 . 7 . . . . 9 8 9 6 1 9 7 5 9 9 8 9 5 3 0 2 3 0 July 24. 895 880 July 31. 865 850 Report for 1933 (table 93). i Member and nonmember banks outside New York City (domestic banks only). Back figures,—See Annual Report for 1933 (table 92). 5812—35 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN AUGUST 1935 ACCEPTANCES AND COMMERCIAL PAPER BANKERS'ACCEPTANCES, BY HOLDERS (DOLLAR I BANKERS' ACCEPTANCES, B"Y CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) {In millions of dollars] [In millions of dollars) H er e a l l d b R a b n e y k s s e F r e v d e - Held b b y a n a k c s cepting o st n o r g e o d o i d n s B go a o o s n e d d s Based United stored on States in Total For Held Im- on ex- (ware- Dollar foreign End of month s o t i a u n n g t- d o F a w c o - n r o c e f o a i c u g f - o n n r t - Total O bi w ll n s b B ou il g ls ht ot b h y ers End of month Total p U in o . t r S o ts . p X fr o J o . r m & ts . s c h b 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 c ri i o b e p u e s p - n o e - d r count corre- between tween spond- domestic foreign ents points points 1933—February ~ 704 325 201 124 42 1933—January 707 71 166 222 237 March 671 201 153 108 85 February 704 71 174 219 231* ft 6 6 9 6 7 9 4 5 0 0 4 5 2 2 0 2 6 9 2 1 7 9 6 9 1 8 1 6 5 A M p a r r i c l h 6 67 9 1 7 7 7 7 3 1 1 7 7 5 6 1 1 9 8 9 4 2 2 3 3 0 4 June 687 487 201 287 123 May 669 77 174 185 225 July 738 552 248 304 147 June 687 80 168 217 213 August 694 499 252 247 154 July 738 86 168 255 219 September. 715 517 236 282 156 August 694 95 160 229 206 October 737 592 271 321 112 September 715 103 171 237 199 November. 758 599 273 326 138 October 737 185 253 195 December.. 764 442 223 219 190 November _. 758 200 278 180 December 764 94 207 277 182 1934— J D M J A S N M A O F u u J e e u e c o p a a a l n p b c t y g n v r y r e o t e i u r u c e e b l u m h a s . m m e t r a r b y b b r e y e e r . r r . . . . . 5 £ 5 5 5 5 7 6 6 7 6 6 6 4 3 7 6 6 2 1 S 6 1 3 1 3 9 1 2 9 0 6 5 0 3 4 5 5 5 4 5 5 5 5 4 4 6 4 1 8 8 0 0 7 3 8 1 6 7 9 6 1 3 3 7 6 6 0 7 7 2 7 2 2 2 2 2 2 2 2 2 2 2 2 5 2 4 4 3 2 5 2 6 2 5 2 5 6 5 3 6 3 2 2 6 0 2 2 3 3 2 3 2 2 2 2 2 2 2 2 8 1 2 9 6 7 1 6 5 8 6 5 1 2 4 9 1 1 5 5 4 0 0 0 1 9 8 4 5 3 3 4 4 7 5 4 0 5 1 5 9 7 5 4 6 0 3 2 8 1934— J M A M J A F D N S O J u u e e p u e a o c a a l n p b n c y t r g v y r e o t i r u e c u e l e u b a m h s m m e a r t y b r r b b y e e e r r r 7 5 6 6 7 5 5 5 5 5 5 5 7 6 8 1 5 3 4 1 2 6 3 6 1 9 5 3 0 9 3 6 0 1 4 2 1 1 1 0 9 8 9 9 0 0 9 3 7 9 4 3 3 0 4 2 2 1 1 1 1 1 1 1 1 1 1 2 0 8 5 6 4 3 3 4 4 4 4 5 3 6 0 4 5 5 8 7 0 0 8 2 2 2 1 1 1 1 1 1 1 1 1 2 7 6 8 6 4 4 6 3 9 9 8 6 7 1 6 4 1 7 6 8 3 5 4 1 1 1 1 1 1 1 1 1 1 1 1 6 5 7 8 5 4 4 4 3 3 1 2 8 8 5 4 2 8 4 1 3 7 9 7 1935—January 516 485 247 30 1935—January 516 86 133 179 114 February.. 493 452 217 235 41 February 493 92 123 166 109 March 466 423 197 226 43 March 466 101 122 134 106 April. 413 391 178 214 22 April 413 103 114 96 99 May 375 356 162 193 19 May 375 107 100 76 91 June 343 317 154 163 June*. „ 343 102 94 57 89 i Less than $500,000. Source: American Acceptance Council. Source: For acceptances outstanding (and held by accepting banks), Back figures.-Bee Annual Report for 1933 (table 97). American Acceptance Council. Back figures.—See Annual Report for 1932 (table 91). COMMERCIAL PAPER OUTSTANDING ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES— lAs reported by dealers. In millions of dollars] HOLDINGS OF FEDERAL RESERVE BANKS (In thousands of dollars] End of month 1932 1933 1934 1935 J M F a e a n b r u r c a u h r a y r E y nd of month 3 3 3 19 3 0 3 3 , , , 4 7 4 2 4 7 7 4 8 8 2 2 2 19 4 9 8 3 , , , 7 0 3 9 8 3 9 8 6 7 1 5 5 6 9 , , , 3 2 8 9 4 7 8 7 5 7 7 19 5 5 5 3 , , , 5 3 5 5 0 0 0 4 5 2 J M J A F M a u e p a n a n b r y r e u i r c l a u h r a y . r . y . ., 1 1 1 1 1 1 0 0 0 0 0 1 6 3 8 8 3 1 8 8 6 7 7 6 5 4 4 3 2 0 1 1 1 1 1 1 5 1 3 3 0 4 1 7 9 3 8 2 4 1 1 1 1 1 7 7 5 7 8 7 3 3 9 7 2 1 April 30,736 7,181 5,070 4,696 July 100 97 168 May 30,837 6,981 5,076 4,700 August 108 107 188 June. 30,762 7,089 5,075 4,689 September.... 110 123 192 July 30,645 6,821 5,081 4,687 October. 113 130 188 August , 30,834 6,199 5,079 November 110 133 178 September 30,849 6,068 5,691 December.... 81 109 166 October 30,659 5,686 5,495 November... 30,652 5,841 6,499 December 29,489 5,501 i Includes some finance company paper sold in the open market. Back figured—See Annual Report for 1933 (table 96). Back figures.—See Annual Report for 1933 (table 26). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUOUST 1935 FEDERAL RESERVE BULLETIN 515 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES BATES ON REDISCOUNTS FOB AND ADVANCES TO SHORT-TERM BATES IN NEW YORE CITY MEMBEB BANKS [Percent per annum] Re s d ee is s c . o 1 u 3 n t a s nd a nd 13 a a d o v f a n th c e e s F u e n d d er e a r l Prevailing rate on- Ave o ra n g - e rate Average yield Reserve Act Federal Reserve bank e R A ff a e u t c g e 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 Month or week m p P 4 c a e r o t p i r m o m c e i r - 6 a e , l a a P b c n e r a c r c i n e e m e p k * s t e - , * c l S h o ti e t a a o m x n n c - e g s k , e c S ha t l o n o c g a k e n e s c x a - ll U. S. b T il r ls e a » sury Boston Feb. 8,1934 months d 9 ay 0 s da 90 ys New n R ew e- al 18 b 2 il - l d s ay 27 b 3 il - l d s ay New York.... Feb. 2.1934 Philadelphia.. Jan. 17,1935 Cleveland May 11,1935 2 1934 Richmond May 9.1935 m July. H-l 1.00 1.00 0.08 Atlanta Jan. 14,1935 August H-l H-l 1.00 1.00 .20 Chicago Jan. 19,1935 September H-l M-H H-l 1.00 1.00 .27 St. Louis Jan. 3,1935 2H October H-l H-l 1.00 1.00 .21 Minneapolis.. May 14,1935 November H-l H H-l 1.00 1,00 .22 Kansas City.. May 10,1935 December H H-l 1.00 1.00 .15 Dallas May 8,1935 San Francisco- Feb. 16,1934 1935 January H-l 1.00 .14 RATES ON DISCOUNTS FOB AND ADVANCES TO INDIVID- February H-l LOO .12 0.17 UALS, PARTNERSHIPS. AND CORPORATIONS March. H-l 1.00 .10 .16 April H-l .63 .17 Advances secured by May .25 U0 .15 Discounts and advances direct obligations of June.~ .25 *.O8 .13 under par. 3 of sec. 13 the United States July .25 *.O7 .07 of the Federal Re- Oast paragraph of sec. serve Act 13 of the Federal Re- Federal Reserve serve Act) Week endingbank June 1 .25 .16 June 8 .25 U0 .15 e R A ff a e u t c g e t . i o n 1 n Da l t i e s h e e s d tab- e R A ff a e u c t g e t . i o n 1 n Da l t i e s h e e s d tab- J J u u n n e e 2 1 2 5 . . 2 2 5 5 ».08 . .1 1 2 3 June 29— .25 ».07 .11 July 6.... .25 ».Q7 .08 Boston. .. 6 Aug. 11,1932 4 Oct. 20,1933 July 13 .25 .05 New York. . 6 Aug. 10,1932 Feb. 8,1934 July 20 .25 .06 Philadelphia 6 Aug. 12,1932 4 Oct. 20,1933 July 27 .25 .07 Cleveland. .. 5 July 24,1934 m May 11,1935 Richmond.. 5H July 16,1934 Feb. 19,1934 Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 i Average rate of discount on issues offered by U. 8. Treasury within Chicago 6 Aug. 13,1932 4 Oct. 16,1933 o p f e f r e i r o e d d . . When no rate is shown no biUs of the stated maturity were St. Louis 5H July 10,1934 4 Feb. 21,1935 J Rate on 133-day bills. Minneapolis 6 Aug. 10,1932 4 Apr. 15,1933 Back figures — See Annual Report for 1933 (tables 60 and 61). Kansas City.. 5 July 10,1934 *M May 10,1935 Dallas 6 Sept. 8,1932 I- Mar. 12,1934 RATES CHARGED CUSTOMERS BY BANKS IN San Francisco 6 Sept. 2,1932 Oct. 19,1933 PRINCIPAL CITIES c [Weighted averages of prevailing rates] NoiE.-For rates on Industrial advances see p. 550. 8 other northern 27 southern and BUYING BATES ON ACCEPTANCES New York City and eastern cities western cities Month [Buying rates at the Federal Reserve Bank of New York] 1933 1934 1935 1933 1934 1935 1933 1934 1935 1-1 1 5 -1 ? 8 d d 0 ay d ^ s a : y ; s : M .. : . aturity e R A ff a e u c t g e t . i o 1 n n I . . . O D I . I . c I a . t d l d . t d d d d i e s o o o o o o h 2 e 0 e s d , t 1 a 9 b „ 3 - . 3 . Pre ra v t i e o 1 1 1 1 1 I u K s J J M M D F A N A S O a u e e p o e c u a n a l b p y t r c v y r u g o i r t c e e l e u b a u h m m m e a r s r y r b b b t y . e e . — e - r . r _ r - * - . 4 4 4 4 4 4 3 3 3 3 3 3 . . . . . . . . . . . . 9 2 1 1 7 9 1 8 3 7 4 5 7 4 2 1 9 3 0 8 3 6 8 2 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 5 4 3 3 4 3 3 3 2 2 2 1 8 3 0 9 2 0 1 3 6 2 8 8 2 2 2 2 2 2 2 . . . . . . . 6 9 6 8 6 6 6 4 0 1 3 6 9 1 4 4 4 4 5 5 4 4 4 4 4 4 , . . . . . . . . . . . 8 8 3 0 9 8 9 6 6 5 5 5 4 9 9 9 7 2 9 3 5 4 9 1 4 4 4 4 4 4 4 4 4 4 3 4 . . . . . . . . . . . . 4 6 5 3 3 1 5 1 1 9 1 0 9 5 2 0 9 5 2 2 1 8 3 8 4 4 3 3 4 3 3 . . . . . . . 9 0 8 7 0 8 O 9 2 8 8 5 7 S 5 5 5 5 5 5 5 5 5 5 5 5 . . . . . . . . . . . . 5 6 6 6 5 6 6 5 5 5 4 4 6 0 6 8 4 6 2 5 3 0 2 3 5 5 5 5 5 5 5 5 6 5 4 4 . . . . . . . . . . . . 4 3 3 4 1 0 0 0 2 0 9 9 0 9 4 0 9 7 4 5 8 5 2 3 4 4 4 4 4 4 4 . . . . . . . 9 8 7 8 8 7 5 5 4 9 5 0 6 3 acceptances. Higher rates may be BackfiQUTes.-See Annual Report for 1933 (table 63). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN AUGUST 1935 BOND PRICES l STOCK PRICES * Other bonds * Preferred Common stocks (index, 1926=100) stocks Year, month, or date (indus- U S n ta it te e s d Corpo- Corporate tr g ia r l a d h e ig )8 h- Total In tr d i u al s- R ro a a i d l- Utility Year, month, or date Govern- rate and ment municbonds g ( r h ip a ig d a h l e) - Total In tr d ia u l s- R ro a a i d l- Utility N 19 u 32 m a b v e e r ra o g f e i ssues - - 96 2 T 0 l 42 4 1 8 35 4 1 6 3 2 3 6 3 7 7 9 104.8 63 66 38 78 120.7 73 81 42 69 Number of issues—. *14 *60 60 20 20 20 1934—July 123.5 71 80 41 69 August 122.6 68 77 36 65 1932 average 99.2 81.1 69.4 63.2 64.8 80.5 121.0 67 76 35 64 1933 average 10Z2 84.0 73.4 69.2 70.5 80.6 October 120.9 67 76 36 63 103.4 96.7 84.5 81.9 83.8 87.8 November 124.1 69 80 35 61 December 127.8 69 80 36 58 1934— A S O Ju e u c l p t y g o t u e b s m e t r ber 1 1 1 1 0 0 0 0 3 4 5 2 . . . . 4 1 2 3 9 9 9 98 6 7 9 . . . . 4 7 8 3 8 8 8 8 6 4 3 3 . . . . 1 1 9 0 8 8 8 8 2 2 2 3 . . . . 5 6 2 2 8 8 8 7 1 1 5 9 . . . . 6 8 3 3 8 8 8 8 7 8 9 7 . . . . 9 1 4 6 1935— F J e a b n r u u a a ry ry 1 1 1 3 2 3 0 9 1 . . . 1 3 2 7 6 6 0 8 4 8 3 7 1 0 5 3 3 2 5 2 8 5 5 5 7 5 3 November 103.5 93.8 84.3 83.4 81.0 88.6 April 132.2 68 79 29 59 December 104.1 100.0 85.8 85.4 83.3 88.8 May 134 8 73 86 31 65 June 134 0 76 8S 33 70 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 July 134.8 79 91 34 74 February 105.8 101.3 87.4 86.7 82.0 93.4 March 106.6 99.9 84.5 85.2 74.7 93.6 July 3 134.3 77 89 33 74 April 107.0 100.0 85.5 85.9 75.0 95.5 July 10 134.3 79 91 33 74 Alay 107.1 101.2 87.1 87.3 76.5 97.4 July 17. . 134.6 79 92 34 73 June 107.2 102.2 88.3 87.3 79.3 93.4 July 24. 135 1 80 93 35 72 July - 107.5 104.2 89.2 88.5 73.8 100.2 July 31 1. 135.8 82 94 36 7« July 3 107.4 103.2 89.2 * 87.8 79.6 100.0 * Monthly data are average of daily or weekly figures. July 10 107.5 103.9 89.2 88.3 78.9 100.5 1 Average derived prices. July 17 107. G 104.5 89.2 88.6 78.7 100.3 July 24 107.5 104.5 89.1 88.9 78.2 100.0 Source.—Standard Statistics Co. July 31 107.5 104.8 89.8 89 2 79.8 100.4 CAPITAL ISSUES L * Average prices. Monthly data are averages of daily or weekly figures. [Long-term; I. e.t 1 year or more. In millions of dollars] * Prices derived from average yields. * 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 Re- 1935. The 3 Liberties were omitted beginning March 1935. fund- * 45 corporate and 15 municipal. Domestic ing Total issues of S N o e u w rc Y e,— ork F ; o f r o U r o n t it h e e d r b S o ta n t d e s s , G St o a v n e d rn ar m d e S n t t a b ti o s n ti d c s s , C F o ed . eral Reserve Bank Year or month m ( e d s o t - ic State Corporate For- m (d e o s - tic and and eign and BOND YIELDS * for- Total i mu- Bonds foreign) nici- and Stocks eign) pal notes United Munic- Corporate, by ratings * Year, month, or States ipal » 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 date Treas- (high- 1926.. 6,314 5,189 1,344 2,667 1,087 1,125 1,046 ury* grade) Aaa Aa A Baa 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 1929 10,091 9,420 1,418 2,078 5,924 671 1,422 Number of issues..- 7-11 15 30 30 30 30 1 19 9 3 3 1 0 6 3, , 0 9 8 0 9 9 6 2 , , 0 86 0 0 4 1 1, , 2 4 3 3 5 4 2 1 , ,2 9 4 8 0 0 1,5 3 0 1 3 1 9 2 0 2 5 9 7 94 1 9 1 1 19 9 3 3 2 3 a a v v e e r r a a g g e e 3 3. . 3 6 1 6 4 4 . . 7 6 1 5 5 4. . 4 0 9 1 5 5 . . 2 9 3 7 7 6. . 0 2 9 0 9 7 . . 3 7 0 6 1 1 9 9 3 3 3 2 '1, ' 1 7 9 2 4 0 '1. ' 1 7 6 0 5 8 '4 7 8 6 3 2 3 4 0 0 5 1 2 2 0 0 2 1 9 2 5 31 3 4 3 1934 average 3.10 3.95 4.00 4.44 5.08 6.32 1934 1,402 1,402 819 144 35 0 792 1934-J A S N O D u e u e o c l p t y c g v o e t u e b e m s m e m t b r b b e e r e r r . . . . . . 3 3 3 2 2 2 . . . . . . 9 0 0 9 2 8 7 8 5 9 0 5 3 3 3 3 3 3 . . . . . . 5 8 6 8 5 7 7 1 9 4 2 5 3 3 a 3 3 3 . . . . . 8 9 9 9 8 s 6 0 6 3 9 i 4 4 4 4 4 4 . . . . . . 2 2 3 3 2 4 7 7 6 4 3 2 5 4 4 4 5 5 . . . . . . 8 9 1 0 9 0 6 3 7 0 3 9 6 6 6 6 6 6 . . . . . . 2 3 5 4 4 1 3 7 7 0 9 3 1 1 9 9 3 3 5 4 — -J N D A S O J u e o u a c e l p n t y v g c o t u e u e e b a m m s m e r t y r b b b e e e r r r . . . . . . . 2 1 1 1 1 4 9 1 4 0 2 8 3 2 7 1 7 2 0 • » * 1 1 2 1 1 8 1 2 9 4 0 4 0 7 2 2 3 7 1 1 9 3 8 3 3 0 1 1 9 9 0 6 6 8 3 1 8 0 8 3 4 5 9 2 0 2 0 0 2 1 0 0 0 0 0 0 0 1 7 3 2 3 4 4 6 9 6 6 5 5 9 7 1935— A M M F Ja p e a a n b r y r i u r l c a u h r a y . r . y. 2 2 2 2 2 . . . . . 6 6 6 8 7 1 4 9 3 3 3 3 3 3 3 . . . . . 2 2 2 3 4 7 7 5 9 5 3 3 3 3 3 . . . . . 7 7 7 7 7 4 1 2 8 2 4 4 4 4 4 . . . . . 1 1 1 1 2 8 9 5 4 1 4 4 4 4 4 . . . . . 6 7 7 6 7 6 2 7 9 5 6 5 5 5 6 . . . . . 9 1 2 9 9 9 4 2 7 9 J A M M F u e p n a a b r y r e i r c l u h ary.., 1 9 8 5 5 0 0 6 3 0 8 1 9 8 5 5 0 0 6 0 3 8 1 4 6 4 4 0 4 4 1 4 0 . 1 3 1 9 7 8 7 4 0 0 6 0 5 0 0 0 0 0 4 3 4 1 4 5 8 1 8 6 4 4 3 0 June 2.61 3.25 3.72 4.18 4.62 5.86 July 2.59 2.95 3.70 4.15 4.54 5.77 ' Revised. July 3 2.60 3.17 3.69 4.16 4.53 5.74 i Includes issues of Federal land banks and Federal intermediate credit J J u u l l y y 1 1 7 0 2 2 . . 5 5 8 9 3 2. . 8 0 6 8 3 3 . . 6 6 9 9 4 4. . 1 1 4 5 4 4. . 5 5 5 4 5 5 . . 7 7 6 5 ba » n I k n s c , l n ud o e t s s h $ o 1 w 00 n , 2 s 6 e 0 p ,3 a 0 r 0 a t b el o y n . ds of Federal Farm Mortgage CorporaitTi on „ July 24 2.59 2.82 3.72 4.15 4.55 5.79 sold by public offering during month. .,, July 31 2.59 2.81 3.73 4.16 4.54 5.72 1 Includes bonds of Home Owners' Loan Corporation sold by PuD11° offering amounting to $149,111,100 in August and $53,000,000 in October. Sources.—For domestic issues, Commercial and Financial Chronicle; * Monthly data are averages of daily or weekly figures. for foreign issues (issues publicly offered) annual totals are as fina"? 1 Average, computed by Treasury Department, of yields of all out- reported by Department of Commerce, while monthly figures are as sta 1 n S d t i a n n g d a T r r d e a S s t u a r t y is t b ic o s n d C s o e . xcept those due or callable within 8 years co B m a p c i k l ed f c i u gu rr re e s n .S tl e y e and (f a o r r e s fi u g b u j r e es c t o to f r n e e v w is i i o ss n u , es—annual and quarte , r _ ly , * Moody's Investors' Service. basis) Annual Report for 1933 (table 112). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 517 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollarsl [In millions of dollars] Interest bearing Non- Interest-bearing 3 d 1 e , b 1 t 9 3 o 5 utstanding July Total inter- End of period (gross est debt) Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- Total Bonds » Notes C ic e a r t t e if s - Bills Total . - 27,923 H 576 U, 065 254 2,023 J J J u u u n n n e e e 1 1 19 9 9 3 3 3 2 4 3 2 2 1 2 7 9 , , , 5 4 0 8 3 5 7 9 3 2 2 1 2 6 9 , , , 1 4 1 5 8 6 8 0 1 1 1 1 4 4 6 , , , 2 5 2 5 1 2 0 0 3 4 6 1 , , , 7 9 4 8 3 6 0 2 5 2 2 1 , , , 2 8 6 0 3 3 0 1 5 1,4 9 6 0 5 1 4 4 6 3 5 3 8 7 2 1 3 6 Obli J B O g a e a c n f t t . o i . o r 1 l e n - - s D M O m e c a c t a r . . . t 3 1 u 3 1 , r 1 1 , i , 9 n 1 1 3 g 9 9 5 : 3 3 5 5 . . . . . . . . 2,3 6 6 6 4 0 5 6 1 '1, M 24 5 6 2 41 1 8 8 4 7 6 7 0 0 6 1 1 1934 Apr. 1-June 30,1936.... 1,496 1 245 250 N J D A S O u e o u e c l p t y g c v o t e u e e b m s m m e t r b b b e e e r r r . . . . _ ^ .. . _ 2 2 2 2 2 2 8 7 7 7 7 7 , , , , , , 4 2 1 0 1 1 7 9 8 8 9 8 9 9 0 9 0 8 2 2 2 2 2 2 6 6 6 7 6 6 , , , , , , 9 6 7 6 6 4 4 2 6 9 0 4 4 6 1 5 5 3 1 1 1 1 1 1 5 6 6 5 6 5 , , , , , , 7 5 8 5 2 9 6 1 0 1 4 2 8 6 8 3 5 2 8 9 6 8 8 6 , , , , , , 0 5 0 9 9 0 2 8 3 5 2 2 1 1 6 7 6 0 1 1 1 1 1 , , , , , 1 1 1 6 6 1 5 5 5 8 8 5 4 6 3 2 3 8 1 1 1 1 1 1 , , , , , , 9 4 6 8 3 5 5 5 5 0 7 2 4 4 4 4 9 9 5 5 5 5 5 5 3 6 3 8 4 8 8 4 5 5 5 5 J 1 1 1 O 1 1 u 9 9 9 9 9 c 3 4 4 3 3 l t y 9 0 1 8 7 . 1 1 - -D Se e p c t . . 3 3 1 0 , , 1 1 9 9 3 3 6 6 . . . . . . . . 2 1 1 1 , , , , 1 7 9 8 8 3 8 1 4 4 2 3 5 7 7 6 9 4 0 8 8 834 2 1 1 1 , , , , 1 9 8 7 8 3 1 4 2 4 5 7 7 6 0 9 8 8 1935 1943 898 893 J M F a e n a b r u r c a u h r a y ry * 2 2 2 8 8 8 , , , 8 4 5 1 7 2 7 6 6 2 2 2 8 7 7 , , , 0 9 9 4 5 6 3 2 9 1 1 1 6 6 6 , , , 2 2 2 3 5 4 8 0 7 9 9 9, , , 5 5 5 6 8 8 7 2 5 1 1 1 6 6 6 0 3 1 2 1 1 , , , 0 9 9 7 5 7 9 4 9 5 7 5 2 7 5 4 5 7 Othe 1 A r 9 f 4 o te 5 b r l i 1 g 9 a 4 t 5 ions * 9 1 , , 8 4 9 4 0 7 4 1 1 9 1 , , 8 4 2 4 0 0 4 1 1 516 254 ifc 28,668 27,766 15,394 10,236 158 1,978 902 28,638 27,738 15,157 10,471 157 1,953 901 i Issues classified as of date of final maturity; most issues callable at June. 28,701 27,645 14,936 10,501 166 2,053 1,056 earlier dates; postal-savings bonds only issues callable before 1940. July 29,120 27,923 14,576 11,065 254 2,028 U,196 «Includes $77,000,000 of Fourth Liberties called for redemption Apr. 15, 1934, Oct. 15,1934, and Apr. 15,1935, and not yet redeemed; and $75,000,- 000 of Panama Canal loan bonds called for redemption on Aug. 1, 1935. includes $815,000,000 of Government liability for retirement of * Fourth Liberties called for redemption on Oct. 15,1935, national bank and Federal Eeserve bank notes, as a result of deposit 1 Includes United States savings bonds and such issues as postalof funds by banks; this compares with $309,000,000 on Feb. 28,1935. savings bonds, retirement-fund notes, and adjusted-service-certificate series, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust ac- Increase or de- Receipts Expenditures * counts, crease during Period E o x f c r e e s - s e o e x f t c c e r . e s i - s period General > Recovery and relief * < ce + i ) p o ts ( c + ei ) p o t r s Total c ta o In x m - e e s i r l M n e a v t n e i e s e r n c o n u e u a l e s l - ot A he ll r Total e I p d n s u e t t b e b o l r t i n - c o A th l e l r Total Relief w Pu o b rk li s c oth A e l r l * p t e u e n r x e d - s i' p t e ( u e ) n r x d e - s i- G b f a e u l n a n e n d r c a e l G de ro b s t s Fiscal II 2,080 746 858 475 4,681 2,715 • 1,277 —2,602 -5 +445 +3,052 1934. 3,116 818 1,470 828 6,745 757 1,984 4,004 1,844 645 1,515 -3,630 +835 +1,720 +4,514 1935, 3,800 1,657 1,044 6,802 821 2,327 3,655 2,342 1,020 292 -3,002 +613 -741 +1,648 1934-July 218 18 132 68 14 216 236 201 121 -248 +2 -110 +136 August 286 25 145 116 514 35 169 310 140 129 41 -227 +2 -335 -109 September 449 173 176 100 516 60 172 2S3 155 112 17 -66 +13 +56 +110 October 260 19 151 90 160 225 284 205 99 •21 -409 +29 -3S1 -2 November 247 21 119 107 15 195 390 199 100 91 -353 -214 +111 December 164 131 641 129 191 321 208 80 33 -256 « +966 +1,180 1935—January 203 19 114 462 22 188 252 189 55 8 -260 t1! -244 -3 February 214 28 109 496 34 209 252 214 46 eg -281 —239 +50 March 601 326 189 546 90 169 288 203 75 10 +55 +365 +291 April 228 29 116 83 611 118 213 279 192 45 43 -383 +19 -511 -149 May 246 23 137 542 24 181 336 178 78 81 -296 +21 +22 -30 June 464 254 138 740 119 197 425 258 82 85 -277 +348 -115 +63 July 279 23 165 673 S 372 347 114 88 146 -394 ±S? -52 +419 1 Includes processing taxes, customs, and miscellaneous receipts. * Excludes public-debt retirement. 1 Prior to July 1933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items subsequently classified as recovery and relief expenditures were included in general expenditures. • includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loacs and expenditures of the Reconstruction Finance Corporation. • Includes also Increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeablcagainst increment on gold (other than for retirement of national-bank notes), and, beginning June 1935, transactions in checking accounts of certain special governmental agencies whose balances were transferred on May 31 to these accounts. • Excess of credits. ' »Less than $500,000. NOTE.™Monthly figures for the fiscal year 1934 are shown on p. 550. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN ATOUST 1935 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30, 1935 [Compiled by U. 8. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds U.S. Total Total s F R t i r i o t u n e i r c c a o p o t n n o i n c o ra - e n - C m C C o t o r r l o e o p d m d o n it i r - y t a- E im xp p o o r r t t - A t W P d r u a m o t b i i r l o n k i i n c s s* R C A C e o t t g g u i r r r o p e i r i o n c d a o n u s l i r t l a a - l -C P C o r t t i o r r i o p o e d n d o n u s i r c t a - - S C h B c o F M i h r o p l p a e a e p o n e r r i r d - t n t a g - Other i tion ASSETS Loans—total 8,019 2,221 1,380 152 304 100 212 Preferred stock, capital notes, and debentures—. 876 876 873 3 Cash—total 453 121 4 <•> 14 O "ii" 83 Investments: United States securities 444 25 2 22 Obligations guaranteed by United States.... 220 21 21 Other investments -. 842 122 97 '""4 Accounts and other receivables 175 58 • 1 7 Real estate and other business properties.. 156 147 8 97 Other asset3 - - 194 57 Total assets other than Interagency. 11.379 3,658 2,299 154 14 312 78 121 195 485 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 4,168 250 250 Allother 2,211 45 45 Other liabilities (including reserves) 219 41 15 13 13 Total liabilities other than interagency— 6,598 336 265 (*) 53 Excess of assets over liabilities, exclusive of inter- — agency transactions 4,781 3,322 2,035 153 14 312 77 428 Privately owned interests 352 U. S. Government interests.— 4,428 3,322 2,035 153 121 182 428 Distribution of Government interests: =•-•-. 5 Capital stock 5,851 500 3 120 50 *4,653 Surplus ... 324 234 75 2 1 132 12 Interagency interest (net)... -2,831 -2,762 1,460 149 -4,237 Financed partly from Government funds Federal Total* F b e l a a d n n e k d r s al m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l F r M F e ' a o d a t o r i r e p o r m r o t n a - * l c B a o t a o f i o n v p r e k e s r s - H b l a o o n a m k n e s O C H r L a w o o t o r i n m a p o e n o n e r - s' S C I L a n a a o v n o s n r i u c a p d n e n r o g - - s c F sa i e a l a a v o d s t n i s i a e n d o o n r g - n a s s l D F C r I e a a e n o d n t p s r i e c u o p o e r r s n o a - i - t l ration ASSETS Loans—total 5,798 2,126 178 733 79 2,658 Cash—total 332 10 11 191 17 Investments: United States securities - , 419 315 Obligations guaranteed by United States... 199 100 Other investments , 720 Accounts and other receivables 116 I Real estate and other business properties 10 Other assets , 127 90 32 3 Total assets other than interagency, 7,720 2,378 266 1,463 130 112 2,901 102 32 337 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States.... 3,918 1,226 >2,692 Allother 2,166 1,910 178 78 Other liabilities (including reserves) 178 72 3 31 61 Total liabilities other than interagency.... 6,262 1,982 182 1,257 2,831 <*> Excess of assets over liabilities, exclusive of interagency transaction 1,458 396 84 206 130 107 70 102 32 331 Privately owned interests 352 145 1 26 181 U. S. Government interests 1,106 251 84 129 70 102 150 Distribution of Government Interests: • — Capital stock 1,084 125 70 125 200 100 150 I S n u t r e p r l a u g s ency interest (net) - 90 -2 3 1 5 4 -1 -3 0 0 0 2 i Includes Interagency Interests held by the Treasury Department. * Includes also War Finance Corporation not shown separately. » Less than $500,000. i 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

AUGUST 1935 FEDERAL RESERVE BULLETIN 519 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 June 30, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, July 31, May 31, June 30, 1934 r 1935 1935 1935 1935 1935 1935' 1935 1935 LOANS AND PURCHASES Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended: Banks and trust companies (including receivers, liquidating agents, and conservators)... 590,169 568,814 538,431 522,471 503,000 480,404 455,928 112,256 113,070 Building and loan associations 39,872 13,567 12,281 11,303 10,385 9,803 10,307 21,783 958 Insurance companies ... - . 34,563 22,664 22,035 21,184 20,060 19,231 18,052 200 200 Mortgage-loan companies ...... 191,531 155,367 151,796 149,128 146,426 145,551 139,972 85,598 90,225 429 361 343 335 341 336 332 1 Federal land banks - ..... 193,618 74,670 72,318 70,527 66,549 59,979 58,330 9,140 5,031 4,078 3,720 3,167 3,095 2,806 550 550 Agricultural credit corporations 800 863 861 861 887 874 874 Regional agricultural credit corporations 6,631 Livestock credit corporations *.... . ... 1,707 1,272 1,256 1,255 1,344 1,315 1,225 Railroads (including receivers) 353,637 379,713 380,199 386,617 413,438 414,344 413,338 2,128 630 State funds for insurance of public moneys 3,473 2,146 1,606 2,400 Fishing industry - ..... 53 53 76 76 79 79 37 534 Processors or distributors for payment of processing taxes.* 9 1 1 1 1 1 1 Total , 425,579 ,222,374 ,183,651 ,167,476 ,165,674 , 137,162 ,102,849 224,953 206,167 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) ..,.*. 93,004 127,839 132,908 134,509 137,560 146,696 148,760 85,713 112,554 For financing exports of agricultural surpluses, sec 201 (c) 13,947 15,164 14,953 14,963 14,926 14,532 14,517 For financing agricultural products, sec. 201 (d) 3,433 4,719 5,332 6,505 7,227 7,885 8,463 2,492 1,878 To commodity credit corporation 202,559 35,905 39,552 49,156 55,530 148,181 231,166 353,383 265,615 On preferred stock of banks »-- 17,362 19,674 20,304 20,295 20,151 20,283 20,176 333 217 On preferred stock of insurance companies 15,875 29,933 29,933 29,933 29,93,3 29,933 29,933 To drainage, levee, and irrigation districts 4,636 16,978 21,292 23,507 25,815 27,596 29,181 69,968 71,361 To industrial and commercial businesses 10,649 12,740 14,693 17,759 21,761 25,932 30,427 33,334 To tnininc milling find sm&ltinz businoss&s 8 280 345 4,200 4,469 79 150 235 331 420 10,869 268 11,393 To Public Works Administration on security 16,190 transactions 1,356 17,490 15,282 15,753 16,167 535,532 1,345 1,345 Total 350,816 262,296 294,654 309,077 324,994 433,733 639,015 538,178 502,166 Purchases: —.-': ^= 502,106 621,055 627,876 632,144 634,490 639,977 244,317 19,465 17,035 Capital notes and debentures of banks 295,211 256,316 254,666 248,103 247,718 245,003 100 62,951 60,167 PrefpfTfid <;to(*lc of in^iiratifip efttntianie^ 100 100 100 100 100 10,000 Capital stock of the R. F. C. Mortgage Co,.. 10,000 10,000 10,000 893,432 Total 797,317 877,472 882,642 890,346 892,307 895,079 12,531,813 82,415 77,201 Total loans and purchases 2,573,711 2,362,141 2,360,946 2,366,900 ^382,974 2,465,975 297,688 845,547 785,535 For relief: ALLOCATIONS Federal Emergency Relief Act of 1932 298,542 297,718 297,711 297,711 297,690 297,689 15 15 Federal Emergency Relief Act of 1933 493,458 499,991 499,994 499,997 499,998 500,000 499,998 2 Emergency Appropriations Act of 1935 500,000 500,000 500,000 500,000 500,000 500,000 EmsrffAncv Rplipf A onrnririatinn Apt of 1QT> 500,000 500,000 Total- ._._._.— 792,001 U297,709 1,297,704 1,297,703 1,297,688 1,297,689 1,297,686 500,017 500,015 To other Government agencies: To Secretary of the Treasury for: Purchase of stock of Federal Home Loan banks - 81,446 81,646 81,646 81,646 81,643 81,646 81,646 43,095 43,095 Purchase of stock of Home Owners' Loan Cornoratioti 154,000 200,000 200,000 200,000 200,000 200,000 200,000 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 5 2 5 5 , , 0 0 0 0 0 0 5 2 5 5 , , 0 0 0 0 0 0 5 3 5 4 , , 0 0 0 0 0 0 5 3 5 4 , , 0 0 0 0 0 0 5 3 5 4 , , 0 0 0 0 0 0 5 3 5 4 , , 0 0 0 0 0 0 TToo FSfetdcorre&tal rTyT nonf<5 A?TgifTri cAu dlmtuirre» if<o?rtr:atnr Crop loans 115,000 115,000 115,000 115,000 115,000 115,000 115,000 Reallocated as capital regional agricultural 44,500 44,500 44,500 44,500 44,500 44,500 44,500 Reallocated to Governor of Farm Credit Administration..-..-...——— 40,500 40,500 40,500 40,500 40,500 40,500 40,500 Total 638,046 709,246 709,246 718,246 718,246 718,246 718,246 140,495 140,495 Total allocations 1,430,046 2,006,955 2.006,950 2,015,953 2,015,934 2,015,934 2,015,932 640,512 640,511 — — ••———. Total loans, purchases, and allocations 4,003,758 4.369,095 4,367,896 4,382,854 4,393,903 4,481,909 4,547,745 1,436,059 1,426,045 * Revised. » Preliminary. t Includes $311,000,000 of loans for distribution to depositors of closed banks. 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

520 FEDERAL RESERVE BULLETIN AUGUST 1935 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byby»— and discounts for— End of month lan F d e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- a s c g p o c R a r d r r o c e n i e e u i r c d d g a d a c u i i t i t t t o i p l t i i o t c o o n r u a n o o n n a r s s r - l s a - - J l f c i i e n o n O t t x a o i s i o t c v n p t h i e n e c e t e p s s u i r r n a t - - g ti P o a t s n r i s o o o c n d c r s u i e a » c d - - it tu R i a r t r e g a a c g t r l o i i i o c o r c p u n r n o e l s a - d - l - c d r E g r o l o o e m p a u n a e n c g r n s y h - d t m F c b i e e n r a d d e t n e e d i k a r r i - s a t te l B C c i a a n B o t e n c i i o a n n k v l p n u t g s e e r k d s a f r , - o - l r M A i r n e t g f g a v u u i r n r o n r i A k c g a l d e u v l c t l - t - - 1932—December. 1,128,564 82,518 24,373 89,301 158,885 1933—December.. 1,232,707 70,738 73,263 27 144,636 89,811 15,211 18,697 157,752 Iy34—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 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, S48,727 551,873 104,909 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 1,974,952 115,281 54,442 .85,819 79,988 134,597 31,873 28,025 49,880 April 1,975,737 696,834 124,315 55,832 97,400 78,351 162,000 30,050 30,119 49,761 J M un ay e 2 1 , , 0 9 1 9 6 8 , , 8 2 2 2 5 8 7 73 1 3 6 , , 4 2 8 4 9 3 1 13 2 0 9 , , 5 9 5 5 9 4 5 57 6 , , 7 8 5 9 9 7 1 1 0 0 5 9 . , 0 8 9 9 6 0 7 72 6 , . 7 5 6 0 5 8 1 1 9 9 3 7 . , 9 1 6 8 9 8 2 1 6 0 , , 4 02 2 8 0 3 2 1 3 , , 7 9 4 3 1 7 4 4 7 9 t , 4 4 5 2 6 2 i Does not Include loans by joint-stock land banks, which are now in liquidation. »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 2 columns under those headings. »Amounts shown are outstanding loans to and discounts for production credit associations by the Federal Intermediate credit banks. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES l (Loans in thousands of dolto] AMOUNTS OUTSTANDING, BY AGENCIES Home mortgage loans by— [In millions of dollars] Federa a l s s s o a c v i i a n t g io s n a s n * d loan F h l e o o d a m e n r e al F F e a d r e m ral O H w o n m e e rs' st R ru e c co ti n o - n End of month L O o H a w n o n m C er e o s r ' - a N ss u o m ci b a e ti r o o n f s Loans reported l m o b a e a n m n s b k t e o r End of month Total M Co o t r r i p t o g o n a r g a e - Co L ti r o o p n a o n r J a- C F o i t n i r o p a o n n r ' c a e poration i institu- Re- New Convert- tions) Total port- associ- ed asso- 1933—October 2 2 ing ations ciations November- 18 18 December., 180 180 1 1 19 9 9 3 3 3 4 2 3 — — — J A J N A M M S O F u u J D D e e u o p c a a a n l p b t g y e r v n e y r e o i c r t u u c c e l b e u e a e h s m e m m a r t m r y r b b b y b e e e e r r r r . * . . . . . . . . . „ . 2 1 1 1 1 1 , , , , , , 0 8 6 4 2 0 8 4 6 2 1 1 2 5 5 7 7 3 1 3 0 8 9 0 7 7 6 6 4 9 5 5 7 5 2 5 , , , , , , , , , , , , 9 4 2 4 9 0 5 7 2 5 0 9 6 2 1 7 1 0 6 7 6 6 6 2 9 4 3 0 3 3 2 8 9 4 4 0 3 4 5 6 5 4 2 2 1 1 0 6 7 8 3 4 8 8 5 5 3 9 1 9 7 0 4 1 2 6 0 9 0 0 3 3 43 3 3 8 2 2 8 6 5 , , , 8 9 4 3 4 3 4 3 7 2 5 2 5 6 6 , , , 6 9 6 0 4 8 6 4 4 8 8 8 8 8 8 8 8 8 9 9 9 6 5 7 6 7 5 8 6 4 3 2 8 , , , , , , , , , , , , 2 7 7 6 4 5 9 8 0 1 4 4 8 4 2 1 4 4 1 2 4 4 2 9 4 3 8 3 4 7 6 9 2 2 0 5 7 2 8 1934— J J A A M S N D M O F u u J e e u p o e c a l n a a p b t c y n g r v y r e o t i r e u u c e e l b u m a h m s m e a r t b r y r b b y e e e r r r 2 2 3 1 1 1 , , , , , , 8 6 0 5 8 0 3 2 3 4 6 1 7 1 6 9 2 6 2 1 9 8 2 8 5 4 4 6 3 3 5 0 5 1 3 3 3 5 6 7 8 8 1 9 5 3 1 0 7 6 7 6 8 1 3 2 5 8 8 2 8 1 1 1 , , , 8 2 7 1 5 6 8 9 2 8 0 3 4 9 3 6 8 4 2 4 3 5 4 3 2 2 2 2 2 2 2 2 2 2 1 4 2 2 4 4 1 3 4 4 2 3 8 1 7 7 6 8 0 0 9 9 7 5 3 1935— J A M M D F u J e p e a n a a b r n c y e r i r u c e l u h a m a ry r b y er.... 2 2 2 2 2 2 2 , , , , , , , 6 6 5 5 4 3 1 6 2 3 7 6 6 9 0 0 9 8 8 3 6 , , , , , , , 6 1 4 8 7 8 9 7 1 0 8 4 2 8 7 9 8 3 4 4 8 6 8 7 7 7 6 6 5 0 7 2 5 8 3 1 3 8 7 2 8 9 *6 6 6 5 5 5 4 2 2 1 4 6 7 5 3 3 3 5 5 2 5 " 2 2 1 1 2 1 1 4 0 5 3 7 0 8 , , , , , , , 0 8 5 9 7 7 6 8 5 0 6 0 5 9 1 3 0 7 6 8 9 " 1 1 1 5 9 9 2 7 2 1 2 8 3 3 6 9 2 , , , , , , , 7 1 0 9 9 0 8 5 4 1 1 7 1 4 6 1 3 4 6 0 7 7 8 8 7 7 7 7 9 2 2 5 7 4 7 , , , , , , , 2 5 6 8 2 0 1 3 8 3 3 5 1 7 3 5 7 6 8 1 0 1935— J A M M F u J e p a a n a b r y r e n i r c l u u h a a r r y y . . . . . 3 3 3 3 3 4 , , , , , , 1 7 4 5 6 3 2 2 8 9 6 0 3 8 0 0 0 0 1 1 1 1 1 1 , , , , , , 0 2 1 0 1 1 4 2 8 8 5 2 1 6 8 9 4 4 2 2 2 2 2 2 , , , , , , 2 1 6 2 0 2 1 4 4 5 0 9 5 0 7 6 9 0 2 2 2 2 2 2 5 5 5 5 5 5 0 1 0 1 0 0 ^ principal amount of obligations guaranteed as to Interest and prinp Preliminary. ' 1 N Lo o a m ns o n cl t o h s l e y d r . eports prior to September 1934; they now exclude largely • * E E x x c c l l u u d d e e s s o o b b l l i i g g a a t t i i o o n n s s g h u e a ld ra n b t y ee U d . a s S t . o T i r n e t a e s re u s r t y o a n n ly d , reflected It n _ th . e new associations recently chartered and inactive associations. public debt; includes in 1933 and in January 1934 notes given in pur- * Includes loans to Federal savings and loan associations, all of which chase of gold which were retired In February 1934. are members, and a negligible amount to others than member instituioiis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 521 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)» Fac- Factory em* tory Freieht-car Year ployment * pay loadings * * Comand Total Manufactures Minerals Total Residential AH other rolls' modmonth ity prices* Unad Ad- Unad Ad- Unad Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed Justed justed justed usted 1919. 83 84 77 63 44 79 107 97 84 IRQ 1920. 87 87 89 63 30 90 108 117 91 _-.__ 154 1921. . 67 67 70 56 44 65 82 76 79 QO 1922. 85 86 74 79 63 83 91 81 87 Q7 1923. 101 101 105 84 81 86 104 103 100 ..... 101 1924 95 94 96 94 95 94 97 96 97 ..... 93 1925 104 105 99 122 124 120 99 101 103 ..... 104 1926 108 108 108 129 121 135 101 104 106 ..... inn 1927. 106 108 107 129 117 139 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 63 75 73 1932 64 63 71 28 13 40 64 46 66 65 1933 76 75 82 25 11 37 69 49 68 66 1934 79 78 86 32 12 48 79 62 62 75 1932 Apr.... 64 63 63 61 72 80 31 27 16 14 43 38 66 66 60 57 59 66 May... 61 60 60 59 65 67 31 26 14 12 45 37 63 64 47 53 64 64 June... 59 59 53 53 62 64 32 27 12 11 47 39 61 62 43 62 62 64 July.... 56 53 55 57 63 65 31 27 12 11 46 40 59 60 40 51 51 65 Aug.... 69 60 58 59 66 65 32 30 11 12 43 45 60 60 41 63 51 65 Sept 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 65 Oct 68 67 67 66 80 74 23 29 12 12 41 43 64 63 45 65 67 64 Nov 65 - 65 63 63 78 75 24 27 10 10 35 41 63 63 43 68 67 64 Dec—. 60 66 53 64 73 77 22 •28 8 9 33 43 62 62 42 52 63 63 1933 Jan .. 64 65 63 63 72 75 18 22 7 8 27 33 60 61 40 61 56 61 Feb.... 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 51 54 6C Mar.... 60 59 53 56 74 81 14 14 8 8 18 18 69 59 37 43 60 6C Apr 67 66 63 65 65 73 16 14 11 10 19 17 60 60 39 51 53 6C May... 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 55 55 62 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 Aug 90 91 £9 91 95 91 25 24 12 12 36 33 76 76 57 65 61 70 Sept.... 85 84 84 83 94 87 30 30 12 12 45 45 80 78 59 63 60 .71 Oct 78 76 76 76 89 81 35 37 12 12 53 57 80 78 59 66 68 71 Nov.... 72 72 70 70 85 82 42 48 12 13 66 76 76 76 56 60 59 71 Dec 69 75 67 73 81 86 45 57 11 13 73 93 74 75 55 56 63 71 Jan 77 78 75 76 86 88 40 49 10 12 64 80 73 75 54 58 64 72 Feb.... 33 81 82 80 39 92 33 44 10 12 60 70 78 78 61 61 64 74 Mar ••87 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 66 ,74 tfify" , 88 '86 89 85 81 90 36 32 14 12 54 43 82 82 67 60 62 73 89 8G 89 86 86 S3 32 26 13 11 47 33 83 S3 67 63 63 74 June... 84 '84 '84 83 87 87 31 26 13 12 46 33 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 Aug 73 73 71 72 83 80 28 27 10 10 43 40 80 79 62 63 59 76 Sept.... 73 71 70 69 87 82 30 29 11 11 45 44 76 74 58 67 59 78 Oct ... 75 '74 73 72 87 81 29 31 12 12 43 46 78 77 61 64 57 77 Nov 74 75 73 '74 84 81 28 31 11 11 41 43 77 77 60 60 59 77 Dec... '78 86 76 35 85 90 25 31 10 12 36 47 78 79 63 56 64 77 1935 Jan 88 '91 87 90 91 94 22 27 10 12 32 39 79 81 64 53 64 79 Feb.... 91 89 91 88 92 96 24 28 13 14 33 39 81 82 69 61 65 80 Mar... r91 88 91 86 90 97 26 26 16 16 34 35 82 82 71 62 65 79 89 36 91 86 79 87 30 27 22 IS 33 33 82 82 71 59 61 80 May 87 85 87 84 33 89 32 27 25 21 39 32 81 81 69 61 61 80 June-.. P86 P85 97 98 35 30 26 24 43 36 80 80 67 63 63 80 * Preliminary * Revised. *Average per working day. 1 For Indexes of groups and separate industries see pp. 552-553; for desclption see BULLETIN for February and March 1927; for revised figures back to 1919 see BULLETIN for September 1933, pp. 5S4-5S5. . TMIWKMI « <*« ir«r s 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 368. For back figures see Annual Report for 1933 (table 115). , , AW .. , . .. „ , T ,..„ B».*I«M,.. T?,». » The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. * or 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 860 ^o?inaexes of groups see p. 522; for' back figures for total see Annual Report for 1933 (table 115) and for groups see BULLETIN for February • Index of Bureau of Labor Statistics; 1926-100. Indexnumbers for groups of commodities (also data by weeks) are given on p. 551. For back figures soe Annual Report for 1933 (table 120). 5812—35 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN AUGUST 1935 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exportsl Merchandise Imports * Excess of exports Month 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 250 150 121 172 176 183 136 96 136 167 66 15 25 37 9 224 154 102 163 163 175 131 84 133 152 49 23 18 30 11 March 230 155 108 191 185 210 131 95 158 177 2G 24 13 33 8 April 215 135 105 179 164 186 127 88 147 171 29 9 17 33 —6 May 201 132 114 160 165 180 112 107 155 171 24 20 7 6 -5 187 114 120 171 P170 173 110 122 136 J»157 14 4 -2 34 P13 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.. ISO 132 160 191 170 98 147 132 10 34 13 60 205 153 193 208 169 105 151 130 36 48 42 77 194 139 1S4 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 9 Preliminary. i Including both domestic and foreign merchandise. > General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures—See BULLS TIN 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) June Feb. Mar. Apr. May June 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 64 65 65 61 61 63 Coal 66 75 82 63 67 83 Coke...., til 62 52 49 50 54 January.. 59 64 69 57 Grain and grain products. - 90 59 67 74 68 64 February. 61 64 63 61 Livestock 54 39 39 41 41 35 March 73 71 63 67 65 Forest products 33 35 33 33 33 35 Ore.__ 48 34 40 49 47 46 April., 73 79 64 68 66 Miscellaneous 68 73 70 67 64 64 May.. 77 76 64 68 66 Merchandise1— ... 65 65 64 63 63 64 J une... 70 76 63 63 61 July 51 P55 59 August 60 ... 61 Without seasonal adjustment September 79 — 67 October— ... 71 Total 64 61 62 59 61 November 83 --_ 74 Coal 58 81 77 53 60 72 December.. 135 coke _...: 56 70 52 46 50 49 Grain and grain products 78 57 57 57 55 66 Year.... 75 65 Livestock 46 37 34 38 38 30 Forest products 34 36 34 35 35 37 Ore , 87 8 10 25 71 83 * Preliminary. Miscellaneous .. 71 62 67 69 67 67 * Based throughout on figures of daily average sales—with allowance Merchandise' 65 63 65 65 65 64 for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjust- 1 In less-than-carload lots. ment for seasonal variation makes allowance In March and April for the Based on daily avei . Source of basic data: Association effects upon sales of changes in the date of Easter. of American Raih 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

AVQVST 1935 FEDERAL EESERVE BULLETIN 523 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. $l=15%i grains of gold ?io fine; 1. e., an ounce of fine gold*$35] Europe End of month (6 T 0 o c t o a u l n- U S n ta i t t e e s d Canada tries) c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1934—May 20,957 7,779 130 11.426 45 635 19 111 60 1,577 5,136 52 June.-. 21,166 7,' 856 132 11.548 45 625 19 111 60 1 578 6 274 28 J A u u l g y ust 2 2 1 l U 3 8 0 7 2 7 7 | 9 9 7 3 8 1 1 1 3 3 3 1 i * 1 iit 1. 5 7 9 4 2 7 4 4 5 5 6 6 1 2 3 3 1 1 9 9 1 1 1 1 1 1 6 6 0 0 l 1 , 5 '5 7 S 9 0 5 5, ' 3 4 2 3 1 9 3 3 0 0 September. 21,528 7,978 131 11,787 45 626 19 in 60 1,581 5,455 30 October... 21,584 8,002 132 11,813 45 609 19 112 60 1,532 5,463 33 November. 21,646 8,132 133 11,730 45 589 19 112 60 1,583 5,443 32 December. 21,771 8,238 134 11,751 45 590 19 112 60 1,684 5,445 32 1935—January... 21,879 8,391 132 11.697 45 599 19 112 60 1,536 6,438 32 February. 22,022 8,527 135 11,679 45 596 19 112 60 1,586 5,439 32 March 22,099 8,567 1190 11,633 45 532 19 112 60 1,686 5,479 33 Ar>ril 8,710 187 11 97Q 45 518 19 112 60 1,587 5,366 33 May.::::: p 2l)456 8,'858 189 1 oi7l4 45 605 19 112 60 1,687 4^759 33 June P 21,667 9! 116 188 * 10,' fi7n 45 634 19 113 60 1,588 4. 7ftS «35 July.".".. v 9,143 181 P624 . * 1.588 M;726 »3S Europe—Continued End of month Greece Ilungary ]Etaly 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. R S . . » 8. Y sla u v g i o a - 6 c t o o ri u t e h n s e - r 1934—May 43 23 594 551 61 92 66 102 739 167 635 706 53 68 June 43 23 i76 573 61 93 67 102 739 168 635 716 63 68 July 34 23 •67 688 61 93 67 102 740 168 637 716 53 S3 August.... 36 23 565 588 61 94 67 103 740 169 667 •ri6 63 63 September. 36 23 554 583 61 94 67 103 740 170 591 716 54 61 October.._ 37 23 541 601 61 94 67 103 740 163 621 ne 64 61 November 40 23 520 582 Gl 95 67 103 740 160 624 716 64 61 December. 40 23 513 573 61 96 63 104 740 159 624 744 63 60 1935—January... 39 23 519 555 61 96 68 104 740 159 600 744 37 59 February. 39 23 519 552 61 96 63 105 740 159 636 744 33 58 March 38 23 519 553 61 96 68 106 741 160 660 743 36 69 April 37 23 519 439 61 97 68 106 741 160 446 748 33 66 May ... 37 23 •19 440 66 97 68 106 741 161 390 748 40 67 June.,. .: 36 23 (93 427 75 97 63 »106 741 161 391 "748 40 »57 July » i&n >421 Latin America Asia and Oceania Mrica End of month T c tr o ( o i 1 u e t 0 s n a ) - l g t A i e n r n a - - Chile l C o b m o ia - - M ic e o x- Peru g U u r a u y - o c tr t o h i 4 u e e n s r - T c tr o o i ( u e 7 t s a n ) l - India Japan Java N l Z a e e n a w d - T k u ey r- o c t t r o h i 2 u e e n s r - T c tr o o i ( u e 4 t s n a ) l - EgyptA So fr u ic th a o c t t o r h 2 i u e e n s r - 1934—May... 594 405 20 , 24 23 19 87 16 303 275 382 79 42 20 6 226 55 164 17 June... 593 405 20 '2.5 26 19 84 14 804 275 384 77 42 21 5 233 55 161 17 July... 597 405 24 '2,6 27 19 82 15 806 275 386 77 42 21 6 244 55 172 17 Aug.. 603 403 28 \'6 29 19 82 16 807 275 337 77 41 21 6 220 55 149 17 Sept... 602 403 28 24 28 19 82 17 803 275 388 77 36 22 6 226 56 153 17 Oct 597 403 29 I22 25 19 82 18 795 275 390 77 26 22 5 245 56 173 17 Nov.. 599 403 29 \11 26 19 82 19 796 275 392 77 25 22 5 265 55 184 17 Dec 595 403 29 ]9 23 19 82 20 798 275 394 77 26 22 6 255 55 184 17 1935—Jan. 592 403 29 5 21 19 82 21 800 275 395 78 25 22 5 267 66 196 17 Feb.... i93 403 29 4 23 19 81 22 804 275 397 so 25 22 6 285 56 214 17 Mar... 596 403 29 '4 26 19 82 23 805 275 398 80 25 22 5 303 J5 236 17 M Ap a r y... V p 5 5S 97 9 M 4 0 0 3 3 2 2 9 9 ] ] 4 4 * P 2 2 6 6 2 2 0 0 8 8 2 2 P p 2 2 3 5 8 80 0 0 1 *2 2 7 75 5 4 4 0 0 0 3 5 7 6 1 2 2 3 3 2 2 2 3 6 5 P »2 2 9 86 5 D 6 O 5 2 2 1 2 4 3 9 * 1 1 7 7 June... V300 M03 *29 4 P2G *20 *>82 V26 802 275 407 68 23 23 6 *291 220 »17 * Corrected. follo * 1 w B s P e r ( g e r l i o i n u m n n i i d n n g a f r i M g y u . a re rc s, h I 1 n 9 3 C 5 a , n In ad cl i u a d n e d s, o i l n la a rs d ) d ; i f t r i o o m n t C o a6nWa « d * ia * n « M ,» i « n - i s ~ te , r ™ of Finance, $69,000,000; from <l g a o rt l e d r r e e d s e b r a v n e k s s o . f $ 3 B 8 a ,0 n 0 k 0 ,0 o 0 f 0 C , o an f a w d h a i c a h c $ q 5 u ,0 ir 0 e 0 d ,0 a 0 s 0 was held m central gold reserves. . . » Figures for March 1934, June 1934, December 1934, or March 1935 carried forward for subsequent months, for which no figures have been reported. »Beginning April 1935, represents gold held by Reserve Bank of India, which acquired the gold previously held in gold standard reserve and currency notes reserve accounts. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, andLIthuania; 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 BUIXETIN 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

524 FEDERAL RESERVE BULLETIN AUGUST 193S GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month world Africa North and South America Far East production 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 Au li s a tra- Japan India =£5$io grains of gold <Ko fine; I e.t an ounce of fine gotd=$20.67 1929.. 404,969 359,347 215,242 11,607 4,297 2,390 39,862 45,835 13,463 2,823 683 8,712 6,927 7,608 1930- 430,725 373,154 221,526 11,476 4,995 2,699 43,454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931- 461,592 394,399 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 442 12,134 8,109 6,815 1932.. 499,241 421,656 238,931 12,000 5,992 3,642 62,933 50,626 12,070 5,132 788 14,563 8,198 6,782 1933- 522,555 420,093 227,673 13,335 6,623 3,631 60,968 62,842 13,169 6,165 3,009 16,790 8,968 6,919 $l=*15%i grains of gold Ho fine; i. e.t an ounce of fine gold**$35 1934— 941,852 722,716 366,795 24.264 12,153 6,649 103,769 107,632 23,135 12,045 8,350 11,223 April 76,524 58,250 30,173 2,014 941 609 7,975 8,059 843 May 79,760 61,476 31,324 2,055 951 566 9,090 2,431 991 June 77,702 69,429 30,138 2,048 946 647 8,495 8,724 1,941 1,003 July 79,060 60,786 30,773 2,015 1,072 521 8,593 9,214 1,861 1,037 August 79,900 61,627 31,015 2,085 1,022 542 9,270 8,829 2,078 1,148 September 78,766 60,493 29,951 2,061 1,072 544 8,546 10,404 1,396 940 October 81,999 63,725 30,994 2,054 1,117 582 9,278 10,824 2,166 1,143 November 79,039 60,765 1,932 1,080 590 8,760 8,759 2,006 831 December 80,450 62,176 30,356 2,031 1,135 534 9,148 10,124 2,093 922 1935—January 80/526 60,252 31,202 2,024 1,075 599 8,353 8,610 2,410 830 February. 75.999 55,725 28,717 1,920 1,097 557 8,027 7,700 2,280 091 March [80,919 60.645 31,015 2,009 1,078 587 8,732 9,415 1,836 925 f 81,033 '60.760 30,301 2,052 1,330 *687 8,599 8,785 "2,275 1,015 »84,450 "64,177 32,072 2,177 1,400 >587 * 9,135 »2,100 945 954 * Preliminary. NOTB.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p.1 1.108, 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 Mintfor 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— Year or month net Imports China All or net England France Belgium N l e a t n h d e s r- Sw la it n z d er- Canada Mexico Co b l i o a m- B I r n i d ti i s a h H a o n n d g c o o th u e n r - Kong tries Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932., -446,21311 53,5851--441,6491 -82,5711 -96,5861-118,2731 64,5741 20,0871 3,2401 26,5971 39,0431 85,737 2933.. -173(455j| 6,375|-•216,035| -«w| 7,90l| -ll,63l| 19,89e| 4,28o| 9s| 25,629| 12f82l| -21,898 Customs valuations; with some exceptions at rate of $36 a fine ounce 1934 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 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 2,654 10,240 1,865 1,987 D N A J J S O u u e e o u c l n p c t v g y o e t e e u e b m m s m e t b r b b e e e r r r -1 1 9 3 6 5 1 2 8 2 7 2 3 0 0 , , 6 , , , , , 1 3 2 7 8 8 7 0 4 3 0 2 8 0 9 6 7 5 5 9 - 3 2 1 2 1 3 1 9 2 2 - , 9 1 , , , , , 6 2 6 9 8 5 1 4 8 8 7 7 0 8 9 8 8 7 2 - - 1 2 7 1 5 7 2 0 2 0 , , , , , , 2 7 3 4 2 7 3 4 2 5 3 5 1 8 8 6 1 0 0 2 - - 1 2 1 2 , , , 0 9 8 9 4 1 4 3 4 17 9 - , , 5 2 7 9 0 g 9 0 1 0 0 2 6 -254 8 8 8 9 6 3 , , , , , , 0 2 9 5 6 7 9 7 0 8 3 7 0 8 7 9 0 2 5 9 9 2 2 3 6 , , , , 8 5 3 6 8 2 0 8 1 6 3 9 6 7 0 6 9 4 7 5 6 2 2 3 , , , 1 1 4 - 1 1 8 3 8 2 8 1 4 7 1 1 1 8 5 2 1 2 , , , , , 9 4 1 3 5 4 8 9 0 7 8 1 9 0 4 * 2 - , 5 7 5 2 6 0 8 5 S 1 0 0 6 3 2 2 3 3 1 1 1 , , , , , 1 7 1 8 8 3 9 8 2 9 9 1 7 6 0 9 6 0 6 4 0 1935—January 149,392 85,577 14,592 12,812 12,091 4,991 2,101 10,616 529 M Fe a b r r c u h ary 1 1 2 3 2 , ,7 0 7 0 2 3 6 - 3 1 ,4 8 2 7 4 45,7 5 6 6 6 1,466 339 5 4 , , 3 4 4 4 6 9 7 8 2 3 9 3 2 1 , ,4 1 0 1 7 2 2, 5 13 22 9 1, 3 5 5 2 9 8 2 3 , ,9 7 7 11 2 J J M A u u p n l a y r y e il 2 1 1 1 3 4 4 6 0 8 0 , , , , 2 3 6 0 2 7 0 6 9 3 8 1 1 1 , , 6 4 9 8 8 3 3 9 1 1 8 1 1 3 9 2 2 4 4 , , , 5 2 0 1 9 5 0 8 2 9 2 4 2 3 , , , 9 0 8 8 7 6 8 9 5 1 5 0 1 3 8 5 0 , , , , 7 0 7 9 3 5 6 7 4 3 8 0 9 9 7 6 2 4 2 7 3 8 9 2 1 1, ,7 7 5 5 2 2 0 2,9 1 2 2 6 4 7 8 3 3 5 4 1 3 4 0 3 4 8 7 3 3 6 , , , 6 2 9 1 1 6 5 5 2 438 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 s fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 525 GOLD MOVEMENTS—Continued Great Britain Net imports from or net exports (-) to: Total Year or month net imports South e o x r p n o e rt t s U St n a i t t e e s d France m G a e n r y - g B iu el m - N la e n th d e s r- S l w an it d ze » 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 r e t a t n l i t e t s s - Au l s ia tra- A d W R f e r h s e i o i c s a - a t , , c o t o A r th i u e l e n l s r - Africa Official figures converted at rate of$20.67 an ounce 1932 „ 84,5851! -50,6421 -297,050| 3331-13,4341-71,3781-14,0191 5,7461 1 220,3941 10,7811 20,3641255,3101 18,279 1933 __ 677,4061, 7,939) 97,016| 41,036| -80S| -7,065| -4,299| 9,6101 43,374| 118,817| 8,682| 60,8121 256,177) 46,110 Official figures converted at rate of $3$ an ounce 1934 716,269 -497,166 348,190 121,017-13,685 32,575 -9,123 17,568 26,316 206,711 4,863 41,790 335,253 101,860 April -19,851 -7,038 3,524 44 -216 343 13,033 3,824 31,929 May -5,197 -30,856 8,243 -34 319 -252 284 14,147 485 42,935 June -35,375 6,622 17,495 218 -659 -71 144 17,330 441 3,172 30.505 July -121 4,099 -2,161 -46 -102 1,794 12,213 70 3,234 32,312 August -15,420 -6,797 45 -6,034 -4,563 1,749 25,146 66 4,673 22,371 September 6,251 -8,188 2,890 -2,157 -203 -1,849 2,052 7,266 962 151 3,507 11,315 October ... 950 -339 105 -1,291 482 -1,118 655 4,669 4,992 245 3,438 24,420 November -17,284 27,026 152 -5,198 -550 -60 670 1,697 18,791 190 2,686 18,495 December -22,489 1,769 -1,087 310 -109 241 17,882 128 4,126 23,469[ 1935—January -79,628 4,270 36 -349 8,780 -53 381 24,046 12 4,066 37,231 -3,071 February -74,127 -17,739 28 -951 2,145 -305 2,057 88 3,067 18,669 11,410 March......... 66 26,612 63 -1,992 51 -67 1,195 2,970 15,457 296 2,685 12,661 6,570 April -20,533 266 -1,013 33,237 -202 152 424 16,249 693 1,920 17,658 21,025 May -3,247 69,128 209 -1,962 5,780 -54 410 2,696 2,962 484 2,838 55,847 11,197 June -18,547 86,926 -943 -11,601 -593 -3,646 292 3,570 7,159 429 1, 42,473 10,679 July P -31 -3,940 -206 103 17,399 -940 1,317 4,070 369 3,579 32,563 -3,643 France Germany Net imports from or net exports (—) to: Net Imports from or net exports (—) to: Year or month T n o e t t al T n o e t t al i e m o x r p p n o o r e r t t t s s U S n ta i t t e e s d EE lla nn 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 France N la e e n r t d - h s - U S. . R S. . c o t o A t r h u i l e e n l s r - Official figures converted at rate ofttO.67 an ounce 1932.. 828,1781 468,0521 309,9841 37,8891 -35,010| 37,5471-17,6681-27,3821 -27,282)1 -2501-38,1701-24,4 I 46,6561-•11,063 1933.. 243,944| 223,894| —87,2071 73,00l| —28,9791 44,69l| 10,49l| 8,0531-102,8561| -37,044|-64,922|-40,» [ 40.317| -260 Official figure* converted at rate of $55 an ounce 1934., -406,949 -240,361-351,729 31,036 -17,669 74,995 23,657 73,123 -90,920 -109,386-42,907-28,114 85,390 4,097 -1,373 997 -37,010 78 -213 1,995 32,492 2S6 -5,655 -3,515 -8,073 -8,189 13,971 153 June—"IIII 3 6 0 , , 4 9 3 1 7 5 -9,7 1 7 2 9 4 -1 3 1 3 , , 4 5 1 8 1 1 18,191 1 - - 1 9 , , 4 2 0 9 0 9 -1." 676 1 5 9 , , 4 16 0 8 5 427 - - 2 2 0 9 , . 3 04 1 0 2 -13,382 - - 1 1 2 0 , , 2 0 8 8 6 3 - - 1 8 2 , , 1 3 5 6 5 3 6,761 1 2 2 7 3 > July -2,895 -3,003 926 -320 -104 -1,038 4,469 -4,090 -16 8,457 117 A Se u p g t u e s m t ber.. -15,1 9 0 6 5 4 -7 5 , , 2 9 9 8 0 7 9,6 2 0 6 6 4 1 -3 45 -1 -4 2 4 2 -3 1 9 0-1 -9 5 , , 2 4 2 9 6 2 1,1 8 6 9 3 8 5,32 6 7 1 -2 - , 2 6 6 0 9 4 2 6 -5 5 2 2 7,828 2 1 7 5 4 3 October 22,710 26,296 3,706 2 -464 139 -6,972 3 7,873 -59 4 V 5,760 257 N De o c v e e m m b b e e r r- -6 3 5 7 , , 5 7 6 3 8 3 - -1 6 9 4 , , 9 3 1 3 8 7 -1 -8 7 , , 7 9 3 3 8 6 86 -3,114 - - 7 2 8 3 6 2 4 1 , ,7 2 8 2 6 0 » * 1 6 8 5 , , 5 25 1 1 7 2 1, , 2 9 0 5 6 4 - - 1 8 6 5 7 -1 7 - 2 9 3 9 8 1, 3 1 1 6 3 2 2, 2 5 2 6 7 2 1935—January 7,796 -15,376 -2,931 115 -994 -96 1,231 >25,849 287 67 4 84 144 -10 February, TI -32,479 -50,314 8,670 -2,497 249 11,975 -565 295 -49 5 75 263 March 19,118 648 14,676 3 -3,851 -201 7,989 -147 112 -19 6 -107 232 April.;::::; 97,511 -28,566 32,730 -474 -26,395 3,907 111,292 5,015 735 -50 745 87 44 -91 May* -190,274 -77.803 -47,681 -594 -109,195 -885 44,621 1,263 -206 418 237 6,100 117 June* -393,551 -223,070 -110,834 -190 -1,101 -3,431 -56,265 1,341 2,876 1,057 275 1,014 530 i 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 1 $19,218,000 imported by France from Italy in November 1934; $65,437,000 in December 1934; $25,755,000 in January 1935. f f **0™--Gr€at 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

526 FEDERAL RESERVE BULLETIN AUGUST 1935 GOLD MOVEMENTS—Continued Netherlands Year or month Total net Net imports from or net exports (—) to: Imports or net exports United England France Germany Belgium Poland Sw la i n tz d er- B I r n i d ti i s a h A co l u l n o t t r h ie e s r States Official figures converted at rate of $20.67 an ounce 1932 - 116,149 I 106,623 I 50,070 J -34,009 I 26,886 1 -12,727 1 -13,630! -16,137 1 16,423 1 -7,346 1933 - -67,510 I -3,839 | -1,624 | -72,183 | 40,818 | -17,873 | -6,030 | -16,974 | 9,632 j 567 Official figures converted at rate of $35 an ounce 1934.... .... -122,664 -46.010 -31,038 -78,610 25,716 9,285 -1,253 -4,784 2,171 April 3,063 -4,439 -418 -287 5 164 May 13,859 -115 -158 311 359 June 9,570 -225 277 451 133 July 9,170 8,8S0 75 322 August -2,737 -194 -23 3 168 1 September. -326 498 -327 7 130 October -2,386 -637 166 126 November- -16,849 -17*770* 615 830 154 December. -9,431 -9,270 -312 62 165 1935—January- -18,300 -15,605 -3,221 110 476 171 February, . -2,899 -2,495 -352 64 171 March 510 , 37 -1,299 617 141 181 April -120,492 -97,632 -20,890 26 May -5,080 -2,810 -1,562 277 156 June. -14,797 -19,259 1,375 667 -103 Switzerland British India Net imports from or net exports (-) to: Net imports from or net Change in— Total Total exports (—) to- Gold Year or month net net proi e m o x r p p n o o e r r t t t s s U S n ta it te e s d E la n n g d - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A r th i u e H e n s r - i e m o x r p p n o o e r r t t t s s U S n ta it te e s d o c t o A r th i u l e e l n s r - I d t n i u i o d n c- n ia s I e n R r i d e n v - i e a s 1 P I in h n ri g o d v s l i d a a i - t n e * Official figures converted at rate of$£O 67 an ounce 1 1 9 9 3 3 3 2 1 4 69 1 ,7 1 8 2 6 l 1 || 11 1 24 0 , , 3 9 5 8 4 3 1 J -2 1 4 5 , , 5 34 3 2 6 1 | -26 7 , ,4 7 1 8 8 l 1 | - 7 5 3 8 5 1 | - - 1 2 5 , , 9 3 5 3 4 0 1 1 1 1 4 3 , , 9 1 9 6 6 8 1 | 10, 6 6 3 8 5 8 1 1 - - 1 1 2 9 6 5 , , 0 6 4 6 8 2 1 1 1 1 - - 3 3 0 8 , , 3 0 4 9 0 4 1 1 - ~ 15 8 1 5 , , 0 4 5 6 9 3 1 | -1 -6 0 , , 5 24 0 4 8 | | 6 6 , r 9 7 1 8 6 2 1 1 1 -5 2 1 71 -1 -1 1 8 9 9 , , 1 0 2 0 4 8 Official figures concerted at rate of $35 an ounce 1934., -46,065 -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500-230,720 -67,962 '-159,063 '-3,696 11,222 173-219,671 April -4,682 1,392-2,132 -238 -20,733 -11,335 -7,165 -2,234 914 186 -20,005 May _ -5,350 113 -222 364 -20,344 -11,090 '-9,032 r—222 946 -2 -19,396 June -817 -5,648 166 -186 208 -19,105 -7,464 -11,854 213 930 -12 -18,163 July.... 69 -1,171 387 -41 214 -22,130 -8,740 -13,601 211 938 4 -21,196 August 2 4,007 1,105 2,566 7,056 -3,565 -1,577 -2,196 208 1 September 2,367 2,304 1,105 -105 -2,534 -2,643 109 932 -1,602 N D O o e c c v to e e m m be b b r e e . r . r . . . 291 - - -4 1 7 1 9 7 7 5 1 3 2 6 , , , 0 9 2 0 8 8 1 7 0 - - 2 3 1 0 7 1 5 5 4 -1 -1 0 5 2 7 - - - 2 2 1 0 3 4 , , , 7 2 4 0 5 3 0 5 1 - - - 2 1 3 , , , 2 6 2 2 5 0 9 0 1 - - - 2 1 1 0 2 8 , , , 2 6 9 1 1 0 6 7 1 1 1 1 4 2 6 6 0 2 9 9 9 2 4 9 9 4 5 -3 - - - 1 1 2 3 9 2 , , ,2 4 7 5 9 7 7 1 1 1935— A F M J M u J e p a a n a b r y r n e i r c l u u h a a r r y y . . . . . - - - - 1 6 1 1 - - 3 5 4 3 7 5 9 , , , , , , 6 1 2 8 0 6 4 2 3 2 2 3 0 9 0 5 5 3 " - - 3 5 1 4 2 1 7 9 4 - - 1 3 - -6 2 1 7 - , , , , 2 8 1 6 8 5 1 3 0 1 7 4 6 9 8 9 8 9 - ^ - - 1 1 3 - - 0 1 4 6 8 7 2 6 , , , , 3 . , 5 1 0 1 6 4 1 4 2 1 3 4 4 8 1 7 4 - - 5 8 , , 9 6 2 4 7 5 2 1 2 1 7 5 5 2 2 4 , , , - 3 4 6 1 7 7 8 0 1 7 3 4 9 0 4 3 2 1 - - - , - 2 2 4 0 1 9 1 0 0 4 5 8 2 9 0 1 3 -4 - - , 7 3 4 1 4 2 6 5 7 9 2 0 0 2 5 8 8 7 - " - - 1 1 1 - - 5 3 6 8 7 , . , , , 3 0 6 7 4 3 4 3 3 7 4 0 5 9 5 - - 1 2 , , 6 4 6 0 7 6 - - - 1 1 1 - - 3 6 4 8 4 . , , . , 8 8 5 2 1 7 3 5 2 3 4 1 8 5 3 -1 - , 2 2 2 6 1 0 1 0 5 5 7 4 7 3 5 >9 9 9 9 9 9 4 5 5 0 5 3 6 4 5 3 4 8 - - 2 5 - » - - 1 1 1 - - - 2 5 6 5 7 4 , , , , , , 7 8 3 4 6 0 4 3 8 7 5 3 4 7 6 9 0 1 » Preliminary. r Revised J Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. * Figures derived from preceding columns; net imports plus production minus increase in Government reserves in India. ^f some cases the annual aggregates of the official monthly figures differ somewhat from the revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AuonsT 1935 FEDERAL RESERVE BULLETIN 527 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England (in G o is l s d ue Note (Figures in millions of pounds sterling) m de e p n a t r ) t * - C C o a in sh rese N rv o e t s es D ad is v a c a n o n d u c n e t s s Se t c ie u s ri- ci t r i c o u n la- Bankers' P D u e b p l o ic sits Other l O ia t t i b h e l e s l r i. 1934—June 27._. 191.5 6*1 91.9 331.7 96.3 17.8 36.5 18.0 July 25.^. 191.6 67.6 7.5 94.2 383.9 104.8 10.9 30.1 18.1 Aug. 29... 191.8 72.5 5.6 92.5 379.3 83.7 34.0 35.2 18.2 Sept. 26... 191.9 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 3h._. 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 r>ec.26__ 192.3 47.1 7.6 93.2 405.2 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 96.6 20.1 41.2 18.3 Apr. 24... 192.6 59.4 5.8 97.4 93.1 7.G 39.6 17.7 May 29... 192.6 62.2 5.3 96.7 390.4 88.0 23.1 30.0 17.8 June 26.... 192.7 55.9 10.2 108.6 396.9 102.4 lfi.2 38.8 18.0 July 31 P_. 192.8 44.5 10.8 100.7 408.3 75.7 24.4 38.5 18.1 Assets Liabilities Bank of France Loans on- Deposits (Figures in millions of francs) Gold e F x o c r h e a i n g g n e Do b m il e l s s tic S s h G e o c m o r u v t e r - e n i t t r e t i n e r - m s s O e t c t i h e u s e ri r - N se e t b c g ie l u o e s r t i i - a- a O s t s h e e ts r ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i e s l r i- 1934—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 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,£80 1,853 Sept. 28 82,231 962 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 N D o ec v . . 2 3 8 0 8 8 2 2 , , 0 1 9 2 7 4 9 9 6 6 0 3 3 3 , , 0 9 5 7 8 1 3,211 5 6 , , 8 8 9 3 8 7 8 8 , , 8 2 4 8 9 8 8 8 1 3 , , 8 4 7 1 9 2 4 3 , , 8 7 2 1 9 8 1 1 5 5 , , 5 3 2 5 2 9 1 1 , , 8 90 6 7 9 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 16,323 1.962 A M p a r r . . 2 2 6 9 . . . 8 8 2 0 , , 6 9 3 3 5 3 1 1 , , 0 0 1 6 7 6 4 4 t , 1 2 7 8 0 0 2 1 0 0 3 3 , , 1 0 1 9 9 4 5 6 , , 8 83 0 3 5 8 7 , , 0 9 7 6 4 7 8 8 3 2 , . 0 3 4 5 4 2 3 3 , , 0 7 6 0 8 3 1 16 6 . , 1 2 4 1 5 3 1 1 , , 9 9 4 5 3 4 May 31. 71,779 2,150 7,137 937 3,371 5,805 8,691 82,776 2,771 12,315 2.008 J J u u n ly e 2 2 6 8 . ^ . 7 7 1 1 , , 2 0 7 1 6 7 1 1 , , 2 2 3 1 9 0 8 7 , , 0 3 2 0 1 1 , 6 7 9 3 3 5 3 3, , 1 2 7 7 1 7 5 5 , , 8 8 0 0 5 5 7 (* , ) 999 8 8 1 2 , , 1 0 2 9 7 9 3 2 , , 2 9 3 8 9 3 1 1 3 0 , , 0 9 9 6 1 9 2 (' .0 ) 13 Assets Liabilities (Figures in m Re il l l c io h n s s b a o n f k reichsmarks) Go R ld eser e F v x e o c s h re a i n g g n e Tre b a il s l u s ry c O h ( b e a t i h c n ll k e d s s r ) Se lo c a u n ri s ty E a c s l o i g v n S i e o b e r t l c e e ur . i ti O es ther O as t s h e e ts r ci N t r i c o o u t n l e a- De i p ts os- l O ia t t i b h e i s e li r - 1934—June 30..... 3,392 171 361 325 780 3,777 623 775 July 31 3,403 109 390 324 886 3,768 649 800 Aug. 31..... 3,540 128 413 324 867 3,824 717 813 Sept. 29..., 3.811 148 431 324 806 3,919 843 851 Oct. 31 3,726 91 435 316 890 3,823 856 868 Nov. 30. _. 3,848 119 436 316 881 3,810 961 920 Dec. 31 4,021 146 445 319 827 3,901 984 1,001 1935~ J J M M F A J u u a e p a a n b l n r y . r y e . . 3 . 3 2 2 3 3 1 3 1 8 1 9 0 0 P - . . . .- .. . 3 3 3 3 3 3 3 , , , . , , , 6 6 7 8 7 8 8 5 2 7 9 6 3 3 6 0 9 9 1 3 2 1 8 6 8 8 8 8 5 1 6 6 9 8 7 2 4 4 4 3 3 3 3 4 3 2 7 3 3 3 1 7 7 3 7 8 7 3 3 3 3 3 3 3 1 2 3 2 2 2 2 9 8 0 4 3 4 4 8 6 7 7 8 7 7 3 9 0 3 1 7 8 7 7 1 9 4 5 1 3 3 3 3 3 3 , , , , . , 6 6 8 7 8 8 1 6 1 1 0 7 7 4 0 1 5 3 9 9 8 9 7 8 7 2 2 2 5 7 1 4 8 2 2 2 0 9 3 . 9 8 8 8 8 8 8 6 0 3 3 2 4 3 6 0 0 7 4 5 3 , * 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. * Figures not yet available. NotE.-For explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESEBVE BULLETIN AUGUST 1935 CENTRAL BANKS-Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank June May April June June May April June National Bank of Albania (thousands Central Bank of Chile (millions of of francs): pesos): Gold 7,560 7,121 7,123 Gold and foreign exchange in re- Foreign exchange 21,820 22,448 23,311 serve 142 142 170 Loans and discounts 2,449 2,398 2,973 Loans and discounts. 101 91 80 Other assets 3,303 3,232 2,928 Government debt 713 713 717 Note circulation 14,118 14,022 11,355 Note circulation 537 540 500 Demand deposits 10,396 14,597 Deposits 354 347 372 Other liabilities ___ 10,616 10,507 10,382 Central Bank of China > (millions of Commonwealth Bank of Australia yuan): (thousands of pounds): Gold 29 24 24 Issue department: Silver 116 115 123 Gold and English sterling- 15,994 15,994 15,994 15,508 Due from banks abroad 10 14 14 Securities 34,634 32,765 32,802 28,375 Due from domestic banks 55 53 71 Banking department: Loans and discounts.— 103 89 130 Coin, bullion, and cash 871 846 934 Securities 181 184 15 London balances 20,592 32,358 32,664 28,134 Other assets 60 61 38 Loans and discounts 12,215 13,232 11,970 11,689 Note circulation 94 93 72 Securities ___ 36,130 35,873 35,873 36,318 Deposits—Government 246 237 209 Deposits...^ 72,925 84,673 83,533 83,253 Bank 54 51 42 Note circulation— 47,050 47,050 48,550 46,301 Other ., 17 16 13 Austrian National Bank (millions of Other liabilities- 142 144 78 schillings): Bank of the Republic of Colombia Gold 242 242 242 241 (thousands of pesos): Foreign bills.— 82 61 43 30 Gold at home and abroad» 26,301 24,130 17,706 Domestic bills 232 232 234 254 Foreign exchange • 4,009 3,352 2,410 Government debts 624 624 624 624 Loans to member banks 6,489 6,521 3,782 Note circulation _ 037 926 925 955 Note circulation 36,509 35,528 39,644 Deposits ___ 237 233 209 156 Deposits 25,889 24,306 27,412 National Bank of Belgium (millions National Bank of Czechoslovakia of belgas): (millions of koruny): C b en o D N D L G t l r i o o o e v o a a p m t l i l d e a n o B e n s s c i a s o i i » t t t n r s o s i c ) k c : u S o a l t a f n a t B t d i e o o f n l o iv re ia ig ( n t h b o i u ll s s a * nds 01 4 3 1 1 , , , , 0 3 4 5 1 7 3 4 9 6 4 1 6 0 6 4 3 1 1 , , , , 0 1 4 1 4 3 7 6 2 0 1 6 2 8 3 3 2 1 , , , 8 6 9 1 1 1 6 3 6 1 6 3 6 1 5 3 2 . , 3 3 4 6 6 4 1 S 5 5 7 7 7 2 3 Da k n r N D L F G o is n o o e o h o e r a p t l r d e e n o N ) i s s g : c a i i n a t r t s n i c b o u d a n l l a a a a l d t n i v o c B a n e a n s n c a k e n s d ( m cu i r ll r i e o n n c s y o . f .. 5 2 1 , , , 1 7 6 7 3 3 9 8 4 2 8 1 0 2 5 5 2 , , 5 6 3 9 7 6 8 0 8 8 7 7 3 2 2 5 2 1 , , , 8 3 5 0 6 6 6 0 0 8 5 7 9 0 7 2 5 1 , , , 5 4 6 4 2 1 6 9 4 3 3 Ban N D L C D C k N L F S G o e o o u e o e o o o o p a t c r r r p a t l e f u n r o e e r d n N O o e B s r i e s c s g c s s a i n i a t i r a t p i n t i h r a t t c r i a s t n i o e c e y n c z s o h e s u n d r u ^ i d n x : o l « l d l c a a d m a d e ( h t l t m i n i i e i a s s o o G t c n c i s n n a l o o o g l n i u a v e u « o d e n b n n . r t a s r t s n b s o o m . r a f . o . e d m a n d . i t . l « . r . _ e . l . s . ) . : „ " , 3 1 9 2 1 1 2 2 3 3 5 6 6 4 3 0 , , , , , , , , 8 0 , 8 7 3 2 1 4 1 3 0 8 7 2 6 7 0 5 8 7 4 6 0 5 0 0 4 1 6 4 7 7 2 0 0 2 3 1 0 2 1 1 1 2 3 0 3 7 8 4 4 3 , , , , , , , , , 8 2 0 1 8 3 3 0 4 0 0 2 7 9 2 7 0 4 6 8 7 5 4 0 8 2 4 7 1 5 2 6 9 4 7 1 2 1 1 1 0 0 2 2 2 3 9 4 2 8 7 8 , , , , , , , 7 , 8 , 3 3 4 9 1 5 0 3 0 1 5 2 4 3 6 4 5 8 5 3 9 7 8 0 6 1 7 6 4 4 1 8 8 1 6 2 2 7 2 2 4 8 3 4 0 6 3 , , . , , , , , , 8 4 5 2 5 0 0 9 8 8 4 7 2 3 5 S 0 6 2 9 1 9 8 0 1 7 0 5 1 4 9 8 0 2 2 C B e a g n n u t D L N F k L N D O G F G l r d o o o a e o o e t o o o e r h a p l r a p t t l l e n e o e e e n n d o B d o i i r f ) s g s s . s c g c * : a i n i i f i n a - n a t t r o r s s n n D k c e c r b d u x d e u a i o i c l l l g n d a f d l a h s n z t i t E i a , i s i s i o n o g e c c e c n n x u g o o tc c e u a u h d n ( n o a t o t f t h n s s r t o g h u ( e e t s h r a o e n u s _ d e s s r a v n e d o * s f _. 2 3 1 3 7 7 1 5 , , , , , 6 5 1 8 8 3 3 1 1 1 2 6 1 4 6 7 1 7 3 1 0 4 9 0 7 3 8 8 8 3 6 3 2 2 4 1 7 1 2 , , , , , 8 9 4 4 9 3 1 1 1 1 7 2 9 7 3 7 3 1 7 2 6 2 4 6 6 5 3 8 3 3 1 1 8 3 , , , 2 3 6 5 0 1 2 8 9 5 3 6 7 7 9 3 1 0 3 8 3 9 3 3 0 8 3 9 4 4 1 2 1 1 2 1 4 7 6 6 , , , , , , 3 9 6 1 5 3 9 1 9 7 7 8 3 7 7 1 3 6 3 8 9 0 6 6 5 3 0 2 2 3 4 N o a f t i l o e n v a a l ): Bank of Bulgaria (millions of sucres): B n an a N O L N T G k G d i o o o t e o o a h o a t t t v l n a e d e f n e f l r s r o d c C f n r s i o a o r a i e m l g r n c i n l g e h u a d e a i n r t l n g d a d s n t a l e t ) i i : i s x a o o e c c ( b b x n o t h i l c h u l i a h i g o n n t a a u i t g e n t s s e s i g a o e n I n n d s s r e o s f e C rv a e - ] .. 2 2 2 1 - , , , 1 , 2 1 6 5 9 3 1 0 5 9 8 5 0 6 4 2 8 3 1 1 2 2 2 - 1 , , , , 1 3 1 6 4 8 5 1 0 2 9 8 3 8 4 9 3 3 4 7 3 2 1* , - 1 9 4 6 7 7 5 2 2 2 3 4 8 8 2 2 1 1 1 , , . , , 6 6 7 0 5 4 4 8 S 0 6 4 5 0 5 3 5 0 7 Na o t f i G F L N D G F o p o n o o o o e o o r a r a p l u l t d e d e l e n o n i i s g B g s c d a n i i n a a s t r t ) n n s c h e e : . k u x d x o c l c m o a d h h t f i e a a i s o E n c n a n o g g g n e u y e d p n a t t s b > „ r o (t a h d ousands 4 2 5 1 1 6 2 2 0 4 6 0 , , , , , , , 1 5 1 5 1 2 3 0 6 4 6 8 8 3 1 1 5 5 6 6 5 2 5 4 1 1 6 2 2 3 2 5 2 , , , , , , , 7 5 6 5 1 4 8 3 4 7 5 0 9 5 1 8 6 5 0 0 2 4 4 2 1 6 2 6 9 1 0 5 , , , , , , , 5 1 3 7 1 2 2 4 5 0 2 9 2 4 3 6 0 6 9 4 4 U S A G t n d o e i v l r t d l a e i n n d g c e S e s t x a t c t o h e s a G n e o g x v e c e h r a n n m ge ent 1 0 4 2 6 , , , 2 6 6 0 7 4 6 2 1 6 7 . 1 0 0 6 , , 2 1 9 9 5 3 1 7 6 1 0 3 6 , , 2 9 5 1 3 5 2 6 7 B L O r o t G h i a t e o n i r s v s h e a a , r s n n s d e m E t s d g e i n y s t p c t o s i e u a c n n u t , r s it a ie n s d other 3 3 5 3 , , ,5 3 0 2 5 8 6 3 5 35 3 4 , , , 2 0 1 1 6 4 3 9 8 3 4 3 3 , , , 1 1 2 1 5 0 1 4 9 Government securities: Note circulation 18,551 18,982 18,574 T N O O * o o t t h t h t a e e e C G 2 O l r r c h o y v d l i a a v e r i e e s a r a c r e p s b t u r r e o e 2 s n i l t r s l a s y m i o e i t t t e d r i i s e o e a l n s n b r e t s s a s . nks 1 [ . 7 1 1 3 7 1 9 4 0 9 5 0 2 9 2 , , , , , , , , 7 0 7 7 9 5 9 9 7 1 6 1 0 7 0 2 9 5 8 3 2 9 3 1 : . 6 7 2 8 1 4 6 6 4 5 2 1 7 , , , , , , , , 9 3 5 7 5 0 5 8 7 3 2 3 1 9 8 6 1 3 5 8 7 0 8 0 : . 9 6 1 2 5 1 6 9 5 3 1 8 6 5 , , , , , , , , 1 1 3 6 9 3 8 0 5 3 7 9 0 7 3 1 6 9 5 2 7 3 3 4 Ce d n o t F L G G D O r r o o a » o e o t r a h p l l ( v e d t n e o e i h R r g r s s o n i n e l a t u i s m s a n e e s — b d x r a e i v c n n G l O d h e i t d t i o a t i s s h s B e v n c e s o e e g o a r c f r e u n n u c k n m o r t l s i o o e t f n n t t e e _ E s s . l ) - : - . I S ~ H a I l I I v " I a I - I " I 1 2 7 2 , , , 2 3 2 4 5 8 6 2 1 0 3 3 1 1 7 7 7 1 1 6 , , , , , f4 4 5 5 5 9 9 6 7 8 4 8 7 3 7 3 8 7 8 2 0 1 1 8 2 7 1 7 6 , , , , , , 7 5 0 9 1 8 6 1 3 2 3 5 5 0 9 1 1 2 1 5 8 1 5 7 7 , , , 9 5 0 3 1 9 4 5 7 ii&n£7* [fofisln. p"329lg°ld aQd breiga*esctlange h*™*& « of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see * Items for issue and banking departments consolidated. i Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of eold In NW York- « PPaarriittyy ooff gguullddeenn rreedduucceedd MMaayy 2%, 11993355.. ffrroom $0.3296 to $0 ISflO g wew York# »Bank commenced operations July 5,1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AVOUST 1935 FEDERAL KESERVE BULLETIN 529 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1035 1034 Central bank Central bank June May April June June May April June Central Reserve Bank of £1 Salva Bank of Java—Continued. dor—Continued. Note circulation.. 172 172 172 185 N Ot o h t e e r c a ir s c s u et l s ation 1 1 3(, 1 9 8 0 7 7 1 1 4 , , 4 1 5 8 0 0 1 1 4 , , 4 7 1 9 5 9 Ban D k e o p f o s L i a ts tvia (millionsoflats): 32 30 33 27 Other sight liabilities 6,135 5,434 5,675 Gold 46 46 46 44 Other liabilities 3,462 3,341 3,265 Foreign-exchange reserve 4 3 5 4 Bank of Estonia (thousands of Bills £6 59 59 65 krooni): Loans 67 71 * 74 63 Gold...- - 32,796 31,552 28,809 20,473 Note circulation- 36 37 39 32 Net foreign exchange 1,618 2,721 5,126 7,5S1 Government deposits.'. -16 49 49 57 Loans and discounts 10,767 11,361 13,601 16,162 Other deposits 109 109 106 109 Note circulation 35,993 37,184 38,576 32,183 Bank of Lithuania (millions of litu): D eposits— Government - 10,588 9,174 9,920 4,720 Gold 44 46 55 Bank 8,900 9,388 8,408 Foreign currency 6 6 9 Other 2,577 2,105 2,108 3,591 Loans and discounts 101 104 83 Bank of Finland (millions of mar- Note circulation 97 99 84 kaa): Deposits. 50 53 Gold 324 322 323 Netherlands Bank (millions of flor- Balances abroad and foreign ins): credits - 1,334 1,416 1,386 934 Gold 627 646 645 842 Foreign bills 87 87 85 318 Foreign bills 1 1 1 Domestic bills 749 784 797 799 Loans and discounts 183 186 246 178 Note circulation 1,328 1,369 1,431 1,234 Note circulation 808 837 871 882 Other sight liabilities 549 543 3S2 Deposits 4S 49 63 173 Bank of Greece (millions of drach- Reserve Bank of New Zealand (thouma L G G s o ) o o : a l v d n e s r a n a n m n d d e f n o d t r i e s o i c g b o n li u g e n a x t t s c io h n a s nge €, 3 2 2 , , 8 8 5 9 4 2 0 7 3 2 , , 6 45 0 6 4 2 3 , , 7 2 6 8 3 4 4 4 3 , , , 1 2 3 5 1 5 4 2 5 sa S n G O d t t e o s h r l e l o d i r n f . a g . p - s o s e u e x t n c s d h s a 1 ) n ; ge. 2 2 2 2 , , , 2 8 8 7 0 1 6 2 3 2 2 2 2 , , , 2 8 7 8 0 8 4 2 9 2 2 2 2 , , , 8 3 0 0 1 8 2 4 9 Note circulation. 5,417 5,319 5,664 5,131 Note circulation 9,111 9,302 9,434 Nati L O on i t a h a b l e i r l B i s t i i a g e n s h k t i n l o i a f f o b r i H e li i u t g i n n e g s e a x r c y h a ( n m ge i _ — l- .. 3,9 H 2 4 0 3,7 1 7 1 4 4 3,7 1 6 1 1 9 7,11 5 0 6 Dem B G a a o n n v d k e d rn e m po e s n i t t s *- 1 1 3 7 3 , , , 9 2 2 1 2 8 5 6 8 1 1 4 6 2 , , , 2 9 7 0 8 6 6 5 7 1 1 3 6 2 , , , 8 1 3 3 8 4 3 2 3 lions of pengos): . Other liabilities 1,554 1,588 1,588 Gold . 79 79 79 79 Bank of Norway (millions of kroner): A N D F L O o o d e o th r a p v t e e e n o a i r s g n s c n i a c i a t r s e s n c b s s d u e i l t l t l d o a s s t i , i T s o e c r n o t e c u a . n su ts r y. . - 5 3 1 2 6 6 3 7 0 1 0 8 7 5 0 5 2 6 3 0 0 3 5 3 6 7 5 6 2 2 8 8 8 9 7 2 5 3 4 6 8 2 6 1 8 4 1 9 9 1 T D N F F G o o o o o o r r t l m t e e a d e i i l e g g c s d n n i t e r i c c d b p u a e o c l l p s a r a i o e t n t i s d s o c i i e t n t s s s and bills 2 3 1 7 3 0 4 6 6 1 2 7 1 5 3 2 1 4 6 2 1 4 8 7 8 2 2 5 3 2 1 7 5 2 2 3 6 9 5 2 1 5 2 3 1 8 2 3 6 2 2 5 5 Certificates of indebtedness 100 109 109 118 Central Reserve Bank of Pern (thou- Re o s f M I e r s r u s v i p u s e c e e G e e B o l D s l a l ) a d n e : n k p e a a o t o r u f h t s m o I l m e n ia n d e b t i : a i a l n i 1 t d i e (m s ab il r li o o a n d s - 4 1 4 5 4 4 1 4 7 4 0 4 4 1 4 7 4 2 171 sa N D n G B d i e o o l s p l l t d s e o o s f c a i i s n t r o s d c . l u e f l s o a ) r : t e i i o - g n n . exchange 4 6 7 2 3 6 2 4 , , , , 2 8 1 3 3 9 7 4 9 3 6 9 2 4 5 7 6 3 2 9 , , , , 0 3 3 9 9 4 9 9 9 9 5 3 4 6 5 2 2 6 6 4 , , , , 3 9 8 9 7 7 0 4 6 8 2 4 Ban I N S R k n i t u o t d e n i p t r g i e e l a e s i n e n c D g i c r G e o c s p o u i e a n v c l r a u e t t m r r i i n o t e m n ie n s e t: nt securi- 1, 5 3 5 6 3 1 8 2 2 9 5 4 5 4 5 0 1 0 6 1 3 4 5 4 3 0 8 1 2 6 Ban N L k F O G o o o o t o h r a l t f e d e e n i r s P g c s n o i a r i l n c g e a d u h x n l t c d a d h l t i i a i ( s a o n m c b n g o i i e l l u i l t i n i o , t e . n s s s of rlote): • 5 7 9 2 1 6 1 4 1 0 2 1 8 6 5 2 7 9 1 0 4 5 1 9 9 2 2 5 9 5 2 6 4 0 2 8 1 6 8 8 8 9 4 7 9 1 4 9 3 3 9 3 0 3 1 1 Notes of issue department- 256 221 193 Bank of Portugal (millions of es- Bank of I D O B O n I a e t t v t h h l p a e a e e o l n s y r r s t c i m a l e t ( s i s s m e a s — e n a b i t b t l G B s i s l r l i a o o o it n n a v i k d s e e r o s n . — f . m . li . e „ r . n e „ . t ) . . : . . ___ 2 1 1 1 6 2 1 7 8 5 0 3 0 1 3 2 1 1 1 5 0 1 4 7 3 5 0 0 4 5 1 1 1 8 5 0 2 8 5 7 1 2 3 4 cu D N G G O O do i o o o t t s h h s l t v c d e ) e e e o : r r r c u n r s i n r e i m c g t s s u e h e r l n t a a v t n l t e i i d o a s o b b n a l i d i l g i v t a i a e t n i s o c n es s 2 1, , 0 0 9 3 4 8 4 2 0 1 3 7 8 6 9 5 9 9 2 1 , .0 0 3 4 9 4 2 1 3 0 8 0 1 9 7 2 1 , ,0 0 9 8 4 2 4 3 0 6 8 9 8 2 6 1 3 5 1 1, , 9 0 3 3 3 5 5 1 2 1 0 5 Gold at home 5,589 5,829 6,468 National Bank of Rumania (millions Ban A N N G L C P O G k o u d o o r o o th e a b v o t l v t e d e d e n f a l e s i r i s n r c c t J n i s c d i a a s d r e m e n s a p c e s p u d n u a e p o e a d n l n o d a d s n t s i t i b d t i ( i s b s o t a m c s d o n l o a i i n l u s n l d c n i c s o o t e s n u s s n a t o s b f r y o e a n d — ) — : _ 1 5 1 3 , , , 8 6 4 5 3 2 3 5 0 9 3 7 7 8 6 9 0 2 4 5 9 2 5 6 0 5 9 1 4 1 2 , , , 6 5 3 4 1 8 8 2 4 0 5 7 7 3 7 1 4 0 4 7 0 8 4 1 4 1 2 , , , 3 8 7 0 4 6 3 8 0 0 1 5 4 7 3 9 9 0 1 9 4 4 1 2 1 5 2 1 , , , 2 3 8 4 3 9 4 7 9 8 0 9 0 3 7 5 5 5 8 3 8 0 4 3 6 1 of L N F S S D G O O l p o t o e o o e t t a e r i h h a m l t ) t e c d e e n e : e i i r a r s g a c d n n l a l a i e i d r s l n a c b e o s b d u d x t e a i l t c e n l * d a s i h p s i t t a s o i i * o e n c s s n o g it u e s n o t f s the . r . e _ s . . e - . r . v — e. - • , • . 1 2 1 1 5 2 8 9 0 0 0 0 , , , , , , , , 7 2 8 6 9 0 5 7 8 4 0 0 5 3 3 3 9 7 4 6 7 6 1 4 4 1 2 1 5 2 9 7 9 1 0 , , , , , , , 8 8 5 5 8 7 5 8 0 4 8 4 6 9 0 0 2 6 9 8 1 0 2 1 2 6 5 7 8 7 5 0 0 , , , , , , , , 5 2 6 0 7 6 3 9 1 8 7 9 6 4 9 8 6 1 7 0 2 3 8 0 5 2 Total deposits 420 439 Sooth African Reserve Bank (thou- Ban F L G k o o o o r a l e f d n i s g J n a a v n b a d i ll d ( s m isc il o li u o n n t s s of florins): 100 1 6 0 2 4 11 1 1 1 G 1 1 2 2 sa D n G F d o o o s r l m e d o i e g f s n p t i o c b u i b l n l i s d ll s s ): -• 2 5 6 , , 6 6 1 7 8 1 2 8 7 2 6 7 , , 0 1 3 00 4 2 6 5 , , 3 9 1 1 7 4 3 6 8 2 1 0 9 , , 9 5 9 9 1 6 6 3 1 Bank commenced operations Apr. 1,1935. with loss* on agrletftural and urban loan, and reported separately from "other assets" beginning with Dec. 31,1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN AUGUST 1935 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank June May April June June May April June South African Reserve Bank—Con. Central Bank of the Republic of Note circulation 13,428 13,539 12,317 12,363 Turkey— Continued. Deposits—Government 1,517 2,677 3,051 2,398 Government securities 151 151 152 153 Bank 27,171 25,063 24,656 Other securities 35 35 35 31 Other 4,370 4,736 3,765 5,848 Other assets 43 34 30 35 Bank of Spain (millions of pesetas): Note circulation ... 158 158 159 158 Gold - 2,270 2,270 2,269 2,263 Deposits 29 23 31 33 Silver 705 700 698 685 Other liabilities 72 79 59 Balances abroad 281 285 284 283 Bank of the Republic of Uruguay Loans and discounts 2,331 2,354 2,605 2,372 (thousands of pesos): Note circulation 4,541 4,560 4,577 4,533 Gold 46,840 46,840 48,043 Deposits 959 923 948 Loans and discounts ... 98,757 97,055 99,182 Bank of Sweden (millions of kronor): Other assets 47,424 47,815 43,434 Gold 355 354 352 370 Note circulation. 75,847 73,978 73,637 Foreign bills, etc 623 627 612 449 Deposits—Demand __. 31,736 33,023 32,365 Loans and discounts 62 55 46 60 Time. 39,753 39,407 42,483 Note circulation 718 683 676 653 Judicial and adminis- Deposits 462 505 485 400 trative 2,818 2,793 2,809 Swiss National Bank (millions of Other liabilities 42,868 42,509 francs): National Bank of the Kingdom of Gold 1,195 1,193 1,365 1,637 Yugoslavia (millions of dinars): Foreign balances and bills - 41 31 31 10 Gold ~ 1,316 1,332 1,282 1,781 Loans and discounts • 307 281 195 167 Foreign exchange 206 220 239 115 Note circulation., 1,307 1,302 1,319 1,376 Loans and discounts 1,786 1,789 1,787 1,812 Demand deposits 313 244 289 455 Advances to State 2,291 2,291 2,290 2,319 Central Bank of the Republic of Note circulation 4,473 4,446 4,435 4,142 Turkey (millions of pounds): Other sight liabilities. : - 1,200 1,239 1,236 1,098 Foreign exchange. .. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1935 1934 1935 1935 Assets Liabilities June 30 May 31 June 30 June 30 May 31 June 30 Gold in bars 28,525 16,210 15,975 Demand deposits (gold) 21,717 14,930 15,627 Cash on hand and on current account with banks - * 5,259 2,514 5,551 Short-term deposits (various currencies): Demand funds at interest 15,297 14,903 10,216 Central banks for own account: Demand 27,100 22,722 31,349 Rediscountable bills and acceptances (at Time—Not exceeding 3 months. __ 103,689 104,228 106,972 cost): Commercial bills and bankers' ac- Total 130,789 126,950 138,320 136,198 131,020 150,035 Treasury bills 212,776 219,974 185,631 Cen D tra e l m b a a n n d ks for account of others: 10,808 9,838 6 468 Total 348,974 350,994 335,666 Time—Not exceeding 3 months- 2,955 2,953 Other depositors: Time funds at interest—Not exceeding 3 Demand 1,248 1,577 986 months „ * . ....... 34,595 33,881 37,659 Time—Not exceeding 3 months— 2,122 2,120 Long-term deposits: Sundry bills and investments: Annuity trust account 154,670 155,428 153,640 Mat T u r r e in a g s u w ry i th bi in ll s 3 mon _ th • s: 26,471 36,535 42,763 F G r e e r n m ch an G G o o v v e e rn rn m m e e n n t t g d u e a p r o a s n i t t y fund 6 77 1 t , 9 3 3 3 0 5 6 7 1 7 , ,7 9 1 3 4 0 4 7 0 6 , .S 77 2 1 0 Sundry investments 33,201 44,513 31,985 French Government deposit (Saar)... 2,031 2,031 Between 3 and 6 months: Treasury bills 29,908 32,269 38,225 Total 295,960 297,102 271,231 Sundry investments 63,576 53,313 69,935 Over 6 months: Capital paid in 125,000 125,000 125,000 Treasury bills 29,639 18,857 9,625 Reserves: Sundry investments 35,395 35,402 36,255 Legal reserve fund 3,324 3,324 2,672 Dividend reserve fund 5,845 6,845 4 866 Total 218,189 220,889 228,788 General reserve fund 11,690 11,690 9,732 Profits allocated for distribution on July 1, Other assets: 1935: S G u s u n o a d l r d r a y n t i y te m of s central banks on bills 4 6 , , 0 10 7 2 5 6 4 , , 1 5 3 4 7 8 4 5 , , 2 86 6 2 9 D Pa i p v r e t i i r d c a e ip r n t a d ic t i t l o o e n 5 s 3 h o a f ( r e l e ) o h n o o f g l d - s t t e e a r r s t m u ( t 6 e d s p ep e o rc si e t n o t r ) s . 7, 1 5 ,9 0 5 0 7 7 1 , , 5 95 0 7 0 7 1 , , 5 94 0 3 0 Other liabilities: Guaranty on commercial bills sold 0,177 6,252 4,269 Sundry items . „_ 33,915 33,036 55,372 661,015 650,075 643,987 Total liabilities 661,015 650,075 643,987 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 531 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Liabilities England 10 clearin o g f b p a o n u k n s. d s F st i e g r u l r in es g ) in millions re C se a r s v h es M ca o s l h n l o e a y r n t d at B co il u ls n d te i d s- Se t c ie u s ri* L c o u a s n t s om t - o Other Deposits lia O b t i h li e t r ies notice Total Demand* Time* 1934—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. 210 135 233 759 236 1.911 975 900 250 December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—January- 225 137 284 756 237 1,982 1,034 899 251 February.. 213 127 265 606 759 231 1,954 1,009 248 March 214 133 207 614 771 231 1,923 994 248 April 217 137 199 618 779 240 1,940 1,004 895 250 May 219 142 218 620 774 233 1.962 '1,015 897 244 June 217 143 244 624 780 235 2,004 1,072 907 239 Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es In millions of Cash D b u a e n f k r s om B co il u ls n d te i d s- Loans Other Deposits ac O c w ep n t- lia O b t i h li e t r ies Total Demand Time 1934—September. 1,419 18,384 8,511 1,395 32,460 31,547 913 179 4,016 October. ~ 7,450 1,508 17,972 8,124 1,488 32,239 31,332 908 183 4,119 November. 6,485 1,473 17,363 8,003 1,562 30,542 29,582 960 192 4,152 December. 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—^January... 5,864 1,662 18,024 8,052 992 29,830 763 220 3,779 February- 5,607 1,603 18,300 7,840 1,010 30,342 29,591 751 228 3,789 March 6,066 1,586 19,042 7,713 1,090 31,449 30.635 765 237 3,810 April 5,196 1,642 18,302 7,802 1,141 29,999 29,218 781 251 3,833 May 4,648 2,506 17,181 8,544 1,276 29,958 29,129 312 3.835 Assets Liabilities Germany Credits (5 u m l r a a e r r s g k e I s n B ) m er i l l i l n i o b n a s n o k f s . r ei F c i h g s - - Cash D b u a e n f k r s om c B o i u ll n s t d ed is- Loans Se t c ie u s ri- a O s t s h e e ts r Total D D e e p m o a si n t d s Time ob b f t a r a o n i m n ks ed lia O b t i h li e t r ies 1934—September.... 172 415 1,918 3,387 853 976 5,777 2,711 3,066 529 1,416 October 134 400 2,017 3,357 359 5,820 2,726 3,093 500 1,430 November 115 393 2,037 3,331 874 5,816 2,731 3,035 485 1,432 1935—February *„__ 127 382 2,082 3,149 909 1,047 5,351 2,159 3,192 363 1,483 March , 185 371 2,108 930 1,047 5,457 2,319 3,137 7S9 1,491 fc::::: 1 1 6 4 3 5 3 3 4 4 0 6 2 2 , , 2 2 3 3 4 4 3 2 , , 0 9 3 9 0 0 9 9 3 6 3 8 1 1 , , 0 0 3 2 8 0 5 5 , , 4 4 9 6 5 6 2 2 , , 4 5 5 1 0 1 3 2 , , 0 9 4 5 6 5 7 7 6 7 8 4 1 1 , ,4 4 5 8 7 1 Liabilities * Canada Security Deposits payable in Canada Entirely in Canada loans excluding interbank deposits (1 u 0 d r i e a c s n h a i d r n o t e l m l r a e i r d l s l i ) o b n a s n k o s f . C F a i n g a - - re C se a r s v h es Se lo c a u n ri s ty d lo is O a c n t o s h u e a n r n t d s d a a f u b n o b e a d r r e n o f i n r k g a o e s n d m t Se ti c e u s ri- Other ci N t r i c o o u t n l e a- Total Demand Time lia O b t i h li e t r ies 1934— N D O S o e c e c v t p o e e te m b m m e b b b r e e . e r . r r . . . . 2 2 2 1 3 2 9 2 4 1 1 1 0 0 0 3 3 1 1 1 1 , , , 9 0 0 0 0 2 7 1 3 9 7 0 1 1 1 15 7 6 8 5 8 2 5 9 9 9 6 1 2 7 1 0 4 4 4 44 3 5 4 9 4 0 5 1 1 1 1 2 3 3 3 4 0 6 2 2 1 2 2 , , , , 0 9 0 0 3 7 3 3 8 5 5 1 5 6 6 6 6 9 2 2 3 4 4 8 1 1 1 1 , , , , 4 3 3 4 0 7 7 1 7 0 7 1 7 7 7 7 2 1 1 1 4 5 5 8 1935— F M J e a a b r n r c u u h a a r r y y . . . . . 2 2 2 2 2 2 0 1 0 0 3 3 4 4 7 7 0 0 3 9 5 1 9 9 9 9 9 9 7 6 5 5 3 5 1 5 5 7 1 8 1 1 1 1 1 1 5 4 4 2 5 4 7 5 9 7 2 2 1 1 lf , , 0 0 0 9 9 9 l 0 0 7 8 7 8 3 0 5 4 0 4 4 4 4 4 5 4 3 3 7 9 1 4 1 2 1 1 1 1 1 1 1 1 1 1 1 2 9 7 8 4 7 2 2 2 2 2 2 2 , , , , , . 0 0 0 0 0 0 1 0 3 6 3 0 4 6 9 4 6 3 6 5 6 5 6 6 7 1 0 3 6 1 5 3 2 4 0 7 1 1 1 1 1 1 , , , , , , 4 4 4 4 4 4 1 4 2 5 2 4 2 7 8 2 6 7 7 6 7 6 9 1 1 8 0 7 1 9 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. 1 Combined monthly balance sheets not published for December and January. NorE.-For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDEBAL RESEKVE BULLETIN AUGUST ] DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective b C an e k n tr o a f— l B A a u t g e . Date effective b C an e k n tr o a f— l A Ra u 9 t g e . Date effective E la n n g d - France m G a e n r y . Italy N la e n th d e s r- Sw la i n tz d er- Albania Nov. 16,1933 India Feb. 16,1933 In effect Oct, 1,1933. Austria 3H July 10,1935 Japan 3.65 July 3,1933 D Fe e b c . . 9 1 , 1 1934 B B e o l l g iv iu ia m 2 J M ul a y y 1 5 6 , , 1 1 9 9 3 3 2 5 J L a a v t a via f J J u an ly . 1 1 , , 1 1 9 9 3 3 3 5 June 1 Bulgaria 6 Jan. 2,1934 Lithuania Apr. 1,1930 Nov. 26 Canada V Mar. 11,1935 New Zealand, Aug. 1,1934 Mar. 25, 1935.... Chile-.— Jan. 23,1935 Norway May 24,1933 Apr. 5 Colombia... July 18,1933 Peru May 20,1932 Apr. 10 Czechoslo- Poland Oct. 26,1933 May 3 vakia Jan. 25,1933 Portugal Dec. 13,1934 May 16 Danzig May 2,1935 Rumania Dec. 15,1934 May 24 Denmark.. Nov. 30,1933 South Africa. May 16,1633 May 27 Ecuador Nov. 30,1932 Spain _. July 15,1935 J J M J J J u u u u u a n n n l l y y y e e e 5 6 2 2 1 29 1 7 E E H F G l i s u r n t e S o n l e a a n g c n l i e a v a d r a y d . or. J D OO O O uu e tc c c ly c y t t t . . . . 1 1 1 5 3 8 4 , , 1 , , , 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 4 4 2 3 U S T Y w u . u r g e S k d o . e e s S y l n a . v R ia D M M Fe e a a b c r r . . . . 2 2 1 1 2 , , , , 1 1 1 1 9 9 9 9 3 3 3 2 3 7 5 3 July 18 July 19 Changes since July 6: Austria—July 10, 1935, down from 4 to 3H per- July 25 cent; Spain—July 15, down from 5H to 5 percent; Netherlands—July 18, July 26 down from 3H to 3 percent; July 25, up from 3 to 5 percent; July 26, up Aug. 3 from 5 to 6 percent; and Aug. 3, down from 6 to 5 percent; France—July Aug. 9 19, down from 4 to 3H percent; Aug. 9, down from 3^ to 3 percent. in effect Aug. 9,1936. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands England (London) Germany (Berlin) (Amsterdam) Month ac 3 B c a e m n p o t k a n e n t r c h s e ' s s, T m b re i o l a l n s s t , u h 3 r s y Da m y- o t n o e -d y ay o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f t o h r Da m y- o t n o e -d y ay d P is r r i c a v o t a e u t n e t M 1 o m ne o y n f t o h r 1934—May. 0.91 0.85 0.85 3.87 5.13 4.72 1.33 1.22 June .91 .85 .92 3.76 4.67 4.57 .78 1.00 July .87 .76 .85 3.75 4.44 4.67 .74 1.00 August , .79 .74 .81 3.75 5.02 4.72 .75 LOO September—. .73 .61 .78 3.81 5.13 4.71 .61 1.00 October , .77 .63 .75 3.81 5.13 4.63 .59 1.00 November.—. .45 .29 .68 3.63 4.37 4.21 .63 1.00 December.... .57 .47 .70 3.50 3.56 4.28 .60 1.00 1935—January , .36 .26 3.51 3.93 3.82 .59 LOO February .38 .28 3.41 3.77 3.83 .58 1.00 A J M M u p a a n r y r e i c l h -.. . .7 5 1 7 . . . . 5 5 6 5 1 1 4 0 . . . . 7 7 7 7 5 5 2 5 3 3 3 3 . . . . 0 0 3 3 9 0 8 8 3 3 3 2 . . . . 6 6 1 9 0 0 0 3 3 3 3 3 . . . . 1 9 6 1 7 4 4 6 3 3 4 . . . . 6 7 6 4 0 8 5 2 3 3 1 2 . . . . 0 2 8 9 0 6 3 6 Switzer- Belgium France Italy Sweden land (Brussels) (Paris) (Milan) Hungary ( h S o t l o m ck ) - 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 te a u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o te a u t n e t c c ia o P l m ri p m m a e e p r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1934—May. 1.50 1.93 Z60 3.00 5.29 2.43 June 1.50 2.11 2.03 3.00 5.26 2.44 July 1.60 2.20 1.78 3.00 5.20 2.57 August , 1.50 2.31 1.75 3.00 6.11 2.79 September..-. 1.50 2.15 1.50 3.00 5.11 2.63 October 1.50 2.10 1.45 3.00 5.11 2.52 November. L50 2.35 1.44 3.19 5.11 2.56 December i.50 2.38 1.50 4.00 5.11 2.74 1935—January .60 2.38 1.79 4.00 5.11 2.59 February .50 2.38 2.12 4.00 6.11 2.62 March 1.50 2.38 2.12 3.89 5.11 2,70 April 1.80 2.38 2.14 3.50 5.11 2.54 May. Z39 2.12 2.56 3.50 5.11 2.40 June.. 2.60 1. 5.72 3.50 *" *"• *7* • /if ---.-___..-.. _-___-..___. -...-------- -»-- ^^^^ and M°aTy 530Ope3?8laiiatl0n °f ^ ^ BULLETm for Noveml*r "*. PP- 794-796; April 1927, p. 289; July 1929, p. 603; November 1929, p. 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AtTQUST 1935 FEDERAL RESERVE BULLETIN 533 FOREIGN EXCHANGE RATES [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency.] Year or month A (p t r e i g n s e o a n )* - (p t A o ra u u l s n i - a d)' A ( li u s n c s g h t ) r i * l i - a B ( e b l e g l i g u a m ) B r (m e r i a s i z l ) * i i l ( g B l a e u r v l i ) - a * C (d a o n ll a a d r a ) ( C pe h s i o le )* ( C y h u i a n n a ) C (p o b e l i s o a o m )i - ( C p u es b o a ) ( s C k lo z o v e r c u a h k n o i a a - ) ( m k D r a e o r n n k - e) 1929 95.1274 480.83 14.0575 13.9124 11.8078 0.7216 99.2472 12.0601 41.9007 96.6512 99.9647 2.9609 26.6802 83.5050 463.60 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 96.6697 99.9295 2.9619 25.0581 1932 58.4433 279.93 13.9599 13.9137 7.1223 .7193 88.0896 7.9079 21.7357 95.2750 99.9409 2.9618 18.8317 1933 »72.8009 337.07 15.4478 17.8996 7.9630 1.0039 91.9587 7.6787 * 28.5979 81.6966 99.9464 3.8232 19.0709 1934 . 33.5793 400.95 18.7930 23.2867 8.4263 1.2852 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4993 July 33.6077 401.70 18.8786 23.3606 8.4384 1.2608 101.2034 10.2705 33.9113 56.1052 99.9404 4.1540 22.5103 August 33.7661 403. 52 18.9981 23.7056 8.489S 1.2881 102.3779 10.3266 318553 55.1596 99.9165 4.1944 22.6215 September- 33.2904 396.50 19.0185 23.7332 8.3096 1.2814 102.9387 10.2974 35.5827 67.6496 99.9150 4.2141 22.2981 October 32.9458 391.62 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 18.7966 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 6.0630 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 6.0761 36.6369 58.9577 99.9205 4.1784 21.7594 March 31.8033 378.56 18.8827 22.7564 3.2363 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 6.1000 33.7908 52.8846 99.9194 4.1814 21.5902 May 32.5572 . 387.55 18. 7680 16.9461 8.2797 1.2756 99.8977 5.1000 41.0979 55.0634 99.9204 4.1683 21.8175 June 32.8687 391.28 18.8821 16.9393 8.3122 1.3070 99.9078 5.0996 40.4002 64.4063 99.9182 4.1828 22.0458 July 33.0262 393.31 18.9148 16.9117 8.3146 1.3149 99.8322 5.0990 38.6791 52.9692 99.9194 4.1729 22.1303 STear or month (p E o g u y n p d t ) E (p n o g u la n n d d ) ( F m in ar l k a k n a d ) F (f r r a a n n c c e ) ( m m r G e a a i e c r n r k h y - ) s- G (d m r r e a a e c ) c h e - ( H d K o o o l n n la g g r) (p H g e a u n r n g y - oji ( I ru n p d e ia e) I (l t i a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o N ( l e f a l t n o h r d e i s n 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 „ 493.6002 436.2126 2.5169 3.9249 23.8541 1.2959 33.8630 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 43.3509 » 35.4919 40.2293 1932 359.5406 350.6067 1.6547 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 6.6688 39.3751 .9402 38.7156 29.5746 37.8793 8.5617 29.7153 27.7423 67.3831 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 506.6076 2.2403 6.6592 39.4786 .9565 38.6140 29.3832 38.0616 8.6632 29.9933 27.7298 68.3803 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 606.6711 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 6.6886 40.2054 .9392 41.2418 29.7126 37.4866 8.5386 29.0554 27.7620 67.5988 ,n,* December... 507.2709 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 27.7641 67.4562 February..I 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 3.3363 27.9S37 27.7500 67.9506 April 495.9246 483.6812 2.1315 6.5970 40.2638 .9354 52.6702 29.4937 36.4393 8.2821 28.3679 27.9350 67.4576 May.... ' ' 501.1845 438.7755 2.1543 6.5883 40.2472 .9340 59.3095 29.4356 36. S602 8.2263 23.7295 27.7882 67.6195 June 493.4922 2.1782 6.6121 40.4072 .9423 57.5162 29.5062 37.1944 8.2566 28.9931 27.7781 67.8743 July... 495.7659 2.1859 6.6242 40.3538 .9442 53.0310 29.6809 37.3467 8.2259 29.1510 27.7660 67.9862 Year or month ( Z p e N o a u e la n w n d d )1 N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a a ) - (p S A o o f u r u i n t c h d a )1 (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 a i t e t r s 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 ) (p g U u e r s a u o y - )i Y ( s d l u a in v g i a o a r - ) 1929.... 483.21 26.6827 11.1940 4.4714 0.5961 483.27 14.6833 66.0117 26.7839 19.2792 43.4105 98.6294 1.7591 1930 468.22 26.7598 11.2051 4.4940 .6953 483.79 11.6670 55.9639 26.8543 19.3820 47.0608 85.8650 1.7681 1931 415.29 25.0546 11.1970 4.2435 .5946 480.76 9.5453 52.4451 25.2540 19.4009 47.1814 55.3572 1.7680 1932 320.19 18.0039 11.1823 3.1960 .6968 476.56 8.0433 40.3970 18.4710 19.4049 47.2854 47.0639 1.6411 1933 340.00 21.4292 14.4135 3.9165 .7795 414.93 10.7189 49.2320 22.0324 24.8355 60.4396 60.3360 1.7607 1934.... 402.46 25.3161 18.8460 4.6089 1.0006 493.29 13.6150 59.0052 25.9315 32.3663 79.0472 79.9562 2.2719 July 402.81 25.3246 18.8917 4.6129 1.0045 493.44 13.6668 59.0562 25.9880 32.5771 79.2912 80.1433 2.2773 August 405.09 25.4604 19.0824 4.6274 1.0126 601.27 13.8002 59.3488 26.1182 32.9542 79.9969 80.9961 2.3075 September. I 398.77 25.0928 19.1413 4.5593 1.0144 494.23 13.3269 58.5164 25.7483 33.0237 80.2671 81.1496 2.3156 October 393.67 24.8258 19.0071 4.5043 1.0069 488.43* 13.7272 67.9172 25.4756 32.7745 79.6869 80.5520 2.2993 November. 398.07 25.0655 18.8976 4.6384 .9998 493.42 13.6532 68.4533 25.7220 32.4713 79.1991 80.1486 2.2785 December 11 394.63 24.8478 18.8941 4.4977 1.0025 489.24 13.6719 57.9717 25.4975 32.4053 79.2964 80.2310 2.2756 1935—January 390.25 24.6315 18.8535 4.4500 1.0027 433.99 13.6403 57.2421 25.2267 32.3055 79.3381 80.0194 2.2716 February 388.69 24.4880 18.8721 4.4323 .9592 482.30 13.6626 57.0057 25.1256 32.3525 79.5018 SO. 1306 2.2717 March 380.91 24.0265 18.9611 4.3430 1.0093 472.31 13.7232 66.6346 24.6264 32.5301 80.6676 80.4779 2.2852 April 385.85 24.2975 18.8617 4.3930 1.0074 478.27 13.6693 56.3329 24.9325 32.3645 80.6065 80.2015 2.2757 May 389.90 24.5563 18.8426 4.4407 1.0057 483.34 13.6522 66.8942 25.1988 32.3230 80.5269 80.0946 2.2737 June 393.54 24.7910 18.9146 4.4856 1.0078 488.06 13.6982 57.3762 25.4403 32.6800 80.3547 2.2913 July "' 395.65 24.9062 18.9574 4.5095 1.0004 490.61 13.7259 57.5466 25.5583 32.7474 30.4341 2.2965 2 PXHIS H°\}7 nomJna! sjnce April 1933. = j pesOf quoted in place of latter beginning Dec. 13,1933 Average for 1933 Is for gold peso for Av * 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. ' 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 or Jan. 2-July 29 was 47.6510 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL KESERVE BULLETIN AUGUST 1935 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month (1 U S 92 t n a 6 i t - t e 1 e s d 00) (1 C 9 a 2 n 6 a -1 d 0 a 0) (1 E 9 n 3 g 0 l - a 1 n 0 d 0) (1 F 91 ra 3 n -1 ce 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a - ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (1 N 9 l 1 e a 3 t n h = d e 1 s 0 r, 0) 1926 . 100 100 695 134 602 237 145 1027 . 95 98 642 138 495 225 14S 1028 97 96 645 140 462 226 149 1929 95 96 627 137 445 220 142 1930 86 87 100 554 125 383 181 117 1931 73 72 88 502 111 328 153 97 1032 . 65 67 86 427 97 304 161 79 1933 66 67 86 398 93 280 180 74 1034 75 72 88 376 98 273 178 78 1034—January..... .... ... 72 71 89 405 96 276 176 79 February*......*. . ..... ... 74 72 89 400 96 275 178 SC March 74 72 88 394 96 275 177 79 April 73 71 88 387 96 273 177 79 May 74 71 87 381 96 273 176 77 June... * . .... . ... 75 72 88 379 97 272 175 76 July 75 72 87 374 99 270 174 77 August ,... .. 76 72 89 371 100 271 177 78 September 78 72 88 365 100 270 179 77 October 77 71 88 357 101 272 182 77 November.. 77 71 88 356 101 274 181 77 December.................. 77 71 88 344 101 276 181 78 1935—January.... 79 71 88 350 101 277 182 78 February ..... 80 72 88 343 101 278 184 77 March 79 72 87 335 101 288 184 75 April 80 73 88 336 101 296 182 76 May SO 72 88 340 101 302 182 75 June....* ...... * ... ... 80 72 88 330 101 30S 180 75 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included In total Index above] United State* (1926-100) England (1930=100) | Prance (1913-100) Germany (1913=100) Year or month pr F o a d r u m cts Foods co O m it t l m h e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u u al s c - ts p A r t g o u r d r i u c a u c l t l 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 e r e s a m d - w i- p tr I r i i n o s a d d h l u e u fi d s c n - t - s products 1 1 1 1 1 1 1 1 1 9 0 0 9 9 9 9 9 9 3 3 3 3 3 2 2 2 2 0 4 1 3 2 8 9 7 6 * . . . . . . . . - , . , . . , , . 1 1 1 8 4 5 6 6 9 0 0 0 8 8 1 5 5 9 5 6 0 1 1 1 9 6 7 7 6 9 0 0 0 1 1 1 5 1 7 1 0 0 1 7 7 9 8 7 7 9 9 0 1 8 2 5 5 0 3 4 0 1 8 8 8 8 0 5 3 9 8 0 1 8 9 8 8 0 7 0 7 5 0 5 4 4 5 5 5 4 5 5 7 2 1 8 9 2 4 8 8 9 0 0 4 9 6 2 2 1 6 4 3 3 6 6 3 7 5 6 6 8 6 7 9 8 7 9 1 9 0 4 S 7 0 9 3 1 1 1 1 1 1 8 9 9 0 2 3 3 1 3 7 6 1 4 9 8 4 3 0 1 1 1 1 1 7 9 8 7 2 3 1 3 2 5 6 6 6 5 3 3 2 9 1 1 1 1 1 1 8 8 9 3 3 0 3 3 2 8 9 1 2 4 3 0 2 0 1 1 1 1 1 1 1 1 1 5 5 4 3 1 5 1 5 1 9 7 7 6 6 0 3 0 8 1934- J D J A N M S O F M A J u u e e a u e o c p a l n a p b n c t y g v r y r e o t i e r u u c e e l b u m h s a m m e t a r r b b b r y e y e e . r . . r r . . . . . . . . , , . 7 6 6 6 7 6 7 7 7 6 6 5 1 1 0 5 2 3 0 3 1 1 0 9 6 6 6 6 6 7 7 7 7 7 7 7 7 4 7 7 6 1 4 6 5 5 0 5 7 7 7 7 7 7 7 7 7 7 7 7 9 9 9 8 8 9 8 8 8 8 8 8 * 9 8 8 8 8 8 8 8 8 8 8 8 0 4 2 2 4 4 8 7 6 4 7 2 9 9 9 9 9 9 0 1 1 0 2 1 3 4 4 4 3 3 4 4 4 6 2 0 1 0 6 4 1 0 6 4 4 3 6 8 4 6 5 3 3 3 3 3 3 3 3 3 3 3 5 7 4 5 8 7 5 4 S 6 5 1 2 7 6 7 8 4 7 6 0 0 1 1 1 1 1 9 9 9 9 9 9 9 0 0 0 0 0 4 8 3 1 2 2 1 1 1 0 0 1 7 7 7 7 7 7 7 7 7 7 7 7 3 3 8 3 4 6 6 8 4 9 9 8 9 9 9 9 9 9 9 9 9 9 9 0 1 1 1 2 1 0 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 4 5 5 5 5 9 6 8 5 5 7 1935— J A M M F u J e p a a n a b r n y r e r i u l c u a h a r r y . y . .. . . ^ . , 8 8 7 7 7 7 0 1 8 9 8 8 7 7 7 7 7 7 8 7 8 8 7 7 8 8 8 8 7 7 5 5 3 3 3 3 3 3 2 2 5 3 2 0 5 9 1 9 4 7 3 3 3 3 3 3 4 4 4 5 5 5 1 6 5 3 0 1 1 1 1 1 1 9 0 0 0 0 0 9 0 1 0 0 2 8 8 8 8 8 8 3 4 1 1 4 6 1 1 1 1 1 1 1 2 2 2 1 1 9 0 0 0 9 9 Sourcts.-Si* BULLETIN for March 1931, p. 159, and March 1935, p. 180. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 535 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 or month States (July (July (1913- Year or month States (July (Jan.-June (1913- (1913 -100)1 1914-100) 1914=100)» 14=100) (1913=100) 1914-100) 1914-100)* 14-100) 1926 , 161 161 213 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 122 118 1934... 138 141 105 121 1934—April 107 118 116 1934-AprU 139 120 May 103 116 116 May 137 120 June 109 117 US June 136 138 106 121 July 110 122 120 July 141 122 August 112 123 121 August 142 122 September. 117 126 119 September 143 104 122 October... 116 125 119 October 143 122 November- 115 127 120 November 139 144 122 December.. 114 127 119 December. 144 102 122 1935—January.... 119 125 119 1935—January 143 122 February- 122 124 120 February.. 142 123 March 122 122 119 March <*) 141 100 122 April 124 119 119 April 139 122 May 124 118 120 May 139 123 June 123 120 121 June 140 123 i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 1 Index represents prices converted to gold basis of 1914. * Revised series 140.3 for March 1935 and 137.8 for November 1934; other back figures not yet available. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germanp—Statisttsches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'fitudes relatives au coiit de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year or month ( U a S v t n a e i r t t a e e g s d e 1 (D 9 E 2 e n 1 c g = e l 1 a m 0 n 0 b d ) e » r ( a 19 F g 1 e r 3 - a 1 n a 0 c v 0 e e ) r- G (a p e v r r i e m c r e a a ) g * n e y U St n a i t te e d s England * France Germany price) Number of issues 60 87 36 139 421 278 300 329 1926... 97 0 110.0 57.4 100.0 100.0 100.0 100.0 1927. 93 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 67.9 105,2 150.3 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-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 J A N S D O u e u o e c l p c t y 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 toM_ _ . «. 1 9 9 9 9 9 0 8 6 8 7 9 0 . . . . . . 4 7 8 8 3 0 1 1 1 1 1 1 2 2 2 2 3 3 8 7 8 7 3 2 . . . . . . 9 1 3 4 7 2 8 8 8 8 8 8 2 2 5 1 1 5 . . . . . . 7 7 8 0 3 8 8 9 8 9 8 9 9 1 7 2 7 3 . . . . . . 6 0 8 9 8 2 6 6 7 6 6 6 7 9 1 7 7 9 . . . . . . 4 3 4 8 0 2 8 8 8 8 8 8 4 3 4 5 3 5 . . . . . . 8 8 5 6 6 3 8 7 7 7 7 4 1 7 3 4 . . . . . 7 1 3 0 7 7 7 7 7 7 7 3 1 6 3 6 3 . . . . . 4 3 7 2 2 t 1935—January 101.3 134.6 8S.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 J M A M u p n a a r r e y i c l h :::.:"::::: „ :::::: 1 1 1 9 0 0 0 9 0 1 2 . . . . 9 0 2 2 1 1 1 1 3 3 3 3 1 1 0 0 . . . . 3 3 3 3 8 8 8 8 2 4 4 2 . . . . 8 1 8 A 9 9 9 9 5 6 5 5 . . . . 1 1 3 3 6 6 7 7 7 3 6 3 . . . . 5 9 1 0 8 8 8 8 2 3 6 6 . . . . 6 8 0 9 7 7 8 8 9 S 8 2 . . . . 8 0 1 4 8 8 8 8 1 0 3 6 . . . . 9 6 5 0 1 Exchange closed from July 13 to Sept. 2,1931, and from Sept. , to Apr. «, in Index for 1»1 presents averase of month, January June; index for 1932 represents average of months May-December. Sources—See BULLETIN for February 1932, p. 121, and June 1935, p. 394, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN AUGUST 1935 LAW DEPARTMENT Transfer of transactions from cash accounts after bona fide cash transaction, that the creditor is extension of time acting in good faith in making the application, Ruling no, 46 interpreting Regulation T.—In and that the circumstances warrant such action. reply to an inquiry of a business conduct committee of a national securities exchange regarding the provisions of the fourth paragraph of Amendment no. 5 of Regulation T—Effective August section 6 of Regulation T, the Federal Reserve 8, 1935 Board rules that such a committee, having, on Subsection (e) of section 8 of Regulation T proper application, granted to a "creditor", as is hereby amended by adding at the end thereof defined in Regulation T, an extension of time a new paragaph reading as follows: in which to receive payment from a customer In the event of the transfer of an account from one who has purchased registered securities in a customer to another, such account may be treated by bona fide cash transaction, may, on further the creditor for the purposes of this regulation as if application of the creditor and before the ex- it had been maintained for the transferee from the date of its origin: Provided, That, if the account be a piration of the extension, authorize the credrestricted account, the creditor shall have filed a itor to transfer the transaction from the cusreport with any regularly constituted committee of a tomer's special cash account to his margin national securities exchange having jurisdiction over account, making appropriate entries in both the business conduct of its members, of which exaccounts, and to extend credit on such securities change the creditor is a member or through which his in the margin account subject to the provisions transactions are effected, reciting the circumstances of the transfer and stating, as of the time of the transfer, of Regulation T: Provided, That the committee the adjusted debit balance of the account and the shall be satisfied that the transaction was a maximum loan value of the securities in the account. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL BESERVE BULLETIN 537 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 figures (1935) Federal Reserve bank Federal Reserve bank July June July July 3 July 10 July 17 July 24 July 31 Boston. 930 937 332 Boston 779 1,062 815 748 834 New York 4,642 4,232 12,729 New York 6,163 4,469 4,451 3,767 3,523 Philadelphia 494 576 6,193 Philadelphia 313 277 342 512 623 Cleveland 153 247 616 Cleveland... 210 145 150 120 137 Richmond 143 368 747 Richmond 206 120 106 120 150 Atlanta 53 201 202 Atlanta 33 57 27 90 69 Chicago 33 59 156 113 15 115 St. Louis 4 43 184 St. Louis . 4 4 4 4 4 Minneapolis . 76 43 369 Minneapolis 74 79 66 63 94 Kansas City.. 117 179 Kansas City ...... ... 81 65 64 83 116 Dallas 395 444 423 Dallas 308 373 402 437 607 3an Francisco 251 241 1,141 195 190 125 150 233 Total 7,256 7,518 23,221 Total 8,371 6,841 6,665 6,109 6,570 Back figures.—See Annual Report for 1933 (table 11). Back figures.—See Annual Report for 1933 (table 15). TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Federal Reserve notes in deposits and Federal Total reserves Total deposits circulation * Reserve note liabilities combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 July June July July June July July June July July June July Boston 462,222 429,123 425,481 318,543 298,528 284,557 271,216 244,082 76.6 75.3 75.1 New York....I"' 2,498,114 2,390,035 1,676,224 2,471,296 2,388,897 1,712,733 706,950 681,313 653,999 78.6 77.8 70.8 Philadelphia..... 317,070 320,573 327,812 237,478 239,384 229,711 238,900 236,581 250,315 66.6 67.4 63.3 Cleveland , 442,015 429,082 384,927 322,068 311,347 266,628 318,3^3 314,728 311,307 68.5 66.6 Richmond , 197,469 187,119 171,361 161.567 151,900 130,091 149,485 149,045 141,913 63.5 62.2 63.0 Atlanta 152,411 134,560 134,533 112,247 96,093 86,819 127,435 125,825 134,388 63.6 60.8 Chicago 1,383,588 1,423,876 1,085,979 910,137 966,754 716,685 797,759 791,480 770,315 81.0 81.0 73.0 M St. i n L n o e u a i p s olis.1. 2 1 0 5 9 8 , , 0 6 4 0 3 4 1 1 8 5 8 4 , , 3 2 2 5 3 0 1 1 1 7 8 5 , , 2 7 9 1 0 4 1 1 7 2 0 9 , , 0 9 6 3 9 8 1 1 2 5 3 1 , , 1 44 2 3 8 1 8 3 3 0 , , 2 3 9 4 1 5 1 10 4 0 0 , , 1 7 8 4 0 2 1 1 3 0 9 1 , , 1 9 0 2 0 4 1 9 3 6 2 , , 8 8 6 3 4 5 6 68 7 . . 9 3 6 6 4 3 . . 8 5 6 65 6 . . 7 8 D S K a a a n l n l s a F a s r s a n C c i i t s y c . o . . . 2 3 1 5 0 0 6 5 8 , , , 6 4 8 7 5 0 0 8 2 2 33 0 1 3 , , 4 1 6 6 9 8 3 1 9 1 7 6 1 2 , , , 6 6 6 0 8 6 3 0 1 3 1 1 1 2 8 2 2 7 , , , 8 9 3 1 6 7 8 3 0 2 1 1 9 8 1 6 8 3 , , , 8 0 6 5 8 6 0 5 8 2 1 1 5 1 5 4 9 3 , , , 1 0 7 6 7 5 8 6 8 2 1 5 2 2 4 7 2 , , , 3 4 3 0 3 6 8 2 0 2 1 5 1 2 8 0 0 , , , 2 8 7 7 9 2 3 3 0 2 1 4 0 1 1 9 0 , , , 5 1 5 3 1 2 9 0 7 6 6 66 1 6 . . . 0 4 3 6 6 6 5 0 4 . . . 8 4 3 6 6 6 0 7 5 . . . 4 2 3 TotaL. 6,491,466 6,290,914 5,081,265 5,456,544 5,326,077 4,206,001 3,268,471 3,201,103 3,097,194 74.4 73.8 69.6 1 Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $19,981,000; month ago, $18,172,000; year ago, $18,132,000. Back figures.—See Annual Report for 1933 (table 9) and 1932 (table 8). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN AUGUST 1935 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, JULY 31, 1935 [In thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a 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 - Dal- F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury 6,224,116 395,943 2,576,220 267,677 440,191 .78,754 26,065 266,770 ,88,497 138,431 .80,551 L36,299 128,718 Redemption fund—Federal Reserve notes 21,829 3,675 1,537 2,146 1,554 1,793 3,276 1,744 1,103 497 6321 307 3,565 Other cash 269,230 30,533 72,410 32,316 11,018 10,967 10,573 35,943 12,593 13,495 12,767 17,667 Total reserves.. 6,515,175 430,151 2,650,167 302,139 452,763| L91,514 .39,914 304,457 202,193 152,423 93,950 .45,554349,950 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed 3,432 764 1,332 504 110 120 21 100 25 140 Other bills discounted 3,138 70 2,196 124 •27 30 15 338 148 Total bills discounted.. 6,570 834 3,528] 628 137 115 116 607, Bills bought in open market. 4,687 345 1,801 475 445 174 169 557, 80 64 122 Industrial advances 28,354 2,254 6,9291 3,697 1,640 4,590 1,075 1,842 449 2,076 1,837 IT. S. Government securities: Bonds 292,212 17,419 99,496 20,160 23,227 12,434 10,070 11,474 14,260 11,548 17,081 21,235 Treasury notes_ 1,569,963 102,754 480,777 1,1155,,445544 [14422,,77101076,397 61,664 230,353 70,996 45,056 69,815 43,513[30,474 Certificates and bills 568,034 37,504 164,045 41,506 52,088 27,884 22,507 91,528 25,730 16,258 25,481 15,881 47,622 Total U. S. Government securiittiies 2,430,209 157,677 744,318177,120 218,025'116,715 94,241 108,200 75,574 106,844 76,475L99,331 Total bills and securities 2,469,820 161,110 756,576181,920 220,247 95,554 358,203 08,733 77,808 ,08,244 79,041(200,755 D T B A F J e a l u n l d n e c e o k o f r t r l a h p l o l e e r m c r e R t m e a e f d s o s i s s e r i e e e r t t i s v e s g m e n n s b o a te n s k s of other banks 1 4 4 4 5 1 7 9 5 7 , , , , 6 5 9 4 1 1 0 3 2 3 6 4 5 7 5 48 3 , , 3 5 4 1 8 5 5 6 1 5 1 8 1 3 1 1 4 4 1 4 , , , , 4 3 9 3 2 1 3 0 2 5 5 7 2 3 5 3 5 4 7 , , , 7 0 6 7 6 5 3 4 6 5 2 1 8 2 41 1 6 1 , , , , 6 6 1 6 6 0 2 3 3 0 3 1 2 2 3 2 3 6 1 , , , , 2 3 0 6 0 4 2 6 0 5 3 8 1 2 1 1 3 , , , , 6 1 3 1 6 6 5 2 2 3 3 7 8 3 6 4 2 4 , , , 9 6 7 7 5 7 0 7 8 6 0 1 2 9 , , 6 1 7 2 2 7 9 4 1 8 3 1 1 | 1 1 2 , , 5 1 5 5 8 2 9 3 0 0 3 9 3 2 3 8 1, , , 3 4 3 3 1 6 4 1 7 6 9 7 15 1 , , 8 2 1 6 6 1 8 8 4 3 7 2 5 5 2 3 3 1 , , , 4 3 8 9 1 7 6 6 5 9 9 2 Total assets |9,555,612| |643,86o|3,571,975(632,317|'24,058 356,402 253,802 735,751333,760 M5.066335,660 242,587 580,374 LIABILITIES Federal Reserve notes in actual circu- 3,261,622 283,668 707,052 236,742 31?, 645147,175 27,388 794,263 40,527 97,675 .22,454 58,768 228,265 lation Deposits: Member bank—reserve account.,. 5,099,616 273,133 2,411,308 216,922 318,384 .44,575 95,929 767,498 51,013 11,979 .70, 530 152,991285,354 U. S. Treasurer—general account- 125,981 9,095 16,266 3,067 10,296 9,642 1,799 59,801 3,044| 6,479 2,843 1,756 Foreign bank,, 23,288 1,671 8,620 2,298 2,205 859 836 557 624 '604 1,625 Other deposits 229,553 2,990] 185,605 1,842 2,440 2,193 1,400 7,251 6,597 446 1,329 14,377 Total deposits ;5,478,438 286,889J2,621,799|224,129J333,325J157,269] 99,964 833,075 162,004 25, 612 74,443 156,817303,112 Deferred availability items.. 460,873 48,609 •113,536 36,907 41,376 36,817 12,894 65,444 20,824 12,856 29,270 16,722 25,618 Capital paid in 146,647 10,754 59,469 15,120 13,110 5,040 4,452 12,806 3,960 3,l34f 4,035 4,008 10,759 Surplus (sec. 7) 144,893 9.902 49,964 13,470 14,371 5,ise 5,540 21,350 4,655 3,420, 3,613 3,777 9,645 Surplus (sec. 13b) 21,572 2,165 6,863 2,098 1,007 3,335 754 l,39lf 547 1,003 775 939 695 Reserve for contingencies..,. 30,781 1,648 7,500 2,995 3,000 1,416 2,604 5,325, 891 1,171 827 1,363 2,041 All other liabilities 10,786 225 5,792 856 224 164 206 2,097 352 195 243 193 239 Total liabilities ,•9,555,612 643,860|3,571,975|532,317J724,058|356,402|253,802]1,735,751333,760 245,066335,660 242,587 580,374 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent). 74.5 75.4 79.6 65.6 69.6 62.9 61.5 80.: 66.8 68.3 65.3 67.5 65.9 Commitments to make industrial ad* vances,.. 23,022 2,978 8,863 742 1,852 1,857 645 5141 1,895 149 243 448! FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent- 3,532,140 309,733 801,605 251,307 335,217157,084 143,006 823,112 146,492103,756130,790 63,945 266,093 Held by Federal Reserve bank 270,518 26,065 94,553 "1 4,5—65' 17,572' 9,909 15,618 28,849| 5,965 6,081 8,336 5,177 37,828 In circulation- 3,261,622 283,668 707,052 236,74: 317,645147,175127,388 794,263 140,527 97,675122,454 58,768 228,265 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,389,839 316,61' 818,706 216,000 316,715 131,000 92,685 847,546133,632|1O4,5OC 122,000 U El . i g S i . b G le o p v a e p r e n r ment securities 20 5 5 , , 0 0 9 0 0 0 833 2,055 35,0 6 0 28 0 ] 20,0 ~1 0 3~ 0 7 , 27,0 1 0 5 0 0 55,00 6 C 9 115 14,00C 10.0 1 0 W C 44,000 Total collateral- 3,599,929 317,450 820,761251,628 336,852 158,150 147,754 847,66: 147,636 104,594 132,11 64.782270,546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 539 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 bantu Federal Eeserve district Total Excess June May April June May April June May April Boston... „ „ _. - ^ 291.3 296.6 295.7 154.4 161.2 161.8 0.9 0.6 0.6 New York 2,169.7 2,031.0 1,920.8 997.0 896.3 810.5 4.2 3.9 3.8 Philadelphia 226.6 221.3 221.5 91.4 89.8 92.4 .6 .5 .5 Cleveland . 299 8 320.3 308.6 139.0 162 3 167.4 .2 ,1 .1 Richmond 144.3 149.6 142.4 70.5 76.2 70.5 .3 .2 .2 Atlanta 86.5 84.2 85.6 29.0 26.4 27.7 .2 .3 .2 Chicago 950.1 893.3 685.4 £96.5 549.8 368.4 .1 .1 .04 St. Louis 137.9 111.9 124.9 67.8 41.5 56.4 .04 .02 .003 Minneapolis * 113.0 101.6 96.3 63.6 54.1 48.2 .05 .05 .05 Kansas City 181.9 186.4 175.1 93.2 100.3 92.1 .1 .1 .1 Dallas 109.0 107.6 113.2 51.6 50.6 56.0 .4 .5 .4 San Francisco * 268.7 274.0 266.9 83.6 88.6 84.1 .2 .2 Total 4,978.9 4,777.8 4,436.3 2,437.6 2,296.9 2,025.6 7.5 6,7 6.2 NET DEMAND^AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal Reserve district Net demand Time Net demand Time June May April June May April June May April June May April Boston. 1,235 1,221 1,203 589 591 591 89 88 86 122 122 121 N Ph e i w la d Y e o lp rk hia 8 1 , ,0 7 1 7 1 5 8,4 9 6 6 9 3 8,2 9 8 4 1 3 1,5 6 9 1 0 0 1,6 6 6 3 4 3 lf6 6 6 3 3 9 2 1 1 6 6 2 2 1 1 6 5 0 2 1 0 5 8 8 4 39 4 9 3 4 3 4 9 6 8 3 4 9 4 6 4 Cleveland-^— 1,219 1,190 1,127 920 916 911 162 162 156 234 236 229 Richmond 561 557 544 324 324 324 122 122 119 164 167 165 Atlanta.... 457 454 458 273 270 267 93 102 102 70 73 70 Chicago 2,614 2,538 2,341 1,081 1,071 1,010 204 204 196 177 174 170 St. Louis 526 530 513 258 258 257 138 137 133 91 91 90 Minneapolis 314 295 302 168 172 174 144 140 136 171 171 171 Kansas City 642 615 587 199 207 206 252 249 244 109 109 109 Dallas : I 421 415 416 159 159 158 188 189 190 35 35 36 San Francisco 1,243 1,250 1,222 1,824 1,817 1,822 110 107 107 91 91 91 Total 19,019 18,503 17,936 7,993 8,081 8,022 1,881 1,874 1,833 2,110 2,113 2,092 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN AUGUST 1935 EARNINGS AND EXPENSES OF MEMBER BANKS ALL LICENSED MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDED DEC. 31,1933, AND 1934 Amounts per $100 of loans and invest- Amounts (in thousands of dollars) ments * National State All member banks Nation b a a l nk m s ember State member banks All b m an e k m s ber m b e a m n b ks er m b e a m nk b s er 1034 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 Earnings: Interest and discount on loans 540,014 604,297 362,740 408,948 177,274 195,349 2.01 2.42 2.13 2.60 1.79 2,11 Interest and dividends on Investments 473,791 426,391 314,217 272,043 159,574 154,348 1.76 1.71 1.85 1.73 1.61 1.66 Interest on balances with other banks 2,425 7,705 1,375 5,585 1,050 2,120 .01 .03 .01 .04 .01 .02 Collection charges, commissions, fees, etc 27,810 24,487 18,350 15,495 9,460 8,992 .10 .10 .11 .10 .10 .10 F T o ru re s i t g d n e d p e a p rt a m rt e m n e t nt 7 1 0 7 , , 9 97 9 5 4 2 5 1 9 , , 7 6 9 5 1 8 2 1 5 0 , ,7 5 5 4 0 5 2 1 1 3 , , 8 7 4 6 0 8 4 7 5 , , 2 44 2 9 5 3 8 7 , , 0 8 2 18 3 . . 0 2 7 6 . .2 0 4 9 . . 0 1 6 5 . . 0 1 9 4 . . 4 0 6 7 . . 0 4 9 1 Service charges on deposit accounts —— 27,619 20,674 19,284 13,854 8,335 6,720 .10 .08 .11 .09 .08 .07 Other current earnings 83,245 71,961 54,521 48,066 28,724 .31 .29 .3! .30 .29 .25 Total earnings from current operations - 1,243,873 1,236,864 806,782 799,599 437,091 437,265 4.62 4.95 4.74 5.09 4.41 4.71 Expenses: Interest on deposits: Time 227,371 231,765 162,908 165,923 64,463 65,842 .93 .96 1.06 .65 .71 Demand 12,494 42,802 8,787 26,166 3,707 16,636 .05 .16 .04 .18 Bank 3,498 13,424 2,074 8,780 1,424 4,64- !05 .01 .06 .01 .05 Sa T la o r t i a es l and wapes - 2 3 4 2 3 7 , , 3 4 6 2 3 4 2 3 8 0 7 6 , , 9 0 9 2 1 1 1 2 7 0 3 6 , , 7 0 6 1 9 5 2 1 0 9 0 3, , 9 8 7 6 ' 9 1 6 2 9 1 , , 5 4 9 0 4 9 1 8 1 7 2 , , 1 0 2 4 2 " 1 . . 9 2 0 2 1 1 . . 1 2 5 2 1 1 . . 0 2 2 1 1 1 . . 2 2 8 3 1 . .2 7 2 0 1 . . 9 2 4 1 Interest and discount on borrowed money. 3,637 15,178 1,577 9,373 2,060 5,805 .01 .06 .01 .06 .02 .06 Taxes.. 62,278 58,028 42,293 40,31: 19,985 17,71- .23 .23 .25 .26 .20 .19 Other expenses 212,687 192,082 132,567 119,19; 80,120 72,89: .79 .77 .78 .76 .79 Total current expenses.... 849,389 859,300 556,221 563,718 3.15 3.44 3.27 3.5S 2.96 3.19 Net earnings- 394,484 377,564 250,561 = :1•.46 1.5: 1.47 1.5C •••1.45 1.5 =S 3 235,881 Recoveries, profits on securities, etc On loans 44,389 28,815 31,999 18,830 .12 .1 .11 On investments 185,591 80,072 119,5S9 61,030 .32 .32 .31 All other 23,979 15,998 15,224 9,904 .06 .07 .07 Total.. 253,959 124,885 166,812 79,764 87,14! 45,12: .5C .5: .49 Losses and depreciation* On loans 451,782 425,442 299,085 304,568 152,697 120,87' 1.68 1.70 1.94 1.54 1.30 On investments 320,496 344,053 206,332 244,507 114,164 99,541 1.19 1.38 1.21 1.56 1.15 1.07 On banking house, furniture. and fixtures 39,422 35,758 29,414 20,21: 10,008 15,546 .13 .10 .17 All other 61,244 53,026 36,53 31,903 24,713 21,123 .20 .25 Total losses and depreciation. 872,944 858,279 571,362 601,19C 301,582 257.08S 3.24 3.4; 3.36 3.04 2.77 N Ca e s t h d d ed iv u i c d t e io n n d s f r d o e m c la p r r e o d fits. 2 1 2 7 4 3 , , 5 6 0 6 1 6 3 1 5 5 5 0 , ,8 8 0 3 4 0 1 9 5 1 3 , , 6 9 9 8 8 9 28 71 5 , , 4 6 0 4 3 5 8 7 1 0 , . 9 5 6 1 8 7 7 9 0, , 2 4 8 0 ^ 1 — .83 1.42 "Tic 1.8! .7 — 6 Loans* 12,476,572 12,916,730 7,749,869 8,143,91 4,726,703 4,772,81! Investments *.. 14,453,885 12,069,549 9,268,115 7,563,906 5,185,77C 4,505,64; Loans and Investments * 26,930,457 24,986,279 17,017,984 15,707,81" 9,912,473 9,278,462 Time deposits >„. 9,616,323 9,0 73.49 „.. 6 „ , , 741, _ 2 _ 6 __ 8 6,297,135 2,875,055 2,776,35, Total deposits 30,718,669 26,771,634 19,725.908 17,106,220 10,992,761 9,665,414 Capital funds * *.. 5,049,525 4,902,31 2,976,272 2,887,898 2,073,253 2,014,421 Other ratios * I T L L I L I N n n n o o o o e t t t s s a t e e t e s a s n r r r l e e l e e e s o s s s s s d s a t t t s o o e n n a o n p a p d n n o n e l i d d o s r n i t n i a v i $ t d d v m n s 1 e i i s e 0 s s v e p s t 0 c p i e m t d o d e m o r e u e r e f $ p e n n n 1 $ c o n d t t 1 a s s o t s 0 o p s i f 0 p t n i o s p t e c n o a l e r p a o l f r i p e $ a n f l 1 r i $ o n u C v t 1 a s $ a n O e l 1 n d o s p 0 s s f f t o e 0 m u c r f n o a e i $ d n p f n 1 s i v t t 0 t s i e 0 a m s l p o e t f e m f u r d l n e o e $ d n p 1 a s t 0 n o s 0 s s i . o ts f inv - estments.. $ 4 3 3 2 2 4 6 5 . . , . . . . . 6 3 2 2 4 3 0 3 2 3 8 2 5 6 8 3 $ 4 3 3 7 2 2 5 5 . . . . . . . . 6 2 5 2 4 8 5 1 8 9 3 6 6 5 5 0 $ 4 3 3 5 2 2 6 5 . . . . . . . . 8 6 3 1 4 2 6 7 6 8 0 7 2 3 3 2 $ 5 3 3 3 2 9 5 5 . . . . . . . . 7 0 6 8 2 9 6 4 4 2 0 9 3 2 3 4 $ 3 3 3 2 2 3 4 5 . . . . . . . . 2 7 0 2 4 2 3 7 3 5 8 4 0 0 0 8 $ 4 2 3 2 2 3 4 4 , . . . . . . . 3 5 0 4 4 2 8 6 7 3 9 9 3 1 0 1 For footnotes see p. 541. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 541 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL LICENSED MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1933 AND 1934—Con. [In thousands of dollars] Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 Earnings: Interest and discount on loans. 43,971 47,131 149,944 179,101 48,277 52,290 52,049 57,433 25,222 26,122| 21,110 21,496 Interest and dividends on investments 30,751 29,134 159,932 165,515 43,062 39,643 46,370 39,313 18,079 14,371 13,666 10,673 Interest on balances with other banks - 47 482 1,292 206 736 93 576 76 343 102 460 Collection charges, commissions, fees, etc 657 7,285 9,244 451 1,432 766 1,163 912 2,164 1,623 Foreign department. 1,287 1,559 12,688 16,596 439 462 321 338 62 41 232 223 T Se r r u v s i t c e d ep c a h r a t r m ge e s n t on deposit 5,237 4,737 33,956 27,257 6,361 6,535 3,945 1,699 1,475 1,162 1,040 accounts , 2,474 2,170 6,212 5,311 1,2341 675 1,494. 1,162 1,254 653 1,231 956 Other current earnings 5,046 5,013 24,210 21,837 5,403 4,614 7,616 6,479 2,8071 2,490 3,472 2,954 Total earnings from current operations 89,642 90,883 395,195 426,153 105,593 105,406 114,288 110,012 50,362 46,407 43,139 39,430 Expenses: Interest on deposits: Time 17,258 19,2120 46,051 50,346] 24,837 24,398 27,219 25,515 11,686 11,706 8,194 8,262 Demand , 210 2,418 2,569 14,416; 1,018 4.106 1,985 5,954 1,238 432 1,274 Bank „.„!. 345 7;t3 1,031 4,875 729 1,4071 361 1,294 370 119 465 Total 17,813 22,351) 49,651 26,584, 29,911 29,565 32,763 12,0751 13,314 8,745 10,001 Salaries and wages 22,695 21,331 111,001 106,552 24,745 23,940 25,422 22,814 12,284 10,657 11,216 9,997 Interest and discount on bor- T O a r t x h o e e w s r e e d x p m e o n n s . e „ e s y. 1 4 4 , , 3 1 0 2 6 0 5 2 1 1 3 2 , , 9 4 4 7 8 5 1 5 9| 7 1 3 7 1 , , , 4 4 6 4 9 1 1 7 1 0 4 5 , , , 1 4 7 7 7 1 3 0 8 1 4 6 , , 7 0 7 9 7 2 H 1 6 , 8 82 4 1 1 1 1 6 6 , , 2 1 0 2 5 2 9 5 9 1 6 4 1 , , , 8 4 2 9 8 4 4 6 3 2 7 , , 7 6 1 0 9 2 1 3 4 2 6 , , 5 3 8 9 0 0 3 5 0 2 7 , , 8 8 1 3 3 8 2 4 4 2 6 , , 4 8 9 9 8 8 2 7 5 Total current expenses 60,597 252,658 72,637 74,563 77,400 77,200 34,877 33,669 30,811 30,362 Net earnings 30,286 142,537 32,956 30,843 36,888 32,812 15,485 12,7381 12,328 9,063 Recoveries, profits on securities, etc.: On loans On investments. All other. Total- Losses and depreciation: On loans... On investments... * On banking house, furniture and fixtures.... All other. Net deduction from profits. Cash dividends declared. Loans* InvestmentsK. Loans and investments3 9,902,205|9,454,648|2,137,600|2,064 Time deposits Total deposits Capital funds»* Pon data taken from the customary abstracts of reports of conditi d of earnings and dividends. It should be borne ne statistics employed represent aggregates for all member banks ting on thee vvaarriioouuss ddaatteess,, aanndd tthhee rraattiiooss aarree tthheerreefore ratios of aggregates in whhiicchh ffiigguurreess ffoorr llaarrggee bbaannkkss hhaavvee aa ssttaattiissttiiccaall iinnfflluueennccee ssoommeewwhhaatt disproportionaattee ttoo tthheeiirr nnuummbbeerr iinn ccoommppaarriissoonn wwiitthh SSSS^!^?^!]0?*,]?1,1?11?? banks* NoN ooa daadjdujjusutsmsttmmeneetnnst tssh ahhvaaevv ebe e bbeeenee nnm mmadaaedd ieen i tnnh tethe ue nudnedrelyrliyyniggn gd adtaa tfao fro crh cahnagnegs d a given year in tthh e nummbbeerr oo(( bbaannkkss wwhhoossee ttooeesseecchhaa ssttaattiissttiiccss,, ssiinnccee tthhee ffiigguurreess pprreesseenntteedd aarree ffoorr ssuuffffiicciieennttllyy llaarrggee ggrroouuppss tthhaatt tthhee result t s s a a p p p p e e a a r r n n o o t t to be appreciably affected by cc « oH f n aQ H m lF o n o y u r n 1 t 9 ^ s 3 ^P 4 f r 1 * o ^ th m 1 e f s u r e n e f d p s ig o " u rt r i s s e s o m a f i f es r cc e a o m o n a nn te v dd a e t ii hnn r tt a ii tet oo g tt n a n e hh g s e f e g fo o o raa f r e r gg g 3 a 3 gga m r c r c tee a e a o gg l l u l ba l a n tt d o d ee t o aa s t kbb t ee f oo s r s voo o a ( kk m ( l JJ u u vv u e r n aa n e e llo e p uu f o 3 ee 3 c r 0 0 t ooa ,, s , pff O OO o icct c f c aa c a tt c p . l t. o i 2 s 2 t n t 5 a 5 o d l ,, c i aa s t k i n t n o ,o dd n cc ka DD f p, o ee ic r c t c aa 5 .. pl 3 3 c in 0 a t 0 ao , l ,1 l l 1 t 9 e 9 d ns 33 a o 33 t at e ) e ) n . s . s d ( a D dne e db c ed e ne m tbu b er e ne r t su t , o rs eu D sr, e ps c lu e ur m sp, l b uu e s r , ) . und F iv o i r d e 1 d 93 3 p , r t o h f e it y s , a r ™ r e e s e = a r f v v tr e e o r « s a f g f o e r r t s r S f r W' reserves for stotckk ddivii dends ono nco cmommmono ns tsotcokc,k a ndd retirement fund for preferred stock and/or capital notes and debentures. Prior w July 1932, reserves for dividends were also iinlcldudd edi in capital funds. ^ ?86 BULLETIN for February 1935, p. 112, and footnote on p. 113. For summary figures for the country as a whole, see Annual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN AUGUST 1935 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL LICENSED MEMBER BANK£, BY DISTRICTS, YEARS ENDED DEC. 31, 1933 AND 1934—Con. [In thousands of dollars] Federal Reserve district Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 Earnings: Interest and discount on loans. 47,524 54,626 18,485 19,622 14,280 16,789 21,536 23,442 21,278| 22,786 83,459 Interest and dividends on investments - 60,292] 33,347 16,354 13,833 14,647 13,156 18,680 15,686 11,771 9,028 50,187 42,692 Interest on balances with other banks 151 798 315 163 429 246 749 38| 497 286 1,028 Collection charges, commissions, fees, etc 4,229 1,534 1,101 2,629 1,847 1,486 960 1, 1,224 2,116 Foreign department 1,474 64 102 73 112 16 14 31 43 1,288 1,334 Trust department.. „< 9,183 7,370 1,102 926 532 430 326 4,931 4,505 Service charges on deposit ac- 1,094 counts 4,664 3,051 966 600 957 739 2,094 1,164 1,452 767 3,587 3,3^6 Other current earnings 10,725 2,907 2,192 2,579 1,854 4,373 3,832 3,428 2,819 10,679 9,2*1 Total earnings from current operations , 128,242 112,336 41,461 38,718 36,254 35,458 49,525 46,830 !9,867 37,490 150,305 147,741 Expenses: Interest on deposits: Time ...„ 21,081 19,754 8,056 8,365 8,250 8,725 7,021 8,132 4,553 43,165 42,492 Demand 1,5501 3,920 302 &49 373 941 1,026 2,227 525 2,204 3,817 Bank 75 141 402 194 479 244 775 26 144 1,294 Total 22,706 24,672 8,499 9,716 8,817 10,145 8,291 11,134 5,104 6,744 45,513 47,603 Salaries and wages 35,991 31; 574 10,566 9,615 9,738 9,251 14,124 13,281 11,006 10,394 38,636 36,615 Interest and discount on bor- Te r x o a w s ed money 7,190 7, 8 5 0 7 2 9 2,4 9 4 0 9 3 2,4 9 8 0 9 5 2,18 3 5 3 2,0 2 6 5 4 9 2,56 4 0 2 2,4 2 7 7 7 l i i 3,24 9 9 0 3,2 3 5 0 3 7 6,251 2 5 , , 6 3 0 0 9 2 Other expenses 21,964 18,260 6,902 5,770 7,435 5,873 9,634 8,405 7,020 6,092 24,710 Total current expenses 82.887J 29,319 28,495 28,208 27,592 34,651 35,568 26,469 26,790 115,279 Net earnings 29,449| 12,142 10,223 8,046 14,874 11,262 13,398 10,700 35,026 Recoveries, profits on securities, etc.: A O O l n n l l o i o n t a h v n e e s r stments , 1 8 7 7 , , , 1 8 3 3 8 7 2 6 9 l|349 6 1 1 , , , 4 1 9 8 7 6 1 7 5 2,2 9 6 1 4 2 0 4 6 2 5 , , 4 3 7 7 2 4 5 7 7 2 1, , 1 2 6 7 5 7 7 1 6 2 7 , , 9 0 0 4 8 2 1 1 , , 7 8 5 4 8 2 3 3 1 2 4 , , 9 6 4 4 7 57 6 1 1 2 1 , , 4 4 3 2 1 7 2 9 6 1 3 1 6 , , 4 6 6 6 5 2 6 1 4 ! ' 5 1 1 , , ,1 2 5 8 0 4 0 1 7 Total.. 33,397 8,210 3,780 8,549 4,104 10,632 4,147 8,074 4,217 21,741 7,928 Losses and depreciation: O O O n n n l i b o n a a v n n e s k st i m ng e n h ts ouse, furniture 46,832! 8 3 0 4, , 0 8 7 1 1 2 ' 1 1 1 2 , , 4 1 4 7 1 5 1 1 3 1 , , 0 7 5 0 0 9 1 1 4 2 , , 5 6 5 5 3 0 1 9 2 , , 7 3 2 5 3 1 1 9 4, , 0 4 9 0 6 7 ] 1 6 4 , , 7 18 0 3 2 1 3 4, , 2 8 1 3 5 1 1 1 2 7 , , 9 2 2 4 3 9 2 3 4 7 , , 0 0 4 0 6 4 ] . 2 1 9 3 , , 3 0 2 4 7 0 Al a l n o d t h f e ix r tures 5 3 , , 6 3 5 51 4 5 2 , , 3 4 7 6 5 2 1 2,3 8 4 2 8 8 2,3 7 8 0 7 5 1 1, , 8 5 3 7 8 7 3 9 2 6 8 8 2 2, , 5 3 8 0 0 1 1 1 , , 1 8 9 1 4 5 2 2, , 6 7 2 7 4 2 1 1 , , 2 9 4 5 2 8 5 8 , , 7 9 2 5 1 8 , 4 6 , > 03 0 5 Total losses and depreciation 122,720 26,792 27,851 30,618] 23,370 28,384 23,894 23,442 23,372 75,729 53,222 N Ca e s t h d e d d iv u i c d t e io n n d s f r d om ec l p ar r e o d fits.. 8 2 5 , ,0 7 6 8 1 3| 5 3 , , 0 0 2 7 7 2 . 1 1 3 , , 7 8 3 4 4 8 1 2 4 , , 3 0 4 2 6 3 1 1 1 , , 4 4 6 0 5 0 ! 2 4 , , 8 2 7 2 8 6 8 1 , , 4 61 8 1 5 4 1 , , 4 9 1 7 3 0 8 1 , ,9 4 4 5 7 5 I L n o v a e n s s t m * ents >.. 1 1 . , 7 1 2 3 9 8 , , 5 3 8 8 8 1 1 1 , , 2 1 5 2 9 8 , , 4 81 29 4 3 49 7 3 3 , , 7 5 5 8 8 3 3 3 9 7 4 6 , , 0 2 6 8 1 1 2 38 8 9 3 , , 0 8 1 1 8 0 1 3 3 2 0 5 6 , , 1 8 4 6 5 2 3 5 6 5 0 3 , , 5 6 3 9 9 5 4 3 6 7 1 1, , 5 6 5 5 4 7 3 3 3 5 6 7 , , 7 8 4 2 5 9 1 353,208 1,471,816 1,479,487 Loans and investments * 2,867,969 2,388,243 867,341 770,342 672,828 632,007 914,234 833,211 694,574 T T C o i a m p ta e i l t a d d l e e f p p u o o n s s d i i s t t s s * * * . _ > _ . . . .. 3 1 , , 4 6 0 5 8 1 2 7 6 , , , 4 4 6 8 8 1 6 5 6 2, 4 8 99 0 9 9 — 9 8 6 44 , , ,; 1 5 3 5 7 3 9 6 4 1,, 3 1 0 2 4 3 6 0 1 , , , 5 5 9 4 9 8 3 0 0 3 8 1 6 0 3 2 5 1 , , , 2 0 0 0 4 2 7 5 3 3 8 1 3 1 0 7 9 7 . . , 3 3 7 4 5 4 0 9 3 3 7 2 2 9 5, , 3 8 1 7 4 3 1,2 3 1 0 6 4 9 7 9 , , , 4 5 0 5 0 2 44 8 7 55 1 1,[, 2 1 0 9 4 4 8 1 3 , , , 1 2 2 0 1 7 7 2 9 9 1 1 4 3 9 1 5 4 , , , 8 4 6 1 2 6 4 7 1 7 1 1 8 3 6 0 9 8 , , , 1 9 5 8 3 5 8 7 1 : 1 " , 1,5 8 3 8 1 9 5 4 2 , , , 0 0 6 7 7 9 7 9 1 For footnotes see p. 641* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 543 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL LICENSED MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1933 AND 1934—Con. Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 Amounts per $100 of loans and investments: * Interest earned $3.06 $4.18 $3.14 $3.66 $4.28 $4.49 $4.36 $4.68 $4.34 $4.60 $4.25 $4.39 Other earnings ,79 .77 .85 .85 .66 .62 .70 .61 .70 .63 1.01 .92 Total current earnings 4.75 4.95 3.99 4.51 4.94 5.11 5.06 5.29 5.04 5.23 5.26 5.31 Interest on deposits .94 1.22 .50 .74 1.24 1.45 1.30 1.58 1.21 1.50 1 06 X 35 Interest and discount on borrowed money .01 .02 .01 .05 .02 .09 .01 .07 .01 .09 02 13 Salaries and wages 1.20 1.16 1.12 1.13 1.16 1.16 1.13 1.10 1.23 1.20 1.37 1.35 Taxes _ .23 .22 .18 .17 .22 .20 .28 .28 .27 .29 .34 .34 All other expenses .74 .68 .74 .73 .75 .71 .71 .68 .76 .71 .95 .92 Total expenses 3.12 3.30 2.55 2.82 3.39 3.61 3.43 3.71 3.48 3.79 3.74 4.09 Net earnings 1 63 1.65 1.44 1.69 1.55 1.49 L63~ 1.58 1.55 1.43 1.50 1.22 Recoveries, profits on securities, etc .91 .56 .99 .59 .68 .38 .58 .45 1.22 .68 .85 .52 Total losses and depreciation 3.03 3.69 3.69 3.60 3.12 2.99 2.93 2.53 3.00 4.14 2.81 3.32 Net deduction from profits .51 1.49 1.26 1.33 .90 1.11 .71 .51 .23 2.03 .45 1.58 Other ratios: i Net loss per $100 of capital funds * 2.60 7.69 6.16 6.19 4.04 4.86 3.47 2.44 1.29 11.01 2.41 7.84 Interest and discount on loans per $100 of loans 4 30 4.57 Z.2T 3.78 4.61 4.89 5.23 5.49 5.30 5.51 5.09 5.30 Losses on loans per $100 of loans 3.04 3.49 4.01 2.95 3.20 2.71 3.64 2.66 3.36 3.22 3.41 3.27 Interest and dividends on Investments per $100 of investments 3 55 3 61 2.99 3.51 3.95 3.98 3.67 3.81 3.45 3.48 3.36 3.17 Losses on investments per $100 of investments 2.24 3.34 2.79 3.53 2.52 2.61 1.79 1.9S 2.05 3.94 1.26 2.13 Interest on time deposits per $100 of time deposits._ 2.40 2.66 2 18 2.36 2.52 2.65 2.63 2.65 2.65 2.84 2.50 2.61 Loans and investments per $1 of capital funds»* 5.12 5.17 4.90 4.67 4.49 4.36 4.86 4.80 5.70 5.43 5.33 4.97 Total deposits per $1 of capital fiinds.. 5.74 5.48 5.38 4.83 4.66 4.20 5.17 4.76 6.80 5.99 6.28 5.43 Federal Reserve district Chicago • St. Louis Minneapolis Kansas City Dallas San Francisco 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 1934 1933 Amounts per $100 of loans and invest ments: i Interest earned $3.41 $3.72 $4.02 $4.38 $4.32 $4.81 $4.43 $4.79 $4.76 $5.13 $4.37 $4.77 Other earnings 1.06 .98 .76 .65 1.06 .80 .99 .83 .98 .83 .81 .77 Total current earnings 4.47 4.70 4.78 5.03 5.38 5.61 5.42 5.62 5.74 5.96 5.18 5.54 Interest on deposits .79 1.03 .98 1.26 1.31 1.61 1.34 1.07 1.56 1.78 Interest and discount on borrowed money .01 .03 .10 .12 .01 .04 .01 .03 .01 .05 .01 .10 Salaries and wages 1.25 1.32 1.22 3.25 1.45 1.46 1.54 1.59 1.58 1.65 1.33 1.37 Taxes .25 .32 .28 .32 .32 .33 .28 .30 .47 .52 .22 .20 All other expenses .77 .77 .80 .75 1.10 .93 1.05 1.01 1.01 .97 .85 .86 Total expenses 3.07 3.47 3.38 3.70 4.19 4.37 3.79 4.27 3.81 4.26 3.97 4.31 Net earnings,.. 1 40 1.23 1.40 1.33 1.20 1.24 1.63 1.35 1.93 1.70 1.21 1.23 Recoveries, profits on securities, etc... 1.16 .34 1.11 .49 1.27 .65 1.16 .50 1.16 .67 .75 .30 Total losses and depreciation 2.78 5.14 3.09 3.62 4.55 3.70 3.10 2.87 3.38 3.71 2.61 2.00 Net deduction from profits - .21 3.56 .58 1.80 2.08 1.80 .31 1.02 .28 1.34 .65 .47 Other ratios: i Net loss per $100 of capital funds >. _.. 1.35 20.84 3.54 10.57 13.02 11.59 1.93 6.01 1.45 6.49 4.73 3.20 Interest and discount on loans p^r $100 of loans 4 17 4.34 4.95 5.21 5.03 5.47 5.97 6.31 6.32 6.45 5.19 5.64 Losses on loans per$I66 of loans 4.11 6.42 3.06 3.47 5.13 3.17 3.91 3.82 4.22 4.SS 2.51 1.98 Interest and dividends on investments per $100 of investments 2.91 2.95 3.31 3.51 3.77 4,05 3.37 3.40 3.29 3.27 3.50 3.59 Losses on investments per $100 of investments... 1.38 3.02 2,47 2.97 3.25 3.80 1.70 1.45 1.07 1.06 1.68 1.10 ttafde"" deP°SitS "* $10° °' 2.07 2.20 2.47 2.74 2,45 2.64 2.27 2,73 2.34 2.55 2.47 2.68 Total deposits per$l of capital funds.. 8 6 . . 1 3 5 4 5 7 . .3 85 4 6 7 . . 1 2 1 6 5 6. . 5 8 8 8 7 & .6 2 0 4 6 7 . . 4 3 2 7 8 6 . . 5 1 1 3 7 5 . . 3 9 9 0 6 5 . . 9 1 3 1 5 4 . . 9 8 0 3 , 7 7 . . 9 24 6 7 6 . . 1 7 7 9 For footnotes see p. 641. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN AUGUST 1935 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued LICENSED NATIONAL BANKS, BY DISTRICTS, LAST 6 MONTHS OF 1934* NOTE.—The following statistics of earnings and expenses of national banks were compiled by the Comptroller of the Currency from reports submitted by national banks [In thousands of dollars] Federal Reserve district Total Boston 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 - Lo S u t. is a M p n o e in l - i - s K C s a i a t s n y - Dallas F c S r is a a c n n o - Earnings: Interest &nd discount on lo£Uis 177,207 15,403 32,467 17,477 14,112 9,052 8,984 17,734 6,031 6,504 9,647 9,664 30,132 I In n t t e e r r e e s s t t o a n n d ba d l i a v n i c d e e s n w ds it h o n o t i h n e v r e b st a m n e k n s t . s .. . 162,1 7 6 5 1 3 11,19 2 7 0 38,35 8 1 9 15,93 3 2 4 15,28 4 9 7 7f08 4 9 0 6,24 4 3 4 20.027 6.643 6,99 7 1 7 8,4 1 0 1 4 3 5,58 2 8 1 21,4 1 0 7 7 0 Collection charges, commissions, fees, etc 9,567 293 1,252 223 401 403 971 1,594 542 1,335 751 754 1,048 Foreizn deDartment 4,345 512 2 293 176 105 10 108 541 16 58 4 12 51C Trust department ... 13,477 1,003 3,218 576 830 506 483 3,501 196 488 438 234 2,004 Service charges on deposit accounts 10,497 984 1,549 470 439 530 566 1,853 348 457 1,098 739 1,464 Other current earnings 26,998 2,059 5,771 1,542 1,928 1,008 1,438 3,824 888 1,404 1,781 1,500 3,855 Total earnings from current operations 405,005 31,471 84,990 36,430 33,151 18,638 18,837 49,158 13,678 17,314 22,236 18,512 60,590 — • Expenses: Interest on deposits: Time 80,590 5,796 12,829 10,111 7,871 4,554 3,590 7,120 2,616 3,505 3,124 2,108 17,366 Demand.. --..— - . 4,112 37 663 184- 654 65 162 624 114 139 418 230 822 Bank 1,003 126 134 123 162 58 67 29 53 98 93 12 48 Total 85,705 5,959 13,626 10,418 8,687 4,677 3,819 7,773 2,783 3,742 3,635 2,350 18,236 Salaries and wages 103,833 7,967 23,000 7,604 7,289 4,342 5,060 13,886 3,481 4,512 6,414 5,257 15,021 Interest and discount on borrowed money.... ... .... 388 49 71 49 24 21 41 61 7 6 10 32 17 Taxes 20,837 1,596 3,895 1,859 2,046 1,031 1,256 2,450 784 940 1,275 1,446 2,259 Other expenses 66,425 4,871 15,023 4,595 4,878 2,685 3,409 8,504 2,147 3,689 4,182 3,166 9,276 Total current expenses 277,188 20,442 55,615 24,525 22,924 12,756 13,585 32,674 9,202 12,889 15,516 12,251 44,809 Net earnings from current operations 127,817 11,029 29,375 11,905 10,227 5,882 5,252 16,484 4,476 4,425 6,720 6,261 15,781 Eecoveries, profits on securities, etc.: On loans » 16,259 827 4,553 467 678 661 407 2,736 405 1,343 1,414 1,380 1,388 On investments .. .. 50,942 4,214 12,608 3,144 3,291 3,825 2,405 4,985 2,358 3,054 2,897 1,674 6,487 All other 4,953 644 456 142 237 216 235 1,317 305 423 282 228 468 Total 72,154 5,685 17,617 3,753 4,206 4,702 3,047 9,038 3,068 4,820 4,593 3,282 8,343 Losses and depreciation: On loans .... 106,816 9,675 27,629 8,267 9,498 5,095 4,064 17,860 2,288 3,219 4,750 4,562 9,909 On investments 68,651 7,061 19,074 6,595 5,603 3,661 2,104 8,307 2,314 4,112 2,843 1,566 5,411 On banking house, "furniture, and fixtures - .. 12,684 840 2,965 644 780 499 436 1,023 280 343 937 839 3,098 All other """ 17,066 1,375 5,005 1,184 975 554 1,105 1,674 528 479 831 1,031 2,325 Total losses and depreciation 205,217 18,951 54,673 16,690 16,856 9,809 7,709 28,864 5,410 8,153 9,361 7,998 20,743 Net addition to profits -5,246 -2,237 -7,681-1,032 -2,423 775 590-3,342 2,134 1,092 1,952 1,545 3,381 Cash dividends declared.. 49,144 4,826 14,159 5,327 2,292 2,523 2,055 3,618 1,134 1,679 2^389 2,464 6,678 Capital funds, Dec. 31,1934. ,024,112 279,661 57,057322,013252,375129,059133,140365,595 93,980105,965134,886131,807318,574 Number of banks, Dec. 31,1934 5,462 322 627 595 528 339 277 519 320 455 686 495 299 'for M8y im> p-31S: for flBUies for state bank members for "* **b8lf Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1936 FEDERAL RESERVE BULLETIN 545 EARNINGS, EXPENSES, AND DIVIDENDS OF STATE BANK MEMBERS, YEAR ENDED DECEMBER 31, 1934, BY SIZE OF BANKS [Amounts in thousands of dollars] Banks operating throughout entire year with deposits on Dec. 31,1934 of— Total all Banks State operatme b m an b k ers * $1 u a 0 n n 0 d , d 0 e 0 r 0$ 2 1 5 0 0 t 0 , o , 0 0 0 0 0 1 1 5 2 0 5 0 t 0 o ,0 ,0 0 0 0 1$ 7 5 5 0 0 t 0 o ,0 ,0 0 0 0 1 7 1 5 , 0 0 t 0 0 0 o , 0 0 0 0 ,- 1 $ 2 0 1 , 0 0 , 0 0 1 0 0 0 0 0 0 t , o , - - $ 5 0 2 , 0 0 , 0 0 1 0 0 0 0 0 t 0 o , , - - $ 5 0 5 0 0 0 , , 0 0 1 0 0 0 0 t 0 0 o , , - - $ 0 5 0 o 0 1 , v 0 e a 0 r n 0 d ,- l n t y g h e l a e a n s r s Earnings: Interest and discount on loans 177,369 78 649 2,127 1,693 1,674 5,546 13,735 47,521 103,309 1,037 Interest and dividends on investments.. 159,431 15 175 948 894 824 3,659 8,058 30,269 113,988 601 Interest on balances with other banks. _- 1,047 1 7 2 7 54 95 876 Collection charges, commissions, fees, etc. 9,465 9" 80 206 137 112 362 744 2,025 5,731 59 Foreign department-. 7,224 24 1 16 48 204 6,926 5 Trust department 45,445 7 19 45 1,758 913 12,462 30,201 40 Service charges on deposit accounts 8,341 2 38 111 108 108 366 1,027 2,496 3,957 128 Other current earnings 28,727 6 56 209 182 185 679 1,521 8,851 16,929 109 Total earnings from current operations. 437,049 110 999 3,615 3,059 2,953 12,393 26,100 03,923 281,917 1,980 Expenses: Interest on deposits: Time 64,357 8 157 817 710 769 2,763 6,868 21,977 29,894 394 Demand 3,736 11 38 45 52 139 255 1,147 1,979 70 Bank _ 1,428 1 5 3 1 16 20 484 896 2 Total 69,521 8 169 860 758 822 2,918 7,143 23,608 32,769 466 Salaries and wages 121,402 44 346 1,054 821 748 3,697 6,304 29,803 77,959 626 Interest and discount on borrowed money.. __ 2,055 6 37 20 41 81 895 912 65 8 Taxes 19,987 10 63 211 169 136 574 1,310 5,100 12,278 136 Other expenses 80,160 25 213 676 552 527 2,180 4,588 21,119 49,818 462 Total current expenses 293,125 87 797 2,838 2,320 2,274 9,450 20,240 80,542 172,879 1,693 Net earnings from current operations 143,924 23 202~ 777" 739 679~ 2,943 6,860 23,381 109,038 ~2S2 Eecoveries, profits on securities, etc.: On loans „ . 12,381 14 37 250 81 80 314 579 1,775 9,172 79 On investments 66,008 1 31 271 179 183 1,095 2,937 13,080 47,989 242 All other _ 8,670 20 66 77 26 242 415 3,363 4,411 50 Total 87,059 15 88 587 337 2S9 1,651 3,931 18,218 61,572 371 Losses and depreciation: On loans ^__ 162,706 38 214 884 713 1,543 3,323 9,688 41,947 93,900 456 On investments... _. .__ 114,169 3 139 585 686 1,234 4,082 9,176 36,798 61,175 291 On banking house, furniture and fixtures — 10,007 4 41 133 70 216 284 965 3,250 4,958 86 Allother _ 24,725 5 46 171 132 356 1,392 1,445 9,543 11,523 112 Total losses and depreciation 301,607 50 440 1,773 1,601 3,349 9,081 21,274 91,538 171,556 945 Net deduction from profits. 70,624 150~'409 525 2,381 4,487 11,483 49,939 946 292 Cash dividends declared« 82,480 8 44 213 158 177 949 1,580 8,371 70,902 78 Capital funds Dec. 31,1934 » 2,043,583 606 4,330 13,298 11,240 10,979 48,372 94,838 400,502 1,430,047 < 29,371 Number of banks 980 17 95 182 93 66 143 150 143 40 46 1 Minor differences between the figures shown in this column and those shown in the table on p. 540 are due to corrections in reports received after the reports were tabulated by Federal Reserve districts but before they were retabulated by size of banks. 1 Includes reserves for dividends, reported by a few banks but not separately tabulated. i •«**>, i i »™ » The difference of $13,200,000 between the above figure and that shown on p. 314 of the BULLETIN for May 1935 is due principal y to the inclusion in the above figure of capital funds of banks which were members on June 30,1934, but not on Dec. 31,1934, and partly to the fact that the above figure is based on par value of capital stock, instead of book value. * For banks which were members on June 30 but not on Dec. 31, the figures are as of the former date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN AUGUST 1935 EARNINGS, EXPENSES AND DIVIDENDS OF INSURED COMMERCIAL STATE BANKS (INCLUDING MEMBERS OF THE FEDERAL RESERVE SYSTEM), YEAR ENDED DEC. 31, 1934, BY SIZE OF BANKS [Compiled by Federal Deposit Insurance Corporation] [Amounts In thousands of dollars] Banks operating throughout the entire year Banks All i o n p g e l r e a s t s - Banks having deposits on Dec. 31,1934, of— banks than 1 year Total $1 a 0 n 0 d ,000|$10 t 0 o ,00l|$25 t 0 o ,00l|$500 to ,00l[$750 to ,00l|$lf000 to ,00l|$2,000 to ,00l|$5)000 to ,001 $50 a ,0 r 0 d 0,001 under 250,000 500,000 750,000 1,000,000 2,000,000 5,000,000 50,000,000 over Number of banks.. — 8,662 349 8,313 1,203 2,587 1,902 739 446 728 405 259 44 Earnings: Interest and discount on loans.^ 326,493 2,528 323,970 4,201 16,717 22,503 13,964 11,623 28,580 35,057 79,597 111,728 Interest and dividends on securities 235,144 1,276 233,868 650 4,460 8,295 6,246 5,453 16,214 19,807 52,614 120,129 Interest on balances with other banks • 2,124 10 2,114 9 50 62 50 59 133 156 717 878 T S F e o r r u r v e s i i t c g e d n e c d p h e a a p r r a t g m r e t s m e n o e t n n - t . deposit ac- 5 7 2 , , 7 40 4 7 3 6 5 5 5 7 2 , , 7 34 3 2 8 2 1 2 8 3 4 9 1 1 8 1 7 1 1 2 13 9 6 2,53 7 6 0 1,8 2 1 0 1 2 16,9 4 3 3 7 1 3 6 0 , , 9 6 3 13 3 counts 15,224 207 15,017 160 685 1,005 714 650 1,754 2,182 4,038 Other current earnings.- 69,644 556 1,017 3,742 4,735 2,656 1,934 5,197 6,100 20,500 23,207 Total earnings from current operations. 708,784 4,647 704,137 6,060 25,741 36,709 23,813 19,864 54,484 65,315 174,625 297,526 Expenses: Salaries and wages _ 190,870 189,271 2,150 7,873 10,139 6,102 4,891 13,988 15,527 48,323 80,278 Interest on deposits of other banks 1,873 1,865 5 37 38 32 64 51 711 901 Interest on other demand de- I In n p t t e e o r r s e e i s s ts t t o a n n o d t h d e i r s c ti o m u e n t de o p n o b si o t r s - .. 13 8 9 , , 2 0 4 6 6 8 9 1 7 0 1 8 13 8 8 , , 1 0 3 9 8 7 84 6 6 7 5,0 3 3 9 0 1 8,8 6 7 1 7 2 6,1 4 1 6 8 1 5,6 3 5 4 0 8 14,4 9 7 5 9 7 17,9 9 9 8 7 7 41 2 , , 4 1 2 4 6 0 3 2 7 , , 1 6 7 7 5 4 rowed money 6,737 5,675 104 346 528 379 320 784 1,691 1,398 125 Taxes 34,543 261 34,282 433 1,578 2,044 1,299 1,001 2,846 3,378 8,937 12,761 Other expenses 130,632 1,381 129,251 1,602 5,803 7,488 4,502 3,626 9,934 11,356 33,497 51,443 Total current expenses*. 4,390 506,579 5,212 18,887 Net earnings from current operations™ 257 197,558 4,926] Recoveries, profits on securities, etc.: A O O l n n l l s o o e t a h c n u e s r rities 8 2 1 6 0 7 , , , 5 4 7 4 3 6 6 7 2 5 1 9 6 2 7 9 8 8 2 1 5 0 7 , , , 6 9 3 3 6 4 4 8 9 2 2 1 9 0 4 6 8 8 1 1 , ,2 0 8 7 2 6 4 7 5 1 2, ,5 1 9 6 5 3 5 4 2 1,5 4 7 6 1 5 7 8 6 854 4 1 1 , , , 3 4 0 6 2 2 9 8 5 2 6, , 9 1 0 0 0 1 0 4 3 1 3 4 9 , , , 5 5 5 6 0 3 1 1 7 4 9 7 9 , , , 2 6 7 4 7 6 6 3 3 Total recoveries, profits on securities, etc 124,745 794123,951 4,651 2,741 2,621 6,822 9,017 27,599 Net earnings and recoveries 322,560 1,051 321,509 7,667 6,617 18,254 23,345 65,792 Losses and depreciation: O O O n n n l s o b e a c a n u n s r k i i ti n e g s house, furniture, 2 1 5 8 2 4 , , 5 9 6 3 8 9 485 2 1 5 8 1 4 , , 8 4 7 5 1 4 2, 9 6 3 1 1 9 1 4 0 , , 3 0 4 1 6 4 1 7 2 , , 9 4 3 4 0 5 6 5 , , 1 6 9 8 6 8 8 5 , , 2 7 9 0 9 8 1 1 9 5 , ,8 4 9 4 1 7 2 2 2 1 , , 9 9 9 7 9 6 54,677 1 6 0 7 1 , , 3 1 0 5 7 8 Ot a h n e d r f l i o x s t s u e r s e s and depreciation 5 1 2 8 , , 1 29 0 5 0 1 2 6 7 7 7 1 61 8 , , 8 1 2 2 3 8 3 5 4 0 0 2 2 1 , , 4 2 0 0 5 7 2 1 , ,3 5 4 9 9 7 1,553 2, 6 0 8 9 3 1 5 1 , , 2 50 7 5 7 2 5, , 4 3 9 1 6 2 1 4 7 , , 7 6 7 7 9 1 14 5 , , 2 11 31 5 Total losses and depredation,. 507,902 1,626 506,276 17,972 24,321 14,275 16,781 42,120 62,783 145,821 187,811 Net deduction from profits for cur* Ca r s e h n t d p iv e i r d io e d nds declared— 1 9 8 6 5 , , 4 3 1 4 1 2 5 1 7 2 5 8 184,767 2, 1 8 4 9 0 2 10, 8 1 4 2 3 3 1 1 2 , , 2 6 8 8 8 7 6 1 , ,0 6 4 0 0 8 10, 7 1 4 6 6 4 23 2 , , 8 8 6 0 6 2 2 3 9 , , 4 4 5 3 2 8 8 1 0 4 , , 0 2 2 5 9 5 7 8 1 , , 9 7 6 1 0 7 Net deduction from profits after cash dividends 281,753 703281,050 3,032 10,966 13,975 7,648 10,910 26,668 32,890 94,284 80,677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 547 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve district City Total B to o n s- Y N o e r w k P p d h h e i l 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 a it 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 c C a h g i o - Loans and investments, total: July 3 18,508 1,151 8,568 1,085 1,219 348 331 2,035 627 345 589 405 1,905 7,718 1,624 July 10 18 414 1 153 8,469 1 0S3 1 218 349 330 2,042 531 345 588 405 1,901 7,612 1,639 July 17 18 762 1 177 8 667 1 097 1 230 353 335 2,093 542 347 592 409 1,920 7,805 1,687 July 24 18,718 1,166 8,638 1,093 1,233 349 338 2,096 546 347 581 410 1,921 7,785 1,690 July 31 18,507 1, If 2 8,403 1,093 1,232 350 333 2,141 545 3-16 5S3 410 1,919 7,518 1,735 Loans on securities, total: July 3 3,099 191 1,877 182 164 49 43 234 57 32 47 41 182 1,700 200 July 10 3 019 190 1 808 179 162 49 42 230 55 33 47 42 182 1,628 196 July 17 — 3 034 189 1,833 179 162 49 42 228 56 32 47 42 175 1,650 194 July 24 2 997 187 1,803 179 162 49 42 227 55 32 43 41 172 1,628 193 July 31 2 967 187 1,767 179 163 49 42 231 57 32 47 42 171 1,590 196 To brokers and dealers in New York: July 3 921 3 898 13 1 1 886 1 July 10 Rfirt <j 838 13 1 1 823 1 July 17 881 1 859 13 1 1 841 1 July 24 855 7 833 13 1 • 1 822 1 July 31 82 ri 804 13 1 1 793 1 To brokers and dealers outside New York: July 3 - 176 28 68 11 6 1 3 33 5 1 3 1 16 66 31 July 10 168 28 62 11 5 1 3 30 4 2 3 2 17 60 28 July 17 164 28 61 12 5 1 3 30 5 1 3 1 14 59 23 July 24 160 27 60 12 6 1 3 29 5 1 3 1 12 53 27 July 31 163 28 60 12 6 1 3 32 5 1 3 1 11 57 30 Toothers: July 3 2 002 155 011 158 158 48 40 200 52 31 43 40 166 748 163 July 10 . 1,991 155 90S 155 157 48 39 199 51 31 43 . 40 165 745 167 July 17 1,989 154 913 154 157 48 39 107 51 31 43 41 161 750 165 July 24... . 1,982 153 910 154 156 48 39 197 50 31 44 40 160 748 165 July 31 1,979 153 903 154 157 48 39 198 52 31 43 41 160 740 165 Acceptances and commercial paper bought: July 3, 307 38 151 24 2 7 3 23 8 8 20 2 18 149 19 July 10 .. 301 37 146 24 2 7 3 28 8 6 20 2 18 144 IS July 17 297 37 140 25 2 7 3 28 8 6 20 2 19 138 13 July 24 . 301 37 143 23 3 7 2 30 9 6 20 2 19 141 20 July 31 291 37 136 22 2 6 3 29 9 6 2 19 133 Loans on real estate: July 3 957 88 241 71 72 16 12 31 37 6 13 25 345 125 16 July 10 95S 89 241 70 73 16 12 31 37 6 25 345 124 July 17 950 88 239 70 72 16 12 30 37 6 24 343 123 J J u u l l y y 3 2 1 4 9 94 5 9 1 8 8 8 8 2 2 3 3 9 8 7 7 1 1 7 7 3 2 1 1 6 6 1 1 2 2 3 3 0 0 3 3 7 7 5 5 1 1 3 3 2 2 4 4 3 3 4 4 3 3 1 1 2 2 3 2 15 Other loans: J J J J J u u u u u l l l l l y y y y y 3 2 1 3 1 4 7 1 0 .. 3 3 3 3 3 , , , , , 1 1 1 1 2 7 9 2 8 2 6 7 0 5 4 2 2 2 2 2 7 8 7 8 7 4 6 2 2 2 1 1 1 1 1 , , , . , 2 3 3 3 3 S 2 3 3 5 9 7 8 5 5 1 1 1 1 1 7 8 8 8 7 9 0 0 1 8 1 1 1 1 1 5 5 5 5 4 0 1 1 1 9 7 7 7 7 7 6 5 5 5 5 1 1 1 1 1 0 1 1 1 1 S 3 4 1 3 3 3 3 3 3 1 1 1 0 2 8 6 5 7 1 9 9 9 9 9 5 5 5 5 3 1 1 1 1 1 0 0 0 0 0 6 2 3 1 6 1 1 1 1 1 1 1 1 1 1 2 0 2 0 2 1 1 1 1 1 0 0 0 0 0 7 6 7 7 7 3 3 3 3 3 2 2 2 2 2 7 2 9 3 8 1 1 1 1 1 , , , , , 1 2 2 1 1 9 1 0 9 5 9 9 2 1 1 2 2 2 2 2 4 4 4 3 5 4 4 6 8 1 TJ. S. Government direct obligations: J J J J J u u u u u l l l l l y y y y y 3 2 3 1 1 - 0 7 1 4 - , _ 7 7 7 7 7 , , , , , 2 2 4 5 3 1 7 S 9 0 9 9 2 7 0 3 3 3 3 3 6 6 8 7 8 8 9 2 8 3 3 3 3 3 3 , , , , , 5 4 3 5 3 3 4 8 7 3 1 7 6 7 5 2 2 2 2 2 7 8 9 9 9 9 1 1 2 1 6 6 6 6 6 1 1 2 2 2 6 5 8 8 8 1 1 1 1 1 1 2 2 2 2 9 0 3 0 1 1 8 8 9 9 0 9 9 5 6 0 1 1 1 1 1 , , , , , 0 0 0 0 1 4 3 8 9 4 2 1 5 8 3 2 2 1 2 2 0 1 9 1 1 3 5 8 9 7 1 1 1 1 1 3 3 3 3 3 8 7 9 9 7 2 2 2 2 2 3 3 2 3 2 7 3 6 1 7 1 1 1 1 1 5 5 4 5 5 1 0 9 2 3 6 5 6 6 6 0 9 1 1 1 8 3 6 2 6 3 3 3 3 3 , , , , , 1 1 2 3 3 7 8 4 3 2 4 7 5 0 7 8 8 8 8 9 3 6 7 1 2 0 3 9 1 3 Obligations fully guaranteed by U. S. Government: J J J J J u u u u u l l l l l y y y y y 3 3 1 2 1 1 4 0 7 . „ . 8 8 8 8 8 6 5 8 4 9 9 1 7 6 2 1 1 1 1 1 6 7 7 6 7 3 3 3 3 3 6 5 5 7 7 0 5 7 2 7 7 7 7 7 7 5 4 5 6 7 2 2 2 2 2 6 7 5 9 9 2 2 2 2 2 6 4 6 6 6 2 1 1 1 2 0 9 9 9 0 9 9 9 9 0 2 2 2 2 2 4 4 4 4 4 1 0 1 1 1 1 1 1 1 1 7 7 7 6 6 4 4 4 4 4 5 4 4 5 4 3 4 4 3 4 7 4 3 8 1 1 1 1 1 1 9 0 1 0 2 8 7 2 2 3 3 3 3 3 2 3 1 2 4 0 6 9 3 2 8 3 8 8 1 0 2 1 Othe J J J J J r u u u u u l l l l s l y y y y y e c 2 3 1 3 1 u 4 0 1 7 r „ . i . . ties „ : 2 2 2 2 2 , , , , , 8 8 8 8 9 3 9 9 7 0 5 6 0 8 8 1 1 1 1 1 7 7 7 7 7 8 8 8 2 3 1 1 1 1 1 , , , , , 1 2 2 2 2 0 5 0 0 2 4 7 9 9 3 2 2 2 2 2 7 7 7 7 7 4 5 6 5 3 1 1 1 1 1 8 8 8 8 8 9 8 9 8 9 5 5 5 5 5 7 7 6 6 7 5 5 5 5 5 1 1 1 2 2 3 3 3 3 3 0 0 0 0 0 1 3 4 9 9 9 9 0 9 9 1 2 1 1 0 4 4 4 4 4 5 4 4 3 4 1 1 1 1 1 2 2 2 2 2 0 0 0 0 0 4 4 4 4 4 2 2 1 1 1 3 3 3 3 3 3 3 3 3 3 4 1 3 4 0 1 1 1 1 , , , , 0 0 0 0 9 1 2 3 3 2 0 9 5 6 5 2 2 2 2 2 5 5 6 5 6 2 4 0 7 1 Reserve with Federal Hese J J J r J J v u u u u u e l l l l l y y y y y b 3 1 2 3 a 1 0 4 1 n 7 k .. : . . 3 3 3 3 3 , , , . , 6 8 6 S 6 3 4 9 9 6 2 2 7 7 3 2 2 2 2 2 4 3 7 3 1 3 5 7 6 2 1 1 2 1 1 , , , , , 1 7 9 8 9 8 9 7 4 1 3 0 8 6 5 1 1 1 1 1 4 4 6 4 4 3 5 0 9 3 1 1 1 1 1 6 6 6 6 6 3 3 9 1 3 6 6 6 6 5 6 4 0 5 8 4 4 3 3 3 4 4 9 8 5 6 6 6 6 5 1 9 5 0 3 9 7 4 2 9 1 1 1 1 1 0 0 0 0 0 5 5 9 8 1 7 8 7 7 5 1 8 3 1 8 1 1 1 1 1 1 0 9 0 1 5 2 7 1 1 7 7 7 7 0 2 6 0 3 7 1 1 1 1 1 7 7 7 7 6 7 5 3 8 7 1 1 1 2 1 , , , , , 1 9 6 7 8 2 0 8 5 5 2 6 9 6 3 6 6 5 4 5 4 0 9 6 5 8 3 0 6 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN AUGUST 1035 REPORTING MEMBER BANKS IN LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO—Continued Federal Reserve district City Total B to o n s- N Y e o w rk F p d h h e i l l i a - a - C l l a e n v d e- m Ri o c n h d - la A n t 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 - N Y e o w rk C ca h g i- o Cash In vault: July 3 295 61 14 19 11 6 10 17 48 37 July 10 306 91 58 15 22 12 7 10 5 12 18 45 37 July 17 292 93 54 13 20 11 6 9 4 11 17 42 July 24 297 93 54 13 22 11 7 9 5 11 17 42 July 31 294 93 55 13 20 11 6 9 6 11 17 44 36 Net demand deposits: July 3 15,514 1,032 8,014 830 780 251 216 2,020 416 277 542 331 805 7,503 1,731 July 10 15,680 1,022 8,107 819 775 250 217 1,988 421 296 550 333 802 7,622 1,703 July 17 15,618 1,081 8,080 841 784 245 213 1,981 428 284 543 332 806 7,591 1,698 July 24 15,544 1,031 8,120 827 776 248 215 1,964 430 278 521 332 802 7,668 1,684 July 31 15,517 8,105 825 782 245 210 1,929 424 265 518 359 804 7,701 1,652 Time deposits: July 3 4,385 310 972 277 462 139 135 563 122 156 123 957 414 July 10 4,390 310 974 281 468 139 134 563 123 157 123 955 414 July 17 4,380 310 968 281 467 139 134 663 169 120 156 123 950 664 414 July 24 4,394 310 974 284 468 138 134 563 169 123 157 123 951 571 414 July 31 4,398 313 976 281 470 138 133 563 169 123 157 122 574 414 Government deposits: July3 372 25 212 22 16 11 16 8 8 15 201 11 July 10 337 22 192 20 14 10 14 7 7 14 30 182 10 July 17 511 31 264 34 25 15 14 11 19 50 245 29 July 24 511 31 263 34 25 16 14 11 19 50 244 29 July 31 513 32 35 25 15 14 11 19 50 244 29 Due from banks: July 3 ,886 117 204 159 122 98 306 107 117 224 133 210 112 215 July 10 ,873 115 195 152 123 102 309 113 104 230 134 203 109 209 Due J J J u u t u o l l l y y y b a 3 2 1 n 1 4 7 k s: ___ 1 i 1 , , , 8 8 8 1 1 6 6 4 0 1 1 1 0 0 1 4 7 2 1 1 1 8 7 7 1 8 4 1 1 1 5 4 4 3 5 8 1 1 1 2 2 2 3 9 7 102 3 3 3 1 0 0 5 5 3 1 9 0 7 0 9 8 9 9 9 0 2 2 2 4 4 4 4 4 4 1 1 1 4 3 4 3 8 2 2 1 1 9 1 8 1 4 5 9 9 9 5 6 6 2 2 20 1 0 6 3 5 July 3 1,564 229 2,043 271 205 116 103 191 123 295 132 217 1,970 621 July 10 i,531 231 2,020 259 200 113 104 637 191 123 298 136 219 1,951 520 July 17 4,444 219 1,981 259 199 111 102 631 188 106 298 135 215 1,913 515 Borr J J o u u w l l y y in 2 3 g 4 1 s from Federal 4 4 , ,3 5 8 0 7 3 2 2 2 0 2 7 2 1 , ,9 1 6 0 0 6 2 2 6 5 1 5 1 1 9 9 8 7 1 10 0 6 8 1 9 0 8 0 6 6 2 1 4 9 • 1 8 18 6 4 9 8 5 9 2 2 9 9 2 2 1 1 3 4 2 5 2 2 0 0 9 5 2 1, , 8 0 9 4 3 0 5 5 1 1 1 0 Reserve banks: July 3 July 10 July 17 July 24 July 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 549 OTHER BANKING AND FINANCIAL STATISTICS SHIPMENTS AND RECEIPTS OF AMERICAN MATURITY DISTRIBUTION OF BILLS AND CURRENCY TO AND FROM EUROPE SECURITIES HELD BY FEDERAL RESERVE BANES BY SELECTED BANES IN NEW YORK CITY [In thousands of dollars] [Paper currency only. In thousands of dollars] 1934 1935 Total W i d n a i t y 1 h s 5 - d 16 a 3 y 0 t s o 3 d 1 a 6 y 0 to s 6 d 1 a 9 y 0 to s d m t a o 9 o y s 1 6 . s O m v o e s r . 6 Month Ship- Re- Ship- Rements ceipts Net ments ceipts Net Bills discounted: to from receipts to from receipts July 3 8,371 6,401 255 638 871 191 15 Europe Europe Europe Europe July 10 6,841 5,055 92 604 866 210 14 July 17. 6,665 4,796 98 594 971 190 16 July 24 6,109 4,071 55 1,301 479 196 January 0 5,256 5,256 81 3,705 3,624 July 31 6,570 4,386 617 876 468 218 5 February 1 3,740 3,739 173 1,502 1,329 Bills bought in March 0 2,200 2,200 167 2,026 1,859 open market: April 1 2,900 2,899 373 1,465 1,092 July 3 4,687 906 495 960 2,326 May.... 10 3,780 3,770 1,012 1,612 600 July 10. 4,687 667 373 891 2,756 June.-- 8 3,471 3,463 191 1,451 1,260 July 17 4,679 2,356 633 638 1,052 July 63 3,601 3,538 July 24. 4,676 2,502 632 667 975 August 0 5,193 5,193 July 31 4,687 463 566 1,360 2,308 September 23 4,254 4,231 Industrial ad- October 0 2,524 2,524 vances: November. - 199 2,129 1,930 July 3 27,904 1,207 200 227 791 2,658 22,821 December 40 1,539 1,499 July 10 28,175 1,250 125 369 728 2,813 22,890 July 17 28,268 1,288 104 492 1,609 1,763 23,012 Total 345 40,587 40,242 July 24 28,358 1,178 184 469 1,762 1,740 23,025 July 31 28,354 1,259 110 461 1,779 1,707 23,038 U. S. Govern- For description and back figures see BULLETIN for January 1932, ment securipp. 7-9, and for January 1934, p. 51. ties: July 3 2,430,759 46,050 44,853 82,67952,393 324,273 1,,880,511 PAPER CURRENCY OF EACH DENOMINATION J Ju u l l y y 1 1 0 7 2 2, , 4 4 3 3 0 0 , , 2 4 4 1 7 3 4 5 4 1 i ,2 8 5 5 5 3 4 5 3 6 , ; 0 4 2 1 3 9 7 $ 2 7 , > 4 1 8 9 4 0 5 0 1 , 0 9 5 6 ; 3 8 3 3 4 4 1 2 ,4 95 5 i 4 7 1 3 ,8 7 7 1 1 , 2 8 3 7 4 6,214 IN CIRCULATION July 24 2,430,235 43,023 40,614 52,033 109,072 306,859 1,878,634 July 31. 2,430,209 52,407 32,260 52,393 116,312 277,720 1,899,117 [Outside Treasury and Federal Reserve banks. In millions of dollars] BANK DEBITS 1934 1935 Den t o io m n ina- [Debits to individual accounts. Amounts in millions of dollars] June 30 Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 1935 1934 Number ft 396 401 407 410 411 420 419 of cen- 33 32 31 32 32 32 32 ters June May June $5 724 740 755 764 749 760 760 $10... " 1,231 1,240 1,275 1,285 1,266 1,290 1,296 $ $ $ $ $ $ $ fa t o t i 2 ^ 5 1 5 1 5 n i 1 o 0 ° , , 0 0 0 a u 0 0 n 0 . ' , 0 E 0 0 n 0 s T 0 - F . 0 0 0 k — . a o e 0 . n m . t d . . f o a e i o g w l r u . u a . n ' n r l e t d R s in 4 e 1 e g n , , s 9 2 3 5 2 1 o e 5 9 t 7 2 4 1 m o r 2 6 7 3 9 5 2 7 v i n i $ e n c 4 a b , l 0 u t 4 1 a 0 i d , , n o 0 9 2 2 3 5 1 e k nt 5 9 1 3 7 1 0 , s s 3 5 7 3 4 6 1 0 1 i , n 0 r u e - a $ n p d 1 a o 5 1 4 d s , r , , 0 3 s i t 3 2 5 1 0 t e 3 1 o 1 4 7 1 0 i d 8 9 4 6 r 7 0 o 5 2 0 t n , e b 0 d 0 y t 0 o 5 1 c t , , h c , u 0 3 a 3 2 5 1 u e r 0 5 n 4 2 7 1 r r 6 8 9 7 d T 1 1 8 3 e re n r a n e c l c y a so y 5 1 s h , , u 3 0 $ o 3 6 2 1 e r 0 1 3 S 4 3 u 1 y l , d 5 8 0 6 0 0 6 0 t 0 s a 0 i b s 0 d y , e 0 d 5 1 0 t e t , , h 0 3 0 s h 3 5 2 1 e 0 t 9 e 4 8 2 1 o r s 6 9 9 8 3 8 5 5 o f e T y c r i e u n e d r a s r . t s 5 1 e i u , , t n 1 3 3 5 2 u 1 r c 1 0 y 4 9 2 1 - y 9 9 8 6 9 8 5 6 F O e u d t e s A B N S D S P C R M K C i r a t h d o l h i a a t e a . i e n c l e i l w s l i n n a l v L c h l t n a s R a N n F o a e m o a d s Y e g n t l r e u s e a a a e a o o s o w i n p l n e n C s r p d o c r k d h i v Y l i t s i i e y s a o c o d rk is * t C ri i c t t y s l • : 14 1 0 1 1 1 4 1 5 5 1 1 2 6 , , , , , , , , 5 5 9 6 6 3 2 1 5 8 6 5 9 4 8 5 1 6 4 5 9 1 6 8 6 2 1 7 6 4 7 8 6 2 6 6 3 5 6 6 8 0 . 1 1 1 1 1 4 1 2 5 4 5 , , , , , , , , 4 6 0 5 6 5 2 2 6 7 8 5 8 4 7 3 4 9 5 5 0 8 0 2 5 7 8 4 3 0 2 5 1 1 1 1 2 7 1 9 8 1 1 1 1 1 3 1 1 2 5 4 6 , , , , , , , , 5 5 5 7 3 0 0 5 6 5 8 4 7 7 6 1 0 5 8 0 0 4 1 3 8 7 6 2 9 4 8 8 9 1 5 0 2 4 2 6 3 9 TotaL 141 31,581 30,206 30,142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN AUGUST 1936 BANES SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY-JULY 1935 [Preliminary figures] Nonlicensed banks placed in liquidation Licensed banks suspended » or receivership * Number of banks D s e a p n o d s s it s o f * d ( o in ll a t r h s o ) u- Number of banks D s e a p n o d s s i t o s f » d (i o n l la t r h s o ) u- Year 1934 Jan 1 . 9 - 3 J 5 uly Year 1934 Jan 1 . 9 - 3 J 5 uly Year 1934 Jan 1 . 9 - 3 J 5 u * ly Year 1934 Jan 1 . 9 - 3 J 5 uly National banks — —. .— ._..-._.. 1 3 40 776 393 4 390,218 6,499 State bank members *23 <5 < 39,492 *6t284 N O o th n e m r e n m on b m er e m in b su e r r e b d a b n a k n s ks 4 8 8 1 5 3 34 1, , 9 9 1 3 2 5 2,8 5 5 5 2 7 506 38 195,211 13,075 Total 67 21 36,937 4,185 927 47 624,921 25,858 * In the corresponding column of the BULLETIN for July (p. 480) the figures of State bank members and nonmembers should have been shown as 5 and 37, respectively. i Includes banks placed on a restricted basis. * Tncludes nonlicensed banks absorbed or succeeded by other banks. * Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. * Includes 14 banks with deposits of $12,504,000 in 1934 and 4 banks with deposits of $5,066,000 during January-July 1935, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. RATES ON INDUSTRIAL ADVANCES IApproved by the Federal Reserve Board, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent per annum except as other wise specified. In effect on Aug. 1,19351 San Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Advances direct to industrial or commercial organizations. ... . > 3^-6 4-6 4-6 4M-6 6 6 6-6 BH 6 4-6 5-6 5-6 Advances to financing institutions: On portion for which institution is obligated.. . 3 3 13 4^6 5 13 4^-5 4 4 3-1 On remaining portion 4-5 0) 4-6 5 6-6 4K-5 4 5-6 4-5 Commitments to make advances 1-2 1-2 1-2 H 1-2 1 i Authorized rate 1 percent above prevailing discount rate. * Same as to borrower but not less than 4 percent. ' Flat charge. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In millions of dollarsl General and special funds Trust ac- Period Receipts General» Expendit R ur e e c s o * very and relief« E c o x e f i c p r e e t s s - s c e e o o x t f u c c e . r n , e s * t - s s, In c c re re a p a s e e s r e i d o o u d r ring In- Miscel- (+)or < ce + i f p o ts r Total c ta o x m es e r i l n e a v t n e e e r n o n u u a e s l ot A he H r i Total e I p d n s u t e t b e b o l r t i n - c o A th l e l r Total Relief P w u o b r l k i s c ot A he ll r* p t e u e n r x e d - ) s i- p t e u e n r x e d - s i- b G a f e l u n a n n e d r c a e l G de ro b s t s () 1 19 9 3 3 3 4 — — J A M M D N A S F O J u e e J u p e o u c a a n a p b l c r t v g y r e y n o i t r e c e u l e u u b m h m s m a a e t b r r r b b y e y e e r . r r „ 3 2 2 2 4 3 3 2 1 2 1 1 9 3 0 2 0 3 8 2 1 5 6 8 1 7 6 0 9 2 2 1 1 6 3 8 1 2 1 1 2 8 2 3 1 1 1 3 3 1 1 1 5 8 3 2 5 9 0 3 6 0 3 4 1 1 1 1 1 1 1 1 1 1 1 3 1 9 0 1 2 7 1 2 3 2 1 0 9 3 5 6 8 0 2 3 0 6 3 3 6 5 9 5 4 6 6 7 3 6 2 5 2 3 9 7 4 3 9 0 1 1 7 6 9 3 0 4 2 5 4 0 0 0 1 1 1 1 1 3 4 4 2 2 2 6 1 1 0 5 1 4 6 4 2 6 2 1 4 1 8 7 2 2 2 1 1 1 1 1 1 1 1 1 1 0 8 4 2 2 5 7 4 9 4 1 8 4 9 4 6 1 6 3 5 0 1 4 2 8 2 3 4 4 4 1 3 4 1 8 7 6 0 9 2 5 3 5 7 0 4 1 5 3 8 4 3 0 9 0 0 4 7 3 2 2 2 1 1 1 9 6 4 6 6 7 2 4 4 6 5 2 3 3 4 8 1 0 1 3 9 0 1 2 1 8 5 2 3 2 2 1 5 5 6 7 1 5 9 8 7 4 3 9 3 6 8 5 9 • 2 4 1 1 1 1 1 • 0 3 4 6 7 1 3 7 2 5 8 6 5 6 1 4 9 0 4 4 7 4 - - - - - - - - - - - 2 3 4 1 4 2 7 1 1 3 3 - 4 5 3 0 8 4 2 9 9 4 0 8 4 8 0 8 5 5 2 2 0 2 5 -1,9 + ± + + + 9 2 3 9 2 4 f + + - + 2 - - 1 5 5 2 8 3 9 1 6 8 1 6 8 1 0 n+ + r + + - 2 1 3 7 3 48 0 9 7 0 1 5 NOTB.-For months beginning July 1934, totals for the fiscal years 1933-35 and footnotes, see table on page 617. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 551 AUGUST 1035 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926* 100] Other commodities All Farm Year, month, and week com- prod- Foods m t o ie d s i- ucts 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 a i 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 a m g n s i d - l f n H u g r o n g u l o s s o e h d - - s l M an is e c o e u l s - 1029 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 62.0 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 9Z1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 76.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 80.2 75.9 81.5 69.7 1934-June 74.6 63.3 78.2 87.1 72.7 72.8 87.7 87.8 76.6 82.0 70.2 July. 74.8 64.5 70.6 78.4 86.3 71.6 73.9 86.8 87.0 75.4 81.6 69.9 August 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 September 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 October 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 November 76.5 70.8 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70.6 December 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 1936—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 81.0 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69.2 April 80.1 80.4 84.5 77.2 86.3 69.2 72.8 85.9 84.6 81.0 80.7 68.7 May 80.2 80.6 84.1 77.6 88.3 69.4 73.1 86.6 84.8 81.2 80.6 68.7 June 79.8 78.3 82.8 78.0 88.9 70.1 74.2 86.9 85.3 80.7 80.5 68.4 Week ending— 1935-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 May 4. 80.1 81.1 84.9 77.5 88.0 68.7 74.4 85.2 84.9 80.8 82.0 68.9 May 11_ 79.9 80.8 84.1 77.5 88.1 68.7 74.4 85.2 84.7 80.7 82.0 68.9 May 18 80.0 80.9 83.8 77.6 83.4 68.8 74.2 85.3 84.8 80.8 82.0 May 25. 80.3 81.5 84.3 77.8 89.6 69.4 74-1 85.6 84.9 81.0 82.0 June 1 80.2 80.7 84.4 77.8 89.9 69.3 74.4 85.6 84.9 80.8 82.0 JuneS 79.9 79.9 83.7 77.8 89.1 69.3 74.7 85.6 85.1 80.7 81.8 68.9 J J J J J J J u u u u u u u n l l l n n l y y y y e e e 6 2 2 1 2 2 1 0 7 3 9 2 5_. 7 7 7 7 7 7 7 9 9 9 9 9 8 9 . . . . . . . 8 2 2 3 9 1 1 7 7 7 7 7 7 7 9 7 7 7 8 7 8 . . . . . . . 1 9 2 0 7 1 0 8 8 8 8 8 8 8 3 1 1 2 2 2 2 . . . . . . . 4 6 9 0 5 0 2 7 7 7 7 7 7 7 7 7 7 7 7 7 8 . . . . . . . 9 9 9 8 9 9 0 8 8 8 8 8 8 9 9 9 9 9 9 9 0 . . . . . . . 4 3 6 8 8 8 1 6 6 6 6 6 6 6 9 9 9 9 9 9 9 . . . . . . . 1 7 7 0 7 8 9 7 7 7 7 7 7 7 4 4 4 4 5 5 5 . . . . . . . 9 7 8 9 2 3 3 8 8 8 8 8 8 8 5 5 6 5 5 5 5 . . . . . . . 9 9 7 1 7 7 7 8 8 8 8 8 8 8 5 4 5 4 5 4 5 . . . . . . . 3 9 1 8 0 9 1 8 8 7 7 7 7 7 0 0 9 9 9 9 8 . . . . . . . 4 0 5 5 5 4 5 8 8 8 8 8 8 8 1 1 1 1 1 1 1 . . . . . . . 7 7 8 8 8 8 9 6 6 6 6 6 6 6 8 8 7 8 8 7 7 . . . . . . . 4 4 0 6 0 8 5 1934 1935 1934 1935 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June F F O A O RM L D O G S i t r v : h a P e i e R n s r O t s o f D a c U r k m C a T n p S d : ro p d o u u c l ts try _„ 7 4 6 2 0 8 . . . 4 4 3 8 8 7 2 5 2 . . . 8 8 1 8 8 7 7 5 4 . . . 9 9 5 8 8 7 7 3 5 . . . 6 2 0 8 7 7 4 4 6 . . . 8 9 3 MET A M N I A r o g o L o n n r S t i f o c a e A r u r n N r l v d t o D e u u s h r s t M i a e c l e m E l l e i T m s e A t p a L l l e s P m R .* e O .. . n D . t . s U . C .. T .. S: 9 8 9 6 5 8 1 8 . . . . 0 6 1 5 9 8 9 6 3 3 6 7 . . . . 6 6 0 1 8 9 6 3 6 8 . . . 6 0 2 8 9 6 9 4 6 9 3 . . . . 4 6 6 2 9 9 8 6 4 3 7 9 . . . . 6 7 1 1 HIDE H M O B B F C S r e o u i t e u d h r o t A a e i e e t t t t a e N r s s s s l r D a a , a f p n n o c n r L d d h o o d E e d d s s v A e u s k h s e T c _ i e g o n H t _ , s e e s ! E a t s ! a n R I , b d . ! l . ! P e m ! R s I O i I l ! k D I U I! C I T " S " : 8 9 7 6 7 6 7 8 9 3 2 0 2 0 . . . . . . . 4 2 0 1 2 8 1 9 9 9 8 6 7 6 2 1 7 2 3 6 3 . . . . . . . 1 6 2 9 4 6 2 9 9 8 9 6 7 7 3 7 4 4 6 7 1 . . . . . . . 3 2 9 3 2 3 2 7 9 6 0 7 9 7 7 2 7 7 7 6 6 . . . . . . . 7 7 3 0 2 3 1 7 9 9 7 7 6 9 7 7 0 8 4 8 4 . . . . . . . 2 3 6 7 5 0 5 BUIL S L C P B P O D t a l u r e t r I u i h i m N u m c n m e G k c t b r e t b e m u a n b M i r r n n u t a A a . g d i t l . l T e . d t a s r E i i t i l n R n e a e d g e l I s l A h m L e a a S: t t e in r g ials - 9 9 9 9 8 8 7 1 4 2 3 6 0 5 . . . . . . . 1 5 9 3 3 0 1 9 9 9 7 7 6 9 4 0 9 2 9 7 0 . . . . . . . 4 4 2 9 0 2 1 9 8 9 7 7 6 8 2 9 4 7 9 9 9 . . . . . . . 7 9 1 0 9 2 4 8 9 9 S 7 7 6 O 4 0 2 9 9 7 . . . . . . . 9 3 0 9 8 1 8 S 9 8 7 9 6 9 4 1 9 2 9 6 0 . . . . . . . 9 6 8 2 2 0 0 TEX L C O C TI e o l t L o h a t E t t t e o h h r i P n e n l R r e g g O a o t D h o U e d C r s T p . S r " o : I d " u I cts 8 7 8 8 6 2 5 6 . . . . 8 6 3 0 8 7 8 7 4 2 8 4 . . . . 6 4 5 2 8 8 7 7 4 1 8 4 . . . . 6 8 5 9 8 7 8 7 4 2 9 8 . . . . 4 6 7 5 8 8 S 8 O 4 0 2 . . . . 4 5 5 7 CHEM D F M C e I h r i C r u e x t A g m i e l s L d i i S z c a f e a e n A r l r d s t N m i P l D i a h z t . D e a e r r R r s m i U a a l G s c S . e : uticals 7 7 6 7 8 7 3 3 . . . . 6 9 1 4 8 6 7 7 8 6 3 2 . . . . 3 1 0 8 8 7 6 7 3 7 6 2 . . . . 8 2 0 9 8 7 6 7 7 4 3 5 . . . . 5 1 2 9 8 7 0 7 6 4 5 4 . . . . 3 7 3 5 K S W i n l o k i o t a l e g n n o d o a r d n a s d y . o . w n orsted I g . oods "II 8 6 2 0 2 5 . . . 8 8 0 6 2 7 7 2 3 . . . 3 5 1 2 6 7 7 1 3 . . . 6 6 1 2 6 7 7 0 3 . . . 4 6 5 5 2 75 7 9 . . . 6 2 5 HOU F F SE u u F r r n U n i R i s t N h u i I r n S e H g . s I . N -- G . .' G . OODS: 8 7 5 9 . . 1 0 8 7 4 7 . . 1 3 8 7 4 7 . . 2 1 8 7 4 7 . . 1 1 8 7 3 7 . . 9 1 * tf T U T E A B C E G P » e i ol i a l n O . e t te sk u t r t c h c A h o e m t e t N r l r r a e i t D l n c u e i x i o mt t L t V u e i I l s G pT e r H P c Io T I o r dI o I u a N I d cI l G u t ™ Is c I! M t I, s ! I A ! I ! I T ! I E " I R " I I I ! A I ! I L !! S: 9 7 9 5 7 8 9 7 4 0 5 6 5 0 . . . . . . . 5 8 6 0 9 0 6 8 9 8 8 6 8 4 8 6 8 1 8 9 7 . . . . . . . 6 3 3 8 8 7 1 6 9 7 8 8 8 5 5 7 7 8 8 5 1 . . . . . . . 4 5 8 0 0 7 5 9 9 6 8 8 7 5 5 2 8 8 8 3 2 . . . . . . . 7 0 7 2 7 0 2 6 9 8 7 5 3 6 8 4 3 . . . . . 9 1 7 0 2 MISC A P C R O E a a u u t L p h t t b L o t e e b l A r r e e t N i m a r f r E , e n e i e O s s c d d c U r a p e u S n l u d : l d e l a p n tu eo b u e s s 8 4 8 8 2 4 6 3 3 7 . . . . . f 9 5 7 1 i 1 4 8 8 2 0 6 0 0 3 2 . . . . . 6 6 2 1 5 1 4 8 2 7 0 6 0 3 9 4 . . . . . 3 4 7 9 0 1 4 8 2 7 0 5 0 4 9 7 . . . . . 0 0 9 4 0 4 9 7 2 S 5 2 9 6 0 . . . . . 0 2 7 0 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN AUGUST 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; adjusted for seasonal variation. 1923-25 average^ 100] 1034 1935 Industry June July Aug. Sept. Oct. Nov. Dec. Jan* Feb. Mar. Apr. May June Manufacture*—Total 83 74 72 '74 85 90 88 86 IfiON AND STEEL '86 '48 '39 '49 '65 '80 '80 '72 '67 66 66 Pig iron 66 42 36 31 32 34 49 67 55 53 56 £3 Bteel Ingots 48 '51 '68 '83 '73 67 67 TEXTILES 77 78 87 97 103 100 98 102 100 Cotton consumption 74 79 94 90 92 98 95 90 84 85 82 Wool 63 61 59 69 85 102 97 95 110 124 122 Consumption 61 62 60 63 82 97 116 97 102 131 153 148 Machinery activity» 63 67 65 61 92 110 116 99 92 99 107 Carpet and rug loom activity» 62 44 47 46 41 52 65 71 80 80 71 Silk deliveries 109 101 96 135 111 140 119 122 135 117 111 116 FOOD PRODUCTS - 96 102 106 120 107 102 102 91 81 77 80 78 74 Slaughtering and meat packing 103 120 128 142 119 110 107 83 70 73 77 74 67 Hogs 87 92 79 89 95 90 79 54 56 51 53 54 44 Cattle 123 155 192 216 144 138 146 120 101 98 96 94 92 Calves - 139 198 244 225 145 121 130 132 109 112 113 103 106 Sheep 128 134 145 162 223 143 139 133 131 151 157 161 151 Wheat flour 90 81 79 85 83 84 87 86 90 83 88 91 Sugar meltings 80 64 94 101 102 108 130 86 75 80 75 PAPER AND PRINTING: Newsprint production 64 65 66 61 61 59 59 64 63 Newsprint consumption 118 116 117 121 116 115 118 121 122 123 119 121 124 TRANSPORTATION EQUIPMENT: Automobiles 81 78 61 51 88 104 103 106 110 36 100 Locomotives 2 3 5 7 9 8 8 8 9 14 10 Shipbuilding 38 28 95 133 13 27 91 56 LEATHER AND PRODUCTS 101 99 97 83 104 107 108 108 113 '113 Tanning 87 86 83 80 93 96 97 96 97 100 Cattle hide leathers 85 81 82 79 92 93 93 91 03 98 Calf and kip leathers 82 74 67 67 96 97 91 90 88 87 Goat and kid leathers 99 114 101 97 90 105 112 112 120 119 Boots and shoes 110 103 106 94 112 114 116 117 123 rl2l 106 CEUENT AND GLASS: Cement 48 45 42 45 47 51 55 58 Glass, plate 77 140 174 166 183 185 155 162 NONFERR0U3 METALS! > Tin deliveries * 64 65 58 67 78 73 81 97 84 73 FUELS, MANUTACTURED: Petroleum refining 154 156 157 152 153 155 154 151 155 153 153 160 166 K G e a r s o o s li e n n e e * 1 9 9 4 5 2 9 0 2 1 2 9 0 1 2 1 8 9 5 3 1 0 9 2 6 1 9 9 1 9 1 8 9 9 4 191 1 1 9 0 6 5 1 1 9 0 1 8 1 9 9 1 4 2 9 0 4 4 2 9 1 9 4 Fuel oil i 103 100 103 102 93 101 103 102 101 96 104 105 Cok L e, u b b y ri p c r a o t d in u g c t oil * 1 9 0 5 0 0 7 2 8 9 7 0 4 9 7 1 3 9 7 0 3 8 7 9 3 9 7 8 6 91 9 9 4 5 9 9 4 0 1 8 0 7 0 100 9 8 7 7 RUBBER TIRES AND TUBES 84 83 79 79 82 107 133 115 101 83 75 Tires, pneumatic 87 85 82 82 85 110 139 119 104 91 78 Inner tubes 62 68 56 61 60 80 91 82 76 68 56 TOBA C C C i i g g C a a O r r s e P t R te O s DUCTS 1 1 6 8 3 5 3 2 1 1 6 2 7 3 3 7 1 1 6 2 7 6 6 2 1 1 6 7 2 6 1 5 1 1 6 6 2 6 1 0 1 1 6 6 2 9 8 5 1 1 7 9 4 6 6 3 1 1 7 3 3 2 6 6 1 1 6 3 3 9 3 3 1 1 6 3 8 7 0 0 1 1 6 9 3 7 3 8 1 1 6 8 3 6 6 4 1 1 6 9 3 7 3 8 MinenU#-TotaL 87 85 80 82 81 81 80 94 96 97 87 S Z L I A P B i i r n e e i l o n t t a t v n c h r d e u r o r o m a l r i c e e n i u o t m u e , s c c r o u a d l e „__ Ill" 1 4 5 5 5 3 5 4 8 6 0 1 5 4 6 6 5 5 2 3 0 4 3 2 7 8 1 4 6 5 4 6 2 4 1 0 7 0 4 1 6 6 4 6 5 3 2 4 2 4 1 5 6 2 1 3 5 3 6 5 7 2 5 6 9 5 3 6 2 1 6 6 7 5 3 1 2 5 4 7 5 5 4 1 1 7 7 2 2 2 4 1 7 7 3 6 4 1 1 8 6 3 1 7 2 1 8 5 3 7 4 2 1 6 6 3 0 9 0 1 7 5 7 3 1 3 3 1 1 9 7 4 5 7 5 3 7 9 7 3 9 5 3 i Without seasonal adjustment. 'Includes also lead and zinc; see "Minerals." P Preliminnaarryy.. ' Revised. NOTE.—For description see BULLETTIINNSS ffoorr FFeebbrruuaarryy aanndd MMaarrcchh 11992277 FFoorr llaatteesstt rreevviissiinngg <<JJAAAA TTITITTTTTTTTTEETTTTN** fnr March 1932 pp. 104-106, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 553 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board; without seasonal adjustment. 1923-25 average"* 100] 1934 1935 Industry June I July I Aug. | Sept. | Oct. | Nov. | Dec. Jan. I Feb. I Mar. I Apr. I May I June Manufactures—Total... '84 71 71 70 73 76 87 91 91 87 IRON AND STEEL.. 44 38 37 40 '57 '77 '84 74 72 66 P St i e g e I l r o in n g ots... , '88 '4 4 5 0 3 3 5 8 3 3 0 8 4 3 1 1 •- 3 5 4 9 ' 4 8 9 0 '8 6 7 8 '7 6 6 6 5 7 7 3 5 6 3 7 TEXTILES - 73 73 76 63 92 92 108 105 100 100 101 95 Cotton consumption 71 72 77 62 97 84 102 101 94 90 88 79 Wool 60 57 57 39 62 86 104 101 96 108 117 114 Consumption 55 55 56 38 69 98 119 105 104 127 141 133 Machinery activity 68 67 65 40 61 92 110 116 99 92 99 107 Carpet and rug loom activity 62 44 47 41 46 32 41 52 65 71 80 80 71 Silk deliveries 97 96 100 104 135 115 125 136 130 130 116 110 103 FOOD PRODUCTS. 100 100 122 110 108 103 90 79 75 76 78 73 Slai 102 113 115 138 120 123 123 94 75 69 69 72 06 Hogs.. 89 82 60 67 81 99 104 72 62 51 52 52 45 Cattle 116 154 188 240 163 159 153 121 89 86 85 91 86 Calves 144 192 224 216 152 124 124 123 101 114 123 122 110 Sheep 126 134 146 188 251 142 136 134 123 137 148 158 147 Wheat flour 80 78 85 100 93 90 83 84 87 78 80 Sugar meltings 95 84 72 100 96 61 86 84 99 PAPER AND PRINTING: Newsprint production 61 61 64 62 GO 62 61 C5 64 Newsprint consumption 117 103 104 118 123 123 121 116 121 128 127 124 123 TRANSPORTATION EQUIPMENT: Automobiles— 92 82 67 111 130 141 103 114 Locomotives 2 3 5 7 7 8 8 8 13 10 Shipbuilding 47 41 140 133 19 48 88 71 LEATHER AND PRODUCTS 97 98 107 102 99 110 111 111 '104 M00 Tanning 86 86 85 85 87 92 100 94 96 95 Cattle hide leathers"!! 83 79 80 82 94 100 92 93 94 Calf and kip leathers—. 79 86 81 77 80 84 80 79 83 ^ Goat and kid leathers— 99 105 99 102 100 116 115 119 110 Boots and shoes 104 106 122 112 103 117 122 121 '110 101 CEMENT AND GLASS: Cement 35 25 27 34 60 65 71 Glass, plate....llY.ll ' 105 155 179 199 205 169 165 NONFEEROUS METALS: * Tin deliveries 64 65 67 80 78 73 81 97 84 73 FUELS, MANUFACTURED: Petroleum refining 154 156 157 152 154 156 155 151 166 153 153 160 166 Gasoline "" 195 201 202 193 196 199 194 191 196 191 194 204 214 87 86 87 87 97 99 96 101 107 105 90 90 92 Fuel oil " 103 100 103 102 93 101 103 99 102 101 96 104 105 Lubricating oil._._, 95 92 90 91 90 89 98 91 94 94 100 100 97 Coke, byproduct 98 75 72 71 73 74 77 89 92 87 89 85 RUBBER TIRES AND TUBE: 102 81 78 76 73 92 106 110 102 103 96 I T n i n re e s r , t p u n b e e u s matic ~ 10 7 5 4 8 6 3 5 8 6 1 2 7 6 8 1 5 7 4 5 83 9 6 6 6 1 7 1 5 0 1 8 1 0 4 10 7 5 4 1 7 0 5 7 99 TOBACCO PRODUCTS 144 139 135 139 129 128 115 128 121 124 127 136 150 C C i i g g a a r r s e ttes.... J ' 20 7 2 0 1 6 9 7 4 1 6 8 9 6 1 7 8 6 8 16 8 9 1 1 8 6 2 6 16 5 1 7 1 5 8 5 2 16 6 6 0 1 6 7 1 1 1 6 7 3 5 1 6 S 8 8 21 7 2 3 Minerals—Total 87 84 87 87 84 85 91 92 90 79 97 S A £Z L B P i i e e i n l n° t a t t u r c d h o m n r l a e i c n u o i o m te u r , s c e c r o u " a d l e ;; 1 1 4 0 5 6 3 5 6 4 6 5 7 2 3 0 1 1 5 3 3 5 5 5 0 3 4 1 8 2 1 5 1 4 3 5 9 5 2 3 9 0 5 6 6 1 8 3 6 5 5 2 5 4 2 8 2 5 1 7 6 6 7 5 2 1 8 0 3 8 3 1 3 7 6 7 6 2 1 3 3 5 7 7 0 1 1 7 7 2 6 1 0 1 8 8 2 2 2 6 1 8 2 7 5 9 2 1 8 4 3 7 5 0 1 5 7 3 1 2 0 1 7 S 7 5 3 6 1 O 3 0 2 2 1 1 7 S 7 4 3 0 5 1 5 6 6 6 5 G 1 Includes also lead and zinc; see " Minerals." p Preliminary. t Revised. ical 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

554 FEDERAL RESERVE BULLETIN AUGUST U35 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjust- Adjusted for seasonal Without seasonal adjustment variation ment Industry and group 1935 1934 1935 1934 1935 1934 June May June June May June June May June Total. 79.7 '81.1 '81.1 80.0 '81.2 '81.5 66.5 68.5 '64.9 IRON AND STEEL AND PRODUCTS 71.7 '72.4 76.4 71.6 '71.6 76.3 55.5 '58.5 Blast furnaces and steel works *. 72.4 '73.6 79.1 72.6 '72.5 79.3 66.4 '61.1 68.9 Cast-iron pipe — 50.8 49.1 53.6 49.6 48.1 52.3 28.9 27.4 28.9 Cutlery and edge tools - 77.4 78.3 79.7 78.6 77.9 80.9 59.2 59.6 56.5 Hardware 61.4 53.2 73.0 51.0 52.8 72.4 42.9 42.3 52.6 Steam, hot-water heating apparatus, etc • 51.5 51.4 49.2 51.1 51.1 48.9 34.5 34.5 31.8 Stoves 98.4 99.1 94.2 97.9 97.2 93.7 73.4 74.2 66.2 Structural metal work , 56.0 '56.0 69.7 55.7 '56.3 59.4 40.6 '40.9 42.7 Tin cans, etc.- 95.6 90.4 96.7 92.4 89.5 93.4 93.5 87.0 94.1 WIrework 122.2 127.4 131.4 122.6 127.8 131.8 109.1 115.9 119.3 MACHINERY 84.2 84.5 80.8 84.4 84.9 81.2 66.9 67.8 61.6 Agricultural implements 110.6 97.0 73.3 111.4 94.1 73.8 127.5 110.5 76.1 Electrical machinery, etc 69.6 70.7 66.2 69.6 70.7 66.2 56.1 58.2 51.8 Engines, turbines, etc.- 102.8 101.4 72.6 101.7 99.9 71.8 74.6 74.2 49.6 Foundry and machine-shop products.. 72.8 73.8 73.1 72.0 72.7 7Z3 66.2 57.9 55.5 Machine tools. 85.1 83.0 70.9 84.4 81.8 70.3 71.7 70.1 57.0 Radios and i 165.5 168.0 206.0 182.7 200.0 227.4 100.9 101.5 117.4 Textile machinery.. 64.0 63.6 73.2 64.4 62.6 73.6 62.2 51.6 59.6 TRANSPORTATION EQUIPMENT 95.3 102.7 '95.6 90.3 94.0 '90.6 83.7 94.2 '78.5 Automobiles 10S.8 116.4 106.8 103.0 105.9 101.1 94.4 105.1 85.8 Cars, electric and steam railroad.. 47.8 60.3 '57.8 44.0 54.9 '53.2 46.2 65.8 '56.7 Locomotives 28.4 30.1 32.5 27.2 29.4 31.1 12.6 13.8 14.6 Shipbuilding 72.4 '76.4 76.6 71.5 '74.1 75.7 61.8 '65.7 60.2 BAILROAD REPAIR SHOPS... 53.8 53.6 59.8 53.4 53.3 69.4 61.0 52.5 63.8 Electric railroads 65.6 65.7 66.7 65.6 65.7 66.7 59.0 60.2 59.6 Steam railroads 52.9 52.7 59.3 52.4 52.3 58.8 50.5 52.0 53.6 NONFERROUS METALS AND PRODUCTS., 79.7 80.4 75.9 80.7 80.8 76.8 62.8 63.3 57.9 L S B S m i i r l g a v e h s e l s t r t i , i w n n b g a g r r o e e a n q n a z u d n e i , d p r e a m p f n i l e d n a n i t n c t e g o d p w p a e r r e .. - 8 6 7 7 1 9 3 8 . . . . 8 4 2 9 8 7 6 7 0 9 3 9 . . . . 8 5 9 2 6 6 7 6 1 7 8 9 . . . . 4 9 2 3 8 7 7 7 2 9 4 0 . . . . 6 4 6 3 8 8 7 7 0 0 0 4 . . . . 1 4 4 3 7 6 6 7 2 8 8 0 . . . . 9 7 4 1 6 6 6 5 0 0 3 7 . . . . 0 2 3 1 6 6 5 6 1 7 8 1 . . . . 5 0 2 1 4 4 5 4 3 9 8 9 . . . . 4 5 8 8 Stamped and enameled ware 93.0 95.6 93.0 92.9 94.3 92.9 80.1 84.8 ai LUM L F L B u u u E m r m R n b b i A t e e u N r r r , , D e s m P a R i w l O l m w D i o U l r l C s k TS 3 4 4 6 0 2 8 7 . . . . 9 4 9 1 3 4 5 6 4 0 0 7 . . . . 0 7 9 0 3 3 6 5 7 2 5 0 . . . . 9 4 1 0 4 3 4 6 1 0 8 9 . . . . 9 1 6 8 4 3 5 7 0 3 0 1 . . . . 4 2 5 3 4 3 3 6 7 9 4 4 . . . . 4 8 2 7 3 4 3 20 1 6 8 . . . . 9 7 3 5 ' ' 2 3 4 2 0 4 7 9 . . . . 8 1 1 1 4 2 2 1 3 4 . . . 2 2 1 STO P N B C G o E r e l i , t a m c t C s e k e s L r , n y . A t t . i . Y l - e , . , A a N n D d G te L r A ra S S c o PR tt O a DUCTS 9 6 5 3 5 5 6 9 5 2 . . . . . 2 8 9 6 1 9 7 5 2 5 4 5 7 9 L . . . . 5 0 0 6 S 9 6 5 3 5 3 9 4 9 7 . . . . . 6 4 4 1 1 9 2 5 6 5 2 9 6 6 3 . . . . . 9 1 2 7 4 9 5 2 7 5 3 8 3 0 5 . . . . . 0 6 9 1 3 9 5 3 6 5 0 2 4 9 5 . . . . . 5 0 9 4 3 8 4 4 4 1 2 0 6 0 9 . . . . . 0 6 0 1 3 4 3 8 6 1 0 6 1 0 7 . . . . . 3 8 6 3 7 3 4 3 7 1 8 3 9 3 9 . . . . . 8 9 7 4 3 TEX B A T . I . L M S W C C K S W D F E C C h S i a l l y o a n i l e o o o i b l k r e t r a i l A o t t r p t t t i h i r h o l a s i N n n i e e g c i i n n n e g n t n D a n s o s d g r g g n g o y a a P , a , d o d a r n n R n a w m o s p d d c d O y d p o o e o D s w m a r l n n l u U r a f o ' e s g e i C r g r n n s s l s T o ' i . s t , s S o e — h d d i s n g g o od — s. 1 1 1 8 9 9 9 8 8 8 5 8 6 0 0 0 8 5 6 5 9 S 8 5 0 1 3 7 8 . . . . . . . . . . . . . 3 5 7 1 4 3 4 1 3 9 1 3 1 1 1 1 1 9 9 8 6 8 9 0 6 7 0 2 1 1 7 1 5 8 1 3 1 5 9 6 3 0 2 . . . . . . . . . . . . . 6 6 0 3 0 5 5 1 0 9 7 0 0 1 1 1 1 9 8 9 6 8 6 7 1 0 1 0 1 4 4 0 5 9 8 3 4 0 5 . . . . . . . . . . . 6 6 2 9 4 4 9 6 5 6 6 1 1 1 1 9 8 9 9 8 8 5 8 6 0 0 1 1 5 8 8 3 1 0 3 9 6 0 8 2 1 . . . . . . . . . . . . . 2 4 4 4 6 6 9 0 7 9 4 3 3 1 1 1 1 9 9 8 9 9 9 6 7 6 1 0 1 1 2 5 7 1 3 1 3 8 5 8 7 0 1 . . . . . . . . . . . . . 1 6 7 3 0 6 9 1 6 0 0 0 3 1 1 1 1 9 9 9 8 9 7 7 7 6 1 1 0 0 1 2 0 1 5 6 8 0 0 6 0 7 9 . . . . . . . . . . . . . 4 2 8 2 4 6 2 1 1 9 9 4 5 9 9 6 7 7 7 6 7 5 7 6 7 4 4 3 8 0 6 4 5 6 2 6 2 1 1 . . . . . . . . . . . . . 9 5 6 7 7 6 8 8 9 0 2 5 1 1 1 8 6 8 4 7 7 7 7 5 7 7 0 0 9 8 4 6 4 3 0 5 1 4 2 3 2 . . . . . . . . . . . . . 4 6 9 4 2 7 7 5 9 2 5 1 0 1 9 7 4 6 7 5 6 6 5 6 5 6 0 4 1 2 2 4 6 6 6 9 5 9 1 0 . . . . . . . . . . . . . 6 9 1 4 6 6 9 0 6 7 3 1 0 LEA L B TH e o a o E t R t h s e a A r n N . d D s P h R o O es DUCTS.. 9 8 8 2 0 2 . . . 8 1 6 ' ' 8 8 9 5 6 3 . . . 2 7 2 8 9 8 6 1 7 . . . 8 5 7 8 9 8 3 5 6 . . . 9 1 1 ' ' 8 8 9 7 9 4 . . . 9 1 5 9 9 9 0 3 1 . . . 9 8 4 9 6 7 1 4 0 . . . 3 1 6 ' r 6 7 9 6 2 0 . . . 7 3 0 7 7 7 9 0 2 . . . 8 6 9 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1936 FEDERAL RESERVE BULLETIN 555 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 adjust- Adjusted for seasonal Without seasonal adjustment variation ment Industry and group 1935 1934 1935 1934 1935 1934 June May June June May June June May June POOD PRODUCTS 93.0 95.1 105.1 100.1 102.0 107.3 90.3 86.9 91.9 Baking. 114.2 112.7 114.6 113.0 112.7 113.4 99.6 97.3 96.5 Butter 77.3 73.2 83 8 72.6 72.3 • 83.4 60.7 57.4 6S.0 Canning and preserving . 82.8 69.1 90.7 96.3 108.0 105.4 96.4 78.7 84.2 Confectionery... 72.4 74.3 68.9 80.6 82.6 76.7 63.3 63.4 58.0 Flour 73.8 73.5 74.8 75.8 74.8 76.8 62.9 62.3 62.7 Ice cream 84.6 77.7 86.7 73.8 74.2 75.6 68.4 62.2 68.9 Slaughtering and meat packing .._ 81.4 80.6 101.4 81.8 81.6 101.9 74.8 74.0 87.2 Sugar refining, cane * - 83.3 83.6 89.5 83.7 83.1 . 89.9 73.6 75.7 77.3 TOBACCO PRODUCTS 57.9 56.6 62.4 58.2 56.8 62.7 46.8 43.8 47.5 Chewing and smoking tobacco and snuff 66.6 66.3 73.2 68.0 67.9 74.7 67.3 64.5 66.6 Cigars and cigarettes 56.8 55.3 61.0 57.0 55.4 61.2 44.2 4L2 45.1 PAPER AND PRINTING 95.6 96.5 94.7 96.4 97.1 95.5 83.5 84.8 78.9 Boxes, paper 83.1 84.5 83.9 86.3 87.8 87.1 74.5 75.5 73.8 Paper and pulp . . _ 109.2 109.9 106.0 109.2 109.9 106.0 87.5 86.9 78.5 Book and job printing 85.1 86.2 84.8 86.2 87.2 85.9 75.6 78.8 71.0 Printing, newspapers and periodicals 99.0 99.6 98.8 99.3 99.3 99.1 89.4 90.4 87.5 CHEMICALS AND PETROLEUM PRODUCTS 107.3 108.0 104.5 111.3 109.3 108.9 94.6 '94.8 88.1 A. Chemical group, except petroleum.- 106.4 108.0 102.9 111.7 109.5 108.4 93.6 '94.1 86.6 Chemicals.. 108.1 107.1 111.7 110.2 109.0 113.9 98.0 97.8 96.1 Druggists' preparations 95 8 96.8 96.9 100.3 100.4 101.4 93.7 93.9 90.3 Explosives 86.5 87.3 95.7 89.8 90.6 99.4 72.6 74.4 73.5 Fertilizers 79 2 110 1 74.4 115.4 103.7 108.4 69.2 91.7 57.5 Paints and varnishes 112.5 112.6 106.1 108.4 108.6 102.2 94.0 95.1 86.3 Eayon and allied products 325.9 326.9 273.8 325.9 326.9 273.8 240.5 '237.8 200. C Soap euproaucis 99 5 98.2 99.9 101.9 98.9 102.4 95.8 93.8 86. C B. Petroleum refining 111.0 108.3 111.4 110.0 10S.5 110.4 98.2 '96.8 93.1 RUBBER PRODUCTS 79.7 '81.3 85.6 77.6 79.9 83.2 64.8 '66.5 66.5 Rubber boots and shoes 46.5 47.2 46.6 48.9 49.7 49.1 41.5 43.2 41.1 Rubber tires and inner tubes 72.9 ••73.6 81.7 68.4 '70.2 76.7 58.9 '58.7 61.1 r Revised. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics, -por description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of iactory 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

556 FEDERAL RESERVE BULLETIN AUGUST 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.. ._ 178.3 122.9 28.1 32.2 15 9 6 5 13.0 12.2 92.9 46.3 8.8 10.4 19.6 15.4 April 131.2 124.0 22.6 42.2 8.3 6.3 11.9 15.2 69.9 40.5 8.5 8.3 9.8 11.5 May 134.4 126,7 24.8 44.9 8.3 9.8 24.6 13.9 56.8 31.4 10.4 9.0 9.5 17.7 June.. 127.1 148.0 26.6 49.8 8.7 9.5 11.9 15.0 57.4 39.1 9.7 17.7 12.8 16.8 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 6 65 2 9 0 12.7 November... 111.7 19.9 4.6 11.0 52.3 8.6 15.3 December.... „ J.. 92.7 14.6 5.1 8.2 50.1 5.0 9.8 Year 1,543.1 248.8 116.1 150.6 751.2 117.5 158.9 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Liabilities In thousands of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities 1935 1934 Fede d r i a s l tr R ic e t serve 1935 1934 1935 1934 Federal Reserve district June May June June May June June May June A M N P R S C C B h t h i l o t e . i e c l i n i w s a l v c L h t n a n a o e m o d e Y g t l n u a a a e o o o i n p l n s p r d o d k h li i s a ^^ . 2 2 2 1 1 1 4 5 9 3 1 5 7 5 2 , , , , , , , , , 9 0 9 9 1 3 4 0 7 7 4 0 4 6 8 5 1 0 4 6 4 2 8 2 7 2 5 2 2 1 1 1 8 4 5 9 2 6 3 3 0 , , , , , , , , , 2 1 7 5 6 6 0 1 4 1 0 1 5 8 0 5 4 9 4 6 2 7 5 4 7 1 3 ' ' 2 2 ' ' 1 1 1 7 9 0 3 9 4 1 5 8 , , , , , , , , 4 , 0 6 3 1 4 5 0 6 5 0 9 0 7 4 9 2 3 5 1 6 6 8 4 4 7 2 A B N P C R C S M t h o h e l i t . i e c l w i i s n a L v l c h t a n n o a e m o d Y e g t n l u a a e o a o o i n l p n s p d r d o k h l i i . a s .. . . . . . 3 1 4 6 6 3 0 9 2 2 0 3 5 8 2 9 7 9 1 0 3 1 1 4 8 3 2 3 4 1 1 3 8 6 7 9 5 4 0 3 1 5 9 1 4 7 4 3 2 2 3 2 7 9 4 6 0 2 9 1 1 1 1 1 2 , , , , , 3 0 0 5 7 2 2 2 2 6 1 5 1 3 7 5 6 2 4 2 8 0 3 2 2 1 4 6 1 1 1, , , , 4 1 6 9 5 9 3 2 2 7 4 2 9 0 0 1 7 0 5 1 6 0 2 3 9 2 8 7 5 1 , , , 7 8 3 B 9 5 2 4 1 0 0 8 2 2 0 9 4 6 1 Kansas City 7,209 5,772 3,855 Kansas City.. 48 40 216 394 256 Dallas 5,206 7,377 Dallas 21 30 17 320 335 937 San Francisco. 128 134 164 1,240 1,500 289 Total (11 districts) 148,005 126,720 ' 127,055 Total... 961 1,027 1,033. 20,463 15,670 2 2 3 , . 2 8 0 68 8 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1935 FEDERAL RESERVE BULLETIN 557 JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for July 1,1035, as reported by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1934 July 1,1935 1934 July 1,1935 1934 July 1,1935 1934 July 1,1935 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,703 7,565 168 205 163 205 N Ph ew ila d Y e o lp r h k i . a . . . . . 2 4 5 8 , , 1 1 3 0 2 5 2 43 5t , 8 8 2 3 8 7 1 5 3 , , 1 8 7 6 1 6 1 6 6 , , 7 2 2 3 9 0 1 5 3 , , 0 7 3 8 9 1 1 6 6 , , 5 1 7 2 1 3 1 8 3 5 2 1 1 5 0 8 2 Cleveland 128,893 143,489 37,550 46,592 37,479 46,503 71 84 HIchmond 132,408 130,744 22,908 25,898 22,908 25,898 Atlanta 160,725 151,282 3,841 3,602 3,841 3,602 Chicago 482,653 668,964 50,925 64,925 49,293 61,911 1,632 3,014 St. Louis 167,923 237,897 47,237 49,209 47,197 49,130 40 79 Minneapolis... 107,474 196, 150 63,272 246,421 10,044 18,496 53,228 227,925 Kansas City._ 53,194 308,726 144,213 166,428 140,671 152,764 3,542 13,664 Dallas 54,929 121,397 26,141 10,504 26,090 51 106 San Francisco, 7,982 8,722 81,637 94,302 49,209 66,685 32,428 27,617 Total.... 1,377,126 2,044,601 496,929 731,015 405,552 458,091 91,377 272,954 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1934 July 1,1935 1934 July 1,1935 19341 July 1,1935 1934 July 1,1935 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7,015 2,867 3,115 19,096 20,738 65,226 47,129 New York 24,745 28,693 3,812 5,315 447 506 37,212 30,665 Philadelphia.., 15,724 16,179 1,947 2,256 18,255 23,277 31,787 24,040 Cleveland 36,450 57,811 3,365 4,737 94,419 95,155 22,036 20,294 Richmond 15,475 20,831 2,898 3,166 580,183 680,746 32,805 28,463 Atlanta , 10,091 10,960 2,067 2,235 110,635 138,234 15,109 13,251 Chicago 183,381 506,524 9,856 16,846 12,764 16,340 66,027 55,353 St. Louis 18,141 46,523 4,151 5,931 206,861 213,295 9,681 13,219 S M K D a a a i n l n n l s a n F a s e r s a a n p C c o i i l t s i y c s o . .. . . . . . 1 5 3 2 0 3 0 0 9 , , , , 9 7 6 5 7 1 8 1 6 7 2 2 3 1 4 2 3 7 2 4 0 4 , , , , 8 4 2 1 5 7 7 5 5 2 1 6 1 5 4 0 , , , 2 9 3 7 1 9 7 2 4 4 4 4 1 8 9 1 , , ,8 9 8 3 3 9 0 0 3 4 5 5 2,1 8 7 2 2 8 3 1 , ,1 1 6 6 8 7 4 4 1 4 3 2 4 , , , , 0 6 3 8 0 4 6 1 6 5 1 6 5 3 4 4 2 4 4 , . , , 0 0 3 7 2 1 8 5 4 6 2 3 Total 525,889 1,266,243 52,269 74,538 1,045,660 1,192,626 385,421 367,589 * Revised production of tobacco for 1934 is exclusive of 28,500,000 pounds estimated to have been harvested and rendered unmarketable by growers operating under contract with the Agricultural Adjustment Administration. NoTE.-Figures for 1934 are as revised in July 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 1 I0WA CH1CAG OKLA. OklahSmaCily DALLAS® TEXAS > —BOUNDARIES OF FEDERAL RESERVE DISTRICTS —BOUNDARIES OP 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