Federal Reserve Bulletin, 1935-10

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

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman. Ex-officio members: J. J. THOMAS, Vice Chairman. HENRY MORGENTHAU, Jr., CHARLES S. HAMLIN. Secretary of the Treasury. ADOLPH C. MILLER. J. F. T. O'CONNOR, GEORGE R. JAMES. Comptroller of the Currency. M. S. SZYMCZAK- LAWRENCE CLAYTON, Assistant to the Chairman. E. A. GOLDENWEISER, Director, Division of Research ELLIOTT L. THURSTON, Special Assistant to the and Statistics. Chairman. LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics. CHESTER MORRILL, Secretary. J. C. NOELL, Assistant Secretary. WOODLIEP THOMAS, Assistant Director, Division of 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 WINGFIELD, Assistant General Counsel. Operations. LEO H. PAULGER, Chief, Division of Examinations. CARL E. PARRY, Chief, Division of Security Loans. R. F. LEONARD, Assistant Chief, Division of Examina- PHILIP E. BRADLEY, Assistant Chief, Division of Secutions. rity Loans. C. E. CAGLE, Assistant Chief, Division of Examinations. O. E. FOULK, 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 BANKS Federal R o e f s - erve Bank Chai R rm es a e n rv a e n a d g e F n e t deral Governor Deputy governor Cashier Boston F. H. Curtiss R. A. Young W. W. Paddock. W. Willett. New York J. H. Case G. L. Harrison W W . . R S. . L B o u g r a g n ess__. J W , W . B . . J M on a e t s t . e * son.i L. R. Rounds J. M. Rice.* L. F. Sailer Allan Sproul.8 C. H. Coe H. H. Kimball.1 L. W. Knoke.i Philadelphia R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. J. S. Sinclair W. J. Davis.* C. A. Mcllhenny W. G. 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 R. H. Broaddus G. H. Keesee. J. S. Walden, Jr.« Atlanta Oscar Newton H. W. Martin M. W. BeU. H. F. ConnifE W. S. McLarin, Jr.* Chicago E. M. Stevens G. J. Schaller H. P. Preston W. H. Snyder.i C. R. McKay W. C. Bachman.i J. H. Dillard 0. J. Netterstrom.i A. T. Sihler.i E. A. Delaney.i A. L. Olson.* St. Louis... J. S. Wood- W. McC. Martin 0. M. Attebery S. F. Gilmore.* A. H. Haill.* J. G. McConkey F. N. Hall.« G. 0. Hollocher.* 0. C. Phillips.* Minneapolis-.. J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer F. C. Dunlop.» Kansas City--. G. H. Hamilton C. A. Worthington- J. W. Helm. J. W. Helm Dallas C. C. Walsh B. A. McKinney— R. R. Gilbert R. B. Coleman. R. B. Coleman W. 0. Ford.i San Francisco.. J. U. Calkins W. A. Day W. M. Hale. Ira Clerk i Assistant deputy governor. 1 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. Cincinnati branch B. J. Lazar. Denver branch J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch.. J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch __ J. H. Frye. San Antonio branch M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch__ 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent gold movements and banking developments 641 Regulations of the Federal Deposit Insurance Corporation 646 Earnings and expenses of Federal Reserve banks 684 Condition of all banks in the United States on March 4, 1935 690-694 Condition of insured commercial banks June 29, 1935 695 National summary of business conditions 648 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 649-653 Member and nonmember bank credit: All banks in the United States 656 All member banks 654,655, 685, 689 Weekly reporting member banks in leading cities 657, 686 Brokers' loans 657 Acceptances and commercial paper 658 Discount rates and money rates. 659 Security prices, bond yields, and security issues 660 Treasury finance 661 Assets and liabilities of governmental credit agencies 662 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 663 Farm Credit Administration—Loans and discounts outstanding, by institutions 664 Federal Home Loan Bank Board—Loans outstanding, by institutions 664 Obligations fully guaranteed by the United States—Amounts outstanding, by agencies 664 Production, employment, car loadings, and commodity prices . 665 Merchandise exports and imports 666 Department stores—Indexes of sales and stocks 666 Freight-car loadings, by classes 666 Financial statistics for foreign countries: Gold reserves of central banks and governments 667 Gold production 668 Gold movements 668-670 Central banks 671-674 Bank for International Settlements 674 Commercial banks 675 Discount rates of central banks 676 Money rates 676 Foreign exchange rates 677 Price movements: Wholesale prices 678 Retail food prices and cost of living 679 Security prices 679 Law department: Ruling of Board: Purchase by State member bank of "securities" which are not "investment securities" 680 Federal Reserve statistics by districts, etc.: Banking and financial statistics 681-695 Industrial and commercial statistics 696-701 September crop report 702 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 21 OCTOBER 1935 No. 10 REVIEW OF THE MONTH The current movement of gold from Europe On September 30 member bank reserve bal- to the United States began early in September ances with Federal Reserve banks totaled International with sma11 shipments from Lon- $5,254,000,000, and excess re- gold and capital don. On September 17 the movements , serves amounted to $2,630,- firgt gold arrived from France 000,000. Both figures were and on September 23 shipments were received smaller than at the end of August. An in- from the Netherlands. From the middle of crease of $165,000,000 in monetarj^ gold stock September through the first week of October during the month w^as offset in its effect on about $230,000,000 of gold arrived in the United reserve balances by a seasonal growth of about States, of which $90,000,000 was from France, $50,000,000 in currency in circulation, an in- $60,000,000 from England, $55,000,000 from crease of nearly $50,000,000 in the total of the Netherlands, $15,000,000 from India, and Treasury cash and deposits with Reserve the rest from Canada and other countries. banks, and an increase of over $100,000,000 Additional shipments from Europe to the in other deposits at Reserve banks. United States were in progress. Reserve balances of member banks increased This heavy movement of gold does not in the early part of September to a new high reflect an excess of payments due to the United level of $5,388,000,000 on September 11, an States on ordinary transactions with the amount $2,820,000,000 in excess of legal re- world. During 1935 this country's merchanquirements. During the remainder of the dise exports have exceeded its imports by only month the amount of reserve balances showed a small amount. It is estimated that this wide fluctuations, largely as a result of Treas- small excess together with net income from ury transactions and gold imports. In the week foreign investments has been more than balending September 18 a temporary increase in anced by tourist expenditures abroad, immithe Treasury's deposits with the Reserve grants' remittances, and freight payments to banks, consequent upon tax receipts and the foreign vessels. The inflow of gold has been sale of a new issue of Treasury notes was the caused by a heavy movement of capital to this principal factor in a decline of $250,000,000, country, offset in part by purchases of silver in member bank reserve balances. Toward abroad by the United States Treasury. the end of the month these balances again During the crisis in the gold-bloc countries increased, as the Treasury's deposits with last spring, the movement of capital was Reserve banks were disbursed and also as the largely in the form of short-term balances. result of a considerable movement of gold to Speculative funds w^ere being transferred from this country. Under the existing practice, as these co an tries to New York. Part of this under previous custom, gold imports result in movement of funds is reflected in the increase in an equivalent increase of the reserves of mem- balances of foreign banks at member banks in ber banks, since they receive credit in their leading cities, shown on the chart on page 644. reserve accounts when they turn the gold There was also a large return of New York over to the United States Treasury. funds from London, where the discount on for- 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN OCTOBER 1935 ward sterling made the continued holding of determined the course of open-market rates in balances unprofitable. During the summer Paris and Amsterdam. forward quotations on sterling and gold bloc The current movement of gold from France currencies continued to be at a discount, and to the United States, unlike the movement there was little return to Europe of funds that from the Netherlands Bank, which lost $40,had come here in the spring crisis. There was, 000,000 of reserves in the first 2 weeks, has been in fact, a considerable net inflow of short-term replaced by gold received from other quarters, funds, reflecting liquidation of German short- and there has been no advance of the discount term indebtedness to the United States and a rate in France. The offsetting movement of movement of balances to this country from gold to France appears to have come chiefly Latin America and the Far East. In addition from Italy and England, which have sold gold there was a large movement of European funds in France to support their exchanges. In into the New York security market. Pur- addition to such English gold as has reached chases were mostly of American rather than this country by way of France, there were also foreign securities. direct shipments from England. In part these This inward movement of capital from were drawn from the London bullion market, abroad was offset to a considerable extent by where considerable amounts of gold from South purchases of silver abroad by the United States Africa and India were being received; and in Treasury during the summer months. There part they represented gold formerly held in were, however, imports of gold amounting to London on private account. about $60,000,000 during July and August, half The disturbed political conditions in Europe, of which was shipped from the Netherlands dur- which have intensified the movement of capital ing one week when there was a Cabinet crisis. Reserve posi- ^° ^s country in recent weeks, Aside from these Dutch shipments Europe tion of Bank have operated mainly upon lost little gold to the United States during the 0 a y those financial centers in which summer months, but losses in reserves suffered capital transactions are unhampered. The by commercial banks in Paris and Amsterdam continual decline in gold reserves of the Bank during the outward movement of gold in the of Italy is attributable less to capital transspring were not restored and these centers con- actions, which are now subject to Governtinued to carry the indebtedness incurred at ment control, than to the country's adverse their central banks at that time. Early in balance of merchandise trade. This is not a September reserves were still at the lowest level new development. The Bank of Italy has reached since the international crisis in 1931 been losing reserves since April 1928. Aland indebtedness was near the spring peak. though gold reserves increased until the begin- The cost of this indebtedness had been lowered ning of 1934, the increase was more than offset in France, however, by successive reductions by the exhaustion of the bank's reserves in in the rate charged by the Bank of France. foreign exchange. During 1934, with foreign From 6 percent on June 20 the bank had exchange reserves no longer available, the lowered its rate by August 9 to 3 percent. bank parted with substantial amounts of The Netherlands Bank, after reducing its rate gold, and by the end of the year its reserves three times, raised it from 3 to 6 percent dur- were down practically to the legal minimum of ing the crisis in July and thereafter reduced it 40 percent. In December 1934 decrees were to 5 percent. On September 17, in the face of issued by the Government requiring the the renewed gold outflow, the rate was again Italian public to place their foreign balances raised to 6 percent. In view of the substantial and securities at the disposition of the authorivolume of indebtedness to the central banks, ties, and these resources enabled the bank to the course of central bank rates has largely maintain its reserve position intact during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 643 first half of 1935. In June 1935, however, the that the large decrease during the past year decline in gold reserves of the bank was resumed in "other assets" of reporting banks reflected and on July 22 the Government suspended the declines in customers' liabilities for acceptances bank's reserve requirements. In the next 2 executed and in amounts due from foreign months more than $100,000,000 of gold was banks and branches, while the decrease in withdrawn, and the reserve ratio fell to 29 per- "other liabilities" reflected declines in accent. Some figures illustrative of the Italian ceptances executed for customers and in reserve position in recent years are given in the national bank notes outstanding. table below. ASSETS AND LIABILITIES OF REPORTING MEMBER RESERVES OF THE BANK OF ITALY BANKS IN 91 LEADING CITIES In millions of dollars] Amount (in billions of lire) Reserve Change since ratio * (percent) Foreign Sept. 25, Total Gold exchange 1935 June 26, Sept. 26, 1935 1934 1928—Apr. 20- 12.5 4.7 7.8 Total loans and investments 19,126 +458 +1,337 1934—Feb. 28- 7.2 7.1 .1 Reserves with Federal Reserve banks.. 4,066 +191 +1, 077 Dec. 31— 5.9 5.8 .1 Cash in vault -. 312 +10 +49 1935—July 20.. 5.9 5.5 .4 Due from banks in United States 1,931 +89 +426 Sept. 20. 4.8 4.3 .4 Cash items on hand and in process of collection 1,131 +142 +279 1 Ratio of gold and foreign exchange to notes and other sight liabilities Other assets l 1,321 +1 -284 of the bank. Until July 22,1935, the legal minimum was 40 percent. Total assets. 27,887 +891 +2,884 According to weekly reports obtained from T B o o t r a ro l w de in p g o s sits 23,82 2 1 5 +8 + 8 5 2 +3, + 1 1 0 5 4 member banks in 91 leading cities deposits C O a th p e it r a l l i a a b c i c l o it u ie n s t s 2. . . . 3,3 7 1 2 2 9 + -1 1 0 4 -2 -2 0 8 7 at these banks continued to 1 Includes principally banking house and other real estate, customers' in teadhig cities mcrease during the third quar- liability on acceptances, time balances with domestic banks, balances with foreign banks and branches, and miscellaneous assets. ter of the year. On September 2 Includes principally national-bank notes outstanding, acceptances executed, and miscellaneous liabilities. 25 total deposits of reporting banks were $880,000,000 larger than on June 26, 1935, and Changes in various types of deposits at $3,100,000,000 larger than on September 26, reporting banks in leading cities are shown in 1934. Total loans and investments, which the following table and in the had shown little growth since April, increased Pepofi Inks chart. A substantial part of the considerably in September, and on September growth in total deposits has 25 were $460,000,000 larger than on June 26 occurred in balances of domestic banks, which and $1,340,000,000 larger than a year ago. increased by about $300,000,000 in the 3 Most of this increase occurred in holdings of months and by $950,000,000 in the 12 months obligations of the United States Government, ending September 25, 1935. As previously but the figures indicate that in recent weeks noted, an increase in cash items in process of banks' holdings of other securities and their collection, the so-called "float", was also loans to commercial and industrial customers responsible for part of the growth in total have also increased somewhat. deposits. Interbank balances and float in As indicated in the following table, which effect involve a double counting of customers' shows an abbreviated balance sheet for these deposits. Balances of foreign banks also inreporting banks, the differences between the creased considerably in the past year. United growths in deposits and in loans and invest- States Government deposits, on the other hand, ments were represented principally by in- although about the same on September 25 as creases in reserves, reflecting gold imports, in on June 26 of this year, were much smaller than balances due from other banks, and in items on September 26, 1934. in process of collection. Figures from the When allowance is made for changes in June 29 call report for member banks indicate Government and inter-bank deposits and in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN OCTOBER 1935 float, a figure is obtained that represents the was changed by the Banking Act of 1935, demand deposits of individuals, partnerships, present figures are not comparable with those corporations, clubs, associations, and the like. reported prior to August 24. The new act This figure, called " adjusted demand deposits ", showed an increase of $420,000,000 in the third MEMBER BANKS IN LEADING CITIES quarter of this year and of $2,190,000,000 in the DEPOSITS AND LOANS AND INVESTMENTS Sept. 5,1934 to Sept. 25,1935 past 12 months. BILLIONS OF DOLLARS Wednesday figures BILLIONS OF DOLLARS 13 20 A slight decline occurred in time deposits, as shown in the table. These deposits include DEPOSITS OF MEMBER BANKS IN LEADING CITIES [In millions of dollars] Change since Sept. 25, 1935 June 26, Sept. 26, 1935 1934 United States Government 677 +3 -415 Banks in the United States 1 4,822 +295 +955 Foreign banks * 295 +35 +162 Other customers: Demand 13,191 +441 +2, 251 Time 2 4,297 -13 -66 Certified and officers' checks and cash letters of credit and travelers' checks- 539 +121 +217 Total deposits 23,821 +882 +3,104 Adjusted demand deposits 3 12, 599 +420 +2,189 1 Includes both demand and time deposits. 2 Includes Postal Savings deposits, which are not reported separately. 3 Demand deposits of "other customers" plus certified and officers' checks and cash letters of credit and travelers' checks, minus cash items reported as on hand or in process of collection. Postal Savings deposits, which are not reported separately in the weekly statements but which have declined considerably in the past year, owing to the fact that some banks have given S. 0. N. D.| J. F. M. A. M. J. J A. S. S. 0. N. D. J. F. M. A. M. J. J. A. S. 1934 1935 1934 1935 up these deposits and the Postal Savings System has invested the funds in United States requires that reserves shall be carried against Government obligations. Postal Savings de- United States Government deposits, which posits at all member banks in New York and were previously exempt from this requirement, other reserve cities decreased by $116,000,000 and provides that balances due from banks between October 17, 1934, and June 30, 1935, and cash items in process of collection may and withdrawals have continued since June 30. hereafter be deducted from gross demand de- Since this decline was much larger than the posits, whereas previously they could be decline in total time deposits of reporting banks, deducted only from balances due to other this would be an indication that time deposits banks. Banks whose holdings of balances due of other customers showed some increase in the from other banks and of collection items were past year. larger than their balances due to other banks The figure for adjusted demand deposits is a were not permitted, under the former law, to more significant figure than that for net demand make full deductions. As a result of the change deposits heretofore shown in the weekly state- in the law, banks in New York City, which ment of condition. Net demand deposits hold fairly large Government deposits, showed showed deposits subject to reserve require- much larger net demand deposits than forments and, since the method of computation merly, while country banks, whose balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 645 due from banks exceed their balance due to acceptances and commercial paper bought. banks and their Government deposits, showed Loans on real estate showed little change decreases. Net demand deposits represent during the year. different sorts of deposits for different types of The table for loans and investments shows banks. At New York City banks they include changes since July 31, 1935, rather than since a large amount of bankers7 balances, while at June 26, 1935, the date used in the other tables. reserve city banks they include only a part of This is for the purpose of showing the seasonal such balances. Under the present method of increase in commercial loans, which generally computation net demand deposits at country begins in July or August. The item " other banks are smaller in the aggregate than total loans", covering all loans not secured by stocks deposits of the banks' customers. and bonds or by real estate, including com- The growth in total loans and investments mercial, industrial, and agricultural loans, Loans and of reporting member banks decreased by $90,000,000 in the 5 weeks ending investments during the past year, as shown July 31 and increased in the following 8 weeks in the following table and in the chart, has by $180,000,000. Acceptances and commerbeen principally in holdings of United States cial paper bought showed a small increase in Government obligations. There was also a the 2 months, a reversal of the trend for previous months. Although there has been a rise substantial increase in loans to brokers and in stock prices and an increase in stock market dealers in securities in New York City, repreactivity in recent months, loans to brokers and senting in part the shifting of loans from nondealers in securities have shown little growth; reporting banks to reporting banks and in fluctuations have probably reflected changes in part larger loans to dealers in United States borrowings of security dealers. Government securities. Loans on securities to customers continued to decline in the year The principal increase in the statement durand there was also a substantial decrease in ing the 8 weeks from July 31 to September 25, as in other recent periods, was in holdings of LOANS AND INVESTMENTS OF MEMBER BANKS IN LEAD- United States Government obligations. These ING CITIES holdings have shown broad changes since June. [In millions of dollars] Redemption in July and August of bonds pledged by national banks to secure circulating Change since notes resulted in some decrease in the banks' Sept. 25, 1935 holdings of Government securities, while at July 31, Sept. 26, 1935 1934 times when new issues of notes and bonds were floated by the Treasury there were increases. Loans on securities: To brokers and dealers in New- These changes resulted in little growth in hold- York City 825 +139 Toothers 2,121 -21 -273 ings during June, July, and August, but in the Acceptances and commercial paper week ending September 18, when there was a bought 312 +21 -145 Loans on real estate 955 +6 -31 sale of a $500,000,000 issue of Treasury notes, Other loans _ __ 3,299 +179 +29 the reporting banks' investments in direct ob- Investments: United States Government direct ligations of the Government showed an increase obligations .._ 7,633 +253 +1,002 Obligations fully guaranteed by of $370,000,000. Holdings of obligations guar- United States 981 +89 1+547 Other securities ._ 3,000 +92 i +69 anteed by the United States have continued to Total loans and investments 19,126 +619 +1,337 increase gradually and those of other securities have also shown a slow growth since June. i Figures for Sept. 26, 1934, partly estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN OCTOBER 1935 REGULATIONS OF FEDERAL DEPOSIT INSURANCE CORPORATION The following regulations of the Federal SECTION 2 Deposit Insurance Corporation defining deposit The term "deposit" as used in subsection (c), paraliabilities were recently promulgated: graph (12) of section 12B of the Federal Reserve Act, as amended, shall include the following obligations: REGULATION I I This regulation was approved August 26, 1935. and became effective as of that date Outstanding drafts, cashiers' checks, and other officer's checks issued under any of the following SCOPE OF REGULATION circumstances: Under the provisions of subsection (c), paragraph (a) For money or its equivalent received by the (12) of section 12B of the Federal Reserve Act, as issuing bank; or amended, the board of directors find and prescribe (b) For a charge against a deposit account in the that the obligations of banks enumerated herein, arising issuing bank; or in the usual course of business, are deposit liabilities in (c) In settlement of checks, drafts, or other instruaddition to those specifically enumerated in said subments forwarded to the issuing bank for collection. section. II SECTION I.-—STATUTORY PROVISIONS Checks drawn against a deposit account and certified Subsection (c), paragraph (12) of section 12B of the Federal Reserve Act, as amended, provides as follows: by the drawee bank. "The term 'deposit' means the unpaid balance Ill of money or its equivalent received by a bank in Outstanding travelers' checks or letters of credit on the usual course of business and for which it has which the bank is primarily liable issued under either given or is obligated to give credit to a commer- of the following circumstances: cial, checking, savings, time, or thrift account, or (a) For money or its equivalent received by the which is evidenced by its certificate of deposit, and issuing bank; or trust funds held by such bank whether retained or (b) For a charge against a deposit account in the deposited in any department of such bank or issuing bank. deposited in another bank, together with such other obligations of a bank as the board of directors REGULATION II shall find and shall prescribe by its regulations to This regulation was approved August 26, 1935, and became effective as be deposit liabilities by general usage-' Provided, of that date That any obligation of a bank wThich is payable only at an office of the bank located outside the SCOPE OF REGULATION States of the United States, the District of Colum- Under the provisions of subsection (h), paragraph (1) bia, Hawaii, Alaska, Puerto Rico, and the Virgin of section 12B of the Federal Reserve Act, as amended, Islands, shall not be a deposit for any of the pur- insured banks are permitted to make deductions of poses of this section or be included as a part of total certain uncollected items from total deposit liabilities deposits or of an insured deposit: Provided further. for the purpose of determining the bases upon which That any insured bank having its principal place assessments are to be calculated. This regulation preof business in any of the States of the United States scribes the classes of uncollected items which are or in the District of Columbia which maintains a eligible for deduction and fixes the periods during which branch in Hawaii, Alaska, Puerto Rico, or the such uncollected items may be deducted. Virgin Islands may elect to exclude from insurance under this section its deposit obligations which are SECTION 1.'—STATUTORY PROVISIONS payable only at such branch, and upon so electing Subsection (h), paragraph (1) of section 12B of the the insured bank with respect to such branch shall Federal Reserve Act, as amended, provides in part as comply with the provisions of this section appli- follows: cable to the termination of insurance by nonmember "The assessment rate shall be one-twelfth of 1 banks: Provided further. That the bank may elect per centum per annum. The semiannual assessto restore the insurance to such deposits at any ment for each insured bank shall be in the amount time its capital stock is unimpaired." of the product of one-half the annual assessment rate This regulation is promulgated pursuant to the pro- multiplied by an assessment base which shall be visions italicized above. the average for 6 months of the differences at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

647 OCTOBER 1935 FEDERAL RESERVE BULLETIN end of each calendar day between the total amount liability for deposits: And provided further, That they of liability of the bank for deposits (according to were received in the usual course of business pursuant the definition of the term ' deposit' in and pursuant to an agreement under which the bank has given or is to paragraph (12) of subsection (c) of this section, obligated to give credit to a commercial, checking, without any deduction for indebtedness of deposi- savings, time, or thrift account, and that the drawee or tors) and the total of such uncollected items as are the payor of the item is a bank or person other than the included in such deposits and credited subject to bank of deposit. final payment: Provided, however, That the daily No item shall be deducted except in accordance with total of such uncollected items shall be determined the provisions of this section. according to regulations prescribed by the board of directors upon a consideration of the factors of SECTION 3 general usage and ordinary time of availability, A local item shall be eligible for deduction for a period and for the purposes of such deduction no item not to exceed 1 day. An out-of-town item shall be shall be regarded as uncollected for longer periods eligible for deduction for a period not to exceed the than those prescribed by such regulations. * * *" time which would be necessary to send the item in due This regulation is promulgated pursuant to the pro- course to the Federal Reserve bank of the Federal visions italicized above. Reserve district or the branch of the subdistrict thereof in which the bank of deposit is located, plus the time SECTION 2 allowed for collection from the place where the item is The term "item" as used in this regulation means payable, as shown on the current time schedule of such any instrument providing for the payment of money. Federal Reserve bank or branch thereof: Provided, In computing the bank's assessment base, items may That no item shall be deducted after the bank has had be deducted by the bank of deposit from the total advice that the item has been paid or dishonored. amount of the bank's liability for deposits during the This regulation is not to be construed as requiring periods prescribed by section 3 of this regulation: any bank to clear items through any Federal Reserve Provided, That they were included in the bank's bank or branch thereof. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN OCTOBER 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Sept. 24 and released for publication Sept. 26] Total volume of industrial production in- Department of Agriculture estimates based creased in August by about the usual seasonal on September 1 conditions indicate a cotton amount. Steel output increased more than crop of 11,489,000 bales, as compared with the seasonally, while the output of automobiles unusually small crop of 9,636,000 bales last and anthracite declined sharply. Factory em- year. The indicated crops of corn, wheat, and ployment and pay rolls increased. Whole- other grains are considerably larger than last sale prices of farm products and metals year, when drought conditions prevailed, and advanced during August and the first 2 weeks the condition of pastures is above the ten-year of September, and prices of wheat and metals average. increased further in the third week of the Distribution.—Freight-car loadings increased month. considerably in August and the first half of Production and employment,—Industrial September, partly as a consequence of seasonal production increased seasonally in August and factors. Department store sales increased the Board's index, which is adjusted to allow slightly less than seasonally from July to for usual seasonal variations, remained un- August. changed at 86 percent of the 1923-25 average. Commodity prices.—The general level of Activity at steel mills showed a considerable wholesale commodity prices, as measured by increase from July to August and in the first the index of the Bureau of Labor Statistics, 3 weeks of September was at a level higher advanced from 79.6 percent of the 1926 average than in any other month since February. at the beginning of August to 80.8 percent in Automobile assemblies declined by about 30 the second week of September, and prices of percent in August and showed a further sharp many leading commodities, including wheat, reduction in the early part of September, silk, copper, lead, and zinc, advanced further reflecting in part preparations for early intro- in the third week of the month. Cotton duction of new models. At lumber mills, out- prices declined considerably in August and put continued to increase in August. Cotton showed relatively little change in the first 3 consumption by domestic mills increased slightly weeks of September. from recent relatively low levels, and activity Bank credit.—Excess reserves of member at woolen mills was maintained at a high rate. banks declined in the 5-week period ended At mines, output of anthracite decreased September 18, reflecting a temporary increase sharply in August, while output of bituminous in the Treasury's total holdings of cash and coal showed an increase. deposits at Federal Reserve banks and a sea- Factory employment and pay rolls increased sonal increase of money in circulation, which between the middle of July and the middle of was partly offset by an inflow of gold from August by more than the usual seasonal amount. abroad. Marked increases in employment were reported Total loans and investments of reporting for the steel, machinery, lumber, silk, and banks inleading cities increased by $610,000,000 clothing industries, while at automobile fac- during the 5 weeks ended September 18. tories employment declined somewhat. The Loans increased by $100,000,000, holdings of number of wage earners engaged in the produc- United States Government direct obligations tion of durable manufactures in August was by $390,000,000, holdings of United States 6 percent larger than a year earlier, while the guaranteed securities by $70,000,000, and volume of employment in other manufactur- holdings of other securities by $50,000,000. ing industries as a group showed little change. Adjusted demand deposits of these banks— Total factory employment was 3 percent larger that is, demand deposits other than Governthan in August 1934. ment and bank deposits, adjusted for collection Daily average value of construction contracts, items—increased by $140,000,000, United States as reported by the F. W. Dodge Corporation, Government deposits by $160,000,000, and showed little change in August and the first balances due to banks by $270,000,000. half of September. Contracts for residential Yields on Government securities rose somebuilding, which earlier in the year had increased what further during this period, while other considerably, showed a decrease for this period, short-term open-market money rates remained while the volume of public projects increased. at previous low levels. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 649 RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1OOOO { Weekly basis: Wednesday figures } 10000 9000 9000 8000 8000 7000 7000 6000 6000 5000 5000 4000 ^ 4000 3000 3000 2000 - 2000 1000 1000 TREASURY CASH & DEPOSITS WITH F. R. BANKS 1930 1931 1932 1933 1934 1935 Based on Wednesday figures; latest figures for September 25. See table on page 650. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN OCTOBER 1935 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding Treas- Treasury reserve balances Date (Wednesday) co B d u i i n s ll t - s ed b B ou il g ls ht s U m G e e c r . e o u n S n v r - . t - i- 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 t g t a o o o r n c l y d k e- n a r l a e a c u t b n u n r io y a r c d - n n y - 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 w e s e p a h d s n i o e e t a k s h r r i v n s a t e d s l b p m N e o r e o s m n d it e - s - - R c O F e o e a s t e u r c h e a d n - r e l - t v r s e Total E m ( x e a c s t t e e i s d - s ) ties 1934—Aug. 1_- 2,432 2.463 7,932 2,361 5,315 3,074 219 232 3,915 1,768 A A u u g g . . 8 1 _ 5 _ . 2 2 , , 4 4 3 3 2 1 0)u 2 2 , , 4 4 5 6 8 8 7 7 , , 9 9 5 7 7 9 2 2 , , 3 3 5 7 7 5 5 5 , , 3 3 3 4 4 3 2 2, , 9 9 7 4 6 1 2 2 0 1 9 1 2 2 2 2 9 8 4 4 , , 0 0 5 6 9 4 1 1 , , 9 9 2 1 3 1 A A u u g g . . 2 22 9 _ - 2 2 , , 4 4 3 3 2 2 0) 2 2 , , 4 4 5 6 7 3 7 7 , , 9 9 8 8 3 1 2 2 , , 3 4 9 0 0 3 5 5 , , 3 3 4 4 7 5 2 2, , 9 9 4 7 4 2 2 20 1 4 1 228 4 4 , , 0 1 7 2 2 7 1 1 , , 9 9 4 0 5 2 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 3,058 213 224 3,948 1,762 Sept. 19.. 2,431 2,466 7,972 2,412 5,412 3,124 195 230 3,889 1,692 Sept. 26. 2,430 2,463 7,976 2,409 5,403 3,061 186 229 3,970 1,768 Oct. 3— 2,431 2,455 7,980 2,407 5,468 3,068 182 229 1,691 Oct. 10- 2,430 0) 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 2,442 5,503 2,944 172 240 4,032 1,783 Nov. 14. 2,430 14 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 3,017 160 239 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 8,228 2,504 5,628 3,181 188 244 3,961 1,678 1935—Jan. 2__ 2,431 2,461 8,243 2,514 5,534 3,164 190 240 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 2,203 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 4,588 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. S.- 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 2,978 288 258 4,719 2,264 May 1_. 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 May 22_ 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 June5-_ 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 9,089 2,510 5,498 3,023 301 264 4,996 2,445 June 26-. 2,430 2,472 9,109 2,508 5,498 2,991 306 263 5,029 2,471 July 3— 2,431 2,468 9,119 2,504 5,619 3,002 312 258 4,900 2,320 July 10- 2,430 2,473 9,123 2,503 5,551 2,932 302 263 5,052 2,456 July 17- 2,430 2,472 9,127 2,501 5,530 3,086 302 258 4,924 2,340 July 24_. 2,430 2,460 9,135 2,503 5,496 3,134 265 258 4,945 2,335 July 31.. 2,430 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 Aug. 7.. 2,430 2,476 9,158 2,477 5,550 2,932 253 261 5,115 2,547 Aug. 14. 2,430 2,477 9,184 2,437 5,558 2,775 251 259 5,254 2,667 Aug. 21. 2,430 2,468 9,189 2,421 5,574 2,722 230 260 5,291 2,682 Aug. 28. 2,430 2,471 9,197 2,408 5,573 2,683 213 260 5,346 2,779 Sept. 4__ 2,430 2,472 9,209 2,395 5,650 2,746 193 259 5,228 2,673 Sept. 11. 2,430 2,479 9,219 2, 391 5,638 2,629 186 248 2,820 Sept. 18. 2,430 2,472 9,240 2, 390 5,632 2,839 244 250 5,136 2,557 Sept. 25.. 2,430 2,474 9,297 2,382 5,626 2,778 262 250 5,236 2,622 i Less than $500,000. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 651 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding Mone- T a u re n r a y d s- Money T c d a r e s e p h a o s s u a i n r ts y d Non- F O ed th e e r r al reserve balances End of month co B d u i i n l s l t - s ed bo B u il g ls ht G s m U e o t c v i e . e u e S n s r r t . i n - - R c O b e r s a e t e h n d r e k v i r t e Total s g t t a o o r c l y d k t r i b e c o n a n u n a n c r a - k - y l- i c n t u i o l c a n i - r- R F b e e w a s d n i e e t k r h r v a s e l b p m e o r e s m i d t e s - - R c e o s a u c e n - rv ts e Total E m ( x e a c s t e t e i s d - s ) 1934—March 2,447 15 2,545 7,694 2,361 5,394 3,292 157 299 3,457 1,444 April 2,431 6 2,485 7,757 2,378 5,368 3,148 268 236 3,599 1,534 May 2,430 —4 2,463 7,779 2,368 5,357 3.052 222 232 3,746 1,662 June 2,432 10 2,472 7,856 2,366 5,373 3,015 233 232 3,840 1,732 July 2,432 3 2,462 7,931 2,361 5,317 2,971 207 229 4,029 1,875 August 2,432 4 2,464 7,978 2,408 5,396 2,968 208 226 4,052 1,867 September. 2,431 11 2,464 7,978 2,405 5,456 3,051 178 228 3,934 1,727 October 2,430 8 2,455 8,002 2,434 5,453 3,031 164 237 4,006 1,748 November. 2,430 6 2,453 8,132 2,468 5,549 3,022 161 239 4,081 1,801 December. 2,430 20 2,463 8,238 2,511 5,536 3,150 189 241 4,096 1,814 1935—January..-. 2,430 19 2,461 8,391 2,495 5,380 2,991 191 243 4,543 2,206 February.. 2,430 23 2,465 8,527 2,519 5,467 3,004 207 246 4,587 2,199 March 2,437 21 2,471 8,567 2,540 5,493 3,358 226 253 4,247 1,846 April 2,430 27 2,468 8,710 2,544 5,478 2,996 271 263 4,715 2,253 May 2,430 26 2,469 8,858 2,525 5,540 2,969 254 257 4,832 2,318 June 2,433 37 2,480 9,116 2,506 5,568 325 261 4,979 2,414 July 2,430 23 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2.513 August 2,432 37 2,485 9,203 2,398 5,629 2,694 198 260 5,305 2,738 September. 2,430 32 2,477 9, 368 2, 386 5,683 v 2,739 304 250 5,254 2,630 v Preliminary. Back figures.See Annual Report for 1934 (table 5) and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 650 of this BULLETIN. RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Member bank Treasury reserve balances Year or month co B d u i i n l s l t - s ed bo B u il g ls ht s m U G e e c r e o . u n S n v r - . t - i- 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 n c l y d k e- u a n T r l r a - e c y r t b n u e i o a c a r a - n n y s n - - k d c M u in l o a n c ti e i o r y - n c d R F a b e e s w e p a h d s n o i e e t s k r h a r v i a s n t e l s d b m N er e o m n d - e - - R F c O e e o a d s t u h c e e n r - e r t v a r s e l Total Excess ties 1929—Average—_ 952 241 208 1,459 3,996 2,015 4,476 229 30 376 2,358 43 1930—Average... 272 213 564 1,087 4,173 2,025 4,245 239 28 393 2,379 55 1931—Average.. _ 327 245 669 1,274 4,417 2,025 4,672 251 97 373 2,323 89 1932—Average— 521 71 1,461 2,077 3,952 2,096 5,328 275 56 351 2,114 256 1933—Average— 283 83 2,052 2,429 4,059 2,271 5,576 343 147 350 2,343 528 1934—Average— 25 2,432 2,502 7,512 2,381 5,403 2,879 185 253 3,676 1,564 1934—March 40 2,437 2,535 7,602 2,333 5,368 3,298 144 298 3,361 1,375 April 16 2,439 2,507 7,736 2,377 5,366 3,222 170 268 3,594 1,541 May 6 2,431 2,479 7,759 2,378 5,355 3,083 249 234 3,695 1,623 June 5 2,424 2,464 7,821 2,363 5,341 3,054 226 237 3,790 1,685 July 5 2,432 2,469 7,893 2,364 5,350 2,999 219 230 3,928 1,789 August 5 2,432 2,463 7,971 2,378 5,355 2,976 208 228 4,045 1,884 September. 5 2,431 2,469 7,971 2,411 5,427 3,054 197 227 3,947 1,754 October.... 6 2,430 2,457 7,989 2,415 5,473 3,011 177 234 3,964 1,731 November. 6 2,430 2,466 8,047 2,455 5,494 2,970 165 238 4,100 1,834 December. 2,430 2,472 8,191 2,494 5,577 3,120 181 242 4,037 1,748 1935—January..., 2,430 2,465 8,284 2,504 5,411 3,053 194 242 4,355 2,035 February.. 2,430 2,462 8,465 2,513 5,439 2,965 189 246 4,601 2,237 March 2,431 2,461 8,552 2,526 5,477 3,122 236 250 4,452 2,065 April 2,431 2,471 8,641 2,548 5,500 3,209 258 256 4,436 2,026 May 2,434 2,476 8,755 2,534 5,507 2,942 278 259 4,778 2,297 June 2,431 2,479 9,025 2,513 5,522 266 261 4,979 2,438 July 2,430 2,473 9,128 2,504 5,550 3,032 293 259 4,970 2,385 August 2,431 2,476 9.180 2,441 5,576 2,795 233 261 5,232 2,637 September. 2,430 2,480 9,246 2,389 5,651 2,734 236 5,243 P 2, 659 J> Preliminary. Back figures.—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935. See also note on p. 650 of this BULLETIN^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN OCTOBER 1935 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] Sept. 30,1935 Aug. 31, 1935 Sept. 30,1934 ASSETS Gold certificates on hand and due from U. S. Treasury. 6, 613, 650 6,482,233 4,958, 653 Redemption fund—Federal Reserve notes 19, 697 19,915 21,798 Other cash. 204, 237 213, 596 215,949 Total reserves. 6,837, 584 6,715,744 5,196,400 Redemption fund—Federal Reserve bank notes. 2,186 Bills discounted: For member banks 9,760 11,261 15, 285 For nonmember banks, etc. 64 Total bills discounted. 9,768 11, 269 15,349 Bills bought: Payable in dollars—Bought outright- 121 Payable in foreign currencies 4,685 5,691 Total bills bought. 4,688 4,685 5,812 Industrial advances 30,166 29,467 2,178 U. S. Government securities: Bought outright 2, 430,179 2, 432,210 2,430,186 Under resale agreement... 1,000 Total U. S. Government securities 2, 430,179 2, 432, 210 2,431,186 Other Reserve bank credit: Municipal warrants.._ 327 Due from foreign banks _ 638 640 1,819 Reserve bank float (uncollected items in excess of deferred availability items). 1.651 6,549 7,026 Total Reserve bank credit outstanding 2, 477, 090 2,484, 820 2,463,697 Federal Reserve notes of other Reserve banks. 21, 823 19,989 20,364 Uncollected items not included in float 443, 148 432, 064 430,783 Bank premises 50, 074 49,966 52,821 All other assets. _ 42,771 46,632 54,084 Total assets. 9, 872, 490 9, 749, 215 8, 220,335 Federal Reserve notes: Held by other Federal Reserve banks.. 21, 823 19,989 20,364 Outside Federal Reserve banks 3,451,996 3, 378, 601 3,146,702 Total notes in circulation _ 3,473, 819 3, 398, 590 3,167,066 Federal Reserve bank note circulation—net.. 30,379 Deposits: Member bank—reserve account 5,253.916 5, 305, 337 3,934,071 United States Treasurer—general account- 54, 569 58, 751 144,699 Foreign bank 14, 452 18, 254 9,810 Other deposits 289, 637 179, 957 168,168 Total deposits 5, 612, 574 5, 5fi2, 299 4, 256,748 Deferred availability Items... _ 443,148 432,064 430,783 Capital paid in 130, 653 146, 732 146,781 Surplus (sec. 7) 144, 893 144,893 138,383 Surplus (sec. 13b)— 23,457 22,824 Reserve for contingencies. _ 30, 694 30,777 22,444 All other liabilities. 13, 252 11, 036 27,751 Total liabilities _ 9, 872, 490 9, 749, 215 8, 220,335 Contingent liability on bills purchased for foreign correspondents.. 730 Commitments to make industrial advances 26,928 26,837 1,368 FEDERAL RESERVE NOTE STATEMENT Notes Issued to Federal Reserve banks by Federal Reserve agents 3, 735,879 3, 649, 601 3,430,049 Collateral held by agents as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury. 3, 599,188 3,445, 358 3,173,416 Eligible paper 8,312 9,804 9,299 U. S. Government securities 169,900 223, 900 298,800 Total collateral. 3, 777, 400 3, 679, 062 3,481,515 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding). 41,699 Collateral pledged against outstanding notes: U. S. Government securities _ 47,474 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

653 OCTOBER 1935 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION (Money outside Treasury and Federal Reserve banks. In millions of dollars] End of 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 e 8 s 9 s - 0 S s u i i a b lv r s y e id r - M co in in or U S n 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 s a e l R F n b e e o d a se t n e e r r k s v a e l t n b i N o o a t n n a e - k a s l 1934—January 5.289 178 29 391 1 267 116 283 2,894 202 927 February... 5,354 167 29 399 1 270 117 289 2,949 194 938 March 5,394 161 30 403 1 272 118 289 3,005 178 936 April 5,368 157 30 400 1 274 118 282 3,025 162 918 May._ 5,357 153 30 402 1 277 120 279 3,038 151 906 June ___ 5,373 150 30 401 1 280 119 280 3,068 142 902 July_._ 5,317 146 30 399 1 280 121 277 3,044 133 885 August 5, 396 143 31 438 1 282 122 274 3,103 125 878 September.. 5, 450 139 31 483 1 284 122 274 3,131 119 870 October 5,453 136 31 510 1 288 123 273 3,124 112 856 November.- 5, 549 133 32 558 1 291 124 273 3,176 107 853 December. - 5,536 130 32 592 1 294 125 265 3,176 101 820 1935—January 5, 3S0 127 31 580 1 287 123 259 3,048 97 827 February. __ 5,467 126 31 599 1 289 123 263 3,119 94 823 March _ 5,493 123 31 623 1 290 123 264 3,135 92 810 April.. 5,478 121 32 653 1 294 124 268 3,120 88 778 May 5.540 119 32 695 1 296 125 281 3,159 85 747 June 5,568 ir 32 701 1 297 125 285 3,223 81 704 July 5,518 115 32 702 1 298 125 280 3,232 78 654 August 5,629 114 33 739 1 298 126 283 3,362 75 596 September v. 5,683 113 33 756 1 302 127 286 3,438 73 553 *» Preliminary figures. NOTE —For figures of paper currency of each denomination in circulation see p. ( Back figures—See Annual Report for 1934 (table 49). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES » [In millions of dollars] [In thousands of dollars] Gold stock Net September August January-August Year or month y a e t a o e r f n o 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 re f e r l o e a a r m - se fa O ct t o h r e s r 8 From or to— Im- Ex- Im- Ex- Im- Exmonth mark i ports ports ports ports ports ports W^o grains of gold $iofine; i.e., an Belgium __ 1 1 1 9 9 3 3 2 3 4 4 , , 2 0 2 3 6 6 1 -1 ou 9 5 n 0 2 c . . 4 e 9 o[fi — - n 1 e 4 7 4 3 6 g . . o 5 2 ld=$ - 2 4 5 0 5 8 . 7 6 . . 0 7 5 4 4 1 1 . . 6 1 E F G r n e a g r n m l c a e a n n d y _ _ . 4 3 0 7 ,1 4 1 4 4 0 17 " 67 o" 28 4 1 1 5 1 3 , , 3 4 5 2 3 5 4 3 4 2 6 4 9 6 1 6 Netherlands 37,811 28, 277 164,406 41 5%\ grains of gold 9lo fine; i.e., an Switzerland 339 ounceof fine gol Union of Soviet So- 1934—June __ 7,856 77.1 63.7 1.0 12.5 cialist Republics. 2,164 1, 589 10,900 J A S O u e u c l p t y g o t u e b s m e t r ber 8 7 7 7 , , , , 0 9 9 9 0 7 7 3 2 8 8 1 4 2 7 7 3 4 . . . 4 4 5 4 -1 5 3 1 8 2 7 0 . . . 7 8 2 3 — 2 1 . . . . 6 3 4 1 2 1 1 1 1 2 6 1 . . . . 4 4 6 2 A M C Ce a r e g n n x e t a i r n c d a o t a l i n A a merica 15 2 7 0 6 3 7 4 0 3 6 4 5 5,4 2 8 1 0 1 1 9 3 6 6 1 0 3 5 1 5 1 1 , , , 8 0 8 5 7 1 6 0 8 7 9 47 7 1 0 November 8,132 129.9 120.9 -.1 9.1 Chile 442 581 4,040 December 8,238 106.2 92.1 .1 14.1 Colombia 1 9,125 Ecuador _. 201 190 3,671 Year 8,238 4, 202. 5 1,133.9 82.6 2,986.1 Peru 245 207 1,365 Uruguay i935—January 8,391 153.3 149.4 1.1 2.8 Venezuela 59 50 431 February 8,527 135 3 122.8 .2 12.3 Australia 170 903 March 8,567 40.4 13.0 -.7 28.1 British India 19,821 6,671 23,067 April 8,710 143.4 148.6 -2.3 -3.0 China and Hong May 8,858 148.1 140.0 -1.5 96 Kong 640 1.127 5, 054 June 9,116 257.1 230.4 1.0 25.8 Dutch East Indies Julv 9,144 27.9 16 2 —.4 12.1 Japan August 9,203 59.5 46.0 1.4 12.2 Philippine Islands _ 1,537 733 1 9,136 1 September *> 9,368 164.8 156.7 1.0 7.1 All other countries2. 93 147 1, 698 Total 156,805 86 46,085 102 867,761 1,386 v Preliminary. i Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in 1 With, some exceptions figures represent customs valuations at rate of gold earmarked abroad for account of Federal Reserve banks). $35 a fine ounce. • Figures are derived from preceding columns and indicate net result 2 Includes all movements of unreported origin or destination. of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock Back figures.—See table, p. ( 18, and Annual Report for 1934 (tables 46 during the month or year, and increment resulting from reduction in and 47). weight of gold dollar. Back figures.—See Annual Report for 1934 (table 44). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN OCTOBER 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 Ne C w i ty 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 s v r e "C b o a u n n k t s r J y" 1934—August 4,045 1,509 1,719 817 1,883.6 638.2 852. 2 393.3 September. 3,947 1,440 1,692 814 1,754.1 562.0 808.7 383.4 October 3,964 1,461 1,667 837 1.730.6 568.1 766.4 396.1 November. 4,100 1,506 1,745 849 1. 834. 5 603.8 829.3 401.4 December.. 4,037 1,468 1,727 843 1.747.8 555. 8 799.9 392.2 1935—January... 4,355 1,651 1,837 867 2. 035. 2 715.9 907.7 411.6 February _. 4,601 1,864 1,826 911 2,236. 6 898.9 886.7 451.0 March 4,452 1,760 1,787 905 2.064.7 779.0 842.3 443.5 April 4,436 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 2,0y2 918 2, 437. 6 915.3 1,079.0 443.4 July 4,970 1,938 2,072 960 2,385. 2 867. 6 1,037.5 480.1 August 5,232 2,306 1,989 937 2, 637.1 1,214.2 956.4 466.5 Week ending (Friday): 1935—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 July 5_.._ 4,904 1,852 2,079 972 2,330.0 783.3 1,052. 8 494.0 July 12... 5,015 1,918 2,117 980 2,429. 0 853.5 1,083.0 493.0 July 19— 4,957 1,895 2, 093 969 2, 364. 0 824.3 1, 053. 6 486.0 July 26— 4,944 1,962 2,038 944 2,338.0 887.0 1,005.0 446.0 Aug. 2... 5, 077 2,152 1, 996 929 2, 482. 0 1, 074. 8 962. 5 445.0 Aug. 9... 5,105 2,187 1,968 949 2, 530. 0 1,118. 3 940.2 472.0 Aug. 16... 5,228 2, 290 1,995 943 2, 645. 0 1, 210. 8 961.6 473. 0 Aug. 23__ 5,287 2, 351 2,003 933 2, 683. 0 1,261.3 963. 5 458.0 Aug. 30. _ 5, 330 2,400 2, 006 924 2, 764. 0 1, 271. 0 973.2 520.0 1 Central Reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—See Annual Report for 1934 (table 67). MEMBER BANK DEPOSITS [Averages of daily figures. In millions of dollars] Total deposits subject to reserve Net demand deposits Time deposits Month or week m T b e a o a m n t l k a l b s l e — * r C Y N i o e t r w y k * R O c e i s t t h e ie r e s v r e " b C t a r n o y k u " n si - m T b e a o a m n t l k a l b s l e - * r C Y N i o e t w r y k * R O c e i s t t h e ie r e v s r e " b C a tr n o y k u " s n - * m T b e a o m a n t l a k l b l s e - ' 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—August 27,310 7,252 11, 280 8,777 17,490 6,534 6,940 4,016 9,819 719 4,340 4,761 September- 27,615 7,300 11, 436 8,878 17,806 6,591 7,103 4,111 9,809 709 4,333 4,767 October 28,034 7,409 11, 587 9,038 18, 208 6,704 7,269 4,235 9,826 705 4,319 4,802 November- 28, 364 7,465 11, 744 9,154 18,524 6,780 7,418 4,326 9,840 685 4,326 4,829 December.. 28,538 7,512 11,828 9,197 18, 769 6,865 7,527 4,376 9,769 647 4,301 4,821 1936—January 28,907 7,694 11,933 9,280 18,993 7,043 7,527 4,422 9,914 651 4,406 4,857 February 29,357 7,926 12, 063 9,368 19, 361 7,268 7,606 4,487 9,996 658 4,457 4,881 March 29.586 8,050 12,148 9,387 19, 554 7,399 7,662 4,493 10,031 651 4,486 4,895 April _ 29,882 8,145 12, 260 9,477 19, 768 7,481 7,745 4,542 10,114 664 4,515 4,935 May 30, 571 8,318 12, 647 9,606 20, 377 7,655 8,085 4,638 10,194 663 4,562 4,969 June... 31,003 8, 565 12, 814 9,624 20. 899 7,967 8,275 4,657 10,103 597 4,539 4,967 July 31,401 8,702 12,979 9,720 21, 295 8,095 8,481 4,719 10,107 607 4,498 5,002 August 31, 445 12, 968 9,581 21, 293 8,253 8,474 4,566 10,152 643 4,494 5,015 Week ending (Friday): 1935—June 7 8,454 12,655 7,848 8,133 606 4,522 June 14 8,498 12, 773 7,902 8,258 596 4,515 June 21__ 8,605 12,886 8.010 8,350 595 4,536 June 28 8,655 12,900 8,063 8,335 592 4,564 July 5... 12,929 8,084 8,397 603 4,532 July 12.. 8,658 12,982 8,051 8,475 607 4,508 July 19.. 8, 702 13,037 8,098 8,532 604 4,505 July 26.. 8,738 12,978 8,129 8,477 608 4,501 Aug. 2... 758 12,976 8,142 8,473 616 4, 504 Aug. 9... 8,715 12, 935 8,073 8,432 642 4,503 Aug. 16_. 8,799 12, 987 8,153 646 4,507 Aug. 23.. 8,882 13,023 8,237 8,536 645 4,487 Aug. 30.. 9,176 12, 946 8,534 8,471 642 4,476 i Weekly figures are not reported. «Central Reserve city banks only. NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved August 23,1935. See page 644. Back figures.—See Annual Report for 1934 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

655 OCTOBER 1935 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] Loans to other customers Open-market loans Investments Total Total Purchased paper loans Call date i m n lo a v e n a e n n d s t s t s - L ba o t n o a k n s s Total s b c t a o u S o b n r n e c y e - d d k d s s b e c y s u S t r e r a e - e t d a e l s O c u e w a u c t n n h i r u s s e d e r e e d e r - - d Total p A a a c n y i c c n a e e b p s l t e - a c p A n e a c p c y - e t - - s C m c o i e a m r l - - L N k b o t i r e e o n a o r w - n s s Total m U r s G e i e t . r e o c i n e n u S v - s t - - . O r s i e t t c h ie u e s - r b c st a o u s b o n e n r c y - e d d k d s s United able paper York i States abroad TOTAL—ALL MEMBER BANKS 1931—Sept. 29— 33,073 599 18,713 6,842 3,149 8,722 1,563 268 296 928 12,199 5,564 6,635 8,081 Dec. 31. _. 30,575 790 17, 570 6,290 3,038 8,242 901 146 140 575 11,314 5,319 5,996 7,320 1932—June 30... 28, 001 573 15, 267 5,292 2,894 7,081 747 313 122 278 11,414 6,628 5,786 5,916 Sept. 30— 28, 045 457 14,497 5,086 2,885 6,527 970 407 115 414 12.121 6,366 5,755 5,770 Dec. 31__ 27,469 444 13,905 4,848 2,862 6,195 855 375 93 357 12,265 6,540 5,726 6,447 1933—June 30».. 24, 786 330 11,337 3,916 2,372 5,049 1,191 291 87 788 11,928 6,887 5,041 4,884 Oct. 25. .. 24, 953 297 11, 523 3,809 2,364 5,350 1,238 303 164 748 11,894 6,801 5,093 4,713 Dec. 30__. 25, 220 287 11,315 3,772 2,359 5,184 1,231 223 132 840 12,386 7,254 5,132 4,769 1934—Mar. 5— 26, 548 225 11, 093 3,644 2,382 5,067 1,387 350 157 855 13,842 8,667 5,175 4,606 June 30. _ 27,175 153 10,804 3,516 2,357 4,931 1,566 264 200 1,082 14,652 9,137 5,515 4,f51 Oct. 17— 27, 559 149 10, 782 3,325 2, 297 5,161 1,361 276 253 802 15,267 9,186 6,081 4,178 Dec. 31_. 28,150 155 10, 509 3,296 2,273 4,940 1,363 256 232 843 16.122 9,906 6,216 4,194 1935—Mar. 4— 28, 271 133 10, 420 3,215 2,250 4,955 1,400 235 255 875 16,318 9,821 6,497 4,132 June 29... 28,785 119 10,369 3,123 2,277 4,969 1,440 201 247 975 16,857 9,871 4,134 NEW YORK CITY * 1931—Sept. 29— 8,253 250 3,850 1,816 152 1,881 1,121 201 839 3,032 1,830 1,202 2,780 Dec. 31. _ 7,460 374 3,694 1,728 153 1,813 695 107 542 2,697 1,768 928 2,474 1932—June 30... 6,715 260 2,856 1,343 160 1,353 565 262 258 3,033 2,008 1,025 1,757 Sept. 30__ 7,112 203 2,638 1,300 154 1,184 763 341 391 3, 508 2,429 1,079 1,811 Dec. 31 __ 7,327 216 2,621 1,247 160 1,214 701 330 337 3,789 2,603 1,186 1,699 1933—June 30 «.. 7,133 162 2,297 1,082 157 1,057 964 224 720 3,709 2,651 1,158 1,888 Oct. 25__. 6,971 143 2,436 1,032 149 1,254 891 233 624 3, 501 2,320 1,181 1,728 Dec. 30__ 6,995 146 2,395 1,034 148 1,213 912 170 706 3, 542 2,362 1,179 1,824 1934—Mar. 5___ 7,351 112 2,321 985 156 1,180 986 276 687 3,932 2,768 1,164 1,724 June 30.. 7,666 68 2,202 937 156 1,109 1,131 225 883 4,265 3,053 1,212 1,840 Oct. 17— 7,543 66 2,294 876 150 1,267 883 232 631 4,300 2,954 1,345 1,531 Dec. 31_ _ 7,761 63 2,202 874 139 1,188 894 210 662 4,602 3,246 1,356 1,565 1935—Mar. 4— 7.783 52 2,198 861 139 1,199 904 203 678 4,628 3,200 1,429 1,660 June 29-. 8,303 48 2,146 841 138 1,166 1,126 183 4,983 3,462 1,522 1,789 OTHER RESERVE CITIES 1931—Sept. 29... 13,016 284 7,845 3,092 ,585 3,168 326 167 56 4,561 2,301 2,260 3,317 Dec. 31... 12,115 347 7,407 2,806 ,538 3,063 135 62 16 4,226 2,133 2,093 3, Of 0 1932—June 30... 11,045 254 6,519 2,403 ,407 2,709 118 62 7 4,154 2,187 1,966 2,585 Sept. 30... 10,979 205 6,196 2,304 ,406 2,486 151 65 14 4,427 1,961 2,466 2,456 Dec. 31... 10,535 178 5,879 2,169 ,398 2,312 115 46 12 4,362 2,462 ,900 2,298 1933—June 30»_. 9,780 129 4,846 1,702 ,160 1,984 184 51 58 4,621 2,867 ,764 1,846 Oct. 25—. 9,951 120 4,912 1,660 ,144 2,108 274 91 100 4,645 2,889 ,757 1,863 Dec. 30_.. 10,157 103 4,797 1,630 ,151 2,016 258 78 112 6,000 3,209 ,790 l,8P0 1934—Mar. 5— 10,816 79 4,669 1,566 ,158 1,945 306 89 138 5,763 3,954 ,809 1,753 June 30_ _. 11,054 53 4,586 1,526 ,145 1,915 311 115 154 6,104 4,102 2,002 1,708 Oct. 17—. 11,367 55 4, 562 1,421 ,120 2,021 328 151 123 6,423 4,240 2,183 1,569 Dec. 31__. 11,609 65 4,459 1,412 ,108 1,939 320 135 131 6,764 4,551 2,213 1,567 1935—Mar. 4.... 11,739 56 4,436 1,373 ,093 1,970 315 142 134 6,933 4,601 2,331 1,526 June 29_ _. 11,743 50 4,425 1,336 ,120 1,969 175 126 26 7,093 4,478 2,615 1,379 "COUNTRY" BANKS 1931—Sept. 29.. 11,805 7,018 1,935 ,411 3,673 116 81 4,606 1,433 3,172 1,985 Dec. 31 _. 10,999 6,469 1, 756 ,346 3,367 71 48 4,392 1,418 2,974 1,796 1932—June 30_. 10, 240 5,892 1,546 ,328 3,018 64 36 4,226 1,432 2,794 1,574 Sept. 30.. 9,954 5,663 1,481 ,324 2,857 55 36 4,187 1,471 2,715 1,503 Dec. 31 _. 9,607 5,405 1,432 [,304 2,669 39 28 4,114 1,474 2,640 1,460 1933—June 30». 7,873 4,194 1,132 , 055 2,007 43 27 3,598 1,469 2,129 1,160 Oct. 25-. 8,031 4,175 1,118 ,070 1,987 73 46 3,748 1,592 2,156 1,148 Dec. 30.. 8,068 4,123 1.108 ,061 1,955 62 34 3,845 1,683 2,162 1,136 1934—Mar. 5__. 8,381 4,103 1,093 ,068 1,942 95 64 4,148 1,946 2,202 1,129 June 30-. 8,456 4,016 1,053 .. 056 1,906 124 72 4,283 1,982 2,301 1,102 Oct. 17... 8,649 3,926 1,027 ,026 1,873 150 95 4,545 1,992 2,552 1,078 Dec. 31.. 8,780 3,849 1,010 ,026 1,813 149 92 4,756 2,108 2,647 1,062 1935—Mar. 4... 8,749 3,786 981 1,018 1,786 181 109 4,757 2,020 2,737 1,047 June 29 _. 8.739 3,798 945 1,020 1,833 139 116 4,780 1,931 2,849 9fi i Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. > Beginning June 30, 1933, figures relate to licensed banks only. » Central Reserve city banks only Back figures.—See Annual Report for 1931 (table 53). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN OCTOBER 1935 ALL BANKS IN THE UNITED STATES (Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Date Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 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 3,160 1831—Mar. 25... 55,924 36,813 19, 111 34,729 22,840 11,889 i 9,987 » 6,068 ' 3,920 11,208 7,906 June 30.— 55,021 35,384 19,637 33,923 21,816 12,106 10,506 4,337 10,593 7,399 3,194 Sept. 29-_ 53,365 33,750 19,615 33,073 20,874 12,199 10,506 i 6,169 » 4,337 9,786 6,707 3,079 Dec. 31— 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30. -. 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4.186 7,755 5,117 2,637 Sept. 30.. 45,852 26,985 18,867 28,045 15,924 12,121 10,316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31... 44,946 26,063 18,883 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30».. 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Oct. 25 3.. 24,953 13,059 11,894 Dec. 30— 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 "l,~877 1934—Mar. 5»_. 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 ». 27,559 12, 293 15, 267 Dec. 31. . 43,458 20,474 22,984 28,150 12,028 16,122 '~9,"782~ 5,491 4,291 5,526 "2^955" ~2~571 1935—Mar. 4—. 43, 747 20,394 23,353 28,271 11,953 16,31S 9,775 5,478 4,297 5,701 2,963 2,738 June 29 3_. 28, 785 11,928 16,857 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. 1 Nonmember bank figures not available. B< aIcnk c foingnuercetsio.Sne ew Aithn nthuael i nRcerepaosret ofovre r1 9D34e c(etmabbleer 6, 1s)e.e the headnote regarding private banks; also BULLETIN for July 1935, p. 485. DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonmember banks Nonmember banks Date Total Other Date All banks M b e a m nk b s er M 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 a - l State M s b a a v u n i t n u k g s a s l m b n a b e o n e m n k r - s - 1030—Dec. 31-.. 63,039 32,560 9,507 10,972 1931—Mar. 25— 51,427 31,153 1 9,507 10,767 1930—Dec. 31 22,769 8,052 7,033 1,019 603 14,114 J S D u e ec p n . e t. 3 3 2 0 1 9 . — . — .. 5 4 4 1 5 9 , , , 8 1 7 2 5 8 1 2 2 3 2 2 1 9 7 , , , 5 4 4 6 6 3 6 9 2 1 1 1 1 0 0 0 , , , 0 1 0 1 0 1 7 5 7 1 9 8 0 , , , 6 2 1 6 8 9 6 4 9 1931— J S M u ep n ar e t. . 3 2 2 0 9 5 2 2 2 2 1 1 , , , 2 3 9 9 7 0 4 2 3 7 7 7 , , , 9 5 7 2 9 8 8 9 2 6 6 6 , , , 9 6 8 5 3 0 3 0 0 9 9 9 4 9 8 6 8 2 1 1 6 6 6 0 0 0 0 0 3 1 1 1 3 3 3 , , , 8 0 5 4 9 2 1 5 1 1932—June 30.._ 41,963 24,755 10,020 7,188 Dec. 31 19,966 7,246 6,368 878 597 12,123 Sept. 30— 41,942 24,903 1 10,020 7,020 Dec. 31... 41,643 24,803 10,022 6,818 1932—June 30 19,046 6,980 6,145 835 594 11, 472 1933— O Ju ct n . e 2 3 5 0 » » ._ „ 37,998 2 2 3 3 , ,4 3 5 3 3 8 9,713 4,946 S D e e p c. t. 3 3 1 0 1 1 8 8 , , 7 3 9 9 4 0 6 6 , , 9 81 0 6 4 6 6 , ,0 0 1 8 1 0 8 8 2 0 4 5 1 5 5 9 9 4 4 1 1 1 0 , , 2 9 9 8 6 0 Dec. 30... 38,505 23,771 9,708 5,026 1933—June 30 «.„_ 14, 519 5,606 4,897 709 576 8,337 1034—Mar. 5 *.... 25, 293 Oct 25 8 5,818 5,052 766 June30_._ "41^876" 26,615 ~9,~786' 4 5,475 Dec. 30 15,011 6,011 5,154 857 579 8,421 Oct. 17 8_ _ 27.484 Dec. 31... "44,"771 28,943 6,000 1934—Mar 5 8 6,206 5,288 918 1935— J M u a n r e . 4 29 _ _ » _ „ 44,455 2 2 8 9 , , 5 4 8 9 9 6 9,837 6,029 J D O u e c n c t . e . 1 3 3 7 1 0 L.- 1 1 5 6 , , 8 0 3 4 5 2 6 6 6 , , , 3 4 4 7 3 4 5 3 2 5 5 5 , , , 4 4 4 1 6 6 7 1 2 9 9 9 5 8 7 8 0 2 5 5 7 7 8 9 8 9 , ,0 8 2 8 1 2 For footnotes see table above. 1935—Mar. 4 16, 024 6,422 5,446 976 579 9,023 NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank June 29s . 6,410 5,425 985 deposits not subject to immediate withdrawal, which aggregated $103,- 000,000 on that date. For footnotes see table above. Back figures.—See Annual Report for 1934 (table 60). Bach figures.—See Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 657 REPORTING MEMBER BANKS IN LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Other leading Total—all weekly reporting member banks New York City cities Loans and investments Loans and investments Month or date Loans All Investments r B i o n a o w g t r s - - Loans All Investments r B i o n a o w g t r s - - a T n l v o d e o a s t n t a i - n s l - r B i o n a o w g t r s - - Total c o u n r it s i e e - s o lo t a h n e s r U.S. se- b F a . n R ks . Total c o u n r it s i e e - s o lo t a h n e s r U.S. se- b F a . n R ks . ments b F a . n R ks . Total curities Total curities 1934—August. 17,721 3,295 4,533 9,893 7,127 1,520 1,522 4,085 2,883 10,594 September 17,770 3,137 4,697 9,936 7,120 1,455 1,610 4,055 2,820 10,650 October 17,835 3,062 4,757 10,016 7,105 1,418 1,644 4,043 2,801 10,730 November 17, 762 3,008 4,705 10,049 7,050 1,381 1,633 4,036 2,827 10, 712 December 18,102 3,096 4,632 10,374 7,281 1,459 1,596 4,226 2,995 10,821 1935—January _. 18, 229 3,049 4,548 10,632 7,410 1,445 1,546 4,419 3,154 10,819 February 18,247 2,996 4,564 10,687 7,366 1,422 1,548 4,396 3,111 10.881 March. 18, 486 3,081 4,587 10,818 7,564 1,493 1,554 4,517 3,189 10,922 April 18,576 3,008 4,611 10,957 7,693 1,487 1,573 4,633 3,295 10,883 May 18, 520 3,048 4,569 10,903 7,682 1,619 1,543 4,520 3,227 10,838 June 18,560 3,028 4,506 11,016 7,703 1,617 1,496 4,590 3,299 10,847 July 18,582 3,023 4,433 11,126 7,694 1,639 1,457 4,598 3,253 10,888 August— 18.517 2,960 4,413 11,144 7,531 1,588 1,431 4,512 3,108 September 18,875 2,961 4,495 11,419 7,743 1,595 1,472 4,676 3,228 11,132 1935—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 1,628 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 Aug. 7 18,491 2,981 4,380 11.130 7,301 7,504 1,601 1,410 4,493 3,103 10,987 Aug. 14 18,477 2,979 4,388 11,110 7,272 7,519 1,609 1,411 4,499 3,106 10, 958 Aug. 21 18, 567 2,980 4,437 11,150 7,283 7,558 1,609 1,447 4,502 3,089 11,009 Aug. 28 18, 533 2,899 4,446 11,188 7,310 7,543 1, 534 1,454 4,555 3,136 10,990 Sept. i 18,614 2, 957 4,431 11,226 7,315 7,580 1,584 1,430 4,566 3,125 11,034 Sept. 11 18, 675 2,9P0 4,470 11,215 7,288 7,656 1.621 1,454 4,581 3,148 11, 019 Sept. 18 19, 084 2,952 4, 513 11,619 7,660 7,852 1,591 1,486 4,775 3,326 11,232 Sept. 25 19,126 2.946 4,566 11,614 7,633 7,882 1,584 1,517 4,781 3,312 11,244 i For additional data see p. 686. Back figures.—See Annual Report for 1934 (tables 71-73). 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 New York City. In [Monthly data are averages of weekly figures. In millions of dollars] millions of dollars] For ac- From banks From private For count of For ac- End of month Total and p tr a u n s ie t s com- f b o a a r g n e e i k g n s n c , i b e b s r a , o n e k k t e c i r n s g , Month or date Total o c w o n u n a t c- b o t a u o n t w - k o n s f - J co o u th n e t rs of 1934 1935 1934 1935 1934 1935 iQQi—August 827 670 156 1 September 776 633 142 1 October 746 612 133 1 January 903 825 758 64 November 713 573 139 1 February- 938 816 862 750 76 December _ __ 784 639 144 1 March 981 773 873 706 108 1935—January 777 635 140 2 April 1,088 805 973 762 116 Februarv 756 614 140 2 May 1,016 793 912 759 104 March 839 696 141 2 June 1,082 808 980 776 102 April . 803 714 86 3 May . _ 878 858 19 1 July- 923 769 849 741 74 June 883 865 18 August 874 772 803 750 71 July 908 893 15 September 832 781 769 759 62 August . _ . . 868 853 15 September 886 871 15 October.. . 827 761 66 November. 831 765 66 Sept 4 867 852 15 December. 813 67 Sept 11 918 903 15 Sept 18 887 872 15 Sept 25 870 856 14 Back figures.—See Annual Report for 1934 (table 75). i Member and nonmember banks outside New York City (domestic banks only). Back figures—See Annual Report for 1934 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN OCTOBER 1935 ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Fed- Held by accepting Based Based eral Reserve banks on goods on banks stored in goods Based United stored Total Based States in out- For Held im on ex- (ware- Dollar foreign End of month stand- ac- by End of month Total ports house ex- couning o F a w c o - n r o c e f o i u g fo n n r t - Total O bi w lls n b B ou il g ls ht others TT C! f U ro .S m . s c h re ip o d r p it e s d ) change s t h ri i b e p e s p - o ed r count corre- between tween spond- domestic foreign ents points points 1933—April 697 404 206 199 86 1933—April 697 77 176 199 10 234 May 669 505 229 276 115 May 669 77 174 185 9 225 June _. 687 487 201 287 123 June ... 687 80 168 217 9 213 July 738 552 248 304 147 July 738 86 168 255 10 219 August 694 499 252 247 154 August 694 95 160 229 4 206 September. 715 517 236 282 156 September 715 103 171 237 4 199 October 737 592 271 321 112 October 737 99 185 253 5 195 November. 758 599 273 326 138 November 758 98 200 278 4 180 December.. 764 442 223 219 190 December 764 94 207 277 4 182 1934—January.... 771 567 255 312 95 1934—January 771 89 225 277 5 175 February.. 750 581 266 315 108 February 750 98 203 261 4 184 March 685 576 252 324 81 March 685 103 186 226 3 168 April 613 536 236 299 70 April 613 103 164 186 3 158 May 569 507 226 281 59 May 569 100 150 164 3 152 June 534 480 220 260 53 June 534 97 145 141 4 148 July 516 472 222 250 42 July 516 94 135 138 4 144 August 520 483 222 261 37 August 520 89 140 147 4 141 September. 539 503 223 280 35 September 539 94 138 166 4 137 October. _.. 562 516 245 271 45 October _ 562 93 147 184 4 133 November. 561 517 252 265 44 November 561 89 148 195 2 127 December. 543 497 243 254 46 December 543 89 140 193 2 119 1935—January 516 0) 485 238 247 30 1935—January 516 86 133 179 3 114 February.. 493 0) 452 217 235 41 February 493 92 123 166 3 109 March 466 0) 423 197 226 43 March 466 101 122 134 2 106 April 413 0) 391 178 214 22 April 413 103 114 96 2 99 May 375 356 162 193 19 May 375 107 100 76 2 91 June 343 317 154 163 26 June 343 102 94 57 2 89 July. 321 296 148 148 24 Julv 321 99 86 47 3 86 August 322 292 145 147 August 322 102 81 52 4 83 » Less than $500,000. Source: American Acceptance Council. Source: For acceptances outstanding (and held by accepting banks), Back figures.—See Annual Report for 1933 (table 97). American Acceptance Council. Back figures.—See Annual Report for 1933 (table 100). COMMERCIAL PAPER OUTSTANDING I ACCEPTANCES PAYABLE IN FOREIGN CURRENCIES- [As reported by dealers. In millions of dollars] HOLDINGS OF FEDERAL RESERVE BANKS [In thousands of dollars] End of month 1932 1933 1934 1935 End of month 1932 1933 1934 1935 January 108 85 108 171 February _ 103 84 117 177 M^firch 106 72 133 182 January.._ 33, 444 29,036 5,977 5,502 April .. 108 64 139 173 February.. 33, 478 28, 997 5,887 5,504 May -. . 111 60 142 173 March 30, 778 24, 788 5,275 5,305 June 103 73 151 169 April 30, 736 7,181 5,070 4,696 July . 100 97 168 164 May 30, 837 6,981 5,076 4,700 A ugust 108 107 188 177 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 4,685 110 133 178 September. 30,849 6,068 5,691 4,688 T~)pppmber 81 109 166 October... 30, 659 5,686 5,495 November. 30, 652 5,841 5,499 December. 29,489 6,033 5,501 1 Includes some finance company paper sold in the open market. Back figures.—See Annual Report for 1934 (table 76). Back figures.—See Annual Report for 1934 (table 25). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

659 OCTOBER 1935 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Re d d e i r s c s o e u e n s. t s 1 a 3 n d a n a d d v 1 a 3 n a c e o s f u t n h - e Ad 1 v 0 a n (b c ) e s o u f n t d h e e r F se e c d . - Prevailing rate on- Aver o a n g - e rate A d v i e sc ra o g u e n t r a o t n e — of Federal Reserve Act eral Reserve Act Federal Re- Bo s s e t r o v n e bank e R f O f a e c t c e t t . 2 i o n 1 n F In e g b i e n . f n fe i c n 8 t g , 1 — b 9 e 3 - 4 P r o r a e u t v e s 2 i H - e R f O f a e c t c e t t . 2 i o 1 ^ n n S In g e p i e n t f . f n e 2 c i 0 n t , g 1 b - 9 e 3 - 5 Month or week m m p P 4 c a e o r o t p r i n o m m c e t i r - h 6 a e , s l a P a b c d n e r a c 9 a i c r n e m y 0 s e p k ' s s e - t . - c l S h d t o i e t a a 9 a m o x n y n 0 c - e g s s k , e N c S h e a t w l o n o c g a k e n n s e R e c w x a e - - l a l l 1 U w 8 b . h i 2 i t l i - S h l l d s l . i s a n y T o p r f e 2 e fe 7 a r b i r 3 s i o e l u - d d l d s r a y * y New York Feb. 2,1934 2 Philadelphia... 2 Jan. 17,1935 2H Cleveland May 11,1935 2 1934 Richmond 2 May 9,1935 2Yi Sept. 23,1935 September H-l HrU 3/4-1 1.00 1.00 .27 Atlanta _. 2 Jan. 14,1935 2H 2fc Sept. 14,1935 October _. H-l 3/4-1 1.00 1.00 .21 Chicago 2 Jan. 19,1935 2H 2H Sept. 20,1935 November H-l H 3/4-1 1.00 1.00 .22 St. Louis 2 Jan. 3,1935 2V> December H-l H H-l 1.00 1.00 .15 Minneapolis 2 May 14,1935 2VL Kansas City 2 May 10,1935 2H 2H Aug. 26,1935 1935 Dallas 2 May 8,1935 2H San Francisco- 2 Feb. 16,1934 2H 2\i Sept. 20,1935 January H-l H. H-l 1.00 1.00 .14 February H H H-l 1.00 1.00 .12 0.17 March H H H-l 1.00 1.00 .10 .18 April H M H-l .63 .64 .17 RATES U O A N L S D . I P S A C R O T U N N E T R S S F H O I R PS A , N A D N D A D C V O A R N P C O E R S A T T I O O N IN S DIVID- May H M n .25 .25 a.10 .15 June H H .25 .25 ».O8 .13 July H H H .25 .25 ». 07 .07 Discounts and advances Ad d v ir a e n c c t es o b s li e g c a u t r i e o d n s b o y f August H H H .25 .25 .10 under par. 3 of sec. 13 the United States September H H H .25 .25 ».10 .22 of the Federal Re- (last paragraph of sec. H serve Act 13 of the Federal Re- Week ending— Federal Reserve serve Act) bank Aug. 3 H Ys M .25 .25 .07 Aug. 10 H Ys X .25 .25 —" KT" .07 e R f O f a e c c t t e t . 1 i o n n In g i e n f n fe in c g t — be- e R f O f a e c t c t e t . 1 i o n n In g i e n f n fe in c g t — be- A A u u g g . . 2 1 4 7 H H Y Y s s V YA A . . 2 2 5 5 . . 2 2 5 5 . . 0 1 8 3 Aug. 31 H H H .25 .25 .15 Sept. 7 VA H n .25 .25 .18 Boston _ 6 Aug. 11,1932 4 Oct. 20,1933 Sept. 14 VA H .25 .25 .20 New York 6 Aug. 10,1932 3M Feb. 8,1934 Sept. 21 VA M H .25 .25 .23 Philadelphia 6 Aug. 12,1932 4 Oct. 20,1933 Sept. 28 VA H H .25 .25 3.19 .25 Cleveland 5 July 24,1934 3K May 11,1935 H Richmond July 16,1934 4 Feb. 19,1934 1 When no rate is shown no bills of the stated maturity wore offered. Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 1 Rate on 133-day bills. Chicago..- _._ 6 Aug. 13,1932 4 Oct. 16,1933 3 Rate on 166-day bills. St. Louis 5Yz July 10,1934 4 Feb. 21, 1935 Back figures.—See Annual Report for 1934 (tables 54 and 55). Minneapolis 6 Aug. 10,1932 Apr. 15,1933 Kansas City 5 July 10,1934 Wi May 10,1935 RATES CHARGED CUSTOMERS BY BANKS IN Dallas 6 Sept. 8,1932 4 Mar. 12,1934 PRINCIPAL CITIES San Francisco 6 Sept. 2,1932 4 Oct. 19,1933 [Weighted averages of prevailing rates] NOTE.—For rates on industrial advances see p. 682. New York City a 8 n o d th e e a r s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i ti a e n s d BUYING RATES ON ACCEPTANCES Month [Buying rates at the Federal Reserve Bank of New York] 1933 1934 1935 1933 1934 1935 1933 1934 1935 Rate in Maturity effect on In effect be- Previous January 4.12 3.58 2.83 4.89 4.65 4.08 5 60 5.40 4.95 Oct. 1 ginning— rate February. _ 4.11 3.43 2.90 4.84 4.49 4.02 5.56 5.39 4.84 March 4.88 3.31 2.64 5.39 4. 52 4.05 5.66 5.40 4.85 April 4.33 3.39 2.61 5.09 4.52 3.99 5.68 5.34 4.80 1-15 days Oct. 20,1933 1 May 4.24 3.42 2.69 4.99 4.39 3.88 5.66 5.28 4.79 16-30 days do__ 1 June 4.10 3.30 2.66 4.97 4.30 3.78 5. 62 5.19 4.76 31-45 days___. do 1 July 3.93 3.30 2.61 4.82 4.15 3.87 5.54 5 07 4.58 46-60 days 1 August 3.97 3.33 2.67 4.68 4.12 3.79 5.53 5.05 4.63 61-90 days- 1 September. 3.79 3.26 2.72 4.65 4.11 3.75 5. 55 5.04 4.51 91-120 days— .—.do 1 October 3.76 3.28 4.51 4.13 5.50 5.05 121-180 days- ..—do __. IH November. 3.52 3.22 4.54 4.08 5.42 4.93 ..—do December. . 3.48 3.18 4.59 3.98 5.43 4.92 NOTE —Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures.—See Annual Report for 1934 ftable 57). Back figures.—See Annual Report for 1934 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN OCTOBER 1935 BOND PRICES STOCK PRICES Other bonds J Preferred Common stocks (index. 1926 = 100) stocks United Year, month, or date (indus- Year, month, or date G S o t v a e te r s n- r C at o e r p an o d - Corporate tr g ia r l a d h e ig )1 h- Total In tr d i u al s- r R o a a i d l- Utility ment municbonds g (h r 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 3 m 2 b a e v r e r o a f g i e ssues 96 2 .1 0 421 351 33 3 7 7 9 1933 average 104.8 1934 average 120.7 Number of issues 3 14 <60 60 20 20 20 1934—September. 121.0 64 1 1 1 9 9 9 3 3 3 4 3 2 a a a v v v e e e r r r a a a g g g e e e 1 1 9 0 0 9 3 2 . . . 4 2 2 9 8 8 6 4 1 . . . 7 0 1 8 6 7 4 9 3 . . . 5 4 4 8 6 6 1 3 9 . . . 9 2 2 8 6 7 3 4 0 . . . 8 8 5 8 8 8 0 0 7 . . . 6 5 8 N D O e c o t c v o e e b m m er b b e e r r . . . 1 1 1 2 2 2 0 7 4 . . . 9 8 1 6 6 5 3 1 8 1935—January.... 129.1 57 1934—September 102.3 96.7 83.0 82.2 79.3 87.6 February.. 130.2 55 October 103.4 98.4 84.1 82.5 81.6 88 1 March 131.3 53 November 103.5 98.8 84.3 83.4 81.0 88.6 April 132.2 59 December 104.1 100.0 85.8 85.4 83.3 88.8 J M un ay e 1 1 3 3 4 4 . . 8 0 6 7 5 0 1935—Januarv 105.1 101.3 87.6 86.7 85.0 91.2 July. 134.8 74 February 105.8 101.3 87.4 86.7 82.0 93.4 August 135.4 82 March 106.6 99.9 84.5 85.2 74.7 93.6 September . 135.0 82 April 107.0 100.0 85.5 85.9 75.0 95.5 May ._ 107.1 101.2 87.1 87.3 76.5 97.4 Sept. 4 135.5 83 95 81 June 107.2 102.2 88.3 87.3 79.3 98.4 Sept. 11 135.4 84 July. 107.5 104.2 89.2 88.5 78.8 100.2 Sept. 18 135. 3 82 August 106.8 104.2 89.9 89.0 79.6 100.9 Sept. 25.... 133.7 85 36 81 September 105.3 103.1 90.4 89.4 80.6 101.0 S S e e p p t t . . 4 1 _ 1 __: 1 10 0 5 6 . . 9 1 1 10 0 3 3 . . 7 2 9 8 0 9 . . 9 8 8 8 8 9 . . 9 5 8 7 1 9 . . 6 7 1 1 0 0 0 1 . . 7 5 i 1 M Av o e n r t a h g l e y d d e a r t i a v e a d r e p a ri v c e e r s a . ges of daily or weekly figures. Sept. 18 104.8 103.1 90.5 89.6 80.8 101.2 Source.—Standard Statistics Co. Sept. 25 105.0 102.5 90.4 89.8 80.6 100.8 Back figures—See Annual Report for 1934 (table 93). CAPITAL ISSUES i Average prices. Monthly data are averages of daily or weekly figures. 8 1 N Pr o i w ce s 1 4 d e T ri r v e e a d s u f r r y o m b o a n v d e s r . a ge N y ew ie ld T s r . easury issues were added Aug. 15, [Long-term; I. e., 1 year or more. In millions of dollars 1933, Nov. 1,1933, Apr. 16,1934, June 15, 1934, Dec. 15,1934, and Mar. 15, 193 4 5 4 . 5 c T o h rp e o 3 r a L te ib a e n rt d ie 1 s 5 w m er u e n o i m ci i p t a te l. d beginning March 1935. New issues Source.—For United States Government bonds, Federal Reserve Bank Domestic of New York: for other bonds, Standard Statistics Co. Total Back figures.—See Annual Report for 1934 (table 93). Year or month m ( e d s o t - ic State Corporate For- BOND YIELDS l a fo n r d - Total i m an u d - Bonds eign eign) nici- and Stocks pal notes United Munic- Corporate, by ratings 4 Year, month, or States ipal 3 date Treas- (high- 1925 , 6,201 5,125 1,352 2,452 1,153 1,076 ury » grade) Aaa Aa A Baa 1926 6,314 5,189 1,344 2,667 1,087 1,125 1927 7,556 6,219 1,475 3,183 1,474 1,337 1928 8,040 6,789 1,379 2,385 2,961 1,251 Number of issues.. 7-11 15 30 30 30 30 1 1 9 9 2 3 9 0 1 6 0 . , 9 0 0 91 9 9 6 , , 4 0 2 0 0 4 1 1 , , 4 43 1 4 8 2 2 , , 0 9 7 8 8 0 5 1, , 5 9 0 2 3 4 9 6 0 7 5 1 1 1 1 9 9 9 3 3 3 4 2 3 a a a v v v e e e r r r a a a g g g e e e 3 3 3 . . . 1 6 3 0 6 1 4 4 3. . . 9 6 7 5 5 1 5 4 4 . . . 0 0 4 1 0 9 5 4 5 . . . 9 4 2 7 4 3 7 6 5 . . . 2 0 0 0 8 9 9 6 7 . . . 3 3 7 0 2 6 1 1 1 1 9 9 9 9 3 3 3 3 4 2 3 1 3 1 1 , , , 4 1 0 7 0 9 8 2 2 4 9 0 2 1 1, . , 4 1 8 7 0 6 6 0 2 5 0 8 1, 8 4 7 2 1 8 6 3 9 3 2 5 1,2 3 1 4 0 4 4 0 5 4 0 3 1 1 2 3 2 1 0 5 0 22 2 1 9 9 0 2 1934—September... 3.20 3.84 3.96 4.42 5.17 6.57 1934—September. _ 43 43 36 5 2 October 3.08 3.69 3.90 4.36 5.00 6.40 October 122 122 39 0 November... 3.05 3.57 3.86 4.27 4.93 6.37 November. . 107 107 89 8 December 2.97 3.52 3.81 4.27 4.86 6.23 December. _ 141 141 106 34 1 1935—January 2.83 3.45 3.78 4.21 4.77 5.99 1935—January 92 92 80 3 2 February 2.73 3.39 3.72 4.14 4.69 5.97 February.._ 50 50 44 7 0 March 2.69 3.27 3.71 4.15 4.72 6.22 March 108 108 100 8 0 J J A S A M u u e u p l n a p y g r y e t i u l e s m t ber. _. 2 2 2 2 2 2 . . . . . . 7 6 5 6 6 6 8 6 9 1 4 1 3 2 2 3 3 3 . . . . . . 0 8 2 9 2 2 8 7 5 5 7 5 3 3 3 3 3 3 . . . . . . 8 7 7 7 7 7 0 7 0 4 2 2 4 4 4 4 4 4 . . . . . . 1 1 1 1 1 1 1 5 5 8 9 8 4 4 4 4 4 4 . . . . . . 5 5 5 6 6 7 6 4 7 2 6 5 5 5 5 5 5 6 . . . . . . 6 6 8 9 7 1 9 2 6 9 7 4 J J A A S M u u e u p a l n p y g r y e t i u l e . s . m t ber. _ 1 1 1 7 5 9 8 5 3 6 7 2 0 8 4 1 1 1 7 8 5 9 5 3 6 7 8 0 2 4 1 3 4 3 4 6 7 1 6 4 2 4 9 4 3 2 2 1 1 9 2 9 7 7 4 2 0 6 5 8 Sept. 4 2.73 3. 04 3.80 4.13 4.58 5.68 Sept. 11 2.74 3.06 3.78 4.09 4.55 5.58 Sept. 18 2.81 3.09 3.81 4.10 4.54 5.60 Sept. 25 2.79 3.12 3.80 4.12 4.55 5.62 1 Monthly data are averages of daily or weekly figures. 1 Average, computed by Treasury Department, of yields of all outstanding Treasury bonds except those due or callable within 8 years. • Standard Statistics Co. • Moody's Investors' Service. Back figures—See Annual Report for 1934 (table 94). OOOO OOOO Refunding issues (do- mestic and for- eign) 925 1,046 2,220 1,858 1,422 711 949 538 344 792 26 36 35 45 49 46 180 413 0 384 0 454 0 510 0 284 0 259 1 Includes publicly offered issues of Federal banks, Federal intermediate credit banks. Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation, not shown separately. 1 Less than $500,000. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues (issues publicly offered) annual totals are as finally reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision. Back figures—S&B (for fieuras of new issues—annual and quarterly basis) Annual Report for 1934 (table 92.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 661 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest-bearing debt outstanding Septem- Interest bearing Non- ber 30, 1935 Total inter- End of period ( d g e r b o t s ) s Total Bonds Notes C ic e a r t ti e f s - Bills b i e e n s a g t r- Total Bondsi Notes C ic e a r t t e if s - Bills Total 28,432 14,300 11,929 251 1,952 June 1932 19,487 19,161 14,250 1,465 2,831 616 326 Obligations maturing: June 1933 22,539 22,158 14,223 4,780 2,200 954 381 Before Jan. 1, 1936 1,624 >505 418 701 June 1934 27,053 26, 480 16, 510 6,932 1,635 1,404 573 Jan. 1-Mar. 31, 1936 _-. 601 601 1934 J A u p ly r. 1 1 - - S J e u p n t e 3 3 0 0 , , 1 1 9 9 3 3 6 6 . 1,8 8 9 7 6 8 1,2 8 4 7 5 8 651 September... 27,190 26, 626 15, 922 8,020 1,15fi 1,529 564 Oct. 1-Dec. 31, 1936 358 358 October- 27,188 26,643 15, 808 8,027 1,154 1,654 545 1937 1,749 1,749 November 27, 299 26, 761 15, 768 8,036 1, 153 1,804 538 1938 1,946 1,946 December 28, 479 27, 944 16, 245 9,586 158 1,954 535 1939 . 2,760 2,760 1935 1 19 9 4 4 1 0. _ 2,1 8 1 3 7 4 834 2,117 January 28, 476 27,952 16, 250 9,585 163 1,954 524 1943 898 898 February 28, 526 27, 969 16,247 9,582 161 1,979 557 1945 1, 401 1,401 March 23,817 28, 043 16, 238 9,567 160 2,079 775 After 1945 10,425 10, 425 April... 28, 668 27, 766 15, 394 10, 236 158 1,978 902 Other obligations 3 946 237 457 251 May 28, 638 27, 738 15, 157 10. 471 157 1,953 901 June 28,701 27,645 14,936 10,501 156 2,053 1,056 July 29,120 27,923 14,576 11,065 254 2,028 1,196 1 Issues classified as of date of final maturity; most issues callable at August 29,033 27, 956 14, 715 11,036 252 1,952 1,076 earlier dates; postal-savings bonds only issues callable before 1940. ember... 29,421 28,432 14,300 11,929 251 1,952 1989 2 Fourth Liberties called for redemption and not yet redeemed, including approximately $63,000,000 called for Apr. 15, 1934, Oct. 15, 1934, and Apr. 15, 1935, and approximately $442,000,000 called for Oct. 15, 1935. i Includes $647,000,000 of Government liability for retirement of 3 Includes United States savings bonds and such issues as postalnational bank and Federal Reserve bank notes, as a result of deposit savings bonds, retirement-fund notes, and adjusted-service-certificate of funds by banks; this compares with $815,000,000 on July 31, 1935, series, in which special funds are invested. and $309,000,000 on Feb. 28, 1935. 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 8 counts, creaseduring- Excess etc.,« period of re- excess Period General3 Recovery and relief8 ( c + e ) ip o t r s c o e f i p re ts - (+)or Total c ta o I x n m e - e s i r l M n e a t v n i e e s e r n c o n e u u a l e s l - oth A e l r l * Total e I p n s u t t b e o l r i n - c o A th H er Total Relief w Pu o b rk li s c oth A e l r l 4 p t e u e n r x d e - s i- p t e u e n r x e d - s i- G b f a e u l n a n e n d r c a e l G d r e o b s t s debt Fiscal year ending June: 1933 . 2,080 746 858 475 4,681 6S9 2, 715 3 1.277 -2,602 +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 1,099 1,657 1,044 6,802 821 2,327 3,655 2,342 1,020 292 -3,002 +613 -741 +1, 648 3 months ending: September 1933 672 163 362 147 909 83 531 295 195 66 34 -237 +9 +283 +512 September 1934 954 216 454 284 1, 496 no 558 828 496 361 6 28 -542 +16 -3S9 +137 September 1935 998 278 526 194 1,744 136 728 881 413 166 301 -746 -17 -43 +720 1934—September. 449 173 176 100 516 60 172 283 155 112 17 -60 +13 +56 +110 October 260 19 151 90 669 160 225 284 205 99 -409 +29 -381 -2 November 247 21 119 107 599 15 195 390 199 100 91 -353 +28 -214 +111 December _ 385 164 131 89 641 129 191 321 208 80 33 -256 +43 +966 +1,180 1935—Januarv 203 19 114 70 462 22 188 252 189 55 8 -260 +18 -244 -3 February 214 28 109 77 496 34 209 252 214 46 «9 -281 -8 -239 +50 March _ 601 326 189 86 546 90 169 2*8 203 75 10 +55 +19 +365 +291 April.. 228 29 116 83 611 118 213 279 192 45 43 -383 +21 -511 -149 May 246 23 137 86 542 24 181 336 178 78 81 -296 +348 +22 -30 June . . 464 254 138 72 740 119 197 425 258 82 85 -277 +99 -115 +63 July 279 23 165 91 673 8 318 347 114 88 146 -394 -77 -52 +419 August 299 24 219 56 508 27 193 2S9 158 69 139 -210 — 17 -314 —87 September - ._ 421 231 143 47 563 101 217 245 142 87 16 —143 +78 +324 +389 1 Includes processing taxes, customs .and miscellaneous receipts. 2 Excludes public-debt retirement, i 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 loans and expenditures of the Reconstruction Finance Corporation. * Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN OCTOBER 1935 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 31, 1935 [Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds U.S. Total Total s C F t R r o i u t n e r i c c p o a o t n o n i n o c ra - e n -C m C C o t o r r i o p e o d m d o n it i r - y t a- E i b m x a p p n o o k r r s t t - A t W P d r u a m o t b i i r l n o k i n i c s s- R C A C e o t t g i g u r r o r p e i r i o n c d a o n u s l i r t a a l- - l C P C o r t t i o r r i o p e o 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 _ 8,254 2,334 1,455 253 « 250 65 99 212 Preferred stock, capital notes, and debentures.__ 876 876 873 3 Cash—total . 320 98 2 (2) 11 2 17 65 Investments: United States securities 451 25 2 23 Obligations guaranteed by United States 219 20 20 Other investments 870 122 98 20 4 Accounts and other receivables ISO 50 31 4 3 7 6 Real estate and other business properties 159 149 1 43 105 Other assets - 172 26 3 10 13 Total assets other than interagency 11, 502 3,701 2,364 257 11 260 70 121 187 431 LIABILITIES Bonds, notes, and debentures: A O l b l l i o g t a h t e io r ns guaranteed by United States 4 2 , , 2 1 9 1 0 2 ,250 250 Other liabilities (including reserves)— 216 17 (2) 1 13 (2)20 Total liabilities other than interagency 6,618 301 267 (2) 1 13 20 Excess of assets over liabilities, exclusive of interagency transactions 4,884 3,401 2,098 257 11 260 69 121 173 411 Privately owned interests 357 U. S. Government interests 4, 527 3,401 2,098 257 11 260 69 121 173 411 Distribution of Government interests: Capital stock 6,946 5,852 500 3 11 3 410 45 120 50 3 4, 713 Surplus 353 257 106 3 13 1 124 10 Interagency interest (net) -2, 773 -2, 708 1,492 251 -150 12 -4,312 Financed partly from Government funds Federal Federal Savings Federal Federal Total * F b e l a a d n n e k d ra s l m F b c i e n e r a d e d t n e e d i k r a r i - a s t te l C r M F a g o a t a o r i r g o p r m e t o n - - c B a o t a o f i o v n p r e k e s r s - H b l a o o n a m k n s e O C r H L a w o o t o r i n m a p o e n o n e r - s' C I L a n a o n o s n r c u a p d e n r o - - c sa i a l a a v o s t n i s i a n o o d n g n - s s D C I r n a a e o n t s p i r u c o o p e r s o n - i - t ration ASSETS Loans—total 5,920 2,145 176 755 31 86 2,727 Cash—total 222 37 12 12 11 9 129 m 12 Investments: United States securities 426 42 35 23 6 320 Obligations guaranteed by United States 199 3 38 43 13 101 Other investments 747 723 24 Accounts and other receivables - 130 40 6 27 1 53 1 2 Real estate and other business properties 10 6 4 Other assets ___ 145 98 1 1 (2) 42 3 Total assets other than interagency 7,800 2, 371 268 1,518 133 114 2,913 102 42 338 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 4,040 1,282 « 2 758 All other 2,112 1,916 170 26 Other liabilities (including reserves) 165 58 6 29 (2) 5 60 (2) 7 Total liabilities other than Interagency 6,317 1,974 175 1,311 (2) 5 2,844 (2) 7 Excess of assets over liabilities, exclusive of interagency transaction 1,483 398 93 207 133 109 69 102 42 331 Privately owned interests 357 148 2 26 181 U. S Government interests 1,126 250 93 207 131 82 69 102 42 150 Distribution of Government Interests: Capital stock 1,094 123 70 200 126 82 200 100 42 150 Surplus _. 97 86 36 4 -31 2 Interagency interest (net) -64 41 -13 7 1 -100 1 Includes interagency interests held by the Treasury Department. * Includes also War Finance Corporation not shown separately. * Less than $500,000. «Includes unissued bonds covering loans in process. 1 Nonstock (or Includes nonstock proprietary interests). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 663 RECONSTRUCTION FINANCE CORPORATION LOANS, PURCHASES, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, less repayments Proceeds not yet disbursed Aug. 31 Apr. 30, May 31, June 30, July 31, AUR. 31, Sept. 30, July 31, Aug. 31 1934 1935 1935 1935 1935 1935 1935 v 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) _. 591, 560 522,471 503,000 480, 404 455,928 441,825 427, 657 114,992 109, 998 Building and loan associations 30,593 11,303 10,385 9,808 10,307 9,494 8,954 187 141 Insurance companies _ 31, 383 21,184 20,060 19, 231 18,052 17. 628 17,163 65 40 Mortgage-loan companies— _ 161, 312 149,128 146,426 145. 551 139,972 136,396 132,346 102, 619 104,298 Credit unions _ 389 335 341 336 332 331 330 1 1 Federal land banks _ 116, 357 70, 527 66,549 59, 979 58,330 57,975 56, 340 Joint stock land banks 7,636 3,720 3,167 3,095 2,806 2,407 2,381 550 550 Agricultural credit corporations 800 861 887 874 874 872 Regional agricultural credit corporations 4,646 Livestock credit corporations 1,613 1,255 1,344 1,315 1,225 1,108 1,024 Railroads (including receivers)— 343, 482 386,617 413,438 414,344 413, 338 413, 350 412,903 363 346 State funds for insurance of public moneys 2,102 2,146 1,606 1,513 1,407 Fishing industry _ 76 76 79 79 79 92 "534" "550 Processors or distributors for payment of processing taxes 1 1 Total 1, 291,855 ., 167,476 , 165,674 ,137,162 ., 102,849 ,082,977 1,061,465 219, 312 215, 924 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) - 107,159 134,509 137,560 146, G96 148,760 155,174 169,493 109, 598 103,050 For financing exports of agricultural surpluses, sec. 201 (c) 14,875 14,963 14,926 14, 532 14,517 14,517 14,300 For financing agricultural products, sec. 201 (d) 3,260 6,505 7,227 7,885 8,463 8,413 8,402 964 870 To commodity credit corporation 108,646 49,156 55,530 148,181 231,166 249, 556 258,739 172,168 152, 779 On preferred stock of banks 18.198 20, 295 20,151 20, 283 20,176 20,031 19,988 320 166 On preferred stock of insurance companies 25, 785 29,933 29,933 29,933 29,933 30, 083 30, 083 To drainage, levee, and irrigation districts 9,182 23, 507 25,815 27, 596 29,181 32,790 34,176 70, 724 18, 773 To Public School Authorities 22, 300 To industrial and commercial businesses 274 14, 693 17,759 21, 761 25, 932 29,519 32,325 ' 34, 954 39, 848 To mining, milling, and smelting businesses.. 8 280 345 664 775 5,784 5,813 On assets of closed banks _ 235" 331 420 10,869 8,317 7,888 1,035 1,052 To Public Works Administration on security transactions 106 15, 282 15,753 16,167 16,190 112,849 J 05, 225 29, 298 1,345 Total 309, 786 309,077 324,994 433, 733 535, 532 661,913 681,394 424, 845 373, 695 Purchases: Preferred stock of banks.. _ 536, 769 632,144 634,490 639,977 639,015 640,983 641,991 21, 553 17,936 C Pr a e p fe it r a r l e d n o s t t e o s c k a n o d f d in e s b u e r n a t n u c r e e s c o o m f b p a a n n k ie s s 248, 3 1 6 0 6 0 248,1 1 0 0 3 0 247,7 1 1 0 8 0 245, 0 1 0 0 3 0 244,3 1 1 0 7 0 241,6 1 1 0 5 0 24.2,3 1 6 0 2 0 59, 768 60,197 Capital stock of the R. F. C. Mortgage Co. 10,000 10,000 10, 000 10,000 10, 000 10,000 2,000 2,000 Total - — 785, 235 890,346 895, 079 893,432 892,698 894,453 83, 321 80,133 Total loans and purchases 2, 386, 877 2,366,900 2, 382,974 2,465,975 2,531,813 2,637,588 2,637,312 727, 477 669, 752 For relief: ALLOCATIONS Federal Emergency Relief Act of 1932 298, 524 297,711 297,690 297, 689 297,638 297, 621 * 297,099 15 Federal Emergency Relief Act of 1933 499, 592 499,997 499, 998 500, 000 499, 998 499,998 I 499,999 2 Emergency Appropriations Act of 1935 500,000 500,000 500,000 500,000 500,000 ' 500,000 Emergency Relief Appropriation Act of 1935. 500, 000 500, 000 Total _ 798,116 1, 297, 70S1, 297, 688 1, 297, 689 1. 297,686 1,297,620 1, 297,0 500, 017 500, 017 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 81,646 82,346 85, 246 43, 095 42, 395 Purchase of stock of Home Owners' Loan Corporation 200, 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 ~97~4O6' "97," 400 To Federal Farm Mortgage Corporation 55, 000 55,000 55, 000 55. 000 55,000 55,000 55,000 To Federal Housing Administrator.. 34,000 34, 000 34, 000 34,000 34,000 34,000 To Secretary of Agriculture for: 10, 000 Crop loans 115,000 115,000 115,000 115,000 115,000 115,000 Reallocated as capital regional agricultural 115,000 credit corporations 44, 500 44, 500 44, 500 44,500 44,500 44,500 Reallocated to Governor of Farm Credit 44, 500 Administration 40, 500 40, 500 40, 500 40, 500 40, 500 40,500 40, 500 Total 694, C 718.246 718, 246 718, 246 718, 246 718,946 721, 846 140, 495 139, 795 Total allocations.. 1, 492,162 2,015^953 2, 015,932 2,016,566 2,018,944 640, 512 639, 812 Total loans, purchases, and allocatkms__ 3,879, 039 4, 382, 854 4,547,745 4,654,154 4, 656, 256 1, 367,990 1, 309, 564 r Revised. v Preliminary. 1 Includes $287,000,000 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

664 FEDEKAL RESERVE BULLETIN OCTOBER 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 bybyi— and discounts for— Regional 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- p a c s p c r n c r o o r o e d u c e A d r d i l d a u a t i g b i t t u t c t r a i i r i o t c o n - a i a o n n o s k l r s - n s s - , , f c i i e n o n O t t x a o s i i t o n c v t p h i e n c e e t e p i s s u r r n a t - g - ti P o a t s n r i s o o o c d n c r s u i e a c 3 d - - it t R u i a t r r e g a a c g t r l o i i i o c o r c p u n n re o l s a - d - l - c d r E g r o l o o e m p a n u e n c g a r s y h n - t d m F b c i e e n r a d d e t n e e d i k a r r i - a s t te l B C c i a a n B o t e n c i i o n a n k v l p n u t g s e e r k d s a r f , - - o l r M A i r n e t g f g a u v u i r n r o r i n k c g A a l d e u v l c t l - - - t for cooperatives » 1932—December.. 1,128,564 82, 518 24,373 89, 301 158,885 1933—December.. 1,232,707 70, 738 73,263 60,989 27 144,636 89,811 15, 211 18, 697 157, 752 1934—April 1, 503,155 258, 730 102, 781 59, 569 14, 392 144, 671 84,138 9,997 17,144 67, 257 May _. 1, 568, 097 311, 375 120, 282 61, 830 28,117 143,127 90,147 8,528 19, 243 54, 642 June. 1, 650, 779 378, 526 127, 470 62, 092 38, 518 138, 485 90, 517 8,123 20, 539 54,877 July 1, 710,977 429.830 128. 090 63, 392 49,826 128,830 94, 411 10, 106 21, 493 55, 437 August 1, 766, 361 477,822 125, 270 64, 203 58, 074 117,664 100, 209 9,969 23,019 55, 250 September.. 1,810, 559 516, 276 118, 402 63.002 60,887 106, 724 105.446 9,987 23, 057 54, 870 October 1,848, 727 551,873 104. 909 58,882 58.128 96,914 104.470 24, 207 24, 561 57, 310 November.. 1,8S6,335 587, 260 100, 992 56, 058 58,328 90, 559 104,994 32, 330 24, 710 56, 764 December... 1,915, 792 616.825 99. 675 55, 672 61, 024 87.102 110,186 33,969 27,851 54,863 1935—January 1,942. 916 643, 291 99, 776 53, 509 64, 637 84. 726 116,846 34, 445 28,498 53, 721 February... 1, 961, 275 664,886 103. 360 53,172 71,192 82, 342 125.124 34.132 29. 445 49, 687 March 1.974. 952 686, 606 115, 281 54, 442 85.819 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 May 1.998. 228 716, 243 129,954 56,897 105. 096 76, 508 193,969 26,420 31, 741 47, 456 June 2,016,825 733,489 130,559 57, 759 109,890 72, 765 197,188 10,028 23,937 49, 422 July 2, 023, 859 742, 897 128.851 58, 864 113,017 68, 670 197, 821 6, 023 25. 037 49. 196 August 2,036,067 754,502 125,137 58,761 112,104 64,582 195,943 5,539 31,455 46,497 i Does not include loans by joint-stock land banks, which are now in liquidation. 1 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives 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 t columns under those headings. 1 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 THE UNITED STATES1 LOANS OUTSTANDING, BY INSTITUTIONS [Loans in thousands of dollars] 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 e C r e o s r ' - a N ss u o m ci b a e ti r o o n f s Loans reported m lo b e a a m n n s b k e to r End of month Total M C o o t r r i t p o g o n a r g a e - Co t L i r o o p a n o n 2 ra- C F o i ti n r o p a n o n * r c a e poration i institu- Re- New Convert- tions * Total port- associ- ed asso- 1933—December.. 180 180 ing ations ciations 1934—January 310 310 1932—December. __ 838 February... 183 183 1933—December 105,920 59 88.442 March 295 68 227 1934—March 435,778 190 93,125 April 325 98 227 April.... 607,269 250 88,922 May 423 168 28 227 May 815.562 286 86,842 June 681 312 134 235 June 1,039,003 369 86, 248 July 1,064 551 284 230 July_ 1,274,470 441 85,723 August 1,614 672 702 241 August 1,476,913 480 85.519 September- 1,875 733 896 246 September.. _ 1,656,213 534 332 5,437 26,684 86, 647 October 2,596 805 1,543 248 October 1,857,424 577 332 6,934 26,944 87,446 November- 2,823 878 1,695 249 November... 2,027,969 601 438 8,843 55.606 87, 714 December.. 3,063 980 1,834 249 December 2,196,988 639 455 10,758 58, 976 87,258 1935—January 2,363,824 688 545 13,706 79,014 82, 585 1935—January 3,300 1,041 2,009 250 February 2,468,744 727 565 15,967 92,013 77,170 February... 3,480 1,089 2,140 251 March 2,539,408 752 572 18,699 93,910 72,637 March 3,590 1,124 2,215 251 April 2,578,883 778 613 20,800 112,847 74,011 April 3,660 1,154 2,256 250 May 2,620,119 808 623 24,081 123, 741 75,836 May 3,728 1,188 2,290 250 June 2,660,677 851 655 27,070 138,129 79, 233 June 4,123 1,226 2,647 250 July 2, 702, 247 894 691 32,850 146,161 80, 877 July 4,204 1,274 2,681 249 August 2,747,022 922 P691 P36,883 P153, 276 86,025 August 4,247 1,282 2,715 250 » Preliminary. i Loans closed. i Principal amount of obligations guaranteed as to interest and prin- • No monthly reports prior to September 1934; they now exclude largely cipal. new associations recently chartered and inactive associations. * Excludes obligations guaranteed as to interest only. > Includes loans to Federal savings and loan associations, all of which • Excludes obligations held by U. S. Treasury and reflected in th« are members, and a negligible amount to others than member institu- public debt; includes in 1933 and in January 1934 notes given in purtions. chase of gold which were retired in February 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 665 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production * * Construction contracts awarded (value) J Fac- Factory em- tory Freight-car Year ployment » pay loadings 4 * Cornand Total Manufactures Minerals Total Residential All other rolls» mod* month 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 lusted justed justed usted 1919 83 84 77 63 44 79 107 97 84 139 1920 87 87 89 63 30 90 108 117 91 154 1921 67 67 70 56 44 65 82 76 79 98 1922 85 86 74 79 68 88 91 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 97 96 97 98 1925 104 105 99 122 124 120 99 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930 96 95 99 92 50 125 92 89 92 86 1931 81 80 84 63 37 84 77 68 75 73 1932 64 63 71 28 13 40 64 46 56 65 1933 76 75 82 25 11 37 69 49 58 66 1934 79 78 86 32 12 48 79 62 62 76 1932 June... 59 59 58 58 62 64 32 27 12 11 47 39 61 62 43 52 52 64 July.... 56 68 55 57 63 65 31 27 12 11 46 40 59 60 40 51 51 65 Aug 59 60 58 59 66 65 32 30 11 12 48 45 60 60 41 53 51 66 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 28 29 12 12 41 43 64 63 45 65 57 64 Nov..._ 65 65 63 63 78 75 24 27 10 10 35 41 63 63 43 68 57 64 Dec... 60 66 58 64 73 77 22 28 8 9 33 43 62 62 42 52 58 63 1933 Jan 64 65 63 63 72 75 18 22 7 8 27 33 60 61 40 51 56 61 Feb.... 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 51 54 60 Mar.... 60 59 58 56 74 81 14 14 8 8 18 18 5ft 69 37 48 50 80 Apr 67 66 68 65 65 73 16 14 11 10 19 17 60 60 39 51 53 60 May... 79 78 80 77 77 79 19 16 13 11 24 20 63 63 43 66 55 63 June... 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 65 July-.. _ 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 69 Aug 90 91 89 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 68 60 71 Oct 78 76 76 76 S9 81 35 37 12 12 67 80 78 59 66 58 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 1934 Jan 77 78 75 76 86 88 40 49 10 12 64 80 73 75 54 68 64 72 Feb.... 83 81 82 80 89 92 38 44 10 12 60 70 78 78 61 6i 64 74 Mar 87 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 66 74 Apr._._ 88 86 89 85 81 90 36 32 14 12 54 48 82 82 67 60 62 73 May 89 86 89 86 86 88 32 26 13 11 47 38 83 83 67 63 63 74 June... 84 84 84 83 '86 87 31 26 13 12 46 38 81 82 65 64 64 76 July.... 73 76 71 74 84 '84 30 27 12 12 44 39 79 80 61 63 61 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 48 77 77 60 60 59 77 Dec... 78 86 76 85 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 58 64 79 Feb.... 91 89 91 88 92 96 24 28 13 14 33 39 81 82 69 61 65 80 Mar 91 88 91 86 90 97 26 26 16 16 34 35 82 82 71 62 65 79 Apr.... 89 86 91 86 79 87 30 27 22 18 38 33 82 82 71 59 61 80 May... 87 85 87 84 88 89 32 27 25 21 39 32 81 8.1 69 61 61 80 June... 86 86 84 84 97 98 35 30 26 24 43 36 80 80 66 63 63 80 July.... 83 86 83 86 84 84 39 35 25 25 50 43 80 80 65 60 58 79 Aug P86 J>86 »86 »87 85 81 40 38 24 24 54 50 82 82 70 64 60 81 » Preliminary. r Revised. *Average per working day. 1 For indexes of groups and separate industries see pp. 697-698; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. • The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934 pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries see pp. 699-700. * For indexes of groups see p. 666. «Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 696. Back figures.—See Annual Report for 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN OCTOBER 1935 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports Merchandise imports > Excess of exports Month 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 January .. 250 150 121 172 176 183 136 96 136 167 66 15 25 37 9 February 224 154 102 163 163 175 131 84 133 152 49 23 18 30 11 March 236 155 108 191 185 210 131 95 158 177 26 24 13 33 g April 215 135 105 179 164 186 127 88 147 171 29 9 17 33 —6 May 204 132 114 160 165 180 112 107 155 171 24 20 7 6 —5 187 114 120 171 170 173 110 122 136 157 14 4 —2 34 13 July 1S1 107 144 162 173 174 79 143 127 178 6 27 1 34 —4 August 165 109 131 172 167 91 155 120 -2 17 -23 52 September 180 132 160 191 170 98 147 132 10 34 13 60 October 205 153 193 206 169 105 151 130 36 48 42 77 November 194 139 184 195 149 104 129 151 44 34 56 44 December 184 132 193 171 154 97 134 132 30 35 59 38 Year 2,424 1,611 1,675 2,133 2,091 1,323 1,450 1,655 334 288 225 478 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 BULLETIN for January 1931, p. 18, and for March 1931, p. 136. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers based on value figures; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of salesi Index of m s o to n c th k ) s (end of 1934 1935 Adjusted Without Adjusted Without Aug. Apr. May June July Aug. Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1934 1935 1934 1935 1934 1935 1934 1935 Total__ .-„ 59 61 61 63 58 60 Coal. - 58 63 67 83 54 58 J M F a e n a b u r r c a u h r a y ry. - 7 7 7 1 1 8 8 7 7 2 5 4 5 7 5 9 3 7 5 6 7 9 1 1 6 6 6 6 6 5 6 6 6 4 4 3 5 6 6 9 3 7 6 5 6 1 7 5 G L C Fo i o r v a r k e e i e n s st t o a p c n r k d o d g u ra c i t n s products 1 3 7 0 2 9 0 7 9 4 4 7 3 9 1 4 3 6 4 5 3 8 1 0 3 6 5 3 3 4 4 5 5 4 5 3 3 6 8 6 9 4 4 7 4 8 4 5 0 J A M u p n a r e y i l . 7 7 7 4 7 4 8 7 7 0 3 6 7 7 7 3 7 0 7 7 7 6 6 9 6 6 6 5 5 6 6 6 6 4 3 4 6 6 6 8 8 3 6 6 6 1 6 6 M M Ore i e s r c c e h l a la n n d e i o se u s i 4 5 6 3 9 5 4 6 6 9 7 3 4 6 6 7 4 3 4 6 6 6 4 4 4 6 6 8 3 4 5 6 6 1 2 4 July 73 80 51 66 64 61 59 '56 August 77 79 60 62 64 62 61 60 Without seasonal adjustment SeDtember 75 *82 79 *86 64 67 October 73 82 64 71 Total 63 59 61 63 60 64 November 74 83 65 74 Coal 57 53 60 72 48 56 December___ 78 135 64 60 Coke 35 46 50 49 40 43 Grain and grain products 84 57 55 56 69 90 Year 75 65 Livestock __ 95 38 38 30 30 39 Forest products 31 35 35 37 38 42 v Preliminary. r Revised. M Ore is cellaneous - 7 6 3 4 2 6 5 9 7 6 1 7 8 6 3 7 8 6 7 7 8 6 7 8 i Based throughout on figures of daily average sales—with allowance Merchandise * ___ 65 65 65 64 63 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. Adjustment for seasonal variation makes allowance in March and April for the * In less-than-carload lots. effects upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: Association Back figures—See BULLETIN for April 1935, pp. 254-255, and Annual of American Railroads. Report for 1934 (table 95). Back figures.—See BULLETIN for February 1931, pp. 108-110. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 667 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. $1 = 15% grains of gold9Ao fine; i. e.,an ounce of fine gold=$35] Europe Total End of month (50 coun- United Canada tries) States Total (27 Austria Belgium Bulgaria Czecho- Denmark England France Germany countries) slovakia 1934—July 21,302 7,931 133 11,592 45 618 19 111 60 1,579 5,321 30 August 21,487 7,978 131 11,747 45 623 19 111 60 1,580 5,439 30 September- 21,528 7,978 131 11,787 45 626 19 111 60 1,581 5,455 30 October... 21, 584 8,002 132 H»813 45 609 19 112 60 1,582 5,468 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 1,584 5,445 32 1935—January... 21,879 8,391 132 11,697 45 599 19 112 60 1,586 5,438 32 February. 22.022 8,527 135 11,679 45 596 19 112 60 1,586 5,439 32 March 22,099 8,567 1 190 11,633 45 532 19 112 60 1,586 5,479 33 April p 21,861 8, 710 187 11,97Q 45 518 19 112 60 1,587 5,366 33 J M u a n y e _ * * 2 2 1 1 , , 6 4 6 5 1 6 8 9, , 8 1 5 1 8 6 1 1 8 8 8 9 v 1 10 0 . , f " i 1 7 4 0 4 4 5 5 6 63 0 4 5 1 1 9 9 1 1 1 1 2 3 6 6 0 0 •1 , , 5 5 8 8 7 8 4 4, , 7 7 5 0 9 8 3 3 3 5 July v 21,659 9, 144 188 v 10,636 45 624 19 113 60 ,588 4,726 38 August p21,741 9, 203 193 v 10, 664 45 612 19 113 54 1.593 4,756 38 September- *9,368 604 1,595 p4,770 .38 Europe—Continued End of month Greece Ilungary rtaly 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 .3 S. Y sla u v g i o a - 6 c t o o ri u t e h n s e - r 1934—July 34 23 567 588 61 93 67 102 740 168 537 716 53 58 August 36 23 565 588 61 94 67 103 740 169 567 716 53 58 September. 36 23 554 588 61 94 67 103 740 170 591 716 54 61 October 37 23 541 601 61 94 67 103 740 163 621 716 54 61 November 40 23 520 582 61 95 67 103 740 160 624 716 54 61 December. 40 23 518 573 61 96 68 104 740 159 624 744 53 60 1935—January... 39 23 519 555 61 96 68 104 740 159 600 744 37 59 February.. 39 23 519 552 61 96 68 105 740 159 586 744 38 58 March 38 23 519 553 61 96 68 106 741 160 560 748 36 59 April 37 23 519 439 61 97 68 106 741 160 446 748 38 56 May 37 23 5J9 440 66 97 68 106 741 161 390 748 40 57 June 36 23 198 427 75 97 68 107 741 161 391 p748 40 57 Julv 36 23 tfl8 380 75 97 68 107 741 162 421 V748 40 57 August 35 23 119 402 84 97 68 108 741 162 446 V 748 40 September- V379 *365 "448 V Latin America Asia anc1I Oceania Africa End of month c T 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 i o a - - M ic e o x- Peru g U u r a u y - o c t t r o h i 4 u e e n s r - T c tr o o i ( u e 7 t s n a ) 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 ( e u 4 t s n a ) l - | Egypt A So fr u ic th a o c tr t o h i 2 u e e n s r - 1934—July..- 597 405 24 26 27 19 82 15 806 275 386 77 42 21 6 244 55 172 17 Aug--- 603 403 28 26 29 19 82 16 807 275 387 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 55 155 17 Oct 597 403 29 22 25 19 82 18 795 275 390 77 26 22 5 245 55 173 17 Nov 599 403 29 21 26 19 82 19 796 275 392 77 25 22 5 255 55 184 17 Dec 595 403 29 19 23 19 82 20 798 275 394 77 25 22 6 255 55 184 17 1935—Jan 592 403 29 15 21 19 82 21 800 275 395 78 25 22 5 267 55 196 17 Feb.... 593 403 29 14 23 19 81 22 804 275 397 80 25 22 5 285 55 214 17 Mar__- 596 403 29 14 26 19 82 23 805 275 398 80 25 22 5 308 55 236 17 Apr V597 403 29 14 »26 20 82 23 801 '275 400 76 23 22 5 286 55 214 17 May__. V*)(*9 "403 29 14 v 26 20 82 25 800 275 403 71 23 23 5 295 223 17 June.-. V594 *403 29 14 »26 20 76 26 gc2 275 407 68 23 23 6 »291 55 220 P 17 July... V^93 p 403 29 14 v 21 20 74 V27 797 275 410 61 23 23 5 301 55 230 p 17 Aug_— v 593 P403 *>29 14 *>26 *74 p27 | 798 275 413 58 23 23 5 P290 V55 219 »17 » Preliminary. 1 Beginning March 1935, includes, in addition to gold still held by Canadian Minister of Finance, gold reserves of Bank of Canada acquired as follows (round figures, in Canadian dollars); from Canadian Minister of Finance, $69,000,000; from chartered banks $38,000,000, of which $5,000,000 was held in central gold reserves. J Figure^ for March 1934, June 1934, December 1934, or March 1935 carried forward for subsequent months, for which no figures have been reported. 1 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, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam: and in Africa: Algeria and Belgian Congo. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; and December 1934, p. 801. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN OCTOBER 1935 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 ia - A W fr e ic s a t 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 $l—25$io grains of gold %ofine; i. e.t an ounce of fine gold=$8O.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 7,508 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, J98 6,782 1933- 522,555 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,169 6,165 3,009 16,790 8,968 6,919 $l=165Ai grains ofgoid 9Aofine; i. e., an ounce of fine gold=$$6 1934.. 942,106 722,970 366, 795 24, 264 12,153 6,549 104, 023 107, 632 23,135 12.045 8, 350 30, 447 16, 354 11, 223 June 77, 617 59,343 30,138 2,048 946 547 8,410 8,724 1,941 1,003 623 2,722 1,310 930 July 79. 082 60,808 30, 773 2,015 1,072 521 8,615 9,214 1,861 1,037 832 2,579 I, 351 938 August 79, 924 61,651 31,015 2,085 1.022 542 9, 295 8. 829 2,078 1J48 666 2,619 1,413 938 September 78, 787 60,514 29, 951 2, 061 1', 072 544 8, 567 10, 404 1,396 940 525 2,625 1,495 932 October 82, 021 63, 747 30, 994 2, 054 1,117 582 9,300 10, 824 2,166 1,143 731 2, 453 1,438 944 November 79, 060 60, 786 30, 633 1,932 1,080 590 8,771 8, 759 2,006 831 1,227 2, 650 1,377 929 December 80, 470 62,196 30, 356 2,031 1,135 534 9,168 10,124 2,093 922 681 2,722 1,435 995 1935—January r 82, 026 60, 252 31,202 2,024 1,075 599 8.353 8,610 2,410 830 366 2,374 , 463 946 February ' 77, 499 55, 725 28, 717 1,920 1,097 557 8,027 7,700 2,280 991 708 1,439 1,386 903 March ' 82, 419 60, 645 31,015 2,009 1,078 587 8,732 9,415 l,83fl 925 1,005 1,468 L. 619 955 April r 82, 014 r 60, 240 30, 301 2, 052 1,106 594 8,599 8,785 1, 750 1,015 '895 2,637 L, 568 938 May ._ 84, 918 63, 145 32.072 2.177 1.162 627 9,423 9.835 1.P48 945 '651 2. 533 ,717 954 June » 84,977 v 63,204 31,089 2,101 1,095 588 10, 002 9,800 v 1,155 857 1,113 2, 623 1.844 937 July. p 89,826 F68,053 32.458 »2.135 v 1, 3fi5 615 9.988 '32,005 P2, 170 1,001 1,113 2,635 1.610 958 August *>88,695 ' 66,921 v 32,515 P2,135 PI, 400 f 615 P 10,010 11,095 p 1,750 P945 P 1,113 P 2,635 ,750 P958 9 Preliminary. r Revised. Estimated world production revised on basis of new estimate for production in U. S. S. R. during 1935, of $15,500,000 per month (see BULLETIN for March 1935, p. 170). NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737. and March 1935, p. 170. For annual figures of world production back to 1873 see Annual Report of Director of the M int lor 1934, p. 104. Figures for Canada beginning January, 1935, 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 e o x r p o n r e t t s England France Belgium N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Co b l i o a m- B I r n i d ti i s a h H a o nd ng c o o th u e n r - Kong tries Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932 -446,2131] 53, 5851-441,6491 -82,5711 -96,5861-118,2731 64,5741 20,0871 3,2401 26,5971 39,0431 85, 737 1933 -173,455|| 6,3751-216,035| -895| 7,90l| -11,6311 19,896| 4,280| 98| 25,629| 12,8211 -21,898 Customs valuations; with some exceptions at rate of $S5 a fine ounce 1934» 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 ... .. —a June 63, 705 31, 288 10, 750 —4, 865 6,989 2,837 37 12,191 2,286 2,190 July 52, 346 22,978 2,212 1 -17 8,982 2,664 8 8,948 3,254 3,316 August 37, 225 22,872 -5, 238 -1,943 212 8,200 515 2,484 5,489 672 3,960 September. -18, 670 -950 -17,748 -2,094 -500 539 399 -8 513 1,180 October 10,837 -1,118 26 3,775 3,265 3,112 50 1,729 November. 120,889 3,687 70,351 12,814 9,906 -254 9,609 880 1 11,300 700 1,896 December. 92,109 19, 649 22, 430 17,790 8,077 6,076 2,111 12, 574 529 2,874 1935—January. _. 149, 392 85, 577 14, 592 12,812 12, 091 4,991 2,101 10, 616 1,528 5,083 February.. 122, 772 63, 424 45, 766 1,466 339 6,346 729 2,112 522 359 2,711 March 13,003 -187 56 4,449 833 1,407 2,139 334 3,972 April 148,608 1,481 32, 510 94,890 10,968 923 2 2,924 313 4,596 May 140,061 1,689 124,052 3,885 3,053 948 1,752 167 507 3,962 June 230, 373 938 194, 298 22,061-- - 8,734 679 448 3,215 July. 16,229 31 975 5.770 722 1,750 28 438 6,515 August 45,9831 5 40 28, 277 5,398 753 6,671 1,127 3,711 September. 156, 719 37,114 40,423 • 37,811 15, 069 699 1 19,821 640 5,141 iDiffers from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 669 GOLD MOVEMENTS—Continued Great Britain Net imports from or net exports (—) to: Total Year or month net im- South e o x p ( r p o ) o r n t r e s t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N la e n th d e s r- S l w an itz d e ' r- A So i m c u a e th r- Canada B I r n i 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 e f h r s e i o i c s a - a t , , c o t o A r th i u e l e n l s r - Africa Official figures converted at rate of $20.67 an ounce 1932 84,585!I -50,6421--297,050] 333! -13, 4341-71,378!-14,0191 5,7461 J 220,394110,781J 20,3fi41 255,3101 18. 279 1933 _ 677,405|| 7, 9391 97,016| 41, 036| -808| -7,0651 -4,2991 9,610] 43,374| 118,817| 8,682| 60,8121 256,177| 46,110 Official figures converted at rate of $35 an ounce 1934 716,269 -497,166 348,1901 121,017 -13,585 32,575 -9,123 17,568 26.316 206,711 4,863 41, 790 335, 253 101,860 June 53, 056 -35. 375 6.62~2 17,495 218 -659 -71 144 17, 330 441 3,172 30. 505 13, 233 July 30, 991 -29, 369 -121 4, 099-2,161 -46 -102 1,794 12,213 70 3,234 32,312 9,070 August. 26,005 -15.420 -6,797 45 -6, 034 -5 -4, 563 1.749 25,146 66 4,673 22, 371 4,774 September... 23, 488 6,251 -8, 188 2, 890 -2, 157 -203 -1,849 2,052 7,266 962 151 3, 507 11.315 1,491 October 49,999 950 -339 105 -1,291 482 -1,118 655 4,669 4,992 245 3,438 24, 420 12, 790 November... 49, 585 -17,284 27, 026 152 -5, 198 -550 -60 670 1,697 18, 791 190 2,686 18,495 2,970 December... 27, 215 -22,489 1,769 -1,087 310 241 17,882 128 4,126 23.469 2,906 1935—January -4, 279 -79, 628 4,270 36 -349 8,780 -53 381 24, 046 12 4,066 37,231 -3, 071 February -36, 566 -74,127 -17, 739 28 -951 2,145 -305 2, 057 19, 09r 88 3,067 18, 669 11,410 March 66, 557 66 26, 612 53 -1, 992 51 -67 1,195 2,970 15,45' 296 2,685 12, 661 6,570 April 36, 529 -20, 533 -33. 348 266 -1.013 33, 237 -202 152 424 16,249 693 1,920 17, 658 21,025 May 146. 289 -3, 247 69. 128 209 -1.962 5,780 -54 410 2.696 2,962 484 2.838 55. 847 11, 197 June 118,067 -18.547 86. 926 -943 -11,601 -593 -3, 646 292 3.570 7.159 429 1,969 42. 473 10. 579 July. 16, 289 -1,141 -5, 719 -4,416 118 -11,888 -3, 758 261 2,831 5,663 405 5,375 33. 532 -4. 973 August 39,016 -12,871 -5,697 -26 1,642 -34 287 449 26,102 420 4,148 35, 512-10,684 September p. -22,633 -62,166 -6,014 23| -1,684! -3, 233 22, 015 65 3,626 29, 505 -4,740 France Germany Net imports from or net exports (—) to: Net imports from or net exports (—) to: Total Total Year or month net net i e m o x r p p o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - m G a e n r- y g B iu e m l- N la e e n r t d - h s - S l z a w e n r i d - t- c o t o r A th i u e l e n l s r - i e m o x r p p o n o r e r t t t s s E la n n g d - France N la e e n r t d - h s - U S. . R S. . c o t o t A r h i u e l e n l s r - Official figures converted at rate of $20.67 an ounce 1932 828,178|| 468,0521 309. 9841 37,8891 -35, 0101 37, 5471-17.6681-27, 3821 -27,28211 -2501-38.1701-24,4551 46,6561-•11,063 1933 243,944|| 223,8941 -87,207] 73,00l| -28,9791 44,6911 10,49l| 8,0531-102,8561| -37,044|-64,9221 -40,9501 40,317| -260 Official figures converted at rate of $35 an ounce 1934 _ -406,949 --240.361-351, 729 31. 036 -17, 669 74,995 23. 657 73,123 -90. 9201-109,386-42,907 4,097 June -9. 779 -11,411 18,191 -1,400-1,696 19.168 -6, 636 -20,312 7-12,286 July -3. 003 926 1 -320 -104 -1.03S 643 4, 469 -4, 090 1 August -7. 290 264 145 -122 -39 -9. 226 1,163 5,327 -2, 604 2 September 5. 9S7 9, 606 -3 -44 10-15.492 898 61 -269 6 October 26. 296 3.706 2 -464 139-6.972 3 7,873 -59 4 November. -64. 337 -17,936 86 -2. 633 -786 1, 7862 IS. 251 2. 954 -167 7 December. — 19.918 —8, 738 —3,114 —232 4,220 2 65. 517 1,206 -85 -1 1935—January. __. -15. 376 -2.931 115 -994 -96 1.231 2 25,849 287 67 4 February.. -50,314 8,670 1 -2. 497 249 11,975 -565 295 -49 5 March 648 14. 676 3 -3. 851 -201 7.989 -147 112 -19 6 April 3 -28, 566 32. 730 -474 -26 395 3,907 111.292 5.015 735 -50 745 May 3 -77. 803 -47.681 -594 -109.195 -885 44. 621 1.263 6.666 -206 418 June 3 -223.070-110.834 -190 -56,265—1,101 -3,431 1.3U 2.876 1. 057 275 July» 414 -13.150 1 -45 -650 1, 295 -70 9, 525 4,483 4 August 3__. 14 4, 905-1,990 -1,148 31, 272 -3,418 2 26,646 4,769 30 -1 * Preliminary. 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; $27,417,000 in August 1935. 3 Figures for France preliminary. NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ>omewhat from the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with June 1935, are subieof to amcial revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN OCTOBER 1935 GOLD MOVEMENTS—Continued Netherlands Year or month Total net Net imports from or net exports (—) to: imports or net exports U S n ta i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h A co l u l n o t t r h ie e s r Official figures converted at rate of $20.67 an ounce 1932 _ 116,149 I 106,623 I 50,070 I -34,009 I , -12,727 | -13,630 I -16,137 I 16,423 | -7,346 1933 -67,510 | -3,839 I -1,624 | -72,183 | 40,818 | -17,873 | -6,030 | -16,974 | 9,632 1 567 Official figures converted at rate of $85 an ounce 1934 « -122,664 -46,040 -31,038 -78,610 | 25,716 9,285 | -1,253 | -4,784 1,891 [ 2,171 June -225 277 1,701 7,704 -166 -29i -12 451 133 July 8,880 75 71 -53 -103 -112 322 August -194 -23 -42 174 -278 -2, 546 168 1 September. 498 -327 7 34 —2 44 -1,016 393 130 October... -637 166 -1,864 -178 -65 -4 70 126 November. -17,770 645 830 -6 -587 -65 -106 56 154 December. -9,270 -312 62 78 -95 -34 -25 165 1935—January—, -15,605 -3,221 110 -66 -161 -30 27 476 171 February.. -2,495 -352 64 77 -159 -197 171 March 37 -1,299 617 -93 1,066 -136 'Hi 181 April -97,632 -20,890 -20,966 -210 20,081 -41 -862 26 May -2,810 — 1,562 277 162 -289 -1,084 71 156 June -19,259 1,375 667 -862 3,379 -107 113 -103 July —29,215 15,702 —21,909 —462 9,563 51 —8 118 August -152 -9, 436 -86 2,900 -253 -23 2,356 180 Switzerland British India Total Net imports from or net exports (—) to: Total Net i e m xp p o o r r t t s s ( f — rom ) t o o : r net Gold Change in— Year or month net net proi e m o x r p p n o o e r r t t t s s United E la n n g d - France g B iu el m - Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - i e m o x r p p n o o r e r t t t s s U S n ta i t t e e s d E la n n g d - c o t o A r th i u e l e n l s r - I d t n i i u d o n c n i - a I s n e R r i d n v e i - e a s 1 P i I n h n r g i o d v s l i d a a i - t « n e Official figures converted at rate of $t0.67 an ounce 1932.. 169,78611124,354} 15,3421 7,4181 -581 -2,954 I 14,996! 10,6881-195,66211-38,0941-151,0591 -6,5081 6,7821 1271-189,008 -41,12l|| 10,9831—24,5361 — 26, 7811 735|-15,330| 13,168| 635|—126,048||—30,340| -85,463|-10,244| 6,916} —5|—119,124 Official figures converted at rate of $55 an ounce 1934. -46,065 -12,784-45,955 -29,235! 18,397 19,431 2,580 1,500 -230,720 *-71, 359, '-155, 675 '—3,686 11,222 173 -219,671 June -8,372 -817 -5,648 -186 -19,105 -7,933 213 930 -18,163 July_— -390 -1,171 -41 214 -22,130 r-14,134 '220 938 -21,196 August 26,569 4,007 2,566 7,056 -3, 565 -2,196 208 938 -2,628 September 21,532 2,367 1,105 -105 -2, 534 -2, 643 109 932 -1, 602 October. „ 12,853 -195 -305 7 -14, 431 -1, 650 -12,901 120 944 —13,491 November. 12,397 291 -771 -275 -102 -20,700 -2, 229 -18, 617 146 929 -19, 771 December. -1,950 -417 114 -15 -23,255 -3,201 -20, 216 162 995 -22,257 1935—January. __ -4,125 -17 -216 -218 198 -16,334 -1, 667 -14,874 207 9461 -2 -15,386 February.. -15,025 -51 -2,108 -90 428 -17,746 -2,406 -14,133 -1,207 903 1 -16,844 March -17,830 5 -6,839 -202 207 -18,439 -18, 225 -214 955 -5 -17,479 April -139, 633 324—31, 619 1,041-4, 475 -3, 675 -3,831 155 938 -2, 737 May -63, 229 -17,878 -409 -760 -6. 604 -6,558 653 954 -5, 650 June -5, 640 "~49 549 153 -352 -3,824 -4,078 254 937 -2,887 July.... 1,417 3 1,610 262-3,455! -22,383 10—21,575 -818 958 -21,425 August 9,328 64 -38 4,080 filflij 3,430 •25,196 '—24, 238 * Preliminary. r Revised. 1 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 reserves in India. NOTE.—Netherlands and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revise4 official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEE 1935 FEDEEAL EESEEVE BULLETIN 671 CENTRAL BANKS Assets of banking department Liabilities of banking department (Figures in B m an il k li o o n f s E o n f g p l o a u n n d ds sterling) ( d in e p i a s r s t u - e Cash reserves Discounts Securi- ci N r ti c o o u t n l e a- Deposits Other advances ties ties Coin Notes Bankers' ]Public Other 1934—July 25 191.6 .6 67.6 7.5 94.2 383.9 104.8 10.9 36.1 18.1 Aug. 29 191.8 .6 72.5 5.5 92.5 379.3 83.7 34.0 35.2 18.2 Sept. 26 191.9 .6 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 31 _ 192.0 .6 73.6 8.9 91.6 378.4 100.4 16.9 39.8 17.7 Nov. 28 192.1 .6 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 26 192.3 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Jan. 30 192.4 .b 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18.2 Feb. 27 192. 5 .6 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Mar 27 192 5 .6 71.1 5.6 99 0 381 4 96.6 20.1 41.2 18.3 Apr. 24 192.6 .5 59 4 5.8 97.4 393.2 98.1 7.6 39 6 17.7 May 29 192.6 .8 62.2 5.3 96.7 390.4 88.0 23.1 36.0 17.8 June 26 192.7 .6 55.9 10.2 108.6 396.9 102.4 16.2 38.8 18.0 July 31 192.8 .6 44.5 10.8 100.7 408.3 75.7 24.4 38.5 18.1 Aug. 28 193.4 .7 53.8 12.9 93.5 399.6 96.9 9.4 36.5 18.2 Sept. 25 193.6 .8 55.4 12.4 95.4 398. 2 87.2 19.5 39.0 18.3 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 m c 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 ie h u s r e i r - N se e t b c g ie l u o e s r t i i - a- O as 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 ti t b e h i s e li r - 1934—Julv 27 80, 252 1,155 4,248 3,054 5,913 8,150 80,809 3,515 16, 547 1 901 Aug 31 82, 037 1,082 3,116 3,140 5,913 9,060 81, 732 3,884 16,880 1,853 Sept 28 82, 281 962 4,146 3,134 5,898 8,254 81, 479 3,674 17, 673 1,850 Oct 26 82, 476 931 3,996 3,101 5,898 8,264 79, 467 5,287 17.966 1,942 Nov 30 82, 097 960 3,068 3,228 5,898 8,849 81,879 4,829 15, 522 1,869 Dec 28 82,124 963 3,971 3,211 5,837 8,288 83,412 3,718 15, 359 1,907 1935—Jan 25 82, 014 962 4,003 3,149 5,837 7,970 81, 686 3,751 16, 473 2, 024 Feb 22 82, 040 961 3,998 3,080 5,833 7,914 81.917 3,619 16. 328 1,962 Mar. 29 82, 635 1,017 4,170 20 3,119 5,833 8,074 83, 044 3,668 16, 213 1,943 Apr 26 80,933 1,066 4,280 10 3,094 5, 805 7,967 82, 352 3, 703 15. 145 1,954 May 31 71, 779 2, 150 7,137 937 3,371 5,805 8,691 82, 776 2,771 12.315 2,008 June 28 71,017 1,210 8,021 735 3,277 5,805 7, 999 82.099 2,983 10, 969 2,013 July 26 71, 277 1,240 7,301 692 3,171 5.805 8,077 81,128 3,241 11,069 2,105 Aug. 30 71, 742 1,236 7,575 543 3,103 5,800 8,212 82, 240 3,244 10, 666 2,062 Sept. 27 v_ _... 71,951 1,230 8,059 191 3,097 5,800 82,398 3,051 10,847 Assets Liabilities Reichsbank Reserves Securities (Figures in millions of reichsmarks) Gold e F x o c r h e a i n g g n e •Jtre b a il s l u s ry c O h ( b e a t i c h n ll k d e s s r ) S l e o c a u n r s ity E a c s l o i g v n i e o b r t l e e Other O as t s h e e ts r ci N t r i c o o u n t l e a- De i p ts os- l O ia t t i b e h i s e li r - 1934 jnlv 31 75 3 24 3,408 109 390 324 886 3,768 649 800 Aug 31 75 4 3 3,540 128 413 324 867 3.824 717 813 Sept. 29 75 4 19 3.811 148 431 324 806 3,919 848 851 Oct. 31 83 4 3 3,726 91 435 316 890 3,823 856 868 Nov. 30 _ 79 4 8 3,848 119 436 316 881 3,810 961 920 Dec 31 79 5 45 4,021 146 445 319 827 3,901 984 1,001 1935—jan. 31 80 5 1 3,620 81 441 319 837 3,660 822 900 Feb 28 80 5 21 3,656 188 437 328 697 3,617 928 866 Mar. 30 81 4 8 3,799 66 427 330 701 3,664 922 830 Apr 30 82 4 27 3, 861 87 373 328 739 3,711 952 837 May 31 82 4 63 3.732 86 338 324 775 3,810 770 824 June 29 86 4 53 3,879 89 337 324 781 3.895 819 838 July 31 94 6 6 3,833 52 337 324 814 3,878 743 845 Aug. 31 95 5 35 4,000 54 340 324 781 4,032 743 860 Sept 30 *> 95 5 40 4,144 73 346 324 770 4,143 774 879 J» Preliminary. 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,00C,000. 1 Figures not yet available. NOTE.—For explanation of tat?le see BULLETIN for February 1931, pp. 81-83, and July 1936, p. 463., Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN OCTOBER 1935 CENTRAL BANKS-Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank g A u u s - t July June g A u u s - t g A u u s - t July June g A u u s - t National Bank of Albania (thousands Bank of Canada 3 (thousands of Caof francs): nadian dollars): Gold _ 7, 558 7,558 7,122 Gold 180,321 179,937 106,671 Foreign exchange 20,795 21, 697 23,310 Sterling exchange 1,693 701 67 Loans and discounts. _ 2,593 2, 491 2, 697 United States exchange 7, 255 11, 265 12, 646 Other assets 5,622 3,333 2,892 Advances to Government 1,247 1,241 4,202 Note circulation ... 13, 851 13,899 11,458 Government securities: Demand deposits 11,941 10,631 13,726 2 years or less 26, 218 15,217 30, 524 Other liabilities 10.776 10, 543 10,837 Over 2 years 80, 293 79, 9S9 119,903 Central Bank of the Argentine Other assets _. 4,830 9,882 4,763 Republic i (millions of pesos): Note circulation 80,022 77,135 75, 718 Gold at home 1,224 1, 224 1,224 Total deposits 216,220 215,091 192, 979 Gold abroad and foreign exchange. 109 119 117 Chartered banks. _. 192, 355169,917 172, 902 Consolidated Treasury bonds 150 150 189 Government.. 23, 272 44, 364 19,715 Other assets 145 149 154 Other liabilities 5,615 6,006 10, 079 Note circulation 920 939 940 Central Bank of Chile (millions of Deposits: pesos): Member bank 213 220 246 Gold, and foreign exchange in re- Government 165 161 153 serve 142 148 Liquidation Institute 174 174 174 Loans and discounts 90 65 Other 121 114 128 Government debt 710 717 Other liabilities 37 34 44 Note circulation 523 507 Commonwealth Bank of Australia Deposits _. 358 349 (thousands of pounds): Central Bank of China « (millions of Issue department: yuan): Gold and English sterling 15,994 15,994 15, 994 15, 708 Gold.. 16 25 26 Securities _ 34, 634 34,634 34,634 28,125 Silver 121 119 127 Banking department: Due from banks abroad 5 6 28 Coin, bullion, and cash 874 929 871 855 Due from domestic banks 35 44 41 London balances 17,302 22,636 20, 592 23, 058 Loans and discounts 154 127 138 Loans and discounts 13,407 12. 696 12, 215 15, 344 Securities 180 179 19 Securities 36,163 36, 253 30, 130 36, 532 Other assets 55 55 36 Deposits 68, 309 73, 607 72,925 80, 338 Note circulation 108 99 79 Note circulation 47,045 47,045 47, 050 46,050 Deposits—Government 226 234 217 Austrian National Bank (millions of Bank 6^ 63 schillings): Other _ 16 17 Gold 242 242 242 242 Other liabilities 146 140 75 Foreign bills.._ _ 119 101 82 44 Domestic bills 231 233 232 253 Bank of the Republic of Colombia N D G o e o p t v e o e s r c i n i t r m s cu e l n a t t i d o e n bts.. 9 2 6 6 4 2 3 4 4 9 2 6 4 5 2 2 0 4 9 6 2 3 3 2 7 7 4 9 6 1 6 2 7 5 4 5 j . (th L G F o o o o u a r l s d e n a i s g a n n t t d o s h e m o x o m c e f h m e p a e b n a s e g n o r e d s ) b 5 a : a b n r k o s ad <s 2 4 3 6 , , , 2 7 4 2 9 0 4 3 4 26 3 4 , , , 7 1 6 3 6 2 7 2 7 2 4 6 5 , , , 3 2 1 3 8 5 1 5 4 1 3 8 1 , , , 1 8 8 7 1 6 6 5 2 National Bank of Belgium (millions Note circulation- 37,881 38, 457 39,120 of G b o el l g d a » s): 3,464 3,534 3,590 2,647 Deposits--. 29,919 28, 372 26, 226 Domestic and foreign bills » _ 1,373 1,431 1,446 680 National Bank of Czechoslovakia Ce b n o L N D G t l r i o a e o o v a l p l t i d e a n o B n s s c a a o i i t t t n s o r s k c ) h : u S o o l t m f a a t e B t i e o o a n l n i v d i a a b (t r h o o ad usands o _ f 4 1 , , 1 0 1 1 8 6 5 2 4 1 4 1 5 , , , 2 0 1 1 5 7 6 2 8 2 9 8 1 4 1 4 , , , 0 1 1 3 3 6 5 7 1 6 4 4 3 9 , , 5 0 3 3 3 9 4 0 1 5 4 7 (m N D L G F il o o e o o l r a i p l t e o d e n o i n s s g c s i n i a t r o s n c b f d u a k l l a a a o d t n r i v o c u a e n n n s y c a ) e . n s d currency. ._ - 2 5 1 , , , 6 0 5 6 1 5 1 2 9 9 5 5 4 3 9 5 2 , , 9 4 7 2 6 4 5 8 9 6 9 7 4 2 3 5 2 1 , , , 7 7 3 6 1 9 4 3 8 2 2 5 1 8 0 5 2 1 , , , 7 3 3 6 8 5 8 6 5 8 1 4 3 3 Foreign exchange.. 9,906 6,787 7,621 Danish National Bank (millions of Loans and discounts 30,828 13, 360 17,834 kroner): Securities: Gold. 118 133 133 133 National Government 326, 477 326,477 206, 592 Foreign bills, etc— — 15 17 16 Note O c th ir e c r ulation 13 3 6 , , 3 8 2 35 6 12 3 0 , , 3 0 4 00 2 6 4 9 , , 3 15 2 8 5 N Lo o a te n s c i a r n c d u l d at i i s o c n ounts 37 7 5 5 36 7 1 5 37 7 8 8 365 Deposits 201, 378 195, 806 130,947 Deposits - 105 118 127 Bank of Brazil (millions of milreis): Bank of Danzig (thousands of Cash 206 249 264 375 gulden): Correspondents abroad 250 2.16 171 213 Golds... - 16,972 16,949 15,847 26,983 Loans and discounts... 3,152 3,091 3,085 2,608 Foreign exchange of the reserve •._ 8,073 8,772 7,529 11,784 Note circulation 20 20 20 20 Other foreign exchange.. 2,493 1,468 363 197 Deposits 3,083 2,993 2,870 2,863 Loans and discounts 21,858 24, 862 27.164 19,112 National Bank of Bulgaria (millions Note circulation 29, 896 30, 352 31.810 41,321 of leva): Deposits. 3,506 5,556 3,610 11,365 Gold—. 1,583 1.583 1,583 1,547 Central Bank of Ecuador (thousands Net foreign exchange in reserve.. -39 -116 -43 of sucres)- Total foreign exchange 178 301 194 Gold at home and abroad 12, 893 17,286 15, 598 Loans and discounts... 991 881 951 1,037 Foreign exchange 8,297 6, 559 8,298 Government obligations 2,698 2,698 2,783 Loans and discounts 57,955 55, 523 50, 356 Note circulation 2,266 2,133 2,152 2, 668 Note circulation. 42, 575 42, 766 42,874 Other sight liabilities.. 1,939 2,015 2,204 1,764 Deposits. 19,516 18,880 21,662 1 Bank commenced operations May 31, 1935. > By law of Mar. 30, 1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see BULLETIN for May 1935, p. 291). 3 Bank commenced operations Mar. 11, 1935. «Items for issue and banking departments consolidated. * Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of gold in New York. » Parity of gulden reduced May 2, 1935, from $0.3296 to $0.1899. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 673 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank August July June August August July June August National Bank of Egypt* (thousands Bank of Italy (millions of lire): of pounds): Gold at home 4,704 5,258 5,589 6,343 Gold. - 6,545 6,545 6,545 Credits and balances abroad 438 355 295 37 Foreign exchange 2,152 2,526 2,269 Loans and discounts... 6,140 5,447 5. 565 4,681 Loans and discounts — 3,175 3,202 3,958 Note circulation 14,095 13,858 13,029 13,194 British, Egyptian, and other Public deposits 300 300 300 300 Government securities _. 35, 360 35, 414 30, 594 Other deposits 872 921 835 1,155 Other assets ..- 3,465 3,395 3,177 Bank of Japan (millions of yen) : Note circulation 17, 250 18, 013 17,841 Gold 490 485 482 458 Deposits—Government 7,982 8,246 5,024 Advances and discounts 704 654 694 857 Other... 17,297 16, 686 15, 676 Government bonds 422 508 579 441 Other liabilities 8,138 8,003 Notes issued _ _ 1,296 1,223 1,376 1,172 Central Reserve Bank of El Salva- Total deposits 458 381 328 495 dor (thousands of colones): Bank of Java (millions of florins): Oold 12,398 12, 347 12,260 11,156 Gold ._ _. 85 89 100 113 Foreign exchange 1,650 2,090 2,251 1,557 Foreign bills 2 2 3 1 Loans and discounts 644 529 423 212 Loans and discounts.._ 69 65 69 64 Government securities 7,112 7,184 7,383 8,803 Note circulation r 165 167 172 182 Other assets 1,269 1,285 1,187 1,514 Deposits 23 22 32 31 Note circulation 13,215 13, 698 13,907 16, 489 Bank of Latvia (millions of lats): Other sight liabilities 6,250 6,141 6,135 3,126 Gold 46 46 44 Other liabilities 3,608 3. C02 3,602 3,627 Foreign-exchange reserve 4 4 4 g Bank of Estonia (thousands of Bills... 55 55 56 62 krooni): Loans 59 62 67 61 Gold- 32,827 32,815 32, 796 20, 504 Note circulation 33 33 36 32 Net foreign exchange 2,525 2, 064 1,618 9,759 Government deposits 37 41 46 51 Loans and discounts 10,403 12, 273 10, 737 12,829 Other deposits... 112 112 109 112 Note circulation 37,318 36, 466 35, 993 32, 763 Bank of Lithuania (millions of litu): Deposits—Government 12,802 11,214 10,588 4,385 Gold 37 42 43 55 B O a th n e k r 8 1 , , 4 9 4 37 5 8 2 , , 9 5 3 6 6 8 8 2 , ,5 9 7 0 7 0 2 7 , , 3 8 7 0 2 5 L Fo o r a e n i s g n a n e d x c d h i a s n co ge u n 3 ts 3 8 1 8 2 8 1 7 2 9 6 7 8 8 2 Bank of Finland (millions of mar- Note circulation 93 91 93 85 kaa): Deposits _. 41 46 51 B G a o l l a d n ces abroad and foreig — n 401 325 324 323 Ne in t s h ): erlands Bank (millions of flor- N D O Fo o t o c h r r m t e e e e i r d e g c s i n < i t t r s u i c c b g u h i b l l t l a i s l l t l i i s a o b n ilities 1 1 , , 6 6 2 3 9 0 6 4 1 2 5 7 2 7 1 1, , 6 3 3 1 1 5 9 0 3 1 1 , , 7 5 3 3 8 4 4 3 2 7 9 9 4 8 1 1, , 2 0 2 5 7 2 7 1 9 3 4 3 2 0 0 Rese D N F L G r o o v e o o r a p e l t e d e n o i B s g s c i a n i a t n r s n c b k d u i o l l l d a f s t i N i s o c e n o w u n Z ts ealand (thou- 5 7 1 4 9 9 8 0 0 5 1 3 8 5 2 1 7 5 5 0 9 2 8 5 6 8 1 2 4 0 8 7 8 8 1 3 8 8 1 1 9 6 8 7 4 3 9 1 0 Bank of Greece (millions of drach- sands of pounds): Na l m i t o a i N L O L G G o s n ) i n o s o o t o : a h a a l t v b o d e e l n e i f r s l r c a i p n s B i t a n e r i i m n g e c d a n s u h d n e g f t l k n o o i a d n t r s l t i i e i ) s a o f o o : i c o g b b n f o r n i l e l u i i i g H e n t g a i x n t e u t s c i s n o h e g n x a a s n c r g h y e a ng (m e il- 3 3 3 5 3 , , , , , 5 2 4 2 7 1 5 8 9 4 9 7 1 1 6 3 8 0 3 2 3 3 5 , , , , , 4 9 2 3 9 9 9 6 8 8 5 7 4 5 6 9 4 3 5 3 2 3 . , , , , 4 9 5 8 1 2 1 2 2 1 4 8 7 4 0 8 0 9 3 3 5 3 1 , . , , , 4 8 3 3 6 1 2 7 5 6 5 1 1 3 3 5 9 Bank D N S G O O t e o o t t o e h h m l t r f d e e e l B G N i a r r n c a o n o l a g i n d v i r r s a k c w e s b e u d e r a x i n l t e l y s a c i m p t t h i o i ( a e e o m s n n s n i g t t i s l e l ions _ _ _ o _ f . kroner): 2 1 1 8 4 5 0 2 2 1 0 , , , , , , , , 5 4 7 8 8 3 6 9 6 7 1 0 6 4 7 3 4 2 4 2 8 9 8 1 2 1 1 1 4 2 8 5 2 1 1 , , , , , , , , 5 2 8 2 0 8 2 6 7 6 0 6 5 4 8 9 5 2 2 4 4 9 8 6 2 1 1 9 3 2 3 2 1 2 7 , , , , , , , . 5 9 1 8 2 8 2 2 5 1 0 1 7 2 1 8 4 5 2 1 6 6 3 8 2 1 1 3 3 7 4 1 6 9 1 , , , . , , , , 2 5 4 2 9 8 5 6 3 9 8 1 0 7 1 2 0 7 8 0 2 5 1 6 D N F L A O G o o e o d t o h r a p v t l e e d e n o a i r s g n s c i n c a i a t r e s s n c b s s u d e il l t t l a s o d s t i , i T s o e c r n t o e c u a n su ts ry __ 3 9 9 7 0 1 2 3 5 7 7 6 7 7 1 1 6 9 6 0 8 5 7 3 5 1 6 2 6 7 7 3 0 0 1 8 5 9 7 0 5 3 4 7 6 3 6 7 1 7 9 9 3 0 9 5 Cen N D T F G F tr o o o a o o o r r l t l m t e e a d e R i i l e g g c e s d n n i t s r e i e c c b d p r u a e o v c l l p s e r a a i o e n t t B s s d i c o i i a e t t n s n s s . k a o n f d P b e i r l _ n ls (thou- 3 1 1 2 3 8 7 9 7 4 1 5 3 7 e 2 3 1 0 3 6 4 0 0 5 4 1 2 3 4 0 3 6 1 7 2 5 3 2 1 2 5 7 3 8 2 1 9 3 5 Certificates of indebtedness 109 109 109 118 sands of soles): Miscellaneous liabilities 161 156 154 177 Gold and foreign exchange 44, 801 43, 705 45, 595 Reserve Bank of India * (millions Bills _ 60,921 58,983 of rupees): Note circulation 77, 451 74,048 71, 562 Issue Department: Deposits 23,652 28,183 25,163 Gold at home and abroad 444 444 444 Bank of Poland (millions of zlote): Sterling securities 652 652 532 Gold 512 511 510 493 Indian Government securi- Foreign exchange 11 15 16 46 ties 265 265 Loans and discounts ._ 765 741 762 754 Rupee coin _ 569 547 519 Note circulation 983 932 948 950 Note circulation 1,545 1,559 1,624 Other sight liabilities... 159 210 211 247 Banking Department: Bank of Portugal (millions of es- Notes of issue department 386 349 256 cudos): Balances abroad 138 103 183 Gold.. 909 909 909 900 Investments 63 59 Other rese..r ves 449 433 439 357 Other assets 5 DDiissccoouunnttss aanndd aaddvvaanncceess 325 327 315 312 Deposits—Government 128 117 223 GGoovveerrnnmmeenntt oobblliiggaattiioonnss 1,047 1, 018 1,048 1,050 Bank _ 357 296 171 NNoottee cciirrccuullaattiioonn 2,118 2,116 2,026 1,921 Other liabilities _ 108 106 110 OOtthheerr ssiigghhtt lliiaabbiilliittiieess .. 816 805 879 852 • Corrected. 1 Items for issue and banking departments consolidated. 2 Bank commenced operations Apr. 1, 1935. * Beginning with July 1935, foreign exchange includes foreign bills previously reported with loans and discounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN OCTOBER 1935 CENTRAL BANKS-Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank August July June August August July June August National Bank of Rumania (millions Swiss National Bank—Continued of lei): Loans and discounts 196 219 307 126 Gold 10,646 10,595 10, 562 10,156 Note circulation 1,283 1,281 1,307 1,370 Foreign exchange of the reserve-- 91 92 91 130 Demand deposits 307 313 519 Loans and discounts 5,416 5,157 5, 262 6,105 Central Bank of the Republic of Special loans l _ 2,752 2,744 2,758 4,114 Turkey (millions of pounds): State debt» 10, 290 K.,220 10, 185 5,668 Gold 29 29 27 Other assets _ 11,577 11,392 10,619 10, 655 Foreign exchange.. 1 1 1 5 Note circulation 21, 751 21.234 21,261 21,463 Government securities 150 150 151 153 Demand deposits ... 8,609 9,015 8,625 7,407 Other securities 36 35 35 31 Other liabilities _ 10,413 9,949 9,590 7,958 Other assets.. 52 45 43 38 South African Reserve Bank (tbou- Note circulation 158 158 158 158 . sands of pounds): Deposits -. 31 28 29 35 Gold 26, 542 27, 856 26, 872 18,058 Other liabilities 79 73 72 61 Foreign bills._ 4,751 5,000 5,688 9,760 Bank of the Republic of Uruguay Domestic bills 25 116 117 85 (thousands of pesos): Note circulation 13, 589 12, 110 13,428 12,446 Gold 42, 320 43,236 46,643 Deposits—Government 1,680 2, 528 1,517 1,249 Loans and discounts 94,263 92 990 99,167 Bank 31, 072 27, 688 27,171 20,448 Other assets 53,676 53 064 44, 264 Other __ 1,428 3,793 4,370 1,455 Note circulation - 73,512 72,903 73,126 Bank of Spain (millions of pesetas): Deposits—Demand 32, 424 34,817 28,755 Gold - 2, 269 2, 269 2,270 2,265 Time 40, 372 40,632 43,933 Silver 703 704 705 684 Judicial and adminis- Balances abroad 282 280 281 277 trative.. 2,848 2,838 2,716 Loans and discounts 2,371 2,336 2,381 2,367 Other liabilities 41,104 38,099 41, 543 Note circulation .. 4,601 4, 559 4, 541 4,542 National Bank of the Kingdom of Deposits 902 940 885 Yugoslavia (millions of dinars): Bank of Sweden (millions of kronor): Gold 1,342 1,341 1,346 1,813 Gold 358 356 355 373 Foreign exchange 254 240 206 155 Foreign bills, etc 631 634 623 475 Loans and discounts 1,787 1,766 1,786 1,845 Loans and discounts 43 47 62 42 Advances to State 2,293 2,292 2,291 2, 320 Note circulation 722 685 718 643 Note circulation 4,661 4,513 4,473 4,233 Deposits 399 477 462 455 Other sight liabilities 1,215 1,311 1,200 1,141 Swiss National Bank (millions of francs): Gold - 1,366 1,289 1,195 1,735 Foreign balances and bills 18 21 41 22 * Agricultural and urban loans in process of liquidation. See note 2. »Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately from "Other assets" beginning with Dec. 31, 1934. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francsl 1935 1934 1935 1934 Assets Liabilities Aug. 31 July 31 Aug. 31 Aug. 31 July 31 Aug. 31 Gold in bars... 24,423 23, 616 13,835 Demand deposits (gold) 18,837 22, 123 13,701 Cash on hand and on current account De w m it a h n d b a f n u k n s ds at interest 15 3 , ,0 6 7 1 9 2 1 3 2, , 8 2 8 7 9 4 13 8 , ,7 2 4 7 6 8 Shor C t- e t n er t D r m a e l m d b a e a n p n d o k s s i t f s o r ( _ v o a w ri n o u a s c c c o u u rr n e t: ncies): 30,366 27,478 56,342 Rediscountable bills and acceptances (at Time—Not exceeding 3 months... 104,459 103, 691 111,710 cost): Commercial bills and backers' ac- Total 134, 825 131,170 168,052 ceptances 132,404 133,718 146, 561 Central banks for account of others: Treasury bills._ 209,179 215, 527 203,142 Demand 10, 737 11, 060 14,693 Total. 341,584 349. 24*? 349,704 Othe T r i m de e p — os N it o o t r s e : xceeding 3 months.-. 2,961 2, 958 Time funds at interest—Not exceeding 3 Demand 836 894 1,161 months 42,429 36, 587 44,402 Time—Not exceeding 3 months... 2,774 2,371 Sundry bills and investments: Long-term deposits: Maturing within 3 months: Annuity trust account... 154,388 154, 529 153,640 Treasury bills- 31,341 27, 679 58,044 German Government deposit 77,194 77, 264 76, 820 Sundry investments. 53,539 32, 714 61,914 French Government guaranty fund___ 61,930 61, 930 40,175 Between 3 and 6 months: French Government deposit (Saar)___ 2,031 2,031 Treasury bills -- 27,416 28,669 16,339 Sundry investments 42,932 64,110 42,491 Total- _ 295, 542 295, 754 270, 635 Over 6 months: T Su re n a d s r u y r y i n b v i e l s ls tm . ents - 3 27 4 , , 4 2 6 2 6 4 2 3 9 4 , , 6 7 4 2 5 8 1 36 8 , ,5 2 9 7 9 2 C Re a s p e i L t r a e v l g e a s p l : a r i e d s e in rve fund 1 3 25 ,3 , 2 0 4 00 125 3 , , 3 0 2 0 4 0 12 2 5 , , 6 0 7 0 2 0 Total. 216,918 217, 54.r> 233,659 D Ge iv n i e d r e a n l d r e r s e e s r e v r e v e fu f n u d nd.. 11 5 , ,8 6 4 9 5 0 1 5 1 , , 8 6 4 9 5 0 4 9, , 7 8 3 6 2 6 Other assets: Guaranty of central banks on bills Other liabilities: sold 6,204 6,243 4,232 Guaranty on commercial bills sold 6,230 6, 248 4,232 Sundry items— 4,428 4,438 5,492 Sundry items 36,074 35, 401 58, 603 Total assets 654, 676 653. 837 673,348 Totalliabilities 654, 676 653, 837 673, 348 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 675 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities England (10 clearing o f b p an o k u s n . d s F s i t g e u rl r i e n s g ) in millions Cash M ca o l n l e a y n d at Bills dis- Securi- L cu o s a t n o s m to - Other Deposits Other reserves n s o h t o ic rt e counted ties ers assets Total Demand1 Time1 liabilities 1934—November. 210 135 233 589 759 236 1,911 975 900 250 December. 216 151 255 594 759 247 1,971 1,044 910 251 1936—January. __ 225 137 284 593 756 237 1,982 1,034 251 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 July 219 145 274 615 778 215 2,019 1,084 899 227 August 213 149 287 615 206 2,013 1,068 899 224 Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of Gash D b u a e n f k r s om B co il u ls n t d e i d s- Loans O as t s h e e ts r Deposits Own lia O b t i h li e t r ies Total Demand Time ances 1934—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 30, 593 29,830 763 220 3,779 February.. 6,607 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, 685 765 237 3.810 April 6,196 1,642 18, 302 7,802 1,141 29,999 29. 218 781 251 3,833 May 4,648 2,506 17, 181 8,541 1,276 29. 958 29, 129 830 312 3.885 June 4,151 2, 308 17,949 7, 902 1,313 29. 521 28, 756 766 312 3. 790 July 4,348 2,151 17,464 7,702 1,383 28, 649 27,932 718 293 4,106 Assets Liabilities Germany (5 u m l r a a e r s r 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 k fr s om c B o i u ll n s te d d is- Loans Se t c ie u s ri- O as t s h e e ts r Deposits o C b f r t r a e o i d m n i e ts d li O ab t i h li e t r ies Total Demand Time banks 1934—November.. 115 393 2,037 3,331 874 983 5,816 2,731 3,085 485 1,432 1935—February >._ 127 382 2,082 3,149 1,047 5,351 2,159 3,192 863 1,483 March 185 371 2,108 3,096 930 1,047 5,457 2,319 3,137 789 1,491 April.. 163 346 2,234 3,030 933 1,038 5, 495 2, 450 3,046 768 1,481 May 145 340 2.234 2,990 968 1, 020 5,466 2,511 2, 955 774 1,457 June 194 363 2, 264 2, 953 991 9ya 5, 507 2,546 3,021 758 1,436 July 185 360 2,284 2, 886 990 991 5, 525 2, 4S2 3.043 716 1, 455 August 151 341 2,221 2,899 1,019 992 5,464 2,419 3,045 705 1,454 Liabilities Canada Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b le a n i k n d C e a p n o a s d it a s (10 u d r ia e c n s h a i d r n t o e l m r la e i r d l s l ) io 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 ts d d a a f u b n o b e a d r r e n o f i n k r g a o e s d n m t Securi- a O s t s h e e ts r ci N r ti c o o u t n l e a- Total Demand Time lia O b t i h li e t r ies 1934—November 232 1,003 185 920 445 132 2,035 624 1.411 715 December. 228 103 977 155 967 449 124 2,035 1,407 718 1935—January... 230 91 958 147 973 441 117 2,014 602 1,412 710 February.. 230 86 957 149 984 434 119 2,003 575 1, 428 717 March 207 81 965 152 970 431 118 2,006 660 1,447 681 April 214 81 981 142 1,000 472 114 2,086 634 1, 452 May 204 82 971 155 1,005 459 117 2,064 617 1,447 June 207 85 955 127 1,018 468 122 2, 039 613 I,4i6 July 209 77 938 134 1,031 460 114 2,032 604 1,428 702 August 228 77 955 142 1,041 473 123 2,065 631 1,434 728 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. 8 Combined monthly balance sheets not published for December.and January. NOTE.—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

676 FEDERAL RESERVE BULLETIN OCTOBER 1935 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum! Central bank of— Central Rate Central Rate Date effective bank of— Oct. Date effective bank of— Oct. Date effective Eng- Ger- Nether- Switzer- 1 1 land France many Italy lands land In effect June 1,1934. Albania Nov. 16,1933 India Feb. 16,1933 Nov. 26 Austria July 10,1935 Japan 3.65 July 3,1933 Mar. 25, 1935 Belgium May 16,1935 Java 4 July 1,1935 M M A A M p p a a a r r y y y . . 5 2 1 3 1 4 0 6 _ __.. B B C C C o u h a o l l n i l i g l o a v e a d m i r a a i b a ia... J J J M A u u u u a n l l y y g r e . . 1 1 1 1 5 5 2 1 8 , , , . , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 5 5 5 3 N L L N Pe a i e o t r t w r h u v w u i Z a a a e y n a ia land 5 4 3 6 M K J A A M M a p u n a a g r y . y . . 2 2 0 4 1 1 1 . , , . . 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 2 3 4 0 3 May 27 Czechoslo- Poland 6 Oct. 26.1933 May 29 vakia Jan. 25,1933 Portugal 5 Dec. 13.1934 J J J J J J J J u u u u u u u u l n n l l n l l y y y y y e e e 5 2 6 1 1 2 2 1 5 9 8 7 1 . _ _ _ __ 3 D E H D E E F O l i c s a u e r n t e u n n n S o l e a z m a g n a c d i n a l e i g a o v a d r r r y a k dor. J N A A M D O O u u u o e c c l a c y t t g g v y . . . . . . 2 3 2 1 5 2 3 9 1 0 2 4 , , , , . , , . 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 4 2 5 4 5 5 5 3 S S S T R U Y p w o u u . u a u r m e g S i k t d n o h . a e e s S n y n l A a . i a v f R r i i a — c . a .. . 5 J M D D M M F u e e e a a l a b c c y y r r . . . . . 1 2 1 1 2 1 5 2 5 1 5 , , . , . . , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 3 2 3 3 4 5 3 7 3 5 3 July 26 Aug. 3 Aug. 9 Changes since Sept. 1: Estonia—Oct. 1, down from 5 to 4 percent; Aug. 12 I 5 t a to ly 6 — p S e e r p c t e . n t 9 . , up from 4^ to 5 percent; Netherlands—Sept. 17, up from Sept. 9_. Sept. 17 In effect Oct. 1,1935. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] England (London) Germany (Berlin) Netherlands (Amsterdam) Month ac 3 B c e m a p n 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 d o n e w k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y- o t n o e -d y ay d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1934—July .87 3.75 4.44 4.67 .74 1.00 August .79 3.75 5.02 4.72 .75 1.00 September. .73 3.81 5.13 4.71 .61 1.00 October... .77 3.81 5.13 4.63 .59 1.00 November. .45 3.63 4.37 4.21 .63 1.00 December. .57 3.50 3.56 4.28 .60 1.00 1935—January... .36 3.51 3.93 3.82 .59 1.00 February. . .38 3.41 3.77 3.83 .58 1.00 March .57 3.38 3.60 3.94 .60 1.00 April 3.38 3.60 3.64 3.65 3.26 May 3.09 3.10 3.17 3.78 2.96 June .71 3.00 2.93 3.16 4.42 3.83 July .65 3.00 2.97 3.10 3.25 2.77 August .60 3.00 3.00 3.06 4.78 4.72 Sw la i n tz d er- ( B B e ru lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r c iv o a u t n e t d P is ri c v o a u t n e t d P is ri c v o a u t n e t d P is r c iv o a u t n e t co P m ri m m e e r- Day-to-day Loa to n s 3 up Discounted m C o a n l e l y rate rate rate rate cial paper money months bills overnight 1934—July .50 2.20 1.78 3.00 4H-7; 5.20 2.57 August .50 2.31 1.75 3.00 4^-7; _ 5.11 2.79 September. .50 2.15 1.50 3.00 5.11 2.63 October... .50 2.10 1.45 3.00 4H-73^ 2H-4> 5.11 2.52 D N e o c v e e m m b b e e r r . . . . . 5 5 0 0 2 2 . . 3 3 8 5 1 1 . . 5 4 0 4 4 3 . .1 0 9 0 4 4 K ^- -7 7 ; ; ' 2H-4> 5 5. . 1 1 1 1 2 2 . . 7 5 4 6 1935—January... .50 2.38 1.79 4.00 5.11 2.59 February.. .50 2.38 2.12 4.00 5.11 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 2.39 2.12 2.56 3.50 5.11 2.40 June 2.60 1.88 5.72 3.50 5.11 2.45 July 2.79 1.88 4.06 3.50 5.11 2.45 August 2.47 1.88 3.06 4.17 r Revised. « Corrected. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 677 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 t r i g n e a n- t A ra u l s i - a A (s u c s h tr il i - a Belgium B (m ra i z l i - l g B a u ri l a - Canada Chile China Co b l i o a m- Cuba s C l z o e v c a h k o ia - m De ar n k - (peso)1 (pound)' ling)! (belga) reis)1 (lev)1 (dollar) (peso)1 (yuan) (peso)1 (peso) (koruna) (krone) 1929 95.1274 480. 83 14. 0575 13.9124 11. 8078 0. 7216 99. 2472 12. 0601 41.9007 96. 5512 99.9647 2.9609 26. 6802 1930 83. 5050 458. 60 14. 0891 13.9524 10. 7136 .7209 99. 8424 12. 0785 29. 9166 96. 4930 99.9515 2.9640 26. 7650 1931 66. 7375 351. 50 14. 0227 13.9285 7.0290 .7163 96. 3258 12. 0669 22. 4369 96. 5697 99. 9295 2.9619 25. 0581 1932 _ _ 58. 4433 279. 93 13.9599 13.9137 7. 1223 . 7193 88. 0896 7. 9079 21. 7357 95. 2750 99.9409 2. 9618 18.8317 1933 _ a 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. 4268 1. 2852 101. 0060 10. 1452 34. 0937 61. 7799 99. 9362 4. 2424 22. 4998 September.. 33.2904 396. 50 19. 0185 23.7332 8. 3096 1.2814 102. 9387 10 2974 35. 5827 57. 6496 99. 9150 4.2141 22. 2981 October 32. 9458 391. 52 18.9242 23. 4579 8.1899 1. 2428 102. 1226 10. 3090 34. 5881 60. 2012 99.9165 4.1996 22. 0615 November __ 33. 2625 395. 73 18. 7956 23.3212 8. 2176 1. 2134 102. 4719 10. 3496 33. 3947 65. 0391 99.9193 4.1777 22. 2724 December—. 32. 9513 392. 27 18. 7711 23. 3939 8.1904 1.2110 101. 3090 10. 2367 34. 2164 64. 5284 99. 9194 4. 1803 22. 0793 1935—January 32. 6038 387. 92 18. 7725 23. 3150 8.1451 1.1955 100.1825 5. 0630 34. 9924 64. 1450 99. 9215 4. 1711 21.8447 February... 32. 4607 386. 37 18. 7900 23.3293 8.1282 1. 2665 99.8852 5. 0761 36. 5369 58.9577 99. 9205 4. 1784 21.7594 March 31.8033 378. 56 18.8827 22. 7564 8. 2363 1.2878 99.0647 5. 0885 38. 2960 54.1613 99. 9200 4.1982 21. 3244 April 32.2220 383. 52 18. 7898 16. 9430 8. 2578 1. 2725 99. 5277 5.1000 38. 7908 52. 8846 99. 9194 4.1814 21. 5902 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 21.8176 June 32. 8687 391. 28 18. 8821 16. 9393 8. 3122 1. 3070 99. 9078 5. 0996 40. 4002 54. 4068 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 August 33.1204 394. 52 18. 9405 16.8878 8. 3657 1. 3332 99. 7799 5. 0633 36. 8645 53. 2263 09. 9185 4. 1571 22. 1K48 September.- 32.8563 391.52 18.8453 16.8618 8.3378 1. 2935 99. 2563 5.0515 37.6226 55. 9846 99. 9200 4.1363 22.0441 5Tear or month Egypt England Finland France m G a e n r y - G (d r r e a e c c h e - H K o o n n g g H ga u r n y - India Italy Japan Mex?co N l e a t n h d e s r- (pound) (pound) (markka) (franc) (reichs- ma) (dollar) (pengo)1 (rupee) (lira) (yen) (peso) (Uorin) mark) 1929 498.0689 485. 6879 2.5160 3.9161 23.8086 1.2934 47.1669 17.4414 36.2020 5. 2334 46.0997 48.1830 40.1622 1930 498.6002 486. 2126 2.5169 3. 9249 23.8541 1. 2959 33.8530 17. 4939 36.0672 5. 2374 49. 3898 47. 1331 40. 2251 1931 ._ 465.1111 453. 4990 2. 3875 3. 9200 23.6302 1. 2926 24.3305 17.4522 33. 6895 5. 2063 48.8509 « 35.4919 40. 2298 1932 359. 5406 350. 6067 1. 5547 3. 9276 23. 7492 .8320 23. 4604 17. 4460 26. 3468 5.1253 28.1112 31. 8500 40. 2949 1933 . .. 434.3908 423. 6821 1. 8708 5.0313 30. 5179 .7233 29. 4516 22. 3598 31.8159 6. 7094 25. 6457 28.1025 51. 7209 1934 _ _ 516.8549 503. 9302 2. 2277 6. 5688 39. 3751 .9402 38. 7156 29.5746 37.8793 8.5617 29. 7153 27. 7423 67. 3831 September.. 512. 2619 499. 4056 2. 2101 6. 6714 40. 2760 .9562 39. 3324 30. 0219 37. 5481 8. 6794 29.7693 27. 7458 68. 5744 October 506.6711 494. 0809 2.1826 6. 6247 40. 4507 .9476 40. 4695 29.8995 37.1426 8. 6056 28. 6843 27. 7514 68. 0869 November.. 511.6889 498. 9022 2. 2019 6. 5886 40. 2054 . 9392 41.2418 29. 7126 37. 4866 8. 5386 29. 0554 27. 7620 67. 5988 December... 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. 7541 67. 4562 February... 499. 7457 487. 3466 2.1536 6. 5936 40.1178 .9339 44. 3362 29.6955 36. 7994 8. 4730 28. 3913 27. 7515 67. 5602 March 489. 7472 477.6211 2.1099 6. 6232 40. 3722 .9399 47. 9147 29. 6405 36. 0210 8. 3368 27. 9837 27. 7500 67. 9508 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 488. 7755 2.1543 6. 5883 40. 2472 .9340 59. 3095 29. 4356 36. 8602 8. 2253 28. 7295 27. 7882 67.6195 June 505.9839 493. 4922 2.1782 6.6121 40. 4072 .9423 57. 5162 29. 5062 37. 1944 8. 2566 28.9931 27. 7781 67. 8743 July 508. 3151 495. 7659 2. 1859 6. 6242 40. 3538 .9442 53 0310 29. 6809 37. 3467 8. 2259 29.1510 27. 7660 67.9862 August 509.5780 496. 9880 2.1907 6. 6262 40. 3456 .9437 50. 3262 29 7010 37. 4849 8. 2074 29.3192 27. 7521 67 7819 September. 493.0654 2.1742 6. 5908 40.2278 .9384 50.0547 29.6240 37. 2082 8.1409 28.9378 27.7558 67. 5556 Year or month Ze N a e la w nd Norway Poland Po g r a t l u- Ru n m ia a- S A o fr u ic th a Spain S S e tr t a tl i e ts - Sweden Sw la i n tz d er- Turkey g U u r a u y - Y sl u av g i o a - (pound)2 (krone) (zloty) (escudo) (leu) (pound)2 (peseta) ( m do e l n la ts r) (krona) (franc) (pound) (peso)1 (dinar) 1929 483.21 26. 6827 11.1940 4.4714 0.5961 483. 27 14. 6833 56.0117 26.7839 19. 2792 48.4105 98. 6294 1. 7591 1930 468. 22 26. 7598 11.2051 4. 4940 . 5953 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 . 5968 476. 56 8.0438 40. 3970 18. 4710 19. 4049 47. 2854 47.0639 1. 6411 1933 340. 00 21. 4292 14.4135 3. 9165 .7795 414.98 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 498. 29 13. 6150 59. 0052 25. 9815 32. 3H63 79. 0472 79. 9562 2.2719 September.. 398. 77 25. 0928 19.1413 4. 5593 1.0144 494. 23 13. 8269 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 57.9172 25. 4756 32. 7745 79. 6869 80.5520 2. 2993 November. _ 398.07 25. 0655 18. 8976 4.53S4 .9998 493.42 13. 6532 58. 4538 25. 7220 32. 4713 79.1991 80.1486 2. 2785 December. _ 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 24.5815 18. 8535 4. 4500 1. 0027 483. 99 13. 6408 57. 2421 25. 2267 32. 3055 79. 3381 80.0194 2. 2716 February... 388. 69 24. 4880 18. 8721 4. 4328 .9592 482. 30 13. 6626 57. 0057 25. 1256 32. 3525 79. 5018 80.1306 2.2717 March 380. 91 24. 0265 18.9611 4. 3430 1. 0093 472.31 13.7232 55. G346 24. 6204 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 80.5065 80. 2015 2. 2757 May 389. 90 24. 5563 18. 8426 4. 4407 1.0057 483.34 13. 6522 56.8942 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. 4408 32. 6800 80.6688 80.3547 2. 2913 July 39a. 65 24. 9062 18.9574 4. 5095 1.0004 490. 61 13.7259 57. 5466 25. 5583 32. 7474 80. 6550 80. 4841 2. 2965 August 396. 86 24. 9482 18. 9567 4.5153 . 9351 488. 74 13. 7296 57. S282 25. 6227 32. 7180 80.8063 80. 5377 2. 2973 September- 393.69 24. 7710 18.8450 4.4868 .8077 488.42 13.6569 57.6180 25.4219 32.5042 80.1204 2.2823 1 Partly or wholly nominal since April 1933. 1 Partly or wholly nominal since April 1934. « Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933 Average for 1933 is for gold peso for Jan. 1-Dec. 10. < Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. * Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold Peso for Jan. 2-July 29 was 47.6510 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN OCTOBER 1935 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether, Year or month U St n a it t e e d s Canada England France Germany Italy (O Ja c p to a b n er lands (1926=100) (1926=100) (1930=100) (1913 = 100) (1913 = 100) (1913=100) 1900=100) (192 1 6 00 -1 ) 9 i 30= 1926 100 100 695 134 602 237 106 1927. 95 98 642 138 495 225 103 1928 97 96 645 140 462 226 102 1929. 95 96 627 137 445 220 100 1930 86 87 100 554 125 383 181 90 1931 73 72 88 502 111 328 153 76 1932 65 67 86 427 97 304 161 65 1933 66 67 86 398 93 280 180 63 1934 75 72 88 376 98 273 178 63 1934—March 74 72 88 394 96 275 177 (i) April.. 73 71 88 387 96 273 177 May 74 71 87 381 96 273 176 June. _ 75 72 88 379 97 272 175 July 75 72 87 374 99 270 174 August 76 72 89 371 100 271 177 September 78 72 88 365 100 270 179 October 77 71 88 357 101 272 182 November 77 71 88 356 101 274 181 December 77 71 88 344 101 276 181 1935—January. __ . . _. 79 71 88 350 101 277 182 62 February 80 72 88 343 101 278 184 62 March .. 79 72 87 335 101 288 184 61 April 80 73 88 336 101 296 182 61 May 80 72 88 340 101 302 182 61 June 80 72 88 330 101 308 180 61 July 79 72 88 322 102 310 180 61 August 81 72 88 330 102 323 183 * New index—Monthly Bulletin (Maandschrift) of the Central Statistical Office, August 1935, p. 1217. Monthly index prior to January 1935 not available. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) England (1930= 100) France (1913=100) Germany (1913=100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d ia u u l s c - ts a p n r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l 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 a s m - d w i- tr I i i n s a d h l u e f d s in - products products 1926... 100 100 100 581 793 129 132 130 150 1927.... 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 626 579 113 113 120 150 1 1 9 9 3 3 1 2 6 4 5 8 6 7 1 5 7 7 5 0 89 8 8 5 7 4 5 8 4 2 2 3 4 8 6 0 4 1 9 0 1 4 9 8 6 6 103 1 1 1 3 8 6 1933 51 61 71 87 420 380 87 75 113 1934 65 71 78 90 410 361 76 116 1934—March 61 67 79 91 413 378 91 73 115 April 60 79 91 404 372 91 74 115 May _ 60 79 90 405 360 92 74 115 June 63 78 90 406 356 94 76 115 July ._ 65 78 396 354 98 76 115 August 70 78 393 351 100 78 116 September 73 78 3S3 350 100 78 117 October... 71 78 368 347 101 78 118 November. 71 78 366 347 101 79 119 December. 72 78 344 343 101 79 119 1935—January... 78 78 351 350 100 81 119 February.. 79 77 339 346 100 81 120 March 78 77 329 341 99 83 120 April 80 77 325 345 100 84 120 May 81 78 324 353 101 84 119 June 78 78 307 351 102 86 119 July _ 77 78 85 292 347 103 85 119 August 79 78 311 347 104 119 Sources.—See BULLETIN for March 1931, p. 159, and March 1935, p. 180. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 679 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)» 1914=100) 1914=100)» 14«100) (1913 = 100) 1914=100) 1914=100)' 14=100) 1926 161 161 113 1926 175 170 103 1927 155 156 113 1927 173 164 104 1928 ... 154 157 112 153 1928 171 166 105 152 1929 157 154 124 156 1929 171 164 113 154 1930 147 145 125 146 1930 164 158 118 148 1931 121 131 124 131 1931 148 148 116 136 1932 102 126 109 116 1932 134 144 107 121 1933 100 120 100 113 1933 132 140 106 118 1934.. _ 111 122 98 118 1934 138 141 105 121 1934—June- 109 117 98 118 1934—June 136 138 106 121 July 110 122 97 120 July 141 122 A ugust 112 123 97 121 August 142 122 September- 117 126 95 119 September._ _. 143 104 122 October 116 125 95 119 October 143 122 November - 115 127 94 120 November 139 144 122 December 114 127 94 119 December 144 102 122 1935—January 119 125 92 119 1935—January 143 122 February 122 124 90 120 February 142 123 March 122 122 88 119 March. _ (8) 141 100 122 April 124 119 85 119 April 139 122 May 124 118 86 120 May 139 123 June _ __ _ 123 120 86 121 June 140 09 123 July 122 126 83 123 July 143 124 August 122 126 81 123 August 143 125 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month 1 Index represents prices converted to gold basis of 1914. > Revised series 140.4 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; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique G6n§rale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average== 100) Year or month U St n a i t t e e s d England France Germany United (average (December (1913 aver- (average States England » France Germany price) 1921 = 100)1 age =100) price)* Number of issues 60 87 36 139 421 278 300 329 1926 97 0 110 0 67 4 100 0 100 0 100 0 100 0 1927 _ 98.9 110.7 71 7 118.3 107.0 123 2 145.0 1928 98.7 112.3 80.8 85.5 149 9 115.9 178.1 136. 1 1929 , 95.7 110.2 85.1 81.4 190.3 119.5 217.6 122, 8 1930 98.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931 96.1 108.4 96 9 183.4 94.2 7S.9 132.2 178.0 1932 81.1 113.2 88.6 167.1 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—June _ _.. 99.0 125. 3 85.6 88.9 73.5 86.0 87.6 69.9 July 99.3 127 1 82.7 87 8 71.4 84.8 83.3 71.3 August 97.8 127.4 81.8 87.9 67.8 83.8 81.1 73.4 September 96.7 128.3 81.3 89.0 67.0 83.6 77.3 76.2 October 98.4 128.9 82.7 91.6 67.3 84.5 74.7 76.3 November 98.8 133 2 85 0 92 2 69.4 85 6 73.0 73.7 December 100.0 132.7 85.8 93.8 69.2 85.3 74.7 73.2 1935—January 101.3 134.6 88.9 96.0 69.7 86.9 83.7 76.6 February 101.3 131 6 89 5 95 5 67.8 85.4 80.3 79.3 Maroh 99.9 130.3 84.1 96.1 63.9 82.6 78.1 80.6 April . 100.0 131.3 84.8 95.1 67.5 83.8 79.8 81.9 May _ 101.2 131. 3 82 4 95.3 73.1 86 0 88.0 83.5 June 102 2 130 3 82 8 95 3 76.0 86.9 82.4 86.0 JuJv 104.2 131. 5 82.4 95.3 79.4 86.9 77.7 86.8 August 104. 2 129.8 83.9 95.4 83.3 88.3 79.0 87.6 1 Annual indexes are unweighted averages of monthly indexes. i Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11,1932.Index for 1931 represents average of months January- June: index for 1932 represents average of months May-December. Sources— See BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN OCTOBER 1935 LAW DEPARTMENT Purchase by State member bank of "securities" which mortgages, pledges, or other incumbrances are not "investment securities" while the notes remained unpaid. The Board has recently ruled that under the The first question presented was whether the provisions of paragraph Seventh of section 5136 notes in question were "investment securities" of the Revised Statutes, as amended by section as defined in paragraph Seventh of section 5136 308 of the Banking Act of 1935, and the pro- of the Revised Statutes and the regulations of visions of section 9 of the Federal Reserve Act the Comptroller of the Currency issued pura State member bank may not purchase for its suant thereto on February 25, 1927, and Deown account "securities" which do not con- cember 27, 1934. In response to the Board's stitute "investment securities" as defined in inquiry, the Comptroller stated that, in his section 5136 and in the regulations of the Comp- opinion, the notes were not "investment setroller of the Currency issued thereunder. curities" within the meaning of his regulations However, the Board stated that it would raise on the subject because of the fact that they did no objection to the continued holding by the not have such public distribution as to insure bank of such securities which were purchased the marketability of the issue. The Board prior to the enactment of the Banking Act of stated that it agreed with the opinion of the 1935. Comptroller of the Currency upon this point In the case in which the above ruling was and, accordingly, ruled that the notes could not made it appeared that the "A" trust company, lawfully be held as "investment securities" a State member bank, had purchased "Z" under the provisions of paragraph Seventh of corporation 2%-percent serial notes in the section 5136 of the Revised Statutes and amount of $900,000, such notes being a part section 9 of the Federal Reserve Act. of a $9,000,000 issue, one-third of which was to The question was also presented as to whether mature annually on November 1, 1935, 1936, the notes could be held by the "A" trust comand 1937. It also appeared that the notes pany in its loan account as evidence of a loan purchased by the "A" trust company consisted by the trust company to the "Z" corporation. of $300,000 of each of the three maturities. The Board stated that the notes in question The notes were originally issued in denomina- appeared to constitute securities, but as above tions of $100,000 and $50,000, but were inter- stated were not "investment securities" within changeable for notes of smaller denominations. the meaning of that term as used in section 5136 The "A" trust company paid for the notes by of the Revised Statutes. The Board also stated check payable to the "Z" corporation. that under the provisions of that section, as The "A" trust company stated that it pur- amended by section 308 of the Banking Act of chased the notes for its own account for the 1935, it is clear that a national bank may not purpose of investment and not for distribution, purchase for its own account notes such as those and also stated that the notes were not regis- under consideration which are securities but not tered under the Securities Act of 1933. It "investment securities", and that the proviappeared that the notes were not actively dealt sions of section 9 on this subject were clearly inin on any market, although other securities of tended to place State member banks on a basis the "Z" corporation were actively traded in of equality with national banks with respect and widely held. to investments in securities. Accordingly, the An examination of the form of the definitive Board ruled that a State member bank could notes and of the printed trust agreement dis- not, since the enactment of the Banking Act of closed that the notes were in the usual form of 1935, purchase for its own account notes of the a corporate note or bond and were issued pur- type under consideration. suant to the terms of a trust agreement under However, the Board stated that, in view of which the corporation obligated itself to the the amendment to the law, it believed that it trustee, the "B" trust company, to pay the was unnecessary to determine the question interest on and the principal of the notes. The presented under the provisions of the law as it notes could be registered as to principal or existed prior to the enactment of the Banking payable to bearer, and they carried interest Act of 1935, and stated that it would raise no coupons payable to bearer. Although the objection to the continued holding by the "A" notes were unsecured, the trust agreement con- trust company of the notes in question which tained covenants limiting the right of the cor- were purchased prior to the enactment of such poration and its subsidiary companies to make act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 681 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In thousands of dollars] [In thousands of dollars 1 1935 1934 Wednesday figures (1935) Federal Reserve bank Federal Reserve bank Septem- September August ber Sept. 4 Sept. 11 Sept. 18 Sept. 25 Boston 1,104 896 1,016 Boston 1,953 1,056 1,119 820 New York 6,568 4,350 13,077 New York 6,449 6,981 6,140 6,688 Philadelphia 545 532 5,243 Philadelphia 384 1,261 551 388 Cleveland 172 144 512 Cleveland 266 167 170 130 Richmond 294 154 679 Richmond 307 385 305 217 Atlanta 101 113 201 Atlanta 112 144 117 43 Chicago 8 43 322 Chicago 15 15 St. Louis 138 60 151 St. Louis. 104 113 113 198 Minneapolis _ __ 63 92 216 Minneapolis 62 67 63 61 Kansas City.. 218 134 141 Kansas City 182 182 262 312 Dallas 634 606 138 Dallas 652 677 628 545 San Francisco 165 279 180 San Francisco 237 129 155 145 Total 10, 010 7,403 21, 876 Total 10, 708 11,177 9,638 9,547 Back figures.—See Annual Report for 1934 (table 10). 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 Total reserves Total deposits Federal c i R rc e u se la r t v i e o n n o i tes in d R e e p s o e s r i v t e n a o n te d lia F b e i d li e t r ie a s l combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 Sep b t e e r m- August Sep be te r m- Sep be te r m- August Sep b t e e r m- Sep b t e e r m- August Sep b t e e r m- ptem- August Septem- Boston 470,979 452,509 374,781 317,409 303,500 258.917 295,801 290,071 256,747 76. i 76.2 72.7 New York 2, 752,828 2, 738,850 1,771,648 2,699, 498 2, 095,342 1, 808, 036 741, 270 719,005 660, 667 80.2 71.8 Philadelphia- 375, 688 324, 596 295,164 288,486 241,226 203,219 248,759 242, 572 244,933 67.1 65.9 Cleveland.. 473, 289 451, 720 391,397 339, 210 325,389 271,481 333,065 324, 232 313,883 70.4 69.5 66.9 Richmond-. 219, 016 204, 211 195, 596 168, 325 163,805 139,725 164, 654 154, 383 156, 337 65.8 64.2 66.1 Atlanta 162, 815 152, 651 120,840 108,960 106,239 78,494 141, 224 133,423 130,271 65.1 63.7 57.9 Chicago 1, 245, 505 1, 279, 366 1,114,405 758,169 800,146 743, 574 811,290 802,373 774, 612 79.4 79.8 73.4 St. Louis 202,857 197, 210 189, 677 159, 647 156,587 141,986 145, 728 142,466 135,463 66.4 65.9 68.4 Minneapolis.. 146,511 153,916 147,005 114,769 125,851 102, 503 103, 375 99,722 105,960 67.2 68.2 70.5 Kansas City... 202,110 199, 385 181,009 175,706 177,807 158,054 130, 703 126, 330 114, 262 66.0 65.6 66.5 Dallas 108,333 115,019 107,917 115,460 127,847 123,035 63,211 61,579 49,105 60.6 60.7 62.7 San Francisco. 406, 306 361,124 315,067 335, 318 306,720 252,970 254, 544 238, 259 213,422 68. 66.3 67.6 Total 6,766,237 5, 630, 5575,204,506 5,580,957 5, 530,459 4,281,994 3,433,624 3, 334,415 3,155,662 70.0 1 Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $19,790,000; month ago, $19,056,000; year ago, $20,275,000. Back figures.—See Annual Report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN OCTOBER 1935 RATES ON INDUSTRIAL ADVANCES [Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 19, 1934. Percent per annum except as otherwise specified. In effect on Oct. 1, 1935] 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 c S i r s a a c n n o - Advances direct to industrial or commercial organizations 4-6 4-6 5-6 4-6 6-6 5-6 Advances to financing institutions: On portion for which institution is obligated _ 3 3H 4-6 4 3-4 On remaining portion 4-5 () 4-6 5-6 5-6 4-5 Commitments to make advances 1-2 1-2 1 1-2 1-2 1 * Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. * Flat charge. INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT JUNE 19, 1934 TO SEPT. 25, 1935 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications re- dustrial Advi- Date ( e l a a c st h W mo ed n n th e ) sday of ceived to date s t ( o w e r e i y t s h a to C n d o m d w a m i t t i h e t- - Total R Fe e d se e r r v a e l R F b e e a d se n e r r k v a e l Approved E r x e p p i a r i e d d , , in F t g i u n t i a i n o n s n c ti - out conditions) bank commit- but not or with- particiadv o a u n t- ces m o e u n t- ts pl c e o t m ed - 1 dra ap w p n l i- by pa o t u io t- ns standing standing cant standing 2 Number Amount Number Amount Number Amount 1934—Nov. 28... 4,635 166,433 961 46, 599 828 42,202 9,769 6,657 20, 390 4,398 988 Dec. 26 5,053 187,696 1,122 54,531 984 49,634 13, 589 8,225 20,966 5,558 1,296 1935—Jan. 30 _ 5,283 195, 710 1,341 73,470 1,168 64, 518 17, 493 11, 739 26, 362 7,160 1,764 Feb. 27 5, 595 205, 581 1,432 76, 575 1,268 72, 525 19,163 13,963 26, 591 10, 727 2,081 Mar. 27 5,897 217, 756 1,521 79,490 1,364 76,441 20, 785 15, 732 23, 552 13,900 2,472 Apr. 24... 6,130 225,900 1,633 86, 374 1,467 81,134 26, 206 16, 908 16, 956 17,185 3,879 May 29 6,428 245,078 1,734 90, 799 1,571 86, 282 26, 977 19, 425 13,850 21, 802 4,228 June 26 6,618 263,482 1,815 102,331 1,646 88,778 27, 518 20, 579 11, 248 24,900 4,533 July 31. 6,863 271, 768 1,907 109, 603 1,739 103, 633 28, 354 23,022 19, 735 26,911 5,611 Aug. 28 ._ 7,029 278, 022 1,970 112, 629 1,786 107, 244 29, 447 26, 314 15,319 29, 556 6,608 Sept. 25 7,195 292,747 2,C09 121,837 1,834 115,350 30,132 26,892 18,791 32,475 7,060 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guarantees of advances and commitments made by Federal Reserve banks. NOTE.—On Sept. 25, 1935, there were 216 applications amounting to $14,058,000 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 683 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, SEPT. 30, 1935 [In thousands of dollars] Total B to os n - Y N o e r w k P p h d h i e 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 Lo S u t i . s n M o e i l a n i - p s - K C s a a it n s y - D l a a l- s F c S r i a a sc n n o - ASSETS Gold certificates on hand and due from U. S. Treasury 6,613,650 411,9472,811,368 360,691451,524210,340 154,1251,191,535191,156 31,481185,078 103,528 410,877 Redemption fund—Federal Reserve notes ___ 19,697 3,368 1,315 1,756 1,088 1,581 2,898 1,153 958 425 1,004 777 3,374 Other cash __ 204, 237 29, 330 42,512 28,968 11, 053 8,029 23,184 10,910 10,843 13, 574 5,608 11, 228 Totpl reserves 6,837,534 444,6452,855,195 391,415 463,665 220,919165,0521,215,872 203,024142,749 199,656 109,913 425,479 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed 4,773 2,690 302 195 176 138 79 183 140 Other bills discounted... 4,995 4,150 39 22 50 127 457 46 Total bills discounted.. 9,768 872 6,840 341 217 226 147 60 206 640 186 Bills bought in open market.. 4,688 345 1,806 474 445 173 169 556 80 64 126 122 328 Industrial advances _. 30,166 2,854 7,320 4,358 1, 763 4,550 1,038 1,919 455 2,160 1,110 1,820 819 U. S. Government securities: Bonds 238,924 14,425 79,866 16,348 19,069 10, 209 8,244 25, 623 9,420 12,956 9,514 15,815 17,435 Treasury notes 1,683, 974 110, 038 517,413 124:,, 011352,826 81,812 66, 036 246,544 75,993 48, 218 74, 763 46, 596139, 722 Certificates and bills 507, 281 33, 214 147,038 36, 759 46,129 24, 695 19,933 83, 522 22, 787 14, 39922,567 14,064 42,174 Total U. S. Government securities 2,430,179 157,67' 744,317177,120218,024 116,716 i4, 213 355,689 108, 200 75, 573106,844 76,475199,331 ~ Total bills and securities 161, 748 760, 283182, 293 220,449121, 665 95, 453 358,164108,882 77,857 108, 286 79, 057 200, 664 Due from foreign banks 48 253 66 61 24 23 77 4 3 17 17 45 Federal Reserve notes of other banks 332 7, 055 1,015 1,064 1,936 78' 3,632 1,198 1,070 1,382 335 2,017 Uncollected items _._ 48, 788 110,880 33,811 40,887 40,899 13, 203 59,160 18,889 15,808 25, 351 16, 28320,840 B A a ll n o k t h p e r r e m as is s e e s ts 3,1 5 6 6 8 9 3 1 0 2, , 3 0 4 2 8 9 4 4 , ,7 3 1 5 1 3 6 1 , , 632 3 1, , 1 0 5 2 9 8 2 1 , ,6 3 1 3 4 1 4, 68 '" 4 2, 2 6 8 2 2 8 1, 4 5 7 8 8 0 3, 3 4 2 4 0 9 1, 8 4 '" 0 " 462 Total assets 9,872,490 659, 298 3, 776,043 617,664734,420 389, 630278, 4631, 642, 552334, 907 239, 54.1338, 461208,131653, 376 LIABILITIES Federal Reserve notes in actual circulation 3, 473,819 298,102 754,917251,137335,638 166, 633 145,493 812,995147,508105,443 132, 51863,485 259,950 Deposits: Member bank—reserve account 5, 253,916 283, 567 2,628,, 783237,160320,476157,368 99, 655 717,461146,885 98, 531166,623 1021,,617294, 790 U. S. Treasurer—general account... 54, 569 3, 252 9,038 4,282 3,981 7,944 3,710 3,48; 1,999 3,191 2,933 1,726 9,028 Foreign bank 14,452 1,111 4,702 1, 528 1,466 571 556 1,790 463 370 414 401 1,080 Other deposits 289, 63: 1,601 146,887 61, 430 1.197 2,173 3,060 4,165 8,759 6,641 403 10,812 42, 509 Total deposits 5, 612, 574289, 531 2, 7819,,410304, 400327,120168, 056106,981 726,901158,106108, 733170,373115, 556 347',,407 Deferred availability items. 443, 148 47, 505 108, 396 30, 698 40, 578 40,169 12, 659 60, 16r 19, 05616, 53625,838 18,609 22, 942 Capital paid in 130, 653 9,472 51,010 12, 312 12, 320 4,609 4,170 12,078 3,739 2, 3,901 3,850 10,208 Surplus (sec. 7) 144, 893 9,902 49,964 13,470 14, 371 5,186 5,540 21,350 4,655 3,420 3,613 3,777 9, 645 Surplus (sec. 13b) 23.457 2,874 7, 250 2,098 1,007 3,335 754 1,391 54' 1,003 1,142 1, 252 804 Reserve for contingencies... 30, 694 1,648 7,500 2,995 3,000 1,411 2,517 5,325 891 1,169 832 1, 363 2.043 All other liabilities 13, 252 264 7,596 554 386 231 349 2,350 405 257 244 239 377 Total liabilities.- 9,872, 490 659, 298 3, 776, 046317, 664 734, 420 389,630278,463 1, 642, 553234,907 239, 545338,461208,131653, 376 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 75.3 75.7 80.6 70.5 70.0 66.0 65.4 79.0 66.4 66. 65.9 61.4 70.1 Commitments to make industrial advances 26,928 3,418 9,839 860 1,84' 603 520 1,949 142 1,171 598 4,224 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 3, 735,879 327, 681 845,175 261,937351,633176, 716163, 669 840,18:153, 671109,380 140,242 69,470296,118 Held by Federal Reserve bank 262,060 29,579 90,258 10,800 15,995 10,083 18,176 27,192 6,163 3, 937 7, 724 5,985 36,168 In circulation _ 3,473,819 298,102 754,917251,137335, 638166, 633145,493 812,995147, 508105,443 132, 51863,48?259,950 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,599,188 331, 617 853, 706 262,930 338,440 154:,,000113,685 845,240134, 632100,500 126,000 62,175 276, 263 Eligible paper 8,312 872 5,387 3~4 1 21~7 226 33 147 58 205 640 186 IT. S. Government securities 169, 900 15, 000 23, 000 55,000 20, 000 9,400 16,000 7,500 24,000 Total collateral- 3, 777,400 332,489 859, 093263, 27: 353, 657177, 226 168, 718 845, 240154, 779 109, 958142, 205 70, 3151300, 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 6 MONTHS ENDING JUNE 30, 1935 o 00 Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San ci s F c r o an- Earnings: Discounted bills $80,728 $5,813 $42,217 $7,409 $3,209 $4,758 $2,219 $1,204 $369 $313 $4,565 $2,999 $5,653 Purchased bills 18, 748 1,372 7,114 1,890 1,778 695 705 2,218 373 298 506 488 1,311 Industrial advances 618,062 51, 238 94,865 102,017 38,466 100, 280 31, 646 45, 532 13,822 57,070 18,622 44, 555 19,949 United States Government securities 20,785, 528 1,327, 236 >, 705, 369 1, 427,989 1, 791, 481 927, 534 790,793 3, 228, 270 886,390 638,542 849, 736 689,471 1, 522, 717 Commitments to make industrial advances.. 93, 215 9,880 32,453 306 9,218 10, 600 1,836 3, 753 9,311 200 :* 3,197 546 11,915 Deficient reserve penalties 3, 934 202 609 187 328 180 858 278 418 164 ~* 169 446 95 Miscellaneous 490,919 6,121 28, 757 7,979 33, 954 39,108 47, 940 112, 718 29, 811 26,098 101,065 ™ 8, 334 49,034 Total earnings 22,091,134 1, 401, 862 i, 911, 384 1, 547, 777 1,878, 434 1, 083,155 875, 997 3, 393, 973 940, 494 722, 685 977,8 746,839 1,610,674 Current expenses: Salaries: Officers 1, 318, 634 74, 475 76,953 97,113 90, 913 99,475 168,458 83,370 59,817 77,426 76,760 115,044 Clerical employees 5,800, 663 381, 607 1, 656, 282 520, 228 531, 277 309, 777 204, 958 679,161 262, 737 215, 037 297, 690 211,409 530, 500 Other employees 1,650,407 81,023 424, 525 90, 299 226, 414 93, 404 48,300 193, 725 83, 903 70, 968 112,880 55, 540 169, 426 Contributions—Retirement system 873, 384 51, 968 244, 385 62, 932 73, 380 47, 385 31,165 132, 742 42, 792 32,134 51,957 32,809 69, 735 Governors' conferences 3,074 145 351 25 298 127 61 192 237 295 307 642 394 Federal Advisory Council 10,184 992 726 550 615 911 740 827 675 1,042 850 1,156 1,100 Directors' meetings 71, 705 2,714 11,056 3,605 4,884 3,316 8,817 4,064 7,093 4,357 10,256 3,360 8,183 Industrial Advisory Committee 7,260 804 426 228 337 393 280 649 326 2,165 511 212 929 Traveling expenses i i 145,954 7,617 31,077 16, 412 15, 226 11,714 8,286 14, 381 4,894 12,898 3,919 5,423 14,107 Assessments for Federal Reserve Board's expenses 724, 997 52,198 266,943 71, 728 68, 557 26,895 25, 792 84,140 22,076 17,671 19,289 18,931 50,777 Legal fees 40,703 539 300 6,232 1,706 3,827 5,570 6,210 6, 358 4,764 5,197 Insurance on currency and security shipments 119,783 16,136 26,010 12, 496 11, 301 7,317 7,168 14, 267 2,319 3,397 3,745 4, 524 11,103 Other insurance 135, 501 8,764 21,810 9,629 8,909 8,183 9,402 10,440 10, 251 9,137 16,452 8,922 13, 602 Taxes on banking house 731, 457 104,990 199,802 35, 548 66,197 32, 607 28, 583 86, 810 26, 583 42, 929 42,850 16, 535 48,023 Light, heat, power, and water 194, 550 12, 695 37,875 17, 463 22,682 9,548 9,765 22, 404 11,615 10,863 16,975 7,881 14, 784 Repairs and alterations, banking house 44, 495 1,198 11,595 4, 432 5, 231 788 1,348 7,049 3,813 2,959 3,703 1,122 1,257 Rent 90,113 120 586 43, 333 7,866 2,301 7, 589 1,500 690 26,128 H Office and other supplies 185, 738 10, 632 42,965 24. 688 18,675 9, 664 8,279 15, 333 7, 235 7,358 11, 277 8,313 21,319 Printing and stationery 184,510 18, 549 36, 266 12, 631 18, 463 11,098 13, 453 20, 950 9, 262 10, 572 9,235 7, 568 16, 463 T T e e l l e e p g h ra o p n h e 1 1 1 5 8 9 , , 6 6 6 2 6 9 9 2 , , 4 7 1 4 8 0 3 1 9 9 , , 1 9 4 1 2 8 16 6 , ,0 3 7 2 0 3 1 9 0, , 0 6 0 8 1 3 1 4 1 , , 7 5 4 6 8 0 2 3 2, , 1 7 9 8 6 1 12 8 , , 2 2 7 7 4 8 13 6 , , 0 3 0 5 0 2 3 6, , 1 7 2 0 4 9 21 3 , ,7 0 0 8 3 8 1 4 1 , , 5 6 0 5 6 2 2 1 1 0 , , 1 9 0 2 5 6 5 Postage 1, 097, 591 127, 081 188.385 109, 720 98, 276 80, 649 127, 058 32,316 47,173 75,946 52, 461 92,140 Expressage 252, 304 25, 391 57, 984 23,114 20, 552 26, 803 19, 033 29, 345 8,051 4, 602 12, 393 11,969 13, 067 Miscellaneous expenses 311,821 14,214 78,113 31, 242 21, 855 16,431 14,003 31, 728 18, 461 19. 499 16, 294 13.869 36,112 Total, exclusive of cost of currency 14, 273,123 1, 006, 008 3, 694, 766 1,153,134 1, 374. 965 815,924 639,142 1, 671, 864 658, 861 590,916 815,104 561, 018 1, 291, 421 Federal Reserve currencjr: Original cost 531,945 38, 474 225, 519 44, 294 20, 002 27, 370 10, 205 74, 476 43, 565 27,913 9,164 1,754 9,209 Cost of redemption — 64, 304 5,540 11,426 6,391 4,925 4,004 3,806 10,973 4,777 2,479 2, 641 1, 757 5,585 Taxes on Federal Reserve bank-note circulation. _ 15,816 1,084 14, 732 Total current expenses 14, 885,188 1,051,106 3, 946, 443 1, 203, 819 1, 399, 892 847, 298 653, 153 1, 757, 313 707, 203 621, 308 826, 909 564, 52;* 1,306,215 Current net earnings 7, 205, 946 350, 756 2, 964, 941 343,958 478,542 235, 857 222, 844 1,636,660 101, 377 150,951 182,310 Dividends paid 4,404,448 323, 243 1, 786, 476 454, 045 393, 832 150, 574 132,185 383,139 93, 859 121, 304 120, 768 Reimbursable expenditures of Federal Reserve banks (expenditures as fiscal agents and custodians for the Treasury Department and United States Government agencies. Not included in "current expenses" above): Treasury Department—fiscal agency 608, 974 35, 783 70, 646 35,137 93, 089 36, 397 17,101 113,178 30, 602 34, 334 76, 947 24, 267 41, 493 Reconstruction Finance Corporation 1,039,970 17,162 84, 233 53, 665 102, 465 104. 913 155, 939 238, 396 95, 341 35, 213 40, 340 65, 705 46, 598 Farm Credit Administration 182, 668 5,876 13, 220 113 4,667 9,917 3,049 7,236 26, 484 27, 625 57, 774 11,977 14, 730 Other 126, 995 4,234 45, 894 2,643 5, 765 5, 921 8,050 14, 533 7,333 5, 749 8,722 8,509 9.642 Total 1, 958, 607 63, 055 213,993 91, 558 205, 986 157,148 184,139 373, 343 159, 760 102, 921 183,783 110, 458 112,463 i Other than those connected with governors' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committees. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 685 MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars] Reserves held Borrowings at Federal Reserve banks Federal Reserve district Total Excess August July June August July June August July June Boston 296.4 303.2 291.3 157.9 162.0 154.4 0 9 0.9 0.9 New York 2, 507. 2 2,148. 4 2,169. 7 1, 294. 4 956.5 997.0 4.4 4.6 4.2 Philadelphia 232.3 225.8 226.6 95.9 88.4 91.4 .5 .5 .6 Cleveland 316.1 309.3 299.8 153.3 147.0 139.0 .1 .2 .2 Richmond 156.9 151.3 144.3 83. 1 76 7 70.5 2 . l 3 Atlanta 101.7 104. 3 86.5 44.5 47.1 29.0 .1 .05 Chicago 778.6 868.0 950.1 419.7 504.2 596.5 .04 .04 .1 St Louis _ _ - - - 144.6 157. 6 137.9 74.3 86.2 67.8 .1 .04 Minneapolis. 115.1 118.3 113.0 67.9 68.7 63.6 .1 .1 .05 Kansas City _ . 173.8 181.0 181.9 87.3 92.3 93.2 .1 .1 .1 Dallas 120.8 118.2 109.0 61.0 59.8 51.6 .6 .4 .4 San Francisco 288.7 284.9 268.7 97.8 96.3 83.6 .3 .3 .2 Total 5,232.2 4,970. 2 4,978. 9 2,637.1 2, 385. 2 2, 437. 6 7.4 7.3 7.5 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,Q00) Federal Reserve district Net demand Time Net demand Time August July June August July June August July June August July June Boston _ __ 1,244 1,279 1, 235 589 586 589 98 95 89 124 124 122 New York... _ 9,067 8,922 8,775 1,633 1,596 1,590 224 223 216 456 455 448 Philadelphia 1,020 1,031 1,011 613 611 610 164 165 162 405 404 399 Cleveland _ 1,234 1,229 1, 219 937 932 920 157 164 162 238 236 234 Richmond 555 570 561 321 323 324 121 121 122 166 166 164 Atlanta 454 453 457 271 273 273 89 93 93 72 72 70 Chicago - _ 2, 663 2,704 2,614 1,046 * 1,054 1,081 196 204 204 182 180 177 St. Louis _-. - 530 540 526 260 259 258 134 137 138 92 92 91 Minneapolis. - _ 299 319 314 169 169 168 133 142 144 171 171 171 Kansas City 623 642 642 197 197 199 246 253 252 107 108 109 Dallas _ . -. 448 430 421 159 159 159 182 188 188 36 36 35 San Francisco 1,303 1,280 1, 243 1,814 1,814 1,824 109 111 ' 110 93 92 91 Total 19,441 19,400 19,019 8,009 7,972 7,993 1,852 1,894 1,881 2,143 2,135 2,110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL RESERVE BULLETIN OCTOBER 1935 FEPORTING 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 os n - Y N o e r w k P a p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s n M o e i l a n i p - s - K C s a i a n t s - y Dal- F c S r i a a s n c n o - Y N o e r w k Chi- Loans and investments, total: Sept. 4 18,614 1,135 8,435 1,081 1,261 352 338 2,178 559 342 608 427 1,898 7,580 1,766 Sept. 11_._ 18,675 1,129 8,506 1,074 1,256 347 339 2,182 536 347 604 424 1,931 7,656 1,768 Sept. 18 — - 19,084 1,161 8,712 1,097 1, 264 355 346 2, 215 563 355 606 428 1,982 7,852 1,799 Sept. 25 19,126 1,166 8,740 1,100 1,265 357 347 2,210 551 360 613 430 1,987 7,882 1,794 Loans on securities, total: Sept. 4 2,957 188 1,751 182 166 229 171 1,584 194 Sept. 11 2,990 185 1,793 178 166 226 171 1,621 191 Sept. 18 2,952 184 1,757 178 166 226 170 1,591 192 Sept. 25 2,946 182 1,752 179 164 223 175 1,584 189 To brokers and dealers in New York: Sept. 4 823 794 Sept. 11 878 855 847 Sept. 18 842 820 817 Sept. 25 825 804 800 To brokers and dealers outside New York: Sept. 4 162 28 60 13 31 10 58 29 Sept. 11- 156 26 58 12 30 56 28 Sept. 18. - -. 153 25 57 12 31 55 29 Sept. 25 152 25 58 13 29 56 27 To others: Sept. 4_. _. 1,972 155 893 154 157 197 161 732 164 Sept. 11 1,956 154 880 153 157 195 162 718 162 Sept. 18 _-. 1,957 154 880 153 158 194 162 719 162 Sept. 25 ... 1,969 153 890 153 156 193 167 728 161 Acceptances and commercial paper bought: Sept. 4 296 129 10 24 2 22 126 21 Sept. 11 - -• 301 39 132 10 24 2 22 129 21 Sept. 18 - 306 40 134 4 10 25 2 23 131 21 Sept. 25 312 40 138 4 10 25 2 24 135 21 Loans on real estate: Sept. 4_. 946 87 237 72 12 37 5 14 24 343 122 15 Sept. 11. 951 87 238 72 12 37 5 14 24 346 123 15 Sept. 18___ - 954 87 238 72 12 37 5 14 24 349 123 15 Sept. 25 955 87 238 72 12 38 5 14 21 352 123 16 Other loans: Sept. 4 3,189 278 1,319 174 144 103 101 114 121 112 339 1,182 235 Sept. 11 3,218 279 1,340 174 147 103 306 103 118 122 112 339 1,202 232 Sept. 18- - ---- 3,253 279 1,369 173 141 104 307 104 122 122 112 344 1,232 233 Sept. 25 3,299 1,397 170 144 106 311 106 125 123 115 345 1,259 236 U. S. Government direct obligations: Sept. 4 7,315 360 3,342 112 105 1,158 217 123 238 160 583 3,125 Sept. 11— - -- 7,288 351 3,356 643 110 105 1,156 123 231 158 599 3,148 Sept. 18 7,660 3,551 282 653 115 110 1.185 213 127 233 162 641 3,326 967 Sept. 25 7,633 393 3,533 285 653 116 111 1,180 205 126 239 158 634 3,312 961 Obligations fully guaranteed by U. S. Government: Sept. 4 969 18 400 89 36 100 46 116 371 Sept. 11 985 23 402 89 34 107 47 123 372 95 Sept. 18 988 19 403 89 34 109 47 125 372 94 Sept. 25 981 20 397 90 34 108 47 127 94 Other securities: Sept. 4 2,942 166 1,257 276 189 324 90 119 324 1,070 274 Sept. 11 2,942 165 1,245 275 188 327 120 331 1,061 276 Sept. 18 2,971 164 1,260 285 194 328 119 330 1,077 277 Sept. 25 —. 3,000 164 1,285 285 194 328 119 330 1,103 277 Reserve with Federal Reserve bank: Sept. 4 4,013 244 2,310 164 165 523 81 59 97 188 2,250 473 Sept. 11 4,163 268 2,360 183 168 44 528 108 64 103 194 2,294 482 Sept. 18. 3,947 235 2,206 178 178 74 43 535 93 54 96 192 2,118 486 Sept. 18 4,066 233 2,282 165 216 76 40 548 103 58 97 186 2,223 499 Cash in vault: Sept. 4.... 297 95 57 13 19 12 6 45 10 4 11 17 45 35 Sept. 11 317 97 62 15 21 13 7 47 10 5 12 10 18 49 36 Sept. 18 307 96 59 14 21 12 7 46 10 5 11 17 47 36 Sept. 25. 312 96 63 14 22 12 7 46 10 4 12 17 50 35 Net demand deposits:1 Sept. 4 15,919 8,504 832 790 246 223 2,015 421 239 509 328 819 8,063 1,729 Sept. 11 16,111 1,015 8,629 845 791 248 222 2,024 425 251 513 330 818 8,186 1,739 Sept. 18 16, 232 1,012 8,666 857 804 248 226 2,037 437 249 506 '329 861 8,192 1,749 Sept. 25. ..-. 16,387 1,015 8,756 852 843 250 227 2,046 434 258 516 331 r859 8,313 1,759 r Revised. i Figures subsequent to Aug. 23 include Government deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 687 REPORTING MEMBER BANKS IN LEADING CITIES-Continued [In millions of dollars] Fedenil Reserve District City Total B to o n s- Y N o e r w k P a p d h h e i ia l l - - 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 r is a a c n n o - Y N o ew rk C ca h g i o - Time deposits: Sept 4 4,380 312 997 282 469 138 134 534 169 124 156 122 943 595 383 Sept. 11 4,386 311 995 282 468 138 133 541 169 123 156 121 949 592 390 Sept. 18 4,408 311 993 284 470 138 133 555 169 124 156 122 953 589 405 Sept. 25 4,410 309 998 283 471 138 133 553 169 124 157 121 954 595 403 Government deposits: Sept. 4 486 30 248 31 23 6 14 OQ 14 6 10 19 47 230 28 Sept. 11 _ 490 30 249 31 24 6 15 38 14 7 10 19 47 231 28 Sept 18 677 32 323 36 37 7 21 77 15 8 12 25 84 297 65 Sopt. 25 677 32 323 36 37 7 21 78 15 7 12 25 84 297 65 Due from banks: Sept. 4 1,901 119 184 151 130 96 93 320 106 108 232 143 219 94 231 Sept. 11— 1,958 117 189 153 141 101 95 310 121 108 246 145 232 93 217 Sept. 18 1, 968 113 183 161 158 97 97 304 107 106 264 150 228 96 215 Sept. 25 1,931 107 168 160 159 101 97 305 116 103 250 151 214 91 213 Due to banks: Sept. 4 4 684 212 2,157 270 212 114 111 634 193 97 313 137 234 2,089 522 Sept. 11. 4,804 218 2,245 270 212 115 110 640 195 100 319 138 242 2,179 531 Sept. 18 4,816 219 2,241 273 209 116 111 637 201 99 329 142 239 2,175 528 Sept. 25 4,696 210 2,149 271 203 118 111 635 200 99 324 144 232 2,085 528 Borrowings from Federal Reserve banks: Sept. 4. _ _ 1 1 Sept. 11 Sept. 18. Sept. 25- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

688 FEDERAL RESERVE BULLETIN OCTOBER 1935 OTHER BANKING AND FINANCIAL STATISTICS PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Unassorted in Total in Federal End of month circu- $1 $2 $5 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 Reserve lation i banks and Treasury2 1934—August 4,961 403 33 741 1,250 1,294 335 568 112 222 5 8 10 September . _ 5,019 411 32 755 1,266 1,311 336 571 113 223 5 7 12 October 5,012 410 32 752 1,265 1,314 335 571 112 221 5 7 13 November 5,102 422 32 776 1,300 1,332 337 571 111 214 5 10 8 December 5,084 423 32 771 1,288 1,326 337 577 112 216 5 7 11 1935—January 4,940 401 32 740 1,240 1,293 336 571 111 214 5 7 13 February __ 5,024 407 31 755 1,275 1,314 340 575 112 217 6 8 15 March 5,048 410 32 754 1,285 1,309 341 578 113 221 6 8 9 April 5,028 411 32 749 1,266 1,300 340 580 116 230 5 8 8 May 5,087 420 32 760 1,290 1,309 343 588 115 225 6 9 11 June _ _ 5,114 419 32 760 1,296 1,309 349 598 116 225 6 8 5 July 5,063 415 31 755 1,273 1,289 344 596 116 231 7 10 4 August 5,172 424 32 778 1,324 1,313 347 598 116 233 7 11 11 1 Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks. 2 Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures—See Annual Report for 1934 (table 50). SHIPMENTS AND RECEIPTS OF UNITED BANK DEBITS STATES PAPER CURRENCY [Debits to individual accounts. Amounts in millions of dollais] BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] 1935 1934 Number 1934 1935 of centers August July August Month Ship- Re- Ship- Rements ceipts Net ments ceipts Net New York City 1 14, 733 16, 737 12, 235 to from receipts to from receipts Outside New York City 140 15,643 16, 657 13, 421 Europe Europe Europe Europe Federal Reserve districts: Boston 11 1,614 2, 035 1, 455 January 0 5,256 5,256 81 3,705 3,624 New York 7 15,285 17, 390 12,821 February. _ 1 3,740 3,739 173 1,502 1,329 Philadelphia 10 1,361 1,486 1, 143 J J A S N M O M A u u e u o c p l a a n p y t v r g y r e o t i c e u e l b h m m s e t r . b b e e . r r 1 6 2 9 1 0 9 0 g 0 3 3 1 0 3 3 5 4 3 2 2 2 2 , , , . , , , , , 1 2 6 5 4 1 7 9 2 9 5 0 2 7 2 8 0 0 3 4 1 4 1 9 0 0 0 4 3 3 5 3 2 2 2 1 , , , , , , , , , 2 5 1 5 4 9 7 8 2 3 2 3 3 9 6 7 9 0 0 4 1 8 3 3 0 9 0 1,0 2 7 3 2 1 1 1 2 8 8 9 7 6 1 2 1 2 6 3 7 2 2 1 2 1 1 1 , , , , , , , 1 4 6 4 2 2 0 5 5 1 6 8 6 2 7 1 2 5 9 1 6 2 1 1 1 1 , , , , , 0 2 0 9 4 6 8 0 6 9 7 3 0 5 7 6 0 2 5 0 9 A S C C S M D R K a t h l i a a t i e n c l i l n n v a c h l L n s a F a n e m o a s e g l r t s u a a a o a o n p i n C . n s . d o c d i l i t i s y s co _. __ 2 1 1 1 ] 1 3 9 5 7 1 0 5 5 8 4 2 1 , , , 0 9 5 5 5 6 7 3 5 7 7 9 2 7 5 6 8 6 5 1 3 6 8 7 4 8 4 4 2 1 , , , 2 4 9 5 7 5 6 6 5 8 4 4 2 8 8 9 2 9 7 0 3 6 6 9 2 0 9 3 1 1 . , , 4 9 3 8 5 6 5 6 4 0 8 0 4 2 2 5 3 1 5 4 8 6 4 6 3 1 1 December 40 1,539 1,499 Total . _ . .._ 141 30, 376 33, 394 25, 706 Total 345 40, 587 40, 242 For description and back figures see BULLETIN for January 1932, pp. 7-9, and for January 1934, p. 51. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 689 BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY-SEPTEMBER 1935 [Preliminary figures] Nonlicensed banks placed in liquidation Licensed banks suspended * or receivership J Number of banks De sa p n o d s s it s o f s d (i o n l la th rs o ) u- Number of banks D s e a p n o d s s i t o s f » d ( o in ll a th rs o ) u- Year 1934 Jan 1 . 9 - 3 S 5 ept. Year 1934 Jan 1 . 9 - 3 S 5 ept. Year 1934 Jan 1 . 9 - 3 S 5 ept. Year 1934 Jan 1 . 9 - 3 S 5 ept. N St a a t t i e o n b a a l n k b a m nk e s m . bers 1 4 40 5,387 « 3 2 9 3 8 «5 4 * 3 9 3 0 9 , , 2 4 1 9 8 2 * 6 6 r , 4 2 9 8 9 4 Nonmember insured banks 8 13 1,912 2,852 Other nonmember banks _ _ 48 8 34,985 998 506 46 195, 211 13,804 Total 57 25 36,937 9,237 927 55 624,921 26,587 1 Includes banks placed on a restricted basis. 1 Includes nonlicensed banks absorbed or succeeded by other banks. s 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-September 1935, which did not eceive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. Back figures.—See Annual Report for 1934 (tables 79-84)* POSTAL SAVINGS SYSTEM MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY FEDERAL RESERVE [In millions of dollars] BANKS [In thousands of dollars] Assets 91 With- 16 to 31 to 61 to Over U. S. Government Total in 15 30 60 90 days 6 securities days days days days to 6 mos. mos. End of month Bills discounter! • ea. Sept. 4 10, 708 9, 145 284 496 712 70 1 sa Sept. 11... _ 11,177 9,698 203 519 702 54 1 Sept. 18.... 9,638 7,887 332 1, 233 129 56 1 5 Sept. 25 9,547 7,508 340 303 1,325 71 Bills bought in 1934—June 1,198 1,225 453 418 35 open market: July 1,190 1, 218 644 478 418 60 Sept. 4 4,685 698 1571 470 1,946 August 1,192 1,221 598 519 418 101 104 Sept. 11 4, 685 2,092 221 513 1,859 September 1,193 1,222 574 565 451 114 83 Sept. 18 . 4,682 1,648 499 1,452 1,083 October 1,199 1, 229 561 571 457 114 97 Sept. 25 4,688 280 572 1,603 2, 233 November. _ _ 1,204 1,236 551 581 467 114 104 Industrial ad- December 1,207 1,237 540 597 467 130 100 vances: Sept. 4 29, 430 1, 367 464 1,607 631 2.033 23, 328 1935—January 1,201 1,232 509 614 467 147 109 Sept. 11.... 29, 550 1,264 1, 282 797 648 2, 222 23, 337 February 1, 205 1,237 491 633 467 166 113 Sept. 18—. 30, 230 1, 556 1,317 505 645 2,315 23, 892 March 1,203 1,232 478 691 508 183 63 Sept. 25.... 30,132 2, 364 572 464 738 2, 255 23, 739 A M p a r y il 1 1 , , 2 2 0 0 5 0 1 1 , . 2 2 3 3 7 1 4 4 1 5 2 2 7 6 0 8 9 5 5 5 6 3 2 9 1 14 4 7 6 1 9 1 4 6 TuT. m oQ e . n t ( v~1j s o r e viT c eT u Ar r nr i w- - June. 1, 205 ties: July p 1,190 Sept. 4 2, 430, 213 20,16330, 800105,333 43, 860294, 4581,935,599 August »1,191 Sept. 11.... 2, 430, 210 27,96327, 600 85, 370 53, 010297,0581,939, 209 Sept. 18 2, 430, 273 30, 80027,512 47, 360132,923215, 6951,975,983 Sept. 25.... 2, 430, 196 30, 60033, 439 48, 985162, 180187, 1881,967,804 » Preliminary. i Includes working cash with postmasters, 5 percent reserve fund and miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments and accounts due from late postmasters. Back figures—See BULLETIN for August 1935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN OCTOBER 1935 ALL BANKS IN THE UNITED STATES ALL BANKS *—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30, 1934, BY DISTRICTS [Amounts in millions of dollars; figures for nonmember banks are for dates indicated or for call dates nearest thereto for which figures are available] Loans and investments Deposits, exclusive of interbank deposits Number of b anks Total Loans Investments Federal Reserve district De- De- De- De- De- March cem- June March cem- June March cem- June March cem- June March cem- June 1935 ber 1934 1935 ber 1934 1935 ber 1934 1935 ber 1934 1935 ber 1934 1934 1934 1934 1934 1934 ALL BANKS 1 Boston 5,443 5,441 5,461 2,922 2,904 3,035 2,521 2,537 2,426 5,501 5,479 5,457 905 912 911 New York 17,248 17,100 17,028 8,366 8,394 8,850 8,883 8,707 8,178 16,494 16, 938 15, 788 1,271 1,270 1,270 Philadelphia 3,203 3,172 3.127 1,363 1,383 1,436 1,840 1,788 1,691 3,112 3,089 2,972 947 950 928 Cleveland 3,031 3,036 2,953 1,275 1,288 1,356 1,756 1,748 1,597 3,054 3,075 2,865 1,273 1,270 1,243 Richmond 1,676 1,682 1,578 761 767 774 915 916 805 1,804 1,794 1,653 1,059 1,057 1,034 Atlanta 1,114 1,105 1,024 586 588 528 529 517 496 1,196 1,182 1,046 1,105 1,105 1,092 Chicago 4,104 3,977 3,719 1,507 1,518 1,639 2,597 2,459 2,080 4,597 4,531 4,038 2,597 2,579 2,450 St. Louis.. 1,294 1,289 1,224 612 607 579 683 682 644 1,396 1,375 1,239 1,674 1,669 1,648 Minneapolis 969 '957 931 372 375 405 598 582 526 1,063 r 1,051 974 1 420 r 1,427 1,437 Kansas City 1,186 1,182 1,127 481 482 499 705 700 629 1,447 1,432 1,346 1,989 2,002 2,014 Dallas ... 830 850 817 416 418 410 413 432 407 1,015 1,001 931 1,051 1,064 1,074 San Francisco . 3,649 3,666 3,511 1,735 1,750 1,767 1,914 1,916 1,744 3,775 3,823 3,561 733 734 734 Total 43, 747 43,458 42,502 20, 394 20,474 21,278 23, 353 22, 984 21,223 44, 455 r 44,770 41,870 16,024 16,039 15,835 MEMBER BANKS Boston _ 1,892 1,885 1,891 995 971 1,057 896 913 834 1,971 1,962 1,933 365 371 373 New York._ 10, 202 10,216 10,078 4,296 4,314 4,624 5,906 5,902 5,454 9,717 10,082 9,120 792 791 788 Philadelphia 2,214 2,185 2,141 993 1,012 1,059 1,220 1,173 1,082 2,103 2,098 2,009 655 656 644 Cleveland. 2,359 2,366 2,308 930 944 1,002 1,429 1,422 1,306 2,346 2,383 2,218 624 627 613 Richmond- 1,072 1,059 996 465 465 476 607 593 520 1,139 1,118 1,045 400 400 394 Atlanta. 877 871 812 438 4*0 392 439 431 419 917 909 814 332 332 324 Chicago 3,257 3,146 2,878 1,058 1,074 1,124 2,199 2,072 1,754 3, 562 3,534 3,168 686 682 658 St. Louis 930 933 877 380 383 358 550 550 519 926 930 847 391 391 383 Minneapolis 704 699 683 258 263 283 446 435 400 755 755 699 518 524 531 Kansas City.. . __ . 956 956 905 346 351 361 610 606 543 1,077 1,061 997 730 734 736 Dallas 703 725 683 336 341 328 367 384 355 857 845 792 552 555 554 San Francisco 3,106 3,110 2,924 1,458 1,469 1,459 1,649 1,641 1,466 3,218 3,266 2,973 377 379 377 Total 28,271 28,150 27,175 11, 953 12,028 12, 523 16,318 16,122 14,652 28, 589 28, 943 26, 615 6,422 6,442 6,375 NONMEMBER BANKS Boston 3,551 3,556 3,569 1,926 1,933 1,978 1,625 1,624 1,592 3,531 3, 517 3,524 540 541 538 New York- 7,046 6,885 6,951 4,070 4,080 4,227 2,977 2,805 2,724 6,777 6,856 6,668 479 479 482 Philadelphia 989 986 986 369 371 377 620 616 609 1,009 991 963 292 294 284 Cleveland 672 670 645 345 344 355 327 326 291 708 692 647 649 643 630 Richmond- 603 623 582 295 301 298 308 322 284 665 676 607 659 657 640 Atlanta 237 234 213 148 148 136 89 86 77 279 273 232 773 773 768 C hicago 847 831 842 449 444 515 398 388 327 1,034 997 871 1,911 1,897 1,792 St. Louis.. _ 364 356 347 231 224 221 133 132 126 470 445 392 1,283 1,278 1,265 Minneapolis 266 259 249 114 112 122 152 147 127 308 2S7 275 902 r903 906 Kansas City 230 226 223 135 132 137 94 94 85 370 371 349 1,259 1,268 1,278 Dallas 127 125 134 81 77 82 46 48 52 158 156 139 499 509 520 San Francisco 543 556 587 277 281 308 266 275 279 557 557 589 356 355 357 Total 15,476 15,308 15,327 8,441 8,446 8,755 7,035 6,862 6,572 15,866 r 15,827 15, 255 9,602 ' 9,597 9,460 * Revised. * Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 693 Back figures.—See Annual Reports of the Federal Reserve Board for 1929 (tables 83-85) and 1931 (tables 93-95); also BULLETINS for October 1932 (p. 663), April 1933 (p. 254), and February 1935 (p. 123). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 691 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS 1—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30, 1934, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks State De- M 1 a 9 r 3 c 5 h Dec 1 e 9 m 34 ber June 1934 M 1 a 9 r 3 c 5 h Dec 1 e 9 m 34 ber June 1934 M 1 a 9 r 3 c 5 h Dec 1 e 9 m 34 ber June 1934 M 1 a 9 r 3 c 5 h c b e e m r - J 1 u 9 n 3 e 4 1934 New England: Maine 112,718 112,117 118,886 184,368 176,949 167, 244 289,930 285,444 284, 222 104 104 102 New Hampshire 110,009 110, 284 111,476 156, 587 156, 736 154,389 250,027 249,713 247,996 113 113 113 Vermont 91,873 93, 618 99,413 80, 209 80, 716 75, 575 162, 525 165,337 167,545 97 98 95 Massachusetts 1,940,243 1,916,189 2,000,481 1,511,536 1, 522,3621,450,545 3, 488,034 3, 475,9673,472,887 399 405 409 Rhode Island 190, 339 190,920 203,302 235,980 252,977 253,093 444, 615 441,381 439,917 35 35 35 Connecticut 615,975 622, 279 652,784 453,561 452,474 420, 080 1,118, 581 1,114,183 1, 091, 714 200 200 201 Middle Atlantic: New York 7, 577,105 7, 592,7477,987,491 8,057,830 7,890,249 7,415,47114, 766,09315, 222,87814,126, 765 920 922 922 New Jersey 795,550 808,973 863,826 850,801 832,311 774,589 1, 757, 019 1, 737, 2971, 680, 307 430 427 423 Pennsylvania 1, 587,781 1, 616,0531, 695,7532, 569,314 2, 512,1072,378, 6773,935,978 3,931,722 3, 766,025 1,132 1,136 1,111 East North Central: Ohio 727,067 725, 520 759, 572 762,453 766,757 673,936 1, 633, 225 1,639, 3251, 502, 376 710 706 687 Indiana 204, 740 205, 696 213, 578 251,895 249,310 209,164 536,364 535, 629 475,858 548 548 520 Illinois. 770.886 765, 634 859, 5871, 548, 513 1,422,309 1, 213, 7352,452, 274 2,464,864 2,207,091 880 882 878 Michigan 279, 617 284, 079 298, 310 505,902 474,587 389,092 927,154 886,206 771,442 498 486 435 Wisconsin 238, 523 251, 732 273,365 298, 771 320, 297 277, 652 622,436 611,403 572,181 625 624 607 West North Central: Minnesota 252,422 253,936 271, 754 402,902 391,975 353, 797 692,039 682,251 632,395 691 Iowa 163,970 163,714 154, 546 190, 268 189, 320 164, 407 448,734 417,011 369,656 668 663 622 Missouri 344,744 345,095 348,843 506,365 502,049 476, 957 952, 66r 953,942 887, 653 709 710 702 North Dakota 21,910 22, 483 25, 720 33, 385 31,846 28,104 65, 308 65,366 58,122 205 206 210 South Dakota 26,831 26, 770 28,981 35,974 34,914 31,479 73, 836 74, 492 67, 227 212 212 212 Nebraska 83, 432 81,409 82,748 125,274 127,477 110,602 239,457 234,152 218, 700 436 43' 435 Kansas 113,775 115,382 125, 688 129,940 125,927 108, 504 317,106 317, 352 290, 628 737 743 752 South Atlantic: Delaware 75,106 76,739 77, 264 72,050 71,946 68, 801 133,796 139, 682 129,610 49 49 49 Maryland 205, 22" 204,850 218,770 415, 290 420, 392 373,633 624, 311 629,339 607,068 202 201 192 District of Columbia 83, 015 84,365 112,103 109,832 103,375 253,332 237, 594 217,771 22 22 21 Virginia 233, 481 240,010 246,831 166,516 166,593 141, 251 401, 265 393,713 379,837 327 329 328 West Virginia 117,202 118, 388 125,59' 82,479 83, 857 79,493 222,99' 221,170 216,066 183 182 181 North Carolina 110, 258 107,187 96, 696 121,419 115, 582 91, 200 256, 546 258,158 204,017 21' 216 214 South Carolina 40, 704 41, 703 29, ior 34,804 37, 774 33, 500 98, 66' 105,158 79,453 13' 136 126 Georgia 190, 707 184,986 155,498 94, 344 96,129 99, 975 285,787 282, 620 256,080 327 327 322 Florida 56, 612 55, 532 45,159 129, 758 122, 729 124, 606 226, 643 205, 288 186, 600 156 156 155 East South Central: Kentucky 194,261 187, 255 191,911 160, 810 152,18,p 137, 373 346,175 327, 065 297,324 440 439 444 Tennessee 170, 279 174, 649 159,190 128, 062 127,447 117,305 314, 605 313, 056 278, 248 332 332 329 Alabama 109, 887 112,836 95,076 81,942 82, 532 72, 764 200, 740 203,730 168, 62" 222 222 217 Mississippi 58, 541 58,493 53,965 59,742 57,920 52, 073 142, 935 139,441 120, 033 213 213 213 West South Central: Arkansas 56,333 55,979 47,201 43, 654 46,563 42, 833 109,897 112,882 98, 543 243 237 230 Louisiana 120, 416 125, 283 117,006 114, 076 114,155 107, 061 258, 659 268, 841 234, 278 149 149 147 Oklahoma 97, 345" 95,916 96,485 138, 220 141, 214 135,965 283, 000 275, 516 273,061 410 412 416 Texas 375, 545 376, 37; 368,631 385,197 396,312 373,134 919, 538 898, 714 840, 534 935 957 Mountain: Montana 24, 433 r 24, 366 27, 205 53, 755 ' 53, 068 48, 445 102, 291 ••102,462 92, 204 118 -•120 125 Idaho. 15, 616 15,918 15, 320 31,445 33, 420 26,399 64, 921 66, 689 53,510 62 63 64 Wyoming 17, 961 18,171 20, 242 16,149 16, 832 14, 563 45, 36' 45,731 41,431 59 60 63 Colorado 58, 390 61, 323 60,012 116,809 116,833 110,996 228, 487 224, 486 206,213 159 161 160 New Mexico 9,682 9, 346 9,561 14,327 13,916 11, 872 36,064 35,897 29,385 42 42 43 Arizona 15, 392 15,361 14, 986 21,775 22, 276 22, 601 53, 550 52,460 49,491 16 17 17 Utah 38, 230 38, 582 40, 486 50, 575 57, 256 49,863 104,477 104, 65' 92, 047 59 58 60 Nevada.. 3,512 3,430 3, 11, 552 11,461 9,368 20,154 19,638 16, 446 10 10 10 Pacific: Washington 132, 282 135,273 129, 779 192, 720 196, 403 179, 793 344,750 350,79i 315, 527 205 204 202 Oregon 53,403 52, 525 54, 283 122, 203 108, 947 114, 303 195,1.18 192,482 182, 703 106 106 105 California 1,480, 757 1,493,810 1, 513, 6721,489, 530 1, 496,8821, 353, 9333,007,037 3,057,135 2,873, 268 281 283 283 Total.. 20,394,030 20,473,314 21, 278, 32623,353,134 ' 22,984,105 21, 223,570 44, 454, 506 ' 44,770,4311,5870,082 16,024 ' 16,039 15,835 r Revised. i Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 693. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN OCTOBER 1935- ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30, 1934, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, ex d cl e u p s o iv si e t s ofinterbank Number of banks State De- March Decem- June March Decem- June March Decem- June March cem- June 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 New England: Maine 35,483 35,611 38,991 61, 523 61,126 54,885 100,631 98,429 98,081 40 40 39 New Hampshire- 27, 570 27, 845 29, 037 30, 891 31,040 28,693 52,655 52, 341 50,623 52 52 52 Vermont _ __ 20,150 20, 609 21,809 26, 698 26, 777 24, 280 43, 070 42,439 40, 301 43 43 42 Massachusetts 532, 005 508,993 579,800 447, 762 465, 597 430, 220 1,021,981 1,017,310 1,047,757 129 132 138 Rhode Island 40, 703 38,959 41,862 31,997 39,374 33, 049 75, 220 74,166 71, 538 12 12 12 Connecticut 107,465 107,093 114, 745 92,837 95,865 86,185 218,124 221, 397 212, 220 54 54 54 Middle Atlantic: New York 1,496,214 1,477,975 1, 527, 397 2,221,077 2, 237, 251 2,017, 679 3, 539, 829 3, 651, 650 3, 296, 383 460 461 459 New Jersey 239, 262 247. 219 268, 298 350, 214 338,946 300, 426 643,189 640, 266 600, 914 237 236 234 Pennsylvania 808, 698 82G, 700 860, 689 1, 296, 391 1, 241,870 1,162, 537 1, 907, 939 1, 884, 285 1, 813, 397 709 711 697 East North Central: Ohio 265, 224 260,872 276,477 396, 791 402, 287 340, 074 698, 923 704,825 632,321 252 253 248 Indiana 74, 416 75,372 77, 542 146,373 143, 788 124, 563 257, 688 256,953 223, 213 125 125 120 Illinois 565,690 551, 693 594, 923 1,124, 560 1,011,949 816, 594 1, 710,477 1,729,457 1, 564, 957 293 292 281 Michigan 110, 359 113,149 119,132 301, 583 281,926 229,499 492,042 468,056 404, 030 85 85 86 Wisconsin 108,401 121, 610 129, 032 164, 990 186,516 166,970 336,472 325,439 304, 480 107 106 105 West North Central: Minnesota 179, 706 183,264 194,945 290, 009 284,087 259, 345 477,057 478, 581 440,874 207 211 211 Iowa 54, 324 58,149 52, 721 93,353 95,019 87,438 164,615 160,498 145,320 123 123 121 Missouri 133,477 133, 828 133,009 256,057 251,741 215,336 374, 086 375, 363 347, 562 89 90 90 North Dakota 13, 206 13, 779 15,918 27, 351 25,812 23,977 47, 750 47,808 43, 069 68 69 71 South Dakota 13,440 13,468 14,621 24,088 22,985 21,748 42, 677 43,458 39, 707 64 64 64 Nebraska 57,171 56, 697 58,155 106, 389 107,381 94,174 173.040 168,124 157, 234 138 138 137 Kansas . .. 53, 736 54,966 59, 482 83, 812 79, 620 69,880 171,834 172,243 156, 205 190 192 196 South Atlantic: Delaware 8,309 8,323 8,535 9,621 9,647 9,168 14, 898 14, 602 14, 111 16 16 16 Maryland 53, 766 54, 995 58,883 185,173 183,635 159,103 224, 431 230, 002 215,186 63 63 62 District of Columbia 39, 945 41,412 42, 768 66, 961 67,263 62, 840 141, 532 132,440 122,102 9 9 9 Virginia _ 132, 769 136, 570 143, 224 119.981 117, 784 99, 212 246, 218 247, 692 238,162 131 133 132 West Virginia 57, 021 58,136 61, 238 49, 214 50,343 47, 925 116,910 115,659 113,973 80 79 78 North Carolina-.. 31, 239 30, 501 28, 561 25, 502 27, 524 21,215 69,966 71,115 55, 271 44 44 42 South Carolina.._ 20, 645 15, 652 11, 004 18, 952 17,552 15,602 51, 599 39, 505 30, 862 19 19 18 Georgia 118,174 112, 453 98, 371 72, 084 73,869 79,498 191,417 188, 250 178,947 58 58 54 Florida 41, 503 40,881 32,469 105,994 99, 583 102, 727 172, 488 155, 660 141,013 50 50 50 East South Central: Kentucky 81,054 74,048 71,529 97,624 88,999 80,093 172,610 153, 500 137,883 100 99 98 Tennessee 117,445 121,815 100,882 106,619 106,004 99,183 223,072 221, 523 196,905 73 73 71 Alabama 76,957 79,906 68,402 61,090 61,680 58,387 139,565 142, 555 122, 627 72 72 70 Mississippi 19,134 19,376 18,791 24,091 23,568 21,374 50,276 49,727 43,959 25 25 25 West South Central: Arkansas 29, 276 29,401 24, 637 29,446 31,634 30, 217 62, 640 64,577 58,549 51 51 51 Louisiana 81,061 84,519 77,121 82,142 82,109 78,610 174,155 181,346 159, 025 30 30 28 Oklahoma -_ 84, 807 83,767 83, 606 123,451 125,647 121,625 243,533 236,018 235,561 216 217 219 Texas 300,075 304,168 291, 200 337, 267 344,850 318, 230 759,865 742, 465 698,150 456 456 456 Mountain: Montana 11,878 12,223 13,370 34,516 33,843 31, 592 60,961 61,086 54,845 45 46 48 Idaho 5,645 5,811 5,570 15,360 15,340 11,715 26, 745 26,959 21,771 25 25 25 Wyoming 11,177 11,341 12,358 12,955 13,324 11,385 31,489 31,401 28, 638 26 26 26 Colorado 45,244 47,816 45,996 103,223 103,769 97,457 186, 251 185,278 170,169 81 81 80 New Mexico - 7,223 6,991 7,345 12,028 11,712 9, 763 29,175 28,976 23,855 24 24 24 Arizona 9,527 5,147 4,373 14, 232 9,752 10,927 34,441 20,138 19, 697 8 8 8 Utah 15,115 15, 241 16, 238 26,445 28, 652 26, 593 46,197 46, 815 39,984 13 13 14 Nevada 2,608 2,507 2,563 10, 092 10,099 8,103 16,395 16,030 13,190 6 6 6 Pacific: Washington 74, 700 76,106 71, 859 124, 937 130,160 123,906 208,001 214, 097 192,381 67 67 67 Oregon _ 42,905 41,772 43,342 108,962 96,382 104,509 166,091 163,792 157,918 53 53 53 California 1, 022,927 1, 032, 648 1, 027, 756 1,035, 626 1,039,274 902, 358 2,091,302 2,124,575 1,922,330 128 130 130 Total 7,478,829 7,475,377 7,680,576 10, 588,334 10,434,955 9, 330, 869 18, 501,522 18, 518, 871 17, 097, 250 5,446 5,462 5,417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

693 OCTOBER 1935 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES-Continued STATE BANKS *—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30, 1934, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks State De- March Decem- June March Decem- June March Decem- June March cem- June 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 New England: Maine 77, 235 76, 506 79,89i 122, 845 115, 823 112,359 189, 299 187,015 186,141 64 64 63 New Hampshire... 82,439 82,439 82, 439 125, 696 125, 696 125, 696 197, 372 197, 372 197,373 61 61 61 Vermont 71, 723 73, 009 77, 604 53,511 53, 93f 51, 295 119, 455 122, 898 127, 244 54 55 53 Massachusetts 1,408, 238 1,407,196 1,420, 681 1, 063, 774 1,056, 7651, 020,3252, 466, 053 2, 458, 6572, 425,130 270 273 271 Rhode Island 149, 636 151,961 161,440 203, 983 213, 603 220, 044 369, 395 367, 215 368, 379 23 23 23 Connecticut.. 508, 510 515,186 538,039 360, 724 356, 609 333,895 900, 457 892, 786 879, 494 146 146 147 Middle Atlantic: New York 6,080,891 6,114, 7726,460, 094 5,836, 753 5, 652, 9985, 397, 79211, 226, 26411, 571,2 2228! 10, 830, 382 460 461 463 New Jersey 556, 288 561, 754 595, 528 500, 587 493, 365 474,163 1,113,830 1, 097, 0311, 079, 393 193 191 189 Pennsylvania 779,083 795,353 835,064 1, 272,923 1,270, 2371, 216,1402,028, 039 2, 047,4371, 952, 628 423 425 414 East North Central: Ohio 461, 843 464, 648 483,095 365, 662 364,470 333,862 934, 302 934,500 870,055 458 453 439 Indiana 130, 324 130, 324 136,036 105, 522 105, 522 84, 601 278, 676 278, 676 252, 645 423 423 400 Illinois... 205,196 213,941 264, 664 423,953 410, 360 397,141 741,797 735,407 642,134 587 590 597 Michigan.. _ 169, 258 170, 930 179,178 204, 319 192, 661 159, 593 435,112 418,150 367,412 413 401 349 Wisconsin 130,122 130,122 144, 333 133, 781 133, 781 110,682 285,964 285,964 267, 701 518 518 502 West North Central; Minnesota _. 72, 716 70, 672 76,809 112,893 107,888 94,452 214,982 203, 670 191, 521 478 478 480 Iowa 109, 646 105, 565 101,825 96,915 94, 301 76, 969 284,119 256, 513 224, 336 545 540 501 Missouri 211, 267 211, 267 215,834 250, 308 250, 308 261, 621 2 578, 579 2 578, 579 2 540, 091 620 620 612 North Dakota 8,704 8,704 9,802 6,034 6,034 4,127 17, 558 17, 558 15, 053 137 137 139 South Dakota 13, 391 13, 302 14, 360 11,886 11, 929 9,731 31,159 31, 034 27, 520 148 148 148 Nebraska... 26, 261 24,712 24, 593 18,885 20, 096 16,428 66, 417 m, 028 61,466 298 299 298 Kansas... 60, 039 60,416 66, 206 46,128 46, 307 38, 624 2145, 272 2 145,109 2 134,423 547 551 556 South Atlantic: Delaware. 66, 797 68,416 68, 729 62,429 62, 299 59, 633 118,898 125,080 115,499 33 33 33 Maryland 151,461 149,855 159,887 230,117 236, 757 214,530 399,880 . 399,337 391,882 139 138 130 Dist. of Columbia.. 43, 070 42,953 45,922 45,142 42, 569 40, 535 111,800 105,154 95, 669 13 13 12 Virginia 100, 712 103, 440 103,607 46, 535 48,809 155,047 146, 021 141, 675 196 196 196 West Virginia 60,181 60, 252 64, 359 33, 265 33, 514 31,568 106, 087 105, 511 102, 093 103 103 103 North Carolina 79, 019 76, 686 68,135 95,917 69,985 186, 580 187, 043 148, 746 173 172 172 South Carolina 3 20, 059 3 26, 051 3 18,103 315,852 3 20, 222 3 17,898 3 47,068 3 65, 653 3 48, 591 3 118 3 117 s 108 Georgia 72, 533 72, 533 57,127 22, 260 22, 260 20, 477 94, 370 94, 370 77,133 269 269 268 Florida 15,109 14, 651 12, 690 23, 764 23,146 21,879 54,155 49, 628 45, 587 106 106 105 East South Central: Kentucky 113,207 113, 207 120,382 63,186 63,186 57,280 173, 565 173, 565 159,441 340 340 346 Temessee 52, 834 52, 834 58,308 21,443 21,44/3 18,122 2 91, 533 2 91,533 2 81, 343 259 259 258 Alabama- 32, 930 32, 930 26,674 20,852 20, 852 14, 377, 2 61,175 2 61,175 46, 000 150 150 147 Mississippi. _ _. 39,407 39,117 35,174 35, 651 34,352 30, 699 92, 659 89, 714 76, 074 188 188 188 West South Central: Arkansas 27, 057 26,578 22, 564 14,208 14,929 12, 616 47, 257 48,305 39, 994 192 186 179 Louisiana _ 39,355 40, 764 39, 885 31,934 32, 046 28,451 84,5 S4 87, 495 75,253 119 119 119 Oklahoma _. 12,541 12,149 12, 879 14, 769 15, 567 14, 340 39,467 39, 498 37, 500 194 195 197 Texas. 75,470 72,2L0 77,431 47, 930 51,462 54, 904 159,673 156, 249 142, 384 479 491 501 Mountain: Montana 12, 555 ' 12, 543 13, 835 19,239 ' 19, 225 16,853 41, 330 «• 41, 376 37,359 73 '74 77 Idaho 9,971 10,107 9,750 16,085 18,080 14,684 2 38,176 2 39, 730 2 31, 739 37 38 39 Wyoming 6,784 6,830 7,884 3,194 3,508 3,178 13, 875 14,330 12, 793 33 34 37 Colorado _. 13,146 13, 507 14,016 13, 586 13,064 13, 539 42, 236 39, 208 36,044 78 80 New Mexico 2,459 2,355 2,216 2,299 2,204 2,109 6,889 6,921 5,530 18 18 Arizona 5,865 10, 214 10, 613 7,543 12, 524 11,674 2 19,109 2 32,322 2 29, 794 8 9 Utah 23,115 23, 341 24, 248 24,130 28, 604 23, 270 58, 280 57, 842 52,063 46 45 46 Nevada 904 923 1,036 1,460 1,362 1,265 3,759 3,608 3.256 4 4 4 Pacific- Washington... 57,582 59,167 57, 920 67,783 66,243 55, 887 136, 749 136,699 123,146 138 137 135 Oregon 10,498 10, 753 10,941 13, 241 12, 565 9,794 29,027 28,690 24, 785 53 53 52 California 457, 830 461,192 485, 916 453, 904 457,608 451,575 915, 735 932,560 950, 938 153 153 153 Total 12,915,261 '12, 998,337 13,597,750 12,764,800 12, 549,150 11,892, 701 25, 952, 984'26,251,444 24,772,832 10,578 r 10,577 10,418 r Revised. 1 Comprises all licensed 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, agreed to examination by the Comptroller of the Currency or a Federal Reserve bank and rendered condition reports to the Comptroller of the Currency under the same conditions as national banks; for comparative figures of private banks included in this compilation, see the next following table. 2 Includes interbank deposits. *Includes 34 cash depositories on Mar. 4,1935; 32 on Dec. 31,1934; and 29 on June 30,1934. NOTE.—All figures in the Mar. 4,1935, columns are as of Mar. 4, except as follows: Maine, Mar. 30; New Hampshire, June 30,1934; Massachusetts, savings banks, Oct. 31; Rhode Island, savings banks, Dec. 31; Connecticut, savings banks, Mar. 30; New York, savings banks, Dec. 31; other banks and trust companies, Mar. 30, including 2 private banks not under State supervision as of Mar. 4; Minnesota, Apr. 18; Missouri, Nov. 5; Nebraska, Apr. 3; Kansas, Mar. 25; Maryland, State banks and trust companies, Mar. 30; savings banks, Dec. 31; Louisiana, Mar. 29; Colorado, Mar. 16; Oregon, savings banks, Dec. 31; Alabama, Georgia, Indiana, Kentucky, North Dakota, Tennessee, and Wisconsin, Dec. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN OCTOBER 1935 ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30, 1934, BY STATES [Figures in this table are also included in the table on p. 693 covering " State banks." Figures include private banks that agreed to examination by the Comptroller of the Currency or a Federal Reserve bank, under provisions of sec. 21 (a) of the Banking Act of 1933. Amounts in thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e i ts of inter- Number of banks March Decem- June March Decem- June March Decem- June March Decem- June 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 Alabama 183 83 86 1 3 3 3 i 38 38 55 11 1 1 Arkansas 117 57 37 17 12 1 331 211 88 13 8 4 Connecticut: District No. 1 _ 201 260 258 130 175 252 325 308 311 3 3 3 District No. 2 149 151 3,247 99 99 87 328 32i 360 1 1 2 Florida 1,240 1,158 1,098 118 104 151 1,093 995 977 4 4 3 Georgia 1 1, 804 1,804 504 1398 398 308 12,325 2,325 1,447 146 46 42 Indiana: District No. 7 i 2,008 2,008 2,230 1957 957 785 i 4, 234 4,234 3,965 128 28 28 District No. 8 i 274 274 304 i 120 120 97 1545 545 445 15 5 5 Illinois (Dist. No. 7).— 10 15 1 Iowa 1,494 1,469 1,441 1,309 1,309 1,332 4,047 3,896 3,791 14 14 14 Kansas 2177 155 171 »238 217 209 2422 432 416 22 2 2 Massachusetts 42 41 43 41 1 1 Michigan: District No. 7 1,685 1,729 1,838 1,018 1,214 1,105 3,487 3,413 3,257 25 25 25 District No. 9 241 244 99 126 123 53 379 364 155 3 3 2 Missouri (Dist. No. 8).. 3 14 314 15 3 18 3 18 16 31 31 I New Jersey (Dist. No. 2) 12 11 7 21 21 21 12 10 9 2 2 2 New York 4 85,173 85,174 89,644 4 296,804 294,024 199,169 4 327,338 320,660 186, 267 4 20 20 19 Ohio 1,799 1,784 2,395 502 491 365 2,717 2,649 2,925 14 14 16 Pennsylvania: District No. 3 12,708 12,171 14,054 36, 513 36,209 38,221 59,413 65,050 66,093 19 22 24 District No. 4 1,465 1,495 1,523 919 936 767 2,013 2,038 1,875 9 9 9 South Carolina 906 902 846 35 35 1,084 1,097 948 1 1 1 Texas - 9,352 8,150 12,685 3,899 4,019 16,371 14,012 14,653 15,831 29 31 33 Total .- 120,953 119,134 132,482 343,226 340,466 259,297 424,219 413,298 279, 231 242 241 236 1 Dec. 31 figures repeated. 3 Nov. 5 figures. 2 Mar. 25 figures. 4 Mar. 30 figures, except 2 banks not under State supervision which are as of Mar. 4. MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MAR. 4, 1935, AND DEC. 31 AND JUNE 30, 1934, BY STATES [Figures in this table are also included in the table on p. 693 covering "State banks." Amounts in thousands 0 fdollars] Loans Investments Deposits Number of banks March Decem- June March Decem- June March Decem- June March Decem- June 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 1935 ber 1934 1934 Maine - 1 36,122 37, 555 1 88,710 87,143 85,198 1 119,911 119, 277 118,888 133 33 33 New Hampshire- 2 73,523 73,523 73, 523 2 119,145 2119,145 119,145 2183,441 2183,441 183,441 2 48 2 48 48 Vermont 34,261 35,518 39,071 31,347 31,970 31,549 69, 799 71,688 75,499 19 19 19 M Rh a o s d s e a c I h sl u a s n e d tts— 1, 4 1 8 5 9 8 , , 8 5 0 2 5 03 1,18 5 9 8 , , 8 5 0 2 5 01,21 6 1 1 , , 6 8 1 4 7 2 4 107,293 3 8 10 7 7 2 , , 8 2 9 9 8 3 8 1 5 0 5 5 , , 7 9 5 2 2 8 2 4 ,0 1 5 6 2 9 , , 3 4 0 5 6 4 2,0 1 5 6 2 9 , , 3 4 0 5 6 4 2,0 1 5 6 1 9 , , 1 9 1 8 2 1 3 193 3 193 193 Connecticut: District No. 1. 297,815 302,289 314, 594 225, 067 221,878 211,190 526, 642 522,206 518,434 59 59 New D Y is o t r r k ict No. 2. 3,2 8 4 3 5 , , 9 6 2 2 2 0 3,24 84 5 , , 6 6 2 0 0 4 3,33 8 0 8 , , 8 46 5 3 14 1,9 6 0 3 7 , , 1 6 6 7 6 6 1,90 6 7 3 , , 1 8 6 10 6 1,9 5 4 9 3 , , 9 27 4 4 :4 5,1 1 5 46 6 , , 7 2 6 5 0 ] 5,1 1 5 4 6 5 , , 8 2 4 5 3 1 5,1 1 3 4 9 4 , , 6 5 5 9 3 3 4 13 1 7 4 13 1 7 4 1 1 3 4 8 New Jersey: District No. 2. 149,085 151,39: 157,775 142, 242 142,089 136,459 303,678 301,820 297, 661 22 22 District No. 3. 5,419 5,386 5,608 7,818 7,907 7,884 13,832 13,775 13,889 3 3 Pennsylvania: District No. 3. 84, 234 85, 629 91, 756 354,553 353, 254 480,396 478,421 466,519 7 District No. 4. 14, 211 14,400 14, 752 33,925 33, 719 32,396 46,867 46, 749 46, 464 1 Delaware. - - 12,19: 12, 281 12.920 20, 437 19, 568 19,040 29,996 29,350 29, 070 2 Maryland 4 59,231 59, 231 62.921 4 136,938 136, 938 130, 804 4 200,303 200,303 196, 250 4 13 13 Indiana: District No. 7 4 9,048 9,048 11,008 4 2, 648 2,648 74' 4 12,176 12,176 11,922 District No. 8 4 5,097 5,097 4,622 4 1,925 1,925 2,190 4 6,692 6,692 6,488 Minnesota « 11, 768 12, 541 14,430 « 47,175 45,671 40, 72 « 63,347 61,994 60,157 Wisconsin: District No. 7. 4 2, 534 2,534 2,962 4 1,577 1,577 1,301 4 4,248 4,248 4,249 District No. 9 4 85 85 4 23 23 4 95 95 Ohio 38, 216 38, 660 6 39, 624 57,449 59,970 6 56,403 112,035 112,347 »108,884 63 Washington _ 26,078 26,772 28, 721 24,076 23, 730 18,963 51,837 51,564 49,169 3 California _. 41,734 41,248 43,134 51,060 50,280 48,560 86, 727 87,423 87,573 1 Oregon 4 34 34 20 4 120 120 50 4 157 157 70 1 Total 5,477,554 5,490,879 5, 647, 769 4,297,268 4,290, 722 4, 256, 2251 9,836,950 9,827,580 1, 779,966 579 579 578 1 Figures as of Mar. 30. 2 June figures repeated. » Figures as of Oct. 31. 4 December figures repeated. fi Figures as of Apr. 18. 6 Figures as of June 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 695 CONDITION OF INSURED COMMERCIAL BANKS, JUNE 29, 1935, UNITED STATES AND POSSESSIONS1 [Amounts in thousands of dollars] All banks m N F b e a e a m t d i n o e b k r n e a s a i l s l S m t R a F t e e e e m s d e b e b r r a v e a n r e l s ks B m R F a e e n e m d s k e e s b r r v e n a r e l o s t R Sy es s e te rv m e System Sj'-stem Number of banks 14,176 5,425 985 7,766 ASSETS Loans and discounts (including rediscounts) _._ _ 14, 502, 590 7, 349, 773 4, 573, 382 2, 579,435 Overdrafts _ 6,974 3,481 1,330 2,163 U. S. Government obligations direct and/or fully guaranteed 12, 360,080 7,163, 768 4, 265, 739 930, £73 Other bonds, stocks, and securities 6, 692, 802 3, 534,391 1,892, 754 1, 265,657 Total loans and investments _ 33, 562,446 18,051,413 10, 733, 205 4, 777,828 Customers' liability on account of acceptances 158, 961 86, 726 71,025 1,210 Banking house, furniture, and fixtures 1,211,496 649, 786 348, 859 212, 851 Other real estate owned 507,659 171, 362 167, 724 168, 573 Reserve with Federal Reserve banks.._ 4, 933,277 3,092,178 1, 841,099 Cash in vault _ 707, 855 402,442 134,568 170, 845 Balances with other banks 5,160, 706 3,039, 864 981,410 1,139,432 Exchanges, outside checks, and other cash items.. _ __ _. 663, 925 322, 560 306, 886 34,479 Redemption fund and due from U. S. Treasurer 11,842 11, 842 Acceptances of other banks and bills sold with endorsement - • 6,194 4,592 1,450 152 Securities borrowed 2,306 795 123 1,388 Other assets ___ . __ _ 366, 697 179, 883 124, 852 61, 962 Total assets __ 47, 293, 364 26,013,443 14, 711,201 6, 568, 720 LIABILITIES Demand deposits of individuals, partnerships, or corporations _ 18,042,109 9,660,072 6, 546,171 1, 835,866 Time deposits of individuals, partnerships, or corporations 12,272,226 6, 626, 877 2, 834,889 2, 810,460 Public funds of States and political subdivisions _. 2, 914, 606 1, 842, 858 532, 826 538, 922 U. S. Government and postal savings deposits 1,179, 520 676, 796 408, 523 94,201 Deposits of other banks; cash letters of credit; certified, officers', and travelers'checks outstanding.5, 928,040 3,670,199 2,138, 916 118, 925 Total deposits _ __ 40, 336,501 22,476,802 12,461, 325 5,398, 374 Secured by pledge of loans and/or investments 3,450,343 2,110,327 973, 268 366, 748 Not secured by pledge of loans and/or investments ... 36,886,158 20,366,475 11,488,057 5,031,626 Mortgage bonds and participation certificates outstanding _. 35,304 27,575 7,729 Circulating notes outstanding 222,045 222,045 Agreements to repurchase U. S. Government obligations or other securities sold... 8,650 4,194 3,215 1,241 Bills payable.__ 35,925 3,989 3,864 28,072 Rediscounts 1,724 654 360 710 Securities borrowed _ 2,306 795 123 1,388 Acceptances executed by other banks for account of reporting banks 14, 773 8,171 6,179 423 Acceptances of other banks and bills sold with endorsement 6,194 4,592 1,450 152 Acceptances executed for customers ._ 160,913 85, 572 74,647 694 Interest, taxes, and other expenses accrued and unpaid 77,893 42,301 27, 588 8,004 Dividends declared but not yet payable 37,897 21,004 15, 272 1,621 Other liabilities 134,655 62,972 56,329 15,354 Capital stock and capital notes and debentures 3,368,659 1,805,728 877, 591 685,340 Surplus __ 1,894,305 830,001 817,023 247,281 Undivided profits—net ___ 529,455 297,907 138,459 93,089 Reserve for contingencies and undeclared dividends 421,039 143, 565 199,963 77, 511 Retirement fund for preferred stock'or capital notes and debentures 5,126 3,151 238 1,737 Total liabilities, including capital account 47,293,364 26,013,443 14,711,201 6, 568,720 MEMORANDUM Loans and investments pledged to secure liabilities: U. S. Government obligations direct and/or fully guaranteed 3,105, 651 1, 999, 749 876,636 229, 266 Other bonds, stocks, and securities 1,144,787 718,264 224,822 201,701 Loans and discounts 200,124 52, 627 90,119 57,378 Total 4,450, 562 2,770,640 1,191,577 488,345 Pledged: Against circulating notes outstanding 225,394 225, 394 Against U. S. Government and postal savings deposits.. 1,357,913 802,682 450,087 105,144 Against public funds of States and political subdivisions _ 1, 660, 730 1, 063, 581 329,472 267, 677 Against deposits of trust departments 706, 527 411,108 269,136 26, 283 Against other deposits 215,606 157, 685 30,122 27, 799 Against borrowings 47,025 6,358 6,948 33,719 With State authorities to qualify for the exercise of fiduciary powers 165,347 86, 722 59,066 19,559 For other purposes __ 72, 020 17,110 46,746 8,164 Total— ._ 4,450, 562 2, 770, 640 1,191, 577 488, 345 i Compiled from Call Report No. 3 of the Federal Deposit Insurance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN OCTOBER 1935 WHOLESALE PRICES, BY GROUPS OF COMMODITIES (Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total I H p l i r e d o a e d t s h u e a c r n ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r a i i n n a g l d s a p n M r d o e d m t u a e c l t s t a s l m Bu at i e ld ri i a n l g s c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s h e o - d - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74 fi 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1934 74.9 65.3 70 5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1934—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.fi December _ _ 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 1935—January 78.8 77.6 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 February . . _ _ 79.5 79.1 8?, 7 77.4 86.0 70.1 72.5 85.8 85.0 80.4 80.7 70.1 March 79.4 78.3 81.9 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69.2 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 July 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.2 78.7 80.4 67.7 August 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.6 85.4 78.6 80.5 67.3 Week ending— 1935—June 1 80.2 80.7 84.4 77.8 89.9 69.3 74.4 85.6 84.9 80.8 82.0 69.0 June 8 79.9 79.9 83.7 77.8 89.1 69.3 74.7 85.6 85.1 80.7 81.8 68 fl June 15 79.8 79.9 83.4 77.9 89.4 69.1 74.9 85.9 85.3 80.4 81.7 68.4 June 22 79.3 78.0 82.5 77.9 89.3 69.7 74.7 85.9 85.1 80.0 81.7 68.4 June 29 78.9 77.1 81 6 77.9 89.6 69.7 74.8 86.1 84.9 79.5 81.8 68 0 July 6 79.1 78.0 81.9 77.8 89.8 69.7 74.9 85.7 84.8 79.5 81.8 68.0 July 13 79.2 77.7 82.0 78.0 89.8 69.9 75.3 85.7 85.0 79.5 81.8 67.8 July 20 79.1 77.2 82.0 77.9 89.8 69.8 75.3 85.7 84.9 79.5 81.8 67.6 July 27 - - 79.2 77.1 82.2 77.9 90.1 69.9 75.2 85.7 85.1 78.4 81.9 fi7.fi Aug. 3 79.6 78.4 83.4 77.9 90.0 70.0 75.0 85.8 85.3 78.5 81.9 67.5 Aug. 10 80.1 79.7 84.2 78.0 90.1 70.1 75.4 85.8 85.0 78.5 81.7 67.5 Aug. 17 80.5 80.3 85.4 78.0 90.1 70.5 75.4 85.8 85.1 78.7 81.7 67.2 Aug. 24 80.8 80.7 86.1 78.1 90.2 70.7 75.4 86.0 85.1 79.3 81.7 67.2 Aug. 31 80.5 79.2 86.0 78.1 90.4 70.9 75.4 86.0 85.3 79.0 81.8 67.1 Sept. 7 80.4 79.9 85.9 77.9 90.5 71.0 74.6 86.0 85.4 79.2 81.8 66.8 Sept. 14 80.8 81.2 86.4 78.0 91.6 71.2 74.7 86.0 85.3 78.9 81.8 66. 9 Sept. 21 81.0 81.3 86.2 78.2 91.8 71.3 74.8 86.3 86.3 79.2 81.7 67.0 Sept. 28 81.0 80.9 86.6 78.2 91.8 71.6 74.5 86.2 86.1 79.3 81.7 67.2 1934 1935 1934 1935 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Aug. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains _ _ 86.0 83.2 76.9 78.3 79.3 Agricultural implements 92.0 93.6 93 6 93.6 93,6 Livestock and poultrv 56.2 87.6 84 8 82.8 91.6 Iron and steel 86.6 86.6 87 1 87.0 87.1 Other farm products. 73.1 75.0 74.3 72.9 71.4 Motor vehicles . 94.6 94.4 94 7 94.7 94 7 FOODS: Nonferrous metals 68.9 69.2 69 1 66.1 66.9 Butter, cheese, and nlilk 77.3 77.7 74.6 74.0 75.7 BUILDING MATERIALS: Cereal products 91.0 92.3 90.5 92.7 94.6 Brick and tile 91.3 89.3 89 2 89.1 89.0 Fruits and vegetables 65.6 66.3 68 7 65.1 60.5 Cement 93.9 94.9 94 9 94.9 94.9 Meats 69.4 97.0 94.5 93.3 102.0 Lumber 81.8 79.8 81 6 81.7 82.0 Other foods 68.9 77.7 77.2 76.7 78.6 Paint materialg 79.9 79.9 79.8 79.1 78.6 HIDES AND LEATHER PRODUCTS: Plumbing andhfiat.in? 75.0 67.1 66 2 68 8 71.1 Boots and shoes 97.9 97.2 97.3 97 8 98.3 Structural steel 92.0 92.0 92 0 92.0 92.0 Hides and skins 57.4 76.1 78 0 79.8 80.4 Other building materials 90 0 89 8 90 0 89 7 90 1 Leather 71.3 79.6 80.5 80.2 80.2 CHEMICALS AND DRUGS* Other leather products 86.8 84.4 84.4 84.4 84.4 Chemicals 79.2 87 5 86 3 84.6 84.3 TEXTILE PRODUCTS: Drugs and ph£irmaceuticals _ 72.7 74.2 74.3 74.0 73.8 Clothing 79.5 78.5 80.7 80.7 80.5 Fertilizer materials 64.8 65.9 65.7 65.7 66.8 Cotton goods. 86.4 82.7 82.5 82.0 82.5 Mixed ferfcilizprs 73.0 73 1 74 5 68 6 68 1 Knit goods 59.3 60.4 59.5 59.9 60.2 HOUSEFURNISHING GOODS: Silk and rayon 24.4 27.6 27.2 27.9 31.0 Furnishings 84.6 84.1 83.9 84.0 84.0 Woolen and worstedgoods _. 78.9 73.5 75.6 76.4 76.4 Furniture 78.9 77.1 77.1 76.8 77.0 Other textile products 69.7 68.2 68.9 69.1 69.1 MlSCELLANEOUS: FUEL AND LIGHTING MiLTERIALS Auto tires andtubes 44.7 45.0 45.0 45.0 45.0 Anthracite 79.9 73 0 74.0 77.0 78.6 Catlift fftpd 104.0 107 0 92 2 78 6 71 3 Bituminous coal 96.2 95.7 96.1 96.5 96.0 Paper and pulp 82.4 80.0 79.7 79.7 79.7 Coke 85.6 88.7 88.7 88.6 88.6 Rubber, crude 31 7 24 9 26 0 25 0 24 5 Electricity 92.6 88.7 90.2 87.8 Other miscellaneous 81.0 79.4 80.1 80.1 80.0 Gas 99.2 92.0 95.2 94 0 Petroleum products . 51.6 52.2 53.2 52.9 52.4 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 697 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of Federal Reserve Board; adjusted for seasonal variation. 1923-25 average== 100] 1934 1935 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total _. 72 69 72 74 85 90 88 86 IRON AND STEEL 39 38 41 49 65 80 80 72 Pig iron 36 31 31 32 34 49 57 55 Steel ingots - - 39 38 42 51 68 83 83 73 TEXTILES -- _ - 80 63 89 87 97 103 100 98 Cotton consumption 86 64 94 90 92 98 95 90 Wool - 59 38 59 69 85 102 97 95 Consumption - 60 37 63 82 97 116 97 102 M^achinerv activity ^ 65 40 61 68 92 110 116 99 Carpet and rug loom activity * 47 41 46 32 41 52 65 71 Silk deliveries . 96 99 135 111 140 119 122 135 FOOD PRODUCTS 106 120 107 102 102 91 81 77 Slaughtering and meat Dacking 128 142 119 110 107 83 76 73 Hogs— 79 89 95 90 79 54 56 51 Cattle . . - 192 216 144 138 146 120 101 98 Calves - 244 225 145 121 130 132 109 112 Sheep - 145 162 228 143 139 133 131 151 Wheat flour - 79 85 83 84 87 86 90 88 Sugar meltings 64 94 101 102 108 130 86 75 PAPER AND PRINTING: 63 65 62 60 66 61 61 59 NewsDrint ronsumotion 117 121 116 115 118 121 122 123 TRANSPORTATION EQUIPMENT: Automobiles 61 51 41 40 88 104 103 106 5 7 8- 10 9 8 8 8 ShiDbuildine -- - - 95 133 17 14 18 27 68 89 LEATHER AND PRODUCTS . - 97 88 85 92 104 107 108 108 Tanning -- --- 83 80 81 89 93 96 97 96 Cattle hide leathers 82 79 80 89 92 93 93 91 Calf and kiD leathers 67 67 68 80 96 97 91 90 Goat and kid leathers -- 101 97 95 98 90 105 112 112 Boots and shoes - -- 106 94 88 94 112 114 116 117 CEMENT AND GLASS: Cement - 48 50 46 48 45 42 45 47 Glass plate - ------------ 86 84 87 83 140 174 166 183 NONFERROUS METALS: > Tin deliveries J -- 65 68 58 67 80 78 73 81 FUELS, MANUFACTURED: Petroleum refining - ----- -- 157 152 153 155 154 151 155 153 Gasoline * - 202 193 196 199 194 191 196 191 Kerosene 91 85 92 91 89 99 105 108 Fuel oill - - -- 103 102 98 101 103 99 102 101 Lubricating oil * 90 91 90 89 98 91 94 94 Coke, byproduct - -- 74 73 73 73 76 88 95 RUBBER TIRES AND TUBES 79 79 82 107 133 115 101 Tires, pneumatic - 82 82 85 110 139 119 104 Inner tubes 56 61 60 80 91 82 76 TOBACCO PRODUCTS 126 125 120 125 143 136 133 Cigars 66 66 66 69 76 72 69 Cigarettes 172 171 161 168 196 186 183 Minerals'—Total - 80 82 81 81 90 94 96 Bituminous coal - 61 64 65 65 72 74 81 Anthracite - - - - 50 62 53 64 72 76 67 Petroleum, crude 124 122 '121 121 '123 131 132 Iron ore 47 44 35 14 Zinc 60 61 76 77 74 71 74 Lead 44 55 56 55 60 48 50 Silver 39 36 39 35 53 50 65 OOS OS C O O S O Apr. May June July Aug. 86 84 84 86 ^87 67 66 66 69 81 53 56 53 53 60 69 67 67 70 83 98 102 100 105 104 84 85 82 82 85 110 124 122 128 132 131 153 148 156 160 92 99 107 108 110 80 80 71 76 83 117 111 116 133 113 80 78 74 74 76 77 74 67 69 76 58 54 44 46 50 96 94 92 93 107 113 108 106 115 119 157 161 151 154 159 88 83 91 80 73 80 88 75 83 78 59 64 63 60 59 119 121 124 118 120 110 86 100 95 64 9 14 10 3 91 56 21 15 113 113 103 107 M04 97 100 97 95 93 98 90 89 88 87 104 86 120 119 106 120 123 121 107 115 109 51 55 58 52 44 185 155 162 169 167 97 84 73 85 91 153 160 166 168 169 194 204 214 220 219 91 94 99 91 93 96 104 105 100 103 100 100 97 92 100 87 89 87 84 91 88 75 79 91 78 82 68 66 56 55 | 130 138 134 138 140 130 67 67 66 67 70 67 180 193 186 193 196 178 97 87 89 98 84 81 87 60 69 79 55 58 54 69 71 97 62 36 132 130 131 133 134 133 53 53 50 54 73 75 73 79 80 82 55 58 63 55 59 60 50 49 51 47 73 59 i Without seasonal adjustment. * Includes also lead and zinc; see "Minerals." Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN OCTOBER 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of Federal Reserve Board; without seasonal adjustment. 1923-25 average^lOO] 1934 1935 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactures—Total 71 70 73 73 76 87 91 91 91 87 '84 83 *86 IRON AND STEEL 38 37 40 45 57 77 84 81 74 72 66 64 79 Pig iron - - - 35 30 31 32 34 49 58 58 56 57 53 50 58 Steel ingots - - 38 38 41 46 59 80 87 83 76 73 67 66 81 TEXTILES -- - 76 63 92 91 92 108 105 100 100 101 95 97 99 Cotton consumption 77 62 97 93 84 102 101 94 90 88 79 75 77 Wool 57 39 62 73 86 104 101 96 108 117 114 119 126 Consumption - - 56 38 69 89 98 119 105 104 127 141 133 139 149 A'lachinerv activitv 65 40 61 68 92 110 116 99 92 99 107 108 110 Carpet and rug loom activity 47 41 46 32 41 52 65 71 80 80 71 76 83 Silk deliveries 100 104 135 115 125 136 130 130 116 110 103 126 117 FOOD PRODUCTS 100 122 110 108 103 90 79 75 76 78 73 74 74 Slaughtering and meat packing 115 138 120 123 123 94 75 69 69 72 66 66 68 Hogs - - - 60 67 81 99 104 72 62 51 52 52 45 41 38 Cattle 188 240 168 159 153 121 89 86 85 91 86 92 104 Calves - 224 216 152 124 124 123 101 114 123 122 110 111 109 Sheep 146 188 251 142 136 134 123 137 148 158 147 154 160 Wheat flour - - 85 100 93 90 83 84 87 83 80 78 80 77 78 Sugar meltings 72 100 96 80 61 86 84 88 93 99 89 102 88 PAPER AND PRINTING: Newsprint production - _ _ _. _ 61 64 62 60 66 62 61 59 60 65 64 58 58 NewsDrint consumption 104 118 123 123 121 116 121 128 127 124 123 105 107 TRANSPORTATION EQUIPMENT: 67 56 37 26 48 86 111 130 141 108 114 100 69 Locomotives 5 7 8 11 10 7 8 8 8 13 10 3 Shipbuilding 140 133 12 12 14 19 48 69 88 71 27 22 LEATHER AND PRODUCTS - 107 102 93 88 89 99 110 111 111 104 99 '106 MM Tanning 85 85 86 87 90 92 100 94 96 95 95 94 Cattle hide leathers 80 82 82 88 90 94 100 92 93 93 89 86 Calf and kip leathers _~ 81 77 81 76 82 80 84 80 79 83 100 100 Goat and kid leathers 99 102 99 97 97 100 116 115 119 110 106 111 Boots and shoes 122 112 98 89 88 103 117 122 121 110 102 '113 126 CEMENT AND GLASS: Cement 62 63 53 47 35 25 27 34 50 65 71 63 57 87 85 87 79 105 155 179 199 205 169 165 168 169 NONFERROUS METALS: * Tin deliveries 65 68 58 67 80 78 73 81 97 84 73 85 91 FUELS, MANUFACTURED: Petroleum refining . - _ _ « 157 152 154 156 155 151 156 153 153 160 166 167 169 Gasoline -_ 202 193 196 199 194 191 196 191 194 204 214 220 219 Kerosene 87 87 97 99 96 101 107 105 90 90 92 85 88 Fuel oil 103 102 98 101 103 99 102 101 96 104 105 1G0 103 Lubricating oil _ _ - _ 90 91 90 89 98 91 94 94 100 100 97 92 100 Coke, byproduct 72 71 73 74 77 89 98 92 87 89 85 81 88 RUBBER TIRES AND TUBES 78 76 73 80 92 106 110 102 103 96 95 Tires pneumatic 81 78 75 83 96 110 114 105 107 99 99 Inner tubes - - - 62 61 54 58 66 75 80 74 75 68 65 TOBACCO PRODUCTS— _-_ _-___ 135 139 129 128 115 128 121 124 127 136 150 152 139 Cigars 69 76 81 82 57 55 60 61 63 68 73 73 70 Cigarettes ___- _-___ 186 188 169 166 161 182 166 171 175 212 215 192 188 Minerals—Total _ _. - 83 87 87 84 85 91 92 90 79 97 84 85 88 Bituminous coal 60 68 71 73 76 82 85 87 51 71 50 57 Anthracite -- - - - -- - - -. - 50 62 68 65 71 82 72 45 72 60 85 51 36 Petroleum, crude '127 125 123 120 120 126 129 130 130 17312 136 137 136 Iron ore 95 85 60 11 80 105 102 109 Zinc 56 58 73 77 76 75 79 78 78 73 76 74 76 Lead... 43 52 58 57 60 49 52 56 57 62 56 57 57 Silver 39 34 39 38 54 50 70 55 49 50 46 62 59 » Includes also lead and zinc; see "Minerals." *» Preliminary. 'Revised. s Corrected. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and. September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 699 OCTOBER 1935 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 August July August August July August August July August Total. . 81.7 79.5 79.5 81.6 80.4 79.3 69.6 65.3 '62.2 IRON AND STEEL AND PRODUCTS * . 73.2 71.3 68.6 73.4 72.4 68.8 59.6 52.8 45 5 Blast furnaces and steel works 73.7 71.7 69.7 74.3 72.7 70.3 61.6 ' 52 4 44 0 Cast-iron pipe 51.7 51.6 53.8 50.4 50.0 52.4 29.6 28.3 29 2 Cutlery and edge tools. . - . 75.6 71.2 77.7 79.4 74.0 81.7 57.1 54.1 53.0 Hardware 48.5 '49.5 51.3 50.3 '50.8 53.2 39.4 '40.3 37 9 Steam, hot-water heating apparatus, etc 53.0 49.4 48.6 52.5 50.2 48.2 36.4 '32.3 30.3 Stoves 102.0 98.2 87.7 102.2 108.1 87.9 80.4 71 8 57 7 Structural metal work 57.9 ••56.9 59.0 56.5 '55.7 57.6 43.9 '42.2 41.8 Tin cans, etc . 104.0 ' 100. 0 99.1 97.0 '96.2 92.4 103.6 '97.7 93.6 Wirework 118.7 ' 116.5 116.3 116.4 ' 119.1 114.0 105.1 ' 106.3 90.1 MACHINERY L._ 87.3 85.6 '78.9 87.1 86.1 '78.4 71.2 67.5 '58.1 Agricultural implements _ - 117.8 ' 116. 7 66.8 124.4 ' 123. 2 70.5 137.5 ' 135. 2 68.3 Electrical machinery, etc . 70.4 69.6 65.3 70.4 69.6 65.3 57.8 54.7 50.2 Engines, turbines, etc 101.1 101.1 71.8 100.7 100.3 71.5 73.9 72.6 47 9 Foundry and machine-shop products 74.0 '73.4 69.0 73.9 '73.4 68.9 60.0 '56.7 50.3 Machine tools 91.9 89.0 66.1 101.8 89.9 73.2 80.5 75.8 49 0 Radios and phonographs 213. 8 ' 185. 0 217.5 191.4 ' 192. 7 197.7 133.9 ' 112. 9 123.1 Textile machinery 62.6 63.4 66.5 62.7 63.7 66.6 50.5 51.2 49.3 TRANSPORTATION EQUIPMENT J 83.5 87.2 '83.7 83.6 84.8 '83.7 71.6 74.7 '70.4 Automobiles 95.1 ' 100.6 92.5 94.9 '97.7 92.3 80.6 '85.7 76 5 Cars, electric and steam railroad 32.2 '31.7 '51.7 30.7 '29.6 '49.2 30.4 '28.0 ' 51.2 Locomotives,.. _ .. 21.5 20.0 38.5 21.2 19.1 38.0 9.1 8.2 17.7 Shipbuilding 72.4 '71.3 71.2 76.5 '73.0 75.3 61.5 '59.4 56.4 RAILROAD REPAIR SHOPS 52.8 '53.5 55.2 52.7 53.2 55.0 49.0 '48.2 48.5 Electric railroads 65.3 '65.2 66.0 65.3 '65.2 66.0 59.6 '58.8 58.5 Steam railroads.- 51.9 '52.6 54.4 51.7 '51.9 54.2 48.3 '47.5 47.9 NONFERROUS METALS AND PRODUCTS 1 80.0 78.0 73.4 81.6 80.0 74.9 64.6 59.6 53.2 Brass, bronze, and copper 78.2 '77.4 72.7 78.8 '78.2 73.3 61.1 '57.5 51.2 Lighting equipment - - 73.9 69.0 61.9 75.6 72.4 63.3 66.6 58.9 48.2 S ilverware and plated ware 69.8 '65.3 69.3 71.7 '70.4 71.1 52.0 '48.1 48.3 Smelting and refining 80.8 80.2 70.5 83.6 81.5 73.0 53.2 '53.0 42.8 Stamped and enameled ware - - 91.1 '89.8 87.1 93.1 '90.9 89.1 83.8 ' 75.2 70.8 LUMBER AND PRODUCTS * 55.3 '51.9 49.0 54.6 '52.0 48.4 44.4 '38.3 33.5 Furniture _ . ._ 73.4 '69.1 62.9 73.3 '72.4 62.8 56.0 '48.4 42.7 Lumber, millwork _ _ 47.5 '44.8 36.2 46.8 '44.4 35.7 37.7 '34.2 23.1 Lumber, sawmills . 36.6 '33.9 33.9 35.6 '33.2 33.0 27.9 '23.3 22.1 STONE, CLAY, AND GLASS PRODUCTS I 55.9 '54. 7 53.1 54.8 54.4 52.0 40.9 '38.9 34.9 Brick, tile, and terra cotta 33.8 '32.9 31.8 31.2 '30.4 29.4 21.2 '20.2 16.8 Cement 53.8 57.5 55.0 50.5 53.4 51.6 35.8 ' 37 9 35 4 Glass . 95.7 92.7 87.6 97.4 96.6 89.1 82.3 '77.0 68.2 Pottery - - 67.0 '62.4 63.4 67.7 '64.8 64.1 46.6 '41.5 37.8 TEX A TI LE F S a b A r N ic D s lPRODUCTS I _ 8 9 9 2 . . 9 9 ' 8 87 7 . . 5 8 8 85 8 . . 6 2 9 9 6 3. . 3 1 '9 9 2 1 . . 2 2 8 9 9 1 . . 0 3 7 7 8 6 . . 9 5 '6 7 8 0 . . 4 1 6 6 4 8 . . 7 1 Carpets and rugs._ 83.7 82.7 65.5 86.4 87. 3 67.7 80.6 75.8 47.9 Cotton goods 81.6 '82.3 88.7 85.9 '85.0 93.4 64.8 '64.2 63.3 Dyeing and finishing 102.9 ' 101.3 100.6 107.4 ' 108. 0 105.0 84.3 '73.5 76.9 Knit goods. 110.4 ' 103. 9 102.6 114.9 ' 109. 4 106.8 105.5 '85.8 89.4 Silk and rayon goods 75.5 '68.2 73.9 76.7 '69.7 75.1 65.1 '55.4 59.7 Woolen and worsted goo ds 97.3 '94.4 68.4 99.4 '99.3 69.9 76.9 '74.6 48.0 B. Wearing apparell S6.0 '84.4 90.1 S8.4 '90.3 92.4 78.9 '60.8 70.6 Clothing, men's.. _ . . 93.6 '88.9 88.4 90.9 '88.1 85.8 74.6 '65.6 65.6 Clothing, women's . 121.4 '94.7 110.0 131.4 ' 112.1 119.0 97.9 '63.0 85.2 Millinery . __ 57.6 '42.3 65.4 59.9 '49.1 68.1 52.5 '30.3 59.4 Shirts and collars 105.9 '99.0 97.3 107.6 ' 102.6 98.9 102.9 '91.2 90.7 LEATHER AND PRODUCTS... . 90.1 '87.3 91.1 87.0 '86.9 87.9 81.7 '77.5 78.7 Boots and shoes 89.1 '85.8 91.9 84.9 '84.5 87.5 77.7 '73.1 79.1 Leather - 94.4 '93.5 88.4 95.8 '96.2 89.7 94.2 '91.2 76.1 FOOD PRODUCTS ' .- ._ 109.9 ' 104. 3 122.1 99.2 ' 100.4 110.8 99.8 '96.0 105.1 Baking. . . . 111.7 '111.5 115.8 111.4 ' 109. 9 115.4 95.7 '96.5 97.8 Butter 76.9 78.0 85.5 70.8 70.7 78.7 60.4 61.4 62.7 Canning and preserving . 180.9 ' 138.6 194.3 98.3 '111.8 105.6 216.2 ' 167.1 195.4 Confectionery 69.8 r68.4 71.5 74.6 '78.9 76.4 60.4 '57.0 60.8 Flour 76.3 74.6 78.2 75.2 73.9 77.0 66.1 64.1 64.8 Ice cream _ . 85.9 '87.6 88.7 73.2 '73.2 75.6 69.3 '71.8 68.8 Slaughtering and meat packing 79.4 '80.4 112.4 81.0 '80.9 114.7 73.2 75.0 99.0 Sugar refining, cane 81.1 85.5 87.5 78.1 82.2 84.2 71.3 72.7 74.0 'Revised. 1 Includes current statistics for one or more industries not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDEKAL BESERVE BULLETIN OCTOBER 1935- FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average = 100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 August July August August July August August July August TOBACCO PRODUCTS.. _ 57.9 57.6 65.1 58.1 58.2 65.4 46.6 47.6 49.3 Chewing and smoking tobacco and snuff 64.4 65.8 73.6 65.9 69.3 75.3 65.1 66.8 66.6 Cigars and cigarettes _ 57.0 56.5 64.0 57.1 56.8 64.1 44.2 45.1 47.1 PAPER AND PRINTING.. 95.9 95.5 93.8 97.1 96.5 95.0 83.1 81.4 78.4 Boxes, paper 85.3 83.3 84.1 86.7 85.7 85.4 79.2 '73.9 74.5 Paper and pulp. . 108.8 108.9 104.8 108.8 108.9 104.8 87.2 '85.1 78.8 Book and job printing 87.6 '86.6 85.0 89.1 '87.7 86.4 76.5 '75.8 71.6 Printing, newspapers and periodicals. 96.5 97.0 96.6 98.4 98.3 98.6 86.3 '85.3 84.9 CHEMICALS AND PETROLEUM PRODUCTS ! 107.9 ' 106.8 106.9 111.4 ' 110.7 110.9 97.6 '95.4 90.0 A. Chemical group, except petroleum 1 106.9 ' 105. 7 105.3 111.8 '111.1 110.8 96.1 '93.8 87.8 Chemicals 107.7 ' 109. 0 110.9 111.6 '111.7 114.9 103.3 ' 101.6 96.5 Druggists' preparations - - 96.3 95.1 98.6 98.3 1C0.4 100.6 92.0 92.3 89.9 Explosives.. _ 86.5 86.1 90.5 85.8 87.1 89.8 76.9 70.0 72.9 Fertilizers 69.6 '68.0 72.5 92.2 ' 100.3 96.0 63. 3 '62.0 57.5 Paints and varnishes.. 105.5 ' 108.6 99.1 108.4 '108.8 101.8 87.8 88.9 77.9 Rayon and allied products 340.3 327.9 304.2 340.3 327.9 304.2 253.4 240.2 213.2 Soap 98.0 99.3 98.6 99.4 102.4 100.0 93.8 94.4 86.1 B. Petroleum refining- _ . _ 112.2 '111.2 113.4 110.1 ' 108.8 111.3 102.5 ' 100. 5 97.2 RUBBER PRODUCTS 1 _. 77.9 '77.3 80.7 79.2 '76.3 82.0 64.3 '61.3 58.8 Rubber boots and shoes 51.2 '45.3 55.2 53.7 '46.8 57.9 49.4 '41.7 50.5 Rubber tires and inner tubes _ _ _ __ 69.7 70.3 73.9 69.6 67.2 73.8 55.8 ' 54.2 49.9 ' Revised. i Includes current statistics for one or more industries not shown separately. NOTE.—Revised indexes. The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1935 FEDERAL RESERVE BULLETIN 701 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 Month utilities 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 119.7 159.3 19.8 48.4 25.7 14.6 12.9 15.8 39.1 53.9 7.8 9.2 14.4 17.4 August 119.6 168.6 18.6 40.5 10.0 10.6 13.5 17.3 50.6 69.5 12.2 8.7 14.7 21.9 September 110.2 17.9 6.1 13.1 50.0 12.5 10.6 October 135.2 26.3 8.5 13.5 65.2 9.0 12 7 November. 111.7 19.9 4.6 11.0 52.3 8.6 15.3 December 92.7 14.6 5.1 8.2 50.1 5.0 9.8 Year 1,543.1 248.8 116.1 150.6 751.2 117 5 158.9 CONSTRUCTION CONTRACTS AWARDED, 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 Federal Reserve 1935 1934 district 1935 1934 1935 1934 Federal Reserve district August July August August July AugustAugust July August Boston.. 11,855 10,946 «• 10, 843 Boston 94 91 106 738 1,116 1,580 New York 33,981 32,867 «• 23, 361 New York 251 333 339 4,274 7,972 6,993 Philadelphia 8,972 7,161 6, 434 Philadelphia 50 44 33 1,322 979 1,707 C R l i e c v h e m la o n n d d 2 19 3 , ,2 5 7 7 3 8 2 1 2 4, , 7 4 5 7 1 2 1 1 2 6 , , 1 8 1 8 1 4 C R l i e c v h e m la o n n d d . . . . . 3 7 9 3 7 3 0 0 6 5 7 1 1 1 , , 8 4 2 3 4 1 1,7 6 3 0 6 2 1,9 4 2 4 0 1 Atlanta _ 10, 032 17,896 6,322 Atlanta 51 41 19 515 761 349 Chicago 29, 067 26, 227 15,721 Chicago 109 88 106 4,438 2,817 2,754 St. Louis 11,881 9,747 ' 8, 111 St. Louis 32 29 25 217 304 336 Minneapolis 6, 647 4,261 3,306 Minneapolis __ _ 18 21 16 143 133 110 Kansas City _ 7,076 4,372 ' 10,699 Kansas City. __ 25 35 44 138 528 518 Dallas _ 6,194 8,556 r 5, 799 Dallas 37 19 17 1,099 197 146 San Francisco 131 130 106 1,707 3,303 1,546 Total (11 districts) 168,557 159,258 r 119, 592 Total 910 931 929 17,846 20,447 18,460 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN OCTOBER 1935 SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of Sept. 1,1935] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1934 Sept. 1, 1934 Sept. 1, 1934 Sept. 1, 1934 Sept. 1, 1935 1935 1935 i 1935 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,703 7,900 168 180 New York 25,132 27,163 5,039 7,211 132 148 ' Philadelphia... 48,105 48,819 13,781 17,297 85 96 Cleveland 128,893 160,325 37,479 45,150 71 83 Richmond 1,345 1,385 132,408 138,329 22,908 26,112 Atlanta 2,407 2,567 160, 725 157,220 3,841 3,753 Chicago 482, 658 796, 272 49,293 55,468 1,632 2,348 St. Louis 2 2,323 3 2,395 167,923 247,477 47,197 45,870 40 71 Minneapolis... 107,474 243,153 10,044 16,388 53, 228 120,948 Kansas City... 263 637 53,194 223, 783 140,671 136, 229 3,542 8,302 Dallas. __. 2,934 4,166 54,929 124, 552 26,090 10,380 51 94 San Francisco. 364 339 7,982 8,762 49,209 67,851 32,428 30, 636 Total.. 9,636 11,489 1,377,126 2,183, 755 405, 552 431, 709 91,377 162, 906 Oats Tame hay Tobacco White potatoes Federal Reserve district Prod 19 u 3 c 4 tion E S s e t 1 p i 9 m t 3 . 5 a 1 t , e Prod 19 u 3 c 4 tion E S s e t 1 p i 9 m t 3 . 5 a 1 t , e Pro 1 d 9 u 3 c 4 t * ion E S s e t 1 p i 9 m 3 t. 5 a 1 t , e Prod 19 u 3 c 4 tion E S s e t 1 i p 9 m t 3 . 5 a 1 t , e Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7,015 6,167 2,867 3,215 19,096 20,840 65,226 46,090 New York 24,745 28,771 3,812 5,519 447 522 37,212 29,955 Philadelphia.. 15, 724 15,919 1,947 2,337 18,255 23,620 31, 787 22,926 Cleveland 36,450 53,924 3,365 4,759 94,419 98, 516 22,086 20,008 Richmond 15,475 21, 079 2,898 3,277 580,183 729, 736 32,805 28, 546 Atlanta 10,091 10,881 2,067 2,281 110,635 150,302 15,109 13,157 Chicago 183,361 444,735 9,856 17,052 12, 764 17,144 66,027 59,371 St. Louis 18,141 41, 594 4,151 6,060 206,861 218, 716 9,681 13,409 Minneapolis.. 109,517 324,456 5,214 8,813 828 1,197 43,361 58,673 Kansas City.. 50, 782 165, 210 4,994 8,770 2,172 3,000 14,816 31,978 Dallas 33,976 42,871 724 1,016 4,665 4,083 San Francisco 20, 612 26, 085 10,374 11,781 42, 646 44,481 Total... 525,889 1,181,692 52, 269 74,880 1,045,660 1,263, 593 385,421 372, 677 1 Figures for winter wheat from estimate for Aug. 1; no estimate for Sept. 1. 2 Includes 16,000 bales grown in miscellaneous territory, s Includes 11,000 bales grown in miscellaneous territory. * 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N. DAK. > 3 I MINN, i AiiNNEAPOLISS S.DAK. « V. ' ' BOUNDARIES OF FEDERAL RESERVE DISTRICTS •——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis