Federal Reserve Bulletin, 1935-11

FEDERAL RESERVE BULLETIN NOVEMBER 1935 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Recent Business and Credit Developments Description of Member Bank Statistics 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 Chair- and Statistics. man. LAUCHLIN CURRIE, Assistant Director, Division of Re- CHESTER MORRILL, Secretary. search and Statistics. J. C. NOELL, Assistant Secretary. WOODLIEF 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. PATJLGER, 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. 0. 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 II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Fed B e a ra n l k R of e — serve 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. R. Burgess J. W. Jones.* W. S. Logan W. B. Matteson.i L. R. Rounds.. -. J. M. Rice.» L. F. Sailer Allan Sproul.3 C. H. Coe H. H. Kimball.i L. W. Knoke.1 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.1 Cleveland.. _ E. 8. 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 ..1 H. W. Martin M. W. Bell. H. F. Conniff W. S. McLarin, Jr.» Chicago -. E. M. Stevens G. J. Schaller H. P. Preston W. H. Snyder.i C. R. McKay W. C. Bachman.1 J.H. Dillard _. 0. J. Netterstrom.1 A. T. Sihler.» E. A. Delaney.i A. L. Olson.* St. Louis J. S. Wood W. McC. Martin 0. M. Attebery. S. F. Gilmore.a J. G. McConkey. A. n. Haill.a F. N. Hall.a G. 0. Holloeher.a 0. C. Phillips.* Minneapolis J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer. F. C. Dunlop.* Kansas Citv 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.* San Francisco... . J. U. Calkins ... W. A. Day W. M. Hale. Ira Clerk 1 Assistant Deputy Governor. 3 Assistant to the Governor. 2 Controller. * Acting chairman; W. H. Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch. R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch B. J. Lazar. Denver branch.._ J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch__ J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H. Frye. 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. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent business and credit developments 703 Description of member bank statistics 711-738 Balance of international payments of the United States ... 739 National summary of business conditions '__ 740 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc ' 741-745 Member and nonmember bank credit: All banks in the United States _L_ 747 All member banks 746, 776, 780 Weekly reporting member banks in leading cities . 748-777 Brokers' loans 748 Acceptances and commercial paper _ _ 749 Discount rates and money rates 750 Security prices, bond yields, and security issues ... 751 Treasury finance 752 Assets and liabilities of governmental credit agencies _ _ 753 Reconstruction Finance Corporation—Loans, subscriptions, and allocations _ _ 754 Farm Credit Administration—-Loans and discounts outstanding, by institutions 755 Federal Home Loan Bank Board—Loans outstanding, by institutions "_ « 755 Obligations fully guaranteed by the United States—Amounts outstanding, by agencies 755 Production, employment, car loadings, and commodity prices 756 Merchandise exports and imports 757 Department stores—Indexes of sales and stocks 757 Freight-car loadings, by classes 757 International financial statistics: Gold reserves of central banks and governments 758 Gold production 759 Gold movements 759-761 Central banks 762-765 Bank for International Settlements 765 Commercial banks -- 766 Discount rates of central banks •_ _ 767 Money rates.___ __ 767 Foreign exchange rates__ _ - 768 Price movements: Wholesale prices.. 769 Retail food prices and cost of living __ 770 Security prices L_ 770 Law department: Rulings of Board: Advances under section 10 (b) of Federal Reserve Act 771 Type of indebtedness which must be reported under section 22 (g) of Federal Reserve Act 771 Exemption of holding company affiliates. 772 Amendment no. 6 of regulation T ; 772 Federal Reserve statistics by districts, etc.: Banking and financial statistics _. 773-780 Industrial and commercial statistics 781-786 October crop report - . 787 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 21 NOVEMBER 1935 No. 11 REVIEW OF THE MONTH industrial workers and of farmers, and the distribution of commodities to consumers has also Sustained activity of business at a level near increased. Wholesale prices of farm products the high point reached at the beginning of the and foods have continued to advance but at a year has been the outstanding slower rate than in 1933 and 1934. Prices of Recent business f i h economic situation act n t e industrial products as a group have shown little and credit de- . velopments during the first 10 months of change in the past 2 years. 1935. This is in contrast to the Continued ease in the money market and the course of business in the 3 preceding years accumulation of a vast amount of idle funds in when advances were not sustained but were the hands of investors have been reflected in a quickly followed by sharp declines. revival in the capital market. Security flota- Industrial activity and employment in the tions have been in larger volume than in any first 10 months of the year have been at a year since 1930. For the most part they have level higher than in any of the 4 preceding been refunding issues reducing the debt service, years and about half way between the lowest but there has also been an increase in the point of the depression and the 1929 level. amount of new money raised in the capital mar- The volume of unemployment and the need ket to be used in part in liquidation of bank for public relief, however, continue to be debt and in part for productive purposes. large. Profits of large corporations, for which alone The increase in production over last year current reports are readily available, have was chiefly in industries producing durable increased. There has been a sustained advance goods, which had reported the greatest declines in security prices, representing primarily the during the depression. Output of nondurable effect of cash buying by investors. Bank manufactures in the aggregate showed a relaloans to brokers have not increased and tively small increase. security loans to other borrowers have declined. Since the beginning of the year, industrial Expansion of total bank loans and investactivity has shown less change than in the ments has been continuous during the year and corresponding period of any other recent year. has reflected for the most part additional pur- In September the Board's seasonally adjusted chases by banks of United States Government index was at 89 percent of the 1923-25 average obligations and of securities guaranteed by the as compared with a high point of 91 percent in Government. Bank deposits have grown as January and a low point of 85 percent in May. the result chiefly of gold imports and disburse- Preliminary figures indicate an index for ments by the Government, and demand de- October higher than that for September. posits of member banks are at a higher level Residential building has shown a marked than at any previous time. and sustained increase this year for the first In recent months disturbed conditions abroad time since the decline, which in this industry and a strong foreign demand for American began early in 1928, but the volume of consecurities have resulted in a large flow of capital struction is still relatively small. to this country and consequent imports of gold. Greater activity in industry has been accom- These imports, which amounted to about panied by an advance in the income both of 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN NOVEMBER 1935 $155,000,000 in September and $315,000,000 in vance, partly of a speculative character, was October, have been the chief factor in carry- not sustained, and beginning in August there ing member bank reserves to a new high was a general, rapid decline in output, which level. Notwithstanding a considerable increase in legal reserve requirements, conse- INDEX OF INDUSTRIAL PRODUCTION quent upon the increase in deposits, and a more than seasonal growth in the demand for currency, arising from the greater volume of employment and trade, excess reserves of member banks increased further and at $3,000,000,000 in the last week of October were at the highest point on record. Since the middle of 1932 there have been four periods of increased industrial output, each Industrial pro- quite different from the others. duction in recent Some of the differences are years evident on the accompanying chart, which shows the Board's seasonally adjusted index of industrial production, together with indexes of production of iron and steel, automobiles, other durable manufactures, textiles, meat and products, other nondurable manufactures, and minerals, all expressed in terms of points in the total index so that it is possible to see just how much of any movement in the total index is accounted for directly by changes in activity in any of these industries. The indirect effects, such as increases in the output of materials owing to increases in the output of finished goods, are not shown separately. The first of the four advances was in the summer of 1932. It was small in amount and reflected largely an increase in textile output from an unusually low level. By the following by November had brought the index down to March, at the time of the banking crisis, pro- 72 percent. duction had declined to about the same level The third advance in the index, to a high of as in the middle of 1932. 86 percent in May 1934, reflected primarily The second advance, stimulated by the re- increased output of steel, part of which was opening of banks, the low level of stocks of purchased for stock in anticipation of price certain commodities, and the prospect of higher advances announced for the third quarter. costs and higher prices in many lines, was wide- Increased automobile production was also a spread and exceptionally rapid. Output of factor in this advance. After May the index semifinished products showed the most rapid declined rapidly, reflecting chiefly an abrupt expansion in this period, and the Board's index, decline in steel production which continued at which is based in large part on output of such an exceptionally low level for several months. products, advanced 41 points in 4 months— There was also a decline in activity at textile from 59 percent of the 1923-25 average in mills while meat packing showed a marked March to 100 percent in July 1933. This ad- increase, largely as a consequence of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 705 drought. The low point of this downward At mines output has fluctuated more from movement in the index of industrial production month to month this year than in other recent was reached in September 1934, partly owing years on account of uncertainties concerning a to the textile strike in that month. possible coal strike, which finally occurred in The fourth advance, from this low point of September and was settled after a few days. 71 percent in September 1934 to 91 percent in Total volume of employment is slightly January 1935, was general for the industries higher than a year ago and substantially above shown on the chart, except that in the meat- Employment the lowest level of the deprespacking industry activity showed a rapid and pay rolls i j ^ however, still conson t decline during this period. The level of indus- siderably below the 1929 level. The total numtrial output reached in January was somewhat ber of wage earners employed at factories in higher than that reached in the spring of 1934 September was about 7,000,000, as compared and has been largely maintained. This is the with a low of 4,900,000 in the spring of 1933 first advance that has not been followed in the and a high of 9,100,000 in the middle of 1929. immediately succeeding months by a sharp Employment at mines has fluctuated condecline. The lowest index reported so far this siderably in recent months, reflecting the threat year is 85 percent for May. The most recent of a strike in the bituminous coal industry; the index, for September, is 89 percent, and pre- average for the year to date, however, is about liminary figures indicate that the index for the same as last year. On railroads employ- October will be higher. ment has shown a seasonal increase since the Steel production has been maintained gener- beginning of the year, while in public utilities ally this year at a level of between 40 and 50 little change has been reported. percent of capacity and in October was at about Pay rolls at factories for the period from 52 percent, reflecting sustained demand from January to September this year have been many sources, especially the automobile, ma- about 10 percent larger than a year ago, and chinery, and miscellaneous industries. Orders on the railroads pay rolls have also been larger, from the railroad and building industries have partly on account of higher wage rates. Pay continued to be in limited volume. Auto- rolls at mines and public utilities have shown mobile production, which had increased from little change. a low level of 1,400,000 cars for the year of Resumption of activity in the construction of 1932 to 2,800,000 for 1934, has totaled about residences, which had been at extremely low 3,200,000 during the first 10 months of 1935. levels in 1932, 1933, and 1934, Construction Output was sharply reduced in September as has reflected improvement both preparation was made for new models which in the real-estate situation and in the mortgage in October were produced in increasing volume. market. The current volume of residential Lumber output has increased considerably building is approximately twice that of last during recent months, accompanying an ad- year. It is, however, only one-fifth that of the vance in residential building and increased peak years 1925 to 1928, and commercial and activity in the furniture industry. Textile pro- factory building has continued at a low level. duction as a whole has been unusually stable There has been less public construction in at a level somewhat higher than was reached recent months than a year ago; currently, howat any time during 1934. This higher level, ever, a considerable amount of new public work however, has been due chiefly to unusually is being undertaken. large production by the wool industry, partly The total amount of domestic trade has been offset in the total by a relatively small volume larger during the first three quarters of 1935 of output in the cotton-textile industry. In _, ,. . than it was a year ago. Sales ± September activity at cotton mills increased, Domestic trade „ _ , ,. . , while at woolen mills activity showed a decline. of general merchandise in rural areas, as reported to the Department of Corn- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN NOVEMBER 1935 merce by mail-order houses and chain stores, gradually upward, with an irregular advance have been substantially larger than in any other from 78 percent of the 1926 average in the year since 1930. Department store sales, as early part of January to 80 percent currently. measured by the Board's seasonally adjusted Movements in the index have been largely index, have shown an increase during this year dominated by changes in the prices of farm and the average for the third quarter was 80 products and foods, while prices of other percent of the 1923-25 average, as compared commodities as a group have shown little with 75 percent in the third quarter of 1934. change from the level reached in the autumn Sales of automobiles showed a considerable ad- of 1933 and maintained throughout 1934. vance in the early part of the year and were The principal changes in prices of farm well maintained until September, when they products and foods have been marked increases declined prior to the introduction of new mod- in the prices of livestock and livestock products, els. There has been an increase over a year a rapid decline in the prices of grains other than ago in the dollar volume of sales of chain wheat, and a smaller decrease in the price of grocery stores, owing in part to higher food cotton. In October cotton prices advanced prices, while in chain variety stores sales have somewhat, reflecting increased demand in been in about the same amount as last year. both domestic and foreign markets. Wheat In the first 9 months of this year the value of prices declined in the early part of the year, exports was about the same as in the corre- but from the end of June to the first week of sponding period last year, while October they advanced rapidly, and, although Foreign trade the value of imports was one- they have declined somewhat since then, they fifth larger. The excess of exports amounted are now higher than at the beginning of the to $65,000,000 as compared with $319,000,000 year. Prices of sugar have also shown a a year ago. considerable increase. Reflecting chiefly the effects of last summer's While other commodities as a group have drought, exports of meats, lard, and grains shown little change, there have been marked showed a marked decline from a year ago, and movements in the prices of several individual imports of livestock products, grains, and feeds commodities. Since last spring prices of hides increased. Exports of cotton were considerably and leather, silk, textile products, and scrap smaller than in 1934, and the quantity of to- steel have advanced, and since summer nonbacco exported in this period also showed a ferrous metals have also increased. Prices of marked decrease from a year ago. Exports of tires and tubes and crude petroleum have automobiles, machinery, and crude petroleum, shown declines this year. however, were in larger volume than last year. Retail prices of foods advanced considerably The increase in imports in the first three during the early months of the year, reflecting quarters of this year was general, with marked chiefly a sharp rise in meat prices. Since increases over a year ago reported for sugar and April there has been little net change in food tin, as well as for meats and grains. Imports prices and at the present time they are approxiof crude rubber were larger in value but slightly mately 6 percent higher than they were a year smaller in volume. ago. Since the beginning of the year the general The accompanying table shows a comparison level of wholesale prices has shown less change of business conditions in recent months and in than in the corresponding the first three quarters of 1935 Prices Statistical period of any other year since with conditions in the years summary 1929. The course of the index has been 1929, 1932, 1933, and 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERPE BULLETIN 707 BUSINESS CONDITIONS presented and described newly compiled statis- [Index numbers, 1923-25=100] tics of deposits and other items in the condition of member banks. Con- In t d p t r i d u r o i o a c u n - l - s- a s t w r t c t i a e r o o a u d c n r n c t - d s - - m p F t e l o a m e o r c n y y - - t - r F t p o o a a l r c y l y s - ( m v p s s D t a a a o e l l r e e u n r t - e s - e t ) W p s r h i a c o l e e l s e * - p R r f e o ic t o a e d i s l 2 m wh e T i m c h h b e e se r e b x d a c a n lu t k a d s e h sh e U o ld w n a it d t e h j d u a s t t e S d o t n at d e e J s m u n a e G n d o 2 v d 9 e e , r p n 1 o m 9 s 3 e it 5 n s , t , deposits, interbank balances, and reported (value) "float", amounting to $17,530,000,000. This 1929 _ 119 117 105 109 111 95 157 is the largest amount ever reported for member 1932 64 28 64 46 69 65 102 banks, but demand deposits at nonmember 1933 76 25 69 49 67 66 100 1934 79 32 79 62 75 75 111 banks and at all banks continued below their 1935: Jan.-Sept.3-.. 87 31 81 68 78 80 122 previous peak. Time deposits at member Aug.3 87 38 82 70 78 81 122 Sept.3 *89 43 82 72 81 81 124 banks, excluding interbank and Postal Savings deposits, increased in the first half of this v Preliminary. i 1926=100; index of Bureau of Labor Statistics. year and at $9,750,000,000 were $1,650,000,000 21913=100; index of Bureau of Labor Statistics. 3 Indexes for periods less than a year, except indexes for wholesale and larger than 2 years earlier, but considerably retail prices, adjusted for seasonal variation. smaller than in the period from 1928 to 1931. Industrial profits, as indicated by reports of Reflecting an increase in idle funds held by large corporations, were larger in each of the banks, there has been a continuous growth in ~ . -. first three quarters of 1935 than interbank balances, which are now the largest Corporate profits _ ^ .. . _ . on record. m the corresponding periods of That the growth of deposits has continued last year. Automobiles, building materials, since June, although at a somewhat slower machinery, and electrical equipment were rate than in the second quarter of this year, is among the industries showing the most marked indicated by figures for weekly reporting memincreases. Since 1932, when industrial cor- ber banks in 101 leading cities presented on porations were generally operating at a loss, net page 733. Adjusted demand deposits at these profits have recovered substantially, but the banks increased by over $600,000,000 between current volume is still only about one-third of June 26 and October 30, while time deposits that attained in 1929. showed a small increase. Balances of domestic During the first 9 months of 1935 net banks continued to increase, and there has profits reported by public-utility companies also been considerable growth in recent weeks were at about the same level as those of the in deposits of foreign banks, reflecting the previous year. Since the recession in this movement of short-term funds from abroad. field, however, was much less than for indus- Reflecting an increased volume of financial try generally, profits of utilities were almost and other business transactions, the amount of two-thirds of the highest levels reached a few Bank debits and debits to depositors' accounts years ago. Railroad companies as a group turnover of de- at banks has been larger in failed to earn their fixed charges during the posits 1935 than in any of the 3 first 8 months of 1935, as in other recent years. previous years At banks in 140 cities outside Deposits at member banks have continued of New York City debits in the first three to show a rapid growth during 1935, reflecting quarters of this year were 13 percent larger principally the influence of gold than in the same period last year. In New £ 3 te *"* imports and of disbursements York City, where debits are to a considerable by the Government of funds extent affected by speculative stock-market raised through the sale of obligations to the activity, the increase amounted to 6 percent. banks. In another article in this issue are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN NOVEMBER 1935 The increase in debits for the country as a on the New York Stock Exchange remained whole has been somewhat slower than the at one-fourth of 1 percent from April until growth of deposits, and therefore the rate of late in October, when there was an increase to deposit turnover has decreased slightly. three-fourths of 1 percent for call money and Loans and investments of member banks to 1 percent for time money. Yields on 9have increased this year by a somewhat smaller month Treasury bills, which declined in the Member bank amount than in the same pe- first half of the year to 0.05 of 1 percent in loans and in- riod last year. This difference July, rose in September to 0.25 of 1 percent vestments fl d i i ^ hag re ecte n arge part t e but declined in October to 0.17 of 1 percent. smaller volume of borrowing by the United Rates charged on prime loans to customers States Government and its agencies this year as by banks have shown a further slow decline compared with last. Another factor was the during the year. Rates at New York City retirement in July and August of bonds bearing banks in October averaged less than 2% percent; the circulation privilege. Holdings of direct those in other northern and eastern cities, 3% obligations of the United States Government percent; and those in southern and western by all member banks showed little change in cities, about 4}£ percent. the first half of the year, while those of weekly Yields on outstanding Treasury bonds conreporting member banks in leading cities in- tinued to decline during the first half of the creased by over $200,000,000 from June 26 to year but rose somewhat in August and Sep- October 30. Additional securities purchased ex- tember as a consequence of declines in prices. ceeded in amount the circulation bonds retired. There was some increase in the prices of these Obligations fully guaranteed by the United obligations during the latter part of October. States Government increased by $570,000,000 Yields on high-grade corporate bonds have at all member banks in the first half of the been relatively stable at a low level since early year, reflecting in part an exchange of partially in the year. guaranteed for fully guaranteed securities. There has been a substantial increase in Since June weekly reporting banks have shown security prices and in stock-market activity a further increase. Holdings of other securities Security prices during recent months, reflectalso increased during the year. and security ing for the most part cash pur- Total loans of member banks declined in the oans chases by investors. The folfirst half of the year, but since the end of July lowing chart, which shows security loans by loans of weekly reporting banks have increased weekly reporting members banks in 91 cities somewhat. Loans on securities to customers and stock prices since 1932, brings out the continued to decline, while other customers' fact that this rise in prices of securities has loans showed seasonal increases in the spring not been accompanied by an increase in and again in recent weeks. Loans to brokers security loans. and dealers in securities, which are discussed The increase in average stock prices since last more fully in a subsequent section, fluctuated March has exceeded 30 percent, according to within a relatively small range, reflecting prin- the most comprehensive available index, while cipally operations of dealers in Government security loans of the weekly reporting member securities. banks have shown little change. A small in- Short-term money rates have continued at crease in their loans to brokers and dealers in low levels during 1935, with rates on open- securities has been offset by a decrease in their Money rates market commercial paper at security loans to other customers. and bond three-fourths of 1 percent since It is an unusual development for a rise of yields January and those on accept- 30 percent in stock prices in a short period of ances at one-eighth of 1 percent throughout time not to be accompanied by an increase in the year to date. Rates on call and time loans the amount of bank credit used for carrying Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 709 securities. This unusual condition is due in 000,000 in March. During the period from part to the abundance of funds in the hands of April to October they averaged about $480,- 000,000 a month. This compares with aver- SECURITY LOANS AND STOCK PRICES age issues of $140,000,000 a month during Wednesday figures BILLIONS OF DOLLARS the years 1932-34 and $740,000,000 a month 5 i) L0ANS*0N SECURITIES during the period 1925-30. BY REPORTING MEMBER BANKS \ The increased flow of new securities into the Total V Loans on Securiies capital market during 1935 has been chiefly for the purpose of reducing interest charges on existing debt. Nearly three-fourths of the secu- •j rities were offered to refund outstanding securi- Loans to Borrower ties into issues bearing lower coupon rates. other than Brokers and Dealers The amount of securities issued for refunding 2 2 purposes during the first 10 months of 1935 exceeded the amount of such issues during any Loans to Brokers and Dealers other post-war year. Refunding issues of the 1 1 farm loan and Government credit agencies totaled $890,000,000 and included offerings to redeem $400,000,000 of Federal land bank 0 0 PER CENT PERCENT bonds and $325,000,000 of Home Owners' 120 120 Loan Corporation bonds guaranteed by the STOCK PRICES United States as to interest. The most 421 Common Stocks ( 1926 = 100 ) important group of domestic corporations 80 A 80 participating in refunding operations was the J public utilities. They issued $930,000,000 for refunding purposes, including 14 issues varying 40 40 V in amount from $30,000,000 to $70,000,000 each and aggregating $610,000,000. 0 0 Corporate issues have become a more important factor in the capital market in 1935 investors and in part to the margin require- than in any year since 1931. Total issues by ments prescribed in accordance with provisions corporations during the first 10 months were of the Securities Exchange Act of 1934. These $1,800,000,000, including $1,500,000,000 for requirements limit withdrawals of cash from refunding purposes. Corporate issues to raise margin accounts for the purpose of realizing new capital, which include funds for payment profits from a rise in stock prices, and thereby of bank loans, averaged $30,000,000 a month, which is in excess of average monthly issues reduce the need of borrowing by brokers. for such purposes in any year since 1932. The supply of funds seeking investment and More than 80 percent of the issues for new the low level of money rates brought about a capital have been in the form of long-term revival of the capital market Capital issues bonds and notes. beginning early in 1935. New During the period July 1 to October 31, 1935, issues, particularly for refunding purposes, Treasury expenditures, excluding debt retirewere offered in increased volume in March and ment, were $2,300,000,000, rehave continued to come into the market in a Public debt ceipts totaled $1,200,000,000, volume substantially above that of recent the public debt increased by years. Total issues were $140,000,000 in $760,000,000, and the general fund balance January, $100,000,000 in February, and $290,- was reduced by $370,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN NOVEMBER 1935 On the basis of revised Budget estimates in- 1935, the Treasury completed the refunding cluded in a recent statement by the President, program which was begun in October 1933 the deficit, excluding debt retirement, for the with the first call of the Fourth Liberties. fiscal year ending June 30, 1936, is expected to Under this program about $8,876,000,000 of be about $2,700,000,000, as compared with a bonds have been called for redemption, indeficit of $3,000,000,000 in the fiscal year 1935. cluding all remaining war bonds and prac- Whereas during the fiscal year 1935 the Treas- tically all pre-war bonds. Redemption of ury met a large portion of its deficit by drawing about $6,900,000,000 of these bonds was made on its previously accumulated general fund bal- through exchange offerings of notes and bonds ance and borrowings to finance the deficit were carrying lower interest rates and with varying only $1,700,000,000, it is anticipated that dur- periods to maturity and about $1,900,000,000 ing the current fiscal year the deficit will be met have been redeemed in cash or are subject to principally by borrowing and the increase in cash redemption. Through the refunding prothe public debt for this purpose will be about gram the interest charges on the redeemed $2,600,000,000. debt were reduced by more than $100,000,000 With the redemption of most of the remain- per annum. ing Fourth Liberty Loan bonds on October 15, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 711 MEMBER BANK STATISTICS Current information about changes in the BULLETIN. Statistics collected have been reposition of member banks is, in the nature of vised from time to time in response to new things, essential for the work of the Federal needs or to changes in economic conditions, Reserve System. This information is needed and all new information of substantial accuracy both for the purpose of supervising the banks and of public interest has been made available from the standpoint of soundness of their to the public. condition and for the purpose of following Within recent years there have been a developments in the general banking and number of changes in the reporting services credit situation. The types of loans and in- which now make possible desirable revisions in vestments made by member banks show what the published statements. This article has kinds of credit are being supplied by banks to been prepared to describe the statistics now borrowers, and, together with information as to collected and published and to present and reserves and borrowings, indicate the liquidity explain the recent changes. Except for a list of the banks' assets and also the extent to of all types of banking statistics published by which the credit extended is in response to the Board, the article will be confined to disdemands of customers or represents employ- cussion of the two sets of condition reports ment of funds at the initiative of the banks obtained by the Board—(1) the comprehensive themselves. The amount and types of deposits call report for all member banks and (2) the held by banks, on the other hand, indicate the brief weekly report for member banks in leading volume and character of demands that may be cities. Recently the latter report has been made on banks by the public and the amount considerably revised. of funds available to the public in the form of Banking statistics compiled by Board.—Sevchecking accounts and in the form of savings eral different sets of banking statistics are and other time deposits. Statistics of checks compiled by the Federal Reserve System from drawn or debits to deposit accounts provide reports obtained directly from banks or are a rough measure of the extent to which de- assembled from data collected by other agenposits are being utilized. Available data give cies, especially those obtained by the Comptrolno information as to the purposes for which ler of the Currency as to national banks. In bank deposits are used. Data on earnings and addition to reports of condition and operations expenses of banks are indicators of the position of the Federal Reserve banks themselves, the of banks as business enterprises. following are the more important series of The Federal Reserve banks and the Federal banking statistics published by the Board in Reserve Board (now the Board of Governors current reports or statements, in the BULLETIN, of the Federal Reserve System) have for many or in the Annual Report: years compiled and published statistics of 1. All member banks. operations and condition of member banks. (a) Condition reports obtained on call three Some of these statistics have been collected or four times a year. by the Federal Reserve System directly from (b) Deposits subject to reserve, reserves held, and excess reserves, published on a member banks; in other cases statistics colweekly basis for banks in reserve cities, lected by the Comptroller of the Currency and and monthly for country banks, with by State authorities have been used by the weekly estimates of excess reserves held System. Information compiled has been given for country banks. out in the form of statements or publications (c) Annual analyses of earnings and expenses, supplemented by less detailed semidistributed to the press or mailed to those annual compilations. interested, and many statistics have been reg- 2. Member banks in leading cities—important ularly published in the FEDERAL RESERVE balance-sheet items as of each Wednesday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN NOVEMBER 1935 3. All banks in the United States—number of banks Call reports have been obtained from national and their loans, investments, and deposits on banks by the Comptroller of the Currency and call dates two to four times a year. published by him since the beginning of the 4. Bank suspensions—number and deposits of memnational banking system. Reports for all member and nonmember banks suspended each month, with data since the banking holiday ber banks are available for all call dates since as to nonlicensed banks placed in liquidation December 31,1914. The comparability of these or receivership. reports has been somewhat affected from time 5. Bank debits—weekly reports from about 270 cento time by changes in membership in the Fedters, showing debits by reporting member and eral Reserve System. From 1919 to 1929 the nonmember banks to accounts of depositors other than banks; figures published also on aproportion of deposits of member banks, other monthly basis. than interbank deposits, to those of all banks 6. Interest and discount rates charged customers by in the United States, excluding mutual savings banks in principal cities, monthly. banks, increased gradually from 66 to 73 per- In addition, statistics compiled by the Federal cent. During the depression this proportion Deposit Insurance Corporation for all banks in increased to 82 percent, where it is at present. the deposit insurance system are published from The accompanying chart shows changes in time to time in the BULLETIN. Other regularly total loans and investments of member banks published tables show the operations of thecompared with those of all commercial banks various credit agencies of the Federal Government, brokers' borrowings, distribution of out- TOTAL LOANS AND INVESTMENTS OF BANKS IN THE UNITED STATES standing acceptances, and open-market money BILLIONS OF DOLLARS BILLIONS OF DOLLARS 55 I c ra o t u e n s t . rie V s a a ri r o e u s a ls f o in a r n e c g i u a l l a r s ly ta ti p s u ti b c l s is h f e o d r f i o n r ei t g h n e 50 — E* ludi'ng A ( M C ll o u ll t B u d a a a l l n Sv < ln s gs Donks . 5 5 5 0 45 BULLETIN. 45 40 / \ ALL MEMBER BANKS CALL REPORT y ~\ All M ( e C m a" b dr e le r sJ B > an u k » s ** 40 35 The most comprehensive available member- J \ S 35 30 I I bank statistics are obtained from reports of y Weeky Reporting Memfcx s ft o-o 30 condition supplied by banks upon call by 25 s •^ Ra ( n M k o s n th n 101 Cities 25 supervisory authorities. By law there must 20 be at least three calls a year for member- r -o-o— OS 20 15 bank reports, and generally there are four— 10 A C l e l n M R tr e ( a e s l m C e e R b r l v l e e e s d r a e C B t r « v a i s t e i n e ) k s a s n in d B ( o M n o k n s t hl i y n a 9 ve 1 r a O ge H s) ies 1 to 5 one each at the end of June and December, and one each near the end of the first and third 5 5 quarters of the year. National banks report to 0 0 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 ^ the Comptroller of the Currency, and State banks belonging to the Federal Reserve System since 1919. The number of member banks, report to their respective Federal Reserve banks. their deposits, and their loans and investments, Combined figures for all member banks are together with similar data for call dates in compiled by the Board and published in the recent years for all banks in the United States, Member Bank Call Reports, which give data are shown in the tables on page 747 of this for each Federal Reserve district, for the various BULLETIN. classes of banks, for each central reserve and Call reports are submitted and published in reserve city and for country banks as a group the form of balance sheets comprising a large in each district, and for each State. Certain number of individual items. In addition to of the more important of these data are regu- the balanced condition statement there are larly published in the BULLETIN and in thei special schedules which provide classified data Board's Annual Reports. I for loans and investments, borrowings, inter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 713 bank balances, and deposits. The composition gations fully guaranteed by the United States of the reports has changed from time to time Government, was added, distinguishing these as changing conditions required the reporting from other securities, in which they were at of new items or permitted the elimination of first reported, as well as from the direct obliold ones. The present report with its detailed gations of the Government. In addition, in classification of loans and deposits has remained the call-report schedules a considerably more without major change since the latter half of detailed classification of securities is given. 1928. Direct obligations of the United States Govern- The composite call report for June 29, 1935, ment are divided into bills, certificates, notes, giving data for all member banks and for and bonds, with occasional data for particular various classes of banks, is shown in table 1 issues or classes of issues such as Liberty bonds; at the end of this article. Earlier figures for guaranteed obligations are classified by issuing the principal items of assets and liabilities agency; and other securities by broad classes of appear in the Annual Report for 1934, table 64. issuers. Figures showing the various types of Figures for various types of loans and invest- loans and investments by call dates from Octoments and deposits on June 29, 1935, are given ber 1928 to June 1935, and by classes of banks, in table 2. are shown in table 3 at the end of this article. Classification of loans and investments.— This table differs slightly from one that has The types of loans and investments for which been regularly published in the BULLETIN; in figures are now shown make possible some the future the new form will be used. The analysis of liquidity or marketability of the principal differences are that figures are shown assets of member banks and also of the amount separately for loans to brokers and dealers in and nature of demands for credit. Loans may securities outside of New York City, for holdbe classified in a general way as loans made ings of reporting banks' own acceptances, and principally to regular customers and loans for fully guaranteed obligations of the Governplaced in the open market. The latter in- ment, and that the items of total open-market clude acceptances and commercial paper bought loans and total loans secured by stocks and and loans to brokers and dealers in securities bonds are omitted. in New York City (so-called "street loans"). Classification of deposits.—In the published Customers' loans are subdivided as to type of form of the call report, deposits are divided as collateral—loans on securities, loans on real to demand and time deposits, with Governestate, and loans otherwise secured and un- ment deposits, balances due to banks, and certisecured. Open-market loans cover funds fied and officers' checks and cash letters of placed where they can be readily withdrawn credit and travelers' checks outstanding shown at call or on maturity, if needed by the lending separately. The last two items represent outbank, while loans to customers involve personal standing claims of customers or others upon relationships that may at times make them less the reporting banks and are counted as deposits. readily collectible. The latter, moreover, rep- In addition, the schedules of the report include resent loans made in response to the demands data for various types of demand and time of customers, while the former are placed at deposits, classified in part as to evidence of the initiative of the reporting banks. deposit, e. g., certificates of deposit and sav- Investments, which are made at the initiative ings-account passbooks, and in part as to types of the banks, represent in part the use of cap- of depositors, e. g., States, counties, etc., and ital funds and time deposits and in part the the Postal Savings System. Figures for these desire to hold readily marketable assets. In- various types of deposits as of June 29, 1935, vestments have for years been divided between are shown in table 2 and data for all dates United States Government securities and other since October 1928 by classes of banks are securities. In 1934 another general class, obli- given in table 4 at the end of this article. A Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN NOVEMBER 1935 table similar to table 4 will hereafter be regu- deposit with banks and readily available for use. larly published in the BULLETIN. The sum of demand deposits-adjusted and In table 4 is a column headed " Demand time deposits of individuals and public bodies deposits-adjusted", which gives a new set of gives a figure that represents total deposits deposit figures derived from data available in of customers, adjusted for "float", which the call report. These deposits are computed figure, called adjusted deposits, has been by adding to demand deposits other than those used from time to time in articles in the of banks and the United States Government BULLETIN and in the Board's Annual Report. the items of certified and officers' checks and United States Government and Postal Savcash letters of credit and travelers' checks and ings deposits may be added to obtain a figure subtracting various cash items reported as on for total adjusted deposits, excluding interhand or in process of collection. These collec- bank balances.1 Figures for demand depositstion items, given on the asset side of the call adjusted have been computed for all call dates report, show in part the amount of so-called from June 1921 to date; they are shown by "float" outstanding, which varies considerably classes of banks for the dates beginning October from time to time and, together with interbank 1928 in table 4 and for those prior to October balances, involves a double counting of deposits 1928 in table 5 at the end of this article. The for all banks in the country. Cash items for- accompanying chart shows fluctuations in warded to correspondent banks for collection demand deposits-adjusted and in other types and credit and charged to such banks are gen- of deposits of all member banks by call dates erally included in balances due from banks and since 1921. cannot be deducted in computing demand de- Other items.—Of the other data shown in the posits-adjusted. call report, the most important are figures for the various items which represent cash holdings DEPOSITS OF ALL MEMBER BANKS or reserves held by banks and those for bor- BILLIONS OF DOLLARS Call dates, 1921-1935 BILLIONS OF DOLLARS rowings. Cash holdings or reserves, using these terms in a broad sense, may be said to include cash in vault and balances due from other banks, as well as actual reserve balances carried with Federal Reserve banks. Cash items reported as on hand or in process of collection, the so-called "float", may be viewed as cash or as a deduction from deposits. It is in the latter sense that this item is used in computing demand depositsadjusted. Each of these various items has a different significance from the standpoint 1 Generally, Postal Savings deposits with banks represent redeposits of practically all Postal Savings funds in the community; but recently, 1921 1922 1923 1924 1925 1926 1927 1926 1929 1930 1931 1932 1933 1934 1935 because of requirements as to interest rates to be paid, many banks have not accepted such deposits, and the funds have been directly invested The figure of demand deposits-adjusted by the Postal Savings authorities in U. S. Government obligations. As a consequence the amount of Postal Savings deposits with member shows in general the amount of balances in the banks has declined considerably. Since this decline does not represent checking accounts of individuals, partnerships, a withdrawal of savings by individuals in the community, Postal Savings deposits held by member banks have not been included in total corporations, clubs, associations, and State adjusted deposits in computations previously published by the Board. and local governmental bodies, less a part of the (See Reviews of the Month in BULLETINS for March and September 1935 and also Annual Report for 1934.) U. S. Government deposits have checks outstanding against these accounts, and also been omitted, because they have been subject, especially in recent it may be said to represent in a general way years, to sudden and large changes and do not represent deposits of regular customers of banks. When Government deposits have been the cash resources of the community placed on withdrawn and disbursed they are usually reflected in other deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 715 of reserve requirements or from that of avail- of reporting banks. In order to keep the ability. Borrowings are divided in the call published figures comparable, when a nonrereport into bills payable and rediscounts, porting bank was merged with a reporting which in turn are shown by type of lending bank, another reporting bank in the same city agency—Federal Reserve banks and others. or district of approximately the same size as In recent years figures have been reported the merged nonreporting bank was removed as to borrowings from the Reconstruction from the list of banks used in compiling the Finance Corporation. Figures for reserves, weekly totals. When a bank ceased reporting cash in vault, balances due from domestic for any reason, another bank in the same disbanks, collection items, and borrowings, to- trict was added to the list of reporting banks, gether with those for various classes of deposits, where possible. There were also many mergers are shown by call dates from October 1928 to of reporting banks. These various changes, June 1935, in table 4 at the end of this article, while not materially affecting the relative size and a similar table will hereafter be regularly of the sample for the country as a whole, published in the BULLETIN. gradually reduced somewhat the number of Capital accounts are shown in detail in the reporting banks. By the end of 1932 the pubcall reports, but since they ordinarily change lished statement included figures for about 420 but slightly for all banks from one call date reporting banks in the 101 cities. This number to the other are not included in any of the was reduced to 375 at the time of the banking currently published BULLETIN tables. Other holiday, but increased subsequently and at asset and liability items reported are of less present the statement comprises reports for current importance and are also not shown 398 banks. in the regular tables. This system of reports was continued with practically no change as to cities covered until MEMBER BANKS IN LEADING CITIES the banking holiday in 1933. After resump- It was recognized early in the history of the tion of banking operations 11 cities, in which Federal Reserve System that in order to be prop- the more important reporting banks had not erly informed as to current money market and been licensed to resume banking operations, credit developments reports from banks were were eliminated from the figures as published.3 needed more frequently and more promptly Comparable figures for the remaining 90 cities than those supplied at call dates. In 1917 the were compiled and published for 1932 and the Federal Reserve Board, in cooperation with early months of 1933. In January 1934, to the various Federal Reserve banks, inaugurated compensate for the withdrawal from memthe collection of weekly reports from member bership of a bank in Providence, R. I., banks banks in leading cities. These reports were in Worcester, Mass., were added to the list, brief and included only the more important raising the number of cities to 91. items from the banks' condition statements. All of the closed reporting member banks in They did not present a balanced statement. the 11 cities were reopened, reorganized, or Reporting banks and cities.—By 1919 reports placed in receivership a year or more ago. were being collected from member banks in Reports have been rendered regularly by such 101 leading cities.2 The number of reporting of the reporting banks in the 11 cities as were banks increased in the earlier years from about licensed immediately following the banldng 750 to about 820, as new banks joined the holiday, and reports have been obtained from System, but subsequently attempt was made the other reporting banks in the 11 cities folto maintain a comparable series of figures, lowing their reopening or succession, so that and new members were not added to the list the old series may now be restored. As of 2 See table 12 at end of this article for a list of cities covered by these 3 See table 12 for notation of the 11 cities dropped in 1933 and of other reports. changes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN NOVEMBER 1935 November 6 the current weekly statement was commercial banks in the United States, of all accordingly revised to include banks both in the member banks, and of member banks in central 91 cities in the series that was maintained and reserve and reserve cities. Similar figures are in 10 of the 11 cities dropped in 1933. The city also shown since 1932 for reporting banks in of Oakland, Calif., was not added because the 91 cities. reporting bank in that city was placed in The weekly reporting banks include some receivership. The omission of this bank has so-called "country banks" located in important been offset by the absorption of a nonreporting cities, and they do not include all central bank by a reporting bank in San Francisco. reserve and reserve city banks; but, as shown in The 91-city series will no longer be published. the chart, their loans and investments now The new 101-city series may be considered as correspond closely to those for all member a continuation of the earlier 101-city series, banks in the central reserve and reserve cities. although it was considerably affected in March In earlier years the latter banks had smaller 1933 by the closing of a number of large banks, aggregate loans and investments than the and from March 1933 until the middle of weekly reporting banks. The gradual diminu- 1934 by the reopening of old banks or the begin- tion of this difference especially since 1932 has ning of reports by new successor banks in the reflected in large part accessions to membership 10 cities not included in the 91-city series. in the Federal Reserve System. As previously It may be said, however, that these changes explained, the number of weekly reporting in a sense reflected the course of banking banks was not affected by changes in memberdevelopments in those cities during that period. ship, except in the first few years. In this issue of the BULLETIN are published Since the weekly reporting banks are chiefly weekly figures for 1933, 1934, and 1935 to large city banks, which are most affected by date for the new 101-city series. (See tables short-time money market factors, they are 6-11 at the end of this article.) Data are especially significant in showing current changes shown for all reporting banks, for banks in in the credit situation. The assets and New York City, and for banks in the 100 liabilities of banks in smaller places change cities outside of New York City. Similar more slowly and weekly figures for these banks figures for earlier years are given in tables would ordinarily be of less significance and, 78-82 of the Annual Report for 1932 and in owing to the larger number of such banks, corresponding tables in previous Annual more difficult to collect. Figures for all banks Reports. Statistics for the 91 cities were are needed, however, at fairly frequent interpublished in the Annual Reports for 1934 vals because seasonal and other changes at (tables 71-73) and for 1933 (tables 88-91). country banks often differ from those at city Total loans and investments of reporting banks. member banks in the 101 cities in earlier years Composition of report.—Data obtained from generally amounted to less than two-thirds of the weekly reporting banks, as previously the total for all member banks and less than stated, at first covered only a few important half of the total for all banks in the United items and did not present a balanced statement. States, excluding mutual savings banks. After In the following table are listed items for 1929 these proportions rose somewhat. At which data are available on a comparable basis present the reporting banks in 101 cities have since 1919 for banks in the 101 cities—the about 70 percent of the loans and investments classification of loans being available since of all members and 58 percent of those of all December and the other items since January commercial banks. The chart presented on of that year. Until September 1934 the regular page 712 shows changes since 1919 in total weekly statement showed these items, with the loans and investments of the weekly reporting addition of amounts due to and due from banks banks in 101 cities compared with those of all since 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 717 Total loans and investments until December 1934. (See BULLETIN for Total loans December 1934.) Loans on securities Revision of weekly report form.—In Septem- All other loans Total investments ber 1934 the weekly report form was con- United States Government securities siderably revised to provide more detailed Other securities classifications of loans, investments, and de- Reserve with Federal Reserve banks posits and to give additional items needed to Cash in vault make a balanced statement. The new form, Net demand deposits Time deposits although comparable with the call report in United States Government deposits respect to definition of items, continues to be Borrowings at Federal Reserve banks briefer than the call report. The complete Until September 1934 there were few changes report form is as follows: made in the items reported. In December ASSETS 1919 total loans were subdivided into loans A. Loans and discounts: on securities and other loans. In the earlier 1. Acceptances and commercial paper bought years of the report detailed figures were given in open market (including foreign bills). as to the various types of United States Govern- 2. Loans on securities: ment securities held by the reporting banks, and (a) To brokers and dealers in securities both loans on securities and borrowings from in New York City. the Reserve banks were subdivided into those (b) To brokers and dealers in securities outside New York City. secured by the United States Government (c) To banks. obligations and others. Beginning in 1920 (d) To others. figures of amounts due to and due from banks 3. Real estate loans. were reported by banks in Federal Reserve 4. All other loans (including overdrafts): bank cities but they were not published until (a) To banks. (b) To others. 1923, and in 1927 similar data were obtained B. United States Government securities. and published for all reporting banks. C. Securities guaranteed by United States Government In 1929 figures for loans and investments as to both principal and interest. were revised, principally to eliminate from D. Other bonds, stocks, and securities. Total loans and investments. loans the amount of acceptances and bills sold E. Reserve with Federal Reserve bank. with endorsement and to make adjustments F. Cash in vault. for the incorrect reporting by some banks of G. Due from banks and trust companies in United certain types of real estate loans as invest- States: ments instead of loans. Other small revisions 1. Member banks. in figures were also made at that time. These 2. Nonmember banks. H. Items with Federal Reserve bank in process of collecrevisions were carried back to 1919. Figures tion, exchanges for clearing house and other checks of brokers' loans were obtained on a separate on local banks, and outside checks and other basis from reporting banks in New York City cash items. beginning in 1917; in 1926 the form of the report I. All other assets. Total assets. on these loans was revised somewhat and the data were made a part of the regularly pub- LIABILITIES lished weekly report for New York City banks. J. Demand deposits, except United States Government In January 1929 data were collected from all deposits and deposits of other banks, etc., inweekly reporting banks for loans to brokers cluded below in items L, M, N, and O. and dealers in securities, separately for bor- K. Time deposits, except time deposits of other banks rowers in New York City and elsewhere. included in item M below. These returns, however, were not published L. United States Government deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN NOVEMBER 1935 M. Deposits of other banks and trust companies (except included in "all other loans", and the three Federal Reserve bank): main types of investments are not further sub- 1. Due to other banks in United States. divided. The various collection items are com- 2. Demand deposits of other banks in United bined in the weekly report, and the item of States. 3. Time deposits of other banks in United "other assets" includes a number of items States. reported separately in the call report, principally 4. Due to banks in foreign countries. banking house, other real estate owned, cus- 5. Demand deposits of banks in foreign countomers' liability on account of acceptances tries. executed, balances with banks in foreign 6. Time deposits of banks in foreign countries. N. Certified and officers' checks outstanding. countries, and due from own foreign branches. 0. Cash letters of credit and travelers' checks outstand- With respect to loans and investments the ing and amounts due to Federal Reserve bank new weekly statement differs only slightly from (deferred credits). that published during the past year. Loans to Total deposits. banks are shown separately, whereas they P. Bills payable and rediscounts: 1. With Federal Reserve bank. were formerly included partly in "loans on 2. Allother. securities to others" and partly in "other Q. All other liabilities. loans", and the figure for total loans on securi- R. Capital account. ties has been omitted. Total liabilities and capital. The new statement, as given out weekly, also Net demand deposits subject to reserve: (Deposits of Wednesday night which are reported to includes an item, "other assets—net", which is the Federal Reserve bank for use in determin- the same as "other assets" given in the report ing Thursday's reserve requirements.) and published in the BULLETIN table; the term The more important of the new categories of "net" signifies that cash items reported as on loans and investments were published from the hand or in process of collection are not included time of the inauguration of the new form, but in the statement, and therefore the aggregate of the full statement was not given out for pub- assets shown will not equal total assets as relication. Some of the new items were with- ported by the banks. The published statement held in part to give them a thorough test balances, however, because the collection items before publication and in part because of the are deducted from demand deposits to obtain lack of earlier comparable figures. Now that the figure "demand deposits-adjusted." Colthey have been satisfactorily reported for a lection items are shown separately in the tables year, there is no longer any reason for with- at the end of this article. holding publication. Accordingly, with the re- The new deposit classification in the weekly vision of the weekly statement as of November report conforms with that in the call report, 6 to include again the 101 cities, the form of the although shown in less detail, but differs constatement was also revised to show the new items, siderably from that shown in the previous and in this issue of the BULLETIN back figures weekly statements. The most important are published for the more important items. classes of deposits not shown in the new weekly (See tables 9, 10, and 11 at the end of this statement are deposits of public funds by article.) In the future the BULLETIN will con- States and local governmental bodies and tain similar tables showing current figures. Postal Savings deposits. In the regular weekly In the new weekly report the classification of statement figures are shown for balances of loans and investments is similar to that given domestic and foreign banks, United States in the call report. The principal differences Government deposits, other demand depositsare that in the weekly report loans on real adjusted, and other time deposits. The figure estate are not subdivided, acceptances and for demand deposits-adjusted is comparable commercial paper purchased are reported with that for all member banks, previously together, reporting banks7 own acceptances are explained. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 719 The BULLETIN tables show the components of The Banking Act of 1935 prescribes that demand deposits-adjusted, as well as the other reserves be carried against United States Govdeposit items given in the regular weekly state- ernment deposits and permits deductions to be ment. The item of time deposits in the new made from gross demand deposits instead of statement differs slightly from that previously only from balances due to banks. As a consepublished in that the former item included a quence, when the new provisions went into relatively small amount of time balances of effect on August 24, banks in New York City, banks, now included in interbank deposits. which hold fairly large Government deposits, The new deposit classification is a consider- showed an increase in net demand deposits, able improvement over that previously given while country banks, whose balances due from in the weekly report, which included only net banks exceed their balances due to banks and demand, time, and United States Government their Government deposits, showed decreases. deposits. The figure for demand deposits- Under the new method of computation net deadjusted is a much more satisfactory measure mand deposits at country banks are now of the volume of demand deposits standing to smaller in the aggregate than total deposits the credit of the community in general than the of the banks' customers. old item net demand deposits, which was mere- Unfortunately figures for demand depositsly a measure of demand deposits subject to adjusted for reporting member banks are availreserve requirements. Because of the method able only for the period since September 5, of computation, net demand deposits were of 1934, because prior to that date the necessary different significance for different classes of data for computation were not reported. banks, and, moreover, a change in the method of Tables 9, 10, and 11 at the end of this article computation prescribed by the Banking Act of include the figures from which adjusted de- 1935, made subsequent figures not comparable mand deposits are computed, and similar data with those previously published. will be regularly published in future issues of Previously, net demand deposits were com- the BULLETIN. Because Postal Savings deputed for each reporting bank separately by posits are not reported, it is not possible to adding demand deposits, other than those of compute for weekly reporting banks a figure for the United States Government, and the excess adjusted deposits which include time deposits of amounts due to banks over amounts due other than Postal Savings deposits, similar to from banks.4 As a result of this method net that for all member banks previously mentioned demand deposits for city banks that had large and at times published in the BULLETIN. balances due to banks and small balances due The item of borrowings published in the from banks included most of the former, weekly statement includes bills payable and whereas net demand deposits of country banks, rediscounts at Federal Reserve banks and elsewhich generally hold large balances due from where. banks and small amounts due to banks from The weekly statement includes two items which to deduct these balances, represented "all other liabilities" and "capital account", more closely deposits of customers other than which consolidate several items shown sepabanks. rately in the call report. The former includes principally acceptances executed for customers, 4 In addition to U. S. Government deposits, demand deposits excluded balances due to banks, certified and cashiers' or treasurers' checks out- acceptances of other banks and bills sold with standing, and letters of credit and travelers' checks sold for cash and outendorsement, certain accrual items, and, prior standing; while due to banks included due to Federal Reserve banks (deferred credits), due to other banks and trust companies (subject to to August 1935,national bank notes outstanding. immediate withdrawal), certified and cashiers' or treasurers' checks out- Capital accounts include common and preferred standing, and letters of credit and travelers' checks sold for cash and outstanding; and amounts due from banks included items with Federal stock outstanding, capital notes and debentures Reserve banks in process of collection, amounts due from banks and trust (if any), surplus and undivided profits, and companies in United States (subject to immediate withdrawal), balances payable in dollars due from foreign branches of other American banks reserves for contingencies, as these items are (subject to immediate withdrawal), and exchanges for clearing house and carried on the books of the reporting banks. other checks on local banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 1.—ALL MEMBER BANKS—CONDITION ON JUNE 29, 1935, BY CLASSES OP BANKS [Amounts in thousands of dollars] Central reserve city All member All national All State member banks Reserve Country banks member member city mem- member banks banks ber banks banks New York Chicago ASSETS Loans (including overdrafts) 11,927,966 7,353.254 4,574,712 3,319,355 484,818 4,165, 232 3,958,561 U. S. Government direct obligations . .. 9,871,126 6,069,863 3,461,618 766, 332 3,711,746 1,931,430 Securities fully guaranteed by U. S. Government 1,558, 381 1,093,905 ' 4f 4] 476 347, 710 87,056 571,069 552,546 Other securities 5, 427,145 3, 534, 391 1,892, 754 1,173,976 253,985 1,702,940 2, 296,244 Total loans and investments . . . 28,784,618 18,051,413 10,7H3,205 8,302,659 1,592,191 10,150,987 8,738,781 Customers' liability on account of acceptances 157,751 86, 726 71,025 120, 567 4,096 30,429 2,659 Banking house, furniture and fixtures 998,645 649, 7S6 348,859 246,473 25, 273 333,654 393, 245 Other real estate owned ... 339,086 171,362 167, 724 30,345 4,053 138,982 165,706 Reserve with Federal Reserve banks 4, 933, 277 3,092,178 1,841,099 1,934, 739 675, 714 1,403,077 f 919,747 Cash in vault 537,010 402,442 134, 568 51,097 36, 527 213,327 f 236,059 Due from member banks,. 3,197,622 2,471,311 726, 311 131,121 235,402 1,508,710 1,322, 389 Due from nonmember banks 87,781 68,374 19,407 2,181 12,704 43,899 28,997 Balances with domestic banks, not subject to immediate withdrawal .. _. . 110,700 90,005 20,695 39 1,000 54,386 55,275 Balances with banks in foreign countries 71,244 43,648 27,596 42, 732 2,720 23, 728 2,064 DIteume sfr owmith o wFend eforareli gRne sberravnec hbeansks in process of collection- 5 1 5 0 3 , , 9 9 5 2 8 7 36 8 6 , , 0 5 7 2 1 6 18 2 7 , , 8 4 8 0 7 1 11 7 9, , 2 5 3 6 4 3 36,912 26 3 9 , , 7 93 2 3 4 127,519 Exchanges for clearing house and other checks on local banks 553, 740 270,688 283,052 323, 735 28, 368 155, 668 45 969 Outside checks and other cash items 75, 706 51,872 23,834 4,020 7,977 45,503 18,206 Redemption fund and due from United States Treasurer. 11,842 11,842 5 15 996 10,826 Acceptances of other banks and bills sold with endorsement 6,042 4,592 1,450 5,266 16 598 162 Securities borrowed _. . _ _. 918 795 123 215 703 Other assets 293,777 171,812 121,965 97,310 37,916 93,330 65,221 Total assets 40,724,644 26,013,443 14,711,201 11,419,086 2,700,884 14,471,146 12,133,528 LIABILITIES Demand deposits __ 18,321,915 11,279,623 7,042,292 6,281,264 1,406,122 6,006,341 4,628,188 Time deposits 10,194,344 7,225,337 2,969,007 603,278 469,339 4,112, 285 5, 009,442 United States deposits 778, 716 434, 496 344,220 369,007 20,162 299,336 90,211 Due to Federal Reserve banks (deferred credits) 49,335 35,832 13,503 10,121 39,214 Due to other banks in United States. 4,957,234 3,167, 723 1,789,511 1,982,624 504,165 2,126,122 344,323 Due to banks in foreign countries 269, 307 109,555 159, 752 244,429 3,047 20,583 1,248 Certified and officer's checks outstanding 355,538 215,662 139,876 142,568 23,549 125,073 64,348 Cash letters of credit and travelers' checks outstanding... 11, 738 8,574 3,164 6,099 843 4,519 r | i 277 Total deposits 34,938,127 22,476,802 12,461,325 9,629,269 2,427,227 12,704,380 10,177,251 Secured by pledge of loans and/or investments 3,083,595 2,110,327 973,268 654,780 273,688 1,293,157 861,960 Not secured by pledge of loans and/or investments... 31,854, 532 20, 366,475 11,488,057 8, 974,479 2,153,539 11,411,223 9,315, 291 Due to own foreign branches 4,241 424 3,817 4,241 National-bank notes outstanding 222,045 222,045 100 200 16,122 205, 623 Agreements to repurchase securities sold 7,409 4,194 3,215 2,500 3,238 1,671 Bills payable with Federal Reserve banks. 4,530 1,978 2,552 4,530 Rediscounts with Federal Reserve banks... _ 1,001 641 360 1,001 Bills payable—all other 3,323 2,011 1,312 3,323 Rediscounts—all other 13 13 3 10 Acceptances of other banks and bills sold with endorsement 6,042 4,592 1,450 5,266 16 598 162 Acceptances executed for customers 160,219 85.572 74,647 124,377 4,287 29,201 2,354 Acceptances executed by other banks for reporting banks. 14,350 8,171 6,179 8,451 222 5,355 322 Securities borrowed 918 795 123 215 703 Interest, taxes, and other expenses accrued and unpaid... 69,889 42,301 27, 588 17,703 8,168 27,493 16, 525 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures .. . 36,276 21,004 15,272 17,011 552 11,864 6,849 Other liabilities 142,635 62, 548 80,087 49,463 32,637 29,347 31,188 Capital notes and debentures 117, 332 117, 332 25,650 250 49,150 42,282 Capital stock (see par value below) 2,565,987 1,805,728 760,259 640,280 147,150 816,692 961,865 Surplus 1,647,024 830,001 817,023 671,001 37,935 493,808 444,280 Undivided profits—net 436,366 297,907 138,459 110,352 12, 365 153, 502 160,147 Reserves for contingencies 343,528 143, 565 199,963 113,404 29,823 129,187 71,114 Retirement fund for preferred stock and capital notes and debentures 3,389 3,151 238 18 52 991 2,328 Total liabilities (including capital account) 40, 724.644 26,013,443 14,711,201 11, 419,086 2, 700,884 14,471,146 12,133,528 Par value of capital stock: First preferred 577, 269 503, 751 73, 518 100,300 76,150 166, 379 234,440 Second preferred 28,881 21,208 7,673 7,750 21,131 Common 1,966, 315 1, 285, 236 681,079 539,980 71,000 642,657 712,678 Total 2, 572,465 1,810,195 762, 270 640, 280 147,150 816, 786 968,249 Number of banks 6,410 5,425 985 38 18 329 6,025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 721 Table 2.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, AND DEPOSITS, ON JUNE 29, 1935, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city All b m an e k m s ber Al m l b e n a m a n t k b io s e n r al A m b l e l a m n S k b ta s e t r e member banks c b i R e t r y e s b m e a r e n v m k e s - C m b o e a u m n n k b t s e ry r New York Chicago Loans—Total.. 11,927,966 7,353,254 4,574,712 3,319,355 484,818 4,165,232 3,958,561 Acceptances of other banks payable in United States... 200,627 56,982 143,645 183,330 3,615 10,363 3,319 Bills, acceptances, etc., payable in foreign countries 17,292 10, 076 7,216 7, 023 1,466 6,917 1,886 Commercial paper bought in open market 247,104 180,378 66, 726 5,178 14,115 111,901 115,910 Loans to banks—On securities 36,627 21,991 14,636 17,585 6,021 10,960 2,061 Allother 82,427 60,189 22,238 30,020 638 32, 503 19,266 Loans on securities exclusive of loans to banks—Total.. 4, 097, 539 2,243,171 1,854,368 1, 771,852 196,795 1,165,652 963,240 To brokers and dealers in New York. 974,632 308,906 665,726 975 25,267 17,900 To brokers and dealers elsewhere 191,809 114, 068 77,741 33,278 87,221 13,197 Toothers 2,931, 098 1,820,197 1,110,901 162,542 1,053,164 932,143 Real estate loans—On farm land 258,529 216,048 42,481 545 100,188 On other real estate. 2,018.808 1,077,284 941, 524 14,191 1, 004,776 Reporting hanks' own acceptances 135,218 86, 585 48,633 11,666 40,257 All other loans (including overdrafts)..- 4,833, 795 3,400,550 1,433,245 235,766 1,681, 715 Loans eligible for rediscount with Federal Reserve banks _ 2,050,448 1,416,482 633,966 93,535 625,803 747, 007 312,916 176,939 135,977 9,244 26,392 22,244 Loans secured by U. S. Government obligations •• :: — U. S. Government direct obligations—Total 9,871,126 6,069,863 3,801,263 3,461,618 766,332 3,711,746 1,931,430 Bonds 4,457,966 3, 039, 547 1,418,419 940,617 329, 769 1,817,971 1,369,609 Treasury notes. 4,313,905 2,607, 227 1,706,678 1,623,407 373,351 1,773,908 543,239 Treasury bills. _ 1, 099,255 423,089 676,166 897,594 63,212 119,867 18, 582 Obligations guarnateed by U. S. Government as to interest and principal—Total 1,558,381 1,093,905 464,476 347,710 87,056 571,069 552,546 Reconstruction Finance Corporation. 243, 724 187,902 55,822 138, 244 81,907 11, 290 12, 283 Federal Farm Mortgage Corporation- 333,247 255,940 77,307 23,689 1,203 134,698 173,657 Home Owners' Loan Corporation 981,410 650,063 331, 347 185,777 3,946 425,081 366,606 Other securities—Total. 5,427,145 3,534,391 1,892,754 1,173,976 253,985 1,702,940 2,296,244 Obligations of— States, counties, municipalities, etc 2,101,512 1, 383,488 718,024 496, 528 150,470 715,028 739,486 Public utilities 764, 677 535,145 229, 532 98,695 24,630 179,908 461,444 Railroads _ _ 825,058 590,781 234,277 155,639 14,592 208,771 446,056 Home Owners' Loan Corporation guaranteed by U. S. Government as to interest only 7,389 4,423 2,966 2,953 34 321 4,081 Federal land banks.. _ 162,469 119,320 43,149 22,114 50,551 88,924 Intermediate credit b<mks 133,367 83.487 49,880 65,686 58,611 8,676 Joint stock land banks _ _ 19, 268 16,838 2,430 452 53 3,851 14,912 Territorial and insular possessions 16, 799 12,725 4,074 419 49 5,341 10,990 Real estate corporations.. 71, 531 36,628 34,903 12, 506 3,400 32,772 22,853 Other domestic corporations 549, 722 364, 751 184,971 81,234 25,756 183,102 259, 630 Stock of— Federal Reserve banks 146, 382 90,095 56,287 46,990 5,970 45,868 47, 554 Real estate corporations _ 55,888 35,150 20,738 3,419 5,576 26, 654 20, 239 Banks and banking corporations 67,786 25,925 41,861 23.727 391 29,891 13,777 Other domestic corporations 259, 212 80,613 178,599 94, 299 6,029 95,984 62,900 Foreign securities: Cent-ml governments 113,316 65,157 48,159 40, 700 7,235 27,242 38,139 Provincial. State, and municipal governments... 59, 264 38,961 20,303 8,434 6,979 14,142 29,709 Other foreign securities 73, 505 50,904 22,601 20,181 1,547 24,903 26,874 Demand deposits—Total. 18,321,915 11,279,623 7,042,292 6,281,264 1,406,122 6,006,341 4,628,188 Individual deposits subject to check 15,449,727 9,3V 4,879 6.074,848 5,494,945 1,169, 553 5,118,352 3,666,877 Certificates of deposit 130,568 83, 766 46,802 34,212 5,800 39,931 50,625 State, county, and municipal deposits.. 2,090,608 1,596,703 493,905 353,572 198,104 673,817 865,115 Banks in United States 21,192 18,980 2,212 2 5 18, 724 2,461 Banks in foreign countries 3,872 3,868 4 3,797 75 Allother 625,948 201,427 424,521 394,736 32,660 155,442 43,110 Net demand deposits subject to reserve- 21,045, 206 12,757, 76 8,287,438 8,112,507 1,633,900 6, 640, 767 4,658,032 Time deposits—Total 10,194,344 7,225,337 2,969,007 603,278 469,339 4,112,285 States, counties, and municipalities. . 285,076 246,155 38,921 5,737 234 203, 228 75,877 Banks in United States 135,750 105,685 30,065 241 119, 233 16, 276 Banks in foreign countries 5,149 4,320 829 3,846 1,303 Other time deposits: Evidenced by savings passbooks. 7,985,646 5,670, 201 2,315,445 301,083 348,315 t, 221,478 4,114,770 Certificates of deposit 868, 780 673,157 195,623 75,441 45,2P8 200,681 547,400 Christmas savings, etc 64, 733 40,766 23,967 3,630 2,997 21,076 37,030 Oi>en accounts 542,607 242, 753 299,854 186,447 72,515 227,126 56,519 Postal savings 306,603 242,300 64, 303 26,853 20 118,160 161,570 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 3.—ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS, CALL DATES, OCT. 3, 1928, TO JUNE 29, 1935 [In millions of dollars] 1 ** Loans to customers (except banks) Open-market loans Investments U. S. Govern- Purchased paper ment obliga- Cairdate i m T n lo a v o e n a e n t d n a s t s t l s - Total C Y N k o s b T i i r e u o e t d o o y r t r w e - - s k i o se t t T o h i c e n u e o s r ri s - e l R o st a e a n a t s l e a b a p c o a R i n c o n w n c e e r g k e - p t n - s s t- ' O c c u w a u u n s t n e r r h i s e s e - d e e e d d - r- L ba o t n o a k n s s a a c p b A n e a l c p c e y e - t - - i s na B p b a r a b i o l y l l e a - s d p C m c a o i p e a m r e l - r - k L C Y N e b o r i t r o e o s o a t r w y n - k i 1 n s Total Dire t c io t n a F g s n u u te a ll e r y - d s O e ti c t e h u s e ri r - United bought States TOTAL—ALL MEM- BER BANKS 1928— Oct. 3 34,929 21,240 850 5,796 3,089 11,507 548 80 101 457 1,899 10,604 4 386 6,218 Dec. 31 35,684 21,460 975 6,373 3,123 « 10,991 538 109 103 390 2,556 10,529 4,311 6,217 1929—Mar. 27 35,393 21,903 1,014 6,526 3,123 11,240 548 146 93 376 1,879 10,448 4,454 5,994 June 29 35,711 22,517 921 6,813 3,164 a(2) 11,618 670 108 90 249 2,025 10,052 4,155 5,898 Oct. 4 35,914 23,249 939 7,170 3,152 11,988 640 93 70 228 1,885 9 749 4 022 5 727 Dec. 31 35,934 23,194 803 7,685 3,191 11,515 714 212 80 291 1,660 9,784 3,863 5,921 1930—Mar. 27- 35,056 21,495 706 7,024 3,169 10,595 527 175 79 499 2,344 9,937 4,085 5,852 June 30 35,656 21,566 819 7,242 3,155 m 10,349 535 170 71 507 2,365 10,442 4,061 6,380 Sept. 24 35,472 21,010 774 7,090 3,163 9,982 466 205 62 523 2,472 10, 734 4,095 6,639 Dec. 31 34,860 21,007 675 7,266 3,234. m 9,831 631 315 55 366 1,498 10,989 4,125 6,864 1931—Mar. 25. 34,729 19,940 575 6,848 3,220 9,298 446 361 101 361 1,630 11,889 5,002 6,886 June 30 33,923 19, 257 515 6,602 3,218 178 8,744 457 389 113 384 1,217 12,106 5,343 6,763 Sept. 29 33,073 18,713 521 6,321 3,149 130 8,592 599 268 70 296 928 12,199 5 564 6,635 Dec. 31 30, 575 17,570 391 5,899 3,038 116 8,126 790 146 41 140 575 11,314 5,319 5,996 1932—June 30 28, 001 15,267 283 5,009 2,894 189 6,892 573 313 34 122 278 11,414 5,628 5,786 Sept. 30 28,045 14,497 258 4,828 2,885 158 6,368 457 407 34 115 414 12,121 6,366 5,755 Dec. 31 27,469 13,905 241 4,608 2,862 225 5,970 444 375 30 93 357 12, 265 6,540 5,726 1933—June 30 « 24,786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5,041 Oct. 25 „ 24,953 11, 523 178 3,631 2,364 257 5,092 297 303 24 164 748 11,894 6,801 5,093 Dec. 30 25,220 11,315 166 3,606 2,359 213 4,972 287 223 37 132 840 12, 386 7,254 5,132 1934—Mar. 5 26,548 11,093 164 3,480 2,382 250 4,817 225 350 26 157 855 13,842 8,667 181 4,995 June 30 27,175 10,804 208 3,309 2,357 210 4,721 153 264 20 200 1,082 14,652 9,137 <276 < 5, 239 Oct. 17 27,559 10, 782 167 3,158 2,297 229 4,932 149 276 30 253 802 15, 267 9,186 709 5,372 Dec. 31_— 28,150 10,509 187 3,110 2,273 232 4,708 155 256 31 232 843 16,122 9,906 989 5,227 1935—Mar. 4 28, 271 10,420 184 3,031 2,250 207 4,748 133 235 34 255 875 16,318 9,821 1,200 5,298 June 29. __ 28, 785 10, 369 192 2,931 2,277 135 4,834 119 201 17 247 975 16,857 9,871 1,558 5,427 NEW YORK CITY « 1928— Oct. 3 7,197 3,920 45 1,491 130 2,253 287 50 55 63 880 1 942 1 130 813 Dec. 31 7,951 3,940 50 1,658 132 (2) 2,100 288 61 61 29 1,639 1 933 1,094 839 1929—Mar. 27 7,726 4,253 52 1,692 148 (2) 2,361 251 59 52 37 1,102 1,972 1,135 838 June 29 8,160 4,532 63 1,814 175 (2) 2,480 314 58 58 21 1 359 1 819 1 006 813 Oct. 4 8,150 4,846 46 1,898 176 (2) 2,726 302 59 33 8 1 096 1 807 989 817 Dec. 31 8,774 4,964 55 2,145 169 (A 2,595 322 128 46 21 1 202 2 091 1 112 979 1930— J M un a e r. 3 2 0 7- 8 8 , , 2 7 3 9 8 8 4 4, , 3 3 0 3 9 8 6 6 8 0 1 1 , , 9 8 5 7 4 6 1 15 5 7 0 (2) 2 2, , 1 2 2 5 9 2 1 1 9 9 6 9 . 1 8 4 9 4 4 2 0 9 4 3 9 5 1 1 ,8 4 8 7 3 7 2 2 , , 0 2 4 0 6 3 1 1, , 1 1 4 5 7 0 1,0 8 5 97 6 Sept. 24 8,557 4,278 86 1,945 157 (2) 2,090 169 148 28 22 1,714 2,198 1,091 1,107 Dec. 31 8,582 4,338 104 2,033 147 (2) 2,054 283 188 22 34 1 281 2 435 1 239 1 197 1931—Mar. 25 8,473 4,007 121 1,839 150 1,896 154 199 51 35 1,367 2,662 1,466 1,196 June 30 8,287 3,839 127 1,770 160 155 1,627 150 296 44 94 1,063 2,801 1,656 1,145 Sept. 29 8,253 3,850 116 1,699 152 104 1,777 250 201 33 48 839 3 032 1 830 1 202 Dec. 31 7,460 3,694 87 1,641 153 77 1,735 374 107 17 29 542 2 697 1 768 928 1932—June 30 6,715 2,856 65 1,279 160 138 1,216 260 262 21 23 258 3 033 2 008 1 025 Sept. 30 7,112 2,638 63 1,237 154 90 1,094 203 341 18 14 391 3,508 2,429 1,079 Dec. 31 7,327 2,621 61 1,186 160 148 1,066 216 330 15 19 337 3 789 2,603 1,186 1933—June 30 3 7,133 2,297 38 1,044 157 120 937 162 224 10 10 720 3,709 2,551 1.158 Oct. 25 6,971 2,436 47 985 149 179 1,075 143 233 8 27 624 3 501 2 320 1 -jo.. Dec. 30 6,995 2,395 45 989 148 130 1,084 146 170 17 19 706 3,542 2,362 ]U179 1934—Mar. 5 7, 351 2,321 47 938 156 171 1,009 112 276 8 14 687 3,932 2,768 105 1,059 June 30 7,666 2,202 55 882 156 144 965 68 225 10 13 883 4,265 3,053 <157 41,056 Oct. 17 7,545 2,294 50 826 150 159 1,108 66 232 12 8 631 4,300 2,954 237 1,109 Dec. 31 7,761 2,202 54 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 n-7Q 1935—Mar. 4 7,783 2,198 56 805 139 145 1,054 52 203 19 4 678 4,628 3,200 298 1,131 June 29 8,303 2,146 58 783 138 82 1,085 48 183 7 5 930 4,983 3,462 348 1,174 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

723 NOVEMBER 1935 FEDERAL RESERVE BULLETIN TABLE 3.—ALL MEMBER BANKS—CLASSIFICATION OP LOANS AND INVESTMENTS, CALL DATES, OCT. 3, 1928, TO JUNE 29, 1935—Continued [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U. S. Govern- Purchased paper ment obliga- Call date i m n T lo a v o e n a e n t n d a s t s t l s - Total C Y N k o b s T r i i e o u e o d t o r r y t - w e s - k * o se t t T o h i c e n e u o s r r s i- e l R o st a e a n a t l s e a b a p c o a R i n c o n w n e c e r g - k e p t n - s s t- ' O c c u w a u u n s t n e i h r r s s - e e d e e e d d r - - L b o a t n a o n k s s a a c p b A n e a l c c p e y - e t - i - s nab B p a r a b i o l y l l a e - s d p C m c a o i p e a m r e l - r - k L C Y N e b o r r t i o e o o s a t r - y w n k i 1 n s Total Dire t c io t n a F g s n u u te a ll e r y - d s O e ti c t e h u s e r r i- United bought States OTHER RESERVE CITIES ; 1928—Oct. 3 14,121 2,694 1,536 4,178 214 199 640 3,935 1,894 2,041 Dec. 31 14, 066 9,267 818 2,916 1,547 213 18 150 540 3,844 1,836 2,008 1929—Mar. 27 13, 925 9,286 2,892 1,509 4,036 258 43 147 423 3, 736 1,896 1,840 June 29 13,832 9,434 753 2,965 1,503 4,213 308 17 88 349 3,611 1,765 1,846 Oct. 4 13,984 9, 775 767 3,102 1,491 4,415 294 8 75 413 3,388 1,671 1,717 Dec. 31 13,786 9,748 1,559 4,214 348 51 108 250 3,253 1,484 1,769 1930—Mar. 27 13,575 8,951 553 3,051 1,544 3,802 263 59 242 3,416 1,662 1,754 June 30 13,701 9,029 660 3,151 1,523 3,693 278 18 301 353 3,685 1,686 1,999 Sept. 24 13,972 8,726 599 3,033 1,527 3,567 234 54 337 643 3,947 1,785 2,161 Dec. 31 13,758 8,906 513 3,143 1,631 3,620 286 122 212 167 4,035 1,727 2,308 1931—Mar. 25 13,966 8,409 390 2,976 1,620 3,424 235 158 212 227 4,676 2,313 2,364 June 30 13, 567 8,100 340 2,848 1,621 3,270 247 91 189 124 4,749 2,408 2,342 Sept. 29 13,016 7,845 362 2,730 1,585 3,143 284 67 167 56 4,561 2,301 2,260 Dec. 31 _ 12,115 7,407 276 2,530 1,538 3,028 347 35 62 16 4,226 2,133 2,093 1932—June 30 11, 045 6,519 198 2,205 1,407 2,661 254 38 62 7 4,154 2,187 1,966 Sept. 30 10,979 6,196 178 2,127 1,406 2,421 205 58 65 14 4,427 2,465 1,961 Dec. 31. 10,535 5,879 164 2,005 1,398 2,237 178 44 46 12 4,362 2,462 1,900 1933—June 30 3 9,780 4,846 111 1,590 1,160 1,915 129 63 51 58 4,621 2,867 1,754 Oct. 25 9,951 4,912 117 1,542 1,144 2,033 120 68 91 100 4,645 1,757 Dec. 30. 10,157 4,797 106 1,524 1,151 1,937 103 50 78 112 5,000 3,209 1,790 1934—Mar. 5_ 10, 816 4,669 101 1,465 1,158 1,870 79 64 89 138 5,763 3,954 75 1,734 June 30 11,054 4,586 138 1,388 1,145 1,853 53 34 115 154 6,104 4,102 <94 < 1,908 Oct 17 11,367 4,562 102 1,319 1,120 1,956 55 39 151 123 6,423 4,240 257 1,926 Dec. 31-..— 11,609 4,459 118 1,294 1,108 1,873 65 42 135 131 6,764 4,551 356 1,857 1935—Mar. 4 11,739 4,436 113 1,261 1, 093 1,909 56 26 142 134 6,933 4,601 453 1,878 June 29 11,743 4,425 120 1,216 1,120 1,917 50 14 126 26 7,093 4,478 1,957 COUNTRY BANKS 1928— Oct. 3.__-.... 13,612 8,225 117 1,610 1,422 5,075 17 195 378 4,727 1,362 3,365 Dec. 31—. 13,667 8,254 107 1,799 1,444 4,904 211 376 4,751 1,382 3,370 1929—Mar. 27 13, 741 8,364 114 1,942 1,466 4,843 192 354 4,740 1,424 3,316 June 29 13, 719 8,551 105 2,034 1,486 4,926 140 316 4,623 1,384 3,240 Oct. 4 13, 780 8,627 125 2,170 1,485 4,847 144 376 4,554 1,361 3,193 Dec. 31 13,375 8,481 2,231 1,462 4,705 163 208 4,439 1,267 3,172 1930—Mar. 27 13, 243 8,206 2,097 1,475 4,541 207 258 4,475 1,273 3,202 June 30 13,157 8,229 2,137 1,475 4,527 171 129 4,554 1,229 3,326 Sept. 24 12,944 8,007 2,112 1,480 4,326 164 115 4,589 1,219 3,370 Dec. 31 _ 12,519 7,762 2,090 1,455 4,158 120 49 4,519 1,159 3,359 1931—Mar. 25..— 12, 290 7,524 2,033 1,449 3,978 114 36 4,550 1,224 3,326 June 30 12, 068 7,318 1,984 1,437 3,847 101 30 4,555 1,279 3,276 Sept. 29 11, 805 7, 018 1,892 1,411 3,672 81 32 4,606 1,433 3,172 Dec. 31 10,999 1,728 1,346 3,362 48 16 4,392 1,418 2,974 1932—June 30 10,240 5,892 1,525 1,328 3,015 36 4,226 1,432 2,794 Sept. 30 9,954 5,663 1,464 1,324 2,854 36 4,187 1,471 2,715 Dec. 31 9,607 5,405 1,417 1,304 2,667 28 4,114 1,474 2,640 1933—June 30 3 7,873 4,194 1,117 1,055 2,005 27 3,598 1,469 2,129 Oct. 25. 8,031 4,175 1,104 1,070 1,984 46 3,748 1,592 2,156 Dec. 30 8,068 4,123 1,092 1,061 1,952 34 3,845 1,683 2,162 1934—Mar. 5 8,381 4,103 1,077 1,068 1,937 54 4,148 1,946 2,202 June 30 8,456 4,016 1,039 1,056 1,903 72 4,283 1,982 *25 4 2,276 Oct. 17. 8,649 3,926 1,012 1,026 1,868 95 4,545 1,992 215 2,337 Dec. 31 8,780 3,849 996 1,026 1,810 92 4,756 2,108 355 2,293 1935-Mar.4—_._ 8,749 3,786 966 1,018 1,785 109 4,757 2,020 448 2,289 June 29 8,739 3,798 932 1,020 1,831 116 4,780 1,931 553 2,296 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Included in following column, prior to June 1931. 3 Beginning June 30, 1933, figures relate to licensed banks only. 4 An estimated small amount of Home Owners' Loan Corporation bonds guaranteed by the United States Government as to both interest and principal are included in "Other securities." 5 Central reserve city banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 4.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, CALL DATES, OCT. 3, 1928, TO JUNE 29, 1935 [In millions of dollars] Demand deposits Cash items Call date s b s w F e e a R e R r e r n r i e v e a t d v - - k h e l - e s s v C a i a n u s l h t b a w a m B n d t n a e o i i c c l s k t - e - h - s s i r o h e e p o f d p e a r r o o s o n n c i s a c r d o n s t - l - - m D I t e i n o s c - - terba F e n i o g k r n - S U G e t e r a n o d n t i v e - t - - s f P u u l n i b c d - s c l C e h c c a o f t e e e a i f n t e c f r s r e d i d t s k h - r i ' s s - , s I p u v h n c n a a o i i e d d p l r r r s t i - - - s - - , , r B i o n o w g r s - lec- banks banks of poration 2 credit, tions, etc.3 etc. TOTAL—ALL MEM- BER BANKS 1928—Oct. 3__ 2,348 519 2,026 2,655 3,462 480 159 1,243 1,134 16,258 Dec. 31. 2,409 564 2,124 4,665 3,649 535 262 1,300 2,264 17,604 1929—Mar. 27. 2,339 517 1,741 3,470 3,070 438 411 1,385 1,819 16,323 June 29.. 2,359 433 1,885 2,339 3,092 438 348 1,512 849 16, 303 Oct. 4... 2,322 497 2,005 3,158 3,153 431 315 1,224 1,489 16, 713 Dec. 31.. 2,374 558 2,167 3,896 3,517 544 143 1,335 1,681 17,526 1930—Mar. 27_. 2,353 497 1,902 2,401 3,204 446 325 1,446 1,211 15,633 June 30.. 2,408 484 2,360 3,600 3,832 501 281 1,568 1,581 16, 494 Sept. 24. 2,415 470 2,463 1,897 3,817 542 257 1,276 846 15, 562 Dec. 31.. 2,475 593 2,456 2,926 3,873 547 267 1,362 1,294 16,139 1931—Mar. 25. 2,364 461 2,791 1,543 4,236 468 502 1,479 693 14,860 June 30__ 2,396 519 2,517 2,488 4,004 512 395 1,556 1,074 15, 066 Sept. 29. 2,339 554 1,935 1,542 3,222 663 528 1,350 682 14,177 Dec. 31- 1,975 523 1,662 2,095 2,832 398 412 1,303 797 13,652 1932—June 30.. 1,998 478 1,731 1,337 2,870 172 387 1,314 566 11,890 Sept. 30. 2,235 407 2,049 1,237 3,269 213 738 1,034 514 12,047 Dec. 31- 2,511 423 2,416 1,122 3,609 243 475 1,119 422 12, 273 1933—June 30«. 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 Oct. 25-. 2,651 447 1,848 1,060 2,990 117 918 1,106 465 11,873 Dec. 30- 2,678 471 1,969 1,132 3,139 129 967 1,320 373 12,109 1934—Mar. 5.. 3,148 2,303 1,159 3,676 173 1,790 1,425 549 12, 252 June 30- 3,819 473 2,666 1,057 4,070 155 1,658 1,598 372 13,349 Oct. 17.. 3,976 550 2,823 1,407 4,466 136 1,143 1,680 590 14, 449 Dec. 31- 4,032 3,036 1,903 4,569 147 1,636 1,799 14, 951 1935—Mar. 4.. 4,518 534 3,266 1,475 5,095 169 1,270 1,861 741 14,872 June 29.. 4,933 537 3,285 1,183 4,978 273 779 ,091 417 16,206 NEW YORK CITY 6 1928—Oct. 3.-. 722 82 1,443 950 421 28 71 783 4,478 Dec. 31... 809 120 3,140 1,213 470 52 133 1,765 5, 488 1929—Mar. 27.. 766 127 2,386 922 375 136 90 1,488 5,032 June 29- 784 157 1,189 1,019 379 78 144 511 5,035 Oct. 4..- 735 196 1,998 940 365 71 75 1,163 5,054 Dec.31- 827 179 2,406 1,198 464 20 128 1,180 5,847 1930—Mar. 27.. 793 112 1,555 959 364 91 61 945 4,927 June 30- 814 156 2,503 1,311 423 79 123 1,245 5,602 Sept. 24. 858 106 1,105 1,106 445 56 68 596 4,841 Dec. 31- 899 145 1,794 1,349 463 37 110 865 5,482 1931—Mar. 25.. 831 133 893 1,340 388 142 107 435 4,882 June 30— 847 136 1,594 1,352 432 116 152 5,098 Sept. 29. 883 102 866 1,135 568 129 137 458 4,816 Dec. 31.. 665 105 1,168 988 333 167 180 480 4,803 1932—June 30 772 722 1,103 146 118 117 359 4,287 Sept. 30 971 687 1,346 187 306 67 350 4,350 Dec. 31 __ 1,132 491 1,562 216 173 93 177 4,540 1933—June 30« 846 101 874 1,255 127 332 461 4,676 Oct. 25._- 968 90 553 1,215 100 379 71 299 4,513 Dec. 30 903 93 476 1,200 112 422 141 107 4,494 1934—Mar. 5.. 1,170 91 631 1,402 154 843 109 368 4,422 4, June 30.. 1,417 97 415 1,591 135 802 167 154 4,894 4,600 Oct. 17- 1,443 84 666 1,689 116 559 201 360 5,107 5,001 Dec. 31-. 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 1935—Mar. 4.. 1,856 810 I 2,047 147 572 190 500 5,329 5,209 June 29.. 1,935 133 447 > 1,983 248 369 354 149 5,924 5,979 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

725 NOVEMBER 1935 FEDERAL RESERVE BULLETIN TABLE 4.—ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS, CALL DATES, OCT. 3, 1928, TO JUNE 29, 1935—Continued [In millions of dollars] Demand deposits Time deposits Cash items Call date s b s w F e e a R R e r e r n i r v e e a t d v k h - e - l - e s s v C a i a u n s l h t b a w m B a n d t n a e i i o c c t s l k e - - h - s s' r o t h p e e o i f l d e p r a o r o e o s c n o n c n i s a c o - d n r - s l 2 t - - b m D a I t e n i n o c s k - t - e s rb b a F e a n i o n g k r k n - s S m U G e t e a r n e o n d t n i v e t - t - - s f P u l u n i b c d - s c l c C e h c c r a o f t e e e a e o i n f t c d f e s r e r f i d k s t h d i r - i t ' s s - , , s t p I p u i v n h c n o o a a o e i i d n d r p l r r r s a t i s - s - - - , - - , , j i d u m t e s D s a - p t e a e n o - d d d s - - 4 b m D I a t n n e i o c s t k - e - s rb b a F e a n i o n g k r k n - s f P u l u i n b c d - s S P in t a o a g v l s s - - s t p I p u i n h v c n o o a a o e i i d n r p d l r r r a s t i s s - - - - , - - , , r B i o n o w g r s - etc.3 etc. etc. OTHER RESERVE CITIES 1928—Oct. 3 963 165 955 977 2,081 57 94 527 210 6,386 6,146 54 271 45 5,040 534 Dec. 31 949 181 1,027 1,226 2,009 63 159 483 328 6,678 6,264 59 292 62 4,978 442 58 1929—Mar. 27 928 160 834 891 1,774 60 198 532 207 6,222 6,070 291 43 4,820 559 June 29 937 135 937 903 1,723 54 205 597 195 6,279 6,168 55 15 331 42 4,852 413 Oct. 4 940 156 962 919 1,822 64 182 444 193 6,436 6,154 57 19 331 43 4,726 614 Dec. 31 920 169 1,081 1,199 1,914 77 84 466 332 6, 588 6,186 49 21 429 43 4,766 333 1930—Mar. 27 944 147 972 673 1,880 79 166 502 149 6,049 6,027 54 31 364 44 4,903 71 June 30 955 146 1,284 840 2,145 76 151 524 199 6,221 6,098 54 39 409 45 4,998 61 Sept. 24 947 138 1,386 629 2,310 93 141 449 145 6,119 6,083 50 64 408 51 5,163 73 Dec. 31 980 180 1,336 875 2, 139 82 177 491 277 6,199 6,092 60 55 368 64 5,165 75 1931 —Mar. 25 951 141 1,564 505 2,486 78 285 487 148 5,810 5,940 90 56 365 89 5,257 71 June 30 972 168 1,363 673 2,247 77 212 551 176 5,849 5,904 78 40 350 112 5,200 23 Sept. 29 902 176 1,046 51b 1,756 94 265 465 133 5,472 5,563 69 33 304 155 4,872 169 Dec. 31 812 166 872 706 1,550 63 184 430 196 5,245 5,165 54 5 271 219 4,295 337 1932—June 30 767 173 1,011 448 1,511 25 209 462 126 4,550 4,690 60 2 233 310 3,967 274 Sept. 30 823 134 1,280 411 1,678 25 336 354 95 4,684 4,722 59 1 211 359 3,924 210 Dec 31 931 144 1,634 467 1,782 26 229 411 154 4,745 4,843 74 232 349 3,882 115 1QT^ Tnnp ^0 * 937 156 1,205 462 1,575 17 356 437 124 4,578 4,677 59 209 394 3,299 16 Oct 25 1,154 172 1,101 389 1,545 16 425 455 98 4,727 4,892 74 172 382 3,339 21 Dec. 30 1,202 198 1,134 484 1,685 17 434 557 126 4,822 6,021 72 1 204 371 3,364 16 1934—Mar. 5 1,293 189 1,295 393 1,993 18 766 613 107 4,823 5,150 80 206 349 3,495 8 June 30_ 1,533 194 1, .113 468 2,178 18 682 700 132 5,305 5,670 106 1 234 260 3,727 D O e c c t. . 1 3 7 1 1 1 , , 6 G 8 6 3 5 2 2 2 4 8 7 1 1 , , 5 6 3 9 6 4 5 6 5 2 2 7 2 2 , , 4 4 3 3 0 1 1 1 9 9 4 6 5 6 8 6 767 193 5,992 6,324 1 1 1 1 7 7 1 1 206 1 1 9 8 7 7 3 3 , , 8 7 7 9 5 3 1935—Mar. 4 1,746 231 1,814 502 2,684 22 546 826 151 5,901 6,376 128 211 167 3,985 1 June 29.. 250 1,801 544 2, 649 319 872 1 118 COUNTRY BANKS 1928—Oct. 3 663 302 990 235 431 2 36 646 140 5,395 5,946 1 4 123 52 6,609 334 Dec. 31 652 319 977 298 427 2 50 684 171 5,437 5,993 9 116 54 6,615 330 10 1929—Mar. 27 644 297 780 194 374 2 77 763 124 5,069 5,762 132 55 6,629 360 June 29 639 241 792 247 350 4 64 771 143 4,989 5,656 7 1 139 55 6,615 426 Oct 4 647 284 847 241 391 2 63 705 132 5,222 5,819 7 140 59 6,562 371 DPC 31 627 321 908 291 405 3 89 742 169 5,091 5,711 6 133 61 6,390 367 1930—Mar 27 617 286 817 173 365 3 67 884 118 4,657 5,485 6 147 65 6,442 236 June 30 629 280 921 250 376 3 51 921 137 4.670 5,478 7 1 145 71 6,477 259 Sept. 24 610 284 971 163 402 3 60 760 105 4,602 5,303 11 147 76 6,461 196 Dec* 31 £95 317 975 258 387 2 53 762 152 4,458 5,114 11 128 88 6,312 244 1931—Mar. 25 582 273 1,094 146 410 o 75 884 110 4,168 5,016 12 1 138 104 6,246 183 Tiinft 30 578 297 1,017 222 405 3 67 853 118 4,119 4,868 12 125 117 6,207 177 Sept °9 554 309 787 157 332 1 132 748 91 3,888 4,569 11 117 145 5,935 261 Dec. 31 498 302 685 221 295 2 61 592 122 3,604 4,197 7 106 179 5,349 441 1932—June 30 458 253 624 167 257 1 60 734 82 3,052 3,701 7 94 231 4,931 527 Sept 30 441 230 671 140 244 2 96 613 69 3,013 3,556 7 110 260 4,780 485 Dec. 31 448 232 767 164 263 1 72 615 90 2,988 3,530 7 104 279 4,686 418 1933—June 30 » 452 203 702 149 228 1 116 555 72 2,576 3,054 7 86 285 3,833 167 Oct. 25 529 232 657 118 230 1 114 579 68 2.633 3,162 12 87 293 3,953 136 Dec. 30 573 225 742 172 254 1 111 622 85 2,793 3,328 10 83 300 3,973 123 1934—Mar 5 685 230 917 135 281 1 181 702 74 3,007 3,648 11 87 301 4,163 83 June 30 769 216 1,057 174 300 1 174 731 85 3,150 3,792 15 87 256 4,388 35 Oct. 17 848 258 1,204 189 345 1 125 787 98 3,472 4,168 17 87 210 4,500 17 Dec. 31 822 275 1,239 207 340 2 178 804 106 3,589 4,292 16 84 210 4,554 13 1935—Mar. 4 916 246 1,366 163 3R4 1 152 845 90 3,642 4,414 17 75 188 4,623 14 June 29 920 236 1,351 192 347 1 90 865 104 3,761 4,53h 16 76 162 4,7c6 9 1 Including dollar balances due from American branches of foreign banks. 2 Does not include cash items in process of collection reported in balances with domestic banks. 3 Includes "Due to Federal Reserve banks (deferred credits)." < Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection, a Beginning June 1933, figures relate to licensed banks only. 6 Central reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 5.—ALL MEMBER BANKS—DEMAND DEPOSITS-ADJUSTED, * CALL DATES, JUNE 1921 TO JUNE 1928 [In millions of dollars! Call date b A e T l r l o m b t a a e n m l- k - s C Y N i o e ty r w k a r c O e i s t t i e h e r e s v r e » C b o a u n n k t s ry Call date b A e T l r l o m b t a a e n m l- k - s C Y N i o e ty r w k 2 r c O e 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 1921—June 30_. 12, 271 3,203 4,375 1925—Apr. 6... 14,761 3,565 5,688 5,508 Dec. 31.. 12, 296 3,272 4,402 4,621 June 30.. 15,227 3,755 5,901 5,570 Sept. 28. 15,483 3,763 5,941 5,779- 1922—Mar. 10. 12,220 3,077 4,497 4,646 Dec. 31.. 15,943 3,958 6,014 5,971 June 30. 13,137 3,457 4,875 4,805 Dec. 29.. 13,569 3,358 5,016 5,195 1926-Apr. 12.. 15,442 3,672 5,972 5,799 June 30.. 15,794 3,918 6,099 5,776 1923—Apr, 3... 13,485 3,137 5,074 5,273 Dec. 31-. 15,783 4,011 5,936 5,835 June 30. 13,595 3,173 5,224 5,197 Sept. 14. 13,518 3,049 5,173 5,296 1927-Mar. 23. 15, 694 3,944 6,044 5,705 Dec. 31.. 13,628 3,112 5,062 5,454 June 30.. 16,063 4,134 6,152 5,777 Oct. 10.. 15,971 3,872 6,151 5,948 1924—Mar. 31. 13,403 3,095 5,096 5,212 Dec. 31.. 16,590 4,314 6,288 5,989 June 30.. 13,906 3,413 5,313 5,181 Oct. 10.. 14, 637 3,640 5,623 5,374 1928- Feb. 28.. 16,093 4,082 6,213 6,798 Dec. 31-. 15,038 3,819 5,643 5,575 June 30.. 16,142 4,107 6,267 5,768 i Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. 1 Central reserve city banks. * Including centra reserve city banks in Chicago. TABLE 6.—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES—CONDITION BY WEEKS, JAN. 4, 1933-AUG. 29, 1934 [In millions of dollars] Loans on securities Investments Re- Bor- Date T lo o a t n a s l a T n o d b d r e o a k l e e r r s s All U G . o S v . - s w F er e i v t d h e - s Cash N de e - t Time U G er . o n S v - . - Due Due r i o n a w g t s - (Wednesday) i m n a v e n e n d s t t s - Total In O si u d t e - ot T h o ers o lo t a h n e s r d m e i r r e n e n c - t t s O i e t t c i h e u e s r r - s e R e r r e a v - l e va in ult m po d a s e n i - t d s po d s e i - ts p m o d e s e n i - t t s b f a ro n m ks ba t n o ks F e R e r e a d - l - Y N o e r w k Y N o e r w k o t b io li n g s a- banks b se a r n v k e s City City 1933—Jan. 4... 18,713 4,271 346 237 3,688 5,943 5,205 3,294 2,050 221 11,823 5,706 332 1,754 3,470 61 Jan. 11- 18,673 4,237 331 232 3,674 5,899 5,262 3,275 2,137 216 11,940 5,701 286 1,819 3,562 5S Jan. 18— 18,655 4,213 320 237 3,656 5,902 5,291 3,249 2,093 208 11,907 5,702 266 1,830 3,558 59 Jan. 25- 18, 619 4,173 310 216 3,647 5,867 5,283 3,296 2,081 211 11,936 5,656 243 1,833 3,524 76 Feb. 1- 18, 725 4,259 384 227 3,648 5,907 5,253 3,306 1,994 193 11,899 5,648 300 1,832 3,558 81 Feb. 8-_ 18,573 4,204 353 218 3,633 5,824 5,248 3,297 1,977 213 11,699 5,626 245 1,734 3,440 70 Feb. 15. 18, 571 4,206 354 223 3,629 5,877 5,206 3,282 1,794 249 11,552 5,608 190 1,563 3,218 100 Feb. 22. 18,257 4,199 355 215 3,629 5,666 5,115 3,277 1,814 283 11, 286 5,499 148 1,287 2,778 130 Mar. 1- 17,823 4,234 340 237 3,657 5,393 4,908 3,288 1,599 389 10, 605 5,288 90 866 2,199 488 Mar. 8.. 16,314 3,895 337 223 3,335 4,797 4,547 3,075 1,325 574 9,465 4,564 43 607 1,752 1,088 Mar. 15. 16,606 3,897 311 206 3,380 4,873 4,703 3,133 1,481 498 9,696 4,636 295 771 1,833 865 Mar. 22 16, 617 3,861 318 217 3,326 4,916 4,704 3,136 1,384 308 9,846 4,643 297 940 2,159 383 Mar. 29. 16,611 3,779 292 205 3,282 4,935 4,726 3,171 1,507 278 10,015 4,652 296 963 2,199 292 Apr. 5.. 16, 559 3,748 301 202 3,245 4,890 4,749 3,172 1,481 243 10,095 4,659 298 1,074 2,410 186 Apr. 12. 16, 525 3,721 298 200 3,223 4,913 4,747 3,144 1,608 241 10, 249 4,656 298 1,161 2,484 180 Apr. 19. 16, 512 3,718 314 201 3,203 4,881 4,797 3,116 1,661 227 10, 390 4,666 195 1,213 2,560 170 Apr. 26. 16,786 3,808 392 199 3,217 5,002 4,856 3,120 1,641 246 10,742 4,684 144 1,278 2,687 148 May S.- 17,033 3,869 443 208 3,218 5,003 5,096 3,065 L, 523 228 10,691 4,673 275 1,283 2,732 170 May 10. 17,066 3,886 493 189 3,204 4,986 5,097 3,097 L, 591 226 10,843 4,668 237 1,337 2,804 118 May 17. 17,095 3,889 547 184 3,158 4,994 5,130 3,082 1,610 212 11,021 4,626 224 1,405 2,862 119 May 24. 17,101 3,812 494 185 3,133 5,009 5,172 3,108 L, 699 213 11,060 4,653 227 1,401 2,857 109 May 31. 17,184 3,876 564 181 3,131 5,076 5,146 3,086 1,679 221 11,257 4,654 224 1,441 2,914 102 June 7__ 17,248 3,906 627 183 3,096 5,074 5,214 3,054 1,695 208 11,324 4,647 186 1,554 3,075 85 June 14. 17,296 3,963 712 182 3,069 5,069 5,199 3,065 1,771 213 11,574 4,633 162 1,641 3,188 72 June 21. 17,621 3,943 715 159 3,069 5,042 5,542 3,094 L, 689 203 11,196 4,717 662 1,450 2,927 58 June 28_ 17,495 3,931 703 162 3,066 5,014 5,493 3,057 1,766 212 11,130 4,801 662 1,381 2,864 32 July 5.- 17,524 3,995 801 164 3,030 5,032 5,445 3,052 L.678 221 11,053 4,894 635 1,409 2,968 31 July 12. 17,571 4,067 893 171 3,003 5,082 5,368 3,054 1,713 217 11,125 4,923 610 1,355 2,888 21 July 19. 17, 613 4,057 904 172 2,981 5,102 5,377 3,077 1,728 205 11,083 4,948 610 1,273 2,807 22 July 26. 17,535 3,995 832 172 2,991 5,085 5,364 3,091 1,763 207 11,035 4,942 588 1,187 2,680 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 727 TABLE 6.—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES—CONDITION BY WEEKS, JAN. 4, 1933-ATJG. 29, 1934—Continued [In millions of dollars] Loans on securities Investments Re- Bor- (We D dn a e te sday) i m T n lo a v o e n a e n t n d a s t s t l s - Total Y N C a T I o n e i n o t r d w y k b d r e o a Y k N O C s l e i e o e i u d r r t r w s t e s y k - ot T h o ers o lo A t a h l n e l s r o d m U t G e b i i o r r l e . o i e n S n n g v c - s . a t - t - s O i e t t c i h e u e s r r - s b s w r e e R e a e r r r n i v e a a v t k e h - - l e s s v C a i a n u s l h t m p N o d d a s e e e n i - - t t d s p T o d im s e i - t e s p m U G e o d r . e o s e n S n v i - - t . t - s b f D a ro n u m k e s b D a t n u o k e s b s r F i e R a e o n a e r r n w e g a t d v - k s l - - e s 1933-Aug. 2... 17,431 3,978 815 168 2,995 5,086 5,296 3,071 1,755 195 10,903 4,948 587 1,196 2,677 31 Aug. 9— 17,400 3,970 819 163 5,083 5,289 3,058 L, 795 205 10,913 4,955 587 1,206 2,699 28 Aug. 16- 17,612 4,001 835 169 2,997 5,100 5,459 3,052 L, 819 199 10,810 4,966 940 1,208 2,587 38 Aug. 23- 17, 505 3,936 792 164 5,083 5,426 3,060 [,877 205 10,819 4,948 917 1,214 2,554 29 Aug. 30- 17, 520 3,965 821 166 2,978 5,088 5,408 3,059 1,889 219 10,882 4,941 907 1,225 2,566 31 Sept. 6— 17, 481 3,946 164 2,974 5,113 5,364 3,058 1,888 211 10,830 4,928 906 1,243 2,630 27 Sept. 13- 17,486 3,967 832 167 2,968 5,146 5,316 3,057 1,987 214 11, 032 4,918 906 1,324 2,697 22 Sept. 20- 17, 512 3,901 768 168 2,965 5,184 5,360 3,067 1,986 ' 207 10,995 4,933 906 1,293 2,707 20 Sept. 27- 17,448 3,887 752 171 2,964 5,179 5,328 3,054 2,036 224 10,974 4,930 904 1,271 2,642 22 Oct. 4___. 17,476 3,854 737 170 2,947 5,243 5,295 3,084 1,940 219 10,917 4,918 904 1,289 2,758 20 Oct. 11. - 17,467 3,844 730 171 2,943 5,262 5,266 3,095 1,989 238 10,992 4,909 904 1, 291 2,718 23 Oct. 18.. 17,516 3,880 763 173 2,944 5,300 5,252 3,084 2,056 228 11,176 4,911 817 1,341 2,857 20 Oct. 25.. 17,392 3,788 176 2,932 5,286 5,230 3,088 2,100 226 11,159 4,912 758 1,316 2,790 22 Nov. 1— 17,695 3,808 694 178 2,936 5,318 5,461 3,108 2,002 218 11,124 4,911 1,054 1,341 2,832 24 Nov. 8— 17,665 3,794 684 175 2,935 5,332 5,444 3,095 1,982 246 11,004 4,937 1,043 1,257 2,797 21 Nov. 15- 17, 618 3,756 660 166 2,930 5,327 5,432 3,103 2,037 234 11,114 4,917 1,000 1,312 2,874 22 Nov. 22.. 17, 562 3, 745 645 168 2,932 5,290 5,411 3,116 2,077 245 11,158 4,893 953 1,279 2,814 23 Nov. 29- 17, 611 3,766 662 168 2,936 5,323 5,415 3,107 1,981 249 11, 236 4,855 852 1,244 2,778 28 Dec. 6_. 17, 550 3,755 670 165 2,920 5,264 5,448 3,083 1,944 256 11,143 4,814 818 1,228 2,810 27 Dec. 13. 17,474 3,797 707 165 2,925 5,197 5,458 3,022 2,026 270 11,277 4,804 765 1,292 2,812 27 Dec. 20. 17, 680 3,801 699 166 2,936 5,186 5,629 3,064 2,011 289 11,189 4,801 930 1,263 2,797 25 Dec. 27. 17, 650 3,831 750 161 2,920 5,103 5,602 3,114 2,035 283 11,383 4,790 865 1,290 2,838 24 1934—Jan. 3— 17,581 3,824 791 152 2,881 5,091 5,542 3,124 2,055 269 11,483 4,808 747 1,353 2,977 26 Jan. 10.. 17,385 3,700 692 146 2,862 5,039 5,557 3.089 2,108 271 11,481 4,804 600 1,303 2,949 22 Jan. 17.. 17,445 3,687 701 142 2,844 5,058 5,575 3,125 2,103 252 11,634 4,814 487 1,366 3,055 21 Jan. 24_. 17,395 3,697 721 143 2,833 5,039 5,599 3,060 2,169 252 11,668 4,840 393 1,411 3,146 20 Jan. 31.. 18,158 3,805 832 149 2,824 5,065 6,184 3,104 1,985 236 11, 648 4,836 1,035 1,411 3,113 13 Feb. 7 18,123 3,785 839 150 2,796 5,033 6,251 3,054 2,026 248 11,660 4,841 1,048 1,427 3,287 12 Feb. 14 18,146 3,729 796 148 2,785 5,071 6,285 3, 061 2,131 258 11,882 4,813 1,051 1,522 3.363 10 F F e e b b . . 2 2 8 1 . . — ... 1 1 8 8 , , 4 5 8 8 2 2 3 3 , , 8 7 2 1 7 5 8 7 9 9 2 4 1 1 5 5 5 5 2 2 , , 7 7 6 8 6 0 5 4 , , 0 9 3 8 4 2 6 6 , , 6 6 9 4 1 8 3 3 , , 0 0 9 7 4 3 2 2 , ,1 3 2 9 4 2 2 2 5 4 1 5 1 1 1 1 , , 7 9 9 4 3 9 4 4 , , 8 8 4 4 6 3 1 1, , 5 5 5 0 7 8 1 1 , , 4 5 7 2 6 9 3 3, , 3 3 3 0 9 5 1 1 1 2 Mar. 7-. 18,501 3,688 785 154 2,749 4,990 6,718 3,105 2,596 253 12,060 4,852 1,593 1,561 3,489 10 Mar. 14.. 18, 586 3,785 873 167 2,745 5,005 6, 666 3,130 2,706 259 12,308 4,859 1,593 1,671 3,623 10 Mar. 21.. 18, 599 3,745 843 180 2,722 4,961 6,706 3,187 2,709 248 12,285 4,889 1,592 1,690 3,647 9 Mar. 28- 18,537 3,704 162 2,709 4,965 6,652 3,216 2,701 265 12,361 4,890 1,494 1,664 3,602 9 Apr. 4... 18,545 3,762 900 164 2,698 4,984 6,572 3,227 2,693 261 12,494 4,877 1,436 1,725 3,736 8 Apr. 11.. 18,636 3,803 956 178 2,669 5,016 6,617 3,200 2,779 267 12,745 4,894 1,380 1,743 3,777 7 Apr. 18.. 18,551 3,766 948 174 2,644 4,940 6,619 3,226 2,877 262 12,803 4,917 1,309 1,742 3,805 6 Apr. 25.. 18,502 3,696 902 179 2,615 4,919 6,678 3,209 2,974 265 12,907 4,954 1,244 1,738 3,759 7 May 2... 18,496 3,752 178 2,651 4,876 6,657 3,211 2,778 252 12,856 4,931 1,116 1,701 3,761 6 May 9... 18,358 3,730 176 2,656 4,880 6,650 3,098 2,888 266 12, 836 4,950 1,090 1,729 3,845 6 May 16- 18, 333 3,679 172 2,615 4,879 6,657 3,118 2,906 256 12,910 4,959 1,057 1,765 3,855 fi May 23.. 18, 297 3,643 853 166 2,624 4,851 6, 665 3,138 2,992 262 12, 958 4,947 1,046 1,744 3,824 6 May30_. 18,338 3,650 165 2,622 4,863 6,654 3,171 3,003 268 13, 068 4,941 1,011 1,710 3,769 8 June 6-.. 18,450 3,729 935 179 2,615 4,850 6,690 3,181 2,979 264 13,123 4,930 1,011 1,763 3,907 8 June 13_. 18,421 3,729 957 176 2,596 4,840 6,655 3,197 3,065 271 13.307 4,944 963 1,807 3,946 5 June 20-. 18,775 3,743 979 189 2,575 4,797 7,043 3,192 2,989 257 13, 012 4,992 1,440 1,755 3,793 6 June 27-. 18, 863 3,701 959 186 2,556 4,797 7,139 3,226 3,061 270 13,149 5,009 1,447 1,755 3,800 5 July4... 18,918 3,728 1,007 191 2,530 4,795 7,168 3,227 2,927 255 13,201 5,005 1,444 1,811 3,959 10 July 11.. 18,910 3,724 1,004 185 2,535 4,767 7,173 3,246 3,063 270 13,310 5,029 1,443 1,860 4,047 5 July 18.. 18,940 3,692 986 181 2,525 4,755 7,200 3,293 3,122 257 13, 367 5,028 1,443 1,865 4,061 5 July 25.. 18,915 3,661 962 2,523 4,760 7,186 3,308 3,185 258 13,436 5,019 1,384 1,823 4, 026 5 Aug. 1— 18,958 3,524 833 170 2,521 4,831 7,201 3,402 3,088 243 13,429 5,004 1,385 1,737 3,947 5 Aug. 8—. 3,469 780 168 2,521 4,838 7,174 3,405 3,193 256 13,413 5,009 1,385 1,703 3,941 5 Aug. 15.. 18,947 3,459 771 172 2, 516 4,847 7,189 3,452 3,186 253 13,527 5,026 1,342 1,750 3,998 5 Aug. 22.. 18, 943 3,435 762 2,502 4,857 7,183 3,468 3,210 255 13,513 5,033 1,323 1,708 3,921 5 Aug. 29- 18, 920 3,410 743 2,490 4,866 7,158 3,486 IJ.280 265 13,630 5,030 1,287 1,718 3,901 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 7.—WEEKLY REPOKTING MEMBER BANKS IN NEW YORK CITY—CONDITION BY WEEKS, JAN. 4, 1933-AUG. 29, 1934 [In millions of dollars] Loans on securities Investments Bor- (We D dn a e t s e day) i T n l a o v o n a e t d n a s s l t- a T n o d b d r e o a k l e e r r s s O lo t a h n e s r U G er . o n S v - - . Other s w F e e R r e r i e v a t d - h e l - s C i a n sh m N d a e e n - t d T d i e m - e u G er . o n v s - - . f D ro u m e D to ue r F i o n a e w g t d s - ments Total In Out- To ment secur- Re- vault de- posits ment banks banks eral New side others direct ities serve posits de- Re- York New obliga- bank posits serve City York tions bank City 1933—Jan. 4 7,037 ,584 320 1,205 1,849 2, 502 1,102 1,052 5,733 894 133 1,542 Jan. 11 7,055 :,580 306 1,213 1,822 2,560 1,093 1,147 5,880 894 112 1.616 Jan. 18 7,086 ,559 292 1.206 1,849 2,609 1,069 1,099 5,845 914 102 1,609 Jan. 25 7,132 ,562 302 1,200 1,836 2,631 1,103 1,028 5,871 871 1,616 Feb. 1 7,222 ,643 377 1,205 1.878 2,600 1,101 967 34 5,862 859 114 1,655 Feb. 8 — 7,073 ,606 344 1,201 1,799 2,572 1, 096 924 38 5,717 849 92 1,537 Feb. 15 7,078 ,614 348 1,204 1,858 2,522 1,084 775 42 5.545 847 71 1.418 Feb. 22 ,621 347 1,211 1,653 2,452 1,083 782 48 5,380 54 1,176 Mar. 1 6,512 ,640 335 1,242 1,439 2,338 1.095 6«3 92 4,983 776 34 183 Mar. 8 6.412 , 668 332 1, 273 1,453 2,186 1,105 618 131 4,481 749 11 690 632 Mar. 15 6,523 674 304 1,308 1,483 2.253 1,113 669 85 4, 518 740 170 756 483 Mar. 22 6.484 626 306 1,259 1,525 2,210 1,123 609 56 4,640 739 170 859 147 Mar. 29 6,457 555 275 1,219 1,563 2,185 1,154 739 50 4.827 737 170 84 Apr. 5 6,439 548 287 1.2C1 1, 515 2,215 1,161 734 46 4,906 748 170 1,050 18 Apr. 12 6,455 535 287 1,187 1, 557 2,2C8 1,155 830 46 5,032 740 170 1,101 27 Apr. 19 6, 439 538 303 1,175 1,535 2,236 1,130 882 40 5,136 749 117 1,138 23 Apr. 26 6,627 611 381 1,172 1,614 2,269 1,133 874 41 5,372 748 87 1,212 May 3 6,753 ,676 433 1,185 1,615 2.353 1,109 734 38 5,318 731 124 1,186 May 10 6,790 ,711 483 1,170 1, 594 2,357 1.128 797 38 5,425 723 112 1,251 May 17 6,847 , 735 535 1,141 1,617 2,378 1,117 823 36 5, 558 692 105 1,300 May 24 6,786 ,663 481 1,124 1,624 2,384 1.115 913 37 5,«01 685 105 1,300 May 31 6,933 ,733 553 1,122 1,694 2,429 1,077 44 5,749 105 1,356 June 7 6.970 ,777 616 1,102 1,682 2,443 1,068 856 38 5.758 687 87 1,398 June 14 6, 993 ,840 694 1.086 1, 677 2,398 1,078 907 40 5,869 687 76 1,474 June 21 7,039 ,813 681 1,094 1,642 2,484 1,100 794 37 5, 522 752 290 1.278 June 28 6,913 ,791 660 1,092 1,609 2,438 1,075 788 39 5,428 749 290 1,248 July 5 6,937 ,847 745 1,063 1,607 2,409 1,074 703 42 5,374 785 278 1,265 July 12 6.932 ,894 803 1,048 1,609 2. 354 1,075 742 40 5,420 782 265 1,226 July 19 6,858 ,862 787 1,029 1, 596 2,332 1,068 740 37 5,318 795 265 1,162 July 26 - 6,731 ,790 718 1,029 1,579 2,293 1,069 782 5,263 783 254 1,099 Aug. 2 6,732 .,778 1,036 1,596 2,300 1,058 749 5,221 776 254 1,116 Aug. 9 6,722 ,775 702 1,033 1.59C 2, 307 1.050 761 5,244 772 254 1,142 Aug. 16 6,743 .,800 723 1,036 1,603 2.299 1,041 783 5,128 776 403 1,079 Aug. 23 6,685 ,757 686 1,031 1,589 2,287 1,052 862 5,199 755 1,091 Aug. 30 6,726 ,794 718 1,035 1,591 2,293 1,048 860 5,257 755 1,125 Sept. 6 6,711 , 795 718 1,034 1,610 2,257 1,049 847 5,200 757 1,130 Sept. 13 6,744 ,820 747 1,030 1,624 2,252 1,048 903 5.2P6 761 388 1,181 Sept. 20 6,742 ,743 672 1,023 1,631 2,314 1,054 879 37 5.278 761 1,179 Sept. 27 ,731 652 1,034 1,613 2,297 1,057 881 5,244 763 1,122 Oct. 4 6,728 ,699 632 1,022 1,666 2,271 1,092 814 5,195 766 1,155 Oct. 11 6, 733 ,683 617 1,019 1,706 2,236 1,108 824 5,208 762 388 1,135 Oct. 18 6,782 ,712 643 1,021 1,749 2,226 1,095 878 5,331 757 351 1,219 Oct. 25 6,670 ,636 574 1,016 1,741 2,194 1,099 919 5,311 757 326 1,191 Nov. 1 6,822 ,666 594 1,025 1,759 2.274 ,123 859 5,283 761 453 1,226 Nov. 8. 6.778 ,657 580 1,031 1,771 2,231 ,119 796 5, 169 775 446 1,179 Nov. 15.. 6,754 ,624 552 1.029 1.769 2,231 .130 829 5.180 774 428 1,179 Nov. 22 6.719 ,618 542 1.034 1,728 2, 230 ,143 835 5.214 772 406 1.144 Nov. 29 6,804 1,651 565 1,043 1,790 2,225 ,138 5.274 751 364 1,148 Dec. 6 6,733 1,630 562 1,025 1,737 2.249 ,117 731 5,185 732 349 1,117 Dec. 13 6,650 1,663 586 1,034 1,681 2,251 ,055 798 5,210 721 327 1.111 Dec. 20 6,730 1,666 577 1,045 1, 695 2,269 ,100 797 5,141 707 414 1,092 Dec. 27 6. 756 1.722 1,051 1.664 2,253 ,117 789 5,257 1,125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

729 NOVEMBER 1935 FEDERAL RESERVE BULLETIN TABLE 7.—WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY—CONDITION BY WEEKS, JAN. 4, 1933-AUG. 29, 1934—Continued [In millions of dollars] Loans on securities Investments Bor- Re- row- (We D dn a e te sday) i m T n lo a v o e n a e n t n d a s t s t l s - Total Y N C a T I o n e i n o t r d w y k b d r e o a Y k N O s l e i e o e u d r r r w s t e s k - ot T he o rs o lo A t a h l n e l s r o d m U t G e b i i o r r l . o e i e n S n g n v c - . s a t - t - s O i e t t c i h e u e s r r - s s b w F e e R e a r e r r i v e n a v t d - h e k l e - s v C a i a n u s l h t m p N o d d a e e s e n i - - t t d s p T o d im s e i - t e s p m U G e o d r . e o e s n S n - v i - t . t - s b f D a ro n u m k e s b D a t n u o k e s s b F i e R e n a a e r r e n g a t v d - k s l e - City 1934-Jan. 3 6,707 1,744 665 44 1,035 1,670 2,187 1,106 821 5,319 700 335 1,178 Jan. 10 6,536 1,624 561 44 1,019 1,644 2,170 1,098 879 5,260 697 272 1,174 Jan. 17 6,579 1,620 564 44 1,012 1,659 2,185 1,115 846 5,335 696 224 1,221 J«n. 24 6,569 1,646 587 43 1,016 1,666 2,201 1,056 902 5,384 708 184 1,276 Jan. 31 1,748 688 43 1,017 1,718 2,421 1,099 749 5,342 707 487 1,260 Feb.7 6.964 1,729 45 1,691 2,485 1,059 748 5,331 710 501 1,312 Feb. 14 6,922 1,677 651 45 981 1,734 2,448 1,063 810 5,361 704 501 1,322 Feb. 21 7,096 1,769 744 46 979 1,707 2,553 1,067 850 5,368 686 717 1,320 Feb. 28 7,006 1,669 651 47 971 1,662 2,585 1,090 1,091 5,491 682 761 1,334 Mar. 7. 7,069 1,649 641 48 960 1,661 1,091 1,181 5,580 679 797 1,414 Mar. 14 7,213 1,733 727 48 958 1,673 2,704 1,103 1,170 5,709 675 797 1,495 Mar. 21 7,199 1,687 48 941 1, 637 2,717 1,158 1,218 5,737 690 797 1,512 Mar. 28 7,193 1,663 47 928 1,629 2,720 1,181 1,242 5,791 762 1,478 Apr. 4 7,296 1,720 751 47 922 1,655 2,717 1,204 1,206 5,919 739 1,555 Apr. 11 7,405 1,756 794 48 914 1,675 2,804 1,170 1,142 5,989 696 713 1,581 Apr. 18 7,238 1,723 779 48 896 1,601 2,742 1,172 1,236 5,971 690 679 1,578 Apr. 25 _ 7,138 1,674 740 46 1,594 2,716 1,154 1,351 6,042 649 1,554 May 2 7,142 1,729 756 46 927 1,561 2,699 1,153 1,194 5,975 588 1,522 May 9 7,055 1,718 731 46 941 1.566 2,727 1,044 1,257 5,985 670 575 1,593 May 16 7,022 1,663 725 46 892 1,569 2,738 1,052 1,264 5,969 675 561 1,594 May 23 7,001 1,644 46 909 1,548 2,752 1,057 1,335 6,028 674 551 1,600 May 30 7,034 1,646 45 903 1,558 2,760 1,070 1,356 6,097 676 539 1,577 June 6 7,141 1,727 771 54 902 1,550 2,791 1,073 1,304 6,150 679 539 1,642 June 13 7,144 1,728 787 53 888 1,552 2,802 1,062 1,354 6,225 511 1,663 June 20 7,211 1,741 815 55 871 1,521 2,873 1,076 1,327 6,049 733 1,582 June 27 -. 7,265 1,711 793 54 1,525 2,926 1,103 1,376 6,161 692 733 1,581 July 4 7,303 1,749 841 55 853 1,527 2,928 1,099 1,234 6,115 691 733 1,603 July 11 7,288 1,752 833 55 864 1,499 2,934 1,103 1,295 6,144 697 733 1,656 July 18 7,273 1,718 804 57 857 1,483 2,938 1,134 1,331 6,178 682 733 1,654 July 25 7,227 1,690 783 55 852 1,494 2,918 1,125 1,366 6,209 678 704 1,645 Aug. 1 7,191 1,571 667 53 851 1,529 2,903 1,188 1,367 6,215 677 704 1,612 Aug. 8 7,108 1,520 613 53 854 1,521 2,878 1,189 1,415 6,162 675 704 1,590 Aug. 15 7,132 1,520 615 53 852 1,514 2,886 1,212 1,419 6,205 669 684 1,601 Aug. 22 7,105 1,503 602 55 846 1,516 1,203 1,451 6,217 664 675 1, 554 Aug. 29 7,098 1,485 581 60 844 1,531 2,866 1,216 1,493 6,280 659 659 1,556 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 8.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE NEW YORK CITY—CONDITION BY WEEKS, JANUARY 1933-AUGUST 1934 [In millions of dollars] Loans on securities Investments Re- Bor- (We D dn a e t s e day) i m T n lo a v o e n a e n t n d a s t s t l s - Total Y N a T o I e n o w n r d - k b d r e o a k N l O s e e i r e u d r s w t e s - ot T he o rs o lo A t a h l n e l s r o d m U G b e ir l r . o e e i n S g n v c - . a t - t - - s O i e t t c i h e u e s r r - s b s w F e e a R e r e r n i r v e a t d v k - h e l - e s s v C a i a n u s l h t m p N o d d a e e s e n - - i t t d s p T o d i e m s - it e s p m U G e o d r . e o s e n S n i v - - t . t - s b f D a ro n u m k e s b D a t n u o k e s b s r F i e a R e o n a e r n r w e g a t d v k - s l - - e s York tions City City 1933—Jan. 4 11,676 2,687 178 2,483 4,094 2,703 2,192 179 6,090 4,812 199 1,656 1,928 61 Jan. 11 11,618 2,657 171 2,461 4,077 2,702 2,182 990 176 6,060 4,807 174 1,734 1,946 58 Jan.18 11,569 2,654 176 2,450 4,053 2,682 2,180 994 171 6,062 4,788 164 1,751 1,949 59 Jan. 25 11,487 2,611 156 2,447 4,031 2,652 2,193 1,053 175 6,065 4,785 150 1,755 1,908 76 Feb. 1 - 11, 503 2,616 166 2,443 4,029 2,653 2,205 1,027 159 6,037 4,789 186 1,754 1,903 81 Feb. 8 11, 500 157 2,432 4,025 2,676 2,201 1,053 175 5,982 4,777 153 1,659 1,903 70 Feb. 15 11,493 2,592 161 2,425 4,019 2,684 2,198 1,019 207 6,007 4,761 119 1,490 1,800 100 Feb. 24 11,448 2,578 152 2,418 4,013 2,663 2,194 1,032 235 5,906 4,696 94 1,215 1,602 130 Mar. 1 11,311 2,594 5 174 2,415 3,954 2,570 2,193 916 297 5,622 4,512 56 804 1,301 305 Mar. 8 9,902 2,227 5 160 2,062 3,344 2,361 1,970 707 443 4,984 3,815 32 554 1,062 456 Mar. 15 10,083 2,223 7 144 2,072 3,390 2,450 2,020 812 413 5,178 3,896 125 716 1,077 382 Mar. 22 10,133 2,235 12 156 2,067 3,391 2,494 2.013 775 252 5,206 3,904 127 1,300 236 Mar. 29.. 10,154 2,224 17 144 2,063 3,372 2,541 2,017 228 5,188 3,915 126 1,269 208 Apr. 5.- 10,120 2,200 14 142 2,044 3,375 2,534 2,011 747 197 5,189 3,911 128 1,012 1,360 Apr. 12. 10,070 2,186 11 139 2,036 3,356 2,539 1,989 778 195 5,217 3,916 128 1,104 1,383 153 Apr. 19 io; 073 2,180 11 141 2,028 3,346 2,561 1,986 779 187 5,254 3,917 78 1,155 1,422 147 Apr. 26 10,159 2,197 11 141 2,045 2,587 1,987 767 205 5,370 3,936 57 1,219 1,475 148 May 3 10,280 2,193 10 150 2,033 3,388 2,743 1,956 789 190 5,373 3,942 151 1,193 1,546 170 May 10. 10, 276 2,175 10 131 2,034 3,392 2,740 1,969 794 188 5,418 3,945 125 1,256 1,553 118 May 17. 10, 248 2,154 12 125 2,017 3,377 2,752 1,965 787 176 5,463 3,934 119 1,324 1,562 119 May 24 10, 315 2,149 13 127 2,009 3,385 2,788 1,993 786 176 5,459 122 1,326 1,557 109 May 31 10, 251 2,1'43 11 123 2,009 3,382 2,717 2,009 811 177 5,508 3,966 119 1,364 1,558 102 June 7 ___ 10, 278 2,129 11 124 1,994 3,392 2,771 1,986 839 170 5,566 3,960 99 1,469 1,677 85 June 14_ 10, 303 2,123 18 122 1,983 3,392 2,801 1,987 864 173 5,705 3,946 86 1,564 1,714 72 June 21 10, 582 2,130 34 121 1,975 3,400 3,058 1,994 895 166 5,674 3,965 372 1,371 1,649 58 June 28 10,582 2,140 43 123 1,974 3,405 3,055 1,982 978 173 5,702 4,052 372 1,305 1,616 32 July 5 10,587 2,148 56 125 1,967 3,425 3,036 1,978 975 179 5,679 4,109 357 1,324 1,703 31 July 12 10, 639 2,173 90 128 1,955 3,473 3,014 1,979 971 177 5,705 4,141 345 1,282 1,662 21 July 19 10,755 2,195 117 126 1,952 3,506 3,045 2,009 988 168 5,765 4,153 345 1,202 1,645 22 July 26 10,804 2,205 114 129 1,962 3,506 3,071 2,022 981 5,772 4,159 334 1,121 1,581 28 Aug. 2 _. 10,699 2,200 116 125 1,959 3,490 2,996 2,013 1,006 159 5,682 4,172 333 1,124 1,561 31 Aug. 9 10,678 2,195 117 123 1,955 3,493 2,982 2,008 1,034 168 5,669 4,183 333 1,138 1,557 28 Aug. 16 10,869 2,201 112 128 1,961 3,497 3,160 2,011 1,036 163 5,682 4,190 537 1,141 1,508 38 Aug. 23- 10,820 2,179 106 124 1,949 3,494 3,139 2,008 1,015 169 5,620 4,193 524 1,150 1,463 29 Aug. 30 10,794 2,171 103 125 1,943 3,497 3,115 2,011 1,029 178 5,625 4,186 519 1,161 1,441 30 Sept. 6 10,770 2,151 90 121 1,940 3,503 3,107 2,009 1,041 173 5,630 4,171 518 1,177 1,500 27 Sept. 13 10,742 2,147 85 124 1,938 3,522 3,064 2,009 1,084 176 5,736 4,157 518 1,257 1,516 22 Sept. 20..-. 10, 770 2,158 96 125 1,937 3,553 3,046 2,013 1,107 170 5,717 4,172 518 1,226 1,528 20 Sept. 27.... 10, 750 2,156 100 126 1,930 3,566 3,031 1,997 1,155 185 5,730 4,167 516 1,202 1,520 22 Oct. 4 10, 748 2,155 105 125 1,925 3,577 3,024 1,992 1,126 180 5,722 4,152 516 1,214 1,603 20 Oct. 11. 10, 734 2,161 113 124 1,924 3,556 3,030 1,987 1,165 193 5,784 4,147 516 1,219 1,583 23 Oct. 18 10,734 2,168 120 125 1,923 3,551 3,026 1,989 1,178 190 5,845 4,154 466 1,266 1,638 20 Oct. 25 10, 722 2,152 106 130 1,916 3,545 3,036 1,989 1,181 189 5,848 4,155 432 1,235 1,599 22 Nov. 1 10,873 2,142 100 131 1,911 3, 559 3,187 1,985 1,143 182 5,841 4,150 601 1,257 1,606 24 Nov. 8 10,887 2,137 104 129 1,904 3,561 3,213 1,976 1,186 202 5,835 4,162 597 1,180 1,618 21 Nov. 15 10,864 2,132 108 123 1,901 3,558 3,201 1,973 1,208 195 5,934 4,143 572 1,233 1,695 22 Nov. 22 10,843 2,127 103 126 1,898 3,562 3,181 1,973 1,242 206 5,944 4,121 547 1,205 1,670 23 Nov. 29 10,807 2,115 97 125 1,893 3,533 3,190 1,969 1,213 200 5,962 4,104 1.172 1,630 Dec. 6 10,817 2,125 122 1,895 3,527 3,199 1,966 1,213 216 5,958 4,082 469 1,157 1,693 27 Dec. 13.... 10,824 2,134 121 122 1,891 3,516 3,207 1,967 1,228 227 6,067 4,083 438 1,214 1,701 27 Dec. 20 10,950 2,135 122 122 1,891 3,491 3,360 1,964 1,214 236 6,048 4,094 516 1,185 1,705 25 Dec. 27 10,894 2,109 122 118 1,869 3,439 3,349 1,997 1,246 237 6,126 4,097 479 1,215 1,713 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 731 TABLE 8.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE NEW YORK CITY—CONDITION BY WEEKS, JANUARY 1933-AUGUST 1934—Continued [In millions of dollars] Loans on securities Investments Bor- (We D dn a e t s e day) i m n T l a o v o e n a e n t n d a s t s t l s - Total Y N C a T I n o e i n o t r d w y k b d r e o a Y k N O s l e i e o e u d r r r w s t e s k - ot T h o ers o lo A th a l n e l s r o d m U t G e b i i o r r l e . o i e n S n g n v c - . s a t - t - s O i e t t c i h e u e s r r - s b s w F e e R a R e r e r n r i v e e a t d v k - h e - l - e s s v C a a i u n s l h t m p N o d a d s e e e n i t - « t d s p T o d im s e i - t e s p m U G e o d . r o e S s e n n v i . - - t - t s b f D a ro n u m k e s b D a t n u o k e s b s r F i e R a e o n a e r n r w g e a t d v k - s l - - e s City 1934—Jan. 3 10,874 2,080 126 108 1,846 3,421 3,355 2,018 1,234 227 6,164 4,108 412 1,270 1,799 26 Jan.10 10,849 2,076 131 102 1,843 3,395 3,387 1,991 1,229 230 6,221 4,107 328 1,232 1,775 22 Jan. 17. 10,866 2,067 137 98 1,832 3,399 3,390 2,010 1,257 215 6,299 4,118 263 1,292 1,834 21 Jan. 24 10,826 2,051 134 100 1,817 3,373 2,004 1,267 214 6,284 4,132 209 1,337 1,870 20 Jan. 31 11,172 2,057 144 106 1,807 3,347 3,763 2,005 1,236 199 6,306 4,129 548 1,335 1,853 13 Feb. 7 11,159 2,056 143 105 1,808 3,342 3,766 1,995 1,278 210 6,329 4,131 547 1,388 1,975 12 Feb. 14 11, 224 2,052 145 103 1,804 3,337 3,837 1,998 1,321 217 6,521 4,109 550 1,447 2,041 10 Feb. 21 11, 486 2,058 148 109 1,801 3,327 4,095 2,006 1,274 209 6,425 4,160 791 1,400 1,985 11 Feb. 28 11,476 2,046 143 108 1,795 3,320 4,106 2,004 1,301 206 6,458 4,161 796 1,446 2,005 12 Mar. 7 11,432 2,039 144 106 1,789 3,329 4,050 2,014 1,415 215 6,480 4,173 796 1,479 2,075 10 Mar. 14.... 11,373 2,052 146 119 1,787 3,332 3,962 2,027 1,536 218 6,599 4,184 796 1,585 2,128 10 Mar. 21.... 11, 400 2,058 145 132 1,781 3,324 3,989 2,029 1,491 211 6,548 4,199 795 1,605 2,135 9 Mar. 28~- 11, 344 2,041 145 115 1,781 3,336 3,932 2,035 1,459 225 6,570 4,191 732 1,582 2,124 Apr. 4 11, 249 2,042 149 117 1,776 3,329 3,855 2,023 1,487 223 6,575 4,178 1,635 2,181 Apr. 11 11,231 2,047 162 130 1,755 3,341 3,813 2,030 1,637 228 6,756 4,198 1,661 2,196 Apr. 18 11,313 2,043 169 126 1,748 3,339 3,877 2,054 1,641 225 6,832 4,227 630 1,658 2,227 Apr. 25.... 11, 364 2,022 162 133 1,727 3,325 3,962 2,055 1,623 227 6,865 4,265 595 1,665 2,205 May2 11,354 2,023 167 132 1,724 3,315 3,958 2,058 1,584 215 6,881 4,263 528 1,618 2,239 May 9 11,303 2,012 167 130 1,715 3,314 3,923 2,054 1,631 227 6,851 4,280 515 1,651 2,252 May 16 11,311 2,016 167 126 1,723 3,310 3,919 2,066 1,642 219 6,941 4,284 496 1,687 2,261 May23.._. 11,296 1,999 164 120 1,715 3,303 3,913 2,081 1,657 224 6,930 4,273 495 1,668 2,224 May 30 11, 304 2,004 165 120 1,719 3,305 3,894 2,101 1,647 228 6,971 4,265 472 1,640 2,192 June 6 11,309 2,002 164 125 1,713 3,300 3,899 2,108 1,675 225 6,973 4,251 472 1,676 2,265 5 June 13 11, 277 2,001 170 123 1,708 3,288 3,853 2,135 1,711 231 7,082 4,262 452 1,722 2,283 5 June 20 11,564 2,002 164 134 1,704 3,276 4,170 2,116 1,662 220 6,963 4,296 707 1,668 2,211 6 June 27.... 11, 598 1,990 166 132 1,692 3,272 4,213 2,123 1,685 229 4,317 714 1,673 2,219 5 July 4 11,615 1,979 166 136 1,677 3,268 4,240 2,128 1,693 217 7,086 4,314 711 1,715 2,356 10 July 11 11, 622 1,972 171 130 1,671 3,268 4,239 2,143 1,768 231 7,166 4,332 710 1,772 2,391 5 July 18 11, 667 1,974 182 124 1,668 3,272 4,262 2,159 1,791 220 7,189 4,346 710 1,779 2,407 5 July 25 11, 688 1,971 179 121 1,671 3,266 4,268 2,183 1,819 220 7,227 4,341 1,741 2,381 5 Aug. 1 11,767 1,953 166 117 1,670 3,302 4,270 2,242 1,721 205 7,214 4,327 681 1,672 2,335 5 Aug. 8 11,778 1,949 167 115 1,667 3,317 4,296 2,216 1,778 218 7,251 4,334 681 1,643 2,351 5 Aug. 15 11,815 1,939 156 119 1,664 3,333 4,303 2,240 1,767 213 7,322 4,357 658 1,685 2,397 5 Aug. 22.— 11,838 1,932 160 116 1,656 3,341 4,300 2,265 1,759 218 7,296 4,369 648 1,644 2,367 5 Aug. 29.._- 11,822 1,925 162 117 1,646 3,335 4,292 2,270 1,787 227 7,350 4,371 628 1,656 2,345 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 9—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES—CONDITION BY WEEKS, SEPTEMBER 1934-OCTOBER 1935 [In millions of dollars] Loans to customers (except banks) Ope l n o - a m n a s rket Investments Re- (We D dn a e t s e day) i m T n lo a v o e n a e n t n d a s t s t l s - Total C Y N b k o s T r i i e u o e o d o t r w t r - y e s - k i o o c t n t T u h i e o r e s s i r e - s - e l R o s e t a a a n t l s e - m O c lo u t e t a s h o t n r e o s s r - ' L ba o t n o a k n s s A m b p a c o c a e n a o c u n r p c m e c g d e e i p h - s r a t t l - L C Y N k b o i r i t e o e n o t o a y r w r - n s k s i Total D U i m . r S e g e c . a n t G t t i o o o F g n v b a s u u e l n i a l r - - l n r y - - O r s i e t t c h ie u e s - r s b s w F e e a R e r e r i n r e v a t d v - k h e l - e s s v C a i a n u s l h t d b f o a D r t m n o i u k c m e e s s 1 teed 1934—Sept. 5— 18,970 7,006 181 2,369 1,153 3,303 123 460 777 10,604 7,054 <595 2,955 3,068 258 1,651 Sept. 12- 18,978 6,969 160 2,349 1,152 3,308 137 463 760 10,649 7,094 *599 2,956 3,091 278 1,677 Sept. 19- 18,961 6,970 154 2,340 1,148 3,328 114 474 713 10,690 7,159 4 598 2,933 3,039 276 1,673 Sept. 26- 18,998 6,972 154 2,332 1,149 3,337 117 473 10,733 7,163 4 599 2,971 3,134 287 1,667 Oct. 3— 19,026 6,979 154 2,320 1,148 3,357 123 481 10,757 7,169 468 3,120 277 1,674 Oct. 10- 19,039 7,008 156 2,323 1,148 3,381 112 481 10,749 7,192 466 3,091 3,120 298 1,709 Oct. 17- 19,075 7,000 155 2,315 1,149 3,381 119 482 723 10,751 7,182 482 3,087 3,114 285 1,752 Oct. 24- 19.070 157 2,306 1,147 3,370 123 482 725 10,760 7,183 505 3,072 3,136 291 1,720 Oct. 31- 19.071 6,977 159 2,294 1,149 3,375 120 474 710 10.790 7,185 585 3,020 3,151 1,735 Nov. 7— 19,068 6,927 154 2,285 1,147 3,341 125 480 681 10,855 7,228 3,024 3,135 310 1,731 Nov. 14— 18,986 6,920 157 2,291 1,145 3,327 120 478 670 10,798 7,256 596 2,946 3,210 312 1,796 Nov. 21_. 18,914 6,887 157 2,281 1,142 3,307 119 483 671 10,754 7,222 600 2,932 3,331 297 1,781 Nov. 28- 6,905 161 2,287 1,140 3,317 122 468 676 10,817 7,265 605 2,947 3,270 307 1,738 Dec. 5___ 19,100 6,905 163 2,300 1,141 3,301 134 461 740 10,860 7,294 613 2,953 3,198 302 1,817 Dec. 12__ 19,127 6,868 168 2,293 1,139 3,268 133 460 744 10,922 7,348 616 2,958 3,219 327 1,890 Dec. 19__ 19,608 6,858 168 2,284 1,139 3,267 129 459 769 11,393 7,762 621 3,010 3,109 336 1,898 Dec. 26-_ 19, 544 6,828 172 2,280 1,137 3,239 112 449 734 11,421 7,776 623 3,022 3,111 356 1,865 1935—Jan. 2 19,482 6,785 176 2,259 1,136 3,214 123 450 757 11,367 7,771 641 2,955 3,218 321 1,973 Jan. 9 19,425 6, 738 167 2,235 1,134 3,202 127 449 731 11,380 7,776 647 2,957 3,388 311 1,911 Jan. 16— 19, 520 6,735 175 2,232 1,135 3,193 123 442 769 11,451 7,809 660 2,982 3,458 289 2,009 Jan. 23— 19, 514 6,731 171 2,245 1,132 3,183 126 456 739 11,462 7,808 673 2,981 3,588 293 1,973 Jan. 30— 19, 504 6,737 173 2,241 1,129 3,194 122 446 718 11,481 7,810 664 3,007 3,623 303 1,986 Feb.6__- 19,470 6,739 2,236 1,127 3,207 120 434 11,482 7,802 679 3,001 3,671 2,002 Feb. 13. _ 19,517 6,753 172 2,229 1,128 3,224 123 433 723 11,485 7,777 698 3,010 3,632 319 2,061 Feb. 20_- 19,486 6,761 174 2,222 1,127 3,238 113 441 700 11,471 7,795 710 2,966 3,676 310 2,069 Feb. 27__ 19, 581 6,758 2,193 1,123 3,270 118 445 740 11, 520 7,791 731 2,998 3, 643 314 2,074 Mar. 6— 19, 727 6,798 179 2,215 1,120 3,284 106 434 854 11, 535 7,783 750 3,002 3,569 301 2,038 Mar. 13- 19,797 6,788 177 2,208 1,120 3,283 103 423 854 11,629 7,853 749 3,027 3,603 310 2,081 Mar. 20- 19,770 6,807 181 2,216 1,120 3,290 110 425 773 11,655 7,887 746 3,022 3,394 304 1,985 Mar. 27_. 19, 748 6,788 195 2,200 1,122 3,271 102 432 761 11,665 7,858 752 3,055 3,359 309 1,957 Apr. 3-_. 19,793 6,783 176 2,185 1,122 3,300 120 440 741 11,709 7,858 3,079 3,228 296 1,929 Apr. 10__ 19,822 6,762 171 2,172 1,121 3,298 120 431 752 11,757 7,902 3,066 3,329 314 1,902 Apr. 17-_ 19,928 6,757 167 2,166 1,119 3,305 116 417 798 11,840 7,963 3,089 3,534 307 1,996 Apr. 24. . 19,883 6,731 174 2,149 1,118 3,290 104 411 850 11,787 7,912 784 3,091 3,757 309 2,044 May 1 19,959 6,757 192 2,146 1,119 3,300 114 403 11,804 7,902 782 3,120 3,741 287 2,095 May 8.__ 19,808 6,709 177 2,124 1,118 3,290 105 402 819 11,773 7,895 782 3,096 3,767 299 1,996 May 15.- 19,741 6,714 169 2,132 1,118 3, 295 127 402 812 11,686 7,848 779 3,059 3,838 299 2,079 May 22. _ 19,775 6,684 2,128 1,116 3,271 134 395 11,716 7,844 801 3,071 3,874 307 2,046 May 29.. 19,787 6,710 2,116 1,157 3,261 162 375 11,676 7,778 791 3,107 3,879 314 1,999 June 5__- 19,758 6,690 168 2,117 1,155 3,250 122 369 811 11, 766 7,867 917 2,982 3,938 307 1,971 June 12.. 19,834 6,762 176 2,126 1,152 3,308 105 353 843 11,771 7,853 924 2,994 4,114 322 2,047 June 19-. 19,952 6,723 173 2,115 1,149 3,286 113 344 838 11,934 7,949 967 3,018 4,043 316 2,003 June26-_ 20,002 6,710 172 2,111 1,149 3,278 112 332 883 11,965 7,970 964 3,031 4,072 328 2,052 July 3— 19,828 6,711 183 2,104 1,147 3,277 83 322 921 11.791 7,824 972 2,995 3,875 321 2,095 July 10— 19,730 6,681 175 2,094 1,147 3,265 85 316 860 11, 788 7,762 976 3,050 4,051 334 2,079 July 17— 20,089 6,702 172 2,086 1,139 3,305 98 312 881 12,096 8,044 996 3,056 3,917 318 2,071 July 24— 20,054 6,663 167 2,079 1,139 3,278 97 316 855 12,123 8,073 1,013 3,037 3,918 323 2,018 July 31— 19,845 6,577 170 2,081 1,136 3,190 103 306 825 12,034 7,947 1,017 3,070 4,084 322 2,019 A A A u u u g g g . . . 1 7 2 4 1 . . - - . . 1 1 1 9 9 9 , , , 7 8 7 9 6 9 2 8 9 6 6 6 , , , 6 5 5 5 9 8 7 4 4 1 1 1 7 6 6 1 5 3 2 2 2, , , 0 0 0 7 7 7 7 6 1 1 1 1 , , , 1 1 1 3 3 3 6 8 5 3 3 3 , , , 2 2 2 2 8 0 0 1 2 1 8 7 0 3 4 0 3 3 3 1 1 1 1 3 0 8 8 8 4 5 4 9 3 2 1 1 1 1 1 1 , , , 9 9 9 5 7 6 1 8 0 7 7 7 , , , 8 8 8 4 6 4 9 4 7 1 1 1 , , , 0 0 0 1 2 2 9 0 1 3 3 3 , , , 0 0 1 8 7 1 2 7 0 4 4 4 , , , 2 0 2 3 9 9 9 5 5 3 3 3 2 3 2 2 2 2 2 2 2 , , , 0 1 1 4 0 2 5 5 3 Aug. 28.. 19,839 160 2,071 1,135 3,288 75 310 778 12,022 7,877 1,035 3,110 4,354 333 2,143 Sept. 4— 19,908 162 2,066 1,132 3,279 82 308 832 12,047 7,864 1,083 3,100 4,223 323 2,168 Sept. 11- 19,974 165 2,061 1,136 3,307 74 314 878 12,039 7,840 1,100 3,099 4,373 347 2,239 Sept. 18— 20,410 6,682 161 2,061 1,139 3,321 94 319 842 12,473 8,249 1,100 3,124 4,147 333 2,240 Sept. 25- 20,456 6,727 162 2,073 1,140 3,352 109 324 825 12,471 8,227 1,093 3,151 4,264 339 2,202 Oct. 2—- 20,420 6,773 169 2,080 1,144 3,380 87 324 846 12.390 8,183 1,094 3,113 4,200 325 2,256 Oct. 9 20, 354 6,768 160 2,080 1,147 3,381 90 324 793 12, 379 8,171 1,096 3,112 4,304 352 2,247 Oct. 16— 20,300 6,776 154 2,079 1,148 3,395 83 329 787 12,325 8,118 1,119 3,088 4,479 332 2,308 Oct. 23— 20,322 6,723 158 2,077 1,145 3,343 84 327 797 12.391 8,130 1,128 3,133 4,563 340 2,234 Oct. 30— 20,378 6,713 152 2,075 1,146 3,340 81 329 779 12, 476 8,177 1,133 3,166 4,632 350 2,219 i Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Includes reporting banks' own acceptances. 8 Includes dollar balances due from American branches of foreign banks. * Securities guaranteed by U. S. Government as to interest only included with fully guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 733 TABLE 9—WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES—CONDITION BY WEEKS, SEPTEMBER 1934-OCTOBER 1935—Continued [In millions of dollars] Cash Demand deposits Time deposits items Total reported as on Interbank Demand Interbank Bor- Other (We D dn a e t s e day) h in e a s n p s d r o o o f c r - Other Total Do- For- U G er o . n S v - . - c C h f e e ie c rt d k i s - , Other d a e d p j 0 u o s ) s t i e ts d - Do- For- Other row- li t a i b e i s li- a C cc a o p u it n a t l collec- liabili- mestic eign ment etc. mestic eign tion ties banks banks banks banks 1934—Sept. 5... 1,007 1,628 26, 582 3,968 130 1,168 425 11, 438 10,856 121 3,517 Sept. 12.. 1,033 1,641 3,969 128 1,171 368 11,590 10,925 122 4, 926 3,516 Sept. 19- 987 1,643 26, 579 3,971 131 1,172 384 11,465 10,862 117 4,876 937 3,510 Sept. 26- 910 1,672 26,668 3,932 131 1,173 334 11,619 11,043 119 4,875 3,511 Oct. 3___. 1,000 1,690 26, 703 4,026 125 1,176 360 11,580 10,940 120 4,868 927 3,515 Oct. 10. _. 961 1,704 26,831 4,059 123 1,177 348 11,681 11,068 122 4,866 938 3,514 Oct. 17. _ . 1,178 1,680 27,084 4,155 130 1,003 447 11,912 11,181 122 4,859 934 3,516 Oct. 24... 950 1,673 26,840 4,102 122 915 384 11,828 11,262 121 4,877 963 3,522 Oct. 31__. 1,118 1,701 27,064 4,113 132 913 391 12,028 11,301 120 4,875 962 3,523 Nov. 7—. 1,151 1,705 27,100 4,171 119 914 393 12.019 11,261 120 4,863 964 3,528 Nov. 14... 1,221 1,696 27,221 4,232 119 874 391 12,118 11, 288 122 4,848 986 3,525 Nov. 21... 990 1,682 26,995 4,197 128 837 362 12.020 11, 392 122 4,823 974 3,524 Nov. 28... 1,114 1,686 27,103 4,121 137 802 423 12,190 11,499 119 4,800 990 3,512 Dec. 5___. 1,061 1,683 27,161 4,254 135 825 500 12,043 11,482 120 4,747 1,007 3,522 Dec. 12__. 1,152 1,689 27,404 4,326 132 824 438 12,260 11,546 121 4,748 1,020 3,521 Dec. 19... 1,143 1,663 27, 757 4,254 132 1,437 491 12,089 11.437 123 4,769 936 3,519 Dec. 26... 1,030 1,670 27, 576 4,194 137 1,437 381 12,068 11,419 121 4,781 937 3,512 1935—Jan. 2 1,623 1,659 28, 276 4,348 133 1,437 12,368 11,414 119 4,810 906 3,479 Jan. 9 1,005 1,654 27, 694 4,343 128 1,429 435 12,023 11,453 122 4,820 905 3,482 Jan. 16.... 1,193 1,652 28,121 4,492 126 1,424 487 12, 257 11,551 120 4,823 900 3,477 Jan. 23.... 1,057 1,613 28,038 4,482 146 1,384 436 12, 228 11,607 124 4,850 898 3,479 Jan. 30— 1,045 1,608 28,069 4,467 172 1,310 484 12, 244 11,683 123 4,860 915 3,478 Feb. 6___. 1,560 27,896 4,587 175 1,308 12,077 11,569 126 4,873 870 3,480 Feb. 13._. 1,351 1,546 28,426 4,648 177 1,216 512 12,485 11,646 129 4,874 884 3,483 Feb. 20... 1,189 1,531 28,261 4,704 173 1,166 480 12, 363 11,654 129 4,874 877 3,483 Feb. 27-. 1,169 1,548 28, 329 4,701 165 1,098 466 12,496 11, 793 127 4,878 897 3,483 Mar. 6.... 1,379 1,570 28, 584 4,787 158 1,094 716 12,401 11, 738 130 4,875 907 3,501 Mar. 13- 1,093 1,548 28,432 4,771 157 1,093 402 12, 626 11,935 133 4,862 905 3,472 Mar. 20- 1,095 1,507 28,055 4,581 158 1,094 445 12, 396 11,746 137 4,883 851 3,478 Mar. 27- 1,101 1,510 27,984 4,517 164 1,094 460 12,420 11,779 134 4,898 811 3,478 Apr. 3 1,163 1,519 27,928 4,519 165 1,095 543 12, 308 11, 688 134 4,910 750 3,482 Apr. 10... 1,077 1,489 27,933 4,469 181 1,095 462 12, 445 11,830 132 4,909 742 3,491 Apr. 17... 1,230 1,453 28, 448 4,655 194 1,093 479 12, 740 11,989 132 4,930 725 3,491 Apr. 24.. 1,239 1,445 28,677 4,684 193 1,092 638 12,759 12,158 127 4,940 740 3,496 May 1 1,849 1,460 29,391 4,754 1,020 877 13,203 12,231 130 4,991 722 3,498 May 8— 1,028 1,437 28, 335 4,588 191 943 437 12,833 12,244 129 4,977 722 3,503 May 15-. 1,291 1,454 28, 702 4,655 192 875 542 13,083 12,334 133 4,983 707 3,507 May 22... 1,076 1,483 28, 561 4,597 210 839 450 13,127 12, 501 130 4,966 714 3,512 May 29... 1,108 1,494 28, 581 4,543 283 777 462 13, 202 12, 556 129 4,935 730 3,509 June 5 1,071 1,467 28, 512 4,630 282 785 434 13,167 12, 530 121 4,876 711 3,500 June 12... 1,203 1,400 28, 920 4,626 782 473 13,602 12,872 119 4,852 3,501 June 19__. 1,198 1,372 4,617 725 534 13, 539 12, 875 119 4,889 3,503 June26_.. 1,055 1,387 28,896 4,632 258 724 429 13, 603 12,977 121 4,880 729 3,495 July3_... 1,289 1,369 28, 777 4,804 249 400 542 13, 668 12,921 123 4,842 3,476 July 10... 1,109 1,370 28, 673 4,771 253 363 447 13, 700 13,038 119 4,852 679 3,483 July 17... 1,160 1,356 28,911 4,677 255 551 462 13,836 13,138 117 4,839 655 3,483 July 24... 1,000 1,368 28, 681 4,621 258 550 425 13, 707 13,132 119 4,851 641 3,482 July 31... 1,205 1,372 28,847 4,734 552 460 13,707 12,962 118 4,856 642 3,487 Aug. 7._.. 977 1,355 28, 593 4,715 255 555 401 13, 525 12,949 121 4,873 3,488 Aug. 14... 1,175 1,378 29,021 4,778 266 560 463 13,806 13,094 123 4,880 651 3,486 Aug. 21... 1,037 1,382 29,027 4,813 270 561 412 13,843 13, 218 122 4,852 657 3,491 Aug. 28.... 1,013 1,394 29,076 4,807 272 557 426 13,850 13, 263 125 4,839 701 3,492 Sept. 4.... 1,053 1,401 29,076 4,926 266 523 13,825 13,168 121 4,833 681 3,495 Sept. 11- 1,164 1,386 29,483 5,049 260 527 424 14, 030 13, 290 119 4,841 732 3,494 Sept. 18.. 1,255 1,376 29,761 5,066 262 730 469 14,023 13,237 118 4,866 721 3,489 Sept. 25- 1,204 1,391 29,856 4,947 294 730 550 14,092 13.438 119 4,870 738 3,487 Oct. 2___ 1,204 1,386 29, 791 5,077 307 722 467 13,983 13,246 121 4,890 731 3,488 Oct. 9___ 1,124 1,397 29,778 5,099 346 722 496 13,848 13,220 119 4,913 737 3,493 Oct. 16__ 1,447 1,359 30,225 5,233 367 629 460 14, 255 13,268 119 4,921 740 3,493 Oct. 23_ . 1,170 1,360 29,989 5,112 368 545 443 14,190 13,463 118 4,963 741 3,502 Oct. 30_ . 1,145 1,367 30,091 5,107 547 401 14,342 13, 598 117 801 3,504 1 Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 10.—WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY—CONDITION BY WEEKS, SEPTEMBER 1934-OCTOBER 1935 [In millions of dollars] Loans to customers (except banks) Ope l n o a m n a s rket Investments Re- (We D dn a e te sday) i m T n l a o o v e n a e t n n d a s t s l t s - Total C Y N k o s b T i i e r o u e d t o o r r t w y e - s - k i o r s t i o e T h t c i n e o e u r s - s e l R o st e a a a n t l s e O l t e o c o t u t r o a m h s s n e - 2 - s r L ba o t n o a k n s s A b p a c o m c a c n a o c u n i p e c m e a g d r e e p l - h - s r t t - k L C Y N e b o i r o r t e t a s o o y w r n i - k * n s Total U m r D . e e c S i n - t . t t i G o o n o b F g s t v l a e u u i e g n e a l r a l d - n r y - - - O r s i e t t c h i u e e s - r s s b w F e e R e a r e r r i v e n a t v d - e h l k e - s v C a i a u n s l h t b f m a D t r d i n o e c o u k m s - e - s3 1934—Sept. 5 7,186 2,190 54 809 137 1,190 65 241 621 4,069 2,827 4 252 4 990 1,332 38 59 Sept. 12 7,150 2,176 47 806 138 1,185 71 241 605 4,057 2,816 4 254 4987 1,331 40 60 Sept. 19 7,065 2,162 47 792 137 1,186 59 248 558 4,038 2,826 4 252 4 960 1,348 37 59 Sept. 26 7,077 2,166 48 790 137 1,191 60 241 555 4,055 2,813 4 252 4 990 1,448 40 57 Oct 3 7,077 2,182 49 789 136 1,208 61 241 541 4,052 2,794 221 1,037 1,399 39 64 Oct. 10 - -. 7,092 2,200 49 788 135 1,228 58 243 544 4,047 2,812 220 1,015 1,423 45 60 Oct 17 7,118 2,193 50 786 134 1,223 67 243 576 4,039 2,800 229 1,010 1,381 38 34 Oct 24 7,114 2,188 49 778 134 1,227 70 242 587 4,027 2,798 235 994 1,388 40 62 Oct. 31 7,123 2,201 50 780 134 1,237 64 242 564 4,052 2,804 254 994 1,425 44 59 Nov 7 7,123 2,187 50 781 133 1,223 70 246 526 4,094 2,830 265 999 1,339 52 64 Nov. 14 7,024 2,188 51 786 133 1,218 69 238 517 4,012 2,825 264 923 1,402 48 63 Nov. 21 6,990 2,177 51 780 133 1,213 69 235 521 3,988 2,813 264 911 1,529 45 61 Nov. 28 7,064 2,192 51 789 133 1,219 69 228 525 4,050 2,841 272 937 1,463 52 58 Dec 5 7,186 2,189 52 798 134 1,205 83 223 587 4,104 2,891 273 940 1,355 47 70 Dec 12 _._ 7,213 2,172 52 799 133 1,188 79 226 581 4,155 2,941 272 942 1,372 49 74 Dec. 19 7,388 2,173 53 790 133 1,197 69 228 605 4,313 3,060 270 983 1,359 54 75 Dec. 26 7,335 2,149 53 790 132 1,174 61 222 573 4,330 3,086 267 977 1,415 59 73 1935—Jan. 2 .. .. 7,346 2,117 54 773 130 1,160 62 227 598 4,342 3,103 273 966 1,501 50 83 Jan 9 7,332 2 099 54 768 130 1,147 65 231 564 4,373 3,127 269 977 1,527 45 71 Jan 16 7,487 2,112 55 779 131 1,147 62 227 603 4,483 3,209 268 1,006 1,505 40 73 Jan 23 7,465 2,126 55 792 131 1,148 66 240 579 4,454 3,179 272 1,003 1,646 42 74 Jan. 30 7,422 2,125 55 792 131 1,147 64 232 559 4,442 3,150 272 1,020 1,720 49 73 Feb 6 7,363 2 119 57 790 131 1,141 61 224 536 4,423 3,129 283 1,011 1,804 50 72 Feb 13 7,392 2,138 59 785 131 1,163 64 222 564 4,404 3,117 277 1,010 1,765 57 77 Feb. 20 7,307 2,136 58 785 131 1,162 56 227 542 4,346 3,090 275 981 1,826 53 72 Feb 27 7,401 2,121 56 764 131 1,170 61 228 582 4,409 3,108 285 1,016 1,773 54 67 Mar. 6 ._. 7,547 2,146 55 779 131 1,181 51 221 676 4,453 3,128 284 1,041 1,701 49 66 Mar. 13 7,602 2,140 54 773 130 1,183 50 212 678 4,522 3,198 276 1,048 1,704 51 65 Mar. 20 7,539 2,149 54 780 130 1,185 54 211 609 4,516 3,202 274 1,040 1,622 53 66 Mar. 27 7,566 2,117 54 769 130 1,164 48 220 604 4,577 3,230 276 1,071 1,644 50 64 Apr. 3 7,661 2,134 55 762 130 1,187 67 227 576 4,657 3,290 279 1,088 1,530 49 65 Apr 10 7,635 2,129 54 757 130 1,188 66 218 578 4,644 3,310 275 1,059 1,576 52 64 Apr. 17 7,741 2,123 54 754 130 1,185 64 212 692 4,650 3,319 272 1,059 1,631 50 68 Apr. 24 7,736 2,104 56 742 128 1,178 52 206 791 4,583 3,263 261 1,059 1,734 44 69 May 1 7,830 2,104 58 745 129 1,172 62 203 832 4,629 3,290 262 1,077 1,699 41 70 May 8 7,630 2,088 57 737 128 1,166 51 202 769 4,520 3,221 260 1,039 1,679 42 73 May 15 7,605 2,097 57 739 128 1,173 72 200 769 4,467 3,198 257 1,012 1,749 45 71 May 22 _ 7,656 2,086 59 737 128 1,162 79 197 806 4,488 3,199 270 1,019 1,764 45 72 May 29 7,690 2,074 58 731 127 1,158 108 183 828 4,497 3,225 247 1,025 1,806 49 71 June 5 _- 7,631 2,058 58 729 128 1,143 66 178 775 4,554 3,285 299 970 1,840 43 71 June 12 7,674 2,102 58 737 127 1,180 51 169 806 4,546 3,274 299 973 1,955 45 72 June 19 7 730 2,086 60 733 127 1,166 60 160 798 4,626 3,314 329 983 1,889 43 71 June 26 7,775 2,082 60 733 126 1,163 62 153 844 4,634 3,324 316 994 1,885 46 103 July 3 7,718 2,096 66 732 125 1,173 42 149 886 4,545 3,245 320 980 1,689 48 112 July 10 7,612 2,077 60 730 124 1,163 43 144 823 4,525 3,187 319 1,019 1,906 45 109 July 17 7,805 2,096 59 732 123 1,182 55 138 841 4,675 3,327 323 1,025 1,756 42 96 July 24 7,785 2,075 58 729 123 1,165 56 141 822 4,691 3,330 336 1,025 1,853 42 96 July 31 7,548 2,008 57 723 122 1,106 62 133 793 4,552 3,174 342 1,036 2,122 44 95 Aug. 7 7,504 2,014 55 723 122 1,114 61 131 805 4,493 3,103 355 1,035 2,132 42 90 Aug. 14 7,519 2,031 56 721 122 1,132 44 128 817 4,499 3,106 358 1,035 2,223 45 94 Aug. 21 7,558 2.077 57 723 122 1,175 36 129 814 4,502 3,089 355 1,058 2,276 42 97 Aug. 28 7,543 2,074 56 712 122 1,184 34 129 751 4,555 3,136 359 1,060 2,333 44 95 Sept. 4 7,580 2,053 58 710 122 1,163 41 126 794 4,566 3,125 371 1,070 2,250 45 94 Sept. 11 7,656 2,065 56 704 123 1,182 34 129 847 4,581 3,148 372 1,061 2,294 49 93 Sept. 18 7,852 2,075 55 706 123 1,191 54 131 817 4,775 3,326 372 1,077 2,118 47 96 Sept. 25 7,882 2,096 56 714 123 1,203 70 135 800 4,781 3,312 366 1,103 2,223 50 91 Oct. 2 _. 7,822 2,122 58 728 123 1,213 44 136 821 4,699 3,268 366 1,065 2,267 49 89 Oct. 9 7,793 2,124 57 727 123 1,217 49 136 768 4,716 3,280 367 1,069 2,251 57 85 Oct. 16 7,704 2,124 57 721 123 1,223 44 140 761 4,635 3,209 377 1,049 2,331 53 82 Oct. 23 7,658 2,055 59 715 123 1,158 44 141 773 4,645 3,181 381 1,083 2,416 55 82 Oct. 30 7,694 2,052 58 713 123 1,158 41 147 770 4,684 3,189 382 1,113 2,442 58 76 i Loans (secured by stocks and bonds) to brokers and dealers in securities. Includes reporting banks' own acceptances. • Includes dollar balances due from American branches of foreign banks. 4 Securities guaranteed by U. S. Government as to interest only included with fully guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 735 TABLE 10.—WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY—CONDITION BY WEEKS, SEPTEMBER 1934-OCTOBER 1935—Continued [In millions of dollars] Cash Demand deposits Time deposits items Total report- assets De- (We D dn a e t s e day) e h i c d n e a t o s i n l a s p o l s d e r n o o c o o f c - n r - a O s t s h e e ts r T a o b t i a li l ti l e i- s D b o a t I n m ic n k e t s e s r - b F a b o n a r k n e k ig s n m U G er . e o n S n v - . t - j C h f e e e i t c e c r k t . d i s - , Other a d m d e i j a p t u n s o s d s t- - D b o a t I m n i n c k e t s e s r - b F a b o n a r k n e k ig s n Other B i r n o o g w r s - l O ia ti t b e h i s e li r - a C c a c p o i u t n al t 1934—Sept. 5... 518 764 9,897 1,571 112 283 4,653 654 315 1,468 Sept. 12... 762 9,851 1,577 109 597 240 4,874 4,606 654 326 1,465 Sept. 19... 772 9,769 1,575 114 242 4,780 4,534 655 337 1,462 Sept. 26... 431 791 9,844 1,556 114 209 4,895 4,673 656 350 1,461 Oct. 3__. 467 806 9,852 1,600 109 219 4,868 4,620 660 329 1,462 Oct. 10. _ 469 814 9,903 1,630 107 600 206 4,905 4,642 659 332 1,461 Oct. 17__ 804 9,993 1,651 113 516 301 4,971 4,684 649 326 1,462 Oct. 24. _ 474 9,880 1,632 104 473 246 4,973 4,745 649 335 1,463 Oct. 31_. 602 10,062 1,653 113 473 250 5,127 4,775 644 332 1,466 Nov. 7— 814 9,990 1,636 101 473 242 5,088 4,732 639 1,467 Nov. 14.. 594 799 9,930 1,643 102 454 243 5,028 4,677 634 354 1,467 Nov. 21.. 479 782 9,886 1,679 110 437 221 5,002 4,744 625 339 1,467 Nov. 28.. 589 774 10,000 1,650 120 420 270 5,105 4,786 622 345 1,462 Dec. 5_ — 572 763 9,993 1,713 116 425 324 4,979 4,731 600 361 1,469 Dec. 12.. 604 762 10,074 1,762 112 425 282 5,069 4,747 596 350 1,466 Dec. 19.- 596 748 10,220 1,727 114 735 326 4,944 4,674 592 309 1,468 Dec. 26.. 510 752 10,144 1,679 118 735 235 5,001 4,726 595 307 1,467 1935—Jan. 2__. 952 763 10, 695 1,796 113 735 473 5.206 4,727 301 1,465 Jan.9 522 749 10,246 1,786 110 731 296 4,957 4,731 298 1,462 Jan.16. _ 633 748 10,486 1,871 108 731 329 5,074 4,770 602 301 1,463 Jan. 23-_ 590 715 10, 532 1,868 128 713 298 5,138 4,846 611 302 1,464 Jan. 30_ _ 585 10, 548 1,869 152 332 5,135 4,882 301 1,462 Feb. 6__. 437 657 10, 383 1,903 155 234 5,059 4,856 611 275 1,458 Feb. 13.. 732 638 10, 661 1,948 156 623 372 5,193 4,833 610 292 1,459 Feb. 2O._ 671 624 10,553 1,985 151 574 337 5,153 4,819 613 273 1,459 Feb. 27.- 622 10, 546 1,958 144 525 318 5,240 4,936 610 282 1,457 Mar. 6... 853 648 10, 864 2,018 137 526 562 5,250 4,959 601 1,460 Mar. 13- 547 626 10, 595 2,006 136 527 254 5,306 5,013 605 295 1,459 Mar. 20- 604 10,467 1,881 137 527 300 5,243 4,960 20 289 1,455 Mar. 27- 611 10, 533 1,846 143 527 313 5,348 5,063 287 1,453 Apr. 3__. 637 620 10, 562 1,836 144 527 382 5,296 5,041 617 16 276 1,461 Apr. 10-_ 581 594 10, 502 1,829 160 527 320 5,300 5,039 622 275 1,462 Apr. 17-_ 637 569 10,696 1,960 170 527 327 5,349 5,039 618 274 1,464 Apr. 24. _ 717 562 10,862 1,949 171 526 457 5,385 5,125 282 1,465 May 1—_ 1,199 11, 408 1,994 164 495 665 5,722 5,188 623 271 1,467 May 8.— 532 557 10, 513 1,867 168 457 283 5,369 5,120 620 271 1,469 May 15- 691 569 10, 730 1,923 169 429 372 5,461 5,142 621 267 1,470 May 22.. 543 601 10,681 1,896 187 410 291 5,528 5,276 620 266 1,472 May 29- 576 605 10, 797 1,883 260 383 303 5,603 5,330 608 282 1,469 June 5-._ 533 587 10, 705 1,896 258 389 276 5,597 5,340 561 1,459 June 12__ 623 524 10, 893 1,888 246 388 325 5,780 5,482 556 251 1,456 June 19.. 641 509 10,883 1,893 241 362 372 5,754 5,485 556 246 1,456 June 26 _. 535 512 10,856 1,914 234 361 271 5,792 5,528 547 15 263 1,456 July 3... 671 511 10, 749 1,970 225 201 356 5,726 5,411 566 251 1,451 July 10.. 575 516 10, 763 1,951 226 182 289 5,830 5,544 566 264 1,452 July 17.. 599 505 10,803 1,913 228 245 304 5,833 5,538 561 238 1,453 July24_. 509 509 10, 794 1,893 231 244 267 5,873 5,631 568 243 1,455 July 31.. 665 510 10,984 2,040 243 244 298 5,874 5,507 571 242 1,455 Aug. 7— 488 500 10, 756 1,993 228 246 256 5,732 5,500 599 239 1,451 Aug. 14- 588 510 10, 979 2,007 238 249 313 5,867 5,592 601 249 1,451 Aug. 21.. 529 511 11,013 2,036 244 250 268 5,895 5,634 602 263 1,451 Aug. 28- 525 512 11,052 2,055 245 247 282 5,653 599 274 1,450 Sept. 4__ 471 501 10,941 2,089 238 230 239 5,835 5,603 591 262 1,453 Sept. 11.. 571 494 11,157 2,179 233 231 284 5,925 5,638 588 263 1,450 Sept. 18.. 665 495 11, 273 2,175 236 297 309 5,939 5,583 269 1,449 Sept. 25.. 659 505 11,410 2,085 265 297 409 6,010 5,760 592 275 1,449 Oct. 2__. 571 483 11,281 2,156 281 290 5,923 5,642 279 1,448 Oct. 9__. 591 11, 276 2,145 319 299 347 5,815 5,571 624 275 1,449 Oct. 16-. 712 11, 353 2,151 339 245 293 5,966 5,547 624 281 1,450 Oct. 23.. 584 11, 263 2,106 337 195 291 5,950 5,657 651 278 1,451 Oct. 30__ 571 469 11,310 2,110 335 196 6,049 5,726 591 325 1,452 i Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 11.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE NEW YORK CITY—CONDITION BY WEEKS, SEPTEMBER 1934-OCTOBER 1935 [In millions of dollars] Open-market Loans to customers (except banks) loans Investments Re- (We D dn a e t s e day) i m n T lo a v o e n a e n t n d a s t s t l s - Total o b C Y N u ro T t i o e s k t w o y i r e d k * r - e s s o e t t T c o h ie u n e o s r r i s - e l R o s e t a a a n t l s e - c m O lo u t t e a s o h r t n e o s s r 2 - L ba o t n o a k n s s m A b p a c o c a e n a o u c n r p c m c e g d e e p i h s - r a t t l - b L C r Y N o o i i t o e k n o a t r w y n e k 1 r s s Total D U m i . r e S e n t c . t i t o G o n a b o F g n s l v u u i t g e e a l a r l e r n y - - d - s O e t c i t e h u s e ri r - s b s w F e e R a e r e r n r i e v a v t d k - h e l e - s s v C a i a n u s l h t b d f o a D r t n m o i u c k m e e s s - * 1934—Sept. 5... 11,784 4,816 127 1,560 1,016 2,113 219 156 6,535 4,227 4 343 41,965 1,736 220 1,592 Sept. 12.. 11,828 4,793 113 1,543 1,014 2,123 222 155 6,592 4,278 4 345 41,969 1,760 238 1,617 Sept. 19.. 11,896 4,808 107 1,548 1,011 2,142 226 155 6,652 4,333 <346 4 1,973 1,691 239 1,614 Sept. 26.. 11,921 4,806 106 1,542 1,012 2,146 232 148 6,678 4,350 4 347 41,981 1,686 247 1,610 Oct. 3.._ 11,949 4,797 105 1,531 1,012 2,149 240 145 6,705 4,375 247 2,083 1,637 238 1,610 Oct. 10- 11,947 4,808 107 1,535 1,013 2,153 238 145 6,702 4,380 246 2,076 1,697 253 1,649 Oct. 17.. 11,957 4,807 105 1,529 1,015 2,158 239 147 6,712 4,382 253 2,077 1,733 247 1,688 Oct. 24.. 11,956 4,792 108 1,528 1,013 2,143 240 138 6,733 4,385 270 2,078 1,748 251 1,658 Oct. 31.. 11,948 4,776 109 1,514 1,015 2,138 232 146 6,738 4,381 331 2,026 1,726 244 1,676 Nov. 7... 11,945 4,740 104 1,504 1,014 2,118 234 155 6,761 4,398 338 2,025 1,796 258 1,667 Nov. 14. 11, 962 4,732 106 1,505 1,012 2,109 240 153 6,786 4,431 332 2,023 1,808 264 1,733 Nov. 21. 11,924 4,710 106 1,501 1,009 2,094 248 150 6,766 4,409 336 2,021 1,802 252 1,720 Nov. 28. 11,924 4,713 110 1,498 1,007 2,098 240 151 6,767 4,424 333 2,010 1,807 255 1,680 Dec. 5___ 11,914 4,716 111 1,502 1,007 2,096 238 153 6,756 4,403 340 2,013 1,843 255 1,747 Dec. 12__ 11,914 4,696 116 1,494 1,006 2,080 234 163 6,767 4,407 344 2,016 ., 847 278 1,816 Dec. 19_ _ 12, 220 4,685 115 1,494 1,006 2,070 231 164 7,080 4,702 351 2,027 ,750 282 1,823 Dec. 26. . 12, 209 4,679 119 1,490 1,005 2,065 227 161 7,091 4,690 356 2,045 297 1,792 1935—Jan. 2... 12,136 4,668 122 1,486 1,006 2,054 223 159 7,025 4,668 368 1,989 ,717 271 1,890 Jan. 9— 12, 093 4, 639 113 1,467 1,004 2,055 218 167 7,007 4,649 378 1,980 ,861 266 1,840 Jan. 16.. 12,033 4,623 120 1,453 1,004 2,046 215 166 6,968 4,600 392 1,976 ,953 249 1,936 Jan. 23._ 12,049 4,605 116 1,453 1,001 2,035 216 160 7,008 4,629 401 1,978 ,942 251 1,899 Jan. 30 12, 082 4,612 118 1,449 998 2,047 214 159 7,039 4,660 392 1,987 ,903 254 1,913 Feb.6__ 12,107 4,620 112 1,446 996 2,066 210 159 7,059 4,673 396 1,990 ,867 249 1,930 Feb. 13. 12,125 4,615 113 1,444 997 2,061 211 159 7,081 4,660 421 2,000 ,867 262 1,984 Feb. 20. 12.179 4,625 116 1,437 996 2,076 214 158 7,125 4,705 435 1,985 ,850 257 1,997 Feb.27_ 12.180 4,637 116 1,429 992 2,100 217 158 7,111 4,683 446 1,982 ,870 260 2,007 Mar. 6- 12,180 4,652 124 1,436 989 2,103 213 178 7,082 4,655 466 1,961 252 1,972 Mar. 13_ 12,195 4,648 123 1,435 990 2,100 211 176 7,107 4,655 473 1,979 259 2,016 Mar. 20 12,231 4,658 127 1,436 990 2,105 214 164 7,139 4,685 472 1,982 ,772 251 1,919 Mar. 27 12,182 4,671 141 1,431 992 2,107 212 157 7,088 4,628 476 1,984 ,715 259 1,893 Apr. 3__ 12,132 4,649 121 1,423 992 2,113 213 165 7,052 4,568 493 1,991 1,698 247 1,864 Apr. 10_ 12,187 4,633 117 1,415 991 2,110 213 174 7,113 4,592 514 2,007 1,753 262 1,838 Apr. 17_ 12,187 4,634 113 1,412 2,120 205 106 7,190 4,644 516 2,030 1,903 257 1,928 Apr. 24- 12,147 4,627 118 1,407 2,112 205 59 7,204 4,649 523 2,032 2,023 265 1,975 Mayl.. 12,129 4,653 134 1,401 990 2,128 200 49 7,175 4,612 520 2,043 2,042 246 2,025 May8._ 12,178 4,621 120 1,387 990 2,124 200 50 7,253 4,674 522 2,057 2,088 257 1,923 May 15. 12,136 4,617 112 1,393 990 2,122 202 43 7,219 4,650 522 2,047 254 2,008 May 22. 12,119 4,598 110 1,391 988 2,109 198 40 7,228 4,645 531 2,052 2,110 262 1,974 May 29. 12,097 4,636 118 1,385 1,030 2,103 192 36 7,179 4,553 544 2,082 2,073 265 1,928 June 5. 12,127 4,632 110 1,388 1,027 2,107 191 36 7,212 4,582 618 2,012 2,098 264 1,900 June 12. 12,160 4,660 118 1,389 1,025 2,128 184 37 7,225 4,579 625 2,021 2,159 277 1,975 June 19. 12,222 4,637 113 1,382 1,022 2,120 184 40 7,308 4,635 638 2,035 2,154 273 1,932 June26_ 12,227 4,628 112 1,378 1,023 2,115 179 39 7,331 4,646 648 2,037 2,187 282 1,949 July 3___ 12,110 4,615 117 1,372 1,022 2,104 173 35 7,246 4,579 652 2,015 2,186 273 1,983 July 10.. 12,118 4,604 115 1,364 1,023 2,102 172 37 7,263 4,575 657 2,031 2,145 289 1,970 July 17.. 12,284 4,606 113 1,354 1,016 2,123 174 40 7,421 4,717 673 2,031 2,161 276 1,975 July 24.. 12,269 4,588 109 1,350 1,016 2,113 175 33 7,432 4,743 677 2,012 2,065 281 1,922 July 31.. 12,297 4,569 113 1,358 1,014 2,084 173 32 7,482 4,773 675 2,034 1,962 278 1,924 Aug. 7.. 12,295 4,570 116 1,353 1,013 2,088 182 37 7,467 4,761 664 2,042 1,963 280 1,955 Aug. 14. 12,273 4,563 109 1,350 1,016 2,088 183 36 7,452 4,743 662 2,047 2,016 287 2,011 Aug. 21. 12, 310 4,580 106 1,354 1,014 2,106 181 35 7,476 4,758 666 2,052 2,019 280 2,026 Aug. 28. 12, 296 4,580 104 1,359 1,013 2,104 181 27 7,467 4,741 676 2,050 2,021 289 2,048 Sept. 4— 12,328 4,586 104 1,356 1,010 2,116 182 7,481 4,739 712 2,030 1,973 278 2,074 Sept. 11 12,318 4,604 109 1,357 1,013 2,125 185 7,458 4,692 728 2,038 2,079 298 2,146 Sept. 18 12, 558 4,607 106 1,355 1,016 2,130 188 7,698 4,923 728 2,047 2,029 2,144 Sept. 25 12,574 4,631 106 1,359 1,017 2,149 189 7,690 4,915 727 2,048 2,041 2,111 Oct. 2— 12, 598 4,651 111 1,352 1,021 2,167 188 7,691 4,915 728 2,048 1,933 276 2,167 Oct. 9— 12, 561 4,644 103 1,353 1,024 2,164 188 7,663 4,891 729 2,043 2,053 295 2,162 Oct. 16.. 12,596 4,652 97 1,358 1,025 2,172 189 7,690 4,909 742 2,039 2,148 279 2,226 Oct. 23.. 12,664 4,668 99 1,362 1,022 2,185 186 7,746 4,949 747 2,050 2,147 285 2,152 Oct. 30.. 12,684 4,661 94 1,362 1,023 2,182 182 7,792 4,988 751 2,053 2,190 292 2,143 i Loans (secured by stocks and bonds)to brokers and dealers in securities. *Includes reporting banks' own acceptances. * Includes dollar balances due from American branches of foreign banks. * Securities guaranteed by U. S. Government as to interest only included with fully guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 737 TABLE 11.—WEEKLY REPORTING MEMBER BANKS IN 100 CITIES OUTSIDE NEW YORK CITY—CONDITION BY WEEKS, SEPTEMBER 1934—OCTOBER 1935—Continued [In millions of dollars] Cash Demand deposits Time deposits items Total reported assets De- (Wed D n a e t s e day) p l o e a h r o f c o s a r t c c n o i i e o o n d n s l n - s a O s t s h e e ts r l T i i a t o i b e t i a s l l - D b o a t m I i n c n k e t s s e - rb F a b o n a r k n ei k g s n G U S m o n t v a e i e t t n e e r t n s d - c C h f e e e i t e c r c d t k . i s - , Other i j d t m u s e s — a p te n o a d d s d - i - D b o a t I m n i n c k t e e s s r - ba b F e n a i k o n g r k n - s Other B i r n o o g w r s - l O i i a t t i b h e i e s l r - a C c a c p o i u t n al t 1934—Sept. 5 489 864 16,685 2,397 18 570 142 6,550 6,203 120 1 4,235 10 593 2,049 Sept. 12 525 879 16,847 2,392 19 574 128 6,716 6,319 121 1 4,235 10 600 2,051 Sept. 19 499 871 16,810 2,396 17 573 142 6,685 6,328 116 1 4,221 11 600 2,048 Sept. 26 479 881 16,824 2,376 17 574 125 6,724 6,370 118 1 4,219 10 610 2,050 Oct. 3 533 884 16,851 2,426 16 576 141 6,712 6,320 119 1 4,208 1 598 2,053 Oct. 10 492 890 16,928 2,429 16 577 142 6,776 6,426 121 1 4,207 606 2,053 Oct. 17 590 876 17, 091 2,504 17 487 146 6,941 6,497 121 1 4,210 2 608 2,054 Oct. 24 476 871 16,960 2,470 18 442 138 6,855 6,517 120 1 4,228 1 628 2,059 Oct. 31 516 892 17, 002 2,460 19 440 141 6,901 6,526 120 1 4,231 2 630 2,057 Nov. 7 . . 553 891 17,110 2,535 18 441 151 6,931 6,559 119 1 4,224 4 625 2,061 Nov. 14 627 897 17, 291 2,589 17 420 148 7,090 6,611 121 1 4,214 1 632 2,058 Nov 21 511 900 17,109 2,518 18 400 141 7,018 6,648 121 1 4,198 2 635 2,057 Nov. 28 525 912 17,103 2,471 17 382 153 7,085 6,713 118 1 4,178 3 645 2,050 Dec. 5 489 920 17,168 2,541 19 400 176 7,064 6,751 119 1 4,147 2 646 2,053 Dec. 12 548 927 17,330 2,564 20 399 156 7,191 6,799 120 1 4,152 2 670 2,055 Dec. 19 547 915 17, 537 2,527 18 702 165 7,145 6,763 122 1 4,177 2 627 2,051 Dec 26 520 918 17, 432 2,515 19 702 146 7,067 6,693 120 4,186 2 630 2,045 1935—Jan 2 671 896 17, 581 2,552 20 702 196 7,162 6,687 118 4,212 605 2,014 Jan 9 483 905 17,448 2,557 18 698 139 7,066 6,722 121 4,222 607 2,020 Jan. 16 560 904 17,635 2,621 18 693 158 7,183 6,781 119 4,221 9 599 2,014 Jan 23 467 898 17, 506 2,614 18 671 138 7,090 6,761 123 4,239 2 596 2,015 Jan 30 460 909 17, 521 2,598 20 630 152 7,109 6,801 122 4,252 8 614 2,016 Feb 6 457 903 17, 513 2,684 20 628 152 7,018 6,713 125 4,262 7 595 2,022 Feb 13 619 908 17, 765 2,700 21 593 140 7,292 6,813 128 4,264 11 592 2,024 Feb. 20 518 907 17,708 2,719 22 592 143 7,210 6,835 128 4,261 5 604 2,024 Feb 27 547 919 17, 783 2,743 21 573 148 7,256 6,857 126 4,268 7 615 2,026 Mar. 6 526 922 17, 720 2,769 21 568 154 7,151 6,779 129 4,274 5 608 2,041 Mar 13 546 922 17,837 2,765 21 566 148 7,320 6,922 132 4,257 5 610 2,013 Mar 20 512 903 17,588 2,700 21 567 145 7,153 6,786 136 4,275 6 562 2,023 Mar 27 503 899 17, 451 2,671 21 567 147 7,072 6,716 133 4,289 2 524 2,025 Apr 3 526 899 17, 366 2,683 21 568 161 7,012 6,647 133 4,293 474 2,021 Apr 10 496 895 17, 431 2,640 21 568 142 7,145 6,791 132 4,287 467 2,029 Apr 17 593 884 17,752 2,695 24 566 152 7,391 6,950 132 4,312 2 451 2,027 Apr 24 522 883 17, 815 2,735 22 566 181 7,374 7,033 127 4,320 1 458 2,031 May 1 650 891 17,983 2,760 24 525 212 7,481 7,043 130 1 4,368 451 2,031 May 8 496 880 17,822 2,721 23 486 154 7,466 7,124 129 1 4,357 451 2,034 May 15 „ 600 885 17,972 2,732 23 446 170 7,622 7,192 133 1 4,362 6 440 2,037 May 22 533 882 17,880 2,701 23 429 159 7,599 7,225 130 l 4,346 4 448 2,040 May 29 532 889 17, 784 2,660 23 394 159 7,599 7,226 129 1 4,327 4 448 2,040 June 5 -_. 538 880 17, 807 2,734 24 396 158 7,570 7,190 121 1 4,315 2 445 2,041 June 12 580 876 18,027 2,738 23 394 148 7,822 7,390 119 1 4,296 1 440 2,045 June 19 557 863 18,001 2,724 25 363 162 7,785 7,390 119 1 4,333 442 2,047 June 26 520 875 18,040 2,718 24 363 158 7,811 7,449 121 2 4,333 5 466 2,039 July 3 618 858 18,028 2,834 24 199 186 7,942 7,510 123 2 4,276 2 415 2,025 July 10 534 854 17,910 2,820 2T 181 158 7,870 7,494 119 2 4,286 1 415 2,031 June 17 561 851 18,108 2,764 27 306 158 8,003 7,600 117 2 4,278 6 417 2,030 July 24. 491 859 17,887 2,728 27 306 158 7,834 7,501 119 2 4,283 5 398 2,027 July 31 540 862 17,863 2,694 26 308 162 7,833 7,455 118 2 4,285 3 400 2,032 Aug. 7 489 855 17,837 2,722 27 309 145 7,793 7,449 121 2 4,274 3 404 2,037 Aug. 14 __ 587 868 18,042 2,771 28 311 150 7,939 7,502 123 2 4,279 2 402 2,035 Aug 21 508 871 18 014 2 777 26 311 144 7 948 7,584 122 2 4,250 394 2,040 Aug. 28 488 882 18, 024 2,752 27 310 144 7,954 7,610 125 2 4,240 1 427 2,042 Sept. 4 582 900 18,135 2,837 28 293 157 7,990 7,565 121 2 4,242 4 419 2,042 Sept. 11 593 892 18, 326 2,870 27 296 140 8,105 7,652 119 2 4,253 1 469 2,044 Sept. 18 590 881 18, 488 2,891 26 433 160 8,084 7,654 118 2 4,280 2 452 2,040 Sept 25 545 886 18,446 2,862 29 433 141 8,082 7,678 119 1 4,278 463 2,038 Oct. 2 633 903 18, 510 2,921 26 424 177 8,060 7,604 121 1 4,287 1 452 2,040 Oct. 9 533 898 18, 502 2,954 27 423 149 8,033 7,649 119 1 4,289 1 462 2,044 Oct. 16_ .. 735 888 18,872 3,082 28 384 167 8,289 7,721 119 1 4,297 3 459 2,043 Oct. 23 586 892 18,726 3,006 31 350 152 8,240 7,806 118 1 4,312 2 463 2,051 Oct 30 574 898 18, 781 2,997 33 351 153 8,293 7,872 117 1 4,308 476 2,052 i Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN NOVEMBER 1935 TABLE 12.—WEEKLY REPOKTING MEMBER BANK CITIES District No. 1: District No. 4—Contd. District No. 7—Contd. District No. 10—Contd. Boston, Mass. Toledo, Ohio Flint, Mich.2 Lincoln, Nebr. Hartford, Conn. Akron, Ohio 2 Fort Wayne, Ind.2 Muskogee, Okla. New Haven, Conn. District No. 5: Grand Rapids, Mich. Pueblo, Colo. Providence, R. I. Richmond, Va. Indianapolis, Ind. St. Joseph, Mo. Springfield, Mass. Baltimore, Md.2 Joliet, 111.2 Topeka, Kans. Worcester, Mass.1 Charleston, S. C. Milwaukee, Wis. Tulsa, Okla. District No. 2: Charleston, W. Va. Peoria, 111. Wichita, Kans. New York, N. Y. Charlotte, N. C. Sioux City, Iowa District No. 11: Buffalo, N. Y. Columbia, S. C.2 District No. 8: Austin, Tex. Albany, N. Y. Huntington, W. Va. St. Louis, Mo. Dallas, Tex. Bridgeport, Conn. Lynchburg, Va. Little Rock, Ark.2 El Paso, Tex. Jersey City, N. J. Norfolk, Va. Louisville, Ky. Houston, Tex. Newark, N. J. Roanoke, Va. Memphis, Tenn. Fort Worth, Tex. Rochester, N. Y. Washington, D. C. Evansville, Ind. Galveston, Tex. Syracuse, N. Y. Winston-Salem, N. C. District No. 9: San Antonio, Tex. District No. 3: District No. 6: Minneapolis, Minn. Shreveport, La. Philadelphia, Pa. Atlanta, Ga. Helena, Mont. Waco, Tex. Camden, N. J. Birmingham, Ala. Duluth, Minn. District No. 12: Scranton, Pa. Jacksonville, Fla. Fargo, N. Dak. San Francisco, Calif. Wilmington, Del. Nashville, Tenn. Great Falls, Mont. Los Angeles, Calif. District No. 4: New Orleans, La.2 La Crosse, Wis. Portland, Oreg. Cleveland, Ohio 2 Chattanooga, Tenn. St. Paul, Minn. Salt Lake City, Utah. Cincinnati, Ohio Mobile, Ala. Sioux Falls, S. Dak. Seattle, Wash. Pittsburgh, Pa. Savannah, Ga. District No. 10: Spokane, Wash. Canton, Ohio District No. 7: Kansas City, Mo. Oakland, Calif.3 Columbus, Ohio Chicago, 111. Denver, Colo. Tacoma, Wash. Dayton, Ohio Detroit, Mich.2 Oklahoma City, Okla. Erie, Pa. Cedar Rapids, Iowa Omaha, Nebr. Lexington, Ky. Des Moines, Iowa Kansas City, Kans. 1 Added to 90 cities in January 1934, in substitution for withdrawal from membership of a weekly reporting member bank, and included in new series of 101 cities. 2 Dropped in 1933 and now included in new series of 101 cities. 3 Dropped in 1933 and not included in new series of 101 cities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 739 BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES The Department of Commerce has published summary is given below in substantially the a summary of the international transactions of same form as that employed by the Departthe United States in the first half of 1935. The ment of Commerce. Balance Dollar Dollar receipts payments 1. Merchandise: We sold goods in the amount of _ $1,024,000,000 and bought goods in the amount of . _ 995,000,000 $29,000,000 Net receipts from merchandise. 29,000,000 2. Service items: We received for shipping and freight services. 27,000,000 and made payments for shipping and freight services amounting to.. 55,000,000 $28,000,000 We received from foreign tourists.. 43,000,000 and our tourists spent abroad 146,000,000 103,000,000 We received interest and dividends on our investments abroad 215,000,000 70,000,000 145,000,000 and remitted interest and dividend payments to foreign investors 64,000,000 Our immigrant remittances and contributions for various causes amounted net to.. 104,000,000 We received from miscellaneous trade and service transactions J 93,000, 000 11,000,000 and made payments for miscellaneous trade and service imports 1 _ Net payments on service items.. 39, 000,000 3. Gold and silver: We received payment for gold exported in the amount of. 1,000,000 and we paid for gold imported in the amount of 805,000,000 804,000, 000 We received net for gold earmarked for foreign account 2,000, 000 We received payment for silver exported in the amount of., 12,000,000 and we paid for silver imported in the amount of 91,000,000 79,000,000 Net payments on gold and silver. 2 881,000,000 4. Capital items (based on reports of banks and brokers): r 60,000, 000 Net inflow of funds in security transactions and changes in direct investments- 560,000, 000 Net inflow of short-term funds 11,000, 000 We paid net for paper currency returned from abroad 2 609, 000, 000 Net receipts on reported capital items ' 282,000, 000 5. Residual item (largely unestimated capital transactions) s__ 920, 000,000 920,000,000 Total of summary items r Revised. 1 These miscellaneous items include merchandise adjustments, war-debt receipts, governmental receipts and expenditures, and miscellaneous service items. 2 Differs from the Department of Commerce total because of transfer of $11,000,000 net movement of currency from section 3 to section 4. Foreign holdings of dollar currency are regarded as similar to foreign holdings of dollar deposits. 3 This item is probably represented in substantial part by unrecorded inward movements of long-term capital and short-term funds of individual corporations, and other nonbanking creditors. Minor items are (1) exports of currency through nonbanking channels, (2) letters of credit and travelers' checks paid for by American tourists, but not yet utilized, and (3) various leads and lags inherent in a statement covering comparatively short balance-of-payments periods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESEEVE BULLETIN NOVEMBER 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Oct. 25 and released for publication Oct. 27] Industrial production and employment in- was about the same in the 6 weeks ending creased in September and distribution of October 15 as in the previous 6 weeks, reflectcommodities to consumers was in larger, vol- ing an increase in residential building, partly of ume, reflecting in part seasonal influences. The a seasonal character, and a slight decline in general level of wholesale prices showed little other types of construction. change. Distribution.—Freight-car loadings showed Production and employment.—Output at an increase of more than the usual seasonal factories and mines, as measured by the Board's amount in September and increased further seasonally adjusted index of industrial produc- in the first half of October. Department store tion, advanced from 87 percent of the 1923-25 sales also increased by more than the estimated average in August to 88 percent in September, seasonal amount in September, and for the reflecting chiefly increases in the output of third quarter the average of the Board's iron and steel, lumber, cotton and silk textiles, seasonally adjusted index was 80 percent of the and anthracite, offset in part in the total by 1923-25 average as compared with 75 percent declines in the production of automobiles and a year ago. woolen textiles. At steel mills activity in- Commodity prices.—The general level of creased from 49 percent of capacity in August wholesale commodity prices, as measured by to 51 percent in September, and during the the index of the Bureau of Labor Statistics, first 3 weeks of October continued at about showed little change during September and the the September level. At automobile factories first 3 weeks of October. Prices of grains a sharp decline in output during September, decreased in the middle of October, following as preparations were made for new models, a considerable advance, while prices of silk, was followed in the early part of October by hides, and copper increased throughout the a rapid advance. Lumber production con- period. tinued to increase in September. In the cotton Bank credit.—Reserves of member banks contextile industry, where output had been at a tinued to increase during the 5 weeks ending relatively low level since April, activity showed October 23, reflecting chiefly imports of gold a marked increase in September and there was from abroad. At the end of the period reserves also an increase in output at silk mills, while in excess of legal requirements at $2,930,at woolen mills, where activity had been at 000,000 were at the highest level on record. an exceptionally high level for several months, At weekly reporting member banks in 91 there was a decline. leading cities adjusted demand deposits in- Factory employment showed a seasonal in- creased by $40,000,000 during the 4 weeks crease between the middle of August and the ending October 16, while United States Govmiddle of September. The number employed ernment deposits declined and interbank balat foundries and in the lumber, nonferrous ances rose to a new high level. Loans on metals, and machinery industries increased securities decreased by $40,000,000, while other substantially, while in the automobile industry loans, including commercial credits, increased there was a considerable decline. At cotton by $80,000,000. mills employment showed a seasonal increase, Yields on both short-term and long-term and at silk and rayon mills there was an Government obligations increased from the last increase of more than the usual seasonal week in August to the first part of October and amount, while employment at woolen mills and subsequently declined. Other short-term openshoe factories declined. market money rates remained at previous low The value of construction contracts awarded, levels. as reported by the F. W. Dodge Corporation, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 741 RESERVE BANK CREDIT AND RELATED ITEMS MILU0NS 0F D0LLARS Week'y basis: Wednesday figures ) 10000 9000 8000 7000 6000 5000 - 5000 4000 4000 3000 3000 MEMBER BANK RESERVE BALANCES 2000 2000 1000 1000 TREASURY CASH DEPOSITS WITH F. R. BANKS 1930 1931 1932 1933 1934 1935 Based on Wednesday figures; latest figures for October 30. See table on page 742. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN NOVEMBER 1935 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Treasury ury cash and Other Mone- and Money deposits Non- Fed- Date (Wednesday) U.S. tary- nation- in cir- with mem- eral co B d u i i n s ll t - s ed bo B u il g l h s t s m G e e c r o e u n v n r - - i t - R c O b e r a s t e h e n d r e k i v r t e Total s g to ol c d k a r l e c -b u n r a c - n y k c t u io la n - R F b e e a d s n e e k r r v s a e l b p e o r s d it e s - R c e o a s u c e n - rv ts e Total m E ( x a es c te t e i d - ss ) ties 1934—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 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 2,448 7,985 2,403 5,479 2,967 183 229 3,979 1,771 Oct. 17- 2,430 2,457 7,990 2,410 5,469 2,968 183 239 3,996 1,762 Oct. 24- 2,430 2,452 7,993 2,429 5,436 3,049 165 239 3,985 1,733 Oct. 31- 2,430 2,455 8,002 2,434 5,453 3,031 164 237 4,006 1,748 Nov. 7__. 2,430 2,440 8,008 2,442 5,503 2,944 172 240 4,032 ,783 Nov. 14.. 2,430 2,474 8,030 2,450 5,480 2,964 163 240 4,107 L, 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 ,825 Dec. 5-. 2,430 2,452 8,161 2,478 5,545 3,060 176 237 4,073 ,786 Dec. 12. 2,430 2,462 8,180 2,486 5,532 3,060 184 239 4,112 ,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 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. 3__ 2,431 2,462 8,568 2,548 5,497 3,404 230 253 4,193 1,821 Apr. 10.. 2,430 2,463 8,614 2,549 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 May8__ 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 May22. 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 June 5__ 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 Tuly 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 ••2,749 Sept. 4... 2,430 2,472 9,209 2,395 5,650 2,746 193 259 5,228 '2,643 Sept. 11- 2,430 2,479 9,219 2,391 5,638 2,629 186 248 5,388 '2,790 Sept. 18.. 2,430 2,472 9,240 2,390 5,632 2,839 244 250 5,136 '2,527 Sept. 25.. 2,430 2,474 9,297 2,382 5,626 2,778 262 250 5,236 '2,592 Oct. 2___. 2,430 2,470 9,414 2,399 5,688 2,814 306 251 5,224 2,569 Oct. 9.... 2,430 2,478 9,463 2,396 5,698 2,747 313 250 5,330 2,694 Oct. 16... 2,430 2,496 9,584 2,404 5,696 2,693 307 254 5, 534 2,878 Oct. 23... 2,430 2,472 9,629 2,397 5,684 2,694 292 254 5,575 2,900 Oct. 30... 2,430 2,474 2,401 5,686 2,665 296 260 5,653 2,981 i Less than $500,000. r Revised. 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

743 NOVEMBER 1935 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances End of month co B d u i i n s l - l t s ed bo B u il g ls ht s m U G e e c r . e o u n n v S 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 l n c y d k e - - a T t r n b i e c u r o d a n u e r n n y a r c n a k - s y a l - - - M i c n t o u i o c n la n i e r - y - T c d F a r b e e s w e p a h d a n i o e s t a s k h u r i n s a r t d l s y b m p N e o r e o s m d n it e - - s - R c O e F o e a s t e u r c h e a d - n r e l - t v r s e Total m E ( x a e c t s e e ti d s - s ) ties 1934-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 3,051 173 228 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 3,150 241 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 23 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 5,540 254 257 4,832 2,318 June 2,433 37 2,480 9,116 2,506 5,568 2,968 325 261 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 '2,708 September. 2,430 32 2,477 9,368 2,386 5,683 2,740 304 250 5,254 '2,600 October.... 2,430 40 2,482 v 9, 693 2, 399 5,713 v 2,657 299 258 5,648 2,970 v Preliminary. »Revised. 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. 742 of this BULLETIN. RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Reserve bank credit outstanding Member bank reserve balances Treas- Treasury Other Mone- ury Money cash and Non- Fed- U. S. tary and in cir- deposits mem- eral Year or month co B d u i i n s l - l t s ed bo B u il g ls ht s m G e e c r e o u n n v r - t - i- R c O b e r s a t e h e n d r e k i v r t e Total s g t o o l c d k n a r l a e c - t b n u io a c r- n n y k - c t u io la n - R F b w e e a d s n i e e t k r h r v a s e l b p e o r s d it e s - R c e o s u e n r t v s e ! Total Excess ties 1929—Average.._ 952 241 208 59 1,459 3,996 2,015 4,476 229 30 376 2,358 43 1930—Average... 272 213 564 38 1,087 4,173 2,025 4,245 239 28 393 2,379 55 1931—Average... 327 245 669 33 1,274 4,417 2,025 4,672 251 97 373 2,323 89 1932—Average— 521 71 1,461 24 2,077 3,952 2,096 5,328 275 56 351 2,114 256 1933—Average— 283 83 2,052 11 2,429 4,059 2,271 5,576 343 147 350 2,343 528 1934—Average— 36 25 2,432 10 2,502 7,512 2,381 5,403 2,879 185 253 3,676 1,564 1934—April 43 16 2,439 9 2,507 7,736 2,377 5,366 3,222 170 3,594 1,541 May 36 6 2,431 6 2,479 7,759 2,378 5,355 3,083 249 234 3,695 1,623 June 28 5 2,424 7 2,464 7,821 2,363 5,341 3,054 226 237 3,790 1,685 July 23 5 2,432 9 2,469 7,893 2,364 5,350 2,999 219 230 3,928 1,789 August 21 5 2,432 6 2,463 7,971 2,378 5,355 2,976 208 228 4,045 1,884 September 22 5 2,431 10 2,469 7,971 2,411 5,427 3,054 197 227 3,947 1,754 October 12 6 2,430 8 2,457 7,989 2,415 5,473 3,011 177 234 3,964 1,731 November. 18 6 2,430 12 2,466 8,047 2,455 5,494 2,970 165 238 4,100 1,834 December. 10 6 2,430 26 2,472 8,191 2,494 5,577 3,120 181 242 4,037 1,748 1935—January... 8 6 2,430 21 2,465 8,284 2,504 5,411 3,053 194 242 4,355 2,035 February.. 6 6 2,430 20 2,462 8,465 2,513 5,439 2,965 189 246 4,601 2,237 March 7 5 2,431 18 2,461 8,552 2,526 5,477 3,122 236 250 4,452 2,065 April 6 5 2,431 29 2,471 8,641 2,548 5,500 3,209 258 256 4,436 2,026 May 7 5 2,434 30 2,476 8,755 2,534 5,507 2,942 278 259 4,778 2,297 June 8 5 2,431 36 2,479 9,025 2,513 5,522 2,989 266 261 4,979 2,438 July , 7 5 2,430 30 2,473 9,128 2,504 5,550 3,032 293 259 4,970 2,385 August 7 5 2,431 33 2,476 9,180 2,441 5,576 2,795 233 261 5,232 '2,636 September 10 5 2,430 35 2,480 9,246 2,389 5,651 2,734 236 252 5,243 2,628 October— 8 5 2,430 39 2,482 9,545 2,398 5,704 2,693 307 253 5,469 P 2,817 9 Preliminary. * Revised. Back figures.—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935. See also note on p. 742 of this BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN NOVEMBER 1935 ASSETS AND LIABILITIES OP FEDERAL RESERVE BANES IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] Oct. 31,1935 Sept. 30,1935 Oct. 31, 1934 ASSETS Gold certificates on hand and due from U. S. Treasury. 7,033,647 6,613,650 4,966,481 Redemption fund—Federal Reserve notes 19,727 19,697 22,032 Other cash _ _ 231,685 204,237 223,407 Total reserves.. 7,285,059 6,837,584 5,211,920 Redemption fund—Federal Reserve bank notes... 1,829 Bills discounted: For member banks 6,332 9,760 10,919 For nonmember banks, etc 66 Total bills discounted. 6,341 9,768 10,985 Bills bought: Payable in dollars—bought outright. 587 Payable in foreign currencies. 4,676 4,688 5,495 Total bills bought. 4,676 4,688 6,082 Industrial advances 32,729 30,166 6,149 U. S. Government securities: Bought outright 2,430,194 2,430,179 2,430,171 Under resale agreement... Total, U. S. Government securities. 2,430,194 2,430,179 2,430,171 Other Reserve bank credit: Other securities. _. 181 Due from foreign banks 641 638 811 Reserve bank float (uncollected items in excess of deferred availability items) . 6,765 1,651 1,054 Total Reserve bank credit outstanding 2,481,527 2,477,090 2,455,252 Federal Reserve notes of other Reserve banks 22,741 21,823 19,744 Uncollected items not included in float 534,139 443,148 438,939 Bank premises 50,169 50,074 52,974 All other assets 42,055 42,771 48,094 Total assets- 10,415,690 9,872,490 8,228,752 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks.. 22,741 21,823 19,744 Outside Federal Reserve banks 3,509,150 3,451,996 3,141,033 Total notes in circulation 3,531,891 3,473,819 3,160,777 Federal Reserve bank-note circulation—net- 28,664 Deposits: Member bank—reserve account 5,647,701 5,253,916 4,005,999 United States Treasurer- general account- 52,647 54,569 92,293 Foreign bank— 22,415 14,452 8,952 Other deposits 276,413 289,637 154,558 Total deposits 5,999,176 5,612,574 4, 261,802 Deferred availability items. 534,139 443,148 438,939 Capital paid in 130,356 130,653 146,777 Surplus (sec. 7) 144,893 144,893 138,383 Surplus (sec. 13 b) 23,457 23,457 845 Reserve for contingencies... 30,698 30,694 22, 291 All other liabilities 21,080 13,252 30,274 Total liabilities 10,415,690 9,872,490 8,228,752 Contingent liability on bills purchased for foreign correspondents- 465 Commitments to make industrial advances 27,036 26,928 3,218 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents. 3,818,083 3,735,879 3,443,685 Collateral held by agents as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3,713,518 3,599,188 3,224,416 Eligible paper 4,881 8,312 9,238 U. S. Government securities 141,000 169,900 277,800 Total collateral. 3,859,399 3,777,400 3,511,454 FEDERAL RESERVE BANK-NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 39,792 Collateral pledged against outstanding notes: U. S. Government securities.... 45,274 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

745 NOVEMBER 1935 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Keserve 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- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u i i a l b v r s e y id r - M co in in or U S n n t 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 s v a e l R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e a k - s l 1934—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 5,456 139 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 ______ _ 5,380 127 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 5,568 117 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 5,683 112 33 756 1 302 127 286 3,439 73 553 October J> 5,713 111 33 773 1 306 128 281 3,495 70 514 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 779. Back figures.—See Annual Report for 1934 (table 49). ANALYSIS OF.CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] [In thousands of dollars] Year or month y a s G e t t a o o o e r c f l n d k 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 r m e f N e r l a o e a r e m a r k t - s * e fa O c t t h o e r r s2 From or to— Im O - ctobe E r x- I S m e - ptemb E e x r - Jan I u m a - ry b - e S r ep E te x m - month ports ports ports ports ports ports _„ jrains of gold Mo fine; i. e., an Belgium. 3 1 ounce of f fifin eg gold—$%0.67 England 109,954 37,114 190,538 466 1932 4,226 52.9 I -446.2 457.5 41.6 France 156,977 40,440 _7~ 451,795 59 1933 ._.. 4,036 190.4 -173.5 -58.0 41.1 Germany 33 296 Netherlands. 17,605 37,811 202, 217 41 i grains of gold Mo fine; i. e., an Switzerland 629 339 ounce of fine gold=$15 Union of Soviet 1934—July .__. 7,931 74.4 52.3 .6 21.4 Socialist Re- August 7,978 47.4 37.2 -1.1 11.2 publics 1,099 2,164 13,061 September 7,978 .4 -18.7 2.4 16.6 Canada.. 9,368 15, 073 4 70,952 74 October 8,002 23.5 10.8 .3 12.4 Central America. 183 230 2,099 November 8,132 129.9 120.9 -.1 9.1 Mexico - 839 76 764 65 11,814 535 December 8,238 106.2 92.1 .1 14.1 Argentina 17 Chile 1,017 442 4,481 Year 8,238 4, 202. 5 1,133. 9 82.6 2,986.1 Colombia 1,746 1 9,126 Ecuador 690 201 3,871 1935—J anuary 8,391 153.3 149.4 1.1 2.8 Peru 186 245 1, 610 - - February 8,527 135.3 122.8 .2 12.3 Uruguay March 8,567 40.4 13.0 -.7 28.1 Venezuela 42 59 490 April 8,710 143.4 148.6 -2.3 -3.0 Australia 16 170 1,073 May 8,858 148.1 140.0 -1.5 9.6 British India 12,359 19,821 42,888 June __ 9,116 257.1 230.4 1.0 25.8 China and Hong July 9,144 27.9 16.2 -.4 12.1 Kong 1,125 640 5,694 August 9,203 59.5 46.0 1.4 12.2 Dutch East In- September 9, 368 165.0 156. 7 1.0 7.3 dies October » 9,693 325.2 315.3 -1.9 11.7 Japan _ _ _ Philippine Islands 1,340 1,537 10,674 1 v Preliminary. All other coun- 1 Gold released from earmark at Federal Reserve banks less gold tries 2 246 93 1,791 placed under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). Total 315,424 76 156,805 86 1,024, 566 1,472 2 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock * With some exceptions figures represent customs valuations at rate of during the month or year, and increment resulting from reduction in $35 a fine ounce. weight of gold dollar. 2 Includes all movements of unreported origin or destination. Back figures.—See Annual Report for 1934 (table 44). Back figure*.—See table, p. 759, and Annual Report for 1934 (tables 46 and 47). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN NOVEMBER 1935 MEMBER BANK RESERVE BALANCES [Average 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 t Y y o i rk r O e c s i t t e h i r e e v s r e 'C b o a u n n k t s ry" T m b o a t e a n m l k — b s e a 2 r ll Ne C w i t Y y1 ork r O e c s i t t e h i r e e v s r e 'C b o a u nk n s t r 2 y" 1934—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 2,092 918 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 r 2,635.8 1, 214. 2 956.4 '465.3 September 5,243 2,320 2,023 900 2,628. 0 1,177. 3 979.5 471.2 Week ending (Friday) 1935—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 2,482.0 1,074.8 962.5 445.0 Aug. 9 5,105 2,187 1,968 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 '2,734.0 1, 271. 0 973.2 '490.0 Sept. 6 5,264 2,364 1,994 907 2, 673. 0 1, 235. 4 962.1 476.0 Sept. 13 5,331 2,350 2,060 922 2, 736. 0 1, 215. 4 1,024. 0 497.0 Sept. 20 5,184 2,238 2,041 906 2,573. 0 1.094.9 993.2 485.0 Sept. 27 5,199 2,302 2,021 876 2, 562. 0 1,149.0 965.9 447.0 ' Revised. 1 Central Reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—See Annual Report for 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 ba e o a n m t l k a l b s l e * - r C Y N i o e ty r w k 2 r O e c s i t t e h i r e e v s r e " b C a tr n o y k u " s n * - m T b e a o a m n t l k a l b s l e - 1 r C Y N i o e ty r w k 2 r O es t e h r e v r e " b C t a r n o y k u " s n i - m T ba e o a m n t l k a l b s l e - 1 r C Y N i o e ty r w k 2 r O e c s i t t e h i r e e v s r e " b C a tr n o y k u " s n 1 - 1934—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 18, 208 6,704 7,269 4,235 9,826 705 4,319 4,802 November.. 28, 364 7,465 11, 744 9,154 18,524 6,780 7,418 4,326 9,840 685 4,326 4,829 December.. 28,538 7,512 11,828 9,197 18, 769 6,865 7,527 4,376 9,769 647 4,301 4,821 1935—January 28,907 7,694 11,933 18,993 7,043 7,527 4,422 9,914 651 4,406 4,857 February 29, 357 7, 926 12, 063 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 ' 31,463 12, 968 ' 9, 599'21,311 8,253 8,474 r 4, 584 10,152 643 4,494 5,015 September 31, 336 9,272 13, 072 8,992 21,179 8,642 8,561 3, 975 10,157 630 4,510 5,017 Week ending (Friday): 1935—July 5 8,687 12, 929 603 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... 8,758 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.. 13, 023 8,237 8,536 645 4,487 Aug. 30- 9,176 12,946 8,534 8,471 642 4,476 Sept. 6— 9,167 12.936 8,531 8,458 636 4,479 Sept. 13_. 9,209 12, 983 8,580 8,491 4,493 Sept. 20_. 9,274 13,108 8,646 8,597 4,512 Sept. 27.. 9,357 13, 200 8,728 8,665 629 4,535 i Weekly figures are not reported. 2 Central Reserve city banks only. r Revised. NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved Aug. 23, 1935. See BULLETIN for October, p. 644. Back figures.—See Annual Report for 1934 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 747 ALL BANKS IN THE UNITED STATES [Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Date Mutual savings banks Other --^member banks Invest- Invest- Total Loans ments Total Loans ments Total Loans Invest- Total Loans Investments 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 3,165 1931—Mar. 25 55,924 36, 813 19, 111 34,729 22,840 11,889 i 9,987 i 6,068 i 3,920 11,208 7,906 3,302 June 30 55,021 35, 384 19, 637 33,923 21,816 12,106 10, 506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 53, 365 33, 750 19, 615 33, 073 20,874 12,199 i 10, 506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31 49, 704 31, 305 18, 399 30, 575 19, 261 11, 314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30. 46,071 27,83.4 18, 237 28, 001 16, 587 11,414 10, 316 6,130 4,186 7, 755 5,117 2,637 Sept. 30 45,852 26, 985 18, 867 28,045 15,924 12,121 i 10, 316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26,063 18, 883 27, 469 15, 204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 2 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 1,877 1934—Mar 5 3 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 3 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 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29« 44,393 20, 260 24,133 28, 785 11,928 16,857 9,846 5,341 4,505 5,762 2,991 2,771 1 Figures of preceding call carried forward. 2 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 3 Nonmember bank figures not available. * In connection with the increase over December, see the headnote regarding private banks; also BULLETIN for July 1935, p. 485. «Figures for banks other than member banks are preliminary. Back figures.—See Annual Report for 1934 (table 61). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonmember banks Nonmember banks Date Total Other Date All banks M b e a m nk b s er M sav u i t n u g a s l no O n t m he e r m- Total ti N on a- al State s M b av a u n i t n u k g s a s l m n b o e e m n r - banks ber banks banks 1930—Dec.31. 53,039 32, 560 9,507 10,972 1930—Dec. 31 22,769 8,052 7,033 1,019 603 14,114 1931—Mar. 25 51,427 31,153 i 9,507 10, 767 1931—Mar. 25 22,372 7,928 6,930 998 i 603 13,841 June 30 51, 782 31, 566 10, 017 10,199 June 30 21,903 7,782 6,800 982 600 13,521 Sept. 29 49,152 29,469 i 10, 017 9,666 Sept. 29 21,294 7,599 6,653 946 i 600 13,095 Dec. 31 45,821 27,432 10,105 8,284 Dec.31 19, 966 7,246 6,368 878 597 12,123 1932—June 30 41,963 24, 755 10,020 7,188 1932—June 30 19,046 6,980 6,145 835 594 11,472 Sept. 30 41, 942 24,903 i 10,020 7,020 Sept. 30 18, 794 6,904 6,080 824 1594 11,296 Dec. 31. ... . 41,643 24,803 10,022 6,818 Dec.31 18, 390 6,816 6,011 805 594 10,980 1933—June 30 « 37,998 23,338 9,713 4,946 1933—June 30 2 14,519 5,606 4,897 709 576 8,337 Oct. 25 s 23,453 Oct 25 3 5,818 5,052 766 Dec. 30 38, 505 23, 771 9,708 5,026 Dec. 30 15,011 6,011 5,154 857 579 8,421 1934—Mar. 5 3 . 25, 293 1934—Mar 53 6,206 5,288 918 J O u c n t e . 1 3 7 0 , 3 . 41,870 2 27 6 , , 4 6 8 1 4 5 9,780 * 5,475 J O u c n t e 1 3 7 0 3 15,835 6 6 , , 4 3 3 7 3 5 5 5 , , 4 4 1 6 7 1 9 9 5 7 8 2 578 8,882 Dec. 31. 44, 771 28, 943 9,828 6,000 Dec.31 16,042 6,442 5.462 980 579 9,021 1935—Mar. 4. _ _ 44,455 28,589 9,837 6,029 1935—Mar. 4 16,024 6,422 5,446 976 579 9,023 June 29 « 45, 755 29,496 9,920 6,339 June 29 * 15,990 6,410 5,425 985 571 9,009 For footnotes see table above. For footnotes see table above. NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank Back figures—See Annual Report for 1934 (table 60). deposits not subject to immediate withdrawal, which aggregated $103,- 000,000 on that date. Back fi gures.—See Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN NOVEMBER 1935 REPORTING MEMBER BANKS IN 91 LEADING CITIES * IMonthly data are averages of weekly figures. In millions of dollars] Total—all weekly reporting member banks New York City 90 other leading cities Loans and investments Loans and investments Month or date Total c L o u n o r i a s t n e ie s - s l o o A t a h l n e l s r T I o n t v a e l stm c U u e . r S n it . t i s s e e s - b F r B i a . o n a n o w g t R r k s - - s . Total c L o u n o r i a s t n i e e s - s l o o A t a h l n e l s r T I o n t v a e l stm U c e u .S n ri . t t s i s e e s - F b r B i . o n a a o w g n t R r s k - - . i m n T lo a v o e a n e n t n d s a t s t l s - b F r B i a . o n a n o w g t R k r s - - s . 1934—September 17,770 3,137 4,697 9,936 6,589 6 7,120 1,455 1,610 4,055 2,820 10,650 6 October... 17,835 3,062 4,757 10,016 6,647 1 7,105 1,418 1,644 4,043 2,801 10,730 1 November. -.- 17,762 3,008 4,705 10,049 6,696 2 7,050 1,381 1,633 4,036 2,827 10,712 2 December 18,102 3,096 4,632 10,374 6,981 1 7,281 1,459 1,596 4,226 2,995 10,821 1 1935—January 18,229 3,049 4,548 10,632 7,218 2 7,410 1,445 1,546 4,419 3,154 10,819 2 February 18, 247 2,996 4,564 10,687 7,217 7,366 1,422 1,548 4,396 3,111 10,881 March. _.. 18,486 3,081 4,587 10,818 7,278 1 7,564 1,493 1,554 4,517 3,189 10,922 1 April 18, 576 3,008 4,611 10,957 7,327 1 7,693 1,487 1,573 4,633 3,295 10,883 1 May 18,520 3,048 4,569 10,903 7,267 7,682 1,619 1,543 4,520 3,227 10,838 June 18, 550 3,028 4,506 11,016 7,345 7,703 1,617 1,496 4,590 3,299 10,847 July .- 18, 582 3,023 4,433 11,126 7,375 1 7,694 1,639 1,457 4,598 3,253 10,888 1 August -. 18, 517 2,960 4,413 11,144 7,291 7,531 1,588 1,431 4,512 3,108 10,986 September 18,875 2,961 4,495 11,419 7,474 7,743 1,595 1,472 4,676 3,228 11,132 October 19, 020 2,926 4,562 11, 532 7,562 7,734 1,572 1,486 4,676 3,225 11,286 1935—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. 4 18,614 2,957 4,431 11, 226 7,315 1 7,580 1,584 1,430 4,566 3,125 11,034 1 Sept. 11 18, 675 2,990 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 Oct. 2_ 19,080 2,986 4,570 11,524 7,588 7,822 1,621 1,502 4,699 3,268 11 258 Oct. 9 19,043 2,924 4,579 11,540 7,597 7,793 1,567 1,510 4,716 3,280 11,250 Oct. 16 ._. 18,967 2,910 4,591 11,466 7,525 7,704 1,554 1,515 4,635 3,209 11, 263 Oct. 23 18,981 2,918 4,535 11,528 7,533 7,658 1,562 . 1,451 4,645 3,181 11,323 Oct. 30 19, 027 2,889 4,536 11,602 7,569 7,694 1,555 1,455 4,684 3,189 11,333 i For additional data see p. 777. 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- End of month Total an F d r o p t m r a u n s b i t e a s c n o k m s - f b o F a a r g n r e o e i k g m n s n c , i b p e b s r r a , o i n v k e k a t e c t i r e n . s g , Month or date Total o c w o F n u o n r a t c- c b o o t a u o u n t w n - k o t n s f o i - f c F o o o t u h r n e t a r c s o - f 1934—August 827 670 156 1934 1935 1934 1935 1934 1935 September. 776 633 142 October-.. 746 612 133 November. 713 573 139 January. _ 903 825 839 758 64 67 December. 784 639 144 M Fe a b r r c u h ary. ._ 9 9 3 8 8 1 8 7 1 7 6 3 8 8 6 7 2 3 7 7 0 5 6 0 1 7 0 6 8 6 6 6 7 1935— F J e a b n r u u a a r r y y . . . - . 7 75 7 6 7 6 6 1 3 4 5 1 1 4 4 0 0 April 1,088 805 973 762 116 43 A M p a r r i c l h 8 8 0 3 3 9 6 7 9 1 6 4 1 8 4 6 1 May 1,016 793 912 759 104 34 May 878 858 19 June . .. -. 1,082 808 980 776 102 32 June 883 865 18 J A S u e u l p y g t u e s m . t ber 9 8 8 7 3 2 4 2 3 7 7 7 7 6 8 2 9 1 8 8 7 0 4 6 3 9 9 7 7 7 5 5 4 0 9 1 7 7 6 1 4 2 2 2 2 8 2 2 J A S O u e u c l p y t g t o e u b m s e t r b . . e . r . . . . - 908 8 8 8 8 5 7 9 3 3 1 3 6 1 1 1 1 5 5 5 2 October 827 792 761 772 66 20 Oct. 2 893 879 November 831 • 765 66 Oct. 9 839 825 880 813 67 Oct. 16 832 818 Oct. 23 846 832 Oct. 30 833 Back figures.—See Annual Report for 1934 (table 75). i Member and nonmember banks outside New York City (domestic banks only). Back figures.—Bee Annual Report for 1934 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

749 NOVEMBER 1935 FEDERAL RESERVE BULLETIN ACCEPTANCES AND COMMERCIAL PAPER BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions ofdollars Held by Fed- Held by accepting Based Based eral Reserve banks on goods on banks stored in goods BasedBased U S n ta i t t e e s d sto in red End of month T o o u t t a - l F ac o - r H b e y ld End of month Total im o p n o r e t x s - ( h w o a u r s e e - Do ex ll - ar f c o o re u ig n n st i a n n g d- 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 ll n s bo B u il g ls ht others T i T r tt C n ! U fro .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—May.. 669 13 36 505 229 276 115 1933—May 669 77 174 185 9 225 June. 687 41 36 487 201 287 123 June.. 687 80 168 217 9 213 July 738 2 37 552 248 304 147 July... 738 86 168 255 10 219 August 694 1 40 499 252 247 154 August 694 95 160 229 4 206 September.. 715 1 41 517 236 282 156 September. 715 103 171 237 4 199 October 737 1 31 592 271 321 112 October 737 99 185 253 5 195 November.. 758 18 3 599 273 326 138 November 758 98 200 278 4 180 December... 764 127 4 442 223 219 190 December 764 94 207 277 4 182 1934—January 771 105 4 567 255 312 95 1934—January 771 89 225 277 5 175 February 750 56 5 581 266 315 108 February 750 98 203 261 4 184 March 685 23 5 576 252 324 81 March. 685 103 186 226 3 168 April... 613 3 4 536 236 299 70 April. 613 103 164 186 3 158 May 569 0) 3 507 226 281 59 May.. 569 100 150 164 3 152 June 534 0(J)) 2 480 220 260 53 June.. . 534 97 145 141 4 148 July 516 1 472 222 250 42 July 516 94 135 138 4 144 August 520 1 483 222 261 37 August 520 89 140 147 4 141 September. . 539 503 223 280 35 September 539 94 338 166 4 137 October 562 1 0) 516 245 271 45 October. 562 93 147 184 4 133 November. . 561 0) (0 517 252 265 44 November _. 561 89 148 195 2 127 December... 543 0) 497 243 254 46 December 543 89 140 193 2 119 1935—January 516 485 238 247 30 1935—January.. 516 86 133 179 3 114 February 493 452 217 235 41 February 493 92 123 166 3 109 March 466 (j) 423 197 226 43 March.. 466 101 122 134 2 106 April 413 391 178 214 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 July... 321 99 86 47 3 86 August 322 292 145 147 30 August . 322 102 81 52 4 83 September. , 328 301 148 154 27 September 328 102 77 66 4 79 i 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 J J J A M A M F S O u a u e e p u c n a l a n p b y r g t y r u i t e o r c u l e a . u h b s m r a t e y b r r . y e . . _ . . r . . . 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 , , , , , , , , , 4 4 6 7 7 8 7 8 8 4 7 4 3 7 3 6 4 3 4 8 5 6 8 7 2 9 4 2 2 2 9 8 7 6 7 4 6 6 6 5 , , , , , , , , , , 9 1 0 9 0 8 1 7 6 0 8 8 2 8 3 9 9 8 8 6 1 1 1 6 7 9 9 8 6 8 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 8 9 0 0 0 2 0 0 4 6 8 7 7 7 7 8 7 7 9 9 7 7 6 0 1 5 9 5 1 5 4 4 5 4 4 4 5 5 4 4 , , , , , , , , , , 6 6 7 6 5 5 6 6 3 6 8 9 0 8 0 0 8 7 0 8 9 6 0 7 4 5 2 6 8 5 J J M A M A S N O D u u e p u o c e a a n l p y t r v g c y r e o t i c e e u l e b h m m m s e t r b . b b e e e r _ . r r . . . 1 1 1 1 1 1 1 1 1 0 8 0 1 0 0 1 0 1 1 6 8 1 3 1 0 0 8 3 0 1 1 1 1 1 6 6 7 7 9 3 0 2 3 0 4 0 2 3 7 0 7 3 3 9 1 1 1 1 1 1 1 1 1 1 3 3 4 5 8 9 6 8 7 6 3 9 2 1 8 2 8 8 8 6 1 1 1 1 1 1 1 8 7 7 5 6 7 8 2 3 3 9 4 7 3 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

750 FEDERAL RESERVE BULLETIN NOVEMBER 1935 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Rediscounts and advances un- Advances under sec. der sees. 13 and 13a of the 10 (b) of the Fed- Prevailing rate on- Average rate Average rate of Federal Reserve Act eral Reserve Act discount on— Federal Reserve bank e R N ff a e o c t v e t . o i 1 n n In g i e n f n fe in c g t — be- P r o r a e u t v s e i- e R N ff a e o c t v e t . o i 1 n n In g i e n ff n e i c n t g b - e- Month or week m P c r e o i r m m ci - e al P b e a r r i n m s k ' e - c S h t e a o x n c - g k e - c S h t a l o n o c g a k e n - e s c x a - ll U w . b i t i S h ll . i s n T o p r f e e fe r a i r s o e u d d r y * paper, accept- time 4 to 6 ances, loans, Boston -.. 2 Feb. 8,1934 2H VA Sept. 20,1935 months 90 d 9 a 0 ys New n R ew e- al 18 b 2 i - l d ls .ay 27 b 3 il - l d s ay New York 1H Feb. 2,1934 2 2 Oct. 10,1935 Philadelphia .. 2 Jan. 17,1935 VA Cleveland IK May 11,1935 2 2 Oct. 19,1935 1934 Richmond 2 May 9,1935 2M ?A Sept. 23,1935 A Ch tl i a c n ag ta o 2 2 J J a a n n . . 1 1 9 4 , , 1 1 9 9 3 3 5 5 W 2H * 2 2 } M /2 S Se e p p t t . . 1 2 4 0 , , 1 1 9 9 3 3 5 5 S O e c p to te b m er ber H-l 3 U 4 - l 1 1 1 . . 0 0 0 0 1 1 . . 0 0 0 0 0 . .2 2 7 1 St. Louis 2 Jan. 3,1935 2H 2M Oct. 3,1935 November 3/4-l 1.00 1.00 .22 Minneapolis. .- 2 May 14,1935 2K V/i Oct. 29,1935 December 94-1 1.00 1.00 .15 Kansas City_-_ 2 May 10,1935 23^2 VA Aug. 26,1935 I Dallas 2 May 8,1935 2>2 VA Oct. 8,1935 1935 San Francisco_ 2 Feb. 16,1934 2H VA Sept. 20,1935 January 1.00 1.00 .14 February /4-1 1.00 1.00 .12 0.17 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- March 1.00 1.00 .10 .16 UALS, PARTNERSHIPS, AND CORPORATIONS April .63 .64 .17 May .25 .25 .15 Advances secured by June .25 .25 .13 Discounts and advances direct obligations of July .25 .25 .07 under par. 3 of sec. 13 the United States August __. .25 .25 .10 of the Federal Re- (last paragraph of sec. serve Act 13 of the Federal Re- September .25 .25 .22 Federal Reserve serve Act) October .29 .29 .20 bank Week endinge R N ff a e o c t v e t . i o 1 n n In g i e n f n fe in c g t — be- e R N ff a e o c t v e t . i o 1 n n In g i e n f n fe in c g t — be- S S e e p p t t . . 7 14 . . 2 2 5 5 . . 2 2 5 5 . . 1 2 8 0 Sept. 21 .25 .25 .23 Sept. 28 .25 .25 .25 Boston 6 Aug. 11,1932 4 Oct. 20,1933 Oct. 5 .25 .25 .23 New York 6 Aug. 10,1932 Feb. 8.1934 Oct. 12 .25 .25 .21 Philadelphia. 6 Aug. 12,1932 4 Oct. 20,1933 Oct. 19 .25 .25 .18 Cleveland 5 July 24,1934 VA May 11,1935 Oct. 26 .25 .25 .17 Richmond 5H July 16,1934 4 Feb. 19,1934 Atlanta -. 5 Mar. 20,1934 4 Mar. 17,1934 1 When no rate is shown no bills of the stated maturity were offered. Chicago 6 Aug. 13,1932 4 Oct. 16,1933 St. Louis &A July 10,1934 4 Feb. 21,1935 Back figures.-—See Annual Report for 1934 (tables 54 and 55). Minneapolis 6 Aug. 10,1932 4^ Apr. 15,1933 Kansas City 5 July 10,1934 3K 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. 774. New York City 8 other northern 27 southern and and eastern cities western cities BUYING RATES ON ACCEPTANCES Month [Buying rates at the Federal Reserve Bank of New York] 1933 1934 1935 1933 1934 1935 1933 1934 1935 Maturity e R ff a e t c e t i o n n In effect be- Previous Nov. 1 ginning— rate January 4.12 3.58 2.83 4.89 4.65 4.08 5.60 5.40 4.95 February._ 4.11 3.43 2.90 4.84 4.49 4.02 5.56 5.39 4.84 March 4.88 3.31 2.64 5.39 4.52 4.05 5.66 5.40 4.85 1-15 days—. Oct. 20,1933 1 April 4.33 3.39 2.61 5.09 4.52 3.99 5.68 5.34 4.80 16-30 days... ...-do—. 1 May 4.24 3.42 2.69 4.99 4.39 3.88 5.66 5.28 4.79 31-45 days... do— 1 June 4.10 3.30 2.66 4.97 4.30 3.78 5.62 5.19 4.76 46-60 days... do 1 July. 3.93 3.30 2.61 4.82 4.15 3.87 5.54 5.07 4.58 61-90 days... do.... 1 August 3.97 3.33 2.67 4.68 4.12 3.79 5.53 5.05 4.63 91-120 days.. do 1 September- 3.79 3.26 2.72 4.65 4.11 3.75 5.55 5.04 4.51 121-180 days do Hi October 3.76 3.28 2.72 4.51 4.13 3.75 5.50 5.05 4.55 November. 3.52 3.22 4.54 4.08 5.42 4.93 NOTE.—Rates on prime bankers' acceptances. Higher rates may be December.. 3.48 3.18 4.59 3.98 5.43 4.92 charged for other classes of bills. Back figures.—See Annual Report for 1934 (table 51). Back figures.—See Annual Report for 1934 (table 57). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 751 BOND PRICES1 STOCK PRICES J Other bonds * Preferred Common stocks (index, 1926=100) stocks Year, month, or date (indus- Year, month, or date G U S o n t v a i e t t e e r s d n- r C at o e r p an o d - Corporate tr g ia r l a d h e ig )2 h- Total In tr d i u al s- R ro a a i d l- Utility ment municbonds2 g (h r ip a ig d a h e l ) - Total In tr d i u al s- R ro a a i d l- Utility N 19 u 3 m 2 a b v e e r r o ag f e is . sues 96 2 .1 0 4 4 2 8 1 35 4 1 6 3 2 3 6 3 7 7 9 1933 average 104.8 63 66 38 78 1934 aver age 120.7 73 81 42 69 Number of issues 8-14 *60 60 20 20 20 1934—October 120.9 67 76 36 63 November. 124.1 69 80 35 61 1932 average 99.2 81.1 69.4 63.2 64.8 80.5 December.. 127.8 69 80 36 58 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 1934 average 103.4 96.7 84.5 81.9 83.8 87.8 1935—January... . 129.1 70 81 35 57 February. _ 130.2 68 80 32 55 1934—October 103.4 98.4 84.1 82.5 81.6 88.1 March 131.3 64 75 28 53 November 103.5 98.8 84.3 83.4 81.0 88.6 April 132.2 68 79 29 59 December 104.1 100.0 85.8 85.4 83.3 88.8 May 134.8 73 86 31 65 June 134.0 76 88 33 70 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 July.. 134.8 79 92 34 74 February 105.8 101.3 87.4 86.7 82.0 93.4 August 135.4 83 95 36 82 March. 106.6 99.9 84.5 85.2 74.7 93.6 September. 135.0 85 98 37 82 April 107.0 100.0 85.5 85.9 75.0 95.5 October 134.8 86 100 35 82 May 107.1 101.2 87.1 87.3 76.5 97.4 Oct. 2 133.6 81 94 33 77 June 107.2 102.2 88.3 87.3 79.3 98.4 Oct. 9 134.4 84 97 34 80 July 107.5 104.2 89.2 88.5 78.8 100.2 Oct. 16 134.9 87 100 35 82 August _.. 106.8 104. 2 89.9 89.0 79.6 100.9 Oct. 23 135.6 89 103 36 85 September 105. 3 103.1 90.4 89.4 80.6 101.0 Oct. 30 135.7 90 103 35 87 October 105.3 101.9 89.8 89.8 78.4 101.0 Oct. 2 104.6 101.7 89.4 89.6 78.4 100.1 1 Monthly data are averages of daily or weekly figures. Oct. 9 104.9 101. 5 89.4 89.7 77.9 100.6 2 Average derived prices. Oct. 16... 105.6 101.7 89.5 89.5 77.6 101.1 Oct. 23 105.7 102.2 90.1 89.9 78.9 101.4 Source.—Standard Statistics Co. Oct. 30.. 105.5 102.5 90.2 89.9 78.9 101.8 Back figures.—See Annual Report for 1934 (table 93). CAPITAL ISSUES 1 Average prices. Monthly data are averages of daily or weekly figures. 2 Average price of principal outstanding issues of Liberty and Treasury bonds; now 14 Treasury bonds. [Long-term; i. e., 1 year or more. In millions of dollars] » Prices derived from average yields. * 45 corporate and 15 municipal. New issues Source.—For United States Government bonds, Federal Reserve Bank Reof New York; for other bonds, Standard Statistics Co. fund- Back figures.—See Annual Report for 1934 (table 93). Domestic ing Total issues BOND YIELDS1 Year or month (do- (domestic State Corporate For- mestic and and eign and Year, d m a o te nth, or U T S n r ta e it t a e e s d s - M ( i h p u i a n g l h i c 3 - - Corporate, by ratings * e f i o g r n - ) Total i n m p i a c u i l - - B n a o o n n t d e d s s Stocks e f i o g r n - ) ury 2 grade) Aaa Aa A Baa 1925 6,201 5,125 1,352 2,452 1,153 1,076 925 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 Number of issues... 7-11 15 30 30 30 30 1927. 7,556 6,219 1,475 3,183 1,474 1,337 2,220 1928 8,040 6,789 1,379 2,385 2,961 1,251 1,858 1932 average 3.66 4.65 5.01 5.97 7.20 9.30 1929 10,091 9,420 1,418 2,078 5,924 671 1,422 1933 average 3.31 4.71 4.49 5.23 6.09 7.76 1930 6,909 6,004 1,434 2,980 1,503 905 711 1934 average 3.10 3.95 4.00 4.44 5.08 6.32 1931 3,089 2,860 1,235 1,240 311 229 949 1932 1,194 1,165 762 305 20 29 538 1934—October 3.08 3.69 3.90 4.36 5.00 6.40 1933 720 708 483 40 120 12 344 November... 3.05 3.57 3.86 4.27 4.93 6.37 1934 -. . _ 1,402 1,402 819 144 35 0 792 December 2.97 3.52 3.81 4.27 4.86 6.23 1935—January 2.83 3.45 3.78 4.21 4.77 5.99 1934— N O o c v t e o m be b r e .. r . - . 1 1 2 0 2 7 1 10 2 7 2 3 8 9 9 0 8 Wo 0 0 3 3 6 5 February 2.73 3.39 3.72 4.14 4.69 5.97 December _ 141 141 106 34 1 0 45 March 2.69 3.27 3.71 4.15 4.72 6.22 1935—January .... 92 92 80 3 2 0 49 April 2.64 3.25 3.72 4.19 4.75 6.14 February._ 50 50 44 7 0 0 46 May_. 2.61 3.27 3.74 4.18 4.66 5.99 March 108 108 100 8 0 0 180 June --. 2.61 3.25 3.72 4.18 4.62 5.86 April 90 90 64 17 5 0 413 July..... 2.59 2.95 3.70 4.15 4.54 5.77 May 86 86 41 39 6 0 384 August 2.66 2.87 3.77 4.15 4.57 5.69 June 58 58 44 14 0 0 454 September _._ 2.78 3.08 3.80 4.11 4.56 5.62 July 134 134 79 27 28 0 510 October 2.77 3.16 3.79 4.10 4.57 5.63 August 152 152 36 29 (2) 0 284 O O c c t t . . 9 2 2 2. . 8 8 0 3 3 3 . . 1 1 8 8 3 3 . . 8 8 0 0 4 4. . 1 1 0 1 4 4 . , 5 5 7 9 5 5 . . 6 6 6 7 S O e c p to te b m er ber. 1 1 7 4 7 4 1 1 4 7 4 7 1 5 3 6 2 4 7 2 0 3 3 0 0 2 2 5 1 9 7 Oct. 16 2.75 3.18 3.80 4.10 4.60 5.62 Oct. 23.. 2.74 3.15 3.78 4.08 4.55 5.60 * Includes publicly offered issues of Federal land banks, Federal in- Oct. 30.. 2.75 3.10 3.77 4.08 4.55 5.60 termediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation, not shown separately. 2 Less than $500,000. i Monthly data are averages of daily or weekly figures. 8 Average, computed by Treasury Department, of yields of all out- Sources.—For domestic issues, Commercial and Financial Chronicle; standing Treasury bonds except those due or callable within 8 years. for foreign issues (issues publicly offered) annual totals are as finally * Standard Statistics Co. reported by Department of Commerce, while monthly figures are as • Moody's Investors' Service. compiled currently and are subject to revision. Back figures.—See (for figures of new issues—annual and quarterly Back figures.—See Annual Report for 1934 (table 94). basis) Annual Report for 1934 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESEBVE BULLETIN NOVEMBER 1935 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Non- Interest-bearing debt outstanding Octo- Total inter- ber 31,1935 End of period (gross est debt) Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- Total Bondsl Notes C ic e a r t t e if s - Bills June 1932.. 19,487 19,161 14,250 1,465 2,831 616 326 June 1933.. 22,539 22,158 14,223 4,780 2,200 954 381 Total 28,380 13,998 11,929 250 2,204 June 1934-. 27,053 26,480 16,510 6,932 1,635 1,404 573 Obligations maturing: Before Jan. 1,1936 869 418 451 1934 Jan. 1-Mar. 31,1936 852 852 October 27,188 26,643 15,808 8,027 1,154 1,654 545 Apr. 1-June 30, 1936..- 1,896 1,245 651 November. 27,299 26,761 15,768 8,036 1,153 1,804 538 July 1-Sept. 30, 1936.— 1,128 878 250 December.. 28,479 27,944 16,245 9,586 158 1,954 535 Oct. 1-Dec. 31,1936 358 358 1937 1,749 1,749 1935 1938 1,946 1 946 January 28,476 27,952 16,250 9,585 163 1,954 524 1939 2,762 2,762 February.. 28, 526 27,969 16,247 9,582 161 1,979 557 1940 2,117 2,117 March 28,824 28,043 16,238 9,567 160 2,079 '782 1941 834 """834' April 27,766 15,394 10,236 158 1,978 '904 1943 898 898 May 28,638 27,738 15,157 10,471 157 1,953 901 1945 1,401 1,401 June 28,701 27,645 14,936 10,501 156 2,053 1,056 After 1945 10,617 10,617 July 29,120 27,923 14,576 11,065 254 2,028 1,196 Other obligations 2 954 249 455 250 August 29,033 27, 956 14, 715 11,036 252 1,952 1,076 September. 29,421 28,432 14,300 11,929 251 1,952 989 October 29,462 28,380 13,998 11,929 250 2,204 H.081 * Issues classified as of date of final maturity; most issues callable at earlier dates; postal-savings bonds only issues callable before 1940. * Includes United States savings bonds and such issues as postal- ' Revised. sayings bonds, retirement-fund notes, and adjusted-service-certificate i Includes $601,000,000 of Government liability for retirement of series, in which special funds are invested. national bank and Federal Reserve bank notes, as a result of deposit of funds by banks; this compares with $815,000,000 on July 31, 1935, 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- Receipts Expenditures 2 counts, Increase or de- Excess etc.s crease during Period Total c ta o I x n m e - e s r l i M a n e n v te i e e s r n o c n e u u a l e s l - ot A he ll r] Total p e I d u n st e b t G e b o l e r t i n - c ner o a A t l h 2 l e l r Tota R l eco R v e e li r e y f an P w d u o b r r l k e i s l c ie o f3 th A e l r l 4 p ( c o t + e e u e f ) n i r x p e d r - o e t s i s - - r ( p e c o t + x e e u e f ) c n i r x p e d e r - o s e t s i s s - r - b G a f e u l n a n e n d p r c a e e l rio G d d r e o b s t s Fiscal year ending June: 1933_ 2,080 746 858 475 4,681 2,715 31,277 -2,602 -5 +445 +3.052 1934-_. 3,116 818 1,470 828 6,745 757 1,98-1 4,004 1,844 645 1,515 -3,630 +835 +1,720 +4, 514 1935 3,800 1,657 1,044 6,802 821 2,327 3,555 2,342 1,020 292 -3,002 +613 -741 +1,648 4 months ending: October 1933 173 532 223 1,410 235 775 399 262 94 43 -482 +17 +47 +512 October 1934 1,214 235 605 373 2,165 270 788 1,107 701 460 6 54 -951 +46 -770 +135 October 1935. _ 1,234 307 679 247 2,368 240 962 1,167 558 289 320 -1,134 +5 -368 +761 1934—October 260 19 151 90 669 160 '231 '278 205 99 '6 26 -409 +29 -381 n 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—January 203 19 114 70 462 22 188 252 189 55 -260 +18 -244 -3 February ... 214 28 109 77 496 34 209 252 214 46 -281 o -239 +50 March 601 326 189 86 546 90 169 288 203 75 10 +55 +19 +365 +291 April.. 228 29 116 611 118 213 279 192 45 43 -383 +21 -511 -149 May 246 23 137 542 24 181 336 178 78 81 -296 +348 +22 -30 June 464 254 138 740 119 197 425 258 82 85 -277 +99 -115 +63 July 279 23 165 673 8 318 347 114 88 146 -394 -77 -52 +419 August 299 24 219 508 27 193 289 158 69 139 -210 -17 -314 -87 September 421 231 143 563 101 217 245 142 87 16 -143 +78 +324 +389 October-. 235 30 153 624 104 234 286 145 123 19 +23 —325 +40 ' Revised. Treasury statement revised by transfer of certain amounts from "general" to "recovery and relief" expenditures. 1 Includes processing taxes, customs, and miscellaneous receipts. 2 Excludes public-debt retirement. 3 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. 6 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. 8 Excess of credits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

753 NOVEMBER 1935 FEDEKAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1935 [Compiled by XJ. 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 n e t r i c c p a o 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 r d a u m o t b i i r o l n k i n i c s s- R C A C e o t t g i u g r r o e r p i r i o n a d o c n s l i r u t a a l - - l C P C o r t t o i r r i o e o p d n d o n u s i r c t a - - S C h B c o M F i h r o p l p a e e a p o n e r r i r - d n t t a g - Other i tion ASSETS Loans—total .. 8,280 2,295 1,443 263 4 216 59 99 211 Preferred stock, capital notes,and debentures... 878 878 874 3 I C n a v s e h s — tm to e t n a t l s: 376 78 2 <•> 7 3 17 49 United States securities 452 25 2 23 Obligations guaranteed by United States... 218 20 20 Acco O u t n h t e s r a i n n d ve o s t t h m e e r n r t e s ceivables 8 1 6 8 6 6 1 5 2 3 2 33 5 1 3 98 2 6 0 4 6 Real estate and other business properties 163 153 1 43 108 Other assets _. _ 173 22 3 10 1 7 Total assets other than interagency- 11,591 3,646 2,356 267 12 226 65 121 186 413 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States. __ 4,411 253 253 Allother.. _ . 2,105 Other liabilities (including reserves) 234 52 17 (2) (2) 4 (2) j 12 18 Total liabilities other than interagency.._ 6,750 305 270 (2) (2) 4 (2) 12 18 Excess of assets over 1 abilities, exclusive of interagency transactions _ _ 4,840 3,341 2,086 267 11 226 61 121 173 395 Privately owned interests 357 U. S. Government interests.. 4,483 3,341 2,086 267 11 226 61 121 173 395 Distribution of Government interests: Capital stock 6,826 5,723 500 3 11 3 342 44 120 50 3 4,652 Surplus . 356 256 109 3 10 1 123 9 Interagency interest (net) -2,699 -2, 638 1,477 261 -116 6 -4,266 Financed partly from Government funds Federal Total * F b e l a a d n n e k d ra s l m F c b i e n e r a d e d t n e e d i k r a r i - a s t t e l F C r M F e a g o a d t a o r i r g e p o r m r e t o n a - - l c B a o t a o f i o v n p r e k e s r s - H b l a o o n a m k n e s O C H r L a w o o t o r i n m a o p e n o n r e s - ' S C I L a n a a o v n o s n r i c u a p n d e r n o g - - s c F s i a a e l a a v o s d t n i s i a e n o o d n r g n - a s s l D F C r I e a n a e o d n t p s r i u e c o o p r e r o s n a - i - l t ration ASSETS Loans—total _ 5,985 2,156 165 765 43 90 2,765 C In a v s e h s — tm to e t n a t l s: 298 41 18 80 13 8 126 (2) 12 United States securities- 426 42 35 23 6 320 Obligations guaranteed by United States- 198 2 38 43 13 101 Other investments 744 729 15 A Re c a c l o u e n st t a s t e an a d n d o t o h t e h r e r r e b ce u i s v in ab es le s s properties 13 1 3 0 4 6 0 6 26 1 5 4 6 1 3 Other assets _ 151 98 2 2 (2) 46 3 Total assets other than interagency 7,945 2,386 262 1,602 138 118 2,953 103 46 338 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 4,158 1,368 5 2, 791 All other. 2,105 1,920 161 24 0 ther liabilities (including reserves)._ 182 64 6 31 (2) 5 68 (2) 8 Total liabilities other than interagency 6,446 1,984 167 1,399 (2) 5 2,882 (2) 8 Excess of assets over liabilities, exclusive of interagency transaction 1,499 402 95 203 138 112 70 102 46 330 Privately owned interests 357 148 2 27 180 U. S. Government interests. 1,142 254 95 203 136 85 70 102 46 150 Distribution of Government interests: Capital stock _ ... 1,103 123 70 200 128 85 200 100 46 150 Surplus 101 88 36 4 -30 2 Interagency interest (net) -61 43 -11 3 4 -100 1 Includes interagency interests held by the Treasury Department. * Includes also War Finance Corporation not shown separately. 2 Less than $500,000. «Includes unissued bonds covering loans in process. 3 Nonstock (or includes nonstock proprietary interests). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN NOVEMBER 1935 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 Sept. 30, May 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Aug. 31, Sept. 30, 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)... 584,036 503,000 480,404 455,928 441,825 427,657 411, 729 109,998 115, 227 Building and loan associations 27,697 10,385 9,808 10,307 9,494 8,954 8,359 141 141 Insurance companies -_ 30,532 20,060 19,231 18,052 17, 628 17,163 10,011 40 40 Mortgage-loan companies 160,057 146,426 145,551 139,972 136,396 132,346 131,771 104, 298 99,178 Credit unions 388 341 336 332 331 330 330 1 1 Federal land banks 115,955 66,549 59,979 58,330 57,975 56,340 52,156 Joint stock land banks 7,508 3,167 3,095 2,806 2,407 2,381 2,329 550 550 Agricultural credit corporations 789 887 874 874 872 866 853 Regional agricultural credit corporations 3,747 Livestock credit corporations 1,602 1,344 1,315 1,225 1,108 1,024 901 Railroads (including receivers) _ 343, 595 413,438 414, 344 413,338 413,350 412, 903 412,810 346 339 State funds for insurance of public moneys 1,733 2,146 1,606 1,513 1,407 1,047 Fishing industry 76 79 79 79 92 92 550 590 Processors or distributors for payment of processing taxes 2 1 1 1 1 1 1 Total 1,277, 641 1,165, 674 1,137,162 1,102,849 1,082, 977 1,061,465 1,032,390 215,924 216,065 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) . _ . 111, 178 137,560 146,696 148, 760 155,174 169, 493 169,499 103,050 88, 650 For financing exports of agricultural surpluses, sec. 201 (c) . . 14,954 14,926 14, 532 14, 517 14,517 14, 300 14,300 For financing agricultural products, sec. 201 (d) 3,581 7,227 7,885 8,463 8,413 8,402 8,372 870 788 To commodity credit corporation 76, 430 55, 530 148,181 231,166 249,556 258, 739 263, 746 152,779 243,535 On preferred stock of banks 18, 482 20,151 20, 283 20,176 20,031 19, 988 19,887 166 208 On preferred stock of insurance companies 25,785 29,933 29, 933 29, 933 30,083 30,083 30,083 To drainage, levee, and irrigation districts 9,479 25,815 27, 596 29,181 32, 790 34,176 43,086 68,773 68,172 To Public School Authorities 22, 300 To industrial and commercial businesses 1,916 17, 759 21, 761 25, 932 29, 519 32,325 34,633 39,848 39,381 To mining, milling, and smelting businesses. _ 8 280 345 664 775 833 5,813 6,247 On assets of closed banks 331 420 10,869 8,317 7,888 580 1,052 1,082 To Public Works Administration on security transactions 15, 753 16,167 16,190 112,849 105, 225 102, 562 1,345 1,570 Total 284,104 324, 994 433, 733 535, 532 661,913 681,394 687, 581 373,695 449,632 Purchases: Preferred stock of banks 549, 228 634,490 639,977 639,015 640,983 641,991 645, 271 17,936 38, 724 Capital notes and debentures of banks 259,664 247,718 245,003 244,317 241, 615 242,362 241, 742 60,197 59,951 Preferred stock of insurance companies 100 100 100 100 100 100 100 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 808,992 892, 307 895,079 893,432 892,698 894,453 897,113 80,133 100,674 Total loans and purchases ..- ..2,370,737 2,382,974 2,465, 975 2,531,813 2, 637, 588 2,637,312 12,617,084 669, 752 766,372 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932 298,009 297,690 297, 689 297,688 297,621 297,099 296,803 15 15 Federal Emergency Relief Act of 1933 499,589 499,998 500,000 499,998 499,998 499,999 499,987 2 1 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 :. 797, 599 1, 297, 688 1,297, 689 1,297,686 1, 297,620 1, 297,098 1, 296,790 500,017 500,016 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 82,346 85, 246 88, 796 42,395 39,495 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 97,400 97,400 To Federal Farm Mortgage Corporation 55, 000 55,000 55,000 55,000 55,000 55,000 55,000 To Federal Housing Administrator. 10, 000 34,000 34,000 34,000 34,000 34,000 34,000 To Secretary of Agriculture for— Crop loans 115,000 115,000 115,000 115,000 115,000 115,000 115,000 Reallocated as capital regional agricultural credit corporations... 44,425 44,500 44,500 44, 500 44,500 44, 500 44,500 Reallocated to Governor of Farm Credit Administration 40,500 40,500 40,500 40, 500 40, 500 40,500 40, 500 Total 693,971 718, 246 718, 246 718, 246 718,946 721,846 725, 396 139,795 136,895 Total allocations _. 1,491,570 2,015,934 2,015, 934 2, 015, 932 2,016, 566 2,018, 944 2, 022,186 639,812 636,911 Total loans, purchases, and allocations . 3,862,307 4,398,908 4,481,909 4, 547,745 4, 654,154 4, 656,256 4,639, 270 1,309, 564 1, 403, 283 r Revised. v Preliminary. * Includes $267,000,000 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

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 755 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans Federal intermediate credit bank loans to Loans to cooperatives byby i— and discounts for— Regional End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e k d r is- p s c p c o r r c o r o e c u e r d a d i a l d a g u i t t i t t u r i c t i i o c r o t - a a n o i n s o l s r s - n - , , f c i i e n o n t O x i a o s o t c n p t h n i e c e t e s p i r u n r , a t - g - ti P a o t s r i n s o o o n d c c s u r i e a c 3 d - - it , t R i u a t r r e a g c a g t r o l i i i o c r o c p u n n r o e l s a - d - l - c d r E g r l o o o e m p a n u a n e c g r s n y h - d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B C c i a a n o t e n c i o i n v k n l p u t s e g e r d s a f r , - o - l r M A i r n t e g a g u i v r n r r i o k A g c a l e u l v c t l t - and banks tives Bank fund for cooperatives 2 1932—December.. 1,128,564 82,518 24,373 89,301 9,866 158,885 1933—December.. 1,232,707 70,738 73,263 60,989 27 144,636 89,811 15, 211 18,697 157,752 1934—August 1,766,361 477,822 125,270 64, 203 58,074 117,664 100,209 9,969 23,019 55, 250 September.. 1,810,559 516,276 118,402 63,002 60,887 106,724 105,446 9,987 23,057 54,870 October 1,848,727 551,873 104,909 58,882 58,128 96,914 104,470 24, 207 24, 561 57,310 November.. 1,886,335 587, 260 100,992 56,058 58,328 90,559 104,994 32, 330 24, 710 56, 764 December-. 1,915,792 616,825 99,675 55,672 61,024 87,102 110,186 33,969 27,851 54,863 1935—January 1,942,916 643,291 99, 776 53, 509 64, 637 84,726 116,846 34, 445 28,498 53,721 February... 1,961, 275 664,886 103,360 53,172 71,192 82,342 125,124 34,132 29,445 49,687 March 1,974,952 686,606 115,281 54,442 85,819 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 5,023 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 September.. 2,047,390 765, 319 115,426 55, 661 104,712 59, 225 192,182 4,755 43,140 46,714 1 Does not include loans by joint stock land banks, which are now in liquidation. 2 Some of the loans made by the regional agricultural credit corporations and 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 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. 3 Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES l [Loans in thousands of 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 2 d loan F h e o d m er e al End of month Total M F F o ed a rt r e g m r a a g l e O H L w o o n a m e n r e s' s F t R r i u n ec c a o t n i n c o - e n End of month L p O o o H r a w a o n n t m i e C o r e n o s r ' ] - a N ss u o m ci b a e ti r o o n f s Loans reported l m o i t n b i l e a o o s a m n n t a n s i s n b k t t u e 3 o r - 1933—December. 180 Co t r i p o o n ra- Co ti r o p n o r * a- Co ti r o p n o 3 r 1 a 8 - 0 Re- New Convert- 1934—February.. 183 183 Total port- associ- ed asso- March 295 68 227 ing ations ciations April 325 98 227 May. 423 168 28 227 June 681 312 134 235 1932—December 838 July 1,064 551 284 230 1933—December.. . 105,920 59 88,442 August 1,614 672 702 241 1934—September.. _ 1,656, 213 534 332 5,437 26,684 86, 647 September. 1,875 733 896 246 October. 1, 857, 424 577 332 6,934 26,944 87,446 October.... 2,596 805 1,543 248 November... 2,027,969 601 438 8,843 55,606 87,714 November. 2,823 878 1,695 249 December— 2,196,988 639 455 10, 758 58,976 87,258 December . 3,063 980 1,834 249 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, 747,022 922 758 37,345 192,959 86, 025 August— 4,247 1,282 2,715 250 September... 2,788, 203 949 P758 *>40,049 P195, 436 90,432 September. 4,367 1,368 2,747 253 v Preliminary. 1 Principal amount of obligations guaranteed as to interest and prin- 1 Loans closed. cipal. 2 No monthly reports prior to September 1934; they now exclude largely 2 Excludes obligations guaranteed as to interest only. new associations recently chartered and inactive associations. 3 Excludes obligations held by U. S. Treasury and reflected in the 3 Includes loans to Federal savings and loan associations, all of which public debt; includes in 1933 and in January 1934 notes given in pur* are members, and a negligible amount to others than member institutions. chase of gold which were retired in February 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN NOVEMBER 1935 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES llndex numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production l * Construction contracts awarded (value) * Fac- Factory em- tory Freight-car ployment 3 pay loadings 4 * Com- Year Total Manufactures Minerals Total Residential All other rolls 3 modmo a n n t d h pr i i t c y es5 Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justedjusted justed justed justed justed justed justed justed justed justed justed 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 i 63 71 28 13 40 64 46 56 65 1933 76 75 82 25 11 37 69 49 58 66 1934 79 78 86 32 12 48 79 62 62 75 1932 July.... 56 58 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 65 Sept... 67 66 86 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 58 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 59 59 37 48 50 60 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 55 55 63 June__. 91 91 92 93 83 85 21 18 14 13 27 23 67 67 47 61 62 65 Ju!y___. 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 m 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 89 81 35 37 12 12 53 57 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 '75 75 55 56 63 71 1934 Jan 77 78 75 76 86 88 40 49 10 12 64 80 73 75 54 58 64 72 Feb 83 81 82 80 89 92 38 44 10 12 60 70 78 78 61 61 64 74 Mar.... 87 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 66 74 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 75 July.— 73 76 71 74 84 84 30 27 12 12 44 39 79 80 61 63 61 75 Aug 73 73 71 72 83 80 28 27 10 10 43 40 80 79 62 63 59 76 Sept... 73 71 70 69 87 82 30 29 11 11 45 44 76 74 58 67 59 78 Oct 75 74 73 72 87 81 29 31 12 12 43 46 78 77 61 64 57 77 Nov 74 75 73 74 84 81 28 31 11 11 41 48 77 77 60 60 59 77 Dec... 78 86 78 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 '83 '83 71 62 65 79 Apr 89 86 91 86 79 87 30 27 22 18 38 33 '83 82 71 59 61 80 May... 87 85 87 84 88 89 32 27 25 21 39 32 81 81 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..-_ 86 87 87 88 85 81 40 38 24 24 54 50 82 82 70 64 60 81 Sept... P89 *89 *>89 *89 92 87 44 43 25 25 59 58 84 82 72 70 62 81 * Preliminary. ' Revised. •Average per working day. 1 For indexes of groups and separate industries see pp. 782-783; for description see BULLETIN for February and March 1927. 8 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. 3 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by Federal Reserve Board see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries see pp. 784-785. Underlying figures are for pay-roll period ending nearest middle of month. * For indexes of groups see p. 757. 6 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 781. Back figures.—Bee Annual Report for 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 757 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 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 8 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 June 187 114 120 171 170 173 110 122 136 157 14 4 -2 34 13 July 181 107 144 162 173 174 79 143 127 178 6 27 1 34 —4 August 165 109 131 172 172 167 91 155 120 169 -2 17 -23 52 3 September.. 180 132 160 191 »198 170 98 147 132 10 34 13 60 October... 205 153 193 206 169 105 151 ]30 36 48 42 77 No vember 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 » Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers based on value figures; 1923-25 average=100] [Index numbers; 1923-25 average=100] Index of stocks (end of Index of sales * month) 1934 1935 Month Adjusted Without Adjusted Without Sept. May June July Aug. Sept. 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 63 58 60 62 Coal 63 67 83 54 58 61 J F M 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 4 5 5 5 7 9 7 3 5 7 6 9 1 1 6 6 6 5 6 6 6 6 6 4 3 4 6 6 5 3 7 9 5 6 6 7 1 5 L C G Fo i o r v r a 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. _ 4 8 3 6 5 7 0 3 6 4 3 5 8 1 3 0 3 6 3 5 5 4 5 4 3 4 3 5 9 6 6 8 4 4 4 7 0 4 8 5 4 4 5 7 5 2 7 4 J M A u p n a r e y il . . -. 7 7 7 4 4 7 8 7 7 0 6 3 7 7 7 0 3 7 7 7 7 6 9 6 6 6 6 5 6 5 6 6 6 4 4 3 6 6 6 8 3 8 6 6 6 6 1 6 M O M r i e e s r c c e h l a la n n d e i o se u s l 3 6 5 9 4 8 4 6 6 7 4 3 4 6 6 6 4 4 4 6 6 8 3 4 5 6 6 1 2 4 6 5 6 5 5 5 July 73 80 51 ,55 64 61 59 '57 August 77 r78 60 r61 64 62 61 60 Without seasonal adjustment September 75 79 64 64 67 67 81 85 October 73 82 64 71 Total 67 61 63 60 64 November 74 P77 83 65 74 Coal 68 60 72 48 56 December. 78 135 64 60 Coke 45 50 49 40 43 56 • Grain and grain products. _ 76 55 56 69 90 90 Year 75 65 Livestock 103 38 30 30 39 54 Forest products 31 35 37 38 42 44 Ore 63 71 83 87 87 90 v Preliminary. * Revised. Miscellaneous 69 67 67 67 68 77 i Based throughout on figures of daily average sales—with allowance Merchandise 1 67 65 64 63 64 67 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 1 In less-than-carload lots. seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: Association of American Railroads. Back figures.—See BULLETIN for April 1935, pp. 254-255, and Annual 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

758 FEDERAL RESERVE BULLETIN NOVEMBER 1935 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS tin millions of dollars. $l=15^i grains of gold <Ko fine, i. e., an ounce of fine gold=$35J Europe Total United End of month (50 coun- Canada tries) States c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1934—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 11,813 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 Decembor. 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 i 190 11, 633 45 532 19 112 60 1,586 5,479 33 April 21,861 8, 710 187 11, 279 45 518 19 112 60 1,587 5,366 33 May 21, 473 8,858 189 10, 714 45 605 19 112 60 1, 587 4,759 33 June 21,678 9,116 188 10. 670 45 634 19 113 60 1,588 4,708 35 July 21, 676 9,144 188 10,636 45 624 19 113 60 1,588 4,726 38 August 21, 759 9,203 193 10, 664 45 612 19 113 54 1,593 4,756 38 September. v 21,925 9,368 186 P 10, 677 45 604 19 113 54 1, 595 4,770 38 October v 9, 693 P609 v 1,604 p 4, 784 *35 Europe—Continued End of month Greece Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain SwedenSw la i n tz d er- U. R S .2 S. Y sl u av g i o a - 6 c t o o ri u t e h n s e - r 1934—August—. 36 23 565 588 61 94 67 103 740 169 567 ne 53 58 September. 36 23 554 588 61 94 67 103 740 170 591 ri6 54 61 October... 37 23 541 601 61 94 67 103 740 163 621 ri6 54 61 November- 40 23 520 582 61 95 67 103 740 160 624 ne 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 m 38 56 Mav 37 23 519 440 66 97 68 106 741 161 390 748 40 57 June 36 23 498 427 75 97 68 107 741 161 391 748 40 57 July 36 23 468 380 75 97 68 107 741 162 421 748 40 57 August 35 23 419 402 84 97 68 108 741 162 446 '48 40 59 September. 36 23 379 365 84 89 68 v 108 734 165 44S S39 40 *>62 October »401 *453 Latin America Asia and Oceania Africa End of month T c tr o ( o i 1 u e t 0 s n a ) l - g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o t r h i u 4 e e n s r - T c tr o o i ( u e 7 t s n a ) l - IndiaJapan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 e e n s r - c T tr o o i ( u e 4 t s n a ) l - Egypt A So fr u ic th a c o t o r th i u 2 e e n s r - 1934—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 597 403 29 14 *26 20 82 23 801 5 275 400 76 23 22 5 286 55 214 17 May... 616 3 420 29 14 26 20 82 25 800 275 403 71 23 23 5 295 55 223 17 June... 611 420 29 14 26 20 76 26 802 275 407 68 23 23 6 291 55 220 17 July... 609 420 29 14 26 20 74 26 797 275 410 fil 23 23 5 301 55 230 17 Aug.... 611 420 29 14 26 20 74 27 798 275 413 58 23 23 5 290 55 219 17 Sept... »612 P420 *29 *14 26 P20 *74 V28 *797 275 416 55 23 23 P5 *284 *55 212 17 p 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. 2 Figures for March 1934, June 1934, December 1934, or March 1935 carried forward for subsequent months for which no figures have been reported. 3 Beginning May 1935 represents gold reserve of the Banco Central de la Republica, which includes gold abroad in addition to gold acquired from the Caja de Conversion. 4 Figure for March 1935 carried forward for subsequent months as no figures have been reported since transfer of reserves of the Banco de Mexico in April to the "Fideicomiso de la Reserva Monetaria". s Beginning April 1035, 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

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 759 GOLD PRODUCTION [In thousands of dollars] Production reported monthly- Estimated world Africa North and South America Far East Year or month production Total A So fr u ic th a d R e h s o ia - A W fr e ic st a B C e o lg n i g a o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au l s ia tra- Japan India $l=25§io grains of gold 9Aofine; i. e., an ounce of fine gold=$2067 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 8,198 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=155ii grains of gold gAofine; i. e., an ounce of fine gold—$35 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 July 79,082 30,773 2,015 1,072 521 8,615 9,214 1,861 1,037 832 2,579 1,351 938 August _ 79,924 61,651 31,015 2,085 , 022 542 9,295 8,829 2,078 1,148 666 2,619 1,413 938 September 78,787 60, 514 29,951 2,061 ,072 544 8,567 10,404 1,396 940 525 2,625 1,495 932 October. 82, 021 63,747 30,994 2,054 ,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 ,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 ,135 534 9,168 10,124 2,093 922 681 2,722 1, "" 995 1935—January 82,026 60, 252 31, 202 2,024 1,075 599 8,353 8,610 2,410 830 366 2,374 1,463 946 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 1,836 925 1,005 1,468 1,619 955 April 82, 014 60,240 30,301 2,052 1,106 594 8,599 8,785 1,750 1,015 895 2,637 1, 938 May 84,918 63,145 32,072 2,177 1,162 627 9,423 9,835 1,048 945 651 2,533 1,717 954 June 84,988 63, 215 31,089 2,101 1,095 588 10, 002 9,800 1,166 857 1,113 2,623 1,844 937 July P89,016 P 67, 243 32, 458 2,150 1,095 615 9,988 12, 005 *>2,170 1,001 558 2,635 1,610 958 August P 89,422 P67,648 32,667 2,155 p 1,400 631 10,303 •10,815 P 2,520 1,125 2,844 2,844 961 September * 88,759 P 66,986 31,472 p 2,135 P 1,400 P 631 9,870 12,320 P 2,100 *588 J>2,844 p 1,750 P961 Preliminary. r Revised. 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, March 1935, p. 170, and October 1935, p. 668. For annual figures of world production back to 1873 see Annual Report of Director of the Mint for 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 e o x r p n or e t t s England France Belgium N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Co b l i o a m- B I r n i d ti i s a h C H a h o n i n d n g a c o o A th u l e l n r - Kong tries Customs valuations; with some exceptions at rate of $20.67 a fine ounce 1932 -446, 21311 53,585 -441,6491 -82,5711 -96,5861-118,2731 64,5741 20,0871 3,2401 26,5971 39,0431 85, 737 1933 -173,455| 6,375 -216,035| -895| 7,9011 -11,6311 19,8961 4,280| 98| 25,629j 12,8211 -21,898 Customs valuations; with some exceptions at rate of $35 a fine ounce 19341 _. 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 July 52,346 22,978 2,212 1 -17 8,982 2,664 3,254 3,316 August 37, 225 22,872 e < -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. 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 5,346 729 2,112 522 359 2,711 March 13,003 -187 56 4,449 833 1,407 2,139 334 3,972 April 148, 608 1,481 32,510 94, 890 10,968 923 2 2,924 313 4,596 May 140,061 124,052 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 45,983 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 October... 315,347 109,954 156,977 17,605 629 9,368 762 1,746 12,359 1,125 4,817 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximate rate of $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN NOVEMBER 1935 GOLD MOVEMENTS-Continued England Net imports from or net exports (—) to: Total Year or month net imports South e o x r p n o e rt t s U 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 l e a t n h d e s r- A So i m c u a e t r h - Canada B In ri d ti i s a h S S m t e r e t a t n l i e t t s s - Au li s a tra- A d W R e f h r s e i o i c s a - a t , , t c o r o A i t e h u l s e n l r i - Africa Official figures converted at rate of $20.67 an ounce 1932 — 84,58511-50, 6421-297,0501 3331-13,4341-71,3781 5,7461 I 220,3941 10,7811 2*0,3641 255,3101 4,260 1933. 677,40511 7, 939| 97,0161 41,036| -808| -7,065| 9,6101 43, 3741 118,8171 60,8121 256,177| 41,811 Official figures converted at rate of $35 an ounce 1934. 716,269!-497,166 348,190 121,017 -13, 585 32, 575 17, 568 26,316 206, 711 4,863 41,790 335,253 92,737 July 30,991 -29, 369 -121 -2,161 -46 1,794 12, 213 70 3,234 32, 312 8,968 August 26,005 -15,420 -6, 797 45 -6,034 c 1,749 25,146 66 4,673 22, 371 211 September. 23,488 6,251 -8,188 2,890 -2,157 -203 2,052 7,266 962 151 3,507 11, 315 -358 October 49,999 950 -339 105 -1,291 482 655 4,669 4,992 245 3,438 24,420 11, 672 November. 49, 585 -17,284 27, 026 152 -5,198 -550 670 lf" 18, 791 190 2,686 18,495 2,910 December.. 27, 215 -22,489 1,769 -1,087 310 241 17,882 128 4,126 23,469 2, 797 1935—January -4, 279 -79, 628 4,270 -349 8,780 381 24, 046 12 4,066 37,231 -3,124 February.. -36, 566 -74,127 -17, 739 -951 2,145 2,057 19,093 88 3,067 18,669 11,105 March 66, 557 66 26, 612 -1,992 51 1,195 2,970 15,457 296 2,685 12,661 6,503 April 36, 529 -20, 533 -33, 348 -1,013 33, 237 152 424 16, 249 693 1,920 17,658 20,823 May 146, 289 -3, 247 69,128 -1,962 5,780 410 2,' 2,962 484 2,838 55, 847 11,143 June 118, 067 -18,547 86, r' -943 -11,601 -593 292 3,570 7,159 429 1,969 42,473 6,933 July 16, 289 -1,141 -5,719 -4, 416 118 -11,888 261 2,831 5,663 405 5,375 33, 532 -8, 731 August 39,016 -12,871 -5, 697 -26 82 1,642 287 449 26,102 420 4,148 35, 512 -11, 032 September. -36,086 -81,032 -5,663 23 2 322 25,301 70 3,662 29,949 -8,683 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 A r t i h u e l e n l s r - i e m o x r ( p p ) n o o e r r t t t s s l E an ng d - France N la e e n r t d - h s - U S. . S R . . c o t o A r th i u e l e n l s r - Official figures converted at rate of $20.67 an ounce 1932 828,17811 468,052 309,9841 37,8891 -35,0101 37,5471-17,6681 27,3821 -27,28211 -250 -38,1701-24,4551 46, 656}--11,063 1933 243,94411 223,894 -87,207| 73, 00l| —28,979| 44, 6911 10, 49l| 8, 053j-102,85611 -37,044 -64,922|—40, 9501 40,317| -260 Official figures converted at rate of $35 an ounce 1934 -410,034' -240, 361 -354,826 31,036 -17,669 74,995 «• 23,663 '73,130 -90,920 —109, 3861-42,901 -28,114 85, 390 4,097 July '-5, 631 -3, 003 ' -1,815 1 -320 104 -1,032 643 4,469 -4, 090 1 -16 8,457 117 August -15,105 -7, 290 264 145 -122 -39 -9, 226 1,163 5,327 -2,604 2 -52 7,828 153 September. _ 964 5,987 9,606 -3 -44 10 -15,492 898 61 -269 6 52 274 October 22, 710 26, 296 3,706 2 -464 139 -6,972 3 7,873 -59 4 1,908 5,760 257 November. _ -65, 568 -64, 337 -17,936 -2, 633 786 1,786 2 18, 251 2,954 -167 7 238 313 2,562 December _ _ 37, 733 -19,918 -8, 738 -3,114 232 4,220 2 65, 517 1,206 -85 -1 -99 1,162 227 1935—January 7,796 -15,376 -2,931 115 -994 1,231 a 25,849 287 67 4 84 144 -10 February -32, 479 -50, 314 8,670 1 -2,497 249 11,975 -565 295 -49 5 75 263 March 19,118 648 14, 676 3 -3,851 -201 7,r~~ -147 112 -19 6 232 April 103,114 -28, 566 38,332 -474 -26,395 3,907 111, 292 5, 015 735 -50 745 87 44 -91 May -190,274 -77,803 -47,681 -594 -109,195 -885 44,621 1,263 6,666 -206 418 23' 6,100 117 June -393,551 -223,070 -110,834 -190 -56, 265 -1,101 -3,431 1,341 2,876 1,057 275 1,014 530 July -12,206 414 -13,150 -1 -45 -650 1,295 -70 9,525 4,483 4 697 4,341 August3 56, 283 14 4,905 -1,990 -1,148 31, 272 -3,418 2 26, 646 4,769 30 345 4,395 September * 29,276 -23,688 8,811 -700 28,017 -132 236 2 14,371 4,355 -41 59 479 3,858 ' Revised. 1 Revised to include exports to Switzerland, heretofore shown separately. 2 $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; $5,561,000 in September 1935; and $9,481,000 imported from South Africa in September 1935. 3 Figures for France preliminary. NOTE.—Great Britain and Germany.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. German gold movements by individual countries, beginning with June 1935, are subject to official revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 761 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 I r n i d ti i s a h c A o l u l n o t t r h ie e s r Official figures converted at rate of $20.67 an ounce 1932 116,149 I 106,623 I 50,070 I -34,009 I -12,727 I -13,630 I -16,137 16,423 I -7,346 1933 -67,510 I -3,839 I -1,624 I -72,183 | -17,873 | -6,030 | -16,974 9,632 I 567 Official figures converted at rate of $35 an ounce 1934.. -122,664 -46, 040 -31,038 -78,610 25,716 9,285 -1,253 -4, 784 1,891 2,171 :« z July 9,170 75 71 -53 -103 -112 322 August -2,737 -194 -23 3 -42 174 -278 -2,546 1 September. -326 -327 7 34 -2 -44 -1,016 393 130 October... -2,386 -637 166 -1,8 -178 -65 -4 70 126 November. -16,849 -17,770 645 830 -6 -587 -65 -106 56 154 December. -9,431 -9,270 -312 62 78 -95 -34 -25 165 1935—January. _. -18,300 -15, 605 -3, 221 110 -66 -161 -30 27 476 171 M Fe a b r r c u h ary.. -2,8 5 9 1 9 0 -2,49 3 5 7 -1 - ,2 3 9 5 9 2 61 6 7 4 -9 7 3 7 1 -1 ,0 5 6 9 6 - - 3 8 - - 1 1 9 3 7 6 "lil" 1 1 8 7 1 1 April -120,492 -97, 632 -20,890 -20,966 -210 20,081 -41 -862 26 May *-5,080 -2,810 -1,562 277 162 -289 -1,084 71 156 June -14, 797 -19,259 1,375 667 -862 3,379 -107 113 -103 July -26,102 -29, 215 15,702 -21,909 -462 9,563 51 -8 58 118 August -4, 514 -152 -9,436 -86 2,900 -253 -23 2,356 180 September -37, 290 -40,868 2,861 249 -160 133 -317 772 Switzerland British India Net imports from or net Net imports from or net exports (—) to: Change in— Total Total exports (—) to: Gold Year or month net net proimports imports duce o x r ( p ) o n r e t t s U S n ta i t t e e s d E la n n g d - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A t r h i u e l e n l s r - e o x r ( p ) o n r e t t s U S n ta i t t e e s d E la n n g d - c o t o A t r h i u l e e n l s r - In ti i d o n i n a s In e R r i d n v e i - a e * s P i I n h n r g i o d v s l i d a a i - t n 2 e Official figures converted at rate of $20.67 an ounce 1932 169,78611 124,3541 15,3421 7,4181 -58! -2,954 14,9961 10, 6881-195,66211-38,0941-151,0591 -6,5081 6,7821 1271-189,008 1933.. -41,12111 10,9831--24,5361-26,7811 735|-15,330 13,1681 635] — 126,048| | —30,340| —85, 463|-10, 2441 6, 9161 -5|-119,124 Official figures converted at rate of $35 an ounce 1934.. -46,065 -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500-230,720 •-70,765 -•-155, 929 r-4, 026 11, 222 173 -219, 671 July -390 -1,171 11 141 387 -41 214 -22,130 -8,216 -14,134 220 938 -21,196 August... 26,569 4,007 11,802 30 1,105 2,566 7,056 -3,565 r-2,450 r-132 938 -2, 628 September 21, 532 2,367 15,804 56 2,304 1,105 -105 -2, 534 -2,643 109 932 -1,602 October.. 12, 853 -195 5,821 3,538 3,987 -305 7 -14,431 -1,650 -12,901 120 944 -13,491 November 12,397 291 -771 -6, 273 13, 526 6,001 -275 -102 -20,700 -2, 229 -18,617 146 929 -19,771 December -1,950 -417 -4,143 226 2,280 114 -15 -23,255 -3, 201 -20, 216 162 995 -3 -22, 257 1935—January.. -4,125 -17 -216 -4,344 472 -218 -16,334 -1, 667 -14,874 207 946 -2 -15,386 February -15,025 -51 -2,108 -16,117 225 2,689 -90 428 -17,746 -2,406 -14,133 1,207 903 -16,844 March... -17, 5 -6,839 -16,148 415 4,734 -202 207 -18,439 -18,225 -214 955 -5 -17,479 April -139,633 324 -31,619 -107,021 7 2,110 1,041 -4,475 -3,675 -3,831 155 938 -2,737 May.. -63, 229 -17,878 -38,514 -5,972 303 -409 -760 -6,604 -6, 558 653 954 -5,650 June -5,640 49 549 2, <~~ '-8,651 -74 153 -352 -3,824 -4,078 254 937 -2,887 July 1,417 3 1,610 2,998 -1 262 -3,455 -22,383 10-21,575 -818 958 -21,425 August.. . 9,328 64 -38 1,273 519 3,430 -25,464 961 -24, 503 September 5,845 107 3,017 -24 16 3,312 -766 184P-11,394 P-10,433 » 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. 2 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 revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN NOVEMBER 1935 CENTRAL BANES Assets of banking department Liabilities of banking department Bank of England (in G o is l s d ue Note (Figures in millions of pounds sterling) m de e p n a t r ) t- i C C o a in sh rese N rv o e t s es D a v i n s a c d n o c a u e d n s - ts Se ti c e u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia ti t b e h i s e li r - 1934—Aug. 29. 191.8 0.6 72.5 5.6 92.5 379. 3 83.7 34.0 35.2 18.2 Sept. 26. 191.9 .6 74.9 7.2 92.2 377.0 82.0 37.9 36.8 18.3 Oct. 31- 192.0 73.6 8.9 91.6 378.4 100. 4 16.9 39.8 17.7 . Nov. 28- 192.1 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 20. 192.3 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Jan. 30- 192.4 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18.2 Feb. 27. 192.5 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Mar. 27- 192.5 71.1 5.6 99.0 381.4 96.6 20.1 41.2 18.3 Apr. 24. 192.6 59.4 5.8 97.4 393.2 98.1 7.6 39.6 17.7 May 29. 192.6 62. 2 5.3 96.7 390.4 88.0 23.1 36.0 17.8 June 26. 192.7 55.9 10.2 108.6 396.9 -102. 4 16.2 38.8 18.0 July 31- 192.8 44.5 10.8 100.7 408. 3 75.7 24.4 38.5 18.1 Aug. 28- 193.4 53.8 12.9 93.5 399.6 90.9 9.4 36.5 18.2 Sept. 25. 193.6 55.4 12.4 95.4 398.2 87.2 19.5 39.0 18.3 Oct. 30- 194.7 54.8 11.2 98.2 82.5 26.2 38.6 17.7 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 ls stic S m h G c o u e o r r n v t i - t t e t i r e s e n e s r - m - s O e t c t ie h u s e ri r - N c b u e l g r e i o t s i t e e ia - s - 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 t t i b h e i s e li r - 1934—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 e 11,090 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 71, 952 1,232 8,060 192 3,098 5,800 8,023 82, 399 3,051 10, 848 2, 060 Oct. 30* 71,989 1,261 8,272 370 3,140 5,800 (2) 83,306 2,862 10,647 Assets Liabilities Reichsbank Reserves Securities Other Note Other (Figures in millions of reichsmarks) Gold e F x o c r h e a i n g g n e Tre b a il s l u s ry ch ( b e a i c l n l k d s s) Se lo c a u n ri s ty E a c s li o g n v i o e b t r l e e Other a O s t s h e e ts r ci t r i c o u n la- Deposits lia ti b e i s li- 1934 -Aug. 31 3,540 128 413 324 867 3,824 717 813 Sept. 29 3,811 148 431 324 806 3,919 848 851 Oct. 31- 3, 726 91 435 316 890 3,823 856 868 Nov. 30 3,848 119 436 316 881 3,810 961 920 Dec. 31 4.021 146 445 319 827 3,901 984 1,001 1935—Jan. 31. 3,620 81 441 319 837 3,660 822 900 Feb. 28 3,656 437 328 697 3,617 928 866 Mar. 30 3,799 427 330 701 3,664 922 830 Apr. 30. 3,861 373 328 739 3,711 952 837 May 31 3,732 338 324 775 3,810 770 824 June 29 3,879 337 324 781 3,895 819 838 July31 3,833 337 324 814 3,878 743 845 Aug. 31 4, 000 340 324 781 4,032 743 860 Sept. 30 4,144 346 324 770 4,143 774 879 Oct. 31 P 4,058 345 316 4,159 728 911 v Preliminary. • Corrected. 1 In addition, the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which is fixed by law at £260,000,000. 2 Figures not yet available. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July, 1935, p. 463. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 763 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank te S m ep b - er g A u u s - t July te S m ep b - er te S m ep b - er g A u u s - t July te S m ep b - er National Bank of Albania (thou- Bank of Canada3 (thousands of Casands of francs): nadian dollars): Gold 7,557 7,558 7,121 Gold. 181,372 180,321 179,937 Foreign exchange 19,949 20, 795 23,266 Sterling exchange. _. 218 1,693 701 Loans and discounts. 2,682 2,593 2,850 United States exchange 2,453 7,255 11,265 Other assets 5,462 5,622 2,844 Advances to Government 2,759 1,247 1,241 Note circulation.. 13,925 13,851 11,444 Government securities: Demand deposits 10,821 11,941 13,866 2 years or less.. 24,732 26,218 15,217 Other liabilities. 10,905 10,776 10, 773 Over 2 years 79,466 80,293 79,989 Central Bank of the Argentine Other assets 5,150 4,830 9,882 Republic 1 (millions of pesos): Note circulation 85,067 80,022 77,135 Gold at home.. 1,224 1,224 1,224 Total deposits.- 205,172 216,220 215,091 Gold abroad and foreign ex- Chartered banks. 183,829 192.355 169,917 change _ __ 111 109 119 Government 20, 705 23,272 44,364 Negotiable Government bonds._ 160 150 150 Other liabilities 5,912 5,615 6.006 Other assets 148 145 149 Central Bank of Chile (millions of Note circulation 932 920 939 pesos): Deposits: Gold and foreign exchange in re- Member bank 241 213 220 serve— 142 142 146 Government 146 165 161 Loans and discounts 83 60 Liquidation Institute 174 174 174 Government debt 710 710 717 Other— 110 121 114 Note circulation 518 505 503 Other liabilities 42 37 34 Deposits _. 347 350 Commonwealth Bank of Australia Central Bank of China * (millions of (thousands of pounds): yuan): Issue S G e o d c l e u d p r i a a t r n ie t d m s E en n t g : li _ sh sterling... 3 1 4 5 , , 9 6 9 3 4 4 3 1 4 5 , , 6 9 3 9 4 4 2 1 9 5, , 6 7 2 0 5 8 S D G i o u lv e ld e f r rom banks abroad 1 1 2 5 3 0 12 1 5 1 6 1 2 1 2 8 5 4 Ban L L k C S D i e o o o e n c a n i p g u n n d o r , s o s d i b t i n e a i t u e s p n b l s a d l a i r o l t d a m n i n s , e c c a n o e n t u s : d . n . t c s ash 3 6 1 1 6 8 3 7 , , , , 8 1 3 4 3 7 0 6 0 0 4 9 3 7 2 2 3 7 1 2 6 3 2 , , , , 6 6 2 6 9 3 0 5 9 2 6 7 3 6 9 2 3 7 1 2 5 7 5 , , , , 8 0 9 9 8 6 3 8 3 4 5 2 9 8 1 N D L S D O e o o e t u c h a p e t u e e n o r r f s s i c r t i o a i a i t r m s e s n c s s — d u e d l t d s G a o i t m o i s o c v e n o e s u r t n i n c m t s b e a n n t ks _. 1 2 1 1 4 1 3 3 8 7 3 1 8 4 0 8 2 1 1 1 3 5 2 5 8 0 5 5 6 4 0 8 2 1 3 4 8 1 5 1 9 5 1 3 3 7 Note circulation—. _ 47,045 47,045 47, 550 Bank__ 80 69 41 Austrian National Bank (millions of Other 18 16 11 sch G i o ll l i d ngs): 242 242 242 242 Other liabilities 133 146 75 Na o t f i D N D F G o b o n o o e o e r a p l m t v e g e l o e i a e g r B s c s s n n i i ) t a t r m i : s n c c b . u k e . i b _ l l n l a o i s t l t f l i d s o B e n e b l t g _ s i . um (m _ _ i llion _ s . 2 2 6 9 1 7 5 2 3 3 4 3 4 0 9 9 2 2 6 1 6 3 4 1 2 3 1 4 9 4 9 2 6 2 1 4 2 5 3 0 2 4 0 3 1 2 6 9 1 5 4 2 6 7 4 0 4 5 4 Ba ( n th k N D L F G o o o o e o o u r a p l t f e s d e n o a i s t g c s n a h n i t i t d e o r t s c h s e u R m . o x o . l c m f e e a h p p t m e a i u e o n b a b s n g e n o l e r i d s c ) 5 b : a o a b f n ro k C s a o d lo 8 m _ bia 2 2 3 4 9 7 3 6 , , , , , 8 9 2 7 4 8 1 9 2 0 1 9 4 3 4 3 2 2 8 8 6 4 3 , , , , , 1 7 4 3 6 3 6 5 7 2 7 2 7 2 7 2 3 1 7 3 6 8 1 , , , , , 5 2 5 5 8 9 8 8 2 2 1 9 5 9 4 Gold 2 3,419 3,464 3,534 2,661 National Bank of Czechoslovakia Domestic and foreign bills 2 1,350 1,373 1,431 671 (millions of koruny): Loans to State _ 162 162 162 344 Gold 2,692 2,693 2,693 2,665 Note circulation 4,140 4,115 4,079 3,514 Foreign balances and currency.. 104 199 262 89 Deposits 994 1,084 1,258 310 Loans and advances 1,165 1,015 949 1,546 Central Bank of Bolivia (thousands Note circulation 5,730 5,524 5,454 5,589 of bolivanos): Deposits 412 655 787 730 Gold at home and abroad 15,102 15,128 9,115 Danish National Bank (millions of Foreign exchange 7,746 9,906 5,580 kroner): Loans and discounts 10,585 17, 728 Gold 118 118 133 133 Securities: Foreign bills, etc 13 15 17 9 National Government- 361,473 326, 477 206, 542 Loans and discounts 75 75 75 68 Other... 3,271 3,326 3,851 Note circulation 368 375 361 369 N D o ep te o s c i i t r s culation 2 1 0 4 9 0 , , 2 7 2 1 9 9 2 1 0 3 1 6 , ,8 3 3 7 5 8 13 7 1 2 , ,7 2 1 4 2 7 Bank D ep o o f sit D s anzig (thousands of 71 105 159 N B a o a t n f i N C L D C k o le o n o a o e o v a s a p r t f a e r h n l o e ) s B s B c : s i p i r a t a r a s o n n c z n d u k i _ l d l o a d _ e ( t i f n m i s o B t c i s n o l u l u a i l o g b n n a r ts o s ri a a o d f ( m m i i l ll r i e o i n s _ ) s : _ 3 3 , , 2 2 1 0 2 1 5 7 5 0 1 6 0 2 3 3 , , 2 2 0 1 2 0 8 5 5 0 6 0 3 2 3 2 , , 0 9 2 2 9 9 1 4 2 1 3 6 9 0 2 2 , , 6 8 2 3 1 8 2 3 5 3 1 0 3 2 gu N D F O L G ld o o o t e o e h r a p t l e n e e d n o i r ) s s g : c s n f i i a o r t n c s r e d e u . x . i l c g d a h n i t a i s o n c e n g x o e c u h n o a t f s n t g h e e reserve 6_ 3 2 1 0 4 1 6 0 7 , , , , , , 2 1 6 1 0 6 3 1 1 7 4 3 5 6 8 5 3 5 2 2 1 8 3 9 2 1 6 , , , , , , 5 0 8 4 8 9 0 7 9 9 5 7 6 6 3 8 3 2 3 2 1 8 5 0 4 6 1 , , , , , , 5 7 9 3 4 8 5 4 7 6 5 6 6 9 8 2 2 2 2 3 1 9 5 4 5 8 , , , , , 8 9 5 1 7 8 1 4 8 3 7 9 1 2 4 5 8 Gold 1,583 1,583 1,583 1,547 Central Bank of Ecuador (thousands Net foreign exchange in reserve. -80 -89 -51 of sucres): Total foreign exchange 192 178 157 Gold at home and abroad 15,168 12,893 15,485 Loans and discounts 1,194 991 881 1,143 Foreign exchange.. 9, 764 8,297 12,835 Government obligations 2,671 2,698 2,755 Loans and discounts 58,599 57,955 50,185 N O o th t e e r c s i i r g c h ul t a l t i i a o b n ilities. 2 1 , ,9 4 1 0 1 8 2 1 , ,9 2 3 6 9 6 2 2, , 0 1 1 3 5 3 2 1, , 6 8 2 5 3 9 N De o p te o s c i i t r s c ulation _ I j 2 4 1 3 , , 5 9 8 2 4 4 4 1 2 9 , , 5 5 7 1 5 6 4 3 5 0 , ,6 2 4 2 9 0 * Bank commenced operations May 31,1935. mm _« .± ,-. , , »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. 4 Items for issue and banking departments consolidated. 8 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

764 FEDEKAL EESERVE BULLETIN NOVEMBER 1835 CENTRAL BANKS—Continued [Figures are tor last report datej>f monthl 1935 1934 1935 11/34 Central bank Central bank te S m ep b - er g A u u s - t July te S m e b p er tember g A u u s - t July e S m e b p- er National Bank of Egypt* (thousands Bank of Italy (millions of lire): of pounds): Gold at home 4,251 4,704 5,258 6,213 Gold 6,545 6,545 6,545 Credits and balances abroad 392 438 355 27 Foreign exchange 1,974 2,152 2,449 Loans and discounts 7,566 6,140 5,447 4,747 Loans and discounts 3,455 3,175 4,899 Note circulation 15,273 14,095 13,858 13,455 British, Egyptian, and other Public deposits 300 300 300 300 Government securities 33,930 35,360 32,116 Other deposits 1,083 872 921 954 Other assets 3,623 3,465 3,308 Bank of Japan (millions of yen): Note circulation 17,134 17,250 20,787 Gold.. 492 490 485 Deposits—Government 6,540 7,982 5,044 Advances and discounts 877 704 654 Other 17,518 17,297 15,389 Government bonds 342 422 508 344 Other liabilities 8,335 8,169 8,097 Notes issued 1,301 1,296 1,223 1,223 Central Reserve Bank of El Salva- Total deposits 398 458 381 408 dor (thousands of colones): Bank of Java (millions of florins): Gold— 12,398 12,347 11,156 Gold 81 113 Foreign exchange 1,650 2,096 1,330 Foreign bills 2 2 1 Loans and discounts 644 529 135 Loans and discounts 69 65 66 G o vernment securities 7,112 7,184 8,433 Note circulation 163 165 167 186 Other assets 1,269 1,285 1,514 Deposits _ 19 23 22 31 Note circulation 13,215 13,698 15,831 Bank of Latvia (millions of lats): Other sight liabilities 6,250 6,141 3,249 Gold 46 46 46 45 Other liabilities 3,602 3,488 Foreign-exchange reserve 5 4 4 4 Bank of Estonia (thousands of Bills 52 55 55 62 krooni): Loans _. 52 59 62 63 Gold- • 34,186 32,827 32,815 27,746 Note circulation— 36 33 33 32 Net foreign exchange 1,053 2,525 2,064 3,552 Government deposits 29 37 41 48 Loans and discounts 10,707 10,403 12,273 13,447 Other deposits _. 110 112 112 114 Note circulation 38,138 37,318 36,466 33,713 Bank of Lithuania (millions of litu): Deposits—Government 13,660 12,802 11, 214 Gold. 34 37 42 53 B O a th n e k r . .. .. 7 1, , 9 8 1 8 7 7 8 1 , , 4 9 4 37 5 2,568 6 2, , 6 9 2 4 1 3 L Fo o r a e n i s g n a n e d x c d h i a s n co g u e n 3 t s s __ 15 8 1 8 2 8 1 7 2 81 9 Bank of Finland (millions of mar- Note circulation 93 91 86 kaa): Deposits _ 42 41 46 55 B G a o l l a d n ces abroad and forei — gn 461 401 325 323 Ne in t s h ) e : rlands Bank (millions of flor- N F D O o o o t c h r m r t e e e e i r e d g c s i n s i t t r i s i g c b c u h i b l l t l a i s l l t i l i a s o b n ilities 1 1 , , 2 3 6 5 5 3 5 8 3 9 6 0 3 5 1 1, , 6 6 3 2 9 6 1 0 4 2 7 5 7 2 1 1 , , 6 6 3 3 8 9 5 1 1 6 0 9 3 0 1 1 , , 1 2 6 2 2 6 8 7 2 1 4 4 Rese L F N D G r o o o e o v r a p t e l e e n d o i s . g s c B i n i a t r a s n c b n d u i k l l l d a s t i i s o o c f n o u N nt e s w Zealand 5 2 8 3 1 7 4 6 9 8 2 1 5 1 7 9 4 9 8 1 0 0 5 3 5 2 8 5 1 7 5 8 9 0 2 5 8 8 2 1 6 8 0 7 4 2 2 1 1 Bank of Greece (millions of drach- (thousands of pounds): ma N G L L G O s) a o o o o t : h b a l t v d e e i n e l r s i r c a t n s i a n i r e i m n d c g s d u h e f i l t n o n d a t r l t i e i f i s o a o i o c g b b r n o n e i l u l i i g i g e n t n a x i t e s t c i e s h o x a n c n s h g a e nge. _ 3 3 3 6 3 , , , , , 6 2 9 9 0 1 2 8 3 2 7 2 1 1 8 4 8 9 3 3 3 3 5 , , , , , 5 2 2 4 1 7 5 8 9 9 4 7 1 1 8 3 0 6 3 2 3 3 5 , , , , , 4 2 3 9 9 9 9 8 6 8 5 5 9 6 4 4 7 3 3 5 1 3 , , , , , 8 9 1 3 ' 1 — 4 6 6 5 6 0 2 9 3 6 S N G D O t o o t e e h l m t r d e e l B G i r a n c a o n a g i n v d r s k c e e s u d e r x n l t e c a s m p h t o i a e o n s n n i g t t e s 2 1 1 5 8 2 4 0 2 0 , , , , , , , 8 7 8 9 4 3 6 1 7 0 6 4 7 3 4 8 2 9 8 2 1 2 1 1 1 5 2 8 4 2 1 , , , , , , , 8 8 2 2 2 0 6 8 0 4 6 6 5 9 8 2 4 9 2 4 6 2 2 1 4 8 4 4 1 0 5 , , , , , , , 3 6 4 6 3 9 5 6 5 1 2 1 6 0 0 1 4 9 3 5 1 National Bank of Hungary (mil- Other liabilities..__ 1,564 1,575 1,520 lions of peogod): Bank of Norway (millions of kroner): Gold 79 79 79 Gold 185 185 165 135 A F L N O D o o d o t e r h a v p t e e e n a o i r s g n s c n i a c a i t r s e s n c b s s d u e i l t t l l o d s a s t i , i T s o e c r n t o e c u a n su ts r - y 5 3 4 8 9 1 7 7 8 9 7 5 3 3 3 5 9 6 7 9 4 1 0 6 2 1 8 7 5 3 1 6 7 7 1 7 , 6 0 6 7 8 5 3 9 4 3 6 7 1 4 7 0 8 3 4 Cen D N T F F tr o o o o o a r r t m t l e e a e R i i l e g g c s e 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 a e r a i o e t n t B i s d s o c i i a e n t t s n s s k a n o d f P b e il r l u s (thou- 1 3 2 9 3 8 1 1 1 3 1 2 9 3 7 4 7 1 7 3 2 3 4 0 3 7 4 0 0 8 4 3 2 2 6 4 1 2 2 7 9 5 Certificates of indebtedness 109 109 109 118 sands of soles): Miscellaneous liabilities 161 161 156 176 Gold and foreign exchange -. 45,334 44,801 46,571 Reserve Bank of India * (millions Bills 59,696 60,921 62, 417 of rupees): Note circulation 77,114 77,451 71,928 Issue Department: Deposits _ 23,521 23,652 28,845 Gold at home and abroad..- 444 444 444 Bank of Poland (millions of zlote): Sterling securities 652 652 Gold 466 512 511 495 Indian Government securi- Foreign exchange _ 27 11 15 38 ties 255 265 265 Loans and discounts 799 765 741 736 Bupeecoin 580 569 54! Note circulation 981 983 932 975 Note circulation 1,563 1,545 1,559 Other sight liabilities 158 159 210 220 Banking Department: Bank of Portugal (millions of es- Notes of issue department.. _ 378 386 349 cudos): Balances abroad 158 138 103 Gold 909 909 909 901 Investments—. 54 63 59 Other reserves 443 449 433 381 Other assets 12 6 8 Discounts and advances 322 325 327 309 Deposits—Government 134 128 117 Government obligations 1,047 1,047 1,048 1,050 Bank 358 357 296 Note circulation 2,087 2,118 2,116 1,988 Other liabilities 110 108 106 Other sight liabilities 844 816 805 809 * Items for issue and banking departments consolidated. • 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

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 765 CENTRAL BANKS—Continued [Figures are for last report date of month] 1935 1934 1935 1934 Central bank Central bank te S m ep b - g A u u s - t July te S m ep b - er te S m e b p g A u u s - t July tee S mm ep b - er National Bank of Rumania (millions Swiss National Bank—Continued of lei): Loans and discounts 208 196 219 149 Gold— 10,646 10, 595 10,179 Note circulation 1,317 1,283 1,281 1,400 Foreign exchange of the reserve. 91 92 106 Demand deposits 333 307 Loans and discounts 5,416 5,157 6,312 Central Bank of the Republic of Special loans1 - 2,752 2,744 3,664 Turkey (millions of pounds): State debt2 10, 290 10, 220 5,668 Gold 29 29 29 27 Other assets 11, 577 11, 392 11,116 Foreign exchange 2 1 1 5 Note circulation 21, 751 21,234 21, 666 Government securities 148 150 150 153 Demand deposits _ 8,609 9,015 7,221 Other securities _ 36 36 35 32 Other liabilities 10,413 9,949 8,158 Other assets _ 53 52 45 38 South African Reserve Bank Note circulation _ 158 158 158 158 (thousands of pounds): Deposits 31 28 32 Gold _ - 25,748 26, 542 27,856 18,774 Other liabilities 79 73 64 Foreign bills 6,796 4,751 5,000 10,781 Bank of (he Republic of Uruguay Domestic bills 23 25 116 163 (thousands of pesos): Note circulation _ 13,350 13, 589 12,110 12,507 Gold 42,320 42,320 46,643 Deposits—Government 2,481 1,680 2,528 1,680 Loans and discounts 95, 942 94, 263 100,257 Bank __ 27,077 31,072 27, 688 20, 763 Other assets 52,890 53, 676 45,262 Other 2,425 1,428 3,793 2,600 Note circulation 71,517 73, 512 73,424 Bank of Spain (millions of pesetas): Deposits—Demand 34,123 32, 424 30,536 Gold 2,267 2,269 2,269 Time 40, 056 40, 372 43,899 Silver _ 698 703 704 680 Judicial and admin- Balances abroad 282 282 280 280 istrative _ 2,897 2,848 2, tj*>v Loans and discounts 2,227 2,371 2,336 2,450 Other liabilities 42, 559 41,104 41,603 Note circulation _ 4,633 4,601 4, 559- 4,599 National Bank of the Kingdom of Deposits 1,215 902 940 813 Yugoslavia (millions of dinars): Bank of Sweden (millions of Gold._ _ 1,351 1,342 1,341 1,827 kronor): Foreign exchange. _ _ 326 254 240 170 Gold- ..._ 363 356 374 Loans and discounts 1,808 1,787 1,766 1,834 Foreign bills, etc 665 631 634 472 Advances to State 2,279 2,293 2,292 2,320 Loans and discounts 41 43 47 47 Note circulation 4,777 4,661 4,513 4,298 Note circulation 771 722 685 695 Other sight liabilities 1,262 1,215 1,311 1,162 Deposits 477 398 Swiss National Bank (millions of francs): Gold... 1,372 1,366 1,289 Foreign balances and bills 21 18 21 22 1 Agricultural and urban loans in process of liquidation. (See note 2.) 2 Includes Treasury obligations received from Government in connection with losses on agricultural and urban loans and reported separately from " Other assets" beginning with Dec. 31,1934. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1935 1934 1935 1934 Assets Liabilities Sept. 30 Aug. 31 Sept. 30 Sept. 30 Aug. 31 Sept. 30 Gold in bars _ 25,384 24,423 11,780 Demand deposits (gold) 21,699 18,837 11,662 D Ca e w s m h it a h o n n d b a h f n u a k n n s d d s a a n t d i n o t n e r c e u st rrent account 1 2 7 , , 6 0 2 4 1 9 1 3 5 , , 0 6 7 1 9 2 1 1 0 1 , , 5 3 3 4 7 8 Sh c o ie r C t s - ) e t : n er t m ra l b de a p n o k s s i t f s o r ( o v w ar n i o a u c s c o c u u n r t r : en- Rediscountable bills and acceptances Demand 32, 589 30,366 44,414 (at cost): Time—Not exceeding 3 months- 104, 471 104, 459 108,517 Co c m pD m ta e n rc c i e a s l bills and bankers' ae- 124,668 132,404 150,298 Total 137,059 134,825 152,932 Treasury bills 217,449 209,179 181,515 Central banks for account of others: 342,116 341,584 331,813 Demand. 10,393 10,737 11,363 Time—Not exceeding 3 months- 2,964 2,961 Time funds at interest—Not exceeding Other depositors: 3 months - -- 42, 648 42,429 38,712 Demand 3a7 836 1,214 Time—Not exceeding 3 months. 2,719 2,774 Sundry bills and investments: Maturing within 3 months: Long-term deposits: Treasury bills 33,356 31,341 41,115 Annuity trust account 154,811 154,388 154,200 Sundry investments 64,084 53,539 72,934 German Government deposit 77,406 77,194 77,100 Between 3 and 6 months: French Government guaranty fund- 61,930 61,930 40,480 Treasury bills 30,558 27,416 36,745 French Government deposit (Saar). 2,031 2,031 Over S u 6 n m d o ry n t i h n s v : estments 32,334 42,932 33,332 Total 296,177 295,542 271,780 Treasury bills 25,375 27,224 22,583 Capital paid in 125,000 125,000 125,000 Sundry investments 34,493 34,466 36,352 Reserves: Legal reserve fund 3,324 3,324 2,672 Total 220,202 216,918 243,061 Dividend reserve fund 5,845 5,845 4,866 Other assets: General reserve fund 11,690 11,690 9,732 Guaranty of central banks on bills Other liabilities: sold 6,185 6,204 6,113 Guaranty on commercial bills sold. 6,224 6,230 6,113 Sundry items 4,669 4,428 2,600 Sundry items 37,383 36,074 58,629 Total assets 660,873 654,676 655,963 Total liabilities 660,873 654,676 655,963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN NOVEMBER 1935 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities England (10 clearing banks. Figures in millions Money at Loans to Deposits of pounds sterling) Cash call and Bills dis- Securi- custom- Other Othef reserves short counted ties ers liabilities notice Total Demand» Time 1934—December. 216 151 255 594 759 247 1,971 3,044 910 251 1935—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 1,084 227 August 213 149 287 615 768 205 2,013 1,068 224 September 208 147 299 619 766 205 2,024 1,080 221 Assets Liabilities France Deposits <4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- a O s t s h e e ts r Total Demand Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1934—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. 5,607 1,603 18,300 7,840 1,010 30,342 29,591 751 228 3,789 March 6,066 1,586 19,042 7,713 1,090 31,449 30,685 765 237 3,810 April 5,196 1,642 18,302 7,802 1,141 29,999 29, 218 781 251 3,833 May 4,648 2,506 17,181 8,544 1,276 29,958 29,129 830 312 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 August 4,211 2,399 17,226 7,592 1,414 28,589 27,916 673 257 3,995 Assets Liabilities Germany (5 large Berlin banks. Fig- Deposits Credits m ur a e r s k i s n ) millions of reichs- re C se a r s v h es D b u a e n f k r s om B co il u ls n t d e i d s- Loans Se ti c e u s ri- a O s t s h e e ts r ob f t r a o i m ned lia O b t i h li e t r ies Total Demand Time banks 1935—February.. 127 382 2,082 3,149 909 1,047 5,351 2,159 3,192 1,483 March 185 371 2,108 3,096 930 1,047 5,457 2,319 3,137 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 2,953 991 996 5,507 2,546 3,02] 758 1,436 July 185 360 2,284 2,886 990 991 5,525 2,482 3,043 716 1,455 August 151 341 2,221 1,019 992 5,464 2,419 3,045 705 1.154 September. 195 341 2,035 2,918 1,061 5,382 2,436 2,947 701 1,463 Assets Liabilities (10 d u i r a e c n s h a i d r n t o e l m r l C a e i r d a l s l n ) io a b n d a s a n k o s f . C F an ig a - - Cas E h ntire S l e y c i u n r it C y anad O a ther d S a a u n e l b e o c d r a u o f n n r r a o s i e d t m t y Se ti c e u s ri- O as t s h e e ts r ci N rc o u t l e a- 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 l a e n i k n d C e a p n o a s d it a s lia O b t i h li e ti r es reserves loans l d o i a s n co s u a n n t d s foreign Total Demand Time ban'is 1934—December. 228 103 977 155 967 449 2,035 628 1,407 718 1935—January... 230 91 958 147 973 441 117 2,014 602 1,412 710 February.. 230 86 957 149 984 434 119 2,003 575 1,428 717 March 207 81 965 152 970 431 118 2,006 560 1,447 681 April 214 81 981 142 1,000 472 114 2,086 634 1,452 690 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 1,426 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 September. 223 76 965 157 1,103 464 123 2,131 687 1,444 734 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. 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

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 767 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective E la n n g d - France m G a e n r y - Italy N la e n th d e s r- Sw la it n z d er- b C an e k n t o r f a — l N Ra o 5 t v e . Date effective b C an e k n tr of a — l N Ra o 5 t v e . Date effective In effect May 1,1935.. 2 4 *H 2 Albania 7H Nov. 16,1933 India. 3H Feb. 16,1933 May 3 . . Austria. .. July 10,1935 Japan. _ 3.65 July 3,1933 May 16 4 Belgium 2 May 16,1935 Java 4 July 1,1935 May 24 3 Bolivia 6 July 5,1932 Latvia Jan. 1,1933 May 27 4 Bulgaria 6 Aug. 15,1935 Lithuania.._ 6 2 Apr. 1,1930 May 29 6 Canada Mar. 11,1935 New Zea- June 1. Chile June 12,1935 land 4 Aug. 1,1934 June 21 5 Colombia 4 July 18,1933 Norway May 24,1933 June 27 4 Czechoslo- Peru 6 2 May 20,1932 July 5. 4 vakia Jan. 25,1933 Poland 5 Oct. 26,1933 July 6 Danzig 5 Oct. 21,1935 Portugal 5 Dec. 13,1934 July 18 3 2 Denmark. . Aug. 22,1935 Rumania Dec. 15,1934 July 19 3H Ecuador._ _ 3H Nov. 30,1932 South Africa Mav 15,1933 July 25 El Salvador- 5 July 5,1934 Spain 5 2 July 15,1935 July 26 6 Estonia Oct. 1,1935 Sweden.. .. Dec. 1,1933 Aug. 3 5 Finland- ... 4 Dec. 3,1934 Turkey Mar. 2,1933 Aug. 9 3 Greece 7 Oct. 14,1933 U. S. S. R... 8 2 Mar. 22,1927 Aug. 12 4V Hungary. __ 4 Aug. 29,1935 Yugoslavia . 5 Feb. 1,1935 Sept. 9.— 5 Sept. 17 6 o Corrected. Oct. 17. 5 Changes since Oct. 1: Banzig~Oct. 21, down from 6 to 5 percent; Oct 22 4M Netherlands—Oat. 17, down from 6 to 5 percent, Oct. 22, down from Nov. 5-._ 5 to fyi percent, and Nov. 5, down from m to 4 percent. In effect Nov. 5,1935. 2 3 4 5 4 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 - y day o a B n ll a o d n w e k p a e o n r s c s i e t ' s 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 i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1934—August 0.79 0.74 0.81 3.75 5.02 4.72 0.75 1.00 September. .73 .61 .78 3.81 5.13 4.71 .61 1.00 October-_. .77 .68 .75 3.81 5.13 4.63 1.00 November. .45 .29 .68 3.63 4.37 4.21 .63 1.00 December. .57 .47 .70 3.50 3.56 4.28 .60 1.00 1935—January... 3.51 3.93 3.82 1.00 February.. .38 .63 3.41 3.77 3.83 .58 1.00 March .57 .50 .72 3.38 3.60 3.94 .60 1.00 April .59 .51 .75 3.38 3.60 3.64 3.65 3.26 May .59 .51 .75 3.09 3.10 3.17 3.78 2.96 June .71 .64 .75 3.00 2.93 3.16 4.42 3.83 July. .65 .59 .75 3.00 2.97 3.10 3.25 2.77 August .60 .58 .75 3.00 3.00 3.06 4.78 4.72 September. .58 .55 .75 3.02 3.07 3.21 5.48 5.65 Sw la it n z d er- ( B B e r l u g s i s u e m ls) F (P ra a n ri c s e ) (M It i a l l a y n) Hungary S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P i r s r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t c c i o a P m l r p i m m ap e e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b c i o l u ls nted ov m e C o r a n n l i e l g y ht 1934—August 1.50 2.31 1.75 3.00 5.11 2.79 September. 1.50 2.15 1.50 3.00 5.11 2.63 October... 1.50 2.10 1.45 3.00 &A 5.11 2.52 November. 1.50 2.35 1.44 3.19 3' 5.11 2.56- December. 1.50 2.38 1.50 4.00 3i 5.11 2.74 1935—January... 1.50 2.38 1.79 4.00 VA 5.11 2.59' February.. 1.50 2.38 2.12 4.00 &A 5.11 2.62: March 1.50 2.38 2.12 3.89 3J 5.11 2.70' April 1.80 2.38 2.14 3.50 3] 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 5.11 2.60 September. 2.40 1.88 2.85 4.87 NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. : 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

768 FEDERAL RESERVE BULLETIN NOVEMBER 1935 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- il g B a u ri l a - Canada Chile China Co b l i o a m- Cuba s C lo z v ec a h k o ia - m D a e r n k - (peso)* (pound)* ling)^ (belga) reis)i (lev)* (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 3 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 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4998 October 32.9458 391.52 18.9242 23.4579 8.1899 ]L.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 L. 2134102.4719 10.3496 33.3947 65.0391 99.9193 4.1777 22.2724 December. _ 32.9513 392.27 18.7711 23.3939 8.1904 :L. 2110101.3090 10. 2367 34.2164 64.5284 99.9194 4.1803 22.0793 1935—January 32.6038 387.92 18.7725 23. 3150 8.1451 L. 1955100.1825 5.0630 34.9924 64.1450 99.9215 4.1711 21.8447 February... 32.4607 386.37 18.7900 23.3293 8.1282 :L. 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 L 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 L. 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 L. 2756 99.8977 5.1000 41.0979 55.0634 99.9204 4.1683 21.8175 June 32.8687 391.28 18.8821 16.9393 8.3122 L.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 L. 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 L. 3332 99.7799 5.0633 36.8645 53. 2263 99.9185 4.1571 22.1848 September.. 32.8563 391.52 18.8453 16.8618 8.3378 L. 2935 99.2563 5.0515 37. 6226 55.9846 99.9200 4.1363 c 22.0112 October 32. 7140 389.61 18.8117 16.8468 8.3791 L. 3239 98.5800 5.0694 35.6091 57. 3115 99.9200 4.1411 21.9092 Year 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 Mexico N la e n th ds er- (pound) (pound) (markka) (franc) ( m re a ic rk h ) s- ma) (dollar) (pengo)i (rupee) (lira) (yen) (peso) (florin) 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 465.1] 11 453.4990 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 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 67.9506 April 495.9246 483.6812 2.1315 6. 5970 40. 2638 .9354 52. 6702 29.4937 36.4393 8.2821 28. 3679 27.9350 67.4576 May 501.1845 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.. 505.5597 493.0654 2.1742 6.5908 40. 2278 .9384 50. 0547 29. 6240 37. 2082 8.1409 28.9378 27.7558 67.5556 October 490.7834 2.1645 6. 5892 40. 2251 .9391 48. 9702 29. 6367 37.0217 8.1243 28.6687 27.7631 67.7416 Year or month ( Z p e N o a u e l n w a d nd )8 N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u do - ) R ( u n le m ia u a ) - (p S A o o f u r u i n c t d h a )* (p S e p s a e i t n a) ( S S m d e t o e r t l a t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- ( T p u o r u k n e d y ) (p U g e u r s a u o y - )1 ( Y s d l u a in v g a i o a r - ) 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 32.3663 79.0472 79.9562 2.2719 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 4.5384 .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 80.1094 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 55.6346 24.6264 32. 5301 80.6676 80.4779 2.2852 April. _ 385.85 24.2975 18.8617 4.3930 1.0074 478.27 13.6693 56. 3329 24.9325 32.3645 80.5065 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 395.65 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 57.8282 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 80.2667 80.1204 2. 2823 October 391.86 24.6570 18.8361 4.4703 .7965 485.63 13.6537 57.4404 25. 3030 32.5326 80.1885 2.2834 «Corrected. 1 Partly or wholly nominal since April 1933. a Partly or wholly nominal since April 1934. 8 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

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 769 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U St n a i t t e e s d Canada England France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1913=100) 1900=100) (1926-30= 100) 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—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 61 September 81 72 90 333 102 330 189 62 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 pr I o n tr d d ia u u l c s t - s a p n r F o d a d r f u o m 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 l t - s P s r io o n v s i- a p t f r n I r i i n n o d a d i d l s s u u r e h a s c m e - w t d s i- p tr I r i i n o s a d d h l u e u f d i s c n - t - s 1926 100 100 100 581 793 129 132 130 150 1927 99 97 599 678 138 129 132 147 1928 106 101 584 697 134 133 134 159 1929 105 100 579 669 130 125 132 157 1930 88 91 100 100 526 579 113 113 120 150 1931 65 75 87 542 464 104 103 136 1932 48 61 85 482 91 89 118 1933 51 61 87 420 87 88 113 1934 65 71 90 410 361 96 91 116 1934—April 66 91 404 372 91 91 115 May 67 90 405 360 92 90 115 June 70 90 406 356 94 91 115 July 71 396 354 98 92 115 August 74 393 351 100 92 116 September. 76 383 350 100 92 117 October... 75 363 347 101 92 118 November. 75 366 347 101 92 119 December. 75 344 343 101 92 119 1935—January „. 80 351 350 100 92 119 February— 83 339 346 100 92 120 March 82 329 341 99 91 120 April 85 325 345 100 91 120 May 84 324 353 101 91 119 June 83 307 351 102 91 119 July 82 85 292 347 103 91 119 August 85 311 347 104 91 119 September. 322 342 104 92 119 Sources.—See BULLETIN Jor March 1931, p. 159, March 1935, p. 180, and]October 1935f p. 678. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN NOVEMBER 1935 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United England France Germany United England France Germany Year 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—July 110 122 97 120 1934—July 141 122 August 112 123 97 121 August 142 122 September 117 126 95 119 September 143 104 122 October 116 125 95 119 October 143 122 November 115 127 94 120 November 139 144 122 December 114 127 94 119 December 144 102 122 1935—January 119 125 92 119 1935—January 143 122 February 122 124 90 120 February 142 123 March . 122 122 88 119 March __ (3) 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 99 123 July 122 126 83 123 July (3) 143 124 August 122 126 81 123 August 143 125 September . . 124 125 81 121 September - 143 123 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. 2 Index represents prices converted to gold basis of 1914. 3 Revised series 140.2 for July 1935, 140.4 for March 1935, and 137.8 for November 1934. 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 Generate, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year or month United England France Germany (a S p v t r e a ic r t e a e ) g s e 1 (D 92 e 1 c = e 1 m 0 b 0 e )» r ( a 1 g 91 e 3 = 1 a 0 v 0 e ) r- ( p a r v i e c r e a ) g * e U S n ta i t t e ed s England * France Germany Number of issues. 60 87 36 139 421 278 300 1926 97.0 110.0 57.4 100.0 100.0 100.0 100.0 1927 98.9 110.7 71.7 118.3 107.0 123.2 145.0 1928 - 98.7 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 95.7 110.2 85.1 81.4 190.3 119.5 217.6 122.8 1930 98.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931 96.1 108.4 2 83.4 94.2 78.9 132.2 3 78.0 1932 81.1 113.2 2 67.1 48.4 67.9 105.2 8 50.3 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—July 99.3 127.1 82.7 87.8 71.4 84.8 83.3 71.3 August 97.8 127.4 81.8 87.9 67.8 83.8 81.1 73.4 September. 96.7 128.3 81.3 89.0 67.0 83.6 77.3 76.2 October 98.4 128.9 82.7 91.6 67.3 84.5 74.7 76.3 November- 98.8 133.2 85.0 92.2 69.4 85.6 73.0 73.7 December.. 100.0 132.7 85.8 93.8 69.2 85.3 74.7 73.2 1935—January 101.3 134.6 88.9 96.0 69.7 86.9 83.7 76.6 February... 101.3 131.6 89.5 95.5 67.8 85.4 80.3 79.3 March 99.9 130.3 84.1 96.1 63.9 82.6 78.1 80.6 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 July— 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 September. 103.1 124. 3 82.7 95.1 85.0 84.7 76.4 85.0 1 Annual indexes are unweighted averages of monthly indexes. * Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1936 FEDERAL RESERVE BULLETIN 771 LAW DEPARTMENT Advances under section 10 (b) of Federal Reserve Act highest rate applicable to discounts for member The Board has recently had occasion to con- banks under the provisions of sections 13 and sider the rate at which advances may be made 13a and not the highest discount rate applicable under the provisions of section 10 (b) of the to loans under the provisions of the third or last Federal Reserve Act, as amended by section 204 paragraph of section 13 or the provisions of of the Banking Act of 1935. The question arose section 13 (b). as to whether the applicable rate should be not The Board expressed the belief that, when less than one-half of 1 percent per annum higher the substance of section 10 (b) was reenacted in than the highest rate applicable to discounts for permanent form by section 204 of the Banking member banks under the provisions of sections Act of 1935, Congress intended to adopt the 13 and 13a of the Federal Reserve Act in effect construction which had previously been placed at the Federal Reserve bank making the ad- upon such section. Accordingly, the Board vance on the date of the note evidencing such stated that in its opinion the rate at which advance, even though on such date the Federal advances may be made under the provisions Reserve bank might have in effect a somewhat of section 10 (b) shall be not less than one-half higher discount rate under other provisions of of 1 percent per annum higher than the highest the Federal Reserve Act. rate applicable to discounts for member banks under the provisions of sections 13 and 13a of With regard to the minimum rate to be the Federal Reserve Act in effect at the Federal charged on advances under section 10 (b), the Reserve bank making the advance on the date Board stated that, prior to the enactment of of the note evidencing such advance. the Banking Act of 1935, section 10 (b) contained a provision regarding the rate on advances which was the same as that contained in the present section except that the rate was Type of indebtedness which must be reported under to be not less than 1 percent higher, instead of section 22 (g) of Federal Reserve Act not less than one-half of 1 percent higher, than The Board was recently requested to rule the highest discount rate in effect at the Federal upon the question whether section 22 (g) of Reserve bank. the Federal Reserve Act requires an executive Section 10 (b) was first enacted on February officer to report to the board of directors of 27, 1932, and at that time the only discount the member bank of which he is an executive rates in effect were those applicable to discounts officer indebtedness to liquidators or receivers for member banks under the provisions of sec- of State or national banks. The question was tions 13 and 13a of the Federal Reserve Act. also presented as to whether indebtedness on However, on July 21, 1932, Congress amended account of statutory double liability on shares section 13 by adding the third paragraph of stock in another bank should be so reported. thereof providing for discounts of eligible paper The Board stated that, assuming the first for individuals, partnerships, and corporations. inquiry related to an indebtedness of an execu- On March 9, 1933, Congress again amended tive officer of a member bank to a liquidator section 13 by adding the last paragraph thereof or receiver of a State or national bank arising providing for loans to individuals, partnerships, out of a preexisting indebtedness to such bank, and corporations on the security of direct obli- it was the view of the Board that such indebtgations of the United States. Later, on June edness should be reported to the board of 19, 1934, section 13 (b) was enacted providing directors of the member bank of which he is for loans to industry. an executive officer. Although discounts under the provisions of In answer to the second question, the Board these later acts have been made at a rate higher stated that in its opinion indebtedness of an than that applicable to discounts for member executive officer of a member bank on account banks under sections 13 and 13a, it was not of the assessment of statutory double liability believed that Congress intended in the enact- on shares of stock held by him of another bank ment of these provisions to bring about an which has gone into liquidation or receivership increase in the rate applicable to loans under is not indebtedness to another bank within the section 10 (b) and, accordingly, the words "the meaning of section 22 (g) and therefore is not highest discount rate in effect" have uniformly required to be reported to the board of directors been interpreted during all the period in which of the member bank of which he is an executive section 10 (b) has been in effect as meaning the officer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN NOVEMBER 1935 Exemption of holding company affiliates sired in any case in which an application has Section 301 of the Banking Act of 1935 not been filed, the holding-company affiliate amended subsection (c) of section 2 of the should file a written request for such determi- Banking Act of 1933 by adding at the end nation with the Federal Reserve agent for the thereof the following paragraph: district in which the principal office of the holding-company affiliate is located. Such re- Notwithstanding the foregoing, the term "holding quest should be accompanied by detailed company affiliate" shall not include (except for the purposes of section 23A of the Federal Reserve Act, information concerning all matters having a as amended) any corporation all of the stock of which bearing on the question. is owned by the United States, or any organization The Board further stated that, if a general which is determined by the Board of Governors of the voting permit has been granted, a similar re- Federal Reserve System not to be engaged, directly or indirectly, as a business in holding the stock of, or quest should be filed accompanied by current managing or controlling, banks, banking associations, information supplementing that furnished in savings banks, or trust companies. connection with the application for such In response to an inquiry, the Board recently permit. expressed the opinion that the above provision Instructions as to the information which does not automatically exclude from the defi- should accompany the request for a determinanition of the term " holding-company affiliate" tion under any of the above circumstances may organizations which are not engaged, directly be obtained from the Federal Reserve agents or indirectly, as a business in holding the stock at the Federal Reserve banks. of, or managing or controlling, banks, banking associations, savings banks, or trust companies, but that such provision excludes only such Amendment No. 6 of Regulation T—Effective October organizations as are determined by the Board 29, 1935 not to be so engaged. Accordingly, the Board Section 3 of Regulation T is hereby amended stated that it was necessary to have a determi- by adding at the end thereof a new subsection nation by the Board with reference to each reading as follows: such organization before it could be considered (i) Warrants.— Notwithstanding any other provision as excluded from the definition of the term of this regulation, the maximum loan value of any "holding-company affiliate." warrant or certificate which evidences a right to subscribe to or otherwise acquire any security and which The Board stated that, if the holding-comby its terms expires within ninety days of issuance shall pany affiliate has pending an application for a be nothing: Provided, That in any case in which an voting permit, the determination as to whether account contains, in addition to such warrant or ceror not it is engaged as a business in holding tificate, the security in respect of which such warrant or certificate has been issued, the current market value bank stock or managing or controlling banks of such security shall, for the purpose of calculating will be made in connection with such applica- its maximum loan value, be increased by the current tion; and that, if such a determination is de- market value of such warrant or certificate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDEEAL EESERVE BULLETIN 773 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures in thousands of dollars [In thousands of dollars] 1935 1934 Wednesday figures (1935) Federal Reserve bank Federal Reserve bank October October Oct. 2 Oct. 9 Oct. 16 Oct. 23 Oct. Boston 902 495 714 485 Boston 520 1,104 1,083 New York.... r,586 7,211 6,784 4,487 4,212 New York.... 6,568 6,965 Philadelphia- 278 203 131 151 Philadelphia.. 545 2,487 Cleveland-. 267 201 156 51 75 Cleveland 138 172 Richmond- 276 261 207 207 142 Richmond 215 294 349 Atlanta 78 35 73 61 61 Atlanta 62 101 201 Chicago 10 Chicago 8 21 St. Louis 78 54 4 4 54 St. Louis 47 138 194 Minneapolis. 54 64 64 75 Minneapolis.. 64 63 Kansas City... 248 404 627 903 897 Kansas City.. 623 218 208 Dallas... 571 508 449 208 98 Dallas 361 634 42 San Francisco. 141 156 121 141 160 San Francisco. 140 165 111 Total 10,489 9,587 9,425 6,742 6,128 Total. _. 8,481 10,010 12,165 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 Federal Reserve notes in deposits and Federal Total reserves Total deposits circulation * Reserve note liabilities combined Federal Reserve bank 1935 1934 1935 1934 1935 1934 1935 1934 October Se b p e te r m- October October Se b p e te r m- October October Sep b t e e r m- October October Sep b t e e r m- October Boston 470,067 470,979 386,253 311,070 317,409 261,539 300,914 295,801 266,262 76.8 76.8 73.2 New York 2,905,492 2,752,828 1,772,184 2,832,790 2,699,498 1,797,566 759,613 741,270 660,168 80.9 80.0 72.1 Philadelphia 424,249 375,688 296,484 333,561 288,486 206,161 254,844 248,759 240,173 72.1 69.9 66.4 Cleveland.- 468,580 473,289 378,348 335,513 339,210 267,917 332,146 333,065 304,277 70.2 70.4 66.1 Richmond 230,484 219,016 202,790 170,305 168,325 135,802 174,281 164,654 167,800 66.9 65.8 66.8 Atlanta 172,599 162,815 127,817 111,123 108,960 80,568 149,196 141,224 135,137 66.3 65.1 59 3 Chicago 1,289,944 1,245,505 1, 058,743 799,036 758,169 684,914 814,716 811,290 773,847 79.9 79.4 7*. 6 St. Louis . . 224,030 202,857 200,399 176,722 159,647 147,008 150,136 145,728 140,949 68.5 66.4 69.6 Minneapolis 150,201 146,511 148,634 115,069 114,769 103,461 106,754 103,375 106,947 67.7 67.2 70.6 Kansas City 204,865 202,110 179,866 176,325 175,706 154,224 134,187 130,703 116,203 66.0 66.0 66.5 Dallas 117,511 108,333 115,658 119,886 115,460 125,875 66,997 63,211 53,744 62.9 60.6 64.4 San Francisco 430,278 406,306 329,562 349,235 335,318 267,624 265,211 254,544 213,062 70.0 68.9 68.6 Total 7,088,300 6,766, 237 5,196,738 5,830,635 5,580,957 4,232,659 3,508,992 3,433,624 3,178, 569 75.9 75.1 70.1 * Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $2i,878,000; month ago, $19,790,000; year ago, $19,590,000. Back figures.—See Annual Report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN NOVEMBER 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 Nov. 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 S r a a n ncisco Advances direct to industrial or commercial organizations 334-6 4-6 4-6 4H-6 6 6 5-6 5H 6 4-6 5-6 5-6 Advances to financing institutions: On portion for which institution is obligated - - 3 13 3K 4-6 5 13 4M 4K-5 4 4 3-4 Com O m n i t r m em en a t i s n i t n o g m p a o k rt e i o a n dvances 4 1- - 2 5 1-2 1 4 1- - 2 6 5 H 5 1- - 2 6 84 M H 4H-5 4 5-6 1 4-5 i Authorized rate 1 percent above prevailing discount rate. * 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 OCT. 30, 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 m e o d n n th es ) day of Nu c m ei b v e e r d to A d m a o te unt Nu o s t ( m o w e u r e t i b y s t c e h o r n a to d n C A i d t o i m m o d w n o m a i s u t t ) i h n e t - - t Numbe T r ota A l mount a s F d ta b e v o n a d a u d n e n t i k r - c n a e g l s s c R F t m o a b e e o m n a d s e u d e n n m e t r i - k r t n v s i a t g e l - A p b p l c u p e o t t r m e o n d v - o e t i d d E o r r a a x r e c p w p p w a p a i n n r l i i i e t t d - h d b , - , y s i t n F p p a t g i a a u n n t r t d a i i t i n o i n o i c n n s c n i t g s ^ - i- 2 1934—Nov. 28. 4,635 166,433 961 46, 599 828 42,202 9,769 6,657 20,390 4,398 Dec. 26.. o,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 2G3, 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 iO9,603 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 Sept. 25. 7,195 292, 747 2,009 121,837 1,834 115,350 30,132 26,892 18,791 32,475 7,060 Oct. 30- 7,388 299,927 2,083 126,192 1,901 118,378 32,719 27,057 13,357 36,565 8,680 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 8 Doas not include financing institution guarantees of advances and commitments made by Federal Reserve banks. NOTE.—On Oct. 30, 1935, there were 171 applications amounting to $10,860,000 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

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 775 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, OCT. 31, 1935 [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t s n y - D la a s l- F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury. 7,033,647 448,833 2,961,429 405, 688 470,220219,779 163,239 1,314,524 215,543 141,463 187,809108,849 396,271 Redemption fund—Federal Reserve notes 19,727 3,288 1,910 1,572 1,440 1.479 2,719 997 911 402 946 742 3,321 Other cash _ 231,6851 31,158 51,018 29,321 13,956 11, 762 9,068 29,916 12,219 9,909 14,245 6,896 12,217 Total reserves 7,285,059]483, 279 3, 014,357 436,581485,616 233,020 175,026 1,345,437 228,673 151, 774 203,000116,487 411,809 Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed 3,219 252 2,388 29 119 133 Other bills discounted. 3,122 2,070 770 95 27 Total bills discounted 6,341 261 4,458 176 75 62 61 29 75 95 160 Bills bought in open market 4,676 345 1,796 474 445 173 168 556 80 63 126 122 328 Industrial advances 32,729 2,904 7,620 1,778 4,462 1,072 1,929 413 1,851 1,124 1,815 862 U. S. Government securities: Bonds 14,425 79,866 16,348 19,069 10,209 8,249 25,623 9,420 12,972 9,514 15,815 17,435 Treasury notes _ 1,635,087 108,478 484,432 1.2222,, 228888 1510,,660 80,653 65,101 243,634 74,923 47,538 73,703 45,935137,742 Certificates and bills 556,162 34, 773 180,019 38,484 48, 295 25,854 20,868 86,432 23,857 15,074 23,627 14,725 44,154 Total U. S. Government securities 2,430,194 157,676 744,317 177,120 218,024 116,716 94,218 355,689 108,200 75,584 106,844 76,475 199,331 Other securities 181 181 Total bills and securities 2,474,121 161,186 758,191184,669 220,322 121,,413 95, 519 358,174 108,722 77,573 109),,16478,507 200,681 Due from foreign banks 641 48 258 61 23 23 77 4 3 17 16 45 Federal Reserve notes of other banks— 22,741 382 6,259 912 3,104 1,231 3,211 1,410 1,252 1,579 276 2,141 Uncollected items 540,904 58,571 138,830 40, 204 47, 217 48,885 19,568 72, 220 23,256 15, 316 30,944 19,110 26,783 Bank premises 50,169 3,168 12,077 4, 754 6,632 3,028 2,331 4,967 2,628 1,580 3,449 1, All other assets _ _ 42,055 520 29,040 5,108 1,728 1,126 1,580 574 274 480 300 895 430 Total assets 10,415,690 707,154 3,959,012672,366 762,488 410, 599 295, 278 1,784,660 364, 967247,978 348,453 216,977 645,758 LIABILITIES Federal Reserve notes in actual circulation.. _ 3,531,891 303,429 763,939 258,873 332,521179,047 150, 529 814,542 151,854106,965134,961 68,539 266,692 Deposits: Member bank—reserve account 5,647,701 313,0612, 761, 686 273, 060 343,68357, 770 104t,, 875 834, 433 164,437.08,162L69, 212 108,822 308,500 U.S. Treasurer—general account 52, 647 2,892 1,150 3,251 8,185 2,613 10, 764 4,290 2,141 1,750 1,778 4,975 Foreign bank 22,415 1,829 6, 364 2, 514 2, 413 940 914 2,946 762 609 686 660 1,778 Other deposits 276,413 3,627 153,844 66,307 2,061 2,026 3,010 5,477 9,393 5,754 2,106 6,661 16,147 Total deposits... 5,999,176 321,4092,930, 752 343, 031351,408168, 921111,412 853, 620 178,882 16,666173,754117,921 331,400 Deferred availability items.. 534,139 58,109 134,764 38,094 47,418 47,841 19,994 73, 915 23,983 29,882 20,077 24,562' Capital paid in 130,356 9,434 50,983 12, 298 12, 297 4,592 4,170 11,995 3,730 3,872 3,786 10,19& Surplus (sec. 7) 144,893 9,902 49,964 13, 470 14,371 5,186 5,540 21, 350 4,655 3,613 3,777 9,645 Surplus (sec. 13b) 23,457 2,874 7,250 2,098 1,007 3,335 754 1,391 547 1,142 1,252 804 Reserve for contingencies.... 30,698 1,648 7,500 2,995 3,000 1,411 2,516 5,325 891 834 1,363 2, 046 All other liabilities 21,080 13,860 1,507 466 266 363 2,522 425 395 262 413 Total liabilities _. 10,415,690 707,1543,959, 012672, 366 62,-488 410,599295,2781,784, 660 364,967 247,978 348,453216,977 645,75& Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) __~ 76.4 77.3 81.6 72.5 7.10 67.0 66.8 80.7 69.1 67.9 65.8 62.5 68.9 Commitments to make industrial advances _. 27,036 3,334 9,470 799 1,829 1,867 522 529 2,353 4,290 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 3,818,083 336,655 871,279 270,152 349,494 188,688 168,558 844,716 1581,,129 .11,022 42,510 75,037 301,843 Held by Federal Reserve bank 286,192 33, 226 107,340 11,279 16,973 9,641 18,029 30,174 6,275 4,057 7,549 6,498 35,151 In circulation. 3,531,891 303,429 763,939 258,873 332,521179, 047150, 529 814, 542 151,854106,965134,961 68,539 266,692 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,713,518 341,617 873,706 271,000 340,440 .69,000 118,685 861,000154,632 .05,500 .31,000 70,675 276,263 Eligible paper 4,881 261 3,006 176 75 62 61 29 69 887 95 160 U. S. Government securities 141,000 10,000 20,000 52,000 4,000 7,000 13,000 5,000 30,00O Total collateral.. 3,859,399 341,878 876,712 271,176 350,515189,062 170,746 861,000 158,661 12,569 .44,887 75,770306,423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN NOVEMBER 1935 MEMBER BANES 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 Septem- August July Se b p e te r m- August July Se>pptetemm-- August July Boston 305.8 296.4 303.2 167.5 157.9 162.0 1.1 0.9 0.9 New York_._. 2,518.1 2,507.2 2,148.4 1,261.2 1,294.4 956.5 6.6 4.4 4.6 Philadelphia.. 242.5 232.3 225.8 106.9 95.9 88.4 .5 .5 .5 Cleveland 330.2 316.1 309.3 171.7 153.3 147.0 .2 .1 .2 Richmond 159.5 156.9 151.3 87.4 '81.9 76.7 .3 .2 .1 Atlanta 102.8 101.7 104.3 46.1 44.5 47.1 .1 .1 .05 Chicago 742.9 778.6 868.0 419.7 504.2 .008 .04 .04 St. Louis 147.4 144.6 157.6 77.7 74.3 86.2 .1 .1 104.9 115.1 118.3 60.7 67.9 68.7 .1 .1 .1 Minneapolis- 172.8 173.8 181.0 90.2 87.3 92.3 .2 .1 .1 Kansas City— 106.7 120.8 118.2 51.7 61.0 59.8 .6 .6 .4 Dallas 309.2 288.7 284.9 118.3 97.8 96.3 .2 .3 .3 San Francisco 5,242.8 5,232.2 4,970. 2 2,628.0 f 2,635.8 2,385.2 10.0 7.4 7.3 Total- NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) .Federal Reserve district Net demand Time Net demand Time Se b p e te r m- August July Se b p e te r m- August July Se b p e te r m- August July Se b p e t r em- August July Boston 1,242 1,244 1,279 587 589 586 87 98 95 125 124 124 New York 9,401 9,067 8,922 1,622 1,633 1,596 191 224 223 458 456 455 PhiladelDhia 1,014 1,020 1,031 613 613 611 148 164 165 405 405 404 Cleveland _ - 1,203 1,234 1,229 937 937 932 123 157 164 238 238 236 Richmond 553 ••573 570 322 321 323 101 121 121 166 166 166 Atlanta 452 454 453 271 271 273 75 89 93 72 72 72 Chicaeo 2,613 2,663 2,704 1,044 1,046 1,054 161 196 204 184 182 180 St. Louis . 527 530 540 260 260 259 125 134 137 91 92 92 Minneapolis 278 299 319 170 169 169 112 133 142 170 171 171 Kansas City. . 607 623 642 199 197 197 207 246 253 108 107 108 Dallas . - 405 448 430 158 159 159 163 182 188 36 36 36 San Francisco 1,306 1,303 1,280 1,827 1,814 1,814 85 109 111 92 93 92 Total 19,602 '19,459 19,400 8,011 8,009 7,972 1,577 1,852 1,894 2,146 2,143 2,135 * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 777 REPORTING MEMBER BANKS IN 91 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK AND CHICAGO [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Y N o e r w k c C a h g i o - Loans and investments, total: Oct. 2 19,080 1,168 8,690 1,098 1,260 357 347 2,195 551 373 617 433 1,991 7,822 1,777 Oct 9 19,043 1,158 8,663 1,097 1,255 357 349 2,190 554 373 615 436 1,996 7,793 1,773 Oct. 16 _ 18,967 1,157 8,579 1,099 1,256 366 349 2,181 555 376 614 441 1,994 7,704 1,765 Oct. 23 18,981 1,147 8,534 1,101 1,258 367 351 2,216 553 378 614 448 2,014 7,658 1,790 Oct. 30 19,027 1,149 8,563 1,089 1,256 372 355 2,217 558 378 615 448 2,027 7,694 1*798 Loans on securities, total: Oct. 2 2,986 184 1,793 179 162 50 41 222 61 34 46 40 174 1,621 188 Oct. 9 . 2,924 182 1,739 175 161 51 39 223 62 33 45 40 174 1,567 188 Oct. 16 -.- 2,910 181 1,725 176 164 51 40 219 * 62 33 45 41 173 1,554 185 Oct. 23 2,918 182 1,732 177 164 52 39 218 61 32 46 41 174 1,562 183 Oct. 30 2,889 181 1,720 164 164 51 39 215 62 32 46 41 174 1,555 182 To'^brokers and dealers in New York: Oct 2 846 4 827 13 1 1 821 1 Oct 9 793 4 774 13 1 1 768 1 Oct 16 787 5 767 13 1 1 761 1 Oct 23 797 5 778 13 1 773 Oct. 30 778 4 771 1 1 1 770 Tolbrokers and dealers outside New York: Oct. 2 159 27 60 14 6 1 3 28 4 2 3 1 10 58 27 Oct 9 152 25 59 11 5 1 3 30 4 1 2 1 10 57 28 Oct. 16 146 24 59 12 5 1 3 26 4 1 2 1 8 57 24 Oct. 23 151 24 61 13 5 1 2 27 4 1 3 1 9 59 25 Oct 30 145 23 60 13 5 1 2 24 4 1 3 1 8 58 23 To others: Oct. 2 1,981 153 906 152 156 49 38 193 57 32 42 39 164 742 160 Oct. 9 1,979 153 908 151 156 50 36 192 58 32 42 39 164 742 159 Oct. 16 1,977 152 899 151 159 50 37 192 58 32 42 40 165 736 160 Oct 23 1,970 153 893 151 159 51 37 191 57 31 42 40 165 730 158 Oct. 30 1,966 154 S89 150 159 50 37 191 58 31 42 40 165 727 159 Acceptances and commercial paper bought: Oct. 2 312 40 139 23 4 6 3 29 10 8 25 2 23 136 20 Oct. 9 312 41 139 23 3 6 28 9 8 25 2 25 136 20 Oct 16 319 42 143 23 3 6 3 28 9 9 26 2 25 140 19 Oct. 23 316 42 144 22 3 6 3 27 9 9 25 1 25 141 19 Oct 30 - 319 42 150 22 3 6 3 26 9 8 25 1 24 147 18 Loans on real estate: Oct 2 - 960 86 240 69 71 17 12 30 37 5 14 21 358 123 16 Oct. 9 960 86 239 68 72 17 13 30 37 5 14 21 358 123 16 Oct 16 - - 961 86 240 68 72 17 12 30 38 5 14 21 358 123 16 Oct 23 958 87 240 68 68 17 12 30 38 5 14 21 358 123 16 Oct. 30 - 959 86 240 68 68 17 13 30 38 5 14 22 358 123 16 Other loans: Oct 2 3,298 282 1,383 169 143 78 105 314 110 126 124 117 347 1,243 239 Oct. 9 3,307 279 1,391 171 141 77 108 309 111 128 124 120 348 1,251 236 Oct 16 - -- - 3,311 280 1,392 171 142 77 108 307 112 129 124 122 347 1,252 236 Oct 23 3,261 280 1,325 172 147 77 109 305 112 130 125 127 352 1,187 234 Oct 30 3,258 283 1,324 170 145 79 109 302 112 130 126 127 351 1,185 231 U. S. Government direct obligations: Oct 2 7,588 393 3,493 284 651 116 110 1,167 202 137 242 158 635 3,268 947 Oct. 9 - 7,597 387 3,508 285 650 116 109 1,167 206 136 241 158 634 3,280 947 Oct 16 7,525 387 3,439 283 647 123 109 1,165 205 138 241 161 627 3,209 944 Oct. 23 7,533 372 3,414 281 649 122 108 1,202 201 140 240 164 640 3,181 972 Oct 30 7,569 374 3,420 282 650 125 no 1,212 203 140 240 164 649 3,189 986 Obligations fully guaranteed by U. S. Government: Oct 2 981 19 397 91 34 31 21 108 41 18 47 50 124 366 95 Oct 9 983 19 398 91 34 31 23 107 39 18 48 50 125 367 94 Oct. 16 _ - .- 1,004 19 409 93 34 34 24 110 39 18 48 50 126 377 96 Oct 23 1,012 20 411 93 34 35 26 110 42 17 48 50 126 381 96 Oct. 30 1,017 19 412 94 33 36 27 110 44 1$ 48 50 126 382 96 Other securities: Oct 2 2,955 164 1,245 283 195 59 55 325 90 45 119 45 330 1,065 272 Oct 9 2,960 164 1,249 284 194 59 54 326 90 45 118 45 332 1,069 272 Oct. 16 - . 2,937 162 1,231 285 194 58 53 322 90 44 116 44 338 1,049 269 Oct 23 2,983 164 1,268 288 193 58 54 324 90 45 116 44 339 1,083 27C Oct. 30 3,016 164 1,297 289 193 58 54 322 90 45 116 43 345 1,113 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN NOVEMBER 1935 REPORTING MEMBER BANKS IN 91 LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n s p - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Reserve with Federal Reserve bank: Oct 2 -. 4,029 213 2,331 176 166 76 38 540 99 49 05 61 185 2,267 490 Oct 9 4,118 231 2,324 181 173 72 38 573 112 61 101 62 190 2,251 522 Oct 16 4,285 240 2,391 189 187 75 38 612 116 62 98 65 212 2,331 559 Oct. 23 4,368 253 2,474 186 175 74 37 621 120 61 105 66 196 2,416 578 Oct 30 4,431 249 2,501 193 186 76 39 641 121 66 09 64 106 2,442 590 Cash in vault: Oct. 2 299 95 61 13 19 11 6 44 10 4 11 8 17 49 35 Oct 9 - - 323 96 71 11 21 12 7 47 10 5 12 10 18 57 36 Oct. 13 - -- 307 96 65 14 20 11 6 45 10 4 11 8 17 53 35 Oct. 23 . _ 313 93 67 14 21 12 7 46 10 5 12 9 17 55 36 Oct 30 321 93 71 15 21 12 7 47 10 5 12 10 18 58 36 Net demand deposits: Oct. 2 ••16,310 1,003 8,746 ••870 784 250 224 2,031 432 261 516 332 861 8,291 1,740 Oct. 9 --- 16,356 1,011 8,713 874 787 252 228 2,058 446 273 522 336 856 8,245 1,767 Oct. 16 --- 16,376 1,016 8,653 879 798 260 225 2,089 449 276 519 343 869 8,198 1,797 Oct 23 16,431 1,016 8,665 874 787 257 227 2,126 453 279 526 353 868 8,210 1,838 Oct. 30 16,567 1,018 8,740 874 797 264 232 2,150 459 283 521 350 879 8,288 1,858 Time deposits: Oct. 2 -- 4,430 308 1,015 277 474 138 133 554 169 124 156 121 961 60G 403 Oct. 9 --- 4,451 307 1,035 277 472 137 133 555 170 124 155 121 965 627 404 Oct 16 4,460 308 1,035 279 474 138 133 557 170 T24 156 120 966 628 405 Oct. 23 . -- 4,500 307 1,063 283 476 138 134 563 170 124 155 121 966 655 411 Oct. 30 - 4,433 305 1,002 279 476 138 135 562 170 124 154 121 967 595 410 Government deposits: Oct. 2 -- 669 24 325 36 37 7 18 78 16 7 12 25 84 298 65 Oct 9 - 669 24 325 36 37 7 19 78 16 8 12 23 84 299 65 Oct. 16 581 21 270 31 34 6 17 75 13 8 11 20 75 245 63 Oct. 23 -- 498 12 217 27 32 6 16 71 10 8 10 19 70 195 62 Oct. 30 - 500 12 218 26 32 6 16 71 10 8 10 20 71 196 62 Due from banks: Oct. 2 - 1,969 128 181 176 146 100 99 310 117 104 250 148 210 89 220 Oct 9 1,944 121 160 171 141 112 105 285 119 94 252 154 230 85 194 Oct. 16 2,022 129 154 171 152 106 110 295 126 103 280 161 235 82 198 Oct. 23 -- 1,956 124 154 168 155 106 107 285 126 97 261 153 220 82 194 Oct. 30 .-. 1,948 124 153 160 159 103 107 286 122 99 260 156 219 76 194 Due to banks: Oct 2 4,821 223 2,220 287 208 121 111 635 203 105 330 146 232 2,156 526 Oct. 9 _ 4,835 221 2,205 284 208 125 117 634 210 105 333 156 237 2,145 528 Oct 16 ._ „ 4,959 229 2,215 300 221 132 121 654 217 109 345 170 246 2,151 545 Oct 23 4,839 225 2,167 284 213 130 119 636 216 108 335 172 231 2,106 530 Oct. 30 — 4,833 218 2,170 276 214 133 120 639 219 110 330 170 234 2,110 532 Borrowings from Federal Reserve banks: Oct. 2 Oct. 9 Oct 16 Oct. 23 _ Oct 30 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 779 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 * banks and Treasury* 1934—August 4,961 403 741 1,250 1,294 335 568 112 222 10 September. 5,019 411 755 1,266 1,311 336 571 113 223 12 October.... 5,012 410 752 1,265 1,314 335 571 112 221 13 November. 5,102 422 776 1,300 1,332 337 571 111 214 December. 5,084 423 771 1,288 1,326 337 577 112 216 1935--Janaury___ 4,940 401 740 1,240 1,293 571 111 214 13 February.. 5,024 407 755 1,275 1,314 340 575 112 217 15 March 5,048 410 754 1,285 1,309 341 578 113 221 April 5,028 411 749 1,266 1,300 340 580 116 230 May 5,087 420 760 1,290 1,309 343 588 115 225 11 June 5,114 419 760 1,296 1,309 349 116 225 5 July 5,063 415 755 1,273 1,289 344 116 231 4 August 5,172 424 778 1,324 1,313 347 116 233 11 September. 5,220 433 788 1,334 1,321 349 603 118 232 12 1 Total of amounts shown by denominations less unassorted amounts in Federal Reserve banks and Treasury, 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 dollars] BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] 1935 1934 Number 1934 1935 of centers Septem- August September ber Month Ship- Re- Ship- Rements ceipts Net ments ceipts Net New York City... 1 14,014 14, 732 11,122 to from receipts to from receipts Outside New York City 140 15,127 15,644 12,887 Europe Europe Europe Europe Federal Reserve districts: Boston 11 1,470 1,614 1,228 January.... 0 5,256 5,256 81 3,705 3,624 New York 7 14,583 15,285 11,698 February.. 1 3,740 3,739 173 1,502 1,329 Philadelphia 10 1,398 1,361 1,097 March 0 2,200 2,200 167 2,026 1,859 Cleveland 13 1,559 1, 564 1,277 April 1 2,900 2,899 373 1,465 1,092 Richmond 7 551 578 533 May 10 3,780 3,770 1,012 1,612 600 Atlanta 15 665 668 615 June -. 8 3,471 3,463 191 1,451 1,260 Chicago __ _ 21 3,876 4,075 3,203 July 63 3,601 3,538 286 2,261 1,975 St. Louis . 5 747 757 649 August 0 5,193 5,193 282 2,289 2,007 Minneapolis 9 597 593 531 September- 23 4,254 4,231 721 1,157 436 Kansas City 15 897 971 792 October 0 2,524 2,524 2,536 864 l-1,672 Dallas 10 497 526 471 November. 199 2,129 1,930 San Francisco 18 2,301 2,384 1,914 40 1,539 1,499 December- Total 141 29,141 30,376 24,009 Total 345 40,587 40,242 Back figures.—See Annual Report for 1934 (table 78). i Net shipments. 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

780 FEDERAL RESERVE BULLETIN NOVEMBER 1935 BANKS SUSPENDED AND NONLICENSED BANES PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND JANUARY-OCTOBER 1935 [Preliminary figures] Licensed banks suspended * Nonlicensed banks placed in liquidation or receivership * Number of banks D s e a p n o d s s i t o s f » ( d i o n l l t a h r o s) u- Number of banks D s e a p n o d s s i ts o f * d ( o in ll a t r h s o ) u- Year 1934 Jan 1 . 9 - 3 O 5 ct. Year 1934 Jan 1 . 9 - 3 O 5 ct. Year 1934 Jan 1 . 9 - 3 O 5 ct. Year 1934 Jan 1 . 9 - 3 O 5 ct. National banks 1 4 40 5,387 398 4 390,218 6,499 <23 <6 4 39,492 4 8,613 Nonmember insured banks 8 14 1,912 2,877 Other nonmember banks 48 8 34,985 998 506 46 195,211 13,804 Total-- 57 26 36,937 9,262 927 56 624,921 28,916 1 Includes banks placed on a restricted basis. 2 Includes nonlicensed banks absorbed or succeeded by other banks. 3 Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. 4 Includes 14 banks with deposits of $12,504,000 in 1934 and 5 banks with deposits of $7,395,000 during January-October 1935, which did not receive 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). MATURITY DISTRIBUTION OF BILLS AND POSTAL SAVINGS SYSTEM SECURITIES HELD BY FEDERAL RESERVE BANKS [In millions of dollars] [In thousands of dollars] Assets With- 16 to 31 to 61 to 91 days OvAr fi Total in 15 30 60 90 to 6 v/ver o days days days days months monins U. S. Government securities Bills dis- End of month H counted: Oct. 2..___ 10,489 8,416 380 761 845 86 1 Oct. 9 9,587 7,617 210 748 849 ]61 2 Oct. 16 9,425 7,224 273 670 870 385 3 A Oct. 23..-. 6,742 4,369 85 1,329 308 644 7 Oct. 30 6,128 3,749 597 876 247 649 10 Bills bought in open market: 1934— A S N D O J e u u o e c p l t c g v y o t e u e e - b m m s m e t b r b b e e e r r r 1 1 1 1 1 1 , , , , , , 1 1 2 1 1 2 9 9 0 9 9 0 9 0 4 3 2 7 1 1 1 1 1 1 , , , , , , 2 2 2 2 2 2 2 1 2 3 2 3 9 8 2 6 1 7 5 5 5 6 5 5 6 9 7 5 4 4 1 8 4 1 4 0 4 5 5 5 5 5 7 1 7 6 8 9 8 9 1 5 1 7 4 4 4 4 4 4 5 1 1 5 6 6 1 8 8 7 7 7 1 1 1 1 1 1 1 0 3 1 6 4 4 1 0 4 0 1 1 1 8 9 9 0 0 0 3 6 7 4 4 0 Indu O O O O O st c c c c c r t t t t t i . . . . . a 2 9 3 2 l 1 0 3 6 a . . d . . . - . 4 4 4 4 4 , , , , , 6 6 6 6 6 7 7 8 8 7 6 9 9 6 6 3,2 4 6 6 1 2 4 1 9 6 4 6 5 5 1 2 1 , ,4 7 6 2 1 3 8 8 2 0 2 5 7 9 9 1,0 8 6 9 5 6 4 4 2 5 5 5 1 1 3 3 2 2 , , , 3 8 1 2 4 5 1 0 8 3 7 3 8 4 6 1935— J J M A M F u u J £ e p a n a l aa b n y r y r y e i r u c . l u a h a ry ry 1 1 1 1 1 1 1 , , , , , , , 2 2 2 2 2 2 1 0 0 0 0 0 0 9 5 5 3 5 1 0 0 1 1 1 1 1 1 , , , , , , 2 2 2 2 2 2 3 3 3 3 3 3 6 2 7 2 7 1 4 4 4 3 5 4 9 8 1 7 0 5 1 5 2 8 9 2 6 7 7 6 3 0 7 1 3 9 7 4 4 4 6 5 5 5 6 6 3 6 3 0 7 7 0 2 9 8 1 1 1 1 1 1 4 4 6 8 4 4 7 7 6 3 7 6 1 1 1 7 1 0 9 1 6 4 6 9 4 3 3 U. m v a S e O O O O O n . n c c c c c c G t e t t t t t s . . . . . o s : 2 9 2 1 v 3 e 6 e c 3 0 r u . . n r . . - - . .. 3 3 3 3 3 2 2 2 2 0 , . , , . 7 4 6 0 7 1 7 4 7 2 9 7 0 0 1 2 1 1 1 1 , , , , , 6 7 7 8 6 9 9 6 0 9 8 4 4 4 7 3 3 3 2 1 2 6 1 9 1 0 2 9 5 4 4 7 5 5 6 0 3 0 5 1 2 1 8 5 4 6 7 6 8 7 8 9 4 9 1 8 4 5 8 2 2 2 2 2 2 , , , , , 7 5 3 6 3 5 3 9 6 9 0 2 8 0 5 2 2 2 2 2 3 6 6 6 6 , , , , , 4 5 8 6 7 3 1 8 3 1 2 4 0 8 4 August 1,191 ities: September. * 1,192 Oct. 2 2,430,21231,53735,560 50,860163,310 188,9221,960,023 Oct. 9 2,430, 20934,44528,925 55,310146,360 220,8551,944,314 » Preliminary. Oct. 16 2,430,18835,56027,500132,223 64,267 374,8031,795,835 »Includes working cash with postmasters, 5-percent reserve fund and Oct. 23 2,430,21928,92522,760143,660 59,320 387,8121,787,742 miscellaneous working funds with the Treasurer of the United States, Oct. 30 2,430,17227,50023,360145,880 56,925 392,3981,784,109 accrued interest on bond investments, and accounts due from late post- XJi/ilGT 56CUT1masters. ties: Oct. 2 Back figures.—See BULLETIN for August 1935, p. 502. Oct. 9 181 181 Oct. 16... 181 181 Oct. 23 181 181 Oct. 30.... 181 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1035 FEDERAL RESERVE BULLETIN 781 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1928=100] Other commodities All Farm Year, month, or week m co o m di - - p u r c o t d s - Foods Total H p l r i e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g t e h e l t r i a 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 h l r s e u a m g n s i d - in f H u g r o n g u i o s s o h e d - - s l M an i e sc o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 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 86.2 75.9 81.5 69.7 1934—September.. 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 October 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 November.. 76.5 70.8 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70.6 December.. 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 1935—January 78.8 77.6 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 February... 79.5 79.1 82.7 77.4 86.0 70.1 72.5 85.8 85.0 80.4 80.7 70.1 March 79.4 78.3 81.9 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69.2 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 September.. 80.7 79.5 86.1 77.8 90.9 71.8 73.0 86.6 85.9 80.2 80.5 67.1 Week ending— 1935—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 69.9 75.3 85.7 85.0 79.5 81.8 67.8 July 20. 79.1 77.2 82.0 77.9 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 67.5 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 Oct. 5- 80.5 79.5 85.3 78.3 92.5 71.7 74.6 86.3 86.1 80.2 81.8 67.2 Oct. 12. 80.7 80.1 85.7 78.2 93.8 72.1 74.1 85.8 86.1 80.7 81.8 67.5- Oct. 19. 80.7 79.5 85.6 78.4 94.4 72.5 74.2 85.9 86.2 81.1 81.8 67. & Oct. 26. 80.3 78.6 84.8 78.4 95.1 72.8 74.3 85.9 85.9 81.3 81.9 67.4 1934 1935 1934 1935 Subgroups Subgroups Sept. June July Aug. Sept Sept. June July Aug. Sept. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 88.1 76.9 78.3 79.3 83.5 Agricultural implements 92.0 93.6 93.6 93.7 Livestock and poultry 64.1 84.8 82.8 91.6 92.0 Iron and steel 86.5 87.1 87.0 87.1 86.8 Other farm products. _ 74.4 74.3 72.9 71.4 70.4 Motor vehicles 94.7 94.7 94.7 94.7 94.3 FOODS: Nonferrous metals 68.4 69.1 66.1 66.9 68.6 Butter, cheese, and milk 76.2 74.6 74.0 75.7 76.0 BUILDING MATERIALS: Cereal products 91.9 90.5 92.7 94.6 96.8 Brick and tile 91.3 89.2 89.1 89.0 88.8 Fruits and vegetables 66.0 68.7 65.1 60.5 60.0 Cement 93.9 94.9 94.9 94.9 94.9 Meats -- 76.6 94.5 93.3 102.0 102.9 Lumber 82.3 81.6 81.7 82.0 82.1 Other foods 70.0 77.2 76.7 78.6 80.8 Paint materials 79.5 79.8 79.1 78.6 80.8 HIDES AND LEATHER PRODUCTS: Plumbing and heating 71.6 66.2 68.8 71.1 71.1 Boots and shoes 97.9 97.3 97.8 98.3 Structural steel 92.0 92.0 92.0 92.0 92.0 Hides and skins 60.4 78.0 79.8 80.4 83.8 Other building materials 89.8 90.0 89.7 90.1 90.3 Leather 70.6 80.5 80.2 80.2 83.0 CHEMICALS AND DRUGS: Other leather products 86.5 84.4 84.4 84.4 84.5 Chemicals 80.3 86.3 84.6 84.3 86.9 TEXTILE PRODUCTS: Drugs and Pharmaceuticals. 72.7 74.3 74.0 73.8 73.8 Clothing 79.7 80.7 80.7 80.5 80.8 Fertilizer materials 66.4 65.7 65.7 66.8 67.2 Cotton goods 87.8 82.5 82.0 82.5 83.2 Mixed fertilizers 73.0 74.5 68.6 68.1 67.8 Knit goods 59.9 59.5 59.9 60.2 61.6 HOUSEFURNISHING GOODS: Silk and rayon 24.3 27.2 27.9 31.0 32.9 Furnishings 84.8 83.9 84.0 84.0 84. a Woolen and worsted goods... 78.0 75.6 76.4 76.4 76.9 Furniture 78.8 77.1 76.8 77.0 76.9 Other textile products 69.1 MISCELLANEOUS: FUEL AND LIGHTING MATERIALS: Auto tires and tubes 44.7 45.0 45.0 45.0 45.0 Anthracite 81.3 74.0 77.0 78.6 Cattle feed 100.7 92.2 78.6 71.3 67. & Bituminous coal 96.3 96.1 96.5 96.0 96.2 Paper and pulp 82.4 79.7 79.7 79.7 79.7 Coke 85.6 88.7 88.6 88.6 88.6 Rubber, crude 31.5 26.0 25.0 24.5 24.0 Electricity 95.2 90.2 87.8 86.7 O ther miscellaneous 81.4 80.1 80.1 80.0 80. a Gas 99.3 95.2 94.0 91.8 Petroleum products 51.3 53.2 52.9 52.4 50.6 Back figures.—For monthly and annual indexes of groups, see Annual Keport 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

782 FEDERAL RESERVE BULLETIN NOVEMBER 1935 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of Federal Reserve Board; adjusted for seasonal variation. 1923-25 average=100] 1934 1935 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactures—Total 69 72 74 85 90 88 86 86 84 84 86 88 ip 89 IRON AND STEEL 38 41 49 65 80 80 72 67 66 66 69 81 84 Pig iron 31 31 32 34 49 57 55 53 56 53 53 60 62 Steel ingots 38 42 51 68 83 83 73 69 67 67 70 83 86 TEXTILES _ 63 89 87 97 103 100 98 98 102 100 105 104 106 Cotton consumption 64 94 90 92 98 95 90 84 85 82 82 85 95 Wool 38 59 69 85 102 97 95 110 124 122 128 132 112 Consumption . 37 63 82 97 116 97 102 131 153 148 156 160 127 Machinery activityJ 40 61 68 92 110 116 99 92 99 107 108 110 108 Carpet and rug loom activity 2 41 46 32 41 52 65 71 80 80 71 76 83 74 Silk deliveries 99 135 111 140 119 122 135 117 111 116 133 113 134 FOOD PRODUCTS 120 107 102 102 91 81 77 80 78 74 74 76 78 Slaughtering and meat packing 142 119 110 107 83 76 73 77 74 67 69 76 76 Hogs _ 89 95 90 79 54 56 51 58 54 44 46 50 50 Cattle 216 144 138 146 120 101 98 96 94 92 93 107 107 Calves . 225 145 121 130 132 109 112 113 108 106 115 119 124 Sheep.._ 162 228 143 139 133 131 151 157 161 151 154 159 144 Wheat flour 85 83 84 87 86 90 88 88 83 91 80 73 82 Sugar meltings - 94 101 102 108 130 86 75 80 88 75 83 78 81 PAPER AND PRINTING: Newsprint production _ 65 62 60 66 61 61 59 59 64 63 60 '58 62 Newsprint. consiimptinn 121 116 115 118 121 122 123 119 121 124 118 120 127 TRANSPORTATION EQUIPMENT: Automobiles 51 41 40 88 104 103 106 110 86 100 95 64 '150 Locomotives _ 7 8 10 9 8 8 8 9 14 10 3 2 Shipbuilding 133 17 14 18 27 68 89 91 56 21 15 35 LEATHER AND PRODUCTS 88 85 92 104 107 108 108 113 113 103 107 104 102 Tanning _ _ 80 81 89 93 96 97 96 97 100 97 95 93 94 Cattle hide leathers 79 80 89 92 93 93 91 93 98 90 89 91 91 Calf and kip leathers 67 68 80 96 97 91 90 88 87 104 86 78 85 Goat and kid leathers 97 95 98 90 105 112 112 120 119 106 '121 114 115 Boots and shoes 94 88 94 112 114 116 117 123 121 107 115 '111 108 CEMENT AND GLASS: Cement 50 46 48 45 42 45 47 51 55 58 52 44 47 Glass, plate . 84 87 83 140 174 166 183 185 155 162 169 167 179 NONFERROUS METALS:* Tin deliveries 2 68 58 67 80 78 73 81 97 84 73 85 91 92 FUELS, MANUFACTURED: Petroleum refining _ _ __ 152 153 155 154 151 155 153 153 160 166 168 169 172 Gasoline 2 - 193 196 199 194 191 196 191 194 204 214 220 219 223 Kerosene 85 92 91 89 99 105 108 91 94 99 91 93 92 Fuel oil2 102 98 101 103 99 102 101 96 104 105 100 103 110 Lubricating oila 91 90 89 98 91 94 94 100 100 97 92 100 102 Coke, byproduct 73 73 73 76 88 95 90 87 89 87 84 91 95 RUBBER TIRES AND TUBES _. 79 82 107 133 115 101 93 88 75 79 83 Tires, pneumatic _ 82 85 110 139 119 104 96 91 78 82 86 Inner tubes 61 60 80 91 82 76 68 66 56 55 60 TOBACCO PRODUCTS 125 120 125 143 136 133 130 138 134 138 140 130 129 Cigars _ _ _ 66 66 69 76 72 69 67 67 66 67 70 67 69 Cigarettes 171 161 168 196 186 183 180 193 186 193 196 178 175 Minerals—Total 82 81 81 90 94 96 97 87 89 98 84 81 87 Bituminous coal 64 65 65 72 74 81 87 60 69 79 55 58 58 Anthracite 62 53 64 72 76 67 54 69 71 97 62 36 65 Petroleum, crude _ _. ._ 122 121 121 123 131 132 132 130 131 133 134 133 135 Iron ore 44 35 14 53 53 50 54 62 Zinc.. 61 76 77 74 71 74 73 75 73 79 80 82 83 Lead... _ 55 56 55 60 48 50 55 58 63 55 59 60 59 Silver 36 39 35 53 50 65 50 49 51 47 73 59 71 i Revised seasonal adjustment factors for automobiles used in September 1935. a Without seasonal adjustment. * Includes also lead and zinc; see "Minerals." p Preliminary. * Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 783 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of Federal Reserve Board; without seasonal adjustment. 1923-25 average=100] 1934 1935 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactures—Total 70 73 73 76 87 91 91 91 87 84 83 87 »89 IRON AND STEEL __ 37 40 45 57 77 84 81 74 72 66 64 79 83 Pig iron 30 31 32 34 49 58 58 56 57 53 50 58 60 Steel ingots 38 41 46 59 80 87 83 76 73 67 66 81 85 TEXTILES 63 92 91 92 108 105 100 100 101 95 97 99 106 Cotton consumption 62 97 93 84 102 101 94 90 88 79 75 77 92 Wool 39 62 73 86 104 101 96 108 117 114 119 126 115 Consumption 38 69 89 98 119 105 104 127 141 133 139 149 133 Machinery activity 40 61 68 92 110 116 99 92 99 107 108 110 108 Carpet and rug loom activity _ _ 41 46 32 41 52 65 71 80 80 71 76 83 74 Silk deliveries 104 135 115 125 136 130 130 116 110 103 126 117 141 FOOD PRODUCTS 122 110 108 103 90 79 75 76 78 73 74 74 81 Slaughtering and meat packing 138 120 123 123 94 75 69 69 72 66 66 68 74 Hogs 67 81 99 104 72 62 51 52 52 45 41 38 37 Cattle 240 168 159 153 121 89 86 85 91 86 92 104 119 Calves 216 152 124 124 123 101 114 123 122 110 111 109 119 Sheep 188 251 142 136 134 123 137 148 158 147 154 160 168 Wheat flour. _ 100 93 90 83 84 87 83 80 78 80 77 78 97 Sugar meltings 100 96 80 61 86 84 88 93 99 89 102 88 86 PAPER AND PRINTING: Newsprint production 64 62 60 66 62 61 59 60 65 64 58 '56 62 Newsprint consumption ... 118 123 123 121 116 121 128 127 124 123 105 107 125 TRANSPORTATION EQUIPMENT: Automobiles 56 37 26 48 86 111 130 141 108 114 100 69 29 Locomotives 7 8 11 10 7 8 8 3 13 10 3 2 Shipbuilding _ _ 133 12 12 14 19 48 69 88 71 27 22 51 LEATHER AND PRODUCTS 102 93 88 89 99 110 111 111 104 99 106 115 118 Tanning 85 86 87 90 92 100 94 96 95 95 '95 95 101 Cattle hide leathers 82 82 88 90 94 100 92 93 93 89 86 90 94 Calf and kip leathers ._ __ 77 81 76 82 80 84 80 79 83 100 100 95 98 Goat and kid leathers... 102 99 97 97 100 116 • 115 119 110 106 '113 111 120 Boots and shoes __ 112 98 89 88 103 117 122 121 110 102 113 '128 129 CEMENT AND GLASS: Cement 63 53 47 35 25 27 34 50 65 71 63 57 59 Glass, plate 85 87 79 105 155 179 199 205 169 165 168 169 181 NONFERROUS METALS: * Tin deliveries 68 58 67 80 78 73 81 97 84 73 85 91 92 FUELS, MANUFACTURED: Petroleum refining 152 154 156 155 151 156 153 153 160 166 167 169 173 Gasoline . - ... 193 196 199 194 191 196 191 194 204 214 220 219 223 Kerosene _ 87 97 99 96 101 107 105 90 90 92 85 88 94 Fuel oil 102 98 101 103 99 102 101 96 104 105 100 103 110 Lubricating oil 91 90 89 98 91 94 94 100 100 97 92 100 102 Coke, byproduct... 71 73 74 77 89 98 92 87 89 85 81 88 93 RUBBER TIRES AND TUBES 76 73 80 92 106 110 102 103 96 95 81 Tires Dneumatic 78 75 83 96 110 114 105 107 99 99 84 Inner tubes 61 54 58 66 75 80 74 75 68 65 57 TOBACCO PRODUCTS.. __ _ 139 129 128 115 128 121 124 127 136 150 152 139 143 Cigars 76 81 82 57 55 60 61 63 68 73 73 70 7$ Cigarettes ._ 188 169 166 161 182 166 171 175 188 212 215 192 192 Minerals—Total 87 87 84 85 91 92 90 79 88 97 84 85 92 Bituminous coal . 68 71 73 76 82 85 87 51 60 71 50 57 61 Anthracite 62 68 65 71 82 72 45 72 71 85 51 36 65 Petroleum, crude 125 123 120 120 126 129 130 130 132 136 137 136 139 Iron ore 85 60 11 80 105 102 109 119 Zinc 58 73 77 76 75 79 78 78 73 76 74 76 79 Lead _ . 52 58 57 60 49 52 56 57 62 56 57 57 56 Silver -i 34 39 38 54 50 70 55 49 50 46 62 59 68 1 Includes also lead and zinc; see " Minerals." v 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

784 FEDERAL RESERVE BULLETIN NOVEMBER 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 Adjusted for seasonal Without seasonal adjustment variation adjustment Industry and group 1935 1934 1935 1934 1935 1934 Sep b t e e r m- August Se b p e te r m- ep b t e e r m- August Se b p e te r m- Se b p e te r m- August Septem- Total . 83.5 '81.8 '75.9 81.9 '81.7 '74.0 72.1 '58.0 IRON AND STEEL AND PRODUCTS* 74.7 73.2 66.0 74.1 73.4 65.4 62.9 59.6 41.1 Bllaasstt fufrunraccees and steel works 74.4 73.7 65.3 74.4 74.3 65.4 64.2 61.6 37.3 CCai st-iron piipe _ 51.9 51.7 52.1 51.2 50.4 51.4 30.0 29.6 28.2 Cutlery and edge tools -- 76.6 75.6 76.7 79.1 79.4 79.2 59.8 57.1 53.2 Hardware - 51.8 48.5 45.8 52.0 50.3 45.9 46.0 39.4 29.2 Steam, hot-water heating apparatus, etc 54.7 53.0 48.8 53.7 52.5 47.9 39.2 36.4 30.7 Stoves 107.3 102.0 91.6 100.3 102.2 85.6 89.6 80.4 65.8 Structural metal work 58.6 57.9 58.6 57.0 56.5 57.0 45.6 43.9 40.5 Tin cans, etc - - - 105.4 104.0 101.0 99.4 97.0 95.3 105.7 103.6 96.2 Wirework 117.6 118.7 120.2 116.9 116.4 119.4 113.2 105.1 92.0 MACHINERY* 91.1 87.3 r78.0 88.8 87.1 '76.0 75.2 71.2 '55.6 Agricultural implements 118.5 117.8 67.8 126.6 124.4 72.4 136.8 137.5 66.7 Electrical machinery, etc 73.3 70.4 65.9 73.3 70.4 65.9 62.1 57.8 48.0 Engines, turbines, etc - 101.2 101.1 71.1 101.7 100.7 71.4 74.4 73.9 46.1 Foundry and machine-shop products- 76.0 74.0 66.8 75.8 73.9 66.6 62.2 60.0 46.7 Machine tools 96.4 91.9 69.7 96.4 101.8 69.8 85.2 80.5 50.8 Radios and phonographs 254.9 213.8 219.9 190.9 194.4 164.7 166.3 133.9 127.0 Textile machinery 62.9 62.6 '62.2 63.3 62.7 '62.6 50.4 50.5 '45.4 TRANSPORTATION EQUIPMENT I 75.8 83.5 '74.2 81.4 83.6 '75.5 65.7 71.6 '52.3 Automobiles 84.0 95.1 80.9 91.0 94.9 82.1 72.1 80.6 54.3 Cars, electric, and steam railroad. 33.5 32.2 r44.8 32.8 30.7 '43.9 31.8 30.4 '40.0 Locomotives 21.0 21.5 37.7 21.5 21.2 38.6 8.9 9.1 17.4 Shipbuilding 76.1 72.4 71.3 81.1 76.5 76.0 65.6 61.5 67.0 RAILROAD REPAIR SHOPS. 52.6 52.8 55.7 52.4 52.7 55.4 49.1 49.0 45.6 Electric railroads 64.6 65.3 65.7 64.6 65.3 65.7 59.1 59.6 56.9 Steam railroads 51.7 51.9 55.0 51.4 51.7 54.7 48.5 48.3 44.9 NONFERROUS METALS AND PRODUCTS 1 - 86.9 t 82.0 '75.4 87.4 '83.7 '75.9 70.9 '64.7 '54.2 Brass, bronze, and copper 81.8 78.2 70.8 82.7 78.8 71.6 65.8 61.1 48.7 Lighting equipment 78.1 '71.7 64.5 77.7 '73.3 64.2 69.5 '64.2 52.0 Silverware and plated ware 69.8 69.8 69.5 69.0 71.7 68.7 56.0 52.0 52.1 Smelting and refining 83.7 80.8 69.9 85.8 83.6 71.7 56.1 53.2 42.7 Stamped and enamel ware 106.2 '101.9 '94.4 107.9 '104.2 '95.9 '82.3 '65.5 LUMBER AND PRODUCTS!. 57.0 55.3 49.3 55.5 54.6 48.0 47.3 44.4 33.9 Furniture 76.3 73.4 65.0 73.9 73.3 63.0 60.2 56.0 44.6 Lumber, mill work..... 50.1 47.5 34.6 49.7 46.8 34.3 40.8 37.7 21.8 Lumber, sawmills 37.4 36.6 34.1 36.2 35.6 33.0 29.4 27.9 22.3 STONE, CLAY, AND GLASS PRODUCTS I_. 55.8 55.9 52.9 53.9 54.8 51.1 42.2 40.9 34.7 Brick, tile, and terra cotta 34.0 33.8 30.4 32.1 31.2 28.7 22.5 21.2 16.1 Cement _ 51.9 53.8 54.0 48.9 50.5 50.9 35.2 35.8 33.9 Glass 95.8 95.7 87.3 93.6 97.4 85.3 85.6 82.3 67.4 Pottery 69.5 67.0 66.2 69.6 67.7 66.3 50.3 46.6 41.1 TEXTILES AND PRODUCTS 1 95.9 92.9 73.1 96.0 96.1 72.9 84.6 78.9 57.5 A. Fabrics^ 92.1 89.9 62.0 93.2 93.3 62.7 80.4 76.5 49.1 Carpets and rugs 85.9 83.7 64.6 89.2 86.4 67.1 83.4 80.6 46.5 Cotton goods 84.8 81.6 52.0 85.7 85.9 52.5 70.7 64.8 40.4 Dyeing and finishing 104.7 102.9 91.1 106.1 107.4 92.3 86.0 84.3 75.6 Knit goods 114.0 110.4 100.6 115.9 114.9 102.2 114.8 105.5 91.0 Silk and rayon goods 78.0 75.5 58.2 78.7 76.7 58.7 67.2 65.1 41.1 Woolen and worsted goods.. 95.9 97.3 35.8 97.0 99.4 36.2 75.8 76.9 24.3 B. Wearing apparel * - 100.5 96.0 95.5 98.3 98.4 93.4 87.8 '78.8 70.9 Clothing, men's 95.4 93.6 89.5 92.7 90.9 87.0 80.4 74.6 62.2 Clothing, women's 130.1 121.4 121.0 127.5 131.4 118.6 109.0 97.9 85.2 Millinery 66.8 57.6 76.0 63.4 59.9 72.1 76.1 52.5 75.5 Shirts and collars. _ 109.5 105.9 103.5 107.9 107.6 102.0 109.1 102.9 93.2 LEATHER AND PRODUCTS.. 88.8 90.1 85.7 85.4 87.0 82.4 76.9 81.7 69.2 Boots and shoes 87.3 89.1 85.5 83.1 84.9 81.4 71.1 77.7 67.7 Leather 95.2 94.4 86.8 95.1 95.8 86.7 95.2 94.2 73.6 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1935 FEDERAL RESERVE BULLETIN 785 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued Factory employment Factory pay rolls Without seasonal Adjusted for seasonal Without seasonal adjustment variation adjustment Industry and group 1935 1934 1935 1934 1935 1934 Se b p e te r m- August Septem- Sep be te r m- August Se b p e te r m- Se b p e t r em- August Se b p e te r m- FOOD PRODUCTS 1 116.0 109.9 127.1 98.8 '99.3 110.5 104.3 99.8 109.3 Baking 114.6 111.7 115.7 112.6 111.4 113.7 101.6 95.7 99.6 Butter _- 74.9 76.9 81.1 70.1 70.8 75.9 59.8 60.4 60.4 Canning and preserving 213.3 180.9 204.4 94.0 98.3 90.0 229.4 216.2 199.5 Confectionery 87.9 69.8 93.1 79.2 74.6 83.9 86.1 60.4 82.6 Flour- 77.0 76.3 80.2 75.4 75.2 78.6 72.6 66.1 68.6 Ice cream __ _____ _ _ 73.8 85.9 77.3 67.6 73.2 70.9 60.2 69.3 60.5 Slaughtering and meat packing 78.9 79.4 121.2 79.7 81.0 122.4 74.1 73.2 109.2 Sugar refining, cane 78.0 '82.0 88.1 76.2 '78.9 86.1 70.2 71.3 72.4 TOBACCO PRODUCTS. _ 58.9 57.9 64.7 57.3 58.1 62.9 49.4 46.6 50.3 Chewing and smoking tobacco and snuff 65.3 64.4 73.7 66.0 65.9 74.4 66.7 65.1 68.7 Cigars and cigarettes. _ 58.1 57.0 63.5 56.1 57.1 61.4 47.2 44.2 47.9 PAPER AND PRINTING 97.3 95.9 95.3 97.6 97.1 95.6 86.2 '83.0 80.3 Boxes, paper 88.8 85.3 86.5 87.4 86.7 85.1 85.3 '78. 7 77.8 Paper and pulp— _ _ 109.2 108.8 105.4 109.2 108.8 105.4 90.7 87.2 79.6 Book and job printing 87.6 87.6 86.3 88.1 89.1 86.8 77.6 76.5 72.4 Printing, newspapers, and periodicals _ 99.4 96.5 98.5 100.5 98.4 99.6 90.5 86.3 88.2 CHEMICALS AND PETROLEUM PRODUCTS 1 110.7 107.9 108.6 110.3 111.4 108.2 99.0 '97.0 89.9 A. Chemical group, except petroleum 1 110.8 106.9 107.6 110.8 111.8 107.6 97.8 '95.4 87.9 Chemicals _ . . 108.0 107.7 108.0 108. 5 111.6 108.5 98.8 ' 100.8 92.1 Druggists' preparations 99.5 '97.3 103.0 97.4 '99.3 100.8 97.3 92.0 92.3 Explosives 86.2 86.5 93.2 84.7 85.8 91.6 71.3 76.9 69.5 Fertilizers 82.6 '69.5 95.0 90.0 '92.1 103.4 77.1 63.3 78.5 Paints and varnishes 106.7 105.5 98.8 108.0 108.4 100.0 89.5 87.8 75.8 Rayon and allied products. __ _ 353.6 340.3 305.5 353.6 340.3 305.5 264.1 253.4 215.5 Soap 103.1 98.0 98.6 102.1 99.4 97.6 99.4 93.8 87.3 B. Petroleum refining . _ _ 110.1 112.2 112.9 108.2 110.1 110.9 102.8 102.5 96.3 RUBBER PRODUCTS * 81.1 '79.1 '79.7 81.7 '80.4 '80.3 68.8 64.3 56.1 Rubber boots and shoes 58.2 '57.6 '63.4 57.2 '60.4 '62.3 50.4 49.4 50.4 Rubber tires and inner tubes 70.3 69.7 70.4 71.6 69.6 71.7 59.0 55.8 47.6 ' Revised. »Includes current statistics for one or more industries not shown separately. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment computed by the Federal Reserve Board, see BULLETIN for June 1934, pp. 324-343. Underlying figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN NOVEMBER 1935 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 January. _ _ . 186.5 99.8 15.1 22.4 10.7 7.1 9.4 10.8 113.7 44.4 19.6 3.7 17.9 11.4 February . 96.7 75.0 14.5 16.6 4.2 7.8 7.6 9.2 63.2 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. 2 167.4 17.9 41.8 6.1 6.0 13.1 13.6 50.0 76.1 12.5 4.3 10.6 25.6 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. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities 1935 1934 Federal Reserve district Federal Reserve 1935 1934 1935 1934 September August September district Boston _ 9,222 11,855 11,899 Septem- August Se b p e te r m-Sep b t e e r m- August Se b p e te r m- New York 44,890 33,981 21,558 Philadelphia.. 10,006 8.972 6,454 Cleveland 13,042 19,578 9,336 Boston.. 76 94 78 1,162 738 1,558 Richmond 14,692 23,273 12,057 New York 244 251 213 13,329 4,274 4,754 Atlanta 12,436 10,032 7,023 Philadelphia 50 50 43 1,403 1,322 1,792 Chicago 29,157 29,067 20,048 Cleveland.... 63 73 59 1,044 1,824 1,475 St. Louis___ 12,017 11.881 7,617 Richmond 32 39 27 403 1,431 432 Minneapolis 8,375 6,647 6,547 Atlanta 40 51 35 1,120 515 420 Kansas City 8,128 7,076 3,853 Chicago. 97 109 107 1,150 4,438 2,649 Dallas 5,412 6,194 3,759 St. Louis 25 32 33 323 217 493 Minneapolis 19 18 19 161 143 192 Total (11 districts) 167,376 168, 557 110,151 Kansas City 31 25 36 287 138 279 Dallas 14 37 17 195 1,099 173 San Francisco 115 131 123 1,261 1,707 2,223 Total 806 910 790 21,838 17,846 16,440 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

787 NOVEMBER 1935 FEDERAL RESERVE BULLETIN OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of Oct. 1,»1935] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Pro 1 d 9 u 3 c 4 tion E O st 1 c i 9 m t 3 . 5 a 1 t , e Pro 1 d 9 u 3 c 4 tion E O st 1 c i 9 t m 3 5 a 1 t , e Pro 1 d 9 u 3 c 4 tion E . O 1 s 9 t c i 3 t m 5 . a 1 i t , e Pro 1 d 9 u 3 c 4 tion E O st 1 c i 9 m t 3 . 5 a 1 t , e Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston. 7,703 7,882 168 160 New York 25,132 27, 251 5.039 7,211 132 148 Philadelphia. _. 48,105 49,048 13,781 17, 297 85 102 Cleveland 128, 893 164,979 37,479 45,150 71 87 Richmond 1,345 1,393 132,408 141, 281 22, 908 26,112 Atlanta 2,407 2,681 lfiO, 725 152,875 3,841 3,753 Chicago 482,658 816,972 55, 468 1,632 2,266 St. Louis » 2, 323 3 2,464 167,923 252, 949 47,197 45,870 40 64 Minneapolis 107,474 245, 214 10,044 16,388 53, 228 121,959 Kansas City... 263 622 53,194 221,005 140. 671 136, 229 3,542 8,624 Dallas 2,934 3,963 54,929 124,615 26,090 10, 380 51 114 San Francisco. 364 341 7,982 9,248 49, 209 67,851 32, 428 33,702 Total 9,636 11, 464 1,377,126 2,213,319 405,552 431,709 91, 377 167, 226 Oats Tame hay Tobacco White potatoes Federal Reserve district Pro 1 d 9 u 3 c 4 tion E O st 1 c i 9 m t 3 . 5 a 1 t , e Pro 1 d 9 u 3 c 4 tion E O st 1 c i 9 t m 3 . 5 a 1 t , e Pro 1 d 9 u 34 c * tion E O st 1 c i 9 t m 3 . 5 a 1 t , e Pro 1 d 9 u 3 c 4 tion E O st 1 c i 9 t m 3 5 a 1 t , e Bushel* Bushels Tons Tons Pounds Pounds Bushels Bushels Boston... 7,015 6.570 2,867 3,260 19,096 20,680 65,226 45,198 New York 24,745 27, 560 3,812 5,738 447 522 37, 212 27,927 Philadelphia.. 15, 724 16,206 1,947 2,429 18, 255 23,973 31, 787 23,668 Cleveland 36,450 55,337 3, 365 4,950 94,419 95,825 22.086 20.779 Richmond 15, 475 21.100 2,898 3,372 580, 183 747, 283 32, 805 28,343 Atlanta 10.091 10,881 2.067 2,152 110, 635 149, 789 15,109 13,045 Chicago. 183,361 442, 514 9,856 17, 825 12, 764 17,122 66,027 55,223 St Louis 18,141 40, 217 4,151 6,165 206, 861 213,377 9,6«1 13. 032 Minneapolis- 109, 517 326. 257 5, 214 9,059 828 1,207 43,361 57,850 Kansas City... 50, 782 166. 982 4,994 9,019 2,172 3,167 14. 816 31, 809 Dallas 33,976 42,974 724 982 4,665 4,089 San Francisco. 20,612 27, 272 10. 374 11,756 42,646 45,032 Total. 525,889 1,183,870 52,269 76,707 1,045, 660 1, 272, 945 385,421 365,995 i Figures for winter wheat from estimate for Aug. I; no estimate for Oct. 1. 8 Includes 16,000 bales grown in miscellaneous territory. 3 Includes 10,000 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 KANSAS CITY MO KANS. ST.LOJJIS 8 OKLA. Oklahoma City DALLAS® TEXAS i 'BOUNDARIES OF FEDERAL RESERVE DISTRICTS M.... 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