Federal Reserve Bulletin, 1936-01

FEDERAL RESERVE BULLETIN JANUARY 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Recent Banking and Credit Developments Regulations L and R National Summary of Business Conditions UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLEB, 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 ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary J. C. NOELL, Assistant Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRTJDER WINGFIELD, Assistant General Counsel J. P. DREIBELBIS, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations FRANK J. DRINNEN, Federal Reserve Examiner E. A. GOLDENWEISER, Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent 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 u Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Governor Deputy Governor Cashier Bank of— Reserve agent 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.» L. R. Rounds _. J. M. Rice.* L. F. Sailer.. Allan Sproul.1 C. H. Coe H. H. KimbalD L. W. Knoke.i Philadelphia R. L. Austin G. W. Norris W. H. Hutt C. A. Mcllhenny. T0 . QA .Q M<r>crl»llahirenny WW . TG ." MnaxcrCitjr e1edy.* L. E. Donaldson.1 Cleveland E S Burke, Jr * M J Fleming F. J. Zurlinden W. F. Taylor. H. F. Strater C. W. Arnold.^ Richmond G. J. Seay R. H. Broaddus. G. H. Keesee. J. S. Walden, Jr. Atlanta Oscar Newton H. W. Martin M. W. Bell. H. F. Conniff W. S. McLarin, Jr.» Chicago _. E. M. Stevens- G. J. Schaller H. P. Preston.. W. H. Snyder.i C. R. McKay W. C. Bachman.* J. H. Dillard 0. J. Netterstrom.1 A. T. Sibler.* E. A. Delaney.* A. L. Olson.i St. Louis J. 8. Wood W. McO. Martin 0. M. Attebery _. S. F. Gilmore.* J. G. McConkey A. H. Haill.* F. N. Hall.» G. 0. Hollocher.* 0. C. Phillips.* Minneapolis __. J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. F. 0. Dunlop.1 Kansas City G H. Hamilton C A. Worthington J W Helm J. W.Helm Dallas O.C.Walsh B. A. McKinney R. R. Gilbert R. B. Coleman. R. B. Coleman W. 0. Ford.i San Francisco J. U. Calkins. _ W. A. Day W. M. Hale. Ira Clerk *Assistant Deputy Governor. * Assistant to the Governor. 1 Controller. < Acting chairman; W. H. Fletcher, acting Federal Reserve agent. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch. _ R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch B. J. Lazar. Denver branch J. E. Olson. Pittsburgh branch T. 0. 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. 8. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch-._ W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;, single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Recent banking and credit developments 1 Recommendations of the Federal Advisory Council 5 Correspondence with regard to financing shipments of goods to belligerent nations 7 Amendment to regulations under Gold Reserve Act 12 Election of directors of Federal Reserve banks . 13 Condition of all member banks on Nov. 1, 1935 (from Member Bank Call Report No. 67) 57-58 National summary of business conditions 14 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 15-19 Member and nonmember bank credit: All banks in the United States 21 All member banks 20, 22, 23, 62 Weekly reporting member banks in leading cities 24, 25, 59, 60 Acceptances, commercial paper, and brokers' borrowings 26 Discount rates and money rates 27 Security prices, bond yields, and security issues 28 Treasury finance 29 Assets and liabilities of governmental credit agencies 30 Reconstruction Finance Corporation—Loans, subscriptions, and allocations 31 Farm Credit Administration—Loans and discounts outstanding, by institutions 32 Federal Home Loan Bank Board—Loans outstanding, by institutions 32 m Obligations fully guaranteed by the United States—Amounts outstanding, by agencies 32 Production, employment, car loadings, and commodity prices 33 Merchandise exports and imports 34 Department stores—Indexes of sales and stocks 34 Freight-car loadings, by classes 34 International financial statistics: Gold reserves of central banks and governments 35 Gold production 36 Gold movements * 36-38 Central banks 39-42 Bank for International Settlements 42 Commercial banks 43 Discount rates of central banks __ 44 Money rates 44 Foreign exchange rates 45 Price movements: Wholesale prices 46 Retail food prices and cost of living 47 Security prices 47 Law department: Rulings of Board: Deferment of effective date of subsection (f), section 1, of regulation Q 48 Regulation L—Interlocking bank directorates under the Clayton Act 48 Regulation R—Relationships with dealers in securities under section 32 of the Banking Act of 1933_ 51 Federal Reserve statistics by districts, etc.: Banking and financial statistics 53-62 Industrial and commercial statistics 63-68 December crop report 69 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 22 JANUARY 1936 No. 1 REVIEW OF THE MONTH growth was one of the results of additions to the country's monetary gold stock, which Excess reserves of member banks, after amounted to about $1,900,000,000 in 1935 and increasing further to a new peak of over $1,400,000,000 in 1934 (excluding the incre- $3,300,000,000 in the second Excess reserves ment arising out of revaluation of the dollar). week of December, declined to The problems raised by the large volume of $2,850,000,000 at the end of the year. For excess reserves have engaged the attention of the month of December as a whole excess the Federal Reserve System for some time and reserves showed a net reduction of $260,000,000. were reviewed at a meeting of the Board of This decline was largely due to temporary Governors with the Federal Open Market Cominfluences, of which the most important was mittee on December 17 and 18. At the cona net withdrawal of $450,000,000 from the clusion of this meeting the Board and the market through Treasury transactions. This Committee issued the following statement to withdrawal arose principally from the fact the press: that an unusually large proportion of the Treasury securities issued in the new financing The Board of Governors of the Federal Reserve System and the Federal Open Market Committee have of December was paid for by a direct charge given extended consideration to the general business against member bank reserve balances rather and credit situation and to the recommendation of the than by the creation of Government deposits Federal Advisory Council and are of the opinion: at subscribing banks. Reserve balances were 1. That continued improvement has been made in also reduced during December through a business and financial conditions but that the country is still short of a full recovery. seasonal increase in money in circulation which 2. That the primary objective of the System at the amounted to $145,000,000 between November present time is still to lend its efforts to a furtherance of 30 and December 24 and was followed by a recovery. decline of $110,000,000 in the following week. 3. That there is at the present time no evidence of Treasury transactions and currency withdrawals over-expansion of business activity or of the use of were in part offset in their effect on excess business credit. 4. That the present volume of member bank reserves, reserves by a further increase of $200,000,000 which have been greatly increased by imports of gold in the monetary gold stock. from abroad, continues to be excessive, far beyond the Owing to the large volume of excess reserves present or prospective requirements of credit for sound held by the member banks, the withdrawal business expansion. Therefore, the special problem created by the confrom the market of $600,000,000 of reserve tinuing excess of reserves has had and will continue to funds during the 10 days prior to Christmas have the unremitting study and attention of those was not reflected in an increase of borrowing by charged with the responsibility for credit policy in order member banks and had no effect upon open- that appropriate action may be taken as soon as it market money rates. Excess reserves at the appears to be in the public interest. end of the year were about $1,000,000,000 The Council's recommendation referred to in larger than at the end of 1934 and $2,000,000,- the statement is printed on page 5 of this issue 000 larger than at the close of 1933. This of the BULLETIN. 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEEAL RESERVE BULLETIN JANUARY 1936 Weekly reporting member banks in leading Adjusted demand deposits, representing decities increased their holdings of direct Gov- posits of individuals, partnerships, corporations, ernment obligations during and State and local govern- December, showing a net in- ments> increased by $2,820,crease of $290,000,000 in these 000,000 at all member banks in holdings during the last 2 months of the year. the first 10 months of 1935. This growth re- Holdings of obligations guaranteed by the flected principally the influence of gold imports Government showed little change, while those and of Treasury expenditures from balances of other securities declined during November previously accumulated and from newly borand December by about $110,000,000. Bro- rowed funds. United States Government dekers' loans increased somewhat in November posits at member banks showed a decline of and December, reflecting in part borrowings by nearly $1,000,000,000 in this period. There dealers in Government securities in connection was also a decrease of $225,000,000 in Postal with the new Treasury financing and usual end- Savings deposits, representing funds withdrawn of-year requirements of brokers and dealers in by the Postal Savings System because of the securities. inability of banks to pay the required rate of Adjusted demand deposits at these banks interest on these deposits. These funds were showed an increase from October 30 to Decem- invested in Government obligations by the ber 31 of $290,000,000, notwithstanding large Postal Savings System. Other time deposits withdrawals in the middle of December for holi- showed a substantial increase in the period. day currency demands, income tax payments, Adjusted demand deposits of member banks and purchases of Government securities by de- amounted to $18,500,000,000 on November 1, positors. United States Government depos- 1935, as compared with $12,100,000,000 at its at banks increased in the week ending licensed member banks on June 30, 1933, the December 18, reflecting deposits established in low point of recent years, and $16,600,000,000 exchange for new Government securities pur- on December 31, 1929, the pre-depression chased by the banks, but the increase in Gov- maximum. Time deposits, other than balances ernment deposits was much smaller than the of banks and of the Postal Savings System, amount of new securities purchased. amounted to $10,000,000,000 as compared with Changes in condition of all member banks $8,100,000,000in June 1933 and $12,900,000,000 during the first 10 months of 1935 are shown at the end of 1929. It is estimated that by the consolidated call report adjusted demand deposits plus time deposits of for November 1,1935. In 1935, nonmember banks, including those of mutual as in 1934, banking conditions savings banks, were about $1,500,000,000 were influenced largely by gold movements and larger in June 1935 than in June 1933, but were by Government disbursements of borrowed about $5,500,000,000 smaller than in 1929. funds. The principal changes were a continued Deposits at all banks in the United States, growth in deposits of individuals, partnerships, therefore, are still somewhat smaller than they and corporations, a substantial decline in United were in 1929. States Government deposits, a further rapid in- The increase in deposits in the first 10 months crease in balances held by member banks with of 1935 occurred at all groups of member banks, the Federal Reserve banks and with other mem- as shown in the following table, but was relaber banks, a relatively small increase in bank tively somewhat larger at city banks than at holdings of United States Government direct country banks. Since June 1933, adjusted obligations, and a substantial growth in hold- demand deposits have increased by 40 percent ings of Government-guaranteed obligations. at New York City banks and by about 60 per- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY FEDERAL BESERVE BULLETIN cent at banks in other reserve cities and at loans. These figures are shown in detail in country banks. At country banks, however, the table on page 22 of this BULLETIN. these deposits were still 15 percent smaller than In addition to the increase of $1,150,000,000 they were at the end of 1929, while at city banks in total loans and investments of all member they were appreciably larger than at any pre- Reserve position banks from December 31, 1934, vious time. In 1935 there was a further sub- of member to November 1, 1935, member banks stantial increase in interbank deposits at city banks reported a growth of banks and the total of those balances held for $2,190,000,000 in their reserves with Federal domestic banks on November 1 exceeded all Reserve banks and balances with other banks previous records in the history of the Federal in the United States. About three-fourths of Reserve System. the increase in balances with the Reserve banks was at New York City and Chicago banks; CHANGES IN DEPOSITS AT MEMBER BANKS, DEC. 31, country banks showed only a small increase in 1934, TO Nov. 1, 1935 reserve balances but a substantial growth in [In millions of dollars] balances due from banks; while at reserve city All C re e s n e t r r v a e l Reserve Country banks reserve balances and balances with other m b e a m nk b s er b c a i n ty ks b c a i n ty k - s banks banks showed about equal increases. As shown in the following table, country banks apparently deposited with other banks Demand deposits—adjusted . +2,823 +1,269 +971 +583 Time deposits +666 +119 +284 +263 most of the increase in their available funds, United States Government deposits _-_.._.- -986 -556 -347 -83 while city banks used a considerable part of Postal Savings deposits -225 -54 -102 -70 their surplus funds in purchases of investments. Deposits of domestic banks.. +987 +487 +443 +58 Deposits of foreign banks +212 +201 +11 Excess reserves increased at all groups of banks, but the tendency noted in 1934 for country banks to deposit most of their excess funds The largest change in member bank loans with city banks continued in 1935, and much and investments in the first 10 months of 1935 of the increase in excess reserves of the central was an increase of $780,000,000 investments in holdings of obligations guar- reserve city banks in New York and Chicago reflected the growth in balances due to other anteed by the United States banks, shown in the previous table on deposits. as to principal and interest, representing in part exchanges for obligations not so guar- CHANGES IN LOANS AND INVESTMENTS AND RESERVES anteed. Holdings of direct obligations of the OF MEMBER BANKS, DEC. 31, 1934, TO NOV. 1, Government increased by $170,000,000, and 1935 [In millions of dollars] there were substantial increases in holdings of other securities and in customers' loans not Central secured by stocks and bonds or by real estate. Total r b e c a s i e n t r y k v s e R b e c a s i n e t k y rv s e C b o a u n n k t s ry Customers' loans secured by stocks and bonds continued to decline. Loans -187 -36 -44 —106 Investments ... +1,337 +653 +537 +147 Most of the increase in total loans and in- Total loans and investvestments occurred at central reserve and ments-.. +1,151 +617 +493 +41 reserve city banks, which showed increases in Reserves with. Federal Reserve banks: all three classes of investments and in their loans Required +356 +287 +105 -37 Excess +1, 225 +893 +218 +115 to customers other than on stocks and bonds. Total +1,581 +1,180 +323 +78 Country banks increased their holdings of Balances with banks in Government-guaranteed obligations and of United States +610 -12 +306 +316 Balances with foreign banks other securities, but showed decreases in hold- (including own foreign ings of direct Government obligations and in branches) __ -216 -176 -38 -2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 FEDERAL RESERVE BULLETIN JANUARY 1936 During the last 3 months of 1935 the public of new Treasury bonds and United States Savdebt of the United States Government in- ings bonds, and increases of $2,700,000,000 in creased by $1,100,000,000, mak- outstanding Treasury notes and of $450,000,000 **« a total increase for the year in outstanding Treasury bills. These changes as a whole of $2,100,000,000, were accompanied by a decrease of nearly onecompared with a growth of $4,700000,000 in half of 1 percent in the average rate of interest r 1934. The excess of Treasury expenditures, paid on the debt. excluding debt retirement, over receipts in the War loans and pre-war bonds called for recalendar year 1935 amounted to $3,000,- demption in 1935 totaled $5,700,000,000, in- 000,000 and was met in part by new funds cluding $3,120,000,000 of Fourth Liberty Loan raised by the sale of securities this year and in bonds, part of which were called for redemption part by withdrawals from balances held at the on April 15, 1935, and the balance on October beginning of the year. These balances, which 15, 1935; $1,930,000,000 of First Liberty Loan were considerably reduced during the year, bonds called for redemption on June 15, 1935; were replenished in December. $600,000,000 of Consols on July 1; and The total gross debt at the end of 1935 $75,000,000 of Panama Canal bonds on August amounted to $30,600,000,000, of which about 1, 1935. More than 80 percent of the Liberty $500,000,000 represented liability for retirement Loan bonds redeemed were exchanged for of national bank notes to be met out of the bonds and notes aggregating $2,870,000,000 increment resulting from reduction in the and $1,290,000,000, respectively. The Consols weight of the gold dollar and another $500,000,- and Panamas, which were largely on deposit as 000 represented other noninterest-bearing debt, collateral for national bank notes outstanding, leaving $29,600,000,000 of interest-bearing were to be retired from the balance in the obligations outstanding. The growth of the general fund of the increment resulting from public debt in recent years has been accompa- reduction in the weight of the gold dollar. nied by increases in the general fund balance of The actual process has been to retire these the Treasury and in the Government-owned bonds with other funds of the Treasury, includassets in Federal corporations and credit ing those deposited by national banks for agencies. redemption of their notes, and to use the Public-debt issues during the last 3 months increment to retire the national bank notes of 1935 included Treasury bills, amounting to as they return from circulation. $450,000,000 in excess of maturing bills, The Treasury's program for refunding war issued during October and November, apd the bonds began in October 1933 with the first call issue in December of $646,000,000 of 2% percent of the Fourth Liberty Loan 10-12-year Treasury bonds and of $737,000,000 l932iC bonds- The Present form of the of IK percent 5-year Treasury notes. These debt as compared with Decemsecurities were offered in part in exchange for ber 31, 1932, the end of the calendar year before $418,000,000 of Treasury notes maturing on the refunding program was begun, is indicated December 15, and in part for cash. in the accompanying chart showing the matu- Debt operations during 1935 as a whole were rity distribution of the interest-bearing debt directed primarily toward completing the major outstanding on that date and on December 31, part of the Treasury's program for refunding 1935. the war loans and toward retiring pre-war During this 3-year period the interest-bearing bonds bearing the circulation privilege. These debt has increased by $9,000,000,000 as a result operations resulted in a decline during the year of the emergency activities of the Government, of $1,600,000,000 in outstanding bonds, reflect- which have resulted to some extent in an ining redemption of all remaining Liberty bonds crease in assets owned by the Government. The and of most of the pre-war bonds and the issue total amount of bonds outstanding increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JANUARY 1936 only slightly during this period, but the various the period in open-market rates on all classes of issues and redemptions of bonds brought about Government securities. An increase in interesta more even distribution of bond maturities bearing debt during the period from $20,400,than was the case 3 years ago. There are now 000,000 to $29,600,000,000 was accompanied no bonds maturing before 1941, whereas at the by an increase in annual interest charges on the end of 1932 the Government had the problem debt from $700,000,000 to about $750,000,000. of retiring $6,270,000,000 of Fourth Liberty Loan bonds on or before October 15, 1938. Between 1941 and 1960 the amount of bonds RECOMMENDATIONS OF THE FEDERAL ADVI- SORY COUNCIL TO THE BOARD OF GOVERmaturing in any single year does not exceed NORS OF THE FEDERAL RESERVE SYSTEM $1,700,000,000. The amount of the debt maturing within 5 NOVEMBER 21, 1935. years was larger at the end of 1935 than 3 years TOPIC NO. 1.—Open-market operations and earlier. The amount of Treasury bills with the excess reserves. maturities up to 9 months increased from Recommendation.—The Federal Advisory $640,000,000 to $2,400,000,000, certificates of Council, in view of the fact that it has been indebtedness with maturities up to a year de- advised by the Chairman of the Board of Governors of the Federal Reserve System that the Board does not have the authority to initiate U. S. GOVERNMENT INTEREST-BEARING DEBT BILLIONS OF DOLLARS DISTRIBUTION BY MATURITY DATES BILLIONS OF DOLLARS open-market operations, requests the Board to 7 7 submit the following recommendation to the 6 6 Open Market Committee and to call for that Decernber 311932 5 purpose a special meeting of said committee at 5 • Bills Certificates 4 an early date. 4 Notes Bonds 3 The Federal Advisory Council of the Federal 3 • Reserve System has received the communica- 1 2 2 tion of the Board of Governors of the System, 1 1 1 I I l l. 1 wherein reference is made to the statement of 0 0 the Council made to the Board at its meeting of September 24, 1935, concerning the amount of Government securities held by the System, December 31,1935 which has not varied for a long time, and calling • Bun the attention of the Board to the basic theory of open-market operations: that there should at all times prevail sufficient flexibility to prevent undue expansion and contraction in the credit structure of the country. The Council inquired whether the Board agreed with the principle enunciated. The present communication of the Board creased from $2,300,000,000 to a special issue recognizes "the necessity for the consideration of $250,000,000, and Treasury notes, all ofof the factors referred to in the statement as which mature within 5 years, increased from a elements in the determination of open-market policy " and closes with the statement that "if total of $3,000,000,000 to $12,000,000,000. The the Council has any proposals to make with amount of notes maturing during each year respect to the operation of the open-market varies from $1,700,000,000 to $2,900,000,000. account of the Federal Reserve System, which The average rate of interest paid on the debt it believes to be pertinent in the existing situadeclined from 3.41 percent on December 31, tion, all factors considered, the Board will, as in the past, be glad to receive them and con- 1932, to 2.55 percent on December 31, 1935, sider them." largely as a result of the refunding of bonds and The Council is fully cognizant of and thorother maturing issues into securities bearing oughly appreciates the importance and signifilower interest rates, reflecting the decline during cance of the obligation imposed upon it by 38989—36 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN JANUARY 1936 law "to confer directly with the Federal might be the more desirable under the present Reserve Board" and "to make recommenda- circumstances and has determined to recomtions in regard to discount rates, rediscount mend as strongly as possible the first method. business, note issues, reserve conditions in the The controlling reason for this is the indisvarious districts, the purchase and sale of gold putable fact that so long as Government bonds or securities by Reserve banks, open-market are held under the ownership of the System, operations by said banks, and the general affairs either the currency of the country or the reof the Reserve banking system", and it has serves of member banks, to a corresponding given its most pareful and earnest consideration extent, are dependent entirely upon a Governto the suggestion by the Board that it will be ment obligation. The world history of curglad to receive from the Council such proposals rency and banking has demonstrated the danas it may make with respect to the open-market gers inherent in such a system or policy too account of the System. many times to make it necessary for them to be As a result of this consideration the Council elaborated upon in this communication. desires to call the attention of the Board to the There is, however, another reason for prefact that, since the discontinuance, more than ferring the first method, namely, the ease and 2 years ago, of open-market purchases by the flexibility with which it may be administered. System, excess reserves of member banks held Under that method Government security holdby the System have now reached the unprec- ings may be permitted to run off or may be edented total of more than 3 billion dollars, sold, rapidly or gradually, as in the judgment which may well be considered as a base upon of the open-market committee may seem to be which additional bank credit can be extended feasible or advisable. If at any time the effects to the extent of at least 30 billion dollars with a seem to be too severe it is possible to suspend corresponding increase of bank-deposit liabili- or even temporarily to reverse the policy. ties. Under the second method, namely, increase The Council believes that there have now of reserve requirements, rigidity is substituted been some considerable evidences of recovery for flexibility, since it must be entirely apparent in business, of an increase in prices generally, to anyone that frequent changes in reserve and particularly in the security markets of the requirements would create a chaotic condition country, with the possibility, at least, that a in planning for the future by member bank too-rapid advance of security prices could easily management. develop into a new wave of speculation such as Finally, the Council wishes to make perpreceded the market collapse of 1929. The fectly clear to the Board that, after Governconstant pressure of the very large excess re- ment security holdings of the System have been serves of the member banks creating a plethora eliminated or greatly reduced, and if, then, of the available supply of bank credit has a further curbs upon speculation should seem to very distinct tendency to foster and encourage be desirable, there would certainly be no posspeculative activity, increase prices, and raise sible objection to an increase in reserve requirethe living cost of the population. The Council ments. On the contrary, it would become the believes that, even with the practically com- clear and plain duty of the Board fearlessly and plete elimination of excess reserves, the banking promptly to take such action. system of the country would still be prepared TOPIC NO. 2.—Regulations in respect to marand ardently desirous of meeting any and all gin requirements on collateral loans of banks. legitimate and proper demands for bank credit, and the Council is strongly of the opinion that, Recommendation.—The Federal Advisory in order to obviate the probability of an undue Council understands that the Board of Goverand dangerous credit inflation, it is desirable nors of the Federal Reserve System is contemfrom every point of view to eliminate or at least plating issuing regulations to deal with the greatly reduce the excess reserves now being control of collateral loans to be made by banks. carried in the System. The Council, therefore, reaffirms herewith its Since the enactment of the Banking Act of recommendation of May 15, 1934, reading as 1935 there exist two methods by which this can follows: be accomplished: (1) The selling or "permit- The members of the Federal Advisory Council are ting to run off " of a portion or all of the System of the opinion that the Federal Reserve Board before holdings of Government securities; (2) raising issuing regulations under this bill (stock exchange bill, S. 3420), provided it is enacted into law, should make of reserve requirements. a careful study as regards the needs of the situation. It The Council has most earnestly considered should be pointed out that the power conferred on the the question as to which of these two methods Board is to be permissive and not mandatory. Con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDEKAL KESERVE BULLETIN sequently, there is no need for the Board to issue any FEDERAL RESERVE BANK OF NEW YORK regulations until there is evidence that there is necessity November 6, 1985. for them. In general, the members of the Council feel that if the Board conscientiously can refrain from DEAR GOVERNOR ECCLES: I am writing to adding unnecessarily to the innumerable regulations, confirm my telephone conversations with you orders, and laws of all kinds under which banks are at regarding the question of bank credits to finance present compelled to operate it will be doing a distinct shipments of goods to belligerent nations. service. If and when the Federal Reserve Board deems it The proclamation of the President dated necessary and advisable to issue regulations under this October 5, 1935, issued under the authority of provision of the proposed law, then it is to be hoped section 1 of the joint resolution approved that the Board will bear in mind the need for maintaining adequate markets not merely for securities listed August 31, 1935 (Public Resolution No. 67 of on the more important; exchanges of the country but the 74th Cong.), proclaimed the existence of war also for securities which have merely a restricted local between Ethiopia and Italy, and prohibited market and those which are sold over the counter and and made unlawful except under license the not listed. Stringent regulations may result in destroying the market for the securities of small worthy export of "arms, ammunition, or implements of industries and thereby possibly destroy these industries war" as defined in the proclamation. Supplethemselves by making it impossible for them to obtain menting this proclamation there has been pubneeded capital. lished in the newspapers statements of the President dated, I think, October 5 and 30, CORRESPONDENCE WITH REGARD TO FINANC- 1935, and of the Secretary of State dated Octo- ING SHIPMENTS OF GOODS TO BELLIGERENT ber 10 and 30, 1935, which, together with the NATIONS newspaper comment thereon, seem to indicate that they were intended to discourage trade and FEDERAL RESERVE BOARD, transactions with the belligerent nations even Washington, December 20, 1935. beyond the prohibitions of the proclamation of DEAR SIR: There are enclosed, for your infor- October 5, 1935. mation, a copy of a letter dated November 6, In the light of the reported statements of the 1935, from Governor Harrison, of the Federal President and the Secretary of State, counsel for Reserve Bank of New York, a copy of a letter the — Bank (of New York) have called dated November 30, 1935, from the Secretary upon us to discuss the question of its policy of State, and a copy of the Board's letter of this with reference to granting credits to its cusdate to Governor Harrison, with regard to the tomers to finance shipments of goods to Italy. financing of shipments of goods to belligerent This question does not relate to credits to nations. finance the shipment of "arms, ammunition, or The statements referred to in the letter from implements of war/' the export of which is the Secretary of State are also enclosed, to- prohibited under the President's proclamation gether with a copy of the proclamation issued of October 5, 1935, nor does it relate to outby the President of the United States on standing irrevocable credits to cover the export October 5, 1935. of other goods. Counsel for the Bank Your attention is invited particularly to the took the position, and I think correctly, that suggestions contained in the Board's letter to the bank had no legal basis for canceling such Governor Harrison in connection with future irrevocable credits. The question, therefore, inquiries received by the Federal Reserve bank concerns only outstanding revocable credits, or and with regard to the acceptance by the applications for new credits, for account of Federal Reserve bank of paper which appears the customers of the bank to finance the shipto represent the extension of credit to finance ment of goods other than arms, ammunition, shipments of the character referred to in the or implements of war. enclosed statements. I am enclosing a copy of a letter which we It will be appreciated if you will bring this received from the vice president of the correspondence promptly to the attention of Bank under date of October 31, which raises the governor and the directors of your bank. specifically the question of the propriety of Very truly yours, financing a shipment of cotton to Italy for one CHESTER MORRILL, Secretary. of their regular customers. As long as there is no apparent question of To CHAIRMEN OF ALL FEDERAL RESERVE law involved, but rather merely a question of BANKS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN JANUARY 1936 propriety or judgment, I have thus far taken agencies will wish to conform their action to the position that we could not advise them the policy set forth in these statements. what their policy should be. I do not feel I may add that in a press conference on Nothat I can with propriety urge or even advise vember 26 I made it clear to the representaindividual member banks to decline to extend tives of the press that the policy of this Governcredit which is requested by customers to ment in respect to abnormal shipments to finance the shipment of goods not prohibited belligerents of primary war materials, enunciby law or by proclamation. To have them do ated in my statment of November 15, flowed so would only arouse the resentment of the naturally from the general purpose and policy customers of those individual banks and divert of this Government as expressed in preceding the business to other institutions so that no statements made by the President and by me. real purpose would have been served. If it is Sincerely yours, in fact desired that banks should refuse credits CORDELL HULL. to finance the shipment of any goods to bel- Mr. CHESTER MORRILL, ligerent countries, some action would seem Secretary, Federal Reserve Board, necessary which would insure the universal Washington, D. C. adoption of this policy by all banks in the country. Without this it seems to me that it FOR THE PRESS would be ineffective, and unfair to the individual shippers and banks concerned, to at- DEPARTMENT OF STATE, tempt to influence particular institutions to October 5, 1935. refuse such credits. The President made the following statement I should appreciate your advising me if you tonight at the time of issuing his proclamation or the Board of Governors feel differently or under section I of a joint resolution of Congress if you think of any other course I should entitled " Joint resolution providing for the follow. prohibition of the export of arms, ammunition, Very truly yours, and implements of war to belligerent coun- GEORGE L. HARRISON, Governor. tries;'' etc.: Hon. MARRINER S. ECCLES, STATEMENT BY THE PRESIDENT OF THE Chairman, Board of Governors UNITED STATES of the Federal Reserve System. In view of the situation which has unhappily devel- Washington, D. G. oped between Ethiopia and Italy, it has become my duty under the provisions of the joint resolution of Congress approved August 31, 1935, to issue, and I am today issuing, my proclamation making effective an DEPARTMENT OF STATE, embargo on the exportation from this country to Washington, November 30, 1985. Ethiopia and Italy of arms, ammunition, and imple- MY DEAR MR. MORRILL: I am in receipt of ments of war. Notwithstanding the hope we entertained that war would be avoided, and the exertion of your letter of November 19, 1935, enclosing a our influence in that direction, we are now compelled copy of a letter of November 6 addressed to the to recognize the simple and indisputable fact that Chairman of the Board of Governors of the Ethiopian and Italian armed forces are engaged in Federal Reserve Board by Mr. George L. Harri- combat, thus creating a state of war within the intent and meaning of the joint resolution. son, governor of the Federal Reserve Bank of In these specific circumstances I desire it to be under- New York, in regard to a question submitted stood that any of our people who voluntarily engage in by an officer of the Bank (of New York) transactions of any character with either of the belligwith respect to the propriety of financing ship- erents do so at their own risk. ments of cotton to Italy. In reply, I enclose, for your consideration, FOR THE PRESS CONFIDENTIAL RELEASE FOR copies of statements recently made by the PUBLICATION IN THE MORNING NEWSPAPERS President and by me in which are set forth the OF FRIDAY, OCTOBER 11, 1935. NOT TO BE purpose and the policy of this Government in PREVIOUSLY PUBLISHED, QUOTED FROM, OR respect to commercial transactions with the USED IN ANY WAY belligerents. I do not feel that I can undertake to amplify these statements at this time or to DEPARTMENT OF STATE, issue a special ruling in respect to any particu- October 10, 1935. lar case. I assume, however, that all agencies At the press conference at the Department of the Government and all semi-governmental of State today, in answer to the following ques- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

9 JANUARY 1936 FEDERAL RESERVE BULLETIN tion put to him by a correspondent: "Mr. temporarily might be secured by greatly ex- Secretary, would you care to elaborate on what tending our trade in such materials; nor would the President said about American interests they wish the struggles on the battlefield to be trading with belligerents at their own risk?" prolonged because of profits accruing to a com- Secretary Hull made the following remarks: paratively small number of American citizens. Accordingly, the American Government is As I said to you gentlemen heretofore, the language of the President's statement has thoroughly wel1- keeping informed as to all shipments consigned defined meaning and every person should be able to for export to both belligerents. grasp its meaning and its implications. Technically, of course, there is no legal prohibition—apart from the proclamation governing the export of arms—against our people entering into transactions with the bellig- FOR THE PRESS erents or either of them. The warning given by the President in his proclamation concerning travel on belligerent ships and his general warning that during DEPARTMENT OF STATE, the war any of our people who voluntarily engage in October 30, 1935. transactions of any character with either of the bellig- A member of the press having made inquiry erents do so at their own risk were based upon the as to whether the United States Government policy and purpose of keeping this country out of war— keeping it from being drawn into war. It certainly is keeping in touch with exports to the belwas not intended to encourage transactions with the ligerent countries, the Secretary of State belligerents. today said: Our people might well realize that the universal state of business uncertainty and suspense on account of the We have been and are each day giving ttie most diliwar is seriously handicapping business between all gent and earnest attention to this and other phases of countries, and that the sooner the war is terminated our situation as it relates to the Ethiopian-Italian the sooner the restoration and stabilization of business controversy. At this stage I reiterate and call special in all parts of the world, which is infinitely more im- attention to the definite implications and the effect of portant than trade with the belligerents, will be the policy of this Government to discourage dealings brought about. with the two belligerent nations as set forth in the This speedy restoration of more full and stable trade President's public statement of October 5 and my conditions and relationships among the nations is by statement of October 10 warning our people not to far the most profitable objective for our people to trade with the belligerents except at their own risk. visualize, in contrast with such risky and temporary The policy of the Government as thus defined rests trade as they might maintain with belligerent nations. primarily upon the recent neutrality act designed to I repeat that our objective is to keep this country keep the Nation out of war, and upon the further out of war. purpose not to aid in protracting the war. It is my opinion that our citizens will not be disposed to insist upon transactions to derive war profits FOR THE PRESS STATEMENT BY THE PRESIDENT at the expense of human lives and human misery. In this connection I again repeat that an early peace with the restoration of normal business and normal OCTOBER 30, 1935. business profits is far sounder and far preferable to In dealing with the conflict between Ethiopia temporary and risky war profits. and Italy, I have carried into effect the will and intent of the neutrality resolution recently enacted by Congress. We have prohibited all FOR THE PRESS STATEMENT BY THE SECRETARY shipments of arms, ammunition, and imple- OF STATE, MR. CORDELL HULL ments of war to the belligerent governments. By my public statement of October 5, which DEPARTMENT OF STATE, was emphasized by the Secretary of State on November 15, 1935. October 10, we have warned American citizens In view of the many inquiries that are being against transactions of any character with asked from time to time with respect to trade either of the belligerent nations except at their with Ethiopia and Italy, I deem it proper own risk. again to call attention to the statement by the This Government is determined not to President on October 5, that he desired it "to become involved in the controversy and is be understood that any of our people who anxious for the restoration and maintenance of voluntarily engage in transactions of any charpeace. acter with either of the belligerents do so at However, in the course of war, tempting trade their own risk." opportunities may be offered to our people to On October 10 I explained that the Presisupply materials which would prolong the war. dent's statement was based primarily upon the I do not believe that the American people will policy and purpose of keeping this country out wish for abnormally increased profits that of war, and that "it certainly was not intended Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDEEAL EESERVE BULLETIN JANTJAEY 1936 to encourage transactions with the belliger- ident and the Secretary as setting forth the ents. " I further explained that "our people purpose and policy of the Government in might well realize that the universal state of respect to commercial transactions with the business uncertainty and suspense on account belligerents; that he does not feel that he can of the war is seriously handicapping business undertake to amplify these statements at this between all countries, and that the sooner the time or to issue a special ruling in respect to any war is terminated the sooner the restoration particular case; and that it is assumed that all and stabilization of business in all parts of the agencies of the Government and all semigovernworld, which is infinitely more important than mental agencies will wish to conform their trade with the belligerents, will be brought action to the policy set forth in the statements. about." The President, in a statement on It will also be noted that in the statement of October 30, further emphasized the spirit of November 15, 1935, reference is made to shipthis policy. ments of goods, which are considered to be The American people are entitled to know essential war materials, as a class of trade which that there are certain commodities such as oil, is directly contrary to the policy of the Governcopper, trucks, tractors, scrap iron, and scrap ment, and that the Secretary states in his letter steel which are essential war materials, although that the policy with regard to these abnormal not actually "arms, ammunition, or imple- shipments of primary war materials flowed ments of war", and that according to recent naturally from the general purpose and policy Government trade reports a considerably in- of the Government as expressed in earlier creased amount of these is being exported for statements. war purposes. This class of trade is directly The Board suggests that, if other inquiries contrary to the policy of this Government as similar to the one referred to in your letter be announced in official statements of the Presi- received by your bank, you reply by forwarding dent and Secretary of State, as it is also con- copies of the statements issued by the President trary to the general spirit of the recent neu- and the Secretary of State as announcing the trality act. policy of the Government, and that you state The administration is closely observing the that you are informed that the State Departtrend and volume of exports to those countries ment advised the Board that it did not feel and within a few days the Department of that it could undertake to amplify these state- Commerce expects to have complete detailed ments at this time or to issue a special ruling lists of all commodities exported to the belliger- in respect to any particular case. ents which will enable exact comparison with The Board feels that the only proper course lists for the same period last year. for the Federal Keserve System to follow is to cooperate with the Government in carrying out its announced policy in this matter and FEDERAL KESERVE BOARD, believes that the banks of the Federal Reserve Washington, December 20, 1935. System will agree with the Board. It is not Mr. G. L. HARRISON, Governor, improbable, unless the situation should improve Federal Reserve Bank of New York, materially, that questions involving not only 'New York, N. Y. the attitude of the Federal Reserve System DEAR GOVERNOR HARRISON: Following re- but also the exercise of the discount functions ceipt of your letter of November 6, 1935, with of the Federal Reserve banks may arise. It is respect to the financing of shipments of goods the feeling of the Board that such matters might to belligerent nations, a copy thereof was sent well be left to be dealt with when the occasion to the Secretary of State, with a request for an for their consideration appears, in which event expression of his views concerning the position the Board will expect that these questions be taken in your letter. A reply was received brought to its attention. from the Secretary of State under date of Copies of this letter are being sent to the November 30,1935, a copy of which is attached, chairmen of all Federal Reserve banks and to together with copies of the enclosures mentioned the Secretary of State. therein. Very truly yours, It will be noted that the Secretary of State CHESTER MORRILL, Secretary. refers to the enclosed statements by the Pres- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 11 EXPORT OF ARMS, AMMUNITION, AND IMPLE- tive and applicable to the export of arms, MENTS OF WAR TO ETHIOPIA AND ITALY ammunition, or implements of war from any place in the United States or its possessions to BY THE PRESIDENT OF THE UNITED STATES OF Ethiopia or to the Kingdom of Italy, or to any AMERICA Italian possession, or to any neutral port for transshipment to, or for the use of, Ethiopia or A PKOCLAMATION the Kingdom of Italy. And I do hereby declare and proclaim that Whereas section 1 of a joint resolution of the articles listed below shall be considered Congress, entitled " Joint resolution providing arms, ammunition, and implements of war for for the prohibition of the export of arms, amthe purposes of section 1 of the said joint resolumunition, and implements of war to belligerent tion of Congress: countries; the prohibition of the transportation of arms, ammunition, and implements of war CATEGORY I by vessels of the United States for the use of (1) Rifles and carbines using ammunition in excess of belligerent states; for the registration and cal. 26.5, and their barrels; licensing of persons engaged in the business of (2) Machine guns, automatic rifles, and machine manufacturing, exporting, or importing arms, pistols of all calibers, and their barrels; ammunition, or implements of war; and restrict- (3) Guns, howitzers, and mortars of all calibers, their mountings and barrels; ing travel by American citizens on belligerent (4) Ammunition for the arms enumerated under (1) ships during war", approved August 31, 1935, and (2) above, i. e., high-power steel-jacketed ammuniprovides in part as follows: tion in excess of cal. 26.5; filled and unfilled projectiles and propellants with a web of thickness of 0.015 inch That upon the outbreak or during the progress of or greater for the projectiles of the arms enumerated war between, or among, two or more foreign states, the under (3) above; President shall proclaim sucn fact, and it shall there- (5) Grenades, bombs, torpedoes, and mines, filled after be unlawful to export arms, ammunition, or or unfilled, and apparatus for their use or discharge; implements of war from any place in the United States, (6) Tanks, military armored vehicles, and armored or possessions of the United States, to any port of such trains. belligerent states, or to any neutral port for transship- CATEGORY II ment to, or for the use of, a belligerent country. Vessels of war of all kinds, including aircraft carriers And whereas it is further provided by section and submarines. 1 of the said joint resolution that— CATEGORY III The President, by proclamation, shall definitely (1) Aircraft, assembled or dismantled, both heavier enumerate the arms, ammunition, or implements of and lighter than air, which are designed, adapted, and war, the export of which is prohibited by this act. intended for aerial combat by the use of machine guns And whereas it is further provided by section or of artillery or for the carrying and dropping of bombs 1 of the said joint resolution that— or which are equipped with, or which by reason of design or construction are prepared for, any of the Whoever, in violation of any of the provisions of this appliances referred to in paragraph (2) below; section, shall export, or attempt to export, or cause to (2) Aerial gun mounts and frames, bomb racks, be exported, arms, ammunition, or implements of war torpedo carriers, and bomb or torpedo release from the United States, or any of its possessions, shall mechanisms. be fined not more than $10,000 or imprisoned not CATEGORY IV more than five years, or both, and the property, vessel, or vehicle containing the same shall be subject to the Revolvers and automatic pistols of a weight in excess provisions of sections 1 to 8, inclusive, title 6, chapter of 1 pound 6 ounces (630 grams), using ammunition in 30, of the act approved June 15, 1917 (40 Stat. 223- excess of cal. 26.5, and ammunition therefor. 225; U. S. C, title 22, sees. 238-245). CATEGORY V Now, therefore, I, Franklin D. Roosevelt, (1) Aircraft, assembled or dismantled, both heavier President of the United States of America, and lighter than air, other than those included in acting under and by virtue of the authority category III; conferred on me by the said joint resolution of (2) Propellers or air screws, fuselages, hulls, tail Congress, do hereby proclaim that a state of units, and under carriage units; (3) Aircraft engines. war unhappily exists between Ethiopia and the Kingdom of Italy; and I do hereby admonish CATEGORY VI all citizens of the United States or any of its (1) Livens projectors and flame throwers; possessions and all persons residing or being (2) Mustard gas, lewisite, ethyldichlorarsine, and within the territory or jurisdiction of the methyldiehlorarsine. United States or its possessions to abstain from And I do hereby enjoin upon all officers of every violation of the provisions of the joint the United States, charged with the execution resolution above set forth, hereby made effec- of the laws thereof, the utmost diligence in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN JANUARY 1936 preventing violations of the said joint resolu- be permitted without the necessity of obtaintion, and this, my proclamation, issued there- ing a Federal gold license— under, and in bringing to trial and punishment (a) To acquire for such purpose gold in any any offenders against the same. form from any lawful source provided the And I do hereby delegate to the Secretary of amount of such gold held by any such person State the power of prescribing regulations for at any one time does not exceed 35 fine troy the enforcement of section 1 of the said joint ounces. resolution of August 31, 1935, as made effective (6) To deal in unmelted scrap gold provided by this, my proclamation, issued thereunder. the amount of such gold, together with all other In witness whereof, I have hereunto set my gold (except fabricated gold) held by any such hand and caused the seal of the United States person at any one time does not exceed 35 fine to be affixed. troy ounces of gold. Done at the City of Washington this 5th day (c) To dispose of gold filings, clippings, of October, in the year of our Lord nineteen pieces, and the like which result from the legitihundred and thirty-five, and of the Independence mate, customary, and ordinary conduct of the of the United States of America the one hundred industry, profession, or art in which they are and sixtieth. engaged, to persons holding appropriate Federal gold licenses, as well as to the United States. [SEAL] FRANKLIN D. KOOSEVELT. In view of this amendment a large percentage By the President: of licenses issued by the Federal Government, CORDELL HULL, to manufacturers, jewelers, dentists, and other Secretary of State. persons who have required gold for use in industry, profession, or art, will also become AMENDMENT TO REGULATIONS UNDER THE unnecessary. GOLD RESERVE ACT 3. Every person dealing in gold whether or not he is required to hold a license is prohibited On December 31, 1935, the Treasury Departfrom doing business under a name or making ment issued the following release: any statements or representations sounding The Secretary of the Treasury, with the apgovernmental. The regulations have heretoproval of the President, has issued an amendfore contained a similar provision, but only ment effective January 1, 1936, to the Proviwith respect to licensees. sional Regulations issued under the Gold Re- 4. Heretofore persons were required to file serve Act of 1934, which amendment will have affidavits in order to be able to export from the the effect of removing some of the restrictions United States fabricated gold articles, regardon dealings in gold for industrial, professional, less of the value of the gold content of such and artistic purposes. The more importantarticles. Under the present amendment, such changes which will result from such amendgold articles may be exported from the United ment are as follows: States without the necessity of filing an affidavit 1. Unmelted scrap gold may be acquired, if not more than 80 percent of the total value held, and disposed of in amounts not exceedof the article is attributable to the gold content ing at any one time 35 troy ounces of fine gold thereof. This will have the effect of relieving without the necessity of holding a Federal gold many industrial concerns from the necessity of license. In view of this amendment the great filing affidavits in connection with the exportapercentage of licenses issued by the Federal tion of fabricated articles containing a com- Government to dealers in unmelted scrap gold paratively small percentage of gold. will become unnecessary. 2. Under the regulations in effect prior to this amendment small manufacturers, jewelers, Change in Board's Staff dentists, and other persons regularly engaged Effective January 8, 1936, Mr. J. P. Dreiin an industry, profession, or art in which gold belbis was appointed an assistant general is required have been permitted to acquire gold counsel of the Board of Governors of the in any form, for use in their respective indus- Federal Reserve System. tries, professions, and arts. They were permitted to do this, without the necessity of obtaining a Federal gold license, provided the gold Death of Mr. Hoxton was acquired from licensed dealers and the amount of such gold held at any one time did Mr. W. W. Hoxton, chairman and Federal not exceed 25 fine troy ounces. They will now Reserve agent at the Federal Reserve Bank of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 13 Richmond since September 15, 1923, died on Appointment of Class C Directors December 20, 1935. Prior to becoming chair- The Board of Governors of the Federal Reman and Federal Reserve agent at the Richserve System appointed the following class C mond bank, Mr. Hoxton served as deputy directors of Federal Reserve banks for the 3governor of the Federal Reserve Bank of St. year term beginning January 1, 1936: Louis from November 1914 to April 1919, as executive secretary of the Federal Reserve Boston—F. H. Curtiss (reappointed). Philadelphia—R. L. Austin (reappointed). Board from October 20, 1919, to November 1, Cleveland—E. S. Burke, Jr. (reappointed). 1920, and as secretary of the Board from the Richmond—W. W. Hoxton (reappointed).1 latter date to September 15, 1923. St. Louis—J. R. Stanley (reappointed). Minneapolis—J. N. Peyton (reappointed). Election of Class A and Class B Directors Appointment of Chairmen and Deputy Chairmen The member banks elected the following The Board of Governors of the Federal Reclass A and class B directors of Federal Reserve serve System designated the following Federal banks for the 3-year term beginning January 1, Reserve agents and chairmen of the boards 1936: of directors of Federal Reserve banks for the CLASS A period from January 1 to February 29, 1936, Boston—A. L. Ripley (reelected). inclusive: New York—E. K. Mills (reelected). Boston—F. H. Curtiss. Philadelphia—Joseph Wayne, Jr. (reelected). New York—J. H. Case. Cleveland—R. A. Wardrop (reelected). Philadelphia—R. L. Austin. Richmond—L. E. Johnson (reelected). Richmond—W. W. Hoxton.i Atlanta—G. J. White. Chicago—E. M. Stevens. Chicago—F. D. Williams (reelected). St. Louis—J. S. Wood. St. Louis—J. G. Lonsdale (reelected). Minneapolis—J. N. Peyton. Minneapolis—H. R. Kibbee (reelected). Dallas—C. C. Walsh. Kansas City— E. E. Mullaney (reelected). Dallas—Alf Morris (reelected). The Board of Governors of the Federal Re- San Francisco—T. H. Ramsay (reelected). serve System appointed the following deputy chairmen of Federal Reserve banks for terms CLASS B from January 1 to February 29, 1936, inclusive: Boston—P. R. Allen (reelected). New York—W. C. Teagle (reelected). Boston—Allen Hollis. Philadelphia—A. W. Sewall (reelected). Cleveland—E. S. Burke, Jr.2 Cleveland—G. D. Crabbs (reelected). Richmond—F. A. Delano. Richmond—Edwin Malloy (reelected). Atlanta—W. H. Kettig. Atlanta—E. T. George. St. Louis—Paul Dillard. Chicago—N. H. Noyes (reelected). Minneapolis—H. P. Clark. St. Louis—M. P. Sturdivant (reelected). Kansas City—E. P. Brown. Minneapolis—J. E. O'Connell (reelected). Dallas—S. B. Perkins. Kansas City—L. E. Phillips (reelected). San Francisco—W. N. Moore. Dallas—J. D. Middleton (reelected). * Since deceased. 2 Acting chairman* San Francisco—A. B. C. Dohrmann (reelected). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN JANUARY 1930 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Dec. 24 and released for publication Dec. 27] Industrial production and employment, which weather, is now estimated at 10,734,000 bales, usually decline at this season, showed little compared with the exceptionally small output change from October to November. Distribu- of 9,636,000 bales in 1934. Cash farm income tion of commodities to consumers increased from marketings of crops and livestock and more than seasonally. from Government rental and benefit payments Production and employment.—The Board's is estimated at about $6,800,000,000 for the seasonally adjusted index of industrial produc- calendar year 1935, as compared with $6,387,tion advanced from 95 percent of the 1923-25 000,000 last year. average in October to 97 percent in November. Distribution.—Freight-car loadings decreased Output of industries producing durable goods by less than the usual seasonal amount during continued to increase substantially in Novem- November, reflecting principally a smaller ber, while activity in most other industries de- decline in shipments of miscellaneous freight clined somewhat. Output of steel increased than is customary at this time of year. Value further during November to a higher rate than of department-store sales, on a daily average in any previous month this year, and this high basis, increased from October to November. level was maintained during the first 3 weeks of Commodity prices.—The general level of December. Automobile production in Novemwholesale commodity prices, after a decline ber continued the sharp increase which began during October, increased during November after the change to new models in September. and showed little change during the first 2 Activity at silk mills and at woolen mills weeks of December. declined. Bank credit.—Excess reserves of member Factory employment and pay rolls, which banks, which had increased to a new high usually decline from the middle of October to level of $3,310,000,000 on December 11, largely the middle of November, showed little change as the result of continued gold imports, defor that period this year. Increases in emclined considerably during the week ending ployment were reported for the automobile, December 18, as a consequence of seasonal iron and steel, machinery, railroad car, and demands for currency and a large increase in cotton textile industries and at railroad repair Treasury balances with the Federal Reserve shops. There were larger than seasonal debanks, in connection with mid-December fiscal clines at sawmills, shoe factories, silk and rayon operations. mills, and establishments producing wearing apparel. Changes in condition of reporting banks in Value of construction contracts awarded, 101 leading cities during the 4 weeks ending as reported by the F. W. Dodge Corporation, December 18 reflected principally the influence continued to increase in November and the of new Government financing. These banks first half of December. There was a decline, showed increases of $310,000,000 in holdings largely seasonal, in residential building, while of United States Government securities, of other types of construction showed an increase. $110,000,000 in loans to brokers and dealers Agriculture.—Crop production in 1935, ac- in securities, and of $200,000,000 in United cording to final estimates by the Department States Government deposits. Adjusted deof Agriculture, showed an increase of about mand deposits showed a further growth of 20 percent in volume over the drought year of $270,000,000 in the 3 weeks ending December 1934, and the farm value of 64 crops amounted 11 and declined by $250,000,000 in the followto $5,120,000,000, compared with $4,780,000,- ing week, as a result of withdrawals for holiday 000 last season. The cotton crop, which currency demands, income-tax payments, and has been reduced in recent months by bad the purchase of new Government securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

15 JANUARY 1936 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT AND RELATED ITEMS MILLIONS OF DOLLARS MILLIONS OF DOLLARS toooo 1OOOO -•{ Weekly basis: Wednesday figures } 9000 9000 8000 8000 7000 7000 6000 6000 5000 5000 4000 * 400Q 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 foi December 31. See table on page 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN JANUABY : FEDERAL RESERVE BANE CREDIT RESERVE BANK CREDIT AND RELATED ITEMS (WEDNESDAY FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Treas- 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 l t l - s ed bo B u il g l h s t s m G e e c r e o u n n v r - t - i- R c O b e r a s t e h e n d r e k i v r t e Total s g to ol c d k a r l c e - u n b r c a - y nk 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 - r t v s e Total m E ( a x es t c e t e i d s - s ) ties 1934—Nov. 7 13 6 2,430 -9 2,440 8,008 2,442 5,503 2,944 172 240 4,032 1,783 Nov. 14 25 6 2,430 14 2,474 8,030 2,450 5,480 2,964 163 240 4,107 1,848 Nov. 21 21 6 2,430 13 2,470 8,076 2,459 5,455 2,956 159 239 4,196 1,912 Nov. 28 15 6 2,430 9 2,460 8,112 2,469 5,516 3,017 160 239 4,108 1,825 Dec. 5 10 6 2,430 6 2,452 8,161 2,478 5,545 3,060 176 237 4,073 1,786 Dec. 12 9 6 2,430 17 2,462 8,180 2,486 5,532 3,060 184 239 4,112 1,813 Dec. 19. 9 6 2,430 32 2,477 8,198 2,505 5,587 3,221 185 243 3,943 1,646 Dec. 26 9 6 2,430 25 2,470 8,228 2,504 5,628 3,181 188 244 3,961 1,678 1935—Jan. 2 7 6 2,431 17 2,461 8,243 2,514 5,534 3,164 190 240 4,090 1,802 Jan. 9 7 6 2,430 24 2,467 8,258 2,508 5,420 3,094 194 242 4,283 1,986 Jan.16 - - 17 6 2,430 15 2,468 8,273 2,504 5,382 3,019 215 242 4,388 2,069 Jan. 23 9 6 2,430 19 2,463 8,308 2,500 6,347 2,994 188 241 4,501 2,162 Jan. 30 7 6 2,430 16 2,460 8,387 2,497 5,358 3,007 194 242 4,542 2,203 Feb. 6 6 6 2,430 24 2,466 8,421 2,503 5,407 2,930 176 246 4,633 2,284 Feb. 13 7 6 2,430 8 2,450 8,456 2,525 5,430 2,995 182 245 4,580 2,240 Feb. 20 . 6 6 2,430 7 2,448 8,489 2,522 5,442 2,932 193 247 4,645 2,272 Feb. 27 6 6 2,430 7 2,450 8,524 2,520 5,442 3,006 211 246 4,588 2,201 Mar. 6 6 6 2,430 10 2,452 8,546 2,517 5,478 2,998 237 246 4,555 2,185 Mar. 13 . 6 6 2,430 18 2,460 8,551 2,525 5,454 3,009 238 247 4,588 2,191 Mar. 20 8 5 2,430 11 2,455 8,554 2,521 5,453 3,220 243 254 4,361 1,950 Mar. 27 8 5 2,430 9 2,452 8,563 2,535 5,436 3,335 241 253 4,285 1,888 Apr. 3 6 5 2,431 19 2,462 8,568 2,548 5,497 3,404 230 253 4,193 1,821 Apr. 10 . . 6 5 2,430 21 2,463 8,614 2,549 5,487 3,376 224 253 4,287 1,907 Apr. 17 7 5 2,431 27 2,470 8,672 2,549 5,512 3,149 271 257 4,501 2,095 Apr. 24 7 5 2,430 10 2,452 8,701 2,550 5,459 2,978 288 258 4,719 2,264 May 1 6 6 2,430 21 2,463 8,721 2,543 5,489 2,978 276 263 4,721 2,252 May 8 . 6 5 2,430 25 2,466 8,728 2,536 5,496 2,938 277 261 4,758 2,304 May 15 7 5 2,430 32 2,473 8,737 2,534 5,494 2,901 267 259 4,822 2,350 May 22 7 5 2,430 18 2,459 8,762 2,531 5,481 2,906 285 259 4,821 2,328 May 29 8 5 2,430 24 2,467 8,835 2,526 5,511 2,970 262 258 4,827 2,322 June 5 8 5 2,430 32 2,475 8,916 2,521 5,514 3,030 196 257 4,914 2,400 June 12 8 5 2,430 29 2,472 9,016 2,514 5,493 2,988 214 258 5,049 2,621 June 19. 7 5 2,430 40 2,482 9,089 2,510 5,498 3,023 301 264 4,996 2,445 June 26 7 5 2,430 30 2,472 9,109 2,508 5,498 2,991 306 263 5,029 2,471 fuly3 8 5 2,431 24 2,468 9,119 2,504 5,619 3,002 312 258 4,900 2,320 July 10 7 5 2,430 31 2,473 9,123 2,503 5,551 2,932 302 263 5,052 2,456 July 17 7 5 2,430 30 2,472 9,127 2,501 5,530 3,086 302 258 4,924 2,340 July 24 6 5 2,430 19 2,460 9,135 2,503 5,496 3,134 265 258 4,945 2,335 July 31. 7 5 2,430 23 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 Aug. 7 6 5 2,430 34 2,476 9,158 2,477 5,550 2,932 253 261 5,115 2,547 Aug. 14 6 6 2,430 36 2,477 9,184 2,437 5,568 2,775 251 259 5,254 2,667 Aug. 21 7 5 2,430 26 2,468 9,189 2.421 5,574 2,722 230 260 5,291 2,682 Aug. 28 9 5 2,430 26 2,471 9,197 2,408 6,573 2,683 213 260 5,346 2,749 Sept. 4 11 5 2,430 25 2,472 9,209 2,395 5,650 2,746 193 259 5,228 2,643 Sept. 11 11 5 2,430 34 2,479 9,219 2,391 5,638 2,629 186 248 5,388 2,790 Sept. 18 10 5 2,430 27 2,472 9,240 2,390 5,632 2,839 244 250 5,136 2,627 Sept. 25 _.. 10 5 2,430 29 2,474 9,297 2,382 5,626 2,778 262 250 5,236 2,592 Oct. 2 10 5 2,430 24 2,470 9,414 2,399 5,688 2,814 306 251 5,224 2,669 Oct. 9 - - 10 5 2,430 34 2,478 9,463 2,396 5,698 2,747 313 250 5,330 2,694 Oct. 16 . 9 5 2,430 52 2,496 9,584 2,404 5,696 2,693 307 254 5,534 2,878 Oct. 23 7 5 2,430 31 2,472 9,629 2,397 5,684 2,694 292 264 5,575 2,900 Oct. 30 6 5 2,430 33 2,474 9,686 2,401 5,686 2,665 296 260 5,653 2,981 Nov. 6 7 5 2,430 21 2,462 9,714 2,401 5,754 2,655 236 260 5,671 2,993 Nov. 13 9 5 2,430 49 2,492 9,747 2,399 5,746 2,641 249 257 5,746 3,052 Nov. 20 5 5 2,430 31 2,471 9,804 2,409 5,739 2,648 262 253 5,782 3,069 Nov. 27 6 5 2,430 32 2,472 9,874 2,421 5,820 2,625 282 252 5,789 3,059 Dec. 4 5 5 2,430 29 2,470 10,009 2,442 5,843 2,626 283 262 5,905 3,181 Dec. 11 6 5 2,430 33 2,474 10,068 2,447 5,841 2,558 280 270 6,040 3,312 Dec. 18 7 5 2,430 41 2,483 10,098 2,458 5,902 3,161 281 258 5,437 2,714 Dec. 24 7 5 2,431 81 2,523 10,115 2,464 5,991 3,156 266 259 5,429 2,701 Dec. 31 5 5 2,431 45 2,486 *10,123 *2,476 *5,882 »3,107 255 253 5,587 2,852 » Preliminary, 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

17 JANUARY 1936 FEDERAL RESERVE BULLETIN RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES) [In millions of dollars] Reserve bank credit outstanding re M se e r m ve b e b r a l b a a n n c k es End of month co B d u i i n s l - t ls ed bo B u il g ls ht m U G e . r e o S n n v . - t - R O b es a t e h n r e k v r e Total M s g t t a o o o r l c n y d k e- a T t r n b i e c u o r d a n u e r n n y c r a n a - k y s a l - - - M i c n t o u i o c l n a n i e r - y - T c d R F a r b e e e w s e a p h s d a n i o e e s t a k s r h u r v n i s a r t e d l s y b p m N e o r e o s m d n it e - - s - R c O e F o e a s t u e 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 t e i d s - s ) securi- credit ties 1934—June 2,432 2,472 7,856 2,366 5,373 3,015 233 232 3,840 1,732 July 2,432 2,462 7,931 2,361 5,317 2,971 207 229 4,029 1,875 August 2,432 2,464 7,978 2,408 5,396 2,968 208 226 4,052 1,867 September. 2,431 2,464 7,978 2,405 5,456 3,051 173 228 3,934 1,727 October.... 2,430 2,455 8,002 2,434 5,453 3,031 164 237 4,006 1,748 November. 2,430 2,453 8,132 2,468 5,549 3,022 161 239 4,081 1,801 December. 2,430 2,463 8,238 2,511 5,536 3,150 241 4,096 1,814 1935—January- 2,430 2,461 8,391 2,495 5,380 2,991 191 4,543 2,206 February. . 2,430 2,465 8,527 2,519 5,467 3,004 207 4,587 2,199 March 2,437 2,471 8,567 2,540 5,493 226 4,247 1,846 April 2,430 2,468 8,710 2,544 5,478 2,996 271 263 4,715 2,253 May 2,430 2,469 8,858 2,525 5,540 2,969 254 257 4,832 2,318 June 2,433 2,480 9,116 2,506 5,568 2,968 325 261 4,979 2,414 July 2,430 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 August 2,432 2,485 9,203 2,398 5,629 2,694 198 260 5,305 2,708 September. 2,430 2,477 9,368 2,386 5,683 2,740 304 250 5,254 2,600 October.... 2,430 2,482 9,693 2,400 5,713 2,657 299 258 5,648 2,970 November. 2,430 2,480 9,920 2,438 5,846 2,619 284 253 5,835 3,108 December. 2,431 2,486 10, 123 »2,476 »5,882 *3,107 255 253 5,587 2,852 » Preliminary. Back figures.—See Annual Report for 1934 (table 5), and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 16 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 Year or month co B d u i i n s l - l te s d bo B u il g l h s t s m U G e e c o . r e S u v n n . - r - i t - R c O b e r a s e th e n d r e k i v r t e Total M s g t t a o o o r c l n y d k e- n a T r l a e c a u - r t b n u e n r io a a c y r d - n s y n - k - M i c n t o u i o c l n a n i e r - - y T c d R F a r b e w e s e e a p h d s a n i o e e s t k a s r h u r v i a n s r t e l s y d b p m N e o r e o s m n i d t - e s - - R c O F o e e a s u t e r c h e a n d - r e l t - v r s e Total Excess ties 1929—Average 952 241 208 1,459 3,996 2,015 4,476 376 2,358 43 1930—Average 272 213 564 1,087 4,173 2,025 4,245 393 2,379 55 1931—Average 327 245 669 1,274 4,417 2,025 4,672 251 97 373 2,323 89 1932—Average 521 71 1,461 2,077 3,952 2,096 6,328 275 56 351 2,114 256 1933—Average. 83 2,052 2,429 4,059 2,271 5,576 343 147 350 2,343 528 1934—Average. 25 2,432 2,502 7,612 2,381 5,403 2,879 185 253 3.676 1,564 1935—Average 5 2,431 2,475 9,059 2,478 5,585 2,919 252 255 5,001 *2,469 1934—June 5 2,424 2,464 7,821 2,363 5,341 3,054 226 237 3,790 1,685 July 5 2,432 2,469 7,893 2,364 5,350 2,999 219 230 3,928 1,789 August 5 2,432 2,463 7,971 2,378 5,355 2,976 208 228 4,045 1,884 September. 5 2,431 2,469 7,971 2,411 5,427 3,054 197 227 3,947 1,754 October 6 2,430 2,457 7,989 2,415 5,473 3,011 177 234 3,964 1,731 November. 6 2,430 2,466 8,047 2,455 5,494 2,970 165 238 4,100 1,834 December.. 6 2,430 2,472 8,191 2,494 5,577 3,120 181 242 4,037 1,748 1935—January 2,430 2,465 8,284 2,504 5,411 3,053 194 242 4,355 2,035 February.. 2,430 2,462 8,465 2,513 5,439 2,965 189 246 4,601 2,237 March 2,431 2,461 8,552 2,526 5,477 3,122 236 250 4,452 2,065 April 2,431 2,471 8,641 2,548 5,500 3,209 258 256 4,436 2,026 May 2,434 2,476 8,755 2,534 5,507 2,942 278 259 4,778 2M7 June 2,431 2,479 9,025 2,513 5, S22 266 261 4,979 2,438 July 2,430 2,473 9,128 2,504 5,550 3,032 293 259 4,970 2,385 August 2,431 2,476 9,180 2,441 5,576 2,795 233 261 5,232 2,636 September. 2,430 2,480 9,246 5,651 2,734 236 252 5,243 2,628 October 2,430 2,482 9,545 2,398 5,704 307 253 5,469 2,820 November. 2,430 2,482 9.777 2,410 5,770 2,630 256 256 5,757 3,061 December.. 2,430 2,494 10,072 2,454 5,897 2,869 276 263 5,716 » 2,986 • Preliminary. Back figures.—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935 pp. 499-500. See also note on p. 16 oi this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN JANUARY 1936 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] Dec. 31,1935 Nov. 30,1935 Dec. 31,1934 ASSETS Gold certificates on hand and due from U. S. Treasury. 7, 553,357 7,329,649 5,124,347 Redemption fund—Federal Reserve notes 17,444 17,669 19,060 Other cash 264,550 218,557 257, 577 Total reserves. 7,835,351 7,565,875 5,400,984 Redemption fund—Federal Reserve bank notes. 1,677 Bills discounted: For member banks _ 4,316 6,072 For nonmember banks, etc 356 107 74 Total bills discounted- 4,672 6,179 7,062 Bills bought: Payable in dollars—bought outright _ 112 Payable in foreign currencies 4,656 4,674 5,501 Total bills bought. 4,656 4,674 5,613 Industrial advances 32, 493 32,574 14, 301 U. S. Government securities: Bought outright 2,430,231 2,430,178 2,430,256 Under resale agreement 500 Total U. S. Government securities 2,430, 731 2,430,178 2,430,256 Other Reserve bank credit: Other securities 181 181 Due from foreign banks 665 645 805 Reserve bank float (uncollected items in excess of deferred availability items). 12, 233 5,514 Total Reserve bank credit outstanding 2,485, 631 2,479,945 2,462,917 Federal Reserve notes of other Reserve banks. _ 27,445 20,262 28,502 Uncollected items not included in float 591, 556 620,167 455,252 Bank premises.. .._ _ 47, 723 50,279 49,161 All other assets _ 38, 094 43,538 43,652 Total assets. 11,025,800 10,780,066 8,442,145 Federal Reserve notes: Held by other Federal Reserve banks.. 27,445 20,262 28, 502 Outside Federal Reserve banks 3, 681,629 3,626,835 3,192,605 Total notes in circulation- 3, 709,074 3,647,097 3, 221,107 Federal Reserve bank note circulation—net 26,390 Deposits: Member bank—reserve account 5, 587,208 5,835,228 4, 095,946 United States Treasurer—general account- 543, 770 46,425 120, 746 Foreign bank _. 28,935 39,178 19,394 Other deposits 225,896 245,246 169,264 Total deposits 6,385,809 6,166,077 4,405,350 Deferred availability items. 591, 556 620,167 455,252 Capital paid in 130,512 130,440 146,725 Surplus (sec. 7) 145,772 144,893 144,893 Surplus (sec. 13b) 24,235 23,457 8,069 Reserve for contingencies... 34,867 30,701 30,816 All other liabilities 3,975 17,234 3,543 Total liabilities 11,025,800 10, 780,066 8,442,145 Contingent liability on bills purchased for foreign correspondents.. 675 Commitments to make industrial advances 27,~649' 28," 036' 10,047 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 4, 047, 052 3,902, 721 3,520,365 Collateral held by agents as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3,970, 843 3,818,343 3,316,200 Eligible paper 2,716 4,542 5,487 U. S. Government securities 127, 500 123,100 241,400 Total collateral . 4,101,059 3,945,985 3,563,087 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) 37,590 Collateral pledged against outstanding notes: U. S. Government securities.. 42,874 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19 JANUARY 1936 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- 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 y e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r v s a e l R F n b e e o d a se t n e e r r k s v a e l t n b i N o o a n t n a e a - k s l 1934—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 5,713 111 33 773 1 306 128 281 3,495 70 514 5,846 110 34 812 1 309 130 284 3,612 68 487 December * 5,882 109 34 828 1 312 131 275 3,667 66 458 v Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 61. Back figures.—See Annual Report for 1934 (table 49). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES i [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 a m r k t - s e i fa O c t t h o e rs r * From or to— p I o m D rt - e s cem p b E o e x r r - ts p I o m N rt o - s vem p b E o e x r r - ts p I o N m r J t o a - s v n e u m ar b y p e E - o r x r - ts month Belgium 4 $l=*26$io grains of gold Ho fine; i. e.f an England 8,600 7,210 109 307, 702 575 ounce of fine gold=$$0.6? France 145,388 180,141 788,913 59 1932 4,228 52.9 I -446.2 457.5 41. 6 Germany 29 1 34 296 1933 - 4,036 -190.4-173.5 -58.0 41.1 Netherlands 4,727 2,676 222,499 41 Switzerland 968 $l—15^i grains of gold *Ko fine; i. e.t an Union of Soviet ounce of fine gold=$35 Socialist Re- November 8,132 129.9 120.9 -.1 9.1 publics 2,846 1,090 15, 253 8,238 106.2 92.1 .1 14.1 Canada 9,060 5,865 86,185 74 December Central America. 204 328 133 2,610 8,238 4, 202.5 1,133.9 82.6 2,986.1 Mexico 918 170 1,013 13, 666 745 Year Argentina 2 17 8,391 153.3 149.4 1.1 2.8 Chile 986 109 5,607 1935—J anuary 8,527 135.3 122.8 .2 12.3 Colombia 28 10,899 February 8,567 40.4 13.0 -.7 28.1 Ecuador _ 451 172 4,734 March 8,710 143.4 148.6 -2.3 «-2.9 Peru 304 49 1,845 April 8,858 148.1 140.0 -1.5 9.6 Uruguay May 9,116 257.1 230.4 1.0 25.8 Venezuela 37 51 583 June 9.144 27.9 16.2 -.4 12.1 Australia 1,851 558 1,646 July ~-- 9,203 59.5 46.0 •1.8 c 11.7 British India.. . 11,108 8,913 64,160 August 9,368 165.0 156.7 1.0 7.3 China and Hong September 9,693 325.2 315.3 -1.9 11.8 Kong 1,605 1,007 7,826 October 9,920 226.7 210.6 .6 15.5 Dutch East In- November 10,123 202.9 190.0 1.3 11.7 dies -- - 19 December p Japan Year* 10,123 1,884. 9 1, 739. 0 .2 145.7 Philippine Islands. 1,820 1,502 13,515 1 All other counf Preliminary. • Corrected. tries * 226 96 2,133 ' Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in Total 190,180 170 210, 810 242 1, 550,800 1,791 gold earmarked abroad for account of Federal Reserve banks). » Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of 1 With some exceptions figures represent customs valuations at rate of nonmonetary use, imports and exports that do not afiect gold stock $35 a fine ounce. during the month or year, and increment resulting from reduction in 2 Includes all movements of unreported origin or destination. weight of gold dollar. Back figures.—See table, p. 36, and Annual Report for 1934 (tables 46 BQCK figures.—See Annual Report for 1934 (table 44). and 47) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN JANUARY 1936 MEMBER BANE 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* ork 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 ot e a a m n l— k b s e a ' r ll Ne C w i t Y y* ork 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 r ' y" 1934—November 4,100 1,506 L,745 849 1,834.5 603.8 829.3 401.4 December 4,037 1,468 L,727 843 1,747.8 555.8 799.9 392.2 1835—January 4,355 L.651 1,837 867 2,035.2 715.9 907.7 411.6 February 4,601 L,864 L,826 911 2,236.6 898.9 886.7 451.0 March 4,452 L.760 L.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 L,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 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 October 5,469 2,460 2,101 908 2,819.7 1,308.8 1,035.2 475.7 November 5,757 2,563 2,253 941 3,061.2 1,392. 7 1,162.1 506.4 Week ending (Friday) 1935—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 Oct. 4 5,246 2,396 1,966 884 2,594.0 1,232.9 916.7 444.0 Oct. 11 5,330 2,370 2,044 916 2,696.0 1,222.1 988.0 486.0 Oct. 18 5,462 2,426 2,115 922 2,814.0 1,275.8 1,049.4 489.0 Oct. 25 5,586 2,536 2,147 903 2,927.0 1,387.0 1,075.5 465.0 Nov. 1 5,654 2,565 2,188 901 2,985.0 1,414.1 1,106.1 465.0 Nov. 8 5,693 2,535 2,217 941 3,014.0 1,378. 9 1,130.8 504.0 Nov. 15 5,740 2,540 2,253 947 3,054.0 1,380.3 1,162.3 511.0 Nov. 22 5,783 2,572 2,275 936 3,074.0 1,399.8 1,183.0 491.0 Nov. 29 5,812 2,593 2,287 931 3,089.0 1,403. 2 1,191.0 495.0 i Central Reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. Back figures.—See Annual Report for 1934 (table 67). MEMBER BANK DEPOSITS [Averages of daily figures. In millions of dollars] Total deposits subject to reserve Net demand deposits Time deposits Month or week m T e o a m t l a l b l e - r Y N o e r w k r O es t e h r e v r e "C tr o y u " n- m T e o a m t l a l b l e - r Y N o e r w k r O es t e h r e v r e "C tr o y u " n- m T e o a m t l a l b l e - r Y N o e r w k r O es t e h r e v r e " t C r o y" unbanks 1 City» cities banks* banks * City» cities banks * banks * City* cities banks* 1934—November 28,364 7,465 11,744 9,154 18,524 6,780 7,418 4,326 9,840 685 4,326 4,829 "December 28,538 7,512 11,828 9,197 18,769 6,865 7,527 4,376 9,769 647 4,301 4,821 1935—January 28,907 7,694 11,933 9,280 18,993 7,043 7,527 4,422 9,914 651 4,406 4,857 February 29,357 7,926 12, 063 9,368 19,361 7,268 7,606 4,487 9,996 658 4,457 4,881 March 29,586 8,050 12,148 9,387 19,554 7,399 7,662 4,493 10,031 651 4,486 4,895 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 8,896 12,968 9,599 21,311 8,253 8,474 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 October 31,753 9,382 13,311 9,061 21,464 8,693 8,755 4,016 10,289 688 4,556 5,045 November 32,161 9,508 13, 559 9,095 21,872 8,850 8,977 4,045 10,289 657 4,581 5,050 Week ending (Friday): 1935—Sept. 6 9,167 12,936 8,531 8,458 636 4,479 Sept. 13 . _ 9,20S 12,983 8,580 8,491 629 4,493 Sept. 20 9,274 13,108 8,646 8,597 628 4,512 Sept. 27 9,357 13, 200 8,728 8,665 629 4,535 Oct. 4 9,443 13,154 8,803 8,610 640 4,544 Oct. 11 9,362 13,215 8,674 8,675 688 4,640 Oct. 18-.. 9,374 13,307 8,685 8,757 689 4,550 Oct. 25 9,379 13,373 8,672 8,806 707 4,567 Nov. 1 9,382 13,470 8,692 8,892 690 4,579 Nov. 8 9,403 13,518 8,739 8,934 664 4,584 Nov. 15-.. 9,428 13,559 8,770 8,973 658 4,586 Nov. 22 9,522 13,565 8,863 8,986 659 4,579 Nov. 29 9,656 13,597 9,006 9,022 650 4,575 i Weekly figures are not reported. > Central Reserve city banks only. NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved 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

21 JANUARY 1936 FEDERAL RESERVE BULLETIN ALL BANES IN THE UNITED STATES [Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 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 13,920 11,208 7,906 3,302 June 30 55,021 35,384 19, 637 33,923 21,816 12,106 10,506 6,169 4,337 10, 593 7,399 3,194 Sept. 29 - _ - 53, 365 33,750 19, 615 33, 073 20,874 12,199 i 10, 506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31 49,704 31,305 18,399 30, 575 19, 261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 _-- 46,071 27,834 18,237 28, 001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26, 985 18,867 28,045 15,924 12,121 i 10, 316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 -- 44,946 26,063 18,883 27,469 15, 204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 » 40,076 22, 203 17,872 24, 786 12,858 11, 928 10, 044 5,941 4,103 5,246 3,404 1,841 Oct. 25 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_ 44,416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1« 29,301 11,841 17,460 i Figures of preceding call carried forward. 1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. * 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. Back figures.—See Annual Report for 1934 (table 61). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Non b m an e k m s ber 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 a b v a u n i t n u k g a s 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 1931—Mar. 25 . 51,427 31,153 i 9,507 10,767 1930—Dec. 31 22,769 8,052 7,033 1,019 603 14,114 June 30 51,782 31,566 10,017 10,199 1931—Mar. 25 22,372 7,928 6,930 998 1603 13,841 Sept. 29 49,152 29,469 i 10,017 9,666 June 30 21,903 7,782 6,800 982 600 13,521 Dec. 31 45,821 27,432 10,105 8,284 Sept. 29 21,294 7,599 6,653 946 1600 13,095 1932—June 30 41,963 24, 755 10,020 7,188 Dec. 31 19,966 7,246 6,368 878 597 12,123 Sept. 30 41,942 24,903 i 10,020 7,020 1932—June 30 19,046 6,980 6,145 835 594 11,472 Dec. 31 41, 643 24,803 10, 022 6,818 Sept. 30 18, 794 6,904 6,080 824 1594 11,296 1933—June 30» 37,998 23,338 9,713 4,946 Dec. 31 18, 390 6,816 6,011 805 594 10,980 Oct. 25 3 23,453 1933—June 30 >.— 14,519 5,606 4,897 709 576 8,337 Dec. 30 38, 505 23, 771 9,708 5,026 Oct. 25 3 . 5,818 5,052 766 1934—Mar. 5 3 25,293 Dec. 30 15,011 6,011 5,154 857 579 8,421 June 30 __ ._ 41,870 26,615 9,780 < 5,475 1934—Mar 5 3 6,206 5,288 918 Oct. 17 3 27, 484 June 30 15,835 6,375 5,417 958 578 8,882 Dec. 31 . 44,771 28,943 9,828 6,000 Oct 17» 6,433 5,461 972 1935—Mar. 4 44,455 28, 589 9,837 6.029 Dec. 31 16,042 6,442 5.462 980 579 9,021 June 29 45,766 29. 496 9,920 6,350 1935—Mar. 4 16,024 6,422 5,446 976 579 9,023 Nov. 13 31, 072 June 29, 15,994 6,410 5,425 985 571 9,013 Nov. 13 - 6,400 5,403 997 For footnotes see table above. NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank For footnotes see table above. deposits not subject to immediate withdrawal, which aggregated $103,- Back figures.—See Annual Report for 1934 (table 60). 000,000 on that date Back figures.See Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN JANUARY 1936 ALL MEMBER BANKS-LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U. S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e a n e t n n d a s t s t l s - Total C Y N k b o s T r i i e u o e d o t o r r t w y - e s - k i o se t t T o h c ie u n e o s r r i s - 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 c e e r g k - e p t n s - s t 1 - O c c u w a u u n s t n e h r r i s s e e - d e e e d d r - - L ba o t n o a k n s s U a a c p b A n n e a l c i p c e y t e - t e - - i s d na B p b a r a b i o l y l l a e s - db p C m o c a o u i p e a m g r e l h - r - t k L C Y N e b o r t r i o e a o s o t r w y n - i k i n s Total Direc ti t on a F g s n u u t a e ll r e y - d s O e t t i c h e u e s r r i- States TOTAL—ALL MEM- BER BANKS 1931—Dec. 31 30,575 17,570 391 5,899 116 8,126 790 146 140 575 11,314 5,319 5,996 1932—June 30 28,001 15,267 283 5,009 2,894 189 6,892 573 313 122 278 11,414 5,628 5,786 Sept. 30 28,045 14,497 258 4,828 2,885 158 6,368 457 407 115 414 12.121 6,366 5,755 Dec. 31 27,469 13,905 241 4,608 2,862 225 5,970 444 375 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 87 788 11,928 6,887 5,041 Oct. 25 -. 24,953 11,523 178 3,631 2,364 257 5,092 297 303 164 748 11,894 6,801 5,093 Dec. 30 25,220 11,315 166 3,606 2,359 213 4,972 287 223 132 840 12, 386 7,254 5,132 1934—Mar. 5- 26, 548 11,093 164 3,480 2,382 250 4,817 225 350 157 855 13,842 8,667 181 4,995 June 30 27,175 10,804 208 3,309 2,357 210 4,721 153 264 200 1,082 14,652 9,137 3 276 «5,239 Oct. 17 27,559 10, 782 167 3,158 2,297 229 4,932 149 276 253 802 15, 267 9,186 709 5,372 Dec. 31...... 28,150 10, 509 187 3,110 2,273 232 4,708 155 256 232 843 16.122 9,906 989 5,227 1935—Mar. 4 28,271 10,420 184 3,031 2,250 207 4,748 133 235 255 875 16,318 9,821 1,200 5,298 June 29 28, 785 10, 369 192 2,931 2,277 135 4,834 119 201 247 975 16,857 9,871 1,558 5,427 Nov. 1 29,301 10,465 179 2,885 2,279 159 4,963 94 154 260 841 17,460 10,080 1,764 5,615 NEW YORK CITY < 1931—Dec. 31 7,460 3,694 1,641 153 77 1,735 374 107 542 2,697 1,768 1932—June 30 6,715 2,856 1,279 160 138 1,216 260 262 258 3,033 2,008 1,025 Sept. 30 7,112 2,638 1,237 154 90 1,094 203 341 391 3,508 2,429 1,079 Dec. 31 7,327 2,621 1,186 160 148 1,066 216 330 337 3,789 2, 603 1,186 1933—June 30« 7,133 2,297 1,044 157 120 937 162 224 720 3,709 2,551 1,158 Oct. 25 6,971 2,436 985 149 179 1,075 143 233 624 3,501 2,320 1,181 Dec. 30 2,395 148 130 1,084 146 170 706 3,542 2,362 1,179 1934—Mar. 5 7,351 2,321 156 171 1,009 112 276 687 3,932 2,768 105 1,059 June 30 7,666 2,202 882 156 144 965 225 883 4,265 3,053 3157 31,056 Oct. 17 7,545 2,294 150 159 1,108 232 631 4,300 2,954 237 1,109 Dec. 31 7,761 2,202 139 164 1,024 210 662 4,602 3,246 278 1,078 1935—Mar. 4. 7,783 2,198 805 139 145 1,054 203 678 4,628 3,200 298 1,131 June 29 8,303 2,146 783 138 82 1,085 183 930 4,983 3,462 348 1,174 Nov. 1 8,167 2,185 775 136 101 1,114 135 828 4,663 3,340 405 1,223 OTHER RESERVE CITIES 1931—Dec. 31 12,115 7,407 276 2,530 1,538 3,028 347 16 4,226 2,133 2,093 1932—June 30 11,045 6,519 198 2,205 1,407 2,661 254 7 4,154 2,18. 1,966 Sept. 30 10,979 6,196 178 2,127 1,406 2,421 206 14 4,427 2,465 1,961 Dec. 31 10,535 5,879 164 2,005 1,398 2,237 178 12 4,362 2,462 1.900 1933—June 30 2 9,780 4,846 111 1,590 1,160 1,915 129 58 4,621 2,867 1,754 Oct. 25 9,951 4,912 117 1,542 1,144 2,033 120 100 4,645 1,757 Dec. 30 10,157 4,797 106 1,524 1,151 1,937 103 112 5,000 3,209 1,790 1934—Mar. 5 10,816 4,669 101 1,465 1,158 1,870 79 138 5,763 3,954 75 1,734 June 30 11,054 4,586 138 1,388 1,145 1,853 53 115 154 6,104 4,102 3 94 3 1,908 Oct. 17 11,367 4,562 102 1,319 1,120 1,956 55 151 123 6,423 4,240 257 1,926 Dec. 31 11, 609 4,459 118 1,294 1,108 1,873 65 135 131 6,764 4,551 356 1,857 1935—Mar. 4_ 11,739 4,436 113 1,261 '., 093 1,909 56 142 134 6,933 4,601 453 1,878 June 29 11, 743 4,425 120 1,216 ,120 1,917 50 126 26 7,093 4,478 658 1,957 Nov. 1 12,313 4,522 107 1,209 ,117 2,034 40 124 10 7,589 4,865 751 1,973 COUNTRY BANKS 1931—Dec. 31 10,999 1,728 ,346 3,362 48 4,392 1,418 2,974 1932—June 30 10,240 5,892 1,525 ,328 3,015 36 4,226 1,432 2,794 Sept. 30 9,954 5,663 1,464 ,324 2,854 36 4,187 1,471 2,715 Dec. 31 9,607 5,405 1,417 ,304 2,667 28 4,114 1,474 2,640 1933—June 30 * 7,873 4,194 1,117 ,055 2,005 27 3,598 1,469 2,129 Oct. 25 _ 8,031 4,175 1,104 ,070 1,984 46 3, 748 1,592 2,156 Dec. 30 8,068 4,123 1,092 ,061 1,952 34 3,845 1,683 2,162 1934—Mar. 5 8,381 4,103 1,077 ,068 1,937 54 4,148 1,946 2,202 June 30 8,456 4,016 1,039 ,056 1,903 72 4,283 1,982 3 25 1 2, 276 Oct. 17- 8,649 3,926 1,012 ,026 1,868 95 4,545 1,992 215 2,337 Dec. 31 8,780 3,849 996 ,026 1,810 92 4,756 2,108 355 2,293 1935-Mar. 4. 8,749 3,786 966 ,018 1,785 109 4,757 2,020 448 2, 2K9 June 29 8,739 3,798 932 ,020 1,831 116 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 902 ,026 1,815 132 4,903 1,874 609 2,419 * Loans (secured by stocks and bonds) to brokers and dealers in securities. 1 Beginning June 30, 1933, figures relate to licensed banks only. 8 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." 4 Central reserve city banks only. Back figures.—See BULLETIN for November 1935, pp. 722 and 723. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

23 JANUARY 1936 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS-RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash items Call date s b s w F e e R a R e r e r r n i v e e a t v d k - - h e l e - s s v C a i a n u s l h t b a w m a B n d t n i i e c a o c t k s e l - h - - s s! r o e t h p e o i f l d e p r a o r e o o s c o n c n i n a s c o - n d r 2 s - l t - - b m D a t I i n e 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 U m G e t e a r n e o d n t i n v e - t t - - s f P u l u i n c b d - s c c l C h e c c e r a f o e t e e a e i o t f n t e c d f s r r c e f d i d t s k h 8 i - r i ' t s s - , , s t p I p u i v n h c e n o o a a o e t i i d r n c d l p r r r a s t i . - s - - s - - , - , , j d i m u t e s D s a p t e a e n o - d d d s - - « b m D a I t n n i e o c s t k - e - s rb b a e F a i n o n g k r k n - s f P u l u n ic b d - s S P in t o a a g v s l s - - s t p I p u i h v n c e n o o a a o i t e i d r n c p d r l r r a s t . i - s - - s - - , - , , r B in o o w g r s - - TOTAL—ALL MEM- BER BANKS 1932—June 30 1,998 478 1,731 L, 337 2,870 172 387 1,314 566 11,890 12,433 70 7 337 610 9,613 815 Sept. 30 — 2,235 407 2,049 L,237 3,269 213 738 1,034 514 12,047 12,358 70 5 342 695 9,490 697 Dec. 31 2,511 423 2,416 1,122 3,609 243 475 1,119 422 12,273 12,691 87 1 342 708 9,411 547 1933—June 30 * 2,235 405 2,008 L, 485 3,057 145 806 1,087 657 11,830 12,089 89 1 300 788 7,803 191 Oct. 25 2,651 447 1,848 L,060 2,990 117 918 1,106 465 11,873 12, 384 87 3 270 781 7,971 188 Dec. 30 2,678 471 1,969 1,132 3,139 129 967 1,320 378 12,109 12,674 83 7 301 778 7,957 143 1934—Mar. 5 3,148 486 2,303 1,159 3,676 173 1,790 1,425 549 12,252 13,066 92 ,7 305 755 8,258 91 June 30 3,819 473 2,666 1,057 4,070 155 1,658 1,598 372 13, 349 14, 261 122 8 333 585 8,763 35 Oct. 17 3,976 550 2,823 1,407 4,466 136 1,143 1,680 590 14,449 15,312 135 4 294 472 8,916 24 Dec. 31 4,082 609 3,036 L.903 4,569 147 1,636 1,799 838 14,951 15,686 134 7 294 452 9,020 13 1935—Mar. 4 4,518 534 3,266 1,475 5,095 169 1,270 1,861 741 14,872 15,999 145 8 290 399 9,203 17 June 29 4,933 537 3,285 1,183 4,978 273 779 2,091 417 16,206 17,530 136 5 285 307 9,462 9 Nov. 1 5,662 541 3,646 1,756 5,558 361 650 2,251 686 17,327 18, 509 132 6 310 227 9,671 0 NEW YORK CITY* 1932—June 30. 772 52 96 722 1,103 146 118 117 359 4,287 4,041 3 5 10 68 715 14 Sept. 30 971 42 98 687 1,346 187 306 67 350 4,350 4,081 4 4 20 76 786 1 Dec. 31 1,132 47 115 491 1,562 216 173 93 177 4,540 4,319 6 1 80 843 13 1933—June 30 « 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 4 110 671 8 Oct. 25 968 42 90 553 1,215 100 379 71 299 4,513 4,330 1 5 10 106 680 31 Dec. 30 903 47 93 476 1,200 112 422 141 167 4,494 4,325 1 6 14 107 620 5 1934—Mar 5 1 170 67 91 631 1 402 154 843 109 368 4,422 4,268 7 13 105 600 June 30 1,417 64 97 415 1,591 135 802 167 154 4,894 4,800 1 7 12 69 649 Oct. 17 1,443 64 84 666 1,689 116 559 201 360 5,107 5,001 1 3 8 65 623 7 Dec 31 1 576 86 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 4 56 591 1935—Mar. 4 1,856 58 86 810 2,047 147 572 190 500 5,329 5,209 1 7 4 44 595 2 June 29 1 935 51 133 447 1 983 248 369 354 149 5 924 5,979 4 6 27 567 Nov. 1 2, 590 54 109 873 2,203 327 219 468 413 6,104 6,112 4 13 3 680 1 OTHER RESERVE CITIES 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 1,534 467 1,782 26 229 411 154 4,745 4,843 74 232 349 3,882 115 1933—June 30 « 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 5,021 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 Tnnp ^0 1 633 194 1 513 468 2 i78 18 682 700 132 5 305 5,670 106 1 234 260 3,727 Oct 17 1 685 228 1 536 552 2 431 19 458 692 132 5,871 6,143 117 1 199 197 3,793 Dec 31 1 683 247 1 694 627 2 430 19 666 767 193 5,992 6,324 117 1 206 187 3,875 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 JllTlA 2Q 2 079 250 1 801 544 2 649 24 319 872 164 6 522 7,013 119 1 203 118 4,139 Nov 1 2 172 251 1 982 602 2 955 32 335 889 167 7,128 7,523 115 1 218 84 4,168 COUNTRY BANKS 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 1933— D Ju e n c e . 3 3 1 0 « 4 4 5 4 2 8 2 2 0 3 3 2 7 7 6 0 7 2 1 1 4 6 9 4 2 2 2 6 8 3 1 1 1 7 1 2 6 6 5 1 5 5 5 9 7 0 2 2 2 , , 9 5 8 7 8 6 3 3, , 0 5 5 3 4 0 7 7 1 8 0 6 4 2 2 7 8 9 5 4 3, , 8 6 3 8 3 6 4 1 1 6 8 7 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 ill 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 1,366 163 364 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 4,538 16 76 162 4,756 9 Nov. 1 900 237 1,555 221 399 2 95 895 106 4,095 4,875 17 78 140 4,824 8 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. ' 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. * Beginning June 1933, figures relate to licensed banks only. « Central reserve city banks. Back figures.—See BULLETIN for November 1935, pp. 724-726. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN JANUARY 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES Monthly data are averages of weekly figures. In millions of dollars] Loans to customers (except banks) Open-market Investments loans Re- Date or month i m T l n o a v o e n a e t n n d a s t s l t s - Total b d o r N u e a o T a t n e k s l o d i w e e d r r e s s o se t t T o h c ie u n e o s r ri s - e R lo st e a a a n t l s e - m c O lo u e t t a s h o r t n s e o s r 2 - b L a o t n o a k n s s m a c c a e A n o e n r c p m c c d e - t i - s - al b L Y r N o o t i o e k a o n r w e n k r s s Total U m . e S n t . t i o G o n b o F s l v u ig e l a r ly n - - s O e t c t i h e u s e r r i- s b s w F e e R a e r e r r i n e v a t v d 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 n m o i u k c m e e s s * - York paper City i Direct guar- City i bought anteed [TOTAL—101 CITIES 1935—March 19,761 6,796 183 2,210 1,121 3,282 105 428 811 11,621 7,845 749 3,027 3,481 306 2,015 April 19,856 6,758 172 2,168 ,120 3,298 116 424 785 11,773 7,909 783 3,081 3,462 307 1,968 May 19,814 6,715 177 2,129 ,126 3,283 129 395 844 11,731 7,853 787 3,091 3,820 301 2,043 June _ __ 19,887 6,720 172 2,117 ,151 3,280 114 350 844 11,859 7,910 943 3,006 4,041 318 2,018 July 19,909 6,667 173 2,089 ,142 3,263 93 314 869 11,966 7,930 994 3,042 3,969 323 2,056 August 19,825 6,623 165 2,074 L, 136 3,248 83 311 830 11,978 7,859 1,024 3,095 4,245 327 2,104 September. __ 20,187 6,680 163 2,065 1,137 3,315 89 316 844 12,258 8,045 1,094 3,119 4,251 336 2,212 October 20, 355 6,751 159 2,078 ,146 3,368 85 327 800 12,392 8,156 1,114 3,122 4,435 339 2,253 November 20, 510 6.770 161 2,081 1,141 3,387 102 338 820 12,480 8,291 1,138 3,051 4,715 354 2,326 December 20, 769 6,824 174 2,107 1,139 3,404 81 358 921 12, 585 8,433 1,131 3,021 4,694 376 2,312 Nov. 6 20,426 6,759 156 2,081 1,142 3,380 87 326 796 12,458 8,236 1,138 3,084 4,641 349 2,263 Nov. 13 20,490 6,765 159 2,078 1,140 3,388 84 333 815 12,493 8,295 1,141 3,057 4,708 363 2,368 Nov. 20 20,490 6,757 155 2,082 1,141 3,379 86 340 819 12,488 8,333 1,135 3,020 4,754 346 2,350 Nov. 27 20, 632 6,799 173 2,085 1,140 3,401 150 353 850 12,480 8.301 1,137 3,042 4,759 358 2,323 Dec. 4 20, 518 6,820 170 2,094 1,141 3,415 98 356 882 12, 362 8,221 1,134 3,007 4,894 361 2,370 Dec. 11 20, 521 6,815 169 2,102 1,140 3,404 74 357 915 12. 360 8,216 1,136 3,008 5,024 379 2,342 Dec. 18 20, 970 6,843 177 2,118 1,138 3,410 79 357 909 12, 782 8,643 1,129 3,010 4,492 387 2,293 Dec. 24 . 20,939 6,814 171 2,111 1,140 3,392 76 356 918 12,775 8,616 1,131 3,028 4,466 386 2,246 Dec. 31 20,895 6,831 183 2,111 1,136 3,401 76 362 980 12,646 8,468 1,126 3,052 4,597 369 2,309 NEW YORK CITY 1935—March 7,564 2,138 54 775 131 1,178 51 216 642 4,517 3,189 278 1,050 1,668 51 65 April 7,693 2,123 55 754 130 ,184 62 216 659 4,633 3,295 272 1,066 1,618 49 67 May 7,682 2,089 58 737 128 ,166 75 197 801 4,520 3,227 259 1,034 1,739 45 71 June 7,703 2,082 59 733 127 ,163 60 165 806 4,590 3,299 311 980 1,892 44 79 July 7,694 2,070 60 729 123 ,158 52 141 833 4,598 3,253 328 1,017 1,865 44 102 August 7,531 2,050 56 720 122 ,152 43 129 797 4,512 3,108 357 1,047 2,241 43 94 September, _. 7,743 2,073 56 709 123 1,185 50 130 814 4,676 3,228 370 1,078 2,221 48 94 October . 7,734 2,096 58 721 123 1,194 43 140 779 4,676 3,225 375 1,076 2,341 54 83 November. __ 7,828 2,092 59 727 123 L, 183 63 155 800 4,718 3,313 378 1,027 2,424 59 81 December.... 7,921 2,095 59 745 125 L, 166 46 171 897 4,712 3,320 379 1,013 2,430 60 82 Nov. 6 _ 7,734 2,086 58 723 123 ,182 44 145 781 4,678 3,258 382 1,038 2,388 60 83 Nov. 13-_. 7,812 2,093 60 723 123 ,187 45 150 795 4,729 3,317 381 1,031 2,415 58 82 Nov. 20 7,817 2,090 59 731 123 L, 177 48 156 797 4,726 3,346 373 1,007 2,460 55 79 Nov. 27. 7,949 2,102 60 732 123 ,187 114 169 827 4,737 3,332 373 1,032 2,435 61 81 Dec. 4 7,856 2,097 59 734 124 L, 180 62 170 860 4,667 3,276 374 1,017 2,565 57 87 Dec. 11 7.883 2,099 59 744 124 ,172 39 170 891 4,684 3,289 377 1.018 2,610 59 80 Dec. 18 7,993 2,107 59 757 124 ,167 45 169 886 4,786 3,415 376 995 2,265 61 88 Dec. 24 . 7,955 2,083 59 746 128 L. 150 42 170 895 4,765 3,378 382 1,005 2,264 63 79 Dec. 31... ._ 7,917 2,090 59 743 127 .161 42 174 955 4,656 3,243 383 1,030 2,446 57 77 OUTSIDE NEW YORK CITY 1935—March 12,197 4,658 129 1,435 990 2,104 54 212 169 7,104 4,656 471 1,977 1,813 255 1,950 April 12,163 4,635 117 1,414 990 2,114 54 208 126 7,140 4,614 511 2,015 1,844 258 1,901 May 12,132 4,626 119 1,392 998 2,117 54 198 43 7,211 4,626 528 2,057 2,081 256 1,972 June 12,184 4,638 113 1,384 1,024 2,117 54 185 38 7,269 4,611 632 2,026 2,149 274 1,939 July 12,215 4,597 113 1,360 1,019 2,105 41 173 36 7,368 4,677 666 2,025 2,104 279 1,954 August ._ 12,294 4,573 109 1,354 1,014 2,096 40 182 33 7,466 4,751 667 2,048 2,004 284 2,010 September. __ 12,444 4,607 107 1,356 1,014 2,130 39 186 30 7,582 4,817 724 2,041 2,030 288 2,118 October 12,621 4,655 101 1,357 1,023 2,174 42 187 21 7,716 4,931 739 2,046 2,094 285 2,170 November 12,682 4,678 102 1,354 1,018 2,204 39 183 20 7,762 4,978 760 2,024 2,291 295 2,245 December 12,848 4,729 115 1,362 1,014 2,238 35 187 24 7,873 5,113 752 2,008 2,264 316 2,230 Nov. 6 12, 692 4,673 98 1,358 1,019 2,198 43 181 15 7,780 4,978 756 2,046 2,253 289 2,180 Nov. 13 12, 678 4,672 99 1,355 1,017 2,201 39 183 20 7,764 4,978 760 2,026 2,293 305 2,286 Nov. 20 12, 673 4,667 96 1,351 1,018 2,202 38 184 22 7,762 4,987 762 2,013 2,294 291 2,271 Nov. 27 12,683 4,697 113 1,353 1,017 2,214 36 184 23 7,743 4,969 764 2,010 2,324 297 2,242 Dec. 4 . 12,662 4,723 111 1,360 l,0J 7 2,235 36 186 22 7,695 4,945 760 1,990 2,329 304 2,283 Dec. 11 12,638 4,716 110 1,358 1,016 2,232 35 187 24 7,676 4,927 759 1,990 2,414 320 2,262 Dec. 18 12,977 4,736 118 1,361 1,014 2,243 34 188 23 7,996 5,228 753 2.015 2,227 326 2,205 Dec. 24 12,984 4,731 112 1,365 1,012 2,242 34 186 23 8,010 5,238 749 2,023 2,202 323 2,167 Pec. 31 12,978 4,741 124 1,368 1,009 2,240 34 188 25 7,990 5, 225 743 2,022 2,151 312 2,232 '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. For other figures and note, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 25 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Demand deposits Time deposits items Total reported Deas on Interbank mand Interbank Bor- Other Capi- Date or month hand Other United Certi- depos- row- liabil- tal acp l o e o r f c o r t c i c i e o n o s n l- s assets l T i i a t o i b e t i a s l l - Do t m ic es- Foreign G m ov e e n r t n- ch f e e i t e c c d . ks, Other i j t u s s — te a d d l - m D e o s - tic F ei o g r n - Other ities count TOTAL—101 CITIES 1936—March 1,167 1,534 28,264 4,664 159 1,094 505 12,461 11,800 134 4,879 April 1,177 1,477 28,247 4,582 184 1,094 530 12, 563 11,916 131 4,922 739 3,490 May 1,270 1,466 28,714 4,628 213 891 553 13,090 12, 373 130 4,970 719 3,50ft June 1,132 1,407 28,803 4,627 269 754 467 13,478 12,814 120 4,874 705 3,499 July... 1,153 1,367 28, 777 4,721 257 483 467 13, 724 13,038 119 4,848 657 3,482 August. 1,051 1,377 28,929 4,778 266 558 425 13,756 13,131 123 4,861 663 3,489 September 1,169 1,389 29,544 4,997 270 628 460 13,992 13, 283 119 4,853 718 3,492 October. 1,218 1,374 29,974 5,125 351 633 453 14,124 13, 359 119 4,917 750 3,496 November 1,343 1,387 30,635 5,282 385 519 484 14,638 13,779 118 4,883 807 3,514 December 1,429 1,403 30,983 5,268 438 556 14,776 13,904 120 4,872 821 3,518 Nov. 6 1,315 1,361 30,355 5,246 546 493 14, 380 13, 558 116 4,895 3,514 Nov 13 1,420 1,375 30, 724 5,355 363 526 439 14, 701 13, 720 119 4,892 808 3,515 Nov. 20 1,286 1,381 30, 607 5,313 377 502 476 14, 629 13,819 117 4,872 803 3,514 Nov. 27 _. 1,350 1,433 30,855 5,217 434 504 526 14, 842 14,018 119 4,872 825 3,513 Dec. 4__. 1,223 1,421 30,787 5,389 440 482 522 14,612 13,911 116 4,843 852 3,527 Dec. 11 1,295 1,422 5,338 438 452 476 14,911 14,092 120 4,856 866 3,522 Dec. 18 _.. 1,439 1,386 30,967 5,219 436 705 562 14, 720 13,843 117 4,868 818 3,519 Dec. 24 1,317 1,390 30,744 5,171 436 705 493 14, 609 13,785 118 4,883 804 3,51& Dec. 31 1,871 1,395 31,436 5,222 440 701 727 15, 032 13,888 128 4,911 765 3,506 NEW YORK CITY 1935—March 645 622 10,615 1,938 138 527 357 5,287 4,999 606 292 1,457 April. 643 586 10, 656 1,893 162 527 371 5,333 5,061 619 277 1,463 May 708 580 10,825 1,913 189 435 383 5,537 5,211 618 271 1,469 June 583 533 10,834 1,898 245 375 311 5,730 5,459 555 257 1,456 July- 604 510 10,819 1,953 231 223 304 5,827 5,526 566 248 1,453 August 533 508 10,950 2,023 239 248 280 5,847 5,594 600 256 1,451 September 591 498 11,195 2,132 243 264 310 5,927 5,646 589 267 1,450 October 478 11, 296 2,133 322 247 294 5,941 5,629 619 287 1,450 November 488 11, 568 2,203 354 184 308 6,146 5,766 586 325 1,458 December 754 483 11,730 2,210 403 182 355 6,217 5,818 569 332 1,459; Nov. 6 713 470 11,448 2,173 338 196 316 6,058 5,661 585 321 1,458 Nov. 13 673 478 11,518 2,214 332 189 271 6,128 5,726 591 330 1,459 Nov. 20... 660 483 11,554 2,229 345 176 299 6,138 5,777 585 320 1,459 Nov. 27 706 519 11,751 2,197 401 176 346 6, 258 5.898 583 330 1,457 Dec. 4 622 503 11,690 2,286 407 167 321 6,113 5,812 575 356 1,462 Dec. 11 662 493 11, 787 2,265 401 152 289 6,293 5,920 572 354 1,458 Dec. 18 779 476 11,662 2,173 399 196 369 6,177 5,767 563 325 1,458 Dec. 24 654 472 11,487 2,125 401 197 315 6,108 5,769 568 313 1,458 Dec. 31 1,055 471 12,023 2,200 408 198 483 6,394 5,822 566 313 1,458- OUTSIDE NEW YORK CITY 1935—March 522 912 17, 649 2,726 567 148 7,174 6,801 133 4,273 577 2,026 April 534 891 17, 591 2,689 567 159 7,230 6,855 131 4,303 462 2,027 May 562 17,889 2,715 456 170 7,553 7,162 130 4,352 448 2,037 June 549 874 17,969 2,729 379 156 7,748 7,355 120 4,319 448 2,043 July 549 857 17,958 2,768 260 163 7,897 7,512 119 4,282 409 2,029 August . 518 17,979 2,755 310 145 7,909 7,537 123 4,261 407 2,038 September 578 891 18,349 2,865 364 150 8,065 7,637 119 4,264 451 2,042 October-_ 612 18,678 2,992 386 159 8,183 7,730 119 4,298 463 2,046 November 655 19.067 3,079 335 176 8,492 8,013 118 4,297 482 2,056 December 675 920 19, 253 3,058 427 201 120 4,303 4S9 2,059 Nov. 6 602 891 18, 907 3,073 350 177 8,322 7,897 116 4,310 472 2,056 Nov. 13 747 897 19,206 3,141 337 168 8,573 7,994 119 4,301 478 2,056 Nov. 20 626 898 19,053 3,084 326 177 8,491 8,042 117 4,287 483 2,055 Nov. 27 644 914 19,104 3,020 328 180 8,584 8,120 119 4,289 495 2,056 Dec. 4 601 918 19, 097 3,103 315 201 8,499 8,099 116 4,268 496 2,065 Dec. 11_. 633 929 19,196 3,073 300 187 8,618 8,172 120 4,284 512 2,064 Dec. 18 660 910 19, 305 3,046 509 193 8,543 8,076 117 4,305 493 2,061 Dec. 24 663 918 19,257 3,046 508 178 8,501 8,016 118 4,315 491 2,060 Dec. 31 816 924 19, 413 3,022 503 244 8,638 8,066 128 4,345 452 2,048 1 Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. NOTE.—For description of figures and earlier figures for some of the items, see BULLETIN for November 1935, pp. 711-738. Reprints of this article may be obtained upon request from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report foic 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN JANUARY 1938 ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] Held by Federal Reserve Held by accepting Based Based banks banks on goods on stored in goods Total BasedBased U S n t i a t te e s d sto i r n ed End of month s o t i a n u n g t d - - c o F o a w u c o - n n r t c o c e o f o F a i r u c g o f r - o n n r e r t - - Total O bi w ll n s bo B u il g ls ht o H t b e h y e l r d s End of month )tal p U i i o . o n m r n S t - t . o s o p U f n o . r r S o e t . m x s - b s c e ( h h r w e t o i o a d p u w r r i p s e t e e e e s - d n ) D c o h e l a x l n - a g r e s t f t h c r o w i o i r b e p u e e e s i - p n e g e - n o n d r spond- domestic foreign ents points points 1933—July 738 552 248 304 147 1933—July.. 738 86 168 255 10 219 August 694 499 252 247 154 August 694 95 160 229 4 206 September- 715 517 236 282 156 September. 715 103 171 237 4 199 October 737 592 271 321 112 October 737 99 185 253 5 195 November _ 758 599 273 326 138 November.. 758 98 200 278 4 180 December.. 764 442 223 219 190 December.. 764 94 207 277 4 182 1934—January 771 567 255 312 95 1934—January 771 89 225 277 5 175 February. _ 750 581 266 315 108 February... 750 98 203 261 4 184 March 685 576 252 324 81 March 685 103 186 226 3 168 J J S M A A O D N u u e u c p e o n l a p t y r g c v y e o t i e u l e e b m s m m e t r b b b e e e r r r . . . . 6 5 5 5 5 5 5 5 5 3 1 6 3 2 1 6 6 4 4 3 9 9 0 6 2 1 3 4 4 4 5 5 5 5 5 4 8 8 7 0 0 3 1 1 9 3 0 2 3 7 6 6 7 7 2 2 2 2 2 2 2 2 2 2 3 2 2 2 2 4 5 4 0 6 6 2 3 2 5 2 3 2 2 2 2 2 2 2 2 2 8 6 9 6 7 8 5 6 5 1 1 9 0 1 0 0 5 4 4 3 7 5 5 3 4 4 4 2 7 0 9 3 5 5 4 6 J J A A M N S D O u u e p u c o e n l a p y r t g c v y e o i t u e l e e b m s m m e t r b b b e e e r r r . . - . 6 5 5 5 5 5 5 5 5 1 1 3 6 3 2 6 6 4 3 6 4 9 9 0 1 2 3 1 1 9 9 8 9 9 8 8 0 0 7 4 9 4 3 9 9 3 0 1 1 1 1 1 1 1 1 1 4 3 4 6 3 5 4 4 4 5 5 0 4 8 0 7 8 0 1 1 1 1 1 1 1 1 1 4 8 3 6 6 4 8 9 9 1 6 8 6 4 7 4 5 3 4 3 3 4 4 4 4 2 2 1 1 1 1 1 1 1 1 1 4 5 4 4 5 3 3 2 1 1 8 4 8 2 7 3 7 9 1935— J M A J M A F O N S J u u e e a p u c o a n a l b p n t r y g v r y e o i u r t c u l e e u b a h s m m e r a t y r r b b y e e _ r r _ . . 4 5 4 4 3 3 3 3 3 3 3 6 1 9 1 7 2 4 2 6 2 8 6 6 3 3 5 2 3 1 3 8 7 8 0) 4 4 4 3 3 3 2 2 3 3 3 8 2 5 9 5 9 1 3 9 0 5 5 3 2 1 6 6 7 9 2 1 8 2 2 1 1 1 1 1 1 1 1 1 3 1 9 7 5 6 4 4 7 4 8 8 7 7 8 4 2 8 5 8 8 2 2 2 2 2 1 1 1 1 1 1 1 4 1 3 2 9 6 6 4 4 5 7 7 4 5 6 3 3 1 8 7 4 5 3 4 4 2 2 2 3 1 2 2 2 0 3 1 2 6 4 0 9 7 4 9 1935— M J A J F M A S O N J u u e e p a u c o a a n l b p n y r t g v r y e o i u t r c u l e e b u a h s m m e r a t y r b r b y e e . r r . . . . . 5 4 4 4 3 3 3 3 3 3 3 1 9 6 1 4 7 2 6 2 2 8 6 3 6 3 3 5 1 3 8 2 7 1 1 1 1 1 1 1 1 8 9 0 9 0 0 0 0 0 0 0 6 2 1 9 3 2 6 7 2 5 2 1 1 1 1 1 9 3 8 8 2 7 1 2 7 8 0 4 3 6 1 3 5 4 2 7 4 0 1 1 1 1 9 4 7 7 5 9 6 3 5 6 1 6 7 9 6 7 8 6 4 2 6 1 3 3 2 2 2 2 3 4 4 4 3 1 1 1 8 9 1 9 8 8 0 0 8 8 7 9 9 4 1 6 3 9 6 2 4 9 i Less than $500,000. Source: American Acceptance Council. Source: For acceptances outstanding (and held by accepting banks), American Acceptance Council. Back figures.—See Annual Report for 1933 (table 97). Back figures.—See Annual Report for 1933 (table 100). BROKERS' BORROWINGS COMMERCIAL PAPER OUTSTANDING » I Net borrowings on demand and on time in New York City reported by [As reported by dealers. In millions of dollars] members of the New York Stock Exchange. In millions of dollars] End of month 1932 1933 1934 1935 From banks From private Total and trust com- f b o a r n ei k g s n , b b r a o n k k e i r n s, g End of month agencies, etc. J F a e n b u ru a a ry ry .. . . . 1 1 0 0 8 3 8 8 5 4 1 1 0 1 8 7 1 1 7 7 1 7 March.... 106 72 133 182 1934 1935 1934 1935 1934 1935 April 108 64 139 173 May 111 60 142 173 June 103 73 151 159 January... 903 825 758 64 February.. 938 816 862 750 76 July 100 97 168 164 March.... 981 773 873 706 108 August 108 107 188 177 September 110 123 192 183 April 1,088 805 973 762 116 May 1,016 793 912 759 104 October.. . 113 130 188 180 June lt082 808 776 102 November. 110 133 178 178 December. 81 109 166 July 923 769 849 741 74 August 874 772 803 750 71 September. 832 781 759 62 »Includes some finance company paper sold in the open market. October... 827 792 761 772 Back figures.—See Annual Report for 1934 (table 76). November. 831 846 765 821 December. 880 938 813 907 Back figures.See Annual Report for 1934 (table 75). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

27 JANUARY 1936 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Rediscounts and advances un- Advances under sec. d F e e r d e s r e a e l s . R e 1 s 3 e r a v n e d A 1 c 3 t a of the e 1 r 0 a l (b R ) e s o e f r v t e h e A c F t ed- Prevailing rate on- Average rate A d v is e c ra o g u e n t r a o t n e — of Federal Reserve bank e R J ff a a e n c t . e t i o 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 J R f a f a e n c t . e t i o 1 n n In g i e n ff n e i c n t g b - e- Month or week P c r o i m m - e P b e a r r i n s m k ' e - c S h t e a o x n c - g k e - c S ha t l o n o c g a k e n - s e c x a - ll U w . b i t i 8 h ll . i s n T o p r f e f e e a r r s i e u o d r d y l N Bo ew st o Y n ork 2 iy2 F Fe e b b . . 2 8 , , 1 1 9 9 3 3 4 4 2 2 y2 2 2 M S O e c p t. t . 2 1 0 0 , ,1 1 9 9 3 3 5 5 m m p 4 a o e t p n r o e c t i r h 6 a , s l a a c d n c 9 a c e 0 y e p s s t , - l d o ti 9 a a m 0 y n e s s, New ne R w e- al 18 b 2 i - l O ls ay 27 b 3 i - l d ls ay Philadelphia... 2 Jan. 17,1935 23^ 2H Nov. 2.1935 Cleveland IH May 11,1935 2 2 Oct. 19.1935 1934 Richmond 2 May 9.1935 234 2y2 Sept. 23,1935 November H-l H-l 1.00 1.00 0.22 Atlanta 2 Jan. 14,1935 2K 2y2 Sept. 14,1935 December H-l H-l 1.00 1.00 .15 S C M K D t h a a . i i l n n c L l s n a a o a s e g s u a o i p s C o i li t s y . . ._ .. 2 2 2 2 2 J J M M M a a n n a a a y y y . . 1 1 1 0 8 4 3 9 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 5 5 5 5 2 2 2 2 2 y y y y H 2 2 2 2 2 2 2 2 y y H V 2 2 i A S O O O e u c c c p t g t t . . . t . . 2 2 2 9 3 0 6 8 , , , , , 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 5 5 5 5 J F M a e a n b r u r c a u h 1 r a y 9 r 3 y 5 H H H - - - l l l 1 1 L . . O 0 0 0 0 O 1 1 1 . . . 0 0 0 0 0 0 . . . 1 1 1 2 4 0 0 . . 1 1 6 7 San Francisco. 2 Feb. 16,1934 2H 2H Sept. 20,1935 April __ H-l .63 .64 .17 May .25 .25 .15 June _ .25 .25 .13 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- July .25 .25 .07 UALS, PARTNERSHIPS, AND CORPORATIONS August .25 .25 .10 September .25 .25 .22 Advances secured by October .29 .29 .20 Di u s n c d o e u r n t p s a a r n . d 3 a o d f v s a ec n . c e 1 s 3 t d h i e re ct U o n b it l e ig d a tio S n t s a t o es f November .75 .75 .14 of the Federal Re- (last paragraph of sec. December .75 .75 .09 serve Act 13 of the Federal Re- Federal Reserve serve Act) bank Week ending: Nov. 2 elA-i .55 .55 .16 e R J ff a a e n c te . t i o 1 n n In g i e n f n fe in c g t — be- e R J ff a a e n c te . t i o 1 n n In g i e n f n fe in c g t — be- N N o o v v . . 9 16 l l . . 7 7 5 5 . . 7 7 5 5 . . 1 1 4 4 Nov. 23 l .75 .75 .13 Nov. 30 l .75 .75 .12 Dec. 7 l .75 .75 .11 Boston _> 6 Aug. 11,1932 4 Oct. 20,1933 New York 6 Aug. 10,1932 3H Feb. 8.1934 Dec. 14 y 8 l .75 .75 .09 C Ph le i v la e d la e n lp d h .. ia.. 5 6 J A u u ly g . 2 1 4 2 , , 1 1 9 9 3 3 4 2 3 4 H M Oc a t y . 1 2 1 0 , , 1 1 9 9 3 3 5 3 D D e e c c . . 2 2 8 1 l l . . 7 7 5 5 . . 7 7 5 5 . . 0 0 8 8 Richmond 5H July 16,1934 4 Feb. 19,1934 Atlanta ._ 5 Mar. 20,1934 4 Mar. 17,1934 * When no rate is shown no bills of the stated maturity were offered. Chicago 6 Aug. 13,1932 4 Oct. 16,1933 « Corrected. St. Louis 5y2 July 10,1934 4 Feb. 21,1935 Back figures.—See Annual Report for 1934 (tables 54 and 55). Minneapolis 6 Aug. 10,1932 4H Apr. 15,1933 Kansas City 5 July 10,1934 3H 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. 54. New York City a 8 n o d th e e as r te n r o n r t c h it e i r e n s 27 w s e o st u e t r h n e r c n i t a ie n s d BUYING RATES ON ACCEPTANCES Month [Buying rates at the Federal Reserve Bank of New York] 1933 1934 1935 1933 1934 1935 1933 1934 1935 Maturity e R J ff a a e n t c e . t i o 1 n n In g i e n f n fe in ct g — be- Pre r v at i e ous J F a e n b u r a u r a y ry. _ 4 4 . . 1 1 2 1 3 3 . . 5 4 8 3 2 2 . . 8 9 3 0 4 4 . .8 8 4 9 4 4 . .4 6 9 5 4 4. . 0 0 2 8 5 5 . .5 6 6 0 5 5 . .3 4 9 0 4 4 . .8 9 4 5 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 April 4.33 3.39 2.61 5.09 4.52 3.99 5.68 5.34 4.80 16-30 days—. do May 4.24 3.42 2.69 4.99 4.39 3.88 5.66 5.28 4.79 31-45 days... do June 4.10 3.30 2.66 4.97 4.30 3.78 5.62 5.19 4.76 46-60 days... do July 3.93 3.30 2.61 4.82 4.15 3.87 5.54 5.07 4.58 tf 1-90 days— ....do August 3.97 3.33 2.67 4.68 4.12 3.79 5.53 5.05 4.63 •91-120 days.. do September. 3.79 3.26 2.72 4.65 4.11 3.75 5.55 5.04 4.51 121-180 days. October 3.76 3.28 2.72 4.51 4.13 3.75 5.50 5.05 4.55 November. 3.52 3.22 2.77 4.54 4.08 3.63 5.42 4.93 4.51 NOTE.—Rates on prime bankers' acceptances. Higher rates may be December- 3.48 3.18 2.61 4.59 3.98 3.67 5.43 4.92 4.55 •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

28 FEDERAL RESERVE BULLETIN JANUARY 1936 BOND PRICES * STOCK PRICES 1 Other bonds 3 Preferred Common stocks (index, 1926=100) stocks Year, month, or date (indus- United trial high- States Corpo- Corporate grade) 2 - Utility Year, month, or date Govern- rate and ment municbonds 2 ipal Number of issues.. 20 421 351 37 g (h ra ig d h e) - Total In tr d i u al s- R ro a a i d l- Utility 1933 average 104.8 66 78 1934 average 120.7 81 69 1935 average 133.8 91 72 Number of issues 8-14 4 60 60 20 20 20 1934—December... 127.8 80 58 1 1 1 9 9 9 3 3 3 3 4 5 a a a v v v e e e r r r a a a g g g e e e __ - . 1 1 1 0 0 0 2 6 3. . . 4 2 3 1 8 9 0 4 6 2 . . . 0 7 3 8 8 7 8 4 3 . . . 6 4 5 6 8 8 1 9 8 . . . 9 2 2 8 7 7 9 3 0 . . . 4 8 5 8 9 8 0 8 7 . . . 6 2 8 1935— M F J e a a b n r u r c u a h r a y ry. _. 1 1 1 3 2 3 0 9 1 . . . 2 1 3 8 8 7 1 0 5 5 5 5 5 7 3 April 132.2 79 59 1934—December 104.1 100.0 85.8 85.4 83.3 88.8 May 134.8 86 65 June 134.0 88 70 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 July 134.8 92 74 J M A F M u e p a n a b r r y e i r c l u h ary _. _ - 1 1 1 1 1 0 0 0 0 0 6 5 7 7 7 . . . . . 6 8 2 0 1 1 1 1 1 9 0 0 0 0 9 0 2 1 1 . . . . . 9 0 2 3 2 8 8 8 8 8 4 7 5 8 7 . . . . . 4 5 5 3 1 8 8 8 8 8 5 6 7 7 5 . . . . . 2 7 9 3 3 8 7 7 7 7 2 4 5 6 9 . . . . . 0 7 0 5 3 9 9 9 9 9 3 3 7 8 5 . . . . . 4 6 4 4 5 N A S O D e u o c e p t g v c o t u e e e b m s m m e t r b b b e e e r r r . . . . . . 1 1 1 1 1 3 3 3 3 3 5 4 5 6 7 . . . . . 4 8 0 9 0 1 1 1 9 9 0 0 1 5 8 0 8 0 8 8 8 9 9 2 2 2 1 2 July 107.5 104.2 89.2 88.5 78.8 100.2 Dec. 4 137.4 110 August 106.8 104.2 89.9 89.0 79.6 100.9 Dec. 11 137.0 110 September 105. 3 103.1 90.4 89.4 80.6 101.0 Dec. 18 136.9 108 90 October 105.3 101.9 89.8 89.8 78.4 101.0 Dec. 24 136.6 110 91 November 105.7 103.5 91.1 90.8 79.8 102.7 Dec. 31 137.1 112 94 December 105.8 104.5 92.5 91.0 83.1 103.1 Dec. 4 105.7 104.4 92.3 91.0 83.0 103.0 1 Monthly data are averages of daily or weekly figures. Dec. 11 105.7 104.5 92.7 91.3 83.7 103.2 > Average derived prices. Dec. 18 105.6 104.4 92.3 90.9 82.8 103.1 Dec. 24 105.9 104.5 92.4 90.0 83.3 103.1 Source.—Standard Statistics Co. Dec. 31 106.1 104.8 93.1 91.5 84.2 103.6 Back figures.—See Annual Report for 1934 (table 93) 1 Average prices. Monthly data are averages of daily or weekly figures. CAPITAL ISSUES * 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] 3 Prices derived from average yields. * 45 corporate and 15 municipal. New issues Re Source.—For United States Government bonds, Federal Reserve Bank fundof New York; for other bonds, Standard Statistics Co. Domestic ing Back figures.—See Annual Report for 1934 (table 93). Total issues BOND YIELDS * Year or month m ( e d s o t - ic State Corporate For- m (d e o st - ic and and eign and for- Total 1 mu- Bonds for- United Munic- Corporate, by ratings 4 eign) nici- and Stocks eign) Year, month, or States ipal 3 pal notes date Treas- (highury 2 grade) Aaa Aa A Baa 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 1927 7,556 6,219 1,475 3,183 1,474 1,337 2,220- 1928.— 8,040 6,789 1,379 2,385 2,961 1,251 1,858 Number of issues— 7-11 15 30 30 30 30 1 19 9 3 2 0 9 1 6 0 , , 9 0 0 9 9 1 9 6 , ,0 4 0 2 4 0 1 1, , 4 4 3 1 4 8 2 2 , , 9 0 8 7 0 8 5 1 , , 9 5 2 0 4 3 9 6 0 7 5 1 1,4 7 2 1 2 1 1933 average 3.31 4.71 4.49 5.23 6.09 7.76 1931 3,089 2,860 1,235 1,240 311 229 949 1934 average 3.10 3.95 4.00 4.44 5.08 6.32 1932 1,194 1,165 762 305 20 29 538 1935 average— 2.70 3.16 3.74 4.13 4.62 5.81 1933 720 708 483 40 120 12 344 1934 '1,386 ••1,386 '803 144 35 0 '826- 1934—December 2.97 3.52 3.81 4.27 4.86 6.23 1935_ 1,438 1,438 884 334 69 0 3,284 1935—January 2.83 3.45 3.78 4.21 4.77 5.99 1934—December. 141 141 106 34 1 0 45 February 2.73 3.39 3.72 4.14 4.69 5.97 1935—January- __ 92 92 80 3 2 0 49 March 2.69 3.27 3.71 4.15 4.72 6.22 February. _ 50 50 44 7 0 0 46 April 2.64 3.25 3.72 4.19 4.75 6.14 March 108 108 100 8 0 0 180 May 2.61 3.27 3.74 4.18 4.66 5.99 April 90 90 64 17 5 0 41a June 2.61 3.25 3.72 4.18 4.62 5.86 May 86 86 41 39 6 0 384 July __ 2.59 2.95 3.70 4.15 4.54 5.77 June 58 58 44 14 0 0 454 August 2.66 2.87 3.77 4.15 4.57 5.69 July 134 134 79 27 28 0 510 September. >_ 2.78 3.08 3.80 4.11 4.56 5.62 August 152 152 36 29 (2) 0 284 October. 2.77 3.16 3.79 4.10 4.57 5.63 September. 177 177 132 42 3 0 259 November. .. 2.73 3.02 3.75 4.03 4.53 5.50 October.... 144 144 56 70 3 0 217 December 2.73 2 97 3.72 3.97 4.44 5.37 November. 116 116 82 30 3 0 281 Dec. 4 2.74 2.96 3.73 3.99 4.46 December.. 231 231 124 48 19 0 22© Dec. 11 2.73 2.95 3.72 3.99 4.43 5! 38 Dec. 18 2.74 2.96 3.73 3.97 4.45 5.38 ' Revised. Dec. 24 2.72 2.98 3.71 3.97 4.44 5.35 1 Includes publicly offered issues of Federal land banks, Federal in- Dec. 31 2.70 2.98 3.71 3.94 4.41 5.30 termediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation, not shown separately. 2 Less than $500,000. 1 Monthly data are averages of daily or weekly figures. 3 Average, computed by Treasury Department, 01 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 3 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

JANUARY 1936 FEDERAL RESERVE BULLETIN 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 Dec. 31, Total inter- 1935 End of period (gross est debt) Certif- bear- Total Bonds Notes icates Bills ing Total Bonds1 Notes Certif- Bills icates 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 29,596 14,672 12,274 247 2,404 June 1934 27,053 26,480 16,510 6,932 1,635 1,404 573 Obligations maturing: Before Apr. 1 1,053 1,053 1934 Apr. 1-June 30 _„ 1,896 1,245 651 December 28,479 27,944 16,245 9,586 158 1,954 535 July 1-Sept. 30 1 579 878 701 Oct. 1-Dec. 31 358 358 1935 1937. _ 1,749 1,749 January 28,476 27,952 16,250 9,585 163 1,954 524 1938 1,946 1,946 February 28,526 27,969 16,247 9,582 161 1,979 557 1939 2,762 2,762 March 28,824 28,043 16,238 9,567 160 2,079 782 1940 2,854 2,854 April 28,669 27,766 15,394 10,236 158 1,978 904 1941 834 834 May 28,639 27,738 15,157 10,471 157 1,953 901 1943 898 898 June 28,701 27,645 14,936 10,501 156 2,053 1,056 1945 1,401 1,401 July 29,123 27,923 14,576 11,065 254 2,028 1,200 After 1945 11, 263 11,263 August 29,033 27,956 14,715 11,036 252 1,952 1,076 Other obligations J _.~ 1,004 275 482 247 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 1,081 November 29,634 28, 617 14,008 11,957 249 2,404 1,017 1 Issues classified as of date of final maturity; most issues callable at December 30,557 29 596 14,672 12,274 247 2,404 1961 earlier dates; postal-savings bonds only issues callable before 1940. 2 Includes United States savings bonds and such issues as postalsavings bonds, retirement-fund notes, and adjusted-service-certificate »Includes $541,000,000 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 lOn basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust ac- Receipts Expenditures * counts, Increase or de- Excess etc.* crease during General" Recovery and relief * c o e f i p re ts - e o x f c e re s - s period Period Total c ta o I x n m e - s e l r 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 rJ Total p e I u n st b t e o l r i n - c o A th l e l r Total Relief P w u o b r l k i s c oth A e l r l * ( p t + e u e n ) r x e o d - s i r - p ( c + e e e n i ) x p d o - t i s r - G f e u n n e d ral Gross debt tures balance debt Fiscal year ending June: 1933 2,080 746 858 475 4,681 2,715 »1,277 -2,602 —5 +445 +3,052 1934 3,116 818 1,470 828 6,745 757 1,984 4,004 1,844 645 1,515 -3,630 +835 +1,720 +4,514 1935 3,800 1,099 1,657 1,044 6,802 821 2,327 3,655 2,342 1,020 292 -3,002 +613 -741 +1,648 6 months ending: December 1933—. 1,469- 325 742 402 2,594 353 1,085 1,156 216 442 -1,125 +14 +164 +1,275 December 1934 1,845 421 855 569 3,405 414 1,174 1,817 1,108 640 69 -1,560 +116 -18 +1,426 December 1935_— 1,902 555 975 373 3,446 358 1,414 1,675 782 566 327 -1,544 +55 +367 +1,856 1934—December 385 164 131 641 129 191 321 80 -258 +43 +966 +1,180 1935—January 203 19 114 462 22 188 252 55 8 -260 +18 -244 -3 February 214 28 100 496 34 209 252 214 46 «9 -281 -8 -239 +50 March 601 326 189 546 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 -115 +63 July 279 23 165 673 8 318 347 114 88 146 -394 -62 +419 August 299 24 219 508 27 193 289 158 •9 139 -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 -389 +23 -325 +40 November 234 19 142 487 10 216 262 127 130 4 -253 +42 -39 +172 December. ___. 434 228 153 591 107 237 247 97 148 2 -157 +8 +774 +923 i Includes processing taxes, customs, and miscellaneous receipts. a 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. * Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against increment on gold (other than for retirement of national-bank notes), and beginning June 1935, transactions in checking accounts of certain special governmental agencies whose balances were transferred on May 31 to these accounts. « Excess of credits. 38989—36 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN JANUARY 1936 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1935 [Compiled by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds U.S. Total Total s C F t R r o i u n t e 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 e p 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 u i g r r o e r p i r i o n d a 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. 8,372 2,261 1,414 270 4 234 46 96 198 Preferred stock, capital notes,and debentures... 883 881 878 3 Cash—total . . 337 98 3 7 5 1 18 64 Investments: United States securities 433 25 2 23 Obligations guaranteed by United States... 215 20 20 Other investments 874 121 98 19 4 Accounts and other receivables 191 59 38 6 i 2 6 6 Real estate and other business properties 167 157 1 41 115 Other assets 214 22 2 12 8 Total assets other than interagency 11, 684 3,644 2,334 276 12 246 54 121 181 422 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States... 4,507 253 253 Allother . .. 2,081 Other liabilities (including reserves) 261 55 21 (2) (2) 4 (2) 13 17 Total liabilities other than interagency.._ 6,848 308 274 (2) (2) 4 (2) 13 17 Excess of assets over liabilities, exclusive of interagency transactions 4,836 3,337 2,060 276 11 246 50 121 168 405 Privately owned interests 343 U. S. Government interests 4,493 3,337 2,060 276 11 246 50 121 168 405 Distribution of Government interests: Capital stock 6,767 5,643 500 3 11 3 362 40 120 50 3 4, 558 Surplus ._ . 357 256 115 4 11 1 118 8 Intersgency interest (net).— -2,631 -2, 562 1,445 270 -116 -4,161 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 e g p o r m r e t o n a - - l c B a o t a f o i o v n p r e k e s r s - H b l a o o n a m k n e s O C r H L w a o o t o n r i m a o p e n o n r e s - ' S C I L a a n a o v n o s n r i c u a p n d e r n o g - - s c F s i a e a l a a v o s d t n s i i a e n o o d n r g n - a s s l D F C r I e a n a e o d t n p s r i e u c o o p r e r s o n a - i - l t ration ASSETS Loans—total __ 6,110 2,174 144 786 51 97 2,855 3 Preferred stock, capital notes, and debentures 2 2 Cash—total 239 36 10 64 16 9 74 36 Investments: United States securities 408 40 36 31 8 293 Obligations guaranteed by United States 195 2 38 43 11 101 Other investments 752 746 6 Accounts and other receivables. 132 39 5 22 1 1 61 (2) 3 Real estate and other business properties 10 6 4 Other assets..__ 192 97 2 25 (2) 61 7 Total assets other than Interagency 8,040 2,394 233 1,619 142 125 3,022 102 61 341 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 4,254 1,387 « 2, 866 All other 2,080 1,932 128 21 Other liabilities (including reserves) 207 67 4 27 (2) 7 79 (2) 22 Total liabilities other than interagency.... 6,541 1,998 132 1,415 (2) 7 2,967 (2) 22 Excess of assets over liabilities, exclusive of interagency transaction _ 1,499 396 101 204 142 119 55 102 61 320 Privately owned interests 343 143 3 28 170 U, S. Government interests 1,156 253 101 204 140 91 55 102 61 150 Distribution of Government interests: Capital stock.. 1,124 123 70 200 129 91 200 100 61 150 Surplus 101 92 37 5 -33 2 Interagency interest (net) -69 38 -6 4 6 -111 i Includes interagency interests held by the Treasury Department. 4 Includes also War Finance Corporation not shown separately. » Less than $500,000. 8 Includes unissued bonds covering loans in process. • Nonstock (or includes nonstock proprietary interests^. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 31 RECONSTRUCTION FINANCE CORPORATION LOANS, PURCHASES, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, les5 repayments Proc d e i e sb d u s rs n e o d t yet Nov. 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Sept. 30, Oct. 31, 1934 r 1935 1935 1935 1935 1935 P 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)... 595,070 455,928 441,825 427,657 411,729 387, 288 381, 206 115,227 114,288 Building and loan associations. 22, 558 10,307 9,494 8,954 8,359 7,866 7,359 141 121 Insurance companies 29,250 18,052 17,628 17,163 10,011 9,372 6,460 40 40 Mortgage-loan companies 155,628 139,972 136,396 132,346 131,771 131,394 128,215 99,178 110,679 Credit unions. _ . . - 386 332 331 330 330 329 328 1 Federal land banks 110, 688 58,330 57,975 56,340 52,156 50,279 45, 074 Joint stock land banks - .. 6,953 2,806 2,407 2,381 2,329 2,230 2,297 550 550 Agricultural credit corporations 600 874 872 866 853 768 760 Regional agricultural credit corporations Livestock credit corporations . 1,463 1,225 1,108 1,024 901 931 987 164 Railroads (including receivers) 361,830 413,338 413,350 412,903 412,810 412, 795 396, 250 339 285 State funds for insurance of public moneys 809 1,606 1,513 1,407 1,047 1,029 779 Fishing industry.. 25 79 79 92 92 92 572 590 577 Processors or distributors for payment of processing taxes-- —- 2 1 1 1 1 Total 1, 285, 262 1,102,849 1,082,977 1,061,465 1,032,390 1, 004,374 970, 288 216, 065 226, 704 Other loans: For self-liquidating projects, sec. 201 (a) (including repairs to property damaged by earthquakes, etc.) 117,025 148,760 155,174 169,493 169,499 174,375 147, 563 88, 650 85,882 For financing exports of agricultural surpluses, sec. 201 (c) 14,992 14,517 14,517 14,300 14,300 14,300 14,027 For financing agricultural products, sec. 201 (d) 5,693 8,463 8,413 8,402 8,372 8,239 8,219 788 758 To commodity credit corporation 30, 242 231,166 249,556 258, 739 263,746 265,994 267,541 243,535 238, 507 On preferred stock of banks... 18,942 20,176 20,031 19,988 19,887 19, 753 17,726 208 247 On preferred stock of insurance companies 25, 785 29,933 30,083 30,083 30,083 30,083 30,083 To drainage, levee, and irrigation districts 11,321 29,181 32,790 34,176 43,086 45,488 50,025 68,172 73,258 To Public School Authorities 22 300 To industrial and commercial businesses 4,166 25,932 29, 519 32,325 34,633 37,374 40, 055 39,381 39,670 To mining, milling, and smelting businesses 345 664 775 833 845 932 6,247 6,209 On assets of closed banks 22 10,869 8,317 7,888 580 595 1,235 1,082 942 To Public Works Administration on security transactions _-.- 16,190 112,849 105, 225 102,562 115, 238 154,001 1,570 1,349 Total 250, 490 535, 532 661,913 681,394 687,581 712, 284 731, 408 449,632 446,821 Purchases: Preferred stock of banks 571,043 639,015 640,983 641,991 645,271 647,152 643,268 38, 724 34, 253 Capital notes and debentures of banks 259, 447 244,317 241,615 242,362 241,742 240,364 238,492 59,951 59,804 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 _ 830, 590 893,432 892, 698 894, 453 897,113 897, 616 891,860 100, 674 96, 057 Total loans and purchases 2,366, 342 2,531,813 2,637, 588 2,637,312 2,617,084 2,614,274 12,593,555 766,372 769, 582 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932 297, 774 297,688 297,621 297,099 296,803 296, 701 296, 627 15 15 Federal Emergency Relief Act of 1933 499,586 499,998 499,998 499,999 499,987 499,988 499,988 1 13 Emergency Appropriations Act of 1935 325, 000 500,000 500,000 500,000 500,000 500, 000 500,000 Emergency Relief Appropriation Act of 1935—_ 300, 000 300,000 500,000 500, 000 Total 1,122, 360 1, 297,686 1, 297,620 1,297,098 1,296,790 1, 596, 687 1,596,615 500, 016 500, 028 To other Government agencies: To Secretary of the Treasury for— Purchase of stock of Federal Home Loan banks 81, 646 81,646 82,346 85, 246 88,796 90, 696 94,396 39,495 35,945 Purchase of stock of Home Owners' Loan C orporation 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 15,000 34,000 34,000 34,000 34,000 39, 000 39, 000 To Secretary of Agriculture for— Crop loans 115 000 115,000 115,000 115,000 115,000 115,000 115, 000 Reallocated as capital regional agricultural credit corporations 44, 500 44,500 44,500 44, 500 44,500 44,500 44, 500 Reallocated to Governor of Farm Credit Administration 40, 500 40,500 40,500 40, 500 40,500 40,500 40,500 Total ...- 699, 246 718, 246 718,946 721,846 725,396 732, 296 735,996 136, 895 133, 345 Total allocations 1,821, 606 2,015,932 2,016, 566 2,018,944 2,022,186 2, 328, 984 2,332,611 636,911 633,373 Total loans, purchases, and allocations 4,187,948 4,547,745 4,654,154 4,656,256 4,639,270 4,943,258 4,926,166 1, 403, 283 1, 402, 955 * Revised. * Preliminary. i Includes $246,000,000 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

32 FEDERAL RESERVE BULLETIN JANUARY 19» FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans Fe c d r e e r d a i l t b i a n n te k r m lo e a d n i s a t t o e Loans to cooperatives byby»— and discounts for— Regional agri- Regional Emercultural Other Produc- agricul- gency Banks for Agricul- End of month Federal B L a a n n k d p c p r r o o e r d d a u i t t i c o c t n i o o s r n , - fi i n n ti a s o n t n i c t s u i , n - g ti a o t s i n s o o n c c r s i e a * d - it t i u r t r a c a t o l i o r c p n r o e s d - - c d r r l o o o p a u n g a s n h d t m F i e e n d d te e ia r r - a te l c I a n o t c i o v l p u e e d s r , - - M in t a g u r r k A a e l c t t land banks Commis- credit as- except credit ing revolvsioner sociations, coopera- banks Central ing and banks tives Bank fund for cooperatives a 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,eQ7 157,752 1934—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.. 1,961,275 103, 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 47,466 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 4,756 43,140 46,714 October.—. 2, 058, 693 777. 214 100.634 49,114 95,930 51,656 182,678 4,084 48.179 46,074 November. 2,065, 620 785.898 100, 343 46,867 94,397 46,220 175,438 3,221 51,246 44.688 i Does not include loans by joint stock land banks, which are now in liquidation. 1 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES1 [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Home mortgage loans by- Federal Home Recon- Federa a l s s s o a c v i i a n t g io s n a s n * d loan F h e o d m er e al End of month Total M C F o o r a r p t r g o m a ra g - e C O o L w r o p n a o e n r r a s - ' s C F tr o i u n r c p a t o n i r c o a e n loan tion tion * tion* End of month L p O o o H r w a a o n n t m i e C o r e n o s r ' i - a N ss u o m ci b a e ti r o o n f s Loans reported m l i o n b e a s a m n t n i s b k t u e to - r 1933—December-.. 180 180 tions » Total p R i o n e r g t - - a a N s t s i e o o w n ci s - C e ci d o a n t a i v s o e s n o r s t - - 1934— J J M u u A n l a y p y e ril... 1,0 3 4 6 6 8 2 2 4 1 5 3 3 5 1 5 1 6 1 2 8 2 1 8 2 3 4 8 4 2 2 2 2 3 2 2 3 5 7 7 0 August 1,614 672 702 241 September- 1,875 733 896 246 1932—December .. 838 October 2,596 805 1,543 248 1933—December 105,920 59 88,442 November- 2,823 878 1,695 249 1934—November-.. 2,027,969 601 438 8,843 55,606 87,714 December... 980 1,834 249 December 2,196,988 639 455 10,758 58,976 87,258 1935—January 3,300 1,041 2,009 250 1935—January 2,303,824 688 545 13,706 79,014 82,585 February 3,480 1,089 2,140 251 February 2,468,744 727 565 15,967 92,013 77,170 March 3,590 1,124 2,215 251 March 2,539,408 752 572 18,699 93,910 72,637 April 3,660 1,154 2,256 250 April 2,578,883 778 613 20,800 112,847 74,011 May 3,728 1,188 2,290 250 May 2,620,119 808 623 24,081 123,741 75,836 June 4,123 1,226 2,647 250 June 2,660,677 851 655 27,070 138,129 79,233 July ••4,205 1,274 r 2,682 24S July 2, 702,247 894 691 32,850 146,161 80,877 August r4,248 1,282 '2,716 250 August 2,747,022 922 758 37,345 192,959 86,025 September- 4,367 1,368 2,747 253 September. _. 2,788,203 949 828 44,072 219,980 90,432 October 4,419 1,382 2.7S3 2*3 October 2,838,086 979 851 53,362 239, 263 95,595 November... 4,460 1,387 2,819 25? November 2,886,013 1,002 *851 *54,703 *240, 777 97,089 *• Revised. » Preliminary. i Principal amount of obligations guaranteed as to interest and prin *Loans closed. cipal. * No monthly reports prior to September 1934; they now exclude largely 1 Excludes obligations guaranteed as to interest only. new associations recently chartered and inactive associations. • Excludes obligations held by U. S. Treasury and reflected in the * Includes loans to Federal savings and loan associations, all of which public debt; includes notes given in purchase of gold which were are members, and a negligible amount to others than member institutions. retired in February 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL, BESEKVE BULLETIN 33 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms '*adjusted" and"unadjusted" i'efer to adjustment for seasonal variation] Industrial production 1 * Construction contracts awarded (value)J Fac- Factory em- tory Freight-car Whole ployment * pay loadings«* sale Year Total Manufactures Minerals Total Residential All other rolls» comand modmonth ity Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- prices1 justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justedjusted 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 .. 108 108 108 129 121 135 101 304 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 .. 111 m 106 135 126 142 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930 96 95 99 92 50 125 92 89 92 86 1931 81 80 84 63 37 84 77 68 75 73 1932 64 63 71 28 13 40 64 48 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 Sept... 67 66 66 65 74 71 30 30 12 12 45 44 63 62 43 61 54 65 Oct—. 68 67 67 66 80 74 28 29 12 12 41 43 64 63 45 65 57 64 Nov 65 65 63 63 78 75 24 27 10 10 35 41 63 63 43 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 61 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 July.... 96 100 97 102 90 91 24 21 13 13 32 28 72 73 51 66 65 69 Aug 90 91 89 91 95 91 25 24 12 12 36 33 76 77 57 65 61 7G 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 M 74 Mar-.._ 87 84 86 82 91 100 33 33 12 11 50 51 81 81 65 63 66 74 Apr 88 86 89 85 81 90 36 32 14 12 54 48 82 82 67 60 62 73 May— 89 86 89 86 86 88 32 26 13 11 47 38 83 83 67 63 63 74 June... 84 84 84 83 86 87 31 26 13 12- 46 38 81 82 65 64 64 76 July.... 73 76 71 74 84 84 30 27 12 12 44 39 79 80 61 63 61 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 no 59 77 Dec— 78 86 76 85 85 90 25 31 10 12 36 47 78 79 63 56 64 77 1935 Jan 88 91 87 90 91 94 22 27 10 12 32 39 79 81 64 58 64 79 Feb.— 91 89 91 88 92 96 24 28 13 14 33 39 81 82 69 61 65 8G 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 8fl May— 87 85 87 84 88 89 32 27 25 21 39 32 81 81 69 61 61 8G June.-. 86 86 84 84 97 98 35 30 28 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.... '87 87 87 88 85 81 40 38 24 24 54 50 82 82 70 64 60 81 Sept.-. '90 '90 89 '91 92 87 44 43 25 25 59 58 84 82 72 70 62 81 Oct 97 95 96 95 100 93 45 48 25 2.5 62 66 85 84 75 73 64 81 Nov "97 *97 *98 95 92 53 60 25 26 76 88 85 85 75 67 66 81 » Preliminary. ' Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 64-65; for description see BULLETIN for February and March 1927. J 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. » The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for June 1934, pp. 324-343. For current indexes of groups and separate industries see pp. 66-67. Underlying figures are for pay-roll period ending nearest middle of month. * For indexes of groups see p. 34. 8 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 63. Back figure*.—See Annual Report for 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN JANUARY 1936 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports * Excess of exports Month 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 1931 1932 1933 1934 1935 January - - - 250 150 121 172 176 183 136 96 136 167 66 15 25 37 9 February 224 154 102 163 163 175 131 84 133 152 49 23 18 30 11 March - 236 155 108 191 185 210 131 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 r -4 August 165 109 131 172 172 167 91 155 120 169 -2 17 -23 52 3 September 180 132 160 191 198 170 98 147 132 162 10 34 13 60 37 October 205 153 193 206 221 169 105 151 130 189 36 48 42 77 32 November .- 194 139 184 195 *269 149 104 129 151 »169 44 34 56 44 *100 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. ' Revised. i Including both domestic and foreign merchandise. > General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures.—See BULLETIN for January 1931, p. 18, and for March 1931, p. 136. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers based on value figures; 1923-25 average«100] [Index numbers; 1923-25 average=100] Index of stocks (end of Index of sales * month) 1934 1935 Adjusted Without Adjusted Without Nov. July Aug. Sept. Oct. Nov. Month for seasonal seasonal ad- for seasonal seasonal advariation justment variation justment Adjusted for seasonal variation 1934 1935 1934 1935 1934 1935 1934 1935 Total 59 58 60 62 64 Coal 64 54 58 61 67 67 J M F a e a n b r u r c u a h r a y r . y _ . 7 5 5 3 7 9 6 5 6 5 7 1 L F C G o i o r v r a k e e i e n s s t t a o p n c r d k o . d g . u r c ai t n s products, _ 4 5 5 3 3 6 5 0 4 5 3 3 6 8 6 9 4 4 7 4 8 4 5 0 4 4 7 5 5 2 4 7 4 4 7 6 7 2 0 0 6 4 4 6 5 4 0 1 J M A u p a n r y e il . . . . . 7 7 7 0 7 3 6 6 6 6 1 6 M M Or i e e s r c c e h l a la n n d e i o se u s J 2 6 6 0 4 4 4 6 6 8 3 4 5 6 6 1 4 2 6 5 6 5 5 5 7 6 5 0 4 6 4 7 6 7 July 51 57 August 60 60 Without seasonal adjustment September.. 79 67 October 82 72 Total 60 60 64 70 73 67 November. 83 76 Coal 70 48 56 66 76 74 135 Coke.... 44 49 43 56 61 62 Grain and grain products __ 60 69 90 90 78 69 Year... 65 Livestock 64 30 39 54 63 50 Forest products.. 29 38 42 44 43 39 Ore 14 87 87 90 79 32 v Preliminary. Miscellaneous 63 67 68 77 82 76 * Based throughout on figures of daily average sales—with allowance Merchandise l 65 63 64 67 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

35 JANUARY 1936 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. $l=15^i grains of gold 91o fine, i. e., an ounce of fine gold=$35J Europe Total United End of month (50 coun- Canada tries) DQlf/adfflkGQS 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—October. _. 21,584 8,002 132 11,813 15 609 19 112 60 1,582 5,468 33 November- 21,646 8,132 133 11,730 15 589 19 112 60 1,583 5,443 32 December. 21,771 8,238 134 11,751 15 590 19 112 60 1,584 5,445 32 1935—January... 21,879 8,391 132 11,697 15 599 19 112 60 1,586 5,438 32 February. 22,022 8,527 135 11,679 15 596 19 112 60 1,586 5,439 32 March.... 22,099 8,567 190 11,633 15 532 19 112 60 1,586 5,479 33 April 21,861 8,710 187 11,279 15 518 19 112 60 1,587 5,366 33 May 21,473 8,858 189 10,714 15 605 19 112 60 1,587 4,759 33 June 21,678 9,116 188 10, 15 634 19 113 60 ],588 4,708 35 July 21,675 9,144 188 10,636 15 624 19 113 60 1,588 4,726 38 August 21,759 9,203 193 10,664 15 612 19 113 54 1,593 4,756 38 September. 21,926 9,368 186 10, 678 15 604 19 113 54 1,595 4,770 38 October... v 22,313 9,693 186 10,714 15 609 19 113 54 ;,604 4,773 30 November. v 22,225 9,920 188 p io,393 15 615 19 113 54 :,628 4,388 36 December. P 10,123 611 ],648 4,395 '33 Europe—Continued End of month Greece ]Hungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la it n z 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—October... 37 23 541 601 61 94 67 103 740 163 621 716 54 61 November- 40 23 520 582 61 95 67 103 740 160 624 716 54 61 December. 40 23 518 573 61 96 68 104 740 159 624 744 53 60 1935—January „. 39 23 519 555 61 96 68 104 740 159 600 744 37 59 February. 39 23 519 552 61 96 68 105 740 159 586 744 38 58 March 38 23 519 553 61 96 68 106 741 160 560 748 36 59 April 37 23 519 439 61 97 68 106 741 160 446 748 38 56 May 37 23 519 440 66 97 68 106 741 161 390 748 40 57 June 36 23 198 427 75 97 68 107 741 161 391 748 40 57 July 36 23 168 380 75 97 68 107 741 162 421 748 40 57 August 35 23 119 402 84 97 68 108 741 162 446 748 40 59 September- 36 23 379 365 84 89 68 108 734 165 448 $39 40 62 October. _. 36 23 1351 401 84 86 68 108 734 174 453 339 41 62 November- 35 23 351 427 84 84 68 *108 735 180 455 539 43 December. J-438 p453 Latin America Asia and Oceania Africa End of month T co ( o 1 u t 0 n al - g A e r n - - Chile l C om o- - M ic e o x- Peru g U u r a u y - c o o th u 4 e n r - c T o o ( u 7 t n a - l India Japan Java N Ze e a w - T k u ey r- c o o th u 2 e n r - c T o o ( u 4 t n al - Egypt A So fr u ic th a c o o th u 2 e n r tries) tina bia tries tries) land tries tries) tries 1934—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 20 82 23 801 275 400 76 23 22 5 286 55 214 17 May... 616 420 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 01 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... 613 420 29 14 26 20 74 28 797 275 416 55 23 23 6 284 55 212 17 Oct p636 441 29 15 26 20 P74 30 800 275 418 55 23 23 5 284 55 212 17 Nov V637 441 P29 16 26 .20 *74 p31 803 275 422 54 23 24 5 i 284 p 55 212 »17 9 Preliminary. i Bank of Italy suspended publication of its statement after Oct. 20,1935. Figure as of that date is given for October 1935 and carried forward for subsequent months. 3 Figures for June 1934, December 1934, March 1935, or September 1935, carried forward for subsequent months for which no figures have been reported. 3 Figure for March 1935 carried forward for subsequent months for which no figures have been reported. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; December 1934, p. 801; and November 1935, p. 758. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JANUARY 1936 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated world Africa North and South America Far East Year or month production Total South Rho- West Belgian United Colom- Austra- Africa desia Africa Congo Canada States Mexico bia Chile lia Japan India $1=£5${Q grains of gold 9io fine; i. e., an ounce of fine gold=$g0.67 1929 404,969 359,347 215,242 11,607 4,297 2,390 39,862 45,835 13,463 2,823 683 8,712 6,927 7,508 1930 430,725 373,154 221,526 11,476 4,995 2,699 43,454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931 — 461,592 394,399 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 442 12,134 8,109 6,816 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 $l=*16Hi grains of gold Ho fine; i. e.t an ounce of fine gold=$S5 1933 - 884,737 711,260 385,474 22,578 11,214 6,148 103,224 89,467 22,297 10,438 5,094 28,428 15,183 11,715 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 October 82,021 63,747 30,994 2,054 1,117 582 9,300 10,824 2,166 1,143 731 2,453 1,438 944 November 79,060 60,786 30,633 1,932 1,080 590 8,771 8,759 2,006 831 1,227 2,650 1,377 929 December 80,470 62,196 30,356 2,031 1,135 534 9,168 10,124 2,093 922 681 2,722 L, 435 995 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 L,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 L,568 938 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 1,095 688 10, 002 9,800 1,166 857 1,113 2,623 1,844 937 July »89,005 v 67,231 32,458 2,150 1,095 615 9,988 12,005 *2,170 1,001 546 2,635 1,610 958 August » 89,153 v 67,379 32,667 2,155 1,152 631 10,303 10,815 * 2,520 1,125 ••536 2,844 1,669 961 September * 90, 061 *68, 288 31,472 2,009 1,160 590 9,813 12,320 * 3,290 978 1,082 2,939 1,674 »961 October * 91,610 '69.836 32, 596 *>2,415 v 1,400 P590 10.560 12,915 »1.680 1,035 v 1,082 2,923 V1,680 91 November v 89,524 v 67,751 v 31,815 v 2, 275 v 1,400 *590 v 10,500 11,095 P 2,450 *>980 P 1,082 P2,923 V 1,680 ' Revised. 9 Preliminary. 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 53,5851-441,6491 —82,5711 —96,5861—118,273| 64,5741 20,0871 3,2401 26,5971 39,0431 85,737 1933 -173,455| I 6,3751-216,035| —895| 7,90l| -11,6311 19,896| 4,280| 98| 25,629| 12,821 j -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 1935 1,739,019 315,727 934, 243 3 227,185 95,171 13,667 10,899 75,268 9,431 56,453 October -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... 19,649 22,430 17,790 8,077 6,076 2,111 12,574 529 2,874 1935—January 85,577 14,592 12,812 12,091 4,991 2,101 10,616 1,528 5,083 February... 63,424 45,766 1,466 5,346 729 2,112 522 359 2,711 March -187 56 4,449 833 1,407 2,139 334 3,972 April 1,481 32,510 94,890 10,968 923 2 2,924 313 4,596 May 1,689 124,052 3,885 3,053 948 1,752 167 507 3,962 June 938 194,298 22,061 8,734 679 448 3,215 July 31 975 5,770 722 1,750 28 438 6,515 August 5 40 28,277 5,398 753 6,671 1,127 3,711 September.. 37,114 40,423 37,811 15,069 699 1 19,821 640 5,141 October 109,954 156,977 17,605 629 9,368 762 1,746 12,359 1,125 4,817 November... 7.101 180.140 2.676 5.865 880 28 8.913 1,<X)7 3.956 December.. 8,600 145, 388 4,727 9,060 748 11,108 1,605 8,774 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

JANUAET 1938 FEDEKAL RESERVE BULLETIN 37 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 th r- Canada B In ri d ti i s a h S S m t e r e t a t n l i t e t s s - Au 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 ri o A t e h u s l e n ^ l r - Africa Official figures converted at rate of $20.67 an ounce 1932 84,685! -50,6421--297,0501 3 11-13,4341-71,3781 5,7461 1 220,3941 10,7811 20,3641 25o,310t 1333 677,405|I 7,9391 97,016) 41,0 (| -.8081 -7,0651 9,610| 43,3741 118,817} 8,682| 60,812| 256,177| 411811 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 , : S N O e c o p t v o t e e b m m er b b e e r r . . . _ . 4 2 49 9 3 , , , 9 4 6 9 8 8 9 8 5 -17 6 , , 2 2 9 8 5 5 4 1 0 - 2 8 7 - , , 3 1 0 3 8 2 9 8 6 2,8 1 1 9 0 5 5 0 2 - - - 1 5 2 , , , 2 1 1 9 9 5 1 8 7 - - 2 5 4 0 5 8 3 0 2 2, 6 6 0 7 5 5 0 5 2 7 4 1 , , , : 6 69 6 7 9 18 4 , , 9 9 7 6 9 9 2 2 1 2 1 1 4 5 9 5 1 0 3 3 2, , , 6 5 4 8 0 3 6 7 8 2 1 1 4 8 1 , , , 4 4 3 9 1 2 5 5 0 1 2 1 , , 9 6 1 7 0 2 December... 27,215 -22,489 1,769 -1,087 310 241 17,882 128 4,126 2,797 1935—January -4,279 -79,628 4,270 36 8,780 381 24,046 12 4,066 37,231 -3,124 February -36,566 -74,127 -17,739 28 -951 2,145 2,057 19,093 88 3,067 18,669 11,105 March 66, 557 66 26,612 53 -1,992 51 1,195 2,970 15,457 296 2,685 12,661 6,503 April 36, 529 -20, 533 -33, 348 266 -1,013 33,237 152 424 16, 249 693 1,920 17, 658 20,823 May -3,247 69,128 209 -1,962 5,780 410 2,696 2,962 484 2,838 55,847 11,143 June 118,067 -18, 547 86,926 -943 -11,601 -593 292 3,570 7,159 429 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 -81,0*2 -5,663 23 2 -36 322 25,301 70 3,662 29,949'-8,683 October -36,158 -87,929 -2, 739 68 217 -1,136 2,535 28 11,900 134 3,414 44,995 -7,644 November... 18, 286 -33, 744 25,198 50 -20, 204 461 12,857 56 2,842 33,325 -4,353 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 th i u e l e n l s r - i e m o x r p p n o o e r r t t t s s l E an ng d - France N la e e n r t d - h s - S U . . 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 468,0521 309,984!37,889! -35,0101 37,5471-17,6681 27,3821-27,28211 -2501-38,1701-•24,4551 46, 656!•-11,063 1933 243,944|! 223,894| -87,207| 73,00l| -28,979| 44,69l| 10,49l| 8,0531-102,8561| -37,044|-64,922|- 40,950) 40,3171 -260 Official fioures converted at rate of $35 an ounce 1934 -407,124 -240,361 352,084 31,036 -17,669 74,995 23,831 73,130 -90,920 -109,386J-42,907|-28,114 85,390 4,097 October 22,710 26,296 -464 139 -6,972 7,873 4 1,908 5,760 257 November.. -65,568 -64,337 -2,633 -786 1,786 » 18,251 2,954 -167 7 238 313 2,562 December __ 37,733 -19,918 -3,114 -232 4,220 l 65,517 1,206 -85 -I 1,162 227 1935— January 7,796 -15,376 115 -994 1,231 125,849 287 67 4 84 144 -10 February___ -32, 479 -50,314 1 -2,497 249 11,975 -565 295 -49 5 75 263 March 19,118 648 3 -3,851 -201 7,989 -147 112 -19 6 -107 232 April 99,395 -28, 566 -474 -26, 395 3,907 111, 292 1,297 735 -50 745 87 44 -91 May -195,876 -77,803 -594 -109,195 -885 44,621 1,263 6,666 -206 418 237 6,100 117 June -393,551 -223,070 -190 -56,265 -1,101 -3,431 1,341 2,876 1,057 275 1,014 530 July -12,206 414 — 1 -45 -650 1,295 —70 9,525 4,483 4 697 4,341 August 50,770 14 -1,990 -1,148 25,759 -3,418 i 26,646 30 -1 345 4,395 September >. 26,482 -23,688 -700 27,224 -132 236 114,731 4', 355 -41 59 479 3,858 October »_„_ -68,693 -157.172 -9,178 4.^97 5.221 -1,172 189,062 10,567 -49 177 2,177 8,261 November K —238,991 -258,534 11 -8,235 -11,245 1,100 152,973 780 -45 604 221 « Corrected. i $19,218,000 imported by France from Italy in November, $65,437,000 in December 1934; $25,755,000 in January, $27,417,000 in August, $5,561,000 in September, $89,393,000 in October, $35,433,000 in November 1935; $9,481,000 imported from South Africa in September, $9,945,000 in November 1935; and $7,625,000 imported from Poland in November 1935. * 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

38 FEDERAL RESERVE BULLETIN JANUARY 1936 GOLD MOVEMENTS—Continued Netherlands Year or month Total net Net imports from or net exports (—) to: imports or net exports United England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h c A o l u l n o t t r h ie e s r States Official figures converted at rate of $£0.67 an ounce 116,149 | 106,623 I 50,070 \ -34,009 I -12,727 | -13,630 1 -16,137 I 16,423 I -7,346 1933 -67,510 ! -3,839 I -1,624 I -72,183 | 40,818 | -17,873 | -6,030 | -16,974 ! 9,632 I 567 Official figures converted at rate of $55 an ounce 1934 -122,664 -46,040 -31,038 -78,610 25,716 9,285 -1,253 -4,784 1,891 2,171 September -326 498 -327 -2 -44 -1,016 393 130 October. „ -2,386 -637 -178 -65 -4 70 126 November. -16,849 -17,770 645 -587 -65 -106 56 154 December. -9,431 -9,270 -312 62 -95 -34 -25 165 1936—January... -18,300 -15,605 -3, 221 110 -161 -30 27 476 171 February.. -2,899 -2,495 -352 64 -159 -8 -197 171 March 510 37 -1,299 617 1,066 -3 -136 181 A M p a r y il -1 - 2 5 0 , , 0 4 8 9 0 2 -9 -2 7 r, 8 6 1 3 0 2 -2 -1 0 , , 5 8 6 9 2 0 -20,9 2 6 7 6 7 20 -2 ,0 8 8 9 1 -1, — 08 4 4 1 -86 7 2 1 1 2 5 6 6 June -14, 797 -19,259 1,375 667 3,379 -107 113 -103 July -26,102 -29, 215 15, 702 -21,909 9,563 51 -8 58 118 August -4,514 -152 -9,436 2,900 -253 -23 2,356 180 September. -37, 290 -40,868 2,861 249 133 -317 9 772 33 October -13,080 -10,373 514 —1, 339 275 -204 -114 140 66 November. 38,746 -3,026 20,084 10, 564 11,248 -11 210 Switzerland British India Net imports from or net Total Net imports from or net exports (—) to: Total exports (—) to: Gold Change in— Year or month net net proimports imports duce o x r p n or 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 r th i u e l e n l s r - e o x r p n o e rt t s U S n ta i t t e e s d E la n n g d - c o t o A r th i u e l e n l s r - In ti i d o n i n a s I e n R r i d n v e i - e a s i P i I n h n r g i o d v s l i d a a i t - n 3 e Official figures converted at rate of $20.67 an ounce 1932 169,786] I 124,3541 15,3421 7,4181 —581 -2,9541 14,9961 10, 6881-195,66211-38,0941-151,0591 -6,5081 6,782! 1271-189,008 1933 -41,12l|| 10,9831-24,536! -26,7811 735J-15,330| 13,168| 635J-126, 048||-30,340| -85,463|-10, 2441 6,916| -5|-119,124 Official figures converted at rate of $85 an ounce 1934. — -46,065; -12,784 -45,955 -29,2351 18,397 19,431 2,580 1,500 -230,720 '-73,556 '-153.179 r~3,987 11, 222 173 -219, 671 September 21,532 2,367 15,804 56 2,304 -2,643 109 932 -1, 602 October., 12,853 -195 5,821 3,538 3,987 -4,441 '-10,149 '159 944 -13,491 November 12, 397 291 -771 -6,273 13,526 6,001 -2,229 -18, 617 146 929 -19,771 December -1,950 -417 -4,143 226 2,280 -3, 201 -20,216 162 995 -22,257 1935—January- -4,125 -17 -216 -4,344 472 -1,667 —14,874 207 946 -2 -15,386 February -15,025 -51 -2,108 -16,117 225 2,689 -2,406 -14,133 -1,207 903 1 -16,844 March -17,830 5 -6,839 -16,148 415 4,734 -18,225 -214 955 -5 -17,479 April -139,633 324 -31, 619 -107,021 7 2,110 -3,831 155 938 -2,737 May -63, 229 -17,878 -38,514 -5,972 303 -6,558 653 954 -5, 650 June -5,640 "~49 549 2,684 -8, 651 -74 -4,078 254 937 -2,887 July 1,417 3 1,610 2,998 — 1 10 -21,575 -818 958 -21,425 August... 9,328 64 -38 1,273 4,080 -6,309 -18,922 -233 961 -24, 503 September 5,845 107 3,017 -24 16 3,31~ -2, 648 -9,117 365 »961 v-10,439 October 1,367 163 1,085 881 1,343 -1,330 -10,032 202 »961 "-10,199 November -934 -33f -3, 227 1,849 p-13,582 v Preliminary. * Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. 1 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

39 JANUARY 1936 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of banking department Liabilities of banking department Gold (Figures in B m a i n ll k io o n f s E o n f g p l o a u n n d ds sterling) ( m d in e e p n is a t s r ) u t * - e 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 N t r i c o o u n t l e a- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1934—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. 2G.. 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 96.9 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- Ifi4.7 54.8 11.2 98.2 399.9 82.5 26.2 38.6 17.7 Nov. 27.. 197.6 56.3 9.5 98.4 401.3 90.9 19.7 36.5 17.8 Dec. 25_ 200.1 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 Assets Liabilities Bank of France Loans on- Deposits < Figures in millions of francs) Gold e F x o ch re 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 r s m - - s O e t c i t e h u s e ri r - N c b u e le g r i o ti s t e e ia - s - Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia ti t b e h i s e li r - 1934—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 3,068 3,228 5,898 8,849 81,879 4,829 15, 522 1,869 Dec. 28. 82,124 3,971 3,211 5,837 83,412 3,718 15, 359 1,907 1935—Jan. 25. 82,014 962 4,003 3,149 5,837 7,970 81,686 3,751 16,473 2,024 Feb. 22. 82,040 961 3,998 3,080 5,833 7,914 81,917 3,619 16,328 1,962 Mar. 29. 82, 635 1,017 4,170 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 10,969 2,013 July 26. 71, 277 1,240 7,301 692 3,171 5,805 8,077 81,128 3,241 11,090 2,105 Aug. 30. 71,742 1,236 7,575 543 3,103 5,800 8,212 82, 240 3,244 10, 663 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, 71,990 1,262 8,373 371 3,141 5,800 7,939 83,306 2,862 10,647 2,059 Nov. 29. 66,191 1,385 11,005 1,090 3. 267 5. 8(10 8,032 82,447 2.826 9,361 2,136 Dec. 27. 66. 296 1,328 9,712 573 3,253 5,800 7,879 81,150 2,862 8,716 2.113 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 Tr b ea il s l u s ry ch ( b e a i c n ll k d s s) Se lo c a u n ri s ty E a c l s i 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- 934—Oct. 31.-- 3,726 91 435 316 3,823 856 868 Nov. 30.. 3,848 119 436 316 881 3,810 961 920 Dec. 31— 45 4,021 146 445 319 827 3,901 984 1,001 1935—Jan. 31-.- 3,620 81 441 319 837 822 900 Feb. 28— 3,656 188 437 328 697 3,617 928 866 Mar. 30.. 3,799 66 427 330 701 3,664 922 830 Apr. 30— 27 3,861 87 373 328 739 3,711 952 837 May 31— 3,732 86 338 324 775 3,810 770 824 June 29 3,879 89 337 324 781 3,895 819 838 July 31— 3,833 52 337 324 814 3,878 743 845 Aug. 31— 4,000 54 340 324 781 4,032 743 860 Sept. 30.. 4,144 73 346 324 770 4,143 774 879 Oct. 31-... 4,058 66 345 316 868 4,159 728 911 Nov. 30... 4.096 78 346 315 922 4,186 806 913 Dec. 31».. 82 4,498 84 315 853 4,285 1,032 923 * Preliminary * Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixedb y law at £260,000,000. 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

40 FEDERAL RESERVE BULLETIN JANUARY 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1935 1934 1935 1934 Central bank Central bank Novenr Octo- Sep- Novem- Novem Octo- Sep- November ber tember ber ber ber tember ber National Bank of Albania (thou- Bank of Canada3 (thousands of Casands of francs): nadian dollars): Gold 7,556 7,557 7,123 Gold 181,394 181,493 181,372 Foreign exchange 20,017 19,781 22,506 Sterling exchange 314 245 218 Loans and discounts.-„ 3,115 2,803 2,772 United States exchange 8,659 3,285 2,453 Other assets 5,514 5,447 3,127 Advances to Government 2,223 15,725 2,759 Note circulation 13,139 13,757 11,059 Government securities: Demand deposits 11,814 10,841 13,420 2 years or less 36,386 25,904 24,732 Other liabilities 11,248 10,988 11,049 Over 2 years 84,193 80,887 79,466 Central Bank of the Argentine Other assets.. . 4,469 4,315 5,150 Republic i (millions of pesos): Note circulation 95,260 96.058 85,067 Gold at home _ 1,224 1,224 1,224 Total deposits 215,894 209,601 205,172 Gold abroad and foreign ex- Chartered banks 186,723 190,854 183,829 change 125 142 111 Government 28,151 18,255 20,705 Negotiable Government bonds.. 238 217 160 Other liabilities 6,483 6,195 5,912 Other assets 153 149 148 Central Bank of Chile (millions of Note circulation 940 932 Deposits: Gold and foreign exchange in re- Member bank 204 216 241 serve 142 142 144 Government 187 199 146 Loans and discounts 81 79 51 Liquidation Institute _ 174 174 174 Government debt 710 710 717 Other ,_. 196 162 110 Note circulation 541 526 502 Other liabilities 40 42 42 Deposits _ 337 350 338 Commonwealth Bank of Australia Central Bank of China «(millions of (thousands of pounds): yuan): Issue department: Gold 21 17 30 Gold and English sterling... 15,994 15,994 15,994 15,708 Silver 145 129 115 Securities 34,634 34,634 34,634 29, 625 Due from banks abroad 8 7 11 Banking department: Due from domestic banks 31 34 49 Coin, bullion, and cash 927 843 856 847 Loans and discounts 208 201 191 London balances 17,182 17,318 15,591 20, 579 Securities 176 175 23 Loans and discounts 15,126 14,953 16,379 18, 565 Other assets... 45 45 44 Note S D e c e c i p r u o c r u s it i l i t a e s t s ion _ 4 3 7 5 , , 0 4 4 9 5 5 4 6 3 9 7 5 , , , 0 7 5 4 5 9 5 5 5 4 3 6 7 5 9 , , , 0 8 0 4 9 4 5 8 2 4 3 7 7 5 9 , , , 5 5 7 5 1 5 0 5 8 N D o ep te o s c i i t r s c — ul B G at a o io n v n k ernment 2 1 9 2 3 4 3 4 2 1 8 4 1 4 5 9 2 3 5 8 0 6 6 Austrian National Bank (millions of Other 54 37 10 sch D F G i o o l o l r m l i e d n i e . g g s n s t ) i : c b i b ll i s lls. 2 2 1 4 2 2 2 8 4 2 2 1 4 3 3 2 0 7 2 2 1 4 3 3 2 0 9 2 2 4 4 4 6 1 2 Ba ( n th k O o t o u h f s e a r t n h l d i e a s b R o i f l e i p t p i u e e b s s o li s c ) : of Colombia 130 122 Government debts 624 624 624 624 Gold at home and abroad » 27,896 26,905 25,368 15,676 Note circulation 953 963 953 955 Foreign exchange' 4,066 3,272 1,655 Deposits 254 254 274 172 Loans to member banks.. 2,763 3,048 3,618 5,281 Na o t f i b o e n l a g l a s B ) a : nk of Belgium (millions N De o p te o s c i i t r s culation 3 3 8 1 , , 6 6 8 2 5 4 3 3 9 0 , , 0 6 7 8 8 9 3 29 8 , , 4 5 5 0 3 2 2 3 5 6 , , 5 4 5 4 3 1 Gold* 3,480 3,449 3,419 2,503 National Bank of Czechoslovakia Domestic and foreign bills * 1,364 1,363 1,350 671 (millions of koruny): Loans to State 162 162 162 344 Gold 2,691 2,691 2,692 2,676 Note circulation 4,158 4,207 4,140 3,501 Foreign balances and currency.. 80 105 104 183 Deposits. 1,054 994 225 Loans and advances.. 1,084 1,292 1,165 1,205 Central Bank of Bolivia (thousands Note circulation 5,599 5,715 5,730 5,337 of bolivianos): Deposits __ _ 320 477 412 Gold at home and abroad 17,105 16,282 9,417 Danish National Bank (millions of Foreign exchange 9,904 9,600 5,795 kroner): Loans and discounts 9,200 10,162 34,133 Gold.. _-_ 118 118 118 133 Secu N ri a t t i i e o s n : al Government 397,163 361,467 209, 503 L Fo o r a e n i s g n a n b d i ll d s i , s e c t o c unts 7 1 5 4 7 1 5 4 7 1 5 3 7 1 3 0 N D o ep te o O s c t i h i t r s e c r ulation 2 1 4 4 3 3 5 , , , 0 0 5 7 4 1 6 6 62 1 0 4 3 8 3 , , , 1 8 9 0 9 9 6 9 3 1 7 3 3 9 6 , , , 8 2 1 4 1 6 1 8 2 Bank N D e o p t o e o f s c i i t r D s cu an la z t i i g o n (thousands of 3 6 8 5 4 38 4 7 6 3 7 6 1 8 3 1 7 2 8 7 B N a a o n t f i D k N L C C o l e o n a o e o o v a s p a r t f e h a r n l o e B ) s s B c : s i r i a p a t a r s n o n c z d n k u il d l o d a ( e f t i m n i s B o t c i s n l o u li u l a o g b n n a t r s s r o i a a o d f ( m m i i l l r li e o is n ) s : 3 3 , , 2 2 1 1 2 8 2 4 2 0 0 3 6 9 3 3, , 2 2 0 1 1 2 5 7 5 1 0 6 2 0 2 2 , , 2 2 6 9 2 9 3 0 1 0 7 6 5 5 gu N F D G O L ld o o o e o t e r h a p l t e n e d e n o i * r ) s g s c : i n f i a t o r s n c e r d e u x i l c g d a h n t i a i s o n e c n g x o e c u h n o a t f s n t g h e e reserve*. 2 2 1 8 0 9 7 , , , , 9 3 1 7 8 2 9 0 6 3 9 2 5 4 5 0 7 5 ' 1 1 6 8 2 7 6 , , , , , 1 4 0 1 4 3 1 0 2 5 0 2 0 7 8 3 2 1 0 6 4 0 1 7 , , , , , , 6 1 2 6 0 1 1 3 1 3 4 7 8 5 6 5 3 5 3 2 1 8 3 1 1 9 , , , , , 1 7 7 9 6 1 6 9 7 3 8 9 4 7 9 5 4 8 Gold 1,583 1,583 1,583 1,547 Central Bank of Ecuador (thousands Net foreign exchange in reserve. -122 -126 -80 -59 of sucres): Total foreign exchange 509 246 192 217 Gold at home and abroad 17,566 16,174 15,276 Loans and discounts 1,309 1,360 1,194 1,047 Foreign exchange.- 12,054 8,999 15,426 Government obligations 2,671 2,671 2,671 2,755 Loans and discounts 59,709 59,086 50,464 Note circulation 2,303 2,413 2,408 2,449 Note circulation 46,922 45,641 46,828 Other sight liabilities 2,030 1,916 1,911 1,915 Deposits 21,505 20,846 29,477 • Corrected. i Bank commenced operations May 31,1935. • By law of Mar. 30,1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of be ga (see BULLETIN for May 1935, p. 291). • Bank commenced operations Mar. 11,1935. • Items for issue and banking departments consolidated. « Beginning Apr. 6,1935, gold and foreign exchange valued on basis of peso price of gold in New York. • Parity of gulden reduced May 2,1935, from $0.3296 to $0.1899. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 41 CENTRAL BANKS—Continued [Figures as of last report date of month} 1935 1934 1935 1934 Central bank Central bank No- Octo- Sep. No- No- Octo- Sep November ber tember vember vember ber temb vember National Bank of Egypt 1 (thousands Bank of Japan (millions of yen): of pounds): Gold- 500 495 492 464 Gold 6,545 6,545 6,545 Advances and discounts 920 856 877 778 Foreign exchange.- 1,909 2,006 3,153 Government bonds.- 570 452 342 323 Loans and discounts 5,971 4,382 5,539 Notes issued 1,443 1,295 1,301 1,186 British, Egyptian, and other Total deposits 580 481 311 Government securities 38, 914 36,106 32, 625 Bank of Java (millions of florins): Other assets 4,062 3,751 4,371 Gold- 80 113 Note circulation 24, 381 21,406 20,435 Foreign bills 3 2 1 Deposits—Government... 6,526 5,868 6,948 Loans and discounts 66 67 63 Other 18,177 17,198 16,101 Note circulation 157 160 163 181 Other liabilities 8,317 8,319 8,748 Deposits _ 21 20 19 34 Central Reserve Bank of El Salva- Bank of Latvia (millions of lats): dor (thousands of colones): Gold. _ _ 46 46 46 46 Gold- - 12,465 12,433 11,919 Foreign-exchange reserve 6 6 5 4 Foreign exchange.- 1,201 1,314 507 Bills _ 52 52 52 61 Loans and discounts 947 814 169 Loans 59 54 52 76 Government securities 7,065 7,100 8,189 Note circulation _ 37 36 36 Other assets 1,132 1,059 1,235 Government deposits 28 29 44 Note circulation 13,037 13,089 15,014 Other deposits _. 112 112 110 119 Other sight liabilities 6,157 6,037 3,602 Bank of Lithuania (millions of litu): Other liabilities 3,616 3,594 3,403 Gold _ 36 35 34 53 Ba k n r k o on o i f ) : Estonia (thousands of L Fo o r a e n i s g n a n e d x c d h i a s n c g o e u n 3 t _ s _ 8 _.. 9 1 2 8 8 1 9 9 15 9 6 3 B k an k N D N L G k G a o a e e o o o o a p t ) t l l : f e d n o f d s o s c - F i r i a t i e r s n n i c — g l d u a n l B n O G d a e d t i a t o x i s h n o v c c e ( k n e h o m r r a u n i n l n m g l t i e o s e . n n . — s t o - f mar- 3 3 1 1 4 6 9 2 4 - 5 , , , , , , 1 1 9 9 4 2 4 4 8 0 4 4 4 7 0 6 0 0 0 8 5 9 5 7 3 4 1 1 6 4 0 1 3 1 , , , , , , 4 1 9 1 4 8 7 4 4 5 2 9 3 1 1 6 6 1 4 1 3 8 0 2 3 3 1 1 4 8 1 7 0 3 1 , , , , , , , 1 0 7 4 1 8 9 6 5 8 0 6 8 3 1 6 6 3 7 8 0 7 7 1 2 3 1 3 6 7 6 7 2 5 , , , , , , , 8 8 0 2 3 3 1 6 2 2 1 7 2 9 2 0 1 1 5 5 4 4 3 4 N Re e i ( n s t t s h h e N D L N D F G ) o r : e o o e o e o o v u r r a p p l e t t l e s d e e n a o o a i s n g s s c c n B i i n d i i a d t t r r s s s a n s c c b n u d u i o B k l l l f l d a a a s t t i p n i i s o o o k o c f n n u o n ( u N m d n s t i e s l ) w l : io n Z s e o a f l a f n l — o d r- 6 7 1 1 4 2 8 7 7 0 2 1 8 7 7 5 4 5 7 1 1 3 8 8 5 0 9 9 1 9 9 5 4 2 8 5 2 3 1 4 4 7 1 6 9 2 8 2 8 8 1 1 8 7 8 6 5 8 1 7 1 2 2 6 7 B N D F O o a o o t c h r l m t r a e e e e n i r e d g c c s i n s i e t t r i s i s g c c b u h i b l t l a l a i s b l l t i l r i a s o o b n a i d li tie a s nd foreign 1 1 , , 3 2 6 4 1 0 7 0 9 4 6 1 1 , , 3 2 6 6 0 8 8 5 7 2 1 7 9 6 1 1, , 5 6 3 2 8 3 3 5 5 6 9 3 5 0 1 1 , , 6 4 2 2 1 0 8 2 4 6 3 6 9 2 9 N D S O G t o e t o e h m l t r d e e l B i r a n c a n a g i n d r s k c s e u d e x l t e c s a p h t o a io n s n i g t e s 1 1 9 7 2 5 1 1 , , , , , , 1 7 8 2 3 4 2 7 0 1 5 5 4 5 8 2 7 9 1 1 8 4 2 0 6 1 , , , , , , 9 4 8 7 8 8 5 3 9 8 7 0 1 1 9 6 5 2 1 1 8 4 2 2 4 9 , , , , , , 6 8 3 3 8 6 4 6 9 8 8 0 3 5 8 9 4 2 2 1 1 3 9 0 3 1 7 , , , , , , 6 6 0 1 6 7 1 7 0 3 3 0 1 1 2 2 7 8 Bank of Greece (millions of drach- Government _ 5,717 5,691 9,198 6,391 ma G s) o : ld and foreign exchange 3,559 3,661 3,621 4,058 Bank O o th f e N r o li r a w b a il y i ti ( e m s illions of kroner): 1,599 1,597 1,571 1,537 Loans and discounts 4,246 4,153 3,938 2,191 Gold. _ 185 185 185 135 Government obligations 3,281 3,281 3,281 3,353 Foreign balances and bills 34 35 28 37 Note circulation - 5,910 6,215 6,078 5,644 Domestic credits 203 203 191 253 Other sight liabilities 4,319 4,081 3,924 3,812 Note circulation— 331 329 331 315 Liabilities in foreign exchange - _ 205 161 129 129 Foreign deposits 3 1 7 National Bank of Hungary (mil- Total deposits 79 84 lions of pengosO: Central Reserve Bank of Peru (thou- Gold 79 79 79 79 sands of soles): Foreign bills, etc_ 28 23 15 15 Gold and foreign exchange 46,092 45.461 40, 547 Loans and discounts 560 566 548 600 Bills 57, 423 57,530 62, 955 Advances to Treasury _ 74 72 73 47 Note circulation _.. 83,377 80,293 71, 281 Other assets 93 81 73 32 Deposits _ 16,529 18,675 25,070 Note circulation. _ 393 412 389 350 Bank of Poland (millions of zlotys): Deposits 130 102 97 100 Gold 443 454 466 499 Certificates of indebtedness 104 104 109 115 Foreign exchange 19 17 27 30 M iscellaneous liabilities 176 171 161 181 Loans and discounts 868 799 723 Reserve Bank of India 3 (millions Note circulation _. 1,034 1,047 981 958 of rupees): Other sight liabilities 133 130 158 237 Issue department: Bank of Portugal (millions of es- Gold at home and abroad... 444 444 444 cudos): Sterling securities 662 662 662 Gold.... 910 909 902 Indian Government securi- Other reserves 455 451 443 423 ties 255 255 255 Discounts and advances _. 336 344 322 323 Rupee coin _ 588 586 580 Government obligations 1,047 1,047 1,047 1,049 Note circulation.__ 1,604 1,602 1,563 Note circulation _. 2,077 2,070 2,087 2,052 Banking department: Other sight liabilities 873 901 844 807 Notes of issue department-. 346 345 378 Balances abroad. _ 113 103 158 Investments.-- 52 54 54 Other assets 7 6 12 Deposits—Government 119 102 134 Bank 282 295 358 Other liabilities 117 113 110 1 Items for issue and banking departments consolidated. 3 Bank commenced operations Apr. 1,1935. 3 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

42 FEDERAL RESERVE BULLETIN JANUARY 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1935 1934 1935 1934 Central bank Novem- Octo- Sep- Novem- Central bank Novem- Octo- November ber tember ber ber ber temb ber National Barikiof Rumania (millions Swiss National Bank—Continued of lei): Loans and discounts 208 198 208 100 Gold... 10, 721 10,688 10, 235 Note circulation _ 1,323 1,325 1,317 1,376 Foreign exchange of the reserve. 91 91 87 Demand deposits 337 327 333 642 Loans and discounts 5,450 5,411 6,715 Central Bank of the Republic of Special loans l 2,724 2,739 3,251 Turkey (millions of pounds): State debt2 10,372 10,353 5,668 Gold... 29 29 29 27 Other assets 12, 546 12,087 12,167 Foreign exchange 6 3 2 10 Note circulation- 22,430 21,993 21, 579 Government securities 150 150 148 153 Demand deposits 8,417 8,563 7,431 Other securities _ 36 37 36 32 Other liabilities 11,056 10,812 9,114 Other assets 54 54 53 28 South African Reserve Bank Note circulation 162 159 158 159 (thousands of pounds): Deposits 29 28 30 29 Gold... 25,735 25, 742 25,748 22, 295 Other liabilities 85 85 62 Foreign bills 10,117 6,576 6,796 9,117 Bank of the Republic of Uruguay Domestic bills .„. 256 22 23 131 (thousands of pesos): Note circulation 13,961 12,247 13,350 12, 721 Issue department: Deposits—Government 2,263 2,655 2,481 2,278 Gold and silver _ 41,091 41,091 Bank 28,146 26,238 27,077 20,942 Note circulation,_ 73, 752 73, 222 3 73,975 Other 4,463 3,378 2,425 4,671 Banking department: Bank of Spain (millions of pesetas): Cash reserves 43,018 45,372 50,912 Gold... 2,255 2,258 2,267 2, 267 Loans and discounts 99,050 87,964 100,957 Silver 696 692 698 675 Other assets 46,384 49,484 42,046 Balances abroad 281 281 282 279 Deposits—Demand 27,105 33,148 30,816 Loans and discounts 2,209 2,198 2,227 2,377 Time 40,223 40,130 Note circulation .,_ 4,734 4,740 4,633 4,669 Ministry of Fi- 43, 698 Deposits 1,289 1,255 1,215 1,005 nance 27, 652 31, 252 Bank of Sweden (millions of Others.. 19,373 5,782 2,787 kronor): Other liabilities 74,098 72, 508 42, 639 Gold 398 384 363 352 National Bank of the Kingdom of Foreign assets 630 649 665 522 Yugoslavia (millions of dinars): Domestic discounts and advances 52 44 41 48 Gold 1,426 1,379 1,351 1,822 Government securities 79 79 79 168 Foreign exchange. 314 315 326 217 Other assets 144 135 122 110 Loans and discounts 1,810 1,822 1,808 1,836 Note circulation 733 743 771 651 Advances to State 2,281 2,280 2,279 2,321 Total deposits.. 472 444 390 446 Note circulation _ 4,838 4,916 4,777 4,307 Bank 176 311 260 Other sight liabilities 1,375 1,267 1,262 1,268 Government 265 104 119 Other liabilities 96 104 100 101 Swiss National Bank (millions of francs): Gold 1,392 1,387 1,372 1,910 Foreign balances and bills 5 22 21 18 i Agricultural and urban loans in process of liquidation. (See note 2.) 8 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. 3 Liabilities of banking department. (See Bulletin for December 1935.) BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francsl Assets 1935 1934 Liabilities 1935 1934 Nov. 30 Oct. 31 Nov. 30 Nov. 30 Oct. 31 Nov. 30 Gold in bars 27, 647 32,231 11,744 Demand deposits (gold) _ 21,687 20,496 10,921 Cash on hand and on current account De w m it a h n b d a f n u k n s ds at interest 1 2 5, , 6 6 8 4 8 7 19 2 , , 9 2 2 9 4 4 4 6 , , 9 9 0 6 1 3 Sh c o ie r C t s - ) e t : n e t r r m a l d b e 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 ___ 22,089 40,393 42,059 (at cost): Time—Not exceeding 3 months. 103,704 104,467 108,785 Commercial bills and bankers' accpDtances 131,389 127,486 173, 319 Total _ 125,793 144,860 150,845 Treasury bills 201, 252 211,611 171,500 Central banks for account of others: 9,869 10,420 12,140 Total 332,641 339,097 344, 819 Time—Not exceeding 3 months- 2,969 2,966 Time funds at interest—Not exceeding Other depositors: 3 months 36, 265 40,283 40,423 Demand 462 2,227 1,192 Sundry bills and investments: Time—Not exceeding 3 months- 299 500 Maturing within 3 months: Long-term deposits: Treasury bills 33, 762 34,996 16,611 Annuity trust account 154,905 154,811 154,670 Sundry investments 43,426 64,712 44,827 German Government deposit 77,452 77,406 77,335 Between 3 and 6 months: French Government guaranty fund. 61, 930 61,930 40, 784 Treasury bills 27, 550 34,844 51,500 French Government deposit (Saar). 2,031 2,031 Ove S r u 6 n m dr o y n t i h n s v : estments 53,064 31,796 52,976 Total _ 296,318 296,177 272,789 Treasury bills 30, 604 22,215 37, 616 Capital paid in _ 125,000 125,000 Sundry investments 34,384 34,358 35,658 Reserves: Total 222, 791 222,920 239,188 L D e i g v a id l e re n s d e r r v e e se f r u v n e d fund 5 3 , , 8 32 4 4 5 3 5 , , 3 8 2 4 4 5 4 2 , , 8 67 6 2 6 Other assets: General reserve fund 11,690 11,690 9,732 Guaranty of central banks on bills Other liabilities: sold 6,174 6,201 6,137 Guaranty on commercial bills sold. 6,221 6,244 6,151 Sundry items 5,336 5,412 3,508 Sundry items 39, 711 38,611 61,375 Total assets 649,188 668,362 657,683 Total liabilities... 649,188 668,362 657,683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 43 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities England (10 clearin o g f b p a o n u k n s d . s F st i e g r u li r n e g s ) in millions re C se a r s v h es M c n a o s l o h n l t o e i a c y r n t e a d t B co il u ls n d te i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - Other Total D D e e m po a s n i d ts 1 Time» liab O il t i h t e ie r s 1935—January... 225 137 284 593 756 237 1,982 1,034 899 251 February.. 213 127 265 606 759 231 1,954 1,009 898 248 March 214 133 207 614 771 231 1,923 994 886 248 April 217 137 199 618 779 240 1,940 ,004 895 250 May 219 142 218 620 774 233 1,962 ,015 897 244 June 217 143 244 624 780 235 2,004 ,072 907 239 July 219 145 274 615 778 215 2,019 L. 084 899 227 August 213 149 287 615 768 205 2,013 1,068 899 224 September 208 147 299 619 766 205 2.024 .080 903 221 October... 204 141 297 626 777 213 2,036 ,064 921 224 November. 214 147 293 621 778 214 2,040 ,080 918 227 Assets Liabilities France Deposits (4 large banks. f F ra 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 ro s m B co il u ls n d te i d s- a O s t s h e e ts r a a c O n c w c e e p n s t- lia O b t i h li e ti r ei Total Demand Time 1935—January— 5,864 1,662 18,024 8,052 992 30, 593 29, 830 220 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 September 4,075 2,364 17, 585 7,450 1,489 28, 684 28,016 669 236 4,043 October.._ 3,996 2,413 17, 692 7,505 1,620 28, 800 28,101 268 4,158 Assets Liabilities Germany (5 large Berlin banks. Fig- Deposits Credits ures in millions of reichs- Cash Due from Bills dis- Securi- Other obtained Other marks) reserves banks counted ties assets from liabilities Total Demand Time banks 1935—February.. 127 382 2,082 3,149 909 1,047 5,351 2,159 3,192 863 1,483 March 185 371 2,108 3,096 930 1,047 5,457 2,319 3,137 789 1,491 April 163 346 2,234 3,030 933 1,038 5, 4P5 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, 023 758 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 2,899 1,019 992 5, 464 2,419 3,045 705 1.154 September. 195 341 2,035 2,918 1,061 996 5.382 2,436 2.947 701 1.463 October 156 314 2,167 2,889 1,033 993 5,408 2,451 2,957 682 1,463 Assets Liabilities Canada Security Deposits payable in Canada Entirely in Canada loans excluding interbank deposits (1 u 0 d r ia e c n s h a i d r n o te l m r la e r i d l s l ) io b n a s n k o s f . C F a i n g a - - Cash Se lo c a u n ri s ty l d o i O a s n c t o h s u e a n r n ts dd a a u b n f b o e a d r r n o e f n r k i a o g e s d m n t 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- Total Demand Time lia O b t i h li e ti r es 1935—January 230 958 147 973 441 117 2,014 602 1,412 710 February 230 957 149 984 434 119 2,003 575 1,428 717 March 207 965 152 970 431 118 2,006 560 1,447 681 April 214 981 142 1,000 472 114 2,086 634 1,452 690 May._ 204 971 155 1,005 459 117 2,064 617 1,447 June 207 955 127 1,018 468 122 2,039 613 1,426 July... 209 938 134 1,031 460 114 2,032 604 1,428 702 August 228 955 142 1,041 473 123 2,065 631 1,434 728 September... 223 965 157 1,103 464 123 2,131 687 1,444 734 October 235 132 1,116 476 121 2,151 685 1.465 744 November... 229 151 1,137 453 124 2,174 699 1,474 748 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 Juno 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN JANUARY 193& DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective E la n n g d - France m G a e n r y - Italy N l e a t n h d e s r- Sw la it n z d er- b C an e k n tr o a f— l R J 1 a a 0 n te . Date effective b C an e k n tr o a f— l R J 1 a a 0 n te . Date effective In effect June 1,1935 2 6 4 5 June 21 5 June 27 4 Albania Nov. 16,1933 India 3 Nov. 28,1935* JulyS 4 Austria 3H July 10,1935 Japan 3.65 July 3,1933 July 6 3H Belgium 2 May 16,1935 Java 4 July 1,1938 July IK Bolivia 6 July 5,1932 Latvia Jan. 1,1933- July 19 m Bulgaria 6 Aug. 15,1935 Lithuania... 6 Apr. 1,1930 July 25 5 Canada 2H Mar. 11,1935 New Zea- J A u u ly g . 2 3 6 — 6 5 C C o h l i o le mbia 4 J J u u n ly e 1 1 8 2, , 1 1 9 9 3 3 5 3 No la r n w d ay m A M u a g y . 24 1 , , 1 1 9 9 3 3 & 4 Aug. 0 3 Czechoslo- Peru 6 May 20,1932 Aug. 12 — vakia 3 Jan. 1,1936 Poland 5 Oct. 26,1933- Sept. 9 4H Danzig 5 Oct. 21,1935 Portugal 5 Dec. 13,1934 Sept. 17. . . 5 6 Denmark 3H Aug. 22,1935 Rumania Dec. 15,1934 Oct. 17 .- 5 Ecuador Nov. 30,1932 South Africa >» May 15,1933 Oct. 22 S* El Salvador- 5 July 5,1934 Spain July 15,1935 Nov. 5 _. Estonia 4H Oct. 1,1935 Sweden 2H Dec. 1,1933 Nov. 13 3H Finland Dec. 3,1934 Turkey Mar. 2,1933 Nov. 15 4 Greece 7 Oct. 14,1933 U. S. S. R... 8 Mar. 22,1927 Nov. 22 5 Hungary. ._ 4 Aug. 29,1935 Yugoslavia.. 5 Feb. 1,1935 Nov. 26 6 J J a a n n . . 2 1 , 0 1936 4 5 Changes since Dec. 1: Czechoslovakia— Jan. 1, down from 3^ to 3 per- In effect Jan. 10,1936. 2 4 4 5 3H 2H 5 c e t n o t ; 4 F pe ra r n c c e e n — t. Jan. 2, down from 6 to 5 percent, and Jan. 10, down from MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] England (London) Germany (Berlin) Netherlands (Amsterdam) Month ac 3 B c e a m 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 n B l l a o d n w e k p a e o n r s c s i e t ' s d P i r s r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 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—October... 0 77 0.68 0.75 3.81 5.13 4.63 0 59 l.OO November. .45 .29 .68 3.63 4.37 4.21 .63 1.00 December. .57 .47 .70 3.50 3.56 4.28 LOO 1935—January... .26 3.51 3.93 3.82 1.00 February- .28 3.41 3.77 3.83 1.00 March .57 .50 .72 3.38 3.60 3.94 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. .55 .75 3.02 3.07 3.21 5.48 5.65 October... .62 .75 3.04 3.26 3.13 4.70 5.00 November. .57 .55 .75 3.01 3.10 3.07 3.15 3.00 Sw la i n tz d er- ( B B e ru lg s i s u e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Hungary S ( h S w o t e o lm d c e k ) n - Japan (Tokyo) Month d P i r s i c v o a u t n e t d P i r s i c v o a u t n e t d P i r s i c v o a u t n e t d P is ri c v o a u t n e t co P m ri m m e e r- Day-to-day Loa to n s 3 up Discounted m C o a n l e l y rate rate rate rate cial paper money months bills overnight 1934—October 1.50 2.10 1.45 3.00 5.11 2.52 November... 1.50 2.35 1.44 3.19 5.11 2.56 December. _. 1.50 2.38 1.50 4.00 5.11 2.74 1935—January 1.50 2.38 1.79 4.00 5.11 2.59 February 1.50 2.38 2.12 4.00 5.11 2.62 March. , 1.50 2.38 2.12 3.89 5.11 2.70 April 1.80 2.38 2.14 3.50 5.11 2.54 May 2.39 2.12 2.56 3.50 5.11 2.40 June 2.60 1.88 5.72 3.50 5.11 2.45 July 2.79 1.88 4.06 3.50 5.11 2.45 August 2.47 1.88 3.06 4.17 5.11 2.60 September.... 2.40 1.88 2.85 4.87 5.11 2.62 October 2.37 1.88 2.71 5.00 5.11 2.69 November.... 2.44 1.88 3.89 5.00 NOTK.—For explanation of table see BTTLLBTIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

45 JANUABT 1936 FEDERAL RESERVE BULLETIN 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 De a n rk - (peso)* (pound)1 ling)! (belga) reis)» (lev)i (dollar) (peso)i (yuan) (peso)* (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 » 72.8009 337.07 15. 4478 17.8996 7.9630 1.0039 91.9587 7.6787 * 28.5979 81.6966 99.9464 3.8232 19.0709 1934 33.5793 400.95 18.7930 23.2867 8.4268 1.2852 101.0060 10.1452 34.0937 61.7799 99.9362 4. 2424 22.4998 1935 32. 6585 388. 86 18.8309 18.4241 8.2947 L. 2951 99.4933 5.0833 36. 5707 56.0110 99. 9198 4.1642 21.8834 1934—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 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 November.. 32.8152 390.90 18. 7753 16.8946 8.3792 L 3404 98.9236 5. 0950 29. 6485 56.5948 99.9200 4.1363 21.9834 December _ _ 32. 8542 391. 28 18. 7828 16. 8565 8. 3902 L 3309 99. 0453 5, 0937 29. 4496 57. 0300 99. 9200 4.1433 22.0012 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 d e s r- (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 465.1111 453.4990 2.3875 3.9200 23.6302 1.2926 24.3305 17. 4522 33. 6895 5.2063 48.8509 «35. 4919 40. 2298 1932 359.5406 350. 6067 1.5547 3.9276 23. 7492 .8320 23.4604 17.4460 26. 3468 5.1253 28.1112 31.8500 40.2949 1933 434.3908 423. 6821 1.8708 5.0313 30. 5179 .7233 29.4516 22. 3598 31.8159 6.7094 25. 6457 28.1025 51.7209 1934 516.8549 503.9302 2. 2277 6.5688 39.3751 .9402 38. 7156 29. 5746 37.8793 8.5617 29. 7153 27. 7423 67.3831 1935 490.1761 2.1627 6. 6013 40. 2575 .9386 48. 2173 29. 6023 36. 9640 6 8. 2471 28. 7067 27. 7779 67. 7147 1934—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 503.2065 490.7834 2.1645 6. 5892 40. 2251 .9391 48.9702 29.6367 37.0217 8.1243 28.6687 27.7631 67.7416 November.. 504.9614 492. 4950 2.1719 6. 5862 40. 2251 .9390 36. 4772 29. 6242 37.1419 « 8.1024 28. 6828 27. 7673 67.8024 December _ _ 492. 8772 2.1745 6.5986 40. 2167 .9383 32. 7016 29. 6185 37. 2008 e 8. 0750 28. 7386 27. 7675 67. 7696 Year or month ( Z p e N o a u e l n a w d n ) d * N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( u n le m ia u a ) - (p S A o o f u r u i n c th d 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 ) ( U p 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 ]. 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 L. 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 .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 .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 L. 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 1935. 391. 26 24. 6268 18. 8824 4.4575 .9277 484. 66 13. 6783 57.1733 25.2710 32.4972 80.2513 2.2837 1934—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 80.2442 80.1885 2.2834 November.. 393. 74 24. 7399 18.8249 4.4787 .7899 487.08 13.6477 57.6071 25.3877 32. 4449 80.2674 80.1500 2. 2858 December _ _ 394.32 24. 7605 18. 8486 4.4854 .7879 487.44 13.6704 57.6112 25.4092 32. 4324 80.2075 2. 2886 » Partly or wholly nominal since April 1933. * Partly or wholly nominal since April 1934. Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. * Beginning Apr. 10,1933, new yuan, containing 23.4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. « Silver peso quoted in place of gold peso beginning July 30,1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso for Jan. 2-July 29 was 47.6510 cents. * Nominal beginning Nov. 23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN JANUARY 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether, Year or month (1 U 9 S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) (1 E 9 n 3 g 0 l = a 1 n 0 d 0) (1 F 91 ra 3 n = c 1 e 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (1 l 9 a 1 2 n 0 6 0 d - ) s 30- 1926 100 100 695 134 602 237 106 1927. _ 95 98 642 138 495 225 103 1928 97 96 645 140 462 226 102 1929 95 96 627 137 445 220 100 1930 86 87 100 554 125 383 181 90 1931. 73 72 88 502 111 328 153 76 1932 65 67 86 427 97 304 161 65 1933 66 67 86 398 93 280 180 63 1934 75 72 88 376 98 273 178 63 1934—.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 IPecember . „. 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 90 332 102 330 189 62 October.. 81 73 91 342 103 194 63 November 81 73 91 348 103 194 63 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- ts a p n r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r io o n v s i- a t p f r n I r i i n n o d a i d l d s s u h u r e s a e c m - w d ts i- p tr I r i i n o s a d d h l u e u f d s c in - ts - 1926 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 106 101 93 584 134 133 134 159 1929 105 100 92 579 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 87 542 464 104 96 103 136 1932 48 61 70 85 482 380 91 86 89 118 1933 51 61 71 87 420 380 87 75 88 113 1934 65 71 78 90 410 361 96 76 91 116 1934—June 70 78 90 406 356 94 76 91 116 July 71 78 89 396 354 98 76 92 115 August 74 78 89 393 351 100 78 92 116 September. 76 78 350 100 78 92 117 October. _. 75 78 347 101 78 92 118 November. 75 78 347 101 79 92 119 December. 75 78 344 343 101 79 92 119 1935—January. __ 80 78 351 350 100 81 92 1* February.. 83 77 339 346 100 81 92 120 March 82 77 329 341 99 83 91 120 April 85 77 325 345 100 84 91 120 May 84 78 324 353 101 84 91 119 June 83 78 307 351 102 86 91 119 July....... 82 78 292 347 103 85 91 119 August— 85 78 311 347 104 85 91 119 September 86 78 322 341 104 84 92 119 October.._ 85 78 331 351 104 84 93 119 November. 85 79 338 357 105 84 93 119 Source*.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 47 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month (19 U S 1 t n 3 a i = t t 1 e e 0 d s 0)1 1 E 91 n ( 4 J g u = la l 1 y n 0 d 0) 19 F 1 ( 4 r J a = u n 1 ly c 0 e 0)* G 1 e 4 (1 r = 9 m 1 1 0 a 3 0 n - ) y Year or month 2 U S ( 5 1 = t n 9 a 1 2 i t t 3 0 e e — 0 d s )3 1 E 91 n (J 4 g u = la l 1 y n 0 d 0) 1 (J 9 F a 1 n 4 r = a .- n 1 J 0 c u 0 e n ) e * G 1 e 4 (1 r = 9 m 1 1 0 a 3 0 n - ) y 1926.. 161 161 113 146 1926. 103 170 103 142 1927. 155 156 113 153 1927. 102 164 104 148 1928.. 154 157 112 153 1928- 100 166 105 152 1929.. 157 154 124 156 1929. 99 164 113 154 1930., 147 145 125 146 1930- 97 158 118 148 1931. 121 131 124 131 1931- 89 148 116 136 1932. 102 126 109 116 1932. 80 144 107 121 1933. 100 120 100 113 1933. 76 140 106 118 1934. 111 122 118 1934. 78 141 105 121 1934—September.. 117 126 119 1934—September 143 104 122 October 116 125 119 October 143 122 November... 115 127 120 November 79 144 122 December... 114 127 119 December 144 102 122 1935—January 119 125 119 1935—January 143 122 February. _. 122 124 120 February... 142 123 March 122 122 119 March 81 141 100 122 April 124 119 119 April 139 122 May 124 118 120 May 139 123 June _. 123 120 121 June 140 123 July 122 126 123 July 143 124 August 122 126 123 August 143 125 September.. 124 125 121 September. 143 123 October 124 128 120 Ofttober_«_> 145 123 November,. 131 120 November. 147 123 i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. Indexes for revised series, 1923—25=100, are 80 for October and 82 for November. 2 Index represents prices converted to gold basis of 1914. 3 Series revised, including a change in base from 1913 to an average for the years 1923 to 1925. 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 Ge'ne'rale, and for cost of living, Commission d'6tudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average==100) Year or month ( U a S p v t n r a e i i c r t t e a e e ) g s d e 1 (D 9 E 2 e n 1 c g = e l 1 m a 0 n b 0 d e )» r ( a 1 g F 9 e 1 r a 3 = n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e m c r e a a ) g n i e y U St n a i t t e e s d England » France Germany Number of issues 60 87 36 139 421 278 300 329 1926 97 0 110.0 57.4 100.0 100.0 100.0 100.0 1927 98 9 110 7 71.7 118.3 107.0 123.2 145.0 1928 . 98.7 112.3 80.8 85.5 149.9 115.9 178.1 136.1 1929 95 7 110.2 85.1 81.4 190.3 119.5 217. 6 122.8 1930 __ 98.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931 96.1 108.4 96.9 2 83.4 94.2 78.9 132.2 «78.0 1932 81 1 113 2 88.6 2 67.1 48.4 67.9 105.2 2 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—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 73.2 935—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 October. . 101.9 125.5 82.1 94.9 86.1 84.6 77.3 83.5 November 103.5 128.9 78.8 94.9 94.2 88.9 76.8 82.1 i 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

48 FEDERAL RESERVE BULLETIN JANUARY 1936 LAW DEPARTMENT Deferment of effective date of subsection (0, section 1, STATUTORY PROVISIONS of regulation Q On December 28, 1935, all Federal Reserve This regulation is based upon and issued pursuant banks were advised, and requested to advise to the provisions of section 8 of the Clayton Act, their member banks without delay, that, pend- the pertinent parts of which are published in the ing action by the Federal Deposit Insurance Appendix hereto.1 Corporation on its regulation relating to the payment of interest on deposits by insured SECTION 1. PROHIBITIONS nonmember banks, the Board had deferred Under section 8 of the Clayton Act, except as hereuntil such date as might be fixed by further inafter stated in section 2: action of the Board, the date upon which sub- (a) No person who is a director, officer, or employee section (f), entitled "Interest7', of section 1 of a member bank of the Federal Reserve System can of revised regulation Q, would become effeclegally be at the same time a director, officer, or emtive, but that all other provisions of regulation ployee of any other bank, banking association, savings Q would become effective on January 1, 1936. bank, or trust company organized under the Nationa1 Bank Act or organized under the laws of any State or of the District of Columbia; Regulations of the Board of Governors of the Federal Reserve System (6) No private banker 2 can legally be at the same time a director, officer, or employee of any bank, bank- The Board has recently revised its regulaing association, savings bank, or trust company organtion L, relating to interlocking bank direcized under the National Bank Act or organized under torates under the Clayton Act, and its regulathe laws of any State or of the District of Columbia. tion R, relating to relationships with dealers in securities under section 32 of the Banking SECTION 2, EXCEPTIONS Act of 1933. These two regulations became effective on January 4, 1936. The text of The provisions of section 8 of the Clayton Act: these regulations is printed below. (a) Do not apply to a person who is neither a private banker nor a director, officer, or employee of a member REGULATION L bank of the Federal Reserve System; (Revised effective Jan. 4,1936. Superseding regulation L, (b) Do not prohibit a private banker or a director, series of 1933) officer, or employee of a member bank of the Federal INTERLOCKING BANK DIRECTORATES UNDER Reserve System from being at the same time a director, THE CLAYTON ACT officer, or employee of any number of other banking CONTENTS Statutory provisions. institutions not organized under the National Bank Sec. 1. Prohibitions: (a) Directors, officers, and employees of member banks. 1 Section 32 of the Banking Act of 1933 is applicable in certain circum- (6) Private bankers. stances to interlocking relationships between member banks and under- Sec. 2. Exceptions: writers and dealers in securities. See regulation R of the Board of (a) Persons other than private bankers or directors, officers, Governors of the Federal Reserve System. or employees of member banks. Section 17 (c) of the Public Utility Act of 1935 is applicable in certain (6) Banks not organized under National Bank Act, State circumstances to interlocking relationships between banks and public law, or laws of District of Columbia. utility companies and public utility holding companies. Inquiries (c) Relationships lawfully existing on August 23, 1935. regarding this section should be addressed to the Securities and Exchange (d) Exceptions applicable to directors, officers, and em- Commission and not to the Board of Governors of the Federal Reserve ployees of member banks. System. (e) Exceptions applicable to private bankers. Section 305 (b) of the Federal Power Act is applicable in certain cir- Sec. 3. Relationships permitted by Board: cumstances to interlocking relationships between public utility com- (a) Morris Plan bank or similar institution. panies and banks which are authorized by law to underwrite or partici- (6) Pending consolidation or merger. pate in the marketing of securities of a public utility. Inquiries regard- (c) Application pending on August 23,1935. ing this section should be addressed to the Federal Power Commission (d) Exceptions applicable to a private banker. and not to the Board of Governors of the Federal Reserve System. Sec. 4. Enforcement. a The term "private banker'* means an unincorporated individual Sec. 5. Amendments. engaged in the banking business or a member of an unincorporated Appendix. firm engaged in such business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAEY 1936 FEDERAL RESERVE BULLETIN 49 Act or under the laws of any State or of the District Board of Governors of the Federal Reserve System of Columbia3; pursuant to section 25 of the Federal Reserve (c) Do not prohibit, until February 1, 1939, any Act; interlocking relationship involving a member bank, (4) Banks, banking associations, savings banks, which was in existence on August 23, 1935, the date of or trust companies, more than 50 percent of the the enactment of the Banking Act of 1935, and which, common stock of which is owned directly or inat that time, was lawful under the Clayton Act, either directly 7 by persons who own directly or indi- (a) because it was authorized by a permit4 then in rectly 7 more than 50 percent of the common stock effect6 or (6) because it was otherwise not subject to of such member bank; the prohibitions of the Clayton Act6; (5) Banks, banking associations, savings banks, (<2) Do not prohibit a director, officer, or employee of or trust companies not located and having no a member bank of the Federal Reserve System from branch in the same city, town, or village as that being at the same time a director, officer, or employee in which such member bank or any branch thereof of any number of the following: is located, or in any city, town, or village con- (1) Banks, banking associations, savings banks, tiguous or adjacent thereto 8; or trust companies, more than 90 percent of the (6) Banks, banking associations, savings banks, stock of which is owned directly or indirectly by or trust companies not engaged in a class or classes the United States or by any corporation of which of business9 in which such member bank is the United States directly or indirectly owns more engaged; than 90 percent of the stock; (7) Mutual savings banks having no capital (2) Banks, banking associations, savings banks, stock; or trust companies which have been placed for- (e) Do not prohibit a private banker from being at mally in liquidation or which are in the hands of the same time a member of any number of firms of receivers, conservators, or other officials exercising private bankers, or from being at the same time a similar functions; director, officer, or employee of any number of the (3) Corporations principally engaged in interfollowing: national or foreign banking or banking in a dependency or insular possession of the United States (1) Banks, banking associations, savings banks, which have entered into agreements with the or trust companies, more than 90 percent of the stock of which is owned directly or indirectly by 3 In other words, the provisions of section 8 of the Clayton Act do not the United States or by any corporation of which prohibit a private banker or a director, officer, or employee of a member the United States directly or indirectly owns more bank of the Federal Reserve System from being at the same time a director, officer, or employee of any number of the following: than 90 percent of the stock; (a) Joint stock land banks, Federal land banks, Federal Reserve (2) Banks, banking associations, savings banks t banks, Federal intermediate credit banks, the Central Bank for Co- or trust companies which have been placed formally operatives, Federal home-loan banks, foreign banking corporations organized under section 25 (a) of the Federal Reserve Act, and other in liquidation or which are in the hands of receivers, institutions organized under laws of the United States other than the National Bank Act; 7 The following are clear illustrations of indirect ownership: (1) where (6) Banking institutions organized under the laws of territories, more than 50 percent of the stock of one bank is owned by the other bank; dependencies, or insular possessions of the United States, such as (2) where more than 50 percent of the stock of one bank is held in trust for the Philippine Islands, Puerto Rico, Hawaii, or the Canal Zone, and the shareholders of the other bank; and (3) where more than 50 percent not organized under the National Bank Act; and of the stock of one bank is owned by a corporation, all the stock of which is (c) Banking institutions organized under the laws of foreign coun- owned by the shareholders of the other bank. tries. 8 The Board has interpreted the term "contiguous" as referring to Federal savings and loan associations and Federal credit unions are cities, towns, and villages whose corporate limits touch or coincide at not organized under the National Bank Act or under the laws of any some point, and has interpreted the word "adjacent" as referring to State or of the District of Columbia, and therefore are excepted on that cities, towns, and villages which, although not actually "contiguous" ground irrespective of whether they are "banks" or "banking associa- within the above interpretation of that word, are located in such close tions" within the meaning of the statute. proximity and are so readily accessible to each other as to be in practical • Relationships which were lawful on Aug. 23,1935, because authorizedeffect a single city, town, or village, as for example, cities, towns, or vilby a permit then in effect were lawful within the meaning of this excep- lages separated only by a water course, or a suburb of a city separated tion irrespective of whether the permittee was then also serving in other from that city by an intervening suburb. relationships which were within the prohibitions of the Clayton Act but »The phrase "class or classes of business" refers to the various types which were not authorized by such permit. of business engaged in by such institutions involving relationships with * It is immaterial whether or not such permit contained a provision customers, such as (1) receiving commercial deposits, (2) receiving limiting its duration, provided it was in effect on August 23,1935. savings deposits, (3) carrying checking accounts, (4) making commercial • The provisions of the Clayton Act regarding interlocking bank direc- loans, (5) making real-estate loans, (6) making loans on stock or bond torates in effect prior to August 23, 1935, are analyzed in regulation L, collateral, (7> making "personal" loans of the character usually made by series of 1933, which was published in the Federal Reserve Bulletin for Morris Plan or Industrial banks, (8) engaging in corporate trust business, November 1933, page 711. and (9) engaging in individual trust business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN JANUARY 1936 conservators, or other officials exercising similar to that date, may serve any member bank named in functions; such application and any other one bank, banking (3) Corporations principally engaged in inter- association, savings bank, or trust company named national or foreign banking or banking in a depend- in such application until the next election of directors ency or insular possession of the United States of such institutions or until March 1, 1936, whichever which have entered into agreements with the is the earlier; Board of Governors of the Federal Reserve (d) Any private banker may be at the same time a System pursuant to section 25 of the Federal director, officer, or employee of not more than one of Reserve Act; the following: (4) Mutual savings banks having no capital (1) A bank, banking association, savings bank, stock. or trust company organized under the laws of any State or of the District of Columbia which is not SECTION 3. RELATIONSHIPS PERMITTED BY BOARD a member bank of the Federal Reserve System; (2) A member bank more than 50 percent of In addition to any relationships covered by the the common stock of which is owned directly or foregoing exceptions, not more than one of the following indirectly by such private banker or by a firm of relationships is hereby permitted 10 by the Board of private bankers of which he is a member; Governors of the Federal Reserve System in the case (3) A member bank not located and having no of any one individual: branch in the same city, town, or village as that in (a) Any private banker or any director, officer, or which such private banker or a firm of private employee of a member bank of the Federal Reserve bankers of which he is a member maintains a place System may be at the same time a director, officer, or of business, or in any city, town, or village contiguemployee of not more than one Morris Plan bank, ous or adjacent thereto 12; cooperative bank, credit union, or other similar insti- (4) A member bank not engaged in a class or tution; classes of business 13 in which such private banker (6) Any director, officer, or employee of a member or a firm of private bankers of which he is a membank of the Federal Reserve System may be at the ber is engaged; same time a director, officer, or employee of not more (5) A bank, banking association, savings bank, than one other bank, banking association, savings or trust company within the prohibitions of secbank, or trust company if the records of both institution 8 of the Clayton Act, which was included tions show that active consideration is being given to in an application under the Clayton Act filed by the consolidation or merger of such member bank and such private banker, which had been received at such other bank, banking association, savings bank, or the offices of the Board in Washington, D. C, or trust company, or that active consideration is being at the offices of a Federal Reserve agent on or given to the purchase of a substantial portion of the before August 23, 1935, and on which the Board assets and the assumption of a substantial portion of had not taken adverse action prior to that date; the liabilities of one such institution by the other; provided, that the provisions of this paragraph provided that no interlocking relationship permitted (5) shall be effective only until the next annual pursuant to this paragraph shall continue for a period election of directors of such institution or until or periods aggregating more than 6 months n; March 1, 1936, whichever is the earlier. (c) Any director, officer, or employee of a member bank of the Federal Reserve System who had filed an SECTION 4. ENFORCEMENT application for permission to serve two or more banks within the prohibitions of section 8 of the Clayton (a) Action by Federal Reserve agent.—Each Federal Act, which had been received at the offices of the Board Reserve agent shall cause the information contained in in Washington, D. C, or at the offices of a Federal reports of examination of member banks and other Reserve agent on or before August 23, 1935, and on information available to him from other sources to be which the Board had not taken adverse action prior analyzed in the light of the provisions of section 8 of 10 The provisions formerly contained in section 8 of the Clayton Act the Clayton Act relating to interlocking relationships authorizing the issuance of individual permits by the Board were re- involving banks; and, in the case of any apparent viopealed by section 329 of the Banking Act of 1935, and the act now provideslation of that section, shall communicate with the that the Board "may by regulation permit such service as a director, banking institutions and with the director, officer, or officer, or employee of not more than one other such institution or branch employee involved, with a view of ascertaining whether thereof * * *." (See first paragraph of sec. 8, quoted in the appendix to this regulation.) Accordingly, individual permits will no longer be the relationships involved are in conformity with the issued. law, and, if not, obtaining compliance with the law. 11 In the case of any relationship existing on the date this regulation becomes effective, such 6-months period shall begin to run on the effective " See footnote 8, page 49. date of this regulation. 13 See footnote 9, page 49. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 51 (b) Reports to Board.—In each case in which, after (7) A mutual savings bank having no capital stock. Until February 1, 1939, nothing in this section shall taking the steps outlined above, the Federal Reserve prohibit any director, officer, or employee of any memagent finds that the relationships involved are in viola- ber bank of the Federal Reserve System, or any branch tion of the law and have not been brought into con- thereof, who is lawfully serving at the same time as a formity with the law within a reasonable time after the private banker or as a director, officer, or employee of any other bank, banking association, savings bank, or matter was brought to the attention of the banking trust company, or any branch thereof, on the date of institutions and the officer, director, or employee enactment of the Banking Act of 1935, from continuing involved, the Federal Reserve agent shall report the such service. facts to the Board of Governors of the Federal Reserve The Board of Governors of the Federal Reserve System is authorized and directed to enforce compliance System with a recommendation as to the action to be with this section, and to prescribe such rules and regutaken. lations as it deems necessary for that purpose. SECTION 5. AMENDMENTS * * * ** When any person elected or chosen as a director or This regulation is subject to amendment or repeal, officer or selected as an employee of any bank or other in whole or in part, in the discretion of the Board of corporation subject to the provisions of this Act is Governors of the Federal Reserve System. eligible at the time of his election or selection to act for such bank or other corporation in such capacity his eligibility to act in such capacity shall not be affected APPENDIX and he shall not become or be deemed amenable to any of the provisions hereof by reason of any change in the STATUTORY PROVISIONS affairs of such bank or other corporation from whatsoever cause, whether specifically excepted by any of the Section 8 of the Clayton Act (U. S. C, title 15, sec. provisions hereof or not, until the expiration of one 19), as amended by the Banking Act of 1935, reads in year from the date of his election or employment. part as follows: SEC. 8. No private banker or director, officer, or REGULATION R employee of any member bank of the Federal Reserve System or any branch thereof shall be at the same time (Eevised, effective Jan. 4, 1936. Superseding regulation R of 1933) a director, officer, or employee of any other bank, banking association, savings bank, or trust company RELATIONSHIPS WITH DEALERS IN SECURIorganized under the National Bank Act or organized TIES UNDER SECTION 32 OF THE BANKING under the laws of any State or of the District of Colum- ACT OF 1933 bia, or any branch thereof, except that the Board of Governors of the Federal Reserve System may by regulation permit such service as a director, officer, or STATUTORY PROVISIONS employee of not more than one other such institution This regulation is based upon and issued pursuant or branch thereof; but the foregoing prohibition shall to the provisions of section 32 of the Banking Act of not apply in the case of any one or more of the following or any branch the/eof : 1933, which is published in the appendix hereto. (1) A bank, banking association, savings bank, or SECTION 1. PROHIBITIONS trust company, more than 90 per centum of the stock of which is owned directly or indirectly by the United Under section 32 of the Banking Act of 1933, except States or by any corporation of which the United States as hereinafter stated in section 2, no officer, director, directly or indirectly owns more than 90 per centum of or employee of any corporation or unincorporated assothe stock. ciation, no partner or employee of any partnership, (2) A bank, banking association, savings bank, or trust company which has been placed formally in and no individual, primarily engaged in the issue, flotaliquidation or which is in the hands of a receiver, con- tion, underwriting, public sale, or distribution, at servator, or other official exercising similar functions. wholesale or retail, or through syndicate participa- (3) A corporation principally engaged in interna- tion, of stocks, bonds, or other similar securities, can tional or foreign banking or banking in a dependency legally be at the same time an officer, director, or emor insular possession of the United States which has entered into an agreement with the Board of Govern- ployee of any member bank of the Federal Reserve ors of the Federal Reserve System pursuant to section System.1 25 of the Federal Reserve Act. (4) A bank, banking association, savings bank, or 1 Therefore, by its terms, section 32 does not apply— trust company, more than 50 per centum of the com- (<z) To a person who is not an officer, director, or employee of a member mon stock of which is owned directly or indirectly by bank of the Federal Keserve System; persons who own directly or indirectly more than 50 (6) To a person (1) who is not an officer, director, or employee of a per centum of the common stopk of such member bank. corporation or unincorporated association primarily engaged in the (5) A bank, banking association, savings bank, or issue, flotation, underwriting, public sale, or distribution, at wholesale trust company not located and having no branch in the or retail, or through syndicate participation, of stocks, bonds, or other same city, town, or village as that in which such mem- similar securities, (2) who is not a partner or employee of a partnership ber bank or any branch thereof is located, or in any city, primarily so engaged, and (3) who is not, in his individual capacity, town, or village contiguous or adjacent thereto. primarily so engaged. (6) A bank, banking association, savings bank, or A broker who is engaged solely in executing orders for the purchase and trust company not engaged in a class or classes of sale of securities on behalf of others in the open market is not engaged in business in which such member bank is engaged. the business referred to in section 32. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN JANUARY 1936 SEC. 32. No officer, director, or employee of any cor- SECTION 2. EXCEPTIONS poration or unincorporated association, no partner" or Pursuant to the authority vested in it by section 32, employee of any partnership, and no individual, prithe Board of Governors of the Fedreal Reserve System marily engaged in the issue, flotation, underwriting, hereby permits the following relationships:2 public sale, or distribution, at wholesale or retail, or through syndicate participation, of stocks, bonds, or Any officer, director, or employee of any corporation other similar securities, shall serve the same time as an or unincorporated association, any partner or employee officer, director, or employee of any member bank exof any partnership, or any individual, not engaged in cept in limited classes of cases in which the Board of the issue, flotation, underwriting, public sale, or dis- Governors of the Federal Reserve System may allow such service by general regulations when in the judgtribution, at wholesale or retail, or through syndicate ment of the said Board it would not unduly influence participation, of any stocks, bonds, or other similar the investment policies of such member bank or the securities except bonds, notes, certificates of indebted- advice it gives its customers regarding investments. ness, and Treasury bills of the United States, obligations fully guaranteed both as to principal and interest 2 Under sec. 32, as amended effective Jan. 1,1936, the Board is authorby the United States, debentures issued by Federal ized to except limited classes of relationships from the prohibitions of the statute, under certain conditions; but the Board can make such excepintermediate credit banks, bonds issued by Federal tions only by general regulations and is not authorized to issue individual land banks, and general obligations of Territories, permits. dependencies and insular possessions of the United 3 Sec. 8 of the Clayton Act is applicable in certain circumstances States, may be at the same time an officer, director, or to interlocking relationships between member banks and private employee of any member bank of the Federal Reserve bankers, and other banks, banking associations, savings banks, and trust System, except when otherwise prohibited.3 companies. See regulation L of the Board of Governors of the Federal Eeserve System. Sec. 17 (c) of the Public Utility Act of 1935 is applicable in certain SECTION 3. AMENDMENTS circumstances to interlocking relationships between banks and private The right to alter, amend, or repeal this regulation, bankers (and corporations owned by banks and private bankers), and public utility companies and public utility holding companies. Inin whole or in part, is expressly reserved. quiries regarding this section should be addressed to the Securities and Exchange Commission and not to the Board of Governors of the Federal APPENDIX Reserve System. Sec. 305 (b) of the Federal Power Act is applicable in certain cir- STATUTORY PROVISIONS cumstances to interlocking relationships between public utility compa- Section 32 of the Banking Act of 1933 (U. S. C, nies and banks and bankers that are authorized by law to underwrite or title 12, sec. 78), as amended by section 307 of the participate in the marketing of securities of a public utility. Inquiries regarding this section should be addressed to the Federal Power Com- Banking Act of 1935, effective January 1, 1936, reads mission and not to the Board of Governors of the Federal Reserve as follows: System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDEKAL RESERVE BULLETIN 53 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 Decem- Novem- Decemr Dec. 4 Dec. 11 Dec. 18 Dec. 24 Dec. 31 ber ber ber Boston 322 610 529 731 368 Boston .. 525 369 1,420 New York _ _ _ ... 3,354 3,944 4,331 4,739 3,030 New York 3,971 4,627 6,169 Philadelphia 498 423 472 575 378 Philadelphia . . .. 491 318 1,042 Cleveland 34 41 76 43 43 Cleveland _ . 49 34 489 Richmond.. 79 82 55 58 58 Richmond 87 74 140 Atlanta . 95 98 98 101 38 Atlanta 87 70 103 Chicago 173 32 582 141 41 Chicago 244 72 137 St. Louis 67 41 41 33 18 St. Louis.. 70 37 191 Minneapolis 72 67 62 58 42 Minneapolis 63 73 9 Kansas City 631 621 604 630 619 Kansas City . 637 799 116 Dallas 29 113 36 21 12 Dallas 59 49 7 San Francisco 14 34 34 25 25 San Francisco 27 85 135 Total 5,368 6,106 6,920 7,155 4,672 Total 6,310 6,607 9,958 Back figures.—See Annual Report for 1934 (table 10). TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Total reserves Total deposits Federal c i R rc e u s l e a r t v i e o n n * otes in d R e e p s o e s rv it e n a o n t d e F lia e b d il e it r i a e l s combined. 1935 1934 1935 1934 1935 1934 1935 1934 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- December ber ber ber ber ber ber ber ber ber ber ber Boston 546,916 490, 092 400,890 370,998 326,305 272,301 317,381 306,042 270,641 79.4 77.5 73.8 JSTew York.... 3,253,459 3,049,192 1,784,668 3,133,127 2,956,280 1,798,757 799,557 773,222 675,038 82.7 81.8 72.1 Philadelphia.. 396, 599 387,943 289,372 289,571 215,486 273,121 263, 569 244,480 70.5 70.1 67.2 Cleveland 516,837 507,572 412,052 364,366 367,664 297,864 352,449 338,949 308,900 72.1 71.8 67.9 Richmond 253,073 244,428 206,846 183,037 176,225 136,125 185,386 183,467 173,285 68.7 68.0 66.9 Atlanta 186,594 179,474 136,300 118,827 115,574 89, 238 155,912 151,653 135, 739 67.9 67.2 60.6 Chicago 1,436,479 1,394,452 1,094,343 917,667 894,136 708,425 844,044 823,645 786,198 81.5 81.2 73.2 .St. Louis 243,067 208,639 184,465 180,996 152,808 161,484 154,235 143,678 70.3 69.5 70.4 Minneapolis. . 153,664 153,196 158,175 114,247 116, 372 112,858 111,071 107,969 107, 708 68.2 68.3 71.7 Kansas City.. 214,282 207,637 194,970 178,010 176,088 166,272 141,339 137,084 118,288 67.1 66.3 68.5 Dallas 131,367 123,268 117,920 128,446 124,175 128,142 75,056 70, 672 54,186 64.6 63.3 64.7 .San Francisco 427,495 427,493 334,874 332,710 338,813 276,753 280,259 273,460 212,480 69.7 68.4 Total... 7,759,832 7,397, 586 5,358,665 6,315,272 6,062,199 4,355, 029 3,697,059 3,583,967 3,230, 621 77.5 76.7 70.6 i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $21,103,000; month ago, $22,396,000; year ago, $21,676,000. Back figures.See Annual Report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN JANUARY 1936 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 Jan. 1,1936] New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston York delphia land mond lanta cago Louis apolis City Dallas Francisco Advances direct to industrial or commercial organizations 3H-6 4-6 4-6 6-6 4-6 6-6 5-6 Advances to financing institutions: On portion for which institution is obligated 3 3 4-6 13 4 3-4 On remaining portion 4-5 4-6 5-6 6-6 4-5 Commitments to make advances 1-2 1-2 1 1-2 1-2 1 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 DEC. 31, 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 dustrial Advi- Date ( e l a a c st h W m e o d n n th es ) day of N r u e m ce b iv e e r d t A o m d o at u e nt Nu s o 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 o ti 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 R F d ta b e e v o n a d s a u d e n e n t r i k r - c v n a e e g l s s c R F t o m a b e e o m n a d s e u d e n n e m t r i k - r t n v i s a t g e l - A p b p c l u p e o t t r m e o n d v - o e » t d d E o r r a a x r e c p w p p w a p a i n n r i l i e t t i d h - b d , - y , s i t F n p p a t g i a a u n o n t r d t u i i a t i o n i i o t n n c - n s n c i g t s - - i - * 1034—Nov. 28 4,635 166,433 961 46,599 828 42,202 6,657 20,390 4,398 Deo. 26 5,053 187,696 1,122 54,531 984 49,634 13,589 8,225 20,966 5,558 1,296 W35—Jan. 30 5,283 195, 710 1,341 73,470 168 64,518 17,493 11,739 26,362 7,160 1,764 Feb. 27 5,595 205,581 1,432 76,575 268 72, 525 19,163 13,963 26, 591 10,727 2,081 Mar. 27 5,897 217,756 1,521 79,490 364 76,441 20,785 15,732 23,552 13,900 2,472 Apr. 24 6,130 225,900 1,633 86,374 467 81,134 26,206 16,908 16,956 17,185 3,879 May 29 6,428 245,078 1,734 90, 799 571 86,282 26,977 19, 425 13,850 21,802 4,228 June 26 6,618 263, 482 1,815 102, 331 646 88, 778 27,518 20,579 11, 248 24,900 4,533 July 31 6,863 271,768 1,907 iO9,603 739 103,633 28,354 23,022 19,735 26,911 5,611 Aug. 28 7,029 278,022 1,970 112,629 786 107,244 29,447 26, 314 15, 319 29,556 6,608 Sept. 25 7,195 292,747 2,009 121,837 834 115,350 30.132 26,892 18,791 32,475 7,060 Oct. 30 7,388 299,927 2,083 126,192 ,901 118,378 32,719 27,057 13,357 36,565 8,680 Nov. 27 7,500 302, 331 2,134 130,502 ,948 121,947 32,634 28.002 13, 466 38, 952 8,893 Dec. 31 (Tuesday) 7,615 306,708 2,176 132,460 ,993 124,493 32,493 27,649 11,548 44,025 8,773 * Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. > Does not include financing institution guarantees of advances and commitments made by Federal Reserve banks. NOTE.—On Dec. 25, 1935, there were 125 applications amounting to $7,436,000 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

JANUABY 1936 FEDERAL RESERVE BULLETIN 55 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, DECEMBER 31, 1935 [In thousands of dollars] Total Boston Y N o e r w k L P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury.. ,553,357 16,822 , 320,993 70,230 15,847 31,954 73,298 , 342, 261 26,121 36,744 89,173 28,870 401,044 Redemption fund—Federal Reserve notes 17,444 2,995 1,792 1,168 1,055 1,283 2,869 522 799 540 849 681 2,891 Other cash 264, 550 32, 719 54,360 34,078 19,226 13,649 12,057 30, 342 18,000 8,229 19,000 6,659 16,231 Total reserves , 835, 351 52, 536 , 377,145 405,476 536,128 46, 886 188, 224 ,373,125 244,920 45, 513 209, 022 36, 210 420,166 Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed 1,541 307 832 250 10 45 25 3 69 Other bills discounted— 3,131 61 2,198 128 33 13 13 41 15 42 550 12 25 Total bills discounted. 4,672 368 3,030 378 43 58 38 41 18 42 619 12 25 Bills bought in open market - 4,656 343 1,738 484 444 175 165 577 87 61 128 126 Industrial advances 32, 493 2,941 7,741 6,768 1,784 4,460 928 1,853 392 1,589 1,146 1,780 1,111 U. S. Government securi- i ~~~ ties: Bonds _ - _ - - 216,176 14, 420 55,908 16,848 19,070 10,209 8,240 25, 623 9,420f 12,956 10,014 16,033 17,435 Treasury notes _ , 641,597 107,636 498, 307 120,857 149, 491 80, 028 64,596 242, 064 74,346 47,173 73,132 47,293 136,674 Treasury bills _ 572,958 35, 615 187, 668 39,415 49,464 26,479 21,373 88,002 24,434J 15,439 24,198 15, 649 45,222 Total U. S. Government securities 2,430, 731 157,671 741,883 177,120 218,025 116, 716 94, 209 355, 689 108, 200 75, 568 107,344 78, 975 199,331 Other securities 181 181 Total bills and securities 2,472, 733 161,323 754, 392 184, 750 220, 296 121, 409 95,340 358,160 08,697 77,260 109,418 80,893 200,795 Due from foreign banks... 665 50 265 69 63 25 24 80 4 3 18 17 47 Federal Reserve notes of other banks 27, 445 343 5,483 1,506 1,461 3,411 1,644 4,978 2,027 1,248 2,030 608 2,706 Uncollected items 603, 789 67,045 166,040 40,928 54,129 48,099 23,283 80,345 24, 737 16,071 34,088 19,607 29,417 Bank premises . _ 47, 723 3,113 10, 781 4,830 6,525 2,918 2,284 4,826 2,451 1,531 3,360 1,524 3,580 All other assets 38, 094 411 27, 956 3,801 1,324 863 1,449 405 215 427 190 761 292 Total assets 11,025,800 784, 821 4,342,062 641,360 819,926 423, 611 312, 248 1,821,919 383,051 242,053 358,126 239, 620 657,003 LIABILITIES Federal Reserve notes in actual circulation 3, 709,074 316, 739 807, 718 271,870 352, 515 181, 523 156,385 851,080 163,304 110,562 141,690 76,064 279,624 Deposits: Member bank—reserve account _. . 5,587, 208 326,489 2, 747,431 274, 326 334,461 165, 767 112, 539 790, 266 159, 725 96,228 168,793 123,816 287,367 U. S. Treasurer—general Foarceciogunn btank 54 2 3 8 , , 9 7 3 7 5 0 4 2 6 , , 0 8 9 7 5 2 33 10 0 , , 9 5 2 4 5 2 10 2 , , 8 5 8 1 1 8 3 2 9 , , 7 2 6 9 5 4 1 1 3 , , 0 1 7 8 7 4 1 1 , , 6 0 0 4 3 8 5 3 2 , , 3 38 7 8 6 14,5 8 1 7 7 3 3,1 6 5 9 5 8 2,2 7 7 8 5 6 4,8 7 5 5 6 7 2 2 4 , , 0 1 3 8 7 3 Other deposits 225,896 3,245 165,156 10,175 3,514 2,427 6,166 2,340 8,646 7,057 892 2,234 14,044 Total deposits 6,385,809 378, 701 3, 254,054 297,900 380,034 182,455 121,356 848,370 183,761 107,138 172,746 133,663 327, 631 Deferred availability items 591,556 65,359 160,139 40,293 56,330 44, 760 21,336 79,603 25,903 15, 513 33,947 21, 694 26,679 Capital paid in 130, 512 9,430 51,006 12, 328 12,299 4,590 4,168 12,048 3,757 2,999 3,916 3,773 10,198 Surplus (sec. 7) 145, 772 9,902 50,825 13,406 14,371 5,186 5,616 21,350 4,655 3,420 3,613 3,783 9,645 Surplus (sec. 13b) 24,235 2,876 7,744 2,132 1,007 3,363 754 1,391 546 1,003 1,142 1,256 1,021 Reserve for contingencies. 34,867 1,713 8,849 3,000 3,113 1,512 2,606 7,576 970 1,287 841 1,361 2,039 Alllother liabilities 3,975 101 1,727 431 257 222 27 501 155 131 231 26 166 Total liabilities 11,025,800 784,821 4,342,062 641,360 819,926 423,611 312,248 1,821,919 383,051 242,053 358,126 239, 620 657,003 Ratio of total reserves to deposit and Federal Reserve note liabilities combined 77.6 79.5 83.1 71.2 73.2 67.8 67.8 80.8 70.6 66.8 66.5 65.6 69.2 Commitments to make industrial advances 27, 649 3,338 9,948 861 1,639 2,289 498 156 2,256 138 1,353 593 4,580 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 4,047,052 346,973 928,859 288,626 370,830 194,630 178,580 896,413 171,816 115,463 150,726 83,687 320,449 Held by Federal Reserve bank 337,978 30,234 121,141 16,756 18,315 13,107 22,195 45,333 8,512 4,901 9,036 7,623 40,825 In actual circulation- 3,709,074 316,739 807, 718 271,870 352, 515 181,523 156,385 851,080 163,304 110,562 141,690 76,064 279,624 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,970,843 356,617 938,706 290,000 376,440 176,000 133,685 911,000 169,632 106,500 135,000 83,000 294,263 Eligible paper _ 2,716 343 1,307 343 10 45 25 8 33 599 3 U. S. Government securities 127, 500 19,000 47,000 3,000 10,000 17,000 1,500 30,000 Total collateral.. 4,101,059 356,960 940, 013 290, 343 376,450 195,045 180, 710 911,000 172,640 116, 533 152,599 84,503 324,263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN JANUARY 1936 MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars] Reserves held Borrowings at Federal Reserve banks Federal Reserve district Total Excess Novem- Septem- Novem- Septem- Novem- September October ber ber October ber ber October ber Boston 318.8 303.5 305.8 179.9 164.7 167.5 0.4 0.5 1.1 New York.... 2, 2 7 6 6 8 9 . . 6 5 2, 2 6 6 55 2 . . 1 7 2,5 2 1 4 8 2 . . 1 5 1, 1 4 2 83 8 . . 7 0 1,3 1 8 2 9 3. . 2 1 1, 1 2 0 61 6 . . 9 2 4 . . 3 6 6 . . 2 1 6 . . 5 6 Philadelphia- Cleveland 358.8 327.8 330.2 198.3 170.4 171.7 .03 .1 .2 169.1 163.2 159.5 94.0 89.1 87.4 .1 .2 .3 Richmond 109.1 104.7 102.8 48.9 45.9 46.1 .1 .1 .1 Atlanta Chicago 880.0 784.0 742.9 504.7 423.0 388.5 .1 .003 .008 St. Louis 168.9 163.8 147.4 95.8 92.4 77.7 .03 .04 .1 Minneapolis.. 108.2 106.0 104.9 60.3 59.0 60.7 .1 .1 .1 Kansas City- 171.0 170.5 172.8 88.1 87.4 90.2 .6 .2 Dallas _ 116.5 107.3 106.7 59.4 51.0 51.7 .05 .4 .6 San Francisco 318.7 319.9 309.2 120.0 124.3 118.3 .1 .1 .2 Total... 5,757.2 5, 468. 6 5, 242.8 3,061.2 2,819.7 2, 628.0 6.5 8.5 10.0 NET DEMAND AND TIME DEPOSITS OF MEMBER BANES 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 No b v e e r m- October Se b p e te r m- No b v e e r m- October Septem- No b v e e r m- October Septem- No b v e e r m- October Septem- Boston __ 1,256 1,251 1,242 580 585 587 85 87 126 126 125 New York 9,633 9,467 9,401 1,652 1,689 1,622 189 188 191 459 460 458 1,058 1,046 1,014 605 610 613 150 150 148 411 409 405 Philadelphia- 1,216 1,189 1,203 949 944 937 122 123 123 244 242 238 Cleveland 583 572 553 322 323 322 105 104 101 167 165 166 475 452 271 271 271 78 75 75 71 72 72 Richmond Atlanta - 2, 5 7 6 7 0 4 544 2,6 5 1 2 3 7 1,0 2 7 6 0 4 1,0 2 6 6 2 2 1,0 2 4 6 4 0 1 1 2 6 4 4 124 1 12 6 5 1 1 9 8 3 9 1 9 8 2 6 1 9 8 1 4 Chicago 313 278 171 171 170 115 116 112 172 171 * 170 St. Louis 615 616 607 200 199 199 200 202 207 108 108 108 Minneapolis- 427 417 405 159 158 158 162 164 163 35 36 36 1,370 1,345 1,306 1,878 1,859 1,827 83 82 85 94 93 92 Kansas City— 20,293 19,887 19,602 8,121 8,132 8,011 1,579 1,578 1,577 2,169 2,157 2,146 Dallas San Francisco Total... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

57 JANUARY 1936 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, SEPT. 24, 1930, TO NOV. 1, 1935 [Amounts in thousands of dollars] 1930 1931 1932 1933 i 19341 1935 1 19351 Sept. 24 Sept. 29 Sept. 30 Oct. 25 Oct. 17 June 29 Nov. 1 ASSETS Loans (including overdrafts) 24, 738, Oil 20, 874,084 15,923,841 13,058,608 12,292,533 11,927,966 11,841,427 United States Government direct obligations 4,095,270 5,564,461 6,366,099 6,801,360 9,186, 237 9,871,126 10,080,383 Securities fully guaranteed by United States Government 709,035 1,558,381 1, 764,071 Other securities 6,634,689 5,754, 743 5, 092, 856 5,371, 507 5,427,145 5, 615,190 Total loans and investments 35,472,250 33,073,234 28,044,683 24,952,824 27,559,312 28,784,618 29,301,071 Customers' liability on account of acceptances 912,852 662, 415 440, 276 392,814 257,919 157,751 161,172 Banking house, furniture, and fixtures 1, 230,754 1,220,317 1,167, 763 987,366 995,998 998, 645 996,738 Other real estate owned 197,869 209, 518 253, 342 268, 215 303,904 339,086 361,963 Reserve with Federal Reserve banks 2, 414,991 2,339, 230 2, 234,919 2, 651,476 3,976,077 4,933, 277 5,662,320 Cash in vault 470, 367 554,150 406, 688 446,983 550,471 537,010 541,119 D D u u e e f f r r o o m m m no e n m m b e e m r b b e a r n k b s anks > 2, 462, 827 1,935,119 2, 048, 644 1,848, 418 \ f 2, 73 8 6 6 , , 7 5 9 7 6 9 3,19 8 7 7 , , 7 6 8 2 1 2 3, 5 9 4 7 8 , , 0 8 1 1 7 3 Balances with domestic banks, not subject to immediate withdrawal () () () 68, 536 106,339 110,700 113,985 Balances with banks in foreign countries 116,347 115, 586 90,420 133,374 185,187 71, 244 54,583 Due from own foreign branches 86,100 100,106 84,957 124, 224 120,930 10,958 6,845 Items with Federal Reserve banks in process of collection,. 698,871 531,691 387, 225 433, 626 646,818 553,927 641,494 Exchanges for clearing house and other checks on local banks 1,146,915 959, 218 802,881 591, 596 703,345 553, 740 1,032, 256 Outside checks and other cash items 51, 706 50, 696 47,102 34,863 56,939 75, 706 81, 750 Redemption fund and due from United States Treasurer.. 32,604 31,524 37,627 38, 220 34, 480 11, 842 Acceptances of other banks and bills sold with endorsement 592, 732 329,756 18, 558 8,172 2,111 6,042 12, 701 Securities borrowed 23, 866 17,150 11, 259 5,566 1,972 918 1,333 Other assets 242, 062 249,067 233,501 190, 268 291,709 293, 777 259,114 Total assets.. 46,153,113 42,378,777 36,309, 845 33,176, 541 38, 616,886 40, 724, 644 42, 874, 274 LIABILITIES Demand deposits 16,838,351 15,526,182 13,081, 243 12,993,682 16,148,819 18,321,915 19, 598, 504 Time deposits 13,944,868 12,776,332 10,601,689 9,114, 380 9,821,146 10,194,344 10, 345, 461 United States deposits 257,185 526,161 737, 769 917,881 1,142,847 778, 716 649, 526 Due to Federal Reserve banks (deferred credits) 47,147 41,070 32,196 37, 441 59,911 49,335 49,290 Due to other banks in United States __ 3,817,132 3, 222, 466 3,268,854 2,975, 675 4,447,420 4,957,234 5, 537,905 Due to banks in foreign countries _ __. 541,502 663,092 213, 213 117,141 135, 709 269, 307 360, 241 Certified and officers' checks outstanding 771, 941 617,053 464,006 418,434 520, 754 355, 538 626,817 Cash letters of credit and travelers' checks outstanding. _. 26, 638 23, 701 17, 958 9,367 8,837 11, 738 10, 244 Total deposits 36,244,764 33,396,057 28,416,928 26,584,001 32,285,443 34,938,127 37,177,98$ Secured by pledge of loans and/or investments (3) (3) 3,134, 580 3,083, 595 2, 812, 225 Not secured by pledge of loans and/or investments 29,150, 863 31, 854, 532 34,365, 76S Due to own foreign branches 119,110 84,190 49,463 18,443 4,241 61,145 National-bank notes outstanding 648,999 628,334 739,793 743, 589 662,320 222,045 Agreements to repurchase securities sold 38,144 25, 303 42, 111 20,306 6,144 7,409 18,152 Bills payable with Federal Reserve banks 76.865 209,024 192,878 60, 647 8,968 4,530 Rediscounts with Federal Reserve banks 95, 713 114, 330 138,467 23,817 1,155 1,001 6,436 Bills payable—all other _ 137,890 133,002 360,120 102,876 14,009 3,323 2,488. Rediscounts—all other 5,512 9,355 5,284 23 13 Acceptances of other banks and bills sold with endorsement 592,732 329, 756 18,558 8,532 2,111 6,042 12,701 Acceptances executed for customers 929,337 681,145 448,440 410,150 267,597 160,219 153, 510 Acceptances executed by other banks for reporting banks. 18,127 13,197 5,416 14, 555 10,391 14,350 21, 657 Securities borrowed 23.866 17,150 11,259 5,566 1,972 918 1,333 Interest, taxes, and other expenses accrued and unpaid- 182, 397 162, 507 129,969 94, 640 87, 328 92,39a Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () () () () 7,796 36,276 11,402 Other liabilities 212,698 216,728 179,998 180, 816 141,649 142, 635 143, 279 Capital notes and debentures 200 117,102 117,332 117,831 Capital stock (see par value below) 2,728, 664 2, 580, 550 2,431, 688 2,273, 720 2, 534,440 2,565,987 2, 535,136 Surplus 2, 903, 258 2,695,285 2, 262,122 1,817,194 1, 677,190 1,647,024 1,680,924 Undivided profits—net- 1, 009, 435 811,456 516,491 412,990 427,714 436,366 492, 600 Reserves for contingencies 185,602 271,408 360,860 403,610 362,424 343, 528 342,360 Retirement fund for preferred stock and capital notes and debentures 1,110 3,389 2,939 Total liabilities (including capital account).. 46,153,113 42,378,777 36,309,845 33,176, 541 38,616,886 40, 724,644 42,874, 274 Par value of capital stock: First preferred 81,488 504, 683 577, 269 579,422 Second preferred 4,300 21,077 28,881 29,394 Common _. 2, 728, 664 2,580,550 2,431,688 2,189,060 2,011,613 1,966, 315 1,8 Total 2, 728,664 2,580, 550 2, 431, 688 2, 274,848 2, 537, 373 2, 572,465 2, 542, 514 Number of banks.. 8,246 7,599 6,904 5,818 6,433 6,410 6,400 1 Beginning with 1933, figures relate to licensed banks only. 3 Not reported separately. 2 Included in "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN JANUARY 1936 ALL MEMBER BANKS—CONDITION ON NOV. 1, 1935, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city All memberAll 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) 11,841,427 7,292,047 4, 549,380 3,198,791 455,904 4, 268,151 3,918,581 U. S. Government direct obligations 10,080,383 6, 224,125 3,856, 258 3,339,961 973, 254 3,892,115 1,875,053 Securities fully guaranteed by U. S. Government 1,764,071 1, 258,616 505,455 404, 620 96,096 654,650 608, 705 Other securities _ - 5,615,190 3,673, 776 1, 941, 414 1, 223,448 267, 071 1, 705, 918 2, 418, 753 Total loans and investments 29,301,071 18,448,564 10,852,507 8,166,820 1,792,325 10,520,834 8,821,092 Customers' liability on account of acceptances._ 161,172 80,873 80,299 122,807 5,263 30,854 2,248 Banking house, furniture, and fixtures 996, 738 648,764 347,974 244,319 24,987 334,844 392,588 Other real estate owned.. 361,963 180,491 181,472 31, 797 7,981 146,158 176,027 Reserve with Federal Reserve banks _ 5,662,320 3,453,672 2,208, 648 2,590,397 580,995 1,590, 764 900,164 Cash in vault. 541,119 401, 234 139,885 53,999 33,042 217,541 236, 537 Due from member banks 3,548,813 2, 736,105 812, 708 106,652 173,031 1, 740,410 1,528, 720 Due from nonmember banks 97,017 73,944 23, 073 2,343 14,396 54,103 26,175 Balances with domestic banks, not subject to immediate withdrawal 113,985 90,915 23,070 39 1,000 54,733 58,213 Balances with banks in foreign countries 54, 583 35,974 18,609 33,031 1,497 17,059 2,996 Due from own foreign branches 6,845 5,333 1,512 3,817 3,028 Items with Federal Reserve banks in process of collection.. 641,494 435,860 205,634 148, 551 38,731 304, 266 149,946 Exchanges for clearing house and other checks on local banks... _ 1,032, 256 569, 076 463,180 714,657 38,015 50, 718 Outside checks and other cash items 81, 750 59,052 9,907 6,351 45, 499 19,993 Acceptances of other banks and bills sold with endorsement _ 12, 701 8,565 4,136 10, 611 379 1,472 Securities borrowed 1,333 537 796 741 80 512 Other assets ... 259,114 152, 548 106, 566 €8, 773 38,002 90, 235 62,104 Total assets.. 42,874, 274 27, 381, 507 15,492, 767 12,309, 261 2, 755,995 15,380, 746 12,428, 272 LIABILITIES Demand deposits 19,598,504 12, 224,304 7,374,200 6, 571, 770 1,477,172 6,556,805 4,992,757 Time deposits _ 10,345,461 7,293, 238 3,052, 223 700,320 402, 785 4,183,778 5,058,578 United States deposits.- 649,526 436,801 212,725 219,474 61,622 273,314 95,116 Due to Federal Reserve banks (deferred credits) 49,290 36, 225 13,065 10,331 38,959 Due to other banks in United States 5,537,905 3, 541,157 1,996,748 2, 203,094 527,382 2,411, 274 396,155 Due to banks in foreign countries.-- _-. 360, 241 158,037 202,204 327,104 4,455 27,177 1,505 Certified and officer's checks outstanding 626,817 292,196 334, 621 406, 512 21,133 132, 365 66,807 Cash letters of credit and travelers' checks outstanding 10,244 1,796 6,718 580 2,823 123 Total deposits 37,177,988 23,990,406 13,187,582 10,434,992 2,495,129 13,597,867 10,650,000 N Se o c t u s re ec d u b re y d p b le y d g p e le d o g f e lo o a f n s lo a a n n d s / o an r d i / n o v r e i s n tm ve e s n tm ts. e _ nts— 3 2 4 , , 8 3 1 6 2 5 , , 7 2 6 2 3 5 2 2 1 , , 1 8 1 7 6 3 , , 8 5 0 9 7 9 12,4 6 9 9 1 5 , , 9 6 5 2 6 6 436,439 2, 2 2 9 0 3 1 , , 6 5 2 0 5 4 1 1 2 , ,3 2 5 44 3 , , 5 3 6 0 0 7 9,8 8 1 3 2 7 , , 1 8 4 5 6 4 Due to own foreign branches— 61,145 40,372 20, 773 61,145 Agreements to repurchase securities sold 18,152 2,251 15,901 12,871 3,021 2,260 Bills payable with Federal Reserve banks 5,314 2,675 2,639 1,025 225 4,064 Rediscounts with Federal Reserve banks 1,122 904 218 1,122 Bills payable—all other... _ 2,192 1,158 1,034 2,192 Rediscounts—all other 296 270 26 267 Acceptances of other banks and bills sold with endorsement 12, 701 8,565 4,136 10, 611 379 1,472 239 Acceptances executed for customers. 153, 510 75,160 78,350 116, 249 5,353 29,887 2,021 Acceptances executed by other banks for reporting banks.. 21,657 11,953 9,704 15, 845 253 4,924 635 Securities borrowed _ 1,333 537 796 741 80 512 Interest, taxes, and other expenses accrued and unpaid 92,393 58,845 33,548 15,713 10,905 42,773 23,002 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures.. _ 11,402 6,910 4,492 4,998 247 4,373 1,784 Other liabilities 143,279 57,808 85,471 65, 398 15, 901 30, 023 31,957 Capital notes and debentures 117,831 117,831 25, 650 250 48,350 43,581 Capital stock (see par value below) 2,535,136 1,772,816 762,320 640,280 146,150 790, 773 957,933 Surplus 1,680,924 864,119 816,805 671,101 37,815 527,073 444,935 Undivided profits—net 492,600 337,195 155,405 115,203 14,623 171,573 191, 201 Reserves for contingencies _ 342,360 146,899 195,461 117,390 127,270 68,804 Retirement fund for preferred stock and capital notes and debentures 2,939 2,664 275 23 94 1,059 1,763 Total liabilities (including capital account). 42,874,274 27,381,507 15, 492, 767 12, 309,261 2,755,995 15,380,746 12,428,272 Par value of capital stock: First preferred. 579,422 503,366 76,056 100,300 76,000 164,809 238,313 Second preferred 29,394 21,198 8,196 7,750 21,644 Common 1,933,698 1,253,974 679, 724 "539,"980' ~70,~l50" 618, 270 705, 298 Total , 2,542,514 1,778,538 763,976 640,280 790,829 965, 255 Number of banks.. 6,400 5,403 38 336 6,013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 59 REPORTING MEMBER BANKS IN 101 LEADING CITIES PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total Boston Y Ne o w rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - L S ou t. is n M e l a i i p s n o - -K C an it s y asDallas F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Loans and investments, total: Dec. 4 20,518 1,129 8,717 1,097 1,704 573 514 2,654 588 390 628 441 2,083 7,856 1,790 Dec. 11-. 20,521 1,123 8,741 1,100 1,702 568 515 2,639 590 386 625 439 2,093 7,883 1,776 Dec. 18 20,970 1,149 8,866 1,116 1,746 611 532 2,707 603 390 628 458 2,164 7,993 1,823 Dec. 24 ._ _ 20,939 1,146 8,822 1,114 1,750 617 528 2,708 604 393 628 467 2,162 7,955 1,816 Dec. 31 — 20,895 1,134 8,778 1,114 1,748 613 523 2,755 602 390 624 458 2,156 7,917 1,872 Loans to brokers and dealers iniNew York: Dec 4 882 4 865 g 1 2 2 860 Dec. 11 915 5 896 9 1 2 2 891 Dec. 18 909 4 891 9 1 2 2 886 Dec 24 918 4 900 9 1 2 2 895 Dec 31 980 5 961 9 1 2 2 955 Loans to brokers and dealers outside New York: Dec. 4 170 24 61 13 10 3 5 34 4 1 3 2 10 59 29 Dec. 11 169 23 61 13 11 3 6 32 5 1 3 2 9 59 27 Dec. 18_- 177 24 61 15 12 3 6 33 5 2 3 2 11 59 28 Dec. 24 171 24 61 14 13 3 6 30 4 2 3 2 9 59 25 Dec. 31 183 26 61 16 15 3 6 33 5 2 3 2 11 59 28 Loans on securities to others (except banks): Dec. 4__ _ -. 2,094 153 892 148 225 68 48 217 60 31 43 40 169 734 150 Dec. 11 2,102 153 901 147 224 68 48 219 60 32 40 40 170 744 150 Dec. 18 2,118 153 914 148 224 68 48 217 60 33 43 40 170 757 147 Dec. 24 __ - 2,111 153 902 148 224 68 47 222 60 32 43 41 171 746 148 Dec. 31 2,111 155 898 149 221 68 48 225 60 32 43 42 170 743 149 Acceptances and commercial paper bought: Dec. 4 - - 356 42 173 22 3 7 6 31 11 9 26 2 24 170 17 Dec. 11 357 42 174 22 3 6 5 31 11 9 28 2 24 170 17 Dec. 18 357 42 173 21 3 7 5 31 12 9 28 2 24 169 16 Dec. 24 356 42 173 20 5 6 5 30 12 10 28 2 23 170 15 Dec. 31 362 42 177 20 5 7 5 30 12 10 28 2 24 174 15 Loans on real estate: Dec 4 1,141 86 242 68 189 20 21 65 39 6 15 21 369 124 16 Dec. 11 1,140 86 242 69 188 20 21 65 39 6 15 21 368 124 16 Dec. 18- 1,138 86 241 68 188 20 21 65 38 6 15 22 368 124 16 Dec. 24.__ _ 1,140 85 245 68 188 20 21 65 38 6 15 21 368 128 15 Dec. 31 1,136 85 243 67 187 20 21 65 38 6 15 21 368 127 16 Loans to banks: Dec 4 98 3 62 3 4 1 1 10 8 5 1 62 6 Dec 11 74 2 39 2 4 1 10 8 7 1 39 6 Dec 18 79 3 45 3 4 1 10 7 5 1 45 5 Dec 24 76 2 42 2 5 2 10 7 5 1 42 6 Dec 31 76 2 42 2 6 1 10 7 5 1 42 6 Other loans: Dec 4 3,415 285 1,320 169 178 107 148 343 114 131 128 129 363 1,180 248 Dec. 11 3,404 283 1,313 169 177 108 148 342 114 130 130 128 362 1,172 246 Dec. 18 3,410 282 1,310 169 180 108 148 349 115 128 129 131 361 1,167 253 Dec. 24 3,392 280 1,292 170 178 109 146 349 116 129 130 132 361 1,150 251 Dec. 31 3,401 274 1,299 170 178 109 145 357 115 127 132 133 362 1,161 257 U. S. Government direct obligations: Dec. 4 8,221 364 3,500 286 781 256 170 1,460 202 150 240 151 661 3,276 993 Dec 11 8,216 360 3,508 288 781 252 169 1,450 200 150 233 150 675 3,289 980 Dec. 18 -_ _ 8,643 383 3,648 300 818 294 184 1,515 208 154 238 165 736 3,415 1,023 Dec. 24 8,616 384 3,609 300 818 299 182 1,518 209 154 237 170 736 3,378 1,025 Dec. 31 - - 8,468 372 3,473 297 818 295 181 1,550 208 154 232 160 728 3,243 1,069 Obligations fully guaranteed by U. S. Government: Dec 4 1,134 20 403 94 74 38 42 159 53 18 51 51 131 374 95 Dec. 11 1,136 20 409 95 74 38 42 153 55 14 52 51 133 377 95 Dec 18 - 1,129 20 408 95 74 38 41 147 58 14 48 51 135 376 95 Dec 24 1,131 20 412 95 74 39 41 142 58 15 48 52 135 382 90 Dec. 31 — - - 1,126 20 412 96 74 38 40 141 58 14 47 51 135 383 89 Other securities: Dec 4 3,007 148 1,199 286 240 73 73 334 97 44 115 45 353 1,017 236 Dec 11 3,008 149 1,198 286 240 73 75 336 98 44 115 45 349 1,018 239 Dec. 18 3,010 152 1,175 288 243 73 78 339 100 44 117 45 356 995 240 Dec. 24 3,028 152 1,186 288 245 73 78 341 100 45 117 47 356 1,005 241 Dec. 31 3,052 153 1,212 288 244 73 76 343 99 45 117 47 355 1,030 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN JANUARY 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO— Continued [In millions of dollars] Federal Reserve District City Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m R o ic n h d - At t l a an- c C a h g i- o L S ou t. is n M ea li i p s n o - - K C an it s y as 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: Dec 4 4,894 288 2,671 184 270 110 62 753 120 59 107 67 203 2,565 611 Dec 11 5,024 305 2,721 188 266 122 63 792 123 67 112 75 190 2,610 641 Dec 18 4,492 268 2,336 193 241 110 57 762 116 56 106 70 177 2,265 616 Dec 24 4,466 258 2,337 189 237 107 59 746 122 54 107 70 180 2,264 608 Dec. 31 4,597 266 2,525 193 248 104 65 662 116 53 104 78 183 2,446 514 Cash in vault: Dec 4 361 101 71 16 32 17 10 59 11 5 12 9 18 57 37 Dec 11 379 103 74 18 35 18 10 62 12 5 13 10 19 59 38 Dec 18 387 103 77 17 36 18 11 64 13 6 13 10 19 61 39 Dec 24 386 105 78 17 33 18 10 65 12 5 13 11 19 63 41 Dec. 31 - 369 103 71 15 32 16 10 64 12 5 12 10 19 57 39 Due from domestic banks: Dec 4 2,370 144 171 147 220 170 146 436 138 106 273 182 237 87 205 Dec 11 2,342 134 154 147 209 169 150 425 142 106 278 180 248 80 195 Dec 18 2,293 125 164 156 204 137 149 429 132 102 286 184 225 88 202 Dec 24 2,246 123 160 155 209 131 150 428 133 103 286 175 193 79 204 Dec. 31 2,309 131 190 166 217 130 141 462 130 104 279 163 196 77 232 Other assets—net: Dec 4 1,421 83 572 95 114 40 44 119 27 20 37 29 241 503 82 Dec 11 1,422 86 565 94 115 44 44 119 27 20 37 30 241 493 81 Dec 18 1,386 85 546 95 112 42 44 115 28 20 37 29 233 476 78 Dec. 24 1,390 83 542 95 113 41 43 121 29 22 37 29 235 472 83 Dec 31 1,395 85 540 98 114 43 43 125 27 22 37 30 231 471 86 Demand deposits—adjusted: Dec 4 - 13,911 931 6,310 723 970 367 298 2,085 372 272 447 322 814 5,812 1,452 Dec 11 14,092 940 6,414 741 968 376 304 2,107 383 274 459 329 797 5,920 1,462 Dec. 18 - - 13,843 922 6,226 743 971 366 305 2,097 379 267 453 328 786 5,767 1,452 Dec 24 13, 785 911 6,230 739 975 366 300 2,072 383 271 452 328 758 5,769 1,432 Dec. 31 .- 13,888 912 6,314 754 977 365 294 2,081 375 270 447 321 778 5,822 1,434 Time deposits: Dec 4 4,843 301 971 250 666 190 171 740 172 119 146 121 996 575 400 Dec 11 4,856 301 968 250 666 190 171 741 172 119 145 121 1,012 572 400 Dec 18 4,868 299 959 251 663 190 171 755 171 119 145 121 1,024 563 415 Dec. 24 4,883 299 964 252 664 190 171 755 171 119 145 122 1,031 568 414 Dec. 31 4,911 300 967 250 673 190 170 762 172 120 145 121 1,041 566 421 U. S. Government deposits: Dec 4 482 10 186 22 41 17 20 82 9 8 8 15 64 167 59 Dec. 11 452 9 171 20 38 16 19 80 9 8 8 14 60 152 58 Dec. 18 705 15 225 46 55 32 33 130 11 8 16 31 103 196 98 Dec. 24 __ _. 705 15 226 46 55 32 33 129 11 8 16 31 103 197 98 Dec. 31 701 15 226 45 55 33 32 130 11 8 16 27 103 198 98 Interbank deposits, domestic: Dec. 4 5,505 240 2,350 295 315 219 193 716 239 117 365 188 268 2,286 536 Dec 11 5,458 237 2,328 286 305 218 194 712 238 119 362 187 272 2,265 533 Dec. 18..- 5,336 228 2,239 287 301 210 190 709 239 115 365 188 265 2,173 525 Dec. 24 5,289 225 2,186 282 299 206 192 719 244 116 367 189 264 2,125 534 Dec. 31 5,350 227 2,263 291 310 200 194 708 239 114 358 189 257 2,200 521 Interbank deposits, foreign: Dec 4 443 9 411 4 1 1 5 1 11 410 4 Dec 11 441 9 405 5 1 1 6 1 1 12 404 5 Dec 18 438 10 402 5 1 1 5 1 1 12 401 4 Dec 24 438 9 404 5 1 1 6 1 11 403 5 Dec. 31 443 9 412 4 1 1 5 1 10 411 4 Borrowings: Dec 4 1 1 Dec 11 1 1 Dec 18 1 1 Dec 24 5 5 Dec 31 1 1 Other liabilities: Dec. 4 _ 852 23 371 21 17 30 10 49 10 5 2 6 308 356 45 Dec. 11 866 24 370 21 18 33 10 47 10 6 2 6 319 354 44 Dec 18 818 26 340 21 18 32 10 39 10 6 2 6 308 325 36 Dec. 24 _. 804 27 328 23 17 33 9 45 9 5 2 6 300 313 41 Dec. 31 765 26 325 19 12 30 8 44 9 5 2 6 279 313 40 Capital account: Dec. 4 ___ 3,527 231 1,602 224 330 87 83 344 82 58 89 76 321 1,462 229 Dec. 11 3,522 231 1,598 224 331 88 83 344 82 57 89 76 319 1,458 229 Dec. 18 3,519 230 1,597 224 330 88 83 342 82 58 89 76 320 1,458 228 Dec. 24 ,_ 3,518 229 1,596 223 331 87 84 342 82 57 89 76 322 1,458 228 Dec. 31 _ 3,506 230 1,596 223 331 88 83 338 81 56 88 75 317 1,458 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1936 FEDERAL RESERVE BULLETIN 61 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 Treasury2 1934—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 8 December. 5,084 423 771 1,288 1,326 337 577 112 216 11 1936^-January... 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 9 April 5,028 411 749 1,266 1,300 340 £80 116 230 8 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 1,321 349 118 232 12 October... 5,245 435 787 1,337 1,329 354 610 119 233 11 November. 5,374 448 815 1,380 1,354 356 617 120 234 5 t Total of amounts shown by denominations less unassorted amounts in Federal Reserve banks and Treasury. > 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 BANES IN NEW YORK CITY [In thousands of dollars] 1935 1934 Number 1934 1935 of centers Novem- November October ber Month Ship- Re- Ship- Rements ceipts Net ments ceipts Net New York City r 15,542 15,733 11,343 Eu t r o ope E f u ro ro m pe receipts Eu t r o ope E f u ro ro m pe receipts Outside New York City.— 140 16,802 16,962 13,409 Federal Reserve districts: Boston ... 11 1,947 1,808 1,612 January 0 5,256 5,256 81 3,705 3,624 New York 7 16,110 16,362 11,861 February.. 1 3,740 3,739 173 1,502 1,329 Philadelphia 10 1,460 1,598 1,169 March. 0 2,200 2,200 167 2,026 1,859 Cleveland 13 1,656 1,676 1,384 April 1 2,900 2,899 373 1,465 1,092 Richmond 7 618 664 536 May 10 3,780 3,770 1,012 1,612 600 Atlanta 15 737 796 674 June 8 3,471 3,463 191 1,451 1,260 Chicago 21 4,329 4,146 3,180 July.- 63 3,601 286 2,261 1,975 St. Louis 5 885 918 707 August 0 5,193 5,193 282 2,289 2,007 Minneapolis 9 567 629 481 September- 23 4,254 4,231 721 1,157 436 Kansas City 15 931 979 814 October 0 2,524 2,524 2,636 864 »-l,672 Dallas 10 553 590 454 November. 1 4 9 0 9 2 1 , , 1 5 2 3 9 9 1 1 , , 9 4 3 9 0 9 4,2 6 0 0 3 3 8 7 5 8 1 2 1—3,4 2 2 4 1 8 San Francisco 18 2,552 2,528 1,880 December- Total - 141 32,344 32, 695 24, 752 Total 345 40,587 40,242 10,628 19,965 9,337 Back figure*.—See Annual Report for 1934 (table 78). * 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

62 FEDERAL RESERVE BULLETIN JANUARY 193$ BANES SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1934 AND 1935 [Preliminary figures! Licensed banks suspended l Nonlicensed b o a r n r k ec s e p iv la e c r e sh d i p in > liquidation 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- Number of banks D s e a p n o d s s i t o s f » d (i o n l la th rs o ) u- Year 1934 Year 1935 Year 1934 Year 1935 Year 1934 Year 1936 Year 1934 Year 1935 National banks . . 1 4 40 5,313 393 4 390,218 6,499 State bank members <23 «e 4 39,492 «8,613 Nonmember insured banks - 8 22 1,912 3,847 Other nonmember banks. _ - 48 8 34,985 998 506 48 195,211 14,306 Total 57 34 36,937 10,168 927 68 624,921 29,418 i Includes banks placed on a restricted basis. ' Includes nonlicensed banks absorbed or succeeded by other banks. * Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservator ship; 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 dosing of the banks. < Includes 14 banks with deposits of $12,504,000 in 1934 and 5 banks with deposits of $7,305,000 in 1936, 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 Reporter 1934 (tables 79-84). POSTAL SAVINGS SYSTEM MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY FEDERAL RESERVE [In millions of dollars] BANKS [In thousands of dollars] With- 16 to 31 to 61 to 91 days Clrrar ft Total in 15 30 60 90 to 6 Liver o U. S. Government days days days days months months securities End of month Bills discounted: I Dec. 4.... 5,368 3,718 94 250 192 1,114 Dec. ll._. 6,106 4,399 64 264 206 1,173 Dec. 18— 6,920 4,673 56 260 111 1,154 Dec. 24... 7.155 4,592 207 94 1,041 1,213 8 Dec. 31... 4,672 2,115 185 176 1,628 560 8 Bills bought 1934—August 1,192 1,221 519 418 101 104 in open September 1,193 1,222 574 565 451 114 83 market: October _ 1,199 1,229 561 571 457 114 97 Dec. 4 4,675 615 1,768 721 1,571 November 1,204 1,236 551 581 467 114 104 Dec. 11-.. 4,679 2,006 489 808 1,376 December 1,207 1,237 640 597 467 130 100 Dec. 18.. _ 4,671 1,730 859 1,328 754 Dec. 24... 4,657 302 656 1,609 2,090 1935—January ,201 1,232 509 614 467 147 109 Dec. 31. _. 4,656 886 698 986 2,086 February ,205 1,237 491 633 467 166 113 Iudustrial March L,203 1,232 478 691 508 183 63 advances: April ,200 1,231 452 685 539 146 94 Dec.4__- 32,395 1,565 373 829 1,072 1,541 27,015 May ,205 1,237 412 709 662 147 116 Dec. 11... 32, 790 1,651 334 683 1,053 1,564 27,505 June ,205 1,236 385 777 630 147 74 Dec. 18..- 32, 696 1,512 418 664 936 1,598 27,568 July__ ,189 1,221 364 777 '630 '147 80 Dec. 24.._ 32,600 1,529 339 653 927 1,855 27,297 August [,192 1,224 348 780 147 Dec. 31— 32,493 1,674 259 980 493 1,583 27,504 September- 192 TUT. DG. ! VHJO-nVv- October ernment November. securities: Dec. 4..__ 2,430,181 90,084 34,250 50,495 67,343 382,761 1,805,248 Dec. 11.. _2,430,171 91,024 27, 250 57,280 70,643 368,835 1,816,139 » Preliminary. * Revised. Dec. 18— 2,430,175 34,250 25,070 62,743 124,344 361,896 1,821,872 * Includes working cash with postmasters, 5-percent reserve fund and Dec. 24.._ 2,430,727 27,750 29,675 63,618 120,384 362,169 1,827,131 miscellaneous working funds with the Treasurer of the United States, Dec. 31... 2,430,731 25,570 25,425 68,343 122,169 345,659 1,843,565 accrued interest on bond investments, and accounts due from late post- Other securimasters. ties: Dec. 4 181 181 Back figures.—See BULLETIN for August 1935, p. 502. Dec. 11. _ 181 181 Dec. 18... 181 181 Dec. 24.. _ 181 18] Dec. 31... 181 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY 1936 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] 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 i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g t e h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l m Bu at i e ld ri i a n l g s c C a d h l r s e u m a 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 86.9 86.2 75.9 81.5 69.7 1934—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 1035—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 81.6 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 70.2 74.7 86.4 85.2 78.7 80.4 67.7 August 80.5 79.3 84.9 77.9 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 October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80.6 67.5 November.. 80.6 77.5 85.1 78.8 95.0 73.4 74.5 86.9 85.8 81.2 81.0 67.4 Week ending— 1935-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 67.6 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 Nov. 2.. 79.8 77.4 83.8 78.4 95.1 72.7 74.3 85.9 85.6 81.1 82.0 67.5 Nov. 9.. 80.1 77.5 84.1 78.9 95.6 72.8 75.5 86.2 85.7 81.1 82.1 67. Nov. 16. 80.4 77.8 84.9 79.0 95.8 73.0 75.6 86.3 86.0 81.1 82.1 67. Nov. 23. 80.6 78.2 85.8 79.0 95.7 73.1 75.7 86.4 85.8 80.9 82.1 67. Nov. 30. 80.8 78.5 85.9 79.0 95.5 72.9 75.9 86.3 85.4 81.0 82.1 67. Dec. 7- 80.9 79.1 86.4 78.9 94.8 72.9 75.9 86.4 85.4 80.7 82.2 67. Dec. 14. 80.8 79.2 85.8 78.9 95.4 72.8 75.7 86.3 85.3 80.5 82.2 67. Dec. 21. 80.4 77.3 85.3 78.8 96.2 72.7 75.7 86.2 85.2 80.2 82.2 67.5 Dec. 28. 80.6 78.4 85.3 78.8 96.4 72.8 75.6 85.9 85.1 80.0 82.2 67.5 1934 1935 1934 1935 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. Sept. Oct. Nov, FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains. 87.2 79.3 83.5 86.4 77.9 Agricultural implements 91.9 93.7 93.7 94.6 Livestock and poultry 54.0 91.6 92.0 86.6 83.1 Iron and steel 86.0 87.1 86.8 87.0 Other farm products.. 75.8 71.4 70.4 70.3 73.5 Motor vehicles 94.7 94.7 94.3 92.9 93.8 FOODS: Nonferrous metals— 67.7 66.9 70.9 71.3 Butter, cheese, and milk 78.6 75.7 76.0 76.9 81.1 BUILDING MATERIALS: Cereal products 91.0 94.6 96.8 98.9 97.2 Brick and tile 91.2 89.0 88.3 Fruits and vegetables.- 65.3 60.5 60.0 59.1 63.2 Cement 93.9 94.9 94.9 95.5 95.5 Meats 68.4 102.0 102.9 97.1 94.3 Lumber 81.2 82.0 82.1 82.0 81.8 Other foods 74.0 78.6 80.8 81.2 80.8 Paint materials 78.8 78.6 80.8 81.9 80.3 HIDES AND LEATHER PRODUCTS: Plumbing and heating 68.8 71.1 71.1 71.1 71.1 Boots and shoes 97.3 98.3 98.3 98.8 99.6 Structural steel 92.0 92.0 92.0 92.0 92.0 Hides and skins 63.1 80.4 83.8 92.9 96.0 Other building materials 89.4 90.1 90.3 90.5 90.6 Leather - _ 70.8 80.2 83.0 86.6 88.1 CHEMICALS AND DRUGS: Other leather products 85.7 84.4 84.5 85.0 Chemicals 80.9 84.3 86.9 88.3 88.4 TEXTILE PRODUCTS: Drugs and pharmaceuticals- 73.5 73.8 73.8 74.2 74.7 Clothing 78.4 80.5 80.8 80.8 80.7 Fertilizer materials 64.6 66.8 67.2 67.2 67.5 Cotton goods 84.4 82.5 83.2 84.5 85.8 Mixed fertilizers 73.5 68.1 67.8 67.9 67.6 Knit goods _ 61.0 60.2 61.6 63. 2 63.2 HOUSEFURNISHING GOODS: Silk and rayon 25.8 31.0 32.9 35.1 35.0 Furnishings 84.3 84.0 84.0 84.2 84.2 Woolen and worsted goods 74.1 76.4 76.9 79.1 80.7 Furniture 78.4 77.0 76.9 76.9 77.1 Other textile products 68.5 69.1 68.3 68.5 MISCELLANEOUS: FUEL AND LIGHTING MATERIALS: Auto tires and tubes 47.5 45.0 45.0 45.0 45.0 Anthracite 82.1 78.6 80.6 82.5 83.0 Cattle feed 108.2 71.3 67.9 71.6 69.1 Bituminous coal 96.4 96.0 96.2 98.0 98.5 Paper and pulp 82.1 79.7 79.7 79.7 79.4 Coke 85.6 88.6 88.6 88.8 88.9 Rubber, crude 26.6 24.5 24.0 26.0 27.1 Electricity 94.0 86.7 87.5 86.3 Other miscellaneous 80.8 80.0 80.0 80.2 80.2 Gas 92.4 91.8 91.9 89.0 Petroleum products 50.5 52.4 50.6 50.1 52.5 Back figurct.—'FoT monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau of Labor Statistics. For weekly Indexes covering 1934, see Annual Report for 1934 (table 101). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN JANUARY 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average^ 100] 1934 1935 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total * 74 85 90 88 86 86 84 84 86 88 ••91 95 p 98 IRON AND STEEL 49 65 80 80 72 67 66 66 69 81 84 88 96 Pig iron 32 34 49 57 55 53 56 53 53 60 62 65 69 Steel ingots 51 68 83 83 73 69 67 67 70 83 86 90 99 TEXTILES 87 97 103 100 98 98 102 100 105 104 106 113 106 Cotton consumption . 90 92 98 95 90 84 85 82 82 85 95 99 98 Wool 69 85 102 97 95 110 124 122 128 132 112 126 118 Consumption 82 97 116 97 102 131 153 148 156 160 127 146 134 Machinery activity * 68 92 110 116 99 92 99 107 108 110 108 121 118 Carpet and rug loom activity' 32 41 52 65 71 80 80 71 76 83 74 78 72 Silk deliveries 111 140 119 122 135 117 111 116 133 113 134 132 112 FOOD PRODUCTS 102 102 91 81 77 80 78 74 74 76 78 83 82 Slaughtering and meat packing 110 107 83 76 73 77 74 67 69 76 76 82 79 Hogs 90 79 54 56 51 58 54 44 46 50 50 57 54 Cattle 138 146 120 101 98 96 94 92 93 107 107 111 107 Calves 121 130 132 109 112 113 108 106 115 119 124 117 118 Sheep.— 143 139 133 131 151 157 161 151 154 159 144 154 148 Wheat flour 84 87 86 90 88 88 83 91 80 73 82 88 86 Sugar meltings 102 108 130 86 75 80 88 75 83 78 81 78 86 PAPER AND PRINTING: Newsprint production - > 60 66 61 61 59 59 64 63 60 58 62 61 64 Newsprint consumption 115 118 121 122 123 119 121 124 118 120 127 124 125 TRANSPORTATION EQUIPMENT: Automobiles1 . . 40 88 104 103 106 110 86 100 95 '78 '71 '94 115 Locomotives 10 9 8 8 8 9 14 10 3 2 1 1 3 Shipbuilding.. 14 18 27 68 89 91 56 21 15 35 64 48 LEATHER AND PRODUCTS 92 104 107 108 108 113 113 103 107 104 103 104 v 107 Tanning _ 89 93 96 97 96 97 100 97 95 93 94 97 Cattle hide leathers 89 92 93 93 91 93 98 90 89 91 90 97 Calf and kip leathers 80 96 97 91 90 88 87 104 86 78 83 76 Goat and kid leathers 98 90 105 112 112 120 119 106 121 114 115 119 Boots and shoes 94 112 114 116 117 123 121 107 115 111 109 r109 109 CEMENT AND GLASS: Cement— _ 48 45 42 45 47 51 55 58 52 44 47 52 58 Glass, plate 83 140 174 166 183 185 155 162 169 167 179 193 200 NONFERROUS METALS: » Tin deliveries * 67 80 78 73 81 97 84 73 85 91 92 92 80 FUELS, MANUFACTURED: Petroleum refining 155 154 151 155 153 153 160 166 168 169 172 176 176 Gasoline«-._ 199 194 191 196 191 194 204 214 220 219 223 227 225 Kerosene . . 91 89 99 105 108 91 94 99 91 93 92 95 94 Fuel oil > 101 103 99 102 101 96 104 105 100 103 110 110 115 Lubricating oil * 89 98 91 94 94 100 100 97 92 100 102 103 106 Coke, byproduct . « 73 76 88 95 90 87 89 87 84 91 95 97 100 RUBBER TIRES AND TUBES 107 133 115 101 93 88 75 79 83 92 102 104 Tires, pneumatic 110 139 119 104 96 91 78 82 86 96 105 106 Inner tubes 80 91 82 76 68 66 56 55 60 62 80 84 TOBACCO PRODUCTS 125 143 136 133 130 138 134 138 140 130 129 138 137 Cigars 69 76 72 69 67 67 66 67 70 67 69 70 69 Cigarettes.. 168 196 186 183 180 193 186 193 196 178 175 190 191 Minerals—Total 81 90 94 96 97 87 89 98 84 81 87 93 92 Bituminous coal 65 72 74 81 87 60 69 79 55 58 58 74 71 Anthracite 64 72 76 67 54 69 71 97 62 36 65 48 48 Petroleum, crude 121 123 131 132 132 130 131 133 134 133 135 140 144 Iron ore « .. 14 53 53 50 54 62 62 44 Zinc 77 74 '70 '73 '74 75 73 79 80 '81 ' 84 80 82 Lead 55 60 48 50 55 58 63 55 59 60 59 68 67 Silver 35 53 50 65 50 49 51 47 73 59 71 75 68 1 Revised seasonal adjustment factors for automobiles used since August 1935. * Without seasonal adjustment. > Includes also lead and zinc; see "Minerals." » Preliminary. Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAKY j FEDERAL RESERVE BULLETIN 65 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average-=100] 1934 1935 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactures—Total . .. 73 76 87 91 91 91 87 84 83 87 89 96 *97 IRON AND STEEL 45 57 77 84 ai 74 72 66 64 79 83 85 89 Pig iron _. . 32 34 49 58 58 56 57 53 50 58 60 65 70 Steel ingots ... .... .. 46 59 80 87 83 76 73 67 66 81 85 87 91 TEXTILES 91 92 108 105 100 100 101 95 97 99 106 116 111 Cotton consumption . - 93 84 102 101 94 90 88 79 75 77 92 102 101 Wool 73 86 104 101 96 108 117 114 119 126 115 134 124 Consumption 89 98 119 105 104 127 141 133 139 149 133 161 146 Machinery activity - 68 92 110 116 99 92 99 107 108 110 108 121 118 Carpet and rug loom activity.. . _ 32 41 52 65 71 80 80 71 76 83 74 78 72 Silk deliveries 115 125 136 130 130 116 110 103 126 117 141 132 116 FOOD PRODUCTS 108 103 90 79 75 76 78 73 74 74 81 86 86 Slaughtering and meat packing 123 123 94 75 69 69 72 66 66 68 74 84 87 Hogs .. . 99 104 72 62 51 52 52 45 41 38 37 49 60 Cattle 159 153 121 89 86 85 91 86 92 104 119 129 123 Calves 124 124 123 101 114 123 122 110 111 109 119 123 120 Sheep 142 136 134 123 137 148 158 147 154 160 168 170 146 Wheat flour 90 83 84 87 83 80 78 80 77 78 97 99 93 Sugar meltings . .. 80 61 86 84 88 93 99 89 102 88 86 74 67 PAPER AND PRINTING: Newsprint production 60 66 62 61 59 60 65 64 58 56 62 61 63 Newsprint consumption 123 121 116 121 128 127 124 123 105 107 125 132 134 TRANSPORTATION EQUIPMENT: Automobiles 26 48 86 111 130 141 108 114 100 69 29 78 125 Locomotives ... __ 11 10 7 8 8 g 13 10 3 2 1 1 4 Shipbuilding 12 14 19 48 69 88 71 27 22 51 64 35 LEATHER AND PRODUCTS 88 89 99 110 111 111 104 99 106 115 118 114 ,100 Tanning — . 87 90 92 ICO 94 96 95 95 95 95 100 103 Cattle hide leathers .. 88 90 94 100 92 93 93 89 86 90 94 100 Calf and kip leathers 76 82 80 84 80 79 83 100 100 95 96 90 Goat and kid leathers 97 97 100 116 115 119 110 106 113 111 121 124 Boots and shoes . 89 88 103 117 122 121 110 102 113 128 130 103 CEMENT AND GLASS: Cement 47 35 25 27 34 50 65 71 63 57 59 59 58 Glass, plate 79 105 155 179 199 205 169 165 168 169 181 193 192 NONFERROUS METALS: * Tin deliveries... 67 80 78 73 81 97 84 73 85 91 92 92 80 FUELS, MANUFACTURED: Petroleum refining 156 155 151 156 153 153 160 166 167 169 173 176 176 Gasoline .. 199 194 191 196 191 194 204 214 220 219 223 227 225 Kerosene ... 99 96 101 107 105 90 90 92 85 88 94 100 101 Fuel oil 101 103 99 102 101 96 104 105 100 103 110 110 115 Lubricating oil 89 98 91 94 94 100 100 97 92 100 102 103 106 Coke, byproduct . 74 77 89 98 92 87 89 85 81 88 93 97 102 RUBBER TIRES AND TUBES 80 92 106 110 102 103 96 95 81 91 97 91 Tires, pneumatic 83 96 110 114 105 107 99 99 84 94 99 93 Inner tubes 58 66 75 so 74 75 68 65 57 68 80 76 TOBACCO PRODUCTS... .. 128 115 128 121 124 127 136 150 152 139 143 148 140 Cigars 82 57 55 60 61 63 68 73 73 70 79 85 82 Cigarettes ._ 166 161 182 166 171 175 188 212 215 192 193 200 189 Minerals-—Total 84 85 91 92 90 79 88 97 84 85 92 100 95 Bituminous coal . _. 73 76 82 85 87 51 60 71 50 67 61 82 80 Anthracite 65 71 82 72 45 72 71 85 51 36 65 62 50 Petroleum, crude 120 120 126 129 130 130 132 136 137 136 139 141 143 Iron ore .. - 11 80 105 102 109 119 105 37 Zinc 77 78 75 79 78 78 73 76 '75 '75 79 78 82 Lead 57 60 49 52 56 57 62 56 57 57 56 70 7,0 Silver 38 54 50 70 55 49 50 46 62 59 68 74 73 1 Includes also lead and zinc; see11 Minerals." Preliminary. * Eevised. 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

66 FEDERAL RESERVE BULLETIN JANUARY 1936 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 No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- Total i 84.9 '85.2 '76.9 84.8 '83.6 '76.8 74.5 '75.0 59.5 IRON AND STEEL AND PRODUCTS 8 76.8 76.4 66.2 77.1 75.9 66.4 65.1 65.5 44.2 Blast furnaces and steel works. 76.2 75.6 65.9 77.1 76.1 66.7 66.4 66.1 41.7 Cast-iron pipe - 51.2 50.7 49.3 52.1 50.5 50.2 30.4 28.9 26.4 Cutlery and edge tools 80.9 79.3 78.9 79.0 78.8 77.1 67.9 64.3 57.4 Hardware 56.8 55.6 45.4 56.6 55.3 45.2 55.7 52.0 34.2 Steam, hot-water heating, apparatus, etc 58.6 57.8 49.3 59.3 56.9 49.8 41.4 43.4 32.0 Stoves— 108.5 110.1 93.9 102.4 99.5 88.6 86.0 96.7 67.0 Structural metal work 58.6 59.0 57.9 58.4 57.7 57.8 44.7 46.0 41.2 Tin cans, etc 95.3 100.5 89.6 99.6 100.7 93.6 91.5 100.2 79.4 Wirework 138.4 132.8 121.2 138.1 132.0 121.0 135.5 124.0 94.5 MACHINERY *„_ 93.8 93.1 77.9 93.0 90.6 77.2 78.9 78.4 57.2 Agricultural implements.- 123.8 116.6 79.6 127.8 122.4 82.1 145.0 136.1 85.7 Electrical machinery, etc 75.4 75.3 65.4 75.4 75.3 65.4 64.6 65.2 50.0 Engines, turbines, etc 103.0 101.3 73.5 105.2 102.4 75.1 76.1 75.0 50.0 Foundry and machine-shop products. 77.6 76.8 66.0 79.1 77.4 67.3 65.3 64.6 46.6 Machine tools 100.1 98.5 70.2 100.7 97.6 70.6 90.2 89.5 52.6 Radios and phonographs 271.6 279.1 214.5 222.3 196.8 175.5 179.8 185.8 131.5 Textile machinery 66.0 64.3 60.8 67.3 65.5 62.0 54.4 54.4 43.4 TRANSPORTATION EQUIPMENT I> 101.0 92.3 62.2 109.0 99.5 70.4 101.5 86.4 48.4 Automobiles1 _ 115.5 105.0 67.1 125.1 113.8 77.4 116.7 97.7 51.3 Cars, electric and steam railroad. 45.9 40.0 32.4 50.9 41.7 35.9 47.4 41.0 30.0 Locomotives 22.8 21.3 37.5 23.7 22.0 39.0 10.1 9.5 16.6 Shipbuilding.— 82.3 79.8 69.3 85.6 85.3 72.1 72.5 70.4 54.0 EAILROAD REPAIR SHOPS. 55.7 55.1 51.6 55.8 54.8 51.7 54.5 53.1 44.4 Electric railroads 65.1 64.5 65.7 65.1 64.5 65.7 59.3 60.0 57.4 Steam railroads— 55.0 54.4 50.5 55.2 54.1 50.7 54.2 52.7 43.5 NONFERROUS METALS AND PRODUCTS *.. 93.1 ••91.9 '78.2 91.8 '90.8 '77.1 78.5 78.4 '59.1 Brass, bronze, and copper. _ 89.0 86.8 72.0 90.0 87.9 72.8 72.9 72.5 51.3 Lighting equipment „_ 86.9 86.9 68.9 83.2 84.3 66.0 83.5 81.6 58.0 Silverware and plated ware 73.0 72.4 71.7 69.5 69.4 68.3 60.5 59.9 56.7 Smelting and refining-— 88.0 85.7 74.5 88.8 84.8 75.2 61.9 58.6 46.4 Stamped and enameled ware 116.2 112.7 '93.8 116.3 112.6 '93.9 101.0 '70.6 LUMBER AND PRODUCTS » 56.0 57.5 48.6 54.4 55.4 47.3 45.0 48.6 33.6 Furniture 77.0 77.9 65.2 71.6 71.7 60.7 59.3 63.0 44.5 Lumber, millwork _ 48.7 49.5 36.3 48.7 49.1 36.3 39.6 41.9 24.0 Lumber, sawmills 36.0 37.6 32.8 35.8 37.0 32.6 26.5 29.5 21.3 STONE, CLAY, AND GLASS PRODUCTS K. 56.4 56. 52.2 56.1 54.6 51.9 43.9 44.5 35.6 Brick, tile, and terra cotta 34.6 35.3 29.9 34.7 34.4 30.0 23.4 24.0 16.5 Cement _ 49.6 52.9 48.2 49.2 50.9 47.8 33.3 35.1 29.4 Glass 98.4 97.5 88.5 97.2 92.5 87.4 91.2 90.9 72.0 Pottery 70.0 68.2 54.6 53.3 47.7 TEXTILES AND PRODUCTS « 97.0 '97.7 90.9 '96.0 90.2 79.7 '84.5 71.1 A. Fabrics 96.1 94.6 89.7 94.4 93.6 88.2 82.6 83.3 72.5 Carpets and rugs 82.6 84.3 60.1 81.5 84.6 59.3 70.5 73.8 43.6 Cotton goods 90.6 '88.0 94.2 89.3 '87.4 92.9 76.8 75.8 75.7 Dyeing and finishing_-_ 111.7 109.0 91.4 110.4 108.4 90.4 88.2 88.4 73.2 Knit goods 117.6 117.4 110.6 115.0 116.0 108.1 120.0 120.8 107.9 Silk and rayon goods 72.5 77.6 75.0 72.6 77.1 75.2 60.9 68.2 62.3 Woolen and worsted goods.. 103.1 98.5 75.0 99.2 96.2 72.2 79.4 79.0 53.6 B. Wearing apparel 94.8 ' 100. 5 89.6 96.0 '97.3 90.8 69.2 '81.8 64.1 Clothing, men's 88.9 94.8 80.3 90.8 93.8 82.0 64.4 74.8 52.1 Clothing, women's 121.9 131.7 115.5 125.7 125.3 119.1 81.3 103.3 81.3 Millinery 50.1 60.4 59.3 53.9 59.4 63.8 34.9 49.2 45.1 Shirts and collars 109.8 '110.9 101.3 104.4 ' 106. 5 96.3 111.3 ' 111. 6 98.3 LEATHER AND PRODUCTS 82.3 86.6 81.6 84.1 84.5 83.4 73.8 61.0 Boots and shoes 77.8 84.0 79.8 80.2 81.4 82.3 56.1 65.9 54.6 Leather 100.3 97.0 89.2 97.1 101.4 99.4 82.0 See footnotes at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

67 JANCAET: FEDERAL RESERVE BULLETIN 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 No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- No b v e e r m- October No b v e e r m- FOOD PRODUCTS 2 99.7 107.2 109.0 97.4 97.2 107.3 91.5 97.2 96.1 Baking 113.6 114.6 115.4 111.8 112.8 113.6 99.7 100.8 98.6 Butter 70.1 71.5 76.0 70.7 70.6 76.6 54.4 55.5 56.4 Canning and preserving 76.1 125.8 88.4 86.4 86.8 100.4 84.3 r 142. 2 87.5 Confectionery 85.2 90.6 91.5 74.1 75.1 79.6 73.7 81.1 76.5 Flour 75.8 77.1 77.7 74.5 75.2 76.4 67.7 73.7 63.3 Ice cream 61.5 65.7 63.5 68.2 67.1 70.4 51.2 54.0 50.2 Slaughtering and meat packing 82.8 79.7 109.3 82.0 79.1 108.2 77.7 75.6 100.7 Sugar refining, cane 76.8 81.3 93.6 75.6 80.0 92.1 62.4 68.3 72.8 TOBACCO PRODUCTS 59.7 60.0 64.0 57.0 57.4 61.1 48.9 50.5 48.8 Chewing and smoking tobacco and snuff 66.2 66.2 73.8 66.0 66.7 73.6 63.7 65.4 62.2 Cigars and cigarettes 58.8 59.2 62.7 55.8 56.3 59.4 47.0 48.6 47.1 PAPER AND PRINTING 98.7 98.3 '96.8 97.4 97.8 '95.4 88.0 88.2 '82.7 Boxes, paper _ _ _ _ 92.9 92.6 90.3 87.0 87.9 84.6 89.1 91.8 81.3 Paper and pulp 109.0 109.1 ' 106.9 109.0 109.1 ' 106.9 91.7 93.3 '82.0 Book and job printing - _ 89.1 88.2 87.2 88.6 89.0 86.7 78.4 78.3 74.4 Printing, newspapers and periodicals 101.2 100.7 99.8 99.9 100.4 98.5 93.1 92.1 90.4 CHEMICALS AND PETROLEUM PRODUCTS a 112.3 113.1 108.6 110.7 111.3 107.2 98.9 100.6 90.9 A. Chemical group, except petroleum * 112.8 113.7 107.9 110.6 111.3 105.8 99.1 100.1 89.1 Chemicals 109.5 108.9 104.4 107.2 107.7 102.3 101.9 100.1 90.7 Druggists' preparations 100.3 101.6 105.5 96.8 97.1 101.8 94.7 99.9 96.8 Explosives. - _ 89.9 89.8 91.6 87.3 86 9 88.9 80.2 80.2 71.2 Fertilizers 83.9 88.8 91.2 92.6 95.0 100.7 72.5 78.6 69.7 Paints and varnishes 109.3 109.2 99.7 110.2 108 9 100.5 94.0 94.8 78.5 Rayon and allied products 356.1 356.8 320.8 356.1 356.8 320.8 263.3 263.5 231.6 Soap 103.7 105 4 104 6 101 0 102 4 101.9 98.3 101.3 92.5 B. Petroleum refining > _ _ 110.0 110.9 111.9 111.1 111.1 113.0 98.4 102.2 96.8 RUBBER PRODUCTS * 82.8 82.8 '77.9 83.0 83.4 '78.1 71.8 70.8 58.1 Rubber boots and shoes 58.5 58.9 '60.6 53.9 56.4 '55.8 50.1 52.9 49.8 Rubber tires and inner tubes „_ 69.9 70.7 68.7 72.2 73.2 71.0 62.2 59.0 50.4 1 Revised seasonal adjustment factor for automobiles used in October and November 1935. 2 Includes current statistics for one or more industries not shown separately. ' Revised. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the F. R. Board of Governors, see BULLETIN for June 1934, pp. 324-343. Underlying figures are for pay-roll period ending nearest middle of month. November 1935 figures are preliminary, subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN JANUAEY : 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 59.8 15.1 22.4 10.7 7.1 9.4 10.8 113.7 44.4 19.6 3.7 17.9 11.4 February 96.7 75.0 14.5 16.6 4.2 7.8 7.6 9.2 53.2 27.8 5.4 5.8 11.8 7.9 March 178.3 122.9 28.1 32.2 15.9 6.5 13.0 12.2 92.9 46.3 8.8 10.4 19.6 15.4 April 131.2 124.0 22.6 42.2 8.3 6.3 11.9 15.2 69.9 40.5 8.5 8.3 9.8 11.5 May 134.4 126.7 24.8 44.9 8.3 9.8 24.6 13.9 56.8 31.4 10.4 9.0 9.5 17.7 June 127.1 148.0 26.6 49.8 8.7 9.5 11.9 15.0 57.4 39.1 9.7 17.7 12.8 16.8 July 119.7 159.3 19.8 48.4 25.7 14.6 12.9 15.8 39.1 53.9 7.8 Q 9 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 '200.6 26.3 55.1 8.5 12.0 13.5 16.6 65.2 86.3 9.0 9.2 12.7 '21.3 November . 111.7 188.1 19.9 39.7 4.6 8.9 11.0 12.8 52.3 80.3 8.6 24.7 15.3 21.7 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 * Revised. CONSTRUCTION CONTRACTS AWARDED, COMMERCIAL FAILURES, BY DISTRICTS BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands [Figures for 37 States east of the Rocky Mountains, as reported by the of 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 district November October November Novem- Octo- Novem-Novem- Octo- Novem« ber ber ber ber ber ber Boston 13,964 13,666 11,165 New York 42,036 36,422 23,996 Philadelphia 9,783 9,060 7,601 Boston... ._ . . 87 91 114 1,709 1,720 1,802 Cleveland 14,265 27, 762 9,730 New York 358 410 287 11,861 9,714 5,418 Richmond 16,417 r 25,573 8,599 Philadelphia _ 46 53 44 731 1,062 1,298 Atlanta 19,051 16,547 9,413 Cleveland 70 78 87 888 1,385 2,967 Chicago 29,211 36, 276 15,322 Richmond 34 40 39 547 1,251 551 St. Louis 15,707 r 14, 460 8,425 Atlanta 33 37 29 192 369 287 Minneapolis 6,538 r 6,621 4,134 Chicago.. 87 121 100 1,745 2,570 3,016 Kansas City _. 11,079 7,513 4,958 St Louis 34 37 24 341 477 284 Dallas 10,064 6,697 8,349 M inneapolis 11 19 28 370 305 197 Kansas City 21 27 34 114 287 564 Total (11 districts) 188,115 r 200, 596 111, 692 Dallas __ 30 13 17 314 152 224 San Francisco 116 171 120 1,212 2,952 1,742 r Revised. Total 927 1,097 923 20,023 22, 244 18.350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY : FEDEKAL RESERVE BULLETIN 69 DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of Dec. 1, 1935] [In thousands of units] Cotton Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1934 Dec. 1,1935 1934 Dec. 1,1935 1934 Dec. 1,1935 1934 Dec. 1,1935 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 168 160 168 160 New York 5,171 7,192 5,039 7,060 132 132 Philadelphia 13,866 17,469 13,781 17,352 85 117 Cleveland 37,550 47,098 37,479 47,008 71 90 Richmond - 1,345 1,360 22,908 25,499 22,908 25,499 Atlanta __. 2,407 2,649 3,841 4,107 3,841 4,107 Chicago 50,925 57,005 49, 293 54,932 1,632 2,073 St. Louis 12,323 2 2,305 47, 237 46, 293 47,197 46, 218 40 75 Minneapolis 63, 272 140,374 10,044 15,156 53,228 125,218 Kansas City 263 444 144, 213 146.109 140, 671 137,811 3,542 8,298 Dallas.__ _... 2,934 3,659 26,141 10,487 26,090 10, 373 51 114 San Francisco 364 317 81, 637 101, 406 49, 209 67,931 32,428 33,475 Total 9,636 10,734 496, 929 603,199 405, 552 433,447 91, 377 169,752 Corn Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate Production Estimate 1934 Dec. 1,1935 1934 Dec. 1,1935 1934 Dec. 1,1935 1934 Dec. 1,1935 1934 Dec. 1,1935 Bushels Bushels Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7,703 7,944 7,015 6,748 2,867 3,281 19,096 21,756 65,226 45,779 New York. 25,132 26,408 24, 745 27,071 3,812 5,744 447 589 37,212 26,311 Philadelphia 48,105 52, 616 15, 724 16,371 1,947 2,376 18,255 26,910 31,787 23,145 Cleveland 128,893 170,836 36,450 56, 502 3,365 4,836 94,419 91, 266 22,086 21,537 Richmond 132, 408 146,482 15,475 19,947 2,898 3,217 580,183 774,615 32, 805 28,175 Atlanta 160, 725 160,089 10,091 10,654 2,067 2,150 110, 635 145,477 15,109 13, 530 Chicago __ 482, 658 818,373 183, 361 447, 696 9,856 17, 094 12, 764 15, 531 66,027 50, 934 St. Louis 167, 923 250,875 18,141 38,994 4,151 5,746 206,861 203, 668 9,681 13, 570 Minneapolis 107,474 237,832 109, 517 334,036 5,214 9,590 828 1,082 43, 361 54, 760 Kansas City 53,194 202,345 50, 782 166,897 4,994 8,960 2,172 2,848 14,816 32, 693 Dallas 54,929 120, 380 33, 976 41,867 724 1,029 4,665 4,114 San Francisco 7,982 8,672 20, 612 28, 652 10, 374 11, 596 42, 646 41,858 Total 1,377,126 2, 202, 852 525,889 1,195,435 52, 269 75, 619 1,045, 660 1, 283, 742 385,421 356,406 1 Includes 16,000 bales grown in miscellaneous territory. 2 Includes 7,000 bales grown in miscellaneous territory. NOTE.—The Department of Agriculture has announced that revisions of estimates for 1934 will be made when complete census data become available and will be published prior to July 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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