Federal Reserve Bulletin, 1936-02

FEDERAL RESERVE BULLETIN FEBRUARY 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Appointment of New Board Increase in Margin Requirements Money Markets Abroad Loans of Federal Credit Agencies «# ©?<§©&?§• # 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. ECCLES, Chairman JOSEPH A. BRODERICK RONALD RANSOM M. S. SZYMCZAK RALPH W. MORRISON JOHN K. MCKEE CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER 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 WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CTJRRIE, 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 YOBK) 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) EDWARD E. BROWN. 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 n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANES 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.* L. R. Rounds W. B. Matteson.i L. F. Sailer J. M. Rice.i W. 8. Logan H. H. Kimball.i J. H. Williams. L. W. Knoke.i Allan SprouL— Valentine Willis, i 0. H. Coe A. Phelan. i Philadelphia R. L. Austin G. W. Norrls W. H. Hutt 0. A. Mcllhenny. 0. A. Mcllhenny WW . JG .T M>ft\criC<ir 1eedy.* L. E. Donaldson.1 Cleveland E. 8. Burke, Jr.s M. J. Fleming F. J. Zurlinden W. F. Taylor. H. F. Strater 0. 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.« C. R. McKay W. 0. Bachman.* J. H. Dillard 0. J. Netterstrom.1 A. T. Sihler.i E. A. Delaney.* A. L. Olson.* St. Louis _. J. 8. Wood W. McO. Martin 0. M. Attebery S. F. Gilmore.* J. G. McConkey A. H. HallU F. N. Hall.« G. 0. Hollocher.* 0. 0. Phillips.* Minneapolis J. N. Peyton W. B. Geery Harry Yaeger H. I. Ziemer. H T Ziemfir F. C. Dunlop.* Kansas City J. J. Thomas... G. H. Hamilton 0. A. Worthington J. W. Helm. T w TTftim Dallas O.O.Walsh B. A. McKlnney R. R.Gilbert R. B. Coleman. R. B. Coleman.- W. 0. Ford.i San Francisco J. IT. Calkins W. A. Day W. M. Hale. Ira Clerk ^Assistant Deputy Governor. 3 Acting chairman; W. H. Fletcher, acting Federal Reserve agent. »Controller. 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 0. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch Hugh Leach. Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H. Frye. San Antonio branch M. Crump. Jacksonville branch G. 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 0. R. Shaw. St. Louis: Spokane branch D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60;, single copies, 25 cents. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Page Review of the month—Appointment of new Board—Increase in margin requirements—Money markets abroad 71 Membership of the Federal Reserve Board, 1913-1936 - 84 Retiring Board Members 77 Loans and investments of all member banks 77 Loans of United States Government corporations and credit agencies 78 Proclamation of President extending powers conferred by Gold Reserve Act 82 Earnings and expenses of Federal Reserve banks for year 1935 128-129 National summary of business conditions 85 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 86-90 Member and nonmember bank credit: All banks in the United States 92 All member banks ._ 91, 93, 94, 130 Weekly reporting member banks in leading cities 95, 96,131, 132 Acceptances, commercial paper, and brokers' borrowings 97 Discount rates and money rates : 98 Security prices, bond yields, and security issues 99 Treasury finance 100 Assets and liabilities of governmental credit agencies 101 Reconstruction Finance Corporation—Loans, purchases, and allocations 102 Farm Credit Administration—Loans and discounts outstanding, by institutions 103 Federal Home Loan Bank Board—Loans outstanding, by institutions 103 Obligations fully guaranteed by the United States—Amounts outstanding, by agencies— 103 Production, employment, car loadings, and commodity prices— 104 Merchandise exports and imports 105 Department stores—Indexes of sales and stocks 105 Freight-car loadings, by classes 105 International financial statistics: Gold reserves of central banks and governments 106 Gold production 107 Gold movements 107-109 Central banks 110-113 Bank for International Settlements 113 Commercial banks 114 Discount rates of central banks 115 Money rates._, 115 Foreign exchange rates 116 Price movements: Wholesale prices 117 Retail food prices and cost of living 118 Security prices 118 Law department: Rulings of Board: Classification of various types of deposits as savings deposits 119 Deposits of credit unions and citrus growers' associations not classified as savings deposits 120 Classification as savings deposit of funds of an individual used in his business 120 Christmas Club accounts not within classification of savings deposits 120 Appointment as executive officer of member bank of person indebted to such bank 121 Granting of overdrafts or carrying of cash items for executive officers of member banks 121 Amendment no. 7 of regulation T 122 Supplement to regulation T 122 Ruling No. 48 interpreting regulation T 122 Discounts for individuals, partnerships, and corporations—Extension of time limit 123 Federal Reserve statistics by districts, etc.: Banking and financial statistics 125-134 Industrial and commercial statistics 135-140 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 22 FEBRUARY 1936 No. 2 REVIEW OF THE MONTH Under the terms of the Banking Act of 1935, on August 23, the name of the Federal Reserve On January 27, 1936, the President sent to Board was changed to the Board of Governors the Senate the nominations of six members of of the Federal Reserve System, and the Govthe Board of Governors of the f Federal Keserve System, ap- ernor and Vice Governor became Chairman and Vice Chairman, respectively, but the memberpointed under the provisions ship of the Board remained unchanged until of the Banking Act of 1935, for terms beginning February 1, 1936. These appointments were February 3, 1936. approved by the Senate on January 30. Mr. Eccles was appointed to the Federal Reserve Board and designated as Governor The initial terms of office of the newly appointed members of the Board are so arranged effective November 15, 1934, Members of new r • r>n • J. as to provide for the expiration of terms at A Board. becoming Chairman on August 2-year intervals and vary from 2 to 14 years. 23, 1935, upon passage of the Members holding office subsequent to the Banking Act of 1935. He came to Washington expiration of these terms will be appointed for in January 1934 as an assistant to the Secretary terms of 14 years each. of the Treasury. He was born in Logan, Utah, The newly appointed members of the Board, September 9, 1890. Prior to coming to Washthe Federal Reserve districts from which they ington he had been engaged in banking and are appointed, and their terms are as follows: industry in the West for more than 20 years. Marriner S. Eccles, San Francisco district, Mr. Broderick was born in New York City 4 years. in December 1881. He began his banking Joseph A. Broderick, New York district, 14 career in New York City. After being chief years. clerk and auditor in a trust company, he became M. S. Szymczak, Chicago district, 12 years. an examiner in the New York State Banking John K. McKee, Cleveland district, 10 years. Department. He was a member of the com- Ronald Ransom, Atlanta district, 6 years. mittee appointed by the Secretary of the Ralph W. Morrison, Dallas district, 2 years. Treasury to work out technical organization A seventh member with an 8-year term is of the Federal Reserve banks. He was the still to be appointed. The President has first Chief Examiner of the Federal Reserve designated Marriner S. Eccles to be Chairman Board, and in 1918 he became the Secretary of the Board for a term of 4 years. of the Board. He resigned in 1919 to become a On page 84 of this BULLETIN is a table which vice president in the foreign department of the gives a list of all members of the Federal National Bank of Commerce in New York. Reserve Board from the beginning of the Ten years later he was appointed superin- Federal Reserve System, with information tendent of banks for the State of New York, regarding the districts from which they were serving throughout the most difficult period in appointed and their terms of office. banking history. The Board as constituted prior to February 1, Mr. Szymczak was appointed a member of 1936, consisted of eight members, including the Federal Reserve Board effective June 14, the Secretary of the Treasury and the Comp- 1933. He was born in Chicago, August 15, troller of the Currency as ex officio members. 1894, received his A. B. and A. M. degrees at St. 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 FEDERAL RESERVE BULLETIN FEBRUARY 1936 Mary's College, Kentucky, and De Paul power plants which in 1916 were incorporated University, Chicago, and pursued further into the Central Power & Light Co., and studies at other schools. He spent some operated until sold in 1925. Since then he has years in business and also taught business been in business in San Antonio and engaged administration, economics, and allied subjects in the development of a large ranch. In 1933 in the College of Commerce at De Paul Uni- Mr. Morrison served as a member of the versity and in other schools for many years. American delegation to the World Monetary At the time of his appointment to the Board and Economic Conference at London. he was comptroller of the city of Chicago. Mr. McKee was born in Pittsburgh, Novem- On January 24 the Board of Governors, ber 19, 1891, and received his education in acting under the powers granted it by the the public schools there, Allegheny Prepara- Securities Exchange Act of tory School, and the University of Pittsburgh, 1934> announced an increase specializing in banking and commercial law. effective February 1 in margin He has had a wide general experience in busirequirements on loans made by brokers and ness and banking. In 1931-32 he represented dealers in securities. Under the new rule, the Comptroller of the Currency as receiver for the minimum required margin on a loan colinsolvent national banks in Ohio and Pennsyllateraled by a security that has advanced in vania, and subsequently became examiner for price by less than 33 percent above its lowest the Keconstruction Finance Corporation in price since July 1, 1933, will continue to be 25 charge of bank reorganizations. Since 1933 percent of current market price, while the he has been Chief of the Examining Division margin on loans on securities that have had the of the Reconstruction Finance Corporation. largest increases in price will be 55 percent, Mr. Ransom was born in Columbia, S. C, rather than 45 percent as heretofore. Margins January 21, 1882, received his LL. B. degree required on other securities will vary between at the University of Georgia in 1903 and was 25 percent and 55 percent of current market admitted to the bar the same year. He en- price, depending upon the degree of their price gaged in the general practice of law in Atlanta advance. An amendment to Regulation T until 1922, when he became vice president of adopted by the Board and a supplement prethe Fulton National Bank. At the time of his scribing the new margin requirements are appointment to the Board he was executive printed on page 122. vice president of that bank and in charge of its Since March of last year the stock market trust department. He has been a director in has shown increasing activity at advancing several corporations, president of the Atlanta prices. Beginning in March Clearing House Association, president of the prices1!1 St°Ck and APril 1935> Prices advanced Georgia Bankers' Association, and for many with little interruption for a years has been active in the American Bankers' period of nearly 8 months and the volume Association and the Reserve City Bankers' of transactions increased. Average prices of Association. common stocks, as measured by the index of the Mr. Morrison was born in Howell County, Standard Statistics Co. for more than 400 Mo., September 7, 1882, and educated in stocks, increased by about 50 percent in this public schools and college at West Plains, Mo. period. For the most part the increase in He began his business career in the operating prices reflected cash purchases and was not department of a railroad and then engaged in accompanied by a corresponding increase in the sale of railroad equipment in the United bank loans on securities. The absence of States and various foreign countries. He flotation of new issues, other than for refunding afterward became interested in development outstanding issues, contributed in an important of water power and the operation of electric degree to the rise in prices of existing securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

73 FEBRUARY 1936 FEDERAL RESERVE BULLETIN The rise in prices from March to November INDEX OF PKICBS OF 421 COMMON STOCKS was the most sustained advance in the stock [Standard Statistics Co.] market since 1929. After the middle of November the upward movement was inter- Year, month, or date Total In tr d i u al s- Railroad Utility rupted but was resumed late in December and continued in January. In the third week of 1926 average 100.0 100.0 100.0 100.0 June 1932 34.0 33.5 14.1 55.0 January the average level of prices of com- March 1935 63.9 75.4 27.8 53.2 Jan. 22,1936 101.5 115.9 44.9 98.7 mon stocks, as measured by the Standard Statistics Co. index, was again at a new high level. The advance was accompanied by an Loans^by member banks in leading cities to increasing volume of trading on the New York brokers and dealers in securities to finance Stock Exchange and other securities exchanges. customers' transactions and The chart shows by weeks for the past 5 dealerS> h0ldinSs sh°Wed Kttle years the course of prices for common stocks increase in the first three quaron the New York Stock Exchange. It inditers of 1935, and most of the fluctuations during cates that the lowest level of stock prices after the year reflected principally borrowings by the collapse of 1929 was reached in 1932, that dealers in Government securities in connection with public-debt operations and seasonal and STOCK PRICES PER CENT 421 Common Stocks, 1926=100 PER CENT other temporary influences. In the last 2 months of the year there was a substantial in- 140 140 crease, which was also partly seasonal, but on January 29, 1936, brokers' loans by reporting f banks were about $130,000,000 larger than on 80 U /AV \— 80 October 30, 1935. 60 . / 60 Customers' borrowings from brokers showed a continuous increase after the^ middle of the 40 V year. Since late summer, figures as of the end .. . , ...I.. .. of each month have been reported currently to 0 0 the Board by member firms of the New York the advance in stock prices since that time Stock Exchange showing total debit balances has approximated 200 percent, that there has in customers' accounts with the reporting firms, been a sustained and substantial advance representing extensions of credit by brokers to since the spring of 1935, and that in Jan- customers, and the amount of the firms' boruary 1936 the advance was proceeding at rowings from banks. About 400 of these firms an accelerated rate. The level reached in carry margin accounts for customers, and for January was the highest in more than 4 years this group of firms customers' borrowings from and was somewhat above the level of 1926. them and their own borrowings from the banks The accompanying table gives separate figures during the last 4 months of 1935 increased. for industrial, railroad, and utility issues for In this period customers' borrowings from 1926, the middle of 1932, the spring of 1935, these brokers increased by about $200,000,000, and January 1936. It brings out the fact and the brokers' borrowings from banks inthat as compared with the levels of 10 years creased by approximately $150,000,000, or about 20 percent. The funds making it posago the industrial issues in the third week of sible for brokers to increase their extensions January were about 16 percent higher, while of credit to customers more rapidly than the railroad issues were about 55 percent their borrowings arose chiefly from an increase lower and the utilities at about the 1926 level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN FEBRUARY 193G in the credit balances held with brokers by such directly the demand for credit rather than the of their customers as were not indebted to available supply or cost. Through the use of them. this instrument it may be possible for the Board The course of bank loans on securities to to exert a restraining influence on the use of borrowers other than brokers and dealers in credit for speculation in the stock market securities is indicated by the weekly figures re- before it has reached a stage at which the ported to the Board by member banks in lead- general business and credit situation is uning cities. These figures, after decreasing con- favorably affected. The use of the instrument tinuously over a period of years, increased from exercises a restraint on speculation without September 18 to December 31, 1935, by ap- limiting the supply or raising the cost of credit proximately $50,000,000, which represented a to agriculture, trade, and industry. temporary increase arising partly from end-of- It will be recalled that the Securities Exyear needs for cash. In January they again change Act contains a formula on which margin declined. requirements shall be based but It is an unusual development for a rise of 50 Effect of margin ides that the Board may percent in stock prices in a short period of time requirements on ^ p rov .. 1 _ . _ J loans. prescribe lower or higher renot to be accompanied by a sub- Margins as an stantial increase in the amount quirements, if conditions make instrument of it desirable to do so. The statutory formula credit control. oi bank credit used lor carrying was adopted by the Board on October 1, 1934,, securities. The abundance of and continues in effect, except that the highest funds in the hands of investors is in large part required margin has been increased by the responsible for this unusual turn of events in Board's recent action. The statutory formula 1935, and the margin requirements appear also provides in effect that a loan on a security to have been a factor, in that they limited withmust not be greater than whichever is the drawals of cash from margin accounts for the higher of: purpose of realizing profits from a rise in stock (1) Fifty-five per centum of the current prices and thereby reduced the need of bormarket price of the security, or rowing by brokers. (2) One hundred per centum of the lowest By the latter part of 1935, however, most market price of the security since July 1, 1933, stocks had advanced in price to a point at but not more than 75 per centum of the current which, by reason of the mechanical effect of market price. the price advance on margin requirements, The theory on which the statutory margin withdrawal of profits or their use as margin for formula was based was to provide for a confurther commitments was again possible. stant increase of restraining influences as the There were evidences of increased borrowing prices of stocks advanced above their lows. by brokers' customers, and to some extent by So long as the price of a stock is less than 133 the brokers themselves, for the purpose of percent of the low price in the period prescribed purchasing and carrying securities. In order a customer may borrow from a broker as much to forestall an excessive growth in the use of as 75 percent of its market price, because up to credit for these purposes, the Board increased that point 75 percent of the market price would the margin requirements on the stocks that not exceed 100 percent of the low price. When have risen most in price. the price of a security advances above 133 The power of the Board to raise margin repercent of its low price, the amount that can quirements provides an instrument for controlbe borrowed on it does not increase and the ling the demand for credit from speculators in percentage margin requirement, therefore, inthe stock market without restricting the supply creases as the price advances. Under the available for other borrowers. It differs from statutory formula this condition continued other means of credit control in that it affects until the price rose above 182 percent of its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBUARY 1936 FEDERAL RESERVE BULLETIN 75 low, when a constant 45-percent margin re- stocks, but the rise in prices brought an increasquirement became effective. The reason that ing number of stocks to the level at which the situation changed at the 182-percent line pyramiding (with a 45-percent margin) was was that 55 percent of 182 is 100, so that at again possible. Thus the statutory formula had prices above 182 percent of the low a loan of ceased to operate as a prevention of pyramiding 55 percent of the market price would be more on the majority of active stocks. than a loan of 100 percent of the low price The recent action of the Board in raising and would, therefore, be the alternative chosen from 45 to 55 percent of market price the as the basis of calculating margin requirements margin required for the securities that have and loan values. risen most in price has the effect of raising from One effect of this formula has been that, dur- 182 to 222 percent of the low price, the level to ing the rise of the price of a security from 133 to which the price must have advanced before 182 percent of the low price, no additional pyramiding of profits again becomes possible, amount could be borrowed on the security, and because not until the price rises above 222 consequently the profits arising out of the rise percent is 45 percent of the market price more could not be withdrawn or used as margin for than 100 percent of the low price. additional borrowing. In other words profits It is estimated that after this change is in could not be pyramided, and the stretch of value effect there will be in the so-called antipyrabetween 133 and 182 percent of the low price of miding zone stocks with a volume of trading a stock has come to be known as the "anti- amounting to about one-third of the total pyramiding zone." When a rise in the price dollar volume of trading in stocks on the New of a stock carried it above 182 percent of its York Stock Exchange. Stocks in which nearly low, however, each additional advance of $1 two-thirds of the trading is done will be subenabled the borrower to withdraw 55 cents of ject to the maximum margin requirement of his profits or to use that amount as margin 55 percent. On this group of stocks, pyrafor additional borrowing. Profits could once miding of profits will still be possible, since for more be pyramided. each dollar of price advance 45 cents will In recent months stocks in which three- become available to margin additional borfourths of the trading has been done, including rowing. most of the more active and important stocks, Reserve balances of member banks in excess were subject to the 45-percent margin require- of legal requirements amounted to approximent; less than 8 percent required a margin of mately $3,080,000,000 on Jan- Excess reserves. 25 percent, the lowest permitted under the uary 31, as compared with a regulation; and on the remainder required mar- peak of about $3,300,000,000 on December 11 gins ranged from 25 percent to 45 percent of and a subsequent low level of $2,690,000,000 on their current market prices. December 24. There was an increase of It is estimated that at the end of 1935 margins $240,000,000 in January. The contributing required on active issues averaged about 40 factors in this increase were a return of $140,percent of current market prices, as com- 000,000 of currency to the banks from holiday pared with about 30 percent at the time the circulation and net disbursements by the Board's regulation was put into effect in Octo- Treasury from its cash holdings and deposits ber 1934. This automatic increase in margin with the Federal Reserve banks. Gold imrequirements as stock prices advanced repre- ports, which averaged about $63,000,000 a week sents the effects of the operation of the statu- from September 18 to December 18, 1935, were tory formula. During a part of the advance in relatively small volume during the last half pyramiding of profits was not possible for most of December and in January. 45-347—36 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 FEDEKAL RESERVE BULLETIN FEBRUARY 1936 With the cessation of the gold outflow from governed market rates. In the Netherlands, France early in December the movement of gold the commercial banks have also borrowed from Europe to the United heavily at those periods when the outward £bX maFketS States that had be^un 3 months movement of gold has been severe, and prompt earlier subsided. On January action by the Netherlands Bank has been 2 the Bank of France reduced its discount rate followed by sharp advances in open-market to 5 percent, and a week later to 4 percent. rates. Subsequently, however, most of the The lower rate was retained in the face of the borrowings have been repaid, leaving the marrenewed loss of gold accompanying the over- ket relatively independent of the central bank. turn of the Laval government, and open- This is reflected at the present time in the market discount rates remained close to the 4 spread between central bank and open-market percent level to which they had become rates in Amsterdam. adjusted. In the table the outward movement of funds A similar process of reduction of central is reflected in the decline in central gold rebank and open-market discount rates had serves, and the accompanying shifts in combegun in October in the Netherlands, and by mercial bank reserve balances and borrowing the end of January open-market rates in are indicated by the changes in deposits and Amsterdam had fallen substantially below the loans of the central banks, although both of 3 percent rate established in the middle of the these items also include central bank transacmonth by the Netherlands Bank. Notwith- tions with the general public. standing these recent declines, however, the level of rates in the three gold-bloc countries MONEY MARKET FACTORS IN GOLD-BLOC COUNTRIES —France, Netherlands, and Switzerland— [Figures for last report date of month] remained considerably higher than rates in London and New York. Central bank accounts Discount rates This higher level of rates in the gold-bloc (in millions of national (percent per currency) annum) countries began to develop, somewhat irregul n a o r u ly n , c e e d a rl u y n t i i n l 1 th 9 e 3 3 s p b r u i t n g d id o f no 19 t 3 b 5 e . co T m h e e p u ro n - - Gold D i e t p s o i s- a c L n o d o u a n d n t i s s s- C b e a n n tr k al m O a p rk en et usually easy conditions that prevailed in world France: money markets in the last half of 1932, except November 1932 83,342 22, 969 5,766 2H January 1936 65, 223 8,088 13,529 4 in Berlin, where the crisis of 1931 had seriously Switzerland: impaired the lending power of the commercial November 1932 2,553 1,157 59 2 January 1936 1,389 405 222 2H banks, arose from the large volume of bank Netherlands: funds seeking short-term investment and the J N a o n v u e a m ry b e 1 r 9 3 1 6 9 32 _ 1,0 6 3 6 3 9 3 6 0 9 1 1 1 1 5 2 7 3 2\b m% low volume of business activity. Subsequent developments have reflected chiefly the altered 1 Government deposits excluded, except in Switzerland, where they are not reported separately. reserve position of the commercial banks and central bank discount policies. Borrowing operations in the gold-bloc coun- In the past 3 years reserves of commercial tries have only partially offset the heavy withbanks in the gold-bloc countries have re- drawal of funds. In January 1936 commerpeatedly been reduced by outward movements cial bank reserves in these countries appear to of capital. To some extent commercial banks have been little more than a third as large as have met the withdrawal of funds by borrowing in the autumn of 1932. Commercial bank at the central bank. This has been particu- reserves in the United States and England, on larly marked since the spring of 1935 in Swit- the other hand, were at a high level, and openzerland and France, and as a result central market rates in New York and London were bank rates in those countries have largely well below 1 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 77 Except for temporary variations, cash re- the result of an excess of payments due to serves of the English commer- Great Britain from abroad, the account buys cial banks during the Past 3 gold, the funds so placed in the market are years have been maintained at automatically withdrawn by the sale of securities the high figure reached at the end of 1932, and to finance the gold purchase. Similarly, when short-term money rates have shown only the account sells gold, the proceeds are invested minor fluctuations. Early in 1932 the Bank of in securities and so returned to the market. The England began to increase its holdings of securi- Bank of England has purchased gold only at its ties and gold, and this contributed to further own discretion and in conformity with its other ease in the money market and facilitated the operations. Consequently neither inward nor Government's program of converting the public outward movements of gold since 1931 have debt to a lower interest basis. Between April materially influenced the available volume of and December 1932 the cash reserves of the money market resources in England. London clearing banks increased nearly 20 percent; and largely on the basis of these added reserves the banks expanded by two-thirds Retiring Board Members their holdings of bills and securities, the bulk At the request of the Board of Governors of of which consists of Government obligations. the Federal Reserve System, Mr. Adolph C. In part the increase represented the employ- Miller, who was a member of the Federal Rement of resources released by the continued serve Board from the time it was established in 1914, will continue, in an advisory capacity, contraction of commercial loans. At the end the supervision he has exercised over the plans of 1932 both short-term money rates and highfor and construction of the Board's new buildgrade bond yields were substantially lower than ing since its inception. they had been earlier in the year. Mr. Charles S. Hamlin, another member of Since the end of 1932 high-grade bond yields the original Board, who was also its first governor, has accepted appointment as a special have declined further. There has been little counsel to the Board, acting in an advisory further increase in commercial bank reserves, capacity. but the banks have continued to purchase Mr. J. J. Thomas has been appointed a class securities with resources released by the reduc- C director of the Federal Reserve Bank of tion in their holdings of Treasury bills that Kansas City and designated as chairman and Federal Reserve agent to fill the vacancy which accompanied refunding operations of the Govhas existed since the death of Mr. M. L. Mcernment. At the end of 1935 long-term invest- Clure. Judge Thomas' appointment as a class ments constituted about a third of the earning C director is for the unexpired term ending assets of the London clearing banks, which is December 31, 1938, and his designation as more than double the portfolio maintained in chairman and Federal Reserve agent is for the remainder of the current year. the years immediately preceding the depression. Mr. George R. James, who had accepted re- At the present time the London clearing appointment in 1931 for the emergency period, banks, in contrast with member banks in the will resume his business connections in Mem- United States, have no reserves in excess of the phis, Tenn. customary ratio to deposits. The inflow of funds since the abandonment of the gold standard in 1931 has gone only in small part LOANS AND INVESTMENTS OF ALL MEMBER BANKS into bank reserves. Much private foreign capital transferred to England has been utilized According to preliminary figures tabulated from December 31 call reports, total loans and to purchase gold, which has thus been teminvestments of all member banks inci eased by porarily withdrawn from monetary use. Gold an additional $630,000,000 during the period operations of the Exchange Equalization Ac- from November 1 1935, to December 31, 1935, count have also been without effect. When, as making a total increase of $1,780,000,000 for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 FEDERAL RESERVE BULLETIN FEBRUARY 1936 the entire year. Detailed figures are shown in 000 in the last 2 months, reflecting in part the table on page 93 of this BULLETIN. seasonal influences. The largest increase during the last 2 months The largest expansion in loans and investof 1935 occurred in the banks' holdings of ments in the last 2 months of 1935, as well as direct obligations of the United States Govern- for the year as a whole, occurred at central ment, which rose by $420,000,000, compared reserve and reserve city banks. Holdings of with an increase of $170,000,000 for the pre- direct Government obligations increased durceding 10 months. Holdings of obligations ing November and December by $170,000,000 fully guaranteed by the Government remained at central reserve city banks, by $190,000,000 practically unchanged in the last 2 months, at reserve city banks, and by $60,000,000 at after a substantial increase during the pre- country banks. For the year as a whole ceding year and a half. Holdings of other holdings of direct obligations of the Governsecurities declined somewhat at the end of the ment by country banks decreased somewhat, year but showed an increase for 1935 as a reflecting the retirement of bonds held as whole. Loans to customers on securities, collateral for national bank notes, while their which had decreased steadily since 1930, holdings of guaranteed obligations and of other showed little change in November and De- securities showed substantial increases. Cuscember 1935, while other loans to customers tomers7 loans increased during the year at continued the increase which characterized reserve city banks and declined at country the entire year. Loans to security biokers banks. The increase in brokers' loans occurred and dealers, which showed little change in the almost entirely at New York City banks, first 10 months of 1935, increased by $230,000,- which now make the bulk of these loans. LOANS OF UNITED STATES GOVERNMENT CORPORATIONS AND CREDIT AGENCIES On December 31, 1935, the outstanding are fully guaranteed by the United States as loans of United States Government corpora- to payment of interest and principal. Loans tions and credit agencies totaled $8,300,000,000, by corporations and agencies thus financed an increase of $1,000,000,000 from December partly from Government funds and partly 31, 1934. The growth reflected principally from private funds amounted to $6,100,000,000 increases in farm and home mortgage loans on December 31, 1935, an increase of about made by agencies of the Farm Credit Adminis- $900,000,000 during the year. tration and by the Home Owners' Loan Loans of the corporations and agencies which Corporation and in crop loans made by the are financed wholly from Government funds Commodity Credit Corporation. Investments increased by about $100,000,000 during 1935, of Government corporations and credit agencies to a total of $2,200,000,000 at the end of the in preferred stock and capital notes and year, and their holdings of preferred stock and debentures of private companies, chiefly invest- capital notes and debentures increased by ments by the Reconstruction Finance Corpora- $40,000,000, to a total of about $880,000,000. tion in banks and trust companies, totaled Most of the loans were made directly by the about $880,000,000 on December 31, 1935, an Reconstruction Finance Corporation, which increase of $40,000,000 during the year. sells its obligations to the United States Loans and investments of the various Treasury, or by other agencies from funds agencies on December 31, 1935, as shown in a advanced by the Reconstruction Finance Corstatement published by the Treasury Depart- poration. The increase during 1935 reflected ment, appear in the table on page 101, which is chiefly an increase of more than $250,000,000 regularly published in the BULLETIN. Figures in loans on crops, livestock, and commodities for the Reconstruction Finance Corporation and was principally in loans of the Commodity and the credit agencies under the Farm Credit Credit Corporation, which is financed through Administration and the Home Loan Bank Board the Reconstruction Finance Corporation. It appear in more detail on pages 102 and 103. also included an increase in such loans made by As shown in the following table, the increase the Farm Credit Administration from Governin loans of Government corporations and credit ment funds. A more detailed discussion of agencies during 1935 was largely in loans of the changes in the loans and investments of the agencies which derived nearly all of their funds Reconstruction Finance Corporation and in from issuing their own securities, some of which crop loans appears in subsequent paragraphs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 79 ASSETS AND LIABILITIES OF GOVERNMENT CORPORA- Government and securities of Government credit TIONS AND CREDIT AGENCIES, DEC. 31, 1935 agencies. Of the total of $450,000,000 of direct obligations of the Government held by [In millions of dollars] these agencies on December 31, 1935, nearly $300,000,000 represented investment by the Financed Financed wholly from partly from Federal Deposit Insurance Corporation of the Government Government capital stock of that corporation subscribed by funds funds the United States Treasury and by the Federal Reserve banks. Investment in obligations Change Change Dec. 31, from Dec. 31, from of other Government credit agencies in- 1935 De 1 c 9 . 3 4 31, 1935 De 1 c 9 . 3 4 31, cluded about $200,000,000 of obligations fully guaranteed by the United States and about $850,000,000 of other obligations of these ASSETS Loans: agencies. Fully guaranteed Federal Farm Mortgage loans 6 +6 5,821 +830 Crop, livestock, and commodity Mortgage Corporation bonds are held by Al l l o a o n th s e r _ _ _ 1,7 4 2 49 1 + -1 2 5 5 2 5 1 1 4 5 3 8 + + 2G 9 agencies under the Farm Credit Administration, principally the banks for cooperatives, Total loans __ 2,175 +108 6,122 +865 the production credit corporations, and the Preferred stock, capital notes, etc 875 +38 2 +2 Federal intermediate credit banks, while prac- Investments: United States direct obligations._ 25 +2 424 -22 tically all the investment in guaranteed bonds Se a c g u e r n it c i i e e s s : of Government credit of the Home Owners7 Loan Corporation is held Fully guaranteed by United by the Federal home loan banks and the Fed- States- 20 +16 195 -31 All other .__ - .__ 100 -7 759 +180 eral Savings and Loan Insurance Corporation. Cash Other 10 2 5 1 -1 -2 0 (i 2 ) 13 + — 6 4 About $750,000,000 of the investment in other Other assets.. _ 241 2-48 390 +220 securities of Government credit agencies are Total assets, excluding inter- Federal land bank bonds held by the Federal agency 3,564 2+97 8,106 +1,215 Farm Mortgage Corporation, which has taken LIABILITIES the bonds in exchange for its fully guaranteed Bonds, notes, and debentures: obligations. The latter have been used by the Fully guaranteed by United States 252 +3 4, 293 +1.231 land banks largely in exchange for mortgage All other . -88 2,089 -193 loans. Other liabilities _ W50 q 226 +64 Liabilities of Government corporations and Total liabilities, excluding interagencv 312 -88 6,609 +1,102 agencies on December 31, 1935, included about Excess of assets over liabilities, ex- $4,500,000,000 of obligations fully guaranteed cluding interagency transactions... 3,252 2 +186 1,497 +113 by the United States as to principal and interest, Privately o"wned interests 340 +69 United States Government interests- 3,252 2+186 1,157 +44 issued by the Reconstruction Finance Corporation, the Federal Farm Mortgage Corporation, 1 Less than $500,000. and the Home Owners' Loan Corporation, 2 Previously published figures for Dec. 31, 1934, adjusted for revision in tabulation during 1935. $1,900,000,000 of Federal land bank bonds and $130,000,000 of Federal intermediate credit Investments of Government corporations and bank debentures. Increases during the year credit agencies, other than holdings of preferred reflected largely issues of fully guaranteed stock and capital notes and debentures, consist bonds, part of which w^ere used to retire chiefly of direct obligations of the United States partially guaranteed bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN FBBEUABY 1936 Reconstruction Finance Corporation.—Al- LOANS AND INVESTMENTS OF THE RECONSTRUCTION though total loans and investments of the FINANCE CORPORATION DURING 1935 Reconstruction Finance Corporation, exclud- [In millions of dollars] ing funds advanced to the Commodity Credit Corporation, showed little change in 1935, there were substantial changes in various types bu D r i s s e - d Repaid O i 3 n u 1 g t , s D t 1 a 9 e n 3 c d 5 . of loans, as shown in the following table. In general, loans to credit agencies decreased, Loans: while other loans increased. For distribution to depositors in The principal increase was $152,000,000 in closed banks 114 312 246 Other loans to banks. 10 67 185 holdings of securities purchased from the Other loans to mortgage companies. 17 40 98 Building and loan associations 14 7 Public Works Administration, representing Insurance companies 18 37 loans to railroads and State and local govern- Railroads 21 396 For self-liquidating projects 61 36 148 ments for public works. During the year the To drainage, levee, and irrigation districts 38 0) 50 Corporation paid $264,000,000 to the Public To industrial, commercial, mining, Works Administration on account of securities etc., businesses 37 2 41 To Public Works Administration taken over and received $112,000,000 from on security transactions 264 112 154 All other 2 . > ._ 9 43 73 public sales of part of these securities. There were also further increases during 1935 in out- Total loans3 ._ 591 665 1,434 standing loans made to business enterprises Investments: and public bodies other than credit agencies Pr d ef e e b r e re n d tu r s e to s c o k f , b c a a n p k it s al notes, and 103 66 882 largely for productive purposes, amounting to All other 10 10 about $60,000,000 in loans for self-liquidating Total investments 113 66 892 projects and to drainage, levee, and irrigation Total loans and investments 3 704~ 731 2,326 districts, more than $30,000,000 in loans to industrial and commercial enterprises, and 1 Less than $500,000. $20,000,000 in loans to railroads. 3 2 E L x a c r l g u e d ly in t g o a F d e v d a e n r c a e l s l a to n d C b o a m n m ks o . dity Credit Corporation. Repayments by banks and other private credit agencies continued in 1935, as in 1934, to Mortgage loans.—Farm-mortgage and homebe substantially larger than new loans made. mortgage loans made in 1935 were considerably In 1935 they included large repayments of loans smaller than in 1934, reflecting a marked lessenmade to aid distributions to depositors of closed ing in the pressure for loans to assist distressed banks. The amount of such loans repaid dur- mortgagors. Farm-mortgage loans by Federal ing the year totaled $312,000,000 as compared agencies are made by the Land Bank Commiswith new loans of $114,000,000, and outstand- sioner with funds obtained from the Federal ing loans for such purposes were nearly $200,- Farm Mortgage Corporation and by the Fed- 000,000 smaller on December 31, 1935, than a eral land banks. Home-mortgage loans, which year earlier. Other loans to banks declined by have been largely emergency loans, have been about $60,000,000 to $185,000,000, while hold- made by the Home Owners' Loan Corporation. ings of preferred stock and capital notes and The United States Treasury owns a large part debentures of banks increased by less than of the capital stock of the Federal land banks $40,000,000, as compared with an increase of and all of the capital stock of the Federal Farm $600,000,000 in 1934. Only a small amount of Mortgage Corporation and the Home Owners' new loans were made in 1935 to mortgage com- Loan Corporation. panies for purposes other than payments to On December 31,1935, the outstanding farmdepositors of closed banks, and there were mortgage loans of the Federal land banks and practically no loans to insurance companies and the Land Bank Commissioner totaled $2,870,building and loan associations, while repay- 000,000, which was $330,000,000 larger than at ments were substantial. As a consequence the the end of 1934. The increase during 1935 total of loans to these private credit agencies compares with an increase of $1,230,000,000 declined by more than $50,000,000 during the during 1934, when lending activities were year. directed largely toward relieving emergency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 81 situations. By December 31, 1935, the Home States Treasury. At the end of the year over Owners' Loan Corporation had made home- 1,000 associations had been chartered, including mortgage loans in an aggregate amount of 600 new associations and 400 associations $2,940,000,000. Of this amount $740,000,000 which, originally organized under State laws, was advanced during 1935 and practically the have taken out Federal charters. Reports by entire balance during the calendar year 1934. about 750 of these associations showed mort- In 1935, as in 1934, the majority of loans were gage loans on December 31, 1935, aggregating made by giving obligations fully guaranteed by about $270,000,000, about one-fifth of which the United States in exchange for mortgages. were made by the new associations formed During 1935, however, conditions became more under Federal charter and the remainder by favorable for financing of mortgage obligations converted associations. through publicly offered issues. The practice The growth in number of Federal savings and of disbursing Federal Farm Mortgage Corpora- loan associations was accompanied by an intion bonds, rather than cash, in connection with crease of nearly $40,000,000 m the capital stock farm-mortgage loans was discontinued for loans subscribed by the United States. In Septemclosed during the latter part of the year. The ber the Home Owners' Loan Corporation began Federal land banks refunded about $500,000,000 to use an allotment of $300,000,000 of Home of their bonds, bearing interest rates of A.% and Owners' Loan Corporation bonds provided by 5 percent, into 3 and 3% percent bonds. In De- law to make funds available to private home cember, for the first time since 1930, a sub- loan institutions through the purchase of their stantial amount of Federal land bank bonds stock. By the end of the year it had invested was issued to obtain funds for other than re- nearly $20,000,000 in this manner, the major funding purposes, An issue of $100,000,000 of part in shares of Federal savings and loan 3-percent bonds was sold at 98% to provide associations. $37,000,000 for new mortgage loans and the Short-term agricultural loans.—The principal remainder for refunding called bonds. changes during 1935 in short-term agricultural Repayments of principal on mortgage loans loans of Federal agencies, as shown in the folof the Home Owners7 Loan Corporation are lowing table, were increases in the crop loans required by law to be applied to retirement of of the Commodity Credit Corporation and in bonds and by December 31, 1935, about emergency crop and drought relief loans under $60,000,000 of the various issues of Home the Farm Credit Administration. There were Owners' Loan Corporation bonds had been seasonal changes in other crop loans and an retired in this manner. increase in the lending activity of the banks for Institutions under the Home Loan Bank cooperatives. Board, with the exception of the Home Owners' Loan Corporation, are permanent home mort- SHORT-TERM AGRICULTURAL LOANS OF FEDERAL gage financing agencies. The Home Loan CREDIT AGENCIES X banks are organized with capital stock sub- [In millions of dollars] scribed largely by the United States Treasury. They supply funds to member institutions, Dec. 31, June 30, Dec. 31, 1934 1935 1935 including Federal savings and loan associations and other building and loan associations, which Commodity Credit Corporation .-. 37 »59 271 make home-mortgage loans directly to the Agencies under the Farm Credit Administration: public. During the first 3 months of 1935, Emergency crop and drought loans- 110 197 172 loans of the home loan banks declined by about Production credit associations 61 110 97 Regional agricultural credit asso- $15,000,000, but from March to the end of the ciations . -. _ -_ _ 87 73 43 Loans to cooperatives: year they increased by about $30,000,000 and Banks for cooperatives, includon December 31, 1935, exceeded $100,000,000. ing central bank 28 24 50 Other 89 59 47 This increase occurred in a period when resi- Federal intermediate credit banks 3_ 56 58 46 dential building activity and the number of associations eligible to borrow were increasing. i Other than by Reconstruction Finance Corporation, a May 31, 1935. There was a steady increase during 1935 in 3 Other than loans and discounts for agencies under the Farm Credit Administration and loans direct to cooperatives. the number of Federal savings and loan associations chartered. These are local organiza- Emergency crop and drought loans on Detions for making home-mortgage loans which cember 31, 1935, were $60,000,000 larger than are organized under Federal charter and receive a year earlier. These loans increased by about a part of their operating capital from the United $90,000,000 during the spring months, largely Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN FEBRUARY 193$ as a result of an appropriation in March of On December 31, 1935, the Corporation had $60,000,000 of Federal funds to provide for the outstanding loans of about $270,000,000, as needs of farmers unable to obtain credit else- compared with less than $40,000,000 a year where for feed, seed, and fertilizer. In the earlier. The loans included more than autumn months loans were partially repaid as $250,000,000 on 1934 cotton at 12 cents a crops were harvested. Aggregate loans of pound and small amounts on 1935 cotton at production credit associations and of regional 10 cents a pound, on the 1935 corn crop, and agricultural credit corporations, which are being on gum, turpentine, and rosin. replaced by the production credit associations, showed a seasonal increase of about $30,000,000 during the spring for crop and livestock EXTENDING POWERS CONFERRED BY SECTION financing, as well as for general agricultural 10 OF THE GOLD RESERVE ACT OF 1934 AND purposes. In the latter part of the year these SECTION 43 OF THE ACT APPROVED MAY loans declined by $40,000,000. 12, 1933 Loans are made to cooperatives by several lending agencies and for a variety of purposes, BY THE PRESIDENT OF THE UNITED STATES OF including processing and marketing of farm AMERICA products, purchase and distribution of farm supplies, and furnishing farm business services. A PROCLAMATION These loans may run for longer periods than the usual crop loan depending on the credit Whereas, section 10 of the Gold Reserve Act needs of the borrowing association. After of 1934, approved January 30, 1934 (Public, declining slightly through June, outstanding Numbered 87, Seventy-third Congress), proloans to cooperatives by the banks for coopera- vides among other things: tives, including the central bank, increased SEC. 10. * * * $26,000,000 between June^ and the end of the (c) All the powers conferred by this section shall year. Greater lending activity resulted in part expire two years after the date of enactment of this from the Farm Credit Act of 1935, approved in Act, unless the President shall sooner declare the June, which broadened the lending powers of existing emergency ended and the operation of the stabilization fund terminated; but the President may these banks, reduced the interest rates, and extend such period for not more than one additional provided for rediscount of loans with the year after such date by proclamation recognizing the Federal intermediate credit banks. The in- continuance of such emergency. crease in loans by the banks for cooperatives and whereas, paragraph (b) (2), of section 43,. was more than offset by a decline in other Title III, of the Act approved May 12, 1933 loans to cooperatives made under the Farm (Public, Numbered 10, Seventy-third Congress) Credit Administration, chiefly direct loans by as amended, provides among other things: the Federal intermediate credit banks. The Commodity Credit Corporation has (2) * * * The powers of the President specified in this paragraph shall be deemed to be separate,, used funds advanced by the Reconstruction distinct, and continuing powers, and may be exercised Finance Corporation to finance loans on com- by him, from time to time, severally or together, whenmodities connected with the adjustment and ever and as the expressed objects of this section in his marketing programs of the Agricultural Adjust- judgment may require; except that such powers shall expire two years after the date of enactment of the ment Administration. It has made crop loans Gold Reserve Act of 1934 unless the President shall directly to producers and has also taken over sooner declare the existing emergency ended, but the loans made by banks and other private lending President may extend such period for not more than agencies with a purchase guarantee by the one additional year after such date by proclamation recognizing the continuance of such emergency. Corporation. Lending activities of the Corporation during 1935 comprised chiefly the and whereas, such emergency which existed on purchase of producers' notes for 12-cent loans January 30, 1934, the date of approval of said on the 1934 cotton crop. The greater part of Gold Reserve Act of 1934, has not been termithe increase took place in the summer, when nated by international monetary agreement or the maturity date on these loans was extended otherwise, but, on the contrary, continues and to February 1, 1936, and the Corporation took has been intensified in divers respects by unover from private lending agencies a substantial settled conditions in international commerce portion of their holdings of producers' notes. and finance and m foreign exchange; and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

83 FEBRUARY 1936 FEDERAL RESERVE BULLETIN Whereas, by virtue of the continuance of of the Act approved May 12, 1933, as amended, such emergency, it is necessary to extend the may be exercised be, and it hereby is, extended period during which the powers conferred by for one additional year from January 30, 1936. said Section 10 of said Gold Reserve Act of In witness whereof I have hereunto set my 1934 and the powers specified in said paragraph hand and have caused the seal of the United (b) (2), of Section 43, Title III, of said Act States of America to be affixed. approved May 12, 1933, as amended, may be Done at the City of Washington this 10 day exercised, of January, in the year of our Lord nineteen Now, therefore, be it known that I, Franklin hundred and thirty-six, and of the independence D. Roosevelt, President of the United States of the United States of America the one of America, by virtue of the authority vested hundred and sixtieth. in me by the Acts of Congress above set forth, and by virtue of all other authority in me [SEAL] vested, recognizing the continuance of the FRANKLIN D ROOSEVELT. emergency existing on January 30, 1934, do By the President: hereby proclaim, order, direct and declare: That the period of two years within which the CORDELL HULL, powers conferred by Section 10 of the Gold Secretary of State, Reserve Act of 1934, and the powers specified in paragraph (b) (2), of Section 43, Title III, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN FEBRUARY 1936 MEMBERSHIP OF THE FEDERAL RESERVE BOARD,1 1913-1936 APPOINTIVE MEMBERS Federal Reserve Effective date of District appointment Charles S. Hamlin Boston. Aug. 10, 1914 Reappointed 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg New York -do. Term expired Aug. 9, 1918. Frederic A. Delano Chicago -do. Resigned July 22, 1918. W. P. G. Harding Atlanta -do. Term expired Aug. 9, 1922. Adolph C. Miller.. ._ San Francisco. -do. Reappointed in 1924. Reappointed in 1934 from the Richmond district. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss New York... Oct. 26,1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah Chicago Nov. 10,1919 Term expired Aug. 9, 1920. Edmund Platt New York__. June 8, 1920 Reappointed in 1928. Resigned Sept. 15,1930. David C. Wills Cleveland Sept. 29,1920 Term expired Mar. 4, 1921. John It. Mitchell Minneapolis _ May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14,1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland May 1,1923 Resigned Sept. 15, 1927. George R. James St. Louis May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago do Died Nov. 28, 1930. Roy A. Young Minneapolis Oct. 4, 1927 Resigned Sept. 1, 1930. Eugene Meyer New York Sept. 16, 1930Resigned May 10, 1933. Way land W. Magee Kansas City May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago June 14, 1933 Reappointed effective Feb. 3, 1936. J. J. Thomas Kansas City do Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles San Francisco Nov. 15, 1934 Reappointed effective Feb. 3, 1936. GOVERNORS 1 VICE GOVERNORS » Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916. F. A. Delano Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918. D. R. Crissinger May 1, 1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Roy A Young Oct. 4, 1927-Sept. 1, 1930. Edmund Platt July 23, 1920-Sept. 15, 1930. Eugene Meyer_ Sept. 16, 1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black May 19, 1933-Aug. 15, 1934. Marriner S. Eccles Nov. 15, 1934 EX-OFFICIO MEMBERS SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23,1913-Dec. 15, 1918. John Skelton Williams.. Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1, 1920. D. R. Crissinger Mar. 17, 1921-Apr. 30, 1923. David F. Houston Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes May 1, 1923-Dec. 17, 1924. Andrew W. Mellon Mar. 4, 1921-Feb. 12,1932. Joseph W. Mclntosh.... Dec. 20,1924-Nov. 20, 1928. Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932 William H. Woodin Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr_- Jan. 1, 1934-Feb. 1, 1936. i Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The original term of office was 10 years, and the five original appointive members had terms of 2, 4, 6, 8, and 10 years, respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 years. The Banking Act of 1935, approved August 23,1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that thereafter the Board should be composed of seven members; that the appointive members in office on that date should continue to serve until February 1,1936, or until their successors were appointed and had qualified; and that the Secretary of the Treas ury and the Comptroller of the Currency should continue to serve as members until February 1,1936. The Act also provided that the Governor and Vice Governor of the Board should be known as the Chairman and Vice Chairman, respectively, and that the designation of Chairman and Vice Chairman should be for a term of 4 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 85 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Jan. 25 and released for publication Jan. 27] Industrial production and emplovment figures of the F. W. Dodge Corporation, alshowed a further increase in December, when though a decline is usual in that month. allowance is made for the usual seasonal There was a further substantial growth in the changes, and distribution of commodities to volume of awards for publicly financed projconsumers was in increased volume. ects, and residential building also increased. Production and employment.—The Board's Distribution.—Sales at department stores seasonally adjusted index of industrial produc- and variety stores, as well as sales by chain tion, which takes account of the considerable stores and mail-order houses serving rural decline that usually occurs in December, areas, showed larger increases than are usual advanced from 98 percent of the 1923-25 aver- in December. Freight-car loadings decreased age in November to 103 percent in December, by less than the usual seasonal amount in the highest level reached by this index since the December, and the Board's adjusted index spring of 1930. As in other months during the increased from 66 percent of the 1923-25 averlast half of 1935, the rise in the index was due age in November to 71 percent, continuing the in large part to increases in output of durable advance begun last August. manufactures, particularly iron and steel and Commodity prices.—The general level of automobiles. During the first half of January wholesale prices showed little change during production of steel and automobiles increased December. In the first 3 weeks of January somewhat, following declines in the holiday there was some decline in the general index, period. Output at mines was also larger in reflecting in part lower prices for cotton gray December than in November. Activity at goods, flour, pork, and silk. Prices of hogs, cotton and silk textile mills declined less than rubber, and petroleum increased. is usual in December, while at woolen mills Bank credit.—Excess reserves of member there was a more than seasonal decrease in banks, which declined by $600,000,000 in the operation. Output at shoe factories increased. third week of December, increased by $320,- Factory employment showed little change 000,000 dunng the following 5 weeks, reflecting between the middle of November and the midthe usual seasonal return flow of currency from dle of December, when a slight decline is cuscirculation, a decline in Treasury balances with tomary. The number employed continued to the Federal Reserve banks, and a small increase increase at steel mills, automobile factories, in monetary gold stock. On January 22 excess foundries and machine shops, and at railroad reserves totaled $3,030,000,000, as compared car-building plants. There was also an increase with the peak of $3,300,000,000 on December in employment at shoe factories. Seasonal 11, 1935. declines were reported by many other important industries. Factory pay rolls were larger in Changes in the condition of reporting member the middle of December than a month earlier. banks in leading cities between December 18 The value of construction contracts awarded and January 15 reflected largely the influences increased sharply in December, according to of seasonal factors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN FEBEUAET 1936 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS 11 ~( Wednesday figures) 11 10 8 MONEY IN CIRCULATION 1 -5 TREASURY CASH 8. DEPOSITS WITH F. R. BANKS 1930 1931 1932 1933 1934 1935 1936 Based on Wednesday figures; latest figures for January 29, See table on page 87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 87 FEDERAL RESERVE BANK 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 Date (Wednesday) co B d u i i n s l - l t s ed bo B u il g l h s t m U G er . o e S n n v . - t - R O b e a s th e n r e k v r e Total M s g t t a o o o r n l c y d k e- n a r l a e c a - t b n u n io a c r d - n y n k - M i c n t u i o o c l n a n i e r - - y R F d b e e w e a p d s n i e o e t k r h r s v s a it e l s b p m N e o r e o s m d n it e - s - - R c e F o e a s u e r c e a d n - r l - t v s e Total m E ( x e a c s te t e i d s - s ) securi- credit ties 1934—Dec. 5.. 2,430 2,452 8,161 2,478 5,545 3,060 176 237 4,073 1,786 Dec. 12. 2,430 2,462 8,180 2,486 5,532 3,060 184 239 4,112 1,813 Dec. 19. 2,430 2,477 8,198 2,505 5,587 3,221 185 243 3,943 1,646 Dec. 26. 2,430 2,470 8,228 2,504 5,628 3,181 188 244 3,961 1,678 1935—Jan. 2... 2,431 17 2,461 8,243 2,514 5,534 3,164 190 240 4,090 1,802 Jan. 9... 2,430 24 2,467 8,258 2,508 5,420 3,094 194 242 4,283 1,986 Jan. 16.. 2,430 15 ! 2,468 8,273 2,504 5,382 3,019 215 242 4,388 2,069 Jan. 23.. 2,430 19 i 2,463 8,308 2,500 5,347 2,994 188 241 4,501 2,162 Jan. 30.. 2,430 16 2,460 8,387 2,497 5,358 ; 3,007 194 242 4,542 2,203 Feb. 6-_. 2,430 24 2,466 8,421 2,503 5,407 i 2,930 176 246 4,633 2,284 Feb. 13.. 2,430 8 2,450 8,456 2,525 5,430 2,995 182 245 4,580 2,240 Feb. 20.. 2,430 7 2,448 8,489 2,522 5,442 2,932 193 247 4,645 2,272 Feb. 27.. 2,430 7 2,450 8,524 2,520 5,442 3,006 211 246 4,588 2,201 Mar. 6... 2,430 10 2,452 8,546 2,517 5,478 2,998 237 246 4,555 2,185 Mar. 13.. 6 2,430 18 2,460 8,551 2,525 5,454 3,009 238 247 4,588 2,191 Mar. 20.. 5 2,430 11 2,455 8,554 2,521 5,453 3,220 243 254 4,361 1,950 Mar. 27-. 5 i 2,430 9 2,452 8,563 2,535 5,436 3,335 241 253 4,285 1,888 Apr. 3_- 2,431 19 2,462 8,568 2,548 5,497 3,404 230 253 4,193 1,821 Apr. 10.. 2,430 21 2,463 8,614 2,549 5,487 3,376 224 253 4,287 1,907 Apr. 17_. 2,431 27 2,470 8,672 2,549 5,512 3,149 271 257 4,501 2,096 Apr. 24 _ 2,430 10 2,452 8,701 2,550 5,459 2,978 258 4,719 2,264 May 1.. 2,430 21 2,463 8,721 2,543 5,489 2,978 276 263 4,721 2,252 May 8.. 2,430 25 2,466 8,728 2,536 5,496 2,938 277 261 4,758 2,304 May 15. 2,430 32 2,473 8,737 2,534 5,494 2,901 267 259 4,822 2,350 May 22- 2,430 18 2,459 8,762 2,531 5,481 2,906 285 259 4,821 2,328 May 29. 2,430 24 2,467 8,835 2,526 5,511 2,970 262 258 4,827 2,322 June 5._ 2,430 32 2,475 8,916 2,521 5,514 196 257 4,914 2,400 June 12. 2,430 29 2,472 9,016 2,514 5,493 214 258 5,049 2,521 June 19_. 2,430 40 2,482 9,089 2,510 5,498 3,023 301 264 4,996 2,445 June 26. 2,430 30 2,472 9,109 2,508 5,498 2,991 306 263 6,029 2,471 July 3 2,431 24 2,468 9,119 2,504 5,819 3,002 312 258 4,900 2,320 July 10—. 2,430 31 2,473 9,123 2,503 5,551 2,932 302 263 5,052 2,456 July 17____ 2,430 30 2,472 9,127 2,501 5,530 3,086 302 258 4,924 2,340 July 24.... 2,430 19 2,460 9,135 2,503 5,496 3,134 265 258 4,945 2,336 July 31.... 2,430 23 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 Aug. 7 2,430 34 2,476 9,158 2,477 5,550 2,932 253 261 5,115 2,547 Aug. 14... 2,430 36 2,477 9,184 2,437 5,558 2,775 251 259 5,254 2,667 Aug. 21-.. 2,430 26 2,468 9,189 2.421 5,574 ! 2,722 230 260 6,291 2,682 Aug.28_- 2,430 26 2,471 9,197 2,408 5,573 2,683 213 260 5,346 2,749 Sept. 4.._. 2,430 25 2,472 9,209 2,395 5,650 2,746 193 259 6,228 2,643 Sept. 11... 2,430 34 2,479 9,219 2,391 5,638 2,629 188 248 6,388 2,790 Sept. 18— 2,430 27 2,472 9,240 2,390 5,632 2,839 244 250 5,136 2,527 Sept. 25... 5 ; 2,430 29 2,474 9,297 2,382 5,626 2,778 262 250 5,236 2,502 Oct. 2 2,430 24 2,470 9,414 2,399 2,814 306 251 5,224 2,569 Oct. 9 2,430 34 2,478 9,463 2,396 5,698 2,747 313 250 5,330 2,694 Oct. 16..-. 2,430 52 2,496 9,584 2,404 5,696 2,693 307 254 5, 534 2,878 Oct. 23.... 2,430 31 2,472 9,629 2,397 5,684 2,694 292 254 5,575 2,900 Oct. 30.— 2,430 33 2,474 9,686 2,401 5,686 2,665 296 260 5,853 2,981 Nov. 6_ — 2,430 21 2,462 9,714 2,401 5,754 2,655 236 260 5,671 Nov. 13... 2,430 49 2,492 9,747 2,399 5,746 2,641 249 257 5,746 3,052 Nov. 20-. 2,430 31 2,471 9,804 2,409 5,739 2,648 262 253 5,782 3,069 Nov. 27. __ 2,430 32 2,472 9,874 2,421 5,820 2,625 282 252 5,789 '3,051 Dec. 4 2,430 29 2,470 10, 009 2,442 5,843 2,626 283 262 5 905 '3,173 Dec. 11--. 2,430 33 2,474 10,068 2,447 5.841 2,558 280 270 6,040 '3,304 Dec. 18.... 2,430 41 2,483 10, 098 2,458 5,902 3,161 281 258 5,437 '2,706 Dec. 24.... 2,431 81 2,523 10,115 2,464 5,991 3,156 266 259 5,429 '2,693 Dec. 31... 2,431 45 2,486 10,125 2,476 5,882 3,110 255 253 5,587 '2,844 1936—Jan. 8... 2,430 35 2,476 10,144 2,476 5,783 3,049 265 253 5, 745 3,002 Jan. 15.. 2,430 45 2,485 10,158 2,492 5,722 3,018 284 253 5,859 3,095 Jan. 22.. 5 2,430 36 2,477 10,172 2,498 5, 704 3,093 296 253 5,802 3,030 Jan. 29.. 5 2,430 28 2,470 10,179 2,492 5,693 3,031 301 254 5,1 3,087 ' Revised. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of articles, 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

88 FEDERAL RESERVE BULLETIN FEBRUARY 1936 RESERVE BANK CREDIT AND RELATED ITEMS (END OF MONTH FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances End of month co B d u i i n s ll t - e s d b B ou il g ls ht s m U G e e c r e o . u n S n v r - . i t - - c O b r a e th n d e k i r t Total M s g t t a o o o r c l 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 c a r y n a - k s y 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 b r e w e s e e a p h d s a n i o e e s t a k s r h u r v n i a s r t e d l s y b m p N e o e r o s m n d it e - * s - R c O F o e e a s u t 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 ) ties 1934—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 3,150 189 241 4,096 1,814 1935—January.... 2,430 2,461 8,391 2,495 5,380 2,991 191 243 4,543 2,206 February.. 2,430 2,465 8,527 2,519 5,467 3,004 207 246 4,587 2,199 March 2,437 2,471 8,567 2,540 5,493 3,358 226 253 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 5,540 254 257 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 2,898 5,629 2,694 198 260 5,305 2,708 September. 2,430 2,477 9,368 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 '3,100 December. 2,431 2,486 10,125 2,476 5,882 3,110 255 253 5,587 '2,844 1936—January 2,430 2,479 P10, 182 2,493 "5,737 »3,001 304 253 5,860 3,084 » Preliminary. r Revised. Back figures.—See Annual Report for 1934 (table 5), and for excess reserves sea BULLETIN for August 1935, pp. 499-500. See also note on p. 87 of this BULLETIN. RESERVE BANK CREDIT AND RELATED ITEMS (AVERAGES OF DAILY FIGURES) [In millions of dollars] Member bank Reserve bank credit outstanding reserve balance! Year or month co B d u i i n s ll t - e s d b B ou il g l h s t s m U G e e c r . o e u n S n v r - . i t - - R c O b e r a s t e h e n d r e k i v r t e Total M s t g 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 n e r io a a y r c d - n n s y - k - M i c n t u o i o c l n a n i e r - y - T c d F a r b e e w s e a p h d a n i o e s t a k s h u r n i a s r t d l s y b p m N e o r e o s m n i d t e - s - - R c O F e o e a s t u e r c h e a d n - e r l - t v r s e Total Excess ties 1929—Average 952 241 1,459 3,996 2,015 4,476 229 30 376 2,358 43 1930—Average 272 213 564 1,087 4,173 2,025 4,245 239 28 393 2,379 55 1931—Average 327 245 669 1,274 4,417 2,025 4,672 251 97 373 2,323 89 1932—Average 521 71 1,461 2,077 3,952 2,096 5,328 275 56 351 2,114 256 1933—Average 283 83 2,052 2,429 4,059 2,271 5,576 343 147 350 2,343 528 1934—Average 36 25 2,432 2.502 7,512 2,381 5,403 2,879 185 253 3.676 1,664 1935—Average 7 2,431 2,475 9,059 2,478 5,585 2,919 252 255 5,001 2,469 1934—August 21 2,432 2,463 7,971 2,378 5,355 2,976 208 228 4,045 1,884 September- 22 2,431 2,469 7,971 2,411 5,427 3,054 197 227 3,947 1,754 October 12 2,430 2,457 7,989 2,415 5,473 3,011 177 234 3,964 1,731 November- 18 2,430 2,466 8,047 2,455 5,494 2,970 165 238 4,100 1,834 December 10 2,430 2,472 8,191 2,494 5,577 3,120 181 242 4,037 1,748 1935—January 8 2,430 2,465 8,284 2,504 5,411 3,053 194 242 4,355 2,030 February... 6 2,430 2,462 8,465 2,513 5,439 2,965 189 246 4,601 2,237 March , 7 2,431 2,461 8,552 2,526 5,477 3,122 236 250 4,452 2,065 April 6 2,431 2,471 8,641 2,548 5,500 3,209 258 256 4,436 2,026 May , 7 2,434 2,476 8,755 2,534 5,507 2,942 278 259 4,778 2,297 June 8 2,431 2,479 9,025 2,513 5,522 2,989 266 261 4,979 2,438 July 7 2,430 2,473 9,128 2,504 5,550 3,032 293 259 4,970 2,385 August 7 2,431 2,476 9,180 2,441 5,576 2,795 233 261 5,232 2,63a September... 10 2,430 2,480 9,246 2,389 5,651 2,734 236 252 5,243 2,628 October 8 2,430 2,482 9,545 2,398 5,704 307 253 5,469 2,820 November—. 7 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 2,983 1936—January 2,430 2,484 10,158 2,486 5,757 3,058 280 253 5,780 *3,021 » 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. 87 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 89 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE AND FEDERAL RESERVE BANK-NOTE STATEMENTS [In thousands of dollars] Jan. 31,1936 Dec. 31,1935 Jan. 31,1935 ASSETS Gold certificates on hand and due from U. S. Treasury. 7,651,863 7,553,357 5,389,056 Redemption fund—Federal Reserve notes 15,684 17,444 1 15,875 Other cash 338,020 264,550 f 276,346 Total reserves 8,005,567 7,835,351 5,680,277 * 1,841 Redemption fund—Federal Reserve bank notes- Bills discounted: 8,384 4,316 For member banks 356 65 FoTr ontoanl mbiellms bdeisr cboaunnktesd, .e.tc 8,743 4,672 6,660 Bills bought: Payable in dollars—bought outright. Payable in foreign currencies 4,671 4,656 5,502 Total bills bought. 4,671 4,656 5,538 Industrial advances 32,493 17,545 U. S. Government securities: Bought outright 2,430,247 2,430,231 2,430,309 Under resale agreement... 500 Total U. S. Government securities 2, 430,247 2,430,731 2,430,309 Other Reserve bank credit: Other securities 181 181 Due from foreign banks _ 650 665 805 Reserve bank float (uncollected items in excess of deferred availability items).. 2,267 12,233 206 Total Reserve bank credit outstanding .. 2,478,848 2,485,631 2,461,063 Federal Reserve notes of other Reserve banks 18,077 27,445 19,145 Uncollected items not included in float _ 496,288 591,556 459,125 Bank premises. 47,799 47,723 49,307 All other assets _ 41,057 38,094 48,657 Total assets- 11,087,636 11,025,800 8,719,415 Federal Reserve notes: Held by other Federal Reserve banks _ 18,077 27,445 19,145 Outside Federal Reserve banks 3,614,987 3,681,629 3,065,377 Total notes in circulation. 3, 633,064 3,709,074 ~~3,084,522 Federal Reserve bank note circulation—net 26~412 Deposits: Member bank—reserve account 5,860,064 5,587, 208 4,543,331 United States Treasurer—general account.. 452,524 543,770 75,588 Foreign bank _ 48,155 28,935 14,184' Other deposits _ 256,073 225,896 176,475 Total deposits 6, 616,816 6,385,809 4,809,578 Deferred availability items. 496,288 591,556 459,125 Capital paid in 130, 647 130, 512 146,896 Surplus (sec. 7) 145,501 ' 145,501 144,893 Surplus (sec. 13b) 26, 406 24,235 11,560 Reserve for contingencies.._ 33,899 r 35,081 30,820 All other liabilities 5,015 ' 4,032 Total liabilities 11,087,636 11,025,800 8,719,415 Contingent liability on bills purchased for foreign correspondents. 317 Commitments to make industrial advances 26," 957 27," 649" 11,738 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3, 950,194 4,047,052 3,369,781 Collateral held by agents as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 3,871,343 3,970,843 3,256,350 Eligible paper 6,855 2,716 5,190 U. S. Government securities 135,400 127,500 186,000 Total collateral. 4, 013, 598 4,101,059 3,447,540 FEDERAL RESERVE BANK NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) _ 36,354 Collateral pledged against outstanding notes: U. S. Government securities.. 42,074 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN FEBRUARY 1936 KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- S d s o t i a a l l r v l n d a e d r r - s c S e i r l t v if e i r - o T n f u r o e r 1 t a y e 8 s 9 s - 0 S s u i i a b lv r s y e i r d- M c i o n in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F n b e e o d s a e t e n 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—July 6,317 146 30 399 280 121 277 3,044 133 August 5,396 143 31 438 282 122 274 3,103 125 878 September. 5,456 139 31 483 284 122 274 3,131 119 870 October. _. 5,453 136 31 510 288 123 273 3,124 112 856 November. 5,549 133 32 558 291 124 273 3,176 107 853 December. 5,536 130 32 * \ 294 125 265 3,176 101 820 1935—January... 5,380 127 31 580 l S 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 76 596 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 November. 6,846 110 34 812 1 309 130 284 3,612 68 487 December. 5,882 109 34 828 1 312 131 275 3, 667 66 458 1936—January *>_. 5, 737 107 33 809 1 303 129 258 3,598 63 436 » Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 133. Back figures.See Annual Report for 1934 (table 49). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In thousands of dollars} [In millions of dollars] 1936 1935 Year or month y m a s G e t t o a o o o e n r c f l n t d k o h d r I i n n s c t o r g e c o a k l s d e im g N o p e l o d t rt r m e f N e r l a o e a r e a m r k t - s e i fa O c t t h or e s r > From or to— p I o m r J t - a s nuar p y E o x rt - s p I o m D rt - e s cemb p E e o r x rt - s p I o m D J rt - a e s c n e u m ar b y p e - E r o x rt - s 1932... 4,226 52.9 -446.2 457.5 41.6 Belgium 1 4 1933..- 4,036 -190.4 -173.5 -58.0 41.1 England 6,039 253 8,600 316,302 bib 1934 8,238 4, 202. 5 1,133.9 82.6 2,986.1 France -. 3,514 145,388 934, 302 59 Germany 29 63 296 1935—January 8,391 153.3 149.4 1.1 2.8 Netherlands 0 4,727 227,225 41 February 8,527 135.3 122.8 .2 12.3 Switzerland 0 968 March 8,567 40.4 13.0 -.7 28.1 Union of Soviet April 8,710 143.4 148.6 -2.3 -2.9 Socialist Re- May 8,858 148.1 140.0 -1.5 9.6 publics 1,739 2,846 18,099 June 9,116 257.1 230.4 1.0 25.8 Canada 10,748 3 9,060 95,245 74 July 9,144 27.9 16.2 -.4 12.1 Central America. 358 204 2,814 August 9,203 59.5 46.0 1.8 11.7 Mexico 845 82 918 170 14,583 915 September 9,368 165.0 156.7 1.0 7.3 Argentina 3 2 19 October 9,693 325.2 315.3 -1.9 11.8 Chile 666 986 6,593 November 9,920 226.7 210.6 .6 16.6 Colombia 1,743 10,899 December 10,125 205.2 190.0 1.3 13.9 Ecuador 553 451 5,185 Peru 168 304 2,148 Year 1,887.2 Uruguay Venezuela 44 37 620 1936—January. Australia 5,196 1,851 3,498 British India 11,744 11,108 75, 267 China and Hong v Preliminary. Du K t o c n h g East In- 1,176 1,605 9,431 1 Gold released from earmark at Federal Reserve banks less gold dies 19 19 placed under earmark (with allowance when necessary for changes in Japan gold earmarked abroad for account of Federal Reserve banks). Philippine Is- 'Figures are derived from preceding columns and indicate net result lands 1,236 1,820 15, 335 1 of such factors as domestic production, movements into and out of All other counnonmonetary use, imports and exports that do not affect gold stock tries* 206 226 2,359 during the month or year, and increment resulting from reduction in weight of gold dollar. Total 45,981 338 190,180 170 1, 740,979 1,960 Back figures—See Annual Report for 1934 (table 44). i With some exceptions figures represent customs valuations at rate of $35 a fine ounce. 2 Includes all movements of unreported origin or destination. Back figures.—See table, p. 107, and Annual Report for 1934 (tables 46 and 47). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 91 MEMBER BANK RESERVE BALANCES [Average of daily figures. In millions of dollars] Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i t Y y* 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 o a e t n a m k l b - s a e J r ll Ne C w i t Y y o i rk r O e c s i t t e h i r e e v s r e 'C b o a u n n k t s r ' y" 1934—December 4,037 1,468 1,727 843 1,747.8 555.8 799.9 392.2 1935— F M J e a a b n r r u c u a h a ry ry 4 4 4 , , , 6 3 4 0 5 5 1 2 5 1 1 1 , , , 8 7 6 6 6 5 4 0 1 1 1 1 , , , 7 8 8 8 2 3 7 6 7 9 9 8 1 0 6 1 5 7 2 2 2 , , , 0 0 2 6 3 3 4 5 6 . . . 7 2 6 7 71 7 5 9 . . 9 0 9 8 8 0 4 8 2 7 6 . . . 3 7 7 4 4 4 4 5 1 3 1 1 . . . 5 0 6 April 4,436 1,715 1,831 890 2,025.6 723.0 878.4 424.3 May 4,778 1,813 2,031 935 2,296.9 797.5 1,038.4 461.0 June 4,979 1,969 2,092 918 2,437.8 915.3 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 December* 5,716 2,541 2,239 935 2,982. 7 1,350.4 1,133.1 499.2 Week ending (Friday) 1935—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 * 3,083. 0 1,403. 2 1,191.0 r 489.0 Dec. 6_ 5,873 2,647 2,279 947 3,135.0 1,446.9 1,184.0 504.0 Dec. 13 6,016 2,693 2,334 990 3,281.0 1,493.8 1, 235. 7 552.0 Dec. 20 5,625 2,480 2,234 911 2,881.0 1,286. 9 1.124.6 470.0 Dec. 27 5,448 2,376 2,167 905 2,715.0 1,202. 3 1, 051. 5 461.0 * Revised. * Central Reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. 'For total reserves and estimated excess reserves of all member banks during ths following month, see tables on pages 87 and 88. Back figures.—See Annual Report for 1934 (table 67). MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS [Averages of daily figures. In millions of dollars] Total deposits subject to reserve Net demand deposits Time deposits Month or week m T ba e o a m n t l k a l b l s e - l r C Y N i o e ty r w k * r O e c s i t t e h i r e e v s r e " b C a tr n o y k u " s n * - m T ba e o a m n t l k a l b s l e - 1 r C Y N i o e t r y w k * r O e c s i t t e h i r e e v s r e " b C t a r o n y u k " n sl - m T ba e o n a m t l k a l b s l e - * r C Y N i o e ty w rk a r O e c s i t t e h i r e e v s r e " b C a tr n o y k u " s n - i 1934—D ecember 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 29,686 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 "NTnvflTnfafir 32,161 9,508 13, 559 9,095 21,872 8,850 8,977 4,045 10, 289 657 4,581 5,050 December _. 32,480 9,644 13, 719 9,117 22, 200 9,013 9,119 4,069 10, 280 632 4,600 5,049 Week ending (Friday): 1935—Oct. 4 9,443 13,154 8,803 8,610 640 4,544 Oct. 11 9,362 13, 215 8,674 8,675 688 4,540 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 Dec. 6 9,723 13, 586 9,079 9,024 644 4,563 Dec. 13 9,711 13, 630 9,074 9,048 637 4,583 Dec. 20 .. „ 9,660 13, 746 9,034 9,143 626 4,603 Dec 27 9,510 13, 830 8,884 9, 208 626 4,622 i Weekly figures are not reported. J 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 1935, p. 644. Back figures.—See Annual Report for 1934 (table 67). 45347—36 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL RESERVE BULLETIN FEBRUARY 1935 ALL BANKS IN THE UNITED STATES [Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks, and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, beginning with June 1934, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, have agreed to examination by the Comptroller of the Currency or a Federal Reserve bank] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks 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 ts t- Total Loans I m nv e e n s t t s - 1931—Mar. 25 55,924 36,813 19, 111 34,729 22,840 11,889 i 9,987 i 6,068 » 3,920 11,208 7,906 3,302 June 30 .. 55,021 35,384 19, 637 33,923 21,816 12,106 10,506 6,169 4,337 10,593 7,399 3,194 Sept 29 53,365 33,750 19,615 33,073 20,874 12,199 i 10,506 i 6,169 i 4,337 9,786 6,707 3,079 Dec. 31 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27,83.4 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 U0,316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44,946 26,063 18,883 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 > 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Oct. 25» 24,953 13,059 11,894 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5» 26, 548 12,706 13,842 June 30 42,502 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 «5,423 3,108 2,315 Oct. 17 » 27,559 12,293 15,267 Dec. 31 43,458 20,474 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—Mar. 4 43,747 20,394 23,353 28,271 11,953 16,318 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 Dec. 31» * 29,934 p 12,159 v 17,775 v Preliminary. i Figures of preceding call carried forward. » Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. » Nonmember bank figures not available. * In connection with the increase over December 1933, 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 BANES 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 u an 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 * . . 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 * 5,818 5,052 766 1934—Mar. 5 > 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 * 6 206 5,288 918 Oct. 17* 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. 1» 31,072 June 29 15,994 6,410 5,425 985 571 9,013 Nov. 1». . 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 figure*.—See Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBBTJARY 1936 FEDERAL RESERVE BULLETIN 93 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 n T a v o e n e n t d a s t l t s - Total C Y N k b o s T i e i o u r e d t o o r r t w y e s - k - i o se t t T o h c ie n u o e s r r i s - e l R o st a e a n a t l s e a b a c p o a R n i c o w n n e c e r g k p e n t - - s t s - ' O c c u w a u u n s t n h r r i e s s e e d e - e e d d r - - b L a o t n o a k n s s a a c p b A n e a l c c p y e t e - - ^ s ina B p b a i a r b l o y l l a - e s d p C m c a o i p e a m r e l - r - k L C Y N e b o r i t o r e s a o t o r w y n k - i i s n Total Direc t t ion a F s g n u u t a e ll r e y - d s O e t t c i h e u s e r r i- United bought States TOTAL—ALL MEM- BER BANKS 1932—June 30 28,001 15,267 283 5,009 2,894 573 313 34 122 278 11,414 5,628 5,786 Sept. 30 28,045 14,497 258 4,828 2,885 6,368 457 407 34 115 414 12.121 6,366 5,755 Dec. 31 27,469 13,905 241 4,608 2,862 225 5,970 444 375 30 93 357 12,265 6,540 5,726 1933—June 30» 24,786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5,041 Oct. 25 24,953 11,523 178 3,631 2,364 257 5,092 297 303 24 164 748 11,894 6,801 5,093 Dec. 30 25,220 11,315 166 3,606 2,359 213 4,972 287 223 37 132 840 12,386 7,254 5,132 1934—Mar. 5 26,548 11,093 164 3,480 2,382 250 4,817 225 350 26 157 855 13,842 8,667 181 4,995 June 30 27,175 10,804 208 3,309 2,357 210 4,721 153 264 20 200 1,082 14,652 9,137 »276 »5,239 Oct. 17 27,559 10,782 167 3,158 2,297 229 4,932 149 276 30 253 802 15,267 9,186 709 5,372 Dec. 31 1 28,150 10,509 187 3, llO 2,273 232 4,708 155 256 31 232 843 16.122 9,906 989 5,227 1935—-*M*a- r. A4 28,271 10,420 184 3,031 2,250 207 4,748 133 235 34 255 875 16,318 9,821 1,200 5,298 June 29 28,785 10, 369 192 2,931 2,277 135 4,834 119 201 17 247 975 16,857 9,871 1,558 5,427 Nov. 1 29,301 10.465 179 2,885 2,279 159 4.963 94 154 27 260 841 17,460 10,080 1,764 5,615 Dec. 31 p 29, 934 10, 531 206 2,881 2,284 169 4,991 181 29 272 1,048 17,775 10,500 1,768 5,506 NSW YORK CITY « 1932-June 30 6,715 2,856 1,279 160 138 1,216 260 262 21 258 3,033 2,008 1,025 Sept. 30 7,112 2,638 1,237 154 90 1,094 203 341 18 391 3,508 2,429 1,079 Dec. 31 7,327 2,621 1,186 160 148 1,066 216 330 15 337 3,789 2,603 1,186 1933-June30* 7,133 2,297 1,044 157 120 937 162 224 10 720 3,709 2,551 1,168 Oct. 25 6,971 2,436 985 149 179 1,075 143 233 8 624 3,501 2,320 1,181 Dec. 30 6,995 2,395 989 148 130 1,084 146 170 17 706 3,542 2,362 1,179 1934-Mar. 5- 7,351 2,321 938 156 171 1,009 112 276 8 687 3,932 2,768 105 1,059 June 30 7,666 2,202 882 156 144 965 68 225 10 883 4,265 3,053 «157 * 1,056 Oct. 17 7,545 2,294 826 150 159 1,108 66 232 12 631 4,300 2,954 237 1,100 Dec. 31 7,761 2,202 820 139 164 1,024 63 210 16 662 4,602 3,246 278 1,078 1935— J M un a e r. 2 4 9 8 7 , , 3 7 0 8 3 3 2 2 , , 1 1 4 9 6 8 8 78 0 3 5 1 1 3 3 8 9 1 8 4 2 5 1 1 , , 0 0 5 8 4 5 4 5 8 2 2 1 0 8 3 3 1 7 9 6 93 7 0 8 4 4 , , 9 6 8 2 3 8 3 3 , t2 4 0 6 0 2 3 2 4 9 8 8 1 1 , , 1 1 7 3 4 1 Nov. 1 8,167 2,185 775 136 101 1,114 35 135 12 828 4,968 405 1,223 Dec. 31 v 8,400 2,191 791 140 107 1,091 42 158 16 1,018 4,972 3,425 401 1,146 OTHER RESERVE CITIES 1032—June 30 11,045 6,519 2,205 1,407 2,661 254 38 11 62 7 4,154 2,18/ 1,966 Sept. 30 10,979 6,196 178 2,127 1,406 2,421 205 58 14 65 14 4,427 2,465 1,961 Dec. 31 10,535 5,879 164 2,005 1,398 2,237 178 44 13 46 12 4,362 2,462 1,900 1933—June 30 * 9,780 4,846 111 1,590 1,160 1,915 129 63 13 51 58 4,621 2,867 1,754 Oct. 25 9,951 4,912 117 1,542 1,144 2,033 120 68 14 91 100 4,645 2,889 1,757 Dec. 30 10,157 4,797 106 , 524 1,151 1,937 103 50 17 78 112 5,000 3,209 1,790 1934—Mar. 5 10,816 4,669 101 ,465 1,158 1,870 79 64 15 89 138 5,763 3,954 75 1,734 June 30 11,054 4,586 138 ,388 1,145 1,853 53 34 8 115 154 6,104 4,102 *94 3 1,908 Oct. 17 11,367 4,562 102 ,319 1,120 1,956 55 39 15 151 123 6,423 4,240 257 1,926 Dec. 31 11,609 4.459 118 294 1,108 1,873 65 42 14 135 131 6,764 4,551 356 1,857 1935—Mar. 4 11,739 4,436 113 261 1,093 1,909 56 26 13 142 134 6,933 4,601 453 1,878 June 29 11,743 4,425 120 216 1,120 1,917 50 14 8 126 26 7,093 4,478 658 1,957 Nov. 1 12.313 4,522 107 209 1,117 2,034 40 lfi 13 124 10 7,589 4,865 751 1,973 Dec. 31 p 12,632 4,594 126 1,204 1,109 2,096 40 20 11 131 22 7,813 5,138 744 1,931 COUNTRY BANKS 1932—June 30 10,240 5,892 1,328 3,015 13 2 36 4,226 1,432 2,794 Sept. 30 9,954 5,663 1,324 2,854 8 2 36 4,187 1,471 2,715 Dec. 31 9,607 5,405 1,304 2,667 1 2 28 4,114 1,474 2,640 1933-June30» 7,873 4,194 1,055 2,005 4 1 27 3,598 1,469 2,129 Oct. 25 8,031 4,175 1,070 , 984 2 2 46 3,748 1,592 2,156 Dec. 30 8,068 4,123 1,061 ,952 3 3 34 3,845 1,683 2,162 1934—Mar. 5 8,381 4,103 1,068 ,937 10 2 54 4,148 1,946 2,202 June 30 8,456 4,016 1,056 5 2 72 4,283 1,982 3 25 3 2,276 Oct. 17 , 8,649 3,926 1,026 5 3 95 4,545 1,992 215 2,337 Dec. 31 8,780 3,849 1,026 ,810 5 2 92 4,756 2,108 355 2,293 1935-Mar. 4 8,749 3,786 1,018 ,785 6 2 109 4,757 2,020 448 2,289 June 29 8,739 3,798 932 1,020 1,831 3 2 116 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 902 1,026 1,815 3 2 132 4,903 1,874 609 2,419 Dec. 31 p 8,901 3,746 1,035 1,804 3 2 135 4,989 1,937 623 2,42» p Preliminary. * Loans (secured by stocks and bonds) to brokers and dealers in securities. »Beginning June 30, 1933, figures relate to licensed banks only. «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." * Central reserve city banks. Back figures.—See BULLETIN for November 1935, pp, 722 and 723. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN FEBRUARY 1936 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 R a e r e r r i n e e v 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 B a n d t n e o i i a c c s t k - l e h - - s s i r o e h e p t o i d f l p e a r o r o e o s c o n n n c i a s - c d n r o s 2 - t l - - b m a D t I n e i o n c s k - - t s erb b a F e a n i o n k g r k n - s S U m G e t e n a r o e d n t i n v e t - t - - s f P u u li n b c d - s c c l C h e c c e r a o f e e e t i a t e f o n e c t c f r d s r e f d d . i t s k h ' i - i r ' t s s , , t p I p u i v n c e n o o a a t o i e d c r l d n r r r . s a t i - - - s - , - - , j d i m u t e D s s a p t e a n e o - d d d s - - * > m D I t a n e i o n c s t - - k e s rb 3 a e F a n i o g n k r n k - s f P u u l n i b c d - s S P in t o a a g s v l - s - s t p I p u h v i n c e n o o a a t o i i e d c r n p r d l r r . s a 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 1,337 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 1,237 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 1,485 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 1,060 2,990 117 918 1,106 465 11,873 12, 384 87 0 270 781 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 1,903 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 17,327 18,509 132 6 310 227 9,671 9 MEW YORK CITY « 1932—June 30 772 722 1,103 146 118 117 359 4,287 4,041 3 5 10 68 715 14 Sept. 30 971 687 1,346 187 306 67 350 4,350 4,081 4 4 20 76 786 1 Dec. 31 1,132 115 491 1,562 216 173 177 4,540 4,319 6 1 7 80 843 13 1933—June 30* 846 101 874 1,255 127 332 461 4,676 4,358 22 1 4 110 671 Oct. 25 968 90 553 1,215 100 379 71 299 4,513 4,330 1 5 10 106 680 Dec. 30 903 93 476 1,200 112 422 141 167 4,494 4,325 1 6 14 107 620 1934—Mar. 5 1,170 91 631 1,402 154 843 109 368 4,422 4,268 7 13 105 600 June 30 1,417 97 415 1, 591 135 802 167 154 4,894 4,800 1 7 12 69 649 Oct. 17 1,443 84 666 1,689 116 559 201 360 5,107 5,001 1 3 8 65 623 Dec. 31 _ 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 1 7 4 56 591 1935—Mar. 4 1,856 86 810 2,047 147 572 190 500 5,329 5,209 1 7 4 44 595 June 29 1,935 133 447 1,983 248 369 354 149 5,924 5,979 4 6 27 567 Nov. 1 2,590 109 873 2,203 327 219 4GS 413 6,104 6,132 4 13 3 680 OTHER RESERVE CITIES 1932—June 30 767 173 1,011 448 1,511 209 462 126 4,550 4,690 60 2 233 310 3,967 274 Sept. 30 823 134 1,280 411 1,678 336 364 95 4,684 4,722 59 1 211 359 3,924 210 Dec. 31 931 144 1,534 467 1,782 229 411 154 4,745 4,843 74 232 349 3,882 llfi 1933—June 30« 937 156 1,205 462 1,575 356 437 124 4,578 4,677 59 209 394 3,299 16 Oct. 25 1,154 172 1,101 389 1,545 425 455 98 4,727 4,892 74 172 382 3,339 21 Dec. 30 1,202 198 1,134 484 1,685 434 557 126 4,822 5,021 72 1 204 371 3,364 16 1934—Mar. 5 1,293 189 1,295 393 1,993 766 613 107 4,823 5,150 80 206 349 3,495 8 June 30 1,633 194 1,513 468 2,178 682 700 132 5,305 5,670 106 1 234 260 3,727 Oct. 17 1,685 228 1,536 552 2,431 458 132 5,871 6,143 117 1 199 197 3,793 Dec. 31 1,683 247 1,694 627 2,430 666 193 5,992 6,324 117 1 206 187 3,875 1935—Mar. 4 1,746 231 1,814 502 2,684 546 151 5,901 6,376 128 211 167 3,985 June 29- 2,079 250 1,801 544 2,649 319 872 164 6,522 7,013 119 1 203 118 4,139 Nov. 1 2,172 251 1,982 662 2,955 335 889 167 7,128 7,523 115 1 218 84 4,168 COUNTRY BANKS 1932—June 30 458 253 624 167 257 60 734 82 3,052 3,701 7 94 231 4,931 527 Sept. 30 441 230 671 140 244 96 613 69 3,013 3,556 7 110 260 4,780 488 Dec. 31 448 232 767 164 263 72 615 90 3,530 7 104 279 4,686 418 1933—June 30« 452 203 702 149 228 116 555 72 2,576 3,054 7 86 285 3,833 167 Oct. 25 529 232 657 118 230 114 579 68 2,633 3,162 12 87 293 3,953 136 Dec. 30. 573 225 742 172 254 ill 622 85 2,793 3,328 10 83 300 3,973 123 1934—Mar. 5 685 230 917 135 281 181 702 74 3,007 3,648 11 87 301 4,163 83 June 30 769 216 1,057 174 300 174 731 85 3,150 3,792 15 87 256 4,388 35 Oct. 17 848 258 1,204 189 345 125 787 98 3,472 4,168 17 87 2-10 4,500 17 Dec. 31 822 275 1,239 207 340 178 804 106 3,589 4,292 16 84 210 4,554 13 1935—Mar. 4 916 246 1,366 163 364 152 845 90 3,642 4,414 17 75 188 4,623 14 June 29 920 236 1,351 HJ2 347 90 865 104 3,761 4,538 16 76 162 4,756 9 Nov. 1 900 237 1,555 221 3G9 95 895 106 4, 095 4, 875 17 78 140 4,824 8 i Including dollar balances due from American branches of foreign banks. * Does not include cash items in process of collection reported in balances with domestic banks. > Includes "Due to Federal Reserve banks (deferred credits)." 4 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

FEBEVARY 1936 FEDERAL RESERVE BULLETIN 95 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars) Loans to customers (except banks) Ope l n o - a m n a s rket Investments Re- Date or month i m T n lo a v o e n a e t n n d a s t s l t s - Total b o d Y r N u e a o T a t o n e k s l o r d w i e e k d r r e s s o se t T o h c n o u er r s i- e R lo s e t 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 2 r - L ba o t n o a k n s s m p c c a e A a e o r n p c p m c d - e t i - a - r l b L C Y r N o o i t i o e t k o n a y w r e n k r s i s Total D U m i . e r S e n t c . t i t o G o n b o F g s l v u u i e g a l r a l r n y - - - s O e t c t i h e u s e r r i- s b s w F e e a R e r e r r n i e v a v t d - k h e l e - s s v C a i a n u s l h t b d a o a w B n t m n i i a c c k t l e e h - s s s 8 - City i bought anteed JOTAL—101 CITIES 1935—-January 19, 489 6,744 172 2,242 1,133 3,197 125 449 743 11,428 7,795 657 2,976 3,455 304 1,970 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 1,146 3,368 85 327 800 12,392 8,156 1,114 3,122 4,435 339 2,25a 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 1936—January 20,928 6,723 176 2,071 1,142 3,334 70 364 923 12,848 8,599 1,155 3,094 4,773 354 2,336 1935—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 i 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 76 980 12,646 8,468 1,126 3,052 4,597 369 '2,308 1936-Jan. 8.. 20,834 6,743 175 2,079 1,137 3,352 78 937 12,710 8,516 1,135 3,059 4,707 370 2,284' Jan. 15 20,913 6,749 180 2,074 1,145 3,350 71 939 12,788 8,576 1,149 3,063 4,778 346 2,366 Jan. 22 20,969 6,716 178 2,066 1,143 3,329 67 367 923 12,896 8,651 ],162 4,764 347 2,328 Jan. 29 20,995 6,681 171 2,064 1,142 3,304 65 360 893 12,996 8,655 1,172 3,169 4,843 NEW YORK CITY 1935—January 7,410 2,115 55 780 130 1,150 64 231 581 4,419 3,154 271 994 1,579 75 S O e c p to te b m er ber.,. 7 7 , ,7 7 3 4 4 3 2 2 t , 0 0 7 9 3 6 5 5 6 8 7 70 2 9 1 1 1 2 2 3 3 1 1 , , 1 19 8 4 5 4 5 3 0 1 1 3 4 0 0 8 7 1 7 4 9 4 4 , , 6 6 7 7 6 6 3 3 , , 2 2 2 2 8 5 3 3 7 7 0 5 1 1 , , 0 0 7 7 6 8 2 2 , , 2 3 2 4 1 1 9 8 4 3 November, _. 7,828 2,092 59 727 123 1,183 63 155 800 4,718 3,313 378 1,027 2,424 81 December... 7,921 2,095 59 745 125 1,166 46 171 897 4,712 3,320 379 1,013 2,430 82 1936—January 7,937 2,036 59 730 128 1,119 34 173 895 4,799 3,346 399 1,054 2,498 76- 1935—Nov. 6 7,734 58 723 123 1,182 44 145 781 4,678 3,258 382 1,038 2,388 83- Nov. 13 7,812 2,093 723 123 1,187 45 150 795 4,729 3,317 381 1,031 2,415 82? Nov. 20 7,817 2,090 731 123 1,177 48 156 797 4,726 3,346 373 1,007 2,460 79- Nov. 27 7,949 2,102 732 123 1,187 114 169 827 4,737 3,332 373 1,032 2,435 81 Dec. 4 7,856 2,097 734 124 1,180 62 170 860 4,667 3,276 374 1,017 2,565 87 Dec. 11 7,883 2,099 744 124 1,172 39 170 891 4,684 3,289 377 1.018 2,610 sa Dec. 18 7,993 2,107 757 124 1,167 45 169 886 4,786 3,415 376 995 2,265 Dec. 24 7,955 2. 083 746 128 1,150 42 170 895 4,765 3,378 382 1,005 2,264 88 Dec. 31 7,917 2,090 743 127 1,161 42 174 955 4,656 3,243 383 1,030 2,446 79 1936—Jan. 8 7,900 2,041 735 127 1,121 42 175 909 4,733 3,315 387 1,031 2,431 77 Jan.15 7,906 2,044 730 128 1,127 36 174 912 4,740 3,311 395 1,034 2,490 77 Jan. 22 7,940 2,035 728 128 1.118 31 173 893 4,808 401 1,039 2,509 78 Jan. 29 8,000 2,025 729 127 1,131 28 168 866 4,913 3,391 413 1,109 2,561 75 75 OUTSIDE NEW YORK CITY i 1935—January 12,079 4,629 117 1,462 1,003 2,047 218 162 7,009 4,641 386 1,982 1,876 259 1,895 September. _. 12,444 4,607 107 1,356 1,014 2,130 186 30 7,582 4,817 724 2,041 2,030 288 2,118 October 12, 621 4,655 101 1,357 1,023 2,174 187 21 7,716 4,931 739 2,046 2,094 285 2,170 November 12.682 4,678 102 1,354 1,018 2,204 183 20 7,762 4,978 760 2,024 2,291 295 2,245 December 12,848 4,729 115 1,362 1,014 2,238 187 24 7,873 5,113 752 2,008 2,264 316 2,230 1936—January _ 12,991 4,687 117 1,341 1,014 2,215 191 28 8,049 5,253 756 2,040 2.275 301 2,260 1935—Nov. 6 _. 12, 692 4,673 98 1,358 1,019 2,198 181 15 7,780 4,978 756 2,046 2,253 289 2,180 Nov. 13 12, 678 4,672 99 1,355 1,017 2,201 183 20 7,764 4,978 760 2,026 2, 293 305 2,286 Nov. 20 12,673 4,667 96 1,351 1,018 2,202 184 22 7,762 4,987 762 2,013 2,294 291 2,271 Nov. 27 12.683 4,697 113 1,353 1,017 2,214 184 23 7,743 4,969 764 2,010 2,324 297 2,242 Dec. 4 12,662 4, 723 111 1,360 1,017 2,235 186 22 7,695 4, 945 760 1,990 2,329 304 2,283 Dec. 11 12,638 4,716 110 1, 358 1,016 2,232 187 24 7,676 4,927 759 1,990 2.414 320 2,262 Dec. 18 12, 977 4,736 118 1,361 1,014 2,243 188 23 7, 996 5, 228 753 2,015 2; 227 326 2,205 Dec. 24 12,984 4,731 112 1,365 1,012 2,242 186 23 8,010 5,238 749 2,023 2,202 323 2,167 Dec. 31 12,978 4,741 124 1,368 1,009 2,240 188 25 7,990 5, 225 743 2,022 2,151 312 '2,231 1936—Jan. 8 12, 934 4,702 117 1,344 1,010 2,231 191 28 7,977 5, 201 748 2,028 2,276 314 2,207 J J J a a a n n n . . . 2 2 1 2 9 5 1 1 12 3 3 , , , 0 0 9 2 0 9 9 7 5 4 4 4 , , , 7 6 6 0 8 5 5 1 6 1 1 1 2 1 1 1 7 3 1 1 1 , , , 3 3 3 4 3 3 4 8 5 1 1 1 , , , 0 0 0 1 1 1 7 5 5 2 2 2 , , , 2 2 1 2 1 9 3 1 3 1 1 1 9 9 9 2 4 2 2 3 2 7 0 7 8 8 , , 0 0 4 8 8 3 5 5 5 , , ,2 2 2 6 8 6 4 3 5 7 7 7 6 5 5 1 4 9 2 2 2 , , , 0 0 0 4 6 2 4 0 9 2 2 2 , , , 2 2 2 8 5 8 8 5 2 2 2 3 9 9 0 5 3 0 2 2 2 , , , 2 2 2 8 5 9 8 3 1 r Revised. 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Includes reporting banks' own acceptances. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on De*. 193.% was approximately $38,000,000 at all weekly reporting member banks. For other figures and note, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN FEBRUARY 1936 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 De- Date or month p l o e a h o r f c o s a r t c n c i o i e o o n d n s l n - s O as t s h e e ts r l T i i a t o i b e t i a s l l - Do t m I ic n e t s e - rb F a o n r k eign G U S m o n t v a e i e t t n e e r t d s n- c C h f e e e i t e c r c d t k . i s - , Other i J t d m s u — e s a p te n a o d d d s - * i m D e In s o t - t i e c rba F e n i o k g r n - Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - t c C a o l a u p a n c i- t - TOTAL—101 CITIES 1935—January 1,185 1,637 28,040 4,426 141 1,397 502 12, 224 11,542 122 4,833 905 3,479 September 1,169 1,389 29,544 4,997 270 628 460 13,992 13,283 119 4,853 718 3,402 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 5,268 438 609 556 14,776 13,904 120 4,872 821 3,518 1936—January 1,335 1,330 31,056 5,485 427 654 537 14,622 13,824 135 4,892 796 3,503 1935-Nov. 6... 1,315 1,361 30,355 5,246 546 493 14,380 13,558 116 4,895 793 3,514 Novl3_. 1,420 1,375 30,724 5,355 363 526 439 14,701 13,720 119 4,892 3,515 Nov. 20.. 1,286 1,381 30,607 5,313 377 502 476 14,629 13,819 117 4,872 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 30,787 440 482 522 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 3,518 Dec. 31.. 1, 872 1,395 31,436 5,222 440 701 727 15,032 13,887 128 4,911 765 3,506 1936—Jan. 8—. 1,271 1,316 30,782 5,409 424 702 553 14,391 13,673 135 773 3,501 Jan. 15... 1,536 1,337 31,276 5,518 432 699 594 14,712 13,770 135 783 3,500 Jan. 22... 1,331 1,331 31,070 5,526 427 611 532 14,635 13,836 134 799 3.506 Jan. 29.. 1,203 1,336 31,096 5,486 424 604 471 14, 749 14,017 135 829 3,505 NEW YORK CITY 1935—January 657 735 10,501 1,838 122 718 346 5,102 4,791 604 300 1,463 September- 691 498 11,195 2,132 243 264 310 6,927 5,646 589 267 1,450 October 606 478 11,296 2,133 247 294 5,941 5,629 619 287 1,450 November- 688 488 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 5,818 669 332 1,459 1936—January 670 472 11,706 2,359 180 348 6,101 5,779 540 314 1,462 1935—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 2,220 345 176 299 6,138 5,777 585 320 1,450 Nov. 27 706 519 11,751 2,197 401 176 346 6,258 583 330 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 6,177 5,767 563 325 1,458 Dec. 24 654 472 11,487 2,125 401 197 6,108 5,769 568 313 1,458 Dec. 31 1,055 471 12,023 2,200 408 198 6,394 5,822 566 313 1,458 1936—Jan. 8 635 463 11,562 » 2,314 395 197 359 >5,704 544 310 1,460 Jan. 15 794 478 11, 799 2,370 403 197 398 6,115 5,719 543 309 1,461 Jan. 22 655 473 11,704 2,383 397 162 341 6,099 5,785 541 313 1,463 Jan. 29 473 11, 760 2,368 397 162 294 6,211 5,907 535 326 1,464 OUTSIDE NEW YORK CITY 1935—January 528 902 17, 539 2,588 679 156 7,122 6,751 121 4,229 605 2,016 September- 578 891 18.349 2,865 364 150 8,065 7,637 119 4,264 451 2,042 October 612 896 18,678 2,992 159 8,183 7,730 119 4,298 463 2,046 November.. 655 899 19,067 3,079 176 8,492 8,013 118 4,297 482 2,056 December.. 675 920 19,253 3,058 427 201 8,559 120 489 2,059 1936—January 665 858 19.350 3,126 474 189 8,521 8,045 135 4,352 482 2,041 1935-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 8,099 116 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.. '817 924 19,413 3,022 503 244 '8,065 128 4,345 452 2,048 1936—Jan. 8..... 636 853 19, 220 3,095 505 194 8,411 7,969 135 4,345 463 2,041 Jan. 15... 742 859 19,477 3,148 502 196 8,597 8,051 135 4,355 474 2,039 Jan. 22... 676 858 19,366 3,143 449 191 8,536 8,051 134 4,351 486 2,043 Jan. 29... 605 863 19,336 3,118 442 177 8,538 8,110 135 4,353 503 2,041 »• Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as on hand or in process of collection. 2 See footnote 2 on page 132. NOTE.—For description of figures and earlier figures for some of the items, see B ULLETIN 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 for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 97 ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS9 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 Based United stored End of month T s o t i o a n u t n g t a - d l - o F a w c o - n r o c e f o F a i u g c o fo - n n r r t - Total O bi w ll n s b B ou il g ls ht o H t b h e y e ld rs End of month Total U i jm n t S o B o p U f n r a o o . s r S e m e t . x s d - s c ( S h h r w e i o t o p a d a u r t p i r s e t e e e s s - d ) D ch o e a x l n l - a g r e s f t h c r o i o i r b e p i e u n e s i p n g - o e * n d r count corre- between tween spond- domestic foreign ents points points 1933—August 694 1 40 499 252 247 154 1933—August- . 694 95 160 229 4 206 September.. 715 1 41 517 236 282 156 September.. 715 103 171 237 4 199 October 737 1 31 592 271 321 112 October 737 99 185 253 5 195 November. . 768 18 3 599 273 326 138 November. 758 98 200 278 4 180 December 764 • 127 4 442 223 219 190 December...- 764 94 207 277 4 182 1934—January 771 105 4 567 255 312 95 1934—January.. .. 771 89 225 111 5 175 February. .. 750 56 5 581 266 315 108 February. 750 98 203 261 4 184 March 685 23 5 576 252 824 81 March. I 685 103 186 226 3 168 J J A M A S N D O u u e p u e c o a n l p t y c r g v y e o i t e u l e e b m s m m e t b r b b e e e r r r. - - . 6 5 5 5 5 5 5 5 5 1 3 6 3 6 2 1 4 6 3 4 9 9 2 0 6 3 1 8 3 1 ( O *) )1 3 2 4 1 1 4 4 4 5 6 5 4 5 6 7 8 8 0 1 3 9 1 0 2 0 3 7 7 6 7 6 3 2 2 2 2 2 2 2 2 2 2 2 2 2 3 2 4 5 4 0 2 6 3 6 2 5 2 3 2 2 2 2 2 2 2 2 2 6 9 5 6 8 8 7 5 6 0 9 0 1 1 0 1 4 5 4 5 4 3 4 7 5 3 4 5 3 2 5 6 0 9 7 4 J J A M A S N D O u u e p u e c o a l n p c t y r g v y o e t i e u e e l b m m s m e t b r b b e e e r r r.. . . .. 6 5 6 5 5 5 5 5 5 3 1 6 1 6 3 4 2 6 4 6 9 3 2 9 3 0 1 1 1 9 8 8 9 8 9 9 0 0 4 9 9 7 9 4 3 3 0 1 1 1 1 1 1 1 1 1 6 4 3 4 4 5 4 3 4 4 7 8 8 0 0 0 5 5 1 1 1 1 1 1 1 1 1 8 4 3 6 6 4 9 8 9 6 7 8 4 6 1 5 4 3 4 4 4 4 3 3 4 2 2 1 1 1 1 1 1 1 1 1 4 2 1 3 4 4 3 5 5 4 7 9 7 1 8 3 8 2 1935— J A M J M A F S J u u e e p a u a a n l b p n r y g y r e i r t u c u l e u a h s m a r t y r b y er. . 4 4 5 4 3 3 3 3 3 6 9 1 1 2 7 4 2 2 6 3 6 3 2 5 3 1 8 0) 4 4 4 3 8 3 2 2 3 8 5 2 1 5 9 9 9 0 5 2 3 7 6 1 6 2 1 2 2 1 1 1 1 1 1 1 1 3 9 6 5 7 4 4 4 7 8 7 2 4 8 5 8 8 2 2 2 2 1 1 1 1 1 1 4 2 3 4 6 9 4 5 4 7 6 5 7 3 3 8 4 3 4 4 2 2 2 3 1 2 0 1 3 2 6 4 0 9 7 1935— M J J F A A M u J u e u p a a l a b n n y g r r y r i u e u c l u a . s . h a r . t . . y . r . . y . . . .. .. . . . .. .. 5 4 4 3 4 3 8 3 1 9 6 7 1 2 4 2 6 3 6 5 3 2 3 1 1 1 1 1 1 8 9 9 0 0 0 0 0 8 2 9 2 7 1 2 3 1 1 1 1 1 8 9 8 3 0 1 2 2 1 4 6 3 0 4 3 2 1 1 1 7 3 6 9 5 4 7 5 9 4 6 6 7 7 6 2 8 3 2 2 2 4 2 3 • 1 1 1 1 8 8 8 9 0 9 0 9 6 3 4 1 9 9 6 O N c o t v o e b m er ber __ 3 3 6 8 3 7 3 3 3 5 9 8 1 1 7 8 8 2 1 1 6 7 1 5 2 2 4 9 S O e c p to te b m er ber 3 3 6 2 3 8 1 1 0 0 6 2 7 7 5 7 9 6 8 6 4 4 8 7f 2 l December... 397 368 183 185 29 November..... 387 105 84 111 3 84 December _ 397 107 94 110 2 84 »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 * (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 End of month Total an F d r o p t m r a u n s b i t e a s c n o k m s - f b o F a a r g r n e o e i k g m n s n c , i p b e b s r r a , o i v n k e a k e t t c i r e n s . , g J F a e n b u r a u r a y ry-.. 1 1 0 0 3 8 8 8 5 4 1 1 0 1 8 7 1 17 7 7 1 March 106 72 133 182 1935 1936 1935 1936 1935 1936 April- 108 U 139 173 May.. 111 60 142 173 June.. 103 73 151 159 January. _. 825 925 758 891 34 February.. 816 750 July 100 97 168 164 March 773 706 August 108 107 188 177 September. 110 123 192 183 April 805 762 May 793 759 October 113 130 188 180 June 808 776 November 110 133 178 178 December 81 109 166 172 July 769 741 August 772 750 September. 781 759 1 Includes some finance company paper sold in the open market. October... 792 772 Back figures.—See Annual Report for 1934 (table 76). November. 846 821 December- 907 Back figures.—See Annual Report for 1931 (table 75). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL KESERVE BULLETIN FEBRUARY 1936 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANES [Percent per annum] Rediscounts and advances un- Advances under sec. d F e e r d e s r e a e l s . R e 1 s 3 e a rv n e d A 1 c 3 t a of the e 1 r 0 a l (b R ) es o e f rv th e e A F c e t d- 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 F ff a e e b c te . t o i 1 n n In g i e n f n fe in ct g — be- P r o r a e u t v s e i- e R F ff e a e b c te . t o i 1 n n In g i e n ff n e i c n t g b - e- Month or week m P c r e o i r m m ci - e al P b e a r r i n 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 S h ll . i s n T o p r f e e fe a r r i s e o u d d r » y paper, accept- time 4 to 6 ances, loans, B N o ew st o Y n ork 2 IX F F e e b b . . 8 2 , , 1 1 9 9 3 3 4 4 2 2 M 2 2 H S O e c p t. t . 2 1 0 0 , , 1 1 9 9 3 3 5 5 months d 9 a 0 ys 90 New n R ew e- al 18 b 2 il - l d s ay 27 b 3 il - l d s ay Philadelphia- 2 Jan. 17,1935 2y2 2^ Nov. 2,1935 Cleveland VA May 11,1935 2 2 Oct. 19,1935 1935 Richmond 2 May 9,1935 VA 2M Sept. 23,1935 January 4-1 3/4-1 1.00 1.00 .14 Atlanta 2 Jan. 14,1935 2H 2H Sept. 14,1935 February H H-l 1.00 1.00 .12 0.17 Chicago 2 Jan. 19,1935 VA 2H Sept. 20,1935 March H-l 1.00 1.00 .10 .16 St. Louis 2 Jan. 3,1935 VA VA Oct. 3,1935 April H H-l .63 .64 .17 Minneapolis. ~ 2 May 14,1935 2M Oct. 29,1935 May H .25 .25 .15 Kansas City- 2 May 10,1935 2H 2V2 Aug. 26,1935 June H .25 .25 .13 Dallas 2 May 8,1935 2H 2lA Oct. 8,1935 July H .25 .25 .07 San Francisco- 2 Feb. 16,1934 2H % Sept. 20,1935 August X .25 .25 .10 September H .25 .25 .22 October H .29 .29 .20 RATES ON DISCOUNTS FOR AND ADVANCESSTO INDIVID- November.... H .75 .75 .14 UALS, PARTNERSHIPS, AND CORPORATIONS December y% .75 .75 .09 Advances secured by 1936 Discounts and advances direct obligations of under par. 3 of sec. 13 the United States January .75 .75 .10 of the Federal Re- (last paragraph of sec. serve Act 13 of the Federal Re- Week ending: Federal Reserve serve Act) bank Nov. 23 .75 .13 Nov. 30 .75 .12 e R f F f a e e c b te t . i o 1 n n In g i e n f n fe in ct g — be- e R f F f a e e t c b e t . i o 1 n n In g i e n f n fe in c g t — be- D D e e c c . . 7 14 . . 7 7 5 5 . . 1 0 1 9 Dec. 21 .75 .08 Dec. 28 .75 .08 Jan.4 .75 .11 Boston 6 Aug. 11,1932 4 Oct. 20,1933 Jan. 11 .75 .10 New York 6 Aug. 10,1932 3M Feb. 8.1934 Jan.18 .75 .09 Philadelphia 6 Aug. 12,1932 4 Oct. 20,1933 Jan.25 .75 .10 Cleveland 6 July 24,1934 3H May 11,1935 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 Back figures—Sen Annual Report for 1934 (tables 54 and 55). St. Louis 5H July 10,1934 4 Feb. 21,1935 Minneapolis 6 Aug. 10,1932 4M Apr. 15,1933 RATES CHARGED CUSTOMERS BY BANKS IN Kansas City 5 July 10,1934 3H May 10,1935 PRINCIPAL CITIES Dallas 6 Sept. 8,1932 4 Mar. 12,1934 San Francisco 6 Sept. 2,1932 4 Oct. 19,1933 [Weighted averages of prevailing rates] NOTE.—For rates on industrial advances see p. 127. New York^City a 8 n d o t e h a e s r te n rn o r c th it e ie rn s 27 w s e o s u te t r h n e r c n i ti a e n s d Month BUYING RATES ON ACCEPTANCES 1934 1935 1936} 1934 1935 1936 1934 1935 1936 [Buying rates at the Federal Reserve Bank of New York] Maturity e R f F f a e e t c b e t . i o 1 n n In g i e n f n fe in ct g — be- Pre ra v t i e ous J M F a e n a b r u r c a u h r a y ry. _ 3 3 3 . . . 5 4 3 8 3 1 2 2 2 . . . 6 8 9 4 3 0 2.64 4 4 4 . . . 4 5 6 9 2 5 4 4 4 . . . 0 0 0 5 8 2 3.62 5 5 5 . . . 3 4 4 9 0 0 4 4 4 . . . 8 9 8 4 5 5 4.47 April .. 3.39 2.61 4.52 3.99 5.34 4.80 1-15 days Oct. 20,1933 May 3.42 2.69 4.39 3.88 5.28 4.79 16-30 days do June 3.30 2,66 4.30 3.78 5.19 4.76 31-45 days do July 3.30 2.61 4.15 3.87 5.07 158 46-60 days do August 3.33 2.67 4.12 3.79 5.05 4.63 61-90 days do September. 3.26 2.72 4.11 3.75 5.04 4.51 91-120 days.... do October 3.28 2.72 4.13 3.75 5.05 4.55 121-180 days- do N De o c v e e m m b b e e r r . . . 3 3 . . 2 1 2 8 2 2 . . 7 6 7 1 4 3. . 9 0 8 8 3 3. . 6 6 7 3 4 4. . 9 9 2 3 4 4 . . 5 5 1 5 "II" NOTE.—Rates on prime bankers' acceptances. Higher rates may be charged for other classes of bills. Back figures.—See;Annual Report for 1934 (table 57). Back figures.—Bee Annual Report for 1934 (table 51). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 99 BOND PRICES1 STOCK PRICES1 Other bonds« Preferred Common stocks (index, 1926 •» 100) stocks Year, month, or date (indus- United trial high- States Corpo- Corporate grade) » Total trial' rod mm* Year, month, or date Govern- rate and ment municbonds 2 g (h r ip a ig a d h l e - ) Total In tr d i u al s- R ro a a i d l- Utility N 19 u 3 m 3 a b v e e r r o ag f e issues.. 20 —4w21 3 6 5 6 1 ~7 3 8 7 1934 average 73 81 1935 average 78 91 72 Number of issues 8-14 <60 60 20 20 20 1935— F J e a b nu ru ar a y ry. _. 1 1 2 3 9 0 . . 1 2 7 6 0 8 8 8 1 0 5 5 7 5 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 March 131.3 64 75 53 1P34 average 103.4 96.7 84.5 81.9 83.8 87.8 April 132.2 68 79 59 1935 average - 106.3 102.3 88.6 88.2 79.4 98.2 May 134.8 73 86 65 June 134.0 76 88 70 1935—January 105.1 101.3 87.6 86.7 85.0 91.2 July 134.8 79 92 74 February 105.8 101.3 87.4 86.7 82.0 93.4 August 135.4 83 95 82 March _ 106.6 99.9 84.5 85.2 74.7 93.6 September.. 135.0 85 98 82 April 107.0 100.0 85.5 85.9 75.0 95.6 October 134.8 86 100 82 May 107.1 101.2 87.1 87.3 76.5 97.4 November. _ 136.0 94 108 91 June 107.2 102.2 88.3 87.3 79.3 98.4 December... 137.0 96 110 92 July 107.5 104.2 89.2 88.5 78.8 100.2 August 106.8 104.2 89.9 89.0 79.6 100.9 1936—January 137.3 116 99 September 105. 3 103.1 90.4 89.4 80.6 101.0 Jan. 8 136.8 100 114 "98 October 105.3 101.9 89.8 89.8 78.4 101.0 Jan. 15 136.5 101 115 November 105.7 103.5 91.1 90.8 79.8 102.7 Jan. 22 137.6 102 116 December 105.8 104.5 92.5 91.0 83.1 103.1 Jan. 29 138.2 104 118 102 1936—January 106.3 106.5 95.3 92.5 88.6 104.7 1 Monthly data are averages of daily or weekly figures. Jan. 8 _. 106.2 106.0 94.3 92.0 86.5 104.3 * Average derived prices. J J a a n n . . 2 1 2 5 1 1 0 0 6 6 . . 3 3 1 1 0 0 6 6 . . 8 4 9 9 5 5 . . 6 9 9 92 2 . . 7 8 8 8 9 9 . . 0 9 1 1 0 0 4 5. . 0 8 Source.—Standard Statistics Co. Jan. 29 106.3 106.9 96.4 92.8 91.1 105.1 Back figures.—SeeA nnual 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] ' 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 Year or month (do- (do- BOND YIELDS * mestic State Corporate For- mestic and and eign and for- Total i mu- Bonds for- Year, month, or U S n ta i t t e e s d M ip u a n l i c 3 - Corporate, by ratings * eign) n p i a ci l - n a o n t d es Stocks eign) date Treas- (highury * grade) Aaa Aa A Baa 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,048 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 Numbor of issue3— 7-11 15 30 30 30 30 1 1 9 9 2 3 9 0 1 6 0 , , 9 0 0 9 9 1 9 6 , , 4 0 2 0 0 4 1 1 , , 4 4 3 1 4 8 2 2 , , 9 0 8 7 0 8 5 1 , ,5 9 0 2 3 4 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 1935—January 2.83 3.45 3.78 4.21 4.77 5.99 1935 1,438 1,438 884 334 69 0 3,284 N D S J A O F M J A M u u e e e o u c p a a n l p b c t g r v y r y o e t e i r u c e l e . b u m h s . m m e . a t b r r b b e y e r e r r . , _ .. . 2 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . . 7 7 7 7 6 6 6 6 5 6 7 3 7 3 8 4 1 6 9 9 1 3 3 3 2 3 3 3 2 2 3 3 3 . . . . . . . . . . . 1 0 9 0 2 9 2 8 2 2 3 6 2 7 8 5 5 5 7 7 7 9 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 7 7 7 7 8 7 7 7 7 7 7 9 5 2 7 0 4 1 2 0 2 2 4 4 4 3 4 4 4 4 4 4 4 . . . . . . . . . . . 1 9 1 0 1 1 1 1 1 1 1 7 0 1 3 8 9 5 5 4 8 5 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . 5 4 5 5 6 6 6 5 7 6 7 7 4 3 6 9 6 7 4 2 2 5 5 5 6 5 5 5 5 6 5 5 5 . . . . . . . . . . . 6 3 5 9 9 7 1 8 6 6 2 3 7 0 9 7 7 4 6 2 9 2 1935— J N J A A M S F M O u u e e J o u p c n l a a p a b t y g v r r y e o n t i r c u e e l u b u h m m s a e a t r r r b b — y y e e - . r r _ - - - . . 1 1 1 1 1 1 9 4 9 8 7 1 5 0 5 3 5 2 4 0 6 7 6 2 8 0 4 8 1 1 1 1 1 1 9 9 1 4 7 0 3 5 5 8 5 2 0 6 4 7 8 4 2 0 6 8 1 1 8 0 4 6 4 4 3 8 3 5 7 0 0 4 4 1 4 6 2 2 6 9 3 2 2 1 4 3 1 7 3 8 9 7 9 7 7 2 0 4 0 (\ 2 0 0 0 8 2 5 6 3 3 0 0 0 0 0 0 0 0 0 0 0 4 3 4 2 2 2 1 6 2 8 5 5 8 1 6 8 1 4 1 4 4 9 4 4 3 1 0 7 9 0 6 December.. 231 231 124 48 19 0 22« 1936—January 2.68 2.93 3.66 3.85 4.31 5.10 1936—January... 122 115 50 61 4 7 287 Jan. 8 2.69 2.99 3.67 3.89 4.34 5.17 J J J a a a n n n . . . 2 2 1 9 5 2 - ,- - 2 2 2 . . . 6 6 6 7 7 7 2 2 2 . . . 9 9 9 1 0 2 3 3 3 . . . 6 6 6 4 5 3 3 3 3 . . . 8 8 8 3 2 4 4 4 4 . . . 2 2 3 8 8 1 5 5 5 . . . 0 0 0 5 2 9 t H e o r 1 m m In e e c d l O i u a d w te e n s e c r p r s e u ' d b L i l t o i c a l b n y a C n o k f o f s r e , p r e o F d r e a d t i i s e o s r u n a e , l s n F o o t a f r s F m h e o d w M e n r o a s l r e tg l p a a a n g r d a e t e b C l a y o n . r k p s o , r a F t e io d n e , r a a l n i d n- «Less than $500,000. 1 Monthly data are averages of daily or weekly figures. Sources.—YOT domestic issues, Commercial and Financial Chronicle; * Average, computed by Treasury Department, oi yields of all out-for foreign issues (issues publicly offered) annual totals are as finally standing Treasury bonds except those due or callable within 8 years. reported by Department of Commerce, while monthly figures are as 8 Standard Statistics Co. compiled currently and are subject to revision. * Moody's Investors' Service. Back figures.—See (for figures of new issues—annual and quarterly basis) Annual Report for 1934 (table 92). Back figures.—See Annual Report for 1934 (table 94). 45347—36 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN FEBRUARY 1936 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 Jan. 31, Total inter- 1936 End of period (gross est debt) Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- Total Bonds1 Notes C c e a r t t e i s fi- Bills June 1932 19,487 19,161 14,250 1,465 2,831 616 326 June 1933 22,539 22,158 14,223 4,780 2,200 954 381 Total 29,618 14, 688 12,272 254 2,404 June 1934 27,053 26,480 16,510 6,932 1,635 1,404 573 Obligations maturing: Before Apr. 1, 1936 853 853 1935 Apr. 1-June 30,1936 1,896 1,245 651 January 28,476 27,952 16,250 9,685 163 1,954 524 July 1-Sept. 30,1936 1,579 878 701 February 28,526 27,969 16,247 9,582 161 1,979 557 Oct. 1-Dec. 31,1936 558 358 200 March. 28,824 28,043 16,238 9,567 160 2,079 782 Jan. 1-Mar. 31,1937 429 429 April- 28,669 27,766 15,394 10,236 158 1,978 904 Apr. 1-Dec. 31,1937 1,320 1, 320 May... 28,639 27, 738 15,157 10,471 157 1,953 901 1938 1,946 1,946 June.— 28,701 27,645 14,936 10,501 156 2,053 1,056 1939 2,762 2,762 July.... 29,123 27,923 14,576 11,065 254 2,028 1,200 1940 2,854 2,854 August. 29,033 27,956 14,715 11,036 252 1,952 1,076 1941 834 834 September. __29,421 28,432 14,300 11,929 251 1,952 989 1943 898 898 October 29,462 28,380 13,998 11,929 250 2,204 1,081 1945 1,401 1,401 November- 29,634 28,617 14,008 11,957 249 2,404 1,017 1946 1,519 1,519 December 30,557 29,596 14,672 12,274 247 2,404 961 1947 1,697 1,697 1948 1,036 1,036 1936 After 1948 7,011 7,011 January 30,516 29,618 14,688 12, 272 254 2,404 1899 Other obligations 2 _.. 1,025 292 480 254 i Includes $510,000,000 of Government liability for retirement of i Issues classified as of date of final maturity; most issues callable at national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal-savings bonds only issues callable before 1940. of funds by banks; this compares with $815,000,000 on July 31, 1935, * Includes United States savings bonds and such issues as postaland $309,000,000 on Feb. 28, 1935. savings bonds, retirement-fund notes, and adjusted-service-certificate series, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS (On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust ac- Receipts Expenditures > Excess co e u tc n .* ts, I c n r c e r a e s a e s e d u o r r i n d g e- Period Total c ta o I x n m e - e s i r l n M a e n v te i e e s r n o c n e u u a l e s l - ot A he ll r » Total p e I d u n s e t G t b e b o l e r t i n - n c er o a A l t « h l e l r Tota R l eco R v e e li r e y f a P n w d u o b r r e l k i l s c ief o • th A e ll r * . ( p c o t + e e u e f n ) ( i r x p - r e d - o e ) t s i - s r - < p e c o t + x e e u e f n c i ) r x p r e d e - o e t s i s s - s r - b G a f e u l n a n e n d r p c a e e l rio G d d r e o b s t s (-) Fiscal year ending June: 1933 2,080 746 858 475 4,681 689 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 3,855 2,342 1,020 292 -3,002 +613 -741 +1,648 7 months ending: January 1934 1,680 335 870 474 3,550 375 1,211 1,964 842 275 847 -1,870 +16 +675 +2,529 January 1935 2,048 439 969 640 3,867 436 1,362 2,069 1,297 695 77 -1,819 +134 -263 +1,423 January 1936 2,130 590 1,112 427 3,902 377 1,610 1,916 846 792 278 -1,773 +120 +163 +1,816 1935—January 203 19 114 70 462 22 188 252 189 55 8 -260 +18 -244 -3 February 214 28 109 77 496 34 209 252 214 46 69 -281 -8 —239 +50 March . 601 326 189 86 546 90 169 288 203 75 10 +55 +19 +365 +291 April 228 29 116 83 611 118 213 279 192 45 43 -383 +21 -511 —149 May 246 23 137 86 542 24 181 336 178 78 81 -296 +348 +22 -30 June __ 464 254 138 72 740 119 197 425 258 82 85 -277 +99 -115 +63 July 279 23 165 91 673 8 318 347 114 88 146 -394 -77 -52 +419 August 299 24 219 56 508 27 193 289 158 •9 139 -210 -17 -314 -87 SeptPmber 421 231 143 47 563 101 217 245 142 87 16 -143 +78 +324 +389 October _ . 235 30 153 53 624 104 234 286 145 123 19 -389 +23 -325 +40 November 234 19 142 74 487 10 21fi 262 127 130 4 -253 +42 -39 +172 December 434 228 153 52 591 107 237 247 97 148 2 —157 +8 +774 +923 1936—January 228 35 138 55 456 19 197 241 64 225 •49 -228 +64 -205 -41 * Includes processing taxes, customs, and miscellaneous receipts • Excludes public-debt retirement » 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 31,1935, to these accounts. ° Excess of credits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

101 FEBRUARY] FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 1935 (Compiled by U. 8. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds u. s. Total Total s C F t R r o i u t n e r i c c p a o o t o n n i n r o c a - e n - C m C o C 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 d ra u m t o b i i r o l n k i n i c s s- R C A C e o t t g i g u r r o r p e i r i o n d o a 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 p o d n d o n u s i r c t a - - S C h c o B M F i h r o p l p a e e a p o n r e r i - r t t d n a g - Other i tion ASSETS Loans—total.... _ 8,298 2,175 1,401 271 4 165 43 94 197 Preferred stock, capital notes,and debentures... 877 875 872 3 Cash—total .. 319 105 12 7 3 18 64 Investments: United States securities . 449 25 23 Obligations guaranteed by United States... 215 20 Other investments 881 121 98 19 4 Accounts and other receivables 243 61 39 7 2 6 6 Real estate and other business properties 165 155 1 36 118 Other assets 223 25 3 13 1 8 Total assets other than Interagency 11, 670 3,564 2,327 279 12 177 49 121 173 425 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States... 4,546 252 252 All other 2,089 Other liabilities (including reserves) 286 59 26 (2) (2) 3 (2) 13 16 Total liabilities other than interageucy... 6,920 312 278 (2) (2) 3 13 16 (2) • Excess of assets over liabilities, exclusive of inter- 4,749 3,252 2,049 279 11 177 46 121 160 409 agency transactions.. Privately owned interests 340 U. S. Government interests 4,409 3, 252 2,049 279 11 177 46 121 160 409 Distribution of Government interests: Capital stock .... 6,634 5, 496 500 3 11 3 293 35 120 50 3 4, 483 Surplus 353 249 116 4 11 1 110 7 IntarflRenov interest (net) -2, 578 -2, 493 1,433 272 -116 -4,082 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 e n r a d e d t n e e d i k a r r i - a s t te l F C r M F e g a o d a 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 o f i o v n p r e k e s r s - H b l a o o n a m k n e s O C r H L w a o o t o n r i m a p o e n o n r e s - ' S C I L a a n a o v n o s n r i u c a p d n e n r o g - - s c F s i a e a l a a v o s d t n i s a i e n d o o n r g - n a s s l D F C r I e a a n e o d t n p s r i e c u o o p r e r s o n a - i - l t ration ASSETS Loans—total 6,122 2,129 146 795 50 103 2,897 3 Preferred stock, capital notes, and debentures 2 2 Cash—total 213 39 10 49 12 7 63 33 Investments: United States securities 424 39 36 38 8 6 297 Obligations guaranteed by United States 195 2 38 43 11 101 Other Investments. 760 755 5 Accounts and other receivables 182 88 3 25 1 1 62 1 1 Real estate and other business properties 10 6 4 Other assets _ _ 199 98 26 (2) 67 7 Total assets other than Interagency 8,106 2,401 232 1,624 150 129 3,060 102 67 341 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States 4,293 1,387 5 2,906 Allother 2,089 1,938 131 20 Other liabilities (including reserves) 226 76 3 32 (2) 8 86 (2) 22 Total liabilities other than interagency- 6,609 2,015 134 1,419 (2) 8 3,011 (2) 22 Excess of assets over liabilities, exclusive of interagency transaction 1,497 386 95 205 150 121 49 102 67 320 Privately owned interests 340 141 3 27 170 U. S. Government interests .- .... 1,157 246 98 205 147 94 49 102 67 150 Distribution of Government Interests: Capital stock _ 1,138 123 70 200 134 94 200 100 67 150 Surplus 104 94 36 5 -33 2 Interagency Interest (net) .._ ._ -85 28 -8 5 8 -118 1 Includes Interagency interests held by the Treasury Department. * Includes also War Finance Corporation not shown separately. * Less than $500,000. B 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

102 FEDERAL RESERVE BULLETIN FEBRUARY 1936 RECONSTRUCTION FINANCE CORPORATION LOANS, PURCHASES, AND ALLOCATIONS [Amount outstanding at end of month. In thousands of dollars] Proceeds disbursed, less repayments Proceeds not yet disbursed Dec. 31, Aug. 31, Sept. 30, Oct 31, Nov. 30, Dec. 31, Jan. 31, Nov. 30, Dec. 31r 1934 r 1935 1935 1935 1935 1935 1936 P 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)... 626,390 441,825 427,657 411,729 387, 288 381,206 357,775 123,218 106,812 Building and loan associations 19,951 9,494 8,954 8,359 7,866 7,359 6,743 121 111 24,745 17,628 17,163 10,011 9,372 6,460 6,075 40 40 Mortg&gA-loan companies 159,736 136,396 132,346 131,771 131,394 128,215 126,826 106,240 104,118 Credit unions 385 331 330 330 329 328 315 Federal land banks 78,455 57,975 56,340 52,156 50, 2Z9 45,074 35, 819 Joint stock land banks _ _ 6,487 2,407 2,381 2,329 2,230 2,297 2,123 21 Agricultural credit corporations -- 863 872 866 853 768 760 760 Regional agricultural credit corporations Livestock credit corporations 1,333 1,108 1,024 901 931 987 979 89 Railroads (including receivers) __ 376,894 413,350 412,903 412,810 412, 795 396,250 393, 712 285 191 State funds for insurance of public moneys 479 1,513 1,407 1,047 1,029 779 393 Fishing industry 25 79 92 92 92 572 578 548 76 Processors or distributors for payment of processing taxes-- 1 1 1 1 Total 1,295, 745 1,082,977 1,061, 465 1,032,390 1,004,374 970, 288 932, 097 230,562 211,347 Other loans: For self-liquidating projects, sec. 201 (a) (Including repairs to property damaged by earthquakes, etc.) 122, 696 155,174 169,493 169,499 174,375 147,563 154, 947 79,705 76,647 For financing exports of agricultural surpluses, sec. 201 (c) 15,176 14,517 14,300 14,300 14,300 14,027 14,027 For financing agricultural products, sec. 201 (d) 4,190 8,413 8,402 8,372 8,239 8,219 7,967 682 5,733 To commodity credit corporation 33,362 249,556 258, 739 263,746 265,994 267,541 297, 091 251,032 249,352 On preferred stock of banks 19,120 20,031 19,988 19,887 19, 753 17,726 17, 590 219 141 On preferred stock of insurance companies 30,033 30,083 30,083 30,083 30,083 30,083 29, 983 To drainage, levee, and irrigation districts 12, 298 32,790 34,176 43,086 45,488 50,025 51, 790 70,905 66,987 To industrial and commercial businesses 6,626 29,519 32,325 34,633 37,374 40,055 43,686 38,827 39,423 To mining, milling, and smelting businesses 664 775 833 845 932 887 5,877 5,813 On assets of closed banks . 22 8,317 7,888 580 595 1,235 1,217 911 116 To Public Works Administration on security transactions 1,529 112,849 105, 225 102,562 115,238 154,001 124,689 1,893 1,605 Total 245,052 661,913 681,394 687,581 712, 284 731,408 743,874 450,050 445,818 Purchases: Preferred stock of banks. 584,883 640,983 841,991 645,271 647,152 643,268 652,328 37,508 42,851 Capital notes and debentures of banks 259,982 241,615 242,362 241,742 240,364 238,492 235, 251 59, 294 59,099 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 — 844.965 892, 698 894,453 897,113 897. 616 891,860 897,679 98, 802 103,950 Total loans and purchases 2,385, 763 2, 637, 588 2,637,312 2,617,084 2,614,274 2,593,555 12,573,649 779,413 761,115 ALLOCATIONS For relief: Federal Emergency Relief Act of 1932 297, 774 297,621 297,099 296,803 296,701 296,627 296,626 15 15 Federal Emergency Relief Act of 1933 499,588 499,998 499,999 499,987 499,988 499,988 499,990 12 12 Emergency Appropriations Act of 1935- 470, 000 500,000 500,000 500,000 500,000 500,000 500,000 Emergency Relief Appropriation Act of 1935 300,000 300,000 400,000 200,000 200,000 Total _ 1,267,362 1,297,620 1,297,098 1,296,790 1, 596,687 1,596,615 1, 696, 615 200,027 200,027 To other Government agencies: To Secretary of the Treasury for— Purchase of stock of Federal Home Loan banks 81, 646 82,346 85,246 88,796 90, 696 94,396 97, 396 34,045 30,345 Purchase of stock of Home Owners' Loan Corporation . 200,000 200,000 200,000 200,000 200,000 200,000 200,000 To Land Bank Commissioner _ 147,600 147,600 147,600 147,600 147,600 147,600 147,600 97,400 97,400 To Federal Farm Mortgage Corporation 55,000 55,000 55,000 55,000 55,000 55,000 55,000 To Federal Housing Administrator. 25,000 34,000 34,000 34,000 39,000 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 — 709, 246 718,946 721,846 725,396 732, 296 735,996 738,996 131,445 127, 745 Total allocations.— 1,976, 608 2,016, 566 2,018,944 2,022,186 2, 328, 984 2, 332, Gil 2,435,611 331, 473 327, 772 Total loans, purchases, and allocations 4,362, 370 4, 654,154 4,656,256 4,639,270 4,943,258 4,926,166 5, 009, 260 1,110,886 1, 088, 887 * Revised. * Preliminary. »Includes $225,000,000 of loans for distribution to depositors of closed bank*. Back figures.—Qee 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

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 103 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 ns ia t t o e Loans to cooperatives by— by»— and discounts for— Regional agri- Regional Emer- End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e k d r is- p s c p c o r c r o r o e c u e r d d i a l d a u t i t i t t u i c t i o c r o t a a n i o n s o l s r s - n - , , f c i i e n o n O t x i a o s o t n c p t h n i e c e t e p s i r u r n , a t - g - ti P a o t s r i n s o o o d n c c s u r i e a c » d - - it t i u a t r r g a a c r t l o i i c o r c p u n r o l e s - d - - c d r g r l o o o e p a n u n a c g s y n h d t m F b c i e e n r a d e d t n e e d i k r a r i - a s t te l B C c i a a n o t e n c i o i n v k n l p u t s e g e r d s a f r , - o - l r A M i r n g t e a g u i v r n r i r o k A c g a l e u l v c t l t - - and banks tives Bank fund for cooperatives J 1932—December. 1,128,564 82, 518 24,373 89,301 9,866 158,885 1933—December. 1,232,707 70,738 73, 263 60,989 27 144,636 89,811 15,211 18,697 157,752 1934—December. 1,915,792 616,825 99, 675 55, 672 61.024 87,102 110,186 33,969 27,851 54,863 1935—January. _. 1,942,916 643, 291 99, 776 53, 509 64, 637 84,726 116,846 34,445 28,498 53,721 February.. 1,961,275 664,886 103, 360 53,172 71,192 82, 342 125,124 34,132 29,445 49.687 March 1,974,952 686,606 115,281 54,442 86,819 79,988 134,597 31,873 28,025 49,880 April 1,975,737 696,834 124,315 55,832 97.400 78, 351 162,000 30,050 30,119 49,761 May 1,998,228 716,243 129,954 56,897 105,096 76,508 193,969 26,420 31,741 47,456 June. 2,016,825 733,489 130. 559 57, 759 109,890 72,7R5 197,188 10,028 23,937 49,432 July 2,023,859 742,897 128,851 58,864 113,017 68,670 197,821 5,023 25,037 49,196 August 2,036,067 754,602 125,137 58, 761 112,104 64,582 195,943 5,539 31,455 46,497 September. 2,047,390 765,319 115,426 55,661 104,712 59, 225 192,182 4,755 43,140 46,714 October 2,058,693 777, 214 100.634 49,114 9.\ 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 December. 2, 071, 925 794,726 104, 706 46,490 96, 660 43, 400 172,489 2, 731 50,013 44, 433 * 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. > Amounts shown are outstanding loans to and discounts for production credit associations by the Federal intermediate credit banks. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES l [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES Home mortgage loans by- [In millions of dollars] Federa a l s s s o a c v i i a n t g io s n a s n * d loan F h e o d m er e al End of month Total M F F o e a d rt r e g m r a a g l e O H L w o o n m a e n e rs' s F t R r i u n ec c a o t n i n c o - e n loan Corpora- Corpora- Corpora* End of month L O o H w a o n n m e C r e o s r ' - a N ss u o m ci b a e ti r o o n f s Loans reported m lo b e a a m n n s b k e to r tion tion1 tion1 poration 1 i t n io s n ti s t u * - 1933—December. 180 180 Re- New Convert- 1934—May 423 168 28 227 Total port- associ- ed asso- June 681 312 134 235 ing ations ciations July 1,064 551 284 230 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 '85,442 November. 2,823 878 1,695 249 1934—December.... 2,196,988 639 455 10,758 58,976 '86,658 December. 3,063 980 1,834 249 I93lh-January 2,363,824 688 545 13,706 79,014 '81,985 1935—January. .. 3,300 1,041 2,009 250 February 2,468,744 727 565 15,967 92,013 '76,570 February.. 3,480 1,089 2,140 251 March 2,539,408 752 672 18,699 93,910 72,637 March 3,590 1,124 2,215 251 April 2,578,883 778 613 20.800 112,847 74,011 April 3,660 1,154 2,256 250 May 2,620,119 808 623 24, 081 123,741 75,836 May 3,728 1,188 2,290 250 June 2,660,677 851 655 27, 070 138,129 79,233 June 4,123 1,226 2,647 250 July 2,702,247 894 691 32,850 146, 161 80,877 July 4,205 1,274 2,682 249 August 2,747,022 922 758 37,345 192,959 86, 025 August 4,248 1,282 2,716 250 September... 2, 788,203 949 828 44,072 219,980 90,432 September. '4,369 1,368 '2,748 253 October 2,838,066 979 851 53,362 239, 263 95,595 October. 4,419 1,382 2,783 253 November... 2,886,013 1,002 851 54, 703 240, 777 97,089 November. 4,460 1,387 2,819 253 December 2,940,029 1,023 *746 *49, 527 *217,690 102,795 December. 4,546 1,387 2,906 252 'Revised. * Revised. 9 Preliminary. * Principal amount of obligations guaranteed as to interest and prin- 1 Loans closed. cipal. * No monthly reports prior to September 1934; they now exclude largely ' Excludes obligations guaranteed as to interest only. new associations recently chartered and inactive associations. 1 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

104 FEDERAL RESERVE BULLETIN FEBRUARY 1936 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=lOO. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production * • Construction contracts awarded (value) * Fac- Factory em- tory Freight-car Wholeployment « pay. loadings«* sale Year Total Manufactures Minerals Total Residential All other rolls1 comand modmonth ity Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- prices' justed justed justed justed justed justed justed lusted justed justed justed justed justed justed justed justed justed 19'9 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 S6 74 79 68 S8 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 1C1 103 1C4 1926 108 108 108 129 121 135 101 104 106 100 1927 .. 106 100 107 129 117 139 99 102 103 95 1928 111 U2 IOC 135 126 142 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930 96 95 99 92 50 125 92 89 92 86 1931 81 80 84 63 37 84 77 68 75 73 1932. .. 64 63 71 28 13 40 64 46 56 65 1933 7fi 75 82 25 11 37 69 49 68 66 1S34 „ 70 78 32 12 48 79 62 62 75 1935 p 90 91 37 21 50 82 70 63 80 1932 Oct 68 67 67 66 80 74 28 29 12 12 41 43 64 63 45 65 57 64 Nov 65 65 63 63 78 75 24 27 10 10 35 41 63 63 43 58 57 64 Dec— 60 66 58 64 73 77 22 28 8 9 33 43 62 62 42 52 58 63 1933 Jan 64 65 63 63 72 75 18 22 7 8 27 33 60 61 40 51 56 61 Feb.— 64 63 62 61 77 80 16 19 7 8 23 27 61 62 40 51 54 60 Mar-._. 60 59 58 56 74 81 14 14 8 8 18 18 59 59 37 48 50 m Apr 67 66 68 65 65 73 16 14 11 10 > 19 17 60 60 39 51 53 90 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 66 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 70 Sept--- 86 84 84 83 94 87 30 30 12 12 45 45 80 78 59 68 60 71 Oet 78 76 76 76 89 81 35 37 12 12 63 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 84 74 Mar 87 84 86 82 91 100 33 33 12 11 5C 51 81 81 65 63 66 74 Apr 88 86 89 85 81 90 36 32 14 12 54 48 82 82 67 eo 62 73 May... 89 86 89 gg 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 7j 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 RO 59 77 Dee—- 78 86 76 85 85 90 25 31 10 12 36 47 78 79 63 56 64 77 1935 Jan 88 91 87 90 91 94 22 27 10 12 32 39 79 81 64 58 64 79 Feb.... 91 89 91 88 92 96 24 28 13 14 33 39 81 82 69 61 65 80 Mar.... 91 88 91 86 90 97 26 26 16 16 34 35 83 83 71 62 65 79 Apr 89 86 91 86 79 87 30 27 22 18 38 33 83 82 71 59 61 80 J M u a n y e... 8 8 7 6 8 8 G 5 8 8 7 4 8 8 4 4 8 9 8 7 8 9 9 8 3 3 2 5 3 2 0 7 2 2 6 5 2 2 4 1 3 4 9 3 3 3 2 6 8 8 1 0 8 8 1 0 6 6 6 9 6 6 1 3 6 6 1 3 8 8 0 0 July.... 83 86 S3 86 84 84 39 35 25 25 50 43 80 8C 65 60 58 79 Aug.... 87 87 87 88 S5 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 Q3 45 48 25 25 62 66 85 84 75 73 64 81 Nov 97 98 98 98 95 92 53 60 25 26 76 88 85 85 75 67 66 81 Dec »95 »104 96 101 53 67 22 26 79 101 85 86 77 62 71 81 » Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 136-137; for description see BULLETIN for February and March 1927. 13 month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. 1 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 BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. For current indexes of groups and separate industries see pp. 138-139. Underlying figures are for pay-roll period ending nearest middle of month. * For indexes of groups see p. 105. 1 Index of Bureau of Labor Statistics: 1926*100. Index numbers for groups of commodities (also data by weeks) are given on p. 135. Bach figure*.—See Annual Report tor 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 105 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 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 '177 6 27 1 34 -4 August 165 109 131 172 172 167 01 155 120 169 -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 56 44 100 December _. 184 132 193 171 *224 154 97 134 132 »187 30 35 59 38 Year 2,424 1,611 1,675 2,133 *2,282 2,091 1,323 1,450 1,655 *2,048 334 288 225 478 »234 » Preliminary. r 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 sales l Index o m f s o to n c th k ) s (end of 1934 1935 Adjusted Without Adjusted Without Dec. Aug. Sept. Oct. Nov. Dec. 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 64 60 62 64 66 71 Coal 71 58 61 67 67 74 J F a e n b u r a u r a y r . y _ . 5 5 7 9 6 5 3 9 6 5 1 7 C G o ra k i e n . and grain products._ 5 5 1 8 4 7 8 5 5 7 7 4 6 7 0 0 6 6 1 5 6 6 8 2 March 73 67 65 Livestock 51 44 45 47 44 39 Forest products _. 32 40 42 42 40 45 April. 73 68 66 Ore 34 51 55 56 46 58 May- 77 68 66 Miscellaneous. 71 62 65 70 77 86 June.- 70 63 61 Merchandise » 66 64 65 64 64 60 July 51 August 60 Without seasonal adjustment September- 79 October 82 Total 56 64 70 73 67 62 November.. 83 91 Coal 76 56 66 76 74 79 December.. 135 145 Coke _ 54 43 56 61 62 73 Grain and grain products _ _ 57 90 90 78 69 61 Year— 75 79 65 64 Livestock 51 39 54 63 50 39 Forest products 26 42 44 43 39 37 * 1 B R a e s v e i d s e t d h . roughout on figures of daily average sales—with allowance M M Or i e e s r c c e h l a la n n d e i o se u s * 6 5 2 s 5 8 6 6 7 8 4 9 7 6 0 7 7 8 6 7 2 7 9 3 7 6 2 6 6 6 6 1 2 7 4 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 i 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 NOTE.—Preliminary figures for sales in January 1936: Index adjusted American Railroads. for seasonal variation, 79; index without seasonal adjustment, 63. Back figures.—See BULLETIN for February 1931, pp. 108-110. Back figures.—See BULLETIN for April 1935, pp. 254-255, and Annual Report for 1934 (table 95). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN FEBRUARY 1936 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS [In millions of dollars] Europe Total End of month (50 coun- United Canada tries) States c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France Germany 1934—December. 21,771 8,238 134 11,751 45 590 19 112 60 1,584 5,445 32 1935—January... 21,879 8,391 132 11,697 45 599 19 112 60 1,586 5,438 32 February. 22,022 8,527 135 11,679 45 596 19 112 60 1,586 5,439 32 March 22,099 8,567 190 11,633 45 532 19 112 60 ;,586 5,479 33 April... 21,861 8,710 187 11,279 45 518 19 112 60 ;,587 5,366 33 May 21.473 8,858 189 10,714 45 605 19 112 60 ,587 4,759 33 June 21,678 9,116 188 10,670 45 634 19 113 60 •,588 4,708 35 July 21,675 9,144 188 10,636 45 624 19 113 60 :,588 4,726 38 August— 21, 759 9,203 193 10, 664 45 612 19 113 54 ,593 4,756 38 September. 21,926 9,368 186 10, 678 45 604 19 113 54 ,595 4,770 38 October. __ P 22,313 9,693 186 10.714 45 609 19 113 54 ,604 4.773 35 November- p 22,225 9,920 188 10,394 45 615 19 113 54 ,628 4,388 36 December. P 22,472 10,125 189 P 10, 429 45 611 19 112 54 : ,648 4,395 33 1936—January. p 10,182 186 600 ],652 p4,324 31 E urope—C ontinued End of month Greece Ilungary 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. S. S. Y sl u av g i o a - 6 c o o u th n e - r tries 1934—December. 40 23 I518 573 61 96 68 104 r40 159 624 744 53 60 1935—January... 39 23 i519 555 61 96 68 104 ?40 159 600 •744 37 59 February. 39 23 i519 552 61 96 68 105 r40 159 586 744 38 58 March 38 23 i519 553 61 96 68 106 *41 160 560 748 36 59 April 37 23 519 439 61 97 68 106 r4i 160 446 748 38 56 May 37 23 519 440 66 97 68 106 741 161 390 748 40 57 June 36 23 m 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 $79 365 84 89 63 108 734 165 44S i539 40 62 October. ._ 36 23 i 351 401 84 86 68 108 734 174 453 339 41 63 November- 35 23 551 427 84 84 68 109 735 180 455 339 43 63 December. 34 23 551 438 84 84 "68 *109 735 185 454 '839 43 *63 1936—January P455 735 454 Latin America Asia and Oceania Africa End of month c T tr o ( o i 1 u e t 0 s n a ) l - g t A i e n n r a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o r th i u 4 e e n s r - c T tr o o i ( u e 7 t s n a ) l - India Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 e e n s r - T c tr o o i ( u e 4 t s n a ) l - Egypt A So fr u ic th a c o t o r th i u 2 e e n s r - 1934—Nov... 599 403 29 21 26 19 82 19 796 275 392 77 25 22 5 255 I55 184 17 Dec... 595 403 29 19 23 19 82 20 798 275 394 77 25 22 C 255 I>5 184 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 i55 236 17 Apr.... 597 403 29 14 126 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 I55 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 61 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.... v536 441 29 15 26 20 v 74 30 800 275 418 55 23 23 5 284 55 212 17 Nov... p636 441 29 16 26 20 v 74 29 803 275 422 54 23 24 5 284 55 212 17 Dec V639 J»444 .29 16 26 J»20 ,74 p30 807 275 425 54 23 24 6 P284 p55 212 17 p Preliminary. 1 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 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

FBBBDAKT 1936 FEDERAL RESERVE BULLETIN 107 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 of gold Ho fine; i. e.t an ounce of fine gold=$20 67 1929 404,969 359,347 215, 242 11, 607 4,297 2,390 39,862 45,835 13,463 2,823 683 8,712 6,927 7,508 1930 430,725 373,154 221,526 11,476 4,995 2,699 43,454 47,123 13,813 3,281 428 9,553 8,021 6,786 1931 461,592 394,399 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 442 12,134 8,109 6,818 1932 499,241 421, 656 238,931 12,000 5,992 3,642 62,933 50, 626 12,070 5,132 788 14, 563 8,198 6,782 1933 522,665 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,169 6,165 3,009 16, 790 8,968 6,919 i grains of gold 94 o fine; i. e., an ounce of fine gold=$S5 1933 711,260 385, 474 22,578 11,214 6,148 103,224 89,467 22, 297 10,438 5,094 28,428 15,183 1934 722,970 366, 795 24, 264 12,153 6,549 104,023 107,632 23,135 12,045 8.350 30.447 16.354 1935 v 767,824 377,090 p 25,411 p 14,070 J>7,231 v 114,735 124,116 p 23,882 11,517 *8,428 * 30,260 p19,661 1934—November 60,786 30, 633 1,932 L,080 590~ 8,759 2,006 831 1,227 2,650 1,377 December 62,196 30,356 2,031 1,135 534 9,168 10,124 2.093 922 681 2,722 1,435 1935—January 60,040 31, 202 2,024 1L,075 599 8,353 8,398 2,410 830 366 2,374 L, 463 946 February 55,513 28, 717 1,920 L,097 557 8,027 7,488 2,280 991 708 1, 439 1,386 903 March 60,433 31,015 2,009 1,078 587 8,732 9,203 1,836 - 925 1,005 1,468 L,619 955 April 60,028 30,301 2,052 :1,106 594 8,599 8,573 1,750 1,015 895 2,637 L, 568 938 May 62,932 32,072 2,177 L, 162 627 9,423 9,623 1,048 945 651 2,533 1,717 954 June 63,002 31,089 2,101 :L,095 588 10,002 9,588 1,166 857 1,113 2,623 ,844 937 July— 67,030 32,458 2,150 ]1,095 615 9,988 11,793 2,181 1,001 546 2,635 1,610 958 August 67,178 32,667 2,155 ]L, 162 631 10,303 10,603 2,532 1,125 536 2,844 ,669 961 September v 68,069 31,472 2,009 1,160 590 9,813 12,108 »3,290 978 ' 1,088 2,939 1,674 949 October v 68,923 32, 596 2,403 1,249 614 10.560 12, 703 »1.680 1,035 506 2,923 V1,680 974 November * 65,253 31,671 2,205 p 1,400 614 10,261 10,883 P 1,120 981 v 506 p 2,923 V1,715 *974 December p69,423 31,829 »2,205 p 1,400 J>614 * 10, 675 13,158 v 2,590 834 P506 v 2,923 PI, 715 *974 p Preliminary. ' Revised. Monthly figures for United States (including Philippine Islands) for 1935 represent estimates of American Bureau of Metal Statistics revised by subtracting from each monthly figure a constant amount so that the aggregate for 1935 is equal to the annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. 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 at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: Year or month net i e m o x r p p o o n r r e t t t s 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 In ri 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 n l r - Kong tries 1934 1 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 1934—October 10,837 -1,118 26 3,775 3,265 3,112 50 1,729 November. .. 120,889 3,687 70,351 12,814 9,906 -254 9,609 880 1 11,300 700 1,896 December.... 92,109 19,649 22, 430 17,790 8,077 6,076 2,111 12,574 529 2,874 1936—January 149,392 85,577 14,592 12,812 12,091 4,991 2,101 10,616 1,528 5,083 February 122.772 63,424 45,766 1,466 5,346 729 2,112 522 359 2,711 March , 13,003 -187 56 4,449 833 1,407 2,139 334 3,972 April 148,608 1,481 32,510 94,890 10,968 923 2 2,924 313 4,596 May o 140,016 1,689 124,052 3,885 3,053 948 1,752 167 507 3,962 June 230,373 938 194,298 22,061 8,734 679 448 3,215 July. 16,229 31 975 5,770 722 1,750 28 438 6,515 August 45,983 5 40 28,277 5,398 753 6,671 1,127 3,711 September. _. 156,719 37,114 40, 423 37,811 15,069 699 1 19,821 640 5,141 October 315,347 109,954 156,977 17,605 629 9,368 762 1,746 12,359 1,125 4,817 November.... 210 567 7.101 180.141 2,676 5,86>e 880 8.913 1, fX)7 3.956 December... 190,010 8.600 145,388 4,727 9,060 748 11,108 1,605 8,774 1936—January 45,643 5,786 3,514 10,741 764 1,743 11,744 1,176 10,170 • Corrected. p Preliminary. * Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN FEBRUARY 1936 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] England Net imports from or net exports (—) to: Total Year or month net ime o p x ( r p o ) n o rt e r s t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N l e a t n h d e s r- A So i m c u a e th r- Canada B I r n i d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s ia tra- A S d W R f e o r h s u e i i c o s t a a h t - , , t o r A i t e h u H s e r » Africa 1934 716,269 -497,166 348,190 121,017 -13, 585 32, 575 17,568 26,318 206,711 4,863 41,790 335,253 1935 • 369, 747 -435, 502 142,137 -4, 726; -17,476 10, 796 8,832 16, 565 181,627 3,198 37,981 404, 295 •--• — •••• •l.V.liU 1934—October.—. 49,999 -339 105 -1,291 482 655 4, 4,992 245 3,438 24,420 11, 672 November. 49, 585 27,026 152 -5,198 -550 670 1,697 18, 79J 190 2,686 18, 495 2,910 December-. 27,215 1,769 69 -1,087 310 241 17,882 128 4,126 23, 469 2,797 1935—January—. -4,279 4,270 36 -349 8,780 24,046 12 4,066 37, 231 -3,124 February.. -17, 739 28 -951 2,145 2,057 19,093 88 3,067 18,669 11,105 March 66, 557 26, 612 53 -1,992 51 1,195 2,970 15,457 296 2,685 12,661 6,503 April 36, 529 -33, 348 266 -1,013 33, 237 152 424 16, 249 693 1,920 17, 658 20,823 May 146, 289 69,128 209 -1,962 5,780 410 2,962 484 2,838 55,847 11,143 June 118,067 86,926 -943 -11,601 -593 292 3,570 7,159 429 1,969 42,473 6,933 July 16, 289 -5,719 -4,416 118 -11,888 261 2,831 5,663 405 5,375 33, 532 -8,731 August 39, 016 -6, 697 -26 82 1,642 287 449 26,102 420 4,148 35, 512-11,032 September. -36,086 -5,663 23 2 -36 322 25,301 70 3,662 29,949 -8,683 October.... -36,158 -2, 739 68 217 -1,136 2,535 28 11,900 134 3,414 44,995 —7,644 November. 18,286 25,198 50 -20, 201 461 1,798 12,857 56 2,842 33, 325 -4, 353 December.. 40,811 910 114 -27 -6,982 480 1,7" 14,838 54 1,995 42, 442 7,265 France Germany Net imports from or net exports Total Net imports from or net exports (—) to: Total (-)to: Year or month net net i e m o x ( r p p ) n o o r e r t t t s s U St n a i t t e e s d E la n n g d - m G a e n r y - g B iu el m - i e m o x r p p n o o e r r t t t s s N la e e n r t d - h s - S U . . S R . . t c o r o A i t e h u l s e n l r - r 1934 -408,877 -240,361 '-353,832 31,036 -90. 920 -109, 38(i-28,114 85,390-38,810 1935 v -817,309 -909, 665-120,053-13,592 42,971 5,093 6,296 6,376 25, 207 1934—October '22,694 26,296 7,873 1,8 5,760 261 November.. > -67,128 -64,337 2,954 -167 313 2,569 December _- 37,733 -19,918 1,206 —85 1,162 226 1935—January 7,796 -15,376 -2,931 115 287 67 84 144 February.— -32, 479 -50,314 8,670 1 295 -49 75 March 19.118 648 14,676 3 112 -19 -107 238 April..-. 99,395 -28, 566 38,332 -474 735 -50 87 44 654 May -195,876 -77,803 -53,283 -594 6,666 -206 237 6,100 534 June -393,551 -223,070 -110,834 -190 2,876 1,05' 1,014 805 July -12,206 414 -13,150 -1 9,525 4,483 697 4,345 August 50,770 14 4,905-1,990 4,769 30 345 4,394 September- 26,482 -23,688 8,811 -700 4,355 -41 479 3,917 October -68,693 -157.153 -72-9,178 10,567 -49 2,177 8,439 November'. -246,615 -258.554 -15,060 11 780 -45 604 221 December *>. -71,450 -76, 217 -117 -595 2,005 605 1,398 » Preliminary. * Revised. France.—"All other countries" revised to exclude Italy, now given separately. Germany.—"All other countries" revised to include France, heretofore given separately. * $9,481,000 imported by France from South Africa in September 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

FlBBUAKY 1936 FEDERAL RESERVE BULLETIN 109 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Netherlands Year or month Total net Net imports from or net exports (—) to: imports or net exports U S n ta i t t e e s d England France Germany Belgium Poland Sw la i n tz d er- B In ri d ti i s a h c A o l u l n o t t r h ie e s r 1934.. -122,664 -46,040 -31,038 -78,610 25,716 9,285 -1, 253 -4,784 1,891 2,171 1935.. -198, 549 -221,245 18, 397 -41, 260 -5,142 48,004 -2, 043 -1,257 3,942 2,057 1934—October -2,386 166 -1,864 -178 -65 -4 70 126 November. _ -16,849 -17,770 645 830 -6 -587 -65 -106 56 154 December... -9,431 -9,270 -312 78 -95 -34 165 1935—January -18,300 -15,605 -3,221 110 -66 -161 -30 27 476 171 February— -2,899 -2,495 -352 64 77 -159 -8 -197 171 March 510 37 -1,299 617 -93 1,066 -3 -136 141 181 April -120,492 -97,632 -20,890 —20,966 -210 20,081 -41 26 May -5,080 -2, 810 -1,562 277 162 -289 -1,084 71 156 June -14,797 -19, 259 1,375 667 -862 3,379 -107 113 -103 July -26,102 -29,215 15, 702 -21,909 -462 9,563 51 -8 58 118 August -4,514 -152 -9,436 -86 2,900 -253 -23 2,356 180 September.. -37, 290 -40,868 2,861 249 -160 133 -317 9 772 33 October -13,080 -10,373 514 -1,339 -2,046 275 -204 -114 140 66 November... 38,746 -3,026 20,084 10,564 -239 11,248 —11 -86 210 December... 4,749 5,334 -149 -561 -35 -52 217 Switzerland British India Net imports from or net Net imports from or net exports (—) to: Change in- Total Total exports (~) to: Gold Year or month net net Sroimports imports uce 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 t r h 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 - I t n i i d o n i n a s In e R d r in v e ia - e V s i P I in h n r g i o d v s l i d a a i - t » n e 1934. -46,065 -12,784 -45,955 -29,235 18,397 19,431 2,580 1,500-230, 720 •"-77,928'-148,824'-3,96811, 222 173-219,671 1935. -230,788 647-54,858 -181,725 -13,940 25, 542 342-6,795 f-161,857 *11,423 -6 -150, 428 1934—October. . 12,853 -195 5,821 3,53•8•- 3,987 -305 -14,431 -4,441 -10,149 159 944 -13,491 N D o e v ce e m m b b e e r r -1 12 ,9 ,3 5 9 0 7 291 - - 4 7 1 7 7 1 - - 6 4 , , 2 1 7 4 3 3 13r 5 2 2 2 6 6 6 2 , , 0 2 0 8 1 0 -2 1 7 1 5 4 - - 1 1 0 5 2 - - 2 2 0 3, , 7 2 0 5 0 5 ' - - 3 6 , ,6 2 0 0 1 1 - — 2 1 0 4 , , 2 2 1 6 6 4 1 16 6 2 5 9 9 2 9 9 5 -3 - - 2 1 2 9 , , 2 7 5 7 7 1 1935—January- -4,125 -17 -216 —4,344 472 -218 198 -16,334 -14,874 207 946 -15, 386 February -15,025 -51 -2,108 -16,117 225 -90 428 -17,746 -2,406 -14,133 -1, 207 903 -16,844 March. _. -17,830 -6,839 -16,148 415 4,734 -202 207 -18,439 -18,225 -214 955 -5 -17, 479 April -139,633 324 -31,619 -107,021 2,110 1,041 -4,475 -3,675 -3,831 155 938 -2, 737 May -63,229 -17,878 -38,514 -5,972 303 -409 -760 -6,604 -6, 558 653 954 -5,650 June -5,640 549 2,684 -8,65 -74 153 -352 -3,824 -4,078 254 937 -2,887 July 1,417 1,610 2,998 262 -3,455 -22, 383 10 -21,575 -818 958 -21, 425 August... 9,328 64 -38 1,273 4,080 519 3,430 -25, 464 -6, -18,922 -233 961 -24, 503 September 5,845 107 3,01 -24 3,312 -766 184 -11,400 -2,648 -9,117 949 -10,451 October _ 1, 367 163 1,085 881 1,343 241 -2, 344 -11,160 -1,330 -10,032 202 =-10,186 November -934 -332 —3,227 1,849 -49 825 -14,540 -1,573 -13,199 23: v-13,565 December -2,330 -2,088 -4,166 4,724 -139 -682 v-10, 288 *974 -9, 314 v Preliminary. »• Revised. «Corrected. i Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. * Figures derived from preceding columns; net imports plus production minus increase in reserves in India. NOTE.—Netherlands and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN FEBRUARY 1936 CENTRAL BANES Assets of banking department Liabilities of banking department Bank of England (in G o is l s d ue Note (Figures in millions of pounds sterling) m de e p n a t r ) t * - C C o a in sh rese N rv o e t s es D a v i n s a c d n o c a u e d n s - ts Se ti c e u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i s e li r - 1934—Nov. 28- 192.1 72.4 9.2 90.6 379.7 89.1 27.7 38.1 17.8 Dec. 26.. 192.3 47.1 7.6 98.2 405.2 89.1 9 9 36.4 18.0 1935—Jan. 30— 192.4 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18.2 Feb. 27.. 192.5 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Mar. 27. 192.5 71.1 5.6 99.0 381.4 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 8ept. 25- 193.6 55.4 12.4 95.4 398.2 87.2 19.5 39.0 18 3 Oct. 30- 1W.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 1936—Jan. 29 „ 200.5 18.8 94.0 397.1 106.0 15.9 36.7 18.2 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 s e e n e s r - - m s O e t c t ie h u s e ri r - N c b u e l g r e i o t s i t e e ia - s - Other ci N t r i c o o u n t 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—Nov. 30.. 82.097 960 3,068 3,228 5,898 8,849 81,879 4,829 15, 522 1,869 Dec. 28- 82,124 963 3,971 3,211 5,837 8,288 83, 412 3,718 15, 359 1,907 1935—Jan. 25... 82,014 962 4,003 3,149 5,837 7,970 81, 686 3,751 16,473 2,024 Feb. 22— 82,040 961 3,998 3,080 5,833 7,914 81,917 3,619 16,328 1,962 Mar. 29.. 82,635 1,017 4,170 20 3,119 5,833 8,074 83,044 3,668 16, 213 1,943 Apr. 26... 80,933 1,066 4,280 10 3,094 5,805 7,967 82, 352 3,703 15,145 1,954 May 31- 71,779 2,150 7,137 937 3,371 5,805 8,691 82,776 2,771 12, 315 2,008 June 28... 71,017 1,210 8,021 735 3,277 5,805 7,999 82,099 2,983 10,969 2,013 July 26— 71,277 1,240 7,301 692 3,171 5,805 8,077 81,128 3,241 11,090 2,105 A.ug. 30- 71,742 1,236 7,575 643 3,103 5,800 8,212 82,240 3,244 10, 666 2,062 Sept. 27.. 71,952 1,232 8,060 192 3,098 5,800 8.023 82,399 3,051 10, 848 2,0fi0 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 5.800 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 1936—Jan. 31 P. 65,223 1,323 9,210 3,350 5,707 (•) 81,503 2,797 8,088 Assets Liabilities Reichsbank Reserves Securities Other Note Other (Figures in millions of reichsmarks) Gold e F x o ch re a i n g g n e Tre b a il s l u s ry ch ( b e a i c n ll k d s s) Se lo cu an ri s ty E a c s li o g n v i o e b t r l e e Other a O s t s h e e ts r ci t r i c o u n la- Deposits lia ti b e i s li 1934—Nov. 30. 3,848 119 436 316 3,810 961 Dec. 31— 4,021 146 445 819 827 3,901 984 1,001 1935-Jan.31. 3,620 81 441 319 837 3,660 822 900 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 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.. 4,498 84 349 315 853 4,285 1,032 923 1936—Jan. 31.. 3,884 72 315 4,098 679 891 9 Preliminary i Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixod by law at £260,000,000. »Figures not yet available. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July, 1935, p. 463. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 111 CENTRAL BANKS—Continued, [Figures as of last report date of month] 1935 1934 1935 1934 Central bank Central bank Decem- Octo- Decem- Decem-Novem- Octo- December ber ber ber ber ber ber ber National Bank of Albania (thou- Bank of Canada* (thousands of Casands of francs): nadian dollars): Gold 7,556 7,556 7,122 Gold 180,509 181, 394181,493 Foreign exchange 16,855 20,017 22,629 Sterling exchange 219 314 245 Loans and discounts 3,172 3,115 2,723 United States exchange 4,004 8,659 3,285 Other assets 5,537 5,514 3,040 Advances to Government 3,466 2,223 15,725 Note circulation 12, 585 13,139 11,019 Government securities: Demand deposits 9,336 11,814 13,372 2 years or less — 30,873 25,904 Other liabilities 11,199 11,248 11,123 Over 2 years 83,410 84,193 80,887 Central Bank of (he Argentine Other assets 5,045 4,469 4,315 Republicl (millions of pesos): Note circulation 99,677 95,260 96,058 Gold at home 1,224 1,224 Total deposits 200,319 215,894 209, 601 Gold abroad and foreign ex- Chartered banks 181,636 186,723 190,854 change 125 142 Government 17,917 28,151 18,255 Negotiable Government bonds— 238 217 Other liabilities 7,659 6,483 6,195 Other assets 153 149 Central Bank of Chile (millions of Note circulation 940 939 Deposits: Gold and foreign exchange in re- Member bank 204 216 serve 142 142 142 Government 187 199 Loans and discounts 82 '77 49 Liquidation Institute 174 174 Government debt 710 710 714 Other 196 162 Note circulation 544 r 531 516 Other liabilities 40 42 Deposits 335 '336 346 Commonwealth Bank of Australia Central Bank of China < (millions of (thousands of pounds): yuan): Issue department: Gold 49 21 20 Gold and English sterling... 15,994 15,994 15,994 15,708 Silver 160 145 104 Securities 39,182 34,634 34,634 32,369 Due from banks abroad 8 10 Banking department: Due from domestic banks 31 38 Coin, bullion, and cash 927 843 657 Loans and discounts 233 208 85 London balances 12,938 17,182 17,318 17,497 Securities 206 176 174 Loans and discounts 13,428 15,126 14,953 19,733 Other assets 49 45 47 Securities 35,764 35,495 35,755 35,898 Note circulation 152 134 86 Deposits 61,997 69,302 69,595 75,941 Deposits—Government 240 223 197 Note circulation. 51,295 47,045 47,045 50,300 Bank 171 94 39 Austrian National Bank (millions of Other 104 54 14 schillings): Other liabilities 134 130 143 Gold 242 242 242 242 Bank of the Republic of Colombia Foreign bills 112 124 137 35 (thousands of pesos): Na o t f i N D D G o b n o e o e o p l m t a v g e o l e a e r s c B s s n i i ) t t a r m : i s c n c u e k b n l a o i t l t f l i d o s B e . n . e b l t g s ium _ (m _ illions 6 9 2 2 7 2 2 1 6 4 5 6 2 9 2 6 2 5 5 2 8 3 4 4 9 2 6 2 6 3 2 5 3 0 4 4 9 6 2 1 6 3 2 5 4 6 4 4 G N D F L o o e o o r a p l t d e e n o i s g s c a i n i t t t r o s c h e u m x o l c m a e h t m e i a o b n a n e n g r d e ' b a a b n r k oa s d « 2 3 3 4 7 2 8 1 , , , , , 0 8 7 6 6 9 6 6 8 2 6 6 5 3 4 2 3 6 3 9 , , , 9 0 0 0 7 4 5 8 8 4 2 1 8 0 4 4 1 , , , , , 8 1 0 2 8 1 3 5 7 9 9 7 1 8 2 Gold* 3,457 3,449 2,505 National Bank of Czechoslovakia Domestic and foreign bills J 1,293 1,364 1,363 673 (millions of koruny): Loans to State 162 162 162 344 Gold 2,690 2,691 2,691 2,680 Note circulation 4,117 4,158 4,207 3,530 Foreign balances and currency. . 81 80 105 229 Deposits 981 1,054 969 234 Loans and advances ._ 1,345 1,084 1,292 1,379 Central Bank of Bolivia (thousands Note circulation 5,761 5,599 5,716 5,640 of bolivianos): Deposits 411 320 477 766 Gold at home and abroad 17,105 9,509 Danish National Bank (millions of Foreign exchange 9,904 5,160 kroner): Loans and discounts 9,200 43, 881 Gold 118 118 118 133 Securities: Foreign bills, etc 16 14 14 14 National Government 397,163 207, 285 Loans and discounts 78 75 75 75 Other 3,076 3,848 Note circulation 384 384 387 386 Note circulation 145,046 83,597 Deposits 65 46 123 Deposits 243, 516 139,917 Bank of Danzig (thousands of Ban N D C C L k o o e a o o a p s r t f e h r n o e B s s c s i r i p a t r a s n o c z n d u il d l a d e ( t i m n i s o t c i s n o l l u a io b n n r t s s o a o d f - m ilreis): , 3 3 , , 2 1 3 2 1 1 2 7 9 1 0 7 3 9 3 3 , , 2 2 1 1 2 0 1 4 8 0 6 2 8 2 3 3 , , 2 2 1 1 2 4 2 8 2 6 9 0 0 3 3 2 , , 3 0 7 1 2 2 1 2 7 1 3 0 2 3 gu F N G O L ld o o o o t e r h a l t n d e e e n i « r ) s g : c n f i a r o n c r e d u e x i c l g a d h n t i a i s o n c e n g x o c e u h n o a t f n s t g h e e reserved- 2 2 1 0 9 2 7 6 , , , , , 2 2 0 9 7 4 6 0 5 4 5 8 4 2 4 2 1 2 8 7 0 9 , , , , 3 1 7 8 2 0 6 3 9 2 4 5 0 7 5 1 2 1 8 6 6 9 7 , , , , , 1 0 4 6 1 3 5 0 3 2 0 8 8 7 0 2 2 3 2 8 3 2 , , , , 2 8 9 5 3 6 9 2 7 8 5 0 9 7 National Bank of Bulgaria (millions Deposits „ 3,293 995 2,412 3,824 of T L N O G N G le o o o t e o o v h t a t t v l a a d e e n e f l r ) s r o c : f n r s i a o e i r m n r g i c e g d h e u i n g n t l d n t a e l i i t x s o a e i c c b o b x - o h c n l i u a i l h — g i n n t a a i t g n e t s e i s g o e i n n s reserve. 1 2 2 1 - 1 , , , , , 1 5 5 6 5 9 4 1 9 8 7 2 0 9 8 3 1 1 0 7 7 2 2 1 1 2 - , , , , , 1 6 5 3 0 5 3 2 7 0 0 8 3 0 2 9 1 9 3 0 3 2 2 1 1 1 - , , , , , 1 2 6 4 9 5 3 2 7 4 1 1 8 6 6 1 6 3 3 0 6 2 1 2 1 1 , , , , - , 2 4 7 0 7 5 5 5 4 0 2 5 4 2 8 9 5 5 7 0 Ce o n f t F N D G L s r u o o a e o o r c a p l l t e d r e n o B i e s g s c a a s i n i ) a t n t r : s n k c h e d u x o o c l m f a d h t E i e a i s o n c c a n u o g n a e u d d n o t a s r b r ( o th ad ousands 4 6 1 2 1 7 2 0 3 2 , , , , , 8 2 1 3 2 7 7 9 4 2 8 8 0 2 0 1 1 4 5 2 6 1 9 7 2 , , , , , 5 0 9 5 7 6 5 0 2 0 6 4 5 2 9 5 4 1 1 2 1 5 6 7 0 , , , , , 8 5 6 1 5 2 4 7 4 6 4 8 0 2 2 * Revised 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 bolga Ceee 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

112 FEDERAL RESERVE BULLETIN FEBRUARY 1936 CENTRAL BANKS—Continued [Figures as of last report date of month) 1935 1935 1934 Central bank Central bank Decem- No- Octo- Decem- Decem- No- Octo- December vember ber ber ber vember ber ber National Bank of Egypt * (thousands Bank of Japan (millions of yen): of pounds): Gold._ 504 500 495 466 Sold—- 6,545 6,545 6,545 Advances and discounts — 893 920 856 987 Foreign exchange 3,999 1,909 Government bonds- 746 570 452 647 Loans and discounts 6,721 5,971 5,542 Notes issued 1,767 1,443 1,295 .,660 British, Egyptian, and other Total deposits 404 580 481 341 Government securities 39,381 38,914 32,177 Bank of Java (millions of florins): Other assets 4,038 4,062 3,352 Gold 80 80 114 Note circulation * 24,603 24, 381 19,803 Foreign bills 2 3 2 1 Deposits—Government 9,082 6,526 7,043 Loans and discounts 71 66 67 62 Other 18,712 18,177 16, 515 Note circulation 157 157 160 177 Other liabilities 8,288 8,317 8,118 Deposits 25 21 20 36 Central Reserve Bank of El Salva- Bank of Latvia (millions of lats): dor (thousands of colones): Gold. _ 46 46 46 46 Gold 12,740 12,499 12,465 11,919 Foreign-exchange reserve 6 6 6 3 Foreign exchange. - 1,237 1,076 1,201 722 Bills 52 52 62 62 Loans and discounts 1,107 1,088 947 369 Loans 59 54 75 Government securities 7,025 7,039 7,065 8,156 Note circulation 38 37 36 Other assets 656 1,315 1,132 1,019 Government deposits 31 30 28 45 Note circulation 13,396 13,196 13,037 15,163 Other deposits 110 112 112 113 Other sight liabilities 6,028 6,157 6,157 3,523 Bank of Lithuania (millions of litu): Other liabilities 3,342 3,664 3,616 3,498 Gold 35 52 Bank of Estonia (thousands of Foreign exchange * 18 18 19 8 krooni): Loans and discounts' 95 92 89 101 N G e o t l d foreign exchange 34 1 , , 1 56 18 3 34, 4 1 0 8 5 0 34,1 7 9 1 1 0 2 4 7 , , 3 6 8 7 9 3 N D o ep te o s c i i t r s culation 1 4 0 6 4 1 4 0 2 4 1 3 0 9 4 Loans and discounts 22,896 14,248 11,433 16,587 Netherlands Bank (millions of flor- N De o p te o s c i i t r s c — ul B O G at a t o i h n o v e k n e r rnment 3 1 1 2 9 1 5 , , , , 6 9 5 7 8 5 2 8 5 9 1 7 3 1 2 9 6 5 , , , , 1 9 9 4 0 4 7 4 5 0 0 9 4 1 0 6 1 3 , , , , 4 9 1 8 5 4 2 1 1 6 4 8 3 7 9 2 6 , , , , 7 6 7 6 4 0 7 5 6 8 7 3 ins F L N G ): o o o o r a l t e d e n i s g c n i a r n c b d u i l l l d a s t i i s o c n ounts 8 6 1 0 4 7 2 9 3 3 6 1 7 2 7 8 1 8 7 7 7 1 8 9 1 9 2 8 9 1 1 4 7 2 2 4 1 Bank of Finland (millions of mark- Deposits 50 75 55 146 ka G a): old 472 467 323 Re ( s th e o rv u e s an B d a s n o k f p o o f u n N ds e ) w : Zealand 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 t l i r i l a o o s b n a . i . d li tie a s nd foreign 1 1 , , 6 6 2 3 8 6 2 8 6 2 9 3 1 7 1 1, , 6 6 3 2 7 1 0 8 4 6 4 4 9 0 1 1 , , 6 2 3 8 7 8 0 6 1 7 2 1 1 , , 5 3 1 3 2 4 1 7 2 7 3 9 0 8 7 D S N G O t e o o t 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 e s u d e x l t e c a s p h t o i a o n s n i g ts e 2 1 1 9 2 1 3 1 0 , , , , , , 6 8 8 3 7 7 7 7 0 2 9 3 1 2 9 1 9 7 1 1 2 9 6 7 1 1 , , , , , , 1 8 2 4 7 3 2 0 5 7 5 1 4 9 2 5 8 7 1 1 2 8 4 0 1 6 , , , , , , 9 4 8 7 8 8 5 9 8 0 3 7 1 6 9 1 6 2 2 1 3 9 9 2 1 5 , , , , , , 0 0 7 9 0 7 8 7 0 7 9 7 9 2 2 2 2 1 Bank of Greece (millions of drach- Government 3,696 6,717 5,691 6,693 ma G s) o : ld and foreign exchange 3,490 T3,559 3,661 4,105 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): 1,614 1,599 1,597 1,640 N L L G O i o o o t a h a t v b e e n e i r s l c r i n s i t a r i i m n e c g d s u h e l t n i d a n t l t i i i s o a f o c o b b n o r i l e u l i i i g n g t a i t n e s t s io ex n c s hange .. 4 3 4 , , , 2 8 7 8 3 8 1 4 4 1 1 1 . 3 5 4 4 , , , , 9 2 2 3 2 1 4 8 1 05 0 6 1 9 4 4 3 6 , , , , 0 2 1 2 1 1 8 5 8 6 5 1 1 3 1 2 5 4 3 , , , , 5 6 1 3 9 7 8 6 5 3 3 6 5 3 D N F G F o o o o o r r m l t e e d e i i . e g g _ c s n n i t r i c c d b u a e c l l p a r a o e t n i d s o c i i n e t t s s s and bills— 2 3 1 3 4 2 8 3 6 8 3 5 3 2 1 3 3 0 8 3 1 4 3 5 2 3 1 3 2 0 8 3 5 9 3 5 13 4 6 0 7 National Bank of Hungary (mil- Total deposits— 80 76 79 82 lions of pengost): Central Reserve Bank of Pern Gold 79 79 79 79 (thousands of soles): Foreign bills, etc 33 28 23 20 Gold and foreign exchange 46.614 46,092 44,112 Loans and discounts 587 560 566 631 Bills 56,315 57,423 61,782 Advances to Treasury 77 74 72 50 Note circulation - 82.615 83,377 73,675 Other assets 96 81 34 Deposits 16,804 16,529 28,310 Note circulation 417 412 381 Bank of Poland (millions of zlotys): Deposits.-, 147 130 102 106 Gold 444 443 454 503 Certificates of indebtedness 104 104 104 115 Foreign exchange. _ 27 19 17 28 Miscellaneous liabilities 174 176 171 184 Loans and discounts 866 859 868 757 Reserve Bank of India > (millions Note circulation 1,007 1,034 1,047 981 of rupees): Other sight liabilities 210 133 241 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 Indian Gov't. securities 255 255 255 Other reserves 455 451 437 Rupee coin 571 588 586 Discounts and advances 336 344 316 Note circulation 1,721 1,604 1,602 Government obligations 1,047 1,047 1,049 Banking department: Note circulation 2,077 2,070 2,121 Notes of issue department—_ 2X2 346 345 Other sight liabilities 873 901 758 Balances abroad 180 113 103 National Bank of Rumania (millions Loans to Government 20 of lei): Investments 52 52 54 Gold 10,757 10,721 10,285 Other assets 7 7 6 Foreign exchange of the reserve . 91 91 91 Deposits—Government 71 119 102 Loans and discounts 5,272 5,450 6,729 Bank 282 282 295 Special loans * 2,740 2,724 2,946 Other liabilities 120 117 113 State debt« _ 10,678 10,372 9,668 1 Items for issue and banking departments consolidated. 2 Bank commenced operations Apr. 1,1935. 3 Beginning with July 1935, foreign exchange includes foreign bills previously reported with loans and discounts < 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 113 CENTRAL BANKS—Continued [Figures as of last report date of month] 1935 1934 1035 1934 Central bank Decem- Novem- Octo- Decem- Central bank Decem- Novem- Octo- December ber ber ber ber ber ber ber National Bank of Rumania—Con. Swiss National Bank—Continued Other assets 12,717 12,546 9,202 Loans and discounts 295 208 144 Note circulation 22,329 22,430 22,307 Note circulation 1,366 1,323 1,325 1,440 Demand deposits 8,611 8,417 7,232 Demand deposits 401 337 327 624 Other liabilities 11,315 11,056 9,383 Central Bank of the Republic of South African Reserve Bank Turkey (millions of pounds): (thousands of pounds): Gold. 29 29 29 27 Gold 25,723 25, 735 25,742 22,287 Foreign exchange 10 6 3 13 Foreign bills 11,871 10,117 6,676 10,517 Loans and discounts 29 28 26 10 Domestic bills 321 256 22 51 Investments 187 186 186 185 Note circulation 14,133 13,961 12,247 13,007 Other assets 22 26 28 22 Deposits—Government 2,436 2,263 2,655 1,882 Note circulation 170 162 159 165 Bank 28,435 28,146 26,238 21,471 Deposits 30 29 28 32 Other _._ 4,474 4,463 3,378 5,216 Other liabilities 79 85 85 62 Bank of Spain (millions of pesetas): Bank of the Republic of Uruguay Gold 2,255 2,255 2,258 2,268 (thousands of pesos): Silver 689 696 692 677 Issue department: Balances abroad 280 281 281 281 Gold and silver 41,091 41,091 0) Loans and discounts 2,183 2,209 2,198 2,525 Note circulation 76,602 73,752 79,606 Note circulation 4,800 4,734 4,740 4,696 Banking department: Deposits. 1,294 1,289 1,255 Cash reserves 42,376 43,018 50,818 Bank of Sweden (millions of Loans and discounts 99.467 99,050 104,849 kronor): Other assets 47,011 46,384 38,220 Gold 408 384 351 Deposits—Demand 27,733 27,105 32,042 Foreign assets 641 630 649 555 Time 40,271 40,223 39,242 Domestic discounts and advances 51 52 44 57 Ministry of Fi- Government securities 29 79 79 149 nance. 25,652 27,652 2,702 Other assets 150 144 135 110 Others 20,058 19,373 Note circulation __ 786 733 743 708 Other liabilities. 75,141 74, 098 40,295 Total deposits _ 394 472 444 407 National Bank of the Kingdom of Bank 181 176 311 Yugoslavia (millions of dinars): Government 180 265 104 Gold 1,432 1,426 1,379 1,785 Other liabilities 97 96 104 108 Foreign exchange 364 314 315 225 Swiss National Bank (millions of Loans and discounts 1,781 1,810 1,822 1,764 francs): Advances to State 2,271 2,281 2,280 2,287 Gold 1,392 1,387 1,910 Note circulation 4,890 4,838 4,916 4,384 Foreign balances and bills 5 22 Other sight liabilities 1,386 1,375 1,267 i Liabilities of banking department. (See Bulletin for December 1935.) BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs} 1935 1934 1935 1934 Assets Liabilities Dec. 31 Nov. 30 Dec. 31 Dec. 31 Nov. 30 Dec. 31 Gold in bars 24,285 27,647 11,008 Demand deposits (gold) 19,912 21, 687 10,921 Cash on hand and on current account Short-term deposits (various currenwith banks 3,248 2,688 2,354 Demand funds at interest 15,422 15, 647 4,988 cie C s) e : ntral banks for own account: Rediscountable bills and acceptances Demand 28, 286 22,089 36,472 (at cost): Time—Not exceeding 3 months- 108,156 103,704 110,662 Co c m ep m ta e n r c c e ia s l bills and bankers' ac- 131, 695 131,389 175,391 Total 136, 442 125, 793 147,134 Treasury bills 205, 654 201,252 179,384 Central banks for account of others: Total 337, 350 332, 641 354, 775 T D i e m m e a — nd Not exceeding 3 months. 8 2 , , 1 9 3 7 5 2 9 2 , , 8 96 6 9 9 12,342 Time funds at interest—Not exceeding Other depositors: 3 months 33,933 36,265 40,638 Demand. 702 462 1,232 Sundry bills and investments: Time—Not exceeding 3 months. 40 299 Maturing within 3 months: Long-term deposits: Treasury bills 45,252 33,762 34, 431 Annuity trust account 154, 388 154,905 154, 529 Sundry investments 32,482 43,426 32,823 German Government deposit- 77,194 77, 452 77,264 Between 3 and 6 months: French Government guaranty fund- 61,930 61,930 40,678 Treasury bills 21,366 27,550 45,878 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 63, 379 53,064 63,472 Total 295, 542 296,318 • 272, 471 Treasury bills 33,442 30, 604 18,895 Capital paid In 125, 000 125,000 125,000 Sundry investments 34, 391 34,384 36,182 Reserves: Total 230,311 222,791 231, 681 D Le iv ga id l e r n es d e r r v es e e f r u v n e d fund 3 5 , , 3 8 2 4 4 5 3 5 , , 3 8 2 4 4 5 4 2 , , 8 6 6 7 6 2 Other assets: General reserve fund 11, 690 11,690 9,732 Guaranty of central banks on bills Other liabilities: sold 6,144 6,174 6,135 Guaranty on commercial bills sold. 6,162 6,221 6,135 Sundry Items — 5,712 5,336 2,805 Sundry items _ 40,638 39, 711 61,878 Total assets 656, 405 649,188 654,384 Total liabilities... _ 656, 405 649,188 654,384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN FEBRUARY 1936 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 l r in es g ) in millions Cash M ca o l n l e a y n d at Bills dis Securi- L cu o s a t n o s m to - Other Deposits Other reserves n s o h t o ic rt e counted ties ers assets Total Demand l Time » liabilities 1935—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 1,004 895 250 May 219 142 218 620 774 233 1,962 1,015 897 244 June 217 143 244 624 780 235 2,004 1,072 907 239 July 219 145 274 615 778 215 2,019 1,084 899 227 August 213 149 287 615 768 205 2,013 1,068 899 224 September 208 147 299 619 766 205 2,024 1,080 903 221 October.._ 204 141 297 626 777 213 2,036 1,064 921 224 November. 214 147 293 621 778 214 2,040 1,080 918 227 December. 221 159 322 605 784 231 2,091 231 Assets Liabilities France Deposits (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k ro s m B co il u ls n t d e 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 t r ies Total Demand Time 1935—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 28,016 236 4,043 October... 3,996 2,413 17, 692 7,505 1,620 28, 800 28,101 268 4,158 November. 3,909 2,759 16, 529 7,718 1,751 28,110 27,406 7G4 329 4,226 Assets Liabilities Germany (5 large Berlin banks. Fig- Deposits Credits ures in millions of reichs- Cash Due from Bills dis- Securi- Other obtained Other mnrks) reserves banks counted ties assets from ; liabilities Total Demand Time banks : 1935—March 185 371 2,108 3,096 930 1,047 6,457 2,319 3,137 1,491 April 163 346 2,234 3,030 933 1,038 5,495 2,450 3,046 768 1,481 May 145 340 2,234 2,990 968 1,020 5,466 2,511 2,955 774 1,457 June 194 363 2,264 2,953 991 996 5,5G7 2,546 3,021 758 1,436 July 185 360 2,284 2,886 990 991 5,525 2,482 3,043 716 1,455 A Se u p g t u e s m t ber. 1 1 5 9 1 5 3 3 4 4 1 1 2 2 , ,0 2 3 2 5 1 2 2 , ,8 9 9 1 9 8 1 1 , , 0 0 1 6 9 1 9 99 9 6 2 5 5 , , 4 3 6 8 4 2 2 2 , , 4 41 3 9 6 3 2. , 9 0 4 4 7 5 7 7 0 0 1 5 1 lf .4 4 6 5 3 4 October.,. 156 314 2,167 2,889 1,033 993 5,408 2,451 2,957 682 1,463 November. 139 316 2,162 2,884 1,027 983 5,376 2,435 2,941 1,449 Assets Liabilities Canada Security Deposits payable In Canada (1 u d 0 r i a e c n s h a i d r n o t e l m l r a e r i d l s l ) io b n a s n k o s f . C F an ig a - - re C se a r s v E h e n s tire S l e y lo c a i u n n r i s t C y an l a d o d i O a s a c m t o h u e a r n n t d s d a a u n f l b o o e d r r a o e f n n r i a o g s e 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- e T xc o l t u a d l ing i D nt e e m rb a a n n d k de T p i o m si e ts lia O b t i h li e ti r es banks 1935—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 235 982 132 1,116 476 121 2,151 685 1,465 744 November... 229 980 151 1,137 453 124 2,174 699 1,474 748 December... 228 945 141 1,155 485 111 2,180 694 1,486 745 * Excluding deposits of the National Bank relating to offices outside England, which are included in the total. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 115 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 - Tittfal1ly _ N la e n th d e s r- Sw la i n tz d er- b C an e k n t o r f a — l R F a e 7 t b e . Date effective b C an e k n t o r f a — l R Fe a 7 b te . Date effective In effect July 1,1935- Albania Nov. 16,1933 India Nov. 28,1935 July5 Austria July 10,1935 Japan 3.65 July 3,1933 July 6 Belgium May 16,1935 Java 4 July 1,1935 July 18 Bolivia July 5,1932 Latvia Jan. 1,1933 July 19 Bulgaria Aug. 15,1935 Lithuania. ~ Apr. 1,1930 July 25 Canada Mar. 11,1935 New Zea- July 26 Chile June 12,1935 land Aug. 1.1934 Aug. 3 Colombia— July 18,1933 Norway May 24,1933 Aug. 9. Czechoslo- Peru May 20.1932 Aug. 12 vakia Jan. 1,1936 Poland Oct. 26.1933 Sept. 9 _. Danzig Oct. 21,1935 Portugal Dec. 13.1934 Sept. 17 Denmark- Aug. 22,1935 Rumania Dec. 15.1934 Oct. 17 Ecuador Nov. 30,1932 South Africa May 15,1933 Oct. 22 El Salvador. July 5,1934 Spain July 15.1935 Nov. 5. Estonia Oct. 1,1935 Sweden Dec. 1,1933 Nov. 14 Finland Dec. 3,1934 Turkey Mar. 2,1933 Nov. 15 Greece Oct. 14,1933 U. S. S. R— Mar. 22,1927 Nov. 22 Hungary... Aug. 29,1935 Yugoslavia— Feb. 1.1935 Nov. 26 Jan. 2, 1936 Jan. 10 e Corrected. Jan. 16 Changes since Jan. 10: Netherlands—Jan. 16, down from 3^ to 3 per Feb. 4 cent and on Feb. 4, down from 3 to 2lA percent; France— Feb. 7, down Feb. 7 from 4 to ZH percent. In effect Feb. 7,1936- MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands England (London) Germany (Berlin) (Amsterdam) Month ac 3 B c m e a p n o t k a n e n t r c h s e s ' s, T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a d o n w e k p a o e n r s c s i e t ' s d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e -d y ay d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1934—November. .45 3.63 4.37 4.21 .63 1.00 December. .57 3.50 3.56 4.28 .60 1.00 1935—January... .36 3.51 3.93 3.82 .59 1.00 February.. .38 3.41 3.77 3.83 .58 1.00 March .57 3.38 3.60 3.94 .60 1.00 April .59 3.38 3.60 3.64 3.65 3.26 May .59 3.09 3.10 3.17 3.78 2.96 June .71 3.00 2.93 3.16 4.42 3.83 July. .65 3.00 2.97 3.10 3.25 2.77 August .60 3.00 3.00 3.06 4.78 4.72 September. .58 3.02 3.07 3.21 5.48 5.65 October... .63 3.04 3.26 3.13 4.70 5.00 November. .57 3.01 3.10 3.07 3.15 3.00 December. .71 3.00 3.23 3.15 3.20 3.08 Sw la i n tz d er. ( B B e ru lg s i s n e m ls) F (P ra a n ri c s e ) (M Ita il l a y n) Hungary' S ( h w S o t e o lm d c e k ) n - Japan (Tokyo) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P l m r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Disc b o il u ls nted ov m e C o rn a n l i e l g y ht 1934—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 6.11 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 5.11 2.78 December. 2.50 1.88 5.89 5.00 T NOTK.—For explanation of table ; BULLETIN for November 1926, pp. 794-7S6; 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

116 FEDERAL RESERVE BULLETIN FEBRUARY 1936 FOREIGN EXCHANGE RATES [Averages of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A t r i g n e a n- t A ra u l s i - a A (s u c s h tr il i - a Belgium B (m ra i z l i - l g B a u ri l a - Canada Chile China Co b l i o a m- Cuba s C lo z v ec a h k o ia - m De a n rk - (peso)1 (pound)s ling)! (belga) reis)i (lev)i (dollar) (peso)1 (yuan) (peso)i (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 1U. 7136 .7209 99.8424 12.0785 29.9166 96. 4930 99.9515 2.9640 26. 7650 1931 66. 7375 351.50 14.0227 13.9285 7.0290 .7163 96. 3258 12. 0669 22. 4369 96. 5697 99.9295 2.9619 25.0581 1932 58. 4433 279.93 13.9599 13.9137 7.1223 .7193 88. 0896 7.9079 21. 7357 95. 2750 99.9409 2.9618 18.8317 1933 3 72.8009 337.07 15. 4478 17.8996 7.9630 L. 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 L. 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 1935-January 32. 6038 387.92 18.7725 23.3150 8.1451 L. 1955 100.1825 5. 0630 34.9924 64.1450 99.9215 4.1711 21.8447 February.. . 32.4607 386.37 18. 7900 23. 3293 8.1282 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 :1.3332 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 1.2935 99. 2563 5.0515 37. 6226 55.9846 99.9200 4.1363 22.0113 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 ].3309 99.0453 5.0937 29.4496 57.0300 99.9200 4.1433 22.0012 1936—January 33.0742 394.50 18.8320 16. 9355 8.4167 L. 3446 99.9297 5.0950 29.6594 57.3900 99.9231 4.1602 22.1526 Year or month (p E o g u y n p d t ) E (p n o g u la n n d d ) F m in a l r a k n k d a) F (f r r a a n n c c e ) ( i m r n G e a a i e c r n r k h y - ) s- G (d m r r e a a e c ) c h e - (d H K o o o ll n n a g g r) (p H g e a u n r g n y - o)i ( I ru n p d e ia e) I ( t li a r l a y ) J ( a y p en an ) M (p e e x s i o c ) o N ( l f a l e o n t r h d in e s ) r- 1929 498.0689 485.6879 2.5160 3.9161 23.8088 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 - . 502.6007 490.1761 2.1627 6.6013 40.2575 .9386 48. 2173 29. 6023 36. 9640 8 8.2471 28.7067 27. 7779 67.7147 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 _ _ 505.3533 492. 8772 2.1745 6.5986 40. 2167 .9383 32. 7016 29. 6185 37.2008 8 8.0750 28. 7386 27. 7675 67.7696 1936—January 496.2696 2.1890 6.6251 40.3966 .9424 32.2051 29.6778 37. 4606 8.0276 28.9932 27.7677 68.1734 Year or month ( Z p e N o a u e l w a n n d d )1 N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l 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 )1 (p S e p s a e i t n a) ( S S m d e t o e r t l a t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- ( T p u o r u k n e d y ) (p U g e u r s a u o y - )* ( Y s d l i u a n v g a i o a r - ) 1929 483.21 26.6827 11.1940 4.4714 0.5961 483.27 14.6833 56.0117 26.7839 19.2792 48.4105 98.6294 1.7591 1930 468.22 26.7598 11.2051 4.4940 .5953 483.79 11.6670 55.9639 26.8543 19.3820 47.0608 85.8650 1.7681 1931 415.29 25.0546 11.1970 4.2435 .5946 480.76 9.5453 52.4451 25.2540 19.4009 47.1814 55.3572 1.7680 1932 320.19 18.0039 11.1823 3.1960 .5968 476. 56 8.0438 40. 3970 18.4710 19.4049 47.2854 47.0639 1.6411 1933 340.00 21.4292 14.4135 3.9165 .7795 414.98 10.7189 49. 2320 22.0324 24.8355 60.4396 60.3360 1.7607 1934 402.46 25.3161 18.8460 4. 6089 1.0006 498. 29 13.6150 59.0052 25.9815 32.3663 79.0472 79.9562 2.2719 1935 391. 26 24.6268 18.8824 4.4575 .9277 484. 66 13. 6783 57.1733 25.2710 32.4972 80.3123 80.2513 2.2837 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 80.1536 80.2075 2.2886 1936—January 397.53 24. 9316 18.9311 4.5120 .7879 490.83 13.7274 58.0574 25.5829 32.6622 79.9466 2.2991 » 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. Averape 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

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 117 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United Canada England France Germany Year or month States (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) 1926 100 100 695 134 1927 95 98 642 138 1928 97 96 645 140 1929 95 96 627 137 1930 86 87 100 564 125 1931 73 72 88 502 111 1932 65 67 86 427 97 1933 66 67 86 398 93 1934 75 72 88 376 98 1934—July 75 72 87 374 99 August . — 76 72 89 371 100 September 78 72 88 365 100 October V, 71 88 357 101 November 71 88 356 101 77 71 88 344 101 1935—January. 79 71 88 350 101 February . 80 72 88 343 101 March 79 72 87 335 April 80 73 88 336 May 80 72 88 340 June.. . . .. .. . 80 72 88 330 July 79 72 88 322 August . . 81 72 88 330 September.. . ... 81 72 90 332 October 81 73 91 342 November _ ._ 81 73 91 348 December _ 81 73 91 354 oooc Nether- Italy Japan lands (October (1913=100) 1900=100) (1926-30= 100) 602 237 106 495 225 103 462 226 102 445 220 100 383 181 90 328 153 76 304 161 65 280 180 63 273 178 63 270 174 271 177 270 179 272 182 274 181 276 181 277 182 62 278 184 62 288 184 61 296 182 61 302 182 61 308 180 61 102 310 180 61 102 323 183 61 102 330 189 62 103 194 63 103 194 63 103 192 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 t n o r d d ia u u l c s t - s p en r F o d a d r f u o m c o t d s p I r n o tr d d i u a u s l c * ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a p t f r n I i r n i n d o a i d d l s s h u r u e e a s m c d - w ts i- p tr I r i i n o s a h d d l e u u f d i c s n - t - s 1926 100 100 100 581 793 129 132 130 ISO 1927 99 97 94 599 678 138 129 132 147 Ifl28 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 136 125 132 157 1930 „ 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 83 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 410 361 96 76 91 116 1934—July .... 65 71 78 84 89 396 354 98 76 92 115 August 70 74 78 90 89 393 351 100 78 92 116 September 73 76 78 88 89 383 350 100 78 92 117 October . . 71 75 78 87 88 368 347 101 78 92 118 November 71 75 78 86 88 366 347 101 79 92 119 December 72 75 78 87 89 344 343 101 79 92 119 1935—January 78 80 78 87 89 351 350 100 81 92 119 February 79 83 77 87 89 339 346 100 81 92 120 March 78 82 77 85 88 329 341 99 83 91 120 April 80 85 77 85 89 325 345 100 84 91 120 May 81 84 78 86 90 324 353 101 84 91 119 June 78 83 78 86 89 307 351 102 86 91 119 July . . 77 82 78 85 90 292 347 103 85 91 119 August - 79 85 78 86 90 311 347 104 85 91 119 September..... 80 86 78 88 90 322 341 104 84 92 119 October 78 85 78 89 92 331 351 104 84 93 119 November . __ 78 85 79 88 93 338 357 105 84 93 119 December 78 86 79 89 93 350 356 105 84 93 119 Sources.—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

118 FEDEKAL RESERVE BULLETIN FEBRUARY 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United United England France Germany States England France Germany Year or month States (July (July (1913- Year or month (1923— (July (Jan.-June (1913- (1913=100)* 1914=100) 1914 -100) » 14=100) 25=100) 1914-= 100) 1914=100)" 14=100) 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 98 118 1934 78 141 105 121 1934—October 116 125 95 119 1934—October 143 122 November 115 127 94 120 November 79 144 122 December 114 127 94 119 December.. -. 144 102 122 1935—January 119 125 92 119 1935—January 143 122 February 122 124 90 120 February 142 123 March 122 122 88 119 March.... - 81 141 100 122 April 124 119 85 119 April 139 122 May.. _. 124 118 86 120 May 139 123 June 123 120 86 121 June 140 99 123 July 122 126 83 123 July 80 143 124 August. 122 126 81 123 August.. 143 125 September 124 125 81 121 September 143 95 123 October 124 128 85 120 October 81 145 123 TsJovflTnbQi*., 131 87 120 November 147 123 December 131 88 121 December 147 123 1 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, 82 for November, and 82 for December. 3 Index represents prices converted to gold basis of 1914. Sources.-—For both retail food prices and cost of living: United States—Bureau, of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique^Q6n6rale, and for cost of living, Commission d'fitudes 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 S a p v t r n 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 3 = a n 1 a c 0 v e 0 e ) r- G ( p a e r v r i e c m r e a a ) g n i e y U St n a i t t e e s d England 1 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 »83.4 94.2 78.9 132 2 > 78 0 1932.. 81.1 113.2 88.6 «67.1 48.4 67.9 105.2 »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—October 98.4 128.9 82.7 91.6 67.3 84.5 74.7 76.3 November 98.8 133.2 85.0 92.2 69.4 85.6 73.0 73.7 December 100.0 132.7 85.8 93.8 69.2 85.3 74.7 73.2 1935—January 101.3 134.6 88.9 96.0 69.7 86.9 83.7 76.6 February 101.3 131.6 89.5 95.5 67.8 85.4 80.3 79.3 March 99.9 130.3 84.1 96.1 63.9 82.6 78.1 80.6 April 100.0 131.3 84.8 95.1 67.5 83.8 79.8 81.9 May 101.2 131.3 82.4 95.3 73.1 86.0 88.0 83.5 June 102.2 130. 3 82.8 95.3 76.0 86.9 82.4 86.0 July . . 104.2 131.5 82.4 95.3 79.4 86 9 77 7 86 8 August ._ .- 104.2 129.8 83.9 95.4 83.3 88.3 79.0 87.6 September 103.1 124.3 82.7 95.1 85.0 84.7 76.4 85.0 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 December 104.5 129.5 79.1 94.9 95.7 90.2 77.3 81.9 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

FEBEUAKY 1936 FEDERAL RESERVE BULLETIN 119 LAW DEPARTMENT Classification of various types of deposits as savings as college fraternities and sororities, may be deposits. considered as organizations operated primarily The Board has recently ruled upon a number for fraternal purposes and not operated for of questions relating to the classification of profit and, accordingly, deposits of such organideposits as savings deposits within the defini- zations may be classified as savings deposits if tion contained in section 1 (e) of Kegulation Q. they meet the other requirements of the The first question was whether accounts in definition. 4 the following names may be classified as savings The Board also stated that an account in the deposits: "Richard Roe by John Doe"; "John name of a parent as trustee or agent for a child Doe and Richard Roe"; "John Doe, Trustee"; may be classified as a savings deposit if it meets "John Doe, Attorney"; "John Doe, Executor or the other requirements contained in section Administrator of Richard Roe's Estate"; "John 1 (e) of Regulation Q. Doe, Trustee, Equity Cause No. —"; "John Another question presented was whether Doe, Committee for (Insane)"; " , deposits of "publications of nonprofit organiza- Trustee"; " , Executor"; " , Re- tions" may be classified as savings deposits. ceiver"; " , Guardian"; " , Ad- The Board stated that, if such nonprofit orministrator"; and " , Agent." ganizations are operated primarily for religious, In answer to this question the Board stated philanthropic, charitable, educational, fraterthat, assuming that such deposits comply with nal, or other similar purposes, and if the publiall of the other requirements of the definition cations of such organizations are issued only as of savings deposits contained in section 1 (e) of an incident to the fulfillment of their purposes Regulation Q, such deposits would be savings and not for profit, deposits of such publications deposits if the beneficial interest therein w^ere may be classified as savings deposits, if such held by one or more individuals or by a cor- deposits meet the other requirements of the poration, association or other organization definition. operated primarily for religious, philanthropic, The Board expressed the opinion that forcharitable, educational, fraternal, or other eign government accounts and the accounts similar purposes and not operated for profit, of their embassies or legations, and quasiand that it is the duty of a member bank to goyernment accounts, such as deposits of ascertain the facts with regard to the benefici- Philippine funds and Shipping Board funds, aries of such accounts and to classify as savings may not be classified as savings deposits bedeposits only the accounts in which the benefi- cause such organizations are not operated cial interest is held by one or more individuals or primarily for the purposes stated in section by an organization of the type described above. 1 (e) of Regulation Q. The Board said that it The second question was whether deposits of was unable to express an opinion at the time the following organizations may be classified with regard to a deposit of the Pan-American as savings deposits: Mutual fire and life in- Union since it did not have before it necessary surance companies, Federal credit unions, and information relating to such organization. national trade associations, such as the United A question was also presented as to the States Chamber of Commerce and National penalties, if any, under Regulation Q. The Lime Association. The Board expressed the Board stated that no specific penalties are opinion that deposits of these organizations provided for violations of such regulation, but may not be considered as savings deposits be- attention was invited to the provisions of law cause such organizations are not operated relating to forfeiture of the charters of naprimarily for religious, philanthropic, charita- tional banks and forfeiture of membership in ble, educational, fraternal, or other similar the Federal Reserve System of State member purposes. banks and, in addition to such provisions, to In answer to the question whether deposits section 30 of the Banking Act of 1933 which of social clubs may be classified as savings de- provides that the Board may remove directors posits, the Board stated, that the term "social and officers of member banks for continued clubs" is so general that it is impossible to make violations of law or for continued unsafe or a ruling applicable to all such clubs. However, unsound practices in conducting the business the Board stated that small social clubs, such of such banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN FEBRUABY 1936 Deposits of credit unions and citrus growers associa- Christmas Club accounts not within classification of tions not classified as savings deposits. savings deposits. The Board has recently been requested to The Board has recently had occasion to rule rule upon the question whether deposits of upon the question whether a Christmas Club credit unions or of citrus growers associations account could be classified as a savings demay be classified as savings deposits within posit within the meaning of section 1 (e) of the definition contained in section 1 (e) of Regulation Q. Regulation Q. The first paragraph of section l(e) states The letter of inquiry stated that credit unions that "the term 'savings deposit' means a deare formed, usually within an industry or busiposit, evidenced by a passbook, * * *." ness, primarily for the purpose of affording The last paragraph of such section reads as their members a place where they can borrow follows: money in small amounts at a reasonable rate of interest and that citrus growers associations Every withdrawal made upon presentation of a passusually own a packing house and pick and book shall be entered in the passbook at the time of the withdrawal, and every other withdraw^al, shall be pack the fruit from the crops of their members entered in the passbook as soon as practicable after for a charge fixed at the beginning of the season. the withdrawal is made. The Board stated that, without regard to In view of the above provisions, the Board the question whether credit unions or citrus expressed the opinion that the term "passbook" growers associations are operated for profit, as used in such definition means an account it w^as of the opinion that such organizations book in which deposits and withdrawals are are not operated primarily for religious, philentered. anthropic, charitable, educational, fraternal, or other similar purposes, and, therefore, In the case presented, it appeared that the deposits maintained by them may not be clas- Christmas Club book used in connection with sified as savings deposits within the definition the account was a book containing coupons contained in section 1 (e) of Regulation Q. which are stamped "Paid" at the time the deposits are made and are torn out by the bank and retained for its records as evidence of each Classification as savings deposit of funds of an individual used in his business. of the 50 weekly deposits or "payments" made In response to an inquiry, the Board recently by the depositor. The book also contained a ruled that a deposit in a member bank consist- stub for each coupon which is stamped to show ing of funds of an individual used in his business, that a deposit has been made, such stub being as for example, the funds bf John Smith doing retained by the depositor. It appeared, howbusiness as Smith & Co., may be classified as a ever, that such book contained no provision savings deposit within the definition contained for entries of withdrawals and, accordingly, the in section 1 (e) of Regulation Q. Board expressed the view that it was not a The Board stated that, prior to the issuance "passbook" within the meaning of such term of the regulation, careful thought was given to as used in section 1 (e) of Regulation Q. this question and it was decided that it would The Board stated that, since the Christmas be impracticable to attempt to distinguish Club book did not constitute a "passbook" between funds of an individual which are used within the meaning of such section, the deposit in his business and other funds of the individual. was not a savings deposit even though it might It was thought, however, that a distinction have some of the other characteristics of a savcould properly be made between funds of an ings deposit. The Board also stated that, as individual and funds of a partnership in which indicated in footnote 2 of Regulation Q, such a he is a partner. Accordingly, footnote 4 of Christmas Club account might constitute a time Regulation Q provides that a deposit of a part- deposit, open account, if it met the other renership operated for profit may not be classified quirements of the definition contained in secas a savings depos t. tion 1 (d) of such regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUAKY 1936 FEDERAL RESERVE BULLETIN 121 Appointment as executive officer of member bank of or the Board's Regulation O if an actual overperson indebted to such bank. draft had been created in the executive officer's The Board has recently had occasion to rule account, or if the executive officer in question upon the question whether it would be a viola- had substituted his personal note for the tion of section 22 (g) of the Federal Reserve amount of the overdraft. It did not appear Act for a person to be appointed as an executive that the granting of the overdraft to or the officer of a national bank while he is indebted carrying of the cash item for the executive to such bank upon a note executed by him at officer had been previously approved by a a time when he was not an executive officer majority of the entire board of directors of the thereof. The Board observed that the appli- bank, thereby bringing the transaction within cable provision of section 22(g) provides that:— the $2,500 exemption as provided in section 3 (a) (1) of the Board's Regulation O, or that the No executive officer of any member bank shall borrow executive officer had been advanced any salfrom or otherwise become indebted to any member bank of which he is an executive officer, and no member bank ary, accrued or unaccrued, as such. shall make any loan or extend credit in any other man- In section 1 (c)(l) of the Board's Regulation ner to any of its own executive officers * * *. O, the terms "loan", "loaning", "extension of and stated that such provision refers to an ex- credit", and "extend credit" are defined to inecutive officer of a member bank who is an ex- clude "any advance by means of an overdraft, ecutive officer thereof at the time he borrows cash item, or otherwise;" and, under the second from or otherwise becomes indebted to the clause of the unnumbered paragraph of section member bank. 1 (c) it is provided that such terms do not in- The Board expressed the opinion that when clude— a loan is made in good faith by a member bank the acquisition by a bank of any check deposited in or to an individual who is not at that time an exdelivered to the bank in the usual course of business ecutive officer thereof and the loan is not made unless it results in the granting of an overdraft to or the in contemplation of his becoming an executive carrying of a cash item for an executive officer. officer of the bank, there is nothing in the stat- On the other hand, it is provided in such subute which would prohibit such person from be- section that advances of unearned salary or coming an executive officer of the bank. It other unearned compensation for periods not in was observed, however, that there may be cir- excess of 30 days and advances against accrued cumstances in a particular case which would in- salary or other accrued compensation are not volve an attempted evasion of the provision of included within the definition of such terms. law, in which case the above ruling would not On the basis of the above facts, the Board be applicable. Since it did not appear from expressed the opinion that if the bank carries a the facts presented that the loan in question cash item in the form of a check which, if put was made with a view to evading the provision through the books of the bank, would cause an of law in question, the Board held that the elec- overdraft in the account of the executive tion of such person as an executive officer of officer, the carrying of such cash item or the the national bank would not constitute a viola- granting of such overdraft, as the case may be, tion of the provisions of section 22 (g) of the would be a loan or extension of credit as defined Federal Reserve Act. in the Board's Regulation O. Likewise the substitution of the personal note of the executive officer for the amount of the cash item or Granting of overdrafts or carrying of cash items for overdraft would be a loan or extension of credit executive officers of member banks. as defined in such regulation. The fact that The Board was recently requested to con- the executive officer is entitled to compensation strue the applicable provisions of section 22 (g) which has been earned or accrued or may of the Federal Reserve Act and Regulation O obtain an advance of unearned salary for a with regard to a situation where a member period not in excess of 30 days, the amount of bank holds a cash item in the form of a check which would be equal to or in excess of the cash which, if put through the books of the bank, item, overdraft, or personal note, would not be would cause an overdraft in the account of an sufficient to remove the transaction from the executive officer thereof in an amount not in classification of a loan or extension of credit. excess of 30 days' advance pay, or not in excess In other words, the existence of an offset, of the salary which has accrued to the execu- under the circumstances described above, tive officer. The question was also asked as to would not render legitimate a loan or extension whether it would be a violation of section 22 (g) of credit which is prohibited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN FEBRUARY 1936 Amendment No. 7 of Regulation T—Effective February Supplement to Regulation T—Effective February 1, 1, 1936. 1936. Subsections (a), (b), and (c) of section 3 of MAXIMUM LOAN VALUES OF REGISTERED SECURI- Kegulation T are hereby amended to read as TIES (OTHER THAN EXEMPTED SECURITIES) follows: FOR PURPOSES OF REGULATION T (a) General rule.—No creditor shall make any initial Pursuant to the provisions of section 7 of the extension of credit to any customer on any registered Securities Exchange Act of 1934 and section 3 security (other than an exempted security) for the purpose of purchasing or carrying any security, in an of its Regulation T, as amended, the Board of amount which causes the total credit extended on such Governors of the Federal Reserve System hereregistered security to exceed the maximum loan value of by prescribes the following maximum loan such registered security. Except as specifically provalues of registered securities (other than vided elsewhere in this regulation, the maximum loan value of a registered security (other than an exempted exempted securities) for the purposes of Regulasecurity) shall be the maximum loan value which the tion T: Board of Governors of the Federal Reserve System shall prescribe as of general application under this (1) General rule.—Except as provided in pararegulation from time to time in supplements to this graphs (2) and (3) of tnis supplement, the maximum regulation, which will be issued in advance of the date loan value of a registered security (other than an upon which such maximum loan value becomes exempted security) shall be whichever is the higher of: effective. (A) 45 percent of the current market value of (b) Extension of credit to other members, brokers, the security; or and dealers.—In a special account recorded separately, (B) 100 percent of the lowest market value of any creditor may extend credit on any registered the security computed at the lowest market price security to any other member, broker or dealer in an therefor during the period of 36 calendar months amount not greater than the maximum loan value of immediately prior to the first day of the current such security, which (except in the case of an exempted month, but not more than 75 percent of the cursecurity) shall be such special maximum loan value as rent market value: Provided, That until July 1, the Board of Governors of the Federal Reserve System 1936, for the purpose of this regulation, the lowest shall prescribe for the purposes of this subsection (b) price at which a security has sold on or after July 1,. from time to time in supplements to this regulation, 1933, but prior to the first day of the current which will be issued in advance of the date on which month, shall be considered as the lowest market such maximum loan value becomes effective: Provided, price of such security during the preceding 36 That (1) such other member, broker, or dealer is calendar months; And provided, That the lowest subject to the provisions of this regulation or has places market price which could be used under the proof business only in foreign countries, (2) such credit visions of this regulation during any calendar is extended or maintained solely for the purpose of month may be used during the first *7 calendar enabling such member, broker, or dealer to carry days of the succeeding calendar month. accounts for his customers other than his partners, and (2) Extension of credit to other members, brokers, (3) any credit extended or maintained by such creditor and dealers.—The maximum loan value of a registered to or for such other member, broker, or dealer for the security (other than an exempted security) in a special purpose of purchasing or carrying securities for his account with another member, broker or dealer, which own account or for the account of his firm or any of his special account complies with subsection (b) of section 3 partners shall not be included in such special account of Regulation T, as amended, shall be 80 percent of the and shall be subject to the other provisions of this current market value of the security. section. (3) Extension of credit to distributors, syndicates,, (c) Extension of credit to distributors, syndicates, etc.—The maximum loan value of a registered security etc.—In a special account recorded separately, any (other than an exempted security) in a special account creditor may extend credit on any registered security with a distributor, syndicate, etc., which special account to the persons and for the purposes specified below in complies with subsection (c) of section 3 of Regulation an amount not greater than the maximum loan value T, as amended, shall be 80 percent of the cuirent of such security, which (except in the case of an ex- market value of the securitv. empted security) shall be such special maximum loan value as the Board of Governors of the Federal Reserve System shall prescribe for the purposes of this sub- Interpretation of provision in section 6 of Regulation section (c) from time to time in supplements to this T regarding the 7-day period. regulation, which will be issued in advance of the date upon which such maximum loan value becomes effec- Ruling No. 48 interpreting Regulation T.— tive: Provided, That such credit is extended: In reply to an inquiry regarding the provisions (1) To any dealer, for the purpose of financing the distribution of an issue of securities at wholesale or of section 6 of Regulation T, as amended May retail; or 10, 1935, the Board of Governors of the Federal (2) To any group, joint account or syndicate, for the Reserve System rules that the 7-day period purpose of underwriting or distributing an issue of securities. referred to in that section, which deals with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 123 "cash transactions'', ends at midnight of the banking institutions. All such discounts for individseventh day following the date on which the uals, partnerships, or corporations shall be subject to such limitations, restrictions, and regulations as the period commences to run. Board of Governors of the Federal Reserve System may prescribe/7 In view of the fact that the power conferred by this Discounts for individuals, partnerships, and corpora- provision can be exercised only in "unusual and exigent tions. circumstances", the Board of Governors of the Federal Reserve System has not prescribed any formal regula- The authority granted by the Board to all tions governing the exercise of this power; but the Federal Reserve banks in its circular of July requirements of the law and the procedure which the 26, 1932, to discount eligible notes, drafts, and Board will expect to be followed are outlined below for the information of the Federal Reserve banks and any bills of exchange for individuals, partnerships, individuals, partnerships, or corporations that may and corporations subject to the provisions of contemplate applying to them for discounts. law, the Board's regulations, and that circular has been extended from time to time and has 1. LEGAL REQUIREMENTS recently been again extended by the Board Ifc will be observed that, by the express terms of the for an additional 6-months' period ending at law: the close of business on July 31, 1936. The (a) The power conferred upon the Board of Governors of the Federal Reserve System to authorize law on this subject, which is contained in the Federal Reserve banks to discount eligible paper for third paragraph of section 13 of the Federal individuals, partnerships, or corporations may be Reserve Act, was amended by the Banking exercised only: Act of 1935 so that it is no longer necessary (1) In unusual and exigent circumstances, that paper discounted for individuals, partner- (2) By the affirmative vote of not less than ships, and corporations under this authority five members of the Board of Governors, and be both indorsed and secured and it is now (3) For such periods as the Board of Governors may determine. necessary only that such paper be either indorsed or secured to the satisfaction of the (6) When so authorized, a Federal Reserve bank may discount for individuals, partnerships, or cor- Federal Reserve bank. Accordingly, in order porations only notes, drafts, and bills of exchange of to conform to the law, the provisions of the the kinds and maturities made eligible for discount Board's circular on this subject have been for member banks, under other provisions (sees. 13, amended in certain respects, effective February 13a, and 24) of the Federal Reserve Act. (Such paper must, therefore, comply with the applicable require- 1, 1936, and the circular in its revised form is ments of the regulations of the Board of Governors of set forth below: the Federal Reserve System.) (c) Paper discounted for individuals, partnerships, BOARD OF GOVERNORS or corporations must be either (1) indorsed or (2) OF THE FEDERAL RESERVE SYSTEM, otherwise secured to the satisfaction of the Federal WASHINGTON, February 1, 1936. Reserve bank. (d) Before discounting paper for any individual, DISCOUNTS FOR INDIVIDUALS, PARTNERSHIPS, AND partnership, or corporation, a Federal Reserve bank CORPORATIONS must obtain evidence that such individual, partnership, or corporation is unable to secure adequate To all Federal Reserve banks: credit accommodations from other banking institu- The third paragraph of section 13 of the Federal tions. Reserve Act, as amended by the acts of July 21, 1932, (e) Such discounts may be made only at rates estaband August 23, 1935, provides as follows: lished by the Federal Reserve banks, subject to review "In unusual and exigent circumstances, the Board of and determination by the Board of Governors of the Governors of the Federal Reserve System, by the Federal Reserve System. affirmative vote of not less than five members, may (/) All discounts for individuals, partnerships, or authorize any Federal reserve bank, during such pe- corporations are subject to such limitations, restricriods as the said board may determine, at rates estab- tions, and regulations as the Board of Governors of the lished in accordance with the provisions of section 14, Federal Reserve System may prescribe. subdivision (d), of this Act, to discount for any individual, partnership, or corporation, notes, drafts, and 2. AUTHORIZATION BY THE BOARD OF GOVERNORS bills of exchange of the kinds and maturities made eligible for discount for member banks under other pro- The Board of Governors of the Federal Reserve visions of this Act when such notes, drafts, and bills System, pursuant to the power conferred upon it by of exchange are indorsed or otherwise secured to the the amendment hereinbefore quoted, hereby authorizes satisfaction of the Federal reserve bank: Provided, That all Federal Reserve banks, for a period ending at the before discounting any such note, draft, or bill of ex- close of business on July 31, 1936, to discount eligible change for an individual or a partnership or corporation notes, drafts, and bills of exchange for individuals, the Federal reserve bank shall obtain evidence that such partnerships, and corporations, subject to the proviindividual, partnership, or corporation is unable to sions of the law, the Board's regulations, and this secure adequate credit accommodations from other circular. 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124 FEDERAL RESERVE BULLETIN FEBRUARY 1936 3. FOR WHOM PAPER MAY BE DISCOUNTED and (3) to furnish additional security whenever requested to do so by the Federal Reserve bank. A Federal Reserve bank may discount for individuals, partnerships, or corporations notes, drafts, or bills of 5. GRANT OR REFUSAL OF APPLICATION exchange, which are the obligations of such individuals, Before discounting notes, drafts, or bills of exchange partnerships, or corporations or which are the obligafor any individual, partnership, or corporation, the tions of other parties actually owned by such individ- Federal Reserve bank shall ascertain to its satisfaction uals, partnerships, or corporations. by such means as it may deem appropriate: Within the meaning of this circular, the term (a) That the financial condition and credit standing of "corporations" does not include banks. the applicant justify the granting of such credit accommodations; 4. APPLICATIONS FOR DISCOUNT (b) That the paper offered for discount is acceptable from a credit standpoint and eligible from a legal Each application of an individual, partnership, or standpoint; corporation for the discount of eligible paper by the Federal Reserve bank must be addressed to the Federal (c) That the indorsement or the security offered is Reserve bank of the district in which the principal adequate to protect the Federal Reserve bank against place of business of the applicant is located, must be loss; made in writing on a form furnished for that purpose (d) That there is a reasonable need for such credit by the Federal Reserve bank, and must contain, or be accommodations; and accompanied by, the following: (e) That the applicant is unable to obtain adequate credit accommodations from other banking institu- (a) A statement of the circumstances giving rise tions. to the application and of the purposes for which the A special effort should be made to determine whether proceeds of the discount are to be used; the banking institution with which the applicant ordi- (b) Evidence sufficient to satisfy the Federal Reserve narily transacts his banking business or any other bank as to (1) the legal eligibility of the paper offered banking institution to which the applicant ordinarily for discount under the provisions of the Federal would have access is willing to grant such credit Reserve Act and the regulations of the Board of accommodations. Governors of the Federal Reserve System and (2) its A Federal Reserve bank should not discount such acceptability from a credit standpoint; paper unless it appears that the proceeds of such dis- (c) A statement of the efforts made by the applicant counts will be used to finance current business operato obtain adequate credit accommodations from other tions and not for speculative purposes, for permanent banking institutions, including the names and addresses or fixed investments, or for any other capital purposes. of all other banking institutions to which applications Except with the permission of the Board of Governors for such credit accommodations were made, the dates of the Federal Reserve System, no such paper should upon which such applications were made, whether such be discounted if it appears that the proceeds will be applications were definitely refused and the reasons,, used for the purpose of paying off existing indebtedness if any, given for such refusal; to other banking institutions. (d) A list showing each bank with which the appli- In discounting paper for individuals, partnerships, or cant has had banking relations, either as a depositor corporations, a Federal Reserve bank should not make or as a borrower, during the preceding year, with the any commitment to renew or extend such paper or to approximate date upon which such banking relations grant further or additional discounts. commenced and, if such banking relations have been terminated, the approximate date of their termination; 6. LIMITATIONS (e) Complete credit data regarding the financial condition of the principal obligors and indorsers, if Except with the permission of the Board of Governors any, on the paper offered for discount; of the Federal Reserve System, no Federal Reserve (/) A list and description of any collateral or other bank shall discount for any one individual, partnership security offered by the applicant; or corporation paper amounting in the aggregate to (g) A waiver by the applicant of demand, notice, more than 1 percent of the paid-in capital stock and and protest as to applicant's obligation on all paper surplus of such Federal Reserve bank. discounted by the Federal Reserve bank or held by 7. ADDITIONAL REQUIREMENTS the Federal Reserve bank as security; and (h) An agreement by the applicant, in form satisfac- Any Federal Reserve bank may prescribe such additory to the Federal Reserve bank, (1) to furnish addi- tional requirements and procedure respecting discounts tional credit information to the Federal Reserve bank, hereunder as it may deem necessary or advisable; prowhen requested, (2) to submit to audits, credit investi- vided that such requirements and procedure are congations or examinations by representatives of the sistent with the provisions of the law, the Board's Federal Reserve bank at the expense of the applicant, regulations and the terms of this circular. whenever requested by the Federal Reserve bank, CHESTER MORRILL, Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUABY 1936 FEDERAL RESERVE BULLETIN 125 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures. In thousands of dollars] [In thousands of dollars] 1936 1935 Wednesday figures (1936) Federal Reserve bank Federal Reserve bank January Decem- January Jan.8 Jan.15 Jan.22 Jan.29 ber Boston 272 280 195 356 Boston - 279 525 568 New York—. 3,785 3,773 4,374 5,063 New York . - . 4 146 3 971 4 833 Philadelphia. 394 324 360 479 Philadelphia 421 491 946 Cleveland.,. 33 33 48 Cleveland.. .. ._._ 49 49 441 Richmond- 58 58 118 138 Richmond 84 87 211 Atlanta 87 95 119 Atlanta — 89 87 152 Chicago 41 41 541 41 Chicago 105 244 299 St. Louis 18 18 18 18 St. Louis. . 20 70 55 Minneapolis 42 80 75 Minneapolis 63 63 Kansas City... 571 539 502 467 Kansas City 532 637 111 Dallas 54 94 54 156 Dallas 80 59 21 San Francisco. 25 25 35 105 San Francisco 56 27 208 Total- 5,381 5,352 6,420 7,065 Total 5,924 6,310 7,845 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 Federal Reserve notes in to deposit and Federal Total reserves Total deposits circulation i Reserve note liabilities combined Federal Reserve bank 1936 1935 1035 1936 1935 1936 1935 January De b c e e r m- January January De b c e e r m- January January De b c e e r m- January Ja a n ry u- De b c e e r m- Ja a n ry u- Boston 579,598 546,916 429,379 412,095 370,998 308,708 309,419 317,381 261,717 80.3 79.4 75.3 New York.... 3,446,474 3,253,459 1,952,832 3,340,460 3,133,127 1,993,704 787,740 799,557 655,020 83.5 82.7 73.7 Philadelphia.. 431,603 307,063 329,317 289,372 225,417 265,505 273,121 231,653 72.6 70.5 67.2 Cleveland.. 526,543 516,837 390,819 377,844 364,366 285,051 348,209 352,449 299,517 72.5 72.1 66.9 Richmond- 241,642 253,073 195,379 180.495 183,037 137,071 176,019 185, 386 160,494 67.8 68.7 65.7 Atlanta 185,102 186,594 131,263 120.496 118,827 90,499 153,098 155,912 128,966 67.7 67.9 59.8 Chicago 1,382,088 1,436,479 1,085,859 852,412 917,667 710,912 842,189 844,044 772,196 81.6 81.5 73.2 St. Louis 218,089 243,067 217,555 174,087 184,465 165,930 160,796 161,484 138, 743 65.1 70.3 71.4 Minneapolis.. 158,684 153,664 153,824 121,302 114,247 111, 774 108,912 111, 071 103,835 68.9 68.2 71.3 Kansas City 216,362 214,282 199, 752 182,010 178,010 174,454 139, 483 141,339 114,633 67.3 67.1 69.1 Dallas 135,063 131,367 117,229 138,209 128,446 130,647 73,162 75, 056 50,555 63.9 64.6 64.7 San Francisco. 414,832 427,495 324,840 332,710 287,028 275,383 280,259 201,289 69.1 69.7 68.7 Total.— 7,936,080 7,759,832 5,516,280 6,553,567 6,315,272 4,621,195 3,639,915 3,697,059 3,118,618 77.9 77.5 71.3 i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $26,214,000; month ago, $21,103,000; 3rear ago, $24,313,000. Back figure?.—See annual report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN FEBRUARY 1936 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT JAN. 31, 1936 [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dal- F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury 7, 651, 863524,903 3,497,716 371, 561 486,099 225, 456 173, 602 1, 326,090 196,924 153,871952, 538 128,964 374,135 Redemption fund—Federal Reserve notes—- 15, 684 2,882 1,050 938 821 1,301 2,658 673 733 501 765 617 2,745 Other cash 338,020 40,370 75,185 39,654 27,970 17,559 13,995 44,428 20, 524 9,900 21,988 6,368 20,079 Total reserves 8,005, 567568,155 3, 573, 951 412,153 514,890 244,316 190,255 1,371,191 218,181164,276 215, 291135,949 396f 959 Bills discounted: Secured by U. S. Government obl g ig u a a t r i a o n n t s e ed d irect and/or fully -. 5,727 479 4,152 534 15 120 153 44 ul 80 Other bills discounted 3,016 57 2, 228j 85 33 13 44 41 75 391 25 Total bills discounted 8,743 536 6,380 619 48 133 197 41 18 75 435 156 105 Bills bought in open market 4,671 343 1,753 484 444 175 165 577 87 61 128 126 328 Industrial advances 32,089 2,931 7,704 6,673 1,648 4,135 2,138 475 1,505 1,117 1, 761 1,104 U. S. Government securities: Bonds 215,680 14,420 55,252 16,848 19,070 10,208 8,240 24, 529 10, 732 12,962 9,514 16,470 17,435 Treasury notes 1, 616, 559107,707 493,439 12"01,,935149, 590SO, 080 64,638 207, 571 84,686 47, 21473,180 50,751 136, 764 Treasury bills 598,008 35, 544 185,692 39,337 49, 365 26,427 21, 331 in, r""27,782 15,409 24,150 16,750 45,132 Total U. S. Government securities 2,430, 247157,671 734,383177,120 218,025 116,715 94,209 343,189 123,200 75, 585 106,84483,975 199,331 Other securities 181 181 Total bills and securities 2,475,931 161,481 750,220 184,896 220,165 121,158 95,469 345,945 123,780 77,226 108,705 86,018 200,868 Due from foreign banks 650 50 250 69 63 25 24 4 3 18 Federal Reserve notes of other banks.. 18,077 366 5,319 718 1,168 1,3591,511 2,564 1,095 733 1, 1,485 Uncollected items 498,555 51,135 158,716 33,607 40,678 36,324 16, 943 61,448 20, 202 11,871 26, 247 23,163 Bank premises 47, 799 3,113 10,810 4,875 6,525 2,9192,284 4,826 2,452 1, 531 3,360 3,580 All other assets 41,057 137 31,051 4,258 1,418 978 1,102 292 187 466 259 133 Total assets _11,087, 636784,437 4, 530, 317 640, 576 784,907 407,079 307,5818, 786, 346J365, 901 256,106 355,249 242,895 626, 235 LIABILITIES Federal Reserve notes in actual circulation _ 3,633,064 310,306 784,888 265,633 347, 525 176,446 151,591 845,100 160,567 108,214 139,257 72,088271,449 Deposits: Member bank—reserve account 5,860,064 375, 292 2,904,764 285,659 353, 508 172,416 120,391778,922 161,842 117,781175,355 128,249 287,885 U. S. Treasurer—general account.. 452, 524 17,241 352,501 7,677 5,052 4,030 1,870 47,103 3,919 3,576 2,240 4327 Foreign bank 48,155 3,427 18,078 4,711 4,521 1,761 1,7135,521 1,428 1,142 1,285 1,237 3 4 , 3 3 2 3 7 1 Other deposits 256,073 3,797 192,760 10,471 3,129 2,315 2,697 2,426 7,892 5,110 11,228 13,386 Total deposits -- 6, 616,816399, 757 3, 468, 103 308, 518 366,211080,522 126,671 833,972 175,081127,021181,078 140,954 308,929 Deferred availability items 50,599 157,435 32,549 40,045 35,537 16, 351 64,000 20,187 12,004 25,247 19,366 22,968 Capital paid in _ 130, 647 9,409 51,024 12,322 12,424 4,595 4,205 11,992 3,758 3,053 3,922 3,791 10,152 Surplus (sec. 7). 145, 501 9,902 50,825 13,406 14,371 5,186 5,616 21,350 4,655 3,149 3,613 3,783 9,645 Surplus (sec. 13 b) 26,406 2,876 7,744 4,231 1,0073,435 754 1, 391 546 1,003 1,142 1,256 1,021 Reserve for contingencies 33,899 1,413 8,849 3,000 3,1111,261 2,288 7,573 892 1,492 843 1,328 1,849 All other liabilities 5,015 175 1,449 917 214 97 112 215 170 147 329 222 Total liabilities 11,087,636 784,437 4, 530,317 640,576 784,907 407,079 307, 588 1,786, 346 365,901 256,106 355, 249 242,895 626,235 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 78.1 80.0 84.0 71.8 72.1 68.4 68.4 81.7 65.0 69.8 67.2 63.8 8.4 Commitments to make industrial advances _ _ 26, 957 3,254 9,871 652 1,712 2,260 468 109 2,095 135 1,351 590 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent. 3,950,194 335,846 919,179 282,230 363, 286 184,958 172,162 875,917 166,196 112,070 147,437 78,609 312,304 Held by Federal Reserve bank 317,130 25,540 134, 29116, 59715, 761 8,512 20,571 30,817 5,629 3,856 8,180 6,521 40,855 In circulation _ 3,633,064 310,306 784,888 265,633 347, 525 176,446 151, 591845,100 160, 567 108, 214 139, 25772,088 271,449 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury _. 3,871, 343356, 61 938,706 283,000 366,440171,000 1301,685 876,000 144, 632 111, 000 138,00080,000 275,263 Eligible paper 6,855 510 4,734 584 15 120 184 66 407 147 80 U. S. Government securities 135,400 16,000 42,000 24,000 2,400 11,000 40,000 Total collateral 4,013,598 357,127 943, 440 283, 584 366,455 187,120172, 869 876,000 168, 640 113,466149,407 80,147 315,343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDEKAL KESERVE BULLETIN 127 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 10,1934. Percent per annum except as otherwise specified. In effect on Feb. 1,1936] Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Advances direct to industrial or commercial organizations 4-6 4-6 4H-6 5-6 4-6 5-6 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 4-5 Commitments to make advances 1-2 fc2 1-2 1-2 1 * Authorized rate 1 percent above prevailing discount rate. 1 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 JAN. 29, 1936 [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 da o t u e nt Nu s o t ( o m w e u r e t i y b s t c h e o r n a to d n C A i d o t i m m o d w n o m a i s u t t ) i h e n 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 e d n e n t r i k r - c v n a e e g l s s c R F t m o a b e e o m n a d s e u e d n n e m t r i k r - t v n a s it e g l - A b p p l c u p e o t t r m e o n d v - o e t i d d E o r r a a x r e c p w p p w a p a i n n r i l i e t t i d h - d b , - , y s i t F n p p a t g i a a u n o n t r t d u i i a t i o n i i o t n n c - n s n c i g t s - - i * - 1934—Nov. 28... 4,635 166,433 961 46,599 828 42,202 9,769 6,657 20,390 4,398 Deo. 26 5,053 187,696 1,122 54,531 49, 634 13,589 8,225 20,966 5,558 1,296 1035—Jan. 30 5,283 195,710 1,341 73,470 1,168 64,518 17,493 11,739 26,362 7,160 1,764 Feb. 27 5,595 205,581 1,432 76,575 1,268 72, 525 19,163 13,963 26,591 10,727 2,081 Mar. 27 6,897 217,756 1,521 79,490 1,364 76,441 20,785 15,732 23,552 13,900 2,472 Apr. 24 6,130 225,900 1,633 86,374 1,467 81,134 26,206 16,908 16,956 17,185 3,879 May 29 6,428 245,078 1,734 90,799 1,571 86,282 26,977 19,425 13,850 21,802 4,228 June 26 6,618 263,482 1,815 102,331 1,646 88,778 27,518 20,579 11,248 24,900 4,533 July 31 6,863 271, 768 1,907 iO9,603 1,739 103,633 28,354 23,022 19,735 26,911 5,611 Aug. 28 7,029 278,022 1,970 112,629 1,786 107,244 29,447 26,314 15,319 29,556 6,608 Sept 25 7,195 292, 747 2,009 121,837 1,834 115,350 30,132 26,892 18,791 32,475 7,060 Oct. 30 7,388 299,927 2,083 126,192 1,901 118,378 32,719 27,057 13,357 36,565 8,680 Nov. 27 7,500 302,331 2,134 130,502 1,948 121,947 32,634 28,002 13,466 38,952 8,893 Dec. 31 (Tuesday) 7,615 306,708 2,176 132,460 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—Jan. 29 _._. 7,714 311,081 2,212 134,243 2,023 125,810 32,483 27,004 10,888 46,736 i 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 Jan. 29, 1936, there were 118 applications amounting to $8,065,000 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

EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS DURING 1935 to EARNINGS Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Sa c n i s F c r o an- Discounted bills $156,160 $13,145 $87,069 $12,324 $7,584 $6,431 $3,036 $1,879 $992 $1,039 $8,762 $6,651 $7,248 Purchased bills 35,894 2,626 13, 619 3,615 3,407 1,329 1,323 4,240 734 587 969 934 2,511 Industrial advances 1,484,040 120,032 294,132 255,211 88,456 236,221 63,007 99,107 25,016 116,167 44,482 97,425 44,784 United States Government securities. 39,796,177 2,559,709 12,569, 700 2,820,465 3,488,442 1,836,042 1,524, 200 5, 837, 040 1, 728, 739 1,292, 200 1,683,344 1,382,121 3,074,175 Commitments to make industrial advances -_ . 241,580 23,598 85,163 2,258 18,335 18, 939 3,275 8,501 20, 623 934 16,842 3,178 39,934 Deficient reserve penalties 6,560 463 722 473 417 329 1,118 824 543 394 241 819 217 Miscellaneous 1,031,548 7,669 80, 981 29, 572 68,225 132, 563 76, 647 226,024 73,948 44,556 192,262 16,116 82,985 Total earnings - - . _ _. 42,751,959 2,727,242 13,131, 386 3,123,918 3, 674,866 2,231,854 1, 672, 606 6,177,615 1,850,595 1,455,877 1,946,902 1,507,244 3> 251,854 CURRENT EXPENSES Salaries: g Officers $2,612,490 $149,650 $583,340 $152,910 $192,012 $184, 597 $2C0,351 $327,816 $165,661 $119,679 $154,453 $153,455 Clerical employees 11,464,499 764,940 3,267,462 1,034,042 1,040,425 618,194 4G5,842 1,326,400 535,254 421,027 592,923 424,073 1,033,817 Other employees 3,277,351 163,625 847, 615 179, 630 441,731 185, 408 97,014 378,277 168,630 139,682 224,829 114,285 336,625 Contributions-—Retirement system.. 3,452,174 227,980 803,109 258,275 282, 323 215,652 128, 013 475,4C0 187,920 119,2C2 222,849 144,029 277,412 Governors' conferences 6,407 363 616 90 683 231 1£6 CC7 5C6 619 585 1,114 797 Federal Advisory Council 16,271 1,392 955 750 823 1,247 897 1,135 1,350 1,617 1,350 2,055 2,600 Directors' meetings 142,769 5,297 20,035 7,407 9,420 6,475 17, 240 8,113 13,460 11,301 21, 722 6,005 16,294 Industrial Advisory Committee 12,310 1,349 1,231 384 657 552 382 820 621 3,315 1,092 540 1,367 Traveling expenses » 263,007 6,516 49,813 33,398 28,216 19, 244 18,1C6 27,853 8,642 27,022 8,487 10,105 25,545 Assessments for Federal Reserve Board's expenses 1,405,898 101,948 519,674 138,641 ISO, 700 55,529 49,191 161, 587 42,120 34,118 37,655 37,974 96,761 Legal fees _ 80,027 2,507 2,842 7,582 5,782 5,480 11,070 502 31 11, 878 12,716 9,511 10,116 Insurance on currency and security shipments _ 247,267 33,362 54,795 26,023 23,014 15, £64 12,892 28,612 5,070 7,775 8,306 9,323 22,131 w Other insurance _ 273,923 15,986 48,970 19, 8£0 17,355 15,716 18, 936 20,800 21,783 20,507 31,714 17,763 24,533 d Taxes on banking house 1,401,641 174,920 71,016 131,574 65,215 57,081 154,354 52,936 82,079 86,428 32,217 94,914 Light, heat, power, and water 370,299 24,876 72,467 32,336 42,189 17,3^8 18,448 40,107 22,487 19,994 33,860 18,830 27,387 Repairs and alterations, banking house 194,649 6,136 88,222 6, 77C 13,462 4,461 25,012 14,388 7,855 6,977 11,066 2,710 7,580 Rent _ _ 178,699 240 1,158 85,098 15, 739 4,573 15,338 3,000 1,280 52,173 Office and other supplies.._ 344,615 18,914 82,793 37,262 34,088 18, 917 17,852 27, 539 16,117 14,086 24,025 16,511 36,411 Printing and stationery 351,518 34,736 68,959 29,047 35,086 21,891 23,3,57 38,316 20,640 18,232 17,986 13,972 29,186 Telephone _ 225,065 18,210 73,562 30,837 16,700 8,808 7,338 15,106 11,948 7,302 7,204 9,027 18,923 Telegraph _ _ 317,911 6,196 39, 518 11,992 20,752 23,042 43,941 24,610 26,377 12,480 42,824 21,722 44,447 Postage 2,324,990 269,552 395,771 215,660 189,872 171,148 134,877 276,222 88,879 106, 726 160,736 113,296 192,251 Expressage 530,042 53,850 125,723 52,898 43,201 52, 614 35,8C4 60,439 18,186 9,871 26,198 23,036 28,122 M iscellaneous expenses 607,141 30,932 122,243 63,861 49,051 33,426 30, 582 66, 564 37,282 40,980 35,787 27,317 69,016 Total, exclusive of cost of currency 30,100,863 2,113,487 7, 768,542 2,412,099 2,854,244 1,757,078 1,359,345 3,480,915 1,456,755 1,236,479 1,764,795 1,210,150 2,676,974 Federal Reserve currency: Original cost 1,315,924 108,446 389,336 105,089 89, 663 74,097 69,955 184,182 97,754 51,147 42,375 14,280 89,580 Cost of redemption 144,840 12,667 27,918 14,224 10, 977 8,808 7,885 22,433 10,429 5,424 5,592 4,738 13,645 Taxes on Federal Reserve banknote circulation _ 15,816 1,083 14,733 Total current expenses.. 31,577,443 2,235,683 8,200,529 2,531,422 2,954,884 1,840, CS3 1,437,185 3, 697, 540 1, 564, 938 1, 293,050 1,812,762 1,229,168 2,780,199 'Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committee. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFIT AND LOSS ACCOUNT Total Boston New York 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 - Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas San c is F c r o an- Earnings $42,751,959 $2,727,242 $13,131,386 $3,123,918 $3, 674,866 $2,231,854 $1,672,606 $6,177,615 $1,860,595 $1,455,877 $1,946,902 $1,507,244 $3,251,854 Current expenses 31,577,443 2,235,683 8,200,529 2,531,422 2, 954,884 1,840,083 1,437,185 3, 697, 540 1,564,938 1,293,050 1,812,762 1,229,168 2,780,199 Current net earnings 11.174,516 491,559 4,930,857 592, 496 719,982 391, 771 235,421 2, 480,075 285,657 162.827 134,140 278,076 471,655 Additions to current net earnings: Profit on U. S. Government securities sold 6,518,931 355,512 2,678,196 389,903 488,850 257, 648 213,954 901,875 244,755 148,210 235,400 172,443 432,185 Withdrawn from reserves for losses 3 057 390 1,983 684 Foreign exchange profit 221,155 15,923 81,384 21,894 21, 010 8,183 7,962 25, 654 6,635 5,308 5,971 5,750 15,481 Allother 170,903 15,896 412 118 504 8,939 11, 295 23, 775 7,185 37,492 6,174 3,834 55,279 ^ Total additions 6,914,046 387,331 2,759,992 411,915 510,364 274,770 233, 211 951,304 258,575 191,400 247,545 184,010 503,629 Deductions from current net earnings: Bank pi emises—depreciation 2,675,700 55,832 1,394,688 156, 776 109, 688 47,293 140,624 176,917 48,917 93,327 162,465 289,173 Furniture and equipment 235,775 9,783 51, 659 32,386 23, 634 21, 670 13, 334 26, 516 20, 833 15,095 3,776 6,438 10,651 Reserve for losses 2,567,203 64,932 1,290,413 4,601 112, 593 101,147 1,443 902,868 79, 337 9,869 Reserve for self-insurance 63,402 58,843 4,559 Assessment for building for Board of Governors 1,001,187 72,083 368,635 99,052 94,675 37,141 35, 618 116,194 30, 485 24,403 26,637 26,143 . 70,121 Allother _ 2,108,170 5,695 190,347 609 61,807 8,567 25, 276 1,473,957 1,372 334,991 3,658 183 1,708 Total deductions.- 8,651,437 208,325 3,354, 585 136,648 449, 485 278, 213 122,964 2, 660,159 308,944 423,406 141,826 195, 229 371,653 Net deductions from current net i earnings _ 1,737,391 +179,006 594, 593 +275, 267 +60,879 3,443 +110, 247 1, 708,855 50, 369 232,006 +105, 719 11, 219 +131,976 Net earnings 9,437,125 670, 565 4,336,264 867, 763 780,861 388, 328 345, 668 771,220 235,288 -69,179 239,859 266,857 603,631 - Dividends paid 8,504,974 621, 553 3,411,268 856, 286 772,127 293, 644 260, 538 753, 583 236,187 185,448 239,859 237, 615 636,866 Paid United States Treasurer (sec. 13-b) 290,850 46, 503 64,238 41,984 8,734 66,714 9,066 17, 637 16,854 19,120 Transferred to surplus (sec. 13-b) 33,993 2,509 33,340 27, 970 —899 4,308 -33,235 Transferred to surplus (sec. 7) 607,308 860,758 -63,847 76,064 -271,481 5,8t4 REIMBURSABLE EXPENDITURES OF FEDERAL RESERVE BANKS DURING 1935 [Expenditures as fiscal agents and custodians for the Treasury Department and U. S. Government agencies. Not included in "current expenses" as shown in preceding table] Treasury Department $1,469,660 $62, 570 $484,839 $64,059 $160, 806 $65.199 $30, 441 $208,658 C56,815 $64, 501 $151, 844 $47,980 $71,948 Reconstruction Finance Corporation. 2,103,845 35,516 163,081 102, 492 191,005 210. 751 367, 751 445, 322 219,139 63,913 74, 301 140, 215 90,359 Other U. S. Government agencies 687,669 20,843 148,985 13, 355 48,611 29, 530 44, 877 65, 580 60,935 54,162 99,381 39, 766 55,644 Total 4,261,174 124,929 796,905 179,906 400,422 305, 480 443,069 719, 560 336.889 182, 576 325, 526 227,961 217,951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN FEBRUARY 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 Total Excess Federal Reserve district De b c e e r m- No b v e e r m- October De b c e e r m- No b v e e r m- October De b c e e r m- No b v e e r m- October Boston 336.5 318.8 303.5 196.0 179.9 164.7 0.5 0.4 0.5 New York _ __ _ . 2, 756. 4 2, 769. 5 2,655. 7 1,448.9 1,483.0 1,389.1 3.9 4.6 6.1 Philadelphia 266.3 268.6 262.1 124.1 128.7 123.2 .5 .3 .2 Cleveland 335.8 358.8 327.8 172.9 198.3 170.4 .03 .03 .1 Richmond 170.0 169.1 163.2 93.6 94.0 89.1 . l . l .2 Atlanta -- _. T_ _ _ 108.3 109.1 104.7 45.9 48.9 45.9 .1 .1 .1 Chicago . 880.4 880.0 784.0 502.9 504.7 423.0 .2 .1 .003: St Louis 165.0 168.9 163.8 90.9 95.8 92.4 .1 .03 .04 Minneapolis - -_ - 104.2 108.2 106.0 55.8 60.3 59.0 .1 .1 .1 Kansas City 171.8 171 0 170.5 89.6 88.1 87.4 .6 .8 .6 Dallas 119.5 116.5 107.3 62.4 59.4 51.0 .1 .05 .4 San Francisco... 301.4 318.7 319.9 99.8 120.0 124.3 .008 .1 .1 Total 5, 715. 6 5, 757. 2 5, 468. 6 2,982. 7 3, 061. 2 2,819. 7 6.0 6.5 8.5 NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers (places over 15,000) Member banks in smaller centers (places under 15,000) Federal Reserve district Net demand Time Net demand Time Decem- Novem- Octo- Decem- Novem- Octo- Decem- Novem- Octo- Decem- Novem- October ber ber ber ber ber ber ber ber ber ber ber Boston 1,277 1,256 1,251 575 580 585 78 85 86 125 126 126 New York 9,814 9,633 9,467 1, 619 1,652 1,689 183 189 188 457 459 460 Philadelphia J 1,087 1,058 1,046 599 605 610 150 150 150 410 411 409 Cleveland 1,242 1,216 1,189 942 049 944 124 122 123 247 244 242 Richmond 599 583 572 321 322 323 105 105 104 167 167 165 Atlanta 511 488 475 270 271 271 79 78 75 72 71 72 Chicago 2,796 2,774 2,660 1,073 1,070 1,062 164 164 163 191 189 186 St. Louis 572 560 544 262 264 262 123 124 124 93 93 92 Minneapolis. 320 313 303 171 171 171 114 115 116 173 172 171 Kansas City 615 615 616 199 200 199 192 200 202 107 108 108 Dallas 439 427 417 159 159 158 147 162 164 36 35 36 San Francisco 1,391 1,370 1,345 1,922 1,878 1,859 80 83 82 92 94 93 Total 20, 662 20,293 19,887 8,110 8,121 8,132 1,539 1,579 1,578 2,170 2,169 2,157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

131 FEBRUARY 1936 FEDERAL RESERVE BULLETIN 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 B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - Y N o e r w k c C a h g i o - Loans and investments, total: Jan 8 20,834 1,118 8,762 1,119 1,739 601 522 2,760 626 382 622 446 2,137 7,900 1,880 Jan. 15 20,913 1,127 8,770 1,121 1,737 612 518 2,837 625 382 608 443 2,133 7,906 1,945 Jan 22 20,969 1,130 8,791 1,126 1,737 612 517 2,876 625 382 606 439 2,128 7,940 1,985 Jan. 29 20,995 1,123 8,851 1,142 1,734 610 514 2,874 617 374 602 435 2,119 8,000 1,986 Loans to brokers and dealers in New York: Jan 8 937 5 918 9 1 2 2 909 Jan 15 939 4 921 9 1 2 2 912 Jan 22 923 6 903 9 1 2 2 893 Jan 29 893 5 874 9 1 2 2 866 Loans to brokers and dealers outside New York: Jan. 8 175 25 61 15 13 3 6 29 5 2 3 2 11 58 24 Jan. 15 180 25 61 14 12 3 5 39 4 1 3 2 11 59 34 Jan. 22 178 27 63 14 11 2 6 36 5 1 2 2 9 61 31 Jan. 29 171 24 60 14 11 2 5 36 5 1 2 2 9 58 31 Loans on securities to others (except banks): Jan.8 2,079 149 889 146 219 69 48 219 60 32 43 41 164 735 150 Jan. 15 2,074 148 884 146 218 68 48 219 62 32 43 40 166 730 150 Jan. 22 2,0G6 148 879 145 218 67 49 216 62 32 44 40 166 728 149 Jan. 29 2,064 148 880 147 218 67 48 213 62 32 44 40 165 729 148 Acceptances and commercial paper bought: Jan. 8 _ 366 43 178 21 5 7 5 30 12 10 28 2 25 175 15 Jan.15 366 45 178 21 3 7 5 30 12 10 28 2 25 174 15 Jan. 22 367 44 177 21 3 7 5 31 12 10 29 2 26 173 15 Jan. 29 360 44 171 21 3 7 5 31 11 10 29 2 26 168 15 Loans on real estate: Jan. 8 1,137 85 243 67 186 21 21 65 38 5 15 22 369 127 16 Jan. 15 1,145 85 245 67 190 21 21 65 38 6 15 22 370 128 16 Jan. 22 1,143 85 245 67 190 21 21 65 38 6 15 21 369 128 15 Jan 29 1,142 85 241 67 190 21 21 65 38 6 15 21 369 127 16 Loans to banks: Jan 8 78 4 42 3 5 1 10 7 5 1 42 6 Jan 15 71 3 36 3 5 1 10 7 5 1 36 6 Jan 22 67 3 31 3 5 1 10 7 5 2 31 6 Jan 29 65 3 29 3 5 1 10 5 I 1 28 6 Other loans: Jan. 8 . . 3,352 278 1,259 171 175 105 145 354 116 126 130 129 364 1,121 258 Jan. 15 3,350 283 1,266 172 174 105 144 357 113 125 128 126 357 1,127 261 Jan. 22 3,329 284 1,257 171 174 102 141 356 112 124 128 125 355 1,118 260 Jan. 29__ 3,304 286 1,251 167 174 102 140 351 111 123 126 123 350 1,111 256 U. S. Government direct obligations: Jan. 8_ __ 8,516 360 3,545 297 811 285 181 1,570 231 150 229 150 707 3,315 1,083 Jan.15 - . r 8,576 357 3,541 297 ••816 294 180 1,635 233 150 218 151 704 3, 311 1,136 Jan. 22 8,651 355 3,587 295 817 297 180 1,670 234 151 217 148 700 3, 368 1,173 Jan. 29- . . 8,655 349 3,606 305 814 296 182 1,070 227 144 216 146 700 3, 391 1,174 Obligations fully guaranteed by U. S. Government: Jan. 8 1,135 18 415 100 74 38 38 144 57 14 47 52 138 387 89 Jan. 15 r 1,149 19 423 103 '73 40 37 144 57 15 46 52 140 395 89 Jan. 22. 1,162 18 430 109 72 42 38 145 57 14 45 52 140 401 9C Jan. 29 1,172 18 443 112 71 42 38 144 58 14 43 52 137 413 90 Other securities: Jan. 8 3,059 151 1,212 290 251 73 77 338 100 43 120 48 356 1,031 239 Jan 15 3,063 158 1,215 289 246 74 77 337 99 43 120 48 357 1,034 238 Jan. 22 3,083 160 1,219 292 247 74 76 346 98 44 119 49 359 1,039 246 Jan. 29 3,169 161 1,293 297 248 73 74 353 98 44 120 48 360 1,109 250 Reserve with Federal Reserve bank: Jan. 8._ 4,707 310 2,518 210 249 110 60 691 102 67 113 85 192 2,431 534 Jan. 15 4,778 316 2,575 213 255 109 63 667 110 68 115 86 201 2,490 508 Jan. 22 4,764 318 2,598 222 256 116 63 627 112 70 113 82 187 2,509 463 Jan. 29 4,843 319 2,653 215 261 116 68 647 124 68 113 79 180 2,561 479 Cash in vault: Jan. 8 370 103 71 15 33 17 10 62 12 5 12 10 20 56 37 Jan.15 346 100 66 14 30 15 9 58 11 5 11 9 18 53 36 Jan. 22 347 99 65 14 31 16 9 58 11 5 12 10 17 52 36 Jan. 29 353 100 66 14 32 17 10 59 11 5 12 9 18 53 36 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN FEBRUARY 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 B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S r is a a c n n o - Y N o e r w k c C a h g i o - Balances with domestic banks i: Jan.8 '2,284 142 167 174 205 144 147 424 120 '96 276 165 224 77 190- Jan. 15 2,366 139 175 173 214 144 154 412 124 97 311 178 245 78 183 Jan. 22 2,328 134 168 172 210 141 155 411 121 94 302 184 236 75 183 Jan. 29 2,366 131 218 170 216 134 148 399 118 100 300 182 250 75 173 Other assets—net: Jan. 8 1,316 80 531 85 111 38 41 110 25 19 25 28 223 463 77 Jan. 15 1,337 82 547 85 111 37 41 111 24 18 24 28 229 478 77 Jan. 22 1,331 81 542 86 111 38 41 111 25 18 24 28 226 473 77 Jan. 29 1,336 81 543 83 111 38 41 115 25 19 24 28 228 473 80 Demand deposits—adjusted: Jan. 8 '13,673 927 '6,177 759 950 363 294 2,045 366 '265 432 322 773 '2 5,704 1,409- Jan 15 13,770 938 6,192 761 949 371 293 2,071 369 262 447 329 788 5,719 1,416 Jan. 22 13,836 945 6,250 780 953 372 295 2,071 370 258 443 328 771 5,785 1,417 Jan. 29 14,017 939 6,433 781 957 371 297 2,071 377 257 440 326 768 5,907 1,416 Time deposits: Jan. 8 . ' 4, 889 300 '946 256 678 191 170 759 172 120 146 120 1,031 '544 Jan. 15 _ 4,898 300 949 256 685 192 170 758 172 121 144 119 1,032 543 416 Jan. 22 _ 4,892 299 947 257 687 192 169 758 172 121 144 119 1,027 541 415 Jan. 29 4,888 300 941 258 688 193 170 757 172 121 144 119 1,025 535 414 U. S. Government deposits: Jan. 8 702 15 227 44 55 33 33 130 11 8 16 27 103 197 9& Jan. 15 699 14 227 43 55 33 33 129 11 8 16 27 103 197 98 Jan. 22 611 10 187 38 49 29 30 120 8 8 14 24 94 162 91 Jan. 29 604 10 187 38 49 27 30 118 7 14 23 94 162 91 Interbank deposits, domestic: Jan. 8 5,544 249 2,379 300 312 207 192 740 245 114 364 184 258 2 2,314 538 Jan. 15 5,653 249 2,436 305 317 205 197 750 251 117 373 188 265 2,370 559- Jan. 22 5,660 245 2,450 302 312 211 200 757 253 119 366 191 254 2,383 563 Jan. 29 5,621 243 2, 433 304 316 208 193 761 248 117 363 184 251 2,368 565 Interbank deposits, foreign: Jan. 8 428 8- 399 3 1 1 5 1 1 9 398 4 Jan. 15 435 7 407 2 1 1 5 1 1 10 406 4 Jan. 22 430 8 401 3 1 1 5 1 10 400 4 Jan. 29 427 7 401 2 1 1 5 1 9 400 4 Borrowings: Jan. 8 1 1 Jan. 15 _ 2 2 Jan. 22 5 4 1 2 Jan 29 2 2 Other liabilities: Jan. 8 773 25 322 19 13 29 7 31 9 5 2 5 306 310 27 Jan.15 783 26 321 17 12 29 8 37 9 5 2 5 312 309 34 Jan. 22 799 26 326 17 15 31 7 35 9 5 2 5 321 313 31 Jan 29 829 25 338 18 14 29 7 45 9 6 2 5 331 326 41 Capital account: Jan. 8 3,501 229 1,598 222 328 87 83 337 82 56 88 75 316 1,460 224 Jan. 15 3,500 230 1,599 222 328 87 83 335 82 56 87 75 316 1,461 222 Jan. 22 3,506 229 1,599 223 328 88 83 336 82 57 88 76 317 1 463 Jan. 29 3,505 230 1,596 223 329 87 83 337 82 57 88 76 317 1,464 223 ' Revised. i Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31,. 1935, was approximately $38,000,000 at all weekly reporting member banks. « Prior to January 8, deposits standing to the credit of private banks were included by some banks in demand deposits, rather than in interbank deposits; the amount so included on Dec. 31,1935, was approximately $80,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 133 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 Treasury* End of month circu- $1 $2 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 and lation i Federal Reserve banks * W34—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 g December. 5,084 423 771 1,288 1,326 337 577 112 216 11 1935—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 1,300 340 580 116 230 8 May 5,087 420 760 1,290 1,309 343 588 115 225 11 June 5,114 419 760 1,296 1,309 349 598 116 225 5 July 5,063 415 755 1,273 1,289 344 596 116 231 4 August 5,172 424 778 1,324 1,313 347 598 116 233 11 September. 5,220 433 788 1,334 1,321 349 603 118 232 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 December. 5,404 460 815 1,373 1,359 358 627 122 239 & i Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks * Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures—Sea 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 Decem- Novem- December ber ber Month Ship- Re- Ship- Re- E m u e t r o n o t p s e E c f u e ro r ip o m t p s e re N ce e i t pts E m u e t r o n o t p s e E c f u e ro r ip o m t p s e re N ce e i t pts N O e u w ts i Y de o r N k e C w i t Y y ork City- 14 1 0 17,684 ' 1 1 5 6, , 5 6 4 9 2 6 •• 1 1 5 5 , , 2 5 1 9 4 7 Federal Reserve districts: 2,005 1,947 1,728 January 0 5,256 5,256 81 3,705 3,624 Boston 18,337 16,110 15,780 February.. 1 3,740 3. 739 173 1,502 1,329 New York 1,687 1,460 1,497 March 0 2,200 2,200 167 2,026 1,859 Philadelphia-- 1,900 1,656 1,661 April 1 2,900 2,899 373 1,465 1,092 Cleveland 665 618 598 May 10 3,780 3,770 1,012 1,612 600 Richmond 841 737 781 June 8 3,471 3,463 191 1,451 1,260 Atlanta 5,115 4,329 3,903 July 63 3,601 3,538 286 2,261 1,975 Chicago 918 885 796 August 0 5,193 5,193 282 2,289 2,007 St. Louis.,. 602 567 537 September. 23 4,254 4,231 721 1,157 436 Minneapolis. 1,021 931 884 October 0 2,524 2,524 2,536 804 »~1,672 Kansas City 641 553 529- November. 199 2,129 1,930 4,203 782 1-3,421 Dallas • 2,640 ' 2,446 ' 2,117 40 1,539 1,499 603 851 248 San Francisco December- Total 36,373 r 32,238 r 30, 811 Total 345 40,587 40,242 10,628 19,965 9,337 ' Revised. * Net shipments. Back figures—See Annual Report for 1934 (table 78). 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

134 FEDERAL RESERVE BULLETIN FEBRUARY 1936 BANES SUSPENDED AND NONLICENSED BANES PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1935 AND JANUARY 1936 [Preliminary figures] Licensed banks suspended i Nonlicensed b o a r n r k e s c e p i l v a e c r e s d h i i p n » 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 it s o f * d ( o i l n la t r h s) ou- Year 1935 Jan 19 u 3 a 6 ry Year 1935 Jan 19 u 3 a 6 ry Year 1935 Ja 1 n 9 u 3 a 6 ry Year 1935 Jan 19 u 3 a 6 ry National banks 4 None 5,313 None 4 6,499 State bank members - . - None None <e « 8,613 Nonmember insured banks 22 None 3,847 None Other noniriernber bftpfrs. 8 None 998 None 48 9 14,306 16,614 Total - 34 None 10,158 None 58 9 29,418 16,614 1 Includes banks placed on a restricted basis. 1 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 conservator3hip; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. * Includes 5 banks with deposits of $7,395,000 in 1935, which did not receive licenses following the banking holiday and withdrew from the Federal Reserve System before being placed in liquidation. Back figures.—See Annual Report for 1934 (tables 79-84). POSTAL SAVINGS SYSTEM MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY RESERVE BANKS [In millions of dollars] [In thousands of dollars] Assets Total W in i t 1 h 5 - 26 3 0 to 31 to 6061 to 90 91 to d a 6 ys Over 6 U. S. Government days days days days mos. months securities End of month Bills discounted: Jan. 8 5,381 3,028 27 203 1,858 257 8 Jan.15 5,352 3,094 55 174 1,795 224 10 Jan. 22 6,420 4,049 71 927 1,221 142 10 Jan. 29 7,065 4,789 132 1,398 585 148 13 Bills bought in open mar- 1934— N D O S o e c e c t v p o e e t b e m m m e b r b b e e e r r r 1 1 1 1 , , , , 1 2 1 2 9 0 9 0 9 4 3 7 1 1 1 1 , , , , 2 2 2 2 2 3 2 3 9 6 2 7 5 5 5 5 7 5 6 4 4 1 1 0 5 5 5 5 7 8 6 9 1 1 5 7 4 4 4 4 5 6 6 5 1 7 7 7 1 1 1 1 1 1 1 3 4 4 4 0 1 1 8 9 0 0 3 7 4 0 ke J J J J t a a a a : n n n n . . . . 2 1 2 8 2 5 9__~__ 4 4 4 4 , , , , 6 6 6 6 7 5 5 5 0 6 7 7 2 2 , , 3 6 6 6 7 9 5 5 6 9 6 1 1,1 6 5 3 5 2 7 5 1 2 1 2 1, 4 5 6 2 4 9 8 7 4 7 1 1 2 2 , , 4 2 9 9 2 5 2 6 6 2 9 2 1935—January 1,201 1,232 509 614 467 147 109 Industrial ad- February 1,205 1,237 491 467 166 113 vances: March 1,203 1,232 478 508 183 63 Jan. 8 32,014 1,582 382 886 788 1,327 27,049 April _ 1,200 1,231 452 685 539 146 94 Jan. 15 32, 239 1,620 253 914 699 1,434 27,319 May 1,205 1,237 412 709 562 147 116 Jan. 22 32, 210 1,759 277 774 717 1,433 27,250 June 1,205 1,236 385 777 630 147 74 Jan. 29 32,148 1,632 586 494 685 1,463 27,288 July____ 1,189 1,221 364 777 630 147 80 U. S. Govern- August 1,192 1,224 348 780 633 147 96 ment securi- September 1,192 1,224 319 805 658 147 100 ties: October 1,196 1,230 306 824 677 147 100 Jan. 8 2,430, 239 29,67527,605 71, 643104,069372,9371,824,310 November »1,199 Jan.15 2,430, 243 25, 42537,318 70,320 78, 579391,4211,827,180 December 1,201 Jan. 22 2, 430, 264 27,60536,013108,925183, 785238,0411,835,895 Jan. 29 2, 430,263 37, 31731, 025110, 710178,275245, 3161, 827,620 Other securiv Preliminary. ties: * Includes working cash with postmasters, 5-percent reserve fund and Jan. 8 181 181 miscellaneous working funds with the Treasurer of the United States, Jan. 15-_ 181 181 accrued interest on bond investments, and accounts due from late post- Jan. 22 181 181 masters. Jan. 29.11- 181 181 Back figuret.See BULLETIN for August 1935,p. 50& Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1936 FEDERAL RESERVE BULLETIN 135 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c A o o m H di - - F p u r a c o r t m d s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts m F li u a g e t h e l t r i a i n n a g l d s a p n M r d o e d m t u a e c ls t t a s l m Bu a i te ld ri i a n l g s c C a d h l r s e a m a g n s i d - in f H u g r o n g u i o s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 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 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 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 72.6 85.8 85.0 80.4 80.7 70.1 March 79.4 78.3 81.9 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69.2 April 80.1 80.4 84.5 77.2 86.3 69.2 72.8 85.9 84.6 81.0 80.7 68.7 May 80.2 80.6 84.1 77.6 88.3 69.4 73.1 86.6 84.8 81.2 80.6 68.7 June 79.8 78.3 82.8 78.0 88.9 70.1 74.2 86.9 85.3 80.7 80.5 68.4 July.. 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.2 78.7 80.4 67.7 August 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.6 85.4 78.6 80.5 67.3 September. 80.7 79.5 86.1 77.8 90.9 71.8 73.0 86.6 85.9 80.2 80.5 67.1 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 December. _ 80.9 78.3 85.7 78.7 95.4 73.2 74.6 86.8 85.5 80.6 81.0 67.5 Week ending— 1935—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 67.4 Nov. 16 80.4 77.8 84.9 79.0 95.8 73.0 75.6 86.3 86.0 81.1 82.1 67.4 Nov. 23 80.6 78.2 85.8 79.0 95.7 73.1 75.7 86.4 85.8 80.9 82.1 67.4 Nov. 30 80.8 78.5 85.9 79.0 95.5 72.9 75.9 86.3 85.4 81.0 82.1 67.5 Dec. 7__ 80.9 79.1 86.4 78.9 94.8 72.9 75.9 86.4 85.4 80.7 82.2 67.4 Dec. 14. 80.8 79.2 85.8 78.9 95.4 72.8 75.7 86.3 85.3 80.5 82.2 67.4 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 1936—Jan. 4.. 79.3 85.8 78.8 96.6 72.9 75.5 85.9 85.2 80.1 82.2 67.5 Jan. 11. 80.5 78.3 84.6 78.8 97.7 72.4 75.4 86.0 85.2 80.2 82.4 67.8 Jan.18. 80.2 78.1 82.9 78.9 97.8 71.0 7fi.4 86.0 85.2 80.3 82.2 67.8 Jan. 25. 80.2 78.1 82.7 79.0 97.7 70.8 77.0 86.1 85.3 80.6 82.3 67.8 A i n nd n e u x al 1934 J935 A in n d n e u x al 1934 1935 Subgroups Subgroups 1934 1935 Dec. Nov. Dec, 1934 1935 Dec. Nov. Dec. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains _ 74.5 82.5 91.5 77.9 76.6 Agricultural implements 93.7 92.7 94.6 Livestock and poultry 51.5 85.1 57.2 83.1 87.4 Iron and steel. 86.7 86.7 85.6 87.0 Other farm products-. 70.5 73.4 75.1 73 5 72.8 Motor vehicles 95.9 63.9 94.6 93.8 93.6 FOODS: Nonferrous metals 67.7 68.6 67.5 71.3 70.6 Butter, cheese, and milk 72.7 79.6 81.1 83.7 BUILDING MATERIALS: Cereal products 88.7 94.1 92.2 97.2 97.2 Brick and tile 90.2 89.4 91.2 88.3 Fruits and vegetables 67.5 63. 6 62.4 63.2 63.7 Cement 93.2 95.3 93.9 95.5 95.5 Meats _ 62.9 94.5 69.0 94.3 97.5 Lumber 84.5 81.1 81.2 81.8 81.5 Other foods 66.6 77.7 74.3 80.8 77.5 Paint materials 79.5 79.8 78.8 80.3 80.0 HIDES AND LEATHER PRODUCTS: Plumbing and heating 72.6 68.9 68.8 71.1 71.1 Boots and shoes _ 98.1 98.0 97.2 99.6 100.1 Structural steel 90.8 92.0 92.0 92.0 92.0 Hides and skins 68.6 80.8 67.4 96.0 96.5 Other building materials 90.3 90.1 89.8 90.6 90.0 Leather 75.0 80.1 71.8 88.1 87.6 CHEMICALS AND DRUGS: Other leather products 86.6 85.0 85.7 86.3 87.1 Chemicals _ 79.6 86.9 82.2 88.4 87.7 TEXTILE PRODUCTS: Drugs and Pharmaceuticals. 72.1 73.9 73.4 74.7 74.7 Clothing 82.5 79.8 78.4 80.7 81.0 Fertilizer materials 67.1 66.3 65.3 67.5 64.5 Cotton goods 86.5 83.4 84.3 85.8 86.0 Mixed fertilizers 72.5 70.6 73.7 67.6 67.7 Knit goods... 63.2 61.8 61.9 63.2 62.2 HOUSEFURNISHING GOODS: Silk and rayon 26.7 30.2 27.1 35.0 33.7 Furnishings 84.1 84.2 84.2 84.2 84.7 Woolen and worsted goods 79.7 76.1 74.0 80.7 81.0 Furniture 79.0 77.0 78.2 77.1 77.1 Other textile products 73.1 68.5 68.6 68.5 68.1 MISCELLANEOUS: FEUL AND LIGHTING MATERIALS: Auto tires and tubes 44.9 45.7 47.5 45.0 45.0 Anthracite 80.1 79.7 82.3 830 82.9 Cattle feed 89.4 88.3 123.1 69.1 70.8 Bituminous coal 94.5 96.7 96.5 98.5 98.7 Paper and pulp _. 82.7 80.0 81.5 79.4 79.2 Coke 84.8 85.6 88.9 89.6 Rubber, crude 26.5 25.4 26.4 27.1 27.2 Electricity 91.8 93.1 86.2 Other miscellaneous 82.1 80.0 80.7 80.2 80.2 Gas 93.4 89.3 86.6 Petroleum products 50.5 51.3 49.8 52.5 52.8 Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDEKAL RESEBVE BULLETIN FEBRUARY 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average -1001 1934 1935 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total 85 90 88 86 86 84 84 86 88 91 95 98 »104 IRON AND STEEL 65 80 80 72 67 66 66 69 81 84 88 96 103 Pig iron .. _ . ._ 34 49 57 55 53 56 53 53 60 02 65 69 71 Steel ingots... 68 83 83 73 69 67 67 70 83 86 90 99 106 TEXTILES 97 103 100 98 98 102 100 105 104 106 113 106 111 Cotton consumption . . 92 98 95 90 84 85 82 82 85 95 99 98 108 Wool 85 102 97 95 110 124 122 128 132 112 126 118 113 Consumption 97 116 97 102 131 153 148 156 160 127 146 134 125 Machinery activity1 . . . 92 110 116 99 92 99 107 108 110 108 121 118 122 Carpet and rug loom activity l 41 52 65 71 80 80 71 76 83 74 78 72 65 Silk deliveries *. 140 119 122 135 117 111 116 133 113 134 132 112 119 FOOD PRODUCTS.. 102 '92 81 77 80 78 74 74 76 78 83 82 83 Slaughtering and meat packing — 107 83 76 73 77 74 67 69 76 76 82 79 80 Hogs 79 54 56 51 58 54 44 46 50 50 57 '54 54 Cattle. . .. . .. 146 120 101 98 96 94 92 93 107 107 111 107 110 Calves 130 132 109 112 113 108 106 115 119 124 117 118 126 Sheep 139 133 131 151 157 161 151 154 159 144 154 148 145 Wheat flour 87 86 90 88 88 83 91 80 73 82 88 86 84 Sugar meltings . . . '106 '136 86 75 80 88 75 83 78 81 78 86 92 PAPER AND PRINTING: Newsprint production 66 61 61 59 59 64 63 60 58 62 61 64 63 Newsprint consumption 118 121 122 123 119 121 124 118 120 127 124 125 TRANSPORTATION EQUIPMENT: Automobiles . . 88 104 103 106 110 86 100 95 78 71 94 115 126 Locomotives 9 8 8 8 9 14 10 3 2 1 1 3 Shipbuilding 18 27 68 89 91 56 21 15 35 64 48 119 LEATHER AND PRODUCTS 104 107 108 108 113 113 103 107 104 103 104 109 124 Tanning . 93 96 97 96 97 100 97 95 93 94 97 105 104 Cattle hide leathers 92 93 93 91 93 98 90 '88 91 90 '98 106 103 Calf and kip leathers 96 97 91 90 88 87 104 86 '77 83 '74 84 95 Goat and kid leathers 90 105 112 112 120 119 106 121 114 115 119 124 118 Boots and shoes 112 114 116 117 123 121 107 115 111 109 109 rUl 137 CEMENT AND GLASS: Cement . ..... 45 42 45 47 51 55 58 52 44 47 52 '59 59 Glass, plate. 140 174 166 183 185 155 162 169 167 179 193 200 269 NONFERROUS METALS: * Tin deliveries i 80 78 73 81 97 84 73 85 91 92 92 80 81 FUELS, MANUFACTURED: Petroleum refining- .. 154 151 155 153 153 160 166 168 169 172 176 176 173 Gasoline l . 194 191 196 191 194 204 214 220 219 223 227 225 220 Kerosene 89 99 105 108 91 94 99 91 93 92 95 94 86 Fuel oil i 103 99 102 101 96 104 105 100 103 110 110 115 121 Lubricating oil 1 98 91 94 94 100 100 97 92 100 102 103 106 104 Coke, byproduct 76 88 95 90 87 89 87 84 91 95 97 100 106 RUBBER TIRES AND TUBES 133 115 101 93 88 75 79 83 92 102 104 133 Tires, pneumatic 139 119 104 96 91 78 82 86 96 105 106 137 Inner tubes ._ _ 91 82 76 68 66 56 55 60 62 80 84 102 TOBACCO PRODUCTS.. 143 136 133 130 138 134 138 140 130 129 138 137 147 Cigars 76 72 69 67 67 66 67 70 67 69 70 69 73 Cigarettes- ' 196 186 183 180 193 186 193 196 178 175 190 191 205 Minerals—Total 90 94 96 97 87- 89 98 84 81 87 93 92 101 Bituminous coal 72 74 81 87 60 69 79 55 58 58 74 71 77 Anthracite . . . 72 76 67 54 69 71 97 62 36 65 48 48 71 Petroleum, crude 123 131 132 132 130 131 133 134 133 135 140 144 146 Iron ore 53 53 50 54 62 62 44 Zinc 74 70 73 74 75 73 79 80 81 84 80 82 84 Lead 60 48 50 55 58 63 55 59 60 59 68 67 70 Silver 53 50 65 50 49 51 47 73 59 71 75 68 .68 * Without seasonal adjustment. i 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

FEBRUARY 1936 FEDERAL KESERVE BULLETIN 137 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average-100] Annual index 1934 1935 Industry 1934 1935 Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactures—Total_._ 78 76 87 91 91 01 87 84 83 87 89 96 98 IEON AND STEEL. 60 79 57 77 84 SI 74 72 66 64 79 83 85 89 90 Pig iron 44 59 34 49 58 58 56 57 53 50 58 60 65 70 69 Steel ingots 62 81 59 80 87 83 76 73 87 66 81 85 87 91 92 TEXTILES 85 104 92 108 105 100 100 101 95 97 99 106 116 111 105 Cotton consumption 88 91 84 102 101 94 90 88 79 75 77 92 102 101 100 Wool 65 114 86 104 101 96 108 117 114 119 126 115 134 124 114 Consumption 67 131 98 119 105 104 127 141 133 139 149 133 161 146 126 Machinery activity 71 109 92 110 116 99 92 99 107 108 110 108 121 118 122 Carpet and rug loom activity ._ 48 72 41 52 65 71 80 80 71 76 83 74 78 72 65 Silk deliveries 113 122 125 136 130 130 116 110 103 126 117 141 132 116 106 FOOD PRODUCTS 99 79 103 r91 79 75 76 78 73 74 74 81 86 86 82 Slaughtering and meat packing 110 76 123 94 75 69 69 72 66 66 68 74 84 87 91 Hogs 88 52 104 72 62 51 52 52 45 41 38 37 49 60 71 Cattle 139 103 153 121 89 86 85 91 86 92 104 119 129 123 115 Calves 150 116 124 123 101 114 123 122 110 111 109 119 123 120 120 Sheep 146 149 136 134 123 137 148 158 147 154 160 168 170 146 142 Wheat flour 87 85 83 84 87 83 80 78 80 77 78 97 99 93 81 Sugar meltings >. >. .. . 79 84 '60 '89 84 88 93 99 89 102 88 86 74 67 52 PAPER AND PRINTING: Newsprint production 64 61 66 62 61 59 60 65 64 58 56 62 61 63 63 Newsprint consumption 116 *»123 121 116 121 128 127 124 123 105 107 125 132 134 TRANSPORTATION EQUIPMENT: Automobiles 69 101 48 86 111 130 141 108 114 100 69 29 78 125 126 Locomotives 5 6 10 7 g g g 13 10 3 2 1 1 4 Shinbuildin0" 50 58 14 19 48 69 88 71 27 22 51 64 35 105 LEATHER AND PRODUCTS 100 109 89 99 110 111 111 104 99 106 115 118 114 105 105 Tanning 88 97 90 92 100 94 96 95 95 95 95 100 103 103 102 Cattle hide leathers 85 94 90 94 100 92 93 93 89 86 90 94 '101 104 100 Calf and kip leathers.. 76 87 82 80 84 80 79 83 100 100 3 96 '87 80 81 Goat and kid leathers__ 107 115 97 100 116 115 119 110 106 113 111 121 124 122 127 Boots and shoes 108 117 88 103 117 122 121 110 102 113 128 130 121 '105 108 CEMENT AND GLASS: Cement . 52 51 35 25 27 34 50 65 71 63 57 59 59 58 46 Glass, plate... 94 181 105 155 179 199 205 169 165 168 169 181 193 192 202 NONFERROUS METALS: [ Tin deliveries 66 84 80 78 73 81 97 84 73 85 91 92 92 80 81 FUELS, MANUFACTURED: Petroleum refining 151 164 155 151 156 153 153 160 166 167 169 173 176 176 174 Gasoline.. 191 210 194 191 196 191 194 204 214 220 219 223 227 225 220 Kerosene 91 95 96 101 107 105 90 90 92 85 88 94 100 101 93 Fuel oil.. _ 100 105 103 99 102 101 96 104 105 100 103 110 110 115 121 Lubricating oil 93 98 98 91 94 94 100 100 97 92 100 102 103 106 104 Coke, byproduct 83 92 77 89 98 92 87 89 85 81 88 93 97 102 107 RUBBER TIRES AND TUBES.... 92 92 106 110 102 103 96 95 81 91 97 91 99 Tires, pneumatic 96 96 110 114 105 107 99 99 84 94 99 93 103 Inner tubes 69 66 75 80 74 76 68 65 57 68 80 76 75 TOBACCO PRODUCTS 128 135 115 128 121 124 127 136 150 152 139 143 148 140 119 Cigars „ . _ 67 69 57 55 60 61 63 68 73 73 70 79 85 82 55 Cigarettes 175 161 182 166 171 175 188 212 215 192 193 200 189 168 187 Minerals—Total 86 85 91 92 90 79 88 97 84 85 92 100 95 96 91 Bituminous coal 69 76 82 85 87 51 60 71 50 57 61 82 80 82 Anthracite 71 7603 '70 82 72 45 72 71 85 51 36 65 62 50 69 Petroleum, crude 123 135 120 126 129 130 130 132 136 137 136 139 141 143 142 Iron ore 43 54 80 105 102 109 119 105 37 Zinc 66 78 70 75 79 78 78 73 76 75 75 79 78 82 86 Lead 57 59 60 49 52 56 57 62 56 57 67 56 70 70 70 Silver.. ._ 42 60 54 50 70 55 49 60 46 62 59 68 74 73 68 i Includes also lead and zinc; see "Minerals." 9 Preliminary. 'Revised. NOTB.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-537. 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

138 FEDERAL RESERVE BULLETIN FEBRUARY 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 adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 Decem- Novem- Decem- Decem- Novem- Decem- Decem- I Novem- December ber ber ber ber ber ber ber ber Total. 84.6 84.9 '78.1 85.6 84.8 '79.0 76.6 74.5 63.2 IRON AND STEEL AND PRODUCTS l 76.6 76.8 66.6 77.9 77.1 67.7 68.8 65.1 47.6 Blast furnaces and steel works. _ 77.0 76.2 66.9 78.3 77.1 68.0 72.0 66.4 46.5 Cast-iron pipe ___ ._. 52.8 51.2 48.5 54.1 52.1 49.7 34.1 30.4 27.4 Cutlery and edge tools _ 80.9 80.9 76.6 80.3 79.0 76.1 71.2 67.9 57.6 Hardware 57.6 56.8 50.4 57.1 56.6 50.0 57.4 55.7 41.1 Steam, hot-water heating apparatus, etc 57.0 '58.7 48.6 59.3 59.3 50.6 40.7 41.4 31.4 Stoves 99.8 108.5 86.1 102.0 102.4 88.0 80.7 86.0 61.1 Structural metal work. 56.6 58.6 57.6 57.1 58.4 58.1 45.0 44.7 39.2 Tin cans, etc__ 92.9 95.3 85.5 96.6 99.6 88.9 91.5 91.5 79.6 Wirework _ 144.4 138.4 126.1 145.7 138.1 127.2 145.7 135.5 107.2 MACHINERYI 93.1 93.8 78.5 93.9 93.0 79.2 80.7 78.9 60.2 Agricultural implements 128.9 123.8 83.8 129.3 127.8 84.1 155.2 145.0 91.2 Electrical machinery, etc _— 74.0 75.4 65.6 74.0 75.4 65.6 65.1 64.6 52.2 Engines, turbines, etc 105.3 103.0 76.7 107.7 105.2 78.4 79.0 76.1 52.7 Foundry and machine-shop products- 79.0 77.6 66.8 80.9 79.1 68.4 68.5 65.3 49.7 Machine tools 101. 5 100.1 72.2 100.4 100.7 71.4 96.0 90.2 56.4 Radios and phonographs 230.0 271.6 207.9 225.4 222.3 203.8 143.7 179.8 132.0 Textile machinery _ 68.0 66.0 62.5 67.7 67.3 62.3 61.1 54.4 50.9 TRANSPORTATION EQUIPMENT 1 103.4 101.0 78.4 111.1 109.0 84.4 104.4 101.5 67. G Automobiles _ 118.2 115.5 88.9 128.1 125.1 96.6 118.8 116.7 76.4 Cars, electric and steam railroad.. 50.1 45.9 34.0 54.6 50.9 37.0 55.2 47.4 31.5 Locomotives 22.8 22.8 36.5 23.0 23.7 36.9 10.6 10.1 16.6 Shipbuilding _ 82.9 82.3 68.5 82.9 85.6 68.5 77.2 72.5 55. a RAILROAD REPAIR SHOPS.. 55.8 55.7 52.0 55.9 55.8 52.1 57.1 54.5 44.4 Electric railroads 64.8 65.1 65.5 64.8 65.1 65.5 61.8 59.3 58.4 Steam railroads 55.1 55.0 51.0 55.2 55.2 51.1 56.9 54.2 43.5 NONFERROUS METALS AND PRODUCTS ».. 92.3 93.1 '79.2 91.4 '91.9 '78.4 79.4 78.5 '61.8 Brass, bronze, and copper 88.5 89.0 74.0 89.1 90.0 74.5 73.4 72.9 55.6 Lighting equipment 86.9 86.9 69.8 84.8 83.2 68.1 84.7 83.5 60.1 Silverware and plated ware. 71.3 73.0 70.7 68.1 69.5 67.5 58.7 60.5 55.6 Smelting and refining 89.7 88.0 74.7 89.0 88.8 74.1 65.9 61.9 46. & Stamped and enameled ware 117.0 116.2 '97.8 118.3 116.3 102.8 101.0 '77.6 LUMBER AND PRODUCTS »_. 54.5 56.0 47.8 54.5 54.4 47.8 44.3 45.0 33.3 Furniture 74.8 77.0 65.0 72.4 71.6 62.9 68.4 59.3 45.9 Lumber, mill work 46.9 48.7 36.7 47.6 48.7 37.3 39.0 39.6 24.6 Lumber, sawmills 35.1 36.0 31.6 35.8 '35.7 32.2 25.9 26.5 20.0 STONE, CLAY, AND GLASS PRODUCTS I. 55.2 56.4 50.1 56.4 56.1 51.2 44.6 43.9 34.4 Brick, tile, and terra cotta__ 33.9 34.6 28.0 35.8 34.7 29.5 23.3 23.4 15. a Cement 45.0 49.6 41.6 47.4 49.2 43.9 31.1 33.3 24.1 Glass.. 97.8 98.4 87.4 98.2 97.2 87.8 94.2 91.2 71.9 Pottery. 69.1 70.0 70.6 68.9 69.9 70.4 55.9 54.6 50.0 TEXTILES AND PRODUCTS 1 96.9 97.0 92.8 96.2 96.2 92.1 81.9 79.7 75.3 A. Fabrics 96.4 96.1 94.0 94.7 94.4 92.4 85.3 82.6 80.2 Carpets and rugs 82.3 82.6 63.8 80.6 81.5 62.4 73.5 70.5 51.0 Cotton goods __ 92.2 90.6 96.0 90.7 89.3 94.4 81.2 76.8 81.2 Dyeing and finishing 111.0 111.7 114.8 109.1 110.4 112.9 93.5 88.2 99.6 Knit goods __ _. 115.2 117.6 110.4 113.1 115.0 108.3 113.0 120.0 109.2 Silk and rayon goods 74.0 72.5 76.3 73.9 72.6 76.1 63.9 60.9 64.9 Woolen and worsted goods. 102.4 103.1 85.6 99.0 99.2 82.8 84.3 79.4 66.6 B. Wearing apparel 93.8 94.8 86.0 95.3 96.0 87.4 70.5 69.2 61.3 Clothing, men's.__ 89.4 88.9 79.1 91.7 90.8 80.9 67.1 64.4 52.6 Clothing, women's... 120.4 121.9 111.6 123.7 125.7 114.7 84.0 81.3 77.6 Millinery _. 49.3 50.1 55.9 52.3 53.9 59.3 36.3 34.9 44.1 Shirts and collars 105.6 109.8 90.5 102.6 104.4 87.9 103.7 111.3 79.7 LEATHER AND PRODUCTS. 86.3 82.3 84.8 90.3 84.1 88.9 75.4 66.6 69.1 Boots and shoes 82.8 77.8 82.9 88.0 80.2 88.1 66.7 56.1 63.7 Leather 100.4 100.3 92.7 100.0 99.6 92.3 103.7 101.4 86.5 1 Includes current statistics for one or more industries not shown separately. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FlBBUAB? 1936 FEDERAL RESERVE BULLETIN 139 FACTORY EMPLOYMENT AND PAY ROLLS BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1935 1934 1935 1934 1935 1934 Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- December ber ber ber ber ber ber ber ber FOOD PRODUCTS 1 . _ . . _ _ 96.2 99.7 103.8 99.6 97.4 107.9 90.1 91.5 92.9 Baking 112.4 113.6 115.4 112.4 111.8 115.4 99.4 99 7 98 7 Butter . . . 68.5 70.1 72.3 71.1 70.7 75.1 55.0 54.4 53.0 Canning and preserving 61.7 76.1 69.0 102.8 86.4 115.0 73.0 84.3 72.5 Confectionery _ 86.6 85.2 91.3 ' 78.5 74.1 82.8 81.3 73.7 82.8 Flour % 73.2 75.8 77.2 73.4 74.5 77.5 64.5 67.7 63.6 Ice cream.. _ __ . 59.8 61.5 61.0 68.4 68.2 69.9 51.1 51.2 49.1 Slaughtering and meat packing _. 84.3 82.8 105.5 80.7 82.0 101.1 79.7 77.7 98.4 Sugar refining, cane 77.6 76.8 87.7 80.7 75.6 91.2 70.7 62.4 72.5 TOBACCO PRODUCTS 58.2 59.7 61.9 58.0 57.0 61.6 49. 6 48.9 49.9 Chewing and smoking tobacco and snuff 66.8 66.2 71.5 65.6 66.0 70.2 66.9 63.7 67.4 Cigars and cigarettes _ . _ 57.1 58.8 60.6 57.0 55.8 60.4 47.4 47.0 47.7 PAPER AND PRINTING... 99.7 98.7 97.5 98.0 97.4 95.8 91.8 88.0 86.3 Boxes, paper 90.4 92.9 88.5 86.8 87 0 84 9 87.6 89 1 82 7 Paper and pulp 110.0 109.0 107.4 110.0 109.0 107.4 94.4 91.7 83.5 Book and job printing ._ 91.2 89.1 89.3 89.0 88.6 87.1 84.7 78.4 80.1 Printing, newspapers and periodicals 102.4 101.2 100.4 100.6 99.9 98.6 96.8 93.1 94.2 CHEMICALS AND PETROLEUM PRODUCTS 1 111.1 ' 112.4 108.8 110.3 ' 110.8 108.1 100.8 '99.1 91.7 A. Chemical group, except petroleum * 111.4 ' 112. 9 108.3 110.1 110. 6 107.1 99.8 '99.2 89.9 Chemicals 108.8 109.5 103.9 106. 6 107.2 101.8 102.1 101.9 90.0 Druggists' preparations 98.8 100.3 102.8 97.3 96.8 101.3 97.2 94.7 94.8 Explosives ___ __ 86.7 89.9 90. 6 84.3 87.3 88.0 76.2 80. 2 70.7 Fertilizers 84.5 83.9 99.5 94.2 92.6 110.9 75.2 72.5 75.5 Paints and varnishes 107.9 109.3 99.5 109.7 110.2 101.1 93.7 94.0 78.1 Rayon and allied products 357.9 356.1 329.5 357.9 356.1 329. 5 268.0 263.3 240.1 Soap 97.3 103.7 99.6 96.6 101.0 98.9 94.6 98.3 90.7 B. Petroleum refining 109.6 ' 110.3 110.8 110.9 '111.4 112.1 104.0 '98.8 97.8 RUBBER PRODUCTS l 83.0 '82.7 '80.2 83.4 83.0 '80 7 74.5 ' 70.3 66.0 Rubber boots and shoes 60.1 58.5 '59.3 55.9 53.9 '55.2 56.6 50.1 52.1 Rubber tires and inner tubes 70.5 '69.8 71.9 72.9 '72.1 74.4 63.8 '59.9 60.0 1 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 indjsx of factory employment compiled by the F. R. Board of Governors, see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. Underlying figures are for pay-roll period ending nearest middle of month. December 1935 figures are preliminary, subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN FEBRUARY 1935 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other utilities Month 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 January..... 186.5 99.8 15.1 22.4 10.7 7.1 9.4 10.8 113.7 44.4 19.6 3.7 17.9 11.4 February. - - 96.7 75.0 14.5 16.6 4.2 7.8 7.6 9.2 63.2 27.8 5.4 5.8 11.8 7.9 March . 178.3 122.9 28.1 32.2 15.9 6.5 13.0 12.2 92.9 46.3 8.8 10.4 19.6 15.4 April 131.2 124.0 22.6 42.2 8.3 6.3 11.9 15.2 69.9 40.5 8.5 8.3 9.8 11.5 May 134.4 126.7 24.8 44.9 8.3 9.8 24.6 13.9 56.8 31.4 10.4 9.0 9.5 17.7 Juno 127.1 148.0 26.6 49.8 8.7 9.5 11.9 16.0 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 63.9 7.8 9.2 14.4 17.4 August 119.6 168.6 18.6 40.5 10.0 10.6 13.5 17.3 50.6 69.5 12.2 8.7 14.7 21.9 September 110.2 167.4 17.9 41.8 6.1 6.0 13.1 13.6 50.0 76.1 12.5 4.3 10.6 25.6 October 135.2 200.6 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 92.7 264.1 14.6 45.1 5.1 9.9 8.2 12.0 50.1 94.5 5.0 62.6 9.8 40.1 Year 1,543.1 1,844.5 248.8 478.8 116.1 108.9 150.6 164.5 751.2 690.2 117.5 173.5 158.9 228.7 CONSTRUCTION CONTRACTS AWARDED, COMMERCIAL FAILURES, BY DISTRICTS BY DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars] F. \V. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities 1935 1934 Federal Reserve district Federal Reserve 1935 1934 1935 1934 December November December district De- No- De- De- No- De- Boston 23, 323 13, 964 7,928 cember vember cember cember vember cember New York. 45,700 42, 036 15,286 Philadelphia 17, 772 9,783 6,009 Cleveland 21, 322 14,265 6,671 Boston 103 87 120 1 225 1,709 1,612 Richmond 29, 285 16,417 13, 699 New York 353 358 297 7,564 11,861 5,615 Atlanta - 20, 394 19, 051 5,709 Philadelphia 54 46 39 903 731 769 Chicago _ 53,155 29, 211 17, 616 Cleveland .. 59 70 61 1,069 888 729 St. Louis__ 19,484 ' 15, 722 5,088 Richmond 44 34 45 261 547 667 Minneapolis 10, 702 6,538 4,018 Atlanta _ _ __ 29 33 32 1,198 192 1,072 Kansas City 15, 072 ' 11, 066 5,458 Chicago 86 87 115 2,021 1,745 4,213 Dallas _ 7,928 r 10, 062 5,203 St. Louis 33 34 45 403 341 506 Minneapolis 20 11 23 687 370 181 Total (11 districts) 264,137 188,115 92, 685 Kansas City 44 21 51 362 114 755 Dallas . __ _ 15 30 21 193 314 554 San Francisco 100 116 114 1,557 1,212 3,240 ' Revised. Total 940 927 963 17,443 20, 023 19,911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS "MINNEAPOLISJ — BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE. BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis