Federal Reserve Bulletin, 1936-03

FEDERAL RESERVE BULLETIN MARCH 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON UNITED STATES OF AMERICA 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 22 MAECH 1936 No. 3 REVIEW OP THE MONTH the middle of 1935, but in the last half of the year showed an increase. Changes in loans and During the first 2 months of 1936, total investments, in various types of deposits, and reserve balances of member banks fluctuated in reserves and cash holdings of all member around $5,800,000,000, the level banks, by call dates from 1922 through 1935, Member bank reached the latter part of reserves. are shown in the accompanying chart. November. In the early part In the last 2 months of 1935, as shown by the of January, with a seasonal return flow of call report of condition which has recently becurrency and some reduction in Treasury decome available for December 31, 1935, all posits at Federal Reserve banks, there was a member banks showed further substantial insubstantial increase in reserve balances from creases in deposits and investments, and loans the relatively low level reached in the latter also increased. Reserve balances, on the other part of December. Since the middle of January, gold movements and changes in demand ALL MEMBER BANKS CALL DATES for currency have been small, reserve balances have shown little change, and excess reserves have been between $3,000,000,000 and $3,100,- 000,000. During this period the United States Treasury has followed the practice of maintaining its balance at the Reserve banks continuously at a relatively high level by withdrawing funds from commercial-bank depositaries in amounts needed to meet current payments. Excess reserves have shown little change since the end of October, except for large temporary fluctuations during December. An increase of about $140,000,000 in total reserve balances between October 31 and February 29 Demand deposits-adjusted equals total demand deposits minus interwas for the most part absorbed by an increase bank balances, United States Government deposits, and cash items in process of collection. "Reserve balances, cash in vault, and in required reserves, reflecting a growth in balances with other banks" represent the uninvested funds of member banks; they include balances held with other member banks deposits of member banks. which are also included in the item "Interbank balances." Changes in the condition of member banks hand, showed no further growth in the last 2 during 1935 were largely a continuation of months of 1935, following substantial increases movements that have been in since early in 1933. Additions to reserves ob- Progress without important in- tained from continued gold imports in Novemterruption since the banking ber and December were offset by an increase in holiday in 1933. The most significant of Treasury balances at Federal Reserve banks these movements were continued increases in and by withdrawals of currency to meet holiday deposits, in excess reserves, in bankers' bal- demands. ances, in investments, and in open-market loans. In the first 2 months of 1936, as previously Loans to customers continued to decline until explained, reserves of member banks continued 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN MAECH19W at close to previous levels. Investments and pared with 1933, demand deposits have indeposits, as shown by reports from banks in creased somewhat more at country banks than leading cities, increased further by substantial at city banks. At country banks, however, amounts, while loans, following an increase in demand 'deposits are still smaller than in 1929, the latter part of 1935, declined somewhat. while at city banks they are substantially Holdings of direct obligations of the United larger than at any previous date. States Government by reporting banks increased between December 31 and February 26 DEPOSITS OF ALL MEMBER BANKS by $220,000,000; holdings of obligations guaran- [In millions of dollars] teed by the United States showed a growth of Out- Changes since Dec. 31,1931 $80,000,000; and holdings of other securities standing all i i f n n o c v li r e o e s a t o s m f e d e t n h e t b s s y e b r b $ o a 1 u n 0 g k 0 h s , t 0 i 0 t n h 0 e , F 0 t 0 e o 0 b t . r a u l a i T r n y h v e e t s o t i m n m c e o r n e r t e a s p e t o h r a i t n n - Type of deposit 3 b m 1 D a b , e 1 n e e m 9 c r k 3 . s - 5 b m a A b e n e l m r l k - s b Y N C a e o n i w t r k y k - s r b O e c s a t i e n h t r y k e v s r e Goun- $13,000,000,000, the largest amount ever held. Demand deposits — ad- The decrease in loans during January and justed * 18,801 +3,115 +1,124 +1,237 +755 February, which reflected in part seasonal Time deposits * 10,041 +726 +8 +395 +323 U. S. Government deposits. 844 -791 -567 -183 4 influences, amounted to $290,000,000. Postal Savings deposits 218 -234 -108 Adjusted demand deposits at reporting banks Balances of domestic banks. 5,847 +1,144 +539 +532 +73 in leading cities showed an increase from De- Balances of foreign banks.— 449 +295 +281 +14 cember 31, 1935, to February 26, 1936, of i Demand deposits, other than interbank and TJ. S. Government deposits, less cash items reported as in process of collection, and prior to $200,000,000, following substantial withdrawals Dec. 31,1935, less cash items on hand and not In process of collection. * Exclusive of Postal Savings and interbank deposits. of these deposits in December. Treasury deposits, which had increased in December, Time deposits, other than deposits of other showed a decline of $190,000,000 in the first 2 banks and Postal Savings, increased by months of 1936. Balances held for domestic $60,000,000 for the last 2 months and by banks showed a substantial increase in the first $730,000,000 for the year as a whole. Practi- 2 weeks of the year, but little change in the cally all of the year's increase occurred in remaining weeks. savings deposits. Despite this substantial Adjusted demand deposits, representing de- increase, time deposits of member banks were posits of individuals, partnerships, corpora- still $2,820,000,000 below the amount out- Deposits of all tions, and State and local gov- standing at the end of 1929. P^ber banks ernments, increased by $290,- United States Government deposits at memm 000,000 during the period from ber banks showed an increase of about $190,- November 1, 1935, to December 31, 1935, 000,000 during the last 2 months of 1935, making an increase of about $3,100,000,000 for reflecting the sale of new securities on Decemthe entire year. This brought the total to ber 15. For the year as a whole, however, $18,800,000,000, as compared with $16,600,- Government deposits declined by about $790,- 000,000 at the end of 1929, the high level of 000,000. Postal Savings deposits decreased the predepression period. The growth during by $230,000,000 during the year, reflecting 1935 reflected the influence of gold imports withdrawals by the Postal Savings System and of Treasury expenditures. because of the inability or unwillingness of The following table shows changes in various banks to pay the required rate of interest. types of deposits at the different classes of Further growth in balances held for domestic member banks in 1935. The growth in adjust* banks, amounting to $160,000,000 in the last ed demand deposits during the year occurred 2 months of 1935 and to $1,140,000,000 for the at all classes of banks, but was relatively larger year as a whole, reflected the continued abunat city banks than at country banks. As com- dance of funds available to banks. The total Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAECH 1936 FEDERAL RESERVE BULLETIN 143 of these balances reached a new high level of 000, or over 5 percent, during 1935, compared $5,850,000,000. From 1922 to 1929 they with an increase of 6 percent in bank holdings generally fluctuated between $3,000,000,000 of these obligations. As a result, the proporand $4,000,000,000. Balances of foreign banks tion of member banks' holdings to the total increased by $80,000,000 in the last 2 months outstanding continued practically unchanged at and by nearly $300,000,000 for the year as a slightly more than 36 percent. In 1934 this whole, and amounts due to own foreign branches proportion had increased from 31 percent to increased by $50,000,000 in the year. At the 36 percent. On December 31, 1935, member same time balances with banks in foreign bank holdings of the various types of publicly countries were reduced by $130,000,000 and offered Government securities constituted 50 amounts due from own foreign branches by percent of outstanding Treasury bills, 46 per- $90,000,000. These changes reflected the cent of Treasury notes, and 27 percent of bonds. movement in 1935 of both domestic and foreign Fully guaranteed obligations were acquired balances to this country from abroad, which during 1935 at a faster rate than new issues was an important factor in the large gold came out, and there was also an exchange of imports of that year. partially guaranteed for fully guaranteed obli- Member bank holdings of direct obligations gations of the Home Owners' Loan Corporaof the United States Government amounted tion. The proportion of the outstanding guar- Member bank t0 $10>500>000>000 at the end anteed obligations owned by member banks holdings of Gov- of 1935, an increase of $600,increased from 32 percent at the end of 1934 to emment obliga- 000,000 during the year, and tions. / , . . B , f,. ' . 39 percent on December 31, 1935. their holdings of obligations Member banks in reserve cities other than fully guaranteed by the United States totaled New York, as shown in the following table, nearly $1,800,000,000, about $800,000,000 more increased their investment in Government than a year earlier. Among direct obligations, securities, direct and fully guaranteed, by holdings of Treasury notes increased by $1,190,- nearly $1,000,000,000 during the year and 000,000 and those of Treasury bills by $160,- increased the proportion of their total loans 000,000, while holdings of bonds declined by and investments held in the form of United $750,000,000. During the period from De- States direct and guaranteed obligations from cember 31, 1934, to November 1, 1935, when 42 to more than 46 percent. The growth in the refunding of the remaining liberty bonds the holdings of these banks made up the larger was completed and the pre-war bonds with the part of the increase for all member banks and circulation privilege were redeemed, member reflected principally purchases of Treasurybank holdings of bonds representing direct notes. For New York City banks the proporobligations of the Government declined $990,tion of total loans and investments in Govern- 000,000. During the last 2 months of the raent obligations was 45 percent at the end as year they increased by $240,000,000. The well as at the beginning of the year. At decrease during the year in holdings of these country banks holdings of direct obligations bonds was approximately offset by the increase declined, reflecting principally the retirement of in holdings of fully guaranteed obligations, bonds bearing the circulation privilege, while chiefly bonds of the Federal Farm Mortgage holdings of guaranteed obligations increased, Corporation and the Home Owners' Loan and the proportion of total loans and invest- Corporation. ments held in Government obligations of both Outstanding direct obligations of the Govtypes increased slightly from 28 to nearly 29 ernment, exclusive of special issues which are percent. not publicly offered, increased by $1,450,000,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN MARCH 1936 MEMBER BANK HOLDINGS OF UNITED STATES DIRECT try banks time deposits were about equal in AND GUARANTEED OBLIGATIONS amount to demand deposits, and these banks [ID millions of dollars] carried large balances with city correspondents. Amounts held, Dec. Changes during year They were, therefore, in a position to make 31, 1935 larger investments in longer-term obligations. b Y N C a o e n it r w k y k s b O s c a e r t i n r e h t v y - k e e s r C ba t o r n u y k n s - b Y N C a o e n it r w k y k s b O s c a e r t i r e n h t v - y k e e r s b C a t o r n y u k n s - Withdrawal of Gold Certificates by Federal Reserve Bank of New York Direct obligations: On January 24, 1936, the Federal Reserve lift Bonds - 749 1,967 1,189 -75 -334 -344 Treasury notes. 1,810 2,871 722 +146 +880 +160 Bank of New York withdrew in gold certificates Treasury bills. 865 298 28 +107 +38 +15 $2,000,000,000 of its balance in the gold certifi- Total 3,425 5,136 1,940 +179 +585 -168 cate fund held by the United States Treasury Fully guaranteed obligations 401 744 623 +123 +388 +268 for the account of the Board of Governors of Total, direct and the Federal Reserve System. This withdrawal fully guaranteed,. 3,825 5,880 2,563 +301 +972 +100 was a routine operating transaction resulting in the substitution of gold certificates for a part Composition of the portfolio of Government of a book balance payable in gold certificates. securities differed at the three classes of banks. It had no significance from the public point of Member banks in New York City held largely view and no connection with gold exports, actual or prospective, since gold for export may short-term securities. Treasury bills with mabe obtained by a Reserve bank, with the conturities not exceeding 9 months comprised 23 sent of the Secretary of the Treasury, as readily percent and Treasury notes with maturities up by drawing on a gold-certificate account as by to 5 years, 47 percent of their total portfolio of the presentation of gold certificates. direct and guaranteed Government obligations The occasion for the withdrawal of the gold on December 31, 1935. For member banks in certificates was that the amount held by the New York Reserve Bank in the gold-certificate reserve cities other than New York, the profund had become greatly in excess of what has portion of Treasury bills was much smaller, but been customary, or what is needed for the Treasury bills and notes combined made up purpose of settling the New York bank s more than one-half of total Government obliga- accounts with other Reserve banks. The tions. In country banks, on the other hand, purpose for which the Reserve banks hold a bonds, direct and guaranteed, comprised more part of their reserves in the gold-certificate fund is to enable them to settle balances among than two-thirds of the Government securities themselves on the books of the Board of Govheld. ernors daily by wire, rather than to be obliged Larger investment in short-term securities to ship currency. In recent months the balance was in banks having a larger proportion of lia- held by the New York bank had greatly increased to $3,400,000,000, an amount far larger bilities subject to withdrawal on demand. At than is necessary for the purpose of settling HS New York City banks on December 31, 1935, balances with other banks. Even after tne adjusted demand deposits, which exclude inter- withdrawal of $2,000,000,000, the New Tone bank deposits, were 10 times as large as time bank had a balance of $1,400,000,000 to its deposits, and in addition most New York City credit in the account. The withdrawal is m accordance with the authority given in tne banks held a large volume of demand balances Gold Reserve Act of 1934, which provides t&a* of other banks, which are subject to quick withbalances of the Reserve banks held with tne drawal. Banks in other reserve cities held Treasury are payable in gold certificates1SS^ about 70 percent more in demand deposits than in such form and in such denominations as tn in time deposits, and in addition held substan- Secretary of the Treasury may determine. These gold certificates may be held in the vaults tial amounts of balances of other banks, but of the Reserve banks but cannot be paid out w most of these banks aJso carried balances with the public, because the circulation of goW cer* correspondent banks in other cities. At countificates is not permitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1936 FEDERAL RESERVE BULLETIN 145 Designations of Chairmen and Federal Reserve March 1 to April 30,1936: F. H. Curtiss, Boston; Agents at the Reserve Banks J. H. Case, New York; R.L. Austin, Philadelphia; E. M. Stevens, Chicago; J. S. Wood, St. Louis; On March 5, 1936, the Board issued the fol- C. C. Walsh, Dallas. lowing statement with respect to the designa- The Board has also designated as chairman tions of chairmen and Federal Reserve agents and agent from March 1 to December 31, at the Federal Reserve banks to serve after 1936, W. B. Geery, Minneapolis; and the March 1, 1936: Board had previously designated J. J. Thomas, Upon the expiration of their terms on Decem- Kansas City, to serve until December 31, ber 31,1935, the chairmen and Federal Reserve 1936. agents at those banks in which no vacancy Vacancies remain in the chairmanships at existed in this office were reappointed until Richmond and San Francisco. March 1, 1936, in order that the Board of Governors which took office as of February 1, 1936, might designate appointees of its own selection and adopt such policies as it con- Appointments of Presidents and First Vice Presidents sidered advisable in connection with the of Federal Reserve Banks chairmanships. Paragraph 4 of section 4 of the Federal Re- The present Board of Governors, in dischargserve Act as amended by the Banking Act of ing under the law its responsibility for efficient 1935, effective March 1, 1936, provided for the and economical operation of the System, has appointment, each for a term of 5 years, of initiated a procedure looking toward the plac- presidents and first vice presidents of Federal ing of the^ chairmanships upon a largely hon- Reserve banks as the chief executive officers of orary basis. Under this procedure various the banks. Up to March 11, presidents and nonstatutory duties now performed in the office vice presidents of Federal Reserve banks had of the chairman and Federal Reserve agent been appointed by the boards of directors of would be placed under the president of the the respective banks and approved by the bank, who under the Banking Act of 1935, is Board of Governors of the Federal Reserve selected for a term of 5 years by the board of System as follows: directors of the bank, subject to the approval of the Board of Governors, and is recognized by law as the chief executive of the bank. The Federal Reserve Presldent First vice president bank technical duties of the office of the Federal Reserve agent may then be performed by an Assistant Federal Reserve agent, making it Boston R. A. Young W. W. Paddock. possible for the chairman to discharge the im- New York.... Geo. L. Harrison. Allan Sproul. Philadelphia „ portant responsibilities of his office without Cleveland M. J. Fleming F. J. Zurlinden. being required to devote more than a limited Richmond Hugh Leach. Portion of his time to the bank. The Board Atlanta Oscar Newton R. S. Parker. believes that a more efficient organization, Chicago G. J. Schaller.-.. H. P. Preston. St. Louis W. McC. Martin. O. M. Attebery. avoiding a dual executive responsibility at the Minneapolis John N. Peyton.. federal Reserve banks, and substantial econ- Kansas City.. G. H. Hamilton,. C. A. Worthingomies in the operation of the System may thus ton. be accomplished, while at the same time it will Dallas --- B. A. McKinney_ R. R. Gilbert. W. A. Day. be possible to obtain the services of men who San Francisco. are not only well qualified, but public spirited to serve as chairmen. Meeting of the Federal Advisory Council In accordance with these objectives, the tfoard has designated as chairmen and Federal The first meeting of the Federal Advisory Reserve agents for terms from March 1 to Council for 1936 was held on February 11 and December 31, 1936: E. S. Burke, Jr., Cleve- 12, 1936. Walter W. Smith was reelected land, and H. W. Martin, Atlanta. president and Howard A. Loeb was reelected In furtherance of this procedure, the Board vice president. These officers as ex-officio nas decided to terminate the services of the members and Messrs. Steele, Perkins, Young, tallowing chairmen and Federal Reserve agents and Kemper will comprise the executive com- £s of April 30, 1936, and they have accordingly mittee. Walter Lichtenstein was reappointed °een redesignated only for the period from secretary. 51220^36 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL EESEEVE BULLETIN MABCH1836 REGULATIONS OF FEDERAL DEPOSIT INSURANCE CORPORATION The following regulations of the Federal Subsection (c). Where two or more banks receive Deposit Insurance Corporation with respect deposits in the same office or offices, each bank operating as an insured bank and doing business in such to displajdng official emblems and the payoffice or offices is forbidden on and after October 11, ment of interest on deposits were recently 1935, or, in the case of a bank becoming an insured promulgated: bank after October 11, 1935, after its first day of operation as an insured bank, to receive deposits at REGULATION HI any window or station where any noninsured bank receives deposits. [Approved and effective Oct. 11,1935, superseding regulation P of 1934 Subsection (d). Pursuant to written notice from the Corporation given to insured banks at least 30 days SCOPE OP REGULATION prior to any date the Corporation specifies, provided on such date special circumstances exist, with regard This regulation prescribes the requirements with to particular banks, making a change in the wording of regard to the official signs insured banks must display the official signs to be used desirable, each insured bank and the requirements with regard to the official adverreceiving such notice shall on an,d after the date specitising statement insured banks must include in adverfied in such notice change its official sign or signs in tisements relating to deposits. It also prescribes an accordance with the requirements of this Corporation. approved emblem and an approved short title which insured banks may use at their option. This regulation imposes no limitations on other proper advertising SECTION 3. MANDATORY REQUIREMENTS WITH REGARD of insurance of deposits by insured banks. TO THE OFFICIAL ADVERTISING STATEMENT AND MANNER OF USE SECTION 1. STATUTORY PROVISIONS Subsection (a). Each insured bank shall include the Paragraph (2), subsection (v), section 12B of the official advertising statement, prescribed in subsection Federal Reserve Act, as amended, provides as follows: (b) of this section, in advertisements issued or caused "Every insured bank shall display at each place of to be issued by it after February 1, 1936, of the types business maintained by it a sign or signs, and shall enumerated in subsection (c) of this section as being of include in advertisements relating to deposits a state- the class in which the official statement is required to ment to the effect that its deposits are insured by the be included. Corporation. The board of directors shall prescribe No bank which becomes an insured bank after by regulation the forms of such signs and the manner December 1, 1935, is required to include the official of display and the substance of such statements and advertising statement in such advertisements until 60 the manner of use. For each day an insured bank days after its first day of operation as an insured bank. continues to violate any provision of this paragraph In cases where, in the opinion of the Board of Direcor any lawful provision of said regulations, it shall be tors of the Federal Deposit Insurance Corporation, subject to a penalty of not more than $100, recoverable undue hardship would result by reason of the requireby the Corporation for its use," ments of this subsection becoming operative as to a particular bank on the date fixed herein, the Board of Directors may grant an extension of time applicable to SECTION 2. MANDATORY REQUIREMENTS WITH REGARD TO THE OFFICIAL SIGNS AND THEIR DISPLAY the particular bank affected, upon written application of the bank setting forth the facts. Subsection (a). Each insured bank shall continuously In cases where advertising copy not including the display on and after October 11, 1935, for so long as it official advertising statement is on hand on the date the continues to be an insured bank, an official sign as requirements of this subsection become operative, the hereinafter prescribed at each station or window where insured bank may cause the official advertising stateinsured deposits are usually and normally received in ment to be included by use of a rubber stamp or otherits principal place of business and in all Us branches: wise. Provided, That no bank becoming an insured bank after Subsection (b). The official advertising statement October 11, 1935, shall be required to display such shall be in substance as follows: "Member of tne official signs until 21 days after its first day of operation Federal Deposit Insurance Corporation/' However, as an insured bank. The official signs may be displayed the word "the" or the words "of the" may be omitted. by any insured bank prior to the date display is required. Further, the words "This bank is a" or the words Subsection (b). The official sign referred to in sub- "This institution is a" or the name of the insured section (a) of this section shall be 7 inches by 3 inches bank followed by the words "is a" may be added in size, made of metal, furnished to banks by this before the word "Member." Corporation only, and of the following design: [Design Subsection (c). The follow ing is an enumeration o f i omitted.] the types of advertisements which, when issued or The Corporation shall furnish to banks an order caused to be issued by an insured bank, shall, in ^acblank for use in procuring the official signs. Any bank cordance with the requirements of subsection (a) oi which promptly, after receipt of the order blank, fills it this section, include the official advertising statement. in, executes it, and properly directs and forwards it to 1. Statements of condition of an insured bank and the Federal Deposit Insurance Corporation, Washingreports of condition of an insured bank, except tnose tion, D. C, shall not be deemed to have violated this required to be published by State or Federal law. regulation on account of not displaying an official sign 2. Institutional advertisements relating direcw or signs, unless the bank shall omit to display such to an insured bank and published in a newspaper* official sign or signs after same have been tendered to magazine or other periodical except in cases when oW the bank through the instrumentality of the United the name or name and address of the insured ban* w States mail or otherwise. set forth. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAECH 1936 FEDERAL EESERVE BULIJETIN 147 3. Billboards, posters, street-car displays, signs and Any insured bank, may in addition to the requiremetal plates or other plates relating directly to an in- ments of this regulation, use any proper advertising sured bank, and except those which set forth only the of insurance of its deposits. For example, as an addiname or name and address of the insured bank, and tion to the official advertising statement, any insured except those signs or plates in the banking offices, or on bank may, at its option, use the following in any of its the windows of the banking offices, or attached to the advertisements: building or buildings in which the banking offices are "Deposits in this bank are insured with maximum located. insurance of $5,000 for each depositor." 4. Pamphlets, circular letters to depositors or cus- Further, in the case of display signs in the banking tomers, leaflets, and calendars advertising an insured offices which, under the provisions of this regulation, bank. are not required to include the official advertising 5. Novelty and specialty advertisements relating statement, any insured bank may use, for example, directly to an insured bank, except those which set any of the following: forth only the name or name and address of the insured 1. "The Federal peposit Insurance Corporation inbank. sures deposits in this bank with $5,000 maximum in- 6. Display advertisements, advertising an insured surance for each depositor." bank, in directories such as telephone, bank, and city 2. "Deposits in this bank are insured by the Federal directories, except listings of banks in heavy or other peposit Insurance Corporation with $5,000 maximum type. insurance for each depositor." 7. Advertisements relating directly to an insured 3. Electric sign or other display reproductions of the bank which are made by radio or reproduced on the official sign. picture screen in theaters. SECTION 5. PENALTIES 8. Advertisements soliciting trust business with the No bank will violate any provision of paragraph (2), intention of causing an insured bank to receive uninsubsection (v), section 12B of the Federal Reserve vested trust funds, except signs or plates in the banking Act, as amended, or any provisions of this regulation offices or on the windows of the banking offices or if it complies with the provisions of sections 2 and 3 of attached to the building or buildings in which the this regulation. No penalty will be imposed for any Banking offices are located, and except in cases when violation of the provisions of this regulation until the only the name or name and address of the insured bank has been given an opportunity to be heard before bank is set forth. the board of directors of this Corporation. Subsection (d). Insured banks are not required to include the official advertising statement in any type of advertisements other than those enumerated in subsection (c) as being of the class in which such state- REGULATION IV ment is required to be included. [Approved Dec. 21,1935; amended Jan. 23,1936, effective Feb. 1, 1936. Insured banks are not required to include the official Superseding regulations B and G, series of 19341 advertising statement in bank supplies, such as stationery, envelopes, deposit slips, checks, drafts, sig- AUTHORITY FOB AND SCOPE OF REGULATION nature cards, deposit pass books, certificates of deposit, This regulation is issued under authority of paraetc., or in the advertisements excluded by express graph (8), subsection (v) of section 12B of the Federal exceptions to paragraphs 1, 2, 3, 5, 6, and 8 of subsec- Reserve Act, as amended, which is published in the tion (c) of this section, or in reports to stockholders. appendix hereto. Subsection (e). Where an insured bank has out- This regulation relates to the payment of deposits and standing advertisements of the type enumerated in interest thereon by insured nonmember banks. This paragraph 3 of subsection (c) of this section and has regulation is not applicable to banks which are members direct control either by possession or under the terms of the Federal Reserve System. Regulation Q, preof a contract of such advertisements, it shall, if it can scribed by the Board of Governors of the Federal Redo so consistently with its contractual obligations, serve System for banks which are members of that cause the official advertising statement to be included System, is not applicable to insured banks which are not therein at such time as it would have been required members of the Federal Reserve System, except to the to include the official advertising statement had the extent that the State law of a particular State provides advertisement been newly issued rather than previ- otherwise. ously outstanding, The provisions of this regulation do not apply to any deposit in a bank located outside of or payable only SECTION 4. APPROVED EMBLEM AND APPROVED SHORT at a bank's office which is located outside of the States TITLE WHICH INSURED BANKS MAT "USE AT THEIR of the United States and the District of Columbia. OPTION SECTION 1. DEFINITIONS Subsection (a). The emblem reproduced below is hereby approved for the use of insured banks. [Em- (a) Demand deposits.—The term "demand deposit" blem omitted.] includes every deposit which is not a "time deposit" or Subsection (b). The following short title is hereby "savings deposit1*, as defined below. approved for use of insured banks: "Member of (b) Time deposits.—The term "time deposits" F. D. I. C." means "time certificates of deposit" and "time deposits, Subsection (c). No insured bank is required to use open account", as defined below. the emblem or short title to any extent whatsoever. (c) Time certificates of deposit.—The term "time HoweveT, if any insured bank desires to use the emblem certificate of deposit", means a deposit evidenced by a or short title, it may do so in any of its advertisements negotiable or nonnegotiable instrument which provides and on any of its bank supplies. Since the approved on its face that the amount of such deposit is payable: emblem contains the official advertising statement in (1) On a certain date, specified in the instrument, not the outside circle, its use in the type of advertisements less than 30 days after the date of the deposit; or listed in subsection (c), section 3 of this regulation wil1 (2) At the expiration of a specified period not less satisfy the mandatory requirements of that section. than 30 days after the date of the instrument; or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN MARCH ) (3) Upon written notice to be given not less than 30 is not a presentation of the pass book within the meandays before the date of repayment.1 ing of this regulation except where the pass book is (d) Time deposits, open account.—The term "time held by the bank as a part of an estate of which the bank deposit, open account" means a deposit, other than a is a trustee or other fiduciary, or where the pass book "time certificate of deposit" or a "savings deposit", is held by the bank as security for a loan. If a pass with respect to which there is in force a written contract book is retained by the bank, it may not be delivered with the depositor that neither the whole nor any part to any person other than the depositor for the purpose of such deposit may be withdrawn, by check or other- of enabling such person to present the pass book in wise, prior to the date of maturity, which shall be not order to make a withdrawal, although the bank may less than 30 days after the date of the deposit,3 or prior deliver the pass book to a duly authorized agent of the to the expiration of the period of notice which must be depositor for transmittal to the depositor. given by the depositor in writing not less than 30 days Every withdrawal made upon presentation of a pass in advance of withdrawals.3 book shall be entered in the pass book at the time of (e) Savings deposits.—The term "savings deposit" the withdrawal, and every other withdrawal shall be means a deposit evidenced by a pass book consisting of entered in the pass book as soon as practicable after funds (i) deposited to the credit of one or more individ- the withdrawal is made. uals or of a corporation, association or other organiza- (f) Interest,—The term "interest" means a paytion operated primarily for religious, philanthropic, ment or credit which is made or furnished by a bank charitable, educational, fraternal, or other similar pur- as consideration for the use of the funds constituting poses and not operated for profit,4 or (ii) in which the a deposit. entire beneficial interest is held by one or more individ- The term "interest" includes any direct or indirect uals or by such a corporation, association or other organ- payment by the bank of the purchase price of premiums ization and in respect to which— given to depositors or prospective depositors in con- (1) The depositor is required, or may at any time be nection with obtaining deposits. required, by the bank to give notice in writing of an The term "interest" does not include the payment intended withdrawal not less than 30 days before such or absorption of taxes upon deposits, whether levied withdrawal is made; or the bank consistently continues against the bank or the depositor, nor payment or to adhere to a practice existing prior to January 23, absorption of premiums on surety bonds securing 1936, of requiring notice of at least 15 days before deposits where such bonds are required by or under permitting withdrawal; authority of law. (2) Withdrawals are permitted in only two ways, either (A) upon presentation of the pass book, through SECTION 2. DEMAND DEPOSITS payment to the person presenting the pass book, or (a) Interest prohibited.—Except as hereinafter pro- (B) without presentation of the pass book, through vided, no insured nonmember bank shall, directly payment to the depositor himself but not to any other or indirectly, by any device whatsoever, pay any person, whether or not acting for the depositor.5 interest on any demand deposit. The provisions of (i) and (ii) of this subsection (e), (b) Exceptions.—The prohibition stated in subseclimiting savings deposits to funds of certain classes of tion (a) above does not apply to— persons shall not be applicable to deposits received and (1) Payment of interest accruing before August 24, credited on or before February 1, 1936, to accounts 1937, on any deposit made by a "savings bank" 6 as evidenced by pass books in insured nonmember banks defined in section 12B of the Federal Reserve Act, as and these deposits, together with interest subsequently amended, or by a mutual savings bank; payable on such deposits, less any withdrawals from (2) Payment of interest accruing before August 24, such accounts, may be classed by insured nonmember 1937, on any deposit of public funds7 made by or on banks as savings deposits under the terms of this sub- behalf of any State, county, school district, or other section, even though such deposits belong to an asso- subdivision or municipality, or on any deposit of ciation, organization or corporation organized for profit. trust funds, if the payment of interest with respect The said provisions of (i) and (ii), however, shall be to such deposit of public funds or of trust funds is applicable to deposits received subsequently to Februrequired by State law when such deposits are made ary 1, 1936, whether or not such deposits are credited in State banks; to an account existing prior to February 1, 1936. (3) Payment of interest in accordance with the The presentation by any officer, agent or employee of terms of any certificate of deposit or other contract tne bank of a pass book or a duplicate thereof retained which was lawfully entered into in good faith before by the bank or by any of its officers, agents or employees February 1, 1936 (or, if the bank became an insured i If the certificate of deposit provides merely that the bank reserves thenonmember bank thereafter, before the date upon which J? V ^if6!111^ notl? ot D?' less than 30 d*y* before any withdrawal is it became an insured nonmember bank), which was m J^ ? S n SK ^b P a ^h nk f ih ^ * U 1 S t re M 9 S C ?r h .e r ^ is c tm b n a o s t ic C e u b b ef o a r c e c o p u e n rm ts i tt a in n g d w V i a th ca d ti r o aw n a c l l . ub in force on such date, and which may not legally be amounts, which ore made under written contracts providing that noterminated or modified by such bank at its option and without liability; but no such certificate of deposit or other contract may be renewed or extended unless it be modified to eliminate any provision for the pay* h ^ iX g? H i ? ht? Jr e et i P u O i s r i e t b n?ot m i< a * d f o , f w n i o t5 t r l e e S s f s ie c th t t a 0 n w 3 h 0 ic h d a t y he s b b a e n f k o r m ere i ly t h res d e l r v i es m no e n n m t e o m f i b n e t r e r b e a st n k o n s d h e a m ll a t n a d k e d e s p u o c s h it s, a c a t n i d o n e v a e s r y m in a s y u r b ed e wUhd'rawal.^ mUSt re^e~s^^^^ necessary, as soon as possible consistently with its iwVSSS081!?in ty?1* JSJounte of two or more individuals may be classified contractual obligations, to eliminate from any sucn SMSJ^^SE081^ " *?ey meet th2 otber requirements of the afcrodS Sii«?fl Sut a61*05^3 of a Partnership operated for profit may not be so certificate of deposit or other contract any provision beMmfifi i£!%£lu 1°Secreditof anindividualoffundsinVhichlny for the payment of interest on demand deposits. h nthflr n^« f ^ held by a corporation, partnership, associationTor (c) Deposits in "savings banks"6 in specifically otner orffanizatmn nnprated for profit or not ifi^rrr*aiifS'u»..Ui designated deposit accounts with respect to wiuca • Section 12B (c) (7) of the Federal Reserve Act, which defines the term savings bank", is quoted in the appendix hereto. , Hitt* T Deposits of moneys paid into State courts by private parties ggagj the outcome of litigation are not deposits of "public funds/' within u» meaning of the above provision. 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MARCH 1936 FEDERAL RESERVE BULLETIN 149 withdrawal by checking is permitted in accordance to January 23, 1936, of requiring notice of at least 15 with paragraph (7), subsection (c), section 12B of the days before permitting withdrawal. Federal Reserve Act, as amended, shall for the purposes (e) No interest after maturity or expiration of of this regulation be classed as demand deposits. notice—Exception.—No interest shall be paid on any time or savings deposit for any period subsequent to maturity, whether such deposit matures by its terms SECTION 3. MAXIMXJM RATE OF INTEREST ON TIME AND on a specific date or at the expiration of a notice period SAVINGS DEPOSITS pursuant to written notice actually given, except if a (a) Maximum rate prescribed from time to time.— time certificate is renewed within 10 days after maturity Except in accordance with the provisions of this regu- the renewal certificate • may draw interest from the lation, no insured nonmember bank shall pay interest maturity date of the matured certificate. on any time deposit or savings deposit in any manner, directly or indirectly, or by any method, practice, or SECTION 4. PAYMENT OF TIME DEPOSITS BEFORE device whatsoever. No insured nonmember bank shall MATURITY pay interest on any time deposit or savings deposit at a (a) Time deposits payable on a specified date.—No insured nonmember bank shall pay any time deposit, rate in excess of such applicable maximum rate as the which is payable on a specified date, before such speciboard of directors of the Federal Deposit Insurance fied date, except as provided in subsection (d) of this Corporation shall prescribe from time to time; and any section. rate or rates which may be so prescribed by the board (b) Time deposits payable after a specified period,— will be set forth in supplements to this regulation, which No insured nonmember bank shall pay any time dewill be issued in advance of the date upon which such posit, which is payable at the expiration of a specified rate or rates become effective. period, before such period has expired, except as pro- (b) Modification of contracts to conform to regulavided in subsection (d) of this section. tion.—-No certificate of deposit or other contract shall (c) Time deposits payable after a specified notice.— be renewed or extended unless it be modified to conform No insured nonmember bank shall pay any time deto the provisions of this regulation, and every insured posit, with respect to which notice is required to be nonmember bank shall take such action as may be given a specified period before any withdrawal is made, necessary, as soon as possible consistently with its until such required notice has been given and the contractual obligations, to bring all of its outstanding specified period thereafter has expired, except as procertificates of deposit or other contracts into conformity vided in subsection (d) of this section. with the provisions of this regulation. (d) Loans upon security of time deposits.—An in- (c) Savings deposits received during first 5 days of sured nonmember bank may make a loan to the demonth.—An insured nonmember bank may pay interest positor upon the security of his time deposit, provided on a savings deposit received during the first 5 days of that the rate of interest on such loan snail be not less any calendar month at the applicable maximum rate than 2 percent per annum in excess of the rate of prescribed pursuant to the provisions of subsection (a) interest on the time deposit. of this section, calculated from the first day of such Where a loan to the depositor upon the security of calendar month until such deposit is withdrawn or his time deposit upon terms satisfactory to the insured ceases to constitute a savings deposit under the pro- nonmember bank and the depositor cannot be arranged, V1S/S\ns of ^is regulation, whichever shall first occur. and where the depositor signs a written statement to (a) Continuance of time deposit status.—A deposit be kept in the files of the bank that he is in need of which was a time deposit at the date of deposit con- money represented by the time deposit before the tinues to be such until maturity although it has become maturity thereof, stating the definite amount needed, payable within 30 days, and interest at a rate not the time deposit may be paid before maturity to the exceeding that prescribed pursuant to the provisions of extent required to meet such need, but the depositor subsection (a) of this section may be paid until ma- shall forfeit accrued and unpaid interest for a period turity upon such deposit* A time deposit or a savings of not less than three months on the amount withdrawn. deposit, with respect to which notice of withdrawal When a portion of a time certificate of deposit is paid fs J?een given, continues to be such until the expiration before maturity, the certificate shall be cancelled and or tne period of such notice, and interest may be a new certificate shall be issued for the unpaid portion paid upon such deposit until the expiration of the of the deposit, with the same terms, rate, date, and •u j such n°tice at a rate not exceeding that pre- maturity as the original deposit. B?Jr?d Pursuant to the provisions of subsection (a) or this section. Interest at a rate not exceeding that SECTION 5. NOTICE OF WITHDRAWAL OF SAVINGS DEPOSITS nP+i? pursuant to the provisions of subsection (a) (a) Requirements regarding notice.—An insured oi ttus section may be paid upon savings deposits nonmember bank shall observe the requirements set witn respect to which notice of intended withdrawal forth as follows in requiring notice of intended with- T8,*10* actually been required or given. No interest drawal of any savings deposit or part thereof or in snau be paid by an insured nonmember bank on any permitting withdrawal without requiring such notice: amount which by the terms of any certificate or other (1) If an insured nonmember bank pay any amount r™ -acKOr agreement, or otherwise, the bank may be or percentage of the savings deposits of any depositor oft ulred to Pav within 30 days from the date on which without requiring such notice, it shall, upon request, «*!w am5unt is deposited in such bank,* except as to and without requiring such notice, pay the same «fJln?? deP°sits with respect to which the bank con- amount or percentage of the savings deposits of every 8lsient]v_continues to adhere to a practice existing prior other depositor, subject to the same notice requirement, except if the bank changes its practice in acwunts *M u ~A M Christmas club accounts and vacation club ac- cordance with subsection (b) of this section. withd«i?Tc£ ?,re made ^der written contracts providing that no Save bXaLshiU ** made ™til & certain number of periodic deposits • Where a time certificate is renewed within 10 days after maturity, the ^a<te during a period of not less than 3 months, constitute renewal certificate may be dated back to the maturity date of the lts, open account" even though some of the deposits are made matured certificate. ays from the end of such period. 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150 FEDERAL RESERVE BULLETIN MAKCH 1936 (2) If an insured nonmember bank requires such districts. The board of directors shall by regulation notice before the payment of any amount or percentage define what constitutes time and savings deposits in an of the sayings deposits of any depositor, it shall require insured nonmember bank. Such regulations shall prosuch notice before the payment of the same amount or hibit any insured nonmember bank from paying any percentage of the savings deposits of any other de- time deposit before its maturity except upon such conpositor, subject to the same notice requirement, except ditions and in accordance with such rules and regulaif the bank changes its practice in accordance with tions as may be prescribed by the board of directors, subsection (b) of this section. and from waiving any requirement of notice before pay- Even though the bank's practice is to require notice, ment of any savings deposit except as to all savings an insured nonmember bank is not prevented by this deposits having the same requirement. For each violaregulation from paying, during the next succeeding tion of any provision of this paragraph or any lawful interest period without requiring notice of withdrawal, provision of such regulations relating to the payment interest on a savings deposit which has accrued during of interest or dividends on deposits or to withdrawal the preceding interest period. of deposits, the offending bank shall be subject to a (b) Eequirements regarding change of practice.—No penalty of not more than $100, recoverable by the insured nonmember bank shall change its practice with Corporation for its use. respect to the requiring or not requiring of notice of Paragraph (7), subsection (c) of section 12B of the intended withdrawal of savings deposits, except after Federal Reserve Act, as amended, provides as follows: duly recorded action of its board of directors or of its (c) As used in this section — executive committee properly authorized, and no (7) The term "savings bank" means a bank (other practice in this respect shall be adopted which does not than a mutual savings bank) which transacts its ordiconform to the requirements of paragraphs (1) and (2) nary banking business strictly as a savings bank under of this section. State laws imposing special requirements on such banks (c) Change of practice for purpose of discrimina- governing the manner of investing their funds and of tion.—No change in the practice of an insured non- conducting their business: Provided, That the bank member bank with respect to the requiring or not maintains, until maturity date or until withdrawn, all requiring of notice of intended withdrawal of savings deposits made with it (other than funds held by it in deposits shall be made for the purpose of discriminating a fiduciary capacity) as time savings deposits of the in favor of or against any particular depositor or specific term type or of the type where the right is depositors. reserved to the bank to require written notice before (d) Requirements applicable although no interest permitting withdrawal: Provided further. That such paid.—-An insured nonmember bank shall observe the bank to be considered a savings bank must elect to requirements of this section with respect to savings become subject to regulations of the Corporation witb deposits even though no interest be paid on such respect to the redeposit of maturing deposits and prodeposits. hibiting withdrawal of deposits by checking except in (e) Loans upon security of savings deposits.—An cases where such withdrawal is permitted by law on insured nonmember bank may make a loan to any of the effective date from specifically designated deposit its depositors upon the security of his savings deposits, accounts totaling not more than 15 per centum of the provided that if the bank's practice is to require notice bank's total deposits. before permitting withdrawal of any amount or percentage of the sayings deposits of any depositor, it shall require like notice before permitting a loan on the SUPPLEMENT TO REGULATION IV security of the same amount or percentage of such deposits. Issued by the Board of Directors of the Federal Deposit Insurance Corporation, effective February 1,1936 APPENDIX MAXIMUM RATES OP INTEREST PAYABLE ON TIME AND STATUTORT PROVISIONS SAVINGS DEPOSITS BY INSURED NONMEMBEB BANKS Paragraph (8), subsection (v) of section 12B of the Pursuant to the provisions of paragraph (8), sub- Federal Reserve Act, as amended, provides as follows: section (v), section 12B of the Federal Reserve Act, (8) The board of directors shall by regulation pro- as amended, and section 3 of its regulation IV, tae hibit the payment of interest on demand deposits in Board of Directors of the Federal Deposit Insurance insured nonmember banks and for such purpose it may Corporation hereby prescribes the following maximum define the term "demand deposits"; but such excep- rates* of interest payable by insured nonmemDer tions from this prohibition shall be made as are now or banks on time and savings deposits: , _ may hereafter be prescribed with respect to deposits (1) Maximum rate of 2% per cent.—No insured nonpayable on demand in member banks by section 19 of member bank shall pay interest accruing after *eu this act, as amended, or by regulation of the Board of ruary 1, 1936, at a rate in excess of 2JS per cent per Governors of the Federal Reserve System. The board annum, compounded quarterly,3 regardless ot ^ of directors shall from time to time limit by regulation basis upon which such interest may be computed— the rates of interest or dividends which may be paid (A) On any savings deposit, z. a by insured nonmember banks on time and savings de- (B) On any time deposit hav ing a maturity d A ate u posits, but such regulations shall be consistent with the months or more after the date of deposit or payau contractual obligations of such banks to their deposit- upon written notice of 6 months or more, ors. For the purpose of fixing such rates of interest or dividends, the board of directors shall by regulation i The maximum rates of Interest payable by insured nonmemter bang on time and savings deposits as prescribed herein are not VP^Et-v-or prescribe different rates for such payment on time and any deposit which is payable only at an insured nonmemDei"%£*# savings deposits having different maturities, or subject at an office of an Insured nonmember bank located outside of tne o*» to different conditions respecting withdrawal or repay- of the United States and the District of Columbia. * This limitation is not to be interpreted as t m dif e f n e t r , e n o t r lo su ca b t j i e o c n t s, t o o r d a i c ff c e o r r e d n i t n g c o to n d th it e io v n a s r y b i y n g r e d a is s c o o n u o n f t ii g nn a gg t e oo fi a i m innt o tee u rr n ee t ss tt o aa f t t s oo u tt c nh h ee rr in tt t nh e aa r nn e s qq t uu s aa o rr c tte o err m llyy p o iin u t n e d rv ed a ls d , o p e r s o n v o iu t e e u x c * e « e « d • « u — w• ( « rates of member banks in the several Federal Reserve gate amount of interest at the rate above prescribed when comp^ quarterly. 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MARCH 193d FEDERAL RESERVE BULLETIN 151 (C) On any postal-savings deposit which constitutes which may not legally be terminated or modified by a time deposit, such bank at its option and without liability. except that an insured nonmember bank may pay (3) Maximum rate of 1 per cent.—No insured noninterest on any such deposits in accordance with the member bank shall pay interest accruing after Febterms of any certificate of deposit or other contract ruary 1, 1936, at a rate in excess of 1 per cent per which was entered into before February 1, 1936 (or, annum, compounded quarterly, regardless of the basis if the bank becomes an insured nonmember bank there- upon which such interest may be computed— after, before the date upon which it becomes an insured (A) On any time deposit (except postal-savings nonmember bank), which was in force on such date and deposits which constitute time deposits) having a which may not legally be terminated or modified by maturity date less than 90 days after the date of deposit such bank at its option and without liability. or which is originally or becomes payable upon written (2) Maximum rate of 2 per cent.—No insured non- notice of less than 90 days, member bank shall pay interest accruing after Februexcept that an insured nonmember bank may pay ary 1,1936, at a rate in excess of 2 per cent per annum, interest on such deposits in accordance with the terms compounded quarterly, regardless of the basis upon of any certificate of deposit or other contract which which such interest may be computed— was entered into before February 1, 1936 (or, if the (A) On any time deposit (except postal-savings bank becomes an insured nonmember bank thereafter, deposits which constitute time deposits) having a before the date upon which it becomes an insured nonmaturity date less than 6 months and not less than member bank), which was in force on such date and 90 days after the date of deposit or which is origiwhich may not legally be terminated or modified by nally or becomes payable upon written notice of less such bank at its option and without liability. than 6 months and not less than 90 days, (4) Banks which on January 23, 1936, have outexcept that an insured nonmember bank may pay standing certificates of indefinite maturities repreinterest on such deposits in accordance with the terms senting deposit liabilities drawing interest as savings of any certificate of deposit or other contract which deposits must within 1 year from February 1, 1936, was entered into before February 1, 1936 (or, if the discontinue to pay thereon the rate applicable herebank becomes an insured nonmember bank thereafter, under to savings deposits unless meanwhile the same before the date upon which it becomes an insured non- be converted into savings deposits as defined in this member bank), which was in force on such date and regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL BESERVE BULLETIN MARCH 1936 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Feb. 24 and released for publication Feb. 26] Total volume of industrial production in- was a seasonal decline in contracts forresidencreased in January, but, owing to a decline in tial construction. activity in the automobile and allied industries Distribution,—Retail trade was reduced more from an exceptionally high level in December, than seasonally in January, reflecting in part the increase was less than is usual at this the influence of unusually severe weather. season. Sales by department stores, variety stores, and Production and employment.—Total output mail-order houses all declined by more than the at factories increased by a smaller amount usual seasonal amount. Freight-car loadings than is usual in January, while output at showed little change; loadings of coal increased mines showed a seasonal increase. The Board's considerably, while rail shipments of miscellacombined index of industrial production, which neous freight declined. makes allowance for seasonal changes, declined Commodity prices,—The general level of from 104 percent of the 1923-25 average in wholesale commodity prices continued to show December to 99 percent in January. This little change during January and the first 3 decrease reflected chiefly sharp reductions in weeks of February. Prices of cotton textiles, output of steel and of automobiles from the flour, wheat, and silk declined, while prices of high levels reached in December. In the hogs, petroleum, coffee, and rubber increased first 3 weeks of February the average rate of considerably. Retail prices of foods decreased operations at steel mills showed a smaller in- somewhat during January. crease over the January average than is usual, Bank credit.—Excess reserves of member and at automobile factories output was estibanks fluctuated between January 22 and Febmated to be at a lower level than in January. ruary 19 near a $3,000,000,000 level, changes Smaller than seasonal increases in activity reflecting principally fluctuations in Treasury were reported at textile mills and at shoe holdings of cash and deposits with Federal Refactories, while output of food products was serve banks. in considerably larger volume in January than Investments of weekly reporting member a month earlier. banks in leading cities increased by $300,000,000 Factory employment showed a small seasonal in the 4 weeks ending February 12, and reached decrease between the middle of December and the largest amount ever held by these banks, the middle of January. At automobile fac- while loans decreased by $130,000,000. Holdtories the number of workers, which usually ings of United States Government obligations increases at this season, was unchanged, and increased by $140,000,000, holdings of obligaat textile mills employment declined. Factory tions guaranteed by the Government by $50,pay rolls decreased by more than the usual 000,000, and other securities by $110,000,000. amount. Adjusted demand deposits of reporting mem- Value of construction contracts awarded, as ber banks, which declined somewhat from the reported by the F. W. Dodge Corporation, was middle of December to the middle of January, smaller in January than in December. Awards increased by $290,000,000 in the 4 weeks ending for publicly financed projects decreased from; February 12, while United States Government the relatively high December figure, and there deposits declined by $150,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MABCB 1938 FEDERAL KESERVE BULLETIN 153 MEMBER BANK RESERVES AND RELATED ITEMS BILUNS OF DOLLARS BILUONS OF DOLLARS \\ [| 1 ( Wednesday figures) [ 1 1 << 10 MONEY IN CIRCULATION TREASURY CASH S DEPOSITS WITH F. R. BANKS 1930 1931 1932 1933 1934 1935 1936 Based on Wednesday figures; latest figures for February 28. See table on page 1M. 51220—36 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDEEAL RESERVE BULLETIN MARCH 1936 MEMBER BANK RESERVES AND RESERVE BANK CREDIT MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Treas- Treasury Other Date (Wednesday) , c o B d u i i n s ll t - s ed bo B u il g ls ht s U m G e e c . r o e S u n n v . r - i - t - R c O b e r a s e th e n d r e k i v r t e] Total M s t g t a o o o r c n l y d k e- a n l r a - e u a c b t n u n r i a o y r c d n - n y k - M i c n t u o i o c l n a n i e r - - y c d R F a b e w e e s a p h d s n i o e e t k a s r h r v i n a s t e l s d b p m N e o r e o s m d n it e - s - - R c F e o e a s e u r c e a d - n r l v - ts e) Total E m ( x e a c s t e t e i s d - s ) ties 1935—Feb. 6... 2,430 2,466 8,421 2,503 5,407 2,930 176 246 4,633 2,284 Feb. 13.- 2,430 2,450 8,456 2,525 5,430 2,995 182 245 4,580 2,240 Feb. 20-. 2,430 2,448 2,522 5,442 2,932 193 247 4,645 2,272 Feb. 27.. 2,430 2,450 8,524 2,520 5,442 3,006 211 246 4,588 2,201 Mar. 6... 2,430 2,452 8,546 2,517 5,478 2,998 237 246 4,555 2,185 Mar. 13.. 2,430 2,460 8,551 2,525 5,454 3,009 238 247 4,588 2,191 Mar. 20- 2,430 2,455 8,554 2,521 5,453 3,22~0 243 254 4,361 1,950 Mar. 27- 2,430 2,452 8,563 2,535 5,436 3,335 241 253 4,285 1,888 A A A Ap p p p r r r r . . . . 2 1 1 3 7 0 4 - . . .. . „ . . 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 1 0 0 1 2 2 2 2 , , , , 4 4 4 4 6 7 6 5 3 0 2 2 8 8 8 8 , , , , 6 7 6 5 1 0 7 6 4 1 2 8 2 2 2 2 , , , , 5 5 5 5 4 4 5 4 9 9 0 8 5 5 5 5, , , , 4 5 4 4 5 1 8 9 2 9 7 7 3 3 3 2 , , , , 1 9 3 4 4 7 7 0 9 8 6 4 2 2 2 2 7 2 S 3 1 4 S 0 2 2 2 2 5 5 5 5 3 3 8 7 4 4 4 4 , , , , 7 2 5 1 1 8 0 9 9 7 1 3 2 2 1 1 , , , , 2 0 9 8 6 9 0 2 4 5 7 1 M M M M M a a a a a y y y y y 8 1 2 1 2 2 9 5 . . . . . . . , 2 2 2 2 2 , , , , , 4 4 4 4 4 3 3 3 3 3 0 0 0 0 0 2 2 2 2 2 , , , , , 4 4 4 4 4 6 6 5 6 7 7 6 9 3 3 8 8 8 8 8 , , , , , 7 7 7 8 7 2 6 2 3 3 1 2 8 5 7 2 2 2 2 2 , , , , , 5 5 5 5 5 3 3 2 3 4 4 1 6 6 3 5 5 5 5 5 , , , , , 4 5 4 4 4 8 1 9 8 9 1 1 4 9 6 2 2 2 2 2 , , , , , 9 9 9 9 9 7 0 7 0 3 0 6 8 1 8 2 2 2 2 2 8 7 7 6 6 5 6 7 7 2 2 2 2 2 5 5 6 5 9 9 1 8 4 4 4 4 4 , , , , , 7 8 8 8 7 5 2 2 2 2 8 1 2 7 1 2 2 2 2 2 , , , , , 3 3 2 3 3 0 2 5 2 5 4 8 2 2 0 June 5... 2,430 2,475 8,916 2,521 5,514 3,030 196 257 4,914 2,400 June 12.. 2,430 2,472 9,016 2,514 5,493 214 258 5,049 2,521 J J u u n n e e 2 1 6 9 . . , . 2 2 , , 4 4 3 3 0 0 2 2 , , 4 4 8 7 2 2 9 9, , 1 0 0 8 9 9 2 2 , , 5 5 1 0 0 8 5 5 , , 4 4 9 9 8 8 3 2, , 9 0 9 2 1 3 3 30 0 6 1 2 2 6 6 3 4 4 5 , , 9 0 9 2 6 9 2 2 , , 4 4 4 7 5 1 J J J J J u u u u u l l l l l y y y y y 1 2 3 3 1 4 0 1 7 _ ~ . . . . . 2 2 2 2 2 , , , , , 4 4 4 4 4 3 3 3 3 3 0 0 0 0 1 2 2 2 2 2 , , , , , 4 4 4 4 4 6 7 6 7 6 0 2 8 3 5 9 9 9 9 9 , , , , , 1 1 1 1 1 1 2 3 4 2 9 7 5 4 3 2 2 2 2 2 , , , , , 5 5 5 5 5 0 1 0 0 0 4 0 1 3 3 5 5 5 5 5 , , , , , 6 5 5 5 4 1 1 5 3 9 9 8 1 0 6 3 2 2 3 3 , , , , , 9 0 1 0 9 3 3 0 8 9 4 2 2 6 1 3 3 3 2 2 1 6 5 0 0 2 5 3 2 2 2 2 2 2 2 5 6 5 5 5 8 3 8 8 7 4 5 4 4 5 , , , , , 9 1 9 0 9 0 0 2 5 4 0 0 4 2 5 2 2 2 2 , , , , 4 3 3 5 5 4 3 1 6 0 5 3 A A A A u u u u g g g g . . . . 1 2 7 2 4 8 . 1 . . . . . . . . 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 0 2 2 2 2 , , , , 4 4 4 4 7 6 7 7 6 8 7 1 9 9 9 9 , , , , 1 1 1 1 5 8 8 9 8 9 4 7 2 2 2 2 , , , , 4 4 4 4 7 3 0 2 7 7 8 1 5 5 5 5 , , , , 5 5 5 5 7 5 5 7 4 8 0 3 2 2 2 2 , , , , 9 7 7 6 3 2 7 8 2 2 5 3 2 2 2 2 5 5 3 1 1 3 0 3 2 2 2 2 6 5 6 6 1 9 0 0 5 5 5 5 , , , , 1 2 2 3 1 9 5 4 5 1 4 6 2 2 2 2 , , , , 6 5 6 7 8 4 6 4 2 7 7 9 S S S S e e e e p p p p t t t t . . . . 4 2 1 1 . 5 1 8 . . . - . . . 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 0 2 2 2 2 , , , , 4 4 4 4 7 7 7 7 2 2 9 4 9 9 9 9 , , , , 2 2 2 2 1 4 0 9 9 0 9 7 2 2 2 2 , , , , 3 3 3 3 9 8 9 9 0 2 1 5 5 5 5 5, , , , 6 6 6 6 2 5 3 3 6 0 2 8 2 2 2 2 , , , , 7 6 8 7 4 2 3 7 6 9 9 8 2 1 2 1 4 8 9 6 4 6 3 2 2 2 2 5 4 5 0 8 0 5 5 5 5 , , , , 1 2 3 2 3 2 8 3 6 8 8 6 2 2 2 2 , , , , 7 6 5 5 9 4 9 2 0 3 2 7 O O O O O c c c c c t t t t t . . . . . 9 2 3 2 1 0 3 6 ™ . . . .. .. . . 2 2 2 2 2 , , , , , 4 4 4 4 4 3 3 3 3 3 0 0 0 0 0 2 2 2 2 2 , , , , , 4 4 4 4 4 7 7 9 7 7 2 0 6 4 8 " 9 9 9 9 9 , , , , , 4 5 6 6 4 1 8 8 2 6 4 4 6 9 3 2 2 2 2 2 , , , , , 3 3 3 4 4 9 9 9 0 0 9 6 7 1 4 5 5 5 5 5 , , , , , 6 6 6 6 6 8 9 8 8 9 8 6 6 4 8 2 2 2 2 2 , , , , , 8 6 7 6 6 1 9 4 6 9 4 4 7 5 3 3 3 3 2 2 0 9 1 0 9 6 6 3 7 2 2 2 2 2 2 5 6 5 5 5 1 0 4 4 0 5 5 5 5 5 , , , , , 5 2 5 3 6 7 2 3 3 5 5 4 4 0 3 2 2 2 2 2 , , , , , 0 6 5 8 9 0 9 6 7 8 0 4 9 8 1 Nov. 6... Nov. 13__ 2,430 2,462 9,714 2,401 5,754 2,655 236 260 5,671 Nov. 20.- 2,430 2,492 9,747 2,399 5,746 2,641 249 257 5,746 3,052 Nov. 27... 2,430 2,471 9,804 2,409 5,739 2,648 262 253 5,782 3,069 2,430 2,472 9,874 2,421 5,820 2,625 282 252 5,789 3,051 D D D D D e e e e e c c c c c . . . . 3 2 1 4 1 1 4 1 8 2 2 2 2 2 , , , , , 4 4 4 4 4 3 3 3 3 3 0 0 0 1 1 2 2 2 2 2, , , , , 4 4 4 5 4 B 7 7 2 8 0 4 3 3 6 1 1 1 1 0 0 0 0 , , , , 0 1 0 1 6 0 2 1 8 9 5 5 2 2 2 2 2 , , , , , 4 4 4 4 4 7 5 4 6 4 6 8 7 4 2 5 5 5 5 5 , , , , , 8 9 9 8 8 4 9 0 8 4 1 1 2 2 3 2 2 3 3 3 , , , , , 1 6 1 5 1 1 5 2 5 6 0 6 6 8 1 2 2 2 2 2 6 8 8 5 8 6 1 3 5 0 2 2 2 2 5 5 7 5 9 3 0 8 6 5 5 5 5 , , , , , 0 4 4 5 9 4 2 3 8 0 0 9 7 7 5 3 2 2 2 3 , , , , , 7 1 8 3 6 0 0 7 4 9 6 3 4 4 3 1936—Jan. 8.... J J J a a a n n n . . . 2 2 1 9 2 5 . . .. . . . . . . 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 0 2 2 2 2 , , , , 4 4 4 4 7 7 8 7 6 0 5 7 1 1 1 1 0 0 0 0 , , , , 1 1 1 1 5 4 7 7 8 4 9 2 2 2 2 2 , , , , 4 4 4 4 7 9 9 9 6 8 2 2 5 5 5 5 , , , , 7 7 7 6 0 2 8 9 4 2 3 3 3 3 3 3 , , , , 0 0 0 0 1 4 3 9 8 1 9 3 2 2 2 3 9 6 0 8 6 5 1 4 2 2 2 2 5 5 5 5 3 3 3 4 5 5 5 5 , , , , 8 7 8 8 0 5 4 6 2 9 5 3 - us Feb. 5 F F F e e e b b b . . . 2 1 1 6 9 2 . , 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 0 2 2 2 2 , , , , 4 4 5 5 7 8 0 0 5 9 8 5 1 1 1 1 0 0 0 0 , , , , 1 1 1 1 6 6 6 5 3 0 8 5 2 2 2 2 , , , , 4 5 4 4 9 0 9 9 6 2 1 9 5 5 5 5 , , , , 7 7 7 7 7 4 7 6 5 1 2 3 2 2 2 2 , , , , 9 9 9 9 4 5 7 9 9 8 9 3 3 3 3 2 6 2 4 4 7 2 2 2 2 5 5 5 5 4 5 5 4 . 5 5 5 5 , , , , 8 8 7 8 3 6 8 3 9 9 4 2 3 3 3 3 , , , > 0 0 0 8 0 4 2 9 4 4 , , | . i • n •-•- i -'— i — I I ' J - NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints otaxti^ together with all available back figures, may be obtained upon request from Division of Research and Statistics Back figures are also snowu 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

M4BCZ 1936 FEDERAL RESERVE BULLETIN 155 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS END OP MONTH FIGURES [In millions of dollars] Reserve bank credit outstanding Member bank Treas- Treasury reserve balances ury cash and Other End of month ic o B dui i ns l " l t s ed, bo B u il g ls ht s m U G e e c r o e . u n S v n - r . - t i- R c O b e r a s t e h e n d r e k i v t r e Total M s g t t a o o o r n l c y d k e- a t r b i n e c o a d n u n n r c a n k - y l a - - M I c n t u i o o c l n a n ir e - - y d R F b e e e w a p s d n o i e e t k s r h r v i s a t e l s b m p N e o r e o s m d i n t e - s - - R c e o F e a s u r e c e a n - d r l v t - s e] Total m E ( x e a c s t t e e i s d - s ) ties 1934—September- 2,431 11 2,464 7,978 2,405 5,456 3,051 178 228 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 2,969 254 257 4,832 2,318 June _ 2,433 2,480 9,116 2,506 5,568 2,968 325 261 4,979 2,414 July 2,430 2,465 9,144 2,510 5,518 2,991 253 257 5,100 2,513 August 2,432 2,485 9,203 2,398 6,629 2,694 198 260 5,305 2,708 September.. 2,430 2,477 9,368 2,386 5,683 2,740 304 250 5,254 2,600 October 2,430 2,482 9,693 2,400 5,713 2,657 , 299 258 6,648 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 10,182 2,493 5,737 3,001 304 253 5,860 3,084 February . 2,430 2,482 10,166 P2.499 5846 2936 327 254 6,784 2,938 9 Preliminary, of th?saBuiiWT ~S6e Annual ReP°rt for 1934 (table 5)» and for excess reserves see BULLETIN for August 1935, pp. 409-500. See also note on p. 154 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS AVERAGES OF DAILY FIGURES (In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Year or month I c B o d u i i s l n - ls ted bo B u il g ls ht s m U e G e c r o e . u n S v n - r . - t i- R c O b e r a s t e h e n d r e k i v r t e! Total M s t g t a o o o r n l c y d k e- a n T r l a e c a u - r t b n u n e i r o y a r c d a - n y n s- * k M i c n t o u i o c l n a n i e r - - y T c d R F a b r e e e w s e a p h d s a n i o e e t s a k s r h r u v n i s a t r e d l s y b p m N e o r e o s m d i n t e - s - - R c O e F o e a s t u e r c h e a - d n r e l - t v r s e! Total Excess ties !?29-Average 952 241 208 59 1,459 3,996 2,015 4,476 229 30 376 2,358 43 ^OAvek 272 213 564 38 1,087 4,173 2,025 4,245 239 28 393 2,379 55 327 245 669 33 1,274 4,417 2,025 4,672 251 97 373 2,323 89 521 71 1,461 24 2,077 3,952 2,096 5,328 275 56 351 2,114 256 283 83 2,052 11 2,429 4,059 2,271 5,576 343 147 350 2,343 528 36 25 2,432 10 2,502 7,512 2,381 5,403 2,879 185 253 3,676 1,564 7 5 2,431 32 2,475 9,059 2,478 5,585 2,919 252 255 5,001 2,469 22 2,431 10 2,469 7,971 2,411 5,427 3,054 197 ' 227 3,947 1,754 October. " 12 2,430 8 2,457 7,989 2,415 5,473 3,011 177 234 3,964 1,731 November 18 2,430 12 2,466 8,047 2,455 5,494 2,970 165 238 4,100 1,834 December.. I"" 10 2,430 26 2,472 8,191 2,494 5,577 3,120 181 242 4,037 1,748 1935—January 8 2,430 21 2,465 8,284 2,504 5,411 3,053 194 242 4,355 2,035 February" 6 2,430 20 2,462 8,465 2,513 5,439 2,965 189 246 4,601 2,237 March 7 2,431 18 2,461 8,552 2,526 5,477 3,122 236 250 4,452 2,065 6 2,431 29 2,471 8,641 2,548 5,500 3,209 258 256 4,436 2,026 2,434 30 2,476 8,755 2,534 5,507 2,942 278 259 4,778 2,297 8 2,431 36 2,479 9,025 2,513 5,522 2,989 266 261 4,979 2,438 August I 7 2 2 , , 4 4 3 3 1 0 3 3 3 0 2 2 , , 4 4 7 7 6 3 9 9 , , 1 1 8 2 0 8 2 2 , ,5 4 0 4 4 1 5 5 , , 5 5 7 5 6 0 2 3 , , 7 0 9 3 5 2 2 2 9 3 3 3 2 2 6 5 1 9 4 5 p ,2 9 3 7 2 0 2 2 , , 3 63 8 6 5 September. 10 2,430 35 2,480 9,246 2,389 5,651 2,734 236 252 5,243 2,628 N O o ct v o e b m er ber. 8 7 2 2, f 4 4 3 3 0 0 4 3 0 9 2 2, , 4 4 S 8 2 2 9 9 , , 7 5 7 4 7 5 2 2 , , 4 3 1 9 0 8 5 5 , , 7 7 7 0 0 4 2 2, , 6 6 3 9 0 3 3 25 0 6 7 2 2 5 5 3 6 5 5 , , 7 4 5 6 7 9 2 3 , , 8 0 2 6 0 1 6 2,430 53 2,494 10,072 2,454 5,897 2,869 276 263 5,716 2,983 2,430 43 2,484 10,158 2,486 5,757 3,058 280 253 5,780 3,033 2,430 50 2,493 10,163 2,495 5,779 2,981 329 255 5,808 P3,026 Ammsl Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN MARCH 1935 ASSETS AND [In thousands of dollars] Feb. 29,1936 Jan. 31, 1936 Feb. 28,1935 Gold certificates on hand and due from IT. 8. Treasury. 7,669,673 7,651,863 5,542,567 Redemption fund—Federal Reserve notes 3 1 3 4 6, , 7 9 5 0 4 2 3 1 3 5 8 , , 6 0 8 2 4 0 24 1 7 6, , 2 9 9 1 9 3 Other cash Total reserves., 8,021,329 8,005,567 5,806,779 Redemption fund—Federal Reserve bank notes. 250 BUls discounted: For member banks 6,570 8,384 For nonmember banks, etc 359 359 Total bills discounted. 6,929 8,743 5,962 Bills bought: Payable In foreign currencies. 4,673 4,671 5,504 Industrial advances 31,778 32,089 19,397 U. S. Government securities: Bought outright - 2,430,298 2,430,247 2,430,282 Other Reserve bank credit: Other securities _ - - 181 181 Due from foreign banks 649 650 803 Reserve bank float (uncollected items in excess of deferred availability items). 7,148 2,267 3,144 Total Reserve bank credit outstanding.. _ 2,481,656 2,478,848 2,465,092 Federal Reserve notes of other Reserve banks 18,365 18,077 18,445 Uncollected items not included in float - —._... 484,877 496,288 485,883 Bank premises . - -. 47,814 47,799 49,436 All other assets - 40,312 41,057 '46,694 Total assets.... 11,094,353 11,087,636 8,872,579 Federal Reserve notes: Held by other Federal Reserve banks... 18,365 18,077 18,445 Outside Federal Reserve banks 3,713,858 3,614,987 Total notes in circulation 3,732,223 3.633,064 3,154,314 Federal Reserve bank note circulation—net.... 1,301 Deposits: U M . e S m . b T e r r e a b s a u n r k e — r— re g s e e n r e v r e a l a c a c c o c u o n u t nt.. 5,7 4 8 2 4 4 , , 4 1 2 4 3 2 5,8 4 6 5 0 2 , , 0 5 6 2 4 4 4,5899755, ' 0 a 8aSS 3 Foreign bank 51,143 48,155 14,602 Other deposits 275,715 256,073 192,116 Total deposits 6,535,423 6,616,816 4,883,957 Deferred availability items. 484,877 496,288 485,833 Capital paid in 130,708 130,647 147,002 Surplus (sec. 7) 145,501 145,501 144,893 Surplus (sec. 13b) 26,419 26,406 13,445 Reserve for contingencies-.. 34, 111 33,899 All other liabilities 5,091 5,015 5,960 Total liabilities 11,094,353 11,087,636 Contingent liability on bills purchased for foreign correspondents _. Commitments to make Industrial advances 25"7§6' 26~957 14,435 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 3,975,166 3,950,194 3,423,147 Collateral held by agents as security for notes issued to banks: G El o ig ld ib c l e e r p ti a fi p c e a r te s on hand and due from U „ , . S. Treasury ™™III 3,893 5 , ,2 3 1 4 6 3 3,87 6 1 ,3 8 4 5 3 5 V, S. Government securities 127,000 135,400 Total collateral. 4,025,559 4,013,598 3,494,423 FEDERAL RESERVE BANK-NOTE STATEMENT Notes issued to Federal Reserve banks (outstanding) . Collateral pledged against outstanding notes: U. S. Qovenmienif ScffifiSl";i2r"ri 17,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1933 FEDERAL RESERVE BULLETIN 157 KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S s o t i a l a l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u i i a l b v r s y e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o s d e t e e r r v s a e l R F n b e e o d a se t n e e r r k s v a e l t n b i N o o a n n t a e a - k s l 1034—August 5,396 143 438 282 122 274 3,103 125 878 September., 5,456 139 483 284 122 274 3,131 119 870 October 5,453 136 510 288 123 273 3,124 112 856 November- 5,549 133 558 291 124 273 3,176 107 853 December-. 5,536 130 592 294 125 265 3,176 101 820 1935—January 5,380 127 287 123 259 3,048 97 827 February..., 5,467 126 289 123 263 3,119 94 823 March 5,493 123 290 123 264 3,135 92 810 April 5,478 121 653 294 124 268 3,120 88 778 May 5,540 119 695 296 125 281 3,159 85 747 June 5,568 117 701 297 125 285 3,223 81 704 July 5,518 115 702 298 125 280 3,232 78 654 August 5,629 114 739 298 126 283 3,362 75 596 September.. 5,683 112 756 302 127 286 3,439 73 553 October 5,713 111 773 306 128 281 3,495 70 514 November.. 5,846 110 812 309 130 284 3,612 68 487 December.. 5,882 109 828 312 131 275 3,667 66 458 1936—January 5,737 107 303 129 259 3,598 436 February *».. 5,846 106 841 304 129 254 61 421 9 Preliminary figures. NOTE.—For figures of paper currency of each denomination in circulation see p. 204. Back figures.^See Annual Report for 1934 (table 49). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES » [In millions of dollars] [In thousands of dollars Gold 1936 stock Net Year or month y a e t a o e r f n o d r I i n n s c t r o g e c o a k l s d e im g N o p e l o d t rt r f e e r l a e o r a m - se fa O c t to h r e s r * From or to— February January Janu r a u r a y r - y Fer> month mark* Im- Ex* Im- Ex- Im- Ex- 1932 4,226 ports ports ports ports ports ports 1933.... """ 4,036 1934 III;II™II" 8,238 1 1 1935— F J e a b n r u u a a ry ry _._! "II 8 8 , , 3 5 9 2 1 7 1 1 5 3 3 5 . . 3 3 E F n r g a l n a c n e d . —. -«..- 2 1 2 7 , , * 1 8 8 9 0 3 6 3, , 5 0 1 3 4 9 253 6 3, , 5 0 1 4 4 2 1 3 7 , , 1 1 4 8 0 0 March 8,567 40.4 Se*iFa¥y".f 5 3 421 0 0 3,421 Apm :::: 8,710 143.4 Switzerland o 0 0 May 8,858 148.1 Union of Soviet June " 9,116 257.1 Socialist Re- July I" 9,144 27.9 publics 571 1,739 2,310 August " 9,203 59.5 290 17 10,748 3* 11,039 20 September 9,368 165.0 Central America... 295 358 654 N O o ct v o e b m er ber. . 9 9 , , 6 9 9 2 3 0 3 22 2 6 5 . . 7 2 M A r e p x A ic T o it lllft -.-.-.«. 785 126 84 3 5 82 1,630 3 208 December. I 10,125 205.2 Chile 785 666 1,451 Year 10,125 1,887.2 1,739.0 .2 148.0 E C c o u l a o d m or bia... 189* 1,7 5 4 5 3 3 1,7 7 4 4 3 2 1936—January. 10,182 57.2 45.6 -1.7 13.3 Peru 58 168 226 FebruaryHl"l" '10,166 -16.6 -9.fi P10.1 54 44 93 Australia 1,499 5,196 6,694 Preliminary. "British India 11,744 11,744 China and Hong rlleased from earmark at Federal Reserve banks less gold 740 1,176 1,916 vS?a«und6? earmark (with allowance when necessary for changes in Dutch East Indiesi TTI rm ed abroad for account of Federal Reserve banks). Japan oi . s * u i c n h u r f e a s c t a o r r e s d a e s r iv d e o d m f e r s o t m ic p p r r e o c d e u d c in ti g o n c , o l m um ov n e s m a e n n d t s i n i d n i t c o a t a e n n d e t o r u e t s u o lt f A Ph ll i o li t p h p er i n c e o u I n s t l r a i n es d * s. - 1,6 2 2 0 0 9 1,2 2 3 0 6 6 2,7 4 5 1 6 5 W dn g r h ff t S 1 o ! f ! *81 ? 7 on u t s h e » i o m r P y o e r ar t » s a " n ^ d i n ex cr p e o m rt e s n t t h r a e t s u d l o ti n n g o t fr a o f m fe c r t e d g u o c ld ti o s n t o i c n k Total 7,002 23,637 45,981 338 52,983 23,975 BackfiguTea.-SeQ Annual Report for 1934 (table 44). i Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. . > Includes all movements of unrepotrted origin or destination. Back figures—See table, p. 179, and Annual Report for 1934 (tables 46 and 47). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN MABCH 1936 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 n l— k b s e a r ll Ne C w i t Y y* ork r O e c s i t e t h i r e e v s r e "C b o a u n n k t s ry" T m b ot a e a n m l— k b s e a * r ll Ne C w i t Y y* ork r O e c s i t t e h i r e e v s r e "C b o a u nk n s tr » y" 1935—January 4,355 1,651 1,837 867 2,035.2 715.9 907.7 411.6 February 4,601 1,864 1,826 911 2,236.6 898.9 886.7 451.0 March 4,452 1,760 1,787 905 2,064.7 779.0 842.3 443.5 April 4,436 1,715 1,831 890 2,025.6 723.0 878.4 424.3 May 4,778 1,813 2,031 935 2,296.9 797.5 1,038.4 461.0 Juno 4,979 1,969 2,092 918 2,437.6 915.3 1,079.0 443.4 July 4,970 1,938 2,072 960 2,385.2 867.6 1,037.5 480.1 August 5,232 2,306 1,989 937 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 193G—January 5,780 2,593 2,209 978 3,032.7 1,395.4 1,090.4 547.0 Week ending (Friday) 1935—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 1,191.0 489.0 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 193G-Jan. 3 5,571 2,516 2,120 935 2,826.0 1,326.8 1,008.4 491.0 Jan.10 5,704 2,534 2,201 969 2,964.0 1,350.7 1,086.8 527.0 J J a a n n . . 1 2 7 4 5 5, , 8 8 1 4 6 0 2 2 , , 6 6 0 2 9 8 2 2 , , 2 2 0 4 8 8 9 9 8 8 4 1 3 3 , , 0 0 8 4 3 6 . . 0 0 l 1 t4 ,4 1 2 3 4 . . 8 0 1 1 , , 1 0 2 85 7 . . 7 2 5 5 4 3 2 6. . 0 0 Jan. 31 , 5,848 2,628 2,226 994 3,074.0 1,417.7 1,104.4 552.0 i Central Reserve city banks only. * Weekly figures of excess reserves of all member banks and of country banks are estimates. 1 For total reserves and estimated excess reserves of all member banks during the;e ffoolllloowwiinngg month, see tables on pp. 154 and 155. 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 b T a o e n a m ta l k l l b s — er 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 o n y u k " n s - i m b T a o e n a m t l k a l b s l e - t r! C Y N i o e t w r y 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 b T a o e n a m t l k a l s b l e - r C Y N i o e t r y w k 2 r O e c s i t t e h i r e e v s r e " b C a tr o n y u k " s n - * 1935— M F J e a a b n r r c u u h a a r r y y . . . . . 2 2 2 9 8 9 , , , 5 9 3 8 0 5 6 7 7 8 7 7 , , , 6 9 0 9 2 5 4 6 0 1 1 1 2 2 1 , , , 1 9 0 4 3 6 8 3 3 9 9 , , 3 2 8 8 7 0 1 1 1 8 9 9 , , , 3 9 5 6 9 5 1 3 4 7 7 7 , , , 3 2 0 9 6 4 9 8 3 7 7 7, , , 6 5 6 6 2 0 2 7 5 4 4 4 , , , 4 4 4 8 2 9 7 2 3 1 9 9 0 , , , 9 0 9 1 3 9 4 1 6 6 6 6 5 5 5 1 1 8 4 4 4 , , , 4 4 4 8 5 0 6 7 6 4 4 4 , , , 8 8 8 5 9 8 7 5 1 1936— J J N D S A O M J u u e a e o c u n l a p n c t y v g y e o u e t e u e b m a m s m e r t y b r b b e e r e r r... :::; 3 3 3 3 3 3 3 3 3 2 2 2 1 1 1 1 1 0 , , , , , , , , , 1 6 4 0 4 7 3 4 5 6 0 6 0 6 5 3 7 8 1 1 6 3 3 3 6 1 0 9 8 9 9 8 8 9 8 9 , , , , , , , , , 6 6 5 3 3 1 2 5 7 8 4 8 1 0 4 7 6 0 8 4 2 8 3 5 2 5 2 1 1 1 1 1 1 1 1 1 1 3 3 3 2 2 3 2 2 3 2 , , , , , , , , , , 9 5 7 8 9 0 6 2 3 9 0 5 1 1 7 4 7 6 1 6 0 9 9 4 9 7 2 0 1 8 9 8 9 9 9 9 9 9 9 9 , , , , , , , , , , 1 0 0 6 5 4 0 6 9 7 7 1 9 2 9 7 6 0 2 9 7 7 5 4 9 7 1 6 0 2 2 2 2 2 2 2 2 2 1 2 2 1 1 1 1 0 1 9 , , , , , , , , , 2 2 1 8 3 4 3 2 7 5 7 0 1 7 6 7 9 6 4 9 0 1 2 4 7 5 8 8 9 8 8 9 7 8 7 7 , , , , , , , , , 0 0 8 9 6 0 6 4 2 6 1 6 5 4 5 8 9 5 7 3 7 0 5 1 2 5 3 9 8 8 8 8 8 9 8 8 7 , , , , , , , , , , 2 1 5 4 9 4 7 7 0 2 1 1 6 8 7 4 7 5 8 7 7 9 1 1 5 7 4 5 5 5 4 3 4 4 4 4 4 4 4 , , , , , , , , , 0 9 0 0 5 7 6 5 6 6 7 8 4 1 5 1 4 3 9 5 4 5 6 7 9 2 8 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , , 2 2 4 2 1 1 1 1 1 1 8 8 1 0 8 5 5 0 1 9 9 9 2 3 0 2 7 7 4 4 6 6 6 6 5 6 6 6 6 6 2 5 3 0 3 8 6 4 9 6 0 7 2 7 0 8 4 3 7 3 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , 6 6 5 5 4 5 4 5 5 5 0 3 9 8 5 1 1 8 6 9 0 9 4 3 6 5 0 1 2 8 4 5 4 5 4 5 5 5 5 5 , , , , , , , , , , 0 1 9 9 9 0 0 0 0 0 1 0 1 6 6 3 4 4 5 0 7 9 5 7 9 5 9 5 0 2 Week ending (Friday): 1935- N N N N N o o o o o v v v v v . . . . . 2 2 8 1 1 9 2 5 , 9 9 9 9 , , , , 6 5 4 4 5 2 2 0 6 2 8 3 1 1 1 1 1 3 3 3 3 3 , , , , , 5 5 5 4 5 9 5 6 7 1 7 9 5 0 8 8 9 8 8 , , , , 0 6 7 7 0 9 7 3 6 2 0 9 9 8 8 8 , , , , 0 9 8 9 2 3 9 7 2 4 2 3 6 6 6 6 5 5 5 6 8 0 9 4 4 4 4 4 4 , , , , , 5 5 5 5 6 8 8 7 7 7 4 6 9 9 5 D D D D e e e e c c c e . . . . 2 2 6 1 7 0 3 9 9 9 9 , , , , 6 5 7 7 6 1 1 2 0 0 1 3 1 1 1 1 3 3 3 3 , , , , 7 8 6 5 4 3 3 8 6 0 0 6 8 9 9 9 , , , , 8 0 0 0 3 7 8 7 4 4 9 4 9 9 9 9 , , , , 2 0 1 0 0 2 4 4 8 4 3 8 6 6 6 6 2 3 4 2 6 7 4 6 4 4 4 4 , , , , 6 5 5 6 2 8 6 0 2 3 3 3 1936— J J J J J a a a a a n n n n n . . . . . 3 2 1 1 3 1 7 4 0 " 9 9 9 9 9 , , , , , 7 6 7 6 5 7 7 2 3 9 2 5 5 4 3 1 1 1 1 1 3 3 3 3 3 , , , , , 9 9 9 8 8 3 3 1 6 2 2 1 8 1 3 9 8 9 9 9 , , , , , 0 1 0 1 9 4 6 2 0 5 9 8 0 5 2 9 9 9 9 9 , , , , , 2 1 1 2 2 3 8 7 3 4 8 7 0 6 6 6 6 6 6 6 2 0 2 4 0 9 3 6 1 4 4 4 4 4 4 , , , , , 6 6 6 6 6 8 5 9 7 8 1 3 3 3 6 * Weekly figures are not reported. * central Keserve city banks only. i NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved Aug. **f See BULLETIN for October 1935, p. 644. Back figures.—See Annual Report for 1934 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MiBCB 1936 FEDERAL BESEEVE BULLETIN 159 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, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonm ember banks Date Mutual savings banks Other nonmember banks Total Loans Invest- Total Loans Investments ments Total Loans I m nv en es t t s - Total < Loans I m nv en es t t s - 1931—Mar. 25 55,924 36,813 19, 111 34,729 22,840 11,889 19,987 16,068 i 3,920 11,208 7,906 3,302 June 30 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10,593 7,399 3,194 Sept. 29 53,365 33,750 19,615 33,073 20,874 12,199 i 10,506 i 6,169 i 4,337 9,786 1 6,707 3,079 Dec. 31_ 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 1 5,117 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 110,316 i 6,130 14,186 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 3 - 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 3,23S 1,877 1934-Mar. 5* 26,548 12,706 13,842 June 30— 42,602 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 *5,423 3,108 2,315 Oct. 17 3 27,559 12,293 15,267 Dec. 31 43,468 20,474 22,984 28,150 12,028 16,122 9,782 5,491 4,291 6,526 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. 13 29,301 11,841 17,460 Dec 31*. 29,985 12,175 17,810 I Figures of preceding call carried forward, ba is 8innmg Jtme 30'1933'aU ^mQS (°tner tnan for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember * 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. 486. Back figures.—See Annual Report for 1934 (table 61). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Member banks Nonmember banks Nonmember banks Date Total Other Date All banks M b e a m nk b s er Mutual Other Total Na- State M sav u i t n u g a s l m no e n m - savings nonmem- tional banks ber banks ber banks banks 1931- J S D M u e e a n p c e r t . . . 3 2 2 3 0 5 1 9 . . . . . . . . . . . 5 4 5 4 1 9 1 5 , , , , 4 1 7 8 2 5 8 2 7 2 2 1 3 2 3 2 1 9 1 7 , , , , 1 5 4 4 5 6 6 3 3 6 9 2 1 i 1 1 1 0 0 0 9 , , , , 0 0 1 5 1 1 0 0 7 7 5 7 1 1 9 0 8 0 , , , , 6 7 2 1 6 6 8 9 6 7 9 4 1931— J D S M u e e n p a c e r t . . . 3 2 3 2 0 1 9 5 — . — . . - - . . . 2 2 2 1 2 1 1 9 , , , , 3 9 2 9 7 0 9 6 2 3 4 6 7 7 7 7 , , , , 5 9 2 7 9 4 2 8 9 6 8 2 6 6 6 6 , , , , 9 8 3 6 3 0 6 5 0 0 8 3 9 9 8 8 4 7 2 6 8 1 1 6 6 6 5 0 0 0 9 3 0 0 7 1 1 1 1 3 3 3 2 , , , , 8 0 5 1 4 9 2 2 1 5 1 3 1932— D S J e u e p n c e t . . 3 3 3 1 0 0 . . .. . .. ; 4 4 4 1 1 1 , , , 9 6 9 6 4 4 3 2 3 2 2 2 4 4 4 , , , 7 8 9 5 0 0 5 3 3 11 1 1 0 0 0 , , , 0 0 0 2 2 2 0 0 2 7 7 6 , , , 0 1 8 8 2 1 8 0 8 1932— S D J e u e p n c e t . . 3 3 3 0 0 1 — — ... . 1 1 1 8 9 8 , , , 7 0 3 4 9 9 6 4 0 6 6 6 , , , 9 9 8 0 8 1 4 0 6 6 6 6 , , , 0 1 0 8 4 1 0 5 1 8 8 8 3 2 0 5 4 5 15 5 5 9 9 9 4 4 4 1 1 1 1 0 1 , , , 9 2 4 8 9 7 0 6 2 1933— O D Ju c e n t c . e . 2 3 3 5 0 0 * . * . . " ] 3 3 7 8 , , 9 5 9 0 8 5 2 2 2 3 3 3 , , , 7 3 4 7 5 3 1 3 8 9 9 , , 7 7 1 0 3 8 4 5 , , 9 0 4 2 6 6 1933— O Ju c n t. e 2 3 5 0 3 K .. . 1 1 4 5 , , 5 0 1 1 9 1 6 6 5 , , , 6 8 0 0 1 1 6 8 1 4 5 5 , , , 8 0 1 9 5 5 7 2 4 7 7 8 0 6 5 9 6 7 5 6 7 7 6 9 8 8 , , 3 4 3 2 7 1 1934-Mar. 5 K 25,293 Dec. 30... 6,206 5,288 918 J D O u e c n c t e . . 1 3 3 7 1 0 . . s " . , . : "4 4 4 1 , , " 8 7 7 7 0 l' 2 2 28 6 7 , , , 9 6 4 4 1 8 3 5 4 ~ 9 9, , ~ 7 8 8 2 0 8 '" 4 6 , 5 " , 0 4 0 7 0 5 1934— J O M u c n a t e . r . 1 3 5 7 0 3 3 .. . . . . . 1 1 5 6 , , 8 0 3 4 5 2 6 6 6 , , , 3 4 4 7 4 3 5 2 3 5 5 5 , , , 4 4 4 1 6 6 7 1 2 9 9 9 5 7 8 3 2 0 5 5 7 79 8 8 9 , , 8 0 8 2 2 1 1935- { N D M u e o a n c v r . e . . 2 3 4 1 1 9 . 3 . K _. . 4 4 4 5 , , 4 7 5 6 5 6 2 3 2 3 8 2 9 1 , , , , 5 1 4 0 8 5 9 7 9 9 6 2 9 9 , , 8 9 3 2 7 0 6 6 , , 0 3 2 5 9 0 1935— D J N D M u e e o n a c c v e r . . . . 2 3 3 4 1 1 9 1 3 . — 3 . . _ . . . . . . . 1 1 6 5 , , 0 9 2 9 4 4 6 6 6 6 , , , , 4 4 4 3 2 0 1 8 2 0 0 7 5 5 5 5 , , , , 4 4 3 4 4 2 8 0 6 5 6 3 1,0 9 9 9 7 0 8 9 6 5 7 1 5 6 7 7 9 1 9 9 , , 0 0 2 1 3 3 For footnotes see table above. de?n°JfE«T^riorJ° Dec- 30» 1933» member-bank figures include interbank Back figures.—See Annual Report for 1934 (table 60). mmi on thaFdat? t0 immediate withdrawal, which aggregated $103,- Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U. S. Govern- Purchased paper ment obliga- Call date I m T n l a o v o e n a e n t n d a s t s l t s - Total C Y N k b o s i i e r u o e d t o r t w r y e s - - k i o se t t T h o c ie o u e n s r r i s - e l H o st a e a n a t s l e a b a p c o a R i n c o n w n c e e r g k e n p t - - s s t ' - O c c u w a u u n s t n h e i r r 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 b p A n e l a c p e c y - e t - i - s nab B p a r b a i o l y l l a e - s d p C m c a o i e p m a r e l - * r k L C Y N e b o r i t o r e o s t a o r y w n - k i » s n Total Dire t c i t on a F g s n u u te a ll e r y - d s O e ti c t e h u s e r r l United bought States 1OTAL—ALL MEM- BER BANES 1932—Dec. 31 27,469 13,905 241 4,608 2,862 225 5,970 444 375 93 357 .12,265 a, 540 5,726 1933-June30».... 24,786 11,337 165 3,752 2,372 192 4,857 330 291 87 788 11,928 6,887 5,041 Oct. 25 24,953 11,523 178 3,631 2,364 257 5,092 297 303 164 748 11,891 6,801 5,093 Dec. 30 25,220 11,315 166 3,606 2,359 213 4,972 287 223 132 840 12,388 7,254 5,132 1034—Mar. 6_ 26,548 11,093 164 3,480 2,382 250 4,817 225 350 157 855 13,842 8,667 181 4,995 June 30 27,175 10,804 208 3,309 2,357 210 4,721 153 264 200 1,082 14,652 9,137 *276 »5,239 Oct. 17 27,559 10,782 167 3,158 2,297 229 4,932 149 276 253 802 15,267 9,186 709 5,372 Dec. 31 28,150 10,609 187 3,110 2,273 232 4,708 155 256 232 843 16,122 9,906 9S9 5,227 1935-Mar. 4 28,271 10,420 184 3,031 2,250 207 4,748 133 235 255 875 16,318 9,821 1,200 6,298 June 29 28,785 10,369 192 2,931 2,277 135 4,834 119 201. 247 975 16,857 9,871 1,558 5,427 Nov. 1 29,301 10,465 179 2,885 2,279 159 4,963 94 164 260 841 17,460 1O,OSO 1,764 5,616 Dec. 31 29,985 10,548 196 2,893 2,284 169 5,006 181 272 1,047 17,810 10,501 1,768 5,541 HIW YORK cny * 1932—Dec. 31 7,327 2,621 1,186 160 148 1,066 216 337 3,789 2,603 1,186 1933—June 30 > 7,133 2,297 1,044 157 120 937 162 224 720 3,709 2,551 1,158 Oct. 25 6.971 2,436 985 149 179 1,075 143 233 624 3,501 2,320 1,181 Dec, 30 6,995 2,395 989 148 130 1,084 146 170 706 3,542 2,362 1,179 1934-Mar. 5 7,351 2,321 938 156 171 1,009 112 276 687 3,932 2,768 105 1,059 June 30 7,666 2,202 882 156 144 965 68 225 883 4,265 3,053 »157 »1,056 Oct. 17 7,545 2,294 826 150 159 1,108 66 232 631 4,300 2,954 237 1,109 Dec. 31 7,761 2,202 820 139 164 1,024 63 210 662 4,602 3,246 278 1,078 1935-Mar. 4 7,783 2,198 805 139 145 1,054 52 203 678 4,628 3,200 1,131 June 29 , 8,303 2,146 783 138 82 1,085 48 183 930 4,9S3 3,462 1174 Nov. 1 8,167 2,185 775 136 101 1,114 35 135 828 4,908 3,340 405 1,223 Dec. 31 8,418 2,196 793 140 107 1,096 42 158 1,018 4,985 3,425 401 1,159 OTHER RESERVE CITIES 1932—Dec. 31 10,535 5,879 164 2,005 1,398 2,237 178 46 12 4,362 2,462 1,900 1933—June 30 * 9,780 4,846 111 1,500 1,160 1,915 129 51 58 4,621 2,867 1764 Oct. 25 , 9,951 4,912 117 1,542 1,144 2,033 12Q 91 100 4,645 2,889 1,757 Dec. 30 10,157 4,797 106 1,524 1,151 1,937 103 78 112 5,000 3,209 1,790 1 19 9 3 3 J 4 5 — — D J J N O D M u u M e o e c n n e a c t v a e e . . . r . r . . 1 3 2 3 3 1 5 1 7 9 0 1 4 . ....... 1 1 1 1 1 1 1 1 2 1 1 2 0 1 1 1 , , , , , , , , 7 7 6 3 8 6 3 0 3 4 1 1 4 0 6 5 9 3 3 6 7 9 7 4 4 4 4 4 4 4 4 4 , , , , , , , , 5 6 4 4 5 5 4 5 9 6 3 2 5 8 2 6 9 9 6 5 9 6 2 2 1 1 1 1 1 1 1 1 2 0 1 2 3 0 1 0 3 1 3 0 8 7 8 2 1 1 1 1 1 1 1 1 , , , , , , , , 2 3 2 4 2 2 3 2 0 1 8 0 9 6 1 6 6 6 8 9 4 5 9 1 1 1 1 1 1 1 1 1 , , , , , , , , 1 1 1 1 1 1 1 0 0 1 2 4 5 2 0 9 9 7 0 5 8 0 8 3 2 2 1 1 1 1 1 1 , , , , , , , , 9 9 8 1 8 8 9 0 0 1 7 5 7 5 0 3 9 7 0 3 3 6 0 4 5 6 4 7 5 5 5 0 5 0 9 3 5 6 1 1 1 1 1 1 1 8 2 3 2 3 5 1 4 9 4 2 6 5 1 5 2 1 1 1 1 1 2 2 1 3 2 5 3 3 2 6 0 1 3 4 4 8 7 7 7 5 6 6 6 6 , , , , , , , , 8 5 1 0 9 7 7 4 2 8 0 6 3 9 6 2 4 9 4 4 3 3 3 3 4 4 3 5 4 4 4 4 , , , , , , , , 1 8 9 4 1 5 6 2 3 5 6 7 0 5 0 4 6 4 5 8 2 1 1 0 3 7 6 4 7 2 3 4 5 5 7 5 5 5 9 4 1 8 5 3 6 7 4 »1 I 1 1 1 , , , 7 9 8 9 3 4 2 0 4 4 6 8 COUNTRY BANKS 1 1 1 1 9 9 9 9 3 3 3 3 5 3 2 4 — — — - J D N J D M O D O M J D u u e e e u o c c c n c a n e c a n t . v t . . e c r e . r . e . . . . 1 2 3 3 2 3 3 3 3 1 5 4 5 7 1 1 9 0 0 1 0 . * , 8 8 8 8 8 8 8 8 8 8 9 7 , , , , , , , , , , , , 9 8 7 7 7 6 3 0 0 4 6 8 1 2 4 8 3 4 8 3 6 0 5 7 9 1 9 0 9 1 9 1 7 8 3 6 3 3 3 3 3 3 4 4 4 4 4 5 , , , , , , , , , , , , 7 7 7 7 8 9 0 1 1 1 4 1 5 8 9 5 4 2 1 7 9 0 0 2 4 6 8 8 9 6 6 5 4 5 3 3 1 1 1 1 1 1 1 , , , , , , , 0 0 1 0 0 4 1 8 9 9 9 9 1 3 0 9 1 1 9 7 0 6 3 9 2 9 4 2 7 7 4 2 2 7 6 6 1 1 1 1 i 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 0 0 0 0 3 0 e 0 0 0 0 2 2 5 6 5 7 0 6 3 2 i 2 8 6 6 6 8 5 0 4 1 5 6 0 1 1 1 1 1 2 2 1 1 1 1 1 , , , , , , , , , , , , 8 8 7 8 8 8 9 9 9 9 0 6 1 1 8 3 1 6 3 8 0 5 0 6 0 5 5 1 0 8 7 4 3 2 5 7 1 1 1 1 9 6 9 2 4 3 3 0 1 2 7 3 2 4 5 7 6 5 4 9 6 8 2 2 4 4 4 5 3 4 4 4 3 3 4 4 , , , , , , , , , , , , 0 7 7 7 9 7 2 5 8 1 5 1 0 5 5 8 0 4 8 4 4 4 9 1 2 7 6 0 3 8 3 5 5 8 8 4 2 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 9 8 9 9 4 1 9 5 0 4 9 6 4 7 9 8 6 7 9 3 4 0 2 8 0 4 2 2 9 4 2 1 6 8 0 3 • 6 3 4 6 2 5 2 0 5 4 5 1 2 3 9 5 8 3 5 5 5 2 2 2 2 2 2 2 % 2 2 2 , , , , , , , , 1 4 2 4 3 2 1 6 2 1 1 3 3 8 1 3 2 9 4 9 6 6 7 9 9 9 7 9 6 0 3 6 2 6 i Loans ( _ _ 1 Beginning June 30,1933, figures relate to licensed banYs onfy. . ic4al1™udS -OtteVecSito.-WnerS' LOan CorporatIon bonds **»nteed by the United States Government as to both Interest and 4 Central Reserve city banks. Back figures.-See BULLETIN for November 1935, pp. 722 and 723, or reprint, which may be obtained from Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MlBCH 1930 FEDERAL RESERVE BULIiETIN 161 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e a R R e r e r n r i e e v a t d v - - k h e l - e s s C va i a n u sh lt b a w m a B n d t n e i i o a c c t s k - e l h - - s s 1 r o i t e e p t i f l p d e r e o e i o s n o c m n c s a - c r o s s a t - l - - b m D a I t e n i n o c s k - t - e s rb b a e F a n i o n g k r k n - s S U m G e t e r a n e o d n t i n v e - t t - - s f P u l u n i b c d - s [c C l c c h e o a f e e a e i t o f n e t f r s r c f e i d t d s h k - i r ' - s s , s t p I p u i h v n c n o o a a o e i i d r n r l d p r r s a t i - s - - s - , - - , , j d i m u t e D s s a p t e a e n o - d d d s - - j m D I a t n e n i o c s t k - - e s rb b a F e a i n o g n k r n k - s P fu l u i n b c d - s s i t n a a g v l s - s p I p u i h v n c n o o a a o e i i d n r r d p l r r a s t i s - - - s - , - - , , r B i o n o w g r s - credit, etc. etc. etc.* TOTAL—ALL MEM- BER BANKp 1932—Dec. 31 2,511 423 2,416 1,122 3,609 475 1,119 422 12,273 12,691 9,411 547 1933—June 30 » 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 ^,803 191 Oct. 25 2,651 447 1,917 1,060 2,990 117 918 1,106 465 11,873 12,384 \971 183 Dec. 30 2,678 471 2,031 1,132 3,139 129 967 1,320 378 12,109 12,674 ',957 143 1934-Mar.5 3,148 486 2,376 1,159 3,676 173 1,790 ,425 549 12,252 13,066 8,258 91 June 30 3,819 473 2,760 1,057 4,070 155 1,658 372 13,349 14,261 8,763 35 Oct. 17 3,976 550 2,929 1,407 4,466 136 1,143 590 14,449 15,312 8,916 24 Dec. 31__..__. 4,082 609 3,149 1,903 4,569 147 1,636 ,799 838 14,951 15,686 9,020 13 1935-Mar.4 4,518 534 3,386 1,475 5,095 169 1,270 ,861 741 14,872 15,999 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 9,462 9 Nov. 1 5,662 541 3,760 1,756 5,558 361 650 2,251 686 17,327 18,509 9,671 9 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 2,139 832 18,035 18,801 9,680 6 NEW YOEK CITY • 1 19 9 3 3 2 3 — -J D u e n c e . 3 3 0 1 * 1, 8 1 4 3 6 2 1 1 1 0 5 1 4 8 9 7 1 4 1 1, , 2 5 5 6 5 2 2 1 1 2 6 7 3 17 3 3 2 96 4 1 6 7 1 7 4 4 , ,6 5 7 4 6 0 4 4 , , 3 3 1 5 9 8 8 6 4 7 3 1 1 8 3 D O e c c t . . 2 3 5 0 9 9 0 6 3 8 9 9 0 3 5 4 5 7 3 6 1 1 , ,2 2 1 0 5 0 1 1 0 1 0 2 3 4 7 2 9 2 1 7 4 1 1 2 1 9 6 9 7 4 4 , , 5 4 1 9 3 4 4 4, , 3 3 2 3 5 0 6 6 S 2 0 0 3 5 1 1934—Mar. 5..._ .. 1,170 91 631 1,402 154 843 109 368 4,422 4,268 600 June 30 1,417 97 415 1,591 135 802 167 154 4,894 4,800 649 Oct. 17. 1,443 84 666 1,689 116 559 201 360 5,107 5,001 623 Dec. 31. 1,576 103 1,009 1,798 126 792 229 540 5,370 5,069 591 1935-Mar.4 1,856 86 810 2,047 147 572 190 500 5,329 5,209 595 June 29. „ 1,935 133 447 1,983 248 369 354 149 5,924 5,979 567 D N e o c v . . 3 1 1.... 2 2, , 5 5 4 9 1 0 1 11 0 1 9 1, 8 1 7 3 3 3 2 2 , , 2 33 0 8 3 3 4 2 1 7 0 2 2 1 2 9 4 4 32 6 3 8 4 6 1 2 3 4 6 6 , , 1 4 0 7 4 9 6 6 , , 1 1 1 9 2 3 6 59 8 1 0 OTHER RESERVE CITIES 1 1 1 1 9 9 9 9 3 3 3 3 2 3 4 5 — — - - J J D N D D O M O M D J u u e e e u c c o n n a e c c c t n a t v . c e . . e . r . e r . . . . 2 5 1 3 2 3 3 3 1 3 4 3 1 0 _ 5 1 9 7 0 0 _ 1 _ 1 _ . . . « . . . . 2 2 1 2 1 1 1 1 1 1 , , , , , , , , , , 9 9 0 6 1 7 2 6 6 1 1 2 3 3 4 3 7 9 8 8 0 5 7 0 1 7 6 3 9 3 5 3 5 4 2 2 2 2 2 2 2 2 1 1 1 1 1 1 3 5 9 2 4 5 5 8 9 4 7 9 1 1 5 8 7 0 6 9 8 4 2 4 2 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 8 3 8 5 1 9 5 7 5 1 2 5 3 7 3 3 6 8 5 9 5 0 4 6 3 3 8 4 9 9 9 0 0 5 2 4 4 3 4 3 4 6 5 6 8 5 5 9 8 6 6 8 2 0 6 6 8 4 5 3 9 7 3 4 7 2 2 2 7 4 2 2 2 2 2 2 2 2 1 1 1 1 1 , , , , , , , , , , , , 4 5 1 9 9 6 7 5 6 6 9 4 4 9 8 7 8 7 3 5 8 4 4 3 5 3 2 5 5 8 0 5 4 9 3 1 7 6 3 4 3 4 4 4 6 5 3 3 8 6 8 6 4 1 2 5 3 5 5 3 6 2 6 6 9 5 8 4 6 8 4 4 5 6 7 6 8 8 9 4 7 1 8 2 5 1 0 5 9 7 3 1 6 3 9 6 5 5 0 7 2 2 7 1 7 1 2 1 1 1 1 1 1 1 1 1 9 5 3 9 5 2 6 0 3 2 3 6 8 1 1 3 4 4 4 7 2 6 2 7 4 4 4 4 4 5 5 5 5 6 7 7 , , , , , , , , , , , , 5 8 3 8 7 1 9 8 5 3 7 9 2 7 0 2 2 2 0 7 4 0 2 9 2 1 2 2 7 8 1 8 5 3 5 2 4 4 4 5 5 5 6 6 6 7 7 7 , , , , , , , , , , , , 1 3 3 1 8 0 6 6 6 8 0 5 5 2 7 4 9 1 7 2 6 4 2 7 0 4 6 3 2 3 7 3 2 3 1 0 3 3 3 3 3 3 3 3 3 4 4 4 , , , , , , , , , , , , 3 2 3 7 7 8 4 8 9 1 2 1 6 9 3 2 9 8 9 7 8 3 1 6 4 9 9 7 3 2 5 5 5 9 0 3 1 2 1 1 1 8 1 6 6 5 COUNTRY BANKS } 19 9 3 3 3 2 - - ^ J J N O D M D O p J u u c e e u e c o n n t a c c 4 c t n v . r . e . e . . e . . 4 3 1 2 3 2 3 3 3 _ 1 1 7 5 1 9 1 0 0 . . '1111 4 6 8 4 5 5 7 8 9 9 9 9 4 8 4 2 7 5 1 6 2 0 2 2 8 5 8 9 3 2 6 9 0 0 2 7 2 2 3 2 2 2 2 2 2 2 2 2 0 0 3 1 2 7 4 3 3 5 3 3 3 5 2 6 5 5 6 2 0 8 7 6 1 1 1 1 1 1 1 , , , , , , , 6 7 7 9 7 2 4 4 1 6 2 6 8 5 6 0 6 0 5 2 0 1 9 7 5 1 7 2 9 6 7 7 5 3 6 6 2 1 1 1 1 1 2 2 1 1 1 1 0 3 4 2 6 3 1 7 6 7 8 9 7 5 9 1 4 5 8 2 3 4 9 2 2 2 2 2 2 3 3 3 3 3 3 4 6 3 2 8 4 5 9 0 4 6 1 4 3 0 8 1 5 4 9 0 0 4 5 7 1 1 1 1 1 1 1 1 1 7 1 1 8 9 1 7 2 9 7 5 3 2 6 1 1 0 4 4 5 5 8 2 7 6 5 5 6 7 7 8 7 8 8 8 9 1 5 7 3 0 2 0 4 6 9 8 0 5 5 9 1 4 2 2 5 5 5 7 1 1 1 1 1 9 7 6 8 8 9 9 7 0 0 0 2 0 2 8 5 5 8 0 4 6 4 6 7 2 2 2 2 3 3 3 3 3 3 4 4 , , , , , , , , , , , , 5 9 0 1 6 7 4 5 6 7 0 2 7 8 0 5 3 9 7 8 4 6 5 9 6 8 7 0 3 3 2 9 2 1 4 5 3 3 3 3 3 3 4 4 4 4 4 5 , , , , , , , , , , , , 0 5 1 3 7 6 1 2 4 5 8 0 5 3 6 2 9 4 6 1 9 3 7 4 4 0 2 8 2 8 8 4 2 8 5 7 1 8 8 8 0 8 8 8 8 7 7 7 8 6 7 3 4 7 7 7 4 5 6 8 3 2 2 2 3 3 2 2 2 1 1 1 1 7 3 9 0 0 5 1 1 8 6 4 3 9 5 3 1 0 6 0 0 8 2 0 6 4 3 3 3 4 4 4 4 4 4 4 4 , , , , , , , , , , 6 8 , 9 , 9 3 1 5 5 6 7 8 8 3 8 5 S 7 6 0 5 2 5 2 7 3 6 3 3 3 S 0 4 3 6 4 9 4 1 1 1 1 6 S 3 3 2 1 1 1 8 7 6 5 3 3 0 7 3 8 4 6 ' Prior to Dec. 31,1935, excludes balances with private banks to the extent that such balances were reported in "Other assets." *|§™£«Sg^ with Oct. 25,1933, have been revised In this BULLETIN to include time balances with domestic banks which on that date amounted to $69,000,UUU ^ M^ PriortoDec.31,imincIudescashItemson Sae^d"^^ "Due to Federal Reserve banks (deferred credits)" ptior to Dec 31, * Demand deposits other than Interbank and XJ. 8. Government, less cash Items reported as In process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not In process of collection. • Beginning jUne 1933 figures relate to licensed banks only. •Central reserve city banks. < o , . 3** Amw.-See BULLETIN for November 1935, pp. 724-726, or reprint, which may be obtained from Division of Research and Statistics. 51220—36 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL BESERVE BULLETIN MAECH ] 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- U. S. Govern- serves Bal* Date or month i m T n lo a v o e n a e n t n d s a t s t l s - Total Y N k b o s T r i e o u e d o o r r t w - e s - k o o c t t n T u h i e o r e s s i r e - s - e R lo s e t a a a n t l s e - c m O lo u t e t a s h o r t n s e o s r - L ba o t n o a k n s s a c c m a A c n e o n i c e p c m a d - e r t l - - s - t k L o C Y N e o r i o b e s a t r r w y n k o i i s n -| Total D m ir e e n t c t i t o o . n b F s g li u u g l a a l r y - - s O e t c t i h u es e ri r - b s w F e a R e e r i n r e a t d v - k h l - e s v C a i a n u s l h t d b a w o a n t m n i c i k t c e e h s s s * - Cltyi paper anteed bought TOTAL—101 CITIES 1935—February... 19,514 6,752 171 2,220 1,126 3,235 119 438 715 11,490 7,791 705 2,994 3,655 310 2,052 October 20,355 6,751 159 2,078 1,146 85 327 800 12,392 8,156 1,114 3,122 4,435 339 2,253 November.. 20,510 6,770 161 2,081 1,141 3,387 102 338 820 12,480 8,291 1,138 3,051 4,715 354 2,326 December... 20,769 6,824 174 2,107 1,139 3,404 81 358 921 12,585 8,433 1,131 3,021 4,694 376 2,312 1936—January 20,928 6,723 176 2,071 1,142 3,334 70 364 923 12,848 1,155 3,094 4,773 354 2,336 February.._ 21,053 6,659 174 2,056 1,143 3,286 69 352 901 13,072 8,708 1,194 3,170 4,782 356 2,335 1935—Dec. 4 20,518 6,820 170 2,094 1,141 3,415 98 356 882 12,362 8,221 1,134 3,007 4,894 361 2,370 Dec. 11 20,521 6,815 169 2,102 1,140 3,404 74 357 915 12,360 8,216 1,136 3,008 5,024 379 2,342 Dec. 18 20,970 6,843 177 2,118 1,138 3,410 79 357 909 12,782 8,643 1,129 3,010 4,492 387 2,293 Dec. 24 20,939 6,814 171 2,111 1,140 3,392 76 356 918 12,775 8,616 1,131 3,028 4,466 386 2,246 Dec. 31 20,895 6,831 183 2,111 1,136 3,401 76 362 980 12,646 8,468 1,126 3,052 4,597 369 2,308 1936—Jan. 8 20,834 6,743 175 2,079 1,137 3,352 78 366 937 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 71 366 939 12,788 8,576 1,149 3,063 4,778 346 2,366 Jan. 22 20,969 6,716 178 2,066 1,143 67 367 923 12,896 8,651 1,162 3,083 4,764 347 2,328 Jan. 29 20,995 6,681 171 2,064 1,142 3,304 65 360 893 12,896 8,655 1,172 4,843 353 2,366 Feb. 5 21,023 6,666 174 2,064 1,140 3,2S8 70 353 888 13,046 8,701 1,179 3,166 4,825 339 2,332 Feb. 12 _ 21,082 6,663 175 2,054 1,138 3,296 70 354 908 13,087 8,717 1,197 3,173 4,741 357 2,306 Feb. 19 21,100 6,662 178 2,057 1,146 3,281 69 351 13,109 8,726 1,197 3,186 4,772 359 2,334 Feb. 26 21,006 6,646 171 2,048 1,146 3,281 66 349 13,047 8,6£0 1,201 3,156 4,788 371 2,368 NEW YORK CITY 1935-February... 7,366 2,129 781 131 [,159 225 556 4,396 3,111 280 1,005 1,792 72 October 7,734 2,096 721 123 [,194 140 779 4,676 3,225 375 1,076 2,341 83 November... 7,828 2,092 727 123 [,183 155 800 4,718 3,313 378 1,027 2,424 81 December,... 7,921 2,095 745 125 .,166 171 897 4,712 3,320 379 1,013 2,430 82 1936—January 7,937 2,036 730 128 1,119 173 895 4,799 3,346 399 1,054 2,498 76 February... 8,061 2,025 734 130 1,100 161 873 4,969 3,430 434 1,105 2,484 79 1935—Dec. 4 7,856 2,097 734 124 [,180 170 860 4,667 3,276 374 1,017 2,565 87 Dec. 11 7,883 2,099 744 124 ,172 170 891 4,684 3,289 377 1,018 2,610 80 Dec. 18 7,993 2,107 757 124 ,167 169 886 4,786 3,415 376 995 2,265 88 Dec. 24 7,955 2,083 746 128 ,150 170 895 4,765 3,378 1,005 2,264 79 Dec. 31 7,917 2,090 743 127 ,161 174 955 4,656 3,243 1,030 2,446 77 1936—Jan. 8 7,900 2,041 735 127 ,121 175 909 4,733 3,315 387 1,031 2,431 77 J J J F F F F a a a e e e e n n n b b b b . . . . . . . 2 2 1 2 1 1 5 2 9 5 6 9 2 8 8 8 8 8 7 7 , , , , , , , 0 0 0 0 0 9 9 9 7 4 2 0 4 0 4 2 0 8 8 0 6 2 2 2 2 2 2 2 , , , , , , , 0 0 0 0 0 0 0 2 2 2 4 3 2 3 0 9 0 4 5 5 1 7 7 7 7 7 7 7 3 3 2 3 2 3 3 8 1 9 1 8 6 0 1 1 1 1 1 1 1 2 3 2 2 2 2 3 7 4 7 8 7 8 4 1 1 , , , , , , , 0 1 1 1 1 1 1 9 0 0 2 1 0 1 5 0 2 7 8 1 1 31 1 1 1 1 1 1 1 6 6 6 7 6 7 6 3 0 8 3 0 4 2 8 8 8 9 8 8 9 8 6 6 1 8 3 2 0 6 2 2 4 4 4 4 4 4 4 , , , , , , , 9 9 7 9 9 8 9 1 5 4 9 7 0 5 3 3 0 0 4 8 7 3 3 3 3 3 3 , , , , , 3 , 3 3 4 4 4 4 3 9 1 3 3 3 2 6 1 1 1 0 8 2 8 4 4 4 4 3 4 4 2 0 3 3 1 9 4 0 1 6 4 3 5 4 1 1 1 1 1 1 1 , , , , , , , 1 0 1 1 1 0 0 1 3 0 1 1 3 8 1 9 9 6 0 4 2 2 2 2 2 2 2 2 , , , , , , , 4 4 4 4 5 5 5 8 1 9 9 6 0 3 7 8 0 8 1 9 3 8 7 8 8 7 7 7 0 8 1 0 5 5 7 OUTSIDE NEW YORK CITY 1 1 1 1 9 9 9 9 3 3 3 3 5 6 5 6 — — — - F F J F J F J J D D D D N D F O D a a e e a e a e J F e e e e e b b b n o e n a b c n n e c c e c c . . b . n . c . t . v . c . . . . . b o 1 e r u . e 2 r 8 2 2 5 1 b u 1 5 3 m 1 2 a 4 m u 1 2 9 e 5 a L 2 r 9 , a 8 4 1 b y _ b r . r r . . _ . . . . . y e y e . . . . . _ . . . _ _ . . . r . . r . . -__ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 3 3 2 2 2 3 3 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , 9 , , 0 , , , 0 , 9 9 9 0 0 9 9 9 6 6 8 9 1 6 9 6 5 1 0 9 9 3 2 0 7 8 7 6 3 9 4 4 8 9 2 8 0 6 5 5 4 9 7 8 4 7 2 8 2 8 8 2 1 1 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , , , , , , , , 6 6 6 6 6 6 7 7 7 7 7 7 7 7 6 6 6 6 6 1 3 4 4 5 8 0 0 3 3 4 1 2 2 5 8 3 7 2 5 3 3 6 6 1 5 2 6 1 1 6 3 9 5 7 4 8 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 1 1 1 1 1 1 0 0 6 0 4 4 3 7 1 7 4 2 1 0 8 5 3 7 3 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 1 3 3 1 2 3 4 4 6 6 6 5 6 4 5 6 5 3 2 9 3 5 2 3 8 4 4 1 5 8 8 0 1 4 2 7 9 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 0 0 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 2 9 1 3 2 2 5 5 0 7 9 6 4 2 4 4 7 3 8 3 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , , , , , , , , 1 1 1 1 2 1 2 2 2 2 2 2 2 2 1 1 2 2 0 8 8 8 9 2 9 1 4 3 4 3 1 4 8 3 7 0 7 3 6 6 1 3 3 5 1 0 1 2 2 5 3 6 5 4 4 6 8 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 3 5 7 6 5 7 6 7 4 5 4 6 4 6 5 9 5 6 2 6 9 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 9 9 9 8 9 9 9 9 8 8 8 8 8 1 9 9 8 8 8 1 1 1 9 2 4 1 2 6 8 8 7 6 3 1 1 3 7 7 1 2 2 2 2 3 2 2 2 2 2 2 2 2 2 2 2 2 2 5 8 6 7 7 0 8 7 9 5 0 4 3 3 4 8 2 8 1 9 8 8 8 8 8 8 8 8 7 7 7 8 7 7 7 7 8 7 7 , , , , , , , , , , , , , , , , , , , 1 1 0 0 0 0 0 0 9 9 1 6 9 0 7 8 6 7 0 1 1 9 1 8 9 4 8 7 0 9 1 7 9 4 7 9 6 9 9 3 0 3 3 0 8 8 3 6 7 0 6 6 9 3 5 2 4 5 5 5 5 5 5 5 5 4 5 5 5 5 4 4 4 5 4 5 , , , , , , , , , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 9 2 2 1 9 2 9 2 9 6 0 5 7 8 6 8 2 6 8 3 1 2 3 5 2 4 7 7 8 1 9 9 1 8 4 3 5 5 7 3 8 8 3 7 5 8 8 0 7 7 7 7 7 7 4 7 7 7 7 7 7 7 7 7 7 7 7 6 6 5 5 6 5 4 5 5 4 6 2 4 5 6 5 3 5 6 1 3 9 9 1 4 3 7 9 8 0 5 9 3 0 6 9 2 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 , , , , , , , , , , , , , , , , , , 0 0 0 0 0 0 0 0 0 0 0 9 9 0 0 0 0 0 7 6 2 7 5 2 6 4 1 2 2 9 9 0 4 2 6 4 0 3 9 4 5 8 0 4 5 3 2 0 0 8 0 4 5 6 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 , , , , , , , , , , , , , , , , , , , 2 2 3 3 2 4 2 2 2 8 2 2 1 0 3 2 2 2 2 7 8 6 3 1 2 8 5 5 7 0 2 9 5 2 6 9 9 7 4 2 3 8 4 3 8 5 5 6 2 7 4 1 9 4 1 8 5 3 2 2 3 3 3 3 2 3 3 3 2 2 2 3 8 0 1 9 2 9 0 0 1 1 1 8 9 0 5 9 0 7 3 3 5 1 4 4 6 2 5 5 5 7 •2 2 2 2 2 2 2 2 2 2 2 2 % 2 2 2 2 2 , , , , , , , , , , , , , , , , , 2 2 2 2 1 2 2 2 2 2 2 2 1 2 2 2 2 W 5 2 5 6 9 9 6 0 5 7 4 6 8 3 3 5 0 4 6 3 7 1 1 0 5 1 0 5 2 3 1 0 6 7 * Revised. i Loans (secured by stocks and bonds) to brokers and dealers in securities. »Includes reporting banks' own acceptances. . -p^ 31, * Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on u**- 1935, 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

MARCH 1936 FEDEHAL EESEEVE BULLETIN 163 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Gash Demand deposits Time deposits items Total report* De- Date or month i c n e t e o i s p d o s l l r n a e o o s c c i f - - a O s t s h e e ts r l T i i a t o i b e t i a s l l - D b o a t I m n i n c k e t s e s- rb F a b o n a r k n ei k g s nG U S m o n t v a e i e t t n e e r t n s d - c C h f e e e i t e c c r . k t d i s - , Other i u d t m s s e — t a p e n o d a d s d - i - m b D a I e n o n s - t k t i e s c rba b F e n a i o g n k r n k - s Other r B i o n o w g r s - - i t a t i h b e e i s l r - t J a o a l u a p n c i- t - TOTAL—101 CITIES 1935—February 1,151 1,546 28,228 4,661 172 1,197 460 12,355 11,666 128 4,875 882 3,482 October. 1,218 1,374 29,974 5,125 351 633 453 14,124 13,359 119 4,917 750 3,496 November .1,343 1,387 30,635 5,282 385 519 484 14,638 13,779 118 4,883 807 3,514 December 1,429 1,403 30,983 5,268 438 609 556 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 February 1,277 1,337 31,140 5,512 397 545 493 14,848 14,064 135 4,893 807 3,505 1935-De*. 4.___ 1,223 1,421 30,787 5,389 440 482 522 14,612 13,911 116 4,843 852 3,527 Dec. 11 1,295 1,422 30,983 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 13,887 123 4,911 765 3,506 1936—Jan. 8 1,271 1,316 30,782 5,409 424 702 553 14,391 13,673 135 4,889 773 3,501 Jan.15_ 1,536 1,337 31,276 5,518 432 699 594 14,712 13,770 135 4,898 783 3,600 Jan. 22 1,331 1,331 31,070 5,526 427 611 532 14,635 13,836 134 4,892 799 3,506 Jan. 29 1,203 1,336 31,096 5,486 424 604 471 14,749 14,017 135 4,888 829 3,605 Feb. 5- 1,156 1,327 31,002 5,516 406 598 435 14,712 13,991 135 4,892 799 3,603 Feb.12 1,398 1,337 31,221 5,480 547 535 14,924 14,061 135 4,889 803 3,504 Feb. 19 1,260 1,333 31,158 5,524 524 519 14,853 14,112 135 4,889 808 3,607 Feb. 26 1,295 1,351 31,179 5,527 391 510 482 14,903 14,090 135 4,900 820 3,504 NEW YORK CITY 1935—February 616 637 10,536 1,948 152 601 315 5,161 4,861 611 281 1,453 October 606 478 11,296 2,133 322 247 294 5,941 5,629 619 287 1,450 November 688 488 11,568 2,203 354 184 308 6,146 5,766 586 325 1,468 December 754 483 11,730 2,210 403 182 355 6,217 5,818 569 332 1,459 1936—January 670 472 11,706 2,359 398 180 348 6,101 5,779 540 314 1,462 February 627 472 11,774 2,336 368 143 317 6,295 5,985 537 312 1,463 1935-Dec. 4_I 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 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 2,125 401 197 315 6,108 5,769 568 313 1,468 1936- J J J J D F F F F a a a a e e e e e n n n n b c b b b . . . . . . . . . 8 2 1 2 1 5 3 1 2 2 9 . 9 5 1 6 . 2 . _ _ . 1, 6 7 6 5 5 0 7 6 6 3 9 5 5 4 9 2 2 1 5 4 5 5 8 5 9 2 2 4 4 4 4 4 4 4 4 4 7 6 7 7 6 7 7 7 7 1 3 8 3 9 3 1 2 5 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 , , , , , , , , , 0 7 7 7 5 8 6 7 8 2 9 6 0 6 1 9 6 2 3 9 0 4 2 6 9 0 2 s 2 2 2 2 2 2 2 2 2 , , , , , , , , , 2 3 3 3 3 3 3 3 3 0 7 8 6 4 4 2 3 1 0 0 3 8 5 0 0 9 4 4 3 4 3 3 3 3 3 3 0 9 0 9 6 9 7 7 6 8 5 3 7 4 7 0 6 1 1 1 1 1 1 1 1 1 1 9 9 6 4 9 6 6 3 3 8 7 1 4 7 2 2 7 1 4 3 3 3 2 2 3 3 3 8 5 9 4 7 9 4 3 1 3 9 8 1 1 4 5 9 4 3 6 6 6 6 6 6 6 5 , , , , , , , 1 3 2 3 , 3 0 3 9 1 1 1 1 9 9 4 8 5 2 1 8 4 9 0 0 > f 5 5 5 5 5 6 6 5 i , , , , , , , 7 , 7 9 9 0 9 0 , 8 1 7 8 0 5 2 3 2 2 9 0 5 7 7 8 5 0 2 4 5 5 5 5 5 5 5 5 5 4 6 3 4 3 4 3 3 4 4 6 7 3 5 1 7 2 2 3 3 3 3 3 3 3 3 3 1 1 0 1 2 0 0 1 2 0 3 9 3 6 1 5 5 7 1 1 1 1 1 1 1 1 1 , , , , , , , , , 4 4 4 4 4 4 4 4 4 5 6 6 6 6 6 6 6 6 8 0 1 4 3 4 2 3 4 OUTSIDE NEW YORK CITY 1 1 1 1 (V 9 9 9 M 3 3 3 6 6 5 — - - J J N D D D J F J O D D F F F F F a ) a J a a e e e e e e e e e e o e a c e b n b n n b e n b e c c c b c n b v t . c . . . . . . . . . . c . r o e u . e r 4 8 1 2 2 4 u m b a 1 5 3 1 2 u m 1 2 5 1 2 a r _ e 9 9 1 2 6 1 a 4 8 b y r . b r _ . . r . . e . _ _ . y e . y r r ... 6 5 6 6 6 6 6 6 6 6 8 6 7 6 6 6 6 6 3 5 7 0 1 6 3 6 1 5 6 3 7 0 4 1 3 7 5 5 5 1 2 5 3 3 7 0 0 6 6 5 2 1 1 6 9 8 8 8 9 9 9 9 9 8 9 R 8 8 8 8 8 8 8 . 0 9 9 5 2 2 1 2 6 1 1 5 5 6 5 6 6 7 5 9 6 9 8 9 0 8 4 5 0 8 3 9 3 8 5 2 6 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 , , , , , , , , , , , , , , , , , , , 6 0 1 6 2 3 0 3 2 4 3 4 3 2 3 4 3 3 3 7 6 9 5 0 9 6 9 5 1 5 7 6 2 0 3 3 4 8 8 7 6 3 5 2 6 7 7 3 0 7 6 0 5 6 6 2 0 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , , , , , , , , 7 1 1 1 1 1 1 1 1 1 1 0 9 0 0 0 0 0 0 1 2 7 0 7 4 1 4 6 7 8 7 9 5 4 7 4 2 9 3 6 6 3 6 8 8 3 0 9 8 2 9 8 6 3 6 2 5 5 3 4 4 3 3 4 6 4 4 5 5 5 4 4 3 3 7 9 8 2 3 1 0 0 4 0 4 0 3 0 0 8 7 4 6 6 7 5 5 2 8 9 3 2 5 7 3 2 7 9 1 2 1 1 2 1 1 1 2 1 1 1 1 1 1 1 1 1 1 4 0 7 5 0 8 7 8 4 9 7 9 9 9 6 7 9 7 6 5 1 6 9 1 9 6 7 4 3 8 4 6 1 4 7 6 4 S 7 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , 1 1 . , , 5 , 6 , , , , 5 4 , 4 5 4 5 5 5 6 5 5 5 5 5 9 5 8 2 1 0 1 4 9 5 9 5 4 9 3 3 8 4 3 3 0 1 8 8 1 1 1 2 9 9 3 3 7 8 6 4 8 3 5 6 8 8 8 7 8 8 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , , , . , 0 , 0 1 , , 0 8 7 0 0 1 0 1 , 0 0 0 0 0 0 1 0 1 7 5 5 1 0 0 3 8 4 7 9 7 6 5 8 3 6 2 7 1 1 0 4 5 0 6 5 9 9 6 5 6 4 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 3 2 2 1 1 3 1 2 3 3 3 3 3 3 3 3 7 9 8 5 0 0 6 7 5 8 8 5 5 4 5 5 5 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , , , , 2 2 3 , , 2 3 " 3 , 2 3 3 3 , 3 3 3 3 3 3 3 3 " 1 6 5 9 9 5 0 5 5 8 0 4 4 5 5 5 " 5 5 5 1 4 : 8 7 2 3 6 4 5 5 5 5 5 3 2 8 4 6 4 4 4 4 4 5 4 4 4 4 4 4 5 4 4 4 6 0 8 8 8 4 9 9 1 9 9 5 7 6 8 0 9 9 9 3 9 1 9 2 2 6 5 2 3 1 2 4 3 6 3 8 8 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , 0 , , , 0 . 0 , , , 0 , 0 0 0 0 0 , 0 , 0 0 0 0 0 0 0 4 0 0 2 6 4 5 4 5 4 6 4 4 4 6 6 4 3 1 4 1 4 4 1 4 6 1 6 1 1 9 5 2 4 0 8 9 3 3 0 l Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount ff f a^ Z S ^ ^ ^ ^ S ^ S X ^ ^LT s. Government. less cash items reported as in process of collection and prior to 1936, less cash «ems reported as on hand but not in process of collection. Bee footnote 2 on p. 132 of BULLETIN for February 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN MARCH 193U ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS BANKERS* ACCEPTANCES, BY HOLDEBS (DOLLAR BANKERS' ACCEPTANCES. BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars! [In millions of dollars] H er e a ld l R b e y s e F r e v d e - Held by accepting on B a go se o d ds Ba o s n ed banks banks stored in goods Based Based U S n ta it t e e d s sto i r n ed Total on on ex- (ware- Dollar foreign End of month s o ta u n t- d- F ac o - r He by ld End of month Total p i o m r - ts p fr o o r m ts c h re o d u i s t e s) ch e a x n * ge tr c i o e u s n o - r ing c o o F a w u c o - n n r t o c c e o o f i r u g f r o n n e r t - - Total O bi w ll n s . b o B u i g ll h s others U in . t S o . U.S. d b sh o et m ip w o e r p e s e e t d n ic s f h t o w i r b p e e e p i - e g e n n d spondents points points 1933—October 737 99 185 253 5 195 1933-October..._ 737 592 271 321 112 November 758 98 200 278 4 180 N De o c v e e m m b b e e r r - . * 7 7 6 5 4 8 4 5 4 9 2 9 2 22 7 3 3 2 3 1 2 9 6 1 1 & 3 0 8 December 764 04 207 277 4 182 1934— N D J A S J O A M M F J u u e e o u p c a e a a p n l c t n v b g r y y r o e t e i u u e r . c e b l m a m u s h m e t r a r b b y b r e e e y r r r . . . . . . . . . . 5 6 5 5 5 5 6 6 5 7 5 7 6 4 6 3 2 1 1 8 3 6 7 5 1 3 2 9 0 6 3 5 4 9 1 0 4 4 5 4 4 6 5 5 5 5 5 5 9 1 8 1 0 8 7 0 3 7 8 6 7 7 3 6 3 0 2 7 6 6 1 7 2 2 2 2 2 2 2 2 2 2 2 4 5 4 2 2 2 6 6 5 2 5 2 3 2 6 3 0 2 5 2 2 2 3 2 2 2 2 2 2 3 3 6 5 6 7 2 9 8 8 5 6 1 1 5 4 1 1 4 9 1 0 0 0 5 2 1 4 4 4 3 3 4 6 8 7 5 9 0 2 4 6 7 5 5 3 1 0 9 5 8 1934— D J A N J A M M S O F J u u e e e a u o p c a a p l c n b n t g v r y r y o e t u i u r e e e c m l b a m u s . m h . e t r . a b — r . b y b . r . e . e e y r . r r . . . . . . . _ . 5 5 5 6 5 5 5 5 7 6 5 7 3 4 6 2 3 1 1 6 6 8 7 5 9 3 3 1 0 9 4 6 2 5 1 0 1 1 1 8 8 8 9 9 8 9 9 0 0 9 0 9 9 9 4 3 9 7 4 3 0 8 3 1 1 1 1 1 1 1 2 2 1 1 1 4 4 3 4 4 4 6 3 5 2 8 0 0 4 0 8 8 7 0 5 5 5 6 3 2 1 1 1 1 1 1 2 2 1 1 1 4 9 9 2 8 6 4 3 8 7 6 6 7 5 3 6 4 6 6 1 4 8 7 1 2 4 4 4 2 5 3 3 3 4 4 4 H 1 1 1 1 1 1 1 U 1 1 1 1 2 3 5 5 3 8 4 7 6 I i 9 7 7 2 8 3 4 3 5 8 1935— J S J N D M A O M F A J u u e e e u o a p c a a n p l c n b g t r v y y r e e t o i u u r e c e l m b a h u s m m r t e b a y b r b e r . e r e y . r * r . . . . . . . . . 3 3 3 3 3 3 3 3 4 4 4 6 6 8 2 9 4 2 7 2 1 9 6 1 3 7 8 7 3 1 5 2 3 3 6 6 3 3 3 3 2 4 4 3 3 2 4 3 6 3 5 0 9 9 1 5 5 2 S 9 8 9 8 1 6 2 7 6 2 3 1 5 1 1 1 1 1 2 1 1 1 2 1 1 8 7 4 8 4 6 4 1 6 3 7 9 3 8 8 2 8 4 5 7 2 8 8 7 1 1 2 2 2 1 1 1 1 2 1 1 6 7 8 6 4 3 5 4 2 1 9 4 1 5 5 3 8 5 4 7 6 4 3 7 3 2 2 2 2 2 4 4 2 2 3 1 0 4 4 7 9 9 1 3 2 6 0 9 1935— J J N D A M A S O F M J u u e e p o e u a c a p a l n b c n v t r g y r t o y e e i u r e u e c l b . m - u m a m s h . e r t a b b . r y b r — . . e e e y . r r r . . . . . _ .. . . . - . _ . 3 3 3 3 3 3 3 3 4 4 4 5 9 6 2 8 7 2 2 4 6 9 1 1 7 3 8 7 5 2 1 3 0 3 3 6 1 1 1 1 1 1 1 1 1 9 9 0 8 0 0 0 0 0 0 0 0 9 2 2 6 2 7 5 6 2 7 1 3 1 1 1 1 1 8 8 9 7 8 9 7 1 2 0 2 3 6 1 4 5 4 4 7 4 2 0 3 3 1 1 1 1 1 7 4 9 9 5 5 6 3 6 1 1 7 6 7 8 6 7 2 6 4 6 1 0 9 2 2 2 3 4 3 3 3 2 4 4 2 1 1 1 8 8 S 8 8 9 8 0 1 0 9 6 2 4 1 4 9 4 6 3 1936—January . 3S4 353 181 172 31 1930—January 384 108 94 96 3 84 •Less than $500,000. Source: American Acceptance Council, Source: For acceptances outstanding (and held by accepting banks), Back figures.—See Annual Report for 1933 (table 97). American Acceptance Council. Back figures.—-See Annual Report for 1933 (table 100). COMMERCIAL PAPER OUTSTANDING» BROKERS' BORROWINGS [As reported by dealers. In millions of dollars] [Net borrowings on demand and on time in New York City reported by 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 ro p t m r a u n s i b 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 n m s n c , i b p b e r s r a , o i n v e k k a t e i c t r n e . s g , J M F a e a n b r r u c u h a a r r y y .. . 1 1 10 0 0 6 8 3 8 8 7 5 4 2 1 1 0 1 8 7 1 1 1 7 8 7 7 2 1 178 April. 108 84 117 177 1935 1936 1935 1936 1935 1936 J M u a n y e . . . . . , 1 1 0 1 3 1 6 7 0 3 1 1 4 5 2 1 1 1 7 5 3 9 July. 100 97 168 164 M Fe a b r r c u h a ry. J. 8 7 8 1 7 2 6 3 5 9 92 2 4 5 7 7 7 0 5 5 6 0 8 8 8 8 9 8 1 6 6 6 7 7 6 3 3 4 6 A Se u p g t u e s m t ber... 1 11 0 0 8 1 1 0 2 7 3 1 1 8 9 8 2 1 1 7 8 7 3 M Ap a r y il S 8 7 O 0 9 5 3 S 7 7 7 7 5 6 6 9 2 3 4 3 2 3 4 N D O o e c c t v o e e b m m er b b e e r r . . . . 1 1 8 1 1 1 0 3 1 1 1 3 3 0 0 3 9 1 1 1 8 7 6 8 8 6 1 1 1 8 7 7 0 8 2 July 769 741 28 1 Includes some finance company paper sold in the open market. 772 750 22 September. 781 759 22 Back figures.—See Annual Report for 1934 (table 76). 792 772 20 November — 846 821 25 December 938 907 31 Back figure—See Annual Report for 1934 (table 75). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1936 FEDERAL RESERVE BULLETIN 165 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES RATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANKS [Percent per annum] Rediscounts and advances un- Advances under sec. d F e e r d e s r e a e l s . R 1 es 3 e r a v n e d A 1 c 3 t a of the e 1 r 0 a l ( R b) e s o e f r v t e h A e c F t ed- Prevailing rate on- Aver o a n g — e rate A d v is e c r o ag u e n t r a o t n e — of Federal Reserve bank e R M ff a e a t c e r t . I o n 1 n In g i e n f n fe in c g t — be- P r r o a e u t v s e i- e R M ffe a a c t r e t . i o 1 n n In g in ef n f i e n c g t — be- Month or week m P c e r o r i m c m i - a e l P b e a ri r n m s 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 o e u d d r y l paper, accept- time 4 to 6 ances, loans. Boston 2 Feb. 8,1934 2H Sept. 20,1935 months da 9 y 0 s da 9 y 0 s New ne R w o- al 18 b 2 i - l d ls ay 27 b 3 il - l d s ay New York IH Feb. 2,1934 2 2 Oct. 10,1935 Philadelphia— 2 Jan. 17,1935 2K 2H Nov. 2,1935 Cleveland IH May 11,1935 2 2 Oct. 19,1935 1935 Richmond 2 May 9,1935 2H 2H Sept. 23,1935 Atlanta 2 Jan. 14,1935 2H 2X Sept. 14,1935 February H H l 1.00 1.00 .12 0.17 Chicago 2 Jan. 19,1935 2U Sept. 20,1935 March U H t 1.00 1.00 .10 .10 St. Louis 2 Jan. 3,1935 m 2H Oct. 3,1935 April H JHL .63 .64 .17 Minneapolis- 2 May 14,1935 m 2H Oct.- 29,1935 May H H .25 .25 .15 Kansas City... 2 May 10,1935 2H Aug. 26,1935 June H M .25 .25 .13 Dallas 2 May 8,1935 2H m Oct. 8,1935 July ¥* H H .25 .25 .07 San Francisco.. 2 Feb. 16,1934 2H Sept. 20,1935 August H H H .25 .25 .10 2H September H H H .25 .25 .23 October H H H .29 .29 .20 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- November H H ]L .75 .75 .14 UALS, PARTNERSHIPS, AND CORPORATIONS December H H 1[ .75 .75 .OS Advances secured by 1936 Discounts and advances direct obligations of under par. 3 of sec. 13 the United States of the Federal Re- (last paragraph of sec. January. H H .75 .75 .10 serve Act 13 of the Federal Re- February H H .75 .75 .08 Feder b al a n R k eserve serve Act) :— Week ending: Rate In Rate in Dec. 28 H .75 .76 .08 e M ffe a c r t . o 1 n In g i e n f n fe in ct g — be- e M ffe a c r t . o 1 n In g i e n f n fe in c g t — be- J J a a n n . . 4 U H H H H . . 7 7 5 5 . . 7 7 5 5 . . 1 1 1 0 Jan. 18 H n .75 .75 .00 Jan. 25 U .76 .76 .10 N B Ph o e i w s l t a o d Y n e o lp rk hia 6 6 6 A A A u u u g g g . . . 1 1 1 2 1 0 , , 1 , 1 1 9 9 9 3 3 3 2 2 2 4 4 F O O e c c b t t . . . 2 2 8 0 0 , , , 1 1 1 9 9 9 3 3 3 4 3 3 F F F e e e b b b . . . 8 1 1 5 H H H H H H ] ] . . . 7 7 7 5 5 6 . . . 7 7 7 5 5 5 . . . 0 1 0 0 0 3 Cleveland 5 July 24,1934 2H May 31,1935 Feb. 22 H H .75 .75 .07 Pichmond July 16,1934 4 Feb. 19,1934 Feb. 29 H H .75 .75 .06 Atlanta 5 Mar. 20,1934 4 Mar. 17,1934 Chicago 6 Aug. 13,1932 4 Oct. 16,1933 St. Louis 5H July 10,1934 4 Feb. 21,1935 i When no rate is shown no bills of the stated maturity were offered. Minneapolis 6 Aug. 10,1932 *H Apr. 15,1933 Back figures*—-See Annual Report for 1034 (tables 64 and 65). Kansas City 5 July 10,1934 3H May 10,1935 Dallas... 6 Sept. 8,1932 4 Mar. 12,1934 RATES CHARGED CUSTOMERS BY BANKS IN San Francisco- 6 Sept. 2,1932 4 Oct. 19,1933 PRINCIPAL CITIES [Weighted averages of prevailing rates] NOTE.—For rates on Industrial advances see p. 198. BUYING RATES ON ACCEPTANCES New York City a 8 n o d th ea e s r te n r o n r t c h it e i r e n s 2 w 7 s e o st u e t r h n e r c n i t a ie n s d [Buying rates at the Federal Reserve Bank of New York] . Month Maturity e R M ff a e a t c e t r . i o l n n In g i e n f n fe in ct g — be- Pre ra v t i e ous 1934 1935 1936 1934 1935 1936 1934 1935 1036 January 3.58 2.83 2.64 4.65 4.08 3.62 5.40 4.95 4.47 February. - 3.43 2.90 2.66 4.49 4.02 3.63 5.39 4.84 4.51 Oct. d d d d o o o o 20,1933 1 1 1 1 1 J J A A M M u u p u a n l a y r g y r e i c u l h st 3 3 3 3 3 3 . . . . . . 3 3 4 3 3 3 0 0 2 9 1 3 2 2 2 2 2 2 . . . . . . 6 6 6 6 6 6 4 9 1 6 7 1 4 4 4 4 4 4 . . . . . . 3 5 5 3 1 1 0 2 2 9 5 2 4 3 3 3 3 3 . . . . . . 0 8 0 7 8 7 9 7 5 8 8 9 5 5 6 6 6 5 . . . . . . 3 4 1 2 0 0 4 0 9 8 7 5 4 4 4 4 4 4 . . . . . . 8 8 7 7 6 6 5 0 6 0 8 3 do-- September. 3.26 2.72 4.11 3.75 5.04 4.51 -do October 3.28 2.72 4.13 3.75 5.05 4.55 November. 3.22 2,77 4.08 3.63 4.93 4.51 Higher rates may be December- 3.18 2.61 3.98 3.67 4.02 4.65 B*ckfiouTe*.~-Bto Annual Report for 1934 (table 51). Back figure*.—See Annual Report for 1034 (table 57). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN MAECH 1936 BOND PRICES1 STOCK PRICES i Other bonds» Preferred Common stocks (index, 1926»100) stocks Year, month, or date (indus- Year, month, or date G m U ov . e S e n . r t n- C r a o a n r t p d e o- Corporate tr g i r a a l d h e i ) g a h- Total In tr d i u al s- R ro a a i d l- Utility bonds* municg (h r ip a ig d al h e) - Total In tr d ia u l s- K ro a a i d l- Utility N 1 1 9 9 u 3 3 m 4 3 b a a e v v r e e r r o a a f g g e e is . . . . sues.. 1 1 0 20 4 2 . . 0 7 8 _ ~6 4 3 2 7 ~ 1 3 35 8 1 1 33 69 1935 average.. 133.8 78 91 72 Number of issues 8-14 <60 60 20 20 20 1S35—February-_, 130.2 80 55 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 March 131.3 64 75 53 1934 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 66 June-. 134.0 76 88 70 1935—February 105. S 101.3 87.4 86.7 82.0 93.4 July 134.8 79 92 74 March..-.—-— 100.6 G9.9 84.5 85.2 74.7 93.6 August 135.4 83 95 82 April 107.0 100.0 85.5 85.9 75.0 95.5 September. 135.0 85 98 May 107.1 101.2 87.1 87.3 76.5 97.4 October 134.8 86 100 June 107.2 102.2 88.3 87.3 79.3 98.4 November., 136.9 94 108 91 July.. 107.5 104.2 89.2 83.5 78.8 100.2 December.. 137.0 96 110 92 August. 106.8 104.2 89.9 89.0 79.6 100.9 September 105.3 103.1 90.4 89.4 80.6 101.0 1936—January. _ - 137.3 102 116 October 105.3 101.9 89.8 89.8 78.4 101.0 February. 138.7 107 122 November 105.7 103.5 91.1 90.8 79.8 102,7 December 105.8 104.5 92.5 91.0 83.1 103.1 Feb. 5 138.4 106 121 103 Feb. 1L,._ 138.5 108 122 106 1936— January., * 106.3 106.5 95.3 92.5 88.6 104.7 Feb. 19_._. 138.6 108 123 101 February 106.7 107. S 97.2 93.0 93.6 105.1 Feb. 26— 139.2 106 120 101 Feb. 5 106.4 107.2 96.6 93.1 91.8 105.0 Feb. 11 106.5 107.7 97.4 93.1 93.5 105.5 i Monthly data are averages of daily or weekly figures. Feb. 19 106.9 108.2 97.6 93.1 94.8 104.9 * Average derived prices. Feb. 26 107.0 108.2 97.1 92.8 93.6 104.8 Source.—Standard Statistics Co. Back figures.—See Annual Report for 1934 (table 93). i Average prices. Monthly data are averages of daily or weekly figures. * Average price of principal outstanding issues of Liberty and Treasury CAPITAL ISSUES bonds, now 14 Treasury bonds. » Prices derived from average yields. * 45 corporate and 15 municipal. [Long-term; i. e., 1 year or more. In millions of dollars] Source.—For U. S. Government bonds, Federal Reserve Bank of New York; for other bonds, Standard Statistics Co. New issues Re- Back figures.See Annual Report for 1934 (table 93). fund- Domestic ing BOND YIELDS1 Total issues Year or month m (d e o st - ic State Corporate For- m ( e d s o ti - c and and eign and Year, d m a o te nth, or T U u r r . e y S a * . s- M ( i h p u i a g n l h i a c - - Corporate, by ratings < e f i o g r n - ) Total i n m p i a c u l i - - B n a o o n n t d e d s s Stocks e f i o g r n - ) grade) Aaa Aa A Baa 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 1927 . 7,556 6,219 1,475 3,183 1,474 1,337 2,220 N 1 1 1 9 9 6 u 3 3 3 3 m 4 5 a a a b v v v e e e e r r r r a a a o g g g f e e e issues 3 3 7 2 - . . . 1 3 7 1 0 1 0 1 4 3 3. . . 1 9 7 1 6 5 1 5 4 4 3. . . 7 4 0 3 4 9 0 0 5 4 4 . . .4 2 1 3 4 3 3 0 4 6 5 . . . 6 0 0 3 2 9 8 0 5 7 6 . . . 7 8 3 3 6 1 2 0 1 1 1 1 1 1 9 9 9 9 9 9 2 3 3 2 3 3 9 2 0 8 1 3 1 8 6 3 1 0 , , , , , 0 9 0 1 0 7 4 0 9 8 9 2 0 9 4 9 1 0 6 9 6 2 1 , , , , , 7 4 0 8 1 7 8 2 0 6 6 0 9 0 4 5 0 8 1 1 1 1 , , , , 3 4 4 2 4 7 7 1 3 3 6 8 9 8 4 5 2 3 2 2 2 1 , , , , 0 3 9 2 3 7 8 4 8 0 4 8 5 0 0 5 0 5 2 1 , , , 9 5 9 3 1 2 0 6 1 2 2 4 3 1 1 0 0 1,2 6 9 2 5 7 0 2 2 1 1 1 5 9 9 2 1 1, , 4 8 7 9 5 3 2 5 1 4 3 4 2 8 8 4 1 9 1 19 9 3 3 6 5 — — J J A N D A S M O M u J u F e e u p a c o n l a e a p c n t y g r v b e y r o i e u t u c _ r l e b e m a u h s - m m e r t a _ b y r r b b e y r e e r r- .. . . . 2 2 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . . . 6 6 5 7 7 6 6 7 7 6 6 7 9 4 9 7 3 6 1 8 3 1 8 3 3 3 3 3 3 2 3 3 3 2 2 2 . . . . . . . . . . . . 3 2 2 2 2 1 8 0 9 0 9 9 9 7 5 7 5 6 7 8 5 2 7 3 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 7 7 7 7 7 7 8 7 7 7 7 6 2 0 4 1 2 7 0 2 9 2 5 6 4 4 4 4 4 4 4 4 4 4 3 3 . . . . . . . . . . . . 1 1 1 1 1 1 1 9 1 1 8 0 4 5 8 9 5 8 5 7 0 1 5 3 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . 6 7 5 5 6 7 4 5 6 5 5 3 9 2 7 4 6 5 4 6 2 7 3 1 6 5 6 5 5 5 5 5 5 5 5 5 . . . . . . . . . . . . 1 9 9 2 8 6 6 7 6 5 3 1 4 9 7 2 6 2 9 7 3 0 7 0 1 1 1 9 9 9 3 3 3 4 5 5 . ~ . A J . J M A M D S N . O F u u e e p u e c o a n a l p b r t y g c y v r e o i t r c — e u l e e u b h m s m m a e t . r r . b b b , y e e e ._ r r r - . . 1 1 , , 3 4 1 2 1 1 1 1 1 3 8 8 9 5 5 0 3 3 5 4 1 7 8 6 6 0 0 8 8 4 1 2 4 6 7 1 1 , , 3 4 2 1 1 1 1 1 1 8 3 5 8 9 5 3 4 1 3 5 0 7 6 8 0 6 0 8 4 4 6 1 2 8 7 8 8 1 1 1 0 8 4 6 4 4 3 8 7 5 2 0 3 3 4 4 4 4 1 6 2 9 6 4 0 2 3 1 3 4 2 3 3 4 4 1 2 7 1 S 7 4 4 9 0 9 2 8 4 7 0 7 3 6 2 1 0 0 0 5 6 3 3 5 9 8 9 " 0 0 0 0 0 0 0 0 0 0 0 0 0 3,2 4 3 5 2 2 8 4 2 2 2 1 8 5 4 8 8 1 2 5 1 2 1 8 6 4 4 6 4 4 0 6 9 7 6 3 0 1 February 2.62 2.86 3.62 3.80 4.24 4.93 1936—January __. 122 115 50 61 4 7 2 1 8 9 7 5 Feb. 5 2.66 2.90 3,62 3.82 4.27 4.98 February.. 107 107 89 4 10 Feb. 11 2.64 2.89 3.62 3.80 4.25 4.94 Feb. 19 2.59 2.88 3.61 3.78 4.22 4.90 i Includes publicly offered issues of Federal land banks, Federal_in- Feb. 26 __ 2.58 2.78 3.63 3.78 4.23 4.91 ^termediate credit banks, Federal Farm Mortgage Corporation, w* Home Owners' Loan Corporation, not shown separately, a Less than $500,000. » Monthly data are averages of daily or weekly figures. * Average, computed by Treasury Department, of yields of all out- Sources.—For domestic issues, Commercial and Financial < standing Treasury bonds except those due or callable within 8 years. for foreign issues (issues publicly offered) annual totals are as uu » Standard Statistics Co. reported by Department of Commerce, while monthly figures ^ < Moody's Investors' Service. compiled currently and are subject to revision. , nllflrteriy Back figures.—Gee (for figures of new issues-annual and Qi^ Back figures.—Bee Annual Report for 1934 (table 94). basis) Annual Eeport for 1934 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1936 FEDERAL RESERVE BULLETIN 167 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY [In millions of dollars] End of period June 1932 June 1933 June 1934 1935 Febraary March April May.... June July.... August September... October November... December 1936 January February III MATURITIES [In millions of dollars] Interest bearing Non- Interest-bearing debt outstanding Feb. 29, inter- 1936 est Total Bonds Notes C ic e a r t t e i s f- Bills b i e n a g r- Total Bonds * Notes C ic e a r t t e if s - Bills 19,487 19,161 14,250 1,465 2,831 616 326 22,539 22,158 14,223 4,780 2,200 954 381 Total 29,646 14,714 12,270 258 2,405 27,053 26,480 16,510 6,932 1,635 1,404 573 Obligations maturing: Before Apr. 1,1936 652 652 28,526 27,969 16,247 9,582 161 1,979 557 J A u p ly r. 1 1 - - S Ju ep n t e . 3 3 0 0 , , 1 1 9 9 3 3 6 6. 1 1, , 5 8 7 9 9 6 1,2 8 4 7 5 8 6 70 5 1 1 28,824 28,043 16,238 9,567 160 2,079 782 Oct. 1-Dec. 31,1936 759 358 401 28,669 27,766 15,394 10,236 158 1,978 904 Jan. l-Mar. 31,1937.„. 429 429 28,639 27,738 15,157 10,471 157 1,953 901 Apr. 1-Dec. 31, 1937 1,320 1,320 28,701 27,645 14,936 10,501 156 2,053 1,056 1938 „ 1,946 1,946 29,123 27,923 14,576 11,065 254 2,028 1,200 1939 2,762 2,762 29,033 27,956 14,715 11,036 252 1,952 1,076 1940 2,854 2,854 29,421 28,432 14,300 11,929 251 1,952 989 1941 834 834 29,462 28,380 13,998 11,929 250 2,204 1,081 1943 S9S 893 29,634 28,617 14,008 11,957 249 2,404 1,017 1945 1,401 1,401 30,557 29,596 14,672 12,274 247 2,404 961 1946 1,519 1,519 1947 1,697 1,697 1948 1,036 1,036 30,516 29,618 14,688 12,272 254 -2,404 899 After 1948 7,011 7,011 30,520 29,646 14, 714 12,270 258 2,405 1874 Other obligationss 1,053 317 478 258 1 Includes $490,000,000 of Government liability for retirement of * 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 iuilds 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 f On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust accounts, Increase or de- Receipts Expenditures * E o x f c r e e s - s e e x t c c e .* ss crea p s e e r i d o u d ring Period ceipts of re- Total c ta o I x n m e - s e i l M n an t i e s e r c o n e u l a - s l ot A he ll r * Total p e I d u n s e t b G t e b o l e r i t n c - ner o a A t l h l * e l r Tota R l eco R v e e li r e y f an P w d u o b r r k l e i l s c ie o f t * h A e l r l * p < t e u + e n r x ) e d - o s i r - p ( c t + e e u e n i r x ) p e d o - t s i s r - G b f a e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending June: 1933.. 2,080 746 858 475 4,681 2,715 '1,277 -2,602 -5 +445 +3,052 1934 3,116 818 1,470 828 6,745 757 1,984 4,004 1,844 645 1,515 -3,630 +835 +1,720 +4,514 1935 " " " "" 3,800 1,099 1,657 1,044 6,802 821 2,327 3,655 2,342 1,020 292 -3,002 +613 -741 +1,648 $ months ending: February 1934.... 1,886 358 542 4,185 407 1,367 2,411 1,063 1,021 -2,300 +2,826 +4,040 +3,514 February 1935. 2,262 467 1,078 717 4,363 470 1,575 2,317 1,511 741 '65 -2,100 +127 -501 +M73 ^.February 1936.:i: 2,348 633 1,245 470 4,398 407 1,775 2,216 889 1,009 318 -2,050 +157 -75 +1,819 1935—February 214 28 109 77 496 34 '213 '248 214 46 r« 13 -2S1 -8 —239 +50 March.. 601 326 189 86 546 90 169 2S3 203 75 10 +55 +19 +3C5 +291 228 29 116 83 611 118 213 279 192 45 43 -383 +21 -511 -149 246 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 1936— N A S F O J e e o u a c p n b g v t t o u u e r e a b m s u m r t e y a b b r r _ e . e . y r r _ " 1 : : " : ^ :, 2 2 2 4 2 2 4 1 3 2 3 3 2 9 8 5 8 4 4 1 9 2 2 4 3 3 2 3 2 1 3 5 1 8 0 4 9 2 1 1 1 1 1 1 1 3 5 3 4 5 4 9 2 3 8 3 3 2 4 4 7 5 5 5 5 3 7 4 5 6 3 2 4 4 4 5 5 6 5 9 5 8 9 6 2 0 6 6 7 1 3 4 8 1 1 1 3 0 0 0 2 1 1 1 1 4 7 7 0 9 2 2 2 2 1 1 1 6 1 1 3 3 9 9 4 6 7 4 7 7 3 2 2 3 2 2 2 2 4 4 0 8 6 8 4 7 1 1 6 2 9 5 1 1 1 1 4 9 6 4 2 5 4 3 7 4 2 7 8 5 2 2 1 1 1 6 2 1 8 4 2 3 9 5 8 7 8 3 0 « 1 4 4 3 1 1 9 0 4 2 9 6 9 - - - - - - - 3 2 1 2 1 2 2 8 1 7 4 5 2 5 9 0 7 3 7 8 3 + + + + + - + 1 4 7 6 3 2 7 8 2 8 3 4 7 + + - - - - 2 3 3 2 - 3 7 3 3 2 1 0 2 7 9 7 5 4 5 4 4 + + + + - - 3 1 9 8 + 4 4 8 7 2 7 1 0 2 3 3 9 1 Includes processing taxes, customs, and miscellaneous receipts. > Excludes public-debt retirement. c K Prior to JuJy !933, 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. . 4 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. . . J. , _ , _ ,. ' Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against . l g £ o 2 ve ? r m n e m nt e o n n t a e l o a ld g e ( n °t c f i l e er s t w h h an o s f e o r b r a e l t a i n r c e e m s e w nt e r o e f t n ra a n ti s o f n er a r l e - d b a o n n k M no a te y s 3 ), 1 , a 1 n 9 d 3 5 b , e t g o i n th n e in se g a J c u c n o e u 1 n 9 t 3 s. 5, trans 6 a E c x ti c o e n s s s o in f c c r h e e d c i k t i s n . g accoun f t s R o e f v i c s e e r d ta . in special Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BTJLIiETlN MABCH 1936 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1936 (Compiled by U. 8. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Recon- Com- struction modity Export- Total Total Finance Credit Import Corpora- Corpora- banks tion tion ASSETS Loans—total - 8,292 2,152 1,354 297 3 Preferred stock, capital notes, and debentures.. 884 881 878 Cash—total .. 333 102 2 3 9 Investments: United States securities. — 455 26 Obligations guaranteed by United States... 214 19 Other Investments - .- - 884 122 Accounts and other receivables .- 266 63 40 8 K O c th al e r e s a t s a s t e e t s and other business properties 2 1 5 6 7 9 1 2 5 7 8 3 1 8 Total assets other than Interagency 11,757 3,550 2,277 309 LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States... 4,601 253 253 All other 2,123 Other liabilities (including reserves) 300 60 28 (*) Total liabilities other than interagency-_- 7,024 312 280 0) Excess of assets over liabilities, exclusive of intor-agency transactions.-^, .„ . . .. 4,734 3,238 1,997 309 Privately owned interests 344 U. 8. Government interests 4,390 3,238 1,997 309 Distribution of Government interests: Capital stock 6,620 6,479 500 3 Surplus... .. ... 360 253 120 4 Interagency interest (net)....,... .. . ... -2,599 -2,494 1,377 302 ASSETS Loans—total Preferred stock, capital notes, and debentures Cash—total I." Investments: United States securities Obligations guaranteed by United States Other investments ... Accounts and other receivables Keal estato and other business properties Other assets Total assets other than Interagency-- LIABILITIES Bonds, notes, and debentures: Obligations guaranteed by United States Other liabilities (Including reserves) Total liabilities other than interagency Excess of assets over liabilities, exclusive of Interagency transaction. . . Privately owned interests _ tT. S. Government Interests Distribution of Government Interests: Capital stock... ... ... Surplus Interagency interest (net).. 333 U. S. Eegional Shipping A W P t d r u a m o b t r i i l o n k i n c i s s- C A C o t g t u i r r r o p e i r c n d o a u s l r it l a - - C P C o r t t o i r r i o p e o d n d o n u s i r c t a - - C B c o F M h r o l p e a e a o e n r r - d r t t a- Other* tion 163 41 93 199 3 6 18 63 3 23 19 99 18 5 2 1 6 6 36 122 14 8 9 12 178 49 121 173 431 0) 3 0) 13 3 (0 13 15 •-: 11 178 46 121 160 416 11 178 46 121 160 416 11 »294 35 120 50 • 4,466 (*) 11 1 110 —116 -4,057 Financed partly from Government funds Federal Total* F b e l a a d n n e d k r s al m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l F C r M F e a g o a d t a o r i r e g p o r m r e t o n a - - l c B a o t a o f i o v n p r e k e s r s - H b l a o o n a m n k e s O C H r L a w o o o t r i n m a p o e n o n e r - s' S C I L a a n a o v n o s n r i c u a d p n e n r o g - - s c F sa i e a l a a v o d s t n i s a i e n d o o n r g - n a s s l D F C I r e e a n a o d p n t s r i e o u c p o r e s r o n a - i - l t ration 6,140 2,115 146 803 47 103 2,924 ... 3 3 3 236 48 14 47 13 12 64 38 429 40 36 47 8 297 7 1 6 9 2 5 0) 2 38 758 4 3 3 11 (1)ioi 203 107 3 25 64 1 2 10 6 4 (t) 230 128 23 (*) 71 7 8,207 2,446 237 1,633 155 134 3,082 103 71 347 4,343 1,399 *2,949 2,123 1,977 135 10 ......... 240 93 3 32 •—(if" 9 78 25 6,711 2,070 138 1,430 (*) 9 3,037 (*) 2 1,496 376 99 202 155 125 45 102 71 321 344 142 3 27 171 1,152 234 99 202 152 98 45 102 71 ~~ 150 1,151 123 70 200 139 97 200 100 71 150 107 96 37 5 —33 2 -105 15 -8 2 8 »Includes Interagency Interests held by the Treasury Departmitent. • Includes also War Finance Corporation not shown separately. * Less than $500,000. 1 Includes unissued bonds covering loans in process. i Nonstock (or includes nonstock proprietary Interests). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MiECH 1936 FEDERAL RESERVE BULLETIN 169 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 Jan. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 29, Dec 31, Jan. 31, 1935" 1035 1935 1935 1935 1936 1936 P 1935 1933 LOANS AND PURCHASES Loans under sec. 5 of the Reconstruction Finance Corporation Act, as amended: 591,751 427,657 411,729 387,288 381,206 357,775 337,598 106,812 104,170 15,447 8,954 8,359 7,866 7,359 6,743 0,133 111 276 Insurance companies. 23,953 17,163 10,011 9,372 6,460 6,075 5,881 40 40 Mortgage-loan companies - 155,871 132,346 131,771 131,394 128,215 126,826 125,675 104,118 102,274 Credit unions 367 330 330 329 328 315 314 Federal land banks 76,964 56,340 52,156 50,279 45,074 35,819 35,215 Joint stock land banks.. ... 5,379 2,381 2,329 2,230 2,297 2,123 2,010 Agricultural credit corporations 863 866 853 768 760 760 760 Hegional agricultural credit corporations Livestock credit corporations 1,312 1,024 901 931 987 979 970 Railroads (including receivers). .- 379,464 412,903 412,810 412,795 396,250 393,712 390,202 191 5,141 S Fi t s a h te in f g u n I d n s d u fo s r tr i y n sur . ance of public moneys 43 1,40 9 7 2 1,04 9 7 2 1,02 0 9 2 5 7 7 7 2 9 5 3 7 9 8 3 2f4 5 1 9 4 0 76 2,30 7 0 0 Processors or distributors for payment of processing taxes.. TotaL. ,251,413 1,061,465 1,032,390 1,004,374 970,288 932,097 907,768 211,347 214,270 Other loans: sec. 201 (a) (indd b 125,406 169,499 174,375 147,563 154,947 156,592 76,647 68,513 15,176 14,300 14,300 14,300 14,027 14,027 14,027 4,150 8,402 8,372 8,239 8,219 7,967 7,883 5,733 5,371 36,139 258,739 263,746 265,994 267,541 297,091 297,449 249,352 197,142 19,478 19,988 19,887 19,753 17,726 17,590 16,748 141 84 To 29,933 30,083 30,083 30,083 29,983 29,983 15,410 34,176 43,086 45,488 50,025 51,790 51,853 66,987 65,338 8,513 32,325 34,633 37,374- 40,055 43,686 46,488 39,423 38,696 775 833 845 932 887 872 5,813 6,128 34 7,888 680 595 1,235 1,217 1,201 116 373 383 71 105,225 102,562 115,238 154,001 154,242 1,605 18,023 TotaL. 254,308 681,394 687,581 712,284 731,408 743,874 777,337 445,818 400,062 Purchases: Preferred stock of banks., 597,992 641,991 645,271 647,152 643,268 652,328 641,166 42,851 256,510 242,362 241,742 240,364 238,492 235,251 230,483 £9,099 59,062 100 100 100 100 100 100 100 10,000 10.000 10,000 10,000 10,000 10,000 "27666" "ITooo Total 854,601 894,453 891,860 897,679 881,749 103,950 91,392 Total loans and purchases. !2,637,312 2,573,649 761,115 .705,724 For relief; ALLOCATIONS 297,718 297.099 296,803 296,701 296,627 296,626 296,625 15 499,987 499,999 499,987 499,988 499,988 499,990 499,990 10 500,000 500,000 500,000 500,000 500,000 500,000 500,000 300,000 300,000 400,000 400,000 200,000 100,000 297,705 297.098 296,790 596,687 596,615 696,615 200,027 100,025 of FeleS Homo Loon 81,646 85,246 88.796 90,696 94,396 97,396 97,696 3a 345 27,345 200,000 200,000 200,000 200,000 200,000 200,000 200,000 147,600 147,600 147,600 147,600 147,600 147,600 147,600 97,400 55,000 55,000 55,000 55,000 55,000 55,000 55,000 25,000 34,000 34,000 39,000 39,000 39,000 115,000 115,000 115,000 115,000 115,000 115,000 115,000 44,500 44,500 44,500 44,500 44,500 44,500 44,500 40,500 40,500 40,500 40,500 40,500 40,500 40,500 Total.., 709,246 721,846 725,396 732,296 735,996 738,996 739,296 127,745 124,745 Total allocationsll"' 2,022,186 2,328,984 2,332,611 [2,435,611 2,435,911 327,772 367,274 1656,256 639,270 4,943,258 4,926,166 i, 009,260 002,765 088,887 930,495 Back fi r g B ur e e v * i se * d . P PreUmtaMy- ' Includes $209,000,000 of loans for distribution to depositors of closed banks. 5l2 *~~See B^^tiNs 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

170 FEDERAL RESEKVE BULLETIN MARCH 1936 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives bybi and discounts for— Regional Regional Emer- End of month lan F d e d b e a ro n l ks C s o L B i m o a a n n n m e d k l r s* p s c p c r o r o . r o e c e _ r d d i a d a I u i t i t t t i t c u i o o c t r a n i a o n s o s l r s - n - , , f c i i e n o n O t x i a o s o t c n p t h n e i c e t e s p i r u n r , a t - g - ti P o a t s n r i s o o o c d n c r u s i e a c 3 d - - it tu i a r t r g a a c t r l o i i o c c rp r u n e o l s d - - * c d r g r l o o o e p n a u n c g a y s n h d t . m F b c i e e n r a d d e t n e e d i k a r r i - a s t te l B C c i a a n o t e n c i i o n n k v l p u t g s e e r d s a r f , - - o l r M A i r n e t g a g u v i r r n o i r k A c g a l u e v l c t l - t - and banks tives Bank fund for cooperatives 3 1933—December - 1,232,707 70,738 73,263 60,98. 27 144,636 89,811 15,211 18,697 157,752 1934—December. 1,915,792 616,825 99,675 65,672 60,852 87,102 110,186 33,969 27,851 1035—January..., 1,942,916 643,291 99,776 53,509 62,637 84,726 116,846 34,445 28,498 53,721 February.. 1,961,275 664,886 103,360 53,172 67,910 82,342 125,124 34,132 29,445 March 1,974,952 686,606 115,281 54,442 81,685 79,988 134,597 31,873 28,025 Aoril 1,975,737 124,315 55,832 93,025 78,351 162,000 30,050 30,119 49,761 May 1,998,228 716,243 129,954 56,897 101,269 76,508 26,420 31,741 47,456 June 2,016,825 733,489 130,559 57,759 106,688 72,765 197,188 10,028 23,937 49,422 July-—... 2,023,859 742,897 128,851 58,864 110,030 68,670 5,023 25,037 49,196 August 2,036,067 754,502 125,137 68,761 109,020 64,582 195,943 5,539 31,455 46,497 September. 2,047,390 765,319 115,426 55,661 101,427 59,225 192,182 4,755 43,140 46,714 October.;.. 2,058,693 777,214 100,634 49,114 92,673 51,656 182,678 4,084 48,179 46 074 November. 2,065,620 785,898 100,343 46,867 91,522 46,220 175,438 3,221 51,246 44,688 December. 2,071,925 794,726 104,706 46,490 94,096 43,400 172,489 2,731 50,013 44,433 1936—January-.. 2,066,308 802,782 105,457 46,045 96,217 41,489 170,072 2,241 46,566 44,286 . „ „ . tions 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 iha 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit Is extended. * Figures revised by Farm Credit Administration. Amounts shown are outstanding loans by production credit associations. 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 r d t r e g m r a a g l e O H L w o o n m a e n r e s' s F t R r i u n ec c a o t n i n c o - e n End of month O H w o n m er e s* Number of Loans reported lo b l a o a n a n s n k to Co t r i p o o n ra- Co to rp rn or * a* Co ti rp o o n r ' a* Loan Cor- associations member 1932—December.-.. poration * Total p R i o n e r g - t- a a N s t s i e o o w n ci s - C e c o d ia n t a v i s o e s n o r s t - - i t n io s n ti s 8 t u 3 » - S 1 1 9 9 3 3 3 4 — - D J N A S O D u e e o c u l p e c y v t g c t o e e e e u b m m m m s e b t b b b r . e . e e e . , r . r r r . . . . . . . 1 2 3 1 1 2 , , , , , , 0 6 8 5 0 8 IS 6 1 7 9 6 2 4 4 O 5 6 3 3 8 8 5 6 7 5 0 3 7 7 1 5 3 8 2 1 1 , , 8 5 2 8 7 3 4 8 9 0 4 3 4 6 2 1 2 2 2 2 2 8 4 4 4 4 4 6 9 1 3 9 0 1933—December 105,920 59 85,442 1934—December 2,196,988 639 455 10,758 58,976 86,653 1935—January... 3,300 1,041 2,009 250 1935— J M J D S N A M O A u F u e p c e o u a a n e l p t y r c g v y b r e o i t c e u l r e b e u h m s m e m a t r - r b b b y e e e r r r — . . . . . . - 2 2 2 2 2 2 2 2 2 2 2 ; , , , , , , , , , , 9 4 8 6 6 8 5 6 7 7 7 6 4 3 2 6 8 3 7 0 8 4 8 0 8 0 9 0 6 2 8 8 7 , , , , , , , , . , , 7 0 0 4 1 6 0 2 8 2 0 4 2 8 0 1 7 1 4 8 2 0 4 9 6 8 9 7 3 7 3 2 3 1 1 , , 0 0 8 7 8 7 8 9 9 7 9 0 2 2 0 9 7 5 7 2 5 4 2 3 7 3 4 8 1 9 2 2 9 5 8 6 5 6 6 6 8 8 7 8 6 8 2 7 1 5 9 5 5 5 2 5 1 3 2 3 5 1 1 1 8 8 2 2 3 3 4 6 1 2 1 5 5 0 4 2 0 7 4 5 7 8 3 4 , , , , , , , , , , , 8 0 8 9 0 6 1 3 0 3 7 0 5 6 8 9 7 0 4 7 6 0 0 0 7 1 9 0 3 5 2 2 3 1 2 2 1 2 1 2 1 1 9 9 1 5 3 2 4 1 4 3 9 3 2 2 5 9 3 0 9 8 6 2 , , , , , , , , , , , 9 0 8 6 7 2 9 7 1 1 9 1 1 4 8 4 2 8 6 7 5 6 0 3 7 0 1 9 0 3 7 9 1 1 8 7 7 8 7 7 9 7 9 9 0 0 5 6 6 7 9 4 2 0 5 2 , , , , , , , , , , , 8 8 5 6 0 0 2 0 4 5 7 3 7 7 3 2 8 3 3 1 9 9 6 7 0 7 5 9 3 2 1 5 5 J J M A N D F A M S O u u e e o u p e c a a n l p b c y r v g t y r e t o i r e c e u e l u b m h m s m a e t b b b r r . e y e e . r - r r .. . . . . ' ' 4 4 3 3 4 4 3 4 4 4 3 , , , , , , , , , , , 4 4 6 6 2 2 1 4 3 7 4 9 6 2 0 9 2 4 8 6 2 6 4 3 1 0 5 8 0 9 0 8 0 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 2 2 1 2 3 3 0 3 3 1 2 7 2 8 8 6 8 8 8 3 5 4 4 6 8 2 8 7 9 7 2 4 ' r 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , 7 8 2 2 1 6 2 7 6 8 7 8 1 5 5 4 4 9 1 8 1 4 6 5 6 6 0 6 7 0 9 2 8 2 2 2 2 2 2 2 2 2 2 2 5 5 5 5 4 5 5 5 5 5 5 1 0 1 0 9 0 0 3 3 2 3 1936—January 2,984,438 1,044 »881 * 62,926 »254,720 102,800 1936—January... 4,662 1,399 2,911 253 * Revised. p Preliminary. 11 LLooaannss cclloosseedd.. > Principal amount of obligations guaranteed as to Interest and prlnci- »»NN o montthhlly reports prior to September 1934; they now exclude largely new associations recently chartered and Inactive associations. 'Includes loans to Federal savings and loan associations, all of which are members, and a negligible amount to others than member institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1936 FEDERAL RESERVE BULLETIN 171 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=I00. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value) * Fac- Factory em- tory Freight-car Whole- Y m ea o r n a th nd Total Ma tu n r u e f s ac- Minerals Total Residential All other ployment * ro p l a l y s* loadings * * m c s o a o m l d e - ity prices' Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted lusted justed lusted justed justed justed lusted justed lustedjusted iusted justed usted ! usted usted usted 1919.. 84 77 63 44 79 167 97 84 139 1920 87 87 89 63 30 90 108 117 91 154 1921 67 67 70 56 44 65 82 76 79 93 1922 85 86 74 79 63 88 91 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 97 96 97 93 1926 104 105 99 122 124 120 99 101 103 104 1926 108 103 108 129 121 135 101 .104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928 111 112 106 135 126 142 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930 96 95 99 92 50 125 92 89 92 86 1931 81 80 84 63 37 84 77 63 75 73 1932 64 63 71 28 13 40 64 46 56 65 1 1 1 9 9 9 3 3 3 5 4 3 »9 7 7 0 6 9 7 7 5 8 8 8 9 2 6 1 2 3 3 5 2 7 2 1 1 1 1 2 3 4 5 7 3 0 8 6 7 2 9 9 4 6 7 9 2 0 5 6 6 3 2 3 6 7 8 6 5 0 1933 January 63 61 63 61 60 tfcr 6 6 9 6 6 6 6 5 6 6 0 0 78 77 63 June. 91 93 65 July. I 100 102 69 August 91 91 70 S O e c p t t o e b m e b r e .. r . . . . 8 7 4 6 8 7 3 6 7 7 7 1 1 1 November., 72 70 71 December.. 75 73 1934 January 72 February._. 92 74 fMSarc~h, 100 74 90 73 fc::::: 88 74 87 75 84 75 August , 80 76 September., 82 78 October.... 81 77 November.. 81 77 December... 90 77 1935 S J A J J N D O F u u e a e u e o c p n l n b c v g y t t u r e e o e e u a u m m . m b s r . a t I e y b b r b . r . y e e . e . " r " * r ! r . ; . . * " " . . . : . 1 8 9 8 8 8 8 8 8 9 9 9 0 8 1 9 6 6 5 6 7 0 5 8 4 ' 1 9 8 8 8 8 8 8 8 9 9 9 0 0 8 6 6 4 4 6 9 1 5 8 4 1 9 9 0 9 8 9 8 7 8 9 9 9 1 2 0 0 S 7 5 9 4 2 5 6 1 8 8 8 9 9 0 1 4 7 3 2 1 1 3 3 3 3 3 3 4 5 5 6 S 0 9 9 5 3 2 6 3 0 8 6 S 1 ' 8 8 8 8 8 S 8 8 8 8 8 1 2 1 3 2 O 1 2 2 4 5 6 6 5 6 6 6 6 7 6 7 6 2 1 9 1 0 3 4 0 3 2 7 7 S 7 8 8 S 8 7 8 8 8 8 9 O 9 0 0 O 1 9 1 1 1 1 1936 January.. 99 103 50 61 21 25 73 90 83 85 72 63 70 81 'Revised. dexxe s off group! antl'separate industries see PP. 207-203; for description see BULLETIN for February and March 1927. Theteimo^n8 aV6T&& of iTwVDodSSSjSXiTdaticentered at second month; for description see• BTOLETIN for July 1931 p 358. descrin?£ mdejes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For •53252? Jnd back flfores see BULLETIN for May 1934; pp. 270-271. For description and back figures for the seasonally adjusted index of factory KKSuKS1* comPUed By F. R. Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888 For current indexes of i For Sideeiarate industrles see PP- 209-210. Underlying figures are for pay-roll period ending nearest middle of month. ^^^^otBm^f^lb^Sms; 1926-100. Index numbers for groups of commodities (also data by weeks) are given on p. 206. ^SM Annual Report for 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN MARCH 1936 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports» Excess of exports Month 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 January 150 121 172 176 P198 136 96 136 167 *187 15 25 37 9 »12 February 154 102 163 163 131 84 133 152 23 18 30 11 March 155 108 191 185 131 95 158 177 24 13 33 8 April 135 105 179 164 127 88 147 171 9 17 33 -6 May 132 114 160 165 112 107 155 171 20 7 6 -5 June 114 120 171 170 110 122 136 157 4 —2 ft A J A u u ly gust ...... 1 1 0 0 9 7 1 1 4 3 4 1 1 17 6 2 2 1 17 7 2 3 9 7 1 9 1 15 4 5 3 1 1 2 2 0 7 1 16 7 9 7 2177 -23 1 3 5 4 2 -4 3 September 132 160 191 198 98 147 132 162 34 13 60 37 October .... 153 193 206 221 105 151 130 189 48 42 77 32 November 139 184 195 269 104 129 151 169 34 56 44 100 December 132 193 171 223 97 134 132 187 35 59 38 37 Year 1,611 1,675 2,133 2,282 1,323 1,450 1,655 2,048 288 225 478 234 * Preliminary. * Including both domestic and foreign merchandise. > General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Back figures.—Set BULLETIN for January 1931, p. 18, and for March 1932, p. 160. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] llndex numbers based on value figures; 1923-25 average=100] 1935 1936 Index of stocks (end of Index of sales i month) Jan. Sept. Oct. Nov. Dec. Jan. Month fo A r d s j e u a s s te o d nal s W ea i s th on o a u l t fo A r d s j e u a s s t o e n d al W sea it s h o o na u l t Adjusted for seasonal variation variation adjustment variation adjustment Total- . 64 62 64 66 71 70 1935 1936 1935 1936 ,1935 1936 1935 1936 Coal 73 61 67 67 74 78 Coke 62 57 60 61 68 73 Grain and grain products.. 56 74 70 65 62 70 January 74 79 59 63 64 65 57 Livestock 42 45 47 44 39 38 February *. 75 »80 61 *65 64 61 Forest products... 31 42 42 40 45 42 March 82 71 63 65 Ore 31 55 56 46 58 62 M iscellaneous.. - 72 65 70 77 86 79 April 73 79 64 66 Merchandise L..** 65 65 64 64 66 64 May 76 76 64 66 June 80 76 63 61 ------ Without seasonal adjustment July 80 55 61 57 August 78 61 62 60 September 81 86 64 67 Tota C C G l o o ra a k i l e n and grain products. . 8 5 6 5 2 8 9 4 9 7 6 5 0 0 6 6 7 7 7 6 6 8 3 1 6 7 6 6 9 4 2 7 7 7 6 6 9 3 1 2 C O 6 6 O 7 f 3 t N D O o c e t v c o e e b m m er b b e e r r.. 8 8 7 4 1 7 1 8 9 4 6 1 5 6 6 6 6 7 5 . 7 7 6 5 2 1 L Fo iv r e e s st t o p c r k oducts 4 2 4 8 4 5 4 4 6 4 3 3 3 5 9 0 3 3 7 9 on Year.. 64 Ore 7 90 79 32 14 15 M M e is r c c e h l a la n n d e i o se u s 1 .. 5 6 8 1 6 7 7 7 8 6 2 7 7 6 6 6 6 6 7 2 6 6 0 3 » i B P a r s e e l d im t i h n r a o r u y g . hout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and Suni In less-than-carload lots. days and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for Based on daily average loadings. Source of basic data: Association of seasonal variation makes allowance in March and April for the effects American Hailroads. upon sales of changes in the date of Easter. Back figures.—See BULLETIN for February 1931, pp. 108-109. 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

MAECH 1936 FEDERAL RESERVE BULLETIN 173 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France for 7 months out of the 12, the net gold movement the year ended December 24, 1935, was sub- was favorable to France. In fact, until the mitted to the general meeting of stockholders end of March, the gold stock increased by on January 30, 1936. The main text of the 512,000,000 francs, and during July, August, address of the president of the bank, M. Jean September, and October, imports of gold, Tannery, is given herewith:x aggregating nearly 1 billion francs, were re- Economic depression became no worse during corded. Finally, in December, the net increase 1935 in spite of exceptionally difficult condi- amounted to 107 million francs. tions, while signs of recovery were clearly evi- The reduction of the gold reserves, therefore, dent during the second half-year. The efforts was not caused by any inherent weakness of the at readjustment, which every country has made franc, but by two short and violent attacks, one during the past few years, are beginning to have at the end of May, the other at the end of their salutary effect. November. Although differing in degree and The improvement, although encouraging, was in their manifestations, both crises arose from nevertheless neither so fundamental nor so similar causes, in which psychological influences widespread as could be wished. The natural were predominant. play of the forces of recovery was still ob- The gold reserves declined by 1,702 million structed by obstacles of every kind, which were francs during April, by 9,154 million in May, largely artificial. Systematic restriction of and by 761 million in June. On certain days, international trade, monetary instability, and demands for gold at the Bank of France foreign exchange regulations formed insur- exceeded a billion francs. The uneasiness mountable barriers to the free movement of caused by devaluation of the belga, the commodities, of capital, and of persons. The continual growth of budgetary deficits, and the defensive measures, in which all nations have increase of political undertainty, were the source sought the illusion of safety for themselves, of profound mistrust, which came to an end as have in fact only hindered the return of pros- soon as the authorities made clear their deterperity. No country, by its own efforts alone, mination to place the franc beyond reach of is capable of achieving permanent equilibrium. any attack. J\ o country can any longer hope to escape from Notwithstanding the evident improvement the political interdependence which unites them in the financial situation, the franc weakened all. Hence, the unfortunate events of the past again toward the end of the year. During Noyear had their share in keeping alive the feeling vember, the gold stock declined by 5,800 million of insecurity which paralyzes initiative and francs. This exodus of gold was again checked checks economic expansion. as soon as public opinion in France and abroad During 1935 France went through some realized that the Government was more than especially trying periods. On two occasions ever opposed to any monetary compromise. tne iranc was made the object of severe attacks Capital movements.—In May and again in justified neither by the technical position of the November, bear speculation had a depressing currency, which was remarkably strong, nor influence on the position of the franc. The py the economic situation, which was steadily premium on foreign exchange 3 months for- ^proving. ward, which at the beginning of the year was Gold outflow.—During 1934, the gold re- only 0.07 franc for sterling and 0.0025 franc serves of the Bank of France increased by more for the dollar, rose by the end of May to 7 toan 5 billion francs. During 1935, on the francs and 1.25 francs respectively. In Nocontraiy, large withdrawals took place, which vember, it was above 3 francs and 0.60 franc reduced the reserves from 82 billion francs on respectively. In the interval between the two crises, the pressure continued, although to a 2d6C^ er 26' 1934> t0 66 bmion on December *^» 1935. lesser extent. It revealed the existence of Tins reduction of 16 billion francs was not the speculative positions which despite repeated ^ ^ of continuous drain of gold. During losses, have not yet been finally liquidated. It would be foolish, however, to attribute etc. FoF F a ™ iaK J K ' t ^ ht T eh e S bb 1 a 1 an ^ nk 1 k 6 l nl i n n d d F e r et < ta a ai > il-l c -aa h nnd , d c s o see n cct t ti a io i o n nn s ss d i d n ee a a al d liin d ng i g t i w w o i n itt hh t a p b pe l er e rs s so o s nn h nn o ee w ll,, ing the adverse tendencies of the foreign exchange W31,1930 etc rreeppoorrttss>> sseeee BBUULLLLEETTIINN ffoorr MMaarrcchh 119933551,1993344 , 11993333 , 11993322, market to this one cause. These tendencies Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN MARCH 1936 were mainly the result of the export of capita the interest rate on national-defense bills rose which—especially in November—was accel to 4.50 percent. In 1934 the rate on 3-month erated by the advance in security prices in th Treasury bills had been reduced from 3.50 per- United States. Foreign balances play too cent in March to 2.375 percent in October, but small a part in the Paris market for their maintained that level only until May 24, 1935. # withdrawal to be an adequate explanation o;' Thereafter the rate was at least as high as 3 the transfer of funds. More than ever, as L percent, and at times reached 4, 5, and even 6 matter of fact, the fate of the franc lies in the percent, following the movements of the dishands of the French people. count rate. The nervousness of part of the population <*u Bank notes and hoarding.—The note circucertain times during the year was reflected also lation, which was unaffected by gold within a considerable increase of gold hoarding. drawals until last year, seems to have been The withdrawals of gold to which the reserve used to some extent in 1935 to finance these of the Bank of France was thus # subjected withdrawals. This is an entirely new pherevealed deep-seated instincts against which nomenon, and deserves special attention. no arbitrary conception of money could pre- The present hoarding in France is undoubtvail. During May these gold withdrawals edly an indication of national wealth; neverwere in excess of 1,220 million francs, and for theless it holds possibilities of grave danger. the entire year amounted to almost 2 billion. This mass of unemployed funds is a symbol The prevailing sense of uncertainty is the in material form of uncertainty on the part of only explanation of a manifestation so harm- investors; during a crisis it might suddenly ful to the normal functioning of business. We become as dangerous as it would be advanfeel sure that putting gold coins into circula- tageous in times of confidence and business tion—thus giving the holders of banknotes a revival. The experience of 1935 has much material guaranty of the integrity of the franc— significance. Apparently, during the two crises would effectively aid in dispelling the prevalent of May and November, a certain proportion of uneasiness. We are deeply gratified by the the hoarded banknotes was converted into gold initiative which the Government took toward or foreign exchange. This movement, although this end last year in agreement with the bank, on arelatively small scale, reflected the extreme and sincerely hope that measures giving the sensitiveness of holders of francs, and showed Government full effective authority will shortly how complex are the repercussions of any be adopted. uncertainty regarding the future of the cur- Money market.—The substantial decline in rency. the reserves of the Bank of France during 1935 Under the twofold influence of a contraction naturally had its effect upon the money marof credits in current account and a decline of ket, which in large part financed the withdrawalmost 1,200 million francs in note circulation, als of gold. • From December 26, 1934, to Dedemand liabilities of the bank declined during cember 24, 1935, credits in current account 1935 by more than 9 billion francs. This with the Bank of France declined from 20,343 decline, however, was considerably smaller million francs to 12,131 million, that is, a dethan the total gold withdrawals, so that the cline of more than 8 billion francs. The gradual reserve ratio fell from 80.36 percent on Decemcontraction of available funds, which was first ber 26, 1934, to 71.44 percent on December 24, noticeable in 1932 but was temporarily checked 1935. in 1934, was considerably accelerated during the past year. Defense of the franc.—Throughout the past year the policy of the bank was determined by This contraction led to a sharp advance in two considerations—first, to secure stability of money rates. The private discount rate durthe franc; second, to guarantee to agriculture, ing the first 3 months of the year was about 2 commerce, and industry all credit facilities percent; in May it rose to 5 and then to 6 perconsistent with the defense of the currency. cent. A gradual easing of the situation during In 1935, for the second time in its history, the next few months brought the rate down the Bank of France made no less than 11 to 2.75 percent in October, but the withdrawchanges in its official discount rate within a als of gold, which took place at that time, again /ear. The discount rate, which had stood at had their effect, and during the second half of 2K percent since May 31, 1934, was raised November the tension was severe enough to successively to 3 percent on May 23, 1935, to carry the rate up again to 5 and 6 percent. 4 percent on May 25, and to 6 percent on The Treasury was directly affected by this May 28. Wishing to reduce to a minimum scarcity of short-term funds. On two occasions ihe burden of the charges which the necessaiy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 175 MAECH 1936 advance in discount rates had indirectly im- stances, we had confined our action to merely posed upon economic activity, the bank made negative measures of defense, however necesan initial reduction of 1 percent on June 20. sary. The policy of the bank, we believe, This was followed by a further reduction to 4 should have broader scope and, particularly percent on July 4, and to 3}£ percent on July in a time of crisis, should include measures of 18. On August 8 the rate was lowered to 3 initiative as well as of defense. percent, which stood unchanged until the Early in the year we considered it essential middle of November. The new attacks to to enlarge the facilities offered to the money which the franc was subjected at that time market by the central bank. On February 21, forced the bank to make three successive the general council of the bank decided to advances—to 4 percent on November 14, to 5 grant thereafter, at a rate lower than the ofpercent on November 21, and to 6 percent on ficial rate on advances against securities, November 25. The improvement which took 30-day advances on Government securities place in the exchange market during the closing haying a maturity of not more than 2 years. days of December enabled the bank to return This new machinery proved in practice to be to a rate of 5 percent on December 31. flexible and useful. It enabled the bank, The large withdrawals of gold which the during the two crises in May and November, bank had to meet made it imperative to raise to furnish the market with additional assistdiscount rates. We regret, nevertheless, that ance of about 1 billion francs. During the conditions not of our choosing should have year as a whole, operations of this character forced us to make decisions of such grave aggregated more than 16% billion francs. consequence. The tradition of the bank has The importance which Government securialways been to grant credit as freely as possible ties, particularly Treasury bills and nationaland at the least onerous rates. We are more defense bills, have assumed at present as a than ever determined to abide by this principle. method of employing short-term funds, makes In a country as wealthy as France, where the it obligatory upon the bank to give the holders thrifty character of the people insures the con- of these securities complete assurance that, tinuous building up of capital, a rate of 6 under given conditions, they can always obtain percent for short-term funds is a paradox. The at the bank such temporary assistance as they only explanation is to be found in a feeling of need. The creation of 30-day advances fuldeep uneasiness due to psychological influences fills this legitimate obligation. Our credit which are wholly beyond the control of the policy in general has been determined by the Dank of issue. The bank, for its own part, has same consideration. Within the latitude perscrupulously limited its adoption of protec- mitted in the discount scheme to each bortive measures to what was strictly necessary. rower, the bank has accepted Treasury bills During two-thirds of the year the discount and commercial paper without discrimination. ram,was not *? excess of 3 percent. Economic assistance.—It was not our intenjhe exceptional violence of the attacks to tion to reserve the benefit of our support to the winch the franc was subjected led the bank to money market exclusively. On the contrary, enlarge the scope of its technical intervention. it is our duty to assist the normal operation of H vi ? to discourage gold hoarding, the bank the country's economy with all available aecided on June 12 to suspend temporarily the means. ?£ntlkg of advances against gold bullion. With a view to relieving the depressed state +ui has not been kfted. In agreement of French agriculture as much as possible, by the banking houses, we have also tried, by agreement with the Government we made more suict control of credit demands, to prevent our flexible the terms of discount for wheat wareaavances from being used under any form what- house receipts and guaranteed obligations tin LtIle maintenance of speculative posi- secured by wines. Our help in the systematic wons. finnaalllly, it seemed essential to strengthen reorganization of the market for these two at tw a a t t l l 0 0 .n n s s ^th foreig g n cente e rs. We wish important products contributed materially to ih« TP ?°*nt to express our appreciation to the steady improvement of their prices. S Vu for International Settlements and Export trade, which had been hard hit by for fu S of issue in the principal countries foreign competition and the loss of many forin th J ejfectlve support which they gave us eign markets, received all reasonable support from the bank. As in former years, we assisted ^ the defense of the franc. W x, Policy-—Our duty would have been in releasing funds accumulated at the clearing Ul Par% fulfilled if, in such difficult circum- offices. Recent decrees, which broadened the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN MARCH 193a conditions of applying for Government guar- progress toward the reestablishment of sound anty, enabled us to accept a still larger volume financial conditions. It would be foolish, of securities of this category. however, to pretend that they can represent Expansion of bank operations.—In general, the final stage in the reform of Government all enterprises whose sound management offered finance. So long as security quotations resufficiently good security took advantage of main at a level which is consistent neither our discount facilities during the past year on with the wealth nor with the credit of France, a considerable scale. The volume of operations the burden of the public debt will make it of the bank is evidence of its efforts along this difficult to reduce the fiscal charges which line. On January 4 our bill portfolio amounted weigh so heavily upon the country. Technito only 3,300 million francs and up to May 17 cal expedients cannot solve the problem. The averaged less than 4 billion. Then, in 3 solution rests chiefly in the establishment of weeks it underwent a rapid increase which an atmosphere of confidence and union. The brought it up to 8,108 million on June 7. The future of the country depends more than ever improvement which took place early in July upon a manifestation of faith on the part of brought the portfolio down to about 6 billion the French people. Is it too much to ask that, by the middle of August, which is still a much in the trials which they are undergoing, they larger figure than the average of the preceding should not lose sight either of their glorious year. past or of their present opportunities for For some time afterward, loans showed a recovery? moderate but continual advance. On Novem- Signs of revival.—Giving way to discourageber 15 the total again amounted to more than ment would be still more unjustified, for the 8 million francs. A sharp increase of about 3 reason that certain lines of economic activity billion during the second half of November showed an appreciable improvement toward brought the portfolio by the end of the month the end of 1935. to a maximum for the year of 10,985 million. During the past year the process of adjust- Since the stabilization of the franc in 1928, this ing French prices to those of foreign countries level was exceeded only for a very short period was systematically carried on. The disparity in October 1931, as a result of an advance to between wholesale prices in France, in England, the Bank of England. The energetic measures and in the United States was again consideraof defense taken by the bank put an end to this bly narrowed. Retail prices showed the same abnormal advance in discounts. At the close trend. The retail price index shows a margin of December their total showed some recession; of only 12 points in comparison with English on the balance sheet at the end of the year they prices and of only 18 points in comparison with amounted to only 9,735 million francs. American prices, whereas 2 years ago the mar- The expansion in our volume of credit, gin was 19 and 43 points respectively. unfortunately, did not reflect a corresponding The aspect of our foreign commerce changed increase of economic activity. It was almost very little in 1935. The deficit in the foreign entirely the result of a contraction of available trade balance rose by 226 million francs, but funds brought about by withdrawals of gold. this plight increase is due, in part, to the ex- Government finance,—The unfavorable in- pansion of imports of raw materials during fluences prevailing throughout the year in the December. Although the value of our exports money market offset the favorable influences declined again last year—by 2,378 million which the financial reforms—achieved under francs—their volume, on the other hand, inenergetic leadership of the Governmentr— creased by 875,000 tons. Despite the depreswould otherwise have set in motion. The sion, French export trade holds the same relaachievements in this field were nevertheless tive position in statistics of international trade remarkable in scope. The urgent necessity as it did in 1913. for these reforms could not be questioned. The steady recovery of the agricultural Nothing could be more unsettling than to let market, by increasing the resources of the most the country believe that it was a matter of important section of the population, began choice between two different policies. No gradually to have a good effect on the general solution by compromise would free the" Goveconomic situation of the country. The index ernment from its obligation to adjust its budget of industrial production, which had declined to the slower tempo of production and trade. without interruption from the end of 1933 to The measures adopted for reducing ex- the middle of 1935, gradually rose during the penditures last year represented considerable losing months of the year. The improvement Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 177 MARCH 1936 was unequally distributed among the various Undoubtedly the greater de facto stability lines of business; it was especially marked in of the leading currencies was not unconnected the textile industry which had been especially with the improvement which took place in 1935. hard hit by the depression. The dollar, except for a very short period, fluc- Unemployment figures, unfortunately, do not tuated only within the narrow range which yet reflect any progress toward the solution of marks the gold import and export points for a a problem which is of primary importance from currency based on gold. The pound sterling, the social point of view. Nevertheless, a rela- although it was weak during the first quarter, tively more favorable trend has been notice- when its quotation declined from 74,63 francs able since last summer. Although the number on January 2 to 70.87 francs at the beginning of unemployed in February last exceeded the of March, regained in April and May the ground which it had temporarily lost. Since then it corresponding figure for 1934 by more than has remained between 74.30 and 75.30 francs, 150,000, the difference at the end of the year and ended the year at approximately the same was only 20,653. Distressing as this situation level at which it stood at the beginning. The is, it is far less serious than that which exists strength shown by the British currency in 1935 is in most countries abroad. the more striking in comparison with the decline Exchange problems.—Although economic reduring 1934 of 8 points in relation to the franc. vival is still far from assured in France, where Definite stabilization of the great currencies it has been retarded by influences beyond all is, in our opinion, the final aim of all monetary technical control, it made progress over a large policy. On this, in fact, depends the reestabpart of the world during 1935. It was especially lishment of international trade, without which marked on the American continent, where the there can be no permanent and general prosdepression had its first disastrous effects. It perity. The intentions expressed on a number also appeared in a great number of European of occasions by the American Government countries. Undoubtedly it is too early to an- indicate their wish to proceed as soon as possible ticipate a definite return to normal ways of to the final settlement of this question, which is living, yet the progress already made gives en- vital to the whole world. We do not doubt couragement for the future. We are convinced that on her own account Great Britain will be that the close interdependence which unites the ready, as soon as circumstances permit, to seek nations of our modern world will facilitate the the means of effecting a return to the gold return of prosperity just as it hastened the standard, although she contends that, for the spread of the depression. present, it is not practicable. BALANCE SHEET OP THE BANK OP FRANCE AS OP DEC. 24, 1935, AND DEC. 26, 1934 [In thousands of francs] Resources Dec. 24, Dec. 26,1934 Liabilities De 1 c. 9 35 24, De 1 c. 9 34 26, 1935 66,297,836 82,122,999 Demand liabilities: 664,412 685,321 Notes in circulation , 80,668,784 81,855,232 JWlgn bliiF"* °n demand abroad" 11,204 11,119 Current account of the Treasury „. 85,148 1,026,282 Current account of the Caisse Autonome Negotiable 1,111,213 729,784 d'Amortissement 2,750,809 2,817,215 Other... 206,942 221,454 Other current accounts and deposits— 9,144,788 16,318,015 dom N e eg s tic ' b • ills": • 172,203 171,954 Cap O ita th l er demand liabilities _ 1 1 8 49 2 , , 9 6 0 0 9 0 1 1 8 8 2 1 , , 5 9 0 2 0 5 Otl 9 1 , , 5 2 2 05 7 , , 4 7 5 7 5 6 3 1 , , 5 4 7 4 2 5 , , 0 91 15 6 Surplus (laws of June 9,1857, and Nov. 17, 274,097 272,696 3,247,060 3,184,303 Keserve invested in legal securities (law of May 17,1834; decree of Apr. 27 and Mt y 2, 1848; law of June 9,1857) 22,106 22,106 464,941 Depreciation reserve (real estate) 4,000 4,000 495,738 Profit and loss: Provision against risks on foreign exchange 96,076 and Dec. 7, 5,800,394 5,898,270 For writing off overdue bills 25,000 Gross dividends 122.7271 francs 22,398 22,190 o 18« *f 78 " 8;; t fo la v w i o ? f i ? f ; i 1 S 8S 6 7 ! 7 ? 'Q '1 co 8 ? 7 v 8' e n ^ t t i e o n n d of e d M ; a r l . a w 2 s 9, Misc C e a ll r a r n ie e d o u fo s r l w ia a b r i d lities 1,70 2 5 5 , , 9 0 5 0 1 0 1,39 2 6 4 , , 5 5 9 7 1 7 e 2 n 53 ] ,, t 1 e i9 s S2 e 3) a ) m f f ' i V °8^ t 9 ^ 7'' V D B* ~ e> " c* - - - - ^^ T % 119 - 9 1188»» aanndd J — Juunnee 3,200,000 3,200,000 Total... 95,131,564 104,148,329 112,9S1 112,981 4,000 4,000 Total demand liabilities 92,799,437 102,198,669 Totals., 2,435,859 2,292,475 Ea (p ti e o r c o e f n g t o ) ld reserve to demand liabilities 71.44 80.36 95,131,564 104,148,329 oorf JJuully Yf IJXT*£$l ^ear 193^- Gross dividend for first half year 1935,121.591. francs. In accordance with the law of Dec. 23,1933, and the decree 2^0 1W SmSf^rt"* mod^ed the rate of taxation on the yilldof French registered shares, the net dividend of scares of the Ba^ of France w^ year to iffiSf Si?6 ??ar for shares subject to a tax of 17 percent for the first half year and 18 percent for the second half year; and 215 francs for the uares subject to a tax of 12 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL RESEBVE BULLETIN MABCH 1930 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe End of month (5 T t 0 r o i c t e o a s l u ) i n- U S n ta it te e s d Canada . c T o o un ta 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 m G a e n r y - 1935—Jan uary j 21,879 8,391 132 11,697 599 112 1,586 5,438 32 February 22,022 8,527 135 11,679 596 112 1,586 5,439 32 March.. ! 22,099 8,567 190 11,633 532 112 1,586 5,479 33 April. 21,861 8,710 187 11,279 518 112 1,587 5,366 33 May 21,473 8,858 189 10,714 605 112 1,587 4,759 33 June.. 21,678 9,116 188 10,670 634 113 1,588 4,703 35 July 21,675 9,144 188 10,636 624 113 1,588 4,726 38 August 21*759 9,203 193 10,664 612 113 1,593 4,756 33 September. 21,926 9,368 186 10,678 604 113 1,595 4,770 38 October... » 22,313 9,693 186 10,714 609 113 1,604 4,773 35 November. P 22,225 9,920 188 10,394 615 113 1,628 4,388 36 December. ' 22,472 10,125 189 »10,429 611 112 1,648 4,395 33 1936—January ' 22,484 10,182 186 *>10,376 600 112 1,652 4,324 February... p10,166 186 '593 1,653 '4,362 Europe—Continued End of month » Preliminary. * See notes under Italy, TF. S. S. R., and Mexico. ^uemm^tSPended puhUc8"on <* ltt stetanent aft« <><*• 20. W35. Figure as ot that date Is given tor October 1935 and carried forward »» FFigiuer es ff or DDemcebm ber1 0130434 ,M Mha rc1h9 3159 35, oSr September 1935, , -* «« -U.VU *iw u£urt» uave oeen reportea. es are not shown separately are In Europe: Albania, Danzig, Estonia, Finland, Latvia, and ^itnua n , G of u t a h t i e s m ta a b la le ; , i n se A e a B i U a L a L n S d - T O IN c e fo a r n i M a: f i A vi u ft s t t t r > a . l T ia m an s d n - S u l i a e m T ; a . n . d .I in «. A — fri c « a - : A *•« lg « e -• r • i a and v B « e l I g M ia A n C « ongo. d Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MUCH 1930 FEDERAL RESERVE BULLETIN 179 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month world Africa North and South America Far East production Total A So fr u ic th a d R e h s o ia - A W fr e ic s a t B C e o lg n i g a o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au li s a tra- Japan India $l**25fio grains of gold $iofine; i. c, an ounce of fine gold*=$S0.67 404,969 359,347 215,242 11,607 4,297 2,390 39,862 45,835 13,463 2,823 683 8,712 6,927 7,508 1930 430,725 373,154 221,526 11,476 4,995 2,699 43,454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931 461,592 394.399 224,863 11,193 5,524 3,224 55,687 49,524 12,866 4,016 442 12,134 8,109 6,815 1932 499,241 421, 656 238,931 12,000 5,992 3,642 62,933 50,626 12,070 5,132 788 14,563 8,198 6,782 1933 £22,555 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,169 6.165 3,009 16,790 8,968 6,919 $l**18Hi grains of gold Ho fine; i. e., an ounce of fine gold=$56 1933 884,737 711,260 385,474 22,578 11,214 6,148 103,224 89,467 22,297 10,438 5,094 28,428 15,183 11,715 1934 942,106 722,970 366,795 24,264 12,153 6,549 104,023 107.632 23,135 12,045 8,350 30,447 16,354 11,223 1935 "1,030,665 •769,381 377,090 25,477 •13,851 • 7,231 114,816 124,116 •23,879 11,517 • 9,290 "30,973 "19,760 "11,381 1935-January... 81,814 60,040 31,202 2,024 1,075 599 8,353 8,398 2,410 830 366 2,374 1,463 February- 77.287 55,513 28,717 1,920 1,097 557 8,027 7,488 2,280 991 708 1,439 1,386 903 March 82,206 60,433 31,015 2,009 1.078 587 8,732 9,203 1,836 • 925 1,005 1,468 1,619 955 April 81,801 60,028 30.301 2,052 1,106 594 8,599 8,573 1,750 1,015 895 2,637 1,568 933 May 84,706 62,932 32,072 2,177 1,162 627 9,423 9,623 1,048 945 651 2,533 1,717 954 June. 84,776 63,002 31,089 2,101 1,095 588 10,002 9,588 1,166 857 1,113 2,623 1,844 937 July. 88,803 67,030 32,458 2,150 1,095 615 . 9,988 11,793 2,181 1,001 546 2,635 1,610 958 August 88,952 67,178 32,667 2,155 1,152 631 10,303 10,603 2,532 1,125 536 2,844 1,669 961 September. 89,840 68,066 31,472 2,009 1,160 590 9,813 12,108 3,287 978 1,088 2,939 1,674 949 October "90,796 * 69,022 32,596 2,403 1,249 614 10,560 12,703 "1,680 1,035 506 2,923 1,779 974 November- * 87,574 "65,800 31,671 2,205 1,181 614 10,261 10,883 • 1,120 981 937 3,279 • 1,715 053 December.. •92,111 "70,337 31,829 2,272 •1,400 "614 10,756 13,158 "2,590 834 • 937 "3,279 * 1,715 • 953 1936—January..., "88,721 • 66,947 •32,340 •2,275 •1,400 "614 • 10,150 10,195 • 1,785 1,334 • 937 •3,279 "1,750 Preliminary. Kftw N o°iPE'."~7F£olrr mmoonmthly 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 Mintt ffoorr 11993344,, pp.. 110044.. FFiigguurreess ffoorr CCaannaaddaa bbeeggiinnnniinngg JJaannuuaarryy 11993355 aarree ssuubbjjeecctt ttoo ooffffiiicial revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Net imports from or net exports (—) to: Total Year or month net imports China All e o x r p n or e t t s England France Belgium N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Co b l i o a m- B I r n i d ti i s a h H K a o o n n n d g g c o t o r th i u e e n s r - 1934 1 1, , 7 1 3 3 9 1 , , 0 9 1 9 9 4 4 31 9 5 9 . , 7 8 2 7 7 0 2 9 6 3 0 4 , , 2 2 2 4 3 3 8,90 3 2 2 9 2 4 7 , , 3 18 4 5 8 12,402 95,171 3 1 0 3 , , 2 6 7 6 0 7 16,944 7 7 6 5 , , 8 26 2 8 0 1 9 6 , , 4 4 3 5 1 2 2 56 8 , , 4 9 5 3 3 5 -N D a e v c w em nb b e e r r. 1 8 2 2 0 , , 1 8 0 8 9 9 1 3 9 , , 6 6 8 4 7 9 2 7 2 0 , ,3 4 5 3 1 0 12,814 1 9 7 , , 9 7 0 9 6 0 -254 8 9 , , 0 6 7 0 7 9 == 6, 8 0 S 7 0 0 1 1 1 2 , , 3 5 0 7 0 4 7 5 0 2 0 9 1 2 , , 8 8 9 7 6 4 1935— J J A • S - M M f O N D u u e J e u c a b n l a a o p e y n g t r e r c v y t o u c u e u e e . b a h m s m m a . r t e _ r y b b b r y _ . e e e . r r r . . 2 3 1 1 1 1 2 1 1 4 3 1 1 4 4 2 4 1 1 5 9 5 0 0 3 5 8 2 6 9 0 6 0 , , , , , , , , , , , , 9 3 0 0 2 6 7 7 3 5 3 0 8 7 1 2 0 0 1 7 6 4 9 1 3 3 6 9 3 3 9 2 7 7 2 0 1 8 6 3 0 1 3 7 5 1 7 8 - 9 , , , , , , , , 1 9 6 4 4 1 1 5 6 9 8 3 3 8 8 0 2 1 7 0 5 7 1 5 8 1 9 4 1 4 7 0 4 1 1 1 1 1 4 3 4 1 2 9 4 5 8 0 5 2 4 4 4 5 6 0 , , , , , , . , , 4 7 5 5 2 0 1 3 9 5 4 2 6 1 9 9 4 5 8 7 6 0 3 6 0 3 2 1 2 8 7 9 2 2 3 1 1 3 1 4 2 2 8 4 2 7 7 , , , , , , , , , , 8 8 2 6 7 0 8 6 9 4 8 9 8 7 7 2 6 1 0 7 6 1 0 7 5 6 1 7 1 5 5 6 2 3 6 3 29 9 1 1 1 4 5 8 f 3 9 9 0 5 5 2 5 , , , , , , , , i , , , 4 3 0 9 0 7 0 3 3 8 0 , 4 4 9 6 5 3 6 9 6 6 6 7 9 1 6 8 3 9 4 8 5 8 0 70 4, 8 9 9 7 9 6 7 6 7 7 8 7 2 3 9 7 4 2 9 5 6 2 8 4 3 3 9 3 1 9 9 3 2 2 0 8 1 1 , , 7 7 2 4 5 8 6 0 1 1 1 1 2 2 6 0 8 2 9 1 , , , , , . , , 1 5 9 6 1 6 9 3 8 1 2 3 7 2 2 6 1 1 5 2 0 8 2 7 9 1 6 4 3 9 1 8 1 1 1 1 1 , . , , , 3 3 3 4 5 5 4 1 6 1 0 6 1 5 3 4 2 3 0 2 4 2 0 0 3 9 4 8 3 7 8 0 7 5 7 5 5 3 2 4 3 3 3 4 6 5 3 8 , , , , , , , , , , , , 0 5 7 9 2 9 7 5 1 8 9 7 8 9 1 1 6 7 1 1 4 1 5 7 3 6 5 1 2 2 5 1 1 7 6 4 February.Il!,^:"""" "" -1 4 6 5 , , 6 6 3 4 5 3 -2 5 , , 8 7 9 8 0 6 -17 3 , , 1 5 8 1 0 4 -3,421 10, 2 7 7 4 3 5 6 7 5 6 9 4 J,743 11,744 1, 7 1 4 7 0 6 1 5 0 , , 1 1 8 7 5 0 1 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

180 FEDERAL RESERVE BULLETIN MARCH 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 im- South e o x p r p o o r n t r e s t t s U S n ta it t e e d s 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 m ic u a e t r h - Canada B I r n i d ti i s a h S S m t e r e t a n tl i t e t s s - Au l s ia tra- A W K fr h e i o c s a - t , c o t o A t r h u i l e e n l s r - Africa 1934 716,269 -497,1661 348,190 121,017 -13,585 32,575 17,568 26,316 206,711 4,863 41,790 335,253, 92,737 1935 369,747 -435,502; 142,137 -4,726 -17,476 10,796 8,832 16,565 181,627 3,198 37,9811 404,295| 22,020 1934—November. 49,585 -17,284 27,026 152 -5,198 -550 ~670 1,697 18,791 190 2,686 18,495 2T910 December. 27,215 -22,489 1,769 -1,087' 310 241 17,882 128 4,126 2,797 1935—January... -4,279 -79,628 4,270 -349 8,780 381 24,046 12 4,066 37,231 -3,124 February.. -36,566 -74,127 -17,739 28 -051 2,145 2,057 19,093 88 3,067 18,669, 11,105 March.... 66,557 66 26,612 53 -1,992; 51 1,195 2,970 15,457 296 2,685 12,661 6,503 A M p a r y il 1 3 4 6 6 , , 5 2 2 8 9 9 -2 -3 0 , , 2 5 4 3 7 3 -3 6 3 9 , , 3 1 4 2 8 $ 2 2 0 6 9 6 -1,013 3 M 3,2 § 3 0 7, 4 1 1 5 0 2 2, 4 6 2 9 4 6 1 2 6 , , 9 24 6 9 2 4 6 8 9 4 3 2 1 , , 8 92 3 0 8 5 1 5 7 , , 8 6 4 5 7 8 2 1 0 1 , , 8 1 2 4 3 3 June 118,067 -18,647 -943 —11*601 292 3,570 7,159 429 1,969 42,473 6,933 J A u u ly gust.... 3 1 9 6 , , 0 2 1 8 6 9 -1 -1 2 , 1 8 4 7 1 1 - - 5 5 , , 6 7 9 1 7 9 -4,4 -2 1 6 6 1 8 1 2 8 1 ii 1 t ,6 i 42 . 2 2 8 6 7 1 2, 4 8 4 3 9 1 26 5 , ,6 1 6 02 3 4 4 0 2 5 0 4 5 , , 1 3 4 7 8 5 3 3 5 3 , , 5 5 1 3 2 2 -1 -8 1 , , 7 0 3 3 1 2 September, -36,086 -81,032 -5,663 23 2 -36 322 25,301 70 3,662 29,949 -8,683 October... -36,158 -87,929 -2,739 68 217 -1,136 2,535 11,900 134 3,414 44,995 -7,644 November. 18,286 -33,744 25,198 50 -20,204 461 12,857 56 2,842 -4,353 December. 40,811 -22,075 910 114 -6,982 480 14,838 54 1,995 7,265 1936—January „„ -1,656 Net imports from or net exports (—) to: Net imports from or net exports (-) to: Total net Imports or net exports - - - - 1 3 1 3 9 9 2 5 9 1 2 2 5 3 8 0 9 7 9 , , , , , , , 2 , , 4 8 5 4 7 3 7 1 0 7 7 5 8 7 9 9 1 6 9 6 1 2 0 5 6 8 - - - - - - - - - 2 2 1 7 2 5 2 7 1 5 2 5 6 3 0 8 7 5 8 3 7 , , , , , , , , , 2 6 3 5 3 8 5 0 1 4 6 1 8 1 6 7 0 5 7 5 1 1 4 7 8 4 6 6 3 4 0 3 4 4 8 - - - 1 1 5 1 - 3 2 1 1 5 3 3 8 8 4 - 3 4 0 , , , , 1 , , , - 9 0 , 1 , , 2 8 6 9 3 6 8 7 1 6 5 3 8 1 7 0 3 3 7 2 7 0 0 1 3 1 0 5 2 4 6 - - 5 1 2 - - 3 2 0 6 6 - 9 , , , , - 9 8 4 3 2 ,1 4 9 5 9 9 6 9 5 4 1 7 5 5 5 - 2 1 1 5 - 5 1 - - , 8 1 6 , , 1 , 2 7 2 3 8 5 3 0 2 4 5 5 5 0 2 1 1 5 9 7 - - 4 1 3 3 7 4 1 1 1 , , , , , , , , 4 4 2 2 9 6 2 9 3 1 3 9 2 8 9 7 1 8 1 5 1 2 5 9 - » » 2 9 9 1 1 - - - , , , 5 1 , , 7 1 2 6 9 1 7 7 6 4 7 9 7 6 9 3 2 7 1 5 7 1 7 0 2 2 4 0 5 0 9 1 [ , 1 9 4 2 4 2 0 , , , , , , 7 0 7 3 8 5 5 8 7 6 0 5 2 6 0 6 4 6 9 5 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MABCB1038 FEDEEAL BESERVE BULLETIN 181 GOLD MOVEMENTS—Continued [ID 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 H un 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-November. -16,849 -17,770 645 830 -6 -587 -65 -106 56 154 December. -9,431 -9,270 -312 62 78 -95 -34 -25 165 1935—January... -18,300 -15,605 -3,221 110 -66 -161 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 -136 181 April , -120,492 -97,632 -20,890 -20,066 -210 20,081 -41 -862 26 May -5,080 -2,810 -1,562 277 162 -289 -1,084 71 156 June -14,797 -19,259 1,375 667 -862 3,379 -107 113 -103 July , -26,102 -29,215 15,702 -21,909 -462 9,563 51 -8 118 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 -6 -35 -52 217 1936—January.... 16,967 1,761 170 192 14,291 -463 -11 817 210 Switzerland British India Year or Total Net imports from or net exports (-) to: Total Net e i x m p p o o rt r s t s ( - f ) ro m to : or net Gold Change in: month net net proimports imports ducor net All or net All tion Re- Private exports 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 r th i u e e n s r - exports U S n ta i t t e e s d E la n n g d - c o t o r th i u e e n s r - In i d n ia s I e n r t d o v la e i s| i I n h n g o d s l i d a - i * n 1934 -46,065 -12,784 -45,955 -29,235 18,397 19,431 2 580 1,500 -230,720 -77,928 -148,824 -3,968 11,222 173 -219,671 1935 :;::;-230,788 647-54,858 -181,725-13,940 25,542 '342-6,795 -161,857 m,3Sl -6 -150,470 1934- B N e o e v. . . . . . -1 12 ,9 ,3 5 9 0 7 291 - - 4 7 1 7 7 1 - -4 6 , , 1 2 4 73 3' 13,6 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 3 0 , ,7 2 0 5 0 5 - - 6 3 , , 6 2 0 0 1 1 - - 1 2 4 0 , , 2 2 6 1 4 6 1 1 6 6 5 2 -3 - - 1 2 9 2, , 2 7 5 7 7 1 1935-Jan -4,125 -17 -216 -4,344' 472 -218 198 -16,334 -1,667 -14,874 207 946 -2 -15,386" t M F S e a b f r 7 . c ; " r : -1 - - - 1 6 1 3 7 3 5 9 , , , , 8 2 0 6 3 2 2 3 0 9 5 3 - 3 5 2 1 5 4 1 — - - - 3" 2 6 1 11 7 , ,. , 1 8 , 6 8 3 0 1 7 9 8 9 8 - - - - 1 1 3 1 0 6 8 6 7 , , , , 1 5 1 0 1 1 4 2 7 4 8 1 -5,9 4 2 7 1 2 2 7 5 5 2 4 2 , , , 6 7 1 3 1 8 3 0 0 9 4 3 - 1 - 2 4 - ,0 9 0 0 4 0 2 9 1 -4 — ,4 2 4 7 7 0 2 6 5 7 8 0 — -1 - - 3 6 1 8 # 7 , , 6 6 4 ,7 7 0 3 4 5 4 9 6 -2,406 - -1 1 - - 6 3 8 4 , , , , 5 8 2 1 5 3 2 3 8 1 5 3 -1 - , 2 6 2 1 1 5 0 5 4 3 5 7 9 9 9 9 3 5 0 5 8 5 3 4 -5 1 - - 1 1 - - 2 5 7 6 , , , , 7 6 8 4 3 4 5 7 7 4 0 9 i N A S D s e o e u 1 v p c g . ; t " . — - . : - . . . ; - — -5 — 5 2 9 1 1 , , , 6 , , , 3 4 8 3 3 9 4 6 1 3 4 2 3 0 7 7 0 5 8 4 1 1 4 6 6 0 4 9 3 7 ! | — - 3 1 1 2 3 , . , , - 0 0 6 0 3 5 3 S 8 1 1 4 2 3 8 5 0 7 9 ( i - - - 2 4 3 2 1 , , , 1 2 6 - , , 2 9 8 2 6 2 8 7 9 8 4 6 4 7 3 3 1 -8,6 - 5 1 1 1 6 4 4 3 1 1 , - , , , , 8 7 3 3 0 7 4 4 1 2 8 4 9 3 2 4 0 ! - - 1 7 - 2 2 5 4 1 3 6 1 4 6 5 9 9 6 9 1 2 3 - -2 3 3 - - , , 6 3 , 3 4 4 8 1 8 5 4 5 3 2 8 2 2 4 5 0 5 4 P - - - - - - 2 1 1 1 2 1 -3 5 1 1 4 2 0 , , , , , , , 8 4 4 5 1 3 2 2 6 0 4 6 8 88 4 4 0 0 0 3 - - - - 6 1 2 1 , , , , 3 3 6 5 0 3 4 7 1 9 0 8 3 0 - - - - 1 1 1 2 - - 4 9 3 0 8 1 , , , , , , 0 1 1 0 9 5 7 1 9 3 2 7 8 7 9 2 2 5 - - 8 2 2 2 3 2 1 3 5 0 6 3 8 3 4 2 5 2 9 9 9 9 9 9 4 6 7 3 5 5 9 1 4 7 8 3 » - - - - - 2 2 1 1 1 - - 2 9 1 0 4 3 0 , , , , , , , 8 3 4 1 5 5 4 8 8 2 3 8 0 5 7 6 5 5 7 3 1 2,462 —195J -6.783 47 9,496 -137 • 34 *-13,764 9 Prelimi [arch 1935 gold held by Government; suosequenuy, gom ueiu, uy xveoci *o jja.ua. m ***«*«««.. ~w~ 9 transferred. o*w ucaved from preceding columns; net imports plus production minus increase in reserves in India. °®<teltaM«mt't llnds and Switzerland.-In some cases the annual aggregates of the official monthly figures differ somewhat from the revised totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN MAECH 1936 CENTRAL BANKS Assets of banking department Liabilities of banking department (Figures in B m a il n l k io o n f s o E f n p g o la u n n d ds sterling) G d m o i e s e l p s d n a u t r e ( ) t i 1 - n C C o a in sh rese N rv o e t s es D a v i n s a c d n o c a u e d n s - ts Se ti c e u s ri- ci N t r i c o o u t n l e a- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b h e i e s li r - 1934—Dec. 26.. 192.3 0.5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935— F J e a b n . , 3 2 0 7 — .. 1 1 9 9 2 2 . . 4 5 7 7 7 5 . . 5 1 9 6. . 2 3 9 9 2 2 . . 0 7 3 3 7 7 4 7 . . 9 4 9 9 9 5 . . 0 5 2 1 0 9 . . 9 4 4 4 2 0. . 7 1 1 1 8 8 . . 2 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 10.2 108.6 102.4 16.2 38.8 18.0 July 31... 192.8 44.5 10.8 100.7 403.3 75.7 24.4 38.5 18.1 Aug. 28.. 193.4 53.8 12.9 93.5 399.6 96.9 9.4 36.5 18.2 Sept. 25-. 193.6 55.4 12.4 95.4 398.2 87.2 19.5 39.0 18.3 Oct. 30... 194.7 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 193ft—Jan. 29... 200.5 63.3 18.8 94.0 397.1 106.0 15.9 36.7 18.2 Feb. 20— 200.6 60.7 11.0 96.2 400.0 106.2 8.8 35.5 18.2 Assets Liabilities Bank of France Loans on- Deposits <Figuros 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 o e o r n v t t - e t r e s n e r - m - s O ec th u e ri r - N c b e u l g e ri o t s t i e i e a - s - Other ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t b h i e li r curities ties 1934—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 1962 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 16,145 1,954 May 31... 71,779 2,150 7,137 937 3,371 6,805 8,691 82,776 2,771 12,315 2,003 June 2S... 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 6,805 8,077 81,128 3,241 11,090 2 105 Aug. 30... 71,742 1,236 7,575 543 3,103 5,800 8,212 82,240 3,244 10,666 2,062 S N D O e e c o c p t v . . t . . 3 2 2 2 0 7 9 7 . . . . . . _ . . . 7 7 6 6 1 1 6 6 , , , , 9 9 2 1 5 9 9 9 2 0 6 1 1 1 1 1 , , , , 2 3 3 2 3 8 2 6 2 5 8 2 1 8 8 9 1 , , , , 0 3 7 0 7 6 1 0 3 0 2 5 1 " , 3 5 0 1 7 7 9 1 9 3 0 2 3 3 3 3 , , , , 1 0 2 2 4 6 9 5 1 7 8 3 5 5 6 5 , , , , 8 8 8 8 0 0 0 0 0 0 0 0 8 7 8 7 , , , , 9 0 0 8 3 2 3 7 9 3 2 9 8 8 8 8 2 3 2 1 , , , , 3 3 4 1 9 0 4 5 9 6 7 0 3 2 2 2 , , , , 8 0 8 8 6 5 2 6 2 1 6 2 1 1 9 8 0 0 , , , , 7 3 6 8 1 6 4 4 6 1 7 8 2 2 2 2 , , , , 0 0 1 1 5 6 3 1 9 0 6 3 1936—Jan. 31. 65,223 1,324 9,210 3,350 5,708 8,724 81,503 2,798 2,119 Feb. 23 P 65,789 l,30S 9,758 931 3,250 6,708 81,238 2,852 8,707 C1) Assets Liabilities Rcichsbank (Figures in millions of reichsmarks) Gold Reser e v F x e o c s r h e a i n g g n e Tre b a il s l u s ry , c O h ( b e a t i c h n ll k e d s s r ) S l e o c a u n r s ity E as li g n i S o b e t l c e e uriti O e t s her a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r cover 1934—Dec. 31— 4,021 146 445 319 827 3,901 984 1,001 1935— J J A S A N D M M O F u u e J e u p e o c l n a a a p b y c g r v y e t r n t . . . . . . . . . 3 3 3 2 3 2 3 3 3 3 3 3 1 0 8 1 1 9 1 1 1 0 0 0 — . . . — . . . . . . . . . . - . . . - . . . . . . . - 3 3 3 3 3 3 4 4 4 4 , , , , , , , , , , 6 6 8 7 7 8 1 0 0 0 2 6 5 9 4 3 7 5 0 9 1 0 6 9 4 2 9 8 0 6 1 8 8 6 8 1 8 6 7 4 4 4 3 3 3 3 3 3 3 3 4 3 7 2 3 3 3 4 4 4 4 1 7 3 7 8 7 7 6 0 5 6 3 3 3 3 3 3 3 3 3 3 3 1 2 3 2 2 2 2 2 2 1 1 9 8 0 4 8 4 4 4 4 5 6 8 6 7 7 7 7 8 8 9 7 7 3 9 0 3 7 8 6 1 8 2 7 7 7 1 9 5 1 8 4 1 2 0 3 3 3 3 3 3 3 4 4 4 4 , , , , , , , , , , , 6 6 6 7 8 8 8 0 1 1 1 6 1 6 1 1 9 7 3 5 8 4 0 7 4 0 1 5 8 2 9 6 3 8 9 9 9 7 8 7 7 7 8 7 2 2 2 5 1 7 4 4 0 7 2 2 8 2 2 9 0 3 3 6 4 8 9 8 8 8 8 8 8 8 8 9 9 9 6 0 3 2 3 4 6 3 2 7 1 1 6 0 7 4 0 5 0 8 3 9 1 3 4,498 349 315 853 4,2S5 1,032 1936— F Ja e n b . . 3 2 1 9 — *., 3 4 , , 8 0 8 2 4 6 3 3 4 4 9 9 3 3 1 1 5 5 S 86 8 1 S 4 4 , , 0 1 9 7 8 7 6 6 7 5 9 2 8 9 9 1 1 4 p Preliminary. 1 fc^KfavtHabie!33 ^""^ "* SUVW COiD aS C0Ter for ™™^ ^ »*** * tod by law at £260,000,000. NoiE.-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

MARCH 1836 FEDERAL RESERVE BULLETIN 183 CENTRAL BANKS-Continued [Figures as of last report date of month! 1936 1935 1936 1935 Central bank Janu- Decem- Novem- Janu- Central bank Janu- Decem- Novem- January ber ber ary ary ber ber ary National Bank of Albania (thou- Bank of Canada* (thousands of Casands of francs) : nadian dollars): Gold _ 7,556 7,556 7,122 Gold _ 80,253 .80,509 .81,394 Foreign exchange 17,705 16,855 22,969 Sterling exchange 26 219 314 Loans and discounts 3,207 3,172 2,576 United States exchange 9,768 4,004 8,659 Other assets. 5,463 5,537 2,252 Advances to Government 2,196 3,466 2,223 Note circulation __ _ 12,243 12,585 12,739 Government securities: Demand deposits __ 9,557 9,336 11,815 2 years or less 24,785 30,873 36,386 Other liabilities 12,131 11,199 10,365 Over 2 years 80,900 83,410 84,193 Central Bank of the Argentine Other assets 9,714 5,045 4,469 Republic 1 (millions of pesos): Note circulation 87,979 99,677 95,260 Gold at home— _ 1,224 1,224 1,224 Total deposits 213,864 200,319 !15,894 Gold abroad and foreign ex- Chartered banks 178,739 181,636 .86,723 change ._ 130 129 125 Government — 33,293 17,917 28,151 Negotiable Government bonds- 165 235 238 Other liabilities _ 5,798 7,659 6,483 Other assets 144 141 153 Central Bank of Chile (millions of Note circulation 987 9S2 910 pesos): Deposits: Gold and foreign exchange in re- Member bank 3S3 2 482 204 serve 142 142 142 Government _ 241 219 187 Loans and discounts 80 82 51 Liquidation Institute (3) 174 Government debt 706 710 713 Other 26 196 Note circulation 567 544 511 •C ( o t m h O o m t u h o s e n a r w n l d e i s a a l b o th i f l i p B t o i a e u n s n k - d . J s o i ) l f : . " A \ ustral " ia " 41 40 Cen D tra e l p B os a i n t k s . o . f China ! (millions of 297 335 351 Issue department: yuan): Au s s c t h B N r i i a o l o a l n tt i n ee n SS S L k L DD C G g i N e e N o o c o c e o e n s c c a n i p i i l a g ) u u r c n d r n d ; o t cc i r r , i s o u s i i u d ol a u b t t n i e a n l i e n i l t u e a e s a n d p a b s s l tt d l a l ii a E i oo r B l o d t n a n n n m a i . n . g s , n _ c l c e k a i e . o n s n s h u t ( d : m n s t c i s t l a e l s i r h o l n in s g o _ . f . _ . 3 3 4 6 1 1 1 5 4 7 5 6 8 5 , , , , , , , 4 9 8 9 2 1 G 7 9 2 8 5 9 0 0 0 4 1 1 7 5 4 9 1 3 3 6 1 5 1 1 9 5 1 1 5 3 2 , , , , , , , 9 1 7 2 9 9 4 9 8 6 9 9 3 2 4 2 4 5 7 8 8 3 3 4 6 1 1 1 5 4 7 9 5 7 5 , , , , , , , 9 4 6 0 1 3 1 9 2 9 3 4 2 0 8 9 7 5 4 5 6 2 2 4 2 3 7 4 1 1 1 5 7 5 7 9 5 9 , , , , , , , 8 8 2 5 5 5 7 0 7 2 7 5 7 5 0 9 3 0 1 5 9 0 8 2 N D D S L S G F O i e o o e o o u t l c h r v p a e l t u e d e e n e o i r f r r s s g c i r i t o a n i a t i r m s s e n c — s e s d u e x d l t G c B O d s a o h t i a m t o i s a h o n c v n e e n k o e g s r u r e ti a n c m t s b e a n n t ks — 1 2 2 1 2 1 1 3 3 7 2 5 2 1 5 8 5 6 1 9 4 0 3 3 3 6 0 4 7 • ' ' 1 2 2 2 1 1 - 4 8 0 6 3 4 7 5 3 8 6 6 0 3 0 1 2 3 1 1 2 3 9 5 7 3 0 7 0 1 8 4 0 8 7 S 3 3 1 2 Gold 242 242 242 242 Other liabilities 140 134 139 Foreign bills " 74 112 124 36 Bank of the Republic of Colombia N D D G o o e o p m t v e o e e s r c s i n i t t i s m r c c e b u n i l t l a ls d ti e o b n t . s . . " . /" 6 2 6 2 2 2 2 2 0 4 2 5 9 2 6 2 7 2 2 1 6 5 4 0 2 9 6 2 2 5 2 5 8 3 4 4 2 6 9 2 3 2 0 1 7 4 2 5 (th G N F L o o o o o u r a l t e s d e n a i s g c a n n i t t d r o s h c e u m o x o l m c f a e h t m e p a i e o n a b s n g n e o d r e s « ) b a : a b n r k o s ad6 2 4 4 9 0 1 , , , , 9 4 5 0 2 5 0 7 1 8 2 2 2 4 4 7 3 4 , , , , 6 1 3 5 3 8 8 7 7 9 5 5 2 4 7 2 , , ,7 8 0 6 9 6 6 3 6 3 1 6 5 0 1 , , , ,6 8 0 4 1 8 2 6 5 4 8 5 Deposits • 33,240 29,949 31,624 23,906 Gold 3 3,400 3,457 3,480 2,543 National Bank of Czechoslovakia Domestic and foreign"bills** 1,241 1,293 1,364 684 (millions of koruny): Loans to State.. 160 162 162 340 Gold 2,691 2,690 2,691 2,682 Note circulation 4,101 4,117 4,158 3,636 Foreign balances and currency. _ 82 81 80 305 rCt ent D ra e l p o B s a i n ts k „. 882 981 1,054 241 N Lo o a te n s c i a r n c d u l a a d ti v o a n n ces - 5 1 , ,2 2 5 0 3 8 1 5 , , 3 7 4 6 5 1 5 1 , , 5 08 9 4 9 1 5 , , 1 0 8 2 0 8 of bolivianos): Deposits 920 411 320 1,317 Gold at home and abroad 20,544 19,708 17,828 9,662 Danish National Bank (millions of foreign exchange... 12,033 9,066 9,947 6,770 kroner): Loans and discounts I 7,630 7,984 8,665 53,064 Gold 118 118 118 133 Securities: Foreign bills, etc 16 16 14 16 National Government 388,723 388,727 397,163 207,135 Loans and discounts 73 78 75 73 XT Other 14 2 6 , , 9 9 8 7 4 3 14 3 5 , , 0 9 7 4 4 6 14 3 3 , , 0 2 7 0 6 6 9 3 0 , , 8 59 4 8 8 N D o ep te o s c i i t r s culation - 365 384 3 6 8 5 4 3 9 6 1 1 Note circulation 235,933 231,759 245,130 145,045 Bank of Danzig (thousands of np D ^ L N C - Q o e o / o a £ a p r t s B e r n n o e r _ s s a s c . i « z a p t i * . s n _ r o * c _ d n _ u d ( _ d m l e _ a i n ^ s i t l t c i s l o o i _ o n a u ~ n b . n _ . s r t ~ o s o a f d . m ' " iKeis)" 2,9 3 2 0 0 9 2 0 0 6 3 3, 2 3 1 1 1 7 2 1 7 0 3 3,1 2 2 1 0 2 8 8 6 0 2 2,5 3 1 6 7 2 6 8 7 0 8 gu F G O " ld o o t e ) r h ll e d n e d i ) r g : 7 n f . o . e re x i c g h n a n e g x e c h o a f n t g h e e reserve7 2 1 2 4 0 7 , , , , 3 1 7 8 9 5 1 8 1 6 7 4 2 1 2 0 7 6 , , , , 7 0 2 9 4 5 6 4 4 2 5 4 2 1 8 0 7 , , , 3 1 7 2 6 0 3 2 4 5 0 5 2 2 2 0 1 , , , 7 4 2 1 8 0 5 2 5 3 3 5 Deposits — 3,016 3,299 3,142 2,899 Loans and discounts 27,772 29,208 29,897 38,072 Note circulation 2,741 3,293 995 2,621 Deposits 1,591 1,591 1,583 1,547 Central Bank of Ecuador (thousands i L gg N O o o o o th v a t t o a e n e e l r s r c n f s v a i o i m r n t r g c e d h e u i g t n l d a n t l i t i s o i b a e o c b b x o n ll i c i u . l gi h i i n a t a t t i n s i V o g n s e s V " ."."!"?"" 2 2 2 1 , , , , - 3 1 1 6 4 9 0 7 9 7 9 6 4 7 8 1 3 2 2 1 1 -1 , , , , 9 5 6 4 5 1 0 2 7 9 8 8 7 0 1 7 3 2 2 2 1 - , 1 , , , 3 6 0 3 5 2 0 7 3 0 0 2 9 1 0 3 9 1 2 2 , , , - G 9 2 2 9 6 8 2 9 4 0 9 0 6 0 S 3 of L N F G su o o o o c r a t l e r e n d e i s s g s c n ) i a : r n c e d u x l c d a h t i a i s o n c n o ge unts 4 3 3 4 1 6 3 0 8 2 , , , , , 1 8 2 5 5 7 1 4 6 6 0 1 0 8 5 6 1 4 1 2 0 3 7 2 2 , , , , , 2 2 3 8 1 2 7 4 7 9 0 8 2 8 0 1 1 5 4 2 1 5 1 5 9 , , , , , 3 9 0 5 6 0 7 2 0 2 6 3 1 6 9 Deposits - 449-458in — D N N->-°" o ?V•" v 6e« d e m°w m bWh b *vf e ** r lt *tlnU i a nj* r L g niif e 3s l lMI y U r aO e yJb f l a e 3i c 1.f t , s 1j -9t b r3o a 5u n .. king reorganization measures contemplated r in w e t v h i e s e la u w * s of Mar. 28,1W . 5 . . See BULLETIN for July, i, 1935, gold and foreign-exchange holdings as of Mar. 29 revalued on basis of 75 percent of former gold parity of belga (see ? W f n iI ons ^Iar' U> 1935- « » 8 S P B S a y r S i l n t a v w n ? rt ? o g f g 6 ? A sAs* ? * ? uue r e * a n a 6 , n n ' d J 1 d e 9 i d 3 n U 53 ' k C 5 n S e i d k n °S g l i Mg dl n d M o g a d al dy an e y d d 2 p i e d » n 2 a p f »1 f r o a v 9 t 1 ir r m a e 3 9 t i u5 m 3g e 'l 5 n n tf e ' r t f n r s e o r e m t xo s v h c mc a o $ h c l0 n $a o u- 0 s n 3 n e - o 2 g3 d s 9 l 2e o 6 i 9 d a l 6 t v i 0t a d l t a t 0 r? a e l a0 u t ? d -t e 0e 1e . - d d 8 1 . 9o 8 9 o9 f- 9n 9 - . b 96 a 8 si 3 s 3 o 1 f s p u e c s r o e s p p ri e c r e g o r f am f o g f o l f d in i e n g N ol e d w . York. * iaw of ^ec. 18, 1935, gold in vault revalued at rate of 9.968331 sucres per gram Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESEKVE BULLETIN MABCB 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Ja a n ry u- De b c e e r m- ve N m o- ber Ja a n r u y - Ja a n ry u- De b c e e r m- ve N m o b - er Ja a n ry u- Bank of Japan (millions of yen): Na o t f i L B F G o p o o r n o o i r a a l u t e d l n i n i s s B g d h n a a , s n n ) e : k d E x c g o d h f y i a s E p n c t g o g i y e u a p n n t , t s 1 a (t n h d o u o sa th n e d r s 6 3 6 , , , 9 5 7 9 2 4 9 1 5 6 4 6 , , , 5 3 1 4 6 7 9 8 5 A G T N G o d o o o t v l t v d a e a e l s n r d i n c s e e m s p s u e o e a n s d n t i t d s b d o i n s d co s. un - ts — 1, 5 5 4 7 4 0 0 0 5 8 6 6 4 2 3 1, 5 8 4 7 7 0 9 0 4 6 4 3 4 6 7 1, 9 5 5 5 4 2 0 7 8 4 0 0 0 0 3 1,3 4 7 5 2 0 7 6 6 7 1 8 N D O O e o t t G h h p te o e e o r r v s c i e a l i t i r r s s a c n s — b u e m i l t l G s a O e i t t n o t i i o e h t v s n e e s r e rn cu m r e it n i t es 3 2 1 4 9 8 9 4 8 , , , , , , 2 3 0 0 6 7 8 8 8 0 3 1 1 8 3 2 8 2 3 1 1 4 8 7 1 9 6 , , , , , , 1 1 6 7 5 7 0 6 9 9 2 8 6 1 5 3 7 2 Bank N L D F G o o o e o o r a p l t f e d e n o J i s g s c a i n i a v t r s a n c b d u i ( l l m d l a s i t i s i l o c li n o o u n n s ts of florins): - 1 8 6 2 5 2 0 4 4 3 1 8 7 2 5 2 0 1 5 7 1 8 2 5 0 1 7 1 1 6 3 1 7 1 1 5 5 6 Ce d n o L G F N t G O r r o o o a o o t ( r h l a l t v t e d e h n e e R i r s o g r c e u n n a i a s r s s m n e c e a s d r u x e e n v l t n c d d s a e t h s i t s a i B s o o c n e n a f o g c n u c u e k o n - r i l t t o o s i n f e s e E s l ) : Sal - va- 1 1 7 1 1 3 2 , , , , , 0 2 1 3 7 6 3 0 2 9 4 5 5 7 7 6 0 6 1 1 1 1 7 1 3 2 , , , , , , 0 0 0 3 4 1 3 7 8 1 9 9 9 6 8 5 9 6 1 1 8 1 1 5 1 , , , , , 4 1 9 7 2 7 4 2 1 9 4 5 3 9 8 3 2 2 Bank B L N G F G O o o i o o t o o l r h a l t v f l e d e e n s e L i r s g . c r . a n n d i t r - e m v c e p i u x e a o l c n a s ( h t i t m t a i d s o n i e n l g l p i e o o r n s e i s t s s o e f r v l e ats): 1 4 5 3 3 5 1 7 6 1 7 6 9 0 1 4 3 3 5 6 1 6 6 8 1 2 0 0 1 3 1 0 2 1 4 6 7 3 4 1 6 6 1 3 7 9 4 Other sight liabilities 6,028 6,157 4,353 Bank of Lithuania (millions oflitu): Other liabilities 3,342 3,664 3,338 Gold__ 38 36 Ba k n ro k G o o n l o d i) f : Estonia (thousands of 34,121 34,118 34,180 27,700 L N Fo o o r a t e e n i s g c n i a r n c e d u x l c d a h i ti s a o c n n o g u e n 8 ts • - 1 2 9 0 0 4 5 1 9 1 0 5 8 4 1 9 1 0 2 8 4 1 9 0 0 1 Net foreign exchange 884 1,563 405 5,071 Deposits*.. 47 46 42 Loans and discounts 23,313 22,896 14,248 14,093 Netherlands Bank (millions of flor- Ba k n aa k D N ) : e o o p t f e o F s c i i i n t r s c l — a u n l G O d a B t a o t i ( h o n v m n e k e r i r l n li m on e s n t of mark' 3 1 1 3 9 7 1 , , , , 1 6 9 5 8 8 3 6 1 3 0 2 3 1 1 2 9 5 1 , , , , 6 9 5 7 8 2 5 8 9 1 5 7 3 1 2 6 9 5 , , , , 1 9 9 4 0 7 4 4 5 0 0 9 3 2 9 7 5 , , , , 4 6 0 9 3 3 8 0 1 5 4 8 ins L N D G F ): o o e o o r a p t l e e d n o i s g s c i n i a t r s n c b d u il l l d a s i t s io c n ounts 7 1 1 5 5 0 2 7 7 8 8 6 1 0 5 4 7 2 9 0 3 3 6 1 7 7 2 7 8 1 5 8 7 7 8 1 8 1 1 7 5 7 1 6 9 5 1 Gold 485 472 467 323 Reserve BankiTof New Zealand Ba m n a k N D O G B F s ) o : a o o o t c o h r l l t m r f a e d e e e n i r e d G g c a c s i s n i n r e t t r i s e i s d c g c b e u h f i c b o l t l a e a i r l l b l t e s i l i ( r i a s o . g m o b . n n a . i i . d l l e i l t i x i o e c a n s h n s a d o n f g e f d o r r a e c ig h n - 1 1 , , 7 7 3 2 1 7 5 4 8 1 9 2 2 7 3 1 1 , , , 6 6 3 4 2 8 8 2 6 9 6 2 3 9 1 0 7 3 1 1 , , , 6 6 5 3 2 7 8 0 1 5 4 6 4 4 9 9 0 1 3 1 , , , 3 1 6 2 9 3 8 1 0 6 3 6 1 3 6 8 0 8 (th N D S G O O o t o e o t t e u h h m l t r s d e e e l B G a i r a r n c n a o n a l g i n d i v d r s a k s c e e s b u d x r e o i n l e c t l f a i s p m h t t p . o i a i . e o e o n s n s n i u g t t e n s ds): -i 2 1 1 1 2 4 2 1 0 5 0 1 , , , , , , , , 8 5 1 9 6 0 2 2 0 1 9 0 2 6 1 5 4 2 0 7 4 5 3 3 2 1 1 2 9 1 1 0 3 1 , , , , , , , 8 8 6 3 7 6 7 7 9 0 2 7 1 3 1 9 1 2 9 4 7 1 1 2 9 5 5 7 1 1 1 , , , , , , , , 1 8 4 7 3 7 6 2 2 5 0 7 9 1 1 5 4 9 2 8 5 9 7 7 2 1 3 9 2 7 8 1 5 1 , , , , , , , , 0 5 6 2 8 2 5 9 0 3 8 6 0 5 9 8 7 2 8 4 3 8 1 5 Loans and discounts.. 4,662 4 834 4,246 2,378 Bank of Norway (millions of Nati N L O G o i n o t o a h a t v b e e l e i r l c r i B n s i t r i i m a e c g n s u h e k l t n i a n t l t i o i f o a o o f b b n r i l e H l i i i g g t u a i n e n t s i g o e a n x r s c y h „ a . ( n . m _ ge il ... 3 5 5 , , , 2 2 6 0 8 4 1 6 1 7 4 4 4 3 6 , , 7 2 2 9 8 2 8 8 9 1 4 8 3 4 5 , , , 2 2 3 9 0 8 1 1 5 1 9 0 3 5 4 , , , 3 2 0 8 0 6 9 1 8 8 4 . kr D N G F o o n o o o r e m t l e e d r i e ) . g c : s n i t r i c c b u a c l l r a a e n t d i c o i e t n s s - . and bills .... 2 3 1 0 3 3 8 2 7 9 5 1 2 3 8 2 6 5 3 2 3 1 3 0 8 3 4 3 5 1 2 3 1 4 1 3 3 2 2 7 5 lions of pengos): Foreign deposits ..... 3 3 Gold 79 79 79 79 Total deposits SO 76 82 Foreign bills, etc 34 33 28 22 Central Reserve Bank of Peru N L D A O o o e d th a p v te e n o a r s s n c i a i c a t r s s e n c s s d u e t l t d s o a i t T s io c r n o e u a n su ts ry ,„ 5 3 1 8 8 1 9 1 1 6 9 1 9 5 4 1 7 9 8 1 4 7 6 7 7 7 5 1 7 6 3 4 0 0 5 3 8 6 5 8 1 7 0 3 0 8 (th D B N G o i e o o l u p l l t s d s e o a s c a n i i n d t r s d s c u f o l o f a r t s e i o i o „ g l n e n s e ): xcha . n 1 _ g e '.. 4 5 8 1 7 4 8 7 , , , , 6 4 1 2 8 4 5 5 8 6 4 4 4 5 8 1 6 6 2 6 , , , , 3 6 6 8 1 1 1 0 5 4 5 4 4 7 6 2 2 3 0 5 , , , , 9 1 9 8 9 6 5 2 3 9 3 3 1 Certificates of indebtedness 104 104 104 115 Bank of Poland (millions of zlotys): Miscellaneous liabilities 160 174 176 170 Gold 445 444 443 505 Reserve Bank of India > (millions Foreign exchange , 21 27 19 20 of rupees): Loans and discounts 754 866 859 699 Issue department: Note circulation 959 1,007 1,034 937 Gold at home and abroad... 444 444 444 Other sight liabilities 198 210 133 234 Sterling securities 662 662 Bank of Portugal (millions of es- Indian Gov't securities 255 255 255 cudos): Rupee coin 578 571 Gold 910 905 Note circulation 1,721 Other reserves 455 iG6 Banking department: Discounts and advances 336 302 Notes of issue department- 271 212 346 Government obligations 1,047 1,049 Balances abroad 194 180 113 Note circulation 2,077 2,079 Loans to Government 20 Other sight liabilities 873 810 Investments 53 52 52 National Bank of Rumania (mil- Other assets ___ 3 7 lions of lei): D O e th p e o r s i li t a s b — il B G it a i o e n v s k ernme . n .. t. .. 3 1 4 5 1 8 9 4 2 1 7 8 2 1 2 0 2 1 1 8 1 1 2 7 9 L F G o o o r a l e d n i s g n a n e d x c d h i a sc n o g u e n o t f s the res „ erve. 1 5 0 , , 2 83 9 £ 8 2 5 1 5 0 , , 4 8 9 1 0 2 7 2 1 5 0 , , 2 75 7 9 7 2 1 £S 1 ° § T Special loans * 2,709 2,727 2,740 State debt — 10,827 10,775 10,678 9m 1 Items for Issue and banking departments consolidated. J Bank cpmmenced operations Apr. 1,1935. * """*•"' " " '"*•• ' " " a includes foreign bills previously reported with loans and discounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAECH 1930 FEDEBAL KESERVE BULLETIN 185 CENTRAL BANKS-Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Jan- Decem- Novem- Jan- Central bank Jan- Decem-Novem- January ber ber uary uary ber ber uary National Bank of Rumania—Con. Swiss National Bank—Continued Other assets 11,490 11,479 12,717 9,188 Loans and discounts 221 295 208 95 Note circulation 22,298 23,127 22,329 21,617 Note circulation... 1,275 1,366 1,323 1,334 Demand deposits 8,466 7f66fi 8,611 7,618 Demand deposits _ 405 401 337 592 Other liabilities _. 10,449 10,500 11,315 9,607 Central Bank of the Republic of South African Reserve Bank Turkey (millions of pounds): (thousands of pounds): Gold..... 29 29 27 Gold—. 26,801 25,723 25,735 23,743 Foreign exchange 14 10 6 13 Foreign bills 5,512 11,871 10,117 7,136 Loans and discounts.. 24 29 23 8 Domestic bills 359 321 256 14 Investments..... 188 187 186 188 Note circulation. 14,296 14,133 13,961 11,541 Other assets 20 22 26 27 Deposits—Government— 2,523 2,436 2,263 3,369 Note circulation 171 170 162 164 Bank 28,519 28,435 28,146 21,121 Deposits 34 30 29 31 Other 2,157 4,474 4,463 3,94S Other liabilities 79 85 68 Bank of Spain (millions of pesetas): Bank of the Republic of Uruguay Gold 2,253 2,255 2,255 2,268 (thousands of pesos): Silver ____ 697 689 696 688 Issue department: Balances abroad 281 280 281 279 Gold and silver. 41,091 Loans and discounts 2,156 2,183 2,209 2,351 Note circulation 76,602 75,584 Note circulation _ 4,789 4,800 4,734 4,591 Banking department: Ban D k ep o o f s its S weden (millions of , 1,390 1,294 1,289 959 L C o a a sh n s r e a s n e d r v d e i s scounts.. 4 9 2 9 , , 3 4 7 6 6 7 1 5 0 0 2 , , 8 9 5 5 2 7 kronor): Other assets 47,011 37,400 G Fo o r l e d ign assets.._. 4 6 2 1 9 2 641 3 5 5 6 1 3 Deposits— T D i e m m e and 4 2 0 7, , 7 2 3 7 3 1 3 3 9 3 , ,1 3 6 7 6 1 N G D O o o o th t m v e e e r e r c s n a i t r s m i c c s u e e d l n t i a s t s t . c i s o o e n u cu n r ts i t a i _ e n s d advances - 7 1 3 4 2 6 4 4 9 8 7 1 8 2 6 5 6 9 1 0 7 1 3 7 4 5 3 9 4 2 6 1 1 5 4 1 6 1 9 3 0 Other liabi M O lit t n i h i n a e e i n s r s c . s t . e ry of Fi- 7 2 2 5 0 5 , , , 0 6 1 5 5 4 8 2 1 4 2 0 , , 6 46 2 2 6 Total deposits 447 394 472 475 National Bank of the Kingdom of Swi O ss t h N e B G r a a o t l i n i v o a k e n b r a i n l l i m t B i e e a n s n t . k . . . . (millions of 2 1 1 5 0 5 7 0 8 1 1 9 8 8 7 1 0 2 1 9 6 7 6 5 6 99 Yu L G F g o o o o r a l s e d n l i a s g v n a i a n e d x ( c m d h i i a s l n l c i g o o e n u s n t o s f . . dinars): 1 1 , , 7 4 3 1 6 4 1 1 3 1 1 , , 7 4 3 8 3 6 1 2 4 1 1 , , 8 4 3 1 2 1 0 6 4 1 1, , 8 2 1 0 5 5 3 1 9 francs): Advances to State 2,271 2,271 2,281 2,287 F G o o r l e d ign balances and bills 15 1,389 S 1,39 5 2 1,838 3 N Ot o h te e r c s ir ig cu ht l a l t i i a o b n ilities 4 1, , 5 8 0 4 4 8 4 1, , 3 8 8 9 6 0 4 1, , 3 8 7 3 5 8 4 1, , 2 2 9 8 2 8 1 Liabilities of banking department. (See Bulletin for December 1935.) BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1936 1935 1936 1935 Assets Jan. 31 Dec. 31 Tan. 31 Liabilities Jan. 31 Dec. 31 Jan. 31 Gold in bars 32,831 24,285 11,008 Demand deposits (gold) 21,005 19,912 10,921 5SL°^ha,nd and on current account with banks 17,228 3,243 2,611 Short-term deposits (various curren- Demand funds at interest" 27,584 16,422 4,794 cies): Central banks for own account: 39,69* 28,286 21,461 H(a^ScosltVtable bUl5 and acceptances Time—Not exceeding 3 months. 108,420 108,156 107,605 Commercial bills and bankers' acceptances...... 144,988 131,695 164,959 Total - 148, 111 136,442 129,065 Treasury bills... 206,718 205,654 184,810 =: -i — Central banks for account of others: Total... . 351,705 337,350 349,769 1 2 0 , , 9 2 7 0 6 1 8 2 , , 1 9 3 7 5 2 12,491 Time—Not exceeding 3 montns. T8ma£8» Stlnterest~Notexceeding 32,404 33,933 40,229 Othe D r e d m ep a o nd si tors: - 31,8 6 4 8 0 7 7 4 0 0 2 1,413 Sundry bills and Investments: Time—Not exceeding 3 months. Maturing within 3 months: Long-term deposits: B T* e * tw t T S e r u e e n n a d s 3 r u y r a y n i n d b v il 6 e ls s m tm on e t n h t s s - .... 4 3 9 2 , , 7 0 4 0 5 3 4 3 5 2 , , 2 4 5 8 2 2 3 2 3 9 , , 5 5 1 0 4 3 F A G r n e e r n n m u ch i a t n y G G t o r v o u e v s r t e n r a m n c m c e o n e u t n n g t t u d a e r p a o n s t i y t fund- 1 7 6 5 7 1 4 , , , 3 9 6 3 7 3 5 0 0 1 7 6 5 7 1 4 , , , 1 9 3 9 8 3 4 8 0 1 7 4 5 7 1 4 , , , 2 0 4 4 6 8 1 2 1 Treasury bills.... !_ 12,221 21,366 34,234 French Government deposit (Saar). 2?03i 2,031 Ove S r u 6 n m dr o y n i t n h v s: estments 63,590 63,379 63,633 Total 295,966 295,542 272,784 T Su re n a d s r u y r y In b v i e ll s s tments 3 3 4 8 , , 8 3 2 3 3 1 3 3 3 4 , , 4 3 4 9 2 1 2 3 3 6 , , 0 2 9 5 4 3 Capital paid In 125,000 125,000 125,000 Reserves: Total 230,714 230,311 220,230 D Le i g v a id l e re n s d e r r v e e s 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 2 4 , ,8 6 6 7 6 2 Other assets: General reserve fund 11,690 11,690 9,732 Su a n S d d r 1 y 1* T 7 t e ° i f n C s e I n V tral banks on bills 6 6 , , 1 0 3 9 8 1 6 5 , , 1 7 4 1 4 2 6 2 , , 1 9 2 5 9 6 Othe S G r u u l n i a a d r b r a y i n l i t i t y t i e e o m s n : s commercial bills sola. 4 6 1 , , 1 9 3 1 8 2 4 6 0 , , 1 6 6 3 2 8 6 6 2 , , 1 5 8 9 8 4 Total assets 704,695 656,405 637,726 Total liabilities 704,695 656,405 637,726 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN MARCH 1936 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures! Assets Liabilities England (10 clearing o f b p a o n u k n s. d s F s ig te u r r l e in s g i ) n millions re C se a r s v h es M c n a o s l o h n l t o e a i y c r n t e d at B co il u ls n t d e i d s- Se t c ie u s ri- L c o us a e t n r o s s m to - Other Total D D e e m po a s n i d ts i Time lia O bi t l h i e ti r es: 1935— J J M A S O N D A u u e u o e c p a n l p y c v t g r y e t i o e e e u l b m m m s e t b b b . r e e . e . . . r r r . . . . . 2 2 2 2 2 2 2 2 2 1 1 1 1 1 2 0 0 1 9 7 3 9 7 1 8 4 4 1 1 1 1 1 1 1 1 1 4 3 4 4 4 4 4 5 4 2 7 5 9 3 1 7 9 7 2 2 2 2 2 2 2 19 7 1 8 9 4 9 9 9 4 8 7 9 4 7 3 . 6 6 6 6 6 6 6 6 6 2 1 2 1 1 2 1 2 0 4 5 0 8 9 6 5 1 5 7 7 7 7 7 7 7 7 7 7 7 8 7 6 6 7 8 7 9 4 0 8 8 6 7 4 8 2 2 2 2 2 2 2 2 2 4 3 3 1 0 3 0 1 1 0 3 5 5 5 1 5 3 4 2 2 2 1 1 2 2 2 2 , , , , , , , , , 9 9 0 0 0 0 0 0 0 4 6 1 0 1 2 3 4 9 0 2 9 3 4 4 6 1 0 1 1 1 1 1 1 1 1 1 , , , , , , , , , 0 0 0 0 0 0 0 0 1 0 8 7 1 6 8 6 8 4 4 4 2 5 8 0 4 0 0 8 8 9 9 8 8 9 9 9 9 9 0 9 9 0 2 1 2 7 5 7 9 9 3 4 8 1 2 2 2 2 2 2 2 2 2 4 5 2 3 2 2 2 2 3 4 0 7 9 4 4 1 7 1 1936—January- 228 159 346 815 227 2,164 242 Assets Liabilities France (4 large banks. f F r i a g n u c r s e ) s in millions of Cash D b ue a n f k r s om b co il u ls n d te is d - Loans O as t s h e e t r s Deposits a a c O n c w c e e p n s t- lia O b t i h li e ti r es Total Demand Time 1935-April 5,196 1,642 18,302 7,802 29,999 29,218 781 251 May 4,648 2,506 17,181 8,544 29,958 29,129 830 312 3,885 June 4,151 2,308 17,949 7,902 29,521 28,756 766 312 3,790> July 4,348 2,151 17,464 7,702 28,649 27,932 718 293 4,106- August 4,211 2,399 17,226 7,592 28,589 27,916 673 257 3,995 N S O e o c p t v o t e e b m m er b b e e r r . . 4 3 3 , , , 9 0 9 9 0 7 6 9 5 2 2 2 , , , 7 3 41 6 5 3 4 9 1 1 1 6 7 7 , , , 5 5 6 2 8 9 9 5 2 7 7 7, , , 7 4 5 1 5 0 8 0 5 2 2 2 8 8 8 , , , 8 1 6 0 1 8 0 0 4 2 2 2 8 8 7 , , , 1 4 0 0 0 1 1 6 6 704 2 2 3 6 3 2 8 6 9 4 4 4 , , , 0 2 1 4 2 5 3 6 a - - Assets Liabilities Germany (5 large B li e o r n l s in o b f a r n ei k c s h . sm F a i r g k u s r ) es in mil- re C se a r s v h es b f D a ro n u m k e s B co il u ls n d te i d s- Loans Se t c ie u s ri- a O s t s h e e ts r Total D D e e p m os a i n ts d Time o C b b f r t a r e a o n d i m k n i s t e s d l O ia t t i b h e i s e li r - 1935-April 163 346 2,234 3,030 933 1,038 5,495 2,450 3,046 1,481. May 145 340 2,234 2,990 968 1,020 5,466 2,511 2,955 774 1,451 J J A N S O u u e u c o n l p y t g v e o t u e e b s m m e t r b b e e r r . - . , 1 1 1 1 1 1 9 8 5 9 3 5 4 5 1 5 9 6 3 3 3 3 3 3 4 6 6 4 1 1 1 3 0 1 6 4 2 2 2 2 2 2 , , , , , , 2 2 2 0 1 1 2 6 8 3 6 6 1 4 4 5 2 7 2 2 2 2 2 , , , , , 9 9 8 8 8 5 1 8 8 8 3 8 6 9 4 1 1 1 1 , , , , 9 9 0 0 0 0 9 9 1 6 3 2 1 0 9 1 3 7 9 9 9 9 9 9 9 9 9 9 9 8 6 1 2 3 6 3 5 5 5 5 5 5 , , , , , , 5 5 4 3 3 4 6 2 6 8 7 0 7 5 4 2 6 8 2 2 2 2 2 2 , , , , , , 5 4 4 4 4 4 4 1 8 3 5 3 9 6 2 6 1 5 3 3 3 2 2 2 , . , , , , 0 0 0 9 9 9 2 4 4 4 5 4 1 3 7 5 7 1 7 7 7 7 6 5 0 1 0 8 8 5 6 1 2 1 1 1 1 1 1 , , , , , 4 4 4 4 4 4 5 5 6 4 3 6 5 4 3 8 8 9 - - . December *. 1936—January.... 134 306 2,294 2,847 1,003 958 5,460 2,480 2,980 659 1,423- Assets Liabilities Security Deposits payable in Can- Canada Entirely in Canada loans ada excluding interbank (10 ch l a i r o t n e s r e o d f C ba a n n k a s d . i an F i d g o u l r l e a s r s i ) n mil- Cash Security O lo t a h n e s r a a n f b d r d r o u o m e n a e d t Se t c ie u s ri- a O s t s h e e ts r ci N t r i c o o u t n e la- deposits l O ia t t i b h e i s e l r ireserves loans and dis- foreign Total Demand Time counts banks 1935— J J A N D S M O A u u e u o e c a n l p p t c g y v y e r o t e u i e e b l m m s m e t r b b b e e e r r r . . - . . 2 2 2 2 2 2 2 2 2 2 2 3 2 1 0 2 0 0 9 8 5 8 4 9 3 4 7 9 9 9 9 9 9 9 9 9 8 4 8 7 5 6 3 8 5 1 5 0 1 5 5 8 2 5 1 1 1 1 1 1 1 1 1 4 5 3 4 5 3 5 2 4 1 1 4 2 7 2 5 7 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 1 0 1 0 1 0 1 0 0 1 1 3 0 0 5 3 0 4 6 8 7 0 3 5 1 5 1 4 4 4 4 4 4 4 4 4 6 8 5 7 6 7 5 6 7 4 5 3 6 8 3 9 0 2 1 1 1 1 1 1 1 1 1 1 1 2 2 1 2 2 1 2 1 4 3 1 4 4 3 7 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , 1 1 0 0 1 1 0 0 0 7 8 3 3 8 5 3 6 6 4 0 1 9 1 6 2 4 5 6 6 6 6 6 6 3 0 1 1 9 3 4 4 7 3 4 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , 4 4 4 4 4 4 4 4 4 5 4 2 3 4 7 6 2 8 2 4 6 4 7 4 5 8 6 7 7 7 7 7 7 2 4 4 3 0 4 8 8 5 4 2 4 1936—January 200 874 150 1,207 472 112 2,144 645 1,499 745 ! » C £x o e m l£ b ? i in n i e 3 d d e m P° o sj n .t t ,s h ° ly l ^ b e a la N nc a e t io sh n e a e l t B n a o n t k p r u e b l l a i t s i h n e g d to fo o r f f D ic e e c s e o m u b ts e i r d . e Engla sinidU,i Uw ' WhiUciht- ua arere i i n n c c lu iu d a e e d a i i n n t x h n e e t o to ta ta l l. 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

MUCH 1936 FEDERAL RESERVE BULLETIN 187 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Bate effective E la n n g d - France m G a e n r y - Italy N l e a t n h d e s r- Sw la i n tz d er- b C an e k n tr o a f— l M Ra a 1 t r e , Date effective C ba e n n k tr a o l f— M Ha 1 a t r e . Date effective In effect July 1,1935. 2 5 4 4 July 5 4 July 6 J J u u l l y y 1 1 8 9 „.. 3 A A l r b g a e n n i t a ina... N M o a v r . . 1 1 6 , , 1 1 9 9 3 3 6 3 I J n a d p i a a n 3 3.65 N Ju o ly v . 2 3 8 , , 1 1 9 9 3 3 3 5 J J J J N N N J N N A S A A S O O a a a u u e e u o o o u o c o u c n n n l l p t p g g v v v v v t y y g . . . . . . . t . . . t . . 1 . . . 2 1 2 2 2 1 6 3 1 2 5 2 1 9 1 9 0 , 1 2 6 7 5 1 2 6 2 5 4 - 7 9 - 36 4 3 4 6 5 5 m 5 T 5 3 3 6 5 5 6 H A B B D H B D C C E E C E G F C l i c s u e o h u a o a r u e z v n e t u l l l n n i s l n e n a o S g i g l l e o a t z a v e a c k g n m i c r a a d m i d u i n h i i a e i r l g a a a o a a m v d a i r o b a r y a r s i k d a lo o . . . . . . - r . _ . > 6 4 3 5 4 6 2 5 7 M H H J J J J A J A J N D A M M O O O u u u u u a e u u u c o c c n l a a l l l n c y t y y y t t g g g v y . . r e . . . . . . . . 1 2 2 3 1 1 1 1 2 1 1 5 5 1 3 6 2 9 1 0 5 0 8 1 1 2 4 , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 2 6 4 5 5 5 3 5 2 4 5 5 5 5 3 J L N L N P R Y P S S T U P S a o p w e a o o i u u o e . u l v t r t a a r l u w r m r h g e S a v u a t i n w k t d u n u o . n i h d a a e e g a a s d S n n y y l a n A . i a Z . l i a f v R a e r . , * i — a i . a c . - _ . _ - a . 4 l 6 4 5 8 5 r 2 5 H H H J J A J A M D D D M M M O M F a u u e e e p u c e n l a a l a a b a c c y y t c r g . y y . y . . r r . . . . . 2 1 1 2 1 2 2 1 1 2 1 1 1 3 1 4 5 1 0 5 2 5 6 , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 8 9 9 9 9 9 9 3 3 3 3 3 3 3 3 2 3 3 3 3 3 3 4 4 3 5 3 4 7 3 3 5 2 a 5 3 3 Feb. 4 """ 2^ Feb. 7 In effect Mar. 1,1936. 2 4 5 m MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- England (London) Germany (Berlin) dam) Month ac 3 B c a e m n p o t k a n e n r t 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 l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or Da m y o -t n o e - y day 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 1935— J N D 4 J A F M S O u u J e e o e c u a a l p b n c t v n g r f y o t e r e c e u e b u u . m c h m a . m . e s a . r . r b . t b y r . b . : y e e . . e r r . . _ r I . . . 0 . . . . . . . . . . . . 7 5 6 6 5 6 5 5 3 5 7 3 1 7 5 3 9 0 8 9 8 7 1 6 0 . . . . . . . . . . . 5 5 6 6 5 5 5 5 2 5 2 8 5 2 4 9 5 1 1 6 0 8 0 . . . . . . . . . . . . 7 7 7 7 7 7 7 7 7 7 6 6 5 5 5 5 5 5 5 5 2 5 6 3 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . 0 0 0 0 0 0 0 3 3 4 0 5 4 9 2 0 0 0 0 8 8 1 1 1 3 3 3 2 3 3 3 2 3 3 3 3 . . . . . . . . . . . . 7 0 0 9 9 6 1 1 2 2 9 6 7 0 7 3 7 0 0 0 6 3 3 0 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . 6 9 0 8 1 8 1 1 1 1 2 0 4 4 6 3 6 2 7 0 3 5 1 7 4 3 4 3 3 4 5 3 3 . . . . . . . . . . . 6 4 7 5 6 4 2 7 7 2 1 0 2 8 3 5 8 5 8 0 0 5 4 3 3 2 2 1 5 1 1 3 3 5 . . . . . . . . . . . . 2 0 0 8 7 7 9 0 6 0 0 0 6 0 0 3 7 2 6 0 5 8 0 0 1936—January .56 .53 .75 3.00 3.09 2.81 2.37 2.29 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r i c a v o te a u t n e t d P i r s r i c a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P i r s r i c a v o t a e u t n e t c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Disc b o i u ll n s ted ov m e C o rn a n l i e l g y ht 1935- M F Ja e a n b y u r a . u v r a y * r l y i . " " ;"; *" *" 1 1 1 1 . . . .S 5 5 5 0 0 0 0 2 2 2 2 . . . . 3 3 3 3 8 8 8 8 2 2 2 1 . . . .7 1 1 1 9 4 2 2 4 4 3 3 . . . . 8 0 0 5 9 0 0 0 :. 5 5 5 5 5 . . . . . 1 1 1 1 1 1 1 1 1 1 2 2 2 2 . . . . 6 5 7 4 2 4 0 0 J A J u u u n l g e y u .. s . t"! Z 2 2 2 . . . 4 7 3 6 7 9 9 0 2 1 1 1 . . . . 8 8 8 1 8 8 8 2 4 3 5 2 . . . . 0 0 7 5 6 6 2 6 4 3 3 3 . . . . 1 5 5 5 7 0 0 0 Z r tt 5 5 5 5 . . . . 1 1 1 U 1 1 1 2 2 2 2 . . . . 4 4 6 6 5 5 2 0 September — 2.40 1.88 2.85 4.87 3 5.11 2.6» October I 2.37 1.88 2.71 5.00 5.11 2.7S November"" " 2.44 1.88 3.89 5.00 5.11 2.69 December.""!! 2.50 1.88 5.89 5,00 2.48 4.26 5.00 * Corrected. -ForBexplanation of table see BULLETIN for November 1926, pp. 704-796; April 1927f p. 289; July 1929, p. 503; November 1929, p. 736 and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN MAECB 1936 FOREIGN EXCHANGE RATES {Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A (p t r e i g n s e o a n ) - i (p t A o ra u u l n s i - a d)* A ( li s u n c s g h tr ) il i ! - a B ( e b l e g l i g u a m ) B (m ra i) i z i l i - l g ( B l a e u r v i l ) a - i C (d a o n l a la d r a ) ( C pe h s i o le )i ( C yu hi a n n a ) C (p o b e l i s o a o m )1 - ( C pe u s b o a ) ( s C k lo z o v e r c u a h k n o i a a - ) (k m D r e a o n r n k * e) 1029 95.1274 480.83 14.0575 13.9124 11.8078 0.7216 99.2472 12.0601 41.9007 96.5512 99.9647 2.9609 26.6802 1930 83.5050 458.60 14.0891 13.9524 10.7136 .7209 99.8424 12.0785 29.9166 96.4930 99.9515 2.9640 26.7650 1931 60.7375 351.50 14.0227 13.9285 7.0290 .7163 96.3528 12.0669 22.4369 96.5697 99.9295 2.9619 25.0581 1932 58.4433 279.03 13.9599 13.9137 7.1223 .7103 8S.0S96 7.9079 21.7357 95.2750 99.9409 2.9618 18.8317 1933 172.8009 337.07 15.4478 17.8996 7.9630 1.0039 91.9587 7.6787 28.5979 81.6966 99.9464 3.8232 19.0709 1934 33.5793 400.95 18.7930 23.2867 8.4268 1.2852 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4998 1935 32.65S5 3SS.80 18.8309 18.4241 8.2947 1.2951 99.4933 fi.0833 36.5707 66.0110 99.9198 4.1642 21.8834 1935—February.. 32.4607 386.37 18.7900 23.3293 8.12S2 1.2665 99.8852 6.0761 36.6369 58.9577 99.9205 4.1784 21.7594 March 31.8033 378.66 18.8827 22.7564 8.2363 1.2878 99.0647 5.0S85 38.2960 54.1613 99.9200 4.1982 21.3244 April 32.2220 383.52 18.7898 16.9430 8.2578 1.2725 99.5277 5.1000 38.7908 52.8846 99.9194 4.1814 21.5902 May....... 32.5572 3S7.55 18.7680 16.94G1 8.2797 1.2756 99.8977 5.1000 41.0979 55.0634 99.9204 4.1683 21.8175 Juno 32.8687 391.28 18.8821 16.9393 8.3122 1.3070 99.9078 5.0996 40.4002 54.4068 99.9182 4.1828 22.0458 July 33.0262 393.31 18.9148 16.9117 8.3146 1.3149 99.8322 5.0990 38.6791 52.9692 99.9194 4.1729 22.1303 Aufttist 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. 32.85G3 391.52 18.8453 16.8618 8.3378 1.2935 99.2563 5.0515 37.6226 55.9846 99.9200 4.1363 22.0112 October.— 32.7140 3S9.01 18.8117 16.8468 8.3791 1.3239 98.5800 6.0694 35.6091 57.3115 99.9200 4.1411 21.9092 November. 32.8152 390.90 18. 7753 16.8946 8.3792 1.3404 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 1.3309 99.0453 5.0937 29.4496 57.0300 99.9200 4.1433 22.0012 193/}—January 33.0742 394.50 18.8320 16.9355 8.4167 1.3446 99.9297 5.0950 29.6594 57.3900 99.9231 4.1602 22.1526 February.. 33.3201 398.06 18.9703 17.0416 &3803 1.3380 100.1136 5.0950 29.9116 58.2683 99.9209 4.1936 22.3211 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 ar l k an k d a) F (f r r a a n n c c o ) ( m m r G e a a i e c r n r k h - y ) s- G (d m r r e a a e c ) c h e - (d H K o o o ll n n a g g r) (p H g en a u r g n y o - )i ( I r n u d p i e a e) ( I l t i a ra ly )* J ( a y p e a n n ) M (p e e x s i o c ) o N ( l f e a l t n o h r d e i s n r- ) 1929 40S.06S9 485.6S79 2.5160 3.9161 23.80S6 1.2934 47.1669 17.4414 36.2020 5.2334 46.0997 48.1830 40.1622 1930 493.6002 486.2126 2.5169 3.0249 23.8541 1.2959 33.8530 17.4939 36.0672 6.2374 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 135.4919 40.2293 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. CS21 1.8708 6.0313 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 8.2471 28.7067 27.7779 67.7147 1935—February.. . 499.7457 4S7.3466 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 Itfay 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. 505.9339 493.4922 Z 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 496.9SS0 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 6.6S92 40.2251 .9391 48.9702 29.6367 37.0217 8.1243 28.6687 27.7631 67.7416 November.. 504.9614 492.4950 2.1719 6.5S62 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 8.0750 28.7386 27.7675 67.7696 1936—January 508.8316 496.2696 2.1890 6.6251 40.3966 .9424 32.2051 29.6778 37.4606 8.0276 28.9932 27.7677 68.1734 February, 500.0469 2.2063 6.6810 40.6870 .9509 32.7955 29.7856 37.7344 8.0373 29.1299 27.7691 Year>r month ( Z p e N o a u e l w n an d - d )2 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 O u n m e ia u a ) - (p S A o o f u r u i n c t d h a )* (p S e p s a e i t n a) S ( S m d e t o e r t l a n t l l i a t e t a 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 la i u 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 9S.6294 1.7591 1930 46S.22 26.759S 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 9.6453 52.4451 25. 2540 19.4009 47.1814 55.3572 1.76S0 1932 320.19 18.0039 11.1823 3.1960 .5968 476.56 8.0433 40.3970 18.4710 19.4049 47.2854 47.0639 1.64U 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 5 4 3 6 5 — — N J J D F A S O M M A J u u e F e a u c o e p a l n a b p n e t y g c r v y r e o r u b i t u e c e l u b e a r h m s m a u e m r t y r r a b b b r y e e y e _ . r r _ - r . . . - . . „ _ . 4 3 3 3 3 3 3 3 4 3 3 3 3 3 3 3 0 9 9 9 9 9 0 S 9 S 9 9 8 9 S 4 1 7 3 1 4 6 2 S 3 9 1 0 3 5 5 0 . . . . . . . . . . . . . . . . 1 5 6 8 8 3 9 4 6 7 2 5 8 6 9 0 5 3 9 6 6 2 1 6 9 4 6 4 5 5 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 5 4 4 4 4 4 4 5 4 4 4 4 4 4 4 1 . . . . . . . . . . . . . . . . 1 9 7 3 7 6 9 9 6 2 4 5 7 0 4 7 2 3 1 3 6 5 4 2 9 0 8 5 9 2 2 7 1 1 6 9 0 8 6 7 7 6 6 8 6 1 9 1 4 6 1 9 5 2 8 0 5 3 2 0 5 0 2 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 8 3 8 8 8 8 3 8 8 8 4 3 8 8 8 . . . . . . . . . . . . . . . . 1 9 8 8 9 8 9 8 4 8 8 8 8 9 9 8 3 3 7 6 4 1 3 1 2 4 4 5 4 8 5 6 1 1 2 1 4 8 3 6 4 6 2 5 2 6 7 1 1 5 1 1 6 6 5 1 9 7 6 0 4 0 4 7 4 3 4 4 4 4 4 4 4 4 4 4 4 4 4 4 . . . . . . . . . . . . . . . . 5 9 4 5 6 4 4 5 4 5 4 3 3 4 4 4 4 1 5 1 0 S 7 S 1 8 0 4 7 4 9 3 8 6 7 5 S 6 5 8 2 5 9 0 0 3 2 3 9 5 5 3 9 8 6 7 0 4 5 3 7 0 8 0 1 1 1 1 1 1 . . . . . . . . . . . . . . . . 9 7 9 7 7 7 7 0 7 9 8 0 0 0 0 0 3 2 7 6 8 0 8 9 8 5 0 0 0 0 0 0 5 9 7 0 7 3 9 6 7 9 7 7 5 7 0 9 1 5 7 9 2 9 6 5 9 2 7 8 7 4 4 3 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 9 1 7 8 3 8 8 8 9 9 8 9 7 8 8 8 4 4 8 7 4 8 8 8 0 8 2 0 7 5 3 2 . . . . . . . . , . . . . . . . 5 6 6 0 3 2 7 6 8 4 4 3 3 O 9 2 1 6 1 6 1 9 4 3 3 2 4 4 0 S 8 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 0 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . . . . . 7 7 6 6 7 8 6 6 6 6 6 6 7 6 7 6 1 2 6 7 2 5 4 6 1 7 9 4 2 5 5 2 8 5 2 9 8 6 9 1 5 0 8 7 7 3 2 3 9 9 6 6 3 9 3 2 0 4 2 7 4 7 2 2 4 5 6 5 5 6 6 6 5 5 5 6 5 5 5 6 9 7 6 9 7 8 7 7 7 6 7 5 7 7 7 8 . . . . . . . . . . . . . . . . 2 1 3 5 0 6 0 6 5 6 8 3 8 4 6 0 3 7 4 3 0 0 0 3 1 5 2 9 7 4 1 5 2 6 3 2 5 7 4 5 8 3 8 4 6 0 1 7 0 6 3 9 2 1 6 7 0 0 2 2 2 4 2 4 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 5 2 5 5 5 4 5 5 5 5 4 5 5 5 5 5 . , . . . . . . . . . . . . . . 9 7 0 2 1 1 9 4 4 6 6 6 5 3 3 4 8 7 3 2 9 7 3 2 4 5 2 2 8 0 8 0 1 7 5 2 8 2 1 8 1 0 6 2 2 3 7 9 5 9 6 4 8 5 0 3 9 8 4 7 9 0 7 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 2 2 2 2 2 2 2 3 2 2 2 2 2 2 2 . . . . . , . . . . , , . . , , 8 3 3 5 7 4 3 4 3 7 6 5 4 0 5 6 3 6 5 3 4 6 3 9 1 2 3 8 4 3 0 6 5 6 2 0 7 4 2 8 7 3 2 4 0 4 3 2 5 3 5 1 4 5 3 0 2 0 6 9 0 2 0 2 6 8 8 8 8 7 8 8 8 8 8 8 7 8 0 0 0 0 0 0 9 0 0 0 0 0 9 0 . . . . . . . . . . . . . . 4 3 5 6 6 0 8 6 2 5 1 2 6 2 3 1 0 6 2 4 0 5 0 6 6 6 8 4 9 2 6 7 7 6 6 1 5 6 3 7 5 4 6 3 5 6 2 3 9 8 0 7 6 4 0 2 8 8 6 8 8 8 8 7 8 8 8 8 8 8 8 7 0 0 0 0 0 0 0 9 0 0 0 0 0 0 0 9 . . . . . . . . . . . . . . . . 2 0 2 1 3 4 3 9 4 1 5 1 1 2 2 9 5 9 0 3 3 8 5 5 7 2 3 5 8 0 5 4 4 1 6 0 6 4 1 4 7 0 7 0 8 7 6 8 6 3 2 6 0 1 5 7 9 4 7 0 5 5 6 2 2 2 2 2 I 1 2 Z 2 2 2 2 2 2 . . . , . . . . . . . . 2 2 2 7 2 2 2 2 2 2 2 2 2 7 8 7 6 8 S 9 9 8 8 9 9 8 8 1 3 1 0 5 6 7 2 5 1 9 3 S 9 7 7 2 7 5 3 3 3 3 1 4 6 2.3196 i Partly or wholly nominal since April 1933. » Partly or wholly nominal since April 1934. Jan \P!J5f lO50' equIvalent *° U ^Teent of gold peso' <*uoted fa Place of latter beginning Dec 13, 1933. Average for 1933 is for gold peso for wSJjJw^rn6SIioBSnlBOl<1 P"° beEiDn'ni! July *1931- Aven*e Ior mi b •* "I™ P"° 'or W 30-Dee. 3L Average tor gold pew Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 189 MABCH 1036 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U St n a i t t e e s d Canada England France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- (1926=100) (1926=100) (1930«100) (1913=100) (1913=100) (1913-100) 1900-100) (1926-30- 100) 1926 100 100 134 602 237 100 1927 , 95 98 642 138 495 225 103 1928 97 96 645 140 462 226 102 1929 95 96 627 137 445 220 100 1930 86 87 100 £54 125 383 181 90 1931 73 72 502 111 328 153 76 1932 65 67 427 97 304 161 65 1933 66 67 393 93 280 180 63 1934 ;_ 75 72 376 273 178 1934—September.. 78 72 365 100 270 179 October 77 71 357 101 272 182 November.., 77 71 356 101 274 181 December 77 71 344 101 276 181 1935—January 79 71 350 101 277 182 62 February. 80 72 343 101 278 184 02 March 79 72 335 101 288 184 61 April 80 73 336 101 296 182 61 May 80 72 340 101 302 182 61 June 80 72 330 101 308 180 61 July 79 72 322 102 310 ISO 61 August 81 72 102 323 183 61 September.. 81 72 102 189 62 October 81 73 342 103 194 63 November. 81 73 34S 103 194 December... 81 73 354 103 192 1936—January 81 73 359 104 192 62 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total Index above] United States 1926•= 100) England (1930=100) | France (1913-100) Germany (1913-100) Indus- Indus- Year or month pr F o a d r u m cts Foods co O m H th m ie e s o r d Foods p I r n o tr d d i u a u l s c - ts a p n r F o d a d r f u m o c o t d s p I r n t o r d d i u a u l s c - ts p A r t g o u r d r ic u a u l c l t - s P s r l o o v n i s * a t f r n i i n d a i l s s r h e a m e w d i- p tr r i i o s a h d l e u f d i c n t - s products 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 2 3 3 2 3 3 2 8 2 1 3 3 7 0 2 . 6 . 9 . 4 . . . . 1 . . . . ™;;;; 1 1 1 9 8 4 6 0 0 5 6 0 9 8 8 5 0 5 1 5 6 1 1 1 9 6 0 9 7 0 6 7 0 7 1 1 1 5 0 1 1 0 1 9 9 9 8 7 0 7 7 7 4 2 3 5 5 0 0 1 8 1 8 8 8 8 0 8 9 3 5 0 1 8 8 8 0 9 5 7 7 0 0 5 5 5 5 5 4 5 4 4 9 8 7 8 2 8 4 2 1 9 1 9 4 6 2 2 0 0 7 6 6 6 4 5 3 3 3 9 9 6 7 7 6 8 6 8 3 7 9 8 9 4 0 1 0 1 1 1 1 1 1 2 3 8 3 9 3 0 1 9 8 7 4 1 0 4 3 1 1 1 1 1 3 2 9 3 2 8 1 7 7 2 9 0 3 5 6 3 5 6 1 1 1 1 1 1 3 3 3 3 9 0 2 0 2 4 2 1 3 0 1 1 1 1 1 1 1 1 1 4 5 5 5 5 3 1 1 1 7 0 9 7 0 6 8 3 6 1934- N D O Se e o c p c t v o e t e e b m m m e b r b b e e e r r . r * ^ . 7 7 7 7 2 3 1 1 7 7 7 7 6 5 5 5 7 7 7 7 8 8 8 8 3 3 3 3 8 6 6 4 3 3 6 4 3 3 3 3 5 4 4 4 0 3 7 7 1 1 1 1 0 0 0 0 0 1 1 1 7 7 7 7 8 9 8 9 9 9 9 9 2 2 2 2 1 1 1 1 1 1 1 1 9 7 9 8 1935— A J M M J f N A S O D e u u J e b o e p u c a n a l a p c v r y t g r y n n e t o e c u e . u e u i " m h b a m . m a s . / r e r t ' b . b . ; b y y r ; " e ; e . ' . e ; ; " . r V . ; ; r r . . . " : 1 , ; : . 8 8 7 7 7 8 7 7 7 7 7 7 1 0 8 8 8 0 9 7 8 8 8 9 8 8 8 8 8 8 8 8 8 8 8 8 0 4 3 6 3 2 5 6 5 5 2 5 7 7 7 7 7 7 7 7 7 7 7 7 7 7 8 7 8 8 8 8 9 8 8 9 3 3 3 3 3 2 3 3 3 3 3 3 5 3 2 2 0 2 3 9 1 2 3 5 1 9 5 9 7 4 8 2 1 2 1 0 3 3 3 3 3 3 3 3 3 3 3 3 4 5 4 4 5 5 4 4 5 4 5 5 6 0 1 5 3 1 7 7 6 1 1 7 1 1 1 1 1 1 1 1 1 1 1 9 0 0 0 0 0 0 0 0 0 0 0 9 0 0 1 0 2 3 4 4 5 5 4 8 8 8 8 8 8 8 8 8 8 8 8 1 1 3 4 6 4 5 5 4 4 4 4 9 9 9 9 9 9 9 9 9 9 9 9 2 1 1 2 1 1 1 1 2 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 2 1 1 1 1 1 1 1 9 0 0 9 0 9 9 9 9 9 9 9 78 84 79 355 105 84 93 120 ***.-See BULLETIN for March 1931, p. 169, March 1935, p. ISO, and October 1935, p. 678. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN MARCH 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued COST OF LIVING RETAIL FOOD PRICES [Index numbers] [Index numbers] Year or month (1 U 9 S 1 n t 3 a i » t t e e 1 s d 00) i 1 E 9 n 1 ( 4 g J = l u a 1 l n y 0 d 0) 191 F ( 4 J r = u a l n ; 1 c 0 e 0)» G 1 e ( 4 1 r = 9 m 1 1 0 a 3 0 n - ) y Year or month 2 U S ( 5 1 t n = a 9 i 1 2 t t 0 e e 3 0 s d - ) 1 E 9 n 1 (J 4 g u = la l 1 y n 0 d 0) 1 ( 9 J 1 a F 4 n r = . a 1 - n J 0 c u 0 e n ) e 2 G 1 e 4 (1 r = m 9 1 1 0 a 3 0 n - ) y 1 1 1 1 1 1 1 1 1 0 9 9 9 9 0 0 9 9 2 3 3 2 2 3 3 2 3 4 6 2 8 7 3 0 1 9 . . . . . . . . . , , . , . . . 1 1 1 1 1 1 1 1 1 6 5 5 2 5 4 1 0 0 1 7 4 1 5 7 1 0 2 1 1 1 1 1 1 1 1 1 6 5 5 5 2 2 4 2 3 1 4 7 6 6 0 5 2 1 1 1 1 1 1 1 1 1 1 2 1 9 0 2 2 1 0 3 4 3 8 9 5 4 2 0 1 1 1 1 1 1 1 1 1 4 5 5 5 4 1 3 1 1 6 6 3 3 6 6 1 8 3 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 2 2 3 2 3 3 2 3 3 9 1 6 8 2 0 7 4 3 . . _ . . - - - - - - . . . . 1 1 1 9 8 8 0 0 9 7 0 7 9 9 0 3 0 7 6 2 8 1 1 1 1 1 1 1 1 1 7 6 6 6 4 4 4 4 5 0 4 6 4 0 1 4 8 8 1 1 1 1 1 1 1 1 1 0 1 0 1 0 0 0 0 1 3 3 5 6 6 7 4 5 8 1 1 1 1 1 1 1 1 1 4 5 2 4 5 3 4 1 2 8 4 1 2 2 6 8 8 1 1934—December 114 127 94 119 1934—December., 144 102 122 1935— J M J F A M A S D N O J u u e e a p u e c o a a n l p n y r b t g c v y r e o i u t c e u l r e e b a h m s u m m r e t y a r b b b r e e e y r r r - . - . . . . 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 1 2 2 2 4 3 4 2 2 4 9 4 2 2 1 1 1 1 1 1 1 1 1 1 1 1 3 2 3 2 2 2 2 2 1 2 2 1 1 5 1 8 6 0 4 6 8 2 5 9 8 9 8 8 8 8 9 8 8 8 8 8 8 0 6 6 5 7 2 5 3 1 1 8 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 2 1 2 2 2 2 2 2 9 0 3 9 1 9 1 1 0 3 0 0 1935 J J M — M A A S F N D O u u e e p u o c e a a l n J p b t r g c y v y r a e o i t r e . c u e l n e u b h m s m u m e a t a r r b b b r y e e e y — — r r r . , . . . . . , , 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 3 4 3 4 4 4 4 4 4 3 1 2 9 3 9 0 3 3 7 5 7 100 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 3 4 2 2 3 3 3 5 3 3 3 1936—January 131 122 1936—January... 147 124 * 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, 82 for December 1935, and 82 for January 1936. 11ndex 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 Kelchsamt; France—For retail food prices, Statistique GSnerale, and for cost of living, Commission d etudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average=100) Year or month United ( S av ta er t a e g s e (D E e n c g e l m an b d er (1 F 91 r 3 an a c v e er- G (a e v r e m ra a g n e y U St n a i t t e e s d England i France Germany price) 1921=100)1 age =100) price) i Number of issues.., 87 36 139 421 278 300 329 looTo 1 1 1 1 9 9 9 9 2 2 2 2 8 9 6 7 , , 9 9 9 9 8 7 8 5 . . . . 0 9 7 7 1 1 1 1 1 1 1 1 0 0 2 0 . . . . 7 0 3 2 8 8 5 7 0 7 1 5 . . . . 4 8 7 1 8 81 5 . . 4 5 1 1 1 1 0 1 4 9 0 8 9 0 . . . . 0 3 9 3 1 1 1 1 0 0 1 1 7 0 5 9 . . . . 0 0 9 5 1 1 2 1 0 2 1 7 0 3 7 8 . . . . 0 2 6 1 1 1 1 4 3 2 5 2 6 . . . 0 8 1 1 1 9 9 3 3 1 0 , 9 9 8 6 . . 3 1 1 10 1 8 1 . . 4 8 9 9 6 5 . . 9 8 18 8 3 3 . . 4 3 1 9 4 4 9 . .8 2 1 7 0 8 2 . . 9 6 1 1 8 3 7 2 . . 6 2 * 1 7 0 8 0 . . 0 2 1 1 1 1 9 9 9 9 3 3 3 3 4 2 5 3 _.„. 1 8 8 9 0 4 1 6 2 . . . . 0 1 7 3 1 1 1 1 1 1 2 2 9 3 9 7 . . . . 7 2 9 5 8 8 8 8 8 2 1 3 . . . . 6 3 1 5 2 8 9 9 6 2 5 0 7 . . . . 7 3 5 1 4 6 7 7 8 3 2 8 . . . . 4 5 5 4 8 8 7 6 5 6 8 7 . . . . 6 9 7 3 1 8 9 7 0 3 9 9 5 . . . . 6 3 7 2 16 8 7 6 0 2 1 L . . . 3 7 9 1 1935— J J N A A D M S F O M u J u e e u p o c e a l a n a p b n t y g r c v y r e o i r t u e u c e l e b u a h m s m m e a r t y r r b b b y e e e r r r . . . . . . . . . , 1 1 1 1 1 1 1 1 1 1 1 9 0 0 0 0 0 0 0 0 0 0 0 9 0 1 4 1 1 2 1 4 3 3 4 . . . . . . . . . . . . 9 0 3 2 2 2 3 9 2 1 5 5 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 2 3 2 2 2 2 4 1 0 1 1 1 9 0 5 8 4 9 . . . . . . . . . . . . 6 6 3 3 3 5 8 3 5 9 3 5 8 8 8 8 8 8 8 8 8 8 7 7 9 8 4 2 4 2 2 3 2 2 8 9 . . . . . . . . . . . . 5 9 4 8 1 4 8 9 7 1 8 1 9 9 9 9 9 9 9 9 9 9 9 9 6 5 6 5 5 5 5 5 4 5 4 4 . . . . . . . . . . . . 0 5 1 1 3 3 3 4 9 9 9 1 6 6 6 6 7 7 8 8 7 8 9 9 9 7 3 7 6 3 9 3 6 5 4 5 . . . . . . . . . . . . 7 8 9 5 0 4 1 0 3 1 2 7 8 8 8 8 8 8 8 8 8 8 8 9 5 6 3 6 2 6 6 8 4 4 8 0 . . . . . . . . . . . . 4 9 6 8 0 9 9 7 6 3 9 2 8 8 7 7 8 8 7 7 7 7 7 7 3 0 9 2 8 8 7 9 6 6 7 7 . . . . . . . . . . . . 7 8 3 4 0 1 7 0 4 8 3 3 8 7 8 8 7 8 8 8 8 8 8 8 1 6 0 3 9 7 6 6 3 5 2 1 . . . . . . . . . . . . f 6 9 6 3 5 8 0 5 0 1 9 i 1936—January 106,5 130.1 78.9 95.1 101.7 93.1 83.7 84.2 1 Annual indexes are unweighted averages of monthly indexes 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

FEDERAL RESERVE BULLETIN 191 MARCH 1936 LAW DEPARTMENT Deposits of receivers and liquidating trustees of busi- The Board expressed the view that deposits ness corporations not classified as savings deposits. of funds of the liquidating trustees of a business The Board recently received a request for a corporation could not be considered as deposits ruling upon the question whether funds depos- of funds of one or more individuals or of an ited in a member bank by a Federal receiver in organization operated primarily for religious, equity of a business corporation could be classi- philanthropic, charitable, educational, fraternal, fied as a savings deposit within section 1 (e) of or other similar purposes and, accordingly, that Regulation Q, which provides, in part, as such deposits in a member bank could not be follows: classified as savings deposits within the defini- The term "savings deposit" means a deposit, evi- tion contained in Regulation Q. denced by a pass book, consisting of funds (i) deposited In both of the above cases, the Board called to the credit of one or more individuals, or of a corpora- attention to the fact that there is nothing in tion, association, or other organization operated pri- Regulation Q which would prevent the funds marily for religious, philanthropic, charitable, educational, fraternal, or other similar purposes and not in question from being deposited in interestoperated for profit, or (ii) in which the entire beneficial bearing time deposits, as defined in the regulainterest is held by one or more individuals or by such tion. a corporation, association, or other organization * * *. The letter of inquiry stated that the funds deposited by the receiver in special savings Basis of provision in Regulation Q that business accounts were the accumulation of collections corporations may not maintain savings deposits. made by him as receiver. The letter also The Board recently received a request for a stated that it was the official duty of the re- statement of the reasons for the distinction beceiver to act as conservator of assets and that tween deposits of individuals and those of his operations as receiver had not been for business corporations in the definition of savings profit. deposits contained in section 1 (e) of Regula- The Board expressed the opinion that the tion Q. In response to this inquiry the Board deposit in question could not properly be con- made the following explanation: sidered as a deposit of funds of one or more The Banking Act of 1935 conferred upon the individuals or of an organization operated Board authority to define the term "savings primarily for religious, philanthropic, chari- deposits" and to prescribe such rules and regutable, educational, fraternal, or other similar lations as it may deem necessary to effectuate purposes. Accordingly, the Board ruled that, the purposes of the law and prevent evasions without regard to the question whether the thereof. This authority was granted in order operations of the receiver had or had not been to enable the Board to correct certain wellior profit, deposits in a member bank by the recognized abuses which had grown up in receiver of the business corporation could not connection with savings deposits. oe classified as savings deposits within the Member banks are forbidden by law to pay aennition contained in Regulation Q. interest on demand deposits or to pay time de- In another case in which a somewhat similar posits before maturity, except in certain exquestion was presented to the Board, it ap- ceptional circumstances. However, they are peared that a business corporation in liquida- permitted to pay savings deposits on demand, tion had a savings deposit in the name of the provided they reserve the right to require 30 corporation; that, under the applicable law, days' notice of withdrawal, and they are also directors of the corporation became trustees permitted to pay interest on such deposits. ior its stockholders when it was placed in In addition, member banks are permitted to 3*}atum; that the signatures required for carry with the Federal Reserve banks a reserve withdrawal from such deposit were those of the of only 3 percent against savings deposits, although they are required to carry reserves of liquidating trustees and not of any particular 7, 10, or 13 percent, depending upon the locaomcer; and that the liquidating trustees had tions of the respective banks, against all other deposited m such account their cash assets deposits which are payable on demand. Savpending collection of certain outstanding assets, ^ ° M ?h would ^ure'to the benefit of the ings deposits, therefore, are the onty class of ers- Tile question presented was deposits payable on demand upon which member banks are permitted to pay interest and to such a deposit could be classified as a maintain reserve? of only 3 percent. savings deposit as defined in Regulation Q. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL EESERVE BULLETIN MAECH 1936*. These privileges were accorded with respect actually paid on the savings deposit may not to savings deposits because of the desire to exceed 2K percent per annum, when comencourage thrift; but they led to certain pounded quarterly, for the period during which, abuses, chief of which were the classification of the deposit actually constitutes a savings deordinary demand deposits as savings deposits posit as defined in Regulation Q. in order to pay interest on such funds and to carry the lower reserves against them, and the classification of idle funds of business corpora- Certain drafts drawn upon Federal Reserve bankstions as savings deposits even though such included in gross demand deposits in computing funds were not accumulated for genuine thrift reserves of member banks. purposes. Section 1 (f) of Regulation D provides that It is believed that "savings deposits", in the the term "gross demand deposits" includes true meaning of the term, are deposits which "outstanding * * * drafts drawn upon or consist of the accumulations of savings of other authorizations to charge the member individuals, usually of limited financial means, bank's reserve account at the Federal Reserve in order to provide for sickness, accident, old bank." In response to an inquiry, the Board age or other exigencies, to meet anticipated recently ruled that'the above clause is intended expenses, or for other similar purposes. Al- to refer to cases (1) where a bank has received though there are certain nonprofit organiza- cash or its equivalent, for which it has paid with tions which may property be included in the a Federal Reserve bank draft that has not had class of those who are entitled to the privilege time to reach the Federal Reserve bank and of maintaining savings deposits, it is not be- become a charge to the member bank's reserve lieved that corporations operated for profit account, and (2) where a bank has charged its fall within this category. Accordingly, in depositors1 accounts for items received from the section 1 (e) of Regulation Q, the Board has Federal Reserve bank for collection and remitprovided that a savings deposit must consist tance but has not effected payment therefor of the funds of one or more individuals or of an because the draft drawn in payment therefor, organization operated primarily for religious, or other authorization to charge its reserve philanthropic, charitable, educational, fraternal account, has not had time to reach the Federal or other similar purposes and not operated for Reserve bank* Outstanding drafts drawn in profit. payment for currency ordered from a Federal The Board also called attention to the fact Reserve bank, or in payment for transfers of that, although Regulation Q does not permit funds which a Federal Reserve bank has been deposits of a business corporation to be classi- requested to make for the account of a member fied as savings deposits, there is nothing in bank, do not constitute deposit liabilities and such regulation to prevent a business corpora- should not be included in demand deposits. tion from placing its funds in an interest- For the purpose of determining the amount of bearing time deposit. "gross demand deposits'1 within the above section, drafts drawn on a Federal Reserve bank may be considered as "outstanding" for Payment of interest on savings deposit withdrawn the number of days normally required for mail between interest-paying dates. to go from the member bank's city to the Fed- In response to an inquiry, the Board recently eral Reserve bank, or to a branch of the Federal advised a member baak that, if a deposit con- Reserve bank if the member bank deals with forms to the definition of a savings deposit the branch. contained in section 1 (e) of the Board's Regulation Q, interest may lawfully be paid Reports by executive officers of member banks of thereon at a rate*not in excess of the maximum their indebtedness to other banks. rate prescribed in the regulation, notwith- Inquiry was recently made of the Board of standing the fact that the funds contained in Governors as to whether, under the law and such deposit have actually been on deposit the Board's Regulation 0, an executive officer with the bank for a period of less than 3 months, of a member bank who is indebted to another likewise, a member bank is not prohibited bank and who, prior to January 1, 1936, the from paying interest on a savings account effective date of Regulation O, had reported which has been closed between the bank's such indebtedness to the chairman of the board regular semiannual interest paying dates. In of directors of the member bank of which he either case, however, the amount of interest is an executive officer, need make a report of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

!MAECH 1936 FEDERAL RESERVE BULLETIN 193 such indebtedness to the board of directors While footnote 2 of Regulation 0 provides of the member bank after the effective date of that no such report need be made in the case the regulation. of renewals or extensions of indebtedness which Prior to the enactment of the Banking Act have been previously reported, provided the of 1935, section 22 (g) of the Federal Reserve indebtedness has not been increased, the Board Act required that an executive officer of a pointed out that this footnote related merely member bank who is or becomes indebted to to renewals or extensions and it does not affect another bank should make a report thereof to the question above discussed. the "chairman of the board of directors" of the member bank of which he is an executive officer and provided a criminal penalty for Provisions of law which are applicable to loans heretofailure to do so. The law on this subject, fore made to executive officers of member banks. however, was considerably revised by the Section 22 (g) of the Federal Reserve Act, Banking Act of 1935. While no criminal which restricts the making of loans by a mempenalties are provided for violations of the sec- ber bank to its executive officers, was first tion as amended, it is required by the amended enacted in the Banking Act of 1933, approved law that, if an executive officer of a member June 16, 1933, and was subsequently revised in bank borrow from or if he "be or become" the Banldng Act of 1935, approved August 23, indebted to any other bank, he shall report 1935. The Board has received inquiries as to such indebtedness to the "board of directors" the restrictions or provisions of law which are of the member bank of which he is an executive applicable to loans to executive officers of officer; and provisions to this effect have, member banks which are now outstanding and therefore, been incorporated in section 5 of which were made (1) prior to June 16, 1933; Regulation 0. (2) between June 16, 1933, and August 23, It will be observed that under the statute as 1935; and (3) since August 23, 1935. it existed prior to the amendment, while reports The Board is of the view that under the law were required to be made to the chairman of (1) an indebtedness of an executive officer of a the board of directors, it was not specifically member bank to such bank which was incurred required by the law that they be disclosed to prior to June 16, 1933, may be renewed or exthe aboard of directors itself; whereas the tended for periods expiring not later than June amended statute clearly requires that such 16, 1938, where the board of directors of the reports be made to the board of directors, bank shall have satisfied themselves that such pus ^insuring that the board itself will be extension or renewal is in the best interests of informed of the matter. the bank and that the officer indebted has The fact that indebtedness to another bank made reasonable effort to reduce his obligamay have been reported prior to the effective tion, these findings being evidenced by a resolu- £ate of the regulation to the chairman of the tion of the board spread upon the minute book board of directors, pursuant to the provisions of the bank; (2) an indebtedness of an execu- -of the law prior to its amendment, does not tive officer of a member bank to such bank constitute compliance with the requirement of which was incurred subsequent to June 16, the amended law that, if an executive officer 1933, and prior to August 23, 1935, is subject , be or become" indebted to another bank, such to the provisions of section 22 (g) as it existed indebtedness must be reported to the board of between such dates and to the criminal penalties directors. The Board, therefore, reached the provided by the section prior to the enactment conclusion on the basis of the provisions of the of the Banking Act of 1935, and does not fall amended law, that an executive officer of a within the scope of the Board's Regulation O, member bank who is indebted to another bank which relates to loans to executive officers : on January 1, 1936, the effective date of Kegu- made subsequent to August 23, 1935; and (3) an indebtedness of an executive officer of a mtion O, is required to report such indebtedness IS v5 £oard. of directors of the member bank member bank to such bank which was incurred subsequent to August 23, 1935, is subject to ' v" be is an executive officer regardless of the provisions of the law as amended by the whether such indebtedness has been previously Banking Act of 1935 and to the provisions of reported to the chairman of the board of the Board's regulation O. • directors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN MARCH 1936 Regulations of the Comptroller of the Currency govern- Section 9 of the Federal Reserve Act, as amended, ing the purchase of investment securities, and fur- provides in part as follows: ther defining the term "investment securities' "State member banks shall be subject to the same as used in section 5136 of the Revised Statutes as limitations and conditions with respect to the purchasamended by the Banking Act of 1935. ing, selling, underwriting, and holding of investment securities and stock as are applicable in the case of The business of buying and selling investment securinational banks under paragraph 'Seventh' of Section ties by national banks is governed by Paragraph 5136 of the Revised Statutes, as amended." Seventh of Section 5136 of the Revised Statutes of the United States, as amended by Section 308 of the Banking Act of 1935, approved August 23, 1935, which SECTION I paragraph now reads as follows: "Seventh. To exercise by its board of directors or By virtue of the authority vested in the Comptroller duly authorized officers or agents, subject to law, all of the Currency by said Paragraph Seventh of Section such incidental powers as shall be necessary to carry on 5136 of the Revised Statutes, the following regulation the business of banking; by discounting and negotiating is promulgated, further defining the term "investment promissory notes, drafts, bills of exchange, and other securities." evidences of debt; by receiving deposits; by buying and An obligation of indebtedness which may be purselling exchange, coin, and bullion; by loaning money on chased for its own account by a national bank or a personal security; and by obtaining, issuing, and State member bank of the Federal Reserve System, in circulating notes according to the provisions of this order to come within the classification of "investment title. The business of dealing in securities and stock securities" within the meaning of the paragraph of by the association shall be limited to purchasing and Section 5136 above quoted, must be a marketable selling such securities and stock without recourse, security as designated by the express language of said solely upon the order, and for the account of, cus- paragraph, and can be purchased for the bank's own tomers, and in no case for its own account, and the account only under the limitations and restrictions association shall not underwrite any issue of securities provided in said paragraph and the provisions of these or stock: Provided, That the association may purchase regulations. for its own account investment securities under such Under ordinary circumstances the term "marketable" limitations and restrictions as the Comptroller of the means that the security in question has such a market Currency may by regulation prescribe. In no event shall as to render sales at intrinsic values readily available. the total amount of the investment securities of any one In determining whether a given security is marketobligor or maker, held by the association for its own able, it must meet the following minimum requirements: account, exceed at any time 10 per centum of its (a) That the issue be of a sufficiently large total capital stock actually paid in and unimpaired and 10 to make marketability possible; per centum of its unimpaired surplus fund, except that (6) (1) That a public distribution of the securithis limitation shall not require any association to ties must have been provided for or made in dispose of any securities lawfully held by it on the date a manner to protect or insure the marketaof the enactment of the Banking Act of 1935. As used bility of the issue, or, in the alternative tn this section the term 'investment securities' shall mean (2) other existing securities of the issuer marketable obligations evidencing indebtedness of any have such a public distribution as to protect person, copartnership, association, or corporation in the or insure the marketability of the issue unfonn of bonds, notes, and/or debentures, commonly known der consideration, and such issue must be as investment securities, under such further definition of registered under the provisions of the ''Sethe term 'investment securities' as may by regulation curities Act of 1933" as amended, unless it is be prescribed by the Comptroller of the Currency. Except exempt from registration under Section 3 as hereinafter provided or otherwise permitted by law, thereof. nothing herein contained shall authorize the purchase (c) That where the security is issued under a by the association for its own account of any shares of trust agreement, the agreement must prostock of any corporation. The limitations and restricvide for a trustee independent of the obligor, tions herein contained as to dealing in, underwriting and purchasing for its own account, investment securi- and such trustee must be a bank or trust ties shall not apply to obligations of the United States, company. or general obligations of any State or of any political Particular attention is called to the statutory provisubdivision thereof, or obligations issued under sion that the investment securities which may be authority of the Federal Farm Loan Act, as amended, purchased must be "in the form of bonds, notes, and/or or issued by the Federal Home Loan Banks or the Home debentures, commonly known as investment securities. Owners' Loan Corporation, or obligations which are If an obligation is in the form of a security, it .must insured by the Federal Housing Administrator, pur- comply with these regulations as to "marketability suant to section 207 of the National Housing Act, if as a condition to the bank's right to invest therein. the debentures to be issued in payment of such insured Any such security which fails to comply with tne obligations are guaranteed as to principal and interest law and these regulations, will not be deemed legally by the United States: Provided, That in carrying on the acquired, even though the bank considers the transbusiness commonly known as the safe-deposit business action as being a loan rather than a purchase of inthe association shall not invest in the capital stock of a vestment securities", except where such security corporation organized under the law of any State to evidences real estate loans made pursuant to Section conduct a safe-deposit business in an amount in excess 24 of the Federal Reserve Act, (a) where the obligations of 15 per centum of the capital stock of the association actually represent an initial loan by the bank or (b) actually paid in and unimpaired and 15 per centum of its where the obligations were purchased pursuant to unimpaired surplus." said section, in which case the bank is required thereby to purchase the entire issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 195 MARCH 1936 SECTION II (6) It is permissible for the bank to purchase "investment securities" from another under an By virtue of the authority vested in the Comptroller agreement whereby the seller or a third party of the Currency by said Paragraph Seventh of Section guarantees the bank against loss on resale of the 5136 of the Revised Statutes, the following regulation securities. is promulgated as to further limitations and restrictions (c) It is not permissible for the bank to purchase on the purchase and sale of investment securities for "investment securities" from another under an the bank's own account, supplemental to the specific agreement whereby the seller reserves the absolute limitations and restrictions of the statute. right or the option to repurchase said securities (1) Although the bank is permitted to purchase itself or through its nominee at a price stated or at "investment securities" for its own account for pur- a price subject to determination under the terms poses of investment under the provisions of R. S. 5136 of the agreement, notwithstanding the fact that and this regulation, the bank is not permitted other- the bank may also, under such agreement, have the wise to participate as a principal in the marketing of absolute right or option to compel the seller to resecurities. purchase the securities at a price stated or at a (2) The statutory limitation on the amount of the price subject to determination under the terms of investment securities of any one obligor or maker the agreement. which may be held by the bank is to be determined on the basis of the par or face value of the securities, (7) As to sales of securities under repurchase agreeand not on their market value. ment, (3) The purchase of "investment securities" in (a) It is permissible for the bank to sell securities which the investment characteristics are distinctly or to another under an agreement whereby the bank predominantly speculative, or "investment securities" has an option or an absolute right to repurchase of a lower designated standard than those which are the securities from the buyer at a price stated or at distinctly or predominantly speculative, is prohibited.1 a price subject to determination under the terms The purchase of securities which are in default, either of the agreement, but in no case in excess of the as to principal or interest, is also prohibited. market value at the time of repurchase. (4) Purchase of an "investment security" at a price (b) It is not permissible for the bank to sell seexceeding par is prohibited, unless the bank shall— curities to another under an agreement whereby the purchaser reserves the absolute right or the (a) Provide for the regular amortization of the option to require the bank to repurchase said premium paid, so that the premium shall be securities at a price stated or at a price subject to entirely extinguished at or before the maturity of determination under the terms of the agreement, the security and the security (including premium) notwithstanding the fact that the bank may also, shall at no intervening date be carried at an under such agreement, have the option or absolute amount in excess of that at which the obligor may right to repurchase the securities from the buyer legally redeem such security; or at a price stated or at a price subject to determina- (o) Set up a reserve account in order to amortize tion under the terms of the agreement. the premium, said account to be credited periodically with an amount not less than the amount In view of the fact that some banks may have bought required for amortization under (a) above. or sold securities under a form of agreement above indicated as prohibited, the bank should either terminate (5) Purchase of securities convertible into stock at or modify same so as to conform to these regulations, r*v(P A1On °f the issuer is Prohibited, where such action may lawfully be taken. Existing ooi }° PUI>chases of securities under repurchase agreements of the prohibited type must not be renewed. agreement, subject to the limitations and restrictions set torth in the law and these regulations: EXCEPTION , (<*) It is permissible for the bank to purchase u (1) The restrictions and limitations of these regulainvestment securities" from another under an tions do not apply to securities acquired through foreagreement whereby the bank has an option or an closure on collateral, or acquired in good faith by way absolute right to require the seller of the securities of compromise of a doubtful claim or to avert an appreto repurchase them from the bank at a price stated hended loss in connection with a debt previously conor at a price subject to determination under the tracted. terms of the agreement, but in no case less than Qmarket value at the time of repurchase. Signed and promulgated this 15th day of February 1 1936. as employed herein may be found in recognized rating man- J^l-,^e b doubt as to the eligibility of a security for pur- J. F. T. O'CONNOR, eiigibihty must be supported by not less than two rating Comptroller, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN MARCH 1936 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of dally figures. In thousands of dollars] [In thousands of dollars] 1936 1935 Wednesday figures (1936) Federal Reserve bank February January February Feb. 5 Feb. 12 Feb. 19 Feb. 26 Boston 156 279 210 Boston. ... 431 46 71 141 N Ph ew ila d Y e o lp r h k i . a .. . . . 5,8 6 4 4 2 4 4(1 4 4 2 6 1 1,9 7 7 9 7 1 N Ph e i w la d Y e o lp rk hia 7,2 6 5 7 9 9 6,2 6 7 2 1 3 4,9 5 9 4 2 5 4,5 6 8 5 8 5 Cleveland 70 49 661 Cleveland 62 82 67 70 Richmond 75 84 231 Richmond ©0 85 55 05 Atlanta 164 89 163 Atlanta 180 200 149 119 Chicago 55 105 100 Chicago^.. „ 41 41 41 141 St. Louis 29 20 22 St. Louis 18 18 18 6S Minneapolis.. 72 63 2 Minneapolis 74 74 79 66 Kansas City- 352 532 97 Kansas City 523 345 337 265 Dallas 107 80 36 Dallas .. 157 79 79 98 San.Franclsco. 276 56 50 San Francisco 104 154 154 655 Total... 7,842 5,924 6,240 Total 9,618 8,018 6,587 6,932 Back figuTti,—See Annual Report for 1934 (table 10). / TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Total reserves Total deposits Federal Re c s u e l r a v t e io n n o * tes In cir- d R e e p s o e s r i v t e a n n o d te F l e ia d b e i r l a i l ties combined Federal Reserve bank 1936 1935 1936 1935 1936 1935 1936 1935 February January February February January February February January February Fe a b ry ru- Ja a n ry u- Fe a b ry ru- N B Ph o ew i s l t a o Y d n e o . l r p k hia... 3,5 5 4 4 6 0 8 4 5 , , , 6 5 4 1 2 4 6 3 0 , 4 5 4 3 7 4 1 9 6 , , , 4 6 5 7 0 9 4 3 8 2, 4 3 1 3 0 6 5 8 4 , , , 9 7 8 9 0 8 3 5 0 3, 3 2 4 8 9 4 5 5 8 , , , 6 2 6 4 2 2 5 8 4 3, 4 3 3 1 2 4 2 9 0 , , , 0 3 4 9 1 6 5 7 0 2, 3 2 2 1 0 2 1 4 4 , , , 2 4 1 1 0 1 5 4 7 3 7 2 2 8 6 1 1 9 , , , 4 7 3 1 4 1 7 4 6 3 2 7 0 6 8 9 5 7 , , , 4 5 7 1 0 4 9 5 0 2 2 6 6 3 5 4 4 9 , , , 3 4 0 0 7 2 4 2 2 8 7 7 4 9 1 . . . 0 4 8 8 8 7 3 0 2 . . . 5 3 6 7 7 6 5 5 7 . . . f 7 4 i A R Cl i t e c la v h n e m t l a a o n n d d , 5 2 1 4 2 9 8 4 5 , , , 5 3 4 1 7 3 1 4 8 5 2 1 2 4 8 6 1 5 , , , 5 1 6 4 0 4 3 2 2 4 1 1 0 2 9 5 8 9 , , , 7 9 7 6 3 8 2 2 7 3 1 1 3 7 8 0 5 0 , , , 1 8 1 4 2 1 9 1 7 3 1 1 7 2 8 7 0 0 , , , 8 4 4 9 4 9 6 4 5 2 1 9 9 4 0 6 5 , , , 3 4 2 9 9 8 5 4 0 3 1 1 5 5 7 4 3 5 , , , 0 5 4 7 0 4 9 9 6 3 1 1 4 7 5 8 6 3 , , , 2 0 0 0 1 9 9 9 8 3 1 1 0 5 2 2 5 6 , , , 7 3 2 9 2 2 1 5 0 6 6 7 8 8 2 . . . 9 4 8 7 6 6 2 7 7 . . . 5 8 7 6 6 59 6 7 . . . 4 5 7 C S M t h . i i n c L n a o e g u a o i p s olis.... 1, 2 1 3 2 6 7 1 7 8 , , , 0 3 1 8 4 7 9 7 7 1, 2 3 1 1 8 5 8 2 8 , , , 0 0 6 3 8 8 9 8 4 1, 2 1 0 0 5 7 4 0 9 , , , 9 5 3 4 7 0 9 7 0 8 1 1 3 7 3 8 7 0 , , , 8 8 6 1 6 7 6 4 8 8 1 1 5 7 2 2 4 1 , , , 4 0 3 1 8 0 2 7 2 6 1 1 9 0 6 2 7 4 , , , 0 7 9 1 5 9 8 2 0 8 1 5 6 2 1 , , 6 1 6 2 9 8 8 1 1 4 0 6 2 8 0 , , , 1 7 9 8 9 1 9 6 2 7 1 1 7 3 0 5 8 4 , , , 6 8 2 2 0 9 6 9 7 8 6 6 1 9 5 . . . 5 7 2 8 6 6 1 5 8 . . . 6 9 1 7 6 7 3 7 U . . 5 5 S D K a a a n l n l s a F a s r s a n C c i i t s y c . o .* . . . 2 4 1 0 1 3 7 6 8 , , , 9 6 4 4 1 3 1 4 2 2 4 1 1 1 3 6 4 5 , , , 3 0 8 6 6 3 3 2 2 2 3 1 0 4 2 4 0 2 , , , 4 5 6 4 8 9 0 0 2 3 1 1 1 8 4 4 1 3 , , , 8 1 8 0 8 5 9 5 4 1 1 3 3 8 2 8 2 4 , , , 2 0 8 0 1 4 9 0 0 1 1 2 7 9 3 7 3 8 , , , 4 3 4 9 1 1 1 8 4 1 2 7 3 7 2 9 8 , , , 9 8 2 2 9 9 8 0 7 1 2 3 7 7 9 3 5 , , , 4 1 3 8 8 6 3 3 2 1 1 4 1 9 8 6 9 , , , 3 1 1 0 0 5 0 1 4 6 6 6 7 4 8 . . . 3 1 8 6 6 6 3 7 9 . . . 9 3 1 6 6 5 9 . . 7 2 Total..... 8,016,502 7,936,030 5,746,597 6,602,790 |6,553,567 4,845,888 3,669,821 3,639,915 3,124,421 78.0 77.9 72.1 »Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $18,020,000; month ago, $26,214,000; year ago, $18,067,000. Back figures.See Annual Report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1936 FEDERAL RESERVE BULLETIN 197 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK; ALSO FEDERAL RESERVE NOTE STATEMENT, FEBRUARY 29, 1935 [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - At t l a an- Chicago L S ou t. is a M p n o e i - n li - s K C s a a it n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. 8. Treasury 7,669,673 510,87:|3,442,85: Redemption fund—Federal Reserve notes 14,902 2,797 1,524 767 1,146 549 2,506 459 681 481 726 587 2,679 Other cash 336,764 41,532 84,37f 41,398 30,849 16,471 12,866 44,04 17,828 8,143 20,126 5,364 13,760 Total reserves 8,021,329 555,200 3,528,75: 409,675(543,070 249,059 200,681 1,384,567 216,753 169,320 207,784 140,166 416,303 Bills discounted: Secured by XT. S. Government obligations, direct and/or fully 4,164 108 2,696 642 15 440 Other bUls disco"untedl__. 76£ 33 2,153 72 41 66! 223 28 Total bills discounted..., 6,929 141 4,849 714 58| 65 99 41 93 66| 97j 468 Bills __ market—, 4,673 349 1,739 472 163, 579 87 61 133 327 Industri advances. 31,778 2,911 7,670 6,530 1,607 878 2,074 528 1,500 1,732 1,131 U. S. Government securities: Bonds 215,692 14,427 55,252 16,848 19,070 10,209 8,240: 24,440 10,732 12,965 9,514 16,560 17,435 Treasury notes l~.l~\'.~~" 1,6 5 2 9 2 2 , , 5 0 9 1 5 : 1 3 0 4 8 , , 2 9 6 8 6 5 1 5 7 0 7 1 , , 6 4 6 6 6 51 3 2 7 2 , , 9 3 2 5 2 0 15 4 1 7 , , 3 5 6 8 6 9 8 2 1 5 , , 0 4 3 7 1 6 2 6 0 5 , ,4 5 0 6 6 3 ; 1 1 2 9 3 3 , , 7 9 3 9 2 2 2 8 6 5 , , 7 6 8 8 2 6 4 1 7 4 , , 8 8 0 5 9 4 2 7 3 4 , ,0 2 4 8 9 1 5 1 2 6 , , 0 3 6 7 9 1 L 4 3 3 8 , , 5 3 0 8 9 7 Treasury bills Total TJ. S. Government securities. .^ 2,430,298 157,678 734,383177,120 218,025 116,716 94,209 342,164123,200 75,628106,844! 85,000199,331 Other securities..I"""II'III""""" 181 181 Total bills and securities 2,473,859 161,079 [184,836 220,130121,056 95,349 344,858123,908 77,255 108,528] 86,962 201,257 Due from foreign banks 649 63 601 23 78 19 45 18,365 849 1,065 1,692 2,593 403 1,591 A B l a l n o k i 4 4 4 9 0 7 2 , , , 3 8 0 1 1 2 2 4 5 1 3 1 2 0 0 8 , , , 5 8 9 9 2 9 7 3 5 J 3 3 4 3 , , , 7 8 3 5 7 5 5 0 5 4 6 1 5 , , , 5 4 2 2 0 34 5 8 , 2 2 0 1, , , 3 2 9 1 8 2 9 4 7 7 4 6 , , 8 2 2 8 2 2 4 8 4 1 1 7 , , 5 8 7 2 6 8 4 7 9 2 3 0 , , 5 9 1 4 8 8 7 5 0 Total assets 11,094,353 [10,012 322,275 813,432366,946 262,2561348,89S|247,7301643,908 LIABILITIES dilation 3,732,223 333,414' 178,129160,711 860,789 162,314110,31?142,362 74,696 282,415 Deposits: 5,784,423 347,161 71,120 17,499 812,846 59,415] 123,4691163,177126,972 297,954 424,142 5,728 359,846 4,356 11,948 7,561 4,252 15,018 3,500 2,554 3,477 1,385 4,487 51,143 3,791 18,615 4,764 4,713 2,254 1,793P 5,942 1,537 1,229 1,485 1,486 3,534 275,715 6,897 214,660 3,0521 2,337 2,207 4,611 ?,764 7,724 4,452 l,281f 13,176 12,554 Total deposits.... 6,535,423(363,5773,410,785 294,961383,355 .83,142.28,155 836,570 .72,176 .31,734 .69,420 43,019 318,529 484,877 50,111 129,573 32,756 44,497 34,146 20,180 72,645 22,384 11,363 27,421 19,772 20,029 130,708 9,396 51,013 12,327 12,425 4,600 4,234 12,042 3,767 3,033 3,927 3,793 10,151 145,501 9,902 50,825 13,406 14,371 5,186 5,616 21,350 4,655 3,149 3,613 3,783 9,645 26,419 2,876 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,256 1,021 34,111 1,413 8,849 3,000 3,111 1,261 2,508 7,573 892 1,483 843 1,329 1,849 5,091 250 1,942 441 257 100 117 1,072 212 179 170 82 269 1,094,353 770,939 453,062 637,403 817,492 410,012 322,275 813,432 « Fe E de $ r 1 al , 9J P 3 Y 2 *S ™ erv es * too tde° P l ° ia sit b i ^ li ^ ties 78. l! 79.7 84.0 71.7 73.2 69.51 81.6 64.8 70.0 66.6 25,780J 3,441 9,713 325 2,290' 391 106 1,943 106 73l' 587 4,481 NOTE STATEMENT Ped??1.Reserve notes: 3,975,166 349,335 882,173 288,189 370,934185,448 .79,173 890,351 168,705 .14,041149,287 79,504 318,026 242,943 15,921 89,842 11,908 12,465 7,319 18,462 29,562 6,391 3,729 6,925 4,808 35,611 ^circulation 3,732,223 333,414 792,331276,281358,469 178,129 [60,711 860,789 62,314 110,312 142,362 74,696 282,415 3,893,343 356,617 905,706 288,000 372,440 894,000 [44,632;15,000140,000 80,000 280,263 5,216 115 3,374 682 50 87 57 80 442 127,000 8,000 42,000 24,000 10,000 43,000 Total collateral.. 4,025,559 1356,732 909,080 288,682 372,466 [86,050 80,772 894,000 L68.715 15,057150,220 80,080 323,705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN MARCH 1936 RATES ON INDUSTRIAL ADVANCES [Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 19,1934. Percent 1 vv per annum except as otherwise specified. In effect on Mar. 1,1936] Boston Y N o ew rk d P e h lp il h a i * a C l l a e n v d e- m Ri o c n h d - la A n t t - a C ca 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 commer- 3J4-6 4-6 4-6 6 6 5-6 m 6 4^ 5-6 6-6 Advances to financing institutions: On portion for which institution is obligated 3 3 3* 4-6 5 13 4 4 3-t 4-5 4-6 5 5-6 4J4-5 4 5-6 4-5 1-2 1 1-2 1-2 1 •34-2 1 J4-2 i Authorized rate 1 percent above prevailing discount rate. * Same as to borrower but not less than 4 percent. * Flat charge. INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT JUNE 19, 1934, TO FEB. 26, 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 s h t W m e o d n n th e ) sday of N r u e m ce b iv e e r d t A o m d o a u te nt Nu o s t ( m o e w u r e t b i y s t c e h o r n a to d n C A i d o ti m m o d w n o m a i s u t t ) i h 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 r k - c v n a e e g l s s c R F t o m a b e e o m n a d s e u e d n e m n t r i k r - t v n a i s t e g l - A b p p l u c p e o t r t m e o n d v o - e t * d d E o r r a r x a e c p w p p w a p a i n n r i l i t e t i d h - b d , - y , s i t n F p p a t g a u i a n o n t r t d u i i a t i o n i o i t n c n * s n n c i t g s - i - - * 1934—Dec. 26 - 5,053 187,696 1,122 64,531 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—Jan. 30 5,283 195,710 1,341 73,470 ,168 64,518 17,493 11,739 26,362 7,160 1,764 Feb. 27. 5,595 205,581 1,432 76,575 -,268 72,525 19,163 13*963 26,591 10,727 2,081 Mar. 27 5,897 217,756 1,521 79,490 ,364 76,441 20,785 15,732 23,552 13,900 IS Apr. 24 6,130 225,900 1,633 86,374 ,467 81,134 26,206 16,908 16,956 17,185 IVlay 29 6,423 245,078 1,734 90,799 1,571 26,977 19,425 13,850 21,802 June 26 6,613 263,482 1,815 102,331 ,646 88,778 27.518 20,579 11,248 24,900 is July 31 6,863 271,768 1,907 .,739 103,633 28,354 23,022 19,735 26,911 Aug. 28 „,.„ 7,029 278,022 1,970 112,629 1,786 107,244 29,447 26,314 15,319 29,556 S O e c p t. t . 3 2 0 5 7 7 , , 3 1 8 95 8 2 2 9 9 2 9 , , 7 9 4 2 7 7 2 2 , , 0 0 8 0 3 9 1 1 2 2 1 6 , , 8 1 3 9 7 2 1 1, , 9 8 0 3 1 4 1 11 1 8 5 , , 3 3 7 5 8 0 3 3 0 2 , , 1 7 3 1 2 9 2 27 6 , , 0 8 5 9 7 2 1 1 8 3 , , 7 35 9 7 1 3 3 2 6 , , 4 5 7 6 5 5 5 Ml Nov. 27 7,500 302,331 2,134 130,502 1,948 121,947 32,634 28,002 13,466 6 608 Dec. 31 (Tuesday) 7,615 306,708 2,176 132,460 1,993 124,493 27,649 11,548 44,025 7,060 8680 1936—Jan. 29 7,714 311,081 2,212 134,243 2,023 125,810 32,483 27,004 10,8S8 46,736 Feb. 26 7,831 315,081 2,245 135,320 2,049 126,643 32,129 25,866 10,434 50,636 J 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 Feb. 26, 1! and the Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH 1936 FEDERAL EESERVE BULLETIN 199 MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANES [Averages of dally figures. In millions of dollars] Eeserves held Borrowings at Federal Reserve banks Total Excess Federal Reserve district 1936 1935 1936 1935 1936 1935 January December November January December November January December November Boston 375.8 336.5 318.8 234.1 196.0 179.9 0.3 0.5 0.4 New York.. . 2,823.1 2,756.4 2,769.5 1,509.0 1,448.9 1,483.0 4.0 3.9 4.6 Philadelphia 294.3 266.3 268.6 149.3 124.1 128.7 .4 .5 .3 Cleveland 339.3 335.8 358.8 176.7 172.9 198.3 .006 .03 .03 Richmond 170.2 170.0 169.1 92.7 93.6 94.0 .1 .1 .1 Atlanta 111.6 108.3 109.1 48.9 45.9 48.9 .1 .1 .1 Chicago 793.9 880.4 880.0 412.3 502.9 504.7 .1 .2 .1 St. Louis 157.8 165.0 168.9 83.4 90.9 95.8 .007 .1 .03 Minneapolis 110.5 104.2 108.2 62,4 55.8 60.3 .1 .1 .1 Kansas City 175.8 171.8 171.0 95.5 89.6 88.1 .5 .6 .8 Dallas 128.4 119.5 116.5 71.1 62.4 59.4 .1 .1 .05 San Francisco 299.0 301.4 318.7 97.2 99.8 120.0 .03 .008 .1 Total 5,779.8 5,715.6 5,757.2 3,032.7 2,982.7 3,061.2 5.6 6.0 6.5 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) Net demand Time Net demand Time Federal fieserve district 1936 1935 1936 1935 1936 1935 1936 1935 Janu- Decem- Novem- Janu- Decem- Novem- Janu- Decem- Novem- Janu- Decem- Novemary ber ber ary ber ber ary ber ber ary ber ber N B e o w st Y on o . r . k .. ... 9 1 , ,2 8 9 6 1 2 9 1 , ,2 8 7 1 7 4 9 1 , ,2 6 5 3 6 3 1,6 5 1 7 7 7 1,6 5 1 7 9 5 1,6 5 5 8 2 0 1 7 8 6 1 1 7 8 8 3 1 8 8 5 9 4 1 5 2 9 7 4 1 5 2 7 5 4 1 5 2 9 6 Philadelphia 1,120 1,087 1,058 616 599 605 134 150 150 412 410 411 ^ R e c v h e m la o n n d d 1,2 6 3 1 1 4 1,2 5 4 9 2 9 1,2 5 1 8 6 3 9 32 7 4 1 9 3 4 2 2 1 9 32 4 2 9 1 9 2 4 3 1 1 2 0 4 5 1 1 2 0 2 5 2 1 4 6 9 9 2 1 4 6 7 7 2 1 4 6 4 7 Atlanta 516 511 488 270 270 271 77 79 78 73 72 71 £Ncago 2,830 2,796 2,774 1,096 1,073 1,070 160 164 164 195 191 189 ft; LouiS —- 581 572 560 263 262 264 112 123 124 94 93 93 Minneapolis.. 317 320 313 174 171 171 109 114 115 176 173 172 g^asCity 605 615 615 198 199 200 176 192 200 112 107 108 San Francisco 1,3 4 8 4 4 4 1,3 4 9 3 1 9 1,3 4 7 2 0 7 1,9 1 5 5 2 8 1,9 1 2 5 2 9 1,8 1 7 5 8 9 1 7 4 6 3 1 8 4 0 7 1 8 6 3 2 3 9 8 4 3 9 6 2 3 9 5 4 TotaL... 20,795 20,662 20,293 8,215 8,110 8,121 1,459 1,539 1,579 2.197 2,170 2,169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 201 MARCH 1936 ALL MEMBER BANKS—CONDITION ON DEC. 31, 1935, BY CLASSES OF BANKS [Amounts In thousands of dollars] Central reserve city me A m l b l er m na e t A m io l b l n e a r l A m l e l m St b a e t r e member banks m Re e c s m it e y r b - v e e r C m o e u m n b tr e y r banks banks banks banks banks New York Chicago ASSETS Loans (including overdrafts) 12,175,102 7,494,188 4,680,914 3,433,803 475,929 4,347,492 3,917,878 U. 8. Government direct obligations 10,600,527 6,545.407 3,955,120 3,424,619 1,060,647 4,075,572 1,939,689 Securities fully guaranteed by U. S, Government 1,767,864 1,255,397 512,467 400,511 88,300 655,791 623,262 Other securities 5,541,381 3,655,698 1,885,683 1,159,150 242,761 1,700,900 2,438,570 Total loans and Investments 39,984,874 18,950,690 11.034,184 8,418,083 1,867,637 10,779,755 8,919,399 Customers' liability on account of acceptances 179,071 89,077 89,994 134,752 6,707 34,629 2,983 Banking house, furniture and fixtures 991,684 645,977 345,707 240,905 24,905 337,198 388,676 Other real estate owned 366,979 183,110 183,869 31,414 8,007 147,944 179,614 Reserve with Federal Reserve banks 5,573,212 3,436,909 2,136,303 2,540,738 510,765 1,594,481 927,228 Cash in vault "" " 664,778 490,378 174,400 64,912 38,764 256,151 304,951 Balances with private banks and American branches" of* foreign banks 36,759 25,531 11,228 1,854 10,455 21,182 3,268 Demand balances with other domestic banks 3,621,009 2,798,052 822,957 109,360 197,970 1,701,823 1,611,856 Time balances with other domestic banks 118,111 94,521 23,590 28 1,050 56,427 60,606 Balances with banks in foreign countries 50,788 37,364 13,424 33,332 1,656 13.183 2,617 Due from own foreign branches 5,572 5,572 1,111 4,461 Cash items in process of collectiotT. IIIII-IIIIII.IIIIII— 2,254,755 1,244,353 *l,"6l6,"4O2" 1,133,206 ""135*270" 751,598 234,68i Cash items not in process of collection 15,972 12,036 3,936 1,706 653 7,990 5,623 Acceptances of other banks and bills sold with endorsement „_ 11,137 7,136 4,001 9,501 1,056 182 Securities borrowed!!" 791 547 244 160 80 551 other assets !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 246,543 151,927 94,616 58,304 39,079 87,539 61,621 Total assets 44,122,035 28,173,180 15,948,855 12,779,366 2,843,316 15,795,497 12,703,856 TV . a LIABILITIES Demand deposits; 18,035,082 10,893,787 7,141,295 6,479,327 1,301,023 6,000,997 4,253,735 844,041 583,248 260,793 224,194 98,261 384,623 136,963 2,139,464 1,667,199 472,265 707,315 901,001 Banks in United States...... 5,695,795 3,588,578 2,107,217 2,337,719 521,571 2,421,777 414,723 Tin n £ 2 d ? S I 5 * f ? t f F or d ? i o gn f fi c c o e u rs n ' t C ri h e e s c ks'etc !!!!„.!..!_.„ 4 88 4 1 3 , , 7 9 0 9 6 8 2 4 0 5 2 0 , , 4 1 1 6 3 2 4 2 3 4 1 1 , , 5 5 4 8 4 5 5 4 2 1 3 0 , , 5 0 8 1 8 2 2 4 6 , , 3 9 5 3 9 4 2 2 0 8 4 , , 2 1 4 2 4 7 127 1 , ,3 0 8 5 3 7 Individuals, partnerships, and corporations: r£irAnc?d by, !avil*gs passbooks 8,293,860 5,889,680 2,404,180 309,530 362,109 3,354,884 4,267,337 Certificates of deposit 8 5 1 4 5 8 , ,3 9 7 0 2 1 6 2 4 5 0 4 , , 2 4 3 4 1 2 2 1 9 7 3 5 , , 9 6 3 7 0 0 2 5 2 5 5 , ,1 4 5 0 4 2 2 1 9 8 , , 7 70 3 8 2 2 1 3 9 6 8 , , 9 0 8 1 1 3 5 5 4 6 3 , , 5 7 0 7 5 8 Open accounts \_ 21,503 12,014 9,489 610 2,782 6,543 11,568 lI savin8? savings and slm"iIar accounts!!!!!!!!!! 3 2 6 1 1 7 , ,5 3 6 4 4 6 3 1 0 8 8 6 , , 4 8 2 5 0 2 3 52 0 , , 9 7 2 1 6 2 1 2 2 , , 9 3 8 0 0 5 2 4 1 2 7 6 8 6 , , 5 0 3 0 3 0 1 8 3 3 6 , , 0 0 3 3 7 0 ^tor"™"!";;!!!; 150,775 121,942 28,833 56 50 134,294 16,375 .... 4,776 3,433 1,343 3,985 791 38,454,183 34,802,401 13,651,782 10,907,951 2,573,613 14,023,122 i0949497 !!!!-"!!!!-! 3,100,721 2,360,755 739,966 430,377 307,312 1,454,847 908,185 35,353,462 22,441,646 12,911,816 10,477,574 2,266,301 12,568,275 10,041,312 n «*« vestments... 5 8 1 , , 1 3 0 7 8 9 30 2, , 3 5 0 4 1 0 2 5 0 , , 8 8 0 3 7 9 5 4 1 , , 9 3 5 7 0 9 1,341 1,817 6,091 3,002 3,089 28 18 6,045 11,137 7,136 4,001 9,501 1,056 182 Acceptances of other banks and"bllb sold with"endo'rse" 173,204 84,603 88,601 131,081 6,776 33,162 2,185 24,367 13,066 11,301 16,950 317 6,066 1,034 791 547 244 160 80 551 "o e Wede<1 by °tber bank 68,607 42,711 25,896 16,973 8,518 28,158 14,958 i O C fu > t a a r h h s p p e id l r i r t u a e f l s ? i 2 l a e n b g tc i d g li ^ t ie ^ s* ^ " ^t u u t n i o ! t ! y : e : t ! P ! a ! y : & ! b ! l< ! > ! ! a " nd : ! a ; m !! o ! u ! n ! ts : ! s ! e ! t !! 2 1 , , 5 7 4 3 1 1 1 1 4 5 3 1 3 0 8 1 8 6 5 7 , , , , , , , 5 0 6 2 3 9 1 1 9 7 9 7 4 0 9 9 7 2 5 0 0 1,7 8 3 1 5 6 2 8 0 5 2 4 5 6 2 0 , , , , , , 6 3 0 9 1 6 4 7 6 6 4 8 7 3 3 5 1 3 8 7 1 1 1 2 7 1 6 8 1 5 4 5 5 3 5 5 5 , , , , , , , 5 8 3 9 9 4 1 3 3 3 6 4 1 0 6 6 6 5 5 2 0 6 6 1 1 2 4 1 5 7 1 2 5 2 6 0 1 3 0 , , , , , , , 5 6 6 2 2 3 6 5 7 5 0 8 3 8 1 2 0 4 0 1 0 1 2 4 3 3 1 4 2 4 1 6 2 , , , , , , 2 9 7 6 5 9 3 4 5 8 8 7 8 5 3 0 9 8 9 0 0 7 5 1 1 4 3 1 8 3 2 5 6 2 3 9 8 1 8 , , , , , , , 0 3 3 5 9 4 1 8 6 0 7 7 3 8 6 0 0 6 9 1 7 9 4 1 3 4 6 5 5 6 9 1 2 6 2 4 6 , , , , , , , 0 9 9 7 4 4 4 4 9 0 7 8 3 9 4 9 0 5 9 4 5 Mivldd^ofits^net 6,166 5,001 1,165 25 115 2,575 3,451 mJ?a9^::::::::: 44,122,035 28,173,180 15,948,855 12,779,366 2,843,316 15,795,497 12,703,856 ^/ capital noteTand 6,387 5,386 1,001 38 14 5,999 Total liabilities (Including capital account) Number of banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL EESERVE BULLETIN MASCH 1039 - REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES, BY DISTRICTS. AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District CUy 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 i a t n s y - D la a s l- F c S r is a a c n n o - Y N o ew rk C ca h g i o - Loan F s e a b n . d 5 investments total: 21,023 1,122 8,881 1,145 1,740 615 507 2,877 611 370 605 432 2,118 8,028 1,986 Feb. 12 21,0S2 1,137 8,924 U46 1,737 613 507 2,884 611 367 598 433 8,072 F F e e b b . . 1 2 9 6 2 2 1 1 , , 1 0 0 0 0 6 1 1 , , 1 1 4 4 9 2 8 8, , 8 9 9 4 6 3 1 1 , ,1 1 4 4 0 5 1 1 , ,7 7 4 3 4 8 6 6 1 0 5 3 5 5 0 0 7 2 2 2 , , 8 8 8 7 0 1 6 6 1 1 2 3 3 3 6 6 6 7 5 5 9 9 5 9 4 4 3 2 0 8 2,100 8 8 , , 0 0 9 4 4 8 1,880 Loans to brokers and dealers in F N e e b w . 5 York: 8SS 5 869 0 1 2 2 860 Feb. 12 90S 4 800 9 1 2 2 882 F F e e b b . . 2 1 6 9 8 9 9 0 8 9 5 5 8 8 9 7 0 9 9 9 1 2 2 o 8C6QO9 Loans to brokers and dealers ou F ts e i b d . e 5 N . ew York: 174 25 62 15 12 2 5 33 5 1 2 2 10 60 29 Feb. 12 175 24 63 15 13 2 5 33 4 2 2 2 10 61 Feb. 19 178 25 64 15 11 3 5 32 5 1 3 2 62 Feb. 26 171 24 64 14 11 2 5 30 5 1 3 2 10 61 Loans on securities to others (ex F c e e b p . t 5 b . a , nks): 2,064 148 881 147 216 68 47 212 62 31 44 40 168 731 147 Feb. 12 '2,054 148 881 147 215 67 47 '205 61 31 43 40 169 731 Feb. 19 2,057 148 887 147 213 67 47 203 61 31 43 40 170 738 UK Feb. 26 2,048 148 884 146 212 67 47 202 60 30 43 40 169 736 Acceptances and commercial paper bought: 353 45 166 22 3 7 5 30 11 10 27 2 25 162 15 Feb. 12 . 354 45 167 22 3 6 5 30 11 9 27 2 27 163 Feb. 19 351 45 164 22 3 7 5 30 11 9 26 2 27 160 Feb. 26 349 45 164 21 3 6 6 30 11 9 27 2 26 160 Loan F s e b o . n 5 real estate: 1,140 85 244 66 190 21 21 65 38 6 15 21 368 127 16 Feb. 12.... 1,138 86 243 66 189 21 21 65 38 5 15 21 368 127 Feb. 19 1,146 85 251 66 189 21 21 65 38 6 15 21 368 134 Feb. 26 U46 85 251 67 189 21 21 65 33 6 15 21 367 134 Loan F s e t b o . 5 banks: 70 3 34 3 5 1 10 7 £ 2 33 5 Feb. 12. 70 3 34 3 5 1 10 7 5 1 1 33 Feb. 19 69 4 34 3 5 1 9 7 5 1 33 Feb. 26 66 5 31 3 4 1 g 7 4 I 1 31 Othe F r e J b o . a 5 n . s: 3,288 283 1 242 168 177 102 133 353 105 121 129 122 353 1,102 25S Feb. 12.. . '3,296 286 1,241 168 178 102 132 '363 106 121 127 121 351 1,101 Feb. 19 3,281 288 1,235 167 183 101 131 360 105 120 124 120 347 1,095 255 Feb. 26 3,281 286 1 239 166 185 101 131 357 105 118 124 120 349 1,100 U. S. Government direct ob F li i g b a . t i 5 on .. s: .. 8,701 347 3,638 305 818 299 184 1 677 227 144 218 148 696 3,422 1,179 Feb. 12... 8,717 358 3,647 306 815 299 183 1 676 225 142 219 143 699 3,430 Feb. 19. 8,726 361 3 654 303 818 300 184 1 677 227 142 217 148 695 3,438 Feb. 26 8,690 369 3 647 302 812 289 180 1*674 231 145 220 145 676 3,431 Obligations fully guaranteed by U. S. Government: go F F e e b b . . 5 12 1 1 , , 1 1 7 9 9 7 1 1 9 8 4 4 5 65 0 1 1 1 13 3 7 71 1 4 4 2 2 3 39 7 1 1 4 45 5 5 53 8 1 14 4 4 4 4 3 4 5 9 0 1 1 3 3 7 9 4 4 2 3 0 4 art Feb. 19 1,197 18 466 115 71 41 39 143 57 14 44 49 140 436 Feb. 26 1,201 18 474 114 70 41 37 143 56 15 44 49 140 444 Othe F r e s b e . c 5 urities: 3,166 162 1,295 297 248 74 74 351 93 43 119 48 357 1,111 247 F F F e e e b b b . . . 2 1 1 6 9 2 3 3 3 , , , 1 1 1 8 5 7 6 6 3 1 1 1 6 6 6 4 3 5 1 1 1 , , , 2 2 2 9 9 6 3 8 3 2 2 2 9 9 9 8 8 7 2 2 2 4 5 5 2 1 8 7 7 7 6 5 4 7 7 7 4 5 4 3 3 3 5 6 6 0 0 6 1 1 10 0 0 0 1 1 4 4 4 3 3 3 1 1 11 1 1 7 6 5 4 4 4 8 8 8 3 3 3 5 5 6 9 0 9 1 1 1 , , , 1 1 0 1 1 8 0 6 2 2 25 5 4 5 Reserve with Federal Reserve bank: F F F e e e b b b . . . 5 1 1 2 9.. 4 4 4 , , , 7 8 7 4 2 7 1 5 2 3 3 2 2 9 1 2 7 3 2 2 2 , , , 5 5 5 4 9 7 2 3 6 2 1 1 0 9 9 8 6 4 2 2 2 5 6 5 9 4 7 1 1 1 1 2 1 4 1 4 7 6 6 1 8 9 6 6 6 7 6 7 0 5 5 1 1 1 2 2 2 4 5 1 8 7 0 9 1 1 1 1 1 1 7 9 5 7 7 8 8 6 1 1 1 1 8 8 8 2 5 7 2 2 2 , , , 4 4 4 8 9 1 7 8 8 5 4 5 0 9 0 5 5 4 Feb. 26. 4,788 292 2,595 207 271 116 73 661 113 77 114 80 189 2,533 Cash in vault: F F F F e e e e b b b b . . . . 2 5 1 1 6 9 2 . . . . . . 3 3 3 3 3 5 5 7 9 9 7 1 1 1 1 1 0 0 1 1 2 7 6 1 6 6 6 6 2 5 3 7 1 1 1 1 3 4 4 5 2 3 3 3 9 0 2 2 1 1 1 1 5 6 7 6 1 1 1 9 0 0 0 5 6 5 to 7 0 9 1 1 1 0 1 1 5 5 5 e 1 1 2 1 1 2 j 1 1 9 9 9 0 1 1 1 1 7 9 8 8 5 5 5 5 0 2 0 4 3 3 3 M 0 7 9 l Balances with domestic banks: F F F F e e e e b b b b . . . . 2 5 1 1 6 2 9 2 2 2 2 , , , , 3 3 3 3 3 0 3 6 4 6 2 8 1 1 1 1 3 3 3 3 6 0 2 1 1 1 1 1 7 7 7 7 7 5 4 3 1 1 1 1 6 7 7 6 4 0 0 1 2 2 2 2 1 0 2 1 7 5 1 8 1 1 1 1 3 3 4 3 3 7 7 3 1 1 1 1 5 5 5 6 7 5 9 3 3 3 3 3 9 7 9 8 2 9 0 3 1 1 1 1 2 3 2 3 4 8 6 3 9 9 9 9 3 8 9 7 3 3 3 3 1 0 1 1 6 3 9 1 1 1 1 1 8 8 3 8 6 6 5 5 2 2 2 2 4 3 3 3 9 7 0 8 8 8 8 7 1 0 0 7 1 1 1 1 6 6 6 6 7 5 7 3 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESEEVE BTTLLETIN 203 MARCH 1036 REPORTING MEMBER BANKS IN 101 LEADING CITIES-Continued ASSETS AND LIABILITIES, BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO—Con. [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 Ei o c n h d - la A n t t - a Chi- L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Y N o e r w k c C a h g i o - Other assets— Feb.6 1,327 82 539 84 110 37 41 111 17 24 28 469 77 Feb. 12 1,337 79 541 84 111 42 42 113 IS 24 28 230 472 80 Feb.19 1,333 81 541 85 110 39 41 112 17 25 28 230 471 78 Feb. 26 1,351 80 546 86 111 39 40 115 18 25 23 238 475 80 Demand deposits—adjusted: Feb. 5 „„ 13,991 933 6,428 767 947 373 293 2,087 260 443 320 766 5,935 1,435 Feb. 12 14,061 946 6,473 760 940 375 292 2,099 374 258 446 323 775 5,957 1,438 Feb. 19 14,112 942 6,494 765 967 371 293 2,090 380 257 449 326 778 6,028 1,431 Feb. 26 I.I/"" 14,090 962 6,471 782 967 375 293 2,072 376 255 449 323 765 6,020 1,418 Time deposits: Feb.T 4,892 301 940 259 193 169 757 172 121 145 119 1,020 637 414 Feb. 12 1 4,889 302 935 258 195 170 758 172 121 145 119 1,017 532 414 Feb.19 4,889 301 940 260 195 170 759 172 121 145 119 1,013 537 414 „ Feb. 26 " 4,900 300 945 194 169 760 173 121 144 119 1,021 542 413 U. S. Government deposits: Feb. 5.._.„„„. 10 186 27 30 117 7 14 93 161 01 Feb. 12 __.„„ 647 8 166 25 28 109 13 21 87 144 85 Feb.19 524 8 157 24 27 106 6 7 12 21 84 137 82 Feb. 26 " 510 7 161 24 27 103 4 7 12 21 83 131 80 Interbank deposits, domestic: Feb. 5 „ 5,651 2,408 303 212 199 766 254 120 191 251 2,340 568 Feb. 12 I 5,615 251 2,387 307 317 210 202 756 254 120 370 188 253 2,320 564 Feb. 19 6,659 249 2,413 210 204 774 252 118 369 136 253 2,345 579 r Feb. 26 IIIIIII" 5,662 2,403 212 207 784 255 119 370 187 255 2,339 530 Frtft deposits' forei&n 409 330 1 5 1 10 379 4 Feb.' i2";ii::ii:i;:;-" 402 374 1 5 1 10 373 4 _ F F e e b b . . 2 1 6 9 ;;;;; 397 3 3 6 6 3 5 1 1 5 5 1 1 1 1 0 1 367 4 4 Borrowings: Feb.!.. 2 jab. 12—:::::•;•; 2 Feb. 19 2 Feb. 26.../ 2 Other liabilities: Jeb.5 790 24 313 17 12 37 339 301 34 Feb. 12 23 313 18 12 336 305 33 Feb. 19 24 323 18 12 331 315 33 „ Feb. 26.... 820 24 340 18 13 328 327 34 Capital account *eb. 5 3,503 230 1,593 224 329 338 317 1,462 225 £eb.l2../IH 3 3 , , 5 5 0 0 7 4 2 2 3 3 0 0 1 1 , , 5 59 9 5 4 2 2 2 2 3 3 3 3 2 2 9 9 3 3 1 1 7 3 1 1 , , 4 4 6 6 4 3 2 22 2 5 5 Feb.19... 3,504 230 1,595 223 330 334 319 1,464 221 Feb.26... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 FEDERAL RESERVE BULLETIN MARCH 1936 OTHER BANKING AND FINANCIAL STATISTICS PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Unas* sorted to Total in Treasury End of month circu- $1 $5 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 and lation * Federal Reserve banks' 1934—November. 5,102 422 776 1,300 1,332 337 571 111 214 December. 5,084 423 771 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,(M8 410 754 1,285 1,309 341 578 113 221 6 9 April 5,023 411 749 1,266 1,300 340 580 116 230 5 S May 5,087 420 760 1,290 1,309 343 588 115 225 6 11 Jane 5,114 419 760 1,296 1,309 349 598 116 225 6 5 July 5,063 415 755 1,273 1,289 344 596 116 231 7 4 August 5,172 424 778 1,324 1,313 347 598 116 233 7 11 September, 5,220 433 788 1,334 1,321 349 603 118 232 7 12 October... 5,245 435 787 1,337 1,329 354 610 119 233 7 11 November. 5,374 448 815 1,380 1,354 356 617 120 234 7 5 December. 5,404 460 815 1,373 1,359 358 627 122 7 6 193fl—January... 5,272 434 782 1,333 1,332 355 627 122 240 » 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 figure*-8& Annual Report for 1934 (table 50). SHIPMENTS AND RECEIPTS OF UNITED BANK DEBITS STATES PAPER CURRENCY [Debits to individual accounts. Amounts in millions of dollars] BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] 1936 1935 Number 1935 1936 of centers January De b c e e r m- January Month Ship- Re- Ship- Ret m o ro e E p n e u ts - E c u f e r r o i o p m p ts e N ce e i t p r t e s - t m o ro e E p n e u ts - E c u f e r r o i o p m p ts e N ce e i t p r t e s - 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 1 17 7 , , 4 9 9 2 9 5 1 1 7 8 , , 6 6 8 8 4 9 1 1 4 4 , , 9 9 9 8 7 3 Federal Reserve districts: Boston . 11 2,039 2,005 t1,6s26 January 81 3,705 3,624 748 2,743 1,995 New York. 18,545 18,337 February 173 1,502 1,329 13 3,317 3,304 Philadelphia 10 1,667 1,687 ••a March™ 167 2,026 1,859 Cleveland 13 1,732 1,900 April 373 1,465 1,092 Richmond 627 665 May 1,0 1 1 9 2 1 1 1 , , 6 4 1 5 2 1 1,2 6 6 0 0 0 A Ch tl i a c n ag ta o 2 1 1 5 4,4 8 8 0 3 1 5,1 8 1 4 5 1 3iS77149 July 286 2,261 1,975 St. Louis 5 880 918 75S S A e u p g t u em st ber 2 7 8 2 2 1 2 1, , 1 2 5 8 7 9 2,0 4 0 3 7 6 M Ka i n n s n a e s a C po it l y is... 1 9 5 9 5 9 3 2 2 1,0 6 2 0 1 2 4 8 7 4 4 7 N De o c v e e m m b b e e r r . 4 2 , , 2 5 6 3 0 0 6 3 3 8 8 7 5 6 8 1 4 2 M 1-3 , , 6 4 2 7 2 4 2 8 1 D Sa a n l la F s rancisco 1 1 0 8 2,5 6 1 0 6 9 2,6 6 4 4 0 1 '1,9 4 9 S 1 S Total 10,628 19,965 9,337 Total 141 35,424 36,373 '29,9SQ r 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 1935, p. 61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MiRCH 1936 FEDERAL RESEBVE BULLETIN 205 BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1935 AND JANUARY-FEBRUARY 1936 [Preliminary figures! Licensed banks suspended l Nonlicensed banks placed in liquidation or receivership * Number of banks De sa p n o d s s i t o s f ' d (i o n l la th rs o ) u* Number of banks De s p an o d si s t s o * f d (i o n l la t r h s o ) u- January- January- January- January- Year 1935 February Year 1935 February Year 1935 February Year 1935 February 1936 1936 1936 1936 National banks 4 5,313 4 6,499 State bank members <6 «8,613 Nonmember insured banks 22 6 3,847 1,296 Other nonmember banks 8 998 48 9 14,306 16,614 Total 34 6 10,158 1,296 58 9 29,418 16,614 »Includes banks placed on a restricted basis. • Includes nonlicensed banks absorbed or succeeded by other banks. 1 Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call <iates 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.—Bee Annual Beport for 1934 (tables 79-84). POSTAL SAVINGS SYSTEM MATURITY DISTRIBUTION OP BILLS AND SECURITIES HELD BY RESERVE BANKS [In millions of dollars] [In thousands of dollars] Assets With- 26 to 31 to 60 61 to 90 Over 6 U. S. Government Total i d n a y 1 s 5 d 3 ay 0 s days days mos. months Depos- securities End of month a i b t n o a c l r - e s s ' Total i C n a d s e h - Total o r D e b i c l - i t - G o t a e u b n e l a * d i r - - C f s e u e r a t e n c r s - v . d h * e s , , B c i o l F F F u l e s e e n b b b t . . . e d 5 d 1 1 : 9 2 is . . - . . . . . . 9 8 6 , , , 6 0 5 1 1 8 8 8 7 7 5 4 , , , 4 8 5 1 8 3 3 0 1 7 1 1 6 3 3 9 7 2 1 1 , , 4 6 7 9 8 8 5 3 7 4 3 5 4 1 7 1 1 8 2 0 7 9 3 1 4 5 0 tions ti g o a n - s Bills F b e o b. u g 2 h 6 t . I . n .. 6,932 4,973 1,204 541 121 6 open market: 1934— D N ec o e v m em b b e e r. r " . .!! 1 1 , , 2 2 0 0 4 7 1 1 , , 2 2 3 3 7 6 6 5 4 5 0 1 5 59 8 7 1 4 4 6 6 7 7 1 11 3 4 0 1 1 0 0 4 0 F F F e e e b b b . . . 5 1 1 2 9. . . . . . . . 4 4 4 , , , 6 6 6 7 7 7 1 4 3 1, 4 7 1 1 9 4 5 0 2 7 4 7 8 5 0 2 9 3 1,9 8 6 4 4 5 7 8 1 2 2 , , 6 8 8 2 2 3 2 6 3 1935-January 1,201 1,232 509 614 467 147 109 Feb. 26. 4,673 1,452 2,004 714 503 * ebruary. 1,205 1,237 491 633 467 166 113 Industrial ad- J J M M A u u p a n l a r y r e y i c . L . . h . . . . . .: " 1 1 1 1 1 , , , , , 2 2 2 2 1 0 0 0 0 8 5 3 5 0 9 1 1 1 1 1 , , , , , 2 2 2 2 2 3 3 3 3 2 2 7 6 1 1 4 4 3 4 3 5 6 7 1 8 2 4 8 2 5 6 6 7 7 7 9 7 8 7 0 1 7 5 7 9 5 6 5 6 5 3 6 3 3 0 0 2 9 0 8 1 1 1 1 1 4 4 8 4 4 6 7 3 7 7 1 8 6 9 7 1 0 3 4 4 6 va F F F F n e e e e c b b b b e . . . . s : 5 2 1 1 6 9 2 . . . . . .. . . . . . 3 3 3 3 1 1 1 1 , , , , 9 8 7 8 0 6 7 6 1 5 3 8 1 1 1 1 , , , , 6 6 8 8 9 1 4 3 2 8 0 3 5 4 2 2 7 0 4 5 9 1 5 0 7 7 6 6 0 1 2 3 4 8 6 5 3 4 4 7 3 5 8 5 9 1 1 1 1 , , , , 6 6 7 6 5 0 7 8 8 0 8 1 2 2 2 2 6 6 7 6 , , , , 9 9 0 9 8 4 3 4 1 5 5 7 August 1,192 1,224 348 780 633 147 96 U. S. Govern- September.;: 1,192 1,224 319 805 658 147 100 ment securi- N O o c v to em be b r e .. r . '1 1 , , 1 1 9 9 9 6 1,230 306 824 677 147 100 tie F s e : b. 5 2,430,292 36,013 35,630 90,969 181,122 322,077 1,764,481 •December."^ *l,201 Feb. 12.... 2,430,241 31,025 39,295 72,129 188,821 318,485 1,780,486 Feb. 19.... 2,430,240 35,630 45,730175,526 46,816 316,4591,81a 079 I036—January..%.fc '1,208 Feb. 26.... 2,430,245 39,295 43,850170,017 48,816 318,8351,809,432 Other securi- • " P o i n J a m t s P t a r e i e n r e l s i ^ / m d S i l n t S T ar S S y L . ^ on S J P b " o ^ n ^ < 1 S 3 ^ ? w v ^ e i w t s h t l m t P h o e t s n h t t e m s, a T a s r t n e e d a r s s a u , c r 5 c e - o r p u e o n r f c t s e t n h d t e u r e U e s f n r e i o r t m v e e d l f a S u t n t e a d t p e o a s s n , t d - tie F F F F s e e e e : b b b b . . . . 5 2 1 1 6 9 2 . . . . . . . . . . . . 1 1 1 1 8 8 8 8 1 1 1 1 1 1 1 1 8 8 8 8 1 1 1 1 .-See BULLETIN for August 1935, p. 602. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN MABCH 193ft WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926-100] Other commodities All Farm Year, month, or week m c t o o i m e d s l - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c r n ts d p T ro e d xt u i c le ts m F li u a g e t h e l t r i a i n a n g l d s a p n M r d o e d m t u a e c l t s t a s l) , m Bu at i e ld ri i a n l g s c C a d h l r s e u a m g n s i d - in f H u g r o g n u o i s s o e h d - - s l M an is e c o e u l s - 1929 05.3 104.9 99.0 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1 1 9 9 3 3 0 1 8 7 6 6 4 3 . . . 4 8 0 8 4 6 8 8 4 . . . 2 8 3 9 7 6 0 4 L . . 0 6 6 8 7 7 5 5 0 . . . 2 0 2 1 8 7 0 2 6 0 . . . 9 1 0 8 6 5 0 4 6 . . . 9 3 3 6 7 7 7 8 0 . . . 5 5 3 8 8 9 0 4 2 . . . 2 5 1 8 7 7 9 1 9 . . . 9 4 2 8 7 7 9 9 3 . . . 3 1 5 8 9 7 4 2 5 . . . 9 7 1 7 6 64 7 9 . . . 4 7 8 1932 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.fi 1933 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 69.7 1934 80.0 78,8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1935 1935—January 78.8 77.6 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 February 79.5 79.1 82.7 77.4 86.0 70.1 72.5 85.8 85.0 80.4 80.7 7G.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 83.9 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 SO. 5 67.1 October SO. 5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80.6 67.5 Novembor 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 1935—January 80.6 78.2 83.5 78.8 97.1 71.7 75.1 86.7 85.7 80.6 81.4 67.8 Week ending— 1935—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.fi 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 80.9 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 76.4 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 Feb. 1 80.5 79.6 83.2 79.1 97.5 70.9 77.1 86.0 85.4 80.5 82.3 67.9 F F F F e e e e b b b b . . . .2 2 8 1 1 9 5 .__ 8 8 8 7 0 0 0 9 . . . . 4 6 9 8 7 8 7 7 9 1 8 9 . . . . 4 4 6 9 8 8 8 8 2 2 4 4 . . . . 9 2 0 3 7 7 7 7 9 9 9 9 . . . . 0 1 0 1 9 9 9 9 7 7 6 6 . . . . 0 1 5 2 7 7 7 7 0 0 0 0 . . . . 6 7 5 3 7 7 7 7 6 7 7 7 . . . . 9 4 2 2 8 8 8 8 6 5 6 5 . . . . 9 0 0 9 8 8 8 8 5 5 5 5 . . . . 2 3 2 2 8 7 7 7 0 9 9 9 . . . . 2 9 9 7 8 8 8 8 2 2 2 2 . . . . 8 8 8 8 6 6 6 6 7 3 8 8 . . . . 9 0 0 2 1935 1936 1935 1936 Subgroups Subgroups Jan. Oct. Nov. Dec. Jan. Jan. Oct.Nov. Dec. Jan. FARM G ra P i R n O s DUCTS: 8S.S 86.4 77.9 76.6 78.9 MET A A g L r S i c A u N lt D u r M al E i T m A p L l e P m R e O n D ts UCTS: 92.7 93.7 94.6 94.6 04,6 FOO L D O i S t v : h e e s r t o fa c r k m a n p d r o p d o u u c l t t s ry ,. 7 76 3 . . 6 3 8 7 6 0 . . 6 3 8 7 3 3 . . 1 5 8 7 7 2 . . 4 8 8 7 9 0. . 8 1 I N M r o o o n n t f o e a r r n r v d o e u h st s i e c m e l l e e s tals 8 9 6 5 4 7 . . . 7 6 1 8 9 7 6 2 0 . . . 9 9 9 8 9 7 7 3 1 . . . 0 8 3 8 9 7 6 3 0 . . . 9 6 6 8 9 0 3 7 9 . . . J 7 1 HIDE B H O B M F C S o i r u t e e d h u o A r t a e e e t i t N s t e s t r a s s D r l a a f , a o p n n c L n o d r d h d o d E e s s d s A v e h k u T s e o i c e H g n e t , s e s s E a t R a n b d P l e m R - - s O il D k UCTS: 8 9 8 7 9 6 7 3 1 1 6 7 2 1 . . . . . . . 5 6 6 2 1 8 1 7 9 9 8 9 9 5 6 8 2 1 8 7 9 . . . . . . . 9 9 9 2 8 1 1 9 8 9 8 9 9 6 7 6 9 4 0 3 L . . . . . . 1 2 0 6 3 8 2 1 8 9 9 7 9 6 0 3 7 7 7 6 3 0 . . . . . . . 7 2 5 5 7 5 1 1 1 8 9 6 9 7 0 0 4 2 2 4 5 0 0 . . . . . . . 2 1 2 9 5 5 5 BUIL B L C P P S O D t r a l u e t I r u i h i m N m u c n m e G k c t e r b t b n a u m e b M i t n r r n u a a d A . g i t . l l - T e d t a s r E i i t n i l n R e e a d e g l I s l A h m L e S a a - : t t i e n r g i . a . l • s — .. — • 9 9 7 7 6 9 9 1 3 9 9 8 2 0 . . . . . . . 9 1 9 0 0 0 3 8 9 8 8 9 9 7 5 8 1 2 2 0 1 . . . . . . . 5 9 3 0 0 5 1 8 9 8 8 7 9 9 8 1 5 0 2 0 1 . . . . . . . 3 8 5 3 0 6 1 8 9 8 8 9 9 7 8 5 1 0 2 0 1 . . . . . . . 9 5 5 0 0 0 1 8 9 8 7 7 9 9 5 8 2 1 2 9 0 . . . . . . . f 4 2 7 0 6 2 i TEXT C C L O I l o e t L o h t a E t t t e h o h r n i P e n l B r e g g O a o t D o h U d e s r C T p S r : oducts 8 7 8 7 8 4 5 4 . . . . 4 1 0 3 8 8 8 8 5 0 4 6 . . . . 0 8 5 6 8 8 8 8 5 0 6 8 . . . . 8 7 3 1 8 8 8 8 1 6 7 7 . . . . 0 0 6 1 9 8 8 8 0 5 0 7 . . . . 4 3 8 3 CHE D M F M C e r h I i r C u x e t A m e g il d L s i i S z c a f e a e n r A l r d s N t m i D P li a z h t e D e a r r r R s i m U al a G s c S e : uticals 8 7 6 7 4 3 3 6 . . . . 5 3 1 5 8 7 6 6 8 4 7 7 . . . . 3 2 2 9 8 7 6 6 8 4 7 7 . . . . 4 7 6 5 8 7 6 6 7 4 7 4 . . . . 7 7 7 5 8 7 6 6 7 4 4 8 . . . . 6 4 0 8 FUE A B E C L W S K O l i i o n t n e l o A t k k h t u c i o N h e t e t m l a D r r r e g a n i i n t o c d c n L e o i i a o x I t t r d y G n e u t a s i d s H y l e T o c w n I p o N o a r G r o l s d t u e M d c A ts g T o E o R d I s ALS: 9 8 8 8 7 6 2 6 6 9 6 2 3 8 8 3 . . . . . . . . 4 9 3 3 8 6 8 5 9 8 8 8 3 7 6 6 8 8 6 2 8 5 9 3 . . . . . . . . 0 8 3 5 2 3 1 1 8 8 8 9 8 6 3 6 6 3 8 0 8 5 8 3 . . . . . . . . 2 0 9 7 5 0 5 2 8 9 8 9 8 6 3 6 2 8 9 3 1 3 8 2 . , . . . . . . 9 7 6 1 0 7 1 2 8 9 9 3 8 6 6 8 2 2 1 7 3 1 . . . . . . . 7 7 3 4 8 5 8 H M O IS U C A F C P R F O S E E a u u u a u t L p h F r r t t b L o t n e U n e b l A r r i e i R t e s t N i m a N u r h f r E , e n r I i e i e n O S e d c s s d H c g r U a e p u s I S n l N u d : l d G a e l p n t e u G o b O u e O s s DS: . *. 1. 8 7 4 8 8 1 2 1 4 7 1 0 8 6 6 . . . . . . 3 5 5 . 4 2 5 2 8 7 4 7 7 2 8 4 6 5 6 1 0 9 . . . . . . . 2 9 0 0 6 2 7 8 7 4 6 7 2 8 4 5 7 9 0 9 7 . . . . . . . 2 0 1 4 2 1 1 8 7 4 7 8 7 2 4 5 0 7 0 7 9 . . . . . . . 7 0 8 2 1 2 2 8 8 7 4 7 2 6 < 4 7 5 9 9 8 . . . . . . U 8 9 0 8 8 6 Gas 87.6 89.0 86.6 89.3 Petroleum products 48.8 50.1 52.5 52.8 54.4 Back figu.re8.-~For monthly and annual Indexes of groups, see Annual Report for 1934 (table 100); 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

MAKHlSM FEDEBAIJ KESEBVB BTTLIJETIN 207 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average-100] 1935 1936 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Deo. Jan. Manufactures—Total .„. . 90 88 86 86 84 84 86 '89 01 95 08 104 »93 lEON AND STXEL. so 80 72 67 66 66 69 81 84 83 96 103 89 Pig iron 49 57 55 53 56 53 53 60 62 65 69 71 67 Steel ingots. 83 S3 73 69 67 67 70 S3 86 90 99 106 88 TEXTILES- 103 100 08 98 102 100 105 104 106 113 106 111 105 Cotton consumption 93 95 90 84 85 82 82 85 95 99 93 108 106 Wool... 102 97 05 110 124 122 128 132 112 126 118 '114 107 Consumption .. 116 97 102 131 153 148 156 160 127 146 134 125 117 Machinery activity * '108 116 99 92 99 107 108 110 108 121 118 122 114 Carpet and rug loom activity». 52 65 71 80 80 71 76 83 74 78 72 '66 66 Silk deliveries 119 122 135 117 111 116 133 113 134 132 112 119 03 FOOD PBODUCTS 02 81 77 80 78 74 74 76 78 S3 82 S3 92 Slaughtering and meat packing 83 76 73 77 74 67 69 76 76 82 79 80 84 Hogs 54 56 61 53 54 44 46 50 50 57 54 54 61 Cattle 120 101 98 96 94 92 93 107 107 111 107 110 m Calves 132 109 112 113 108 106 115 119 124 117 118 126 120 Sheep 133 131 151 157 161 151 154 159 144 154 143 145 152 Wheat flour. ""I 86 90 88 88 83 91 80 73 82 88 86 84 91 Sugar meltings.. . 136 86 75 80 88 75 83 78 81 78 86 92 124 PAPJKB AND PRINTING: Newsprint production 61 61 59 £9 64 63 60 53 62 61 64 63 60 Newspaper consumption 121 122 123 119 121 124 118 120 127 124 125 133 134 TRANSPORTATION EQUIPMENT- Automobiles.. 104 103 106 110 86 100 95 78 71 94 115 126 111 I 8 8 9 14 Shipbuilding. 27 68 39 91 56 21 15 35' 64 48 119 179 LlAKig^.f.E0DUCI8 '108 '110 '110 '115 '114 '104 '109 '105 '104 '105 109 124 »11S C C a a t l t f l a e n h d i t d k e ip l n ea e t a h t p h r e * r s " 9 9 7 6 9 9 7 1 9 9 9 1 6 0 9 9 8 7 3 8 1 9 8 0 8 7 0 1 9 9 0 0 7 4 0 3 8 5 8 6 9 9 7 3 1 7 9 9 8 0 4 3 9 9 7 7 3 4 1 1 8 0 0 4 5 6 1 1 9 0 0 5 4 3 toJSEssga? 1 ™- '1 1 1 0 6 5 '1 1 1 1 9 2 '1 1 1 1 9 2 ' 1 12 2 6 0 '1 1 2 1 3 9 '1 1 0 0 9 6 '1 1 1 2 8 1 '1 1 1 1 3 4 '1 1 1 1 0 5 '1 1 1 1 0 9 1 H 2 I 4 1 1 1 3 8 7 "Vl27 1 4 7 2 4 1 4 6 5 6 1 4 8 7 3 1 5 8 1 5 1 5 5 5 5 58 52 44 47 f Q 5 « 2 > O 5 rtr 9 t O 5 AQ 9 2 4 2 7 5 NOHFERROUS METALS:» Tin deliveries i... 78 73 81 97 84 73 85 91 02 92 SO 81 103 ^^M P A et N ro U le P u A m C ^ T r T en T n E in E g D: 151 155 153 153 160 166 168 169 172 176 176 173 169 uasoline K 191 196 191 194 204 214 220 219 223 227 225 220 214 Kerosene ;.; 99 105 108 91 94 99 91 93 92 95 94 36 94 rC o . k L F e u , u b b el y r p o i i r c l o a d i t . u M in ct g^ui;;:i:;;;ri 9 9 S 1 9 3 1 9 0 0 5 4 2 1 9 9 0 0 4 1 1 9 8 0 6 7 0 1 1 8 0 0 9 0 4 1 8 9 0 7 7 5 1 9 3 0 2 4 0 1 1 9 0 0 1 0 3 1 1 9 0 1 5 2 0 1 1 9 0 1 7 3 0 1 1 1 0 0 1 6 0 5 1 1 1 0 0 2 4 6 1 1 10 9 2 4 6 1 RtrrS;TlREa AND T^BES 115 101 93 83 75 79 83 92 102 104 133 142 £ires, pneumatic " 1 8 1 2 9 1 7 0 6 4 9 6 6 3 9 6 1 6 5 7 6 8 8 5 2 5 6 8 0 6 0 6 6 2 1 8 0 0 5 1 8 0 4 6 1 1 3 0 7 2 1 10 4 4 7 **ggytaww_ 1 7 3 2 6 1 6 3 9 3 1 6 3 7 0 1 6 3 7 8 1 6 3 6 4 1 6 3 7 8 1 7 4 0 0 13 6 0 7 12 6 9 9 1 7 3 0 8 1 6 3 9 7 1 7 4 3 7 1 7 4 3 3 Cigarettes... * 186 183 180 193 186 193 196 178 175 190 191 205 208 Minerals—Total 94 96 97 87 89 98 84 81 87 93 92 101 103 B ^ s ? A ^ t i n ^ o tu ; t c e h m ; u : r : i a : n i : c n o : i u : t , e c : s I ^ : r c i : o u r : a . d : l : e : : : i : i : i : i: : i : : : i : i : : i : ; : ; ; : : ; : : : ; : :: : ; ; : : ; : ; : : ; ; : : ; :: :; 1 4 5 7 7 7 3 8 0 4 0 6 1 1 3 6 5 6 3 7 1 7 0 5 2 3 1 8 5 7 5 5 3 7 4 4 5 0 2 1 6 6 7 5 4 3 0 9 5 3 9 0 1 6 7 6 5 7 3 5 9 1 3 3 3 1 1 1 9 7 5 7 3 5 4 7 0 3 0 3 5 7 1 5 6 5 S 3 5 7 5 2 0 4 9 3 O 1 5 3 5 8 6 3 5 3 6 4 1 0 3 9 1 5 6 8 6 3 5 7 3 5 4 2 5 9 1 1 4 7 6 8 4 6 7 3 4 2 0 0 3 5 1 7 4 4 8 6 4 6 1 4 3 2 7 4 3 1 7 7 8 4 7 6 1 7 4 6 0 3 1 8 7 8 6 8 4 0 0 4 3 2 8 Justment. »Includes also lead and zinc; see "Minerals." * Preliminary. ' Revised. rffi? description see BULLETINS Tor February ana Marcn iwti. HOT latest revisiuua MO«^» ""VXT ™™r"Vnr~wrrt pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, ical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN MABCB 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1935 1936 Industry Jan. I Feb. | Mar. | Apr. | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. Jan. Manufactured—Total., '88 91 91 91 87 84 83 87 96 98 90 '95 IRON AND STEEL.. 77 84 81 74 72 79 83 85 90 83 Pig iron 49 58 58 56 57 53 58 60 65 70 69 67 Steel ingots... 80 87 83 76 73 67 81 85 87 91 92 85 TEXTILES 108 105 100 100 101 95 97 99 106 116 111 105 110 Cotton consumption '103 101 94 90 88 79 75 77 92 102 101 100 111 Wool 104 101 96 108 117 114 119 126 115 134 124 114 108 Consumption 119 105 104 127 141 133 139 149 133 161 146 126 120 Machinery activity.. «.. '110 116 99 92 107 108 110 108 121 118 122 114 Carpet and rug loom activity. 52 65 71 80 71 76 83 74 78 72 '66 66 Silk deliveries 136 130 130 116 110 103 126 117 141 132 116 106 112 FOOD PRODUCTS .. 91 79 75 76 78 73 74 74 81 86 82 Slaughtering and meat packing 94 75 69 69 72 66 66 74 84 87 91 Hogs 72 62 51 52 52 45 41 37 49 60 71 81 Cattle 121 89 86 85 91 86 92 104 119 129 123 115 112 S C h a e lv ep es 1 1 3 2 4 3 1 1 0 2 1 3 1 1 1 3 4 7 1 1 2 4 3 8 1 1 5 2 8 2 1 14 1 7 0 1 1 1 5 1 4 1 1 6 0 0 9 1 1 1 6 9 8 1 1 7 2 0 3 1 14 2 6 0 1 14 2 2 0 1 15 1 4 2 Wheat flour 84 87 83 80 78 80 77 78 97 99 93 81 Sugar meltings 84 93 99 102 88 86 74 67 52 ER AND PRINTING: N N e e w w s s p p r r i i n n t t c p o ro n d s u u c m ti p o t n ion. 1 6 1 2 6 12 6 1 1 1 5 2 9 8 127 1 6 2 5 4 12 6 3 4 1 5 0 8 5 1 5 0 6 7 125 1 6 3 1 2 13 6 4 3 137 11 6 9 1 TRANSPORTATION EQUIPMENT: A S L h o u i c t p o o b m m u o o il b t d i i v i l n e e g s s 1 7 9 1 4 1 8 8 1 13 8 0 1 8 4 8 8 1 1 7 0 1 1 S 3 1 2 1 1 7 4 0 1 2 0 3 2 0 5 2 1 6 2 4 9 1 3 7 5 8 1 1 1 2 0 4 5 5 1 13 2 8 6 108 LEA B T T H o an o ER n t C Q C s i a a o n a A l t a g f n t N t l d a e D a n s h n d h P i d R o d k e O e k i s p D i l d e U l a e C l t e a h T a t e S h t r h s e e r r s s .. . , . ' ' 1 1 1 0 0 8 9 9 0 5 0 0 2 4 0 ' ' 1 1 1 1 1 2 1 8 1 0 0 0 2 4 6 0 0 ' ' 1 1 1 2 1 9 8 9 1 5 3 2 0 4 5 ' '1 1 1 2 1 7 1 3 2 9 9 • ' • 1 1 1 1 0 8 9 1 9 2 5 3 3 0 5 ' ' 1 1 1 1 0 0 8 0 9 0 4 0 9 0 5 6 ' ' 1 1 1 1 1 0 1 9 8 0 5 7 3 5 6 0 ' ' 1 1 1 1 3 9 9 1 9 6 0 0 3 1 5 ' ' 1 1 1 1 2 3 9 2 9 0 0 2 6 1 4 0 ' ' 1 1 1 1 1 2 1 8 2 0 0 3 5 7 4 1 3 1 1 1 1 1 8 0 0 0 2 0 0 5 3 4 2 5 1 1 1 1 1 8 0 2 0 0 0 1 8 7 5 2 0 p 116 CEMENT AND GLASS: G Ce la m ss e , n p t late , 1 2 5 5 5 17 2 9 7 1 3 9 4 9 20 5 5 0 1 6 6 5 9 1 7 6 1 5 1 6 6 3 8 16 5 9 7 181 193 1 5 9 8 2 2 4 0 6 2 2 2 0 9 1 NONPERROUS METALS: * Tin deliveries 78 73 81 97 84 73 85 92 92 80 103 FUELS, MANUFACTURED: C Pe o t k r L K F e G o , l u u e a e b e b r s u o y l o r m s i p l o c i e r n i a n o l r e t e e d in f u i g c n t i o n i g l. . . . . . . . 1 1 1 9 5 9 9 0 1 1 9 1 1 1 1 1 1 9 5 9 0 0 4 6 6 7 2 1 1 1 1 9 9 0 9 5 0 4 2 1 1 3 5 1 1 1 8 9 9 5 9 0 7 0 6 3 4 0 2 1 1 1 9 0 0 6 0 0 4 0 0 4 2 1 1 9 9 8 1 0 6 2 7 5 4 5 6 2 1 1 9 8 8 0 6 2 2 1 5 0 7 0 1 2 1 1 8 8 0 1 0 6 8 8 0 9 3 9 2 1 1 1 2 9 9 7 0 1 3 3 4 3 2 0 2 1 1 1 1 9 0 1 2 7 0 7 3 0 7 6 0 1 2 1 1 1 1 2 1 7 0 0 0 5 5 6 1 6 2 1 2 1 1 1 7 0 2 2 0 9 4 4 1 0 7 3 1 2 1 1 1 7 2 0 9 9 4 0 1 5 6 6 RUB I T B n i E n r R e e s r , T t p I u R n b E e e S u s m AN a D ti c TUBES.. 1 1 0 7 1 6 5 0 1 1 8 1 1 0 4 0 1 10 0 7 5 2 4 1 1 0 7 0 3 5 7 9 6 9 6 8 9 9 9 6 9 5 5 5 8 8 7 1 4 9 9 1 4 9 9 8 7 9 0 9 9 7 1 3 6 10 7 3 5 10 9 7 2 9 5 TOBA C C C i ig g C a a O r r s e P tt R e O s DUCTS. 1 1 5 2 8 5 8 2 1 1 2 6 6 1 0 6 1 17 2 6 1 4 1 1 1 6 7 2 3 5 7 1 1 6 3 8 8 6 8 1 21 5 7 2 0 3 2 1 1 7 5 5 3 2 1 1 7 3 9 0 9 2 1 1 4 9 7 3 3 9 2 1 0 4 8 0 8 5 140 11 5 9 5 2 1 0 4 5 4 1 6, Minerals—Total.. 91 92 90 79 88 97 84 85 92 100 95 Bituminous coal.. I P A r n e o t t n h r r o o a l r c e e i u t m e , crude- 1 8 2 2 6 1 8 2 7 5 9 2 1 8 4 3 7 5 0 1 5 3 7 1 0 2 13 6 7 2 0 1 1 8 3 7 5 6 1 1 5 5 3 1 0 7 1 3 5 3 6 7 6 1 6 6 3 1 5 9 1 8 6 4 2 2 1 1 8 4 5 0 3 0 142 14 7 2 5 Zinc. 80 105 102 109 119 105 37 Lead 73 76 75 75 79 78 82 Silver....... 62 56 57 57 56 70 70 50 46 62 74 73 1 Includes also lead and zinc; see ''Minerals/1 Preliminary. * Revised. wood pulp, chen.ical Wood pu>p, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MABCH 1936 FEDERAL RESERVE BULLETIN 209 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 1936 1935 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 e e e r m* January Total 83.0 84.6 '78.8 84.9 85.6 '80.7 72.2 76.6 '64.3 IEON AND STEEL AND PRODUCTS1..-. 75.8 76.6 67.8 77.6 77.9 64.4 6S.8 51.9 Blast furnaces and steel works 77.1 77.0 69.4 77.6 78.3 69.9 68.0 72.0 53.9 Cast-iron pipe 53.2 52.8 49.9 55.6 54.1 52.2 32.8 34.1 26.3 Cutlery and edge tools 79.6 80.9 75.8 80.2 80.3 76.4 64.9 71.2 55.5 Hardware 57.4 57.6 51.6 57.4 57.1 51.6 52.6 57.4 41.7 Steam, hot-water heating apparatus, etc 55.2 57.0 47.9 56.4 59.3 49.0 39.0 40.7 31.0 Stoves 87.7 99.8 81.0 103.3 102.0 95.4 64.6 80.7 55.4 Structural metal work 57.4 56.6 55.9 58.9 57.1 57.4 45.3 45.0 39.5 Tin cans, etc- 91.6 92.9 85.0 97.9 96.6 90.8 90.9 91.5 80.7 Wirework 146.1 144.4 120.7 146.8 145.7 121.3 130.2 145.7 102.7 MACHINERY* 92.5 93.1 79.6 94.6 93.9 81.4 78.3 80.7 60.8 Agricultural implements" " " I 133.9 128.9 89.6 129.4 129.3 86.7 162.0 155.2 97.5 Electrical machinery, etc 1 7 0 2 8 . . 1 2 1 7 0 4 5 . . 0 3 7 6 9 5 . . 5 9 1 7 1 2 0 . . 1 2 1 7 0 4 7 . . 0 7 8 6 1 5. . 9 0 8 6 1 1. . 3 2 6 79 5 . . 0 1 5 5 2 4 . . 4 5 M F E o n a u g c i n h n d i e n r s y e , t t a u o n r o d b ls i m n e a s c , h e i t n c e _ -shop produ I c I t . s I - 1 2 7 0 1 9 2 3 . . . 1 4 1 2 1 7 3 0 9 0 1 . . . 0 0 5 '19 6 7 0 9 3 . . . 4 2 1 2 1 8 0 5 0 1 3 . . . 3 4 1 2 1 8 2 0 0 0 5 . . . 9 4 4 '22 7 7 6 2 0 . . . 1 4 3 1 9 6 2 4 6 6 . . . 7 7 2 1 9 6 4 6 S 3 . . . 0 5 7 ' 1 5 5 1 8 1 1 . . . 2 5 8 Radios and phonographs" 69.5 68.0 64.1 69.6 67.7 64.2 62.3 61.1 52.0 Tui hir!:;"::::;;":: TRANSPORTATION EQUIPMENT » . 103.1 103.4 92.4 104.4 111.1 93.5 89.6 104.4 79.4 A L C o a u c r t s o o , m m el o o e b t c i i v t l r e e i s s c and steam railroad;:!": 1 4 2 1 8 0 8 . . . 5 5 1 1 2 5 1 2 0 8 . . . 8 1 2 1 3 3 0 4 0 8 . . . 2 3 1 1 5 2 1 4 1 9 . . . 4 2 3 1 2 5 2 3 4 8 . . . 0 6 1 1 3 3 0 1 8 9 . . . 3 3 2 9 5 8 9 1 . . . 2 7 8 1 5 1 1 5 0 8 . . . 6 2 8 9 3 1 1 2 3 . . . 7 2 2 Shipbuilding * 83.9 82.9 68.3 81.4 82.9 66.3 77.2 77.2 56.2 RAILROAD REPAIR SHOPS 55.9 55.8 51.6 56.7 55.9 52.4 52.2 57.1 43.8 Electric railroads 65.0 64.8 65.3 65.0 64.8 65.3 . 60.8 61. S 58.0 Steam i l d : ; ; ;" 55.2 55.1 50.6 56.1 55.2 51.4 51.7 56.9 42.9 NON B L o S S F ? u t m E a g v E m e h e B l t r t p m w O i e n b I r a g d g J o r S e n e a a M q n z n a e d d u n E , i d T e r a p e n A p n f m a L i l d n m a S e i t c n e n e A o l g d t e p N . d . p w D . ' e w . a . r P r a e R r e O " D UCTS K ' ' ' 1 8 8 9 8 6 1 3 7 0 9 6 0 . . . . . . 0 6 4 4 7 5 1 8 8 8 9 7 1 6 8 9 1 2 7 . . . . . . 9 5 7 3 0 3 '7 7 6 6 7 8 5 6 7 3 . . . . . 3 4 6 3 8 1 8 8 9 8 6 1 8 8 5 0 9 4 . . . . . . 0 0 9 4 3 2 1 8 8 8 6 9 1 9 4 9 8 1 8 . . . . . . 0 8 1 1 4 3 '1 '7 0 7 6 7 7 9 2 7 5 2 0 . . . . . . 2 9 4 9 4 8 9 7 4 6 7 7 0 8 9 3 2 1 . . . . . . 8 3 3 3 7 3 1 8 5 7 7 6 0 3 9 4 8 5 2 . . . . . . 4 4 7 7 9 8 ' ' 5 7 4 5 5 4 8 6 7 4 8 6 . . . . . . 7 2 5 8 3 5 L L u u m m b b e e r r , , s m a f w liw m o il rk ls U ...; 4 7 5 3 5 a 1 4 . . . 5 9 7 4 4 7 5 3 6 4 4 5 . . . . 9 8 5 1 3 4 6 3 5 0 7 4 . . . . 9 9 1 1 4 3 7 5 6 6 4 4 . . . . 0 4 9 8 4 3 7 5 7 5 2 4 . . . . 6 4 8 5 4 3 6 3 2 3 6 7 . . . . 4 4 8 0 3 4 5 2 6 1 5 1 . . . . 0 8 2 1 '4 2 5 3 4 5 8 9 . . . . 2 9 4 0 4 3 2 1 3 3 1 9 . . . . 0 7 5 1 G Po la tt s e s r . y .. . . . 3 6 3 9 50 6 1 8 2 . . . . . 8 3 0 0 0 4 5 3 9 6 5 3 7 9 5 . . . . . 9 0 8 1 2 2 3 8 4 7 4 6 7 . . . . 2 8 5 2 1 4 3 6 5 0 2 7 5 5 0 . . . . . 8 6 3 8 0 9 3 4 5 8 7 5 6 . . . . 2 4 8 4 2 4 9 5 7 1 8 4 1 1 . . . . . 9 2 0 7 3 2 3 8 4 2 0 8 2 8 3 . . . . . 8 3 4 0 0 9 2 3 4 5 4 3 1 4 5 . . . . . 6 2 3 1 9 3 2 6 4 1 9 1 1 6 3 . . . . . 9 2 6 9 0 shirte I a a n n d d ^ f u n in ' a s i V sh s i ; n ; g " " ; " ;;";-; ! 1 1 1 9 9 9 9 7 7 9 9 5 9 1 1 2 4 1 3 7 0 7 5 6 1 4 0 1 1 . . . . . . . . . . . . . 7 4 0 2 9 3 8 2 1 0 2 1 1 ' 1 1 1 1 1 8 9 9 9 4 8 9 7 2 0 1 0 1 9 6 6 2 9 3 2 4 0 2 1 5 5 . . . . . . . . . . . . . 7 4 9 2 3 8 3 0 4 4 0 6 2 1 1 1 9 9 8 9 9 6 8 8 6 9 1 0 1 5 1 0 6 9 5 6 2 3 0 7 9 7 . . . . . . . . . . . . . 2 4 8 4 9 7 3 8 5 4 3 2 1 1 1 1 9 9 9 9 9 9 9 7 5 7 0 2 1 5 0 3 5 7 1 5 5 7 0 8 4 1 . . . . . . . . . . . . . 0 3 0 8 2 8 3 3 6 2 7 2 1 1 1 1 1 9 8 9 9 9 9 9 7 5 0 1 0 2 6 0 4 0 5 9 1 3 2 2 3 3 9 , . . . . . . . . . . . . 2 6 7 7 3 0 7 9 3 7 6 1 1 1 1 1 9 9 6 9 8 8 9 8 9 6 0 2 1 5 4 4 9 4 1 1 4 3 2 9 5 0 . . . . . . . . . . . . . 1 8 9 9 8 2 3 4 4 4 2 8 3 1 9 7 8 7 8 7 7 8 6 4 5 7 0 2 9 0 8 8 5 0 8 8 6 7 2 2 . . . . . . . . . . . . . 4 1 4 0 5 4 8 9 8 4 1 6 0 1 1 8 8 7 9 8 8 8 6 7 6 3 0 1 1 3 5 3 3 1 4 4 3 0 7 6 3 . . . . . . . . . . . . . 7 9 5 3 5 2 9 3 0 5 1 3 0 1 1 7 8 5 8 6 7 8 0 6 5 5 7 0 2 8 1 5 8 3 2 7 6 7 4 7 6 . . . . . . . . . . . . . 2 5 8 5 4 7 1 2 6 0 0 8 8 8 8 9 8 6 7 . . . 4 7 1 1 8 8 0 2 6 0 . . . 8 3 4 8 9 8 7 4 8 . . . 0 0 3 8 9 8 7 6 9 . . . 5 0 2 1 9 8 0 0 8 0 . . . 3 0 0 8 8 9 8 2 9 . . . 4 3 1 7 7 9 9 9 2 . . . 7 7 1 1 6 7 0 6 5 3 . . . 7 4 7 7 7 8 6 2 3 . . . 4 5 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

210 FEDERAL RESERVE BUIiLETIN MARCH 1938 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1023-25 average-100] Factory employment Factory pay rolls Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry and group 1936 1935 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 FOOD PRODUCTS » 92.6 '06.8 '94.9 103.1 '100.7 '106.0 87.3 '90.5 '83.7 Baking 111.2 112.4 106.7 113.6 112.4 109.0 99.0 99.4 89.6 Butter 67.5 68.5 68.3 74.9 71.1 75.8 62.7 55.0 51.7 Canning and preserving 61.5 '66.8 '65.9 128.1 '111.3 '137.3 70.9 '77.6 '68.6 Confectionery 73.5 86.6 78.6 75.0 78.5 80.2 65.7 81.3 67.4 Flour 73.6 73.2 76.2 74.2 73.4 76.8 67.2 64.5 63.8 Ic© cream.—*-............... .____.._.,..,.._.__ 58.5 59.8 60.8 67.9 68.4 70.5 49.0 51.1 48.6 Slaughtering and meat packing 84.9 84.3 94.3 82.4 80.7 91.6 81.7 79.7 84.0 Sugar refining, cane. 76.4 77.6 84.4 79.6 80.7 87.9 68.4 7a 7 ai TOBACCO PRODUCTS 52.2 58.2 56.5 56.0 58.0 ea 7 41.7 49.6 41.fi Chewing and smoking tobacco and snuff 67.3 66.8 73.5 64.2 65.6 • 70.1 67.6 67.1 6S.fi Cigars and cigarettes 50.2 57.1 54.3 55.0 67.0 59.4 38.4 47.4 38.1 PAPEE AND PRINTING 97.5 99.7 95.6 96.8 98.0 94.9 88.2 91.8 83.4 Boxes, paper 84.9 90.4 83.2 85.4 86.8 83.7 76.3 87.6 74.9 Paper and pulp 108.7 110.0 106.8 108.7 110.0 106.8 91.7 94.4 83.fi Book and Job printing „ 88.9 91.2 87.7 86.9 89.0 85.7 81.4 84.7 7a i Printing, newspapers, and periodicals 101.0 102.4 98.4 100.6 100.6 98.0 94.1 96.8 89.5 CHEMICALS AND PETROLEUM PRODUCTS * .. 109.7 111.1 108.4 109.8 110.3 108.4 97.0 100.8 91.6 A. Chemical group, except petroleum * 110.0 111.4 108.2 109.5 110.1 107.9 97.fi 99.8 9a 5 Chemicals....-*.-........................... 107.4 108.8 103.0 105.9 106.6 10L6 99.7 102.1 90.8 Druggists'preparations II™" 97.6 98.8 101.3 95,4 97.3 99.1 95.3 97.2 96.8 Explosives 86.8 86.7 88.1 86.0 84.3 87.3 75.8 76.2 68.3 Fertilizers 92.8 84.5 111.0 96.2 94.2 115.0 79.5 75.2 83.6 Paints and varnishes 107.1 107.9 98.7 109.6 109.7 101.0 91.8 93.7 79.4 Rayon and allied products 353.6 357.9 338.0 353.6 357.9 338.0 264.4 263.0 245.4 Soap 97.1 97.3 99.1 98.8 96.6 100.8 94.9 94.6 90.7 B. Petroleum refining 108.7 '109.6 109.0 110.8 '110.9 111.1 99.5 104.0 95.2 RUBBER PRODUCTS » 82.0 83.0 '83.1 83.4 83.4 '84.6 70.2 74.5 69.4 Rubber boots and shoes 59.2 60.1 '59.2 57.6 55.9 '57.6 53.2 56.6 51.3 Rubber tires and inner tubes 70.5 70.5 74.7 72.7 72.9 77.0 59.9 63.8 62.2 i Includes current statistics for one or more industries not shown separately. Revised. rut uesunpiiuu turn uuut u^ures see JBUIXBTIN ior JYLay 11*34, pp. 270-271 For descrintinn and hank flimrrw fnr tha KPRS factory employment compiled by the F. R. Board of Governors^ BUL£ETIN tnTum1934 Sp 324-343?nd December figures are for pay-roll period ending nearest middle of month. January 1936 figuresa re prVli£fnary, subjecf to reviTion! ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

211 MARCH 1936 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures tor 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 1935 1930 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 January. 99.3 204.8 22.4 37.4 7.1 9.0 10.8 15.5 44.4 76 9 3.7 39*5 11 4 26.5 February... . 75.0 16.6 7.8 9.2 27 8 5.8 7 9 122.9 32.2 6.5 12.2 46.3 10.4 15.4 April 124.0 42.2 6.3 15.2 40 5 8.3 11 5 May 126.7 44.9 9.8 13.9 31.4 9.0 17 7 June . ... *. 148.0 49.8 9.5 15.0 39.1 17.7 16 8 juiy. ::: 159.3 48 4 14.6 15.8 53 9 9 2 17 4 August * 168.6 40.5 10.6 17.3 69.5 8.7 21.9 167.4 41.8 6.0 13.6 76.1 4.3 25.6 October 200.6 55.1 12 0 16.6 86.3 9.2 21.3 November 188.1 39 7 8.9 12.8 80.3 24.7 21.7 December- 264.1 45.1 9.9 12.0 94.5 62.6 4a 1 Year 1,844.5 478.8 108.9 164.5 690.2 173.5 228.7 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of ....ibythe dollars] s of dollars] Number Liabilities 1936 1935 Federal Reserve district Federal Reserve 1936 1935 1936 1935 January December January district Janu* Decem- Janu- Janu- Decem- Janu- Boston.. 12,982 23,323 6,424 ary ber ary ary ber ary New York:::;:::::: 39,531 45,700 17,660 Philadelphia ;;:;:; 14,103 17,772 5,208 Cleveland 17,860 21,322 11,452 Boston.. — 109 103 146 2,325 1,225 3,677 Richmond " 23,714 29,285 10,325 New York 391 353 377 7,769 7 564 6,470- Atlanta.... 19,581 20,394 11,534 Philadelphia 74 54 71 1,103 903 797 wiicago 40,365 53,155 13,983 Cleveland _ ... 62 59 103 685 1,069 1,201 SJ. Louis 12,184 19,484 6,055 Richmond .. 44 44 65 1,118 261 502 Minneapolis . 4,890 10,702 2,027 Atlanta 34 29 33 282 1,198 204 Kansas City "" 10,716 15,072 8,560 Chicago 121 86 136 1,938 2,021 1,834 Dallas... 8,868 7,928 6,547 St Louis - 35 33 26 403 403 180 Minneapolis. .— 18 20 19 134 687 219 Total (11 districts). 204,793 264,137 99,774 Kansas City. -.- 49 44 37 435 362 238 Dallas I — 39 15 24 339 193 405 San Francisco — 101 100 147 1,573 1,557 3,096- Total 1,077 940 1,164 18,104 17,443 18,824 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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