Federal Reserve Bulletin, 1936-04

FEDERAL RESERVE BULLETIN APRIL 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Recent Banking Developments Agricultural Loans of Commercial Banks Regulations Under Securities Exchange Act Regulation of Federal Open Market Committee ******** UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 193$ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OP GOVEBNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLEB, Chairman JOSEPH A. BBODEBICK RONALD HANSOM M. S» SZYMCZAK RALPH W. MOBRISON JOHN K. MCKEE CHABLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MOBRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER. Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel B. MAOBUDER WINGFIELD, Assistant General Counsel J. P. DREIBELBIS, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations FRANK J. DRINNEN, Federal Reserve Examiner E- A. GOLDENWEIBEB, Director, Division of Research and Statistics WOODLIEP THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL ADVISORY COUNCIL District no. 1 (BOSTON)... THOMAS M. STEELE. District no. 2 (NEW YORK) . JAMES H. PERKINS. District no. 3 (PHILADELPHIA). __. HOWARD A. LoBB, Vice Preside District no. 4 (CLEVELAND) _ _ ARTHUR E. BRAUN. District no. 5 (RICHMOND) CHARLES M. GOHEN. District no. 6 (ATLANTA) _ H. LANE YOUNG. District no. 7 (CHICAGO) _ EDWARD E, BROWN. District no. 8 (ST. LOUIS)— WALTER W. SMITH, President* District no. 9 (MINNEAPOLIS) THEODORE WOLD. District no. 10 (KANSAS CITY) W. T. KEMPER. District no. 11 (DALLAS) _ JO»SEPH H. FROST. District no. 12 (SAN FRANCISCO) „ M. A. ARNOLD. WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANES Federal Reserve Chairman and Federal Bank of— Reserve agent President First Vice President Vice President Boston F. H. Curtiss R. A. Young W. W. Paddock W. Willett.i New York J. H t Case G. L. Harrison Allan Sproul W. R. Burgess. L. R. Rounds. L. F. Sailer. W. S. Logan. J. H. Williams. 0. H. Coe Philadelphia.. R. L. Austin J. S. Sinclair W. H. HutL C. A. Mcllhenny.i Cleveland-- ,. E. S. Burke, Jr M. J. Fleming F. J. Zurlinden H. F. Strater. W. F. Taylor.* Richmond.......... F. A. Delano .. * Hugh Leach - R. H. Broaddus. J. S. Walden, Jr. G. H. Keesee.' Atlanta H. W. Martin Oscar Newton R. S. Parker H. F. Conniff. M. W. BelU Chicago G.J.Schaller... „... H. P. Preston. 0. R. McKay. J. H. Dillard. W. H. Snyder." St. Louis J. S. Wood W.McO. Martin 0. M. Attebery J. G. McConkey. Minneapolis. .„.„ W. B. Geery J N. Peyton- Harry Yaeger. H.I. Zlemer.i Kansas City J. J. Thomas. G. H. Hamilton 0. A. Worthlngton J. W. Helm.* Dallas „„„ C. 0. Walsh B. A* McKinney R. R. Gilbert R. B. Coleman.* San Francisco... W A Day Ira Clerks W. M. Hale. C. E. Earhart.i » Cashier. «Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch B. J. Lazar. Denver branch J. E. Olson. Pittsburgh branch... T. C. Griggs. Oklahoma City branch 0. E. Daniel. Richmond* Omaha branch L. H. Earhart. Baltimore branch Dallas: Charlotte branch W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch . W. D. Gentry. Birmingham branch J. H. Frye. San Antonio branch -.- M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch. J. B. Fort, Jr. Los Angeles branch W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: W. L. Partner. Salt Lake City branch Detroit branch... . R. H. Buss. Seattle branch 0. R. Shaw. Sftt. Louis: Spokane branch D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member thQ I* °f the Federal Reserve System and is the only official organ or periodical publication of e Board. The BULLETIN will be sent to all member banks without charge. To others the1 subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold; « 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; «ngle copies, 25 cents. ni Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS ___ Pa*e Review of the month _ - lllll Branch offices of banks -- 218,304 T Definitive establishment of gold standard in Belgium - 219 Revision of tables relating to Governmental corporations and credit agencies and Reconstruction Finance Corporation 220-223 Agricultural loans of commercial banks .__-. 224-246 Law department: Rulings of the Board: Deposits of municipal corporations not classified as savings deposits 247 Time certificates of deposit payable in 3, 6, 9, or 12 months after date 247 Classificationof'branchclearing^accountsincallreportsandincomputingreservesof member banks 247 Accommodation endorsement by an executive officer of a member bank 248 Secretary of the board of directors of a member bank not an executive officer.__ 248 Reports by executive officers of member banks of their indebtedness to other banks 248 Reports by executive officers of member banks of indebtedness to Morris Plan companies 249 Loans to a corporation in which an executive officer of a member bank is interested 249 Loans to partnerships under section 22 (g) of the Federal Reserve Act 250 Regulations under Securities Exchange Act of 1934: Regulation U and supplement thereto 250-253 Revised supplement to Regulation T 253 Regulation of Federal Open Market Committee 254 Annual report of the Bank of Canada.-- 256 Annual report of the Bank of Belgium 260 National summary of business conditions 263 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 264-268 Member and nonmember bank credit: All banks in the United States ._ 270 All member banks _.. _ _ 269,-271, 272,299 Weekly reporting member banks in leading cities 273,274,300,301 Acceptances, commercial paper, and brokers' borrowings ^ , 275 Discount rates and money rates . , --- 276 Security prices, bond yields, and security issues _ ~-- 277 Treasury finance. _ _ ._ 278 Assets and liabilities of governmental credit agencies „ 1, 279 Reconstruction Finance Corporation—Loans and investments 279 Farm Credit Administration—Loans and discounts outstanding, by institutions ~ 280 Federal Home Loan Bank Board—Loans outstanding, by institutions 2S0 Obligations fully guaranteed by the United States—Amounts outstanding, by agencies. 280 Production, employment, car loadings, and commodity prices 231 Merchandise exports and imports _, 282 Department stores—Indexes of sales and stocks .__' 282 Freight-car loadings, by classes _ _._ 282 International financial statistics: Gold reserves of central banks and governments _ _ _ 283 fc Gold production _ 284 Gold movements: __ _ __ "-__ I " ,— 284-286 Central banks __ _ IIIIIIIIIIIIIIIIIIII"III"""I"IIIIIIII- 287-290 Bank for International Settlements _ " " " II " " """"II".---- 290 Commercial banks „ 291 Discount rates of central banks ..._ III". """!-"*! 292 Money rates ------I---IIIIIIIIIIIIIIII I IIIIIH- 292 Foreign exchange rates " 293 Price movements: Wholesale prices _ _ 294 Retail food prices and cost of living „ III.II ""Ill 29^ Security prices _ _ --IIIIII.I """ Ill---- 29^ Federal Reserve statistics by districts, etc.: Banking and financial statistics —_.«» ,,.. 29&-304 Industrial and commercial statistics _. ~~ ,. 305-310 iv ~ " ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 22 APRIL 1936 No. 4 REVIEW OP THE MONTH immediate-payment basis, while the remainder Reserve balances of member banks in excess were paid for by increasing Government deof legal requirements, after remaining at about posits at purchasing banks. _ .. . $3,000,000,000 since early in The interest-bearing debt of the Treasury Decline in T , ,. , , , , increased by $950,000,000 in March, reflecting eicess reserves. January, declined sharply after the issuance of these new securities, partly the middle of March to about offset by the retirement of the Treasury notes $2,300,000,000 and continued at that level durthat were exchanged and of about $450,000,000 ing the remainder of the month. This marked of Treasury bills that matured on March 16. the lowest point reached since the middle of Receipts were also increased in March by inlast year and compared with the temporary come-tax payments of more than $400,000,000 peak of $3,300,000,000 attained in December. and gift taxes of nearly $150,000,000, and ex- The decline in excess reserve balances was due ceeded expenditures by about $150,000,000. to an increase of deposits of the Treasury with As a result of all of these transactions the the Federal Reserve banks through the receipt working balance of the Treasury increased by by the Treasury of income and gift taxes and $1,100,000,000 during March, and by the end of cash payments for new Government secur- of the month Treasury deposits had been built ities issued on March 16. During the month up to about $1,100,000,000 at the Federal Re- Treasury deposits at the Reserve banks rose serve banks and to $1,000,000,000 at other from about $400,000,000 to $1,100,000,000. depositary banks. Public debt operations of the Treasury in Member-bank developments during March March included an offer for public subscription were influenced by these Treasury operations* Treasury °f about $650,000,000 of 12-15- Loans and investments of weekoperations. year 2% percent Treasury bonds member1 banks. ]y reporting member banks in and about $600,000,000 of leading cities increased sharply, 5-year 1% percent Treasury notes. In addition, while their reserves and deposits, other than holders of 2% percent Treasury notes maturing Government deposits, declined. Member banks on April 15 were offered the privilege of increased tboir holdings of direct obligations of exchanging their notes for either the bonds or the United States Government in connection the new notes. With a total of $560,000,000 with the new Treasury offerings. During °i these notes outstanding, exchange subscrip- March reporting member banks also expanded tions totaled $496,000,000 for the bonds and their holdings of other securities and their loans. $48,000,000 for the notes. This preference for Deposits decreased during the month as a bonds marks a change from the situation at result of payments of taxes to the Treasury and various other times in the recent past when a the purchase by depositors of United States fhoice has been given the holders of maturing Government securities. issues. In the case of a similar choice in De- The decline in excess reserves of member cember, 61 percent of the exchanges were for banks during March occurred chiefly at New ^ notes rather than new bonds. The new York City banks, as is shown in the accompanyissues in March, including both cash subscrip- ing chart. Early in the month banks outside ™ and exchanges, totaled $1,224,000,000 for New York City added to their excess reserves 71® bonds and $677,000,000 for the notes. and built up their balances with New York bout 70 percent of the cash sales were on an 213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN APRIL 1936 City banks through the sale in the New York REPORTING MEMBEB BANKS IN 101 LEADING CITIES market of United States Government securities [In millions of dollars] maturing March 16 or exchangeable for new issues on that date. Some of these Govern- Banks in New York Banks outside New City York City ment securities sold in New York were bought by New York City banks and some were pur- Change Change chased by dealers with funds borrowed from f ii EXCESS RESERVES OF MEMBER BANKS Wadntwloy Fig Street loans -129 +158 +1 +6 United States Government direct obligations. 3 f 476 -46 +91 5,384 +318 -193 Reserve balances 1,949 -276 -308 2,059 -348 +152 Balances with domestic banks 78 -1 +2 2,152 -188 +49 Demand deposits—adjusted 5,869 -84 -67 7,878 -210 +18 U. S. Government deposits _ 197 +66 680 +201 Deposits o{ domestic banks 2,187 -264 +112 3,198 -183 +58 account at the purchasing banks. In transferring funds to the Treasury, banks outside New York City drew upon their reserve balances and upon their balances with domestic these banks. In the 2 weeks ending March 11, banks, chiefly in New York City. New York as indicated in the following table, reporting City banks in turn drew upon their reserve member banks outside New York City showed balances largely to meet the withdrawal of a decline in holdings of Government securities deposits held for interior banks* This series of and increases in reserve balances and in bal- developments is indicated in the table. ances with domestic banks* On the other hand, These large financial operations occurred New York City banks showed a decline in without causing any disturbance in the money reserves and increases in holdings of Govern- Continued ease market. Notwithstanding the ment securities, in loans to brokers and dealers in money rates, reduction of $700,000,000 in in securities in New York City, and in deposits member-bank excess reserves during the month held for domestic banks. and the decline in bankers* balances held in After the turn of the midmonth, when the the larger financial centers, the volume of public made large tax payments to the Gov- surplus funds in possession of banks was ernment and subscribed to new issues of Gov- still large. Excess reserves at $2,300,000,000 ernment securities, there was a reduction were sufficient to provide the basis for expanin adjusted demand deposits, which include sion of bank credit far beyond present or deposits of individuals, partnerships, corpora- prospective needs. Balances held by reporttions, and State and local governments. New ing member banks in New York City for other York City banks, which held a large amount of banks amounted to almost $2,200,000,000, and maturing obligations, showed a small decline those held by reporting member banks outside in their holdings of Government securities, New York City, largely on behalf of banks in while banks outside New York City made large smaller cities, to $3,200,000,000. purchases of the new issues and paid for them Notwithstanding the decline in excess repartly in cash and partly by credits to Treasury serves during the month, money rates in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1033 FEDERAL RESERVE BULLETIN 215 New York market remained at the extremely of the Board's Division of Research and Stalow level of the past 2 years. The rate on 4 to tistics, was elected economist of the committee; 6 months' commercial paper remained at and John H. Williams, vice president of the three-fourths of 1 percent, to which it was New York Reserve Bank, associate economist. reduced by the beginning of 1935, when excess The Federal Open Market Committee apreserves of member banks had first risen to a pointed an executive committee consisting of level of about $2,000,000,000. The rate on 90- Messrs. Eccles, Ransom, and Szymczak, of the day acceptances continued at one-eighth of 1 Board of Governors, and Messrs. Harrison and percent and short-term Treasury bills sold at a Fleming. The Federal Reserve Bank of New similar low rate. The average yield on long- York was selected as the agency to execute the term United States Government bonds, which transactions for the System open-market acdeclined somewhat in January and February, count, and W. Randolph Burgess, vice presicontinued during March at slightly above 2% dent of the Federal Reserve Bank of New York, percent, the lowest average yield for these was designated by that bank as manager of the bonds in post-war years. Yields on high-grade System's open-market account. corporation bonds also continued at a low level. By the terms of the Committee's regulations, The Federal Open Market Committee, as which were adopted pursuant to authority conreorganized under the Banking Act of 1935, tained in the Federal Reserve Act as amended, Organization of held its first meetinS on March all purchases and sales of Government securities by Federal Reserve banks must be made in Federal Open 18 and 19, 1936, and adopted accordance with policies adopted by the Federal Market Com- regulations relating to open- Open Market Committee, and under the law no market operations of the Fed- Federal Reserve bank may engage in or decline eral Reserve banks. These regulations appear to engage in open-market operations except as on page 254 of the BULLETIN. The new comdirected by the Committee. The duty of the mittee is composed of all members of the Board executive committee of the Federal Open of Governors of the Federal Reserve System Market Committee is to carry out openand five representatives of the Federal Reserve market transactions in accordance with the banks. The representatives of the Reserve policies adopted by the Federal Open Market banks elected to membership on the Federal Committee. The executive committee was Open Market Committee include G. L. Harrialso given the duty of allocating the obligations son, president of the Federal Reserve Bank of held in the System open-market account New York; M. J. Fleming, president of the among the Federal Reserve banks in accordance Cleveland Reserve Bank; G. H. Hamilton, with principles determined by the Federal Open president of the Kansas City Reserve Bank; Market Committee. The Committee's reguand B. A. McKinney, president of the Dallas lations also prescribe rules for open-market Bank; and there remains a vacancy to be filled operations in obligations other than Govern- *>y the boards of directors of the Federal ment securities. Reserve banks of Chicago and St. Louis. M- S. Eccles, chairman of the Board of Gov- On March 25 the Board issued a regulation (Regulation U) relating to loans by banks for the ernors, was named chairman of the committee; purpose of purchasing or carry- G- L. Harrison, president of the Federal Reserve Regulation of kg stocks registered on nation- •oank of New York, was elected vice chairman; security loans. / exchanges^ This securitieg JAester Morrill, secretary of the Board of governors, was chosen secretary; Walter regulation, which applies to all btaks in the Wyatt, the Board's counsel, was elected counsel United States, whether or not members of the ooff tte committee; E. A. Goldenweiser, director Federal Reserve System, was issued pursuant Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN APEIL 1936 to the provisions of section 7 of the Securities In order to place borrowing for speculative Exchange Act of 1934 and relates to loans made purposes, whether the borrowing be from on or after May 1, 1936. It is not retroactive. brokers or from banks, on as nearly an even The Board fixed a margin requirement of 55 basis as the law and the differences in the nature percent on loans subject to Regulation U, except of the enterprises will permit, and in order to for certain loans to brokers and dealers in secu- be in a better position to control a speculative rities. At the same time the Board changed, expansion, the Board adopted Regulation U and effective April 1, the margin requirements fixed imposed the same margin requirements on both in its Regulation T, which relates to loans made classes of lenders. by brokers and dealers in securities, to bring Adoption of these restrictions at this time them into conformity with the margins required has the advantage of providing for control of under Regulation U for loans by banks. the use of credit for speculation in secuiities The Secuiities Exchange Act of 1934 required without limiting the supply oi raising the cost the Board of Governors of the Federal Reserve of credit available for commercial, industrial, System to issue regulations with respect to or agricultural borrowers. loans on registered securities by brokers and Regulation U relates only to loans made for dealers in secuiities. In order to prevent cir- the purpose of purchasing or carrying stocks cumvention of the provisions of the act it registered on national securities also authorized the Board to issue regulations Scope of Regu- exchanges. It does not restrict relating to loans made by others for purchasing lation U. the right of a bank to extend or carrying registered securities. credit, whether on securities or In accordance with the law, Regulation T, otherwise, for any commercial, agricultural, or relating to loans by brokers and dealers, was industrial purpose, or for any other purpose issued by the Board, effective October 1, 1934. except the purchasing or carrying of stocks During most of the period since that time bank registered on a national securities exchange. It loans on securities, except those to brokers and does not prevent a bank from taking for any dealers, declined, but within recent months the loan collateral in addition to that required by decline has ceased. Since there has been dur- the regulation, nor does it require a bank to ing this period a continued liquidation of old reduce any loan, to obtain additional collateral security loans, it would appear that banks have for any outstanding loan, or to call any outbeen making new loans on securities. standing loan because of insufficient collateral. During the past year stock prices have shown Certain loans to dealers in securities to a sustained advance, trading activity on stock aid in financing the distribution of securities exchanges has increased, and brokers' advances are not subject to Regulation U. Loans to to their customers and their borrowings from banks are also exempt from the provisions of banks have also expanded. Required margins Regulation U, as are loans to finance transacon loans by brokers to customers increased dur- tions in securities that are essentially cash ing the period largely as a result of the auto- transactions. matic operation of the margin formula pre- The loan values prescribed in Regulation U scribed in Regulation T and partly because of apply to loans (other than exempted loans) an increase in margin requirements made by secured by stocks, whether or not registered, the Board effective February 1, 1936. As a and made for the purpose of purchasing or result of these increases in margin requirements carrying stocks registered on a national on loans by brokers there was a growing differsecuiities exchange. A loan secured excluential between the amount that could be borsively by a bond or made for the purpose of rowed on a given security from a broker and purchasing or carrying a bond is not subject from a bank. to the regulation, nor is a loan made solely for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1936 FEDERAL RESERVE BULLETIN 217 the purpose of purchasing or carrying stocks brokers and dealers subject to Regulation T or that are not registered on a national securities to foreign brokers and dealers for the purpose exchange. of carrying accounts for their customers. The Loan values prescribed under Regulation U, margin required on such loans had previously as under Regulation T, apply only to the initial been 20 percent. The lower margins required extension of credit and to substitutions and from brokers when they borrow to carry their withdrawals of collateral. The entire indebt- customers put the brokers in a position to obedness of a borrower to a bank incurred on or tain funds by repledging a somewhat smaller after May 1, 1936, for the purpose of pur- amount of securities than the amount which the chasing or carrying registered stocks and all the customers have to pledge with them to obtain collateral securing such indebtedness are to the same amount of money. It appears that be considered together in determining whether brokers and dealers need such a differential beany collateral is available for withdrawal or for cause they frequently find it necessary to make an increase in the loan. The regulations do not payments and to deliver securities in connection require lenders to call for additional collateral with purchases and sales for their customers if the margin falls below the prescribed amount prior to the receipt of payments or of securities, as the result of a decline in the market. Even and because they need to have in their possesthough the margin on an outstanding loan sion sufficient securities to enable them to make should be thus reduced, a bank may make an deliveries and transfers without delay. Loans additional advance to a customer provided to brokers and dealers collateraled by their own additional collateral is furnished sufficient to securities (other than exempted loans) are submargin the amount of the additional loan. ject to the same margin requirements as are The loan value of stocks serving as collateral loans to persons other than brokers and dealers. security for a loan of the type covered by Regu- In prescribing a minimum margin of 55 perlation U, except in the case of cent, the Board departed from the formula Margin require- certain loans to brokers or stated as a standard but not prescribed in the ments adopted dealers in securities, was fixed Securities Exchange Act. Modification of the by the Board at 45 percent of margin formula laid down in the act, in accordthe current market value of the stocks, equiva- ance with changes in conditions, is specifically lent to a margin requirement of 55 percent. authorized by the act. The Board also prescribed the same loan value, The so-called statutory formula provided for effective April l, for collateral in loans of the a sliding scale of required margins varying from type covered by Regulation T and thereby dis- 25 to 45 percent of current market value, accontinued previously prescribed loan values, cording to the extent that a security may have which were in the nature of a sliding scale advanced in price above its lowest price since depending upon the extent to which the prices July 1, 1933. Effective February 1, 1936, the °* the securities had advanced from their low Board changed the maximum margin required points since July 1933. from 45 to 55 percent of current market value. The operation of this margin formula, which In the case of loans by banks to brokers and had brought about increases in margin requiredealers who extend credit to their customers in. ments on loans by brokers during the past year accordance with Regulation T, the Board fixed 1X1 Regulation U a special loan value of 60 per- of rapid rise in security prices, was discussed in cent or margin of 40 percent of the current the BULLETIN for February 1936. a Under this formula there occurred an autoinarket value for registered stocks which such matic advance in margin requirements with rokers and dealers are carrying for the acrising prices of securities. The average level count of customers. The same margin was xed for loans by brokers and dealers to other of margin requirements on actively traded 57363—36 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN APRIL 1936 securities had advanced, without any action by three-fourths of the trading in securities was the Board, from about 30 percent of current already on this basis, and the new rules raised market value at the time of the issuance of Regu- the requirements for all securities to the same lation T in October 1934 to over 40 percent level. The newly adopted margin requireearly this year. This result was one of the ments, therefore, caused no relaxation in remerits of the statutory formula. quirements as compared with the statutory •The reason for the automatic increase in the formula as it was then operating. At the same required margin was that the loan value of a time the new margin requirements greatly simsecurity remained unchanged during a rise in plified operations under the Board's regulations. its price from 133 percent to 182 percent (222 percent since February 1, 1936) of its lowest price, with the result that profits could not be Changes in Officers at Federal Reserve Banks withdrawn or used as margin for additional On March 13, 1936, the Board approved the purchases. This so-called "antipyramiding" appointment by the board of directors of tho aspect was another advantage of the statutory Federal Keserye Bank of Philadelphia of Messrs. J. S. Sinclair as president and W. H. formula as a means of restricting the use of Hutt as first vice president of the bank, each credit in the stock market. for the unexpired portion of the 5-year term These advantages of the statutory formula— ending February 28* 1941. the automatic increase injmargins and the limi- On the same date the Board approved tho tation on pyramiding—had by March 1936, appointment by the board of directors of the however, ceased to operate for most securities, Federal Reserve Bank of Richmond of Mr. Hugh Leach as president of the bank, for the since the margin required^on most active stocks unexpired portion of the 5-year term ending had reached 55 percent. Further price in- February 28, 1941. creases for these securities would not have Effective March 17, 1936, the Board desigresulted in higher margins, and pyramiding nated Mr. Frederic A. Delano as chairman and was possible, though only to the extent of 45 Federal Reserve agent at the Federal Reserve Bank of Richmond. cents on each dollar of advance in price. Effective April 1, 1936, the Board approved In the Board's judgment, furthermore, the the appointment by the board of directors of statutory formula would have been unneces- the Federal Reserve Bank of San Francisco of sarily onerous for banks, since few banks have Messrs. W. A. Day as president and Ira Clerk a large volume of security loans or familiarity as first vice president of the bank, each for the unexpired portion of the 5-year tettn ending with market quotations and with the intrica- February 28, 1941. cies of a security-loan business. A single figure Effective at the close of business on Marcn expressed as a percentage of current market 31, 1936, Mr. Eugene M. Stevens resigned as value, on the other hand, is simple, easily under- class C director of the Federal Reserve Bank of stood, and is generally used by banks in deter- Chicago and as chairman and Federal Reserve mining margin requirements on security loans. agent at that bank. It was the judgment of the Board, therefore, that in the existing banking situation a flat rate Branch Offices of Banks for banks would best serve the public interest. On December 31,1935, there were 798 banks For the sake of uniformity the same requireoperating branches (exclusive of mutual savings ment was adopted also for loans by brokers. and private banks), compared with 715 sucn Adoption of the 55-percent requirement in banks on December 31, 1934, an increase oi o* Regulation T has placed all the securities on the banks operating branches. Most of the increase in the number of banks operating branches basis that was previously required for securioccurred in Iowa, North Carolina, Indiana, ana ties that had had a rapid rise in price. About Wisconsin. The number of branches in opera- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1936 FEDERAL RESERVE BULLETIN 219 tion on December 31,1935, was 3,099 compared Definitive Establishment of Gold Standard with 2,973 one year earlier. The increases in in Belgium the number of branches in operation occurred The Belgian Government, by royal decree principally in Iowa, North Carolina, South published in the Moniteur Beige and effective Dakota, Washington, Oregon, Indiana, and April 1, 1936, definitely fixed the gold content Wisconsin, The increase was entirely among of the belga at 0.150632 gram fine gold, equivabranches outside the head-office city, the num- lent to 72 percent of the gold content estabber in the head-office city declining during the lished in 1926; made obligatory the redemption period. Following is a summary showing in gold of notes issued by the Na.tional~Bank; changes in the number of banks operating abolished the exchange equalization fund; and branches and in the number of branches in decreed that the gold and foreign exchange operation during the last 10-year period: holdings of the National Bank should be revalued on the basis of the new gold content of NUMBER OF BANKS WITH BRANCHES AND NUMBER OF the belga. The text of the decree has not yet BRANCHES IN THE UNITED STATES, 1925-35 been received. In the BULLETIN for May 1935 translations were given of the law of March 30 and the Number of branches * decree of March 31, 1935 under which the Number 2 Year of w b i a t t h iks In head-Outside belga was tentatively stabilized on the basis of branches1 office head- Total 72 percent of its former gold content; the reoffice city city serves of gold and foreign exchange of the National Bank of Belgium were provisionally December 1925 719 1,724 800 2,524 revalued on the basis of 75 percent of the former J J u u n n e e 1 19 9 2 3 7 0' 7 7 3 5 9 0 2 1 , ,9 3 5 8 8 7 1,1 9 3 5 1 4 2 3 , , 9 51 1 8 2 gold value of the belga; and the exchange December 1932 680 2,064 1,127 3,191 equalization fund was created out of the incre- D D e e c c e e m m b b e e r r 1 1 9 9 3 3 4 3 5 7 7 1 5 5 l 1 f , 6 6 5 4 1 2 1 1 , , 1 3 0 3 1 1 2 2 , , 7 9 5 7 2 3 ment resulting from revaluation, which accrued December 1935-_. 798 1,611 1,488 3,099 to the State. The present increment from revaluation of the bank's gold and foreign J Exclusive of mutual savings banks and private banks. exchange holdings on the basis of 72 percent, Date on which largest number of branches were reported. instead of 75 percent, of the former gold parity Detailed statistics of the number of banks also accrues to the State. Later decrees modimaintaining branches and the number of fying or extending the measures taken in March branches, by class of banks and by States, as were given in translation in the BULLETIN for of December 31, 1935, appear on page 304. June 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN APBIL 1936 REVISION OF TABLES RELATING TO GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AND RECONSTRUCTION FINANCE CORPORATION The regular tables on the assets and liabilities United States but also other obligations of of governmental corporations and credit agen- Government credit agencies, which include cies and on the loans and investments of the Federal land bank bonds and Federal inter- Reconstruction Finance Corporation are pre- mediate credit bank securities, and the class A sented in this issue of the BULLETIN in a revised stock of production credit associations. Proform giving a more useful arrangement of the duction credit corporations provide the initial data (see p. 279). capital of production credit associations by The first of these tables is derived from data purchasing their class A stock. The producpublished monthly in the daily statement of tion credit associations are chartered and the United States Treasury. The Treasury regulated by the Governor of the Farm Credit statement includes 20 individual agencies or Administration, but since they are formed by groups of agencies; in previous issues of the private individuals they are not regarded as BULLETIN only three further consolidations governmental agencies. However, because of were made. The agencies are now shown in the nature and the size of the production credit nine groups. Of the agencies financed wholly corporations' investment in these associations, from Government funds the Reconstruction Fi- these stock holdings are not grouped with other nance Corporation, the Commodity Credit Cor- miscellaneous investments. Such other investporation, and the Public Works Administration ments of Government credit agencies comprise are shown individually in the revised tab] e. The railroad bonds and securities, ship sales notes regional agricultural credit corporations are and other investments amounting to about grouped with the production credit corporations $20,000,000 in recent months and are included which have superseded them. The Export- in "all other assets" in the revised table, a cate- Import banks and the United States Shipping gory which includes also real estate and Board Merchant Fleet Corporation are com- business property, which were formerly shown bined with the "other" group. Among the separately. agencies financed partly from Government The amount of Federal land bank bonds funds the Federal land banks and the Federal held by the Federal Farm Mortgage Corpora- Farm Mortgage Corporation are now shown tion is subtracted from securities held by the together, as are the Federal intermediate credit Federal Farm Mortgage Corporation and from banks and the banks for cooperatives. A total assets on the assets side of the statement ''home-mortgage" group includes the Federal and from obligations of the Federal land banks home loan banks, the Home Owners' Loan and from total liabilities on the liability side. Corporation arid the United States Government As shown in the data published by the Treasury interest in Federal savings and loan associa- this amount represents a duplication on the tions. The remaining institutions partly fi- one hand of mortgage assets of the Federal nanced from Government funds, which are land banks and on the other hand of outgrouped together, are the Federal Savings and standing guaranteed bonds of the Federal Loan Insurance Corporation, the Federal Farm Mortgage Corporation. From March Deposit Insurance Corporation, and the War 1934 to December 1935 the Federal land banks Finance Corporation. made mortgage loans in cash or in Federal Data for individual agencies or groups of Farm Mortgage Corporation bonds, which in agencies are shown for the latest month. Com- both cases were obtained from the Federal parative totals are shown for the preceding Farm Mortgage .Corporation in exchange lor month and the same month of the preceding Federal land bank bonds. ,. year. The figures for guaranteed bonds outstanding Loans are given in five classifications, which differ from those shown in the BULLETIN table represent groupings of more detailed items on page 280, principally because the amount oi shown in the Treasury statement. Subtotals Home Owners' Loan Corporation bonds in tne are shown for the sum of loans and preferred latter table is that actually outstanding ana stock, capital notes, and debentures. excludes unissued bonds against loans m The classification of investments is revised process. to show separately not only United States The accompanying table presents totals on direct obligations and obligations of Govern- the revised basis for the combined governmental ment credit agencies fully guaranteed by the corporations and credit agencies as of tne Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL 1936 FEDERAL RESERVE BULLETIN 221 end of each month from December 1934 to Treasury figures as published for subsequent December 1935. Revisions have been made months. Relief advances by the Reconstrucin the figures as originally published for certain tion Finance Corporation to municipalities early months. For the period December 1934 and other political subdivisions, amounting to to March 1935 Reconstruction Finance Corpo- $18,000,000 in each of these months, have been ration relief advances to States under the Fed- transferred from all other assets to all other loans eral Emergency Relief Act of 1932 have been for the same reason. Similarly, Federal Doexcluded to make the figures comparable with posit Insurance Corporation assessments have GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 1934-DECEMBER 1935 PRINCIPAL ASSETS AND LIABILITIES JIT END OP MONTH [In millions of dollars] Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1934 1935 1935 1935 1935 1935 1935 1935 1935 1935 1935 1935 1935 ASSETS Loans and preferred stock: Loans to financial institutions.- 984 933 896 856 836 813 792 772 756 738 711 688 679 Preferred stock, etc 837 846 868 874 871 873 876 877 876 878 881 883 877 Home mortgage loans. 2,394 2,513 2,544 2,569 2,590 2,626 2,658 2,689 2,727 2,765 2,812 2,855 2,897 Farm mortgage loans „ 2,597 2,652 2,712 2,764 2,777 2,821 2,859 2,876 2,899 2,922 2,944 2,960 2,924 Other agricultural loans 402 411 420 444 492 533 610 690 706 707 683 682 677 All other loans,... '953 '978 '994 ' 1,029 1,018 1,057 1,100 1,120 1,166 1,148 1,168 1,186 1,121 Total loans and preferred stock .. ' 8,168 ' 8,332 '8,434 '8,534 8,584 •8,724 8,895 9,024 9,131 9,158 9,199 9,254 9,175 Cash 322 326 337 339 336 352 453 367 320 376 363 337 319 United States direct obligations 469 469 467 469 469 469 444 448 451 452 451 433 449 Obligations of Government credit agencies: Fully guaranteed by United States 230 226 226 215 220 220 220 222 219 218 215 215 215 Other i__ 17 12 33 49 47 46 46 46 47 38 37 29 2S Production credit association class A stock- 90 90 77 75 77 77 77 77 77 77 77 77 77 Accounts and other receivables 127 127 155 159 168 165 175 179 180 186 1P3 191 243 All other assets '361 '354 '356 '363 370 378 374 340 353 358 370 402 410 Total assets other than interagency L. ' 9,784 ' 9,936 ' 10,084 '10,204 10,272 10,430 10,683 10,702 10,778 10,861 10,906 10,938 10,915 LIABILITIES Bonds, notes and debentures: Eg1* guaranteed by United States 3,312 3,489 3,596 3,658 3,707 3,775 4,168 4,245 4,290 4,411 4,466 4,507 4,546 utner t 1,791 1,785 1,778 1,789 1,788 1,800 1,515 1,398 1,388 1,376 1,357 1,335 1,335 Other liabilities <faSudili"SSVS)V."IIIII 225 206 224 238 218 200 219 200 216 234 254 261 286 Total liabilities other than interagency i 5,327 5,480 5,598 5,684 5,714 5,776 6,902 5,842 5,894 6,021 6,078 6,102 6,166 Effi °f ^sets over liabilities, excluding mteragency transactions .... ' 4,457 ' 4,456 '4,487 '4,520 4,559 4,655 4,781 4,860 4,884 4,840 4,828 4,836 4,749 Privately owned interests. , "" " '312 ••314 327 333 335 348 352 354 357 357 356 343 340 U. S. Government interests ' 4,145 '4,142 ' 4,159 ' 4,187 4,224 4,307 4,428 4,506 4,527 4.483 4,473 4,493 4,409 1 Re^dis ^deral land bank bonds held by Federal Farm Mortgage Corporation. v been counted as a part of the privately owned revisions are later made on the basis of quar- "wrests in December 1934 and January 1935 terly reports to Congress. In the form in «s was done in the Treasury figures for other which it is published in this issue of the ^onths. For these two months a further revi- BULLETIN this table shows only the outstanding sion has been made in the figures for all other loans and investments of the Reconstruction ans to correct errors previously reported in Finance Corporation and excludes statutory me amount of loans to railroads under the allocations of funds and amounts undisbursed. ^ansportation Act of 1920. The classification of loans and investments it! taJ?*e dealing with the Reconstruction other than interagency transactions is in gen- ™6 Corporation is derived from monthly eral the same as that employed for loans and by the Corporation to Congress, and preferred stock in the new BULLETIN table for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN APRIL 1934 governmental corporations and credit agencies. divisions under the Federal Emergency Relief Loans on preferred stock of banks and insur- Act of 1932 and except as the figures have been ance companies are shown separately from loans revised since publication in the Treasury table. made directly to financial institutions, since, The total of all loans and investments in the like purchases of preferred stock, they were made new table corresponds, except for revisions, to for the purpose of strengthening capital struc- totals shown in earlier issues of the BULLETIN tures. Additional details are given for "all for loans and purchases by the Reconstruction other" loans. The subtotal of loans and invest- Finance tCorporation, excluding allocations. ments, exclusive of transactions with other The following table gives the revised clas- Government agencies, corresponds to the sification of loans and investments of the similar total for the Reconstruction Finance Reconstruction Finance Corporation monthly, Corporation in the combined statement for from February 1932 to August 1935, on the governmental credit agencies, except that it basis of the latest revised figures published by does not include outstanding amounts of ad- the Reconstruction Finance Corporation. vances to municipalities and other political sub- RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS, FEBRUARY 1932-AUGUST 1935 [Amounts outstanding. In thousands of dollars] Feb. 29, Mar. 31, Apr. 30, May 31, June 30, July 31, Aug. 31, 1932 1932 1932 1932 1932 1932 1932 Loans to financial institutions ._ 39,527 128,488 258,206 387,666 584,636 687,615 752,876 Loans to railroads (including receivers) 31,322 54,966 73,782 86,865 139,487 164,043 205,781 Total loans, other than interagency 70,850 183,454 331,988 474,631 724,123 851,657 958,657 Loans to Federal land banks 9,000 9,000 Total all loans and investments." - 70,850 183,454 331,938 474,631 724,123 860,657 967,657 Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, 1932 1932 1932 1932 1933 1933 1933 L L o o a a n n s s t o o n f p in r a e n fe c r i r a e l d i n s s to ti c t k u ti o o f n b s anks and insurance companies 754,803 801,722 803,892 831,427 851,267 942,389 976,4 2 7 5 6 0 12,600 A L L o o g a a ri n n c s s u f t l o o tu r r r a s a e i l l l r f l o - o l a a i d q n s u s i ( d i a n t c in lu g d i p n r g o j r e e c c t e s ivers) . . — .. 218,410 241,4 4 3 5 1 0 24 1 9 , , 2 9 3 7 5 6 6 2 0 27 1 1 2 5 , , , 3 4 7 2 7 3 5 2 7 28 1 1 0 8 , , , 2 3 0 1 3 4 3 7 1 29 1 1 6 8 , , , 2 2 6 2 2 6 7 9 4 31 2 1 0 0 , , , 2 9 6 0 2 8 5 0 4 Total loans and investments, other than interagency 973,213 1,043,603 1,055,480 1,120,960 1,150,858 1,258,509 1,322,034 L L o o a a n n s s t t o o r F e e g d io e n ra a l l l a a g n r d i c b u a lt n u k r s al credit corporations 11,450 14,300 15,800 1 5 8 , , 3 5 7 0 1 0 1 2 8 0 , , 8 6 0 3 0 7 3 1 7 8, , 8 0 0 0 0 5 1 6 8 5 , , 8 3 0 8 0 0 Total all loans and investments 984,663 1,057,903 1, OH, 280 1,144,832 1,190,195 1,314,314 1,396,214 Apr. 30, May 31, June 30, Aug. 31, Sept. 30, 1933 1933 1933 *&"• 1933 1933 Loans to financial institutions 968,650 1,019,248 996,094 990,648 1,009,724 993,917 Loans on preferred stock of banks and Insurance companies 250 1,250 8,180 8,220 8,773 8,949 Preferred stock, capital notes, and debentures 20,083 24,233 35,283 43,428 50,553 54,153 A Lo g a ri n c s u l to tu r r a a i l l r l o o a a d n s s (including receivers). 32 2 3 , , 4 1 4 9 4 5 34 2 0 , , 7 85 2 5 3 35 2 4 , , 7 05 4 9 1 33 4 1 , , 6 3 9 3 1 4 33 6 1 , , 3 1 2 60 0 33 6 1 , , 2 8 5 1 4 3 330,243 Loans for self-liquidating projects 25,126 27,231 30,134 37,972 41,801 48,636 56,038 Total loans and investments, other than interagency 1,339,748 1,415,540 1,426,492 1,416,195 1,448,331 1,443,622 1,433,849 Loans to Federal land banks 19,800 20,300 21,800 23,800 25,800 28,800 36,300 Loans to regional agricultural credit corporations 72,586 93,196 106,636 115,925 91,676 67,700 Loans to Commodity Credit Corporation *_.. . Loans to Secretary of Agriculture on cotton 3 300 3,300 . Total all loans and investments.... 1,432,134 1,529,036 1,554,828 1,555,920 1,565,707 1,543,422 1,522.384 - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1 FEDERAL BESERVE BULLETIN 223 RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS, FEBRUARY 1932-AUGUST 1935—Continued [Amounts outstanding. In thousands of dollars] No 1 v 9 . 3 3 3 0, Dec. 31, Ja 1 n 9 . 3 4 31, Fe 1 b 9 . 3 4 28, Ma 1 r 9 . 3 4 31, Ap 1 r 9 . 3 4 30f M 1 a 9 y 3 4 31, Loan£to financial institutions 1,035,217 1,016,590 988,457 933,744 909,094 890,06a Loans on preferred stock of banks and insurance companies 9,470 14,674 14,818 15,132 16,546 30,931 Preferred stock, capital notes, and debentures 100,636 253,901 400,040 444,335 568,381 631,011 676,474 Agricultural loans —... 7,248 10,3S9 12,640 14,500 15,232 16,506 16,681 Loans to railroads (including receivers) 333, 486 337,166 340,854 345,320 345,323 345,090 344,950 Loans for self-liquidating projects.. 60,020 63,451 71,497 71,217 80,195 82,666 88,448 Loans to drainage, levee, and irrigation districts 2,414 2,414 2,414 2,525 2,643 4,150 Other loans.......... . . *._.... fi,895 5,820 5,502 6,068 4,175 2,652 1,783 Total loans and investments, other than interagency 1,515,353 1,723,032 1,864,356 1,886,444 1,966,122 2,019,116 2,053,482 Loans to Federal land banks.—. .— 72,800 142,118 193,618 193,618 193,618 193,618 193,618 L L o o a an n s s t t o o r C eg o i m on m a o l d a i g ty ri c C ul r t e u d r i a t l C cr o e r d p i o t r a co ti r o p n o . rations 3 3 4 1 , , 5 6 6 3 6 6 2 6 9 4, f 5 8 8 S 3 5 1 2 3 8 0 , , 3 8 8 7 3 9 1 2 5 9 3 , , 1 5 4 2 5 5 1 2 6 2 1 , , 0 8 3 1 1 3 1 1 6 4 3 , , 2 0 9 7 5 8 16 8 7 , , 8 9 8 4 4 5 Loans to Secretary of Agriculture on cotton 3,300 Preferred stock of Export-Import banks 10,000 12,500 12,500 12,600 Total all loans and investments.. 1,657,655 1,959,619 2,217,236 2,272,732 2,356,134 2,402,607 2,436,429 June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, 1934 1934 1934 1934 1934 1934 1934 Loans to financial institutions 842,362 825,384 812,727 802,956 812,045 840,028 Loans on preferred stock of banks and insurance companies. 31,242 31,759 42,088 42,371 42,738 42,832 47,257 Preferred stock, capital notes, and debentures 786,812 752,935 774,630 798,387 819,985 834,360 Agricultural loans 17,380 18,996 18,136 18,534 20,873 20,685 19,366 353,637 354,742 343,482 343,595 353,491 361,830 376,894 93,004 96,061 107,265 111, 178 112,197 117,025 122,696 Loans to industrial and commercial businesses 274 1,918 3,233 4,166 6,626 Loans to drainage, levee, and irrigation districts 4 3, , 4 6 8 3 1 6 8 2 , , 1 6 6 4 5 6 2 9 4 , , 1 4 8 0 2 5 2 9 4 , , 4 0 7 36 9 2 1 3 1 , , 5 1 3 4 6 7 2 1 3 1 , , 1 32 3 1 6 12, 5 2 0 9 5 8 uiner loans. .... 1,629 Securities purchased fronf Public Works Admiiiistrationl" 2,158,521 2,107,666 2,144,846 2,162,223 2,178,560 2,213,026 2,261,559 Total loans and investments, other than interagency— Loans to Federal land banks. 19 6 3 , , 6 6 3 1 1 8 12 6 4 , , 1 8 6 6 6 4 11 4 6 , , 6 3 4 5 6 7 11 3 5 , , 7 9 4 5 7 5 11 2 5 , , 6 1 2 5 0 5 110,688 78,455 T2X52 +° ™ZionBi agricultural credit corporaVlons."".!.! 202,559 157,667 108,646 76,430 42,969 30,242 pSfiSf Ac.OIm?odity Credit Corporation. 12,500 12,500 12,500 12,500 12,500 12,500 12,500 Preferred stock of Export-Import banks 2,573,829 2,408,863 2,386,995 2,370,855 2,351,804 2,366,456 2,385,877 Total all loans and investments Jan. 31, Feb. 28, Mar. 31, Apr. 30, May 31, June 30, July 31, Aug. 31, 1935 1935 1935 1935 1935 1935 1935 1935 L & oa ns to f P in re a f n er c r i e al d in s t t k itu uttii f oo nn b ss k 7 4 9 7 4 , , 5 9 1 7 5 2 7 4 6 7 3 , , 6 0 9 4 9 3 7 4 2 8 7 , , 3 6 2 S 9 8 7 4 0 8 6 , , 3 9 2 0 7 7 6 4 8 8 1 , , 1 4 8 1 3 6 6 4 58 8 , , 2 3 1 1 3 6 6 4 3 8 7 , , 2 3 0 1 3 0 6 4 1 8 5 , ,9 2 0 1 8 7 L o S S 2 £ £J ? l S £ o H a L d n n f a ( m l « u a s g t n 6 r > g i ? a P l l a e l s t V n t p a o e d I r c e ' o k n c ° j a o t o e n m e f d c S ' m t b i a s r a e n r . n r . iS . d c k . a i s . a t d . i l a 0 e * n b b d u e d n s i i n i s t n u t s r e u r i s e r c s a t s e s n s ce companies 3 8 1 7 4 X 2 1 8 9 3 9 5 M , , , , , 5 4 4 3 9 1 1 6 0 2 9 3 0 4 6 5 7 3 8 1 7 1 2 6 1 1 9 1 6 7 5 0 9 , , , , , , , 3 9 7 6 8 7 8 5 5 7 4 0 2 3 3 3 6 8 7 2 7 7 8 8 1 2 1 2 1 3 7 7 1 0 2 2 2 , , , , , , 4 2 7 2 3 0 5 9 3 9 6 7 3 3 0 8 2 0 7 7 3 8 1 2 1 8 2 6 1 3 3 5 1 6 9 4 4 , , , , , , , 5 4 2 6 2 5 6 7 6 0 8 0 1 1 5 6 3 7 2 7 9 2 2 4 8 1 2 2 1 1 7 1 3 2 5 5 3 1 7 7 , , , , , , , 7 8 4 1 6 4 5 8 5 1 4 7 5 1 4 4 3 5 9 8 0 4 0 4 8 1 1 2 2 2 7 4 1 4 2 1 7 2 6 6 6 , , , , , , , , 3 6 7 5 3 4 1 3 4 8 4 9 9 7 6 8 4 9 6 6 8 6 7 0 8 4 1 1 7 2 2 2 4 1 2 3 3 5 2 9 8 6 , , , , , , , , 3 9 0 5 1 9 7 1 7 3 8 5 3 1 4 9 9 8 1 7 7 5 0 0 8 4 1 1 7 2 3 1 2 1 5 4 2 2 2 3 9 2 5 , , , , , , , , 2 8 2 7 3 8 5 1 7 5 7 9 5 4 0 7 5 5 0 3 0 9 2 2 Securities purchased from'Pabijic'WorlEs A Total loans and investments, other than interagency. [2,234,716 2,232,880 2,232,463 2,220,553 2,233,483 2,234,326 2,217,452 2,307,192 Loans h to S F s e m d m er o a o ' d l ^ f i l t E an l x o d p a c o d n b r s r a t f ie - c " n I ° d k m . i s B t p c o - O r * t T \ b p C a o . n r M k a s t o io rt n g : a : g :: e : : C :: o ::::: 7 3 1 6 6 2 , , , 9 1 5 6 3 0 4 9 0 7 3 1 4 5 2 , , , 4 9 5 7 0 0 3 5 0 3 7 1 9 2 2 , , , 2 5 5 6 0 5 3 0 2 4 7 1 1 9 0 2 0 , , , , 1 4 5 0 7 5 0 0 4 6 0 0 5 1 1 5 2 0 , , , 5 5 0 3 0 0 0 0 0 1 5 4 1 1 8 9 0 0 , , , , 1 8 0 0 8 7 0 0 1 3 0 0 2 5 3 1 1 1 8 0 0 , , , , 1 2 0 0 6 7 0 0 6 7 0 0 2 5 4 1 1 7 9 0 0 , , , , 8 5 0 0 8 5 6 0 3 6 0 0 Total all loans and investments 2,360,319 2,355,759 2,356,777 2,362,683 12,377,91212,462,380 2,526,895 2,634,691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN APRIL 1936 AGRICULTURAL LOANS OF COMMERCIAL BANKS The loan activities of commercial banks, complete and accurate estimate that has ever particularly in rural areas, arc closely inter- been made of the outstanding credit advanced related with agricultural operations. These to farmers by commercial banks. institutions constitute the most important As the United States Department of Agrisource of personal and collateral credit for culture had conducted somewhat similar surfarmers. The volume of such credit extended veys for 5 different years since 1914, these by commercial banks is naturally influenced by previously compiled data were available for variations in agricultural conditions, particu- making rough comparisons of changes in the larly by changes in farm-commodity prices. volume of agricultural loans that had occurred At the same time the amount of buying power between survey dates during that period. of agriculture for industrial goods is influenced The analysis of these changes for the war and by changes in the volume of loans obtained post-war periods together with a detailed from or repaid to banks. analysis of the outstanding agricultural loans The marked economic changes that have held by commercial banks at the end of 1934 is taken place during the post-war period have summarized on the succeeding pages. greatly influenced the volume of bank credit extended to farmers. As credit changes in TRENDS IN AGRICULTURAL LOANS HELD BY BANKS recent years have been so drastic, it was deemed Table 1 summarizes the various estimates desirable to appraise, as accurately as possible, made by the Department of Agriculture from the extent to which the volume of outstanding 1914 to 1934. The largest amount of agribank credit to farmers had been curtailed. cultural loans held by banks at any time was Adequate data for measuring such changes have apparently reached in the latter part of 1920. not been available in the regular reports of the supervisory banking agencies, and a special TABLE 1.—ESTIMATED AGRICULTURAL LOANS OF survey, therefore, was necessary to obtain this COMMERCIAL BANKS IN STATED YEARS 1 information. Through the cooperation of the Federal Deposit Insurance Corporation, the Loans se- Personal Total agri- Comptroller of the Currency, and the Federal Year f c a u r r m ed r b e y a - l a e n r d a l c l o o l a l n a s t- cu lo lt a u n r s al Reserve Board, schedules requesting data as estate to fanners to specific types of agricultural loans, total loans, and total deposits were enclosed with the 1,000 dollars1,000 dollars1,000 dollars 1914.. 739,500 1,607,970 2,347,470 call report form for December 31, 1934, sent 1918.. 1,010,559 2,506,814 3 517,37* out by each of the three cooperating agencies. 1920._ 1,447,483 5,317,374 1923.. 1,388,106 2,943,818 4 331,924 These schedules were checked against the 1931._ 945,172 1,936,360 2 881,532 report of condition to insure accuracy of com- 1934,. 498,842 807,613 1306,455 parable items included in both reports. Of the i Data relate to end of year indicated except for 1914,1918, and 1931. 14,135 banks licensed and insured, 101 banks Data for the latter 2 years relate to the midyear, whereas those for m» failed to submit reports on their agricultural relate to the spring of 1914. loans, and data on total loans and deposits of From 1920 to 1934 loans secured by farm real each of these banks were obtained from the estate decreased by $948,641,000 or 66 percent. December 31, 1934, report of condition. The Personal and collateral loans decreased by agricultural loans of each of the nonreporting $3,062,278,000 or 79 percent. Both types of banks were then estimated by multiplying its loans at the end of 1934 were substantially total loans by the ratios of the various types of below the estimated totals for 1914. agricultural loans to total loans reported by Estimates for individual States were compiled other banks in the same county. In a very few in each survey but variations between estimates cases no other banks were located in the on a State basis were influenced to a certain same county and ratios for adjoining counties extent by the variations in the proportion of were used. This information permitted the returns received from banks in towns and cities compilation of data representing the most of various population groups. Estimates on a ^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEKAL RESERVE BULLETIN 225 APRIL 1936 State basis, therefore, are presented only for further increase of 54 percent despite the fact the 1934 survey. Estimates for previous sur- that there was only a nominal further increase veys are presented as totals for geographic in farm-commodity prices during that period. divisions. After 1920 each of the three succeeding The estimates for the surveys prior to that surveys showed a reduction, the sharpest refor 1934 were based upon reports of only a duction taking place from 1931 to 1934. As portion of the banks, usually from 40 to 50 undoubtedly there had been an appreciable percent of the total number. The estimates for reduction in agricultural loans between 1929 each State were made on the assumption that and the middle of 1931, the reduction in loans the ratio of agricultural loans to total loans and that took place during the depression period discounts of banks replying to the survey beginning in 1929 was probably substantially questionnaires were also applicable to the loans greater than the change indicated for the and discounts of banks failing to reply. As period from 1931 to 1934. indicated in a succeeding section of this bulle- This reduction following 1929 was much tin, the ratio of agricultural loans to total loans more drastic than that during the period of and discounts shows wide variations as between rapidly declining prices in 1920-21. The banks in towns and cities of different population period of declining farm-commodity prices groups. following 1929 was about three times as long When there is a difference, from one survey as the period of declining prices following 1920 to another, in the proportion of loans and dis- and naturally intensified the forces that tended counts reported on schedules from banks in to bring about a reduction in agricultural towns and cities of different population groups, loans, both by reducing the value of the farmthis difference tends to alter the State estimate, ers' collateral for loans and by increasing the through changing the ratio of agricultural loans number of bank suspensions. As compared to total loans. For surveys in which a relatively with the earlier period bank suspensions were larger proportion of the loans and discounts also in substantially greater number following are reported by banks in towns and cities of the 1929. The facilities of the War Finance Corlarger population groups the ratio of agricul- poration which were made available to comtural loans to total loans will tend to be lower mercial banks in 1921 tended to retard the than the true ratio for all banks in the State. forced liquidation of agricultural loans in the Likewise, if a relatively smaller proportion of earlier period. The National Credit Corporathe returns come from banks in the larger tion was organized in the fall of 1931 and the population groups, a ratio derived from the Reconstruction Finance Corporation in the reporting schedules will tend to overestimate spring of 1932 to provide similar financial the State total of agricultural loans. assistance to banks, but the wave of deposit . It is believed that most of these differences withdrawals and bank suspensions had gained ui State estimates tend to be offset when com- such momentum that these emergency financbined into geographic division totals. In a ing facilities were unavailing in halting the very few cases, however, the geographic-divi- forced contraction of credit. sion totals seem to be out of line and attention In analyzing the changes that have taken is called in the text discussion to such apparent place in the volume of personal and collateral discrepancies. The probability of understate- loans since 1914, on the basis of geographic ment or overstatement is least in those States divisions, it is apparent that the most marked in which the volume of agricultural loans is changes in the amount of loans have taken largest because usually there is less variation place in the East North Central States and in jn the ratio of agricultural loans to the total the West North Central States.2 These two loans and discounts as between banks in towns geographic divisions accounted for about 57 and cities of the various population groups. percent of the estimated total of personal and collateral loans held by commercial banks in PERSONAL AND COLLATERAL LOANS 1914 and 1920. By 1923 loans in these two groups of States accounted for 61 percent of The volume of personal and collateral loans the total. After 1923 the relatively greater ^creased by about 141 percent from 1914 to reduction in agricultural loans in these two <™ end of 1920, an increase corresponding geographic divisions reduced their proportion, cioseiy to the increase in farm-commodity by the end of 1934, to 38 percent of the total. prices during the same period. The increase "* this type of loan from 1914 to 1918 was 56 * See table 21 at end of this article for list of States Included in the percent. From 1918 to 1920 there was a various geographic divisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN APRIL 1930 Comparative changes for each of the six sur- 1931 estimate for these States appears to be so veys are shown graphically, by geographic divergent from trends in other geographic diviregions in figure 1. sions that the data may represent an overesti- From 1914 to 1920 the rate of increase was mate of loans on that date. During this period far from uniform in each of the geographic the reduction in loans held by banks in the divisions. The largest percentage increase West North Central States was particularly was shown for the Mountain States and the large, the amount of such loans being reduced smallest increase in the New England and by almost one-half. Middle Atlantic States. Although only a In the years from 1931 to 1934 the reduction nominal increase was shown from 1914 to 1918 in loans, which occurred in all^ geographic in the New England and Middle Atlantic divisions, was especially drastic in the East North Central and West North Central States. FJGURE 1 In these two geographic divisions the out- PERSONAL AND COLLATERAL LOANS TO FARMERS standing personal and collateral loans to M NE ID W . A E T N L G A L N A T N IC D farmers decreased by about two-thirds in a W E. . N N . . C C E E N N T T R R A A L L period of 3K years. The number of bank S. ATLANTIC CS. CENTRAL suspensions in these States was particularly tf.S. CENTRAL MOUNTAIN large and these numerous suspensions materially PACIFIC influenced the volume of loans. Compared NEW ENGLAND MID. ATLANTIC toie with 1914 the level of loans in all geographic LM. CENTRAL I W.N. CENTRAL divisions with the exception of the East South S. ATLANTIC E. 5. CENTRAL Central States was lower in 1934 than in 1914. W.S. CENTRAL MOUNTAIN PACIFIC NEW ENGLAND LOANS SECURED BY FARM REAL ESTATE MID. ATLANTIC E.N. CENTRAL W.N. CENTRAL The trend of agricultural loans secured by S. ATLANTIC L 5. CENTRAL farm real estate, although roughly similar to W.S, CENTRAL MOUNTAIN that of personal and collateral loans, did not PACIFIC show quite so large an increase from 1914 to NEW ENGLAND MID. ATLANTIC 1920 or quite so large a decrease from 1920 to LN. CENTRAL W.N. CENTRAL 1934. While farm-land prices were advancing, S.ATLANTIC E.S. CENTRAL the amount of farm real estate loans of com- W S CENTRAL MOUNTAIN mercial banks increased at about the same PACIFIC NEW ENGLAND rate. From 1920 to 1923, farm real estate MID. ATLANTIC EN. CENTRAL loans decreased only about 4 percent although W.N. CENTRAL S. ATLANTIC the index of farm-land values declined from LS. CENTRAL W.S. CENTRAL their peak of 170 (1912-14=100) in March MOUNTAIN PACIFIC 1920 to 130 in March 1924. As the sharp N M E ID W . A E T N L G A L N A T N IC D drop in farm income that began in 1920 had £ W . . N N . . C C E E N N T T R R A A L L impaired the security of many loans that S E . . S A . T C L E A N N T T R IC AL previously had been granted on personal or W.S. CENTRAL MOUNTAIN collateral security, banks followed the policy of PACIFIC strengthening the security back of these slow 600 BOO 1.000 1,200 1.400 l.0€0 DOLLARS (MILLIONS) loans by taking real estate security. Real estate loans acquired in this manner tended to States, all geographic divisions showed a rapid hold up the total volume of such loans despite expansion in loans from 1918 to 1920. the active movement of mortgage refinancing From 1920 to 1923,^ decreases were shown undertaken by other agencies during this for all geographic divisions with the exception period. of the New England States. It is possible that From 1923 to 1931 the holdings of farmthe 1923 estimate for the latter group of States, mortgage loans of commercial banks decreased as well as for the Middle Atlantic States, which at a somewhat more rapid rate than the deshowed only a slight decrease, was too high. crease in land values. During most of this The sharpest decreases were shown in the period the life insurance companies and the West South Central and Mountain States. Federal and joint stock land banks were ex- In the period from 1923 to 1931, decreases panding their mortgage loans at a rapid rate were again shown for all geographic divisions and undoubtedly a portion of the mortgage except in the Middle Atlantic States. The loans held by commercial banks were refinanced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 227 APRIL 1936 by these other agencies. During the same 31, 1934, resulting from the refinancing operaperiod, there was also a reduction occasioned tions of the Farm Credit Administration, would by the foreclosure of heavily indebted farms. amount to about $250,000,000. Frequently the foreclosure of a first mortgage During the period 1914 to 1934 the trend of held by another agency meant the extinguish- farm-mortgage holdings of State and national ment of junior Hens taken by commercial banks have shown a marked divergence. Prior banks to strengthen the security of advances to the passage of the Federal Reserve Act, previously made when farm-commodity prices national banks were not permitted to invest were at a higher level. their funds in farm-mortgage loans. The esti- With the rapid decline in farm-commodity mated total of mortgage loans held by banks prices after 1929 the security of many advances in 1914 therefore represents the holdings of made when prices were at a higher level became banks pther than national. The marked inimpaired and commercial banks made some crease in mortgage loans of commercial banks increase in their mortgage loans to strengthen from 1914 to 1920 was largely accounted for by the security of personal and collateral loans banks other than national, as mortgage holdings previously made. Such increase was slightly of national banks had reached the total of only more than offset, however, by reductions re- $161,652,000 on June 30, 1921. Although the sulting from other factors, chiefly foreclosures. estimated total of mortgage loans of all banks The annual changes following 1929 may be showed a decline at each survey following 1920, partially illustrated by the reported holdings loans of this type held by national banks conof member banks of the Federal Reserve Sys- tinued to increase until 1928, the holdings tem. At the end of 1929 farm-mortgage loans of $325,125,000 on June 30,1928, being slightly held by such member banks amounted to more than twice as large as in 1921. At the $388,000,000. There was practically no change end of 1934, farm-mortgage loans of national m 1930, but at the end of 1931 the total had de- banks had declined to $218,268,000, an amount creased to $359,000,000 and by the end of 1932 representing 44 percent of the farm-mortgage to $356,000,000. loans held by all banks. The sharp reduction in the number of oper- In tracing the trend of farm-mortgage holdating banks, following the banking holiday in ings of commercial banks, by geographic diearly 1933, was accompanied by a reduction in visions, total holdings, as in the case of personal the reported holdings of farm-mortgage loans and collateral loans, are largely dominated by of member banks of the Federal Reserve Sys- the holdings of banks in the East North Central tem. At the end of 1932 such loans were re- and West North Central States. In each of ported at $356,000,000, as indicated above, and the surveys until 1931 mortgage loans in these on the following report date, June 30, 1933, at two geographic divisions represented from 50 $318,000,000, a decrease of 11 percent. A part to 60 percent of the total held by all commercial of the reduction taking place between 1931 and banks. In 1934 holdings by banks in these two 1934 in the total of the estimated farm-mort- geographic divisions amounted to only 37 pergage holdings of commercial banks may there- cent of the total farm-mortgage holdings of fore be attributed to the reduction in the num- commercial banks, or about the same percentber of operating banks, a reduction which does age as indicated for personal and collateral not take into account the mortgage holdings loans. . . . - -, of closed banks. In two geographic divisions the volume of The mortgage refinancing program of the farm-mortgage loans has exceeded the volume *arm Credit Administtrattioo, n, begg un in 1933,, of personal and collateral loans. In the New has rreessuulltteedd iinn aa subbsttatntili al reddcutcitoino n inin ththee England States this situation has prevailed in wm-mortgage holdings of commercial banks. each of the survey periods. In 1914 the voll>ata covering the period from May 1, 1933, to ume of such farm-mortgage loans in the New September 30,1934, indicate that 16.2 percent England States was more than four times as of the proceeds of Federal land bank loans and large as the personal and collateral loans, but 17.9 percent of the proceeds of commissioner by 1934 such loans were only slightly more than loans were used to repay first and junior mort- half again as large as the personal and collateral gages held by commercial banks. Assuming loans. In the earlier periods New England that these percentages also hold true for the banks were heavy investors in farm mortgages period embracing an additional 3 months, the purchased from other areas, particularly from reduction in farm-mortgage loans held by com- the Middle West. After 1923 such investmercial banks from May 1, 1933, to December ments show a sharp reduction as the active Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BULLETIN APRIL 1936 lending operations of the Federal and joint FACTORS INFLUENCING THE TREND OF AGRIstock land banks and the life insurance com- CULTURAL LOANS HELD BY BANKS panies resulted in a considerable refinancing of The expansion of agricultural loans from such loans at lower interest rates. The in- 1914 to 1920 and their contraction subsequent creased rate of foreclosures of mortgages followto 1920 were influenced by factors which varied ing the price decline that occurred in 1920-21 from community to community. The lending was also a factor tending to make eastern banks policy of local banks, the attitude of fanners less favorably inclined towards the purchase of relative to the assumption and repayment of farm mortgages from other areas. debts, climatic conditions, etc., were all in- The practice of commercial banks in purfluential in accounting for variations in the chasing farm mortgages from other areas was volume of agricultural, loans. Despite the not confined solely to the Eastern States bu^yas varying conditions, however, certain major quite general in many other sections in which factors influenced the trend of agricultural local savings were in excess of local requireloans in practically all agricultural areas. The ments, particularly in such sections as southmore important of these were the changes in the ern Wisconsin and northern Illinois. In recent level of prices received by farmers, the bank years banks in these areas, too, have drassuspensions, the refunding of bank loans into tically curtailed their investments in outside long-term mortgage obligations, and the demortgages. velopment of new Federal financing facilities In the Pacific Coast States the survey for for farmers. These four major factors are 1923 was the first to show a volume of farmdiscussed on the following pages. mortgage loans larger than the volume of other types of agricultural loans, a relation- FIGURE 2 ship which was maintained in each of the two PERSONAL AND COLLATERAL LOANS TO FARMERS AND INDEX OF PRICES RECEIVED BY FARMERS subsequent surveys. The relatively greater increase in farm-mortgage loans in this geographic division is accounted for largely by banks in California where the policies of some of the large branch-banking systems were reflected in a substantial expansion in their portfolio holdings of farm mortgages. Table 2 summarizes the distribution of farmmortgage holdings of commercial banks for each of the six surveys, by geographic divisions. TABLE 2.—DISTRIBUTION OP LOANS SECURED BY FARM REAL ESTATE HELD BY COMMERCIAL BANKS Relation of price level to bank loans.—Vari- AT STATED DATES, BY GEOGRAPHIC DIVISIONS ations in farm-commodity prices, through their Geographic division o S f p r 1 i 0 n 1 g 4 Ju 1 ly 91 3 8 1, De 1 c 9 . 2 0 31, De 1 c 9 . 2 3 31,Ju 1 n 9 e 3 1 30, De 19 c. 3 4 31, i b n y f lu f e a n r c m e e r u s p , on h a t v h e e a a m cc o o u u n n t t e o d f i f n o c r o m s e u b r s e t c a e n iv ti e a d l changes in the volume of agricultural loans 1,000 1,000 1,000 1,000 1,000 U000 held by commercial banks. Figure 2 shows dollars dollars dollars dollars dollars dollars New England -.. 84,900 96,300 93,685 111, 918 36,529 17,605 the estimated volume of personal and collateral M Ea i s d t d N le o A rt t h l a C nt e i n c tral. 2 3 2 0 0 , , 9 0 0 0 0 0 2 6 5 8 2 , , 7 7 8 0 7 7 3 3 3 4 5 , , 1 0 4 9 8 5 3 3 1 7 5 , , 5 1 1 3 0 1 2 4 4 6 0 , , 5 3 2 5 4 3 1 4 0 2 8 , , 2 3 1 3 4 6 loans for each of the six surveys conducted by West North Central. 216,400 296,638 531,212 403,514 212,117 76,258 the Department of Agriculture. The index of South Atlantic 40,800 53,129 94,048 79,856 74,356 43,520 East South Central. 33,600 52,023 101,080 77,591 74,694 42,076 farm-commodity prices is also shown for the " M W o e u st n S ta o i u n th Central- 2 1 7 9 , , 9 8 0 0 0 0 3 2 4 7 , , 6 62 0 1 3 7 5 3 5, , 9 2 3 5 6 1 8 5 2 2 , ,4 3 0 0 8 6 4 6 0 2 , , 2 0 6 3 6 9 3 1 4 3 , , 1 1 9 1 4 7 period 1910-35 to indicate the general relation- Pacific 65,200 138,951 129,027 227,872 158,294 121,620 ship between farm prices and agricultural loans of commercial banks. It will be noted that In comparing the changes from one survey loans tend to lag behind the movement of to another, it appears possible that the totals prices. for the Middle Atlantic States in 1920, 1923, Farm commodity prices, in turn, are an imand 1931 were underestimated. Likewise, it is portant factor in influencing the trend of possible that the totals for the Pacific States in farm land values. Figure 3 shows a compari- 1918 and 1923 may have been overestimated. son of the index of farm land values and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL 1936 FEDERAL RESERVE BULLETIN 229 estimated amount of farm mortgage loans of prices. This situation, in turn, adversely held by commercial banks at each of the six affected the status of country banks. survey dates. Ordinarily the deposits of a country bank The rapid rise in farm-commodity prices, constitute a revolving fund from which loans following the outbreak of the World War, can be made to borrowers within the comcharacterized by an increase in index of such munity. When the assets of this revolving prices from 101 in 1914 (1909-14=100) to a fund consist chiefly of local advances, the peak of 244 in May 1920, substantially ex- country bank's ability to grant new loans, panded the flow of income into agricultural unless the inflow of funds is greater than the communities. Deposits at banks increased volume of payments made outside the comcorrespondingly and provided country banks munity, is dependent upon the rate of repaywith a mounting excess of claims against urban ment of outstanding advances or upon the centers, which was reflected in a substantial bank's ability to sell some of its assets or to increase in the amount of funds carried as borrow funds outside the community. The balances with correspondent banks. Country revolving character of the fund thus can be banks were naturally desirous of finding profit- maintained only when the inflow of funds proable investment for their surplus funds and, vides additional new deposits or repayments with the generally favorable agricultural in- on outstanding advances sufficient to meet the come situation prevailing, advances were freely demand for new loans. In those periods when made to borrowers. A large part of these an agricultural community is faced with an adverse balance of payments, and repayments FIGURE 3 on outstanding advances do not provide suffi- AGRICULTURAL LOANS SECURED BY FARM REAL cient funds to meet such adverse payments, ESTATE AND INDEX OF LAND VALUES the solvency of the revolving fund can be (BILLIONS) [- maintained only if the individual bank can J/ land val AgriGtiItura/ lo&ns. ISO obtain additional funds through the sale, out- 1,400 (19 • i if^ sec h u s r ld e b d y b c y oi• f n & m rn tt s rea/ ealat 3 o. 160 side of the community, of a portion of its assets 1.200 j V 140 or if it has borrowing power that can be utilized 1.000 / s •• 120 in obtaining outside credits. 600 The adverse balance of payments that was 100 600 encountered by agricultural communities fol- \ 80 lowing the sharp drop in farm-commodity 400 60 prices in 1920 thus seriously impaired the ZOO — 40 revolving character of the country bank's loan 0 -- •• 1 1925 1930 1935 fund and brought about the insolvency of NlbltTM luaOUOfWiiiCULTUIuli numerous institutions. Most country banks, advances were of the type which, with the con- prior to the price decline were already heavily tinuation of a high price level, probably could indebted to the Federal Reserve banks and have been repaid within a reasonable period, to correspondent banks. following the sharp drop in farm-commodity The situation faced by fanners and by prices in 1920, when the index declined from a country banks in this period was summarized peak of 244 in May 1920 to a low of 113 in in a previous report of the Department of June 1921, the ability of farmers to repay bank Agriculture as follows:3 loans was seriously curtailed. * * * With the collapse in prices of farm products The decline in farm-commodity prices rein 1920 and 1921 a credit emergency arose which has sulted in a drastic reduction in the income few parallels. Banks and other established credit nowing from urban centers to agricultural agencies in many sections of the country were unable communities. The payments which, on the to cope with the situation and Federal, State, and local governments were called upon to provide emerother hand, had to be made from agricultural gency funds. In several Northwestern States where communities to other areas could not be re- crop failures, high operating costs, and the drop in duced correspondingly as future commitments prices of farm products combined to create a serious fcad been made for supplies, machinery, interest situation Federal funds in the amount of $3,500,000 were made available in 1921 and 1922 for the purchase Payments, etc. At the same time, the decrease of seed grain. Various county governments in these jP.farm income in relation to operating and States also provided farmers with large sums for seed ^vmg expenses was so drastic that farm bor- and feed purposes. rowers could make but relatively small reduc- ;*on on the loans they had contracted on » Olsen, N. A., Brannen, C. O., Cadisch, G. F., and Newton, R. W. 1925 Farm Credit, Farm Insurance, and Farm Taxation. U. S. Dept. llle basis of the previously existing high level Agr. Yearbook 1924: 185-284, illus. 1925. See pp. 231-232. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDEKAL RESERVE BULLETIN APRIL 1936 The situation in the fall of 1921 became so critical TABLE 3.—CHANGES IN MAJOR BALANCE-SHEET ITEMS that Congress voted to broaden the powers of the War OF COUNTRY NATIONAL BANKS IN 10 LEADING AGRI- Finance Corporation to permit advances for agricultural CULTURAL STATES, 1920-211 purposes. The War Finance Corporation describes the situation which existed at that time in the following words: , t . Item M 1 a 9 y 2 0 4, De 1 c 9 . 2 1 31, Increase or decrease "When the agricultural credits act was passed (Aug. 24, 1921), there was a state of demoralization everywhere among all classes of agricultural producers. \l ,000 dollars11,000 dollars\1,000 dollarsPercent Farmers and stockmen generally were in a desperate Total deposits | 1,934,133 1,545,085 -389,048 -2a 1 plight; breeding herds were being sacrificed on a whole- L U o n a it n e s d a n S d ta t d e i s s c s o e u c n u t r s ities. 1,7 3 1 2 1 7 , , 6 1 8 8 9 1 1, 2 4 5 8 1 6 , , 0 3 8 1 3 4 -2 -7 2 6 5 , , 0 3 9 7 8 5 - - 2 1 3 3 . . 3 2 sale scale; immature stock was being sent to the block; Other investments 138,249 165,146 +26,897 +10. fi and cotton, corn, and other agricultural commodities Cash and due from banks. 472,231 352,309 -119.922 -25.4 commanded prices that were discouragingly low, in Total borrowings 133,262 179,873 +46,611 +35.0 many cases materially below cost of production. Forced liquidation and hasty selling impaired the farmer's » States included: Illinois, Iowa, Kansas, Minnesota, Missouri, Nebuying power, and this, in turn, brought about a braska, North Carolina, Oklahoma, Texas, and Wisconsin. Annual reports of the Comptroller of the Currency, reduced demand for the products of industry. Bank deposits were being withdrawn and reserves depleted, Although deposits decreased 20 percent, loans loans could not be collected, and the stability of our whole agricultural and banking structure was seriously and discounts decreased only 13 percent. The threatened." withdrawal of deposits to meet payments out- Under its broadened powers the corporation made side pi the community necessitated a sharp rebetween August 24, 1921, and November 30, 1924, duction in balances held with correspondent advances totaling $297,934,000. Of this amount 58 banks. Holdings of cash and balances with percent was advanced to banking and financial institutions, 29 percent to livestock loan companies, and correspondents reached their lowest point on 13 percent to cooperative marketing associations, June 30, 1921. With the seasonal increase of * * * The influence of the War Finance Corpora- farm income in the last half of the year, this tion in stabilizing credit conditions, however, is not account was partially restored although at the measured solely by the advances it actually made. During these 3 years it approved loans amounting to end of 1921 it was stiU 25 percent below that of almost $480,000,000. The willingness of the Federal May 4, 1920. The smaller dollar value of Government to approve large advances for agricultural check transactions because of lower prices made purposes at a time when the prices of farm products it possible to carry reduced operating balances were demoralized helped to restore the confidence of both farmers and bankers and greatly relieved the but it is probable that the pressure of meeting financial stringency. adverse payments outside of the community caused these balances to be reduced to the To illustrate the readjustment that was barest minimum. forced upon country banks as a result of the drastic decline in farm incomes that began in Loans continued to rise from May 4, 1920, 1920, data for significant items have been to November 15, 1921, but thereafter a reduccompiled from the reports of country national tion was shown for each call date until March banks4 in 10 of the leading agricultural 10, 1922, when the trend was reversed. Bor- States. These 10 States held more than 50 rowings increased rapidly from May 4 to Depercent of the estimated total of agricultural cember 29, 1920, and decreased slowly in 1921. loans held by all banks at the end of 1920. With the improvement in farm income in 1922, On the basis of call-date data it appears that however, a substantial reduction was effected in the period of credit contraction that began although such borrowings continued at a relain 1920 deposits of these banks reached their tively high level. lowest level at the end of 1921. Total deposits Reduction in holdings of United States secum decreased approximately 20 percent from May rities also provided a source of funds for meeting 4, 1920, to December 31, 1921. Changes that outside payments. This was in part offset by took place during this period in the major bal- increased holdings of other securities, largely ance-sheet items are shown in table 3: municipal investments, warrants, claims* and judgments. «The term "country" national bank here refers to the classification of the Comptroller of the Currency, that is, national banks outside of Beginning with July 1921 prices received by central reserve and reserve cities. farmers began an upward movement which con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1936 FEDEEAL RESERVE BULLETIN 231 tinued until January 1923, the index number of period have been closely associated with prices advancing from 113 to 146 (pre-war changes in the level of prices received by prices=100). The accompanying increase in fanners. Figure 4 shows the index of prices the flow of agricultural income into agricultural received by farmers compared with an index communities again brought about a nominal of net demand deposits of member banks of expansion in deposits which, with the repay- the Federal Reserve System located in places of ments on local loans, provided funds for re- less than 15,000 population in 20 of the leading ducing borrowings at Federal Reserve banks, agricultural States. The net demand deposit correspondent banks, and the War Finance series, which is corrected for seasonal varia- Corporation. Balances at correspondent banks tion, shows the influence of low farm prices for were also built up to a more normal level. farm commodities in 1923 and the subsequent During the first half of 1923 prices received recovery of prices in 1924 and 1925. The by farmers again receded, the index declining sharp drop in prices during 1926, largely from 146"in January to 136 in July. After a influenced by low prices for cotton, is also recovery in the last half of 1923, due largely to reflected in a lower level of deposits. increased prices for cotton and for dairy and The drastic decline in prices received by poultry products, the index again declined to fanners from 152 in August 1929 to 55 in 137 in May 1924. Prices received by producers March 1933 was accompanied by approxiof grain and of livestock during tins period mately as large a proportionate decrease in net demand deposits. In meeting this unprec- FIGURE 4 edented reduction in deposits, country banks Prices Received by Farmers and Demand Deposits of were placed under severe strain and an-abnor- Country Banks in 20 States, 1923 to Date mally large number of bank suspensions took INDEX NUMBERS (1923-1923:100) place. Changes in major balance-sheet items during the period June 29, 1929, and December 31, 1932, the last call date preceding the banking holiday of 1933, illustrate the rapid readjustment that was forced upon the country banking structure. Table 4 summarizes the calldate data for country national banks in 10 of the leading agricultural States. TABLE 4.—CHANGES IN MAJOR BALANCE-SHEET ITEMS 1923 •29 f31 '33 '35 OF COUNTRY NATIONAL BANKS IN 10 LEADING M«.n}»'l *UftIAUC>FACMICllL.TU*AL((AHOMlCi AGRICULTURAL STATES, 1929-32 l were relatively low, the annual index number °i grain prices being 113 for 1923 and that for Item Ju 1 n 0 e 2 9 29, De 1 c 9 . 3 2 31, Decrease jaeat animals only 107. The relatively less favorable income situation in areas producing 1,000 dotUtr9\!,OOO dollar;1,000 dollarsPercent t c ^ t h h h e a a s t o r e a r d c d e t t e e w v r r e i o z l t o o e g p d e r r e o d b l u y ie p i n u v s e n t f o h a t f h v e o e f N r a a a r o b c m r l u t e t h e c w c o r c e e m r s d e t m i d t i o d t c d u o i r s n t i i i n d t e u g i s t a i t o w t i h n o a s e n s . T L U T C O o o o a n th a t s t i a a h t e n e l l r s a d b d n i a o n e d S n r p v d t d r o e a o u d s t s w e e t i i m s s t i f s n c r s o e — o g e m n u s c — t n u s D t r — s i a t n i - K e — s s . . 2 1 , , 1 4 3 4 4 2 6 4 4 2 3 3 1 9 3 8 0 , , , , , , 9 7 1 2 9 9 2 0 3 2 6 9 6 6 7 8 3 1 1,2 7 2 3 3 5 4 5 2 4 2 7 5 1 3 5 7 , , , , , , 4 1 3 3 4 6 2 7 2 9 5 1 6 9 6 3 7 5 8 7 1 8 6 7 4 1 3 4 3 9 0 5 , , , , , , 2 8 4 6 8 5 8 7 0 1 2 7 0 5 0 2 2 1 4 5 2 2 1 0 5 7 0 6 8 . . . . . . 7 4 6 1 5 8 ^nter of 1923 and spring of 1924, the life of the i States Included: Illinois, Iowa, Kansas, Minnesota. Missouri, War Finance Corporation was extended to De- Nebraska, North Carolina, Oklahoma, Texas, and Wisconsin. Annual cember 31, 1924. Despite the widespread use reports of the Comptroller of the Currency. ?O9 e einergency credit facilities in 1923 and Total deposits decreased about 40 percent *924, the number of bank suspensions in the and the decrease of 50 percent in loans and ^Northwestern States was larger than in any of ltMLPrevious years of the post-war period. discounts was even larger. It is probable that" the greater percentage decrease in loans and „ With the recovery of farm prices in 1924 farm discounts was due in part to the large number income was maintained at a relatively stable of bank suspensions during this period. In a «>vel until 1930, although in 1926 low prices period when deposits are declining rapidly, jo* cotton tended to reduce agricultural income banks that have a high proportion of their "itheSouth. assets invested in local loans are less prepared Variations in the flow of funds into agrito meet withdrawals through the sale of outcultural communities during the post-war Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN APRIL 1936 side investments. Thus bank suspensions in Banks which suspended operations usually agricultural regions during this period to a had a substantial volume of borrowings prior large extent involved banks that had relatively to closing and the public had come to interpret high ratios of loans to deposits. The greater large borrowings as a sign of weakness, which percentage reduction in loans than in deposits interpretation led to further deposit withwould, to this extent, reflect the elimination drawals. This psychological attitude on the from the reporting series of those banks having part of the public caused country banks to a relatively high ratio of loans to deposits. hold down the volume of their borrowings and Despite the relatively large holdings of secur- tended to result in relatively greater pressure ities by this group of banks, there was a reduc- for the curtailment of new advances and for tion of only 25 percent in the United States the liquidation of outstanding advances. securities and a reduction of 18 percent in other The trend of borrowings of country banks at investments. A very large number of banks the Federal Reserve banks during the period had pledged securities to secure various credi- 1919-35 is illustrated in figure 5. This series tors, and such investments could not be sold is based on the reported borrowings from the to meet deposit withdrawals. The break in Federal Reserve banks of banks outside the the bond market in the last half of 1931 and weekly reporting cities in eight Federal Reserve first half of 1932 also was so severe that it was bank districts, largely agricultural in character. not possible for banks to dispose of their bond holdings without incurring substantial losses. FIGURE 5 The average price of United States bonds de- BORROWINGS AT FEDERAL RESERVE BANKS BY COUNTRY BANKS* clined from 105.3 in June 1931 to 93.0 in IN EIGHT FEDERAL RESERVE BANK DISTRICTS. LARGELY AGRICULTURAL IN CHARACTER. 1919-35 January 1932. Average prices of corporate bonds, as measured by a representative index, declined from 95.4 in July 1931 to 60.6 in 400 \—\-HC June 1932, a decrease of nearly 40 percent. Balances due from correspondents, as measured by "cash and due from banks" decreased relatively less than deposits. The ratio of such funds to total deposits at the end of 1932 was actually higher than on June 29, 1929. The exceedingly numerous bank suspensions during this period caused most operating banks to follow a policy of protecting themselves against 1919 '21 *23 25 '27 '29 "31 '33 "35 possible abnormal deposit withdrawals by * MEHBER BANKS OFTHS FEDERAL RESERVE SYSTEM. EXCLVtlVC OF BANKS IH Cm« REPORTING WEEKLY TO THE FEDERAL RESERVE BOARD maintaining relatively large balances with u t. tcnumENT or MtictiiTwif correspondents. Although this series includes borrowings of Borrowings, which relatively were not large banks in small industrial cities outside of the in 1929, showed a slight decrease by the end of group that report weekly to the Federal 1932. This is in marked contrast with develop- Reserve Board, it is composed primarily of ments accompanying the price decline that borrowings of banks in agricultural areas. It began in 1920. In the former period borrowis believed, therefore, that it reflects fairly ings were very high at > the outset of the price closely the trend of borrowings of strictly decline and continued to rise further for some country banks. In addition to borrowings time thereafter. from the Federal Reserve banks, country banks During the decade following the 1920 price borrowed, during this period, varying amounts decline a change in policy had been developing from correspondent banks, the War Finance among country banks which resulted in less Corporation, and the Reconstruction Finance dependence on outside borrowings in meeting Corporation. local loan demands. This policy, in turn, After reaching the abnormal high peak of curtailed the amount of credit made available about $450,000,000 at the end of 1920, borto local borrowers. The widespread prevalence rowings of this group of banks tended to worK of bank suspensions tended to make bankers gradually downward until the spring of 1928. in many areas unwilling to show any appreci- The relatively high level of borrowings in 192^ able amount of * borrowed funds on their and 1923 was largely accounted for by banks published statement of condition except as a in the livestock and grain-growing areas where last resort in meeting deposit withdrawals. farm income was relatively lowest. Income m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFBIL 1936 FEDERAL RESERVE BULLETIN 233 cotton-growing States had improved sufficiently payment of marketings. The receipt of such to enable banks in such areas to make a rela- funds by the local bank, as deposits or in paytively greater reduction in their borrowings ment of loans previously granted for seasonal than was true in most other areas. production expenditures, provides the bank With the reduction in open-market holdings with claims on urban centers which go to of securities by the Federal Reserve banks in increase its balances with correspondent banks 1928 and the accompanying increase in open- or the Federal Reserve bank. Such increased market interest rates, borrowings increased balances provide funds for the repayment of substantially. With the decline in interest borrowings and the seasonal trend of such borrates that began in the fall of 1929 this tem- rowings is to show a decrease until the early porary increase in borrowings was reduced part of the following year. During this period largely through the liquidation of security balances at correspondent banks also are loans and other open-market paper that had increased seasonally in anticipation of the been acquired earlier. adverse community payments that may be Unlike the 1920 experience, there was no expected during the following production seaincrease in borrowings following the beginning son. Commercial paper, brokers' loans, or of the price decline in 1929. It was not untfl bonds also are usually acquired during this the last half of 1931, when widespread with- period for temporary investment during the drawal of deposits accentuated the wave of bank period when the receipt of outside funds is in suspensions, that borrowings showed any sub- excess of the payments that are made to other stantial increase. Shortly after the beginning areas. As marketings decrease, a point is of 1932 these borrowings were reduced partly finally reached at which the balance of comas a result of funds made available through the munity payments becomes adverse, a developlending activities of the regional agricultural ment which is accentuated as the crop-produccredit corporations and of the emergency crop tion season gets under way. production loan offices. This downward trend During; this period expenditures must be continued until just prior to the banking holi- incurred for fertilizer, supplies, and machinery day in 1933, when there was a sharp increase. purchased outside of the community. In meet- With the restoration of confidence in the bank- ing these adverse payments balances at correing structure after the banking holiday, the spondent banks are drawn upon and temporary return flow of currency to banks, the higher short-term investments in outside securities farm commodity prices, and the refinancing are disposed of. These means of meeting the programs of the Farm Credit Administration community's outside claims are then suppleprovided funds for the repayment of borrow- mented by funds obtained through borrowing ^gs and by the end of 1934 borrowings from at the Federal Reserve bank or from correthe Federal Reserve banks had been virtually spondent banks. Borrowings tend to increase eliminated. until the beginning of the next marketing A characteristic of the series shown in figure season when receipts from the new crop again 5 is the marked seasonal movement shown in bring about a favorable balance of payments the volume of borrowings. This is largely for the community. accounted for by the seasonal accommodations The seasonal movement of funds to and from extended by the Federal Reserve banks to agricultural communities varies of course as country banks in the cotton-growing States. between different areas. The series of coun- Usually the seasonal low point in borrowing try bank borrowings shown in figure 5 is domiis reached in February or March. From this nated largely by the borrowings of banks in pme until August or September, borrowings cotton-growing areas. A community the inincrease as the adverse balance of payments come of which is largely dependent upon the jor the community becomes larger than can marketing of early vegetables would have an e m^ by the reduction of balances with corre- entirely different seasonal movement. Likespondents or through the sale of outside invest- wise when a community's income is derived ments held in the bank's portfolio. largely from livestock-feeding operations it would have a seasonal movement almost the reverse of that for a community dependent chiefly upon the marketing of crops. ^ Where g the flow of income into a community is fairly i commxintiy may be outlined as follows. regular throughout the year, as in a dairying * seasonal marketing of farm products, community, there is no appreciable adverse flow into the agricultural community in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN AFBIL103* balance of payments of a seasonal character. of farm-mortgage credit. This leading place In such communities there is little or no need they held until the rapid expansion in lending for seasonal accommodation from the Federal activities of the Farm Credit Administration Reserve banks or from correspondent banks. in 1934. Refunding of bank loans into long-term The lending operations of the life insurance obligations.—Following the price decline of companies have been chiefly concentrated in a 1920 country banks found themselves in posses- relatively small number of States. In 1930,81 sion of a substantial volume of slow or "frozen" percent of farm mortgage loans of life insurance loans. This situation caused them to encourage companies were concentrated in 10 States. borrowers to seek new mortgage refinancing These 10 States, however, accounted for only 36 with other agencies in order to obtain repay- percent of the total agricultural loans held by ment or reduction of such loans. With sub- commercial banks on December 31, 1934. stantial borrowings from their correspondents The operations of the Federal land banks in and the Federal Reserve banks, the tying up of particular served to bring about the refinancing their assets in such frozen paper impaired the of commercial bank loans as their lending acability of country banks to meet the current tivities were made available to all areas of the loan requirements of their customers. To country. The lending operations of other leadrestore their assets to a more liquid condition, ing mortgage-credit agencies had been more country banks had every incentive to encourage largely concentrated in certain favored areas, and assist their borrowers to obtain mortgage loans that would supply funds for making at FIGURE 6 least a partial reduction on their bank loans. TREND OF FARM MORTGAGE HOLDINGS OF PRINCIPAL LENDING AGENCIES, 1914-34 As the rapid price rise which culminated in DOLI 1920 had taken place in a relatively short period, a substantial volume of the mortgages that had been incurred in years prior to 1919 and 1920 represented amounts lower in relation to the then existing land values than the maximum loan values set by most leading lending agencies. With the active demand for farm-mortgage loans following 1920, borrowers whose farms had not hitherto been encumbered or whose encumbrance had been incurred when land values were relatively lower were thus in a •18 '20 '22 '24 '26 '28 '30 "32 "34 '38 position to obtain additional funds with which * INCLUDES LOANS on AUKS IN KECEIVEXSHV to make payment on their bank loans. ^ The trend of agricultural loans in the period and those sections in which mortgage facilities since 1920, therefore, was materially influenced were not so fully developed had, through the by the active lending operations of farm- Federal land banks, a new source of mortgage mortgage credit agencies. Figure 6, which credit for refinancing purposes. shows the outstanding farm-mortgage loans of The Federal land banks, which began leading lending agencies from 1914 to 1935, operation in 1917, had outstanding loans of indicates the rapid expansion in the volume of $350,000,000 at the end of 1920. Lending loans held by the life insurance companies and operations from the summer of 1919 to the by the Federal and joint stock land banks. spring of 1921 were held in check pending the Life insurance companies,, which held about outcome of the suit testing the constitutionality $667,000,000 of farm mortgage loans at the of the Federal Farm Loan Act. Following tne end of 1914, increased their loans up to the end Supreme Court's decision upholding the conof 1919 at the average annual rate of stitutionality of that act, lending operations $61,000,000. Beginning in 1920 and continu- increased rapidly, the average annual increase ing through 1927 their lending operations were in their outstanding loans from the end of 1920 very rapidly expanded, the average annual to the end of 1927 amounting to about increase in outstanding loans during this period $115,000,000. Loans showed a further slignj being about $149,000,000. From the end of increase in the next 2 years, but from the end 1919 to the end of 1924, their farm-mortgage of 1929 to the end of 1932 there was a decrease holdings practically doubled and placed these of about 7 percent. With the inauguration oi institutions in the leading place as a source the Farm Credit Administration's refinancing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEBAL EESERVE BULLETIN 235 APRIL 1936 program in 1933, authorizing appraisals for collateral loans of commercial banks was downland-bank loans on the basis of "normal" values ward during this period. At the end of 1923 and including provisions for Land Bank Com- it was estimated that about 20 percent of the missioner loans up to 75 percent of the ap- farm mortgages held by banks represented praised "normal" value, loans from this source junior liens, that is, mortgages preceded by one had more than doubled by the end of 1934. or more mortgages as to priority of security. The joint stock land banks, the operations In 1931 with the total volume of their mortgage of which were also authorized by the Federal loans reduced by nearly one-third, the esti- Farm Loan Act enacted in 1916, had outstand- mated percentage of junior liens to total farming only $78,000,000 of farm-mortgage loans mortgage loans held by commercial banks was at the end of 1920. As in the case of the only about 10 percent. Although the reduc- Federal land banks, the decision sustaining the tion of the amount of junior liens was accounted constitutionality of the Federal Farm Loan for, in part, by foreclosure of such liens or of Act in the spring of 1921 was followed by a the prior mortgages, it is also probable that substantial expansion in lending activities of part of them were refinanced by being consolithe joint stock land banks which continued dated with other debts which were refinanced through 1927. The average annual increase with long-term mortgage loans. in outstanding loans for these institutions Data compiled from the applications subfrom the end of 1920 to the end of 1927 was mitted for loans from the Federal and joint $84,000,000. Following 1927 the volume of stock land banks show that from their organinew loans was curtailed sharply, and outstand- zation to the end of 1927, 66 percent of the ing loans continued an uninterrupted decline proceeds of Federal land-bank loans was to be through 1934. These institutions are now in used for repayment of mortgages, and 11 perprocess of orderly liquidation as the provision cent for the payment of other debts. In the of the Emergency Farm Mortgage Act of 1933 case of joint stock land banks, 79 percent of prohibits them from making new farm-mortgage the loan proceeds was to be used for repayment loans, except incidental to the refinancing of of mortgages and 6 percent for payment of existing loans held by them or to the financing other debts. of acquired property. At the end of 1934, joint In analyzing the refunding of bank loans stock land banks held outstanding loans in the into long-term farm mortgage obligations in amount of only $261,000,000. relation to the total indebtedness of farmers, i —P^g the period when farm-mortgage loan it appears probable that the increase in farm- Holdings of the life insurance companies and mortgage indebtedness from the beginning Federal and joint stock land banks were in- of the price decline in the middle of 1920 to its creasing rapidly from the end of 1920 to the peak in 1928, was accompanied by little or end of 1927, the average annual increase in the no net increase in the total agricultural involume of outstanding loans of these three debtedness. The change in the estimated farmagencies was $337,000,000, representing a net mortgage debt since 1920 was as follows: Januincrease of $2,358,000,000 for the period as a ary 1, 1920, $7,857,700,000; January 1, 1925, whole. $9,360,620,000; January 1,1928, $9,468,526,000; January 1 1930, $9,241,390,000. The Department of Agriculture estimated the ? Such evidence as is available indicates that total farm-mortgage debt to be $7,858,000,000 farm-mortgage debt increased rapidly in the on January 1, 1920, and $9,469,000,000 on first half of 1920, so that the net increase from January 1, 1928, an increase of $1,611,000,000. the middle of 1920, when farm-commodity curing the same period the actual increase m l0ans held by the three agencies, whose prices began their sharp decline, to the begin- 2Sei^lons have keen discussed above, was ning of 1928 was probably not so large as is indicated by a comparison of the January 1 $2,662,000,000, which was substantially in figures listed above. Such increase as took ™rcess of the actual increase in total farmm°rt g indebtedness. place was largely if not entirely offset by re- ?a e funding of bank loans into mortgage loans it is impossible to estimate how much of the and by other methods of curtailing agricultural mortgage-refunding operations during this loans obtained from commercial banks. period reduced agricultural loans held by com- In the period following 1929 there was little mercial banks, but it seems probable that such opportunity to refund bank loans into longmortgage refunding was an important factor term mortgage loans until the Farm Credit contributing to reduction of bank loans. The Administration began its refinancing program wend of both real estate and of personal and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDEKAL BESERVE BULLETIN APRIL 1936 in 1933. Lending agencies drastically cur- 2,100 of them were eventually placed in liquidation or receivership. From March 16, 1933, to tailed the volume of their new loans from 1929 December 31, 1934, there were also 236 suspento 1933 and the continuous decline in land sions of licensed banks. values brought about a corresponding decrease Table 5 shows the number of bank suspenin the value of the security that farmers could sions by States and geographic divisions for offer as a basis for credit. each year for the period 1921 to 1934, inclusive. Since the beginning of the mortgage-refinanc- It will be seen that suspensions in the earlier ing program of the Farm Credit Administrayears were most heavily concentrated in the tion in 1933, there has been a substantial reduction in the volume of farm mortgages FIGURE 7 held by all other leading agencies, including NUMBER OF BANK SUSPENSIONS. BY YEARS, 1921-32 commercial banks. Data covering the period Banks in places of 10,000 _ from May 1, 1933, to September 30, 1934, population and over indicate that 22.9 percent of the proceeds of Banks in p/aces of /ess . than 10.000 population Federal land-bank loans and 24.5 percent of the proceeds of Commissioner loans were used to repay loans held by commercial banks. Bank suspensions.—From January 1, 1921, to March 15, 1933, there were 11,265 bank suspensions. Approximately 87 percent of these banks were in places of less than 10,000 population and hence banks primarily serving agricultural areas. Bank suspensions in each }Tear 1921 'ZZ '23 '24 '25 '26 r27 '28 f29 "30 '31 "3Z for the period 1921-32, together with the pro- West North Central, South Atlantic, West portion representing banks in places of less than South Central, and Mountain States. By 10,000 population, are shown in figure 7. States, the largest number of suspensions took Incident to the banking holiday, the number place in North Dakota, South Dakota, Minneof banks was further drastically curtailed. Be- sota, Nebraska, Montana, Georgia, Texas, and tween 4,500 and 5,000 banks were not given Oklahoma. Following 1929, suspensions belicenses immediately after the holiday and over came general in nearly all States. TABLE 5.—NUMBER OF BANK SUSPENSIONS BY GEOGRAPHIC DIVISIONS, 1921-34 Geographic division 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 19331 1934 Number Number Number Number Number Number Number Number Number Number Number Number Number Number New England 2 2 3 2 2 1 3 13 33 11 66 S W M W E E o a a i e e u s s d s s t t t t t d h N S l N S e o A o o o u A r u t r t t l t h t h t a h h l n a C C C t C n i e e c t e e n n i n c n t t t r t r r r a a a a l l l l 1 1 1 2 0 3 0 1 9 6 6 8 5 3 1 8 5 0 1 1 5 2 8 6 8 4 29 3 8 6 1 8 7 1 3 3 1 4 3 2 8 0 7 8 7 4 4 6 5 3 1 1 3 2 0 7 8 5 3 2 0 0 5 2 8 3 6 3 1 6 4 1 8 0 5 3 1 9 3 8 0 0 9 1 3 4 6 4 2 1 4 5 5 0 1 4 4 2 9 6 7 3 1 8 0 3 4 1 6 4 2 5 3 1 0 4 2 2 2 1 3 1 8 0 2 5 0 5 2 0 3 2 2 6 7 2 1 1 3 1 1 6 5 7 0 1 7 3 0 4 4 4 1 5 6 4 9 9 0 7 0 6 6 4 9 3 8 2 2 7 1 1 1 1 3 3 9 8 3 9 1 0 9 2 1 1 5 5 1 1 2 2 Mountain 85 65 138 122 56 30 19 9 12 25 62 96 86 1 Pacific 21 17 12 17 12 12 22 5 12 12 54 87 106 United States 505 367 646 775 618 976 669 499 659 1,352 2,294 1,456 2,768 57 Source: Board of Governors of the Federal Reserve System. i The figures for 1933 comprise the total of: 449 banks suspended before the banking holiday* 179 banks licensed following the banking holiday S? ,2« Pend.e£befcre the end of the year; 2,113 banks not licensed following the banking holiday and placed in liquidation or receivership by_Jjec 31,1935; and 27 banks not licensed following the banking holiday and neither licensed nor placed in liquidation or receivership by Dec. 31,1935. Table 6 shows the total number and deposits of New England, Middle Atlantic, and Pacific, of suspended banks in the 1921-34 period had very high ratios on a similar comparative compared with the number of active banks on basis. By individual States, the highest ratio June 30, 1920. The number of suspensions was 105.7 for Florida. This high ratio is in three geographic divisions, the West North influenced by the fact that the real-estate boom Central, South Atlantic, and Mountain States, in Florida led to the chartering of a substantial g was equal to over one-half of the number of " number of banks subsequent to 192°- T^ banks operating on June 30, 1920. All of the C second highest ratio was 82.7 percent in Soutn other geographic divisions, with the exception Dakota. States having a ratio in excess oi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEEAL RESERVE BULLETIN 237 APBIL 1936 60 percent were as follows: Michigan, Iowa, volume of such advances in relation to the North Dakota, Nebraska, South Carolina, volume of loans held by banks at the time of Georgia, Arkansas, and Nevada. their closing was probably small. The numerous bank failures also influenced the volume of new bank loans based on agri- TABLE 6.—TOTAL BANK SUSPENSIONS, BY GEOGRAPHIC DIVISIONS, 1921-34, IN RELATION TO NUMBER OF cultural security by lessening the confidence of ACTIVE BANKS JUNE 30, 1920 depositors of other banks, which led to abnormal deposit withdrawals. To protect them- Suspensions 1921-34» Ratio of selves against the possibility of such abnormal suspen- withdrawals, banks followed the policy of Active sions to Geographic division banks active keeping an increasing proportion of their Total Deposits Ju 1 n 92 e 0 3 » 0, Ju b n a e n k 3 s 0, assets invested in readily liquidated securities 1920 purchased outside of the community. This policy was not only reflected in a decrease in Number 1,000 dollarsNumber Percent the proportion of bank assets invested in local M Ne id w d E le n A gl t a l n a d ntic. 7 1 1 3 8 8 1,3 4 6 1 6 7 , , 3 3 5 1 0 7 2 1, , 1 9 2 9 7 0 1 24 2 . . 0 2 agricultural loans, but also resulted in pressure East North Central. 2,635 2,516,819 5,488 48.0 for the liquidation of outstanding advances. West North Central-... 5,041 1,269,090 9,067 55.6 South Atlantic 1,805 885,239 3,289 54.8 Federal financing for farmers.—The decline W Ea e s s t t S S o o u u t t h h C C e e n n t t r r a a l l- 1,3 7 8 2 0 9 3 53 1 8 9 , , 8 5 7 2 8 3 3 1 , ,8 2 3 9 6 5 3 4 9 1 . . 7 9 since 1920 in the volume of personal and collat- Mountain 806 251,531 1,592 50.6 eral loans held by commercial banks was in part Pacific 389 261,345 1,394 27.9 offset by the advancing of loans directly by United States 13,641 7,826,092 30,078 45.3 the Federal Government and federally sponsored agencies. As the availability of loans \ 1 5 R 0 e a p rd oJLrt o f o G f o th v e e r C n o o m rs p o t f r o th ll e e r F o e f d t e h r e a l C R u e r s r e e r n v c e y , S 1 y 9 s 2 t 0 e . m. from the Federal Government, or from federally sponsored agencies, diverted a substantial The suspensions of banks in rural areas were amount of loans from commercial banks, these an appreciable factor in reducing the volume new lending facilities were a factor influencing of outstanding bank loans to agriculture. the amount of personal and collateral loans When a bank is placed in liquidation, it is held by commercial banks. obvious that outstanding advances must be Table 7 summarizes the volume of loans, quickly collected in order to make payment on excluding those secured by farm real estate, the claims of creditors and depositors. Where held by Federal agencies or by agencies lull collection has not been possible, com- sponsored by the Federal Government at the promises and the writing-off of assets have also end of each year during the period 1922-34. reduced the total of outstanding agricultural The amount of such advances was relatively loans. Had these banks continued in opera- small until 1930, consisting of seed-loan adwon, it is probable that loans on which bor- vances and loans obtained from agencies that rowers could meet interest payments, without discounted with the Federal intermediate credit reduction of principal, would have continued banks. In observing this table it should be A? varried as bank assets. noted that the rediscounts of the Federal intermediate credit banks include rediscounts Although many borrowers of good credit for production credit associations and regional standing who had obtained loans from banks agricultural credit associations which are also tnat were subsequently suspended were able shown in separate columns. 10 °btain accommodation from open banks, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN APEIL 1936 TABLE 7.—AGRICULTURAL LOANS, EXCLUSIVE OF LOANS ON FARM REAL ESTATE HELD BY FEDERAL AGENCIES OR BY FEDERALLY SPONSORED AGENCIES, 1922-34 Federal Intermediate credit Banks for coopera- Agricultural Marketing Act revolving bank loans to and discounts tives, including fund» for— Central Bank Regional Produc- agricul- Emer- Production tion tural gency End of year c a c i g r a r e r e t i d i g c o i i u t n o l s a n t s u a a s l r n o a d - l fi i n n O a s t n t h c it e i u n r - g t C c iv o ia e o t p i a o e s n s ra o s - - a t c s i s r o e o n d c s i i a t * - co c t r r io p ed o n i s r t a- l c o r a o n p s M d e lo i r s a c i n h n s g an- F l a o c a i n li s ty M d e lo i r s c a i h n n s a g n- F l a o c a i n li s ty E t l i d o o u a n n c a s a l - C it o y m l m oa o n d s credit cor- tions porations d 1 o , l 0 la 0 r 0 s d 1 o , l 0 la 0 r 0 s d 1 o , l 0 la 0 r 0 s d U ol 0 la 0 r 0 s d 1 o , l 0 la 0 r 0 s d i o fi l O la O rs d l o t 0 ll 0 a 0 rs d 1 o , l 0 la 0 r 0 s d 1 o , l 0 la 0 r 0 s d u o o ll o ar o s d 1 o , l 0 la 0 r 0 s d u ol r la n rs 1922 *2,765 1923 9,105 33,627 * 1,306 1924 18,760 43,507 * 1,460 1925 26,272 63,780 * 1,155 1926 39,730 52,704 »1,048 1927.. 43,924 31.991 »1,240 1928 45,103 36,174 »1,194 1929 50,018 26,073 '6,924 1,346 454 12,710 1930 . 65,633 64,377 > 7,894 76,277 11,842 58 48,520 1931 74,691 45,177 48,717 70,768 13,544 23 71,945 1932 .„ 82,518 9,866 24,373 89,301 79,654 13,500 65,831 1933 73,263 6a 989 15,211 27 144,636 89,811 18,208 489 56,625 12,934 88,193 1934 99,675 55,672 33,969 61,024 87,102 * 110,186 21,990 5,860 41,084 11,620 2,159 luction credit associations by the Federal intermediate credit banks. J Stabilization corporation loans excluded. ' As of June 30, end of fiscal year. * Drought-relief loans amounting to $32,444,333 included. Farm Credit Administration, Division of Finance and Research. AGRICULTURAL LOANS AND RURAL BUYING At the end of 1934 the ratio of agricultural POWER loans to total loans held by banks was the low- The policies of banks in advancing credits est shown in the six surveys, being only about to farmers in the 20-year period from 1914 to one-third as high as the ratio indicated for 1934 have been characterized by two divergent 1920. trends. From 1914 to 1920 the proportion of A part of the decline in the ratio of agritheir total loans advanced to agriculture cultural loans to total loans of all banks may increased, indicating that the buying power be explained by developments that did not of agriculture, as an industry, was relatively curtail the buying power of agriculture. Since more rapidly augmented by bank loans than 1920 a part of the reduction in agricultural was that of other industries considered as a loans held by banks has been accounted for whole. Since 1920, each of the three bank sur- by a refunding of such advances into longveys has indicated a decrease both in the abso- term mortgage loans obtained from sources lute amount of agricultural loans and in the other than commercial banks, by writing off proportion which such advances bear to total uncollectible loans, and, in recent years, by a loans of banks. Table 8 indicates the changes shift in new financing to Federal and federally that have taken place since 1914. sponsored agencies. The estimates indicate, however, a substan- TABLE 8.—RELATION OP AGRICULTURAL LOANS TO m tial reduction in agricultural loans of banks, TOTAL LOANS HELD BY BANKS IN STATED YEARS accounted for by factors other than those listed above, which together with the loss of Ratio of Ratio of personal agricultural purchasing power resulting from the immobil- Year Tot o a f l a lo ll ans a e n r d a l c l o o l a l n a s t- lo e a lu n d s i , n in g * ized deposits of suspended banks in agricultural banksi to farmers loans on areas, influenced the demand of agriculture for to total farm real loans estate, to the output of other industries. total loans The decline in the absolute amount of agricultural loans during a period in which, for Million dollars Percent Percent the^ most part, total loans of all banks and l 1 g 9 i 1 g 4 2 1 2 5 , , 4 2 0 5 4 7 1 1 1 0 . . 2 5 1 1 5 5 . . 7 4 national income were both increasing indicates 1920 30,655 12.6 17.3 that farmers' incomes as a direct factor in tpe 1923 30,797 9.6 14.1 193H 35,384 5.5 8.1 demand for the output of other industries 1934 20,474 3.9 6.4 were relatively reduced by such net repayments on indebtedness and the immobilization oi » Annual reports of Federal Reserve Board; includes national banks State commercial banks and trust companies, mutual and stock savines deposits in closed banks. Seasonal changes banks, and all private and industrial banks included in abstracts issued by State banking departments. in the volume of agricultural loans, resulting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL1936 FEDERAL BESERVE BULLETIN 239 from the seasonal borrowing and repayment of tural loans held by commercial banks on Defunds varying in proportion to changes in farm cember 31,1934, is presented. This analysis is income, do not result in any relative change based on a classification of loans by type of in the buying power of farmers. When loans security and also classifies the volume of agrito fanners increase more rapidly than farm cultural loans held by banks in towns and cities income, however, the buying power of farmers of various population groups, A distribution is relatively augmented. Likewise if the level of agricultural loans by type of bank is also of agricultural loans is reduced when farm presented. income is increasing or is reduced relatively Of the agricultural loans held by commercial more when income is declining, the buying banks on December 31, 1934, 38.2 percent conpower of fanners is relatively curtailed. In sisted of loans on farm real estate; 8 percent, of the period prior to 1920, it appears that in loans secured by livestock only; 12.2 percent, many agricultural areas farm buying power of loans secured by crops, equipment, and live- * was augmented by the bank-loan policy and stock; 11.1 percent, of loans secured by warethat in the period since 1920 it has been rela- house receipts: 4 percent, of loans secured by tively curtailed. other collateral; and 26.5 percent, of loans not secured by collateral, including both endorsed CLASSIFICATION OP AGRICULTURAL LOANS HELD and unendorsed notes. Table 9 shows the dis- ON DECEMBER 31, 1934, BY TYPE OF SECURITY tribution of agricultural loans of the various Turning from an analysis of the develop- types reported by commercial banks, by ments influencing the volume of agricultural geographic divisions, and similar information loans held by commercial banks during the war by States is given in table 21 at the end of this and post-war period, an analysis of the agricul- article. TABLE 9.—CLASSIFICATION OF AGRICULTURAL LOANS HELD BY COMMERCIAL BANKS, BY GEOGRAPHIC DIVISIONS, DEC. 31, 1934 Loans not Loans to farmers secured by- secured by Geographic division re b s a e L y c l o u f e a a r s n r t e m a s d te Liv o e n s l t y ock m liv C e e e n q r s t u o t , o i p p a c s n - k , d l l W a r d b e a i c r i n l e e l g h i s p , o o e t u f s t s , c e . co O lla th te e r r al u d c i n o b n o e r c o l n s l l t a e u d h t d d e o e r i r a n n a s n e g - l d , d T t f o a o a r t n f a m a d l n l l a n o o n a n er n d s s notes New England \l,000 1 d 7 o ,6 ll 0 a 6 n 1,000 dol 5 l 2 ar 2 s 1,000 dol 6 la 4 r 2 s ifiQO do 1 l 4 la 7 rst]t000 d 1 o ,9 ll 1 a 7 rs 1,000 do 8 l , l 0 a 6 r 3 s tt000 d 2 o 8 l , l 8 a 9 r 7 s M Ea i s d t d N le o A rt t h la n C ti e c n " tral"" 1 4 7 0 2 6 8 , , , 2 2 3 1 5 3 4 8 6 3 5 1 4 , , , 7 2 4 0 0 7 9 8 2 6 1 7 1 5 , , , 4 6 9 1 8 2 4 5 9 1 2 1 , , 1 3 1 0 1 8 5 6 9 8 6 6 , , , 4 3 8 2 4 6 7 8 7 5 9 6 2 1 9 , , , 1 0 4 7 1 1 7 4 1 2 2 1 2 6 0 9 4 6 , , , 6 5 8 1 3 2 6 3 5 43,520 2,111 2,465 50,950 6,231 36,941 142,218 1 3 4 1 2 4 2 3 1 , , , , 1 0 1 5 9 7 1 2 4 7 7 0 2 2 1 2 1 6 0 , , , , 0 4 5 0 9 8 3 1 7 4 2 8 2 3 1 6 1 1 2 , , , , 0 5 4 6 6 6 2 9 5 0 6 9 4 3 1 1 1 5 , , , , 2 8 4 5 7 2 3 9 6 8 9 5 4 3 7 7 , , , , 2 9 5 0 2 0 6 0 7 6 6 2 3 2 1 1 3 9 5 0 , , , , 7 2 4 3 5 1 4 2 3 5 2 3 1 1 1 7 2 4 8 1 9 5 7 , , , , 6 6 9 1 6 1 6 1 4 4 8 5 United States.., 498,842 104,153 159,785 144,845 52,491 346,339 1,306,455 1 This column does not Include loans in preceding column. Agricultural loans constituted only 9 percent TABLE 10.—TOTAL LOANS AND TOTAL AGRICULTURAL of total loans of commercial banks on De- LOANS TOGETHER WITH RATIO OF TOTAL AGRICUL- TURAL LOANS TO TOTAL LOANS, BY GEOGRAPHIC cember 31, 1934. Excepting for the New DIVISIONS, DEC. 31, 1934 Mgland and Middle Atlantic States, which together hold 52 percent of all commercial Ratio of ank loans, all other geographic divisions had Total total agri- Geographic division Total loans agricul- cultural nigher ratio of agricultural loans to total tural loans loans to total loans X1? than the ratio for the United States as a wnole. The highest ratio of 39.1 percent is 1,000 ,W 1?Jille Mountain States; the next highest New England \lfi 1 0 , O 19 d 3 o ,2 ll 7 a 3 rs do 2 l 8 la ,8 rs 97 iQ tfce West North Central States. Banks in Middle Atlantic- 6,366,417 106,533 East North Central 2,105,615 229,616 jtte &ast and in the West South Central States West North Central 917,219 264,825 aave approximately one-fourth of their total S E o a u s t t h S A ou t t la h n C tic entral 9 5 9 1 7 9, . 0 9 4 5 4 5 1 1 4 2 2 9 , , 2 9 1 6 8 8 £fU? ?Iassified as agricultural. Table 10 shows West South Central 628,926 145,664 Mountain— 182,997 71,614 **al loans, total agricultural loans, and the Pacific 1,619.308 187.115 ratio of agricultural loans to total loans by United States.. 14,530,754 1,306,455 geographic divisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN APRIL 1936 In general, the proportion of the total agri- distribution of the total agricultural income cultural loans held in various geographic and the value of farms in such geographic divisions, corresponds closely with both the divisions. This is indicated in table 11. TABLE 11.—PERSONAL AND COLLATERAL LOANS TO FARMERS COMPARED WITH FARM INCOME AND VALUE OF FARMS, BY GEOGRAPHIC DIVISIONS, DEC. 31, 1934 Geographic division a e P n r d e a r l s c l o o o n a ll a n a l t s - P U S a e g n r ta c e i t e t e o e n s d f t- f A a a r n m v n e u r i a a n g l c e o c o a m s f e h , P U S a e g n r ta c e i t t e o e e n s d f t- i f n a a g V n rm s d a ) s l b u J u e a (l i n o a l . d n f - d 1, P U S a e g n r ta c e i t t e e e o n s d f tto farmers total 1932-34 total 1935 i total 1,000 dollars Percent 1,000 dollars Percent 1,000 dollars Percent 11,291 1.4 153,974 3.0 903,271 2.7 Middle Atlantic 64,324 8.0 416,460 8/3 2,142,529 6.5 East North Central 121,280 15.0 905,585 18.0 6,602,271 20.1 West North Central .... 188,567 23.3 1,256,824 25.0 9,390,671 28.6 South Atlantic 98,698 12.2 530.740 10.5 2,786,996 8.5 East South Central . - 87,891 10.9 326,280 6.5 1,915,691 5.8 West South Central . _. 111,470 13.8 643,289 12.8 4,038,943 12.3 Mountain - 58,497 7.3 299,311 5.9 1,774,664 5.4 Pacific 65,595 8.1 501,905 10.0 3,329,306 10.1 United States ^ 807,613 100.0 Z5,034,36S 100.0 32,884,342 100.0 * Preliminary report of the Bureau of the Census. * This total differs from estimated United States cash income because it Includes only income from selected commodities and no deductions are made for the inshipment of livestock for feeding. loans secured by farm real estate.—Loans The highest ratio of farm real estate loans to secured by farm real estate represented 38.2 total agricultural loans for any geographic divipercent of total agricultural loans. This type sion, 64.9 percent, was shown for the Pacific of loan was heavily concentrated in the Pacific, States and the lowest, 18.3 percent, for the East North Central, and West North Central Mountain States. Relatively high ratios were States, these three geographic divisions having also shown for the Middle Atlantic and East slightly more than 60 percent of the total. The North Central States. The highest ratio for largest amount in any one State was $115,- any individual State was that of Vermont 563,000 in California. This amount, which where 78 percent of total agricultural loans represented 23.2 percent^of all farm real-estate were represented by loans on farm real estate, loans held by commercial banks in the United in large part loans on farms in other States. States, was primarily concentrated in the large California also had a high ratio of 70.7 percent, branch banking systems of that State. Table resulting from the policy of the larger branch 12 shows the amount and percentage distribu- banks of having a substantial amount of their tion of real-estate loans of commercial banks by assets invested in this type of loan. In the geographic divisions. Southern States only Louisiana and Mississippi had farm real-estate loans in excess of 50 per- TABLE 12.—DISTRIBUTION OF LOANS SECURED BY cent of their total agricultural loans. FARM REAL ESTATE, BY GEOGRAPHIC DIVISIONS, The decline in the volume of loans secured DEC. 31, 1934 by farm real estate from $1,447,483,000, at the end of 1920, to $498,842,000 at the end of Loans se- Percentage 1934, was less rapid than for all other types of Geographic division c fa u r r m ed r e b a y l of S U ta n te it s ed agricultural advances. This probably was due estate total largely to the fact that a part of the farmmortgage loans of commercial banks is not ac- 1,000 dollars Percent quired directly as an investment but is acquired New England „. 17,606 3.5 Middle Atlantic 42,214 8.5 as security for an advance previously made. lp E W a e s s t t N N o o r r t t h h C C e e n n t t r r a a l l 1 7 0 6 8 , , 2 33 5 6 8 2 1 1 5 . . 7 3 a period of declining prices such as was experi- South Atlantic 43,520 8.7 enced in 1920-21 and following 1929, the secur- East South Central 42,077 8.4 West South Central—* 34,194 6.9 ity for many loans, made when prices were P M a o ci u fi n c tain ... 1 1 21 3 , , 5 1 2 1 0 7 2 2 4 . . 6 4 higher, becomes impaired. In order to protect their advances, therefore, banks frequently ob- United States 498,842 100.0 tain real estate mortgage security. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1936 FEDERAL RESERVE BULLETIN 241 loans secured by livestock.—Banks were types of agricultural loans, namely, the sharp requested to report their loans based on live- decline in prices of farm commodities. The stock security in two categories; those secured drastic decline in livestock prices from 1930 by livestock only and those secured by "crops, to 1932 necessitated a reduction in outstanding equipment, and livestock." The total amount loans as a readjustment to the lower value of of loans of the first type was $104,153,000 and the livestock security, and, at the same time, of the second type $159,785,000. Loans of the curtailed the value of the security that farmers latter type which also include loans for crop could pSev for loans. Severe drought condiproduction purposes were abnormally low be- tions in livestock areas, particularly in 1934, cause the seasonal accommodations for this also brought about a considerable liquidation of purpose are usually repaid by the end of the loans through the reduction in livestock numyear. If data had been obtained for the mid bers. Losses encountered in feeding operations year, the total for this item undoubtedly would immediately prior to 1933 were a factor tendhave been much higher. The amount and ing to make feeders curtail their operations. percentage distribution of these loans, by geo- Lack of adequate feed supplies in many of graphic divisions is shown in table 13. the important cattle-feeding States also reduced the demand for feeder loans in the winter TABLE 13.—DISTHIBTJTION OF LOANS SECURED IN of 1934-35. WHOLE OR IN PART BY LIVESTOCK, BY GEOGRAPHIC In addition to these factors affecting the DIVISIONS, DEC. 31, 1934 volume of livestock loans held by commercial banks, there has been a shifting of this type Loans secured by Loans secured by crops, equipment, of loan to other agencies, which has further livestock only and livestock. influenced the reductions of such loans in the hands of commercial banks. Prior to 1920 Geographic division Percent- Percent- livestock loan companies, making loans to live- Amount U ag n e it e o d f Amount U ag n e it e o d f stock growers and feeders and selling their States States paper to banks throughout the country, were total total important factors in the field of livestock financing. The sharp drop in livestock prices ifi 1,000 dollars Percent dollars Percent that began in 1920 brought about heavy losses M Ne id w d l E e n A gl t a l n a d ntic";:::: 1,4 5 7 2 2 2 0 1. . 4 4 1,9 6 2 4 9 2 0 1 . . 4 2 to these companies and many became insolvent East North Central " 5,709 •5.6 15,585 9.8 and were liquidated. By the end of 1929 only West North Central" 34,208 32.8 67,414 42.2 South Atlantic..,.. 2,111 1.9 2,465 1.5 a few of these companies remained and at the East South Central....":"" 2,018 2.0 6,065 3.8 present time the livestock loan company which West South Central " 26,097 25.1 31,426 19.7 Mountain 21,432 20.6 21,560 13.5 operates on the basis of selling livestock paper 10,584 10.2 12,699 7.9 Pific....".;;:::::::'^ to commercial banks has virtually disappeared. United States 104,153 100.0 159,785 100.0 Following the passage of the Agricultural Credits Act of 1923 permanent agencies for The distribution of livestock loans follows in the rediscounting of livestock loans, as well as a general way the distribution of livestock for other types of agricultural paper, were pronumbers, being relatively largest in the West vided in the establishment of the Federal inter- Worth Central, West South Central, and Moun- mediate credit banks. Some of the previously ted States. The Pacific Coast States also existing livestock-loan companies began to use k• n a. considerable volume of such loans, this new source of funds with which to conchiefly m California. Of the individual States, tinue their loan operations, and additional loan tile largest volume was held by Texas with 18.4 companies and agricultural credit corporations percent of the United States total of loans were organized. At the end of 1932 Federal secured solely by livestock and with 11.9 per- intermediate credit banks were rediscounting pent of the United States total of loans based about $59,000,000 of livestock loans as comui part on livestock security. Nebraska and pared with about $35,000,000 at the end of Minnesota had the next largest volume, and 1929, ^ansas, California, Oklahoma, and Iowa also The establishment of the regional agriculym relatively large amounts of loans based on tural credit corporations in 1932 opened up livestock security? another source of credit to livestock growers A oe volume of livestock loans held by com-which resulted in a considerable shifting from ercial banks has been substantially reduced banks of loans secured by livestock. The the same factor that has influenced other largest volume of outstanding livestock loans 57363^36 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN APBIL 1930 held by these corporations was $78,223,000, only, and 3.3 percent of the total of loans reached in August 1933. In the same month secured by crops, equipment, and livestock. they also held agricultural loans, a consider- loans secured by warehouse receipts, bills able proportion of which was in part secured of lading, etc.—Loans secured by warehouse by livestock, in the amount of $80,171,000. receipts, bills of lading, etc., constitute 11.1 per- Under the system of local production credit cent of total agricultural loans and 17.9 percent associations set up under the supervision of the of personal and collateral loans. Except in the Farm Credit Administration in 1933 and 1934, southern cotton States, the amount of such loan operations have expanded rapidly and at loans, in comparison with other types of agrithe end of 1934 these associations had $32,- cultural loans, was relatively small. As indi- 855,000 of livestock loans outstanding. This cated in table 14, 86 percent of the United amount includes a portion of the loans pre- States total were concentrated in the South viously financed by the regional agricultural Atlantic, East South Central, and West South corporations. Central States. At the end of 1934 the various agencies operating under the supervision of the Farm TABLE 14.—DISTRIBUTION OF LOANS SECURED BY Credit Administration had outstanding live- WAREHOUSE RECEIPTS, BILLS OF LADING, ETC., BY GEOGRAPHIC DIVISIONS, DEC. 31, 1934 stock loans in the following amounts: Regional agricultural credit corporations, $50,379,000; Loans Federal intermediate credit banks: discounted secured by warehouse Percentage for production credit associations, $32,855,000; Geographic division receipts, of United discounted for other financing institutions, bills of States total lading, etc. $44,514,000. The growth in the volume of livestock loans 1,000 dollars Percent by these federally sponsored institutions ex- New England .- ~- - 147 0.1 plains, in part, the relatively low level of live- Middle Atlantic - 319 .2 East North Central 2,105 1.4 stock loans held by commercial banks at the West North Central 11,186 7.7 South Atlantic 50,950 35.2 end of 1934. East South Central 41,828 28.9 Commercial banks located in the leading West South Central- 31,439 21.7 Mountain 1,276 .9 livestock marketing centers have usually played Pacific 5,595 3.9 an important part m the financing of livestock, United States 144,845 100.0 particularly in connection with the purchase of cattle for feeding. In most stockyard centers one or more banks have specialized in live- In the cotton-growing States, loans of this stock loans, either in making loans directly to category were substantially expanded as a livestock growers and feeders or in rediscount- result of the commodity loan plan formulated ing loans for livestock commission firms. in connection with adjustment or marketing To ascertain the relative importance of loans programs of the Agricultural Adjustment Adgranted by banks in stockyard centers, a spe- ministration. Under this plan, the Commodcial tabulation was made of the livestock loans ity Credit Corporation 6 stood ready to purreported by banks in, or adjacent to, the 17 chase loans based on designated commodities, most important livestock markets.5 The when such loans had been made on the preamount of loans secured by livestock only, held scribed form of note and when tendered on or by banks in these 17 centers on December 31, before a specified date, usually 30 days prior 1934, was $18,764,500, or 28.4 percent of their to the note's maturity date. The rate ol total agricultural loans. The amount of their interest on these loans was 4 percent. loans secured by crops, equipment, and live- With the availability of this loan plan, stock was $5,274,400, or 8 percent of their total eligible producers in the Southern States were agricultural loans. able to obtain loans on cotton and on gum In comparison with the total loans in these two classifications held by all banks in the «This corporation was authorized by the President's' Executive orde^ United States, banks in these 17 centers held of Oct. 16, 1933. It was organized under the laws of the °t^6PlJz the ware on Oct. 17, 1933, its entire capital stock being subscrCibreeddi^t /A jd^- 18 percent of all loans secured by livestock Secretary of Agriculture and the Governor of the ™" ministration for and on behalf of the United States. _ $3,000,000 capital stock were obtained by the President s i that sum from the $100,000,000 appropriation authorized by secuug of the National Industrial Recovery Act and by the Fourth Deflciey y; oa City; Denver; Act of the fiscal year 1933, approved June 16. Additional fu^3^ Portland' Oreg'; Fort Worth; c ti a o r n r y F in in g a o n n c e it s C l o o r a p n o o r p at e i r o a n t . ions have been obtained from the neco^" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ami 1036 FEDERAL RESERVE BULLETIN 243 turpentine in the amount specified under the etc., as reported by commercial banks, is some- Corporation's loan plan. The notes could then what understated. Examination of the schedbe forwarded to the Commodity Credit Cor- ules from banks in cotton-growing States indiporation for disbursement of the loan proceeds cated that many banks, chiefly nonmember or local banks or other agencies could make State banks, failed to classify their Commodity disbursement of the loan proceeds, and hold Credit Corporation loans under this group the note with a repurchase agreement by the classification. Commodity Credit Corporation. As the inter- loans on other collateral.—The proportion est rate of 4 percent on these loans was sub- of loans secured by collateral of a type other stantially higher than the rate of return on than that discussed above totaled only 4 perother short-term liquid paper, local banks cent of total agricultural loans. The highest exercised their privilege of holding these com- proportion of such loans to total agricultural modity loans in their portfolios. loans was found in the Middle Atlantic and Loans on cotton during the 1934 marketing New England States, table 15. season were made on the basis of 12 cents per pound for cotton that was Low Middling in TABLE 15.—DISTRIBUTION OF LOANS SECURED BV grade and seven-eighths of an inch or better OTHER COLLATERAL,1 BY GEOGRAPHIC DIVISIONS, in staple, and 11 cents per pound on such grade DEC. 31, 1934 of cotton with staple below seven-eighths of an inch. As of December 31, 1934, it was re- Loans secured by Percentage ported that loans in the amount of $207,902,000 Geographic division other col- of United were held by banks and other lending institu- lateral States total tions.7 Loans on gum turpentine and gum rosin 1,000 dollars Percent New England 1,917 3.6 during 1934 were made on the basis of $50 per Middle Atlantic 8,427 16.0 East North Central- 6,867 13.1 unit with a deduction of $10 per unit for carry- West North Central. 6,343 12.1 ing charges. The loan limits were later raised South Atlantic 6,231 11.9 East South Central. 4,227 8.1 (Sept. 6, 1934) to $50 per unit with no deduc- West South Central. 7,066 13.5 Mountain 3,906 7.4 tion for carrying charges. As of December 31, Pacific 7,602 14.3 1934, it was reported that banks and other United States- 52,491 100,0 lending agencies (exclusive of loans held directly by the Commodity Credit Corporation) held 1 Loans secured by collateral other than farm real estate, livestock, loans of this character in the amount of crops and equipment, warehouse receipts, etc. p,457,000.8 Commodity Credit Corporation Previous surveys have indicated that "other" Joans on gum turpentine and gum rosin, held collateral has been represented in large part by ?y cpnunericol banks, were chiefly concentrated stocks and bonds, the proportion being 69 perm Florida, Georgia, and South Carolina. cent in 1920, 45 percent in 1923, and 53 percent Loans on corn in 1934 were made on the basis in 1931. The use of stocks and bonds as securiof 55 cents per bushel. Owing to the short # ty for agricultural advances has been more crop in that year, corn prices were relatively prevalent in the New England and Middle ^gn and farmers did not make nearly as exten- Atlantic States than in other geographic divisive use of this loan plan as in the preceding fhafV As °* December 31,1934, it was reported sions* l*JaJ'banks and other lending agencies (exclusive Unsecured loans.—The practice of making loans to fanners on the basis of a promissory jtt the Commodity Credit Corporation) held iSf^S secured by corn in the amount of note without security other than endorsement $6,026,000.8 is most prevalent in the northeastern section of the United States. In the Middle Atlantic It is probable that the total amount of loans States 49 percent of all agricultural loans were secured by warehouse receipts, bills of lading, of this type. The lowest proportion of unsecured loans of any of the geographic divisions es department of Agriculture, Agricultural Adjustment S: 2?lvAgricultural Adjustment in 1934. A Report of Ad- was in the West South Central States where »of th?,Agricultural Adjustment Act, Feb. 15, 1934, to Dec. only 10.6 percent of all agricultural loans were f PP.Iillus. 1935. See p. 215. i^Partment of Agriculture, Agricultural Adjustment of this type. See p. 217 of reference cited In footnote 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN APBIL 1936 Unsecured loans constituted 26.5 percent of AGRICULTURAL LOANS HELD BY BANKS IN total agricultural loans held by banks. By- TOWNS AND CITIES OF VARIOUS POPULATION geographic drvisons the largest amounts were GROUPS concentrated in the Middle Atlantic, East As the country banks form the main source North Central, and West North Central. of short-term credit for farmers, it is of interest Distribution of this type of loan, by geographic to indicate the amount of agricultural loans divisions is shown in table 16. held by banks in towns and cities in various population groups. Such a classification of TABLE 16.—DISTRIBUTION OF LOANS NOT SECURED loans tends to show clearly the extent to which BY COLLATERAL, BY GEOGRAPHIC DIVISIONS, DEC. commercial bank loans to agriculture are con- 31, 1934 centrated in banks in the smaller towns and cities. Loans not Percentage Geographic division secured by of United Table 17 shows a^distribution of agricultural collateral States total loans of commercial banks in the United States, the towns and cities in which such 1,000 dollars Percent New England 8,063 2.3 banks are located having been classified in 11 Middle Atlantic-.. 52,177 15.1 different population groups. East North Central. 91,014 26.3 West North Central. 69,411 20.0 The classification in table 17 tends to under- South Atlantic.... 36,941 10.7 East South Central- 33,753 9.7 state the proportion of agricultural loans held West South Central. 15,442 4.5 by banks m smaller places because the loans of Mountain 10,323 3.0 Pacific 29,215 8.4 branch-banking systems are reported from the United States- 346,339 100.0 head office. If it had been possible to obtain reports from each branch and to classify its agricultural loans in the population group to Although information as to the proportion which such branch bank belongs, the proporof unsecured loans represented by notes with tion of loans held by banks in smaller places one or more endorsements was not obtained in would have been increased. The large per- 1934, data from previous surveys indicate that centage of real estate loans held by banks in in 1920, 52.9 percent of such loans were made places having a population of 500,000 and over without endorsement; 49.6 percent in 1923 and is largely accounted for by the reports of 58.8 percent in 1931. branch-banking systems. TABLE 17.—AMOUNT OF AGRICULTURAL LOANS HELD BY BANKS IN TOWNS AND CITIES OF VARIOUS POPULA- TION GROUPS, DEC. 31, 1934 Loans to farmers secured by- Loans not secured by Total loans Loans collateral, to farmers Total loans Population groups se fa c e r u m s r t e a d r t e e b a y l Liv o e n s l t y ock e L c q r i a u o v n i p e p d s s m / t o a o e n r c n k d t l W a r d e b a i c i r n l e e l g i s h , p o o e t f u s t , s c e . co O ll t a h te e r r al u d i n o b n e r o c s n l t e u h d d d o e i a r n n s n - g e d d o f e c f a x u r l c m r o e l a u d n l s a s i b v n y s e d e- t f o a a r f n m a d r l m a o n e n d rs notes 1,000 dollars 1,000 dollars1,000 dollars1,000 dollars1,000 dollars1,000 dollars1,000 2 5 U 1 , , , 5 0 0 n 0 0 0 d 0 0 0 e r t t t o o o 1 9 4 2 ,0 , , , 9 0 4 9 9 9 0 9 9 9 9-,._ 1 8 6 5 0 5 1 2 1 , , , , 7 8 1 7 6 2 7 8 0 6 1 1 2 2 1 9 0 1 3 , , T , 7 1 0 6 8 2 4 1 7 6 4 5 4 5 1 1 0 6 5 9 , , , , 8 0 7 3 8 4 3 5 7 1 5 1 2 1 2 1 6 7 5 5 , , , , 9 4 7 0 8 9 8 8 5 2 2 6 1 9 8 5 0 , , , , 1 5 7 3 1 5 9 2 7 6 0 8 1 3 7 5 2 5 9 0 0 , , . , 6 6 4 6 1 0 3 1 0 3 4 0 2 1 1 8 2 7 1 1 6 6 7 , , , , 6 4 8 1 3 0 2 1 2 7 8 2 3 2 1 1 2 6 7 3 7 2 8 4 , , , , 5 6 8 4 5 7 7 1 4 8 2 3 1 1 5 0 , , 0 0 0 0 0 0 t tO o l 2 4 4 ,9 ,9 9 9 9 9 _ . _ . 2 2 5 0 , ,9 7 5 9 8 1 5 4, ,3 2 3 36 7 7,068 1 8 1 , , 8 1 2 0 0 3 3 2 , , 0 3 8 8 4 0 1 9 6 , , 7 4 1 5 7 7 4 3 3 1 , . 0 8 4 4 9 8 52^806 25,000 to 49,999.- 22,359 5,682 3,866 2,530 2,924 12,395 27,397 50,000 to 99,999. _ 14,883 1,682 866 16,149 1,808 5,084 25,589 as 100,000 to 249,999 13,126 7,264 2,828 2,462 2,196 4,174 18,924 2 5 5 0 0 0 , , 0 0 0 0 0 0 a to n d 4 9 o 9 v ,9 e 9 r 9 - 8 1 8 1 , , 6 5 0 7 9 8 9 6 , , 1 1 9 8 8 2 1 5 , , 3 1 4 01 7 1 3 5 , , 2 2 0 3 6 0 2 4, , 2 0 4 6 6 2 1 1 0 , , 7 4 6 9 2 3 2 2 9 9 , , 5 2 9 2 9 8 117,837 Total 498,842 104,153 159,785 144,845 52,491 346,339 807,613 1,306,455 Table 18, showing the percentage distribution loans secured by farm real estate, 80 percent of of agricultural loans by population groups, the personal and collateral loans to farmers, shows that 50 percent of the personal and and 74 percent of all agricultural loans. As the collateral loans to farmers was held by banks in size of the population group increases, the perplaces of less than 2,500 population. Taking centage of total agricultural loans held in eacn all banks in places of less than 15,000 popula- group decreases, with the exception of the las* tion, this group of banks held 65 percent of the group, to which reference has already been made Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1936 FEDERAL RESERVE BULLETIN 245 TABLE 18.—PERCENTAGE DISTRIBUTION OP AGRICULTURAL LOANS HELD BY COMMERCIAL BANKS IN VARIOUS POPULATION GROUPS, DEC. 31, 1934 Percentage distribution of Cumulative percentage agricultural loans distribution of agricultural loans Population group S by e e r s c e t f u a a a r t l r e e m d P l a f o l n a e a d a r r t n m s e o s c r e n a o r t l a l s o - l a T g l t o u r o i a r c t n a a u l s l l- Population group b S y e e r s c e t f u a a a r t l r e e m d P a l f o l n a e a d a r r t m n s e o s c r e n a o r t l a l s o - l a T l t g o u o r a r i t c n a a u l s l l- Percent Percent Percent Percent Percent Percent Under 1,000 20 28 25 Under 1,000—.. 20 28 25 1,000 to 2,499-.—. 17 22 20 Under 2,500 37 50 45 2,500 to 4,999 12 15 14 Under 5,000-... 49 65 5,000 to 9,999 11 10 10 Under 10,000... 60 75 10,000 to 14,999—. 5 5 5 Under 15,000... 65 80 74 15,000 to 24,999.... 4 4 Under 25,000... 69 84 78 25,000 to 49,999.... 5 4 Under 50,000... 74 87 82 50,000 to 99,999—. 3 3 Under 100,000.. 77 90 85 100,000 to 249,999.. 3 3 Under 250,000- 80 92 88 250,000 to 499,999.. 2 Under 500,000.. 82 96 91 500,000 and over.. 18 9 Total—. 100 100 100 Total.. 100 100 100 Not only do banks in the smaller places have only 14.5 percent and in the New England a larger proportion of the total agricultural States 17.1 percent. In the New England and loans but they also have a higher percentage of Middle Atlantic States the highest percentage their total loans represented by agricultural of agricultural loans to total loans is found m advances. The ratio of agricultural loans to banks located in places of 1,000 to 2,499 populatotal loans in the various population groups was tion. In all of the other geographic divisions as follows: the highest percentage is found in the popula- Population: Percen tion group representing places of less than Under 1,000 _ 49.9 1,000. The Mountain States show a relatively 1,000 to 2,499 „ _ __ 43. 1 higher percentage of agricultural loans in the 2,500 to 4,999 29. 8 higher population groups than do other geo- 5,000 to 9,999 „ . 19.9 graphic divisions, chiefly because of the fi- 10,000 to 14,999 __ -14.9 15,000 to 24,999 .. " _ 9.8 nancing of the livestock industry. The large- 25,000 to 49,999.__ ... 7.0 scale operations of range livestock growers 50,000 to 99,999 . 4.4 frequently involve financing on a scale that 100,000 to 249,999.. _ „ 2.9 cannot be handled by the smaller institutions, 250,000 to 499,999. _ 2.7 500,000 and over 1. 7 hence these larger loans tend to be financed by banks in the larger cities. In the West All banks 9. 0 South Central, East South Central, and the Considerable variation is shown, as between South Atlantic States, the percentage of agrigeographic divisions, in the percentage of cultural loans held by banks in the larger agricultural loans to total loans held by banks population groups is influenced by holdings i\nr thei same Popul-a ti•o n groups. "I n th- e ~W' es•t of Commodity Credit Corporation loans on warehoused cotton. Worth Central States, banks lo< ot less than .w 1 ,0 « 0 ^W 0 M JU p OO o y p w u ^ l i a x t iv i o o n lo c h a a t d ed 7 in 6 .3 p l p ac e e r s cent Table 19 shows the variations in the proporoi their total loans represented by agricultural tion of agricultural loans to total loans, by advances. In the Middle Atlantic States the population groups, for each of the geographic percentage in the same population group was divisions. TABLE 19*—PERCENTAGE OF AGRICULTURAL LOANS TO TOTAL LOANS, BY GEOGRAPHIC DIVISIONS AND BY POPULATION GROUPS, DEC. 31, 1934 Population group En N g ew la - nd A M tl i a d n d t l i e c C N E e o n a r t s t r t h al C N W e o n e r t s t r h t al A S t o la u n th tic C S E e o n a u t s t r t h al C S W e o n e u t s t r h t al M t o ai u n n- Pacific 2 2 5 5 1 2 1 5 1 L 1 5 0 5 0 0 0 , , , 5 e 0 0 5 0 0 , , , 0 , s 0 0 0 0 0 0 0 , , s , 0 0 0 0 0 0 0 0 0 0 t 0 0 0 0 0 0 0 h t t t 0 0 0 o o o t t t t a o o o o n t t a 9 4 2 o o n 2 9 4 1 , , , 9 9 1 4 d 2 4 4 9 9 4 , 9 9 9 4 , 9 , 0 , , 9 9 9 9 9 9 o 9 9 0 9 9 9 9 9 v n 0 , , 9 9 9 9 9 9 e k r 9 9 s _ _ 9 9 . — _ _ _ _ . . . . . . Per 0 c 2 1 1 ) e 6 7 2 9 4 4 1 n . . . . 0 . . . 1 5 9 1 0 1 t Per 0 c 1 1 1 ) e 8 2 5 4 3 2 1 n . . . . . . . . . 5 0 . 5 7 4 1 2 2 6 1 t Perc 6 3 2 4 1 e 1 1 1 1 2 5 4 6 n 5 4 1 0 . . . . . . . t . . 9 . 9 0 6 . . 8 2 9 9 4 9 5 9 Perc 3 7 6 5 3 1 1 1 2 e 9 7 5 6 0 7 8 9 0 3 8 1 . . n . . . . . . . 7 7 4 3 . 8 . . 0 9 9 9 4 2 7 t Perc 4 3 2 1 2 1 1 e 5 5 9 9 2 1 4 8 2 1 4 . . n . . . . 9 1 7 . 4 . . 3 . 8 . . 3 7 5 5 t 0 6 Perc 4 6 4 3 3 2 2 e 8 4 4 2 2 4 7 3 9 4 5 n . . . , . . 7 2 . 0 1 . 4 . 4 . . 0 6 8 t 8 5 Perc 6 6 3 6 e 3 2 1 2 9 0 9 n 3 4 1 9 8 8 2 3 . . . . . . . t 9 7 3 . 1 6 . 2 7 . . 9 8 3 2 Perc 7 6 5 5 4 5 e 1 1 1 1 3 5 9 8 3 n 1 6 8 3 0 9 9 . . . . . . . t . . 0 . . 6 7 5 5 3 6 0 4 8 1 Perce 6 5 n 4 4 3 3 2 1 8 3 2 1 4 0 8 t 5 4 2 9 1 . . . . . . . 7 6 3 . 3 6 . 8 . 3 . . 6 1 7 8 5 1 Less than 0.05 percent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN APRIL 1936 AGRICULTURAL LOANS CLASSIFIED BY TYPE OF TABLE 21.—CLASSIFICATION OF AGRICULTURAL LOANS HELD BY COMMERCIAL BANKS, BY STATES AND BANK GEOGRAPHIC DIVISIONS, DEC. 31, 1934 As reports covering all commercial banks were received by three different supervisory Loans to farmers secured Loans by- not seagencies, a classification was made to indicate cured the differences between the three types of Loans b la y t e c r o a l l - Total banks. These types were: Nonmember State se- includ- loans to b C a o n r k p s o r r a e t p io o n r , t in S g t a t t o e F b e a d n e k r s a l t h D a e t p w os e i r t e I m ns e u m ra b n e c r e s g S ra ta p t h e i c a n d d iv g is e i o o - n c f u a b r r y m ed Live- e C m q r u e o n i p p t s - , , W ho r a e u - r s e e - Other b i e o n n t g - h f a a n f r a d m r m e o r n s real stock and ceipts, collat- dorsed land of the Federal Reserve System reporting to the estate only live- bills of eral and Federal Reserve Board, and national banks stock la e d tc i . ng, d u o n r e s n e - d reporting to the Comptroller of the Currency. notes Of the three types of banks, national banks held the largest proportion of all the agricul- 1,000 1,000 1,000 1,000 1,000 1,000 1,000 tural loans, having 48.4 percent of the total. Ne M w a i E n n e gland: do 1 l , l 7 a 4 r 0 sdollars dolla 1 r 1 s 8 dollar 3 s 4 doll 3 a 1 r 6 sdo 1 ll , a 79 rs 4 dol 4 la ,0 r 0 s 9 Nonmember State banks held 43.8 percent N. H 665 18 4 239 844 1,801 Vt 11,778 156 359 12 385 2,408 15,093 a a n g d ri c S u t l a tu te r a m l e lo m a b n e s r . banks held 7.8 percent of all M R Co . a I n ss n 1 1 , , 3 7 2 9 4 8 5 3 5 2 7 4 8 9 1 1 4 0 7 0 7 19 8 5 38 5 4 4 3 0 1 1 , , 2 1 7 1 7 6 3 3, , 8 4 6 8 2 8 4 3 2 On the basis of the percentage of agricultural Mid. Atlantic: N. Y 17,412 1,272 1,484 156 4,283 18,837 43,444 loans to total loans, nonmember State banks N.J 3,852 15 145 28 1,193 6,830 12,063 have the highest proportion of their total loans Pa 20,950 185 300 135 2,951 26,510 51,031 E. N. Central: l r a o e d a p v n r a e s n s c e f e n o s t r e d r n e o p b n r y e m se e a n m g t r e b i d e c r u l 2 t S u 2 r t .7 a a l t e p a e d b r v a c a n e n n k c t s e , s o . 2 f .3 S to u f t c o a h r l I I M W O n ll h d i i c s io h ... 3 2 2 1 1 2 2 2 8 1 , , , , , 7 7 3 7 7 6 1 7 1 6 6 4 7 9 0 2 1, , 0 2 8 0 4 1 8 9 8 1 5 1 1 , , , , 3 5 3 5 9 7 6 6 7 5 2 1 1,5 3 1 0 5 5 5 2 7 4 8 7 9 2 1 1 , , , 4 5 8 4 5 7 2 2 8 4 9 6 8 6 8 2 3 1 1 1 0 6 9 3 , , , , , 3 9 2 0 4 7 5 0 2 5 6 5 3 4 6 5 4 2 6 4 7 1 0 5 4 , , , , , 6 5 7 5 1 6 0 3 4 6 0 7 9 7 3 member State banks, and 8.5 for national W. N. Central: b S tu a t r a T n a t k h e l s e l . o b m a a n n a s k t e t s r o i a i t s l o l t y l a a l h r g l i o g e a h ly n e s r a s p c h r c o o o w p u o n n r t f t e i o d o r n n fo o o r n f m a b g e y r m ic t b u h e l e r - M I M N N K S o . . e a w i o D b n n D a r s n a a k k.. 2 1 1 2 2 4 7 6 8 4 , , , , , , , 7 3 2 2 3 6 6 9 4 4 1 8 3 3 0 9 5 8 8 4 4 2 9 5 1 7 7 , , , , , , 8 1 0 2 4 8 6 1 0 6 3 6 5 6 4 2 8 1 8 8 7 1 1 1 3 6 8 7 0 2 , , , , , , 2 0 4 5 7 3 7 5 9 9 4 7 0 4 5 2 0 4 6 3 1 , , , 1 6 1 1 6 3 8 2 8 1 5 1 0 3 2 5 6 1 1 1 1 , , , , 8 1 6 0 3 3 1 7 0 4 0 0 0 8 5 9 2 6 1 1 1 2 9 9 1 7 1 6 , , , , , , , 6 9 2 3 9 4 9 0 3 3 1 7 4 0 2 9 5 8 3 2 2 4 3 6 5 3 1 1 6 6 6 3 4 1 4 , , , , , , , 9 7 1 4 9 5 9 9 9 3 1 6 3 9 1 1 6 5 7 1 4 n o 3 h th 5 f o e e . a n l 7 e v m s s y m s p e e m a t c r h l o l c b a e n e e n r n c r p e t 2 S n l , a 5 o t t a c r 0 f a t e 0 e t s a i . o p l b l n o a p S n m u o k e e l v f s m a e t w t n i b h o t e e y i n r r s e - o a S t l n s o y t e c a p c a t o e p e t m e e o r d p b c f a a e i r n n n b e k t a d p s n o l k w a f a c i n a e t i l h d n s l So D M D V W N s u . t . . e a h . d c l C O V A t a lantic: " 1 9 3 3 4 4 1 , , , , , , 1 1 5 9 8 1 8 4 6 2 2 1 4 3 6 1 3 9 0 4 8 1 1 4 8 5 0 3 0 7 1 9 0 3 2 3 1 4 5 7 4 4 1 6 4 6 5 3 4 1 9 1 , , 9 7 1 1 2 4 9 3 3 5 2 4 9 7 6 0 8 4 2 1 4 0 1 1 9 1 6 2 5 1 6 , , , , , 9 8 5 9 4 1 1 3 6 1 9 7 0 1 9 9 5 9 3 3 3 3 1 1 1 1 4 8 5 7 8 4 0 , , , , , , , 1 0 0 3 9 0 0 2 8 6 6 0 9 4 4 1 5 3 5 0 4 2 2 43.3 percent of all national banks. Table 20 G Fl a a 5 1 , , 1 58 5 1 3 7 1 3 5 8 6 7 5 5 2 9 8 28, 7 2 9 7 3 9 1,0 3 8 9 8 9 1 1 , , 9 0 8 4 3 9 4,506 showing the percentage distribution of the E. S. Central: 40,833 number of banks in various population groups, Te y nn 1 10 7 , , 2 2 1 6 0 7 4 7 9 1 7 7 1,1 6 5 0 3 4 12, 1 3 6 8 6 4 1 1 , , 5 1 8 1 6 1 2 1 0 1 , , 7 2 1 7 3 7 3 3 6 2 , , 8 8 5 7 2 2 indicates the extent to which there is a rela- Ala 3,917 404 3,164 23,605 734 1,048 19)411 Miss.. 10,683 400 1,144 5,673 796 715 T S ti A t v a B e t L l e E y b 2 a 0 g . n — r k e P a s E t R i e n C r E t N h c T e o A n s G c m E e a n D l t l I r e S a T r t R i p o IB l n a U c T e I o s O f . N O n P o n T m HE e m NU b M er - W A T L OO . e a r k S x k kl . a _ C l_™ ent I ra I l " :" 1 8 3 5 7 , , , , 1 4 4 1 4 8 2 3 8 4 4 8 1 6 9 , , 2 6 0 1 6 1 4 7 5 0 6 6 1 9 2 9 , , , o 9 0 0 5 7 8 1 9 7 0 0 1 9 2 2 7 , , , , 1 3 3 5 6 4 6 6 3 8 6 2 4 1 1 , , , 0 3 0 6 1 1 4 8 7 6 4 9 2 2 9 1 , , , ,3 3 3 2 9 9 7 8 3 4 3 2 8 2 1 1 5 6 9 4 ! , , , 7 3 4 19 1 0 5 9 0 0 5 Mountain: BER OF BANKS IN VARIOUS POPULATION GROUPS Mont 2,174 2,429 5,249 77 297 1,943 8,073 DEC. 31, 1934 ' Idaho.. . 1,313 2,009 2,360 545 175 1,671 12^34 Wyo 1,415 2,470 7,110 10 324 1,105 19,750 Non- N Co .M lo ex 3,1 8 1 1 7 8 7 1, , 9 5 2 4 3 9 4, 3 5 8 5 7 8 2 1 5 3 6 8 1,4 1 8 5 2 0 2, 5 7 2 8 6 8 3 2, ,9 5 4 33 2 Population group b m S a b t e n a e m r k te s - b M S a b t e n e a m r k te s - b ti N a o n n a k - a s l Total Pa N A U ci e r f t i i v a z c h : ....: 3,1 8 3 1 0 5 7 5 8 3,6 9 4 4 3 7 3 3 6 1, 218 1 13 1 0 4 1,41 3 2 9 0 9 1,7 3 1 2 9 7 3 0 7 1 1 1 1 3 , , , 0 6 7 9 2 8 1 2 3 Wash 3,290 1,033 2,842 1,820 680 4,118 9,861 reg 2,667 997 2,218 909 357 2,713 163,471 Percent PercentPercentPercent Caallif 115,563 8,554 7,639 2,866 6,465 22,384 1 U ,0 n 0 d 0 e r t o 1 2 ,0 ,4 0 9 0 9 2 1 7 0 . . 7 8 1 1 . . 2 3 9 7 . . 2 6 2 3 1 6 . . 3 5 U.S... 498,842104,153159,785 144,845 52,491 346,339 1,306,455 2,600 to 4,999 5.2 .8 6.3 12.3 5,000 to 9,999 3.3 .7 5.3 9.3 10,000 to 14,999.... 1.6 .5 2.5 4.6 15,000 to 24,999.... 1.1 .3 2.2 3.6 25,000 to 49,999.... 1.2 .5 1.9 3.6 50,000 to 99,999.... .8 .4 1.3 2.5 100,000 to 249,999— .9 .3 1.0 2.2 250,000 to 499,999... .8 .3 .7 1.8 500,000 and over... .8 .7 .8 2.3 Total.. 54.2 7.0 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEBAL RESERVE BULLETIN 247 APBIL 1936 LAW DEPARTMENT Deposits of municipal corporations not classified as to exceed the maximum rate prescribed in savings deposits. Regulation Q for the shortest period mentioned, The Board recently received a request for its namely, 3 months. views upon the question whether deposits of The Board expressed the opinion that it is municipalities and subdivisions or departments permissible for a member bank to issue such a thereof, such as sinking fund commissions, certificate, provided it complies with the other boards of education, and police and fire de- requirements for a time certificate of deposit partments, and deposits of funds of a munici- stated in section 1 (c) of Regulations D and Q. pality set aside for playground and other simi- Such a certificate would be payable at the lar purposes, may be classified as savings expiration of 3 months from the date of its deposits under the definition contained m issuance or, if not paid at that time, at the section 1 (e) of Regulation Q. expiration of 6 months from the date of its The Board stated that, in its opinion, depos- issuance or, if not paid at that time, at the its of the type described above may not be expiration of any of the other periods stated classified as savings deposits within the mean- in the certificate. The certificate might also ing of section 1 (e) of Regulation Q, because be payable before maturity under the circummunicipal corporations may not be considered stances and subject to the conditions stated in as organizations operated primarily for reli- section 4 (d) of Regulation Q. gious, philanthropic, charitable, educational, fraternal or other similar purposes, nor may it be considered that the beneficial interest Classification of "branch clearing" accounts in call reports and in computing reserves of member banks* in deposits of such corporations is in one or more individuals. The Board recently received an inquiry regarding the proper classification of "branch The Board also expressed the opinion that a clearing" accounts in preparing call reports and deposit in the name of a municipality conin computing the daily deposit liability of memsisting of funds given to the municipality for ber banks for reserve purposes. a charitable purpose, such as the erection of a It appeared from information before the memorial gate, may not be classified as a Board that most of the items in "branch clearsavings deposit. The Board stated that it ing" accounts represent (1) checks drawn on a believed that a construction of the regulation member bank (or offices or branches thereof) which would permit funds of a municipal for which deposit credit or its equivalent has corporation held for a charitable purpose to be been given at offices or branches of such memconsidered as funds held for one or more indiber bank other than those at which the deposividuals on the theory that the public consists tors' accounts are carried, and that sufficient of a group of individuals would open the door time has not elapsed for the items to have to evasions of the regulation, and that such a reached the latter offices or branches and be construction would seem to involve an extencharged to the depositors' accounts, and (2) sion of the language of the regulation, which checks drawn on another bank which have bases the privilege of maintaining a savings been deposited in a member bank (or offices or deposit upon the nature of the depositor or the branches of such member bank) and have been person holding the beneficial interest in the forwarded for collection to other offices or oeposit rather than upon the purpose for which branches of the member bank located in the the funds are to be used. same city or vicinity as the drawee bank. The Board expressed the opinion that items of the type described above constitute "cash items in process of collection" within the meancertificates of deposit payable in 3, 6, 9, or 12 months after date. ing of paragraph (g) of section 1 of Regulation D and, accordingly, to the extent that a "branch J-he Board was recently requested to rule uPon the question whether it is permissible clearing" account consists of such items, the balance in the account may be deducted from ^der the provisions of Regulations D and Q f,ja membef bank to issue a time certificate gross demand deposits in determining required reserve balances and should be included in ot deposit which is payable 3, 6, 9, or 12 months alter its date, the rate of interest thereon not item 2 of schedule I in call reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN AFBH, 1939 Accommodation endorsement by an executive officer of be justification for excluding the liability on a member bank. such endorsement from the provisions of Inquiry was recently made of the Board of Regulation 0. Governors as to whether the endorsement of a In the circumstances, the Board ruled that note or other evidence of indebtedness by an the liability of an executive officer of a member executive officer of a member bank, which is bank by reason of an accommodation endorsepurely for the accommodation of a third party ment on a note or other evidence of indebtedand from which the executive officer derives ness held by a bank is included within the neither directly nor indirectly any financial definition contained in section 1 (c) of the benefit, is included within the definition con- Board's Regulation 0. tained in section 1 (c) of the Board's Regulation 0. Section 1 (c) of the Board's Regulation 0 Secretary of the board of directors of a member bank provides, in part, that the terms "loan", not an executive officer. "loaning", "extension of credit", and "extend The question whether the secretary of the credit" include: board of directors of a member bank is an (2) The acquisition by discount, purchase, exexecutive officer thereof within the meaning change, or otherwise of any note, draft, bill of exchange, or other evidence of indebtedness upon which an of that term as defined in subsection (b) of executive officer may be liable as maker, drawer, section 1 of the Board's Regulation 0 was and indorser, guarantor, or surety; recently considered by the Board of Governors. and It appeared from the facts presented that a director of the bank had the title of secretary (5) Any other transaction as a result of which an executive officer becomes obligated to a bank, directly of the board of directors; that his functions or indirectly by any means whatsoever, by reason of were those pertaining to the minutes of meetings an indorsement on an obligation or otherwise, to pay of the board of directors and the certification of money or its equivalent. certain resolutions passed by the board of An accommodation endorsement by an execudirectors; and that he acted strictly in these tive officer of a member bank on a note or other and similar capacities, but that he did not in evidence of indebtedness is included within the any sense participate in the management of definition quoted above if the executive officer the bank. On the basis of such facts, the Board may be liable as an endorser or becomes obliexpressed the view that the director in question gated to a bank by reason of such an endorsewho was also secretary of the board of directors ment. In this connection, the Board pointed of the member bank was not an executive out that under the usual rules of law an officer within the meaning of that term as accommodation endorser is one who has signed defined in Regulation O. an instrument as an endorser, without receiving value therefor and for the purpose of lending his name to some other person, and such an endorser is liable on the instrument to the Reports by executive officers of member banks of their holder for value. indebtedness to other banks. Moreover, a loan or extension of credit to a An inquiry was recently made of the Board third person based in part upon the credit of of Governors as to whether an executive officer an executive officer, as represented by his of a member bank who had reported to the accommodation endorsement, is a transaction board of directors of such bank his indebtedwhich it is believed should be subject to the ness to other banks subsequent to August 23, same restrictions as a loan or extension of 1935, the date of the enactment of the Banking credit to the executive officer himself. The Act of 1935, but prior to January 1, 1936, the abuses which led to the enactment of section effective date of the Board's Regulation 0, and 22 (g), including the undue influence exercised in accordance with the requirements of section by some executive officers in obtaining credit 22 (g) of the Federal Reserve Act, as amended from the banks they serve, may also be present by the Banking Act of 1935, is required after to a certain extent in the case where a loan to a January 1, 1936, to make another report to the third person is supported by the accommoda- board of directors of the member bank, as protion endorsement of an executive officer. vided in section 5 of the Board's Regulation 0, Accordingly, the mere fact that an executive covering the same indebtedness. . , officer receives no financial benefit as the result In response to the inquiry, the Board pointed of his accommodation endorsement would not out that the report required by section 5 of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1936 FEDERAL RESERVE BULLETIN 249 Board's Regulation O would include certain installments in effect represent deposits and information in addition to that specifically serve the same purpose as certificates of derequired to be included in such a report by the posit; and it has been the position of the Board, terms of section 22 (g), and the regulation con- therefore, that such Morris Plan banks or comtemplates that reports in accordance with its panies are properly to be regarded as banks requirements should be made covering any within the meaning of certain statutes. In indebtedness of an executive officer of a mem- this connection, attention was called to the ber bank owing to other banks on January 1, ruling of the Board published in the FEDERAL 1936. The Board stated, however, that it RESERVE BULLETIN for March 1934, at page would not insist that a new report covering such 180, with respect to the question whether a indebtedness be made under the provisions of Morris Plan company is a bank within the section 5 of Regulation O in any case where the meaning of the Clayton Antitrust Act. report made to the board of directors prior to From a consideration of the statutory pro- January 1, 1936, was made in conformity with visions under which the Morris Plan company the requirements of section 22 (g), as amended here in question was organized, it appeared by the Banking Act of 1935, and contains the that the powers conferred upon such company name of the other bank to which the executive are essentially the same as those possessed by officer of the member bank is indebted, pro- Morris Plan banks or companies which the vided that the member bank feels that it is not Board has hitherto regarded as banks or banknecessary to obtain a new report and the ing institutions. The Board, therefore, exrequirements of section 5 of the regulation pressed the opinion that the Morris Plan comregarding the recording, retention and availa- pany in question should properly be regarded bility to duly authorized examiners of reports as a "bank"' within the meaning of the proof this kind are complied with. vision of section 22 (g) of the Federal Reserve Act which requires an executive officer of a member bank to report any indebtedness "to any bank other than the member bank of Reports by executive officers of member banks of which he is an executive officer.'' Accordingly, indebtedness to Morris Plan companies. an executive officer of a member bank who is The Board was recently presented with the indebted to a Morris Plan company organized question whether, under its Regulation 0, an under the statute above described is required executive officer of a member bank who is to report such indebtedness to the board of indebted to a Morris Plan company in a certain directors of the member bank of which he is an State is required to make a report of such executive officer in accordance with the proindebtedness to the board of directors of the visions of section 5 of the Board's Regulation O. member bank of which he is an executive officer. . It appeared that the Morris Plan company m question is authorized by the statute under Loans to a corporation in which an executive officer of a member bank is interested. which it was organized to lend money on the obligations of any person, firm, or corporation; The Board recently received a request for a to buy and sell bonds or choses in action; to sell ruling upon the question whether it would be its secured or unsecured evidences or certificates contrary to the provisions of section 22 (g) of °f indebtedness; to receive from investors the Federal Reserve Act for a member bank therein or purchasers thereof, payments there- to make a loan to a corporation whose presitor in installments or otherwise, with or without dent, general manager, and largest stockholder an allowance of interest on such installments; is also an executive officer of the member bank. and to enter into contracts in the nature of While section 22 (g) prohibits loans to a Pledge or otherwise with said investors or partnership in which one or more executive pur officers of a member bank are partners having Vii aSers ^k reSar(i t0 such certificates, Wh either individually or together a majority companies organized under this statute interest in the partnership, it does not by its formerly authorized to receive deposits, such authority is conferred upon them under terms prohibit a loan by a member bank to a corporation even though an executive officer e present law. L ^oard has, in a number of instances, of the member bank is substantially interested in the corporation. Moreover, a corporation the position that certificates of indebtedis an entity separate and distinct from the ness issued by Morris Plan banks or Morris stockholders, whereas, in the case of a partnerau c°mpanies for which payment is made in 57363—36 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN APRIL 1936 ship, the partners are individually liable for Regulations under Securities Exchange Act of 1934. the debts of the partnership, and the Board The Board has recently adopted a regulation, observed that it was apparently on the basis and supplement thereto, relating to loans by of this distinction that Congress included part- banks for the purpose of purchasing or carrying nerships of the kind described within the pro- stocks registered on a national securities exhibitions of section 22 (g) but made no reference change. The new regulation is called Regulatherein to corporations. Since it appeared tion U. The Board has also revised the supthat the proposed loan would be made to the plement to Regulation T relating to extension corporation in good faith and that the proceeds and maintenance of credit by brokers, dealers, thereof would be used by the corporation for and members of national securities exchanges. its corporate purposes, the Board expressed Regulation U and the supplement thereto the view that such a loan would not be in will become effective May 1, 1936. The recontravention of section 22 (g) of the Federal vised supplement to Regulation T became Reserve Act. effective April 1, 1936. The texts of the However, it was pointed out in the Board's regulation and supplements are printed below. .ruling that there may be circumstances in a particular case where a loan by a member REGULATION U bank to a corporation in which an executive officer of the member bank is substantially LOANS BY BANKS FOR THE PURPOSE OF interested would be an attempted evasion of PURCHASING OR CARRYING STOCKS the provisions of the law and, therefore, in REGISTERED ON A NATIONAL SECURITIES contravention of such provisions. EXCHANGE EXPLANATORY FOREWORD (Not a part of the regulation) Loans to partnerships under section 22 (g) of the Federal Reserve Act. This regulation is issued pursuant to the provisions of section 7 of the Securities Exchange Act of 1934 and Under the provisions of section 22 (g) of the Federal Reserve Act, as amended by the relates only to loans made on or after May 1, 1936. It Banking Act of 1935: is not retroactive. The regulation does not restrict the right of a bank to Borrowing by, or loaning to, a partnership in which extend credit, whether on securities or otherwise, for one or more executive officers of a member bank are partners having either individually or together a any commercial, agricultural, or industrial purpose, or majority interest in said partnership, shall be con- for any other purpose except the purchasing or carrying sidered within the prohibition of this subsection. of stocks registered on a national securities exchange. The Board has received an inquiry as to The regulation does not prevent a bank from taking whether a member bank is permitted to extend for any loan collateral in addition to that required by credit to a partnership in which an executive the regulation, nor does it require a bank to reduce any officer of such bank is a partner with his loan, to obtain additional collateral for any outstanding brother, each having an equal one-half interest loan, or to call any outstanding loan because of insuffiin the partnership. cient collateral. Under well-settled rules of law, partners are Any inquiry relating to this regulation should be presumed to have equal interests in the firm addressed to the Federal Reserve bank of the district in the absence of evidence of an agreement to in which the inquiry arises. the contrary. In the case of an executive officer of a member bank who has exactly a SECTION 1. GENERAL RULE 50 percent interest in a partnership, such an On and after May 1, 1936, no bank shall make any interest would not amount to a "majority" oan secured directly or indirectly by any stock for the interest within the meaning of that term as it purpose of purchasing or carrying any stock registered on is generally understood and in view of the a national securities exchange in an amount exceeding the legal presumption and the statement conmaximum loan value of the collateral, as prescribed tained in the inquiry that the executive officer rom time to time for stocks in the supplement to this of the member bank did not have a majority regulation and as determined by the bank in good faith interest in the partnership, the Board expressed ror any collateral other than stocks. the view that the prohibitions contained in For the purpose of this regulation, the entire indebtsection 22 (g) of the Federal Reserve Act and edness of any borrower to any bank incurred on or after the Board's Regulation O are not applicable May 1, 1936, for the purpose of purchasing or carrying to such a partnership. itocks registered on a national securities exchange shall Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 251 APRIL 1936 be considered a single loan; and all the collateral secur- good faith, signed by an officer of the bank or by the ing such indebtedness shall be considered in determining borrower. whether or not the loan complies with this regulation. (6) No loan, however it may be secured, need be After any such loan has been made, a bank shall not at treated as a loan for the purpose of "carrying" a any time permit withdrawals or substitutions of collat- stock registered on a national securities exchange eral that would cause the maximum loan value of the unless the purpose of the loan is to enable the borrower collateral at such time to be less than the amount of the to reduce or retire indebtedness which was originally loan. In case such maximum loan value has become incurred to purchase such a stock, or, if he be a broker less than the amount of the loan, a bank shall not or dealer, to carry such stocks for customers. permit withdrawals or substitutions that would increase (c) In determining whether or not a security is a the deficiency; but the amount of the loan may be "stock registered on a national securities exchange", a increased if there is provided additional collateral bank may rely upon any reasonably current record of having maximum loan value at least equal to the stocks so registered that is published or specified in a amount of the increase. publication of the Board of Governors of the Federal Reserve System. SECTION 2. EXCEPTIONS TO GENERAL RULE (d) The renewal or extension of maturity of a loan Notwithstanding the foregoing, a bank may make need not be treated as the making of a loan if the and thereafter maintain any loan for the purpose speci- amount of the loan is not increased except by the fied above, without regard to the limitations prescribed addition of interest or service charges on the loan or of above, if the loan comes within any of the following taxes on transactions in connection with the loan. descriptions: (e) A bank may accept the transfer of a loan from (a) Any loan to a bank or to a foreign banking another lender, or permit the transfer of a loan beinstitution; tween borrowers, without following the requirements (6) Any loan to any person whose total indebt- of this regulation as to the making of a loan, provided edness to the bank at the date of and including the loan is not increased and the collateral for the loan such loan does not exceed $1,000; is not changed. (c) Any loan to a dealer, or to two or more (/) A loan need not be treated as collateralled by dealers, to aid in the financing of the distribution securities which are held by the bank only in the of securities to customers not through the medium capacity of custodian, depositary or trustee, or under of a national securities exchange; similar circumstances, if the bank in good faith has (d) Any loan to a broker or dealer that is made not relied upon such securities as collateral in the in exceptional circumstances in good faith to meet making or maintenance of the particular loan. his emergency needs; (g) Nothing in this regulation shall be construed to (e) Any loan for the purpose of purchasing a prevent a bank from permitting withdrawals or substock from or through a person who is not a mem- stitutions of securities to enable a borrower to parber of a national securities exchange and is not a ticipate in a reorganization. broker or dealer who transacts a business in securi- (h) No mistake made in good faith in connection ties through the medium of any such member, or with the making or maintenance of a loan shall be for the purpose of carrying a stock so purchased; deemed to be a violation of this regulation. (/) Any temporary advance to finance the pur- (t) Nothing in this regulation shall be construed as chase or sale of securities for prompt delivery preventing a bank from taking such action as it shall which is to be repaid in the ordinary course of deem necessary in good faith for its own protection. business upon completion of the transaction; (j) Every bank shall make such reports as the Board (g) Any loan against securities in transit, or sur- of Governors of the Federal Reserve System may rendered for transfer, which is payable in the require to enable it to perform the functions conferred ordinary course of business upon arrival of the upon it by the Securities Exchange Act of 1934* securities or upon completion of the transfer; (k) Terms used in this regulation have the meanings (h) Any loan which is to be repaid on the cal- assigned to them in such portions of section 3 (a) of the endar day on which it is made; Securities Exchange Act of 1934 as are printed in the (*) Any loan made outside the 48 States of the appendix to this regulation, except that the term United States and the District of Columbia. "bank" does not include a bank which is a member of a national securities exchange. SECTION 3. MISCELLANEOUS PROVISIONS (Z) The term "stock" includes any security com- (<0 In determining whether or not a loan is for the monly known as a stock, any voting trust certificate or S D^ S?ecified in section 1 or for any of the purposes other instrument representing such a security, and any warrant or right to subscribe to or purchase such a Pecified in section 2, a bank may rely upon a state- 1 ih respect thereto, accepted by the bank in security. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN 1936 APPENDIX For the initial extension of credit, such rules and regulations shall be based upon the following standard: There are printed below certain provisions of the An amount not greater than whichever is the higher of— Securities Exchange Act of 1934: (1) 55 per centum of the current market price Sec. 3.(a) * * * of the security, or (3) The term "member*' when used with respect to (2) 100 per centum of the lowest market price an exchange means any person who is permitted either of the security during the preceding thirty-six to effect transactions on the exchange without the serv- calendar months, but not more than 75 per centum ices of another person acting as broker, or to make use of the current market price. of the facilities of an exchange for transactions thereon Such rules and regulations may make appropriate without payment of a commission or fee or with the provision with respect to the carrying of undermarpayment of a commission or fee which is less than that gined accounts for limited periods and under specified charged the general public, and includes any firm conditions; the withdrawal of funds or securities; the transacting a business as broker or dealer of which a substitution or additional purchases of securities; member is a partner, and any partner of any such firm. the transfer of accounts from one lender to another; (4) The term "broker** means any person engaged in special or different margin requirements for delayed the business of effecting transactions in securities for deliveries, short sales, arbitrage transactions, and the account of others, but does not include a bank. securities to which paragraph (2) of this subsection (5) The term "dealer** means any person engaged in does not apply; the bases and the methods to be used the business of buying and selling securities for his own in calculating* loans, and margins and market prices; account, through a broker or otherwise, but does not and similar administrative adjustments and details. include a bank, or any person insofar as he buys or sells For the purposes of paragraph (2) of this subsection, securities for his own account, either individually or in until July 1, 1936, the lowest price at which a security some fiduciary capacity, but not as a part of a regular has sold on or after July 1, 1933, shall be considered business. as the lowest price at which such security has sold (6) The term "bank" means (A) a banking institu- during the preceding thirty-six calendar months. tion organized under the laws of the United States, (B) (b) Notwithstanding the provisions of subsection a member bank of the Federal Reserve System, (C) any (a) of this section, the Board of Governors of the other banking institution, whether incorporated or not, Federal Reserve System, may, from time to time, with doing business under the laws of any State or of the respect to all or specified securities or transactions, or United States, a substantial portion of the business of classes of securities, or classes of transactions, by such which consists of receiving deposits or exercising rules and regulations (1) prescribe such lower margin fiduciary powers similar to those permitted to national requirements for the initial extension or maintenance banks under section ll(k) of the Federal Reserve Act, of credit as it deems necessary or appropriate for the as amended, and which is supervised and examined by accommodation of commerce and industry, having State or Federal authority having supervision over due regard to the general credit situation of the country, banks, and which is not operated for the purpose of and (2) prescribe such higher margin requirements for evading the provisions of this title, and (D) a receiver, the initial extension or maintenance of credit as it may conservator, or other liquidating agent of any institudeem necessary or appropriate to prevent the excessive tion or firm included in clauses (A), (B), or (C) of this use of credit to finance transactions in securities. paragraph. % (c) It shall be unlawful for any member of a national (0) The term "person*' means an individual, a cor- securities exchange or any broker or dealer who transporation, a partnership, an association, a joint-stock acts a business in securities through the medium of any company, a business trust, or an unincorporated such member, directly or indirectly to extend or mainorganization. tain credit or arrange for the extension or maintenance (10) The term "security" means any note, stock, of credit to or for any customer— treasury stock, bond, debenture, certificate of interest (1) On any security (other than an exempted seor participation in any profit-sharing agreement or in curity) registered on a national securities exchange, in any oil, gas, or other mineral royalty or lease, any contravention of the rules and regulations which tne collateral-trust certificate, preorganization certificate or Board of Governors of the Federal Reserve System subscription, transferable share, investment contract, shall prescribe under subsections (a) and (b) of this voting-trust certificate, certificate of deposit, for a secu- section. rity, or in general, any instrument commonly known as (2) Without collateral or on any collateral other tnan a "security"; or any certificate of interest or participaexempted securities and/or securities registered upon a tion in, temporary or interim certificate for, receipt for, national securities exchange, except in accordance or warrant or right to subscribe to or purchase, any of with such rules and regulations as the Board of ™°yK the foregoing; but shall not include currency or any nors of the Federal Reserve System may prescribe W note, draft, bill of exchange, or banker's acceptance to permit under specified conditions and for a hpjte.JJ which has a maturity at the time of issuance of not period any such member, broker, or dealer to maintain exceeding nine months, exclusive of days of grace, or a credit initially extended in conformity with *ne/vr: any renewal thereof the maturity of which is likewise and regulations of the Board of Governors ot ™v limited. Federal Reserve System, and (B) to permit tne Sec. 7. (a) For the purpose of preventing the ex- extension or maintenance of credit in cases where w* cessive use of credit for the purchase or carrying of extension or maintenance of credit is not for the pu securities, the Board of Governors of the Federal Re- pose of purchasing or carrying securities or °*,e\?^7j serve System shall, prior to the effective date of this or circumventing the provisions of paragraph U; section and from time to time thereafter, prescribe this subsection. , . + rules and regulations with respect to the amount of (d) It shall be unlawful for any person not suDjecu credit that may be initially extended and subsequently to subsection (c) to extend or maintain credit or * maintained on any security (other than an exempted arrange for the extension or maintenance of creu security) registered on a national securities exchange. for the purpose of purchasing or carrying any security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL 1936 FEDERAL RESERVE BULLETIN 253 registered on a national securities exchange, in contra- violation of the provisions of this title or any rule or vention of such rules and regulations as the Board of regulation thereunder, or (2) to afford a defense to the Governors of the Federal Reserve System shall pre- collection of any debt or obligation or the enforcement scribe to prevent the excessive use of credit for the of any lien by any person who shall have acquired such purchasing or carrying of or trading in securities in debt, obligation, or lien in good faith for value and circumvention of the other provisions of this section. without actual knowledge of the violation of any provi- Such rules and regulations may impose upon all loans sion of this title or any rule or regulation thereunder made for the purpose of purchasing or carrying securities affecting the legality of such debt, obligation, or lien. registered on national securities exchanges limitations Sec. 32. Any person who willfully violates any provisimilar to those imposed upon members, brokers, or sion of this title, or any rule or regulation thereunder dealers by subsection (c) of this section and the rules the violation of which is made unlawful or the observand regulations thereunder. This subsection and the ance of which is required under the terms of this title, rules and regulations thereunder shall not apply (A) or any person who willfully and knowingly makes, or to a loan made by a person not in the ordinary course causes to be made, any statement in any application, of his business, (B) to a loan on an exempted security, report, or document required to be filed under this (C) to a loan to a dealer to aid in the financing of the title or any rule or regulation thereunder, which statedistribution of securities to customers not through the ment was false or misleading with respect to any medium of a national securities exchange, (D) to a material fact, shall upon conviction be fined not more loan by a bank on a security other than an equity than $10,000, or imprisoned not more than two years, security, or (E) to such other loans as the Board of or both, except that when such person is an exchange, Governors of the Federal Reserve System shall, by such a fine not exceeding $500,000 may be imposed; but rules and regulations as it may deem necessary or no person shall be subject to imprisonment under this appropriate in the public interest or for the protection section for the violation of any rule or regulation if he of investors, exempt, either unconditionally or. upon proves that he had no knowledge of such rule or specified terms and conditions or for stated periods, regulation. from the operation of this subsection and the rules and regulations thereunder. (e) The provisions of this section or the rules and SUPPLEMENT TO REGULATION U regulations thereunder shall not apply on or before July 1, 1937, to any loan or extension of credit made prior to the enactment of this title or to the mainte- (Issued by the Board of Governors of the Federal Reserve System. nance, renewal, or extension of any such loan or credit, Effective May 1,1936) ^cePt to the extent that the Board of Governors of For the purpose of section 1 of Regulation U, the the Federal Reserve System may by rules and regulations prescribe as necessary to prevent the circumven- maximum loan value of any stock, whether or not tion of the provisions of this section or the rules and registered on a national securities exchange, shall be regulations thereunder by means of withdrawals of 45 percent of its current market value, as determined AAU- or securities> substitutions of securities, or by any reasonable method. additional purchases or by any other device. Loans to brokers and dealers.—Not withstanding bee. 29. (a) Any condition, stipulation, or provision Dinding any person to waive compliance with any the foregoing, a stock, if registered on a national provision of this title or of any rule or regulation there- securities exchange, shall have a special maximum loan under, or of any rule of an exchange required thereby value of 60 percent of its current market value, as snail be void. determined by any reasonable method, in the case of . (b) Every contract made in violation of any provision of this title or of any rule or regulation thereunder, a loan to a broker or dealer from whom the bank accepts ana every contract (including any contract for listing in good faith a signed statement to the effect (1) that a security on an exchange) heretofore or hereafter made he is subject to the provisions of Regulation T (or that ^e performance of which involves the violation of, he does not extend or maintain credit to or for cusvLi ^ continuance of any relationship or practice in tomers except in accordance therewith as if he were violation of, any provision of this title or any rule or rifhf f°n thereun<*er, shall be void (1) as regards the subject thereto), and (2) that the securities hypothesinn iany Person wil0»in violation of any such provi- cated to secure the loan are securities carried for the in+L r ' or regulation, shall have made or engaged account of his customers other than his partners. £J5S Ptrfc*mance of any such contract, and (2) as tnWi! nghts of anv Person who, not being a party iinrf* contract, shall have acquired any right therewhiS «? act.ual kn°wledge of the facts by reason of SUPPLEMENT TO REGULATION T in vini r makinS °r performance of such contract was K ?? of anv sucl1 provision, rule or regulation. (Effective April 1,1936) afflSt VuOthin? in this title shall be construed (1) to (or A* 7alidity of any loan or extension of credit MAXIMUM LOAN VALUES OF REGISTERED SE- Hen n ?x^nsion or renewal thereof) made or of any CURITIES (OTHER THAN EXEMPTED SECURthk tui iPrior or subsequent to the enactment of or L+ \Unless at the time of the making of such loan ITIES) FOR PURPOSES OF REGULATION T* or riTnsion of credit (or extension or renewal thereof) loan nrreaiIng of 8uch lien> the Person making such Pursuant to the provisions of section 7 of the ther^n extension of credit (or extension or renewal Securities Exchange Act of 1934 and section 3 of its know? i or ,acciuiring such lien shall have actual Regulation T, as amended, the Board of Governors of such i ge of facts bv reason of which the making of the Federal Reserve System hereby prescribes the ?aJt or extension of credit (or extension or following maximum loan values of registered securities thereof) or the acquisition of such lien is a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN APRIL 1936 (other than exempted securities) for the purposes of The Federal Open Market Committee expressly Regulation T: reserves the right to alter, amend, or repeal this regula- (1) General rule.—Except as provided in paragraphs tion in whole or in part at any time. (2) and (3) of this supplement, the maximum loan value of a registered security (other than an exempted SECTION 2. DEFINITIONS security) shall be 45 percent of the current market (a) Government securities.—The term "Governvalue of the security. ment securities" shall include bonds, notes, certificates (2) Extension of credit to other members, brokers of indebtedness, Treasury bills, and other obligations and dealers.—The maximum loan value of a registered of the United States, including obligations fully security (other than an exempted security) in a special guaranteed as to principal and interest by the United account with another member, broker or dealer, which States. special account complies with subsection (b) of section (6) Obligations,—The term "obligations" shall in- 3 of Regulation T, as amended, shall be 60 percent of clude all bankers' acceptances, bills of exchange, the current market value of the security. cable transfers, bonds, notes, warrants, debentures, (3) Extension of credit to distributors, syndicates, and other obligations, including Government securities, etc.—The maximum loan value of a registered security which Federal Reserve banks are authorized by law (other than an exempted security) in a special account to purchase in the open market. with a distributor, syndicate, etc., which special (c) System open market account.—The term "sysaccount complies with subsection (c) of section 3 of tem open market account" applies to Government se- Regulation T, as amended, shall be 80 percent of the curities and other obligations heretofore or hereafter current market value of the security. purchased in accordance with open market policies adopted by the Committee and held for the account of the Federal Reserve banks. Regulation of Federal Open Market Committee. (d) Committee.—The term "Committee" shall mean Section 12A of the Federal Reserve Act as it the Federal Open Market Committee. existed prior to March 1, 1936, provided for (e) Executive committee,—The term "Executive regulations of the Board of Governors of the Committee" shall mean the executive committee of Federal Reserve System relating to open- the Federal Open Market Committee. market operations of the Federal Reserve SECTION 3. GOVEKNING PRINCIPLES banks, but under the law as amended effective March 1, 1936, the authority of the Board to By the terms of section 12A of the Federal Reserve issue such regulations is eliminated and regu- Act, as amended, the time, character, and volume of lations on tins subject are prescribed by the all purchases and sales in the open market by Federal Federal Open Market Committee. Accord- Reserve banks shall be governed with a view to accomingly, the Board's Regulation M relating to modating commerce and business and with regard open-market operations of the Federal Reserve to their bearing upon the general credit situation of the banks automatically became ineffective at the country. close of business February 29, 1936. SECTION 4. FEDERAL OPEN MARKET COMMITTEE Pursuant to the provisions of section 12A of the Federal Reserve Act as amended, the Fed- (a) Functions.—The Committee shall consider the eral Open Market Committee on March 19, needs of commerce, industry, and agriculture, the 1936, adopted a regulation relating to open- general credit situation of the country, and other market operations of the Federal Reserve matters having a bearing thereon and consider, adopt, banks, to become effective immediately, and and transmit to the several Federal Reserve banks, the text of this regulation is published below. regulations and directions with respect to the openmarket operations of such banks under section 14 of the REGULATION OF FEDERAL OPEN MARKET Federal Reserve Act. COMMITTEE (6) Participation in System open-market account.— The Committee from time to time shall determine the (Adopted March 19,1936) principles which shall govern the allocation among the OPEN MARKET OPERATIONS several Federal Reserve banks of Government securities and other obligations held in the System open-market SECTION I account, with a view to meeting the changing needs of Pursuant to the authority conferred upon it by the Federal Reserve banks. section 12A of the Federal Reserve Act, as amended, the Federal Open Market Committee prescribes the SECTION 5. EXECUTIVE COMMITTEE following regulations relating to the open-market (a) Organization.—The Committee, at its first meettransactions of the Federal Reserve bankB. ing after March 1 in each calendar year, shall select Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFBIL 1936 FEDERAL RESERVE BULLETIN 255 from its own members an executive committee con- granted by the Committee or in accordance with an sisting of five members. open-market policy adopted by the Committee and in (6) Functions.—It shall be the duty of the executive effect at the time. committee: The Committee reserves the right, in its discretion, (1) To direct the execution of transactions in to require the sale of any Government securities now the open market in accordance with the open- held or hereafter purchased by an individual Federal market policies adopted by the Federal Open Reserve bank or to require that such securities be trans- Market Committee; ferred into the System open-market account in accord- (2) To allocate the Government securities and ance with such directions as the Committee may make. other obligations held in the System open-market account among the several Federal Reserve banks SECTION 8. OTHEB OPEN-MARKET OPERATIONS in accordance with the principles determined by the Federal Open Market Committee; Subject to directions of the Committee and the following conditions, each Federal Reserve bank may (3) To keep the members of the Federal Open engage in open-market operations other than the pur- Market Committee informed of all transactions chase or sale of Government securities: executed under the direction of the Federal Open (1) All such transactions shall be reported daily Market Committee and of all allocations and to the secretary of the Committee on the day they reallocations of Government securities and other take place. obligations held in the System open-market (2) Only acceptances and bills of exchange account; and which are of the kinds made eligible for purchase (4) To perform such other functions and duties under the provisions of Regulation B of the Board in connection with open-market operations as may of Governors of the Federal Reserve System may be assigned to it from time to time by the Federal be purchased and the rates of discount shall be Open Market Committee. established in accordance with the provisions of SECTION 6. CONDUCT OF OPEN-MARKET OPERATIONS section 14 (d) of the Federal Reserve Act: Provided, Each Federal Reserve bank shall engage in open- further 1 That no obligations payable in foreign curmarket operations under section 14 of the Federal rency shall be purchased except in accordance with Reserve Act only in accordance with this regulation directions of the Committee. and the directions issued by the Committee from time (3) Only bills, notes, revenue bonds, and warto time,^ and no Federal Reserve bank shall decline to rants of States, counties, districts, political subengage in open-market operations as directed by the divisions or municipalities which are of the kinds Committee. made eligible for purchase under the provisions of Regulation E of the Board of Governors of the Transactions for the System open-market account Federal Reserve System may be purchased. shall be executed by a Federal Reserve bank selected (4) No Federal Reserve bank shall engage in the by the Committee. Each Federal Reserve bank shall purchase or sale of cable transfers for its own ac- Biake available to the Federal Reserve bank selected by the Committee such funds as may be necessary to count except in accordance with the directions of the Committee: Provided, That Federal Reserve conduct and effectuate such transactions. banks may purchase and sell cable transfers SECTION 7. PURCHASES AND SALES OP GOVERNMENT through the Habana agency in accordance with SECURITIES the resolutions or regulations of the Board of Gov- No Federal Reserve bank shall purchase or sell ernors of the Federal Reserve System governing the operations of such agency. Government securities except pursuant to authority Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN APEIL 1936 ANNUAL REPORT OF THE BANK OF CANADA The first annual report of the Bank of Canada on January 1,1936, and partly due, I think, to for the period from the date of its opening on a greater than seasonal activity in business. March 11, 1935, to December 31, 1935, was When additional notes are required by the submitted to the general meeting of share- public, they are obtained by withdrawals from holders by Mr* Graham F. Towers, president the public's accounts with the chartered banks. of the bank, on February 25, 1936. Sections The banks pay out Bank of Canada notes to of the report are given herewith:1 the extent that the demand is for $1 and $2 The Bank of Canada opened its doors for denominations, or if their own note issues are business on March 11 last. On the date of approaching the authorized limit. Thus an inopening we assumed responsibility for the re- crease in the active circulation of Bank of demption of all Dominion notes issued and out- Canada notes serves to reduce the chartered standing. To cover that liability, which then banks* cash reserves, if no offsetting action is amounted to $185,455,439, the Dominion Gov- taken by the central bank. Such action was ernment transferred to the Bank the following taken last year and is reflected in the enlargeassets: ment of our holdings of Government securities during the latter part of 1935. (a) Gold, valued at $69,455,439 Functions of a central bank.—The functions (6) Silver, valued at 986,363 (c) Dominion of Canada 3 percent bonds of a central bank are well set forth in the report maturing 1940 of a par value of 115, 013, 637 of the Royal Commission on Banking and Currency in Canada. The chief functions are to Total 185, 455, 439 endeavor to regulate the volume of credit; to From November 1932 until March 11 last defend the external value of the national monethe chartered banks had, by arrangement, tary unit; to be a ready source of skilled and borrowed under the Finance Act a minimum impartial advice at the disposal of the Governamount of approximately $35,000,000, and at ment (in the case of Canada, the Dominion the initiation of the transaction had purchased and Provincial Governments); and to afford from the Dominion Government Treasury bills timely cooperation with the central banks of for approximately the same amount. The other countries. I propose to say a few words Bank of Canada Act provided that on the day on each of these functions. on 'which the bank was authorized to commence Influence on credit.—A central bank's inbusiness the chartered banks should repay all fluence on the volume of credit arises from its advances then outstanding under the Finance power to affect the volume of commercial Act. Such repayment resulted in the cancellabanks' cash reserves. When a country is not tion of an equal amount of Dominion notes and on the gold standard, the central bank can do would have involved a similar reduction in the more than affect the commercial banks' casn cash reserves of the chartered banks, if no offreserves; it determines them. If the central setting action had been taken. We considered bank increases its assets, by buying gold or it wise to offset this reduction and did so by securities or making advances, such action \vm purchasing $35,000,000 of Treasury bills from be reflected by an increase in its deposit liathe Dominion Government. The Government bilities. For the most part, in our case, these used the proceeds of this sale of securities to deposit liabilities are the balances which tne redeem Treasury bills held by the banks, with chartered banks keep with the Bank of Canada the result that their cash reserves were unas a part of their cash reserves. An expansion changed. of cash reserves tends to produce an increase Note issues.—When we commenced busi- in the commercial banks' loans and investness, the amount of notes in public hands was ments; a contraction of reserves tends to pr°~ $42,440,981. The total has increased $16,738,- duce a curtailment of these assets. . . 283 between that time and the end of the year. A policy of cheap and abundant money is «w The increase is partly seasonal in character, orthodox contribution of a banking system partly due to the retirement of chartered bank towards recovery from a depression. Sucn a notes from circulation in anticipation of the policy undoubtedly contributes, firstly, to $7,275,000 decrease in the banks7 issuing power relaxation of the pressure to liquidate ana, 1 In addition, the report contains sections dealing with significant move- secondly, to a recovery of business and to tn ments in some of the bank's assets and liabilities, profit and loss ac- reestablishment of Government finances, www count, cooperation of the chartered banks, and personnel. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFRIL 1936 FEDERAL BESERVE BULLETIN 257 are sure to be adversely affected at such times the central bank itself will be a large holder through relief expenditures and other unavoid- and will engage in purchases and sales in purable commitments; but if the policy is pursued suance of its open market policy, and for other too far the situation may become unmanage- reasons. In so doing, it is likely to have the able when a revival develops. effect of steadying the rate. The Bank of In Canada, the present high price level of Canada can, I feel, claim that it has been of gilt edged bonds is an indication of the pressure assistance in both these respects. of money looking for employment. The char- In times past, New York call loans and tered banks' cash reserves on December 31 last bankers' acceptances were, to a large extent, were slightly larger than on December 31,1929; regarded as the secondary reserve of Canadian their deposits at the end of 1935 were less than banks. Fluctuating exchange rates have prac- 2 percent smaller than deposits on the same tically ruled out these items as a means of emdate in 1929. If we recall that December 1929 ployment of that portion of a bank's Canadian was the closing month of a year of exceptionally assets which need not be kept in cash, but active business, this comparison of figures will which must be convertible into cash, in large serve to remind us that the volume of money is volume and without sacrifice, at a moment's not the cardinal factor which determines the notice. Canada has been lacking in facilities volume of business. The vital matter is not of this kind. I hope the deficiency will be the amount of money in existence; it is the size remedied. Treasury bills can be made to play of people's incomes, in other words, the size of an increasingly important part in our banking the national income. This can grow, and does life, if further experience and a further widening grow, without any definite connection between of the market demonstrate—as I believe they such growth and a growth in bank deposits or will—the utility of this form of temporary note circulation. An increased turnover of investment. One should not think of such existing monetary supplies takes place as pros- bills as being merely a means of cheap governperity returns, and the total amount of money mental financing, and nothing more. may be less then than during a depression. Gold holdings.—The largest item on the asset Bank rate.—Our bank rate was established side of our balance sheet is gold, valued at at 2% percent and remains unchanged. The $180,509,342. When we commenced operafigure is the same as that which was being tions we acquired gold to the value of $160,charged for advances under the Finance Act, 584,355, of which $69,455,439 came from the prior to the establishment of the Bank of Dominion Government and $37,128,916 from Canada, and it remains the charge which we the chartered banks. Settlement for this gold would ordinarily make to the banks for ad- was effected on the basis of the statutory value vances. It is quite out of touch with Treasury of $20.67 an ounce. Subsequently, the Exbill rates, but this fact is not at present of any change Fund Act required us to value the gold particular significance. When money is in at the current market price. The resultant plentiful supply the need for loans or rediscount profit of about $73,500,000 did not accrue to facilities seldom arises. It is in times of the Bank of Canada. Section 30 of the Bank greater stringency that accommodation from of Canada Act had provided that any profits on the central bank is essential. A central bank gold transferred to the bank would pertain to Biust be what is known as the lender of last the Dominion Government, but it gave the resort, which implies that in times of real need Governor-in-Council power to allow the charits rediscounting and lending facilities will be tered banks to receive the profit on gold transfreely accorded. ferred by them, to the extent that such gold was deemed to have been held against liabili- Treasury bill market.—It is universally ties elsewhere than in Canada. The Governorrecognized that a central bank is hampered in in-Council determined that 40 pel-cent of the its operations where an active bill market does banks' gold had been so held, and as a result not exist. Few countries, however, have the the chartered banks received $10,475,114. Dm market they would like. Under present COn<htions a fairly satisfactory market can be The balance of the profit, namely, $63,006,382, was credited to the exchange fund of the Doestablished, if there is a sufficient volume of minion Government, and future profits or losses ireasury bills, if there is a good institutional on gold held by us will be credited or debited attribution of these, and, in particular, if it is to that account. wie commercial banks' policy to hold Treasury DH»s as their secondary reserve. The mere It should be noted that the valuation at Tistence of a central bank at once widens and which gold is entered on our balance sheet strengthens the market for first-class bills, since represents the amount which should be obtained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN APRIL 1936 in Canada if the gold were to be shipped to The situation is one which cannot fail to involve London or New York on the date of the state- close attention on the part of the central bank. ment. In other words, we apply the realizable Advisory functions.—On the subject of our value instead of an arbitrary one, and are not functions as a source of impartial advice, I do restricted to the price prevailing in any one not propose to say much. It would be preparticular market. sumptuous to suggest that so inexperienced a The exchange rate.—As you know, the central bank could at once be of full value in Canadian dollar, like many other currencies, is this respect. Nevertheless, we have every inat present off gold and unstabilized. In these ducement to be impartial. Advice must often, circumstances the Bank of Canada has no spe- perhaps usually, be the chief form of assistance cific obligation imposed upon it by the Gov- which we can render to the Governments of Canernment. Nevertheless, over a long term, ada, inasmuch as our necessary concern for the credit policy must necessarily affect the ex- cash basis does not permit us to make large adternal value of a monetary unit. As the Royal vances of a kind which we cannot offset if that Commission's report says: policy were requisite. It should not be in- Control over the external value of the monetary unit ferred, however, that we are unable to furnish is * * * a logical outcome of that of credit regula- temporary accommodation at appropriate times. tion. Whatever additional influences may affect the During the year our statements have shown level of the exchanges, such as short-term capital movements, external borrowings and indebtedness, and the that advances were made to the Dominion income from overseas investments, the long-term factor Government on various occasions, the largest of decisive importance is the credit structure of the having been made in October and November in country * * *. anticipation of new financing. The Canadian dollar has exhibited a remark- Central bank cooperation.—The desirability able tendency, when not at parity with the pound of increased cooperation between central banks or United States dollar, to take up an intermedi- has been much discussed for a number of years, ate position. Obviously, in the long run, the pur- and has been stressed at various international chasing power of our dollar must approximate conferences. There is much that can be done in that of the United States dollar and the pound the way of interchange of information. Busisterling, or there would be a marked divergence ness conditions in a country's main markets in exchange rates. From the point of view of have an important bearing on domestic trade. short-term movements, it is probable that the A central bank which contented itself with a large volume of United States and United knowledge of home affairs, and turned a blind Kingdom investments in Canada, and the eye to developments elsewhere, would not be existence of so many Canadian bonds payable fulfilling its duty to its own people. The cenin two or three currencies—a feature of our tral banks of other countries constitute an excelfinancial economy which is not found to an lent source of information. They can often proimportant degree in any other country—have vide facts rather than surmises. Cooperation had a tendency to restrict fluctuations in our along these lines is therefore extremely helpful, exchange rate. A discount on the Canadian and can be developed by arrangement between dollar m the United States encourages pur- central banks. Obviously, cooperation on any chases of Canadian securities; a premium en- matter of high policy must be dictated or condicourages selling; and the situation vis-^-vis tioned by the views of the governments of the the United Kingdom is the same. One must countries concerned. While I am on this subadd to this statement by pointing out that ject, I might mention that one of the Empire relative price levels in the security markets of central banks, namely, the Bank of England, is the three countries^and the degree of confidence supposed by some persons to exercise a univerin our position, are important factors in security sal and malign influence in financial matters the transactions. 1 do not suggest that bonds world over. I should like to say that, in my payable in two or more currencies are desirable. opinion, this is just nonsense, and that in any On the contrary, they are often most embarcase one can safely rely upon the central banks rassing obligations from the borrower's point and governments of the respective Dominions of view. The extent to which Canadian borto see that no undue or pernicious influence is rowers incur foreign obligations and later disexerted. In these unsettled times, the real charge them, and the manner in which such problems of central banks are grave enough m commitments are taken, are matters of public all conscience. It would be regrettable if the interest affecting our balance of payments and burden were increased by the addition of the exchange value of the Canadian dollar. imaginary complications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 259 APRIL 1936 Cooperation is usually a question of common services, almost every possible effort has been sense, whether it takes place in the realm of made to hamper or prohibit such interchange. trade or finance. In all the criticism of the Few countries are more dependent than Canada existing order which we hear today—and I am upon international trade. In our own interest not a reactionary in this respect—I think that we must welcome and encourage any loosening too little weight is given to the fact that the of the shackles which have been placed on world's business structure has apparently sur- world business during the years since the war. vived a period during which international com- I hope that the recovery in world trade, of mon sense has been conspicuous by its absence. which there is now evidence, can be stimulated The structure must possess great inherent by appropriate measures of international costrength. In a world designed to live and operation between governments. prosper by the interchange of commodities and BALANCE SHEET OF THE BANK OF CANADA AS OF DEC. 31, 1935 [In thousands of dollars] ASSETS Reserve—at market values: Gold coin and bullion. $180,509 ^Authorized $5.000 Silver bullion . 1,638 Sterling funds 219 Issued and paid up —- $5,000 United States of America funds 4,004 Rest fund 173 Funds of other countries on a gold standard 9 Notes in circulation 99.677 Subsidiary coin $186, 1 3 2 8 9 0 Dominion Government f18»?S Advances to Dominion Government 3,466 Chartered banks 181»JS5 Investments—at not exceeding market values: Dominion Government short-term securities $30,873 Otherbanks ™ m665 Other Dominion Government securities- 83,410 Dividend declared-payable Jan. 2,1936 - U3 114,283 Other liabilities *><&? Bank premises (furnishings and equipment) at cost less amounts written off 112 Other assets 3,286 Total assets ...„ 307.655 Total liabilities 307,655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN APRIL 1936 ANNUAL REPORT OF THE NATIONAL BANK OF BELGIUM The annual report of the National Bank of State in future rigorously proportions its Belgium for the year ended December 25,1935, expenditures to the resources of the nation was submitted by the governor of the bank, instead of burdening it with ever larger outlays M. Louis Franck, to the general meeting of by the Public Treasury or with unduly large shareholders on February 24, 1936. Sections Government borrowing. of the report are given herewith: 1 Foreign exchange market.—In April, once Improvement of the world economic situa- devaluation had been accomplished, the direction began to be apparent in 1934 and was more tion of capital movements was reversed, and a marked during the past year. But this re- considerable inflow of gold more than offset covery was not general in character. It was the losses previously sustained by the metallic most apparent in the United States, South reserve. Foreign capital sought refuge in this America, and England, whereas in Europe coxintry. We are in a position to assure the many countries continued to suffer from busi- return of these funds at any time to their ness inactivity and other handicaps resulting country of origin. from unbalanced budgets, monetary disturb- The influx of capital into Belgium was inances, restriction and control of foreign ex- tensified by the attacks made on several occachanges, and, in addition, from political un- sions against the French franc and the Nethercertainty. The same thing is true in the Far lands florin—attacks which these currencies East, where serious disturbances resulted from were able to resist successfully. measures taken by the United States to re- The position of the Belgian banks and of valorize silver, and China was forced to reorforeign banks located in Belgium, from the ganize her monetary system. point of view of their foreign balances or their Devaluation of the belga.—In Belgium 1935 obligations in foreign markets, ife well known to will stand out as one of the most difficult postthe National Bank through the bimonthly war years in the banking and financial history reports made to us by these institutions. of the country. The gold parity of the belga Figures shown in the reports indicate that the was reduced by 28 percent2 by the law of banks are thoroughly alive to the special situa- March 30, 1935, and the Royal decree of tion created for Belgium by the existence of March 31 issued under the law.3 The causes foreign funds which have sought temporary and the circumstances of devaluation were refuge here. No difficulty, therefore, need be explained by the governor of the bank to a anticipated from this source. general meeting of shareholders on August Credit policy.—At the beginning of the year 26. In accordance with the advice of the our discount rate stood at 2){ percent. At the National Bank, the currency was again imtime of the crisis in March we thought it unwise mediately linked to gold at the rate of 0.150632 to raise the rate, considering the technical gram of fine gold for 1 belga. Relations position of our banking system and the special between the Government and the bank as character of the capital outflow. With devaluaaffected by devaluation were regulated by the convention of April 4,1935,4submitted to the gen- tion an accomplished fact, we reduced the discount rate on May 15 to 2 percent at the urgent eral meeting of shareholders on August 26,1935. request of the Government. This measure had As the Government has emphasized on a but little effect. It is true, of course, that dear number of occasions, devaluation of the curmoney conditions prevailed more generally in rency—even though it makes certain adjustthe capital market than in the short-term ments possible—cannot do away with the need, money market. In case of need, however, we in drawing up both ordinary and extraordinary did not hesitate to intervene in the short-term budgets, of observing the principles of moderamarket within the limits proper for a central tion and economy on which depend the equilibbank, through the medium of direct discounting. rium of Government finance, the credit of the But the demand upon the bank for credit State, and finally, the prosperity of the country. continued to be relatively small. Past mistakes will have taught nothing, The 90-day trade bill has long been one of the sacrifices will have been to no avail, unless the chief means of granting short-term credit. Un- 1 The report, available in French, contains in addition sections dealing fortunately a number of circumstances have with clearing agreements, price indexes, trade movements, industrial production, operations of the bank in detail, together with a number of arisen to modify this procedure and, to a great tables. extent, the creation of commercial paper has * Provisional reduction, made definitive by royal decree effective Apr 1,1936. See p. 219. been replaced by the demand for advances in i See BULLETIN for May 1935, p. 291. « See BULLETIN fnr June 1935, p. 378. ,current account. The undoubted danger ol Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1930 FEDERAL RESERVE BULLETIN 261 such practice becomes apparent in time of level had been registered. A period of weakcrisis. The advance in current account then ness followed during the summer months, while becomes an unrealizable credit, and banks the number of transactions declined considershould not lose sight of the risk involved. ably. In October, however, recovery began In order to guard against this risk to some again, and the index for December was 37, as extent, the Government promoted the estab- compared with 27 in December of last year. lishment of a special institution, capitalized at In the bond market there was considerable 200 million Belgian francs, and having the selling and a decline in bond quotations as soon guaranty of the Government for its liabilities up as doubts regarding the maintenance of the to an amount of 2 billion francs; its primary gold parity adopted in 1926 began to take function will be to make possible the final definite form. But upon the reopening of the liquidation of advances in current account which stock markets, which were closed for only 3 had been granted by the banks. The National days, there was a noticeable improvement. Bank will cooperate with this new organization. The principal event in the Government But the National Bank cannot too strongly security market was the conversion and unifiurge industrialists and merchants to make cation in May of 25 billion francs of the Belgian wider use of commercial paper. In order to debt to a nominal rate of 4 percent. The operaccommodate interested persons,,the National ation was entirely successful. Aside from the Bank has indicated its willingness to favor the advantages for the Treasury of a considerable use of acceptance credits in the domestic reduction of interest charges on its loans, the market-^a practice hitherto current only in the market for rentes will in future be much larger. international market. It is imperative that Various measures taken by the Government the acceptance market should be broadened if and, in particular, a special allocation from the short-term money rates are to be lowered. public debt amortization fund helped to attain On the other hand, Parliament gave the this result. In pursuance of its policy of banks a special statute, based on the provisions reducing money rates, the Government took of the decree law of July 9, 1935.3 Depositors further steps toward the close of the year for and the general public will find far-reaching the conversion of the issues of the Municipal guaranties in this legislation. The execution of Credit Institute and of loans of the provinces the provisions of this legislation devolves upon and communes on which the rate was in excess the Banking Commission, with which the of 4% percent, as well as for the conversion of National Bank is constantly in touch. the colonial debt. Payment on the debt to the State.—By ap- As a result of all these measures, the Governplying part of the profit accruing from revalua- ment hoped to create conditions in the capital tion of the gold reserve, and by withdrawing market which would ease the present burden of from circulation its 50-franc notes, the Treas- indebtedness of private debtors, and industrial ury reduced its indebtedness to the bank to 500 enterprises in particular, whose debts were million francs. This balance must be liqui- contracted at a high rate of interest. It is also dated in 1952, when the current note issue hoped to make it easier for borrowers to obtain privilege of the National Bank expires. new capital. It should be noted that, even though the capital market is still somewhat Security market.—The stock market was straitened, liquid funds in the money market completely inactive at the beginning of the year, continue to be very abundant and are practibut under the adverse influence of the general cally without employment. situation it began to weaken again toward the end of February. About the middle of March, Economic activity.—On the whole, the year under pressure of buying by groups who were 1935 marks the checking of the depression, and S/eii g ^vestment in real values (valeurs the point of departure for a period of recovery. reelles), prices strengthened slightly. Early in The new equilibrium of prices resulting from rV i! after .several sessions of rising prices in devaluation has helped to remove the great which offerings were scarce, the process of disparity between domestic and foreign prices, ^adjustment began and by the beginning of which efforts toward deflation and internal reorganization had already reduced. The Gov- June a consifWnhlA ndvannA OVAT the lowest ernment has not hesitated to increase its import ines the legal status and capital requirements of banJcs, quotas and to decrease its customs duties when nn conditions governing their operations and managethis was necessary to check the advance of es a commission of control, and sets up regulations for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN APBIL 1936 prices in the domestic market. It must not be still required. Our industrial structure is orsupposed, however, that this one achievement ganized on an exporting basis, so that the is enough to restore complete prosperity to the country's prosperity depends largely on the country. Further efforts to win new markets possibilities of finding an outlet for our manuand to become adjusted to new conditions are factures in foreign markets. BALANCE SHEET OP THE NATIONAL BANK OF BELGIUM AS OF DEC. 25, 1935 AND 1934 [In thousands of francs] 1935 1934 1935 1934 ASSETS LIABILITIES Gold reserve 17,285,784 12,623,327 Bank notes Subsidiary coin 329,945 426,753 Issued 21,975,744 18,920,006 Belgian and foreign bills 6,531,526 3,335,658 Held by the bank 1,338,430 1,3 Advances on Belgian public securities 437,084 677,651 Bonds, annuities, and other securities of the In circulation > 20,637,313 17,591,225 Belgian Treasury (laws of Dec. 27,1930, and July 19, 1932) 798,981 1,699,257 Current accounts Public securities 199,879 Treasury. 341,793 165,247 Public securities in the surplus account of the Private 4,554,894 949,357 bank 96,541 94,213 Public securities in amortization account for 4,896,687 1,114,604 bank premises, furniture, and fixtures 59,628 s = -i Bills deposited for collection in current account- 69,286 83,073 Bills deposited for collection in current account- 83,073 Bank premises 156,123 154,960 Capital 200,000 200,000 Furniture and fixtures 4,772 4,772 Surplus ,97,732 95,414 Provision for the manufacture of bank notes 1,713 2,054 Amortization account for bank premises, furni- Interest earned or receivable 19,480 15,625 ture, and fixtures 59,702 59,702 Assets held in pledge or to be liquidated (art. 34 Interest and rediscount ._ 2,316 7,425 of the statutes) 3,016 3,051 Taxes payable to the Government Tax on fiduciary circulation 14,985 12/758 Share of the Government in profits (art. 38 of the statutes) 5,842 . 5,842 Unpaid dividends for second half year. 9,894 Total assets 25,993,758 19,179,938 Total liabilities 25,993,758 19,179,938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 263 APK1L 1936 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled Mar. 25 and released for publication Mar. 27] Volume of industrial production and em- for all other contracts, a large part of which ployment showed little change in February, are for public projects. and the index of production, which makes al- Distribution.—Department store sales showed lowance for seasonal changes, declined from little change from January to February and, 98 to 95 percent of the 1923-25 average. after allowance for seasonal variation, were at Distribution of commodities continued at about about the same level as that prevailing last the January level. summer and autumn. Freight-car loadings Production and employment.—Daily average increased by a small seasonal amount in output in basic industries was in about the February. Loadings of coal were considerably same volume in February as in January. larger than in January, while shipments of Since usually there is an increase in manufac- miscellaneous freight declined, and the Board's turing activity at this season, the Board's seasonally adjusted index of total loadings seasonally adjusted index of factory output remained at the January figure of 70 percent showed a decline. Output at mines increased. of the 1923-25 average as compared with 71 There was a substantial further decrease in percent in December and an average of 63 automobile production in February, and the percent for 1935. rate of operations at steel mills increased by Commodity prices.—The general level of less than the usual seasonal amount. In the wholesale commodity prices declined somewhat first half of March production of steel expanded during the latter part of February and the seasonally and output of automobiles showed a first half of March, following a 6-month more than seasonal increase. There was little period of little change. The recent downchange in the volume of lumber cut in Febru- ward movement reflected declines in prices of ary, although an increase usually occurs in farm products and foods. that month. At woolen mills production in- Bank credit.—Excess reserves of member creased by about the seasonal amount, while banks decreased by $650,000,000 during the activity at cotton textile mills, which is usually 4 weeks ending March 18 and on that date larger m February than in January, decreased, amounted to $2,400,000,000. This decrease and at silk mills there was a larger than seasonal reflected chiefly a transfer of funds to Treasury decline. Output at meat-packing establish- deposits at the Reserve banks in connection ments also declined. There was a substantial with receipt of income taxes and of cash payincrease in the mining of both anthracite and ments for newly-issued Government securities. bituminous coal, while output of crude petro- Loans and investments of reporting memleum declined somewhat. ber banks in leading cities increased rapidly in Factory employment increased by less than March and on the 18th of the month were tne usual seasonal amount between the middle $525,000,000 higher than 4 weeks earlier. Of of January and the middle of February. There this increase $190,000,000 represented a growth was little change in the number of workers at in holdings of direct and guaranteed obligations steel mills and a decrease in the number em- of the United States Government and $80,000,- 000 an increase in other investments. Security Pioyed at automobile factories, although inloans both to brokers and dealers and to others creases are usual in these industries in February. increased, and there was a substantial growth . aent declined at silk and rayon textile in so-called "other loans," which include loans FUs and showed a smaller than seasonal for commercial purposes. crease at shoe factories. Increases in em- Payment were reported for railroad repair Adjusted demand deposits of reporting memj™ps, for printing and publishing establish- ber banks declined by $340,000,000 during the nn iS' *T?^ *or *act°ries producing wearing ap- 4 weeks ending March 18. Balances held for W • *actoi7 pay rolls, which are usually domestic banks increased at the turn of the 3r m,the ^ddle of February than a month month as banks in the interior sold Governearlier, showed no change. ment securities in New York in anticipation of Ane value of construction contracts awarded, maturities. During the week ending March ? ^Ported by the F. W. Dodge Corporation, 18 balances declined, partly as the result of further in February. Awards for banks throughout the country purchasing in u construction showed little change, the New York market Government securities tnere was a decrease in the value of awards issued on March 16. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN APEIL 1936 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS , u, . . „ BlLL!0NS 0F D0UARS ( Wednesday figures MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS WITH F.R.BANKS 1930 1931 J932 1933 1934 1935 1936 MEMBER BANK RESERVE BALANCES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 7 -( Wednesday figures* 7 1931 1932 1933. 1934 1935 1936 Based on Wednesday figures; latest figures for March 25. See table on page 265. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 265 APRIL 1936 MEMBER BANK RESERVES AND RESERVE BANK CREDIT MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES [In millions of dollars] Reserve bank credit outstanding Member bank reserve balances Treas- Treasury Date (Wednesday) co B d u i i n s l - l t s ed bo B u il g ls ht s m U G e e c r o . e u n S v n - r - . t i- R c O b e r a s t e e h 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 r l a e - c a u t b n u n r i a y o r c d - n y n k - M i c n t o u i o c l n a n i e r - - y c d R F a b e e w s e a p h d s n i o e e t a k s h r r n i v s a t d e l s b p m N e o r e o s m d n it e - s - - R c O F o e e a s t u e r c h e a d n - r e l - t v r s e Total E m ( x e a s c t t e e i s - d s ) ties 1935-Mar. 6 2,430 2,452 8,546 2,517 5,478 2,998 237 246 4,555 2,185 Mar. 13-— 2,430 2,460 8,551 2,525 5,454 3,009 238 247 4,588 2,191 Mar. 20.... 2,430 2,455 8,554 2,521 5,453 3,220 243 254 4,361 1,950 Mar. 27.... 2,430 2,452 8,563 2,535 5,436 3,335 241 253 4,285 1,888 Apr, 3 2,431 2,462 8,568 2,548 5,497 3,404 230 253 4,193 1,821 Apr. 10 2,430 2,463 8,614 2,549 5,487 3,376 224 253 4,237 1,907 Apr. 17.... 2,431 2,470 8,672 2,549 5,512 3,149 271 257 4,501 2,095 Apr, 24 2,430 2,452 8,701 2,650 5,459 2,978 258 4,719 2,264 M M M M M a a a a a y y y y y l 8 2 1 2 5 9 2.... 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 3 6 9 7 3 8 8 8 8 , , , , 7 7 7 8 6 2 3 3 2 1 7 5 2 2 2 2 2 , , , , , 5 5 5 5 5 3 4 2 3 3 4 3 6 6 1 5 5 5 5 5 , , , , , 4 4 4 5 4 8 9 9 8 1 9 6 4 1 1 2 2 2 2 2 , , , , , 9 9 9 9 9 7 0 3 0 7 8 6 8 1 0 2 2 2 2 2 7 7 8 6 6 6 7 5 7 2 2 2 2 2 2 6 5 6 5 5 3 9 1 9 8 4 4 4 4 4 , , , , , 7 8 7 3 8 2 5 2 2 2 1 8 1 7 2 2 2 2 2 2 , , , , , 2 3 3 3 3 0 5 2 2 5 4 2 8 2 0 J J J J u u u u n n n n e e e e 2 1 5 1 6 2 9 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 8 7 7 2 2 5 2 8 9 9 , , , 9 0 1 1 1 0 6 6 9 2 2 2 2 , , , , 5 5 5 5 2 1 1 0 1 0 4 8 5 5 5 5 , , , , 5 4 4 4 1 9 9 9 4 8 8 3 2 3 2 , , , 9 0 9 8 2 9 8 3 1 2 3 1 3 1 9 0 0 4 6 6 1 2 2 2 2 5 5 6 6 7 8 4 3 4 5 4 5 , , , , 0 9 9 0 4 9 1 2 9 6 4 9 2 2 2 2 , , , , 4 4 5 4 0 4 2 7 0 5 1 1 J J J J J u u u u u l l l l l y y y y y 3 2 3 1 1 4 1 0 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 8 3 0 5 2 9 9 9 9 9 , , , , , 1 1 1 1 1 1 2 4 2 3 9 7 4 3 5 2 2 2 2 2 , , , , , 5 5 5 5 5 0 1 0 0 0 4 0 3 1 3 5 5 5 5 5 , , , , , 6 4 5 5 5 1 9 3 1 5 9 6 0 8 1 3 2 2 3 3 , , , , , 0 0 9 1 9 S 0 3 3 9 2 2 4 6 1 3 3 2 3 2 1 0 6 0 5 2 2 5 2 3 2 2 2 2 2 5 5 6 5 5 8 8 3 7 8 5 4 5 4 4 , , , , , 1 0 9 9 9 0 5 0 2 4 0 2 0 4 5 2 2 2 2 2 , , , , , 4 3 3 3 5 5 2 4 3 1 6 0 0 5 3 A A A A u u u u g g g g . . . . 2 7 2 1 L 8 4 _ . . _ . .. . _ . . 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 6 7 6 7 8 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 0 8 3 2 2 2 2 , , , , 7 9 7 6 3 2 7 8 2 2 5 3 2 2 2 2 3 5 1 5 0 1 3 3 2 2 2 2 6 6 5 6 0 9 1 0 5 5 5 5 , , , , 2 1 3 2 5 4 1 9 4 6 5 1 2 2 2 2 , , , , 5 6 6 7 4 8 6 4 7 2 7 9 S S S S e e e e p p p p t t t t . . . . 4 2 U 1 5 . 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 4 9 2 9 9 9 9 , , , , 2 2 2 2 0 4 1 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 8 2 2 2 2 2 , , , , 6 8 7 7 2 3 4 7 9 9 6 8 2 2 1 1 4 6 8 9 4 2 6 3 2 2 2 2 4 5 5 5 8 9 0 0 5 5 5 , , , 2 1 2 3 2 3 6 8 6 2 2 2 2 , , , , 6 5 7 5 2 9 4 9 7 0 3 2 O O O O Oc c c c c t t t . t t . . . 9 2 1 2 3 6 . 0 3 . .. . . ... " ; 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 9 7 7 7 7 6 0 8 4 2 9 9 9 9 , , , , 4 4 5 6 8 6 1 2 4 3 4 9 2 2 2 2 , , , , 3 3 4 4 9 9 0 0 9 7 4 1 5 5 5 5 , , , , 6 6 6 6 9 9 8 8 8 6 6 4 2 2 2 2 2 , , , , , 6 7 8 6 6 9 4 1 9 6 4 7 4 3 5 3 2 3 3 2 0 9 9 0 1 6 2 6 7 3 2 2 2 2 2 5 6 5 5 5 0 0 4 1 4 5 5 5 5 5 , , , , , 3 5 2 5 6 3 2 3 7 5 0 4 4 5 3 2 2 2 2 2 , , , , , 6 5 9 8 9 9 6 0 7 3 4 9 0 8 1 N N N N o o o o v v v v . . . . 2 6 2 1 7 0 3 — . . . . fc . . _ . . 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 9 7 6 2 2 1 2 9 9 9 9 , , , , 8 8 7 7 7 0 4 1 4 4 7 4 2 2 2 2 , , , , 3 4 4 4 0 9 0 2 9 9 1 1 5 5 5 6 , , , , 7 7 7 8 4 5 3 2 6 4 9 0 2 2 2 2 , , , , 6 6 6 6 5 2 4 4 5 5 8 1 2 2 2 2 3 4 8 6 6 9 2 2 2 2 2 2 5 6 5 5 7 0 3 2 5 5 5 5 , , , , 7 7 6 7 4 8 7 8 6 9 1 2 2 3 3 3 , , , , 0 0 9 0 5 6 9 5 2 9 3 1 g g g g D e e e e e e e e e c . . . . . 3 2 1 l 4 1 4 i 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 7 7 8 2 8 4 0 6 3 3 1 1 11 1 1 0 0 0 0 0 0, , , , , l 0 0 0 1 l 6 0 9 2 iT 8 9 3 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 8 9 8 9 0 8 4 4 9 2 2 3 1 1 2 2 3 3 3 , , , , , 6 5 1 1 1 5 2 5 1 6 6 6 8 0 1 2 2 2 2 2 8 8 6 8 5 0 3 6 1 5 2 2 2 2 7 5 5 5 0 8 9 3 5 6 5 5 5 , , , , , 9 0 4 4 5 0 4 3 2 8 5 0 7 9 7 2 3 3 2 2 , , , , , 7 3 1 8 6 0 0 7 4 9 4 6 3 4 3 -J J J J a a a a n n n n . . . . 8 2 1 2 2 9 5—I 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 7 5 0 1 1 1 1 0 0 0 0 , , , , 1 1 1 1 4 5 7 7 4 8 9 2 2 2 2 2 , , , , 4 4 4 4 7 9 9 9 6 8 2 2 5 5 5 , , , 7 7 7 2 0 8 2 4 3 3 3 3 3 , , , , 0 0 0 0 4 1 9 3 9 8 3 1 2 2 2 3 6 9 8 0 5 6 4 1 2 2 2 2 5 5 5 5 3 3 3 4 5 5 5 5 , , , , 8 7 8 8 5 4 0 6 9 5 2 3 3 3 3 3 , , , , 0 0 0 0 0 9 3 8 2 5 0 7 F F F F e e e e b b b b . . . . 5 1 2 i9 2 6 . ; ; . . _ ; . ; . ; . " 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 0 2 2 2 2 , , , , 4 5 4 5 7 0 8 0 5 8 9 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 , , , , 5 4 4 4 9 0 9 9 9 2 6 1 5 5 5 5 , , , , 7 7 7 7 7 4 6 7 5 2 3 1 2 2 2 2 , , , , 9 9 9 9 5 4 7 9 8 9 9 3 3 3 3 3 2 6 2 2 4 4 3 7 2 2 2 2 5 5 5 5 4 4 5 5 5 5 5 5 , , , , 8 8 7 8 6 3 8 3 9 9 4 2 ' ' 3 3 3 3 , , , , 0 0 0 0 0 4 S 6 7 5 9 2 J M M M J a a a r a r . . r r .4 1 2 . 5 l 8 i . _ _; 2 2 2 2 , , , , 4 4 4 4 3 3 3 3 0 0 0 1 2 2 2 2 , , , , 4 4 4 4 7 7 8 8 5 3 5 5 1 1 1 1 0 0 0 0 , , , , 1 1 1 1 7 6 7 7 3 7 0 7 2 2 2 2 , , , , 5 5 5 5 0 0 0 0 6 2 3 3 5 5 5 5 , , , , 8 8 8 8 4 4 3 4 0 8 7 1 2 3 2 3 , , , , 6 5 8 9 8 6 9 0 7 7 8 9 3 3 3 3 3 2 4 2 7 1 0 8 2 2 2 2 6 7 6 6 9 4 1 1 5 5 5 5 , , , , 7 8 1 0 8 1 4 5 6 3 4 9 3 3 2 2 , , , , 0 0 3 3 4 0 8 1 3 3 8 5 r Revised. ,. „„ Reprints of articles, NOTE.-; Back figures are also shown in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN APRIL 1936 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS END OF MONTH FIGURES [In millions of dollars] Reserve bank credit outstanding Member bank reserve balances Treas- Treasury ury cash and Other Mone- and na- Money deposits Non- Fed- End of month U.S. tary tional- in cir- with mem- eral co D d u i i n s ll t - e s d b B ou il g ls ht s m G e e c r e o u n n v r - t i - - R c O b e r a s t e h e n d r e k i v r t e Total s g to o c ld k r b e c a u n n r c k - y c t u io la n - R F b e e a d s n e e k r r v a s e l b p e o r s d it e s - R c e o a s u c e n - r t v s e | Total E m ( x e a c s t e t e i s d - s ) ties 1934-O N c o t v o e b m er ber... 2 2, t4 4 3 3 0 0 2 2 , , 4 4 5 5 3 5 8 8, , 1 0 3 0 2 2 2 2 , , 4 4 3 6 4 8 5 5, , 5 4 4 5 9 3 3 3 , , 0 0 3 2 1 2 1 16 6 1 4 2 23 3 9 7 4 4, , 0 0 8 0 1 6 1 1 , , 7 8 4 0 8 1 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 1,840 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 2,318 • June 2,433 2,480 9,116 2,506 5,668 2,968 325 261 4,979 2,414 July 2,430 2,465 9,144 2,510 5,618 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 2,740 304 250 5,254 2,600 October 2,430 2,482 2,400 5,713 2,657 299 258 5,648 2,970 November... 2,430 2,4S0 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 5,687 2,844 1036—January 2,430 2,479 10,182 2,493 5,737 3,001 304 253 5.860 3,084 February .. 2,430 2,482 10,167 2,499 5.846 2,937 327 254 5,784 2,986 March 2,430 2,474 10,184 *2,504 *5,877 *3,606 332 259 5,087 '2,305 p Preliminary. r Revised. Back figures.—See Annual Report for 1934 (table 5), and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 265 of this BULLETIN. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS AVERAGES OF DAILY FIGURES [In millions of dollars] Reserve bank credit outstanding Member bank reserve balances Treas- Treasury Other Year or month co B d u i i n s l - l t s ed b B ou il g ls ht s m U G e e c r . o e u n S v n r - . i - t - R c O b e r a s t e h e n d r e k i v r t e Total M s g t t a o o o r n l c y d k e- a n r l a e c a - u t b u n n r i a y o r c d - n y n k - ) M i c n t o u i o c l n a n i e r - - y c d R F a b e e w s e p a h d s i n o e e t a s k h r r n i v s a t e d l s b p m N e o r e o s m d i n t e - s - - R c e F o e a s u e r c e a d - n r l - v ts e] Total Excess ties 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 2 3 3 3 3 4 2 9 0 1 5 — — — — — — -A A A A A A A v v v v v v v e e e e e e e r r r r r r r a a a a a a a g g g g g g g e e e e e e e 5 3 9 2 2 2 5 7 1 7 2 2 2 2 2 7 8 2 4 1 4 5 1 3 5 1 3 5 2 2 2 1 . , , , 4 2 5 6 4 0 4 3 6 6 0 6 5 3 1 9 1 8 4 2 2 2 2 2 2 1 1 1 , , . , , , , 4 6 0 2 0 4 4 5 7 8 0 7 2 7 9 4 7 2 7 9 5 9 3 4 4 3 4 7 , , , , , , , 0 0 5 1 9 4 9 5 1 5 7 5 1 9 9 2 9 3 7 2 6 2 2 2 2 2 2 2 , , , , , , , 0 4 0 0 2 3 0 9 1 7 2 2 7 8 6 5 8 5 5 1 1 4 5 4 4 5 5 5 , , , , , , , 4 4 6 6 2 3 5 7 0 7 4 7 2 8 6 3 2 5 6 8 5 2 2, , 2 2 2 3 9 8 4 3 5 1 7 7 3 9 1 5 9 9 2 1 1 3 5 2 9 4 5 8 0 6 8 7 7 2 5 3 3 3 3 3 2 2 5 9 7 6 7 5 5 1 3 6 0 3 5 3 2 2 2 2 3 5 2 , , , , , , , 3 0 3 3 3 1 6 5 0 7 1 2 4 7 8 1 9 4 3 3 6 2 1 , ,5 4 0 2 6 6 2 4 £ 8 5 4 9 S 3 5 9 6 1934— N D O e o c c v to e e b m m e b r b e e r r . . . . . , , 2 2 2 , , , 4 4 4 3 3 3 0 0 0 2 2 2, , , 4 4 4 7 6 5 2 6 7 7 8 8, , , 1 0 9 9 8 4 1 9 7 2 2 2, , , 4 4 4 9 5 1 4 5 5 5 5 5 , , , 4 5 4 9 7 7 4 7 3 3 3 2 , , , 1 9 0 2 7 1 0 0 1 1 1 1 8 7 6 1 7 5 2 2 2 3 3 4 8 4 2 4 3 4 , , , 0 1 9 3 0 6 7 0 4 1 1 1, , , 8 7 7 3 3 4 4 1 3 1935— J J A N D A S O M M F u u J e e u o c e p a l a a p n b t c y g v r n y o r t i e e r u e u e l b c u m . m s m a e h . a t r . r b b . r y b y . e e . e . r r r . .. 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 4 1 1 1 1 0 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 4 4 8 9 8 8 7 7 7 7 6 6 6 7 2 4 2 0 6 6 9 3 2 5 1 1 1 9 9 8 8 8 8 9 9 9 9 8 0 , , , , , , , , , , , , 7 5 1 1 2 5 2 6 7 0 4 0 7 8 2 4 8 4 4 5 5 2 6 7 7 0 8 1 5 6 4 2 5 5 2 5 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 4 4 3 5 5 5 3 5 5 5 5 4 5 1 3 9 0 0 8 1 2 1 4 4 4 0 4 8 4 4 9 3 6 3 8 1 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 7 4 4 7 5 4 6 5 6 8 5 5 7 3 7 0 2 1 5 7 0 9 0 5 0 9 7 1 1 4 2 6 7 7 0 0 3 2 3 2 2 2 2 3 2 3 2 2 , , , , , , , , , , , , 1 6 8 9 7 9 9 6 2 7 0 0 2 3 6 6 8 9 9 4 3 0 3 5 2 0 9 5 9 5 3 2 4 9 2 3 2 2 2 2 3 2 2 2 2 2 1 1 9 3 7 3 5 0 8 6 3 7 5 9 3 3 8 6 6 7 9 6 6 6 8 4 2 2 2 2 2 2 2 2 2 2 2 2 5 4 5 5 6 6 6 5 5 4 5 5 3 6 6 9 1 1 3 0 2 2 9 6 4 4 4 4 4 5 5 4 4 6 5 , , , , , , , , | 6 9 4 7 4 3 7 7 2 9 4 0 6 5 7 5 1 7 4 5 7 3 1 9 7 9 6 5 2 8 3 0 6 2 2 2 2 2 2 2 £ 2 % £ , , , , , , , 0 4 2 2 6 0 0 3 0 6 6 3 3 9 2 3 6 8 8 m 3 8 7 1 7 8 5 5 5 3 6 1936— M Fe J a a b r n r c u u h a a r r y y . . .. . . , 2 2 2 , , , 4 4 4 3 3 3 0 0 0 2 2 2 . , , 4 4 4 9 8 8 3 4 4 1 1 1 0 0 0 , , , 1 1 1 6 5 7 3 8 2 2 2 2 , , , 4 5 4 8 0 9 6 2 5 J 5 5 5 , , . 7 8 7 5 5 7 7 7 9 3 2 3 , . , 0 9 2 5 8 7 1 8 8 3 3 2 2 3 8 9 6 0 2 2 2 5 6 5 5 6 3 5 5 5 . , , 8 7 4 0 8 2 8 0 0 ,2 3 3 , . 6 , C 0 5 3 3 4 3 S * Preliminary, Beport for 1934 (table 2) and for excess reserves see BPLL*™ for August 1935, pp. 499-500. See also note on P- »» Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEIL 1936 FEDERAL RESERVE BULLETIN 267 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Mar. 31,19361 Feb. 29,1930 I Mar. 31,1935 ASSETS •Gold certificates on hand and due from U. 8. Treasury 7,665,346 7,669,673 fi,576,023 Redemption fund—Federal Reserve notes 14,865 14,902 15,649 Other cash 347,090 336,754 232,933 Total reserves 8,027,301 8,021,329 5,824,605 Bills discounted: For member banks 7,654 6,570 7,373 For nonmember banks, etc 359 359 243 Total bills discounted s 8,013 6,929 7,616 Bills bought: Payable in foreign currencies 4,674 4,673 5,305 Industrial advances 30,409 31,778 21,173 U. 8. Government securities: Bought outright 2,430,250 2,430,298 2,437,303 Other Reserve bank credit: Other securities 181 181 Due from foreign banks „ 650 649 702 Reserve bank float (uncollecte'd itemrin"wce^"of~defeiTed"a*vailabiirty items) »294 7,148 ^904 » A T°ial Rese™e bank credit outstanding 2,473,883 2,481,656 2,471,195 federal Reserve notes of other Reserve banks 18,811 18,365 15,067 JJncollected items not included In float 522,104 484,877 429,666 Bank premises™...... 47,885 47,814 49,524 All other assets II.III"_""I"""""I.".-II._-I 36,811 40,312 42,047 Total assets 11,126,795 11,094,353 8,833,004 VnA* i T> LIABILITIES Federal Reserve notes: 18,811 18,365 15,067 nfi •SySt*5er ?eJ?eral Reserve banks — 3,744,947 3,713,858 3,150,582 Outside Federal Reserve banks 3,763,758 3,732,223 3,165,649 Total notes In circulation Deposits: 5,087,086 5,784,423 4,247,242 Member bank-reserve account 1,077,494 424,142 418,858 Foreig^Tan^^ 62,694 51,143 19,186 Other deposits 269,477 275,715 207,306 Total deposits 6,496.751 6,535,423 4,892,592 622,104 484,877 429, G66 130,723 130,708 146,922 145,501 145,501 144,893 Surplus (sec 13b}"""" I""""I" 26,513 26,419 14,781 34,105 34,111 30,804 tfeserve for contingencies " * 7,340 6,091 7,697 Mother iiabmtiel.....!!:::::::::;::;;::::::::::::::;:::::::::::;:::::::: l T°tal liabilities 11,126,795 11,094,353 8,833,00 9 4 3 it Hab*ility on Mite purchased for foreign correspondents » ' 257780' 15,964 itments to make industrial advances....! FEDERAL RESEBVE NOTE STATEMENT 4,019,380 3,975,166 3,416,088 e banks by Feder ^ as security for notes iss 3,987,843 3,893,343 3,268,179 bie^3 on hand and due from Vt s* 6,155 5,216 5,761 69,000 127,000 231,100 . Government securities.. - Total collateral 4,062,998 4,025,559 3,505,040 1 Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN APRIL 1836 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 ti e l f d s i- d S s o t i a a l l r v l n a d e d r r s - c S c e i a r lv t ti e e f s i r - o T n f u r o 1 e r t 8 a y e 9 s s 0 - S s u i i a l b v r s e y i r d- M c i o n in or U S n n t o a i t t t e e e s d s R F n e e o d se t e e r r s v a e l R F n b e e d o 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 1934—September. 5,456 139 483 284 122 274 3,131 119 870 October 5,453 136 510 2S3 123 273 3,124 112 856 November- 5,549 133 558 291 124 273 3,176 107 December.. 5,536 130 592 294 125 265 3,176 101 1935—January 5,380 127 287 123 259 3,048 97 827 February... 5,467 126 289 123 263 3,119 94 823 March 5,493 123 623 290 123 264 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 £14 November.. 5,846 110 812 309 130 284 3,612 487 December.. 5,882 109 828 312 131 275 3,667 458 1936—January 5,737 107 129 259 February.. 5,846 106 841 304 129 254 60 421 March > 5,877 104 864 307 131 245 3,727 406 » Preliminary figures. NOTB.—For figures or paper currency of each denomination In circulation see p. 302. Back figures.—See Annual Report for 1934 (table 49). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES J [In millions of dollars] [In thousands of dollars] Gold stock Net 1936 Year or month y m a e t o a o e n r f n t o h d r I i n n s c t o r g e c o a k ld se Im g N o p e l o d t rt m r f e e r a l a o e r r a m k - s * e fa O ct t o h r e s r * From or to— March February January-March Im- Ex- Im- Ex- Im- Ex- 1932 4,226 52.9 -446.2 457.5 41.6 ports ports ports ports ports ports 1033 4,036 -190.4 -173.5 -58.0 4L1 1934 8,238 4,202.5 1,133.9 82.6 2,986.1 Belgium 1 1935—January- 8,391 153.3 149.4 1.1 2.8 England 57 1,849 2 2,893 6,099 4,994 February.. 8,527 135.3 122.8 .2 12.3 France 13 17,180 3,527 17,180 A M p a r r i c l h 8 8, , 7 5 1 6 0 7 1 4 4 0 3 . . 4 4 1 1 4 3 8 . . 0 6 -iz - 2 2 8 .9 .1 N G e e t r h m er a l n a y nd .. s 344 0 5 3,421 5 0 3,765 May 8,858 148.1 140.0 -1.5 9.6 Switzerland 0 June 9,116 257.1 230.4 1.0 25.8 Union of Soviet July 9,144 27.9 16.2 -.4 12.1 Socialist Re- D N A S O e e o c u p c v t g t o e e e u m b m m s e b b b t r e . e e . . . r r r . . . . . 1 9 9 9 0 , , , , 3 2 9 1 6 0 2 2 8 3 5 0 3 2 2 1 5 0 2 2 6 9 5 6 5 5 . . . . . 2 5 7 2 0 3 2 1 1 4 1 1 9 5 6 5 0 0 6 . . . . . 0 0 3 6 7 -1 1 1 1 . . . . . 9 6 3 0 8 1 1 1 1 7 3 5 1 1 . . . . . 3 9 7 5 8 A M C C r a e p e g n n x u e a t i b r n c d l a o t i a l i c n s A a merica... 1 1 , , 6 5 3 8 9 8 4 8 4 6 2 9 5 11 8 4 2 5 2 7 9 7 9 8 0 1 5 5 12 1 6 7 1 3 2 1 2 , , , , 9 0 5 7 0 0 2 1 3 4 4 6 3 2 2 9 1 Year.... 10,125 1,887.2 1,739.0 .2 148.0 C C h o i l l o e mbia.. 541 785 1 1 , , 7 9 4 9 3 3 1936— M F J e a a b r n r c u u h a a r r y y . . .. . , . 1 1 1O 0 0 , , J 1 1 3 6 8 4 7 2 57.2 -1 4 6 5 5 . . . 6 6 6 - - 1 9 1 . . . 7 5 0 1 10 3 . . 6 3 A V P E U e c e u r r n u u s u t e g a r z u a d u a l o e i y a r la .. 4 3 1 4 4 7 8 2 6 3 3 1,4 1 9 5 5 8 9 8 4 9 1 7 1 1 , , , 1 0 7 4 1 8 6 4 0 4 9 8 4 9 0 » Preliminary. British India.. China and Hong i Gold released from earmark at Federal Reserve banks less enM Kong 740 1,916 placed under earmark (with allowance when necessary for chides in Dutch East Indies go » ld F i e g a u r r m es a r a k r e e d d a e b ri r v o e a d d f f r o o r m a c p c r o e u c n ed t in of g F c e o d lu er m a n l s R a e n s d er i v n e d b ic a a n te k s i ) n t r«<mu m J P a h p i a li n ppine Islands. 1,520 4,334 ;; of such factors as domestic production, movements inS and out^if All other countries *. 209 459 no T nm ? o ^ ne I ta f ry ° n? u r s e, ^ im po ^ rts a lD n C d re e m xp e o n r t t s r 6 t S h U a l t t i d o not f^ ; affe i° ct gold stock Total 7,795 2,315 7,002 23,637 60,778 26,290 Back figures.—See Annual Report for 1934 (table 44). Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. . ,. 2 Includes all movements of unrepoTted origin or destination. Back.fioureg.-See table, p. 284, and Annual Eeport for 1934 (tables Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL 1936 FEDERAL RESERVE BULLETIN 269 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 re O c s i t t e h i r e e v s r e "C b o a u n n k t s ry' T m b o e a ta m n l k b - s a e ' r ll Ne C w i t Y yi ork re O c s i t e t h i r e e v s r e •C ba o n un k t s r ' y" 1935-February 4,601 1,864 1,826 911 2,236.6 886.7 451.0 March . 4,452 1,760 1,787 905 2,064.7 779.0 842.3 443.5 April II.... 4,436 1,715 1,831 2,025.6 723.0 878.4 424.3 May 4,778 1,813 2,031 2,296.9 797.5 1,038.4 461.0 June—— 4,979 1,969 2,092 918 2,437.6 915.3 1,079.0 443.4 July 4,970 1,938 2,072 960 2,385.2 867.6 1,037.5 480.1 August 5,232 2,306 1,989 937 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 90S 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 1936—January 5,780 2,593 2,209 978 3,032.7 1,395.4 1,090.4 547.0 February,..,... 5,808 2,579 2,231 3,037.8 1,360.1 1,110.5 567.3 Week ending (Friday) 1935-Dec.6 5,873 2,647 2,279 947 3,135.0 1,446.9 1,184.0 504.0 Deo. 13 6,016 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 1&36-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 Jan. 17 5,840 2,609 2,248 984 3,083.0 1,413.8 1,127.2 542.0 Jan. 24 5,816 2,628 2,208 981 3,046.0 1,424.0 1,085.7 536.0 Jan. 31 5,848 2,628 2,226 994 3,074.0 1,417.7 1,104.4 552.0 Feb. 7 5,839 2,590 2,231 1,018 3,060.0 1,372.2 1,112.5 575,0 Feb. 14. 5,784 2,524 2,240 1,020 3,006.0 1,308.8 1,117.1 580.0 Feb. 21 5,809 2,590 2,230 3,023.0 1,370.3 1,107.2 546.0 Feb. 28 5,804 2,608 2,228 3,019.0 1,387.2 1,107.1 525.0 1 Central Reserve city banks only. IF66?1* 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 following month, see tables on pp. 265 and 266. Backfigum.-See Annual Report for 1934 (table 67). MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS [Averages of daily figures. In millions of dollars] Total deposits subject to reserve Net demand deposits Time deposits Month or week m T ba e o n a m t l k a l b s l e - * r C Y N i o e ty w rk » r O e c s i t t e h i r e e v s r e " b C a t n r o y k u " s n - * T m ba o e a n m t l a k l b l s e - l r C Y N i o e t r y w k * r O e c s i t t e h i r e e v s r e " b C a tr n o y u k " n s1 - T m ba o e a n m t l k a l b s l e - i 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 o n y u k " n s - 1 m1 1 9 . 9 3 3 6 5 — - J J D M A N M S O F F u J u e e o a e e u c l p a n b p n y v a c b t g r e u t r o e e y r c e u a u u m u b m h r m s ; a a y e . m b t b r r b r . e y y e . . e r . . l I r r . " . . . . . I . . "" 3 3 3 3 2 2 2 3 3 3 3 3 3 1 1 1 0 9 9 1 2 9 1 2 2 2 , , , , , , , , , , , , , 3 4 4 5 3 8 7 5 4 6 8 0 1 5 8 3 6 2 0 8 6 5 8 7 0 6 7 6 6 3 8 1 0 6 3 2 1 3 1 8 8 8 8 9 9 9 9 7 8 8 9 9 , , , , , , , , , , , , , 3 1 6 8 8 0 2 9 3 7 5 6 5 1 4 4 9 5 3 2 8 7 8 0 0 6 8 5 4 6 6 5 2 0 2 8 8 2 5 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 3 3 2 2 2 2 2 3 3 3 3 , , , , , , , , , , , , , 2 7 0 9 8 9 6 1 9 5 0 9 3 1 6 1 6 7 0 4 5 4 6 7 2 1 9 0 4 3 9 0 7 9 8 8 2 3 1 9 9 9 9 9 9 9 9 9 9 9 8 9 , , , , , , , , , , , , , 1 0 3 6 3 6 4 5 7 0 0 9 0 1 6 8 0 2 7 6 9 2 9 9 7 7 7 1 7 6 4 7 8 9 0 5 7 0 2 2 2 2 2 2 1 2 2 2 2 1 2 1 1 0 2 0 1 1 2 2 1 9 9 1 9 , , , , , , , , , , , , , 8 3 2 4 2 5 8 4 1 2 3 3 7 7 7 0 5 6 5 9 7 2 6 9 6 1 2 7 0 4 4 4 9 9 8 8 5 1 1 7 7 8 8 7 7 7 8 8 8 9 9 9 , , , , , , , , , , , , , 2 4 0 8 6 3 9 6 0 2 6 0 2 8 1 6 5 5 9 6 4 9 9 5 6 3 1 3 8 5 9 7 0 2 5 3 3 7 5 7 8 8 7 7 8 8 8 8 8 9 9 9 , , , , , , , , , , , , , 4 6 5 2 1 6 0 4 7 7 2 9 2 8 6 1 1 0 6 7 8 5 4 7 7 2 1 1 7 9 6 2 4 5 5 5 5 7 6 4 4 4 4 4 4 4 4 3 4 3 4 3 , , , , , , , , , , , , , 4 7 0 6 6 5 4 6 0 9 0 9 9 1 8 1 8 4 5 3 9 6 6 6 4 7 9 6 7 4 2 7 8 3 9 7 5 9 5 1 1 1 1 1 1 1 1 1 1 1 1 9 0 0 0 0 0 0 0 0 0 0 0 0 , , , , , , , , , , , , , 9 0 1 1 1 1 1 2 2 1 4 2 4 9 9 3 0 1 0 5 8 8 5 8 1 0 6 4 1 7 4 3 2 9 9 7 0 2 0 6 6 6 5 6 6 6 6 6 6 6 6 6 5 5 6 9 0 6 3 4 5 2 8 3 0 8 1 4 7 7 3 0 3 7 0 3 2 0 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , , 4 5 4 5 5 4 4 5 6 5 6 6 5 5 8 1 6 3 9 1 0 5 9 8 9 8 7 6 5 2 9 4 0 0 6 3 3 7 1 - 4 4 4 4 5 5 5 5 5 5 4 5 6 , , , , , , , , , . , , , 8 8 9 9 0 0 0 0 1 0 1 9 0 8 9 6 0 6 1 4 1 5 0 0 4 3 1 5 9 2 7 7 5 5 0 3 9 9 5 lk93n D g D D e e e e e g c c C . . ^ 2 2 1 i 0 7 3 d a „ y): * 1" 9 9 9 9 , , , , 5 7 6 7 1 1 6 2 0 1 0 3 1 1 1 1 3 3 3 3 , , , , 7 5 6 8 4 8 3 3 6 6 0 0 8 9 9 9 , , , , 8 0 0 0 7 3 8 7 4 4 4 9 9 9 9 9, , , , 1 0 0 2 4 2 4 0 3 4 8 8 III-I—. IIIIIIII. 6 6 6 6 4 3 2 2 4 7 6 6 4 4 4 4 , , , , 5 5 6 6 6 8 0 2 3 3 3 2 . - "- ...... 1936- J J J J J a a a a a n n n n n . . . . - 1 3 1 2 3 7 1 0 4 . ... 9 9 9 9 9 , , , , , 6 6 7 5 7 3 7 7 9 2 4 5 2 3 5 1 1 1 1 1 3 3 3 3 3 , , , , , 9 9 8 8 9 3 1 2 6 3 2 8 3 1 1 : 8 9 9 9 9 , , , , , 1 1 9 0 0 6 2 5 4 0 $ 0 9 2 5 9 9 9 9 9 , , , , , 1 1 2 2 2 7 8 3 4 3 0 7 6 6 8 6 6 6 6 6 2 0 2 4 0 9 4 6 1 3 4 4 4 4 4 , , , , , 6 6 6 6 6 5 8 7 8 9 3 6 3 1 3 F F F F e e e e b b b b . . . . 1 2 2 7 4 8 1 . . . _ . _ 9 9 9 9 , , , , 8 8 8 8 4 0 2 5 4 9 7 2 1 1 1 1 3 3 3 3 , , , , 9 9 8 9 3 4 9 2 6 0 8 1 9 9 9 9 , , , , 2 2 2 2 1 5 2 4 1 0 7 5 9 9 9 9 , , , , 2 2 2 2 2 4 4 0 1 1 0 7 5 6 5 6 9 0 0 9 8 0 2 9 4 4 4 4 , , , , 6 6 6 7 9 9 9 0 9 6 1 0 ^ ^^ port for 1934 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN APittlSM ALL BANES IN THE UNITED STATES [Comprises all national banks In the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 193Wune 1935, private bank"-1-1-1- **-*i- *-* *— **, /_* -.*.*.- T>__,_*— * _* _*,«™ __i._.i._J -__.,„. the Comptroller of the Currency] LOANS AND INVESTMENTS [In millions of dollars] AH banks Member banks Nonmember banks Date Mutual savings banks Other nonmember banks Total Loans I m nv en es t t s - Total Loans I m nv en es t t s - Total Loans I m nv en es t t s - Total Loans I m nv e e n s u t* 1931—Mar. 25 55,924 36,813 19,111 34,729 22,840 11,889 i 9,987 16,068 13,920 11,208 7,906 3,302 June 30 55,021 35,384 19,637 33,923 21,816 12,106 10,506 6,169 4,337 10,593 7,399 3,194 Sept. 29 53,365 33,750 19,615 33,073 20,874 12,199 1 10,506 1 6,169 14,337 9,786 6,707 3,079 Dec. 31 49,704 31,305 18,399 30,575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27,834 18,237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45,852 26,985 18,867 28,045 15,924 12,121 U0,316 i 6,130 1 4,186 7,491 4,931 2,560 Dec. 31..... 44,946 26,063 18,833 27,469 15,204 12,265 10,182 6,079 4,103 7,295 4,780 2,515 1933-June 30»- 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,341 Oct. 25» 24,953 13,059 11,894 Dec 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,"079 5,115 3,238 1,877 1934—Mar. 5» 26,548 12,706 13,842 June 30 42,502 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 4 5,423 3,108 2,315 Oct. 17 * 27,559 12,293 15,267 Dec 31 43,458 20,474 22,984 23,150 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 11,923 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. P. 44,958 20,130 24,828 29,301 11,841 17,460 9,854 5,302 4,552 5,803 2,987 2,816 Dec. 31 * 45,700 20,327 25,373 29,985 12,175 17,810 9,806 5,212 4,594 5,909 2,940 2,969 i Figures of preceding call carried forward, banks .iimiDg Jtm6 ^ 1933'&U fi8UreS (other than for mutual savine3 banks) relate to "censed banks only, with some exceptions as to nonmember «Nonmember bank figures not available. s: also BOTlKTIN for mj im p> *"• Back figures.—See Annual Report for 1934 (table 61). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Nonmember banks Otber Date All banks Member BOD* banks Mutual Other mem* savings nonmem- ber banks ber banks banks 1 1 1 9 9 9 3 3 3 3 2 1 — — — S D J S D J J M u u e u e e e p n p n n a c c t e r e t e . . . . . 3 3 3 3 3 3 2 2 1 0 1 0 0 0 9 _ 5 . * . . . . _ . . . . . . . . . . . . . . . 4 3 4 4 4 4 5 5 7 1 1 1 9 5 1 1 , , , , , , , , 9 6 9 9 1 8 7 4 9 4 4 6 5 8 2 2 8 2 3 3 2 2 7 1 2 2 2 2 2 3 3 3 4 4 4 7 1 1 , , , , , , , 3 7 9 8 4 1 5 3 5 0 0 3 5 6 8 5 3 3 2 3 6 1 U 1 1 1 1 1 1 0 9 0 0 0 0 0 , , , , , , , 0 0 5 0 0 1 0 1 2 0 2 2 1 0 7 0 7 2 0 7 5 1 1 6 9 8 7 7 0 0 , , , , , , , 8 0 1 2 6 1 7 1 2 8 8 6 9 6 8 0 8 4 9 6 7 1 1 9 9 3 3 2 1 — - J D D S S M J u e e u e e a n p c c p n . r . e e t t . . . 3 3 3 3 3 2 2 1 0 0 1 5 0 9 . . . . . . . . . . . . . . . 2 2 2 1 1 1 1 1 1 2 8 8 9 9 , , , , , , , 9 3 2 7 9 0 3 9 0 9 6 4 9 7 0 3 4 6 6 4 2 6 6 7 7 7 7 , , , , , , 9 8 2 5 9 7 0 1 4 9 2 8 4 6 6 9 8 2 6 6 6 6 6 6 6 , , , , , , , 0 0 1 3 9 8 6 8 4 1 6 3 0 5 0 5 1 8 0 0 3 3 3 3 5 S 5 , Oct. 25 KI 23! 453 9,713 4,946 1933—June 30 *„ 5,606 1934- D M ec a . r . 3 5 0 '. . _ .. 38,505 2 2 5 3 , , 2 7 9 7 3 1 ""9,*708* 5,026 D O e c c t. . 2 3 5 0 » . ._ .. 6 5 , ,8 0 1 1 8 1 J O u c n t. e 3 1 0 7* .. .. *41,"870' 2 2 7 6 , , 4 6 8 1 4 5 9,780 4 5,475 1934- J M un a e r 3 . 0 5 . » ._ - 6 6, , 3 2 7 0 5 6 5 5, , 4 2 1 8 7 8 1935- J N D D M u e o e n a c v c e r . . . . 3 3 4 2 1 1 1 9 . * * . . . _ . . . . . . . . . 4 4 4 4 4 8 5 7 4 4 , , , , , 9 7 4 4 7 5 6 6 5 7 0 6 2 5 1 3 3 2 2 2 1 9 8 , , , , 1 0 4 9 5 7 9 4 9 2 6 3 9 9 9 9 9 , , , , , 9 9 9 8 8 6 2 3 3 2 3 0 6 7 8 6 6 6 6 6 , , , , , 4 3 8 0 0 5 5 2 0 2 4 0 8 0 9 1935— J N D D O M u o e e c n c a c v t. . . e r . . 1 2 3 3 4 1 7 9 1 I . * ' . K . . . . . . . . . . . . . 1 1 1 1 1 5 5 6 5 6 , , , , ,0 8 9 0 9 4 3 9 2 0 2 6 4 4 4 6 6 6 6 6 6 , , , , , , 4 4 3 4 4 4 0 1 8 2 4 3 0 0 7 2 2 3 5 5 5 5 5 5 , , , , , , 3 4 4 4 4 4 8 4 2 6 0 6 6 6 5 2 3 1 For footnotes see table above. For footnotes see table above. NOTB.—Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to Immediate withdrawal, which aggregated $103,- Badtfigwet.-Bto Annual Report for 1934 (table 60). 000,000 on that date. Back figures.—See Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FBDEKAL RESEEVE BtTLLETIN 271 APEIL1936 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U. 3. Govern- Purchased paper ment obliga- Coll date I m T l n a o v o e a n e t n n d a s t t s l s * Total Y N b k o s l T i r o i u e e d o t o r r w t - y e s - k i o s t e t T h o c ie n o e u s r r s i- e l R o st a e a n a t l s e b i a p c o a R i n c o n w n e e c r g - k p n e t- s s t-j O c c u w a u u s n t n e r h r i s s - e e d e e e d d r - - L ba o t n a o k n s s U a c A ? ) n n e l a p c i e c t - y e t e i - - s d n ab B r i o ll a s d s p m o c a l u o i e p a r g r e l n - h r - t Y N e b r i t o r e o a t o r w y * k i ' n Total Direc t t ions g n u u t a e l r l e y - d se t c t i h e u s e r r i- States TOTAL-ALL MEM- BER BANES 1932-Dec. 31 27,460 13,905 241 2,862 225 5,970 444 375 93 357 2,285 6,540 5,726 1933-June 30» 24,786 11,337 165 3,752 2,372 192 4,857 330 291 87 783 1,928 6,887 6,0U Oct. 25 24,953 11,623 178 3,631 2,364 257 5,092 297 303 164 748 1,891 6,801 5,093 Dec. 30 25,220 11,315 166 3,606 2,359 213 4,972 287 223 132 840 2,386 7.254 5,132 1934-Mar. 6 26,548 11,093 164 3,480 2,382 250 4,817 225 350 157 S55 13,842 8,667 181 4,995 June 30 27,175 10,804 208 3,309 2,357 210 4,721 153 264 200 14,652 9,137 »276 5.239 D Oc e t c . . 1 3 7 1 2 2 8 7 . , 1 6 5 5 0 9 1 1 0 0 , , 5 7 0 8 9 2 1 1 8 6 7 7 3 3 , , 1 1 1 5 0 8 2 2, , 2 2 7 9 3 7 2 2 2 3 9 2 4 4 , , 7 9 0 3 8 2 1 1 5 4 5 9 2 2 5 7 6 6 2 2 3 5 2 3 843 1 [6 5 , , 1 26 2 7 2 9 9, , 1 9 8 0 6 6 7 0 0 8 9 9 5 fi , ,3 2 7 2 2 7 1935-Mar. 4 28,271 10.420 184 3,031 2,250 207 4,748 133 235 255 875 .6,318 9,821 1,200 5.293 June 29 28,785 192 2,931 2,277 135 4,834 119 201 247 975 [6,857 9,871 1,558 5,427 D N e o c v . . 3 1 1 2 2 9 9 f , 9 3 8 0 5 1 1 1 0 0 , ,4 5 6 4 5 8 1 1 9 7 6 9 2 2 , , 8 8 9 8 3 5 2 2 , , 2 2 8 7 4 9 159 4 5 , , 9 00 6 6 3 94 1 15 8 4 1 2 2 6 7 0 2 1, 8 0 4 4 1 7 [ 1 7 7 , , 4 8 5 1 0 0 . O 0, .O 50 S 1 O 1 1 , , 7 7 6 6 4 8 6 5 , , 5 6 4 1 1 5 N1W YORK ait * 1 1 1 0 9 9 3 3 3 3 2 4 - - - J J J D M D O O & & N u u u e c e o c a n c n n t c t v . . r e . e e . . . . 2 3 1 3 3 3 2 5 5 1 t 7 0 l 0 0 9 . » . ;:: 7 7 6 6 7 8 7 7 7 7 8 , , , , , , , , , , , 3 1 9 3 9 4 6 5 7 1 7 2 3 7 5 9 6 4 1 6 6 8 7 3 1 1 5 6 5 8 1 7 3 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 6 2 4 3 3 2 1 2 1 2 1 1 2 9 3 2 9 9 0 9 9 4 0 8 1 7 6 1 5 8 2 4 6 6 2 5 1 1 , , 1 0 9 9 9 8 8 8 8 7 7 7 8 4 8 3 8 8 2 0 2 7 8 9 6 4 5 8 9 2 6 5 0 5 3 3 1 1 1 1 1 1 1 1 1 1 1 1 5 6 4 4 5 5 3 5 3 3 3 4 7 0 9 8 6 6 9 0 6 9 8 0 1 1 1 1 1 1 1 1 1 1 1 4 7 2 8 3 5 7 4 4 6 0 0 8 9 0 2 0 9 1 4 5 4 7 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 0 0 1 0 0 0 0 1 0 9 9 6 7 0 0 8 2 5 8 1 9 3 6 6 5 9 8 4 4 4 5 4 6 7 5 . 2 1 1 1 1 1 6 6 4 6 6 4 1 6 3 4 4 6 5 2 2 8 3 6 3 6 2 2 8 2 2 2 2 2 2 1 2 1 1 1 2 3 7 2 0 7 3 1 8 5 3 4 3 6 5 3 0 2 0 3 8 5 1, 3 7 6 7 6 8 6 6 6 9 8 0 3 2 2 0 8 8 3 6 7 3 2 1 7 0 4 6 3 7 1 2 8 0 3 8 3 3 3 3 3 4 4 4 4 4 4 4 , , , , , , , , , , , , 7 5 7 9 5 2 3 6 6 9 9 9 0 0 8 4 3 6 0 2 0 6 8 8 1 9 9 2 2 5 0 8 2 8 3 5 2 2 2 3 2 2 2 3 3 3 3 3 , , , , , , , , , , , , 5 6 0 3 2 3 7 2 4 9 3 4 5 5 0 0 4 6 2 6 4 6 5 2 1 3 3 0 6 2 0 0 5 8 2 4 »1 1 2 2 3 4 2 4 5 0 3 7 4 9 0 0 7 5 7 8 8 8 5 1 1 1 1 1 1 1 1 1 1 1 1 1 , , . , , , , , , , , , 1 1 1 1 0 0 1 1 0 1 2 1 3 5 8 7 5 5 0 3 7 7 5 2 1 8 6 9 6 9 9 1 8 4 9 3 Dec. 31 I.! OTHER RESERVE CITIES } 1 < 9 * 3 3 3 2 -J J J - O l O N D u u u V c c o n e n n t t v . c e e . e . . 3 1 2 3 3 2 t l 7 1 0 0 5 9 - » .. . : . : . : " : 1 1 1 1 1 1 1 1 1 1 9 9 0 0 1 0 2 1 1 1 1 2 , , , , , , , , , , , , 9 7 5 8 0 3 1 6 7 7 3 6 5 3 1 8 1 0 3 5 4 5 6 4 1 5 6 3 9 9 4 3 7 0 7 7 5 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 8 8 7 4 6 9 5 5 4 4 5 5 7 9 4 5 6 1 3 8 2 9 6 2 9 7 6 9 9 2 6 6 5 9 2 2 1 1 1 1 1 1 1 1 1 1 1 1 6 1 1 0 3 1 0 0 1 2 0 2 4 1 7 6 8 8 1 2 3 0 7 3 2 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 3 4 5 5 5 3 2 2 2 2 2 S 6 2 0 9 1 4 6 9 1 0 0 5 4 5 0 9 2 1 4 6 8 9 6 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 1 1 1 1 1 1 1 1 0 1 1 9 6 5 4 5 0 4 0 9 1 2 2 8 0 1 4 8 8 5 9 3 7 0 0 2 2 1 1 1 2 2 1 1 1 1 1 , , , , , , , , , , , , 2 9 9 0 8 9 8 9 8 9 0 1 3 1 3 3 7 0 7 5 5 1 3 0 7 5 7 3 0 9 3 6 3 7 4 0 1 1 7 2 0 6 7 5 5 6 6 3 4 8 9 3 5 9 3 5 6 0 9 0 4 6 6 3 4 3 2 2 1 1 4 0 4 4 2 9 6 0 4 6 1 1 1 1 1 1 1 4 5 9 8 7 5 1 3 4 2 3 2 6 1 1 9 8 1 5 5 2 4 2 6 1 1 1 m 1 1 1 5 1 1 3 3 0 2 3 2 1 3 2 2 8 1 0 6 4 3 0 4 5 4 4 5 6 6 6 6 7 7 7 , , , , , , , , , , , , 6 1 3 6 0 7 4 9 7 5 0 8 2 0 6 4 6 0 2 3 6 8 9 2 1 4 2 5 3 0 3 3 4 9 3 4 2 2 2 3 4 4 4 4 4 5 4 , , , , , , , , , , , 4 8 9 1 5 6 8 1 2 4 8 5 5 0 0 6 6 3 8 4 7 6 4 1 1 2 7 6 2 9 0 8 5 » 2 3 4 6 7 7 9 7 5 5 5 5 5 4 4 5 7 6 3 8 1 4 il 1 1 1 1 1 1 1 1 1 1 1 , , , 9 , , , , , , , , , 9 7 7 7 7 8 9 8 9 9 9 0 5 0 5 9 3 5 2 7 5 4 7 S 4 0 7 0 4 7 8 8 7 4 3 Dec.31..._: 22 COUNT M J { N D R u ? Y e o a n n c v r e B e . . . 2 A 3 2 5 3 3 1 N 5 0 9 1 0 K . . r S . .: : ; : : : " 9 8 8 8 8 8 8 7 8 8 8 8 , , , , , , , , , , , , 6 0 3 4 0 8 7 8 6 7 7 9 0 6 3 8 5 7 4 2 4 3 8 1 7 8 1 1 6 3 9 1 9 9 0 9 5 4 4 4 4 4 3 3 3 3 3 3 , , , , , , , , , , , , 4 1 1 1 1 0 7 8 9 7 7 7 0 9 7 2 0 1 8 4 2 5 5 9 5 4 5 3 3 6 6 9 6 4 8 8 1 1 1 1 1 1 1 , , , , , , , 0 4 1 9 9 0 1 0 9 9 0 8 3 1 1 7 0 9 9 6 1 3 0 9 9 7 7 7 4 2 6 6 2 2 2 4 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 3 0 0 0 0 6 0 0 0 0 0 5 0 7 6 2 6 1 5 2 2 3 2 5 4 0 1 6 8 8 6 6 6 5 0 2 2 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 6 0 9 9 9 8 8 8 8 9 8 7 6 8 3 0 5 6 0 3 1 8 1 1 7 4 7 5 2 8 3 1 0 5 0 5 1 1 1 1 2 2 3 4 5 9 7 9 0 3 1 3 8 7 4 6 4 5 2 2 9 5 6 2 4 3 3 3 4 4 4 4 4 4 5 4 , , , , , , , , , , , , 1 5 7 1 8 2 5 7 7 7 9 0 1 9 4 4 4 8 4 5 5 8 0 0 4 8 S 8 5 3 5 7 6 0 3 2 1 1 1 1 2 1 1 1 2 1 1 1 , , , , , , , , , , , , 4 4 5 9 6 9 9 1 9 8 0 9 7 6 4 9 8 8 9 3 7 0 4 2 4 9 6 2 3 2 2 1 4 8 0 0 » 2 4 3 5 6 6 2 1 4 5 5 0 2 5 5 8 3 5 9 3 12 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 6 1 2 1 1 2 3 2 2 2 4 4 2 4 5 6 7 0 3 8 9 9 1 3 9 0 6 2 6 2 7 9 3 6 9 9 ^^^^ rM.-See BULLETIN for November 1935, pp. 722 and 723, or reprint, which may be ol Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN APBIL 1936 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 R a e R r e r r i n e e v a t v d - - k h e l e - s s C va i a n u sh l b a w m a B n d t n e o i i a c s c t k - l e - h - s s r o I t e p e i t f l d p e r e e o i o s c n o m c n a - s c o r * s l t - s - - b m D a t I e n i o n s c - k - te s rb b a e F a n i o n g k r k n - s S m U G e t e r a n e o d n t n i v e - t t - - s f P u u l n i b c d - s [c l C h c c e o a f e a e e o t i f n e t f c r s r f d i e s d k h t - 1 i r s - s , s t p p I u i h n v c n o o a a o e i i d r n r p l d r r a s t i - s - - s - , - - , , j i d m u t e s D s a p t e a e n o - d d d s - - b D a I t n n i o c - t k e s rb b F e a a i n o n g k r k n - s f P u u l n i b c d - s , i P s n t a o a g s v l - s - s t p p I u i h v n c n o o a a o i e i d n r p r l d 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, BANES 1932—Dec. 31 2,511 423 2,416 1,122 475 1,119 422 12,273 12,691 87 342 708 9,411 547 1933—June 30* 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 300 788 7,803 181 Oct. 25 2,651 447 1,917 1,060 2,990 117 913 1,106 465 11,873 12,384 87 270 781 7,971 188 Dec. 30 2,678 471 2,031 1,132 3,139 129 967 1,320 378 12,109 12,674 83 301 778 7,957 143 1934—Mar. 5 3,148 486 2,376 1,159 3,676 173 1,790 1,425 549 12,252 13,066 92 305 755 8,258 91 June 30 3,819 473 2,760 1,057 4,070 155 1,658 1,598 372 13,349 14,261 122 333 585 8,763 35 Oct. 17 3,976 550 2,929 1,407 4,466 136 1,143 1,680 590 14,449 15,312 135 294 472 8,916 24 Dec. 31 4,082 609 3,149 1,903 147 1,636 1,799 838 14,951 15,686 134 294 452 9,020 13 1935-Mar.4 4,518 534 1,475 5,095 169 1,270 1,861 741 14,872 15,999 145 290 399 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 2,091 417 16,206 17,530 136 285 307 9,462 9 Nov.l 5,662 541 3,760 1,756 5,558 361 650 2,251 686 17,327 18,509 132 310 227 9,671 S Dec. 31 5,573 665 3,776 2,255 444 844 2,139 882 18,035 18,801 151 361 218 0 NEW YORK CITY « 1 1 1 1 9 9 9 9 3 3 3 3 5 3 4 2 — — — - J D J N D D D O O M J M u u e e e u o e c c n c n c c n a a t c v t . . . e e . . r r e . . . . 1 2 3 2 3 3 3 3 3 1 4 5 5 1 0 7 9 1 0 1 0 • 2 2 1 1 1 1 1 1 1 , , , , , , , , , 9 5 8 9 5 5 8 4 9 1 4 1 4 0 7 5 4 3 6 9 4 7 1 3 3 1 8 6 6 6 3 5 0 0 7 2 1 1 1 1 1 1 9 9 9 8 8 1 9 0 3 0 0 1 0 3 1 4 6 1 7 9 3 3 1 5 1 1 , , 8 5 4 4 6 4 8 4 8 6 0 1 1 7 7 6 5 1 6 4 9 3 3 7 0 3 6 6 3 5 7 1 1 4 9 3 2 2 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 5 2 6 2 2 3 0 9 4 7 2 5 9 1 8 5 8 9 0 0 3 4 6 0 1 5 9 5 3 8 2 3 8 2 7 0 2 2 3 4 1 1 1 1 1 1 1 1 1 4 2 1 3 5 1 2 4 0 2 1 6 8 7 0 5 4 6 6 7 0 7 2 8 5 3 4 8 5 5 3 2 7 2 1 0 5 6 7 4 2 7 1 3 2 9 7 2 9 9 9 3 4 2 9 2 2 2 3 5 4 2 3 3 5 5 1 1 1 4 1 9 6 0 6 2 6 4 4 1 5 6 7 9 1 0 8 4 0 0 9 3 4 7 7 4 4 4 4 4 5 4 5 6 5 6 6 , , , , , , , , , , , , 1 1 5 4 6 9 8 4 4 3 3 5 0 0 1 9 7 2 9 7 2 2 7 4 4 7 3 4 6 4 2 9 4 9 0 0 4 4 4 4 4 4 5 5 5 5 6 6 , , , , , , , , , , , , 3 0 1 1 3 2 3 0 9 3 8 2 1 0 1 9 5 6 6 7 2 0 3 0 9 1 2 3 8 8 5 9 9 9 0 0 6 8 6 6 6 5 5 5 6 5 4 7 9 0 4 9 2 9 6 8 3 1 1 0 9 1 3 5 7 0 3 5 1 OTHER RESERVE CITIES 1 1 1 1 9 9 9 9 3 3 3 3 5 3 4 2 — — — - J J N D D D D O O M J M u u o e e c e u c e n n c c t v c t a n a c . . . . e . e . r r e . . . 2 2 3 3 3 3 3 1 3 1 4 5 5 1 1 0 9 0 1 7 0 . . . * . . . . . . . 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , 1 1 0 7 6 6 6 9 9 2 1 2 0 4 8 7 7 3 8 9 3 5 3 0 5 6 3 2 9 3 5 1 3 7 4 2 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 8 0 8 5 7 3 5 1 5 1 2 5 7 9 5 3 5 3 3 6 4 0 6 8 3 0 0 9 3 4 9 2 5 6 6 8 3 4 5 5 4 4 3 4 5 8 4 6 2 9 0 6 8 8 5 6 6 7 4 2 7 3 2 8 9 4 2 7 2 2 2 2 2 2 2 2 1 1 1 1 1 , , , , , , , , , , , , 4 6 4 9 9 1 6 9 5 6 5 7 3 5 4 2 4 7 9 4 8 8 7 8 1 5 3 9 9 8 3 5 5 4 5 2 3 4 5 3 7 6 4 6 3 4 4 2 8 3 1 4 6 5 6 8 2 5 3 2 3 5 9 6 6 8 6 2 5 6 4 9 2 1 1 1 1 1 1 1 1 1 1 3 5 6 6 9 9 3 0 3 2 5 2 1 1 4 7 3 8 2 7 2 6 4 4 . 7 4 5 5 5 6 7 4 5 4 4 4 , , , , , , , , , , , 1 , 8 9 3 5 9 3 8 7 5 7 8 2 7 0 0 2 9 0 2 2 7 4 2 8 1 1 2 2 2 5 3 7 8 5 2 7 7 6 6 6 7 4 5 5 6 4 4 , , , , , , , , , , , , 0 1 1 0 5 3 3 5 6 8 6 8 1 5 4 2 6 2 7 2 7 9 7 4 3 0 3 1 2 4 6 3 0 2 7 3 1 1 1 1 1 1 1 8 1 5 3 2 7 7 1 1 0 1 7 0 5 9 4 8 4 2 9 7 6 7 4 2 2 2 2 2 2 2 2 2 2 1 1 0 6 1 1 0 0 3 9 0 0 3 7 3 6 1 8 6 6 4 9 4 9 2 2 3 3 3 2 1 3 3 1 1 1 8 7 7 1 4 9 6 4 9 8 6 8 4 9 1 8 9 4 0 9 7 7 7 2 3 3 4 4 4 3 3 3 3 3 , , , , , , , , , , 1 2 1 8 9 3 7 4 3 2 3 1 6 6 7 8 2 9 3 9 9 0 8 4 5 5 7 5 9 9 1 2 1 1 8 1 6 0 COUNTRY BANKS 1 1 1 1 9 9 9 9 3 3 3 3 5 2 3 4 — — — - J J N D D D O O M A D u J u e e o u c c n c n l e c a n a v t . t c . c e e . . r r e . . . . 1 3 2 1 5 3 2 3 1 3 3 . 4 0 9 5 7 1 1 0 0 _ . » . . . ... 9 9 8 9 9 6 8 4 4 5 5 7 0 2 1 2 2 8 4 6 7 2 4 5 0 7 6 0 2 5 3 9 3 9 8 2 1 ' 1 1 1 1 1 , , , , , , , 6 6 9 6 4 2 4 7 7 7 2 1 1 0 7 9 5 2 8 6 5 0 0 6 6 3 6 1 5 6 9 7 7 5 2 7 2 2 2 1 1 1 1 1 1 1 1 1 3 2 9 0 6 8 3 7 1 6 7 4 5 1 2 7 3 9 5 4 8 4 2 9 '3 3 4 3 3 3 3 2 2 2 2 2 9 4 1 6 4 4 0 8 5 2 6 3 9 2 5 4 7 5 0 1 4 8 3 0 1 1 1 1 1 1 1 1 1 9 9 3 5 7 8 2 1 7 7 1 1 5 0 7 2 8 1 5 1 4 2 6 4 8 8 8 8 9 7 7 7 6 5 5 6 0 4 6 9 0 8 3 0 7 1 5 2 1 5 5 5 4 7 1 2 9 5 5 2 1 1 1 1 8 9 9 8 0 0 0 9 7 6 7 2 5 8 0 5 4 6 6 0 2 8 4 7 3 3 3 4 3 3 3 2 2 2 2 , , , , , , , , , , , 7 1 0 6 5 4 0 5 6 7 9 6 5 9 4 8 7 0 7 3 9 8 1 0 5 2 9 2 6 7 3 3 8 4 4 4 4 4 3 3 3 3 3 3 , , , , , , , , , , , 4 1 1 8 2 5 0 7 5 3 6 1 6 6 7 3 9 5 9 3 2 4 4 8 2 5 3 2 4 2 0 8 8 1 8 8 8 8 8 8 8 7 7 7 0 7 7 7 4 6 3 7 5 6 8 4 3 3 2 2 2 2 2 2 1 1 1 1 0 1 5 0 8 9 7 1 3 4 8 6 1 0 6 0 5 3 9 0 6 0 8 2 3 4 4 4 4 3 3 4 4 4 4 , , , , , , , , , , , 1 8 5 5 9 3 7 8 8 9 6 6 2 5 0 7 5 7 8 3 5 2 3 4 4 0 6 9 3 8 3 3 3 4 1 33 1 3 3 1 6 1 1 8 5 8 7 3 7 ' Revised. i Prior to Dec. 3*. xvou, eiuiuues oaianceswun pr 1933, includes time balances with domestic banks Ivate banks to the extent that such balances were reported in "Other assets." Since Oct. 25, ""OOthfetre aTssSetSs.i"y™ """""'" """ UUU1<*"° °aDKS whIch on that date amounted to $69,000^000 andI^Tpto to t£t time were reported to tad^'i^ PriortoDec.31f1935,Includescashitemson ^ Includes "Due to Federal Reserve banks ftransit «»«£S-?KSSffti "Due to Federal Reserve banks (deferred credits)" flrior to Pec 31, lessc^hTem^^^^^ and, prior to Dec 31, Itt reIate to licensed banks only s sssftsissri^flss? Back fiOure*.-See BULLETIN for November 1935, pp. 724-726, 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

AFML 1P36 FEDERAL RESERVE BULLETIN 273 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Open-market Loans to customers (except banks) loans Investments Reserve Bal- Date or month i m T n lo a v e o n a e n t n d a s t s l s t- Total C Y N k o b s T i i e r u o e d t o o r y w t r - e s - k i o o c t n t T u h i e o r e s s i e r - s - e R lo s e t a a a n t l s e - c m O l u o t e t s a h o r t n e o s s r 8 - L ba o t n o a k n s s b p a c c m o a A c n a e o u n i e p c p c m a g d - r e e t l - h - - s r t k ; L C Y o N e o r i o b e s a t r y w r n k i o s i n - Total D U m i . r e S e n . t c t i t G o o . n o a b F s v n g li u e t u g e r l a a n l e r y - d - - O ie t c t i h e u s e r r i- b s w F e a e R e r i r n e a t d v - k h l - e s v C a i a n u s l h t a l > w n o a t c m i i n e c t k h e s s s - > TOTAL—101 CITIES 1935-March 19,761 6,796 183 2,210 1,121 3,282 105 428 811 11,621 7,845 749 3,027 3,481 306 2,015 November... 20,510 6,770 161 2,081 1,141 102 338 820 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 3,021 376 2,312 1936—January 20,928 6,723 176 2,071 1,142 3,334 70 364 923 12,848 8,599 1,155 3,094 4,773 354 2,336 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 March 21,445 6,810 196 2,076 1,147 3,391 73 345 995 13,222 8,737 1,247 3,238 4,363 366 2,334 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 J J F M M F M M F F a a e e e e n n a a a a b b b b . . . r r . r r . . . . . . 2 2 1 2 1 s 2 1 1 2 9 4 9 6 2 5 1 — 8 .. . . . . . :::i '2 2 2 2 2 2 2 2 2 2 1 0 0 1 1 1 1 1 1 1 , , , , . , , , , , 6 9 9 1 0 2 0 0 6 3 3 6 9 0 0 0 8 2 2 1 7 9 5 0 6 6 2 3 6 1 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , 6 7 7 6 6 6 6 8 7 8 1 8 5 6 4 6 6 4 9 5 6 1 8 6 6 2 3 2 3 0 2 1 1 2 1 1 1 1 1 1 7 9 0 7 7 7 7 8 7 0 8 5 0 1 1 5 4 9 8 2 ' ' 2 2 2 2 2 2 2 2 2 2 , , , , , , , , . , 0 0 0 0 0 0 0 0 0 0 5 6 6 6 9 6 5 8 6 4 4 4 6 4 0 0 7 7 7 8 n 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 4 4 4 4 3 4 4 5 4 4 6 0 3 2 8 6 6 0 8 6 ' ' 3 3 3 3 3 3 3 3 3 3 , , , , , , . , , , 3 4 3 2 2 2 2 4 3 3 0 0 2 8 8 9 8 2 7 5 6 4 1 1 9 8 6 4 8 5 '6 6 6 7 8 6 7 7 4 5 7 0 3 8 0 7 3 3 3 3 3 3 3 3 3 3 4 6 6 5 5 4 5 4 4 4 1 0 7 1 3 9 4 3 9 6 1 1 , , 0 0 8 9 8 9 9 9 0 6 9 2 8 0 3 7 3 2 3 3 8 8 4 9 '1 1 1 1 1 1 1 1 1 1 3 2 2 3 3 3 3 3 3 3 , , , , , , , , , , 3 8 9 0 0 0 1 4 0 0 9 9 8 4 8 0 5 4 0 4 6 6 7 6 7 9 4 7 7 0 ^ % 8 8 8 8 8 8 8 8 , , , , , , , , 6 7 7 7 6 6 5 8 8 5 0 1 2 5 3 8 5 6 1 1 7 6 5 4 8 9 5 '1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 1 1 1 1 2 2 2 2 2 6 7 7 9 9 2 5 4 0 6 2 9 2 7 7 4 7 4 1 5 3 3 3 3 3 3 3 3 3 3 , , , , , . , , , , 1 1 1 0 1 1 1 2 2 2 6 6 8 7 3 5 8 2 8 6 6 9 6 3 6 3 2 2 3 5 ' 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , 7 8 8 7 7 0 7 6 7 0 6 4 2 S 7 4 8 3 2 0 4 3 5 2 1 8 2 3 8 9 3 3 3 3 3 3 3 3 3 3 4 3 5 5 5 7 7 G 6 6 7 9 3 7 9 1 6 6 0 2 '2 2 2 2 2 2 2 2 2 2 , . , , , , , , , , 3 2 3 3 3 3 3 4 4 2 2 6 3 0 8 0 3 1 6 3 8 7 6 2 6 1 9 4 8 0 NEW YOBK CITY l 1 1 n_ 9 9 3 _ 3 6 5 — - N M F M D J e o a e a a b n v r c r r u c c e e u a h h m m r a y r b b y e e . r r " . . " . .. 7 7 7 8 8 7 . , , , , , 9 0 3 9 8 5 6 2 9 3 2 6 1 1 1 7 8 4 2 2 2 2 2 , , , , , 0 0 0 0 1 9 3 9 2 3 2 6 5 5 8 5 5 5 5 6 6 9 9 9 4 1 3 7 7 7 7 7 7 2 4 3 7 5 3 7 5 0 5 0 4 1 1 1 1 1 1 2 2 2 3 3 3 5 3 8 5 1 0 1 1 1 1 1 1 , , , , , , 1 1 1 1 1 1 6 8 1 7 0 4 6 3 9 8 0 1 51 1 2 1 1 1 1 7 5 7 1 6 5 1 5 3 6 1 8 8 8 8 9 8 6 0 9 9 6 7 4 0 7 5 0 3 2 4 4 4 4 5 , , , , , 7 7 7 5 1 1 1 1 9 4 2 8 7 9 5 3 3 3 3 3 3 , , , , , , 3 1 3 3 4 4 8 1 4 2 7 3 9 3 6 0 9 0 3 3 3 2 4 5 9 7 7 3 7 1 9 9 8 4 8 9 1 1 1 1 1 1 , , , , , , 0 0 0 0 1 1 2 5 1 5 0 4 7 4 3 0 5 7 2 2 2 2 2 1 , , , , , , 4 6 4 4 4 1 6 2 3 3 3 9 8 4 0 4 8 3 51 8 7 8 6 7 7 1 6 2 5 9 7 J J J J F F F M F M M M a a a a e e e e n n n n b a a a a b b b . . . . . r r r r . . . . . . . 8 2 2 1 1 2 5 1 2 9 5 2 1 4 9 6 i . 2 8 5 . i . : . " : : " . : * : : : " : :. 7 7 8 7 8 8 8 8 8 8 8 8 . , . , , , , . , , , , 9 0 9 9 0 0 0 4 0 4 4 2 0 4 9 7 0 2 1 0 4 5 9 0 0 0 6 0 4 2 8 0 8 7 6 0 2 2 2 2 2 2 2 2 2 2 2 , , , , , . , , . , , 0 0 0 0 0 0 0 0 0 0 0 2 2 4 3 4 2 2 9 9 9 3 0 0 4 5 1 5 9 6 7 5 1 5 5 6 6 6 5 6 6 6 6 6 6 8 9 0 2 1 8 1 1 2 2 4 4 1 7 7 7 7 7 7 7 7 7 7 7 7 3 2 2 3 3 3 3 5 5 4 4 3 5 8 9 0 1 1 6 8 5 2 4 8 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 3 3 3 3 3 3 7 8 8 7 7 7 4 5 4 6 5 5 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 1 1 1 1 1 0 1 1 1 1 1 2 1 2 0 0 1 9 0 3 2 4 5 1 8 7 2 1 1 5 0 8 8 1 8 '2 4 3 3 3 2 3 3 3 3 4 4 9 2 6 1 3 8 3 3 1 3 5 9 1 1 1 1 1 1 1 1 1 1 1 1 7 7 6 7 6 6 6 6 5 5 5 6 5 3 8 4 3 0 2 0 5 8 9 0 1,0 9 9 8 8 8 8 9 2 0 1 6 9 6 9 4 7 9 2 6 3 0 8 6 4 4 4 4 4 4 4 4 5 5 5 5 , , , , , , , , , , , , 7 7 8 9 9 9 9 1 9 1 0 2 3 4 0 1 7 9 5 6 6 5 4 0 3 0 8 3 4 0 3 9 0 7 6 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 3 3 3 4 4 4 4 4 5 4 4 1 1 9 3 2 3 3 5 2 6 7 5 1 1 0 2 1 1 8 2 6 6 3 3 4 4 4 4 4 4 4 5 5 5 8 9 2 1 0 3 3 7 4 3 4 1 7 5 0 3 1 4 6 9 4 7 9 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 0 1 0 1 1 1 0 1 1 1 1 3 0 1 3 3 1 1 8 1 5 3 7 4 9 0 1 9 6 1 2 6 7 6 8 2 2 2 2 2 2 2 2 2 2 1 1 , , , , , , , . , , , , 4 4 4 5 4 5 4 9 5 3 9 2 9 3 8 1 0 6 9 8 4 9 3 2 0 1 7 8 9 1 8 9 9 0 3 5 7 7 7 7 8 8 8 7 7 7 7 7 8 7 5 5 1 0 0 5 7 9 8 8 OUTSIDE NEW YORK CITY 1935- N f M M e o a a b v r r r c c e u h h m ar b y e : r : " : : 1 1 1 1 1 1 2 2 2 2 2 3 , , , , , , 8 9 6 1 0 9 4 9 8 5 9 9 8 1 2 4 7 2 4 4 4 4 4 4 , , , , , , 7 6 6 6 6 7 2 8 3 5 7 2 9 7 4 8 8 1 1 1 1 1 1 1 1 2 1 1 3 0 5 9 7 3 3 2 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 4 5 6 2 2 4 3 4 2 6 2 1 5 1 1 1 1 1 , , , , , 0 0 0 0 0 9 1 1 1 1 1 9 4 4 2 3 8 0 2 2 2 2 2 , , , , , 2 1 2 1 2 1 0 0 8 5 5 4 4 6 0 2 1 1 1 1 1 8 8 9 9 1 8 3 7 1 1 2 7 7 8 8 7 8 7 , , , , , , 7 1 0 1 8 0 0 0 4 6 7 7 3 4 2 9 3 7 5 4 4 5 5 5 , , , , , , 1 2 6 9 2 2 1 5 5 7 5 7 3 6 8 3 8 8 7 7 4 7 7 7 6 5 5 7 6 2 0 2 6 1 0 8 2 2 2 2 2 1 , , , , , , 0 0 9 0 0 0 7 2 4 0 6 9 7 4 0 8 5 1 2 2 2 2 2 1 , , , , , , 2 2 8 2 2 2 1 6 7 9 9 2 3 4 5 1 8 5 2 3 2 3 3 3 9 1 0 5 0 1 5 6 1 5 5 5 2 2 2 2 1 2 , , , , , , 2 2 9 2 2 2 4 5 3 5 6 5 5 0 0 6 0 7 J J J M J M M M a a a a b n n n n a a a a . . . . r r r r . . . . 2 2 i 8 4 1 s 2 2 9 i . i 8 5 . . . _ . . '1 1 1 1 1 1 1 1 1 1 1 1 3 2 3 3 3 2 3 2 3 2 2 2 , , , , , , , , , , , . 2 9 0 0 0 0 8 9 9 9 9 2 3 2 2 1 6 0 0 1 9 9 5 1 4 7 9 0 9 7 6 0 5 5 8 1 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , . , , , , , 7 7 6 6 6 6 7 6 7 7 6 6 0 5 4 4 3 5 2 4 0 1 8 6 2 4 6 3 3 6 4 7 5 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 3 4 1 2 3 1 4 4 7 1 3 6 3 0 7 5 6 0 , ' 1 M 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 3 3 , 3 3 3 3 3 3 3 3 3 3 4 1 4 3 3 1 3 1 2 2 3 3 4 9 4 5 8 8 2 2 3 3 2 3 •• 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , 1 0 0 0 0 0 0 0 0 0 0 0 , 1 1 1 1 1 1 1 1 1 1 1 0 0 2 5 5 3 7 1 2 4 1 1 1 3 ' - • 2 2 2 2 2 2 2 2 2 2 - 2 2 , , , , , , , , , , 1 , 1 2 2 2 2 2 1 , 1 1 1 2 9 8 5 3 8 1 9 2 8 8 9 6 5 6 0 1 6 1 3 3 3 1 7 8 1 1 1 1 1 1 1 1 1 1 1 1 9 9 8 9 8 9 8 9 8 9 9 9 1 1 9 1 6 1 5 0 6 4 2 2 '•8 8 8 8 8 a 7 8 8 7 7 8 , , , , , , , , , , , 1 1 2 0 0 0 0 9 9 2 8 0 1 1 2 4 9 7 8 9 8 0 8 9 9 3 7 4 8 7 3 3 3 4 5 0 ' ' 5 5 £ 5 5 5 5 5 6 5 5 5 , , , , , , , , , , , , 2 3 2 2 2 1 2 2 3 2 2 0 8 0 6 9 8 7 8 6 5 6 8 8 8 1 9 3 4 9 7 5 3 9 6 3 '7 7 7 7 7 7 7 7 7 7 7 7 1 5 5 4 5 6 6 6 5 4 2 3 6 9 4 8 9 3 1 1 7 5 0 3 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 0 0 0 0 0 0 0 0 0 1 0 1 4 2 2 6 5 7 6 6 7 8 0 0 4 9 8 0 5 0 3 6 4 6 8 5 r 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 2 2 2 2 3 2 3 3 2 4 0 1 8 5 7 8 7 3 2 3 0 5 5 0 8 5 6 2 4 8 3 3 7 5 9 0 3 2 3 2 2 3 3 3 3 3 3 3 9 1 8 0 9 0 0 1 1 2 1 1 3 4 9 0 5 5 9 1 7 4 3 5 ' 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 2 2 2 2 2 2 2 2 2 3 3 1 9 5 8 0 5 9 2 5 4 2 0 5 1 1 3 7 3 1 6 4 0 9 6 2 Revised. [ Wns (se „ - . - if own acceptances. :; the amount excluded on Dec. 31, reported prior to 1936 excluded a certain amount i and note, see next page. 57363—36 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN APRIL 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Demand deposits Time deposits Cash Total Items assets Dereport- Interbank mand Interbank Bor- Other Capi- Date or month I c n e e t o i s d p o l s l r n e a o o ^ c s c f - - O as t s h e e ts r l T i i a t o i b t e i a s l l - D b o a t m n ic k e s s- F b o a r 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 r t i c c t e k . i d s - , Other j i u t d s s e — t p e o d a s d - » - b m a D e n o s k - ti s c b F e a i o n g r k n - s Other r i o n w gs - li i a ti b e i s l- t c a o l u n a t c- TOTAL—101 CITIES 1935—March i, 167 1,534 28,264 4,664 159 1,094 505 12,461 11,800 134 4,879 3,483 Novoraber ,343 1,387 30,635 5,282 385 519 484 14,633 13,779 118 4,883 807 3,614 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 5,485 427 654 637 14,622 13,824 135 4,392 796 3,503 February 1,277 1,337 31,140 5,512 397 545 493 14,848 14,064 135 4,893 807 3,505 March 1,413 1,334 31,255 5,516 376 646 580 14,714 13,881 133 4,923 13 838 3,512 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 3,500 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 Fcn. 5— .,156 1,327 31,002 6,516 406 593 435 14,712 13,991 135 4,892 799 3,503 Feb. 12.. 1,398 1,337 31,221 5,480 398 547 535 14,924 14,061 135 4,889 803 3,504 Feb. 19.. ,260 1,333 31,158 5,524 393 524 519 14,853 14,112 135 4,889 80S 3,507 Feb. 26-. 1,295 1,351 31,179 5.527 391 510 482 14,903 14,090 135 4,900 820 3,504 Mar. 4... 1,437 1,342 31,469 5,739 387 511 620 14,783 13,966 134 4,911 866 3,512 Mar. 11- 1,546 1,347 31,646 5,699 380 510 664 14,923 14,041 133 4,931 877 3,511 Mar. 18. 1,369 •1,318 '31,062 ' 5,375 373 ••785 527 14,613 '13,771 134 '4,922 795 3,513 Mar. 25. 1,300 1,329 30,844 5,252 777 508 14,539 13,747 133 4,921 815 3,513 NEW YORK CITY 1935—March 645 622 10,615 1,938 138 527 357 5,287 4,999 606 292 1,457 November 688 488 11,568 2,203 354 184 308 6,146 5,766 586 325 1,458 December 754 483 11, 730 2,210 403 182 355 6,217 6,818 569 332 1,459 1936—January 670 472 11,706 2,359 180 343 6,101 5,779 540 314 1,462 February 627 472 11,774 2,336 143 317 6,295 5,985 537 312 1,463 March 737 465 11,859 2,343 347 164 409 6,229 5,901 542 11 348 1,463 Jan. 8 636 463 11,562 *2,314 395 197 359 3 5,980 * 5,704 544 310 1,460 Jan. 15 794 478 11,799 2,370 403 197 398 6,115 5,719 543 309 1,461 Jan. 22.. 655 473 11,704 2,383 397 162 341 6,099 5,785 541 313 1,463 Jan. 29 598 473 11,760 2,368 397 162 294 6,211 5,907 535 326 1,464 Feb. 5 545 469 11,660 2,340 376 161 271 6,209 5,935 637 301 1,462 Feb 12 722 472 11,810 2,320 370 144 339 6,340 5,957 532 305 1,463 Feb. 19 629 471 11,822 2,345 364 137 345 6,312 6,028 637 315 1,464 Feb. 26 612 475 11,799 2,339 361 131 314 6,318 6,020 542 327 1,464 Mar. 4 753 471 12,034 2,466 357 131 438 6,265 5,950 537 370 1,467 Mar. 11 84S 468 12,129 2,451 349 131 486 6,315 5,953 543 377 1,461 M M a a r r . . 2 1 5 8 6 66 S 0 8 4 4 5 6 7 3 1 1 1 1 , , 6 67 0 1 1 2 2, , 1 2 8 7 7 0 3 3 4 3 3 7 1 1 9 9 8 7 3 3 5 6 2 1 6 6, , 1 1 7 5 7 8 5 5 , , 8 8 3 6 1 9 5 5 4 4 1 6 3 32 1 6 8 1 1 , , 4 4 6 6 1 2 OUTSIDE NEW YORK CITY 1 1 9 9 3 3 6 5 — — D N M F J M e e a o a b n c v r a u e r e c r u m a h c m r a h y b r b . y e . e . r . r , 6 6 6 5 6 6 5 7 6 7 5 2 5 5 5 6 0 2 8 9 8 8 9 9 5 6 2 1 9 8 5 0 2 1 1 1 1 1 1 9 9 9 9 9 7 , , , , , , 0 3 3 2 6 3 6 9 6 4 5 5 7 6 6 9 3 0 3 3 3 3 3 2 , , , , , , 1 0 1 0 1 7 2 7 7 5 7 2 6 9 6 8 3 6 4 4 4 3 4 5 7 2 3 8 0 6 4 7 5 2 2 7 2 1 1 1 1 1 0 8 7 7 7 4 1 9 1 6 6 8 8 8 8 8 8 7 , , , , , , 5 6 1 4 4 5 2 7 5 8 9 5 1 4 9 5 2 3 8 8 8 8 6 7 , , , , , , 0 0 0 0 9 8 1 8 7 8 4 0 3 0 1 6 9 5 1 1 1 1 1 1 2 3 1 3 3 3 0 5 8 5 3 3 4 4 4 4 4 4 , , , , , , 3 2 3 3 2 3 5 9 0 6 7 8 2 7 3 6 3 1 4 2 2 1 2 1 4 4 4 4 5 4 8 8 8 9 9 7 9 2 2 5 0 7 2 2 2 2 2 2 , , , , , , 0 0 0 0 0 0 4 5 5 2 4 4 1 9 6 6 9 2 J J F M M J F J F M M F a a a a e e e e n a a n n n a a b b b b . . . . . r r , . r r . . . . 8 2 2 1 5 2 1 1 4 2 1 1 2 9 5 6 9 2 5 8 1 .- '6 6 6 0 6 6 6 7 6 8 4 1 8 0 3 7 7 4 1 0 4 1 5 6 6 6 2 '8 8 8 8 8 8 8 8 8 8 8 8 6 6 5 6 6 5 5 7 6 7 7 5 1 6 9 3 5 8 8 9 2 1 6 3 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 , , , , , , , , , , , , 3 3 3 4 2 4 3 5 2 3 3 4 6 3 3 7 4 0 1 4 2 8 9 3 6 6 6 7 3 5 7 2 0 0 1 5 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 1 1 0 1 2 1 1 0 2 1 1 1 7 7 6 1 6 9 7 0 4 4 4 8 9 6 0 8 5 5 3 5 3 8 8 3 '5 4 4 4 4 3 5 5 3 3 3 5 8 0 4 4 3 8 0 0 7 7 8 8 7 3 9 2 7 7 2 5 9 9 0 0 1 1 1 1 1 1 1 1 1 1 1 1 9 9 6 7 5 7 9 6 6 9 7 8 1 6 4 4 6 7 6 6 8 4 8 2 •8 8 8 8 8 8 8 8 8 8 8 8 , , , , , , , , , , , , 5 5 4 5 5 4 5 5 5 5 3 6 4 8 1 1 3 9 3 5 0 6 8 0 1 1 8 4 5 6 7 8 3 2 5 8 '7 8 8 8 8 8 7 8 8 8 7 8 , , , , , , , , , , , , 9 1 1 0 9 0 0 0 8 0 0 0 4 0 1 6 8 5 5 5 7 1 7 8 0 4 0 9 1 1 8 4 6 6 0 8 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 3 3 4 5 5 5 5 5 5 5 3 4 3 4 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , . , , , , 3 3 3 3 3 3 3 3 3 3 3 3 5 5 5 4 5 5 5 5 7 7 8 8 7 5 2 5 5 S 1 3 4 5 8 1 3 2 3 2 2 1 2 3 3 3 3 1 4 4 4 4 4 4 5 4 4 5 4 4 8 7 6 9 9 9 0 8 7 9 9 0 9 7 6 4 3 3 8 3 3 3 6 0 2 2 2 2 2 % 2 & 2 2 2 2 , , , , . , 0 , , 0 0 0 0 0 > 0 0 0 0 0 3 4 4 4 4 4 4 5 4 5 4 1 9 1 1 1 1 3 0 2 5 0 3 'Revised. mount i Does not include cash items in process of collection reported In balances with domestic banks. Prior to 1936, Includes a relatively small amu of cash items on hand but not In process of collection. «« t « easli »Demand deposits other than interbank and U. S. Government, less cash Items reported as In process of collection and prior to 1936, less i*~- Items reported as on hand but not in process of collection. * See footnote 2 on p. 132 of BULLETIN for February 1936. NOTE.-For description of jEures and wller figures for some of the Items, see BULLETIN for November 1935, pp. 711-738. Beprintsol'thislartlete mayf bbee oobbttaaiinneedd uuppoonn rreeqquueesstt ffrroomm tthhee DDiiv1ision of Research and Statistics. Sea also n. »7fi of BULLETIN fnr December 1935 and Annual Report 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL 1930 FEDEEAL RESERVE BULLETIN 275 ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS BANKERS* ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BV CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) (In millions of dollars! [In millions of dollars] Held by Fed- Held by accepting Based Based eral Reserve banks on goods on . banks stored In goods Based Based U S n ta i t t e e s d sto I r n ed End of month s T o t i a o n u n t g t a d - l - c o F o a w u o c- n r nt o c c e o F o f a i u r c o g f r - o n r n e r t - - Total O bi w ll n s bo B u il g ls ht o H t b h e y e ld rs End of month Total p U i ii n o o —m . n t r S - o t . s o p U f n r o o . r S e m t x . s - b s c ( h e h r w e t i o w o p d a u r p i r e s t e e e e s - d ) n c D h e o a x l n l - g ar e s t f h t r c o w i i o r b e p e e u e s p i - e n g o e n - n d r spond- domestic foreign ents points points 1033— D N e o c v e e m m b b e e r r . . . 7 7 6 6 4 8 4 6 4 9 2 9 2 2 2 7 3 3 2 3 1 2 9 8 W 13 O 8 1933— D N e o c v e e m m b b e e r r . . . . 7 76 5 4 8 9 0 3 4 2 2 0 0 7 0 2 2 7 7 8 7 4 4 1 18 8 2 0 1034— J N D J J A S M O M F A u J u e e u c e o p a a l a n p h t y c g n v r y r o e r t i u e u c e b l u e a m h s . m e m a r t r y b r b b y e e . e r _ r . r . . - 5 5 7 5 5 5 5 5 7 6 5 6 4 3 6 7 1 2 3 5 8 6 6 1 3 9 1 1 6 0 4 0 5 9 2 3 4 5 4 5 4 4 5 5 5 5 5 5 8 9 8 0 7 1 8 1 0 6 7 3 3 7 1 3 2 6 0 7 7 7 6 6 2 2 2 2 2 2 2 2 2 2 2 2 2 4 4 2 2 2 5 6 5 2 5 1 2 5 3 3 6 2 2 6 5 0 2 * 3 2 2 2 3 2 2 2 2 2 3 2 5 6 1 2 3 6 6 5 7 8 1 9 4 5 5 4 0 1 0 0 1 1 2 9 • 1 9 4 3 4 8 5 5 3 4 7 4 0 5 6 5 4 1 9 3 7 5 0 2 8 1934— J D F J N M A M O S J u u e e e a p o c a a n l p n c b t y r v r e y o t i e u c r e l e b . m a h u m * . m e r — a y b r b b r e e — e y r . r r . _ . . — . . ~ . . . . - . _ . . . . . . . . . . . . . . . . 6 7 6 5 5 7 5 5 5 5 6 6 S 3 4 3 2 1 6 7 6 5 6 1 9 3 9 4 3 0 6 2 1 1 0 5 1 1 1 8 8 8 9 9 9 8 9 9 0 0 0 9 9 9 7 4 3 9 3 4 0 3 3 2 1 2 1 1 1 1 1 1 1 1 1 4 2 4 4 4 8 3 4 0 3 6 5 4 3 5 0 0 0 5 6 8 7 3 5 2 2 2 1 1 1 1 1 1 1 1 1 2 7 4 9 8 6 4 6 9 8 3 6 6 6 7 7 5 4 4 1 1 6 3 8 3 5 4 4 4 2 2 3 4 4 4 1 1 1 1 1 1 1 1 1 1 1 1 8 7 6 3 4 5 2 1 4 5 3 4 S 4 2 5 3 7 4 7 0 3 3 1 1&35-January___. 516 485 238 247 30 1935—January 516 86 133 179 3 114 J j N S D A & O F M m u e e l u o e c a n a p b y c g v e t r y t o r e c u e e u h m b s m m a t e b r b b r e y . e e . r . r r . . . . . . . ; . , . . 4 4 3 3 3 3 3 3 4 3 3 1 7 6 6 2 4 8 9 2 2 9 3 5 6 3 1 3 7 7 8 2 3 4 4 3 3 3 3 2 2 3 3 0 2 9 5 3 5 9 6 1 9 1 3 1 2 9 6 6 8 7 2 . 2 1 1 1 1 1 1 1 1 1 1 8 7 4 6 8 1 5 7 4 9 7 3 8 8 2 2 4 8 8 7 45 2 2 2 1 1 1 1 1 1 1 1 1 5 2 8 4 4 3 6 7 6 9 4 4 6 5 8 7 5 3 5 1 3 3 2 2 4 2 2 4 2 2 2 1 0 7 4 3 4 9 1 2 6 9 9 S J A J N F O M u u e e p o c l n a p b t y r v e o r t i r e e l c b u m m e h a r r b — b * y e e r r — . - - . . - . • . . - . - . 4 3 3 4 3 3 3 3 3 3 4 9 2 7 8 2 2 1 4 9 6 6 8 3 3 2 5 7 1 3 3 7 6 1 1 1 1 1 1 1 1 1 9 9 0 0 0 0 0 0 0 0 0 2 9 6 2 7 3 2 2 5 7 1 1 1 1 1 8 8 7 9 7 8 2 9 1 0 2 7 5 6 1 4 4 3 4 4 0 2 1 1 1 1 9 7 4 9 6 5 5 6 3 1 1 3 6 6 6 7 6 7 2 4 0 1 3 2 2 2 2 3 4 4 4 3 2 1 1 9 8 8 0 9 8 8 8 8 7 0 9 9 2 0 9 0 1 3 4 4 8 1936- F Ja e n b u r a u r a y ry"! 3 3 S 77 4 3 3 4 5 0 3 1 17 8 2 1 1 1 7 6 2 8 3 3 1 7 February .--.... 3 3 8 7 4 7 1 1 0 1 8 4 9 9 4 4 9 8 6 1 3 2 8 5 4 6 1 Less than $500,000. Source: American Acceptance Council. Sffii ^ S S J ^ S ^ S ^( a nd heId by aeceptIng banks)' Back figures.—See Annual Report for 1933 (table 97). COMMERCIAL PAPER OUTSTANDING l *«* figures.—SeQ Annual Report for 1933 (table 100). (As reported by dealers. In millions of dollars] BROKERS' BORROWINGS ' ^m Ja f e t m S o S e S rs S o T f ' J t S h o e n . N d e e w m* Y nd o r a k n S d t o oc n k t i E m x e c I h n a N ng e e w . Y In o r m k i C ll i i t o y n r s e o p f o d rt o e l d la b r y s] End of month 1932 1933 1934 1935 1936 End of month Total an F d r o p t m r a u n s b i t e a c s n o k m s - f b o F a a r g n r e o e i k g m n s n c , i b e p b s r r a , o i n v e k k a t e c i t r e n . s g , J M F a e n a b u r r c a u h r a y . r . y .— — 1 1 1 0 0 0 6 8 3 8 8 7 5 4 2 1 1 1 3 1 0 3 7 3 1 1 1 7 8 7 7 2 1 1 1 7 7 8 6 April 108 •64 •139 •173 May 111 60 142 173 1935 1936 1935 1936 1035 1936 June.-..'...- 103 73 151 159 July 100 97 168 164 February."* ""*""" 8 8 2 1 5 6 9 92 2 4 5 7 7 5 5 8 0 8 8 8 9 8 1 6 6 6 7 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 3 773 997 706 956 67 41 October-— 113 130 183 180 April 8 79 0 3 5 7 7 5 6 9 2 4 3 3 4 N De o c v e e m m b b e e r— r.. 1 8 1 1 0 1 10 3 9 3 1 1 7 6 8 6 1 1 7 7 8 2 80S 776 32 July_ 7 7 7 6 2 9 7 7 5 4 0 1 2 2 3 2 i Includes some finance company paper sold in the open market. 781 759 22 Back figures,—See Annual Report for 1934 (table 76). October., 792 772 20 ^ecembe?" 846 821 25 938 907 31 <xk figures,—See Annual Report for 1934 (table 75), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN APRIL 1936 FEDERAL RESERVE BANE RATES OPEN-MARKET RATES BATES ON REDISCOUNTS FOR AND ADVANCES TO SHORT-TERM RATES IN NEW YORK CITY MEMBER BANES [Percent per annum] Rediscounts and advances un- Advances under sec. der sees. 13 and 13a of the 10 (b) of the Fed- Average rate Average rate of Federal Reserve Act eral Reserve Act Prevailing rate on- on- discount on— Federal Reserve bank e R f A f a e p t c e r t . i o n 1 n In g i e n f n fe in ct g — be- P r r o a e u t v s e i- e R f A fe a p c t r t e . o i 1 n n In g i e n ff n e i c n t g b - e- Month or week m P c e r o r i m c m i - a e l P b e a r r i n s m k * e - c S h t e a o x n c g k e - ch S a 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 r p f e e f a e r r i s e o u d d r y > paper, accept- time Boston 2 Feb. 8,1934 2H 2H Sept. 20,1935 m 4 o t n o t h 6 s an 9 c 0 es, l d o 9 a a n 0 ys s, New , n R e e w a , l L b 82 il - l d s ay 27 b 3 il - l d s ay New York W Feb. 2,1934 2 2 Oct. 10,1935 Philadelphia,.. 2 Jan. 17,1935 2H Nov. 2,1935 Cleveland IK 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 2H Sept. 14,1935 March H-l 1.00 1.00 .10 .10 Chicago.. 2 Jan. 19,1935 2H 2H Sept. 20,1935 April K-l .63 .64 .17 St. Louis 2 Jan. 3,1935 2H 2H Oct. 3,1935 May H .25 .25 .15 Minneapolis..- 2 May 14,1935 2H 2H Oct. 29,1935 June M .25 .25 .13 Kansas City- 2 May 10,1935 2H 2H Aug. 26,1935 July H .25 .25 .07 Dallas 2 May 8,1935 2H 2H Oct. 8,1935 August H .25 .25 .10 Ban Francisco- 2 Feb. 16,1934 2H 2H Sept. 20,1935 September H .25 .25 .22 October H .29 .29 .20 November l .75 .75 .14 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- December....J l .75 .75 .09 UALS, PARTNERSHIPS, AND CORPORATIONS 1936 Advances secured by Di u o s f n c d o e t u h r n e t p s a a F r n . e d d 3 e o a r f d a v l s e a c n R . c 1 e e 3 - s t d ( h l i a e r s e t c t p U ar o n a b i g t l e i r g a d a p t h io S o n f t s a s t e e o c s f . J F a e n b u r a u r a y ry . .7 7 5 5 . . 7 7 5 5 . . 1 0 0 8 serve Act 13 of the Federal Re- March .75 .75 .11 Federal Reserve serve Act) bank Week ending: e R f A f a e p c te r t . i o 1 n n In g i e n f n fe in c g t — be- e R f A f a e p c te r t . i o 1 n n In g i e n f n fe in c g t — be- J F F a e e n b b . . . 2 8 1 5 _ . . . 7 7 7 5 5 5 . . 1 1 0 0 Feb. 15 .75 Feb. 22 .75 .07 Boston.. 6 Aug. 11,1932 Oct. 20,1933 Feb. 29 .75 .08 New York 6 Aug. 10,1932 ZH Feb. 8,1934 Mar. 7 .75 .10 Philadelphia 6 Aug. 12,1932 Oct. 20,1933 Mar. 14 .75 .10 Cleveland 5 July 24,1934 May 11,1935 Mar. 21 .75 .12 Pichmond 5H July 16,1934 4 Feb. 19,1934 Mar. 28 .75 .13 Atlanta 5 Mar. 20,1934 4 Mar.17.1934 Chicago 6 Aug. 13,1932 4 Oct. 16.1933 St. Louis 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 4 Apr. 15,1933 Back figures.—See Annual Report for 1934 (tables 54 and 55). Kansas City._...__ 5 July 10,1934 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] NOTS.—For rates on industrial advances see p. 298. BUYING RATES ON ACCEPTANCES 8 other northern 27 southern and [Buying rates at the Federal Reserve Bank of New York] New York City and eastern cities western cities Month Maturity e R ff a ec te t i o n n In effect be- Previous 1934 1935 1936 1934 1935 1936 1934 1935 1936 Apr. 1 ginning— rate 1-15 days... Oct. 20,1933 1 J M F a e a n b r u r c u a h r a y r . y . . . . . 3 3 3 . . . 6 4 3 8 3 1 2 2 2 . . . 9 6 8 0 4 3 2 2 2 . . . 6 5 6 4 6 1 4 4 4 . . . 6 4 5 5 9 2 4 4 4 . . . 0 0 0 2 8 5 3 3 3 . . . 6 6 6 2 3 0 £ 5 5 . . . 4 3 4 0 9 0 4 4 4 , . . 8 9 8 4 5 5 4 4 4 . . . 4 4 5 7 4 1 16-30 days.. do..*... 1 April 3.39 2.61 4.52 3.99 5.34 4.80 31-45 days.. .--.do 1 May 3.42 2.69 4.39 3.88 5.28 4.79 46-60 days— do , 1 June 3.30 2.66 4.30 3.78 5.19 4.76 61-90 days— -do 1 July 3.30 2.61 4.15 3.87 5.07 4.58 91-120 days, .—do | 1 August 3.33 2.67 4.12 3.79 5.05 4.63 121-180 days —.do , Hi S O e c p t t o e b m e b r. e . r . - . 3 3 . . 2 2 6 8 2 2 . . 7 7 2 2 4 4. . 1 U 3 3 3 . . 7 7 5 5 5 5 . . 0 0 4 5 4 4 . . 5 5 1 5 November. 3.22 2.77 •4.08 3.63 4.93 4.51 NOTE.—Rates on prime bankers' acceptances. Higher rates may be December.. 3.18 2.61 3.98 3.67 4.92 4.55 charged for other classes of bills. Back figure*.—See Annual Report for 1934 (table 61). Back figure*.—See Annual Report for 1934 (table 57). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 277 APRIL 1936 BOND PRICES i STOCK PRICES l 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 o a a n r t p d e o- Corporate tr g ia r l a d h e ig ) h ' - Total In tr d i u al s- R ro a a i d l- Utility bonds» munic- (h ip ig al h- Total In tr d ia u l s- R ro a a i d l- Utility Number of Issues.. 20 421 351 37 grade) 1933 average 104.8 1934 average 120.7 1935 average 133.8 72 Number of issues 8-14 «60 60 20 20 20 1935—March 131.3 53 1933 average 102.2 84.0 73.4 69.2 70.5 80.6 April 132.2 69 1934 average ._ 103.4 96.7 84.5 81.9 83.8 87.8 May 134.8 65 1935 average 106.3 102.3 88.6 88.2 79.4 98.2 June 134.0 70 July... 134.8 92 74 1935-March IOC. 6 99.9 84.6 85.2 74.7 93.6 August . 135.4 95 82 i& 1 1 0 0 7 7 . . 0 1 1 1 0 0 1 0 . . 2 0 8 8 5 7 . . 5 1 8 85 7 . . 3 & 7 7 5 6 . . 0 5 9 9 5 7 . . 5 4 S O e c p to te b m er ber.. 1 13 3 4 5 . . 8 0 1 9 0 8 0 8 8 2 2 107.2 102.2 88.3 87.3 79.3 98.4 November.. 136.9 108 91 June 107.5 104.2 89.2 83.5 78.8 100.2 December... 137.0 no 92 July 106.8 104.2 89.9 89.0 79.6 100.9 August 105.3 103.1 90.4 89.4 80.6 101.0 1936—January 137.3 102 116 99 September—.. 105.3 101.9 89.8 89.8 78.4 101.0 February. _. 138.7 107 122 103 October 105.7 103.5 91.1 90.8 79.8 102.7 March 139.6 109 125 103 November 105.8 104.5 92.5 91.0 83.1 103.1 December Mar. 4 140.1 109 "~105 1936—January __„.... 106.3 106.5 95.3 92.5 88.6 104.7 Mar. 11..— 139.2 109 125 103 February..^.. 106.7 107.8 97.2 93.0 93.6 105.1 Mar. 18 139.7 124 102 March 107.2 108.4 96.6 92.1 92.7 105.1 Mar. 25 139.4 109 125 102 Mar. 4 107.3 108.6 97.2 92.6 93.9 105.1 Mar. 11 107.4 108.6 96.8 91.9 93.3 105.2 * Monthly data are averages of dally or weekly figures. Man 18. 106.9 108.2 96.6 92.0 92.4 105.3 * Average derived prices. Mar. 25 107.1 108.1 96.5 91.9 92.5 105.1 Source.—Standard Statistics Co. Back figures.—See Annual Report for 1934 (table 93). 1 Average prices. Monthly data are averages of daily or weekly figures. «Average price of principal outstanding issues of Liberty and Treasury CAPITAL ISSUES bonds, cow 14 Treasury bonds. 1 Prices derived from average yields. [Long-term; i. e., 1 year or more. In millions of dollars] «45 corporate and 15 municipal. Source.—For U. S. Government bonds, Federal Reserve Bank of New issues New YoTk; for other bonds, Standard Statistics Co. Re- Back figures.—See Annual Report for 1934 (table 93). fund- Domestic ing Total issues BOND YIELDS * Year or month (do- , (do- Year, month, or T U re .S a . s- M ip u a n l i * c-I Corporate, by ratings * m e a f i e o g n s r n d t - i ) c] Total* S n m a p t i n a a c u d l t i * e - B n a o o C n n t d o e d s r s po S r t a o t c e ks e F i o g r n - m e a e f i o n g s r d n t - i ) c date ury a g (h ra ig d h e) - Aaa Aa 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 1 N 1 1 8 9 9 3 3 u 3 4 5 m 5 a a - b J J A A N D v M S J v M M O F e a u J e e e e e r u o p c n l a a r r a a c p b t y g a a v o r r u r o e r y t i r g c g u . f e a b c m e l u h . e e s m . r i e m h 4 . a / t s b y . r . . . b r s e b . , y u e r . . e . . e r , r . . s . : " . : . . . ! . .. 2 2 3 3 2 2 2 2 7 2 2 2 2 2 2 2 2 2 . . . . - . . . . . . . . . . . . . 6 6 1 5 6 7 7 3 5 6 7 6 6 7 6 7 5 1 1 9 0 9 4 7 0 1 4 6 8 1 8 3 2 3 5 1 4 3 3 3 2 3 3 3 2 3 3 3 2 2 2 2 2 . . . . . . . . . . . . . . . . . 2 2 2 1 2 9 8 1 0 7 9 9 0 9 8 7 7 1 7 7 5 6 5 5 7 6 8 1 7 5 2 3 6 8 7 5 4 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . . . . . . . . 7 7 7 7 4 7 7 7 7 6 0 6 7 8 7 6 6 4 9 7 4 9 2 2 0 1 6 0 2 5 0 2 1 1 4 4 4 4 4 4 4 4 4 4 3 3 5 4 3 3 3 . . . . . . . . . . . . . . . . . 4 1 7 7 6 1 8 1 1 1 8 2 1 1 0 1 1 3 4 9 7 7 3 7 5 5 8 8 0 3 5 5 3 0 1 0 4 4 4 4 4 4 6 4 4 4 4 4 5 4 4 4 4 . . . . . . . . . . . . . . . . . 2 0 4 5 0 5 6 7 6 7 3 6 5 5 2 5 2 3 4 9 4 7 8 4 2 5 2 2 1 6 6 7 3 3 1 0 6 7 6 6 5 5 6 f 5 5 5 5 5 4 4 4 5 i . . . . . . . . . . . . . . . . . 1 9 7 8 3 2 7 6 3 5 1 8 6 9 6 9 9 3 4 9 7 6 7 2 6 3 2 0 0 1 2 9 9 3 3 0 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 3 3 3 2 3 3 2 3 3 3 4 2 0 8 5 1 9 3 5 6 — — J J A A M M S N D O F M u u e e J u p o c e a a p b a a n l t g v c r y o r r t n y r u e i e e c e - c b u u l — m - m h s m h e . a a t . . r . r b . b r b . y - y e e e . . r . r r . ~ . . . . 1 8 3 1 1 0 1 , , , , , , 1 0 0 3 4 0 7 1 1 2 1 1 1 1 1 1 1 9 4 8 3 8 9 2 9 8 5 0 3 7 4 5 3 1 2 0 3 4 6 0 8 9 1 4 0 7 4 2 1 6 0 6 2 7 3 8 0 9 6 2 1 1 1 , , , , , , 4 0 8 1 3 4 7 1 1 1 1 2 1 1 1 1 1 2 0 6 6 8 3 9 0 8 5 0 3 5 7 4 1 3 0 1 3 0 4 0 5 6 8 0 8 6 8 8 4 2 7 4 6 1 7 5 0 1 1 1 1 , , , , 4 3 4 2 4 8 7 8 1 1 1 3 1 7 3 0 8 6 8 6 4 4 3 7 0 5 8 8 3 6 2 5 4 8 9 5 3 3 2 4 4 1 4 6 9 0 6 2 9 2 0 4 0 2 2 2 1 , , , , 3 9 0 2 3 3 1 8 7 8 4 4 0 3 4 3 2 2 4 1 1 7 3 4 4 6 5 8 0 0 0 5 8 4 4 9 7 9 2 7 4 0 0 8 6 1 2 5 1 , , , 9 9 5 3 1 6 2 0 2 3 1 6 2 2 1 4 3 0 0 5 1 9 5 6 0 0 8 1 • ,2 6 9 2 5 7 0 2 2 1 1 1 5 9 9 0 0 0 0 2 0 0 0 0 0 0 0 0 0 7 0 '1 1 3 , , , 8 4 2 7 9 5 3 8 4 3 4 1 5 2 2 2 2 2 2 6 1 5 2 8 1 4 4 3 2 1 S 8 5 1 8 5 1 6 2 8 3 9 8 2 1 4 9 4 3 6 3 4 0 4 0 4 9 7 1 6 7 8 5 M ? M * a a a r r r . . . 2 1 1 5 1 8.... 2 2 2 . . . 5 5 5 4 2 5 2 2 2. . . 7 7 7 8 7 8 3 3 3 . . .6 6 6 2 2 1 3 3 3 . . . 7 7 7 7 7 8 4 4 4 . . . 2 2 2 2 1 4 4 5 5 . . . 0 9 0 0 3 2 t H e o r iI m m n e c e d l O u ia d w te e n s e c p r r s e u ' d b L i l t i o c a l b n y a n C o k f o f s e r , p r e o F d r e a d t is i e o s r u n a e , l s n F o o a t f r s F m h e o d w M e n r o a s l r t e g l p a a a n g r d e a t b e C a ly o n . r k p s o . r F at e i d o e n r , a l a n In d * »Less than $500,000. averages of daily or weekly figures. ... . Sources.—For domestic issues, Commercial and Financial Chronicle; -—J by Treasury Department, of yields of aU out- for foreign issues (issues publicly offered) annual totals are as finally bonds except those due or callable within 8 years. reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision. ors Service. Back figures.—Bee (for figures of new issues—annual and quarterly Batk #*««*.—See Annual Report for 1934 (table 94). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN APRIL 1936 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OP SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Non- Interest-bearing debt outstanding Feb. 29, Total inter* 1936 End of period (gross est debt) Total Bonds Notes C ic e a r t t e i s f- Bills b I e n a g r- Total Bondsl Notes C ic e a r t t e if s - Bills Jane 1932... 19,487 19,161 14,250 1,465 2,831 616 326 Jnne 1933... 22,539 22,158 14,223 4,780 2,200 954 381 Outstanding Mar 31,1936- 30,591 15.981 12,400 258 1.953 June 1934... 27,053 26,480 16,510 6,932 1,635 1,404 573 Obligations maturing: Before July 1,1936 1,351 701 651 1935 July 1-Sept. 30, 1936 1,579 878 701 March 28,824 28,043 16,238 9,567 160 2,079 782 Oct. 1-Dec. 31,1936 959 358 601 April, 28,669 27,766 15,394 10,236 158 1,978 904 Jan. 1-Mar. 31,1937 429 429 May 28,639 27,738 16,157 10,471 157 1,953 901 Apr. 1-Dec. 31,1937- 1,320 1,320 June 28,701 27,645 14,936 10,501 156 2,053 1,056 1938 1,946 1,946 July 29,123 27,923 14,576 11,065 254 2,028 1,200 1939 2,762 2,762 August 29,033 27,956 14,715 11,036 252 1,952 1,076 1940 2,854 2,8.54 September. 29,421 28,432 14,300 11,929 251 1,952 989 1.511 834 R77 October 29,462 28,380 13,998 11,029 250 2,204 1,081 1943,. 898 898 November. 29,634 28,617 14,008 11,957 249 2,404 1,017 1945 1,401 1,401 December.. 30,557 29,596 14,672 12,274 247 2,404 961 1946 1,519 1,519 1947 1,697 1,697 1936 1948 1,036 1,036 January 30,516 29,618 14,688 12,272 254 2,404 899 After 1948 8,235 8,235 February 30,520 29,646 14,714 12,270 258 2,405 874 Other obligations * _.. 1,095 361 476 258 March 31,459 30,691 15,981 12,400 258 1,953 1868 i Issues classified as of date of final maturity; most issues callable at »Includes $472,000,000 of Government liability for retirement of earlier dates; postal-savings bonds only issues callable before 1940. national bank and Federal Reserve bank notes, as a result of deposit a Includes United States savings bonds and such issues as postal* of funds by banks; this compares with $815,000,000 on July 31,1935, savings bonds, retirement-fund notes, and adjusted-service-certmcaie and $504,000,000 on Mar. 31,1935. series, in which special funds are invested. SUMMARY OF TREASURY OPERATIONS (On basis of daily statement of United States Treasury. In millions of dollars] General and special funds Trust ac- Increase orde- Receipts Expenditures * Excess c e o e x u t c n c e 8 t s s s , crea p s e e r i d o u d ring Period General» Recovery and relief» ( c o + e f i ) p r o e t r s - ( c o + e f i ) p r o e t r s - Total c ta I o n x m - e e s i r l M n a e n v t i e s e e r c o n n e u u a l s e - l ! ot A he l r l t Total p e I u n st b t e l o i r n c - o A th l e l r Total Relief P w u o b r l k i s c! ot A he ll r* p t e u e n r x e d - ) s i- p t e u ( e ) n r x d e - s i- G b f a e u l n a n e n d r c a e l G d r e o b s t s debt FIscaFyear ending June: 9 mo 1 1 1 n 9 9 9 3 3 3 th 4 3 5 s ending: 2 3 3 , , ,1 8 0 1 0 8 6 0 0 1,0 8 7 9 1 4 9 8 6 1 1 , , 4 8 6 7 5 5 0 7 8 1,0 4 8 4 7 2 4 5 8 4 6 6 , , , 6 7 8 8 4 0 1 5 2 6 8 7 8 5 2 9 7 1 2 2 1 , , ,9 7 3 8 1 2 4 5 7 '1 4 3 , , , 2 0 6 7 0 5 7 4 5 2 1, , 8 3 4 4 4 2 1,0 6 2 4 0 5 1,5 2 1 9 5 2 - - - 2 3 3 , , , 6 6 0 0 3 0 2 0 2 + 1 4 4 4 2 5 + + + 3 4 1 , , , 5 0 6 1 5 4 4 2 8 1 1 0 93 3 5 6 — — J J M A F S N D M A M O M M M J u u e e u e o a p c a a a a l a n p b a n c t y g r v r y r r r o t r e r i u e c u e c c c e l c u . b m a h h h b m s h m a e r t y b r r b 1 1 b 1 y e 9 e e 9 9 r 3 r r 3 3 4 5 6. . . . . , . . ___ 2 3 2 , , , 7 1 4 2 2 2 2 2 6 2 2 2 4 8 4 3 0 5 3 2 1 7 0 2 3 9 2 3 4 6 6 0 0 2 4 8 8 9 1 1 5 9 8 4 8 4 3 6 1, 4 0 5 2 7 2 2 3 4 4 1 3 9 3 2 2 2 3 9 2 5 2 1 2 6 3 2 5 3 1 3 3 4 0 0 8 4 9 9 6 1 1 1 , , , 5 2 2 1 2 1 1 1 1 1 1 1 1 1 1 1 3 6 1 9 1 8 3 3 5 1 4 5 3 6 3 4 6 7 6 1 9 9 8 2 3 6 3 3 3 5 7 2 6 8 5 4 4 8 8 9 7 5 0 8 5 4 5 0 1 5 7 3 8 6 3 1 4 5 3 6 6 7 2 0 8 3 2 4 4 4 , , , 5 5 6 5 6 4 4 4 9 7 9 6 5 5 5 7 9 7 1 9 5 4 7 2 0 8 6 0 4 9 6 4 6 0 1 1 6 6 3 4 8 7 3 2 0 9 6 8 5 4 5 1 1 1 1 1 1 9 2 3 3 2 6 5 1 0 1 3 0 1 1 0 8 0 7 1 8 7 4 0 3 0 9 9 1 4 8 1 2 1 1 , , , 4 2 2 7 3 2 2 2 2 1 0 1 1 1 1 1 8 4 1 1 2 1 3 1 3 9 6 9 6 8 0 9 1 4 6 7 6 8 7 3 4 7 4 3 9 1 7 0 2 2 2 , , , 8 2 3 2 4 3 2 2 2 2 2 3 2 2 6 4 6 0 4 7 8 2 1 4 4 3 6 4 8 8 0 3 1 1 1 9 9 5 4 7 7 6 2 5 6 8 5 0 1 1 . , , 3 7 9 2 2 1 1 1 1 1 1 1 1 2 4 0 9 0 5 6 9 1 4 1 7 5 4 2 5 3 3 0 7 3 8 4 2 4 2 1 8 8 5 7 1,2 8 2 2 2 1 1 1 « 6 1 7 8 8 8 5 4 7 2 1 3 4 2 9 3 3 6 5 2 7 4 5 8 5 8 0 3 3 • 2 1 1 4 8 4 8 4 6 3 1 4 1 1 9 2 0 5 4 3 1 7 9 9 6 0 6 - - - 2 2 1 4 - - - - - - - - - - - , , , - 2 3 + 2 3 2 1 2 1 3 2 2 4 0 8 1 7 7 8 9 2 8 5 1 9 4 5 5 9 4 6 8 7 7 3 4 8 9 7 0 6 3 3 0 6 8 5 1 1 + + 1 + + + 1 - 1 - - - - , 5 + 2 3 - - 2 1 , 0 3 3 3 7 0 5 3 1 1 0 3 1 2 2 2 2 6 7 9 2 9 4 5 7 5 1 5 5 4 5 4 2 9 + + + 3 1 22 + + I + + , , '2 + l 6 - - 7 + 4 - 2 1 9 2 4 3 8 + 1 6 4 6 1 9 4 7 2 ? 8 ? 9 0 7 9 4 3 1 2 3 9 1 2 3 9 +939 ^^ - K Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIt. 1033 FEDERAL BESEEVE BULLETIN 279 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 29, 1936 fBased on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government funds Financed partl f y u f n r d o s m Government Total Total Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Feb. 29, Jan. 31, Feb. 28, Corpo- Corpo- istra- institu- institu- institu- Institu- 1939 1936 1935 ration ration tion tions tions tions t.ons ASSETS Loans and preferred stock: Loans to financial institutions.. 521 1 103 4 030 651 896 862 3 3 869 884 863 Home mortgage loans 2,943 2,943 2,924 2,544 Other agricultural loans 22 298 41 141 2,932 195 0) 2,9 6 3 9 2 6 2,9 0 1 9 7 5 2,7 4 1 2 2 0 All other loans 820 145 159 1,124 1,103 ••994 Total loans and preferred stock 2,225 298 145 41 304 2,932 195 3,049 4 9,194 9,175 '8,434 Cash 5 3 5 92 102 24 100 33 363 338 337 U O n b i l t i e g d a ti S o t n a s t e o s f d i G re o c v t e o rn b m li e g n a t t io cr n e s d . i . t .. 3 24 40 88 8 297 460 455 467 agencies: Fully guaranteed by U. S 19 2 85 11 101 217 214 226 Production credit association class 25 2 (9 2 28 30 33 A stock 74 74 74 77 Accounts and other receivables. „ . 32 9 2 13 138 4 68 4 209 200 155 AH other assets... 4 0) 15 0) 103 137 (') *113 5 466 447 ••356 Total assets other than interagency * 2,265 311 160 163 626 [ 3,351 397 3,349 444 I 11,072 10,999 M0,084 LIABILITIES —*- — Bonds, notes, and debentures- Guaranteed by United States.. 253 1,407 <3,G02 4,662 4,601 3,596 Other * «1,216 141* 7 1,364 1,365 1,778 Other liabilities (including reserves)" 25 (l) 3 w* 138 3 99 317 300 224 Total liabilities other than mteragency *_, 277 C1) 3 26 2,762 144 3,107 23 6,343 6,266 5,598 Excess of assets over liabilities, ex- PS * *Jg mteragency transactions. 1,988 310 160 165 600 589 253 241 421 4,728 4,734 '4,487 Frivately owned interests 145 2 23 168 343 344 327 V, S. Government interests... 1,988 310 160 165 600 445 251 214 253 4,386 4,390 '4,159 j Less than $500,000. * Excludes $758,000,000'of Federal land bank bonds held by Federal Farm Mortgage Corporation, includes $76,000,000 of unclassified assets of Federal savings and loan associations, includes unissued bonds covering loans in process. r Revised. NOTE.—For explanation of table and back figures for totals, see p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Mar. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 29, Mar. 31, 1935 1935 1935 1935 1935 1936 1936 1936 • Loans to financial institutions.... 727,688 594,529 561,647 533,769 524,127 497,289 474,596 i 423,061 ?,S\ ^5fred_s.toc,k °* banks and Insurance companies. 48,329 48,172 48,054 47,880 47,909 47,573 46,730 46,820 is, and debentures 872,037 876,036 878,686 879,348 871,760 877,679 861,749 850,986 20,277 22,702 22,669 22,524 22,246 21,994 21,910 21,873 380,199 412,903 412,805 412,765 396,250 393,712 390,202 389,239 132.360 169,498 174,373 147,563 154,947 156,592 160,951 12,738 32,310 34,623 37,335 40,013 43,686 46.4S8 48,287 21,292 34,176 43,086 45,488 50,025 51,790 61,853 53,420 53 2,275 1,973 1,947 2,283 1,858 3,876 3,917 Securities 17,490 105,225 102,562 15238 154,001 124,689 154,242 151,593 Total loans investments, other than interagency 2,232,463 |2,297,819 2,275,503 2,270,669 [2,256,177 2,215,216 2,208,238 72,263 56,276 52,046 50,108 45,074 35,819 35,215 34,723 CaStaKSSP1?0*1*/ Credit Corporation 39,552 25 1 8 1 , , 7 8 3 4 9 4 26 1 3 2 , , 7 47 4 7 6 26 13 5 , , 5 6 5 9 5 4 26 1 7 4 , , 5 7 4 2 1 1 29 1 7 5 , , 0 5 9 2 1 3 29 1 7 5 , , 4 9 4 5 9 2 29 1 7 6 , , 2 7 7 2 9 5 Preferred « $> HPloans to R- *• °- Mortgage Co 12,500 10,000 10,000 10,000 10,000 10,000 10,000 10,000 reierred stock of Export-Import banks.—.! - Total all loans and investments j2,356,777 2,634,678 2,613,772 2,610,324 2,593.513 2,573,649 2,566,854 2,508,876 Preliminary. l includes $163,000,000 of loans for distribution to depositors of closed banks. .^For explanation of table and back figures, see p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN APRIL 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 bybyi- and discounts for— Regional End of month Federal B La a n n d k p c p r r c o o e u r a d d a l g u t i t u t r i c i o r c t - a n i o o l s r n - , fi i n n O t a i s o n t t h n c it e i s n u r , g - ti P a o s n r t s o i o o c d c n r u i e s a c d - - it tu R i a t r r e g a a c g t r l o i i i o c o r c p u n r n e o l s a - d - l - c d r E g r l o o o e m p a n u e n a c g r y s n h - d t m F i e e n d d t e e ia r r- a te l B c i a a n o t n c i o k v l p u s e e d s f r , - o - r M A in t g a g u r r i r k A c a u e l c t l t - land banks Commis- credit as- except credit ing revolvsioner sociations, coopera- banks Central ing and banks tives Bank fund for cooperatives * 1933—December. 1,232,707 70,738 73,263 27 144,636 89,811 15,211 18,697 157,752 1934—December. 1,915,792 616,825 99,675 55,672 60,852 87,102 110,186 33,969 27,851 54,863 1935— February . 1,961,275 664,886 103,360 53,172 67,910 82,342 125,124 34,132 29,445 49,687 March 1,974,952 686,606 115,281 54,442 81,685 79,988 134,597 31,873 28,025 49,880 April 1,975,737 696,834 124,315 55,832 03,025 78,351 ' 161,178 30,050 30,119 49,761 May 1,998,228 716,243 129,954 66,897 101,269 76,508 ' 192,476 26,420 31,741 47,456 June 2,016,825 733,489 130,559 57,759 106,688 72,765 •-196,250 10,028 23,937 49,422 July 2,023,859 742,897 128,851 58,864 110,030 68,670 •• 196,732 5,023 25,037 49,106 August 2,036,067 754,502 125,137 58,761 109,020 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 92,573 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 44,683 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 * 96,240 41,489 170,072 2,241 46,566 44,286 February.. 2,058,512 810,811 110,806 46,679 103,002 40,510 168,700 2,117 42,720 44,155 * Revised. * Does not Include loans by joint stock land banks, which are now in liquidation. . * Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by tne production credit associations are discounted with the Federal Intermediate credit banks. The amounts In this column are thus Included in tne 3 columns under those headings. Such loans are not always discounted in the same month In which the original credit is extended. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES l [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES Home mortgage loans by- [In millions of dollars] Federa a l s s s o a c v i i a n t g io s n a s n * d loan F h e o d m er e al End of month Total M F F o e a d rt r e g m r a a g l e O H L w o o n m a e n e rs' s F t R r i u e n c c a o t n i n o c - e n loan Corpora- Corpora- Corpora- End of month Home bank tion tion' tion* Owners' Number of Loans reported loans to Loan Cor- associations member poration l i t n io s n ti s t 3 u- 1933—December. 180 180 Total p R i o n e r g - t- a a N s t s i e o o w n c s i- C c ed i o a n t a v i s o e s n r o s t - - 1934— D N S O A e e o c p c t v u t o e e g e b m m u m e s b b b r t . e . e e . . r r r . . . . . . , 3 2 1 2 1 , , , , ,6 0 8 8 5 1 9 7 2 6 6 4 3 3 5 8 8 6 7 7 0 7 3 8 5 2 3 1 1 1 , , , 7 5 8 8 6 4 3 9 9 0 3 4 5 6 2 2 2 2 2 2 4 4 4 4 4 1 8 9 6 9 1932—December 838 1 1 1 9 9 9 3 3 3 5 3 4 — — — D J N J S A O M A M u u D D e c p e o u a l n p t a y e e r c v g y e o i r c t c e l u e c b e e e m h s m e m m m t r . b b b b b e e e e e r r r r r . - . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , 9 8 7 7 8 6 7 6 1 5 5 1 4 8 4 3 8 2 0 6 9 3 7 0 0 6 7 8 8 0 2 0 6 9 8 5 , , , . , , . , . , , . 0 0 0 0 1 6 2 2 9 4 8 9 2 1 8 2 1 7 0 8 4 0 8 2 9 3 6 2 9 7 3 8 7 8 0 3 1 1, . 0 0 8 9 8 8 9 9 6 7 7 2 0 9 2 5 0 7 4 3 7 5 5 3 2 4 2 1 8 9 9 9 8 9 2 8 8 8 4 6 6 6 6 7 8 5 8 5 2 5 5 5 9 5 2 1 7 1 1 3 5 1 8 1 5 8 3 2 4 3 6 2 2 3 5 5 2 1 1 4 0 7 2 0 3 4 4 7 8 0 , , , , , , , , , , , 8 0 1 3 8 3 0 0 7 6 7 5 0 7 0 4 7 6 8 0 9 5 0 0 0 3 5 2 2 1 3 9 8 2 1 2 2 2 1 1 1 1 5 5 9 4 3 4 1 3 2 1 9 8 5 3 0 9 6 9 8 3 2 2 , , , , , , , . , , , 5 9 9 7 2 1 9 1 7 8 9 8 1 2 8 7 7 6 6 4 4 5 0 0 9 0 7 6 3 1 1 7 9 1 8 8 8 9 9 7 9 7 7 8 7 0 0 6 7 6 5 5 0 9 4 5 2 2 , . , , , , , , , , , , 8 0 8 0 6 5 4 6 2 0 7 4 7 3 8 2 5 9 9 3 3 3 1 4 7 6 9 5 8 5 5 2 7 3 1 2 1935— J A J A N D M M S F O u u J e e p u o e c a a l a n p b y r c g v t y r e n t i o r e u e c l e u u b h m m s m a a t e r b b b r r y . y e e e . . r r r . . . . . . . . . 3 4 3 3 4 4 4 4 4 3 3 4 , P , , , , , , , , , , 1 6 2 7 2 4 5 3 4 3 4 4 2 0 2 4 6 2 0 8 9 9 6 6 3 1 5 8 4 8 0 0 0 9 0 O 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , . , , , , , 1 2 1 1 2 3 2 3 3 0 3 0 5 7 8 2 2 6 8 8 8 8 4 8 4 4 8 4 6 8 2 2 7 7 1 9 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 2 7 2 1 0 6 2 7 6 8 7 8 1 1 4 5 0 9 4 4 8 5 8 1 5 6 0 6 9 0 7 8 2 9 5 6 2 2 2 2 2 2 2 2 2 2 2 2 2 6 5 5 5 4 5 5 5 5 5 5 5 5 1 0 0 1 9 0 0 0 3 3 3 2 3 1936—January 2,984,438 1,044 898 60,457 269,186 102,800 1936— F J e a b n r u u a a r r y y . . . . . 253 February 3,014,423 1,061 *>S9S *64,092 '272,554 102,942 9 Preliminary. * Loan? closed. »No monthly reports prior to September 1934; they now exclude HTOraisasgajE--j-afi 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

FEDERAL RESERVE BULLETIN 281 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production *' Construction contracts awarded (value) * Fac- Factory em- tory- Freight-car Whole- Year and Total Manufac- Minerals Total Residential All other ployment > ro p l a l y s * loadings * * c s o a m le month tures m i o ty dprices' Unad-, Ad- Unad-, Ad- Unad-, Ad- Unad- Ad- Unad-, Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed!justed justed justed justed justed justed justed lusted justed justed usted 1919 83 84 77 63 44 79 107 97 84 139 1920 87 87 89 63 30 90 108 117 91 154 1921 67 67 70 56 44 65 82 76 79 93 1922 85 86 74 79 68 88 91 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 95 94 96 94 95 94 97 96 97 93 1925 _ 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 92 86 1931 81 $0 84 63 37 84 77 75 73 1932 64 63 71 2$ 13 40 64 56 65 1933 76 75 82 25 11 37 69 5S 66 1934. „ 79 78 86 32 12 48 79 62 75 1935 90 90 91 37 21 50 82 63 1933 February... 63 61 60 March 59 56 60 66 65 60 78 77 63 June 91 93 65 July 100 102 69 August 91 91 70 N S O D e c o e p t c v o t e e e b m m m er b b b e e e r r r . . . . . , , 8 7 7 7 4 6 5 2 7 8 7 7 3 3 0 6 7 7 7 7 1 1 1 1 1934 p J M F a e n a b r u s r c a u h r a y ~ ry..". 1 8 9 0 8 2 0 7 7 7 7 2 3 4 4 90 74 J J A u u u l n y g e . u . . . . s t,I " " " l 8 8 8 8 7 0 8 4 7 7 7 7 5 5 6 8 September. 82 77 October. 81 77 November."" 81 77 December.." 90 1935 J M J A J M F u a u e p a a n l n b r y r y u i e r c l . u . a h .. a r . r y y . . _ .. . . . , 8 9 8 8 8 8 8 5 1 8 6 6 6 9 8 8 9 8 8 6 4 4 6 0 9 9 9 8 8 7 9 1 2 0 8 4 9 7 84 3 3 3 3 3 3 4 6 9 9 5 2 3 6 3 0 7 8 7 8 8 8 8 7 9 0 9 0 0 1 0 9 August..""! 87 89 85 81 58 81 September 90 91 92 87 66 81 October..." 95 95 100 93 8$ 81 November 98 98 95 92 101 81 December." 104 104 96 101 1936 January 96 05 97 '100 103 8 8 1 1 February.... 106 110 ,. fi?ures see BULLETIN for May 1934, pp. 27*0-271. For description ana Dacic ngures ior me seasonally nu Pf"^Py F* R' Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. f industries see pp. 308-309. Underlying figures are for pay-roll period ending nearest middle of month. * OI bureau g r o o f u L p a s b s o e r e S p t . a 2 ti 8 s 2 t . ics; 1926-100. Index numbers for groups of commodities (also data by weeks) are given on p. 305. aCfc *f**"*.^See Annual Report for 1934 (tables 95 and 100). 57363—36 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APHIL 1036 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports' Merchandise imports' Excess of exports Month 1032 1933 1934 1935 1936 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 150 121 172. 176 198 136 96 136 167 187 15 25 37 9 13 154 102 163 163 M83 131 84 133 152 *193 23 IS 30 11 »-10 Ivlarch •• * 155 108 191 185 131 95 158 177 24 13 33 8 Anril 135 105 179 164 127 88 147 171 9 17 33 -6 Xy 132 114 160 165 112 107 155 171 20 7 6 -5 Juno 114 120 171 170 110 122 136 157 4 -2 34 13 107 144 162 173 79 143 127 177 27 1 34 -4 August »•«».---* 109 131 172 172 91 155 120 169 17 -23 52 3 September 132 160 191 199 98 147 132 162 34 13 60 37 October 153 193 206 221 105 151 130 189 48 42 77 32 139 184 195 269 104 129 151 169 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 p Preliminary. i Including both domestic and foreign merchandise. » General imports, including merchandise entered for Immediate consumption and that entered for storage in bonded warehouses. Back figures*—-See BULLETIN for January 1931, p. 18, and for March 1932, p. 160. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average—100] [Index numbers based on value figures; 1923-25 average=100] 1935 1936 Index of sales1 Index of m s o to n c t k h s ) (end of Feb. Oct. Nov. Dec. Jan. Fob. 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 i s th o o na u l t Adjusted for seasonal variation variation adjustment variation adjustment Total 65 64 66 71 70 1935 1936 1935 1936 1935 1936 1935 1936 Coal 75 67 67 74 78 Coke ___ E>2 60 61 68 73 Grain and grain products. _ 59 70 65 62 70 January. 74 79 69 63 64 '66 57 58 Livestock 39 47 44 39 38 February 75 80 61 66 64 66 61 62 Forest products 35 42 40 45 42 March 82 *88 71 *78 63 65 Ore 34 56 46 58 62 Miscellaneous 73 70 77 86 79 April 73 79 64 66 Merchandise * 65 64 64 66 64 May 76 76 64 66 June 80 76 63 61 Without seasonal adjustment July 80 55 61 57 S A e u p g t u e s m t ber 8 7 1 8 """ 8 6 6 1 6 6 2 4 6 6 0 7 Tota G C C l o o ra a k i l e n and grain products. _ 5 8 7 6 7 1 0 1 7 7 7 6 8 3 6 1 6 6 6 7 9 2 7 4 6 7 7 6 1 9 3 2 8 8 6 6 0 8 7 3 N D O o e ct 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 6 7 5 1 2 L Fo iv r e e s st t o p c r k oducts 3 3 6 7 6 4 3 3 3 5 9 0 3 3 9 7 3 3 9 8 Year 79 64 Ore 8 79 32 14 15 Miscellaneous 32 82 76 67 63 Merchandise » 63 67 66 62 60 * In less-than-carload lots. Based on daily average loadings. Source of basic data: Association of American Railroads. Back figures —See BULLETIN for February 1931, pp. 10S-109 ii i i :::::: 9 Preliminary. *• Revised, i Based throughout on figures of daily average sales-with for changes from month to month in number of Saturdays upon sales of changes in the date of Easter. Back figures.-SeQ 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

Area. 1930 FEDERAL KESBRVE BULLETIN 283 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe Total i End of month (50 coun- United Canada States tries) c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England 1France m G a e n r y - 1935—February... 22,022 8,527 135 11,679 45 596 19 112 60 1,536 5,439 32 March . 22,099 8,567 L90 11,633 45 632 19 112 60 1,536 6,479 33 April 21,861 8,710 L87 11,279 45 518 19 112 60 1,587 6,366 33 May. 21 473 8 853 189 10 714 45 605 19 112 60 1 587 4 759 M June... .. 21,678 9 116 188 10 670 45 634 19 113 60 1 588 4 70S 35 July 21,675 9,144 188 10,636 45 624 19 113 60 1,533 4,726 38 August 21,759 9,203 193 10,664 45 612 19 113 64 1,593 4,756 83 September. 21,926 9,368 LSfi 10,678 45 604 19 113 54 1,595 4(770 33 October 9 22,313 9,693 186 10,714 45 609 19 113 54 1,604 4,773 35 November. ' 22,225 9,920 88 10,394 45 615 19 113 54 1,628 4,388 30 December.. '22,402 10,125 ]L89 '10,358 '46 611 19 112 64 1,648 4,395 33 1936—January... _ '22,399 10,182 ]L8B- p 10,298 46 600 19 112 54 1,652 4,324 31 February » 22,465 10,167 L86 9 10,358 46 593 19 112 54 1,653 4,362 29 March * 10,184 ]L84 46 586 1,653 '4,348 '29 Europe—Continued End of month Greece E[ungary Italy N l e a t n h d e s r- Norway Poland Po g r a t l u- Ru n m ia a- Spain Sweden Sw la i n tz d er- U. 1 S U . 8. Y sla u v g i o a - 6 c t o o ri u t e h n s e - r 1935-February.. 39 23 519 552 61 06 68 105 740 159 536 744 33 63 March . 38 23 519 553 61 96 68 106 741 160 560 748 36 69 Sfcr 37 23 519 439 61 97 63 106 741 160 446 748 33 66 37 23 519 440 66 97 63 106 741 161 390 743 40 67 June... 36 23 493 427 75 97 68 107 741 161 391 748 40 57 July—:; 36 23 463 380 75 97 68 107 741 162 421 748 40 67 August 35 23 419 402 84 97 6* 103 741 162 446 748 40 69 September. 36 23 379 365 84 89 68 103 734 165 443 839 40 62 October.... 36 23 J351 401 84 86 68 108 734 174 453 339 41 62 November. 35 23 351 427 84 84 m 109 735 180 455 339 43 63 December.. 34 23 »270 438 84 84 »68 109 735 185 454 '839 43 63 1936—January.... 34 23 270 455 84 84 »6ft 109 735 194 454 >839 44 «3 February 33 23 270 463 84 85 '63 110 735 200 472 »839 44 »65 March.. 23 456 726 493 '839 Latin America Asia and Oceania Africa End of month c t T r o ( i o u 1 e t n 0 s a ) - l p t A i e n r n t - Chile l C o b m i o a - - M ic e o x- Peru g tr u u a - yc o t o r th u A ie e n s r - T x tr m i o ( e 7 t n s a ) - l Indiei Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 e e n s r - c t T r o i o ( u e 4 t s n a ) - l Egypt S A o fr u ic th a c o t o t r h u i 2 e e n s r - 1935— D N J O A S M J M A u u F e e o c p u a n a p e c l v t r y g e y b r e t o i e e l c r u m . b m u m . h s e . a b b t . b r r e . . y . e e . . r . r . ! r . . . . . ' . . . "6 6 6 6 6 6 6 6 6 5 5 3 3 3 1 1 1 0 1 9 9 9 9 6 6 3 1 1 9 6 7 6 3 4 4 4 4 4 4 4 4 4 4 4 < 4 4 ( 4 2 2 2 2 0 2 X 4 X 1 1 ( ( ( ( 1 ( i j J ) ) ) ) ) 2 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 1 6 4 4 4 5 6 4 4 4 4 4 i 2 2 2 2 2 2 2 2 2 2 2 6 6 6 6 6 6 6 6 0 6 3 2 2 2 2 2 2 2 2 2 1 1 0 0 0 0 0 0 0 0 0 9 9 7 8 8 8 7 7 7 7 7 7 8 4 2 2 2 6 4 4 4 4 4 1 »3 2 3 2 2 2 2 2 2 2 2 0 6 0 7 8 5 6 9 3 3 2 S 8 7 7 8 8 7 $ 8 8 O 0 9 0 0 9 9 0 0 M 2 7 0 0 8 7 7 3 I 2 2 2 2 2 2 2 2 2 2 2 7 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 4 3 3 1 1 0 0 1 2 2 1 0 9 9 6 0 7 0 3 2 5 8 3 3 7 8 7 6 6 5 3 7 5 5 5 5 0 1 8 1 5 0 6 8 5 4 4 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 5 5 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 2 2 3 4 3 4 A 5 5 6 5 6 5 6 6 £ 6 3 2 2 3 2 2 2 2 2 2 2 0 0 9 8 9 8 8 * 8 8 9 S 1 1 6 5 4 5 4 4 4 0 5 b 5 6 6 6 6 5 5 6 5 5 b 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 2 2 1 1 3 2 2 1 3 1 1 1 1 4 4 6 3 0 9 0 2 2 2 2 •h h 1 1 1 1 1 1 1 7 7 7 7 7 7 7 W36- F Ja e n br u u a a r r y y . " . ! . P "6 B 4 3 1 9 4 4 4 4 4 4 \ »2 2 9 9 1 1 8 7 2 2f 6 l P *> 2 2 0 n 7 7 4 4 * » 3 3 0 0 8 80 1 4 0 2 27 7 5 5 4 4 3 2 1 8 5 5 4 4 2 2 3 3 2 2 4 1 3 3 *3 2 0 9 3 3 d5 5 5 5 2 2 3 2 1 1 »1 1 7 7 i 8eeliminary' f Bevised. fi lBankV!tS?^ 1S 20,1935. Figure as of that date is given for October and November 1935. The 'Figures for March 183S carriedforward for subsequent months for which no agures have been reported. r March 183S carriedforward for subsequent months for which no agures have been reported. f^]pS|SKJiS^SSKtJsSA Bmnm for May 1932, pp. 311-318, June 1933, pp. 368-37?; December 1934- p. 801; end Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL BESERVE BULLETIN APBIL 1936 GOLD PRODUCTION tin thousands of dollars] Production reported monthly Estimated world Africa North and South America Far East Year or month production r Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o lg n i g a o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au li s a tra- Japan India $l**£5$io grains of gold Mo fine; f. e., an ounce of fine gold**$20.67 1933.. 524,390 | 420,093 | 227,673 | 13,335 | 6,623 | 3,631 | 60,968 | 52,842 I 13,169 | 6,165 | 3,009 | 16,790 | 8,968 [ 6,910 $J~J5$$i grains of gold Ho fine; i. e.t an ounce of fine gold*=$85 1933.. 887,845 711,260 385,474 22,578 11,214 6,148 103,224 89,467 22,297 10,438 5,094 28,428 15,183 1934.. 963,402 722,970 366,795 24,264 12,153 6,549 104,023 107,632 23,135 12,045 8,350 30,447 16,354 1935- i>769,422 377,090 25,477 13,625 7,159 114,816 124,116 P23,87O 11,517 9,259 31,117 19,981 pi, 042,221 1935—February.., 70,989 55,505 28,717 1,920 1,097 557~ 8,027 7,488 2,280 991 '701 1,439 1,386 March , 76,716 60,433 31,015 2,009 1,078 587 8,732 9,203 1,836 925 1,005 1,468 1,619 April , 76,511 60,028 30,301 2,052 1,106 594 8,599 8,573 1,750 1,015 895 2,637 1,568 May 82,715 62,932 32,072 2,177 1,162 627 9,423 9,623 1,048 945 651 2,533 1,717 June 86,485 63,002 31,089 2,101 1,095 588 10,002 9,588 1,166 857 1,113 2,623 1,844 July 94,913 67,030 32,458 2,150 1,095 615 9,988 • 11,793 2,181 1,001 546 2,635 1,610 August 96,062 67,178 32,667 2,155 1,152 631 10,303 10,603 2,532 1,125 536 2,844 1,669 September. 96,949 68,066 31,472 2,009 U60 590 9,813 12,108 3,287 978 1,088 2,939 1,674 October 100,596 69,013 32,596 2,403 1,249 614 10,560 12,703 1,671 1,035 506 2,923 1,779 November., *94,454 * 65,871 31,671 2,205 1,181 614 10,261 10,883 P 1,120 981 937 3,279 1,785 December.. *90,507 p 70,323 31,829 2,272 1,174 542 10,756 13,158 P2,590 834 913 3,423 1,866 1936—January *84,567 p 66,984 32,275 2,320 P 1,400 592 9,714 10,195 *2,100 ••1,335 »913 P3,423 p 1,750 February... *83,277 p 65,494 31,290 P 2, 275 p 1,400 *592 p 10,150 9,650 »1,925 1,159 »913 P3,423 »1,750 p Preliminary. ' Revised. Estimated world production figures have been revised largely on basis of new estimates in Annual Report of Director of Mint for 1935. Estimate for areas not reporting monthly in 1933 is that of Mint. Estimate of Mint for all areas not reporting monthly in 1934, other than U. S. S. R., is used for 1934,1935, and 1936. To this fixed amount of $105,399,377 per year, or $8,783,281 per month, are added estimates for V. S. S. R. No regular statistics for U. S. S. R. are available, but data irregularly given out by officials of the gold-mining industry afford a basis for estimating annual production in 1934 as $135,000,000 and for estimating monthly production in thousands of dollars for 1935 as follows: January, $6,500; February, $6,700; March, $7,500; April, $7,700; May, $11,000; June, $14,700; July, $19,100; August, $20,100; September, $20,100; October, $22,800; November, $19,800; December, $11,400; total, $167,400. On basis of total output scheduled for 1936 and assuming same seasonal movement as for 1935, production is estimated in thousands of dollars for 1936 as follows: January, $8,800; February, $9,000; March, $10,100; April, $10,300; May, $14,800; June, $19,800; July, $25,700; August, $27,000; September, $27,000; October, $30,600; November, $26,600; December, $15,300; total, $225,000. All estimates of gold production in U. S. S. R. are subject to considerable margin of error. NOTB.—For monthly figures back to January 1929 and for explanation of table see BXTLLETIN for April 1933, pp. 233-35, February 1934, p. 108- November 1934, p. 737, and February 3936, p. 107. For annual figures of world production back to 1873 sea Annual Report of Director of the Mint for 1935, pp. 107-108. Figures for Canada beginning January 1935 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports froin or net exports (—) to: Year or month net imports China All e o x r p o n r e t t s England France Belgium N l e a t n h d e s r- Sw la it n z 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 t r h u ie e n s r - 1 1 9 9 3 3 5 4 i 1 1 , , 1 7 3 3 1 9 , , 9 0 9 1 4 9 '31 49 5 9 .7 ,8 2 7 7 0 •^ 2 3 6 4 0 , , 2 2 4 2 3 3 L.8,902 ^2 9 2 4 7 , , 3 1 4 8 8 5 12,402 V ^8 9 6 5 , , 8 1 2 7 9 1 t r 4 3 3 0 , , 6 2 6 7 7 0 r ^ 6 1 , 0 9 ,8 4 9 4 9 W 7 5 6 , , 2 8 6 2 8 0 2 5 8 6 , , 9 4 3 5 5 3 1934—December .„..__ 02,109 19,649 22,430 17,790 8,077 6,076 2,111 529 2,874 1935— N D J J A S O A M M F u u J e e o e u c p a n l p a a c b v t g y n r o r e t y e i r e u u e c l b m u . m m a s h e a r t b r b y b r e y e e r r r 2 3 1 1 2 1 1 1 1 1 1 4 9 5 1 3 4 1 4 4 2 0 5 5 0 6 6 0 0 8 9 3 2 , , , , , , , , , , , , 5 3 0 7 9 2 3 0 6 3 7 0 6 1 4 1 8 2 7 1 0 9 7 0 7 0 7 9 3 9 3 6 8 2 2 3 1 8 3 6 0 8 7 7 5 1 1 3 9 - , , , , , 1 , , , 6 1 6 4 1 5 9 4 9 8 8 8 0 0 1 5 2 7 3 3 7 9 1 1 4 4 0 4 7 1 8 5 1 1 1 1 1 4 4 3 4 8 5 1 2 9 0 5 5 0 6 2 4 4 4 , , , , , , , , , 7 5 5 0 2 4 1 3 9 6 1 9 5 9 4 5 2 4 8 7 6 0 2 2 8 0 6 3 1 8 7 3 0 2 2 1 1 4 7 3 2 8 4 2 7 1 2 , , , , , , , , , , 9 7 6 8 S 4 0 2 6 8 8 7 2 7 1 6 S 6 0 7 1 9 5 7 6 1 6 5 1 5 7 2 0 3 6 3 29 9 1 1 1 5 3 8 9 f 9 4 5 5 2 5 0 i , , , , , , , , , , , , 7 0 0 3 8 3 7 0 9 4 3 0 6 3 6 5 6 6 9 6 7 4 4 9 5 4 0 9 3 8 8 8 0 9 6 1 4, 8 8 7 9 9 7 9 7 6 7 6 7 3 9 8 4 2 7 4 6 2 9 2 5 3 0 8 3 9 8 2 9 9 1 2 3 2 2 1 1 1 1 , , , , , ,4 7 1 1 7 7 0 5 1 0 4 2 5 7 2 2 1 2 8 1 6 0 1 1 1 8 6 1 9 2 , , , , , 9 6 8 1 3 7 1 2 2 5 0 1 8 3 1 9 8 8 5 2 3 4 3 4 3 3 6 3 6 1 , , , , , , ^ , 8 5 2 9 9 0 9 1 5 7 7 7 1 1 1 7 6 8 * 5 9 1 4 U 7 6 5 1 2 2 3 6 6 1 1936— F M J e a a b n r r c u u h a a r r y y.....—,.... -1 4 6 5 5 , , , 6 4 6 3 8 4 5 3 0 - - 1 2 5 , , 7 , 8 7 9 9 8 2 0 6 -17 3 , , 1 5 8 1 1 0 4 3 -3 - , 3 4 4 2 3 1 1 1 0 , , 2 6 7 7 7 4 3 7 5 6 7 7 5 6 7 9 4 2 3,743 11,744 1 5 5 0 , , 1 1 1 8 7 5 5 0 4 * Differs from official customhouse figures in which imports and export? 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

APBIL 1935 FEDERAL RESERVE BULLETIN 285 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 imports South e o x r p o n r e t t s U S n ta i t t e e s d France m G a e n r y - g B ii e i l m * N la e n th 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 t n l i e t t s s - Au l s ia tra- A d W R f e r h s e i o i c s a a - t , , c o t o A t r h u ie H e n s r - Africa 1934 716,269 -497,166 348,190 121,017 -13,685 32,575 17,568 26,316 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 3,198 37,981 404,295 22,020 1934—November. 49,585 -17,284 27,026 152 -550 670 • 190 2.686 18,495 2,910 December. 27,215 -22,489 1,769 310 241 128 4,120 23,469 2,797 1835—January. __ -4,279 -79,628 4,270 8,780 381 12 4,0T,fi 37,231 -3,124 February.. -36,566 -74,127 -17,739 2,145 2,057 88 3,Ofi7 18.609 11,105 March 66,557 66 26,612 53 51 1,195 2,970 296 2,685 12,661 6,503 April 36,629 -20,533 -33,348 266 33,237 152 424 693 1,920 17,658 20,823 May 146.289 -3,247 69,128 209 5,780 410 2,696 484 55,847 11,143 June 118, 067 -18,547 86,926 -943 -593 292 3,570 429 1, 42,473 6,933 July 16,289 -1,141 -5,719 -4,416 -11,888 261 2,831 405 5,375 33,532 -8,731 August.... 39,016 -12,871 -5,697 -26 1,642 287 449 420 4,148 35,612 -11,032 September. -81, 032 -5, 663 23 -36 322 70 3,602 29,949 -8,683 October... -36,158 -87,929 -2,739 68 -1,136 2,635 28 134 3,414 44,995 -7,644 November. 18,286 -33,744 25,198 50 -20,204 461 1,798 56 2,842 33,325 -4,353 December." 40,811 -22,075 910 114 -27 -6,982 480 1,798 54 1,995 42,442 7,265 1936—January..., 41,974 -12,059 3,202 78 -591 '311 56 1.889 39,852 '1,893 February.. 38,649 1,136 -3,253 173 -7,569 138 5,958 63 2,037 26,454 1,792 France Year or month Net imports from or net exports (-) to: Total net imports or po n r e t t s ex ( - -) U S n ta i t t e e s d England m G a e n r y - Belgium Italy N l e a t n h d e s r- Poland A So fr u ic th a Sw la i n tz d er- c A ou ll n o tr t i h e e s r ' 1 1 0 9 3 3 5 4 . .. -IIIIIIIIIII - - 8 4 1 0 7 8 , , 3 8 0 7 9 7 - - 2 9 4 0 0 9 , , 3 6 6 6 1 5 - - 3 1 5 2 3 0 , , 8 0 3 5 2 3 -1 3 3 1 , , 5 0 9 3 2 6 -1 -1 8 7 6 , , 6 9 6 3 9 7 1 9 9 1 5 , , 0 3 2 6 1 9 7 21 4 , , 1 9 8 9 3 5 -1 7 , , 3 2 7 2 1 7 10,2 7 4 4 1 6 1 2 7 3 6 , , 8 4 3 2 1 0 -17 2 , , 2 4 7 9 6 3 1934-December; 37,733 -19,918 -8,738 -3,114 65,437 -232 -132 4,220 210 1935— N J A A J M S F M O u u J e e o u p c a a n a p l b v g n t y r e r y t o e u u r i c e . u m b l a s h m . . r t a e . . y . b b : r r . e : e . . y . r ; : r " : : - - - 1 3 2 - - - - 1 3 6 7 9 9 4 9 5 2 1 2 2 8 1 5 3 6 7 0 6 9 9 , , , , , , , , , , , , 4 2 8 4 6 5 6 7 7 4 3 1 7 0 7 5 9 5 1 9 7 8 9 1 9 6 6 0 3 1 5 6 0 2 5 8 - - - 2 2 - 1 - - - - - 7 5 2 2 1 7 2 5 5 7 0 3 8 5 6 3 8 7 , , , , , , , , , 8 3 3 6 5 2 0 5 1 4 6 1 0 7 8 6 1 5 7 5 1 1 4 4 3 6 8 6 7 4 0 3 4 4 8 -1 - - - 5 1 1 - 1 3 1 2 3 3 5 0 8 8 4 8 - 4 , , , , , , , 1 , , 9 2 - , 1 0 8 8 6 3 9 6 7 1 8 3 5 3 6 1 7 3 0 7 2 7 3 1 0 4 0 1 2 0 5 6 - - 1 9 - - - - - , , 4 5 1 7 5 9 1 1 - 7 9 9 0 9 9 7 1 1 1 4 4 0 0 5 0 8 3 1 5 1 -1 - - - 2 5 1 - - - - 0 2 1 8 3 2 6 6 0 9 4 7 - , , , , , , , , 9 , 1 - 2 , 4 8 3 2 1 1 5 2 4 9 4 3 9 5 9 6 3 9 9 2 5 4 8 5 7 1 5 5 3 5 4 7 8 2 3 2 2 9 5 9 7 5 - 5 , 4 , , , , , , 8 5 0 0 4 4 7 6 0 3 6 9 6 1 3 5 2 6 1 4 2 3 7 3 5 0 -1 - 2 1 1 3 5 5 - - - - , , 6 , , 8 1 2 1 , - 2 2 9 7 3 2 9 5 8 3 0 0 4 2 0 5 5 4 6 0 5 2 1 1 5 1 7 9 7 9 7 1 - - - - - I 8 4 9 , 2 , - 9 5 3 S - 1 9 1 8 0 9 3 6 9 O 2 8 7 2 6 9 5 2 1 9,4 6 8 8 2 1 1 1 - - - 4 1 3 3 1 1 7 4 1 1 4 1 1 1 , , , , , 4 , 4 , , 1 , , , 9 2 7 2 6 1 9 2 2 3 1 7 S 3 2 9 0 0 7 9 3 1 8 2 1 9 2 1 5 2 5 0 6 — -1 1 2 - - - 1 , 6 1 2 3 , , , 6 3 3 9 3 6 9 7 2 3 9 7 6 9 0 3 0 2 0 1 9 7 0 9 7 7 0 1 6 1 0 9 1936— D F J e e a b c n r e u u m a a ry b ry e p r p ^ . " . 4 2 0 3 , ,3 3 7 9 5 3 2 -8 ,3 9 6 0 4 - -2 4 , , 7 6 4 9 0 5 2 -2 ,6 2 3 1 6 - - 4 5 0 3 1 6 8 , , 5 29 9 9 8 -7 -4 3 3 9 - - 3 1 3 2 0 7 8 6 , , 1 9 1 9 0 2 - - 9 4 4 1 0 1 * Preli ' Rev*sed. France.—"All other countries'* revised to exclude Poland and South Africa, now given separately. «*£ to?£?r? BTitain>-** some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals pub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN Arm 1936 GOLD MOVEMENTS—Continued (In thousands of dollars at approximately $35 a fine ounce] Germany Netherlands Net Imports from or net exports (-) to: Net imports from or net exports (-) tor Total Totaf Ytnr or month net net Imports All imports All e o x r p o n r e t t s England!Franco N la e n th d e s r- e S r w la i n tz d - U S. . S K . . c o o th un er * e o x r p o n r e t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- e S r w la i n tz d - c o o th u e n r tries' tries' 1034. -90,920 -109,386 -42,007 -28,1141 163 85,390 3,934, -122,664 -46,040, -31,038 -78,610 25,716 9,285 -4,784 1W3. 42, WO 5,180 13,225 7,3941 0,838 6,376 905 -198,5491 -221,245 18,397 -41,260 -5,142 48,004 -1,257 1,206 1 1,162 230 -9,431 -9,270 —312] 62 78 -95| 1 1035-Jnn... 28: C7 83 -23 144 12 —18,300] -15,605 -3,221 110 -161 Ffb._ 295 -49 75 218 -2,495 -352 64 77 -159 27i Mar.. 112 -19 -107 241 510 37 -1,299 617 -93 1,066 -197 Apr.- 735 -50 8; -162j 44 71-120,492 -97,632 -20,890 -20,966 -210 20,081 -136 J M un ay o . . 6 2 , , 6 8 6 7 6 0 1 -2 ,0 0 5 6 7 7 4 4 1 5 S i | 1,0 2 1 3 4 7 2 1 6 2 6,100) 5 9 1 1 7 -1 -5 4 , , 0 7 8 9 0 7 -1 -2 9 , , 8 2 1 5 0 9 -1 1 , , 5 3 6 7 2 5 6 2 6 7 7 7 -8 1 6 6 2 2 3 - , 2 3 8 7 9 9 -86 7 2 1 July.. 9,525 4,501 275| sioj 4,113 94 -26,102 -29,2151 15,702 -21,909 -462 9,563 113 A D S O N e e u c o p c t g v t . . . . . . . . . . . 1 4 2 4 0 , , , , 7 0 3 5 7 6 5 0 0 S 9 5 6 0 1 I -8 f 3 7 3] 3 7 , , 9 0 £ 1 7 5 9 4 2 8 5 1 2 2, 4 6 6 8 5 8 9 1 8 3 0 3 0 0 2 4 1 , , 0 1 6 1 1 7 6 1 6 4 1 7 7 -2 -9 7 4 5 3 6 5 4 - -1 3 - 3 4 3 7 4 8 , , , , , 5 0 2 7 7 1 8 9 4 4 4 0 0 9 6 - - 4 1 -3 0 0 , , , 0 8 3 2 6 7 6 8 3 2 5 2 0 - , , 1 , 3 8 0 5 5 3 6 8 1 2 1 4 4 4 - - 1 1 9 0 - , , 3 4 1 ,5 3 2 3 4 6 4 6 0 9 4 9 1 1 -2 - - - , 5 2 1 - 0 8 3 6 6 4 6 9 1 0 6 1 2 1 , , 9 2 2 1 0 4 7 3 0 8 5 3 -1 - - - 8 2 1 8 6 3 4 9 -52 IWfr- F Jn e n b . . . . . - - 1 2, , 5 3 8 0 1 7 ' -9 4 3 5 - - 2 2, , 5 0 1 5 0 1 -1 6 8 4 9 7 6 77 3 1 1 - 3 8 1 ] 1 1 6 0 , , 9 4 6 2 7 5 3,435 7 1 , , 6 7 6 6 4 1 1 - 1 4 7 0 0 -3 1 3 9 9 2 14,291 3 -4 — 7 1 4 1 1 Switzerland British India Net imports from or net exports (-) to: Net imports from or net Change in: Ye ar or Total Total exports (—) to: Gold month net net proimports Imports duce o x r p o n r e t t s U S n ta it t e e d s E la n n g d - France g B iu e m l- Italy N la e e n r t d - h s - c o t o A t r h u i l e e n l s r - e o x r p o n r e t t s U S n ta it te e s d E la n n g d - c o t o A t r h u i l e e n l s r - I t n i i d o n n ia [ I s n E e d i r e n i v - a e * s] P i I n h n r g i o d v s l i d a a h - t * e i 1 1 0 8 3 3 5 4. .. , - - 2 4 3 6 0 , , 0 7S 65 S -12,7 6 8 4 4 - - 4 6 5 4 , , 9 8 5 5 5 8 -1 -2 8 9 1 , , 2 7 3 2 5 5 -1 1 3 8 , , 9 3 4 9 0 7 2 1 5 9 , , 5 4 4 3 2 1 ] 2,5 3 8 4 0 2-6 1 , , 7 5 9 0 5 0 - - 2 1 3 6 0 1 , , 7 8 2 7 0 2 1 — -8 1 2 7 , , 1 4 8 0 3 3' • - • 1 -1 4 4 4 4 , , 2 18 0 5 6 1»-- '- 4 2 ,3 6 5 4 2 1 1 1 1 , , 2 3 2 9 2 3 173 ^ - - 2 1 1 5 9 0^ ,6 4 7 7 1 2 lQW-Dec... -l.WOi -417 -4,143 226 2,280 114 -15 -23,255 '-7,457 ••-15,588 f-210 095 D J N S J A O J M A I F V u u a e U c e o e n a l n p n I t c b K v y a r r t e . . . y . . _ i . . . . . . . . . . l _ . _ . . . . . . - . . , . . . . . - - - - 1 — 6 1 1 - - 3 5 4 3 7 5 2 5 9 1 9 1 , f , . , S , , , , , , 6 2 1 0 3 3 8 4 3 6 99 3 4 6 2 2 1 3 2 4 2 3 3 0 0 7 9 5 7 0 5 * 5 8 3 - - 1 1 3 5 1 4 6 0 6 2 1 7 3 9 7 4 3 . 4 , - - 1 - 3 - - 2 7 2 1 6 — 3 1 1 , , - , , , 0 , . 8 , 2 1 6 0 0 6 8 3 5 3 7 1 S 1 0 1 1 3 3 4 8 8 6 8 8 0 5 7 9 2 9 - - - - 1 3 - 1 1 - - - 0 4 2 3 4 8 6 6 7 2 1 , , , , , , . 6 , 1 2 - , . 3 5 1 1 0 2 9 S 2 8 6 2 4 1 1 4 7 9 2 S 4 6 7 4 4 4 7 8 8 1 3 I , - - 5 8 , , 0 6 2 4 7 5 1 2 1 2 1 5 5 6 4 3 2 4 4 2 1 1 , , , , , , , , - 3 7 3 3 4 3 6 1 7 7 4 1 4 2 0 8 7 1 3 4 9 2 4 3 3 2 9 0 4 - - - 1 - - 1 7 - 2 4 2 - ,0 5 2 2 1 4 0 3 6 0 0 1 4 1 4 6 5 9 0 9 6 2 9 8 1 9 1 2 3 - - - 2 3 4 3 - - - , , , , 6 7 3 3 4 4 8 2 4 1 4 1 8 6 5 4 5 7 2 0 8 2 9 3 2 0 2 4 5 5 5 7 4 8 8 0 - - - - - - - - - 1 1 2 1 1 1 1 1 2 - - - 3 3 6 0 4 5 1 1 7 6 8 2 , , , , , , , , , , , , 8 6 6 3 5 4 1 4 7 3 4 3 2 0 0 4 7 6 6 0 4 3 3 8 4 4 3 0 5 4 0 0 6 4 9 3 ' - - - - - - 2 1 1 1 2 1 , , , , , , 4 2 1 3 6 5 0 4 9 3 4 7 1 6 9 9 0 8 3 0 ' - - - - - - - 1 1 1 - 2 1 1 1 - - - - 9 3 4 9 6 3 8 0 1 4 5 8 , , , , , . , , , , , , 2 8 0 1 5 1 9 0 6 2 2 1 4 3 1 5 7 9 2 3 7 9 2 3 3 1 7 8 8 9 2 2 5 3 5 3 -1 - - - , • 2 8 2 2 • 2 1 6 3 2 2 2 1 1 1 3 0 3 3 0 6 5 5 0 5 4 8 3 7 9 2 2 5 4 3 8 5 . 9 9 0 0 0 0 0 0 9 9 0 0 6 7 4 6 5 5 5 3 0 4 5 3 6 4 9 1 3 8 4 7 3 6 5 8 -51 - - - - - - - 1 1 1 2 2 1 3 J 6 5 0 4 1 0 , , , , , , J 8 3 1 5 4 4 8 4 8 8 0 2 5 S 4 6 5 3 5 1 1936- T Ja e n b . . . . . . . . , 6 2 , , 5 4 7 6 1 2 — -5 1 1 9 8 5 - - 5 6 , , 7 7 0 8 5 3 1,821 0 0 , , 6 4 1 9 2 6 1 -1 ,3 3 7 7 7 ' - - 1 9 3 , , 7 8 8 0 5 9| -559 -12,888 —362 P966 » # - - 1 8 2 , , 8 8 1 4 9 3 » Preliminary. now give* separately, mhertoni,.-"W other comi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Aria 1836 FEDERAL RESERVE BULLETIN 287 CENTRAL BANKS Assets of banking department Liabilities of banking department Gold (in Bank of England issue Note (Figures In millions of pounds sterling) d m e e p n a t r ) t i - Cash reserves D a i n sc d o a u d n - ts Securi- ci t r i c o u n la- Deposits l O ia t b h i e li r vances ties ties Coin Notes Bankers' Public Other 1935-Jan. 30.. 192.4 77.5 9.3 92.7 374.9 99.0 20.9 42.1 18.2 Feb. 27., 192.5 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Mar. 27. 192.5 71.1 5.6 99.0 381.4 96.6 20.1 41.2 18.3 Apr. 24.. 192.6 59.4 5.8 97.4 393.2 93.1 * 7.6 39.6 17.7 May 29.. 192.6 62.2 5.3 96.7 390.4 88.0 23.1 36.0 17.8 June 26., 192.7 55.9 10.2 108.6 396.9 102.4 16.2 38.8 18.0 July 31.. 192.8 44.5 10.8 100.7 403.3 75.7 24.4 38.5 IS. 1 Aug. 28.. 193.4 . 53.8 12.9 93.5 399.6 96.9 9.4 36.5 IS. 2 Sept. 25. 193.6 55.4 12.4 95.4 398/2 87.2 19.5 39.0 13.3 Oct. 30... 194.7 54.8 11.2 98.2 399.9 82.5 26.2 33.6 17.7 Nov. 27., 197.6 56.3 9.5 08.4 401.3 00.9 19.7 38.5 17.8 Dec. 25-. 200.1 35.5 8.5 94.7 424.5 72.1 12.1 . 37.1 18.0 1936-Jan. 29.. 200.5 63.3 18.8 94.0 397.1 100.0 15.9 36.7 18.2 Feb. 26.., 200.6 60.7 11.0 96.2 400.0 10(5.2 8.8 35.5 18.2 Mar. 25.. 200.6 54.1 5.0 97.0 406.5 83.6 18.0 37.0 18.3 Assets Liabilities Bank of France Loans on— Deposits (Figures In millions of francs) Gold e F x o ch re a i n g g n e Do b m il e ls stic S m h G o e o r n v t t - e t r s e n e r - - m s O e t c t i h e u s e ri r - N c b u e l g r e i o t s i t e e ia - s - a O s t s h e e ts r ci N t r i c o o u t n l e a- G m ov e e n r t n- Other l O ia t t i b h e i s e li r curities 1935-Jan 25 82,014 962 4,003 3,149 5,837 7,970 81,636 3,751 16,473 2,024 Feb. 22... 82,040 961 3,998 3,080 5,833 7,914 81,917 3,619 16,323 1,962 Mar. 29 82,635 1,017 4,170 20 3,119 5,833 8,074 83,044 16,213 1,943 Apr 26... 80,933 1,066 4,280 10 3,094 5,805 7,967 82,352 3,703 15,145 1,054 May 31 „ 71,779 2,150 7,137 937 3,371 fi,805 8,691 82,776 2,771 12,315 2,003 June 28... 71,017 1,210 8,021 735 3,277 5,805 7,999 82,099 2,933 10,969 2,013 J A u u ly g . 2 3 6 0 . . . . . . 7 7 1 1 , , 2 7 7 4 7 2 1 1 , , 2 23 4 6 0 7 7 , ,5 3 7 0 5 1 , 6 5 9 4 2 3 3 3 , , 1 1 7 0 1 3 5 6 , , 8 8 0 0 5 0 8 8, , 2 0 1 7 2 7 8 8 1 2 , , 1 2 2 4 8 0 3 3, , 2 2 4 4 4 1 1 10 1 , , 6 0 6 9 6 0 2 2 , , 0 1 6 0 2 5 S O e c p t. t . 3 2 0 7 .. . . . 7 7 1 1, f9 9 5 9 2 0 1 1 , , 2 2 3 6 2 2 8 8 , , 0 3 6 7 0 3 3 1 7 9 1 2 3 3 , , 0 1 9 4 3 1 5 5 , , 3 8 0 0 0 0 8 7, , 9 0 3 2 9 3 8 83 2 , t3 3 9 0 9 6 3 2 , , 0 8 5 6 1 2 1 1 0 0 , , 8 64 4 7 3 2 2 , , 0 0 5 5 0 9 Nov. 29 66,191 1,335 11,005 1,090 3,267 5,800 8,032 82,447 2,826 9,361 2,136 Dec. 27... 66,296 1,328 9,712 573 3,253 .5,800 7,879 81,150 2,862 8,716 2,113 -J M F a e n a b r . . . 3 2 2 1 8 7 . . . . v . , 6 6 6 5 5 5 , , , 7 5 2 8 8 2 9 6 3 1 1 1 , , , 3 2 3 2 9 0 4 7 9 1 9 9 2 , , , 7 2 0 5 1 5 8 0 2 9 9 6 3 6 7 2 9 1 3 3 3 , , , 2 3 3 5 5 2 0 0 4 5 5 5 , , , 7 7 7 0 0 0 8 8 8 8 ( 8 * , , 1 7 ) 8 2 6 4 8 8 8 1 3 1 , , , 2 1 5 3 9 0 9 6 3 2 2 2 , , , 7 8 8 5 9 3 4 8 8 8 8 8 , , , 7 0 4 0 3 3 6 8 5 0 2 2 , , ) 1 1 1 3 9 4 Liabilities Assets Reichsbank Reserves Securities (Figures in millions of reichsmarks) Treasury O b t i h ll e s r Security Other ci N rc o u t l e a- Deposits l O ia t b h i e li r bills ' (and loans Eligible tion ties Gold e F x o ch re a i n g g n e checks) a c s o n v o er te Other 1935-Jan. 31 3,620 81 441 319 837 3,660 822 900 feb. 2s". 3,656 188 437 328 697 3,617 923 860 Mar. 30 3,799 66 427 330 701 3,664 922 830 Apr. 30. 3,861 87 373 328 739 3,711 952 837 May 31. 3,732 86 338 324 775 3,810 770 824 June 29. 3,879 89 337 324 781 3,895 819 833 { A S g u e u t y p g t . s . 3 3 3 i 1 1 0 . 4 3 4 4 , , , , 0 1 8 0 4 5 3 0 4 8 3 0 5 5 7 6 2 4 3 6 3 3 3 3 3 4 4 4 7 0 6 5 3 3 3 3 2 2 2 1 4 4 4 6 8 7 7 8 8 7 6 1 1 0 8 4 3 4 4 4 , , , , 8 0 1 1 7 3 5 4 8 2 9 3 7 7 7 7 4 4 2 7 3 3 8 4 8 8 8 9 6 7 1 4 0 9 1 5 . . 3 30 i; 4 4 , , 0 4 9 9 6 8 8 7 4 8 3 34 4 9 6 3 31 1 5 5 9 85 2 3 2 4 4 , , 2 1 3 8 5 6 1, 8 0 0 3 6 2 0 0 2 1 3 3 . 3 3 l 1 4 4 3 , , , 8 0 2 8 2 0 4 6 1 .7 7 5 2 2 6 3 3 4 4 3 9 3 3 3 2 1 1 1 5 5 8 7 6 7 1 1 4 4 4 , , , 2 1 0 6 7 9 7 7 3 6 7 6 7 6 5 9 8 2 0 7 1 8 4 2 .-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

288 FEDERAL RESERVE BULLETIN APRIL 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1930 1035 1936 1635 Central bank Febru- Janu- Decom Febru- Central bank Febru- Janu- Decem- February ary ber ary ary ary ber ary National Bank or Albania (thou- Bank of Canada* (thousands of Ca- SAIUIS of francs): nadian dollars): Gold 7,550 7,556 7,122 Gold 180, 565 180,253 180,509 Foreign exchange 16,860 17,705 22,557 Sterling exchange 96 26 219 Loans and discounts 3,218 3,207 2,532 United States exchange 8,355 9,768 4,004 Other assets 4,094 5,463 2.319 Advances to Government 2,196 3,466 Note circulation 11,789 12,243 13,617 Government securities: Demand deposits, 9,211 9,557 10,498 2 years or less 26,125 24,785 30,873 Other H.t'tbblllliittiiee:s 11,331 12,131 10,415 Over 2 years.. 82,540 80,900 83,410 Central I lank of tho Argentine Other assets 5,132 9,714 5,045 Republic > (millions of pesos): Note circulation 84,605 87,979 99,677 Gold at homo... 1,221 1,224 1,224 Total deposits 212,006 213,864 200,319 Gold abroad and foreign ex- Chartered banks 186,933 178,739 181,636 ehanpc 141 130 129 Government 33,293 17,917 Negotiable Government bond.*.. 190 105 235 Other liabilities 6,202 5,798 7,659 D O N e o th p te e o r s c i a i t r l s l c : o u t l s a tion.. , 9 1 S 4 9 5 9 1 S 4 7 4 9 14 8 1 2 Ce p n e t s r o a s l ) : Bank of Chile (millions of Com O m t o h n e M O G r w t o e l e h v i m a e a e r l b b r th i n e l r i m t i H b e e n a s a n t n k k of A * u stralia , 2 4 4 1 0 1 7 9 5 1 2 3 4 4 S 4 1 8 3 4 2 8 4 1 2 1 9 6 L N G G o o o o s a e t l v d e n r e v s r a c e n i a n r m n d c d u e f o l n d a r t i t e s i d i o c g e n o n b u t e n x t c s hange In re- 7 5 1 8 0 7 4 0 6 0 2 7 5 1 8 0 6 4 0 6 7 2 5 7 1 4 0 1 4 3 3 3 2 (thousands of pounds): Deposits.. 298 297 346 Issue department: Central Bank of China < (millions of Ban S k G e i o n c l g u d r d i a t e n ie p d s a K rt n m g e lt n e t h : sterling... 3 1 5 5, , 9 1 9 7 4 3 3 1 5 5 , , 4 99 2 4 1 3 1 9 5 , ,9 1 9 8 4 2 2 1 0 5 , , 3 7 1 0 4 8 yu S G a i n o lv l ) d : er 20 5 9 3 1 3 2 1 0 1 2 1 2 8 Aust N ri o a t n e S D L C L N e c o e o o c i a p n i a r u n t c o d n r i , u s s o o i t i l b n n t i a n u s e a t n s b l i l d l o a i B n o l d a a n i n n , s c c k a e o n s u ( d m n c t i s l a l s i h ons of , C 3 4 1 1 8 5 7 4 9 , , , . , G 7 0 0 5 0 4 1 S 7 7 5 4 5 0 4 3 6 1 1 7 8 5 4 6 , , , , , 2 1 9 7 6 8 0 9 5 0 0 8 1 5 7 1 9 1 3 6 5 1 1 5 1 1 3 2 , , , , , 7 9 2 4 9 6 6 9 9 2 3 8 4 7 5 8 8 9 3 7 4 2 1 7 0 7 0 7 , , , , , 0 1 0 9 3 6 0 2 5 6 3 3 7 3 0 8 0 9 D N D L S O F e o e o o u t c h p a r t e u e e e n o r r f i s s c g r i i t i a o n a t i r m s e s n c s e s — d u e x d l t c G d a s o h t i m o i s a o v c n e n e o s g r u t e n i n c m ts b e a n n t ks 2 2 3 1 1 4 7 9 2 1 0 7 5 4 9 5 4 7 0 2 2 1 1 1 3 6 7 5 8 5 2 9 7 4 3 0 4 3 1 1 8 6 9 3 9 1 7 0 1 1 3 5 0 3 schillings): Bank 297 213 48 G Fo o r l e d i . gn bills , 2 8 4 2 3 2 7 4 4 2 2 1 4 1 2 2 2 3 4 3 2 Other liabil O it t i h es er 1 7 2 1 9 1 5 4 6 0 1 2 4 4 0 Domestic bills , 220 222 225 234 Bank of the Republic of Colombia Government debts , 624 624 624 624 Note circulation 931 929 976 902 Gold at home and abroad * 30,974 29,502 27,637 10,495 Deposits 233 225 216 212 Foreign exchange «_ 4,168 4,921 4,585 2,263 National Hank of Belgium (millions Loans to member banks 1,208 1,458 4,375 6,748 of bclttas): Note circulation 41,532 40,072 43,189 35,357 Gold" 3,359 3,400 3,457 2,531 Deposits 31,880 33,240 29,949 24,398 Domestic and foreign bills * 1,201 1,241 1,293 671 National Bank of Czechoslovakia Loans to State 160 1C0 162 340 (millions of koruny): Noto circulation.. 4,072 4,101 4,117 3,647 Gold „ 2,690 2,691 2,690 Deposits 830 832 931 237 Foreign balances and currency.. 73 82 81 Central Bank of Bolivia (thousands Loans and advances 914 1,253 1,345 1,060 of boliviano?): Note circulation. 5,210 5,208 5,761 5,253 Gold at home and abroad 21,294 20,544 19,708 10,074 Deposits " 534 920 411 975 Foreign exchange 7,752 12,033 9,066 5,777 Danish National Bank (millionsof Loans and discounts 7,943 7,630 7.9S4 14,022 kroner): Securities: Gold. 118 118 118 133 National Government.. 3SS.723 338,723 388,727 277,131 Foreign bills, etc "II" 19 16 16 15 Bank D N e o o p t f e o O B s c t i r i h t a r s e z c r i u l l ( a m ti i o ll n io .. ns of milrcis): 2 1 2 4 2 9 9 , , , 8 4 8 7 9 1 7 0 9 2 1 3 4 2 5 6 , , , 9 9 9 8 3 7 4 3 3 2 1 3 4 3 1 5 , , , 0 7 9 7 5 4 4 9 6 1 9 6 3 5 7 , , , 4 7 8 7 9 6 6 5 5 Bank L N D o e o a p t o e n o f s s c i i a t r D s n c a d u n la d z t i i g i s o c n o u (t n h t o s usands o " f " " 3 6 7 7 7 3 5 3 7 6 3 5 38 7 4 8 3 7 6 7 3 Cash 264 277 341 gulden): Na o t f i N O T G L N G N D o C L le o o o n t o e o e o o o h v t a t t a v p l t r a e a d a e l n e e r o n f l r ) s r o e c s : s B c f n s i s r i a i o r a t p a i e r m s n g c r n i c o n g e u h d k e u n d n i t l n g l d a d o a n d t l e t e i f t i i i x s n a i o s o e B c o c t b c b n x n o s h u o i c l u l a i l u h a i g g n n t n a b a a i t g e t n s t r r e s s i g i o o a e i a n n s ( d m r .. e i . l s „ l e i r o v ns e I . 2 2 1 3 1 - 2 , , 1 , , , , 1 6 2 5 1 8 4 3 0 1 7 2 9 1 8 4 2 0 0 3 1 6 1 6 5 0 0 7 2 2 1 3 1 2 - , , , , , , 0 1 9 4 6 3 5 2 9 1 0 2 9 9 7 0 7 9 6 6 0 0 3 3 7 4 1 1 - 2 1 1 2 1 3 3 , , , 6 , 5 5 , , 6 1 4 1 2 3 7 2 9 8 9 8 1 9 1 2 1 7 0 1 3 3 9 1 0 2 2 1 2 - , , , , 1 6 8 7 9 3 8 1 7 4 8 1 7 6 7 2 8 6 7 9 6 8 5 0 9 Ce o n f N L N D G F s F O L G tr u o o o o o a e o o t o c r h a r l a p t t l l e r e e n e d e d n o B e i i r s * ? g s g s s c c a ) i n n f i a i a n t : r o r s n n c c k e e r d e d u u x x o i l c l c g f d a a d h h n t t i E i a a i i s s o o n n c e c c n n g x u o g o e c a u e u h d n o n a o t f t s n s r t I g h ( I e e t I I h ™ r I o e " u se s r a v n e d ' " s _ '. 2 2 1 2 5 7 0 1 5 , , , , , , 4 6 9 6 7 7 9 3 9 6 9 8 1 1 1 8 0 5 2 4 4 2 2 1 9 7 2 6 1 2 4 8 0 7 , , , , , , , , , , 7 3 1 8 6 7 5 9 8 7 9 4 1 5 9 8 7 1 3 5 1 1 7 1 4 2 9 9 6 9 3 4 2 4 2 1 1 3 6 2 3 8 9 0 7 6 2 , , . , , , , , , , 8 2 5 1 2 2 0 7 9 5 1 9 6 6 7 4 0 4 5 4 1 5 0 4 8 3 5 4 0 2 2 3 5 4 2 1 1 1 7 4 1 0 4 4 1 1 , , , , , , , , , 4 7 3 6 8 7 0 9 3 8 7 6 3 5 4 0 1 7 7 4 8 4 1 8 7 5 0 3 0 2,131 2,198 J907 2,195 Deposits 19,571 27,390 * Bank commenced operations May 31,1935 iM&SWSfcf*1 8ad " > " ~W hidings « of Mar. » malud on basis of 75 percent e of former gold parity of belga (see » Bank commenced operations Mar. 11,1935. < Items for issue and banking departments consolidated i By law°ofKDeceDI8' lSS, gold* in Vault re'?3uS™ra?e$of98 W8331 SUCres per gram of fine gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AfEIl 1936 FEDEBAL EESEEVE BULLETIN 289 CENTRAL BANKS-Continued {Figures as of last report date of month] 1936 1935 1938 1035 Central bank Central bank Febru- Janu- Decem- Febru- Febru- Janu- Decem- February ary ber ary ary ary ber ary National Bank of Egyptl (thousands Bank of Japan (millions of yen): of pounds): Gold 511 506 504 470 Gold 6,545 6,545 6,545 Advances and discounts ... 1,222 782 893 720 Foreign exchange 4,947 4,246 4,051 Government bonds 397 506 746 404 Loans and discounts 6,417 7,146 4,690 Notes issued.. 1,657 1,453 1,7G7 1,186 British, Egyptian, and other Total deposits 369 404 404 363 Government securities.._ 38,322 38,935 32,752 Bank of Java (millions of florins): Other assets 6,162 5,238 4,713 Gold 80 117 Note circulation 22,216 23,253 19,290 Foreign bills 2 2 2 1 Deposits—Government 8,647 8,765 8,594 Loans and discounts 65 64 71 64 Other 23,351 22,385 16,674 Note circulation 156 153 157 174 Other liabilities 8,180 7,709 8,194 Deposits 22 24 25 42 Central Reserve Bank of El Salva- Bank of Latvia (millions oflats): dor (thousands of colones): Gold.. 46 46 46 46 Gold 12,818 12,791 12,740 11,919 Foreign-exchange reserve 7 7 6 7 Foreign exchange I-I-.I.III 3,957 2,774 1,237 2,396 Bills 50 51 52 59 Loans and discounts 798 980 1,107 419 Loans „ 58 59 60 73 Government securities _.._ 6,996 7,012 7,025 8,008 Note circulation 37 37 38 38 Other assets 1,923 1,368 656 1,395 Government deposits . 38 36 31 46 Note circulation 15,667 14,668 13,396 16,057 Other deposits.... 103 110 110 111 Other sight liabilities—/.../.. 7,531 6,878 6,028 4,702 Bank of Lithuania (millions of litu): Other liabilities 3,295 3,381 3,342 3,378 Gold 41 38 46 Bank of Estonia (thousands of Foreign exchange' ..- 22 20 18 9 krooni): Loans and discounts * 89 94 95 102 Gold _'„ 34,130 34,121 34,118 27,739 Note circulation 106 105 104 93 Net foreign exchange __ 2,046 884 1,563 5,598 Deposits .„ 47 47 46 60 Loans and discounts .. 22,471 23,313 22,896 14,144 Netherlands Bank (millions of flor- N D o e t p e o c s i i r ts c — ul B a G t a i o o n v n k e . r n ._ ment" 4 1 1 9 8 , , , 2 3 5 9 7 9 8 4 3 3 1 1 9 1 7 , , , 6 9 5 8 3 6 3 0 2 3 1 1 9 1 5 , , , 5 9 7 2 5 8 1 5 7 3 8 7 7 , , , 5 7 7 5 1 8 1 0 0 in F s G ) o : o r l e d ign bills 68 2 0 2 64 2 3 811 1 Bft an , k of Finlan O d t ( h m e i r l . l . i . o . ns ~oYmark" 2,464 3,181 2,689 2,393 N Lo o a te n s c i a r n c d u l d at i i s o c n ounts 7 1 5 5 0 4 7 1 5 5 7 7 8 1 0 7 9 3 8 1 5 5 7 9 Kaa).' Deposits.... 130 108 50 155 Gold 489 485 472 323 Reserve Bank of New Zealand Balances abroad and "foreign" (thousands of pounds): m D N o a F s t o o o c ° h r r t m e e e e i r d e g c s i s n i t t i r s i g c c b h u i c b l t l e l a i s l l ( t l i i s m o a " n m b i i 7 l o i n t s i e o s f " d ; f ; a : c :: h : - :::: * : 1 1 , , 7 5 2 4 6 4 8 6 8 3 5 5 6 9 1 1 , , 7 7 2 3 8 1 4 7 5 7 1 2 9 2 1 1, , 3 6 2 6 8 8 6 6 2 1 2 7 9 3 1 1 , , 6 2 2 3 1 6 7 6 9 1 8 2 0 4 5 N D S O G t o e t o e h m t r l e e l d G B i a r . c n a o . n a i g n v d r s k c e e s u d r x e n l e t c a s p m h t — o i a e o s n n n i g t t s e _ - - 2 1 1 9 2 5 2 3 6 0 , , , , , , , 8 6 0 8 1 4 6 7 0 5 1 1 4 7 2 2 6 5 3 5 1 2 1 1 1 4 2 2 1 0 0 5 , , , , , , , 5 9 1 8 0 2 2 1 9 0 6 5 1 0 0 7 4 4 3 5 2 2 1 1 3 2 9 1 0 1 3 , , , , , , , 8 6 3 7 6 8 7 7 2 9 9 7 0 3 1 1 9 6 7 9 2 2 1 1 3 2 9 1 5 0 6 , , , , , , , 2 0 3 9 8 2 2 6 0 2 5 1 4 0 2 1 4 7 4 7 5 L G o o a ld n s a a n n d d f o d re is ig c n o u e n x t c s h . ange. 4 3 , , 8 3 7 5 3 8 4 3 , ,3 6 9 6 9 2 3 4 , , 4 8 9 3 0 4 3 1 , , 9 9 3 0 6 3 Bank O th o er f l ia N b o i r l w it a i y e s... ( . m . illions of - 1,628 1,623 1,614 1,545 N p G t o o t t o v e e j s c rn i i g r m c h u e t l n a t t H i o on b b l i i i S g i Q a t f t e i v x o ; c n ; h s :: a " :: ; n : ; : g : : / / / e " / : . " / : 5 3 5 , , , 5 4 2 2 2 0 8 5 1 1 1 1 3 5 5 , , , 2 2 6 0 8 1 4 6 1 4 7 4 3 4 5 , , , 2 2 7 9 8 2 8 8 1 9 4 8 5 3 3 , , , 2 2 6 2 6 5 1 2 2 kr N D F F o G n o o o o o e r r m t l e e e r d i i ) e . g g : c s n n i t r i c d c b u e a c l p l a r a o e t n i s d o c i i n t e t s s s and bills 2 3 1 4 4 0 8 4 1 6 3 5 2 3 1 3 3 0 8 7 9 2 5 2 3 1 3 2 8 4 3 6 3 5 8 2 1 3 4 2 3 1 6 0 7 5 1 ftK5Ko? Hungary &* 79 79 79 79 Total deposits 83 80 70 oreig^bTlisVetc:/ 33 34 33 20 Central Reserve Bank of Peru N L A D O G F o o o t o e d h a t l r p y e e n d e o a r s . i c n s ga a c i i r s^ e n t s c s s b d e u . t T . o t l d . s a . l i T .i t s .s i r c o V e o n a u e . s n / t u : t / s r " y '" " " "" 5 3 1 8 9 2 9 2 1 0 6 3 2 3 5 1 8 8 9 1 1 1 6 1 9 9 5 4 1 7 9 1 8 4 7 6 7 7 7 3 5 8 5 5 5 6 4 5 3 2 9 (th N D B 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 c s u o f l o f a r t s e i o i o g l n e n s ) e : xc - hange 8 4 5 1 4 7 8 7 , , , , 4 1 6 2 5 8 4 5 4 8 6 4 4 6 7 2 3 0 6 3 , , , , 2 8 3 1 2 1 7 8 7 4 3 3 M Ce i r s t c i f f t i l c la a n te e s o n o s f i l n ia d b e i b li t t e ie d s n e 7 ss 7 1 1 0 6 4 3 1 1 0 6 4 0 1 1 7 0 4 4 1 1 1 9 5 9 Bank G F o o o r l f e d i P g o n l a e n x d c h ( a m ng il e lions of zlotys): 44 1 5 7 4 2 4 1 5 4 2 4 7 4 50 IS 6 %*?k °f India> ^ Loans and discounts 750 754 866 673 Issu I e G S R n t u o _ e d l p r i . d l a „ e i n e n a g t c G h o s p o e i w n v m c h . ' u t m e . . r s a i e . t n c ie d u s ri a . t . b i . e . r . s oad... 1, 4 2 6 6 5 7 4 4 7 8 1 4 4 3 7 1, 2 6 4 6 5 6 5 4 6 7 8 5 4 2 8 1,7 4 2 5 6 2 7 4 5 6 1 1 4 5 2 Ba c n u k D N O G O d o i o o t t s h h o s l t c d e ) e e f : o r r c u P s r i n e r i o g c s t r s u e h t u r l t a v a g l n t e i a i d a s o l b n a i ( d l m i v ti a i e l n l s i c o e n s s of es- 9 1 7 6 9 3 9 1 5 9 9 8 1,0 2 0 1 7 0 9 2 9 4 2 4 3 0 7 9 0 0 5 6 8 2 2 7 0 8 2 2 1 7 9 1 4 2 1 2 8 1 0 0 2 N G O o o th v te e e r c r n s ir i m g cu h e l t n a l t t i i a o o b b n i l l i i g t a ie t s ions - 1 2 , , 0 0 8 4 4 6 9 9 2 D O e th p e o r s i a ts s — se G ts. 3 1 5 7 5 0 f 5 3 1 8 i 3 1 5 4 5 1 3 9 8 3 4 2 1 7 8 5 2 1 2 2 0 Na li t o i L S F G o n p o o s n o e r a a l o e c d n l f i i s g a l B l n e a i l n a e o ) n d : x a k c n d h s i o a s * c n f o g R e u n u o t m f s t a h n e i a r e ( s m er i . v l - - e . . 1 5 2 0 , , , 3 8 6 8 9 8 9 4 8 9 1 5 2 0 , , , 2 8 7 3 9 0 5 8 2 9 5 1 6 2 0 V , , 7 8 0 4 2 9 2 7 1 2 7 1 6 2 0 , , , 2 4 8 1 7 9 9 4 6 3 2 State debt 10,956 10,827 10,775 9,799 meats consolidated. . 1,1935. * ABrf«7nVK i n JUI7 1935» foreign exchange Includes fo] ^gncuitural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL BBSERVE BULLETIN APBIL 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1030 1935 1936 1935 Central bank Febru- Jan- Decem- Febru- Central bank Febru- Jan* Decem- February uary ber ary ary uary ber ary National Bank or Rumania—Con. Swiss National Bank—Continued Other assets 11.751 11,490 11,479 9,308 Loans and discounts.. 234 221 295 Note circulation 22,127 22,298 23,127 21,225 Note circulation 1,274 1,275 1,366 1,330 Demand deposits... 8,479 8,466 7,665 8,152 Demand deposits 466 405 401 556 Other liabilities 11,081 10,449 10,500 9,400 Central Bank of the Republic of South African Kcsorye Dank Turkey (millions of pounds): (thousands of pounds); Gold 30 30 29 28 Oold 28,074 26,801 25,723 25,939 Foreign exchange 16 14 10 14 Foreign bills 5,200 5,512 11,871 6,788 Loans and discounts 17 24 29 5 Domestic bills 277 359 321 121 Investments .._.__ 188 188 187 188 Note circulation 14,251 14,206 14,133 11,477 Other assets 24 20 22 28 Deposits—Government— 1,015 2,523 2,436 3,998 Note circulation 166 171 170 162 Bank 32,834 28,519 28,435 24,980 Deposits - 37 34 30 29 Other 1,378 2,157 4,474 3,329 Other liabilities 72 79 71 Hank of Spain (millions of pesetas): Bank of the Republic of Uruguay Gold.... 2,253 2,253 2,255 2,269 (thousands of pesos): Silver 094 697 6S9 691 Issue department: Balances abroad - 280 281 280 284 Gold and silver 41,091 41,091 41,091 L N o o a te n s c i a r n c d u l d at i i s o c n ounts 2 5, , 1 3 9 5 7 2 2 4 , ,7 1 8 5 9 6 4 2 , ,1 8 8 0 3 0 4 2 , , 5 3 9 3 0 0 Ban N ki o n t g e d ci e r p c a u r la tm tio e n nt: 82,865 81,886 81,850 176,569 Deposits 1,180 1,390 1,294 1,051 Cash reserves 38,615 40,035 37,204 50,365 Da kr n D O F o k o n o o r e l m e d o r i e ) f g : s n t i S c a d w ss ls e e c t d s ou en n tsj ( a m nd il a li d o v n a s n c o e f s- 6 4 4 0 4 5 7 0 4 6 4 2 1 4 9 2 6 4 5 4 0 1 1 8 3 5 5 5 5 1 0 7 D L O o e th a p e n o r s s i a a t s s n s — d e t T M d D s i i e i s m n m c e i o a s u n tr n d y t s.* of Fi- 4 9 5 3 1 3 5 1 , , , , 5 7 8 6 9 9 2 1 5 4 7 5 4 9 2 5 1 9 4 2 , , , , 9 3 4 5 6 2 3 2 5 5 2 4 9 4 5 2 8 0 0 8 , , , , 8 4 7 6 3 5 7 0 6 5 4 2 1 4 3 3 0 9 0 2 1 , , , , 3 6 9 0 3 4 6 6 9 0 5 4 T G K O o o o th t t v a o e e l r r c d n n ir e m s c p s u e e o l n t s a s t i t t i s s o e n curities 4 7 1 4 5 2 7 2 6 9 7 4 7 1 2 4 3 6 9 7 4 8 3 7 1 2 9 8 5 9 4 6 0 4 6 1 1 5 5 4 1 4 9 4 1 National O t B h a e n r k l ia o b f il O t i h t t n i e h e a e s n K r c s i e ngdom of 2 2 7 2 0 2 , , , 7 1 0 3 0 2 7 7 1 2 2 72 0 2 , , , 1 6 8 3 9 5 1 8 7 2 2 71 0 5 , , , 1 8 0 1 2 5 7 0 7 40,587 Bank 237 257 181 Yugoslavia (millions of dinars): Sw f i r s a O s n t c h s N e ) G : r a o t l i i v o a e n b r a i n l l i m ti e B e n s a t nk (millions of 1 1 0 7 0 4 1 10 5 0 8 1 9 8 7 0 101 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 s n c g o e unts-. — 1 1, , 3 6 4 7 8 2 6 0 5 1 1 , , 7 4 3 1 6 4 1 1 3 1 1 , , 7 3 4 8 3 6 1 2 4 1 1 , , 2 8 1 6 2 6 0 8 4 O Fo o r l e d ign balances and bills 1,4 1 4 3 5 15 1,794 7 N A O d o th v te e a r n c s c ir i e g c s u h t t l o a l t i i S a o b t n a i t l e ities 4 2 1 , , , 4 9 2 7 3 7 2 0 2 2 4 1 , , , 2 5 8 7 0 4 1 4 8 4 2 1 , , , 2 3 8 7 8 9 1 6 0 4 2 1 , , , 3 2 2 2 4 8 2 8 1 » Liabilities of banking department. (See Bulletin for December 1935.) BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] Assets 1936 1935 1936 1935 Liabilities Feb. 29 Jan. 31 Feb. 28 Feb. 29 Jan.31 Feb. 28 C G a o s ld h i o n n b b a a rs nd and on current account 29,879 32,831 11,008 Demand deposits (gold) - 23,948 21,005 10,921 De w m it a h n d b a f n u k n s ds at Interest „ 1 8 4 , , 5 0 0 9 2 2 2 1 7 7 , , 5 2 8 2 4 8 4 2 , , 2 3 2 3 4 8 Sh c o ie rt s - ) t : erm deposits (various curren- Rediscountable bills and acceptances Central banks for own account: (at cost): Demand- 45,915 39,691 27,987 Commercial bills and bankers' ac- 113,752 108,420 107,759 Tr c e e a p s t u a r n y c e b s ills 2 1 1 4 1 7 , , 7 9 6 5 8 3 2 1 0 4 6 4 , , 7 9 1 8 8 8 1 1 9 6 4 3 , , 8 5 9 0 6 0 Cent T r i a T m l o b e t a — a n l N ks o f t o e r x a c c e c e o d u in n g t 3 o f m o o th n e t — h rs s : . . 159,668 14H. Ill Total.. 358,396 D Ti e m m e a — nd Not exceeding 3 months- 9 2 , , 6 9 0 80 5 1 2 0 , , 9 2 7 0 6 1 Time funds at Interest—Not exceeding Other depositors: Su 3 n m dr o y n b th il s ls . . a — nd . - investments: 41,771 T D i e m m e— an N d o s t . . e . x . c . e . e .. d . ing . 3 m .._ o „_ n _ t . h ._ s » . 2,4 2 4 0 6 1 31,8 6 4 8 0 7 Maturing within 3 months: Over 6 months O Be v t e w r T S T S e u 6 u r r e e e n n m n a a d d s s o r r 3 u u y y n F r r a y y t i n i i h n n n d s b b v v : i i e 6 e l l s l l s m s s t t m . m _ o . e e n n n th t t s s s " : 4 4 5 1 2 2 3 3 , , , , 4 4 5 3 2 2 4 2 4 2 1 2 3 6 4 1 3 2 9 2 , , , , 5 0 7 2 9 4 0 2 0 5 3 1 4 3 3 5 2 6 4 0 , , , , 4 9 0 7 5 1 3 5 9 7 7 1 Lon F F g A G - r r n e t e e e r n n n r m u c c m h h i a t n y d G G e G o t o p r v v o u o e e v s s r r t i e n t n r a s m m n : c m c e e o n n e t u t n g n t d t u e d a p e r o a p s n i o t t s . y ( i . S t . f . a . u .. . a n — . r d . ) . . . . 2 1 6 7 9 5 2 1 7 5 4 , , , , , 0 9 2 4 6 3 3 1 3 1 1 0 7 4 1 2 1 7 6 9 5 2 7 1 5 4 , , , , , 0 9 3 9 6 6 3 3 3 7 6 1 5 0 0 2 1 6 7 9 5 1 7 3 4 , , , , 9 1 2 3 3 4 9 7 0 7 4 1 S T u re n a d s r u y r y I n b v i e ll s s tments., 4 3 4 5 , , 3 1 1 4 7 8 3 3 8 4 , ,8 3 2 3 3 1 3 2 6 0 , , 2 3 4 0 7 7 Capita T l o p t a a i l d In .-. 125,000 125,000 125,000 w O the G r u a a s r s a e T n ts t o : y t a o l f . central banks on bill J s .. 231,174 230,714 220,718 Rese L D G r e v e i g v e n a i s e d l : r e a re n l s d r e e r r s v e e e s r e v f r e u v n e f d u f n u d nd 1 3 5 1 , , , 3 8 6 2 4 9 4 0 5 1 3 5 1 , , , 3 8 6 2 9 4 4 0 5 4 9 2 , , , 8 7 6 6 3 7 6 2 2 \ \ Su T s n o o l d t d a ry l a it s e s m et s s ..., . . 6 6 , , 1 2 5 3 0 5 6 6 , , 1 0 3 9 8 1 3 6 , , 4 0 8 8 1 4 Othe S G r u u l n i a a d r b a ry i n l i t i t y t i e e o m s n : s commercial bills sold. 4 6 3 , , 1 0 5 2 0 3 4 6 1 , . 1 9 3 1 8 2 4 6 2 , , 0 3 8 12 4 ^648,018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL 1938 FEDERAL RESERVE BtTLLETIN 291 COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities (Figures in mill E io n n g s l o a f n p d ounds sterling) 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 d te i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - Other Total D D e e m p a o n s d it M s Time* lia O b t i h li e ti r es 10 clearing banks 1935-June 217 143 244 624 780 235 2.004 1,072 907 239 July 219 145 274 615 778 215 2.019 1,084 899 227 August 213 149 287 615 768 205 2,013 1,068 899 224 September. 208 147 299 619 766 205 2,024 1,080 903 221 October- 204 141 297 626 777 213 2,036 1,064 921 224 November. 214 147 293 621 778 214 2,040 1,080 918 227 December. 221 159 322 605 784 231 2,091 1,140 924 231 1036—January... 220 155 337 601 791 218 2,092 230 February.. 221 151 288 601 804 218 2,053 231 11 clearing banks * 1936—January 228 159 346 630 815 227 2,164 1,166 937 242 February.. 229 157 295 629 828 227 2,123 1,125 940 242 Assets Liabilities France (4 large banks. f F ra ig nc u s r ) es in millions of Cash D b ue a n f k ro s m! B co il u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time 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 1935-June 4,151 2,308 17,949 7,902 1,313 29,521 28,756 766 312 3,790 July 4,343 2,151 17,464 7,702 1,383 2S.649 27,932 718 293 4,106 August 4,211 2,399 17,226 7,592 1,414 28,589 27,916 673 257 3,995 September *_.. 4,075 2,364 17,585 7,450 1,489 28,684 28,016 236 4,043 October 3,996 2,413 17,692 7,505 1,620 28,800 28,101 268 4,158 November 3,909 2,759 16,529 7,718 1,751 28,110 27,406 704 329 4,226 December 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 Assets Liabilities Germany Credits (5 large l B io e n r s li n o f b r a e n ic k h s. s m F ar ig k u s) res 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 l d s-| Loans Se t c ie u s ri- Other Total D D e e p m os a i n ts d Time ob b f t a r a o n i m n ks ed l O ia t t i b h e i s e li r - A N O u o c g v t y o u e . b . s m t e b r e .. r . . 1 1 1 1 1 1 3 5 9 5 9 8 9 1 5 6 4 5 3 3 3 3 3 3 1 4 1 6 4 6 6 1 4 3 1 0 2 2 2 2 2 2 , , , , , , 1 1 2 0 2 2 6 6 8 6 2 3 7 2 4 1 4 5 2 2 2 2 2 2 , , , , , , 8 9 8 8 8 9 8 1 8 9 8 5 8 4 9 9 6 3 1 1 1 1 , , , , 0 9 0 0 0 0 9 9 3 6 1 2 1 0 3 1 9 7 9 9 9 9 9 9 8 9 9 9 3 3 6 1 2 5 5 5 5 6 5 , , , , , , 4 3 4 3 5 5 6 7 0 8 6 2 4 6 8 2 7 5 2 2 2 2 2 2 , , , , , , 4 4 4 4 5 4 1 5 3 4 8 3 9 1 6 6 2 5 3 2 3 2 3 2 , , , , , . 0 9 9 0 9 0 2 5 4 4 4 4 1 1 7 7 5 3 7 7 7 6 6 7 1 0 5 8 8 0 6 5 8 2 6 1 1 1 1 1 1 1 , , , , , , 4 4 4 4 4 4 3 5 6 4 6 5 6 4 3 9 3 5 December K 1936- F J e a b n r u u a a r r y y ., . . . ] . 1 1 3 2 4 3 307 2 2 , , 2 2 9 7 4 6 2 2 , , 8 9 4 0 7 0 1,0 9 0 8 3 7 9 9 4 5 5 8 5 5 , , 4 4 6 7 0 2 2 2 , . 4 4 0 8 9 0 3 2 , ,9 0 8 6 0 3 652 1 1 , , 4 4 2 1 3 7 Assets Liabilities Security Deposits payable in Can- Canada Entirely in Canada loans ada excluding fnterbank abroad Note deposits Other and net Securi- Other circula- liabili- Other due ties tion ties Cash Security loans from Total Demand Time loans and dis- foreign counts banks 1935- J i N D AA S O Mu u ? e o e uu c l a p e c gg v y t y e _ t o uu e e . m . m ss b m ~ tt e b b I b r e I e . e _ r r . r . . . . T I / . il - • 2 2 2 2 2 2 2 2 2 2 3 2 2 0 0 0 8 9 5 3 8 9 4 7 9 9 9 9 9 4 6 5 5 7 5 5 5 5 1 1 1 1 1 1 1 1 1 5 4 3 5 3 4 2 5 1 1 2 7 4 2 7 5 1 1 1 1 1 1 1 1 , , , , , , , , 1 1 1 1 0 0 0 0 5 1 0 3 3 4 0 1 5 6 3 7 1 1 5 8 4 4 4 4 4 4 4 4 6 5 8 7 6 7 5 6 4 3 5 6 8 3 9 0 1 1 1 1 1 1 1 1 1 2 2 2 1 2 2 1 1 3 1 3 4 4 2 7 2 2 2 2 2 2 2 2 , , , , , , , , 1 1 1 1 0 0 0 0 7 8 5 3 6 3 6 3 4 0 1 1 4 9 5 2 6 6 6 6 6 6 3 1 8 1 8 0 1 3 5 7 7 4 1 1 1 1 1 1 1 1 , , , , , , , , 4 4 4 4 4 4 4 4 4 3 4 2 7 6 8 2 7 4 4 6 4 5 6 3 7 7 7 7 7 7 0 2 3 4 4 4 2 8 4 4 5 8 a e nu b ary " . " «220 874 1 1 5 5 0 1 1 1, , 2 2 6 0 5 7 4 4 4 7 4 2 1 1 1 1 2 8 2 2 . , 1 1 4 5 4 2 6 6 4 3 5 5 1 1 , , 4 5 9 1 9 7 7 7 4 6 5 1 224 NOTK.-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

292 FEDERAL RESERVE BULLETIN APRIL 1936 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date elective K 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 of a — l H A a p t r e . Date effective C ba e n n k t ra o l f— H A a p t , e Date effective In effect July 1,1035. 2 5 4 3ft 4 Albania Nov. 16,1933 India 3 Nov. 28,1935 July 5 4 Argentina—. ZH Mar. 1,1936 Italy 5 Sept. 9,1935 J J u u l l y y 6 !8 «* A Be u l s g t i r u ia m i» J M u a ly y 1 1 6 0 , , 1 1 9 9 3 3 5 5 J Ja a v p a an 3.29 J A u p ly r. 7 1 , , 1 1 9 93 36 5 J«ly 10 Bolivia July 5,1932 Latvia Jan. 1,1933 July 25 5 Bulgaria 6 Aug. 15,1935 Lithuania—- 6 Apr. 1,1930 July 26 6 Canada 6 Mar. 11,1935 Netherlands. m Feb. 4,1936 Aup. 3 5 Chile 3H* Jan. 6,1936 New Zea- 3 Colombia... July 18,1933 land Aug. 1,1934 AUK. 12 • -- Czechoslo- Norway May 24,1933 Sept 9 5 vakia 3 Jan. 1,1938 Peru —. 6 May 20,1932 Sept. 17 -.— 6 Danzig 5 Oct. 21,1935 Poland 5 Oct. 26,1933 Oct 17 5 Denmark... Ztt Aug. 22,1935 Portugal 5 Dec. 13,1934 Oct. 22 Ecuador 4 Nov. 30,1932 Rumania 4ft Dec. 15,1934 El Salvador. 5 July 5,1934 South Africa May 15,1933 Nov. 14 3ft England 2 June 30,1932 Spain. 5 July 15,1935 Nov. 15 4 Estonia 4H Oct. 1,1935 Sweden Dec. 1,1933 Nov. 22 fi Finland Dec. 3,1934 Switzerland. 2H May 3,1935 J J N a a o n n v . . 1 . 2 0 2 .1 G 930 4 5 6 """ "' F G G r r e a e r n e m c c e e any... 4 7 5 S M O e c a p t r . t . . 2 2 1 8 2 4 , , , 1 1 1 9 9 9 3 3 3 6 2 3 T U Y u u .S r g k o . e s S l y a . vi R a— _. 5 3 5 H M F M e a a b r r . . . 2 2 1 2 , , , 1 1 1 9 9 9 2 3 3 7 3 5 Jan. 16 3 Hungary 4 Aug. 29,1935 Feb. 4 2ft Feb. 7 /. 8VS I M n n e r lT . c 2 c 8 t Apr 7,1930. 2 5 5 4 6 Ja C pa h n a — ng A es p r s . in 7 c , e d o M w a n r . f ro 1 m : F 3 r . a 6 n 5 c t e o — 3 M .2 a 9 r . p e 2 rc 8 e , n u t p . from Z\i to 5 percent; MONEY RATES IN FOREIGN COUNTRIES {Percent per annum] England (London) Germany (Berlin) Netherla d n a d m s ) (Amster Rankers' Treasury acceptances bills, 3 Money for months 1 month 3 months 1&3 5—February March June July Aupust September November December 1035—February.. March 2.12 4.00 April 2.12 3.89 May 2.14 3 50 June 2.56 3.50 July 5.72 3.50 August 4.06 3.50 September 3.06 4.17 October... 2.85 4.87 November. 2.71 5.00 December. 5.00 5.00 1936—January... February.. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AFSI1 1936 FEDERAL RESERVE BULLETIN 293 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 t r i g n e a n- t A ra u l s i - a A (s u c s h tr il i - a Belgium B (m ra i z l i - l g B a u ri l a - Canada Chile China Co b l i o a m- Cuba s C lo ze v c a h k o ia - m De ar n k - (peso)i (pound)1 ling)^ (belga) reis)i (lev)i (dollar) (peso)* (yuan) (peso) i (peso) (koruna) (krone) 1929 95.1274 480.83 14.0575 13.9124 11.8078 0.7216 99.2472 12.0C01 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 2.9G40 26.7650 1931 66.7375 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 279.93 13.9599 13.9137 7.1223 .7193 88.0896 7.9079 21.7357 95.2750 09.9409 2.9618 18.8317 1933 '72.8009 337.07 15.4478 17.8996 7.9630 1.0039 91.9587 7.67871*28.5979 81. 6966 99.9464 3.8232 19.0709 1934 33.5793 400.95 18.7930 23.2867 8.4268 1.2852 101.0060 10.1452 34.0937 61.7799 99.9362 4.2424 22.4998 1935 32.6585 388.86 18.8309 18.4241 8.2947 1.2951 99.4933 5.0833 36.5707 56.0110 99.9198 4.1642 21.8834 1935-March 31.8033 378. 56 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 387.55 18.7680 16.9461 8.2797 1.2756 99.8977 5.1000 41.0979 55.0634 99.9204 4.1683 21,8175 June 32.8687 391.28 18.8821 16.9393 8.3122 1.3070 99.9078 6.0996 40.4002 54.4068 99.9182 4.1828 22.0458 July 33.0262 393.31 18.9148 16.9117 8.3146 1.3149 99.8322 5.0990 38.6791 52.9692 99.9194 4.1729 22.1303 August 33.1204 394.52 18.9405 16.8878 8.3657 1.3332 99.7799 5.0633 36.8645 53.2263 99.9185 4.1571 22.1848 September. 32.8563 391.52 18.8453 16.8618 8.3378 1.2935 99.2563 5.0515 37.6226 55.9846 99.9200 4.1363 22.0112 October 32.7140 389.61 18.8117 16.8468 8.3791 1.3239 98.5800 5.0694 35.6091 57.3115 99.9200 4.1411 21.9092 November. 32.8152 390.90 18.7753 16.8946 8.3792 1.3404 98.9236 5.0950 29.6485 56.5948 99.9200 4.1303 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 1936—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 22.152(5 M Fe a b r r c u h ary... 3 3 3 3 , . 1 3 3 29 4 1 6 3 3 9 9 R 6. . 0 0 1 6 1 1 8 8 . . 9 85 7 4 0 8 8 1 1 7 6 . . 0 9 4 7 1 8 6 7 8 8 . . 4 3 8 8 7 0 1 3 1 1 . . 3 2 3 9 8 0 0 2 1 9 0 9 0 . . 8 1 4 1 2 3 1 6 5 5 . . 0 0 9 9 3 5 0 0 2 2 9 9 . . 9 8 1 2 1 4 6 3 5 58 7 . . 2 2 f 2 i 3 S 5 3 99.9025 4 4 . . 1 1 0 6 W 37 2 2 2 2. . 3 1 2 8 1 9 1 3 Year or month (p E o g u y n p d t ) E (p n o g u l n an d d ) ( F m i a n r l k a k nd a) F (f r r a a n n c c e ) ( m m r G e a a i e c r n r h k y - ) s- G (d m r r e a a e c ) c h e - (d H E o o o l n n la g g r) (p H e g n a u g r n y S - )1 (r I u n p d e ia e) ( I l t i a r l a y )' J ( a y p e a n n ) M (p e e x s i o c ) o N ( l f e a lo t n h r d i e n s r ) , 1929 498.0689 485.6879 2.5160 3.9161 23.8086 1.2934 47.1669 17.4414 36.2020 5.2334 46.0997 48.1830 40.1622 1930 " ' 498.6002 486.2126 2.5169 3.9249 23.8541 1.2959 33.8530 17.4939 36.0672 5.2374 49.3898 47.1331 40.2251 11 1 1 1 1 1 1 M 9 9 9 9 9 9 9 3 3 3 3 3 3o 3 4 2 3 1 5 6 5 — - J J F N A S O D M u u J e e u o c a e l n a p b t y n g v c e r o t r u u c e e e b u a h s m m m e r t ; a y r ; b b r b : y e e e " ; " r r . " r ; " " . . • . . . ; £ 5 5 5 4 5 3 5 4 4 4 5 5 5 5 5 5 0 1 0 0 1 6 5 0 9 0 0 3 8 0 0 0 0 8 2 4 5 6 5 9 5 5 3 9 4 9 1 8 5 2 . . . . . . . . . . . . . . . . . 8 7 9 8 5 3 9 5 1 2 9 5 3 7 1 3 6 3 0 6 5 4 2 0 5 5 8 1 7 9 4 8 1 0 1 4 1 4 0 4 6 3 9 3 1 8 0 0 7 4 5 6 5 4 9 6 6 5 9 7 3 1 0 7 8 2 5 1 4 4 5 4 5 4 4 4 3 4 4 4 4 4 4 4 4 4 9 0 9 9 0 9 2 9 9 9 9 8 5 5 9 8 9 7 7 0 2 2 3 3 6 6 5 3 3 3 0 3 0 8 0 7 . . . . . . . . . . . . . . . . . . 0 0 8 4 9 2 9 4 7 0 7 6 6 6 7 4 6 1 6 4 7 8 6 9 6 8 3 9 6 7 8 0 2 9 8 7 7 6 7 8 9 3 5 5 5 0 2 5 1 1 6 9 2 6 5 9 2 0 6 4 9 0 4 2 2 5 2 1 7 0 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 . . . . . . . , . . . . . . . . . . 1 2 1 2 1 1 1 1 1 1 3 1 1 1 1 8 1 5 9 0 7 2 8 8 7 0 9 7 8 7 6 7 5 3 5 6 2 1 7 6 5 9 8 9 0 0 4 7 4 2 4 4 1 4 8 9 7 3 9 0 2 9 7 5 5 2 7 3 5 8 5 7 6 6 6 3 3 6 6 6 6 6 6 6 6 6 5 6 . . . . . . . . . . . . . . . . 6 5 5 9 5 6 6 5 9 5 6 0 6 6 6 6 9 2 6 2 8 2 2 8 2 8 1 3 0 3 2 8 7 4 8 7 6 3 6 9 0 8 2 1 1 3 5 1 0 2 6 8 2 2 2 2 0 3 1 3 3 8 1 0 4 4 4 2 4 4 4 4 2 3 3 4 4 4 4 4 4 4 0 0 0 0 0 0 3 0 0 0 0 9 0 0 3 0 0 0 . . . . . . . . . . . . . . . . . . 6 4 3 2 4 3 3 5 3 2 2 2 7 2 2 6 3 2 8 3 4 9 1 7 2 2 2 5 1 0 6 4 4 5 3 7 7 8 5 6 7 5 5 5 7 6 3 3 7 7 9 7 0 2 0 9 6 6 9 1 1 1 8 7 8 8 2 5 2 2 2 2 1 . . . . . . . . . . . . . . . . . . 9 9 9 9 9 9 9 9 9 9 9 9 7 9 9 8 9 2 3 5 4 3 3 3 3 3 3 4 4 4 2 4 3 4 3 9 9 0 2 4 9 9 8 0 3 3 8 5 8 4 2 5 2 2 1 9 3 0 0 9 3 2 7 3 6 4 4 2 4 7 0 6 3 5 4 3 2 2 3 4 5 3 3 2 4 5 5 5 3 5 2 2 0 8 9 2 8 3 7 6 8 2 4 9 3 7 0 2 . . . . . . . . . . . . . . . . . . 7 5 4 2 7 0 9 7 4 3 3 0 5 4 2 9 3 6 9 6 5 0 1 0 5 3 0 6 7 3 1 7 1 1 2 7 1 5 1 5 5 1 0 9 4 0 1 0 6 7 7 4 6 0 9 5 6 1 6 6 5 5 7 4 0 2 2 2 3 7 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 9 9 9 9 9 9 2 9 9 9 9 9 9 9 9 9 7 7 . . . . . . . . . . . . . . . . . . 5 7 5 7 6 4 3 6 6 6 6 4 6 6 4 6 6 4 7 8 0 8 9 0 5 3 2 3 2 1 4 5 7 4 1 0 4 5 0 3 1 6 6 9 4 5 4 2 6 7 0 6 8 2 6 6 9 7 0 7 2 8 2 6 0 2 8 8 5 0 5 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 3 3 3 3 7 7 1 6 3 7 7 7 7 7 7 6 6 7 7 7 6 6 . . . . . . . . . . . . . . . . . . 7 8 8 8 6 3 1 2 4 0 5 2 4 1 0 3 9 4 3 1 4 6 8 9 7 0 8 2 0 6 4 4 2 1 6 3 4 5 6 0 4 9 8 4 1 0 0 1 9 6 1 0 4 9 4 9 7 2 4 5 2 9 7 8 6 9 3 8 0 1 0 3 8 6 8 8 8 8 5 8 8 8 8 8 8 8 7 5 8 . . . . . . . . . . . . . . . . . 2 6 7 2 2 0 2 1 1 1 0 9 0 1 2 2 2 2 6 0 5 0 7 2 0 8 2 3 2 2 4 8 0 4 1 5 9 6 7 5 5 2 3 7 7 5 4 0 2 6 7 7 4 9 6 4 0 3 0 4 6 3 3 3 9 1 3 1 4 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 8 8 9 8 9 8 9 8 9 8 8 S 5 7 8 8 8 8 . . . . . . . . . . . . . . . . . . 8 1 6 6 7 1 3 3 1 9 9 9 6 7 7 9 7 9 5 5 4 6 8 1 1 6 2 1 9 3 8 3 0 3 9 2 5 0 1 3 8 1 9 7 9 7 2 5 3 8 6 S 3 9 7 9 0 7 7 2 2 9 9 8 8 3 1 6 7 2 5 1 1 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 1 8 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 5 . . . . . . . . . . . . . . . . . . 8 1 7 7 9 7 7 7 7 7 7 7 7 7 7 7 7 4 5 0 5 4 3 6 5 7 8 7 6 5 6 6 6 6 6 9 0 2 0 5 6 5 2 7 8 8 1 3 2 7 6 9 7 7 0 5 0 0 0 8 3 9 2 1 9 1 1 7 6 1 5 3 6 4 4 5 6 6 6 6 6 6 6 6 6 6 6 6 6 6 7 0 0 1 7 7 7 7 7 7 7 7 7 8 7 7 8 8 . . . . . . . . . . . . . . . . . . 2 2 7 3 9 4 7 8 6 5 9 7 7 6 8 7 1 3 9 2 2 8 5 5 1 7 1 8 8 5 4 7 6 0 7 5 4 9 0 3 0 7 4 4 9 6 1 5 1 6 9 2 3 2 9 8 9 1 6 6 7 3 5 2 9 6 6 9 6 4 4 6 March ; Year or month ( Z p e N o a u e l w n an d d ) s 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 d u o - )i R ( u n le m ia u a ) - (p S A o o f u r u i n c th d a )' (p S e p s a e i t n a) S ( S m d e t o e r t l a t n l l i a t e t s r s - ) S (k w r e o d n e a n ) S ( w f l r a i a n t n z d c e ) r- ( T p u o r u k n e d y ) (p U g e u r s a u o y - )* ( Y s d l u a in v g a i o a r - ) » 1 1 1 1 1 1 1 S 9 9 9 9 9 9 3 3 3 3 3 2 3 3 4 2 1 5 3 9 5 0 _ . - . - . . . M . J J A N F S M O A . M : . u a u u e e : o ; u c a l S ap : a n p l b : ; v t r g y y r t : o S e i c r e c ; e u _ h l b u . m h S m s . ; e a . t ? b : b r r , . ; e e y ; : . r ; r . 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Average for !933 Is for gold peso for r new 3™™ for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. f ^^ Average for 1931 is forsHver peso for JU.y30-Dec 31. Average for gold peso Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN ArniL 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES tlndex numbers] Year or month (1 U 9 S 2 t n a 6 i t - t e e 1 s d 00) (1 C 9 a 2 n 6- a 1 d 0 a 0) (1 E 0 n 3 g 0 l - a 1 n 0 d 0) (1 F 91 ra 3 n -1 c 0 o 0) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 1 t 3 a « ly 100) 1 ( 9 O J 0 a c 0 p t - o 1 a b n 0 e 0 r ) (1 N 9 l e a 2 1 t n 6 0 h d 0 - e 3 s ) r 0 - jfp^ .............. 100 100 695 134 602 237 106 \yrj 95 98 642 138 495 225 103 J02S . . . ...... 97 96 645 140 462 226 103 1029 95 96 627 137 445 220 100 1030 - ............. 86 87 100 654 125 383 181 90 1031 73 72 88 502 111 323 153 76 1032 65 67 86 427 97 304 161 65 1033 66 67 86 398 93 280 180 63 1014 75 72 88 376 93 273 178 63 1035 80 72 90 338 102 186 62 1031—November 77 71 88 356 101 274 181 December 77 71 88 344 101 276 1035—-January............................... 70 71 88 350 101 277 182 62 February..... - - 80 72 88 343 101 278 184 62 March . 79 72 87 335 101 288 184 61 April 80 73 88 336 101 296 182 61 May 80 72 88 340 101 302 182 61 Juno.................................. 80 72 88 330 101 308 180 61 July 79 72 88 322 102 310 180 61 August „ 81 72 88 330 102 323 183 61 September........ . ............ 81 72 90 332 102 330 189 62 October .. . . . 81 73 91 342 103 194 63 November......................... 81 73 91 348 103 194 63 December. . 81 73 91 354 103 192 63 1030—January . ................... 81 73 92 359 104 192 62 February 81 73 92 376 104 191 62 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups Included in total index above] United States (1926-100) England (1930-100) France (1913-100) Germany (1913-100) Year or month Indus* Induspr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods p I r n o tr d d 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 o tr d d ia u u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r i o o v ns i- a t f r n i i n d a i l s s h e ra e m w d i- p tr r i i o s a d b l e u n d c n ts products 1026 100 100 100 581 793 129 132 130 150 1 1 1 1 1 1 1 1 1 9 9 9 9 0 9 9 9 9 J 2 2 3 3 3 3 3 3 S 7 9 3 1 4 2 0 5 1 1 8 4 9 6 5 6 7 0 0 8 8 9 5 1 5 9 5 6 1 1 8 9 D 6 7 6 7 0 0 1 7 1 5 1 1 0 1 l 9 9 9 8 7 7 7 7 7 3 2 4 5 5 8 8 0 1 100 1 8 8 8 9 9 0 7 5 7 0 0 0 '3 4 3 5 5 5 4 5 6 9 8 2 4 2 8 9 2 7 3 2 7 2 0 4 9 6 9 4 6 6 6 5 3 3 6 6 9 6 7 4 7 1 4 7 9 9 3 8 1 1 1 1 1 1 9 8 9 3 3 3 1 0 0 1 7 6 3 0 4 3 4 2 1 1 1 1 9 8 8 2 7 7 3 2 1 6 6 4 9 5 6 3 5 3 1 1 1 1 10 3 3 3 2 3 4 2 2 0 1 1 1 1 1 1 1 1 1 5 4 5 5 3 1 1 1 1 9 7 7 0 6 6 3 9 3 1934— D N e o c v e e m m b b e e r r . . . 7 7 2 1 7 7 5 5 7 7 8 8 8 8 8 9 3 34 6 4 6 3 3 4 4 7 3 1 1 0 0 1 1 7 7 9 9 1 1 1 1 9 9 1035— N J J S D A A O M F M u u J e e e o c p u a a n l a p b t c y r v g n y r e o t i e r u u c e e l b m u h a m s m e r t a r b y b b r e y e e r r . r . . . . . . . , , 8 8 7 7 7 7 7 8 7 7 7 7 0 1 8 8 8 8 8 0 9 8 7 9 8 8 8 8 8 8 8 8 8 8 8 8 5 6 0 3 2 5 4 3 2 5 6 5 7 7 7 7 7 7 7 7 7 7 7 7 8 7 7 7 8 8 8 8 8 9 9 8 8 9 9 9 9 9 8 8 8 8 9 9 9 0 0 2 3 3 9 3 9 9 0 0 3 3 3 3 3 3 3 3 3 3 3 2 3 2 5 2 2 0 5 9 3 1 3 2 9 9 1 4 2 7 0 2 3 1 1 5 3 3 3 3 3 3 3 3 3 3 3 3 4 4 5 5 4 5 4 5 5 5 4 4 1 6 0 6 5 1 1 1 7 3 7 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 3 5 0 4 5 2 4 4 8 8 8 8 8 8 8 8 8 8 8 8 1 1 4 3 4 6 5 5 4 4 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 1 1 1 1 1 1 1 1 9 0 0 0 0 9 0 0 9 9 0 0 1936— F J e a b n r u u ar a y ry... 8 7 0 8 8 8 3 4 7 7 9 9 88 9 9 3 4 , '3 3 6 G 4 0 3 3 5 5 6 5 1 1 0 0 5 5 8 8 4 5 94 1 1 2 2 0 0 ' Revised. Source*.—See BULLETIN for March 1031, p. 159, March 1035, p. 180, and October 1935, p. 878. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESEEVE BULLETIN 295 AmiL 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES-Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month (19 U 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) 19 F 1 ( 4 J ra = u n 1 ly 0 ce 0)3 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 91 n 4 (J * g i* land 1 (J 9 a 1 F n 4 r * . a - 1 n J 0 u c 0 e n ) e * G 1 e ( 4 1 r - 9 m 1 1 0 a 3 0 n - ) y 1926.., 161 161 113 146 1926.. 103 170 103 142 1927... 155 156 113 153 1927.. 102 164 104 148 1928... 154 157 112 153 1928.. 100 166 105 152 1929.., 157 154 124 156 1929.. 99 164 113 154 1930— 147 145 125 146 1930-. 97 158 118 148 1931.., 121 131 124 131 1931— 89 148 116 136 1932... 102 126 109 116 1932_. 80 144 107 121 1933... 100 120 100 113 1933.. 76 140 106 118 1934... 111 122 98 118 1934.. 78 141 105 121 1935.... 125 86 120 1935... 81 143 123 1935-Febraary— 122 124 90 120 1935—February.... 142 123 March 122 122 88 119 March 81 141 100 122 April 124 119 85 119 April 139 122 May 124 118 86 120 May 139 123 June....... 123 120 86 121 June 140 123 July 122 126 83 123 July 143 124 August 122 126 81 123 August- 143 125 September., 124 125 81 121 September... 143 123 October.... 124 128 85 120 October 145 123 November., 131 87 120 November... 147 123 December— 131 121 December— 147 123 1935—January... 131 122 1936—January.. 81 147 124 February-- 130 122 February.. 147 124 H* J ?ince 4ug?st 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures uiven are for the date nearest mh of month. Indexes for revised series, 1923-25=100, are 80 for October, 82 for November, 82 for December 1935,82 for January 1936, and 81 for February, index represents prices converted to gold basis of 1914. w.-For both retail food prices and cost of living: United States-Bureau of Labor Statistics, Department of Labor- £Wanrf-Minlstry r; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission < relatives aHuI CcoOuUtt ddAe l?aa vxriiae Aa PTa>r or itas. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average-100) Year or month ( U a S v t n a e i r t t a e e s g d e 1 (D 9 E 2 e n 1 c g e « l m 1 a 0 n b 0 d e ) r i ( a 1 F 9 g 1 r e 3 a * n a c 1 v 0 e e 0) r- G ( p a e r v r i e m c r e a a ) g n i e y U St n a i t t e e s d EnglandJ France Germany price) Number of issues... 87 36 139 421 278 300 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 2 2 2 3 3 4 0 2 8 9 6 1 . . . . " . . . . . " , 1 9 8 9 9 9 9 9 9 8 0 6 8 7 8 1 4 5 8 6 2 . . . . . . . . . . 7 0 9 7 0 7 3 1 1 3 1 1 1 1 1 1 1 1 1 1 0 2 1 1 1 1 1 1 2 1 8 9 9 1 0 0 3 2 7 0 . . . . . . . . . . 4 7 9 0 2 2 8 7 3 5 8 8 8 5 9 8 8 8 7 9 8 0 7 5 5 1 1 2 6 3 . . . . . . . . . . 6 4 8 8 7 9 1 3 1 5 J6 8 8 8 8 9 9 7 0 3 1 5 2 5 . . . . . . . 1 7 4 3 5 5 3 1 1 1 1 1 4 9 6 7 7 4 9 0 1 4 8 3 4 2 8 9 § 8 0 9 . . . . . . . . ' . 0 4 4 2 5 9 3 3 5 8 1 1 1 1 1 8 7 8 7 6 0 0 1 1 0 5 8 7 6 8 7 0 5 9 2 . . . . . . . . . . 7 0 0 6 9 9 3 9 5 6 2 1 1 1 1 1 1 8 9 7 1 0 2 7 8 3 0 3 9 7 0 9 3 8 7 2 5 . . . . . . . . . . 0 6 2 3 6 7 2 2 6 1 » » 1 1 1 1 1 7 5 8 6 0 4 2 7 0 3 8 0 2 0 5 2 1 0 1 6 . . . . . , . . . . 8 0 0 0 3 9 7 2 1 1 N A D O u o u e c v l c t g y e o e u m - b m s . b e . t e b r r . e " r ." .. " .! " 1 1 1 1 1 1 1 1 1 1 9 0 0 0 0 0 0 0 0 0 0 9 2 3 0 1 4 1 4 4 3 1 . . . . . . . . . . . 9 2 0 6 2 2 9 2 3 5 1 1 1 1 1 1 1 1 1 1 1 1 3 3 2 2 2 3 3 3 3 2 2 1 1 9 8 9 0 1 0 1 5 4 . , . . . . . . . . . 6 8 9 5 3 3 3 3 3 5 5 8 8 8 8 8 8 8 8 8 7 7 2 2 4 3 2 4 9 2 2 8 9 . . . . . . . . . . . 4 4 8 9 8 5 1 7 8 1 1 9 9 9 9 9 9 9 9 9 9 9 6 5 5 5 5 4 5 5 5 4 4 . . . . . . . . . . . 4 1 5 3 1 9 9 3 3 9 1 6 6 8 6 7 7 8 8 7 9 9 7 3 3 6 7 5 9 3 6 4 5 . . . . . . . . . . . 8 9 0 5 4 0 3 2 1 1 7 8 8 8 8 8 8 8 8 8 8 9 5 3 6 6 2 6 4 8 4 8 0 . . . . . . . . . . . 4 0 8 6 9 9 6 3 7 9 2 8 8 7 7 8 7 7 7 7 7 7 0 8 9 2 8 7 6 6 9 7 7 . . . . . . . . . . . 3 0 8 4 1 7 4 0 8 3 3 7 8 8 8 8 8 8 8 8 8 8 9 0 1 6 3 6 7 5 3 1 2 . . . . . . . . . . . 6 3 0 0 5 8 6 0 5 9 1 February!" 1 10 0 6 7 . . 5 8 1 13 3 1 0 . . 0 1 7 7 7 8 . . 9 9 9 9 5 5. . 2 1 1 1 0 0 1 6 . . 7 7 9 9 5 3 . . 2 1 8 8 6 3 . . 7 7 8 8 6 4 . . 0 2 lweighted averages of monthly indexes. July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. g *«yicaents average of months May-December. o«rc«.*~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

296 FEDERAL RESERVE BULLETIN APKIL 1936 FEDERAL RESERVE STATISTICS BY DISTRICTS, ETC. DISCOUNTS BY MONTHS DISCOUNTS BY WEEKS [Averages of daily figures in thousands of dollars] [In thousands of dollars] 1936 1935 Wednesday figures (1936) Federal Reserve bank Federal Reserve bank March February March Mar. 4 Mar. 11 Mar. 18 Mar. 25 Boston.. 176 156 497 Boston. ^. __ 171 111 176 175 Now York 4,183 5,842 4,090 New York 3,989 3,593 4,150 4,593 Philadelphia 490 G44 557 Philadelphia 561 43S 471 414 Cleveland 91 70 6S4 Cleveland 59 59 124 127 Richmond 47 75 248 Richmnnfi 50 45 50 40 Atlanta...... .... 58 104 203 Atlanta 74 67 67 12 Chicago... 209 55 75 Chicago 41 74 41 41 St. Louis 33 29 35 St Louis 18 18 21 37 Minneapolis 94 72 12 Minneapolis 62 61 125 98 Kansas City 228 352 98 Kansas City 262 175 145 175 Dallas 157 107 133 Dallas 87 175 146 199 San Francisco 188 276 178 San Francisco 338 104 114 154 Total 5,954 7,842 6,810 Total 5,712 4,920 5,630 6,065 Back figwtt.Sto Annual Report for 1934 (table 10). ' TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Total reserves Total deposits Federal c i R rc e u se la r t v i e o n n o i tes in d R e e p s o e s rv it e n a o n te d lia F b e i d li e t r ie a s l combined 1936 1935 1936 1935 1936 1935 1936 March Fe a b ry ru- March March Fe a b r r y u- March March Fe a b r r y u- March March Fe a b ry ru- March N P B h o e i w s l t a o d Y n e o l r p k hia.. 13, 5 4 2 9 4 4 3 6 6 , , , 9 2 8 6 8 2 4 7 9 3,5 4 5 4 0 6 8 5 4 , , , 4 6 5 4 2 1 0 3 6 2, 4 3 1 3 2 7 9 7 5, , , 4 7 6 3 0 8 3 8 2 3,1 3 3 2 9 3 2 8 0 , , , 4 2 5 2 4 8 5 7 2 3, 3 2 4 8 9 4 5 5 8 , , , 2 6 6 2 4 2 4 5 8 [2, 3 2 1 1 4 9 4 1 9 , , , 6 1 8 2 6 6 9 5 6 3 7 2 3 9 7 8 1 7 , , , 8 2 7 6 6 0 1 7 0 3 2 7 6 2 8 9 1 1 , , , 3 4 7 1 1 4 6 7 4 2 2 6 3 6 6 5 5 4 , , , 0 1 1 3 0 1 1 6 8 8 8 7 0 2 3 . . . 6 9 4 7 8 7 4 1 9 . . . 0 4 8 7 6 7 5 8 6. . . 0 8 8 A C R l t i o l c a v h n e m t l a a o n n d d.... 5 2 2 7 1 8 8 3 2 , , , 5 5 1 0 7 2 4 9 8 5 2 1 4 2 9 8 4 5 , , , 5 4 3 1 3 7 1 8 4 4 2 1 4 1 3 3 1 4 , , , 6 6 5 4 3 1 3 4 6 4 2 1 1 1 4 9 8 4 , , , 2 6 4 4 3 0 5 9 3 3 1 1 7 8 3 0 5 0 , , , 8 1 1 2 4 1 1 9 7 3 1 9 2 6 6 7 7 , , , 3 5 3 5 5 3 6 9 6 3 1 1 6 6 7 0 0 5 , , , 9 4 9 0 9 3 2 4 2 3 1 1 5 7 5 4 5 3 , , , 0 4 5 7 4 0 9 6 9 3 1 1 0 2 5 9 5 3 , , , 7 7 4 5 3 3 4 7 8 7 7 7 4 1 0 . . . 2 4 0 | 6 7 6 8 2 8 . . . 9 4 8 6 6 5 0 . . 9 6 S M C t h . i i n L c n a o e g u a o i p s olis.. ,4 2 1 4 2 7 4 1 7 , , , 4 7 3 6 9 0 3 1 6 1, 2 1 3 2 6 7 1 7 8 , , , 0 1 3 4 8 7 9 7 7 1, 1 1 07 9 5 7 9 3 , , , 8 7 5 9 6 3 8 4 7 8 1 1 7 7 3 7 6 6 , , , 5 4 8 3 4 8 9 7 1 8 1 1 3 3 7 8 0 7 , , , 8 8 6 1 6 7 6 4 8 6 1 1 6 1 6 2 1 1 , , , 8 7 4 2 5 5 1 3 0 8 1 1 6 1 6 2 1 2 , , , 0 6 2 2 2 9 5 0 0 8 1 1 5 6 0 2 1 9 , , , 6 1 3 6 9 2 9 3 8 7 1 1 0 8 4 3 7 0 , , , 9 9 0 4 8 9 8 7 0 8 6 7 3 5 1 . . . 0 4 5 8 6 6 1 9 5 . . . 5 2 7 7 6 7 6 1 4 . . . 2 2 3 S D K a a a n l n l s a F a s r s a n C ci i s t c y o .. , 4 2 1 4 1 5 7 6 4 , , , 4 4 9 6 1 7 9 4 3 4 2 1 0 1 3 7 6 8 , , , 9 6 4 4 1 3 1 4 2 2 3 1 0 4 11 1 3 , , , 0 2 2 4 4 7 1 6 9 1 1 8 5 5 8 , , 8 3 4 5 8 2 3 1 1 1 8 4 4 1 3 , , , 8 8 1 0 5 8 9 4 5 2 1 1 9 8 2 5 2 9 , , , 9 3 4 2 0 2 1 3 5 2 1 7 8 4 2 4 3 , , , 9 9 2 8 7 9 1 4 6 2 1 7 7 3 8 2 9 , , , 2 8 9 9 9 2 7 0 8 2 1 4 0 1 8 3 8 , , , 1 5 0 8 3 4 3 1 8 6 6 7 5 6 0 . . . 8 4 9 | 6 6 68 7 4 . . . 8 3 1 6 6 6 6 2 8 . . . 8 7 8 Total... 8,023,712 8,016,502 5,819,381 6,516,990 6,002,790 4,890,584 3,742,342 3,669,821 3,154,971 78.2 78.0 72.3 i Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $18,012,000; month ago, $18,020,000; year ago, $15,796,000. Back figures.—See Annual Report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 297 APRIL 1936 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK, ALSO FEDERAL RESERVE NOTE STATEMENT, MAR. 31, 1936 [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 l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it s n y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury - — 7,665,346 588,942|3,065,831 [425, S20JG05,0221275,835 203,4371,312,551194,371 .61,727 204,437 148,087 179,286 Redemption fund—Federal Reserve notes —• 14,865 2,567 1,551 520 871 2,229 680 1,1161 374 1,161 542 2,451 Other cash — 347,0901 38,616 95,028 42,213 34.0681 16,982 10,838 46,140 16,060! 7,477 20,5071 4,656 14,505 Total reserves - 8,027,301 630,125 3,162,410 468,553 639,961293,620 216,5041,359,371211,547|:i69,578 226,105 153,285 96,242 Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed _ 5,204 228 2,138 4231 2.0001 50 130 Other bills discounted 2,809 32 2,164 46i 125 216 24 Total bills discounted 8,013 2601 4,302 469 59 40 107 2,041 37 153 175 216| 154 Bills bought in open market 4,674 3491 1,739 472 440 190 163 580 87 61 133 133 327 Industrial advances-_____ 30,409 2,910 7,686' 5,441 1,552 3,829' 855 2,139 552 1,466 1,176 1,107 U. S. Government securities: Bonds _ 265,689 17,9561 68,473 20,755 23,973 12,834! 11,019 28,415 13,492 14,494!13,013 19,347 21,918 Treasury notes _ 1,554,894 103,893| 448822,,776600] 11166,7,71144|l14444,,229933 77,244 66,320 171,029 81,704 45,556 77,206 56,254 131,921 Treasury bills 609,667 35,828J 178,150 39,651 49,759 26,638122,870 121,720 28,004 15,531!26,625 19,399]45,492 Total U. S. Government securities 2,430,250 157,677 729,383177,120 218,025 116,716 100,209 321,164 123,200 75,581116,844 95,000 199,331 Other securities 181 181 Total bills and securities 2,473,527 161,196 743,110|l83,502]220,076|l20,775|l01,334| 325,924123,876 77,261L18.509 97,045 200,919 Due from foreign banks 650 501 258 60 28 23 78, 3 19 45 Federal Reserve 18,811 327 6,530 762 1,475 1,065 1,291 1,758 1,361 1,115 1,274 446 1,407 Uncollected iten 521,810 55,727 141,669 37,716 47,514 42,243 20,3601 67,662 22,560 12,587 29,679 19,769 24,324 Bank premises _„ 47,885 3,113 10,843i 4,926 6,525 2,919 2,284! 4,828 2,452 1,531 3,360 1,5241 3,580 36,811 224 26,830 3,598 1,511 1,033 1,343 311 195 420 319 767; 260 All other assets 11,126,795 850,762J4,091,65o|699,12o|917,122(461,683|343,139|l, 759,932J361,9951262,495 \379,265272,855 '26,777 Total assets LIABILITIES Federal Reserve notes in actual circulation.. 3,763, 758|341,082j 802,309|280,15SJ361,048 [ 177,2041159,921 865,680 162,425112,236 44,549 74,765282,381 Deposits: Member bank—reserve account. __ 5,087,086 296,547 2,353,729 288,954 368,384185,156 113,253 645,613 125,079! 94,0771,64,068 20,487 331,739 F O U o t .S h re . e T i r g r n d e a e b s p u o a r s n e i r k ts — - . PAn**™! an*nn«* 1,0 2 7 6 6 7 2 9 , , , 4 6 4 9 9 7 4 7 4 12 5 4 5 , , , 5 8 1 8 7 1 7 6 0 2 4 2 0 4 0 9 0 , , , 8 7 6 5 8 7 0 0 7 5 2 6 1 , , , 1 3 0 2 6 4 8 1 3 10 6 2 0 , , , 0 3 4 6 6 5 3 2 1 | 3 3 2 6 , , , 0 8 5 1 9 0 0 1 9 2 4 2 9 , , , 7 3 4 0 3 8 6 7 1 12 7 3 6 , , , 0 6 0 8 4 0 1 4 5 ] 2 8 9 1 , , , 9 8 8 7 7 1 7 8 2 ' 2 4 9 1 , , , 5 2 3 8 7 6 2 2 7 29 1 1 , , , 9 0 0 1 0 3 1 5 4 36 7 1 , , , 1 9 6 8 1 9 7 1 0 1 ] ' 4 1 4 6 3 , , , 5 7 8 4 0 3 7 9 1 S S D C u u a e r r f p p p e i r l l t u r u a v h T e s l s e e d o p r ( ( f t l s a s o a a i e e i l r v a d c c b a d c . . i i i o e n 7 l 1 l p a n i . ) 3 6,4 5 1 1 9 2 2 3 3 4 2 6 7 6 4 0 5 , , , , , , , 1 5 7 1 3 7 5 0 1 0 5 4 2 0 4 3 5 1 0 3 1 1 4 5 3 9 9 2 3 1 2 , , , , , , 4 9 8 3 7 1 2 1 7 2 0 9 2 5 3 4 9 2 0 0 2 3,0 1 2 5 5 4 5 8 7 3 0 0 2 , , , , , , , 0 8 7 7 9 8 2 3 4 1 4 2 7 0 6 2 5 4 0 9 5 3 3 4 1 1 4 3 7 8 2 3 , , , , , , 0 2 4 1 3 4 3 8 5 3 0 2 0 5 6 7 1 8 4 0 6 i 4 4 7 1 1 3 7 4 1 7 2 , , , , , ,2 1 3 0 4 3 5 6 1 0 6 7 0 5 0 1 3 7 1 8 4 2 4 2 2 4 5 3 1 7 , , , , , ,5 1 2 4 5 3 1 6 6 2 8 4 8 0 6 9 1 6 8 0 9 1 1 2 4 4 0 5 2 9 , , , , ,7 7 6 2 1 5 1 7 1 5 3 0 8 4 7 4 6 2 8 6 5 6 2 1 7 8 1 2 1 1 , , , , , , 3 5 0 3 3 1 9 7 3 6 9 5 1 7 2 0 3 6 2 3 4 3 , , , 7 5 8 6 6 6 4 5 9 5 6 6 2 6 5 1 3 3 2 1 1 , , , , , 1 0 3 0 4 0 4 1 1 0 7 0 1 9 7 3 7 4 1 2 9 3 3 8 1 6 , , , , , 6 9 1 9 0 8 1 4 1 4 7 1 7 4 2 3 5 9 5 8 4 1 16 2 3 6 3 1 1 1 , , , , , , 2 2 7 3 8 5 1 5 2 7 8 0 3 1 2 8 6 6 3 0 6 [ 2 1 9 9 4 1 1 0 6 , , , , , , 6 8 1 5 1 8 2 4 2 4 6 4 2 4 9 1 5 0 9 6 6 T o o f t t a o l t H a a ln b 11,126,795 850,762 4,091,650 699,120 917,122 461,683 343,139 1,759,932 361,995 262,495 379,265272,855 r26,777 eral Reset > fi d tm (p e e n r t c s en 78.2 81.5 82.6 74.5] 76.3 69.9i 82.5 64.5 70. 66.4 63.6 73.1 ces 25,084 2,929 9,774 354 1,605 380' 8X| 1,863 105 663 584 4,425 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes- Issued to Federa H ^e el r d a b l y R F e e s de e r r a 4,0 2 1 5 9 5 , , 3 6 8 2 0 2 3 1 5 8 9 , , 6 7 9 7 5 7 8 9 9 3 6 , , 9 2 9 9 0 9 ) 29 1 1 1 , , 3 2 8 2 7 9 37 1 7 6 , , 0 0 8 3 0 2 18 7 5 , , 8 0 2 2 4 8 1 17 1 7 7 r ,, , 8 9 5 2 0 9 89 2 4 8 , ,3 0 8 6 2 2|l6 7" 9 , , 2 6 7 9 "0 5 " |ll5 3 , , 8 6 4 1 : 1 15 8 2 , , 3 92 7 4 5 80 5 , , 4 7 8 2 7 2 3 3 1 6 8 , , 5 94 6 4 3 In circulation. 3,763,758 341,082 802,309|280,158|361,048|l77,204[l59,921 865,680162,425112,236144,549 74,765282,381 ilheldbyai asuedtobai t certificates Jt ** S L • b G t l T e o . v p S e a r p . n T e m r n ent securities 3,98 6 6 7 9 , , , 1 8 0 5 0 4 5 0 3 366,6 2 1 3 7 4 90 2 5 , , 7 7 1 06 6 ! 292,0 4 0 3 0 6 378,44 2 0 7 186,00 2 0 5 1 2 5 7 5 , , 0 6 0 9 8 0 5 5 90 2 0 , , 0 00 0 0 0 ,1 2 4 8 2 , , 0 63 0 2 2 0 6 117,0 1 0 3 0 7 13 1 9 4 , , O O 1 O O & C C 81,5 1 0 7 0 3 1 | 323, 1 2 3 6 0 3 Total collateral 4,062,998 366,851) 908,422 292,436 378,467 186,025 182,780] 902,000 170,658117,137 153,15fi 81,673 323,393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN APRIL 1936 RATES ON INDUSTRIAL ADVANCES (Approved by the Board of Governors or the Federal Reserve System, under seo. 13b of Federal Reserve Act as amended June 10,1934. Percent per annum except as otherwise specified. In effect on Apr. 1,1936] Boston Y N o e r w k d P el h p l h la l - a C la le n v d e- m Ei o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n lis e- K C an it s y as Dallas F S r a a n n* clsco Advanced direct to industrial or commercial organizations ...................... 3*4-6 4-6 4-6 4H-6 6 6 5-6 6 4-6 5-6 6-6 Advances to financing institutions: On portion for which institution Is ob- f ligated 3 3 3 4-6 5 13 4}£-5 4 4 3-4 On remaining portion................. 4-5 4-6 5 5-6 % 4^-5 4 6-6 4-5 Commitments to make advances.... 1-2 1-2 H 1-2 *H-2 1 i Authorized rate 1 percent above prevailing discount rate. > Same aa 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 MAR. 25, 1936 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and . ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e l a a c st h W m e o d n n th es ) day of N r u e m ce b iv er e d t A o m d o a u te nt Nu o s t ( m o w e u r e t i b y t s e c h o r n a to d C n A i d o t m i m o d w n o m a i u s t t ) i h n e t- - t Numbe T r ota A l mount a s R F t d a b e e v o n d a s a u e d n e n t r r i k - c n v 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 n e m t r r i k - t n v i a 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 p w p w a p i a n n r i l i t t e i d h - b d , - y , s i t n F p p a t g a a i u n o n r t t d u i i a t i n o i t o i n n c - n s n c i t g s - i - - * 1834-Dec. 26... 5,053 187,696 1,122 54,531 49,634 13,589 8,225 20,966 6,558 1,296 lD35-J D J N J A S O A M M F a u u e p e e o u c n p b a a n l r c t v g y . . . . r y t e . 3 . . . . 3 3 3 O 2 2 2 2 2 2 2 2 1 0 1 4 7 3 7 9 6 7 5 (Tuesday) 7 7 7 6 6 7 7 5 6 6 6 6 , , , , , , , , , , , , 3 6 6 6 1 0 8 1 8 4 5 2 S 1 1 9 0 2 3 9 6 2 9 3 5 8 5 S 0 0 9 7 3 8 5 3 2 3 3 2 2 2 2 2 2 2 2 1 0 0 9 9 4 7 6 7 2 1 0 9 2 6 2 9 5 1 3 8 7 5 5 5 , , , , , , , , , , , , 3 7 7 9 7 5 0 7 4 0 9 7 3 0 4 5 2 8 7 6 8 2 0 1 1 8 7 6 7 1 8 8 2 2 0 0 2 2 2 2 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 1 9 8 7 1 0 9 0 3 6 6 4 7 0 1 3 3 0 7 4 2 3 8 3 6 7 5 4 4 9 0 1 1 3 3 2 1 1 1 1 1 1 1 8 9 7 7 7 0 0 1 2 3 2 3 0 6 6 3 9 2 9 2 1 2 6 0 , , , , , , , , , , , , 3 7 3 6 6 6 4 4 8 4 1 5 3 9 7 7 0 2 3 7 9 6 9 0 1 9 4 5 3 9 7 0 0 0 2 2 1 - , . , , , , , , , , , 8 5 9 7 7 6 4 3 1 2 9 3 7 0 8 3 4 6 6 6 6 4 4 1 1 6 9 6 4 8 8 8 7 1 1 1 1 1 1 8 8 8 7 7 0 2 6 0 1 2 1 1 8 6 6 2 7 4 4 3 8 1 5 , , , , , , , , , , , , 1 4 2 7 2 5 6 4 5 3 9 3 3 4 4 3 2 7 8 9 1 7 4 5 4 4 1 3 5 8 2 3 8 8 7 0 2 2 2 2 2 2 3 3 3 3 1 1 8 0 2 0 2 7 2 6 9 0 7 9 , , , , , , , , , , , , 3 2 7 7 4 5 6 9 4 4 1 1 5 0 1 8 9 9 6 1 3 7 4 3 4 6 9 5 3 3 3 8 4 7 7 2 2 2 2 2 2 1 1 1 1 2 2 1 0 6 3 7 6 3 9 7 6 5 8 1 , , , , , , , , , , , , 5 3 0 0 9 4 6 7 9 8 7 0 7 6 2 4 1 2 5 3 0 3 9 0 9 3 5 9 4 2 7 9 8 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 3 6 1 6 3 8 6 5 9 3 3 1 , , , , , , , , , , , , 5 7 2 5 9 3 3 8 7 4 3 5 9 9 4 5 5 1 6 3 5 6 5 4 1 1 8 2 6 9 2 5 0 6 7 8 2 2 2 2 1 1 1 3 3 3 4 6 1 9 7 4 7 2 6 4 3 0 8 , , , , , , , , , , , , 9 1 8 1 6 4 5 0 9 9 7 9 1 8 6 0 7 8 2 5 0 2 0 5 1 5 2 5 5 5 6 0 0 7 0 2 2 3 4 2 4 5 6 7 8 8 1 , , , , , , , , , , , 2 7 4 8 0 5 6 6 7 6 0 6 2 7 8 7 3 1 0 7 8 6 4 8 2 1 9 3 1 8 0 0 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 299 APRIL 1936 MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars] Reserves held Borrowings at Federa1 Reserve banks Total Excess Federal Reserve district 1936 1935 1936 1935 1936 1035 February January December February January December February January December Boston.. 368.5 375.8 336.5 225.4 234.1 196.0 0.1 0.3 0.5 New York 2,821.5 2,823.1 2,756.4 1,486.4 1,509.0 1,448.9 5.7 4.0 3.9 Philadelphia 283.2 294.3 266.3 137.8 149.3 124.1 .6 .4 .5 Cleveland _ 349.9 339.3 335.8 187.2 176.7 172.9 .04 .006 .03 Richmond^ 176.8 170.2 170.0 99.1 92.7 93.6 ,1 .1 .1 Atlanta 120.6 111.6 108.3 58.9 48.9 45.9 .2 .1 .1 Chicago.. 802.5 793 9 8S0 4 414 5 412 3 502 9 .01 .1 .2 St. Louis 165 6 157 8 165 0 91 5 83.4 90.9 .02 .007 .1 Minneapolis .....-.._ ... 121.9 110.5 104.2 74.2 62.4 55.8 .1 .1 .1 Kansas City. 175 4 175 8 171 8 96 4 95.5 89.6 .3 .5 .6 Dallas 127* 9 128 4 119 5 72 0 71.1 62.4 .1 .1 .1 San.Francisco 294.3 299.0 301.4 94.6 97.2 99.8 .3 .03 .008 Total 5,808.1 5,779.8 5,715.6 3,037.8 3,032.7 2,982.7 7.5 5.6 6.0 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 Reserve district 1936 1935 1936 1935 1936 1935 1936 1935 Fe a b r r y u- Ja a n ry u- De b c e e r m- Fe a b r r y u- Ja a n ry u- De b c e e r m- Fe a b r r y u- Ja a n ry u- De b c e e r m- Fe a b r r y u- Ja a n ry u- De b c e e r m* N B e o w sto Y n ork..IH"";;"2 1 1 1 0 , , , 3 1 0 0 2 3 6 5 5 9 1 1 , , , 1 8 2 2 9 6 0 1 2 9 1 1 , , , 2 8 0 7 8 1 7 7 4 1,5 5 6 7 7 1 8 8 6 1,6 5 6 1 7 1 7 7 6 1,6 5 1 7 9 5 1 1 7 8 3 5 5 1 1 1 7 8 3 6 1 4 1 1 7 8 5 8 3 0 4 1 4 5 2 1 2 8 4 1 4 4 2 5 1 7 9 2 4 1 4 5 2 1 7 5 0 A g R j i t e c la v h n e m l t a a o n n d d ""II""""" 1,2 5 6 2 0 1 8 4 5 1,2 5 6 3 1 1 1 6 4 1,2 5 5 4 1 9 2 1 9 9 3 2 S 2 6 7 8 5 3 9 2 2 7 7 4 1 0 9 3 2 4 2 7 2 1 0 1 9 7 2 3 7 3 1 9 7 2 4 7 3 1 1 2 7 0 4 9 5 2 1 4 7 7 9 4 0 2 1 4 6 7 9 9 3 2 1 4 7 6 7 2 7 M st i n S nea ; p : o : lis : ;: / 2,8 3 5 8 1 7 1 2 8 2,8 3 5 3 1 8 0 7 1 2,7 5 3 9 2 7 6 0 2 1,1 2 1 0 6 7 0 1 5 1,0 2 1 9 7 6 6 4 3 1,0 2 1 7 6 7 3 2 1 1 1 1 6 1 0 0 1 9 1 1 1 6 1 0 0 2 9 1 1 1 6 2 1 4 3 4 1 1 9 9 7 5 8 6 1 1 9 9 7 4 5 6 1 1 9 9 7 3 1 3 D K a an ll s a a s s . 1,3 4 5 6 2 9 2 8 3 1,3 4 6 8 4 0 4 4 5 1,3 6 4 9 3 1 1 9 5 1,9 1 1 5 9 5 0 9 8 1,9 1 1 5 9 5 2 8 8 1,9 1 1 2 9 5 2 9 9 1 1 7 7 4 4 6 6 1 1 7 7 4 6 6 3 1 1 8 9 4 0 2 7 1 9 3 1 5 9 2 1 9 3 1 4 8 2 1 3 9 0 6 2 7 Total. 20,968 20,795 20,662 8,197 8,215 8,110 1,460 1,459 1,539 2,204 2,197 2,170 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN APRIL 1936 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 City Total Bostoi Y N o e r w k P p d h h i e l i a l a ^ C l l a o n v d e, m Ri o c n h d - Atl t a a n- go 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 - Dallas F c S r is a a c n n o - Y N o e r w k Ch g i o ca- Loans and investments, total: Mar. 4 21,200 1,168 9,147 1,132 1,738 572 510 2,830 611 365 598 423 2,107 8,296 1,950 Mar. 11 21,326 1,108 9,307 1,130 1,730 573 499 2,816 614 353 602 430 2,104 8,457 1,932 Mar. IS 21,037 1,197 9,281 1,164 1,773 571 515 2,940 621 356 615 449 2,155 8,410 1,988 Mar. 25 21,611 1,200 9,273 1,161 1,768 570 529 2,913 623 624 445 2,146 8,400 1,953 Loans to brokers nnd dealers In Now York: Afar. 4 1,003 984 Mar. U 1,002 1,041 1,027 Mar. 18 079 956 946 Mar. 25 ___. 034 898 Loans to brokers and dealers outsido New York: Mar. 4 195 Mar. 11 202 37 Mar. IS 200 34 Mar. 25 28 Loans on securities to others (except banks}: Acce M M M M pt a a a a a r r r r n . . . . c 4 2 1 1 e 5 1 8 s and commercial '2 2 2 2 , , , , 0 0 0 0 3 9 0 6 7 0 7 0 1 1 1 1 5 5 4 4 1 2 S 8 8 9 9 8 0 9 0 9 4 2 7 0 1 1 1 1 4 4 4 4 8 7 7 7 '2 2 2 2 1 1 1 1 5 5 1 1 69 2 2 2 2 0 0 0 0 9 8 6 5 1 1 1 1 6 6 7 6 8 7 0 9 7 7 7 7 5 4 4 5 8 2 4 5 1 1 1 1 4 5 4 5 7 1 3 0 paper bought: Loan M M M M s a a a a o r r r r n . . . . 4 2 1 r 1 e 5 . 1 8 . al estate: 3 3 3 3 4 4 4 4 9 6 3 1 1 1 1 16 6 6 6 4 3 5 0 3 3 3 3 5 5 5 5 3 3 3 2 0 0 1 9 2 2 2 2 5 5 5 5 2 2 2 2 5 5 6 5 1 1 1 1 5 5 5 6 9 5 8 0 1 1 1 1 4 5 6 5 Loan M M M M s a a a a to r r r r . . . . b 2 4 1 1 a 8 5 1 n ks: "I ' 1 1 U 1 , , , 1 1 1 4 5 4 4 S 0 6 6 2 2 2 2 5 5 5 5 2 1 2 1 '1 1 1 1 8 8 8 8 7 7 8 9 2 2 2 2 1 1 1 1 '6 6 6 6 1 1 1 1 5 6 6 6 3 3 3 6 6 6 7 7 7 1 1 1 1 3 3 3 3 5 5 5 6 1 1 1 1 5 5 5 5 Othe M M M M r a a a a lo r r r r . . a . . n 2 4 1 1 s 5 8 1 : I . " '., '6 6 8 7 4 S 3 7 •• 4 4 3 2 5 9 9 4 4 4 4 4 1 1 1 1 7 7 7 7 4 4 4 4 2 2 2 1 '2 4 3 4 9 9 3 5 5 5 5 5 U. M M M M S. a a a a r r r r . . . . G 2 4 1 1 o 5 8 1 v ernment dir ' I e " I c " . t , 3 3 3 3 , , , , 4 4 3 3 2 0 7 5 4 6 8 5 2 2 2 9 9 8 7 4 3 1 1 1 1 , , , , 2 2 2 2 8 7 6 9 1 9 8 7 1 1 1 1 6 7 6 6 9 1 6 5 •• 2 1 1 2 0 9 9 0 1 4 2 0 1 1 1 1 0 0 0 0 5 5 3 2 1 1 1 1 3 3 3 3 7 5 2 2 '3 4 3 4 5 9 0 0 8 5 1 0 1 1 1 1 0 0 0 0 6 6 5 7 1 1 1 1 2 2 2 1 1 0 2 8 1 1 1 1 2 2 2 2 3 2 2 4 1 1 1 1 2 2 2 2 1 2 1 0 3 3 3 3 5 5 5 5 6 3 8 6 1 1 1 1 , , , , 1 1 1 1 4 5 3 2 1 8 8 8 2 2 2 2 5 6 5 5 9 1 4 7 obligations: Obli M M M M ga a a a a t r i r r r o . . . . n 2 1 4 1 s 5 1 8 fully guarant " ee " d " . ' ' 8 8 8 , , , 8 6 8 5 3 6 9 4 5 4 3 3 3 0 7 9 8 0 9 7 2 3 3 3 3 , , , , 7 7 7 6 1 0 3 6 7 4 7 7 3 3 3 3 2 2 0 0 6 6 1 2 '8 8 8 8 3 2 0 0 5 8 2 9 2 2 2 2 5 5 5 5 2 6 2 7 1 1 1 1 9 8 8 7 9 8 4 2 1 1 1 1 , , , , 5 6 6 6 4 2 4 7 5 6 4 4 2 2 2 2 4 2 3 3 1 9 0 7 1 1 1 1 3 3 4 3 7 4 5 0 2 2 2 2 4 3 2 2 3 7 5 1 '1 1 1 1 6 7 4 4 8 0 3 7 7 6 6 7 0 1 6 6 4 1 8 5 3 3 3 3 , , , , 4 4 4 5 5 7 6 2 1 6 6 2 1 1 1 1 , , , , 1 1 0 1 3 3 9 6 0 9 9 2 by U. S. Government: Othe M M M M r a a a a s r e r r r . . . . c 2 u 4 1 1 5 r 1 8 i ties: "" " ™ "' 1 1 1 1 , , , , 2 2 2 2 6 4 2 5 5 4 4 7 1 1 1 1 7 8 7 6 5 5 5 5 7 6 3 0 8 5 9 7 1 1 1 9 0 0 0 9 7 2 2 66 40 1 1 1 1 4 4 4 4 4 6 4 2 4 5 5 5 9 2 3 2 4 4 4 4 2 3 2 5 '4 5 5 4 2 0 1 4 1 1 1 1 3 3 3 4 7 7 8 0 5 5 5 4 4 1 3 7 9 1 7 9 8 8 9 3 9 9 0 9 Rese M M M M rv a a a a e r r r r . . . . w 2 4 1 1 5 1 8 i th Federal 1 R '.' e . " " - ' '. 3 3 3 3 , , , , 2 1 2 2 8 8 2 6 2 3 2 5 1 1 1 1 7 6 7 6 0 7 2 5 1 1 1 1 , , , , 3 3 2 3 5 1 3 9 9 7 9 7 2 2 2 29 9 9 9 9 6 9 5 2 2 2 2 5 4 5 4 0 9 0 9 3 3 3 3 7 6 7 5 4 9 3 7 1 1 1 1 0 0 0 0 4 3 1 4 1 1 1 1 2 2 1 1 1 0 7 7 4 4 4 4 7 8 7 7 3 3 3 3 6 6 6 6 4 1 4 7 1 1 1 1 , , , , 1 1 1 1 7 3 5 1 8 6 7 5 2 2 2 2 6 5 6 6 5 1 4 3 serve bank: Cash M M M M i a a a a n r r r r . . . . v 2 4 1 1 a 5 8 1 u lt: „„„ II H 4 4 4 4 , , , , 0 0 6 7 0 8 3 2 3 9 2 3 2 2 2 2 3 4 9 9 5 1 4 2 2 2 2 2 , , , , 0 0 4 3 1 6 7 0 8 7 3 5 2 2 2 1 0 1 2 9 3 7 4 5 '2 2 2 2 5 4 8 8 9 7 2 5 1 1 1 1 3 3 4 2 7 8 4 5 5 5 7 7 8 2 8 1 2 1 1 1 0 9 1 1 0 6 3 7 1 1 1 1 0 1 1 0 3 6 0 7 1 1 1 8 8 9 8 1 3 2 2 1 1 , , , , 9 9 3 2 4 8 9 2 9 9 0 5 4 4 5 4 2 1 8 2 3 3 4 3 ' M M M M R a a a a e r r r r v . . . . i 2 I 4 1 s S 5 1 e d. "" I 3 3 3 3 6 6 7 6 6 2 6 0 1 1 1 1 1 2 1 1 7 0 6 9 6 6 6 6 4 2 6 2 1 1 1 1 4 4 5 4 2 3 3 3 9 0 2 1 1 1 1 1 6 7 6 7 5 5 7 8 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 5 5 4 4 1 2 9 9 3 3 3 3 6 5 5 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1936 FEDERAL RESERVE BULLETIN 301 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS, AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total Boston! Y N o ew rk P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - At t l a an- Jf g li o ca- L S ou t. is n M o e i l a i n p s - - K C s a i a t n s y - Dallas F c r S i a s a n c n - o Y N o e r w k Ch g i o ca- I Balances with domestic banks: Mar. 4. 2,401 134 177 171 234 159 159 415 139 97 311 187 218 75 198 Mar. 11 2,419 129 180 168 228 165 175 399 142 106 304 183 240 79 179 Mar. 18 , '2,287 123 166 170 '216 161 169 362 130 103 294 175 218 78 167 Mar.25 2,230 110 166 165 216 163 155 355 131 107 285 170 207 78 157 Other assets: Mar. 4 1,342 80 542 86 112 41 111 24 18 25 28 237 471 77 Mar. 11 , 1,347 81 539 87 112 41 110 24 18 25 23 243 468 76 Mar. 18 ' 1,318 80 527 86 ••111 40 106 24 18 25 28 236 457 74 ^ Mar. 25- , 1,329 81 534 86 110 40 110 24 18 25 235 463 76 Demand deposits—adjusted: Mar. 4 13,966 974 6,429 774 290 2,053 372 254 433 324 730 5,950 Mar. 11 "_ 14,041 969 6,429 769 966 384 293 2,070 380 258 442 334 747 5,953 1,402 Mar. 18 "... • 13,771 942 6,306 750 '965 370 288 2,007 365 249 436 332 761 5,831 1,354 Mar. 25 . 13,747 933 6,341 756 946 370 294 1,965 377 246 441 328 750 5,869 1,308 Time deposits: Mar. 4 4,911 301 938 259 193 170 763 173 120 145 119 1,033 537 414 Mar. 11 4,931 301 945 271 696 193 170 764 173 120 144 118 1,036 543 414 Mar. 18 _H\ ' ' 4,922 301 941 270 '695 193 170 765 173 120 145 118 1,031 541 414 „ Mar.25 1."""" 4,921 301 944 273 695 193 170 764 173 120 145 118 1,025 546 414 U. S. Government deposits: Mar. 4. 511 7 151 30 41 24 27 104 4 7 12 21 83 131 80 Mar. 11.. ' 510 7 151 30 41 24 27 103 4 7 12 21 83 131 SO M M a ar r . . 2 i 5 s . . . „ .::::::::::::;: •• 7 7 7 8 7 5 1 1 7 7 2 23 3 1 0 5 5 7 7 •• 5 5 8 8 4 4 1 1 4 4 3 3 1 1 5 5 2 2 8 4 1 1 9 9 3 3 3 0 1 11 1 7 7 1 1 9 9 S 7 1 1 1 1 6 6 Interbank deposits," domes-' Mar. 4.. 5,873 249 2,538 311 342 216 210 803 259 122 375 188 260 2,466 594 . M M M a a a r r r . . . 2 1 n 5 8 .. ;::;; '"" '5 5 5 , , , 5 3 8 0 8 3 9 5 2 2 2 22 3 5 7 1 1 2 2 2 , , , 3 2 5 3 4 1 4 9 9 3 2 0 9 5 7 ' 3 3 3 3 2 2 6 5 4 2 2 2 1 0 0 4 6 3 2 2 1 1 0 9 1 7 9 7 7 7 5 9 5 0 6 4 2 2 2 4 3 5 1 7 3 1 1 1 2 1 1 4 5 5 3 3 3 6 5 7 1 3 0 1 1 1 8 7 7 1 8 2 2 2 2 5 5 6 6 5 8 2 2 2 , , , 4 1 2 5 8 7 1 7 0 5 5 5 5 6 9 5 0 2 interbank deposits, foreign:' _ b orr M J M o j w a a a r i r r n . . g i 2 1 i s 8 5 i : : . : ._ ;;:;;;™ ' ' 3 3 3 8 7 6 5 7 9 8 7 S 7 3 3 3 3 5 6 4 4 6 1 1 7 1 1 1 1 1 1 1 1 4 4 5 5 1 1 1 1 . 1 1 1 1 1 1 1 1 0 1 3 3 3 3 4 6 4 5 6 0 0 3 Mar. 4 . M Ma a r r . . i 1 s 1 . . . . . .; .:;;;; — 2 1 1 3 1 1 1 1 9 3 1 1 1 2 8 4 . Mar. 25 17 1 16 O „ the M M M M r a a a l a i x r r a r . . . b . 1 4 2 n U 8 5 i . ' . . t . . i . e . _ . . . s: 8 8 8 7 6 1 7 9 6 5 7 5 2 2 2 2 4 6 6 5 3 3 3 9 4 3 1 0 2 1 2 2 1 9 0 0 9 1 1 1 1 5 5 4 5 3 3 3 3 4 4 2 7 3 3 3 3 3 3 1 1 4 0 2 6 3 3 3 3 7 7 1 2 0 7 8 6 3 2 3 2 1 9 1 8 Cap M M M M ita a a a a l r r r r a . . . . 2 c 4 1 1 5 c 8 1 ount: 3 3 3 3 , , , , 5 5 5 5 1 1 1 1 2 3 1 3 2 2 2 2 3 3 3 3 0 1 1 1 1 1 1 , , , 5 5 5 9 9 9 3 3 4 2 2 2 2 2 2 2 2 4 4 3 4 3 3 3 3 3 3 3 3 1 2 2 2 3 3 3 3 3 3 3 3 6 5 6 7 3 3 3 3 1 2 2 2 9 0 0 1 1 1 1 1 , , , , 4 4 4 4 6 6 6 6 7 1 2 1 2 2 2 2 2 2 2 2 2 2 2 2 p Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN APRIL 1935 OTHER BANKING AND FINANCIAL STATISTICS PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Unassorted In Total in Treasury End of month circu- $1 $2 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 and lation > Federal Reserve banks» 193-1—December... 5,084 423 771 1,238 1,326 337 577 112 216 1935—January 4,940 401 740 1,240 1,293 336 571 111 214 13 February..., 6,024 407 755 1,275 1,314 340 575 112 217 15 March 5,048 410 754 1,285 1,309 34J 578 113 221 9 April 6,023 411 749 1,266 1,300 340 580 116 230 8 May , 5,087 420 760 1,290 1,309 343 588 115 225 11 Juno... 5,114 419 760 1,296 1,309 349 593 116 225 fi July 5,063 415 755 1,273 1,289 344 596 X16 231 4 AURUSt 6,172 424 778 1,324 1,313 347 698 116 233 11 Septomber.. 5,220 433 788 1,334 1,321 349 6,03 118 232 12 October 5,245 435 787 1,337 1,329 354 610 119 233 11 November.. 5,374 448 815 1,380 1,354 356 617 120 234 6 December 5,401 460 815 1,373 1,359 353 627 122 239 193ft—January 5,272 434 782 1,333 1.332 355 627 122 240 February... 5,379 434 802 1,373 1,360 361 633 123 243 i Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks. «Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figure*.—Seo 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 of centers 1935 1936 February January February Month Ship- Re- Ship- Re- New York City 1 15,806 17,925 12,549 t m o e E n u ts - c f e ro ip m ts N ce e i t p r t e s - t m o e E n u ts - c f e ro ip m ts N ce e i t p r t e s - Outside New York City 140 15,766 17,499 r 13, HI rope Europe rope Europe Federal Reserve districts: Boston 11 1,702 2,039 1,369 New York 7 16, 424 18,545 13,150 J M A F a e p n a b r r u i r c l u a h r a y ry . 3 1 1 8 7 6 7 1 3 7 3 3 2 1 1 , , , , 4 0 5 7 6 0 2 0 5 2 6 5 3 1 1 1 , , , , 3 0 8 6 2 5 9 2 9 9 2 4 1,7 7 5 4 1 7 8 3 2 3 3, , , 1 3 7 0 1 4 9 7 3 1 3 1 , , , 9 3 3 9 5 0 5 2 4 A R P C h l t i e l c i a l v h a n e m d t l a a e o n lp n d h d i - a 1 1 1 7 0 3 5 1 1 , , 5 5 5 6 0 4 6 9 7 5 0 3 1 1, , 7 6 8 6 3 6 0 2 2 7 1 7 1 1 , ,2 3 4 6 5 1 9 3 0 1 8 2 May 1,012 1,612 600 Chicago 21 4,108 4,483 3,336 June 191 1,451 1,260 St. Louis 5 771 880 645 J S A O u e c u l p t y g o t u b e s e m t r ber.. 2,5 2 2 7 3 8 8 2 6 6 2 1 2 2 1, , , 1 2 2 8 5 8 6 6 7 9 1 4 »-1 1 2 , , , 9 6 0 4 7 7 0 3 5 2 7 6 D S M K a a a i n n n l l n s F a a e r s s a a . p n . C . o c . i l i t i s y „ s c . o 1 1 1 9 5 0 8 2,3 4 8 6 5 7 7 5 1 9 7 5 2,5 © 6 5 1 0 3 9 6 9 2 2 r 1,8 4 7 4 4 0 4 7 2 3 7 2 November-- 4,203 782 1-3,421 December 603 851 248 Total 141 31,572 35,424 r 25,659 Total 10,623 19,965 9,337 ' Revised. * Net shipments. Back figures.—See Annual Report for 1934 (table 78). For description and back figures see BULLETIN for January 1932. pp. 7-9, and for January 1935, p. 61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 303 APRIL 1030 BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1935 AND JANUARY-MARCH 1936 [Preliminary figures] Licensed banks suspended' Nonlicensed banks placed in liquidation or receivership* Deposits * (in thou- Deposits* (in thou- Number of banks Number of banks sands of dollars) sands of dollars) January- January- January- January- Year 1935 March Year 1935 March Year 1935 March Year 1935 March 1936 1936 1936 1936 National banks 4 5,313 4 • 6,499 State bank members ... «6 * 8,613 Nontnember insured banks 22 15 3,847 2,191 Other nonmember banks - 8 993 48 9 14,306 16,630 Total.. 34 15 10,158 2,191 58 9 29,418 16,630 1 Ine tides banks placed on a restricted basis. 1 Includes nonlicensed banks absorbed or succeeded by other banks. , , . . . . . .. • Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership: and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. , «includes 5 banks with deposits of $7,395,000 in 1935, which did not receive licenses following the banking holiday and withdrew from the federal Reserve System before being placed in liquidation. Back figures—See Annual Report for 1934 (tables 79-84). POSTAL SAVINGS SYSTEM MATURITY DISTRIBUTION OF BILLS AND SE- CURITIES HELD BY RESERVE BANKS [In millions of dollars] [In thousands of dollars] Assets With- 16 to 31 to 61 to 91 days Over6 TJ. S. Government Total in 15 30 60 90 to 6 mos. Depos- securities days days days days mos. End of month itors' Cash Cash, a b n a c l e - s Total b i p t n a o o n r s d k y i e - s - Total o r D g b e a c i l - i - t - G o t a e u b n e a l d - i r - - f s e u e r t r n c e v . - d * e s, B c i o l M M u ls n a a t r r e . . d d 4 1 : i 1 s — - 5 4 , , 7 9 1 2 2 0 4 4 , , 2 0 2 2 5 6 2 7 8 6 6 1 4 5 6 12 9 1 1 5 1 5 3 9 7 2 6 8 tions ga- Mar. 18— 5,630 4,263 f 129 485 633 104 16 tions Mar. 25— 6,065 4,099! 252! 253 915 530 16 Bills bought in open market: 1934-December \ 1,207 1,237 540 597 467 130 100 M M a a r r . . 4 11.— 4 4 , , 6 6 7 7 3 6 2,0 7 7 0 1 6 1,7 35 6 4 0 ! 8 6 6 3 9 5 1 1 , , 5 3 7 8 2 2 1935- J J M A A M J F u m a e u p a a n n b y g r r y e u r c u i a u h l s r . a t . y . r . . , : y . : : . . : : . : ; : " : 1 1 1 1 1 1 1 1 , , , , , , , , 2 1 2 2 2 2 1 2 9 0 0 0 0 0 8 0 2 0 5 1 5 3 9 5 1 1 1 1 1 1 1 1 , , , , , , , , 2 2 2 2 2 2 2 2 3 2 3 3 3 3 3 2 2 4 7 7 2 6 1 1 4 4 5 4 3 3 4 3 9 7 0 4 8 1 6 5 1 8 9 8 5 2 4 2 6 7 6 7 6 6 7 7 9 3 7 7 1 8 0 8 1 3 7 7 4 5 9 0 4 5 6 4 5 5 6 6 6 3 0 3 3 6 6 3 7 3 8 9 0 2 7 0 1 1 1 1 1 1 1 1 8 6 4 4 4 4 4 4 3 6 6 7 7 7 7 7 1 1 1 8 6 0 9 7 9 1 1 0 3 9 4 4 6 3 6 In v d a u M M M M M M n s c t a e a a a a r e r r r r r r i s a . . . . . . : l 2 1 1 2 4 1 5 5 8 1 a 8 . — — d — _ — - ~ . 3 3 3 3 4 4 0 0 0 1 , , . , , , 6 6 5 3 1 4 7 7 2 0 9 5 4 9 1 1 5 4 1 1 1 l 1 t , , , ,7 5 7 6 5 3 6 3 8 7 6 64 2 4 6 7 1 i | 7 4 4 1 1 2 5 5 4 6 8 0 5 9 1 i 1 1, , 6 4 3 3 4 4 3 1 4 5 5 7 0 0 0 2 2 9 2,1 8 4 4 4 4 5 4 8 0 8 0 0 0 2 5 6 7 1 1 1 1 , , , , 7 7 6 6 4 8 4 9 1 9 3 2 2 2 2 2 5 6 5 5 , , , , 6 8 7 9 6 8 8 5 9 0 5 6 September." 1,192 1,224 319 805 658 147 100 U. S. Govt. se- N O o c v to e b m e b r e .. r .. .," 1 1 l , , 1 1 9 9 9 6 1 1 , , 2 2 3 3 4 0 3 2 0 9 6 4 8 8 2 5 4 3 6 70 7 6 7 1 1 4 4 7 7 1 8 0 7 0 cu M M rit a a i r e r . s . : 4 11— 2 2 , , 4 4 3 3 0 0 , , 8 2 3 8 9 7 45,730 2 Y 2 ,6 16 7 4 4( 1 1 1 2 6 8 ! , 0 4 6 1 2 0 | ( 4 4 9 7 , , 8 5 0 0 f 6 i| 3 3 4 65 5 ' , , 9 2 3 7 5 7 1 1 ,8 ,8 3 5 8 0 ,6 ,0 3 3 2 0 December Mar. 18—2,430,319 22,'674 9 200 46 816 93,133 368,760 1,889,736 »l,20S Mar. 25....2,430,271 7,16419,200 48,816 87,663 382,050 1,885,378 February." '1,214 Other securities : 181 'Preliminary. ' ..f p th o st t m he a s T te r r e s a , s u 5- r p e e r r c o e f n t t h r e e s U er n v i e te f d u n S d t a a te n s d , M M M Ma a a a r r r r . . . . 1 2 4 18 1 5 . — — 1 1 1 1 8 8 8 8 1 1 1 1 1 1 1 8 8 8 1 1 1 on bond investments, and accounts due from late posta«***ttrei.-See BULLETIN for August 1935, p. 602. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN A PHIL 1936 NUMBER OF BANKS* MAINTAINING BRANCHES AND NUMBER OF BRANCHES MAINTAINED, DEC. 31, 1934 AND 1935 Number of banks * maintaining branches Number of branches Location of branches Dec. 31,1935 Dec. 31,1935 Dec. 31,1935 Outside head- State Dec.31,1 Dec.31, office city t 1 o 9 t 3 a 4 l , Total ti N on a- al m S b t e e a m r te * m N b e o e m n r - - t 1 o 9 t 3 a 4 l , Total ti N on a- al m S b t e e a m r te - m N b e o e m n r - - In o c f h f i e i t c y a e d- lln o h ff e ic a e d-lO h u e t a si d d - e county office county Total. 715 798 182 143 473 2,973 1,327 952 820 1,611 Alabama 16 22 G 1 15 14 Arizona : 2 18 21 15 6 16 Arkansas 5 6 6 California 11 8 800 794 615 136 43 241 476 Connecticut 2 9 9 3 6 4 4 Delaware 2 12 12 2 10 2 6 District of Columbia 5 2 30 30 17 5 S 30 Georgia 4 3 25 25 16 6 3 13 Idaho 3 1 26 26 10 14 2 24 Indiana 5 1 39 49 5 12 32 19 1 Iowa 95 125 125 28 Kentucky 25 29 11 19 2 Louisiana 53 51 23 23 3 Maine 57 58 27 3 25 Maryland 75 72 42 34 20 Massachusetts 105 110 15 90 1 Michigan 134 142 37 121 4 Minnesota 6 6 6 Mississippi 19 35 38 37 21 Nebraska.. 2 2 Nevada.. 5 7 4 New Hampshire--.-. 1 1 1 New Jersey 22 113 114 58 91 2 New Mexico 2 New York 616 605 181 379 590 6 North Carolina 68 88 5 9 56 Ohio 166 168 31 115 129 3 Orepon 30 42 41 11 29 Pennsylvania 91 91 37 85 2 Rhode Island 33 32 8 13 7 South Carolina 20 21 15 3 17 South Dakota 1 15 14 11 Tennessee 46 46 17 17 V V U i e t r a r g h m in o i n a t , 6 1 1 9 0 2 7 1 1 0 0 2 1 9 2 4 1 8 3 7 W W i a s s c h o i n n s g i t n on 3 9 1 4 1 4 0 4 2 3 1 7 4 2 1 6 7 »Excluding mutual savings and private banks. No branches were reported in the states omitted. NUMBER OF MUTUALRAVINGSI AND PRIVATE BANKS MAINTAINING BRANCHES AND NUMBER OF BRANCHES MAINTAINED, DEC. 31, 1934 AND 1935 Number of banks main- Number of branches taining branches Dec. 31, 1935 State Outride head-office Dec. 31, city Dec. 31, Dec. 31, 1934, total 1934 1935 Total In head- In head- Outside office city office head-office county county MUTUAL SAVINGS BANKS Total 78 82 126 133 111 19 3 California Connecticut I 1 4 4 4 M De a l i a n w e are [m 1 1 1 1 1 1 1 1 1 1 M M a a s ry sa la c n h d usetts 2 1 2 2 1 1 6 1 2 6 1 1 4 1 2 New Jersey 29 29 39 39 24 14 1 New York 3 3 4 4 4 Pennsylvania 35 37 45 47 47 Rhode Island ^"" 4 4 13 13 13 Vermont-— 1 1 2 2 2 1 4 4 PRIVATE BANKS Total Georgia 4 3 5 3 3 ^ Pennsylvania..-.* "" 1 2 3_ Back figures: See BULLETIN for June 1935, page 405. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL EESERPE BULLETIN 305 AFBIL 1936 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 i - - 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 a i i n n a g l d s a p n M r d o e d m t u a e c l t s t a s l m Bu at i e ld r i i n al g s c C a d h l r s e u m a g n s i- d in f H u c 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 99.9 91.6 109.1 90.4 83.0 100.6 95.4 94.2 913 82.6 1830 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 73.0 64.8 74.6 75.0 86.1 66.3 67.5 815 79.2 79.3 819 69.8 1931 64.8 48.2 61.0 70.2 72.9 519 70.3 80.2 71.4 73.5 75.1 614 1932 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75.8 62.5 1933 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81.5 89.7 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—February. 79.6 79.1 82.7 77.4 86.0 70.1 72,5 85.8 85.0 80.4 80.7 70.1 March 79.4 78.3 81.9 77.3 85.4 73.0 85.7 819 81.5 80.7 69.2 April 80.1 80.4 84.5 77.2 86.3 72.8 85.9 816 81.0 80.7 68.7 May 80.2 80.6 84.1 77.6 88.3 69.4 73.1 86.6 818 81.5 80.6 68.7 June 79.8 78.3 82.8 78.0 8S.9 70.1 712 86.9 85.3 80.7 80.6 68.4 July- 79.4 77.1 82.1 78.0 89.3 70.2 717 86.4 85.2 78.7 80.4 67.7 August- 80.fi 79.3 84.9 77.9 89.6 70.9 711 86.6 85.4 78.6 80.5 67.3 September „ 80.7 79.5 86.1 77.8 90.9 71.8 73.0 86.6 85.9 80.2 80.6 67.1 October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.6 86.1 81.1 80.6 67.6 November _ 80.6 77.6 85.1 78.8 95.0 73.4 715 86.9 85.8 81.2 81.0 67.4 December 80.9 78.3 85.7 78.7 95.4 73.2 716 848 85.5 80.6 81.0 67.5 1836—January 80.6 78.2 83.5 78.8 97.1 71.7 75.1 86.7 85.7 80.5 81 4 67.8 February 80.6 79.5 83.3 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81.5 68.1 Week ending— 1935-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.l4...____. 80.8 79.2 85.8 78.9 95.4 72.8 75.7 86.3 85.3 80.5 82.2 67.4 D D e e c c . . 2 2 8 1 8 8 0 0 . . 6 4 7 7 8 7 . . 4 3 8 8 5 5 . . 3 3 7 7 8 8 . . 8 8 9 96 6 . . 4 2 7 7 2 2 . . 8 7 7 75 5 . . 6 7 8 8 6 5 . . 2 9 8 8 5 5 . . 2 1 8 8 0 0 . . 2 0 8 8 2 2 . . 2 2 6 6 7 7 . . 5 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 J J J M M F F F F M M F a a a e e e e e n n n a a a a b b b b b . . . r r r r . . . . . . . . . 2 1 1 8 2 2 1 1 1 7 5 2 1 8 9 2 1 5 8 4 ,. 1 . _ . . . .. I / " " " " 8 8 8 8 8 8 8 7 7 7 7 7 0 0 0 0 0 0 0 9 9 9 9 9 . . . . . . . . . . . . 5 4 6 2 2 5 9 8 3 7 3 2 7 7 7 7 7 7 8 7 7 7 7 7 9 8 8 8 8 9 1 9 6 7 6 6 . . . . . . . . . . . . 4 6 4 6 3 1 9 1 8 7 4 7 8 8 8 8 8 8 8 8 7 8 7 7 2 4 4 2 3 2 2 9 1 9 9 1 . . . . . . . . . . . 6 9 9 0 7 3 2 2 4 7 9 7 7 7 7 7 7 7 7 7 7 7 7 7 9 9 8 8 9 8 9 9 9 9 9 8 . . . . . . . . . . . . 9 0 0 8 0 8 0 1 1 1 0 8 9 9 9 9 9 0 9 9 0 9 9 9 7 7 7 7 6 7 6 5 7 5 5 5 . . . . . . . . . . . . 7 0 8 7 5 2 5 3 1 7 5 3 7 7 7 7 7 7 7 7 7 7 7 7 0 0 2 0 0 1 0 0 0 0 0 0 . . . . . . . . . . . . 6 9 4 8 7 0 4 5 3 4 4 4 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 6 6 5 7 6 6 7 7 . . . . . . . . . . . . 4 2 2 4 9 0 4 7 7 1 2 3 8 8 8 8 8 8 8 8 8 8 8 8 5 6 6 6 5 6 5 6 6 5 6 5 . . . . . . , . . . . . 9 0 9 0 0 7 0 0 9 0 9 1 8 8 8 8 8 8 8 8 8 8 8 8 5 5 5 5 5 5 5 5 5 5 5 5 . . . . . . . . . . . . 4 2 2 2 3 2 2 3 0 2 1 1 8 8 8 8 7 8 7 7 7 7 7 7 9 0 0 0 9 0 9 0 9 9 9 9 . . . . . . . . . . . . 9 9 6 5 2 7 2 4 3 0 0 1 8 8 8 8 8 8 8 8 8 8 8 8 2 2 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . . . 8 8 2 3 3 4 6 8 8 7 6 7 6 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 8 8 8 8 8 8 8 . . . . . . . . . . . . 8 8 9 9 8 0 0 2 2 2 2 2 1935 1935 1936 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec, Jan. Feb G M r a P i B n O s DUCTS: ucts. y .. 8 7 7 7 8 6 . . . 4 4 8 7 8 7 7 3 3 . . . 9 5 1 8 7 7 7 6 2 . . . 4 6 8 7 8 7 8 9 0 . . . 9 8 1 9 7 7 0 2 8 . . . 7 3 3 MET A I N M A r o g o L o n r n S t i f o c e a A r u r n l N r v t d o u D e u h r s s M t a i e c l m e E l i e l T m e s t A p a L l l s e P m B e O n D ts UCTS: 8 9 6 3 6 7 . . . 6 1 2 9 9 8 7 3 7 1 1 . . . 6 0 8 3 9 8 9 7 6 3 0 1 . . . 6 9 6 6 9 9 8 6 3 9 7 1 . . . 6 7 6 1 9 8 9 C 3 6 1 9 . . . 9 6 9 7 g H O o t i o d h t e e s r s a f a o n n o d d d s s ' s . h k " o . i : n es s " 8 8 9 6 9 6 7 7 7 3 9 1 7 7 . . . . . . . 0 9 6 6 9 2 2 9 9 8 9 8 9 6 7 6 9 1 0 3 1 . . . . . . 3 2 0 6 8 2 1 1 8 9 9 7 9 6 0 7 3 7 7 3 6 0 . . . . . . . f 7 2 7 5 5 1 i 1 1 9 8 9 6 7 0 0 2 4 2 5 0 0 1 . . . . . . 9 2 2 1 5 5 5 1 8 8 6 9 9 7 0 5 9 2 6 2 8 0 . . . . . . . 7 4 7 3 1 1 5 BUIL B L C P S P O D t r l a u e t r I u i h i m m N u c n m e G k c e t b r t b n e u a m b M i t r r n n u a a A d g i t l l T e d a t s r E i i n t i l n R e a e 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 8 6 9 7 9 9 0 0 3 7 2 8 0 . . . . . . . 6 9 5 0 8 1 3 8 9 8 9 7 9 8 8 5 2 1 0 1 0 . . . . . . . 3 5 0 8 6 3 1 8 9 8 9 8 9 7 8 5 2 1 0 0 1 . . . . . . . 9 5 0 0 5 0 1 8 9 8 7 7 9 9 8 5 9 2 1 2 0 . . . . . . . 4 6 5 2 7 0 2 8 9 8 8 7 9 7 8 5 9 2 9 2 3 . . . . . . . 4 5 5 0 8 5 3 Laeatherg. s g= 8 71 1 6 6 8 86 8 . . 3 1 8 8 7 7 . . 6 1 9 8 5 7 . . 3 3 8 9 6 5 . . 0 4 CHE D C M r h IC u e A m g L s i S c a a n A l d s N P D h D a R rm UG ac S e : uticals 8 7 6 3 . . 5 1 8 7 8 1 . 7 4 8 7 7 4 . . 7 7 7 87 1 . 0 6 8 7 7 3 . . 0 2 otton goo s.::: 8 7 3 8 . . 3 5 8 8 0 5 . . 7 8 8 8 1 6 . . 0 0 8 80 0 . . 4 8 8 7 0 8 . . 7 1 M Fe i r x t e il d iz f e e r r t m ili a z t e e r r s ials . 6 7 6 2 . . 2 8 6 6 7 7 . . 5 6 6 6 4 7 . . 5 7 6 6 8 1 . 4 8 6 6 8 1 . 5 8 S ™ jf t k go d ods w n or . s . t : ed go 6 2 7 3 3 8 . . . 6 6 1 3 8 6 0 5 3 . . . 7 0 2 8 3 6 1 3 2 . . . 0 7 2 8 3 6 1 3 1 . . . 4 5 8 8 6 3 2 2 1 . . . 8 6 0 HOU F F SE u u F r r U n n i i K t s u N h r i I n S e H gs ING GOODS: 8 77 1 . 1 2 8 77 1 , 2 1 8 7 4 7 . . 7 1 8 7 4 7 . . 8 9 8 7 5 7 . . 0 9 Produ M cts. 8 8 9 9 6 8 6 0 2 8 . . . . . 8 4 6 3 3 9 8 8 6 8 6 8 3 8 8 . . . . . 2 5 0 9 5 '8 9 8 8 6 8 2 9 8 1 . . . . 9 9 7 6 1 9 8 8 6 9 2 3 2 8 7 . . . . . 7 1 7 8 3 1 6 8 9 0 2 7 3 0 . , . . 6 7 2 1 MISC A C P R O E a u u a t L p h t t b L t o e e b l A r r e e t N i m a r f r E e , n e i e O s s c d d c r U a e u p S n l d u : l d a e l p n t e u o b u e s s 1 8 8 4 2 0 0 0 7 6 9 . . . . . 9 1 2 5 0 4 7 2 6 8 5 9 7 0 9 . . . . . 0 4 2 1 1 4 7 2 7 8 5 0 7 9 0 . . . . . 0 8 2 2 2 4 6 7 8 2 5 8 9 0 9 . . . . . 0 6 8 4 8 4 7 6 8 3 5 9 8 0 2 . . . . . 0 9 1 6 0 87.7 86.6 <84.5 83.2 petroieu^'irVducts::::::"::"" 48.7 52.5 52.8 514 55.7 • Corrected. Annual Report for 1934 (table 100); indexes of subgroups available at Bureau of Labor 8tatk?CFo£ montnly and annual indexes of groups, i 57363—36 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDEEAL EESERVE BULLETIN AFBIL 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of tho Board of Governors; adjusted for seasonal variation. 1923*25 averageMOO] 1935 Industry Feb. Mar. I Apr. I May I June I July I Aug. I Sept. I Oct. I Nov. I Dec. Jan. Feb. Mann (hctarcit—Total,. 88 84 84 86 89 91 95 104 97 '92 IRON AND STEEL... 66 66 81 84 103 86 83 Pig Iron , 67 60 63 53 60 62 65 71 67 63 Steel Ingots 83 67 67 70 83 86 00 99 106 88 85 TEXTILES 100 98 102 100 105 104 106 113 106 111 105 102 Cotton consumption 95 90 84 85 82 82 85 95 99 98 108 106 99 Wool 97 95 110 124 122 128 132 112 126 118 114 107 111 Consumption 07 102 131 153 148 166 160 127 146 134 125 117 120 Machinery activity » '115 99 92 99 107 108 110 108 121 118 122 114 117 Carpet and rug loom activity L 65 71 80 80 71 76 83 74 78 72 66 66 76 Bilk deliveries 122 135 117 111 116 133 113 134 132 112 119 98 91 FOOD PRODUCTS 81 77 80 78 74 74 76 78 82 83 92 84 Slaughtering and meat packing., 76 73 77 74 67 69 76 76 82 79 80 84 77 £6 51 68 54 44 46 50 60 57 54 54 61 62 CCa*tte~."""""""I"III 101 98 96 94 92 93 107 107 111 107 110 111 109 Calves 109 112 113 108 106 115 119 124 117 118 126 120 109 Sheep 131 151 157 161 151 154 159 144 154 148 145 152 145 Wheat flour 00 88 88 83 91 73 82 88 84 91 96 Sugar meltings 86 75 80 88 75 78 81 78 02 124 PAPER AND PRINTING: Newsprint production , 61 69 64 63 60 58 62 61 64 63 60 60 Newspaper consumption.... 122 123 119 121 124 118 120 127 124 125 133 124 127 TRANSPORTATION EQUIPMENT: Automobiles--* 103 106 110 100 95 78 71 94 115 126 111 91 L Sh o i c p o b m u o il t d iv in es g 8 8 8 9 5 1 6 4 2 1 1 0 1 3 5 3 2 5 1 48 1, 11 3 9 17 3 9 12 0 9 64 LEA B T TH o a o E n t C G C R n s a a o i a A l n t a f n t N t g l d a e D a . n . n s h d . P h d i . d R . o k . k e O e . i i s p D l d e U l a l e C e t a h a T t e t h S h r e s e r r s s „, ' 1 1 1 9 9 9 1 1 1 6 1 3 9 2 0 ' 1 1 1 9 9 9 1 1 1 5 0 1 9 2 0 r 1 1 1 9 9 8 2 2 1 8 3 8 6 0 5 1 1 1 1 9 8 2 1 0 1 8 7 3 9 0 4 1 1 1 1 9 9 0 0 0 0 7 0 9 4 6 4 ' 1 1 1 8 8 9 1 2 0 9 6 5 8 1 9 1 1 1 1 9 9 7 1 0 3 3 1 7 4 5 1 1 1 9 9 8 1 1 0 4 0 3 0 5 4 1 1 1 9 9 7 0 1 1 7 8 4 5 9 0 rl 1 1 1 1 8 O 1 0 2 0 4 5 1 5 4 9 '1 1 1 1 1 0 9 0 3 1 2 5 5 3 7 8 4 1 1 1 1 1 0 0 9 1 2 2 3 3 6 8 7 2 1 1 1 2 0 1 8 9 9 0 9 0 5 6 5 CEMENT AND GLASS: G Ce la m ss e , n p t late _, 1 4 6 5 6 1 4 8 7 3 1 5 8 1 5 1 6 5 5 5 1 6 6 8 2 1 5 6 2 9 1 4 6 4 7 1 4 7 7 9 1 5 9 2 3 200 269 2 4 2 7 5 16 4 1 9 NONTSRROUS METALS: * Tin deliveries» 73 81 97 84 73 85 91 92 02 80 81 103 105 FUELS, MANUFACTURED: C Pe o t k r K F L G o e, l u u e a e b e r b s u o y l o r m s p i o l c e i r i a n n r l o t e e e d i i f n ' i u n g c i n t o g il * , , 1 1 1 1 9 9 9 5 0 0 5 4 6 5 2 5 1 1 1 1 9 9 9 5 0 0 0 4 1 3 1 8 1 1 1 9 8 9 9 5 0 6 7 1 4 3 0 2 1 1 1 9 0 0 0 6 4 4 0 4 0 2 1 1 8 9 9 1 0 6 7 9 7 4 5 6 2 1 1 8 9 9 2 0 6 4 1 2 0 0 8 2 1 1 1 9 1 9 6 0 0 1 9 3 9 3 0 2 1 1 1 9 9 2 1 7 0 2 5 3 0 2 2 2 1 1 1 9 Q 2 7 1 0 7 5 7 6 0 3 2 1 1 1 1 9 2 1 7 0 0 4 5 5 6 6 0 2 1 1 1 1 2 8 2 7 0 0 1 6 0 3 6 4 2 1 1 1 9 9 1 6 2 0 6 4 4 9 1 4 2 1 1 1 1 7 3 0 9 9 5 2 0 3 4 8 RUB I T B n i E n r R e e s r f T t p u IR n b e E e u S s m . A a N t D ic — TUBES.. 1 1 7 0 0 6 1 4 8 9 3 1 5 7 7 6 5 8 7 8 5 9 2 5 8 6 6 0 9 9 6 2 6 2 1 1 8 0 0 0 2 5 1 1 8 0 0 4 4 6 1 1 1 3 3 0 3 7 2 1 1 1 4 0 4 2 4 7 1 1 2 2 4 8 TOBA C C C i ig g C a i O r r s e P tt E e O s DUCTS... 1 1 6 8 3 9 3 3 1 1 8 6 3 0 7 0 1 1 6 3 9 7 8 3 1 1 6 8 3 6 6 4 1 1 6 9 3 7 3 8 1 1 7 9 4 0 6 0 1 1 6 7 3 7 8 0 1 1 6 7 2 9 5 9 1 1 7 3 9 0 8 0 1 1 6 9 3 9 1 7 2 1 0 7 4 5 3 7 2 1 7 0 4 3 8 8 2 1 0 4 7 7 8 5 Minerals—Total. 97 84 81 87 93 92 101 103 110 P I B A e r n i t o t tu r n h o m r o l a r i e c e n u i o m t u , e s c c r o u a d l e .* 1 8 6 3 1 7 2 1 8 5 3 7 4 2 130 1 6 7 3 9 1 1 1 7 9 3 9 7 3 1 5 6 3 5 2 4 1 5 3 3 8 6 3 1 5 6 3 8 5 5 1 7 4 4 4 8 0 1 7 4 4 1 8 4 1 7 4 7 7 6 1 1 8 7 4 0 0 S 14 9 9 3 2 3 Zinc 63 53 50 54 62 44 Lead , 73 79 80 81 84 82 '"77 Silver. 63 55 59 60 59 67 62 61 47 73 71 97 t Without seasonal adjustment. * Includes also lead and zinc; see "Minerals." ^— — -««""w »*ou IOUU ana zinc; see "Minerals » P_r elim_inary. *• Eevised. SepSrlf^ S W S f f l S A S l ^ f t' re"sions ™ BUL^K^STM March I 9 32,7p dpulp, cbemfoal wood palp, rbo , aadgSBSg£5$SSMb^?l^ttatataS?&l^^%S^l£S.Va<Mr' ^ ""' WOO p3pO I03 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Arm 1936 FEDERAL EESERVE BULLETIN 307 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923*25 average=100] 1935 1036 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total.. ... . 91 91 91 87 84 83 87 89 96 98 96 95 »94 IRON AND STEEL 84 81 74 72 66 64 79 83 85 89 90 83 87 Pig iron £8 58 £6 57 53 50 68 60 65 70 69 67 64 Steel ingots... 87 83 76 73 67 66 81 85 87 91 92 85 89 TEXTILES '106 100 100 101 95 97 99 106 116 111 105 110 108 Cnf-ton finTifmnipttnTl . '102 94 90 88 79 75 77 92 102 101 100 111 106 wool -„.„ .:::"•;•: 101 96 108 117 114 119 126 115 134 124 114 108 117 Consumption ... 105 104 127 141 133 139 149 133 161 146 126 120 131 Machinery activity .. '115 99 92 99 107 108 110 108 121 118 122 114 117 Carpet and rug loom activity 65 71 80 80 71 76 83 74 78 72 66 66 75 Silk deliveries 130 130 116 110 103 126 117 141 132 116 106 112 98 FOOD PRODUCTS 79 75 76 78 73 74 74 81 86 86 82 92 82 Slaughtering and meat packing 75 69 69 72 66 66 63 74 84 87. 91 96 75 Hogs. ... 62 51 62 52 45 41 38 37 49 60 71 81 57 Cattle 89 86 85 91 86 92 104 119 129 123 115 112 90 Calves 101 114 123 122 110 111 109 119 123 120 120 112 101 Sheep.. 123 137 148 158 147 154 160 168 170 146 142 154 13G Wheat flour " 87 83 80 78 80 77 78 97 99 93 81 89 93 Sugar meltings 84 88 93 99 89 102 88 86 74 67 52 82 91 PAPER AND PRINTING: Newsprint production 61 59 60 65 64 £8 56 62 61 63 63 61 60 Newsprint consumption 121 128 127 124 123 105 107 125 132 134 137 119 125 TBANSPOSTATION EQUIPMENT: Automobiles 111 130 141 108 114 100 69 29 78 125 126 108 94 Locomotives 8 8 8 13 10 3 2 1 1 4 3 0 Shipbuilding 48 69 88 71 27 22 51 64 35 106 138 92 LEATHER AND PRODUCTS 112 113 112 105 100 107 116 120 115 '104 '106 109 112 Tanning....... 100 94 '95 95 95 95 95 100 103 103 102 99 99 Cattle hide leathers '99 92 93 93 ••88 86 90 94 101 104 100 97 101 Calf and kip leathers 84 80 79 83 100 100 93 96 '88 80 81 86 78 Goat and kid leathers.—. 116 115 119 110 106 113 111 121 124 122 127 116 113 Boots and shoes. 120 125 123 112 104 115 130 132 123 105 108 116 121 CEMENT AND GLASS: Cement... 27 34 50 65 71 63 57 69 59 £3 46 29 29 Glass, plate 179 199 205 169 165 168 169 181 193 192 202 201 174 NONFEBROUS METALS: 1 Tin deliveries 73 81 97 84 73 85 91 92 92 80 81 103 105 FUELS, MANUFACTURED: Petroleum refininz 156 153 153 160 166 167 169 173 176 176 174 170 172 Gasoline.... 196 191 194 204 214 220 219 223 227 225 220- 214 215 Kerosene 107 105 90 90 92 85 88 94 100 101 93 96 96 Fuel oil 102 101 96 104 105 100 103 110 110 115 121 121 130 _ Lubricating olL.Jl~.'_ll " 94 94 100 100 97 92 100 102 103 106 104 96 93 Coke, byproduct.. mm" 08 92 87 89 85 81 88 93 97 102 107 105 106 RUBBER TIRES AND TUBES . 110 102 103 96 95 81 91 97 91 99 99 114 Tires, pneumatic 114 105 107 99 99 84 94 99 93 103 102 117 Inner tubes 80 74 75 68 65 57 68 80 76 75 75 87 TOBA £ C p C r O s PRODUCTS 1 6 2 0 1 12 6 4 1 12 6 7 3 1 6 3 8 6 1 7 5 3 0 15 7 2 3 1 7 3 0 9 1 7 4 9 3 1 8 4 5 8 1 8 4 2 0 1 5 1 5 9 1 5 4 6 1 1 6 3 5 5 . Cigarettes.. 166 171 175 188 212 215 192 193 200 189 168 204 188 Minerals1^Total. 92 90 79 88 97 84 85 92 100 95 96 '100 106 gassy** iMeum^e....;;;:;::::;-;;;;:-------;- ' 1 8 7 2 6 2 9 1 8 4 3 7 5 0 1 £ 7 3 1 2 0 1 8 6 7 3 0 0 1 2 1 1 8 7 3 0 5 1 6 5 1 1 5 5 0 3 1 0 2 7 1 1 £ 3 3 0 7 6 6 9 1 1 6 6 3 1 1 5 9 9 1 1 8 6 4 0 2 2 1 5 1 8 5 3 4 0 0 7 3 1 8 6 4 2 9 2 1 8 7 4 8 5 2 1 9 9 4 8 9 0 Zinc 5 7 2 9 7 6 8 6 7 6 8 7 6 7 2 3 7 5 6 6 5 7 7 5 5 7 7 5 7 5 9 6 7 7 8 0 8 7 2 0 8 7 6 0 8 6 9 3 8 6 2 4 70 £5 49 50 46 62 £9 68 74 73 68 'Do 1 IncludAA flism Tpari onri ?fm.• SAA "1VNnArfll VPreliminary. 'Rev iscd. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

• FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1031. 1923-25 average^ 100] Factory employment Factory pay rolls Without seasonal adjustment Ithout seasonal adjustment variation Industry and group 1036 1935 1936 1935 1936 1935 ibruary January 'ebruary ibruary fanuary February February January February Total. 83. 3 83.0 '81.4 83.9 84.9 '82.1 72.3 72.2 69.1 IRON B C C H S S S T W t t l t a i u A a o e a r n l s r t u r N v a s t l d e - t m c o e c D I w w t a r s f r u , y u o n o a S r r h n s r r T a n a o k , o l E n a p e t c E d - m i t w e p L c s e e e - a d t A t a a g e N n l e r d D w h t o s o e P o t r a e R k l t e s O i l n D g w U o a C r p k T p s a S r '. atus, etc - • 1 8 7 7 5 9 £ 6 6 9 3 6 0 6 4 5 6 7 7 1 9 . . . . . . . . . . 0 6 1 3 6 7 7 5 4 1 1 7 7 6 7 5 5 8 9 6 4 5 7 3 7 9 5 7 1 7 6 . . . . . . . . . . 8 4 2 1 6 2 7 4 6 1 1 7 4 7 7 8 5 8 4 5 2 0 8 2 8 9 6 5 9 3 2 . . . . . . . . . . 7 6 9 4 2 0 6 4 8 5 1 7 7 6 7 6 9 5 5 9 3 5 5 6 7 6 7 9 9 5 6 . . . . . . . . . . 9 8 4 8 2 0 4 2 5 2 1 1 7 7 6 8 5 5 9 5 0 4 7 7 5 0 7 6 7 8 3 6 . . . . . . . . . . 6 6 6 4 2 4 9 9 3 8 1 7 7 6 7 5 4 9 8 5 2 0 2 0 5 9 6 2 9 5 0 . . . . . . . . . . 6 2 4 8 2 1 2 2 3 0 1 6 6 3 6 6 4 7 4 8 2 5 8 4 5 1 1 8 4 6 4 . . . . . . . . . . 2 2 1 2 2 2 8 8 1 0 1 6 3 6 6 3 5 6 4 9 3 4 2 8 4 9 2 4 5 0 0 . . . . . . . . . . 4 0 8 9 0 6 6 9 3 2 1 6 2 6 4 3 6 3 7 1 3 6 0 9 3 3 7 7 4 . . . . . . . . . 8 6 0 6 1 3 6 3 2 MAC A E E F M R T H o l n g e a I e a u x g d r N c c i t i n i t c E h i n o r d l u i R i e s e n c r l s Y t y a o a m , u ! l n t r a t a d u a o m n c l r o d p h b a l I h i c s i m m n n h o e e p i n a r n s l c o y e , e h g m r e i r y n t a e c , e p n e - h t s t s s h c op products. • . 1 1 1 1 9 7 8 3 7 1 9 0 2 1 0 6 2 0 4 3 . . . . . . . . 5 4 0 3 6 4 6 6 1 2 1 1 9 7 7 6 3 0 1 0 2 2 9 3 8 9 2 3 . . . . . . . . 5 1 9 2 1 4 5 1 1 8 9 8 6 7 7 6 8 2 2 5 7 2 6 4 6 . . . . . . . . 0 7 5 5 0 9 8 0 1 1 2 1 9 7 7 2 1 3 0 3 1 9 8 1 7 1 . . . . . . . 5 4 6 1 9 2 1 1 1 2 1 9 7 8 2 1 5 0 4 2 0 9 0 1 3 . . . . . . . 6 4 1 3 2 4 1 2 8 8 6 8 7 7 6 2 3 7 5 7 1 5 4 6 . . . . . . . . 1 0 5 1 6 1 0 8 1 1 7 8 6 6 9 6 6 1 9 4 1 6 8 5 3 3 . . . . . . . . 2 0 3 4 3 3 4 8 1 1 7 8 6 6 9 6 6 2 8 1 1 6 4 2 2 6 . . . . . . . . 3 2 3 7 0 7 3 2 1 1 6 5 6 5 6 5 0 0 4 5 9 0 5 3 2 3 . . . . . . . . 9 0 1 9 7 2 6 2 TRAN A L S C S h o u a P i c r t p O o s o b , m R m e u T o o l i A e l b t d c i T i v i t l I r n e e O i s s g c N a E n Q d U s I t P ea M m E N r T a * ilroad.. 1 1 6 8 2 1 0 0 2 4 3 0 . . . . . 6 0 4 8 1 1 1 4 2 8 0 1 8 3 0 3 8 . . . . . 5 9 5 1 1 1 1 4 3 7 0 1 3 0 2 0 7 . . . . . 6 9 9 8 5 1 9 5 2 7 1 3 4 4 8 0 . . . . . 0 4 4 4 0 1 1 5 2 8 0 1 4 1 1 4 9 . . . . . 4 4 2 4 3 1 9 4 3 6 1 8 6 1 9 4 . . . . . 4 9 4 3 1 8 8 5 7 1 0 7 4 5 0 . . . . . 5 0 3 3 9 8 9 7 5 8 9 9 7 1 . . . . . 2 6 7 2 8 1 9 4 5 1 1 4 3 9 0 3 . . . , . 7 4 7 3 6 RAIL S E R t l O e e a c A m t D ri c r R a r E i a l P r i o l A r a o I d R a s d S s HOPS. 5 6 5 3 5 7 . . . 2 6 6 5 6 6 5 5 5 . . . 9 0 2 5 6 5 2 5 1 . . . 9 9 9 5 6 5 9 5 8 . . . 0 5 4 6 6 5 6 5 6 . . . 7 0 1 5 6 5 3 5 2 . . . 6 9 7 5 6 5 7 2 7 . . . 8 6 5 5 6 5 2 0 1 . . . 2 8 7 4 5 4 8 9 7 . . . 0 7 2 NON S L S S B T i t m i E r l a g a v R m e h s e R l s t r t p i O , w i n e n b U g d a g r S r o e e a a n q M n n a z u d d n e E i , d p T e r a e m n A p f n a L i e l d n m a S n i t n c t e e A o l g d e N p d w D p e w a r P r a R e r O e D UCTS >. , , , 1 8 8 8 6 9 0 9 7 2 6 0 9 . . . . . . 3 2 4 2 1 2 1 8 8 8 6 9 1 9 7 3 6 0 0 . . . . . . 4 6 0 7 4 5 '1 •• 0 8 6 6 7 8 5 0 8 7 1 5 . . . . . . 4 8 6 3 5 0 1 8 8 8 6 8 0 8 8 6 5 2 7 . . . . . . 3 6 3 9 1 9 3 8 6 8 1 0 8 5 8 9 4 . . . . . . 4 0 0 9 3 2 '1 '8 0 7 6 6 7 0 4 9 8 7 3 . . . . . . 6 2 4 3 6 4 7 4 7 9 7 6 2 8 0 3 0 3 . . . . . . 4 8 6 3 7 5 7 7 7 4 9 6 2 1 8 9 0 3 . . . . . . 7 3 3 3 8 3 ' ' 6 8 6 5 4 5 3 5 3 7 8 1 . . . . . . 7 2 2 4 0 5 LUM L L F B u u u E r m m R n b b it A e e u r r N , r , e D s m a P i w l R l m w O i D o l r U ls k CTS I... 5 4 3 7 3 6 4 2 . . . . 4 7 6 7 6 4 3 71 2 4 5 . . . . 9 4 5 4 3 6 3 9 7 6 2 . . . . 4 9 9 7 5 7 4 3 3 6 4 6 . . . . 3 9 3 5 7 4 3 4 4 6 6 . . . . 4 8 9 0 5 3 6 3 0 8 7 4 . . . . 8 4 6 2 5 3 4 2 4 1 5 4 . . . . 4 3 9 8 '3 4 5 2 6 1 1 5 . . . . 1 8 1 2 3 4 2 2 4 7 1 5 . . . . 8 4 3 1 STON B C Q P E o r e l , a i t m c s t C k e s e L , r n y A t t i Y le , , A a N n D d G te L r A ra S S c P o R tt O a DUCTS L 5 3 3 9 6 1 a 8 3 7 . . . . 0 0 0 8 7 5 3 3 9 6 0 1 8 2 6 . . . . . 8 0 0 0 3 4 2 9 3 7 1 9 5 7 1 . . . . . 6 7 4 8 5 4 3 9 6 4 2 4 6 6 . . . . . 0 5 7 9 2 j 1 6 3 4 6 0 5 5 2 7 0 . . . . . 8 3 8 0 6 5 9 2 4 7 2 4 9 2 0 . . . . . 4 6 4 1 6 3 2 8 6 1 8 3 3 9 3 . . . . . 7 8 4 8 1 3 2 2 8 4 8 0 3 2 8 . . . . . 0 0 4 3 8 3 1 2 7 5 4 5 2 6 0 . . . . . 8 0 1 6 3 TKX A T B I , * L F X C W C W K C S M D S C a 3 h a i o l n l y o e b l i o r o i A t k l i e o a p r r t t t l t N t i i o r h l i h e a s n c e g i n n D i t i n n s n g o n s e n a g d g o r g i P g n a a a y o d , B , r a d n n n o s a O w p m d d d c d y p D o o s e o r w a f U l m u n n i r l n o C g a ' e s e i g r r s l T s n s s o h S * t ' o i s e n I d d g s goods. , 1 1 1 1 9 9 9 7 9 6 1 9 0 1 5 0 2 3 6 1 6 7 6 0 7 5 3 3 8 & . . . . . . . . . , . 4 . 1 2 9 1 4 2 9 1 0 1 0 r 1 1 1 9 9 7 9 7 9 9 1 9 1 0 5 2 5 4 7 1 0 1 3 7 1 0 4 6 1 . . . . . . . . . . . . . : 1 0 2 7 2 1 1 1 9 9 9 6 9 1 9 9 1 8 9 6 2 8 7 6 9 7 3 1 2 1 6 9 6 5 . . . . . . . . . . . . . : - ' ' < 1 1 1 1 9 9 7 8 9 6 9 9 0 1 5 2 0 1 4 5 4 9 5 5 2 4 6 1 2 4 . . . . . . . . . . . . . : 4 9 2 9 ' 2 6 1 1 1 9 9 9 7 9 7 9 0 9 1 9 5 2 5 3 0 5 5 0 8 5 1 1 7 7 4 . . . . . . . . . . . . . 0 0 3 3 7 6 8 1 3 8 2 2 2 1 1 1 1 9 9 6 9 9 9 8 8 1 1 6 2 0 6 5 8 5 2 4 0 9 3 1 1 1 0 . . . . . . . . . . . . . 6 6 3 1 6 7 1 1 4 1 6 4 8 1 8 7 6 9 7 7 5 7 9 7 9 5 0 9 1 9 1 8 8 1 7 4 6 6 7 1 . . . . . . . . . . . . . 9 1 8 7 5 6 3 2 1 5 8 0 7 1 7 8 7 9 6 5 7 7 7 8 8 0 4 0 9 8 2 6 7 8 S 2 0 2 5 8 . . . . . . . . . . . . . 0 1 5 4 1 4 4 0 6 4 9 8 8 1 1 1 8 8 8 6 7 7 7 7 5 0 0 1 0 4 4 2 0 0 4 9 1 0 8 6 2 1 . . . . . . . . . . . . . 5 5 8 5 0 9 6 6 8 1 7 7 6 LEA L T B H e o a E o t R t h s e A a r N n D d s P h R o O es DUCTS. 8 8 9 9 8 6 . . . ©7. 9 0 0 1 0 5 . . . 8 9 8 6 3 7 . . . 8 8 9 9 7 6 . . . 2 5 0 8 8 9 9 8 3 . . . 7 9 2 7 7 9 9 4 6 . . . 9 6 6 7 7 9 2 9 9 . . . 7 1 7 8 0 7 2 2 9 . . . 5 6 2 FOO F D B B C C l o a a u o P n k n t R o t f i n r O e e n i c g r D n . t g U io C a n T n e S d r y * preserving. 1 9 6 5 7 7 1 1 7 6 3 1 3 . . . . . . 1 9 6 6 7 7 1 2 7 1 3 1 3 . . . . . . ' ' 1 9 6 8 6 1 7 4 3 0 1 6 7 . . . . . . 1 1 1 7 1 7 7 0 1 6 8 4 4 1 4 . . . . . . 1 1 1 7 7 7 1 0 2 4 3 5 4 3 8 . . . . . . 9 6 1 0 2 1 ' ' 1 1 1 0 3 7 8 7 1 6 1 5 1 6 3 . . . . . . 2 4 8 0 8 8 8 9 6 6 6 6 4 9 3 6 8 4 . . . . . . 7 8 1 1 3 a '7 8 9 5 6 6 0 7 9 2 5 7 . . . . . . 4 0 3 7 7 2 r8 0 5 6 7 6 3 3 2 4 0 6 . . . . . 8 . 7 2 8 3 1 i.Includes current statistics for one or more industries not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEBAL RESERVE BULLETIN 309 AFBIL 1936 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average=!00] Factory employment Factory pay rolls Adjusted for seasonal Without seasonal adjustment Without seasonal adjustment variation Industry and group 1936 1935 1936 1935 1936 1935 February January February February January February February January February FOOD PRODUCTS >—Continued Ice cream 58.0 58.5 61.3 66.7 67.9 70.4 48.6 49.0 49.6 Slaughtering and meat packing 81.7 84.9 87.2 80.3 82.4 85.7 73.8 '81.6 76.5 Sugar refining, cane 78.7 76.4 81.5 82.0 79.6 84.9 67.1 68.4 69.6 TOBACCO PRODUCTS 55.3 52.2 57.3 55.7 56.0 67.7 43.4 41.7 40.8 Chewing and smoking tobacco and snuff 67.0 67.3 72.6 63.4 64.2 68.7 65.0 67.6 66.7 Cigars and cigarettes 53.8 50.2 55.3 54.7 55.0 56.3 40.6 38.4 37.5 PAPEB AND PRINTING 98.2 97.5 96.7 98.0 96.8 96.4 8S.9 88.2 84.1 Boxes, paper „„ 84.4 84.9 84.6 85.6 85.4 85.8 77.5 76.3 76.6 Paper and pulp „, 109.2 108.7 108.7 109.2 108.7 108.7 93.4 91.7 86.8 Book and job printing 90.5 88.9 89.3 89.6 86.9 88.4 81.6 81.4 78.1 Printing, newspapers and periodicals 10L7 101.0 98.0 iO1.4 100.6 97.8 94.6 94.1 88.8 CHEMICALS AND PETROLEUM PRODUCTS I .. .. 109.1 109.7 109.4 108.3 109.8 108.6 97.8 97.9 93.2 A. Chemical group, except petroleum i 109.2 110.0 109.9 108.0 109.5 108.6 97.2 97.5 92.6 D Ch ru e g m g i i c s a t l s s ' preparations 1 9 0 7 7 . . 7 1 1 9 0 7 7 . . 6 4 1 1 0 0 2 2 . . 4 8 1 9 0 6 5 . . 8 4 1 9 0 5 5 . . 4 9 1 10 0 1 L . 2 4 9 94 9 . . 2 9 9995..73 9 9 1 7 . . 0 9 Explosives.. „ 88 6 86.8 89.3 88.6 86.0 89.3 80.8 75.8 76.6 Fertilizers 94 1 92.8 120.3 89.2 96,2 114.0 76.8 79.5 91.1 Paints and varnishes 107.2 107.1 102.2 107.3 109.6 102.3 93.5 91.8 83.7 Rayon and allied products 347.2 353.6 346.8 347.2 353.6 346.8 260.8 264.4 252,3 Soap 96.4 97.1 102.1 96.0 93.8 101.7 94.5 94.9 94.3 B. Petroleum refining 108.6 108.7 107.3 109.9 110.8 108.7 9S.9 99.5 95.8 RUBBER PRODUCTSI 81 8 82.0 '84.2 82.3 83.4 '84.8 69.0 70.2 71.9 Bubber boots and shoes 57.8 59.2 ••59.1 57.7 57.6 '59.0 49.7 53.2 49.4 .Rubber tires and inner tubes 70.1 70.5 r 75.3 70.8 72.7 ••76.1 59.0 59.9 65.8 includes current statistics for one or more industries not shown separately. NOTEr.—7?Thhe ei ninddeexxese sf ofro fra cfatocrtyo ryem epmlopylomyemnet nat nadn dp apya yr orlolsl lus nuandajdujsutsetde df orfo sre saesaosnoanl avl avraiana f f a a l g S c u t ™ r n e r s y v n S a m S r ? e J l i o f P V o V y r o m o nn p e a a a n y t n n - dd c r o b o b l a m a l c ck p p k i e l r e ffi i S i d S o u u d r b ree ss y e n t ss d h ee e i ee n B g F B U . U n L R L e L a L . E r E B e TT s o II t N a N r m d ffo i o d r o r d f MM l G e a o o y v f e m 1 r 9 n o 3 o n 4 r , t s h , p . s p e . e, F p2 F Bs 7. ee e 0 U b e b - r L 7 2 ru BL u 7 a U 1 E ar . LT ry y LI N E F 11 9 T o f 93 oI r 3 N 6 r 6 d J f f f e i uo ig s g rn u c u eJ r r r e i u e 1 p ss n9 t a e i 3 a o r 4 re 1 n e , 9 pp 3 r 4 <re , l p i p m . i 3 n 2 a 4 r - y 3 , 4 J s 3 j u , b a j n e d c t D t e o c r e e m ^ v b is e i r o 1 n. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL RESERVE BULLETIN APRIL 1936 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east ol 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 AUother utilities Month 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1638 January.—- ...... 99.8 204.8 22.4 37.4 7.1 9.0 10.8 15.6 44.4 76.9 3.7 39.5 11.4 26.fi 75.0 142.1 16.6 31.2 7.8 13.4 9.2 12.6 27.8 48.3 5.8 2L1 7.9 15.5 March 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 July 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 i 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 [Figures for 37 States east of the Rocky Mountains, as reported by th« dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars] Number Liabilities 1936 1935 Federal Reserve district Federal Reserve 1936 1935 1936 1935 February January February district Febru- Janu- Febru- Febru- Janu- Febru- Boston 13,931 12,982 3,802 ary ary ary ary ary ary New York 27,829 39,531 13,214 Philadelphia 9,382 14,103 4,493 Cleveland. 13,388 17, SCO 6,535 Boston 87 109 105 1,708 2,325 1,330 Richmond 13,227 23,714 8,204 New York 267 391 '282 4,383 7,769 re, 020 Atlanta.... 12,588 19,581 8,702 Philadelphia 34 74 61 627 1,103 1,087 Chicago— 23,490 40,365 11,350 Cleveland.. 79 62 76 1,917 685 961 St. Louis 7,730 12,184 6,794 Richmond. 43 44 39 1,608 1,118 S06 Minneapolis 3,606 4,890 2,548 Atlanta... 21 34 33 108 282 248 Kansas City 4,293 10,716 3,479 Chicago. 96 121 '113 1,405 1,938 '2,150 Dallas 12,586 8,868 5,927 St. Louis 50 35 40 722 403 635 Total (11 districts) 142,050 204,793 75,047 M Ka i n n s n a e s a p C o i l t is y ^ . . .. 4 1 0 6 4 IS 9 4 IS 0 2 1 2 7 1 3 4 1 3 3 5 4 2 20 3 2 3 Dallas 26 39 28 281 339 315 San Francisco 97 101 '121 936 1,573 '1,230 Total 856 1,077 '956 14,089 18,104 '15,217 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS Oklahoma City DALLAS® TEXAS BOUNDARIES OP FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® • FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis