Federal Reserve Bulletin, 1936-05

FEDERAL RESERVE BULLETIN MAY 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Recent Gold Movements and Credit Developments Condition of Banks Regulation F—Trust Powers UNITED STATES OF AMERICA 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Fed B er a a n l k R o e f— serve Cha R ir e m s a e n rv a e n A d g F e e n d t eral President First Vice President Vice President Boston F. H. Curtiss.. R. A. Young W. W. Paddock. W. WilletU New York.. G. L. Harrison.. Allan Sproul W. R. Burgess. L. R. Rounds. L. F. Sailer. W. S. Logan. J. H. Williams. C. H. Coe. Philadelphia- R. L. Austin J. S. Sinclair.._. C. A. Mcllhenny.* Cleveland E. S. Burke, Jr.. M. J. Fleming.. F. J. Zurlinden H. F. Strater. W. F. Taylor.i Richmond.. F. A. Delano.. Hugh Leach. R. H. Broaddus. J. S. Walden, Jr. G. H. Keesee.i Atlanta H. W. Martin, Oscar Newton. R. S. Parker... H. F. Conniff. M. W. Bell.i Chicago G. J. Schaller.. H. P. Preston. C. R. McKay. J. H. Dillard. W. H. Snyder.2 St. Louis W. McC. Martin. O. M. Attebery. _ .. J. S. Wood. I J. G. McConkey. Minneapolis W. B. Geery. J. N. Peyton Harry Yaeger. H. I. Ziemer.2 Kansas City... J. J. Thomas.. G. H. Hamilton.. C. A. Worthing ton J. W. Helm.a Dallas C. C. Walsh.. B. A. McKinney. R. R. Gilbert R. B. Coleman.2 San Francisco.. W. A. Day ._ Ira Clerk W. M. Hale. C. E. Earhart.i i Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch.__ __ . R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch.__ _ B. J. Lazar. Denver branch.. . J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch. L. H. Earhart. Baltimore branch __ W. R. Milford Dallas: Charlotte branch _ W. T. Clements. El Paso branch... . . J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch.. . . J. H. Frye. San Antonio branch.__ . . M. Crump. Jacksonville branch.._ G. S. Vardeman, Jr. San Francisco: Nashville branch __ J. B. Fort, Jr. Los Angeles branch . W. N. Ambrose. New Orleans branch.. __ Marcus Walker. Portland branch._. ... R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch. . ... C. R. Shaw. St. Louis: 1 Spokane branch. . . D. L. Davis. Little Rock branch A. F. Bailey. Louisville branch .. _ J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS Review of the month—Recent gold movements and credit developments 311 Balance of international payments of the United States 321 Polish control of gold and foreign exchange transactions 322 Definitive establishment of gold standard in Belgium 322 Government control of credit institutions and security issues in Italy 323 Law department: Rulings of the Board: Applicability of exception to section 23A of Federal Reserve Act relating to indebtedness of affiliate on assets acquired from member bank 324 Lending of trust funds by a bank included within the provisions of section 22 (g) of the Federal Reserve Act 324 Renewal of loan to person who was not executive officer at the time of making of loan 325 Ruling No. 1 interpreting Regulation U 325 Applicability of Public Utility Holding Company Act of 1935 to banks 325 Loans by Federal Deposit Insurance Corporation to insured banks—extension of time limit 326 Regulation F—Trust powers of national banks 327 Annual report of the German Reichsbank 337 Annual report of the Swiss National Bank 344 Condition of all member banks on Mar. 4, 1936 (from Member Bank Call Report No. 69) 388-389 Condition of all banks in the United States on Dec. 31, 1935 316, 358, 394-396 Condition of insured commercial banks, Dec. 31, 1935 316, 399 New averages of yields on United States Treasury notes and prices of United States Government bonds 317-320 National summary of business conditions 351 Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc 352-356 Member and nonmember bank credit: All banks in the United States 358 All member banks 357,359,360,387 Weekly reporting member banks in leading cities 361, 362, 390, 391 Acceptances, commercial paper, and brokers' borrowings 363 Discount rates and money rates 364 Security prices, bond yields, and security issues 365 Treasury finance 366 Assets and liabilities of governmental credit agencies 367 Reconstruction Finance Corporation'—Loans and investments 367 Farm Credit Administration—Loans and discounts outstanding, by institutions 368 Federal Home Loan Bank Board—Loans outstanding, by institutions 368 Obligations fully guaranteed by the United States—Amounts outstanding, by agencies 368 Production, employment, car loadings, and commodity prices 369 Merchandise exports and imports 370 Department stores—Indexes of sales and stocks 370 Freight-car loadings, by classes 370 International financial statistics: Gold reserves of central banks and governments 371 Gold production 372 Gold movements 372-374 Central banks 375-378 Bank for International Settlements 378 Commercial banks 379 Discount rates of central banks 380 : Money rates • 380 Foreign exchange rates. 381 Price movements: Wholesale prices 382 Retail food prices and cost of living 383 Security prices 383 Federal Reserve statistics by districts, etc.: Banking and financial statistics 384-395 Industrial and commercial statistics 400-405 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 22 MAY 1936 No. 5 REVIEW OF THE MONTH The strength of the franc in New York at a time when substantial British purchases were Gold movements to this country, which had required to support the franc in London is practically ceased by the beginning of this indicated on the chart. The chart also brings year, were resumed on a considout the fact that by the end of March foreign Recent gold erable scale in the last week of uncertainties in regard to monetary developmovements April. From April 24 to May 8, ments in this country had lost much of their about $125,000,000 of gold was engaged for force. During April the withdrawal of Euroshipment from France to the United States. pean balances ceased, and in the first week of Earlier in the year an outward movement of May a sharp inward movement developed. gold occurred, and for the three and a half Net gold imports from all sources and gold months as a whole to the middle of April gold reported as engaged for shipment to this imports were smaller than for any similar country from the middle of April through period since January 1934. This was mainly May 8 totaled about $150,000,000. due to a reduction in the volume of European short-term balances held in this market. For- FRENCH FRANC IN LONDON AND NEW YORK eign purchases of American securities con- DAILY EX 1 C 9 H 3 A 6 NGE RATES iNCS PER POUND tinued on substantially the same scale as in the latter half of 1935. The reduction in European short-term balances held in this country appears in its earlier stages to have reflected in part the gradual subsidence of the war fears that had initiated the transfer of British and other balances to this market in September and October, and in part the passing of the acute fiscal and political issues in France which had come to a crisis in November. When capital again began to leave France in the latter JANUARY FEBRUARY part of January, it was transferred to Eng- While the franc in New York was held land rather than to the United States. The close to the gold import point by gold shipanticipated effect on the budget of legislation ments to this country, the effect of the confor adjusted service compensation and of the tinuing French demand for sterling at the court decision invalidating taxes imposed beginning of May was only in part offset by in connection with the agricultural adjust- British purchases of French gold, and the ment program, together with the extension franc fell in London. of the President's power to devalue the dollar, Capital has been moving out of France created some uncertainty abroad as to the since the fall of the Laval Cabinet in the third course of American monetary policy, and the week of January. The movement was slow reduction of European balances in this France intensified after the German occupacountry continued. tion of the Rhineland early in March. Fur- 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDERAL RESERVE BULLETIN MAY 1936 ther uncertainty was created by the approach counts approach in magnitude those of the of the Parliamentary elections in France at four large commercial banks combined. As the end of April. Between January 17 and a consequence of this situation market rates May 1 the Bank of France lost $375,000,000 have been closely responsive to the discount of gold notwithstanding the fact that the pro- policy of the Bank of France. ceeds of a sterling credit, amounting to nearly $200,000,000, were transferred to France dur- POSITION OF FOUR LARGE COMMERCIAL BANKS ing this period. After the run-off election on IN FRANCE May 3, in which there was a pronounced shift Cash to the left, the volume of gold exports in- and Ratio bal- Bills Total of recreased. Effective May 7 the Bank of France End of month ances dis- Loans de- serves with counted posits to deraised its discount rate from 5 to 6 percent. Bank of posits France The outflow of capital from France during the past three months has caused a further (Billions of francs) (Percent) tightening of money market conditions. The table shows the effect of the loss of gold dur- March 1935 6 19 8 31 19. 3 ing the last three quarters of 1935 and since January 1936 3 17 8 28 12.5 January 1936, upon borrowings at the Bank of France and upon deposits, which include Changes in reserve balances of member the reserve balances of the banking system. banks in the first four months of 1936 re- It also shows the increase in interest rates flected largely the effects of Treasthat has occurred in the past year. Excess y operations. The growth of these ur reserves MONEY MARKET FACTORS IN FRANCE balances through gold imports, which was continuous in 1934 and 1935, was Discount rates (b B i a ll n i k o n o s f o f F f r r a a n n c c e s) (p a e n rc n e u n m t ) per halted last December with the cessation of the heavy flow of gold to this country. The Gold po D si e t - s ! c L o a d o u n i a s n d n - t s s F B ra a o n n f k ce O m k p a e e r t - n m sh o ip re m r e e n c t e n to t t e h n i g s a c g o e u m n e t n ry ts h o a f d g n o o ld t b a y b r t o h a e d e f n o d r of April had any substantial effect on bank March 29, 1935 83 16 7 2K January 17, 1936 66 9 13 4 reserves in this country. May 1, 1936 61 7 19 5 During the four months from November 1935 to February 1936 total reserve balances i Government deposits excluded. of member banks averaged approximately The next table, which shows the position $5,800,000,000 and excess reserves about $3,of the four commercial banks reporting 000,000,000. In the last half of March the monthly, indicates the extent to which these Treasury increased its deposits at the Fedbanks lost deposits and reserves and reduced eral Reserve banks from $400,000,000 to their bills discounted between March 1935 $1,100,000,000 out of the proceeds of security and January 1936. April figures are not flotations and tax collections, and member yet available. bank excess reserves were consequently re- It is clear from the situation shown by the duced to $2,300,000,000. Subsequent expentables that the Bank of France now occupies ditures from Treasury deposits, however, a dominant position in the French money partially restored the excess reserves, as is market. The market has borrowed from the shown by the chart on page 352, and by the bank far more than the deposits maintained end of April they amounted to nearly $2,700,as reserves, and the bank's loans and dis- 000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 313 Recent changes in excess reserves have ing Chicago, were more than 100 percent in been confined to the larger cities. Changes excess of requirements in both periods and in excess reserves by classes of banks are those at country banks were approximately shown on the accompanying chart. Excess 130 percent iii excess. reserves of country banks have maintained a The following table shows for the various fairly steady growth since the middle of 1933, classes of member banks the reserve position, with moderate fluctuations. Of the decline balances with correspondent banks, and balduring March about two-thirds occurred in ances due to other banks, as of March 4,1936, New York City and most of the remainder which is the date of the latest call report and in other reserve cities. Increases in April also reflects conditions existing prior to the occurred principally at banks outside New temporary reduction caused by Treasury York City, and at the end of the month excess operations in March. EXCESS RESERVES OF MEMBER BANKS RESERVE POSITION OF MEMBER BANKS, BY CLASSES OF BANKS, March 4, 1936 BILLIONS OF DOLLARS BILLIONS OF DOLLARS fin millions of dollars] Reserve balances Bal- Balances ances due due Re- Excess from to quired banks banks Central reserve city banks: New York 1,230 1,263 105 j 2,527 Chicago 257 223 184 ! 594 Reserve city banks 861 934 1,832 j 2,594 Country banks 432 584 1,692 j 433 All member banks,_. 2,780 3,004 3,813 6,148 In addition to excess reserves country banks carried balances with correspondent city banks amounting on March 4, 1936, to about $1,700,000,000, as compared with less than $1,000,000,000 of such balances generally carried by country banks prior to 1934. Reserve city banks have also been carrying 1934 1935 1936 larger balances with other banks than in Averages of daily figures for weeks ending Friday ; figures for country banks and for all banks estimated ; figures for earlier years, and the balances which they week ending May 1 preliminary. hold for other banks have increased by a reserves of those banks were about the same corresponding amount. New York City as at the beginning of March, while excess banks, which do not carry any substantial reserves of New York City banks amounted amount of balances with other banks, have to approximately $1,000,000,000, compared had in recent years a large increase in their with about $1,300,000,000 early in March. balances carried for other banks. This in- At the end of April reserve balances of all crease in fact has been in approximately the member banks were about 100 percent in ex- same amount as the total of the New York cess of requirements. Those of New York banks' excess reserves. A considerable pro- City banks were about 80 percent in excess portion of existing excess reserves, therefore, of requirements, compared with an excess of is in effect owned by country banks, though it over 100 percent early in March. Reserve is carried in part on the books of city correbalances at other reserve city banks, includ- spondents. Stated in another way, a large Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN MAY 1936 part of the idle funds available in the central to the end of April, as shown on the accommoney market represents funds belonging panying chart, total loans and investments of to country banks, for which they have not this group of banks showed an increase of found a satisfactory outlet in local loans or about $900,000,000 to $21,800,000,000, the in investments. largest amount outstanding at any time since Not only do the various classes of banksthe autumn of 1931. Deposits at these banks, taken in groups have large amounts of excess however, have shown little further growth reserves, but also most indi- since last December; demand deposits, ad- Reserve position vidual banks hold reserves justed to exclude United States Government blnkfVidUal wel1 ^ excess of require- and interbank deposits and items in process ments. A tabulation of the of collection, have fluctuated around $14,000,reserve position of individual member banks 000,000, the high level reached in December, based upon daily averages for the first half and time deposits have remained at slightly of March is summarized in the following below $5,000,000,000. Bankers' balances have table. It shows that about 4,300 out of thealso failed to show further growth in 1936. total of nearly 6,400 member banks had re- The absence of growth in deposits at banks serves that were more than 50 percent in this year, while loans and investments have excess of requirements. About 68 percent of all country banks and 57 percent of all REPORTING MEMBER BANKS IN 101 LEADING CITIES city banks were in this group. Correspond- BILLIONS OF DOLLARS Wednesday figures BILLIONS OF DOLLARS ing percentages from an earlier survey, which applied to the one day November 1, 1935, and not to an average for a period, were 66 for country banks and 49 for city banks. The results of this earlier survey are given in the Board's Annual Report for 1935 recently published. NUMBER OF MEMBER BANKS, DISTRIBUTED ACCORDING TO PERCENTAGE OF EXCESS RESERVES [Daily averages for first half of March 1936] Central re- All serve city Re- Ratio of excess to mem- banks serve Counrequired reserves ber city try banks banks banks New Chi- York cago Less than 25 percent 1,132 12 5 77 1,038 2 5 5 0 - 4 p 9 er p c e e r n c t e a n n t d over 4,2 9 8 60 5 20 6 9 1 1 6 9 7 2 4,0 8 6 8 4 6 1935 1936 '34 1935 1936 Total number of member been rapidly expanding, is in contrast to the banks 6, 377 38 15 336 situation during most of 1935, when deposits Loans and investments of reporting mem- increased and loans and investments showed ber banks in leading cities increased further a somewhat smaller growth. The increase in in April, and deposits, which deposits, other than Government and interhad been reduced sharply in bank deposits, last year reflected large gold March by payments to the imports and Treasury payments from pre- Treasury, were restored to above the Feb-viously accumulated balances, as well as the ruary levels. From the beginning of the year increase in bank investments. In the first Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 315 four months of 1936, on the other hand, gold customers, which include loans for agriculimports were small and the Treasury in the tural, industrial, and commercial purposes, early weeks of the year held its balances prac- declined in January, but from February to tically unchanged. As previously explained, the middle of April showed an increase of the Treasury working balance was increased $240,000,000, which was distributed among substantially in March and reduced in April. all the Federal Reserve districts. In the lat- At the end of April it was still considerably ter part of April they showed a small decline. larger than at the beginning of the year. There is often an increase in these loans in Further reduction in the Treasury balance the early spring, but the increase this year would result in an increase in deposits of the was larger than during other similar periods general public at banks. With the existing since 1929. large volume of excess reserves held by mem- Developments at country member banks, ber banks these short-time variations in de- which are only to a small extent included posits and in reserves have no perceptible among the weekly reporting member banks, effect on changes in the banks' loans and in- are shown for the first two months of the year vestments. by figures from the call report for March 4, Most of the increase in bank loans and in- which are published on page 389. Loans vestments between December 31, 1935, and and investments of country banks showed a April 29, 1936, was in investments, while small decrease between December 31, 1935, loans declined somewhat in the early weeks and March 4, 1936. This period, however, of the year and increased considerably in ended prior to the sale of new issues of Treas- March and the early part of April. The prin- ury securities on March 16 and before the cipal changes are shown on the chart. spring increase in commercial loans at city Holdings of direct obligations of the United banks. Deposits at country banks, on the States Government increased by $330,000,- other hand, increased somewhat in the period, 000, those of obligations guaranteed by the as did their reserves and their balances with other banks. Government by $150,000,000, and holdings of other securities increased by $320,000,000. Appointment of Assistant Director in Division of The growth in other securities was the largest Research and Statistics shown for any other period since 1930. Most Effective May 1, 1936, the Board appointed of the increase in holdings of Government George W. Blattner, who has been a memobligations and more than half of that in ber of the Board's research staff since 1929, other securities was at New York City banks. an Assistant Director of the Division of Re- Since the latter part of February loans to search and Statistics. The principal lines of work of the division will be in charge of brokers and dealers in securities, and more the three assistant directors as follows: particularly the "other" loans, which include Credit and business developments, under loans to business borrowers, have increased. Woodlief Thomas; monetary problems, under Loans to brokers and dealers in securities Lauchlin B. Currie; and problems of bank structure and supervision and statistical showed wide fluctuations in March and April, work of the Reserve banks, under Mr. reflecting temporary borrowings by dealers Blattner. in Government securities as well as stock market developments, and at the end of April Changes in Officers at Federal Reserve Banks were about $180,000,000 larger than in Feb- On April 30, 1936, the Board issued the ruary. Other loans on securities showed a following statement: small decline in the early weeks of the year At the request of the Board of Governors and little change thereafter. Other loans to of the Federal Reserve System, F. H. Curtiss Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN MAY 1936 of Boston, R. L. Austin of Philadelphia, and banks added further to their holdings of C. C. Walsh of Dallas, who were designated the different classes of investments. The as Chairmen and Federal Reserve Agents increase was $700,000,000 in United States until April 30, 1936, have consented to re- Government direct obligations, $220,000,000 main as Chairmen and Federal Reserve in obligations fully guaranteed by the United Agents at the Federal Reserve banks in those States Government, and $160,000,000 in other cities, respectively, until the end of the cur- securities, principally securities of public rent year, serving on an honorary basis in utilities and of State and local governments. accordance with the procedure initiated by Loans of insured banks increased in the last the Board on March 1. half of 1935. The increase was confined to J. H. Case, Chairman of the Federal Re- loans of member banks in central reserve and serve Bank of New York, whose term also reserve cities and reflected chiefly an increase expired today, preferred to sever his official of $190,000,000 in so-called "other" loans, in connection with the New York Bank in order which loans for industrial, commercial, and to be free to engage in private business and, agricultural purposes are included. Loans accordingly, tendered his resignation as to brokers and dealers in securities also in- Chairman and Class C Director, which has creased, while other loans on securities debeen accepted by the Board. Iclined. Loans at country member banks de- J. S. Wood, previously Chairman and Fed- clined by $40,000,000, about half of which eral Reserve Agent at the Federal Reserve was in so-called "other" loans, and loans at Bank of St. Louis, has been elected Vice nonmember insured banks declined by about President of that bank, effective May 1. $45,000,000, reflecting decreases in loans to Vacancies in the office of Chairman and customers on securities and on real estate Federal Reserve Agent remain to be filled at other than farm land, while so-called "other" New York, San Francisco, St. Louis, and loans showed little change. Chicago. Adjusted demand deposits of insured commercial banks, representing deposits of indi- On April 30, 1936, Mr. W. H. Hutt, First viduals, partnerships, corporations, and State Vice President of the Federal Reserve Bank and local governments, increased by $1,520,of Philadelphia, resigned his position with 000,000 in the last half of 1935. These dethat bank. posits increased by $760,000,000 at central reserve city and reserve city member banks, Condition of All Insured Banks by $510,000,000 at country member banks, The Federal Deposit Insurance Corpora- and by $250,000,000 at nonmember insured tion has recently issued a detailed statement banks. Time deposits, excluding interbank of the condition on December 31, 1935, of all deposits and deposits of the Postal Savings banks whose deposits were insured on that System, increased by $320,000,000 during date. A summary of the statement for all the period, of which $290,000,000 was at insured commercial banks, excluding mutual member banks. Balances held by insured savings banks of which 56 are insured, is re- banks for other domestic banks increased by published on page 399 of this issue of the $740,000,000 to a record total of $5,940,000,- BULLETIN along with a similar statement as 000 at the year end. of June 29, 1935. On December 31, 1935, insured commercial banks numbered 14,123, of which 6,387 were member banks of the Deposits of All Banks in the United States Federal Reserve System and 7,736 were nonmember banks. While member banks consti- As shown by figures in the table on page tute a minority of insured banks, they account 358, deposits of all banks in the United States, for almost nine-tenths of the resources of all excluding interbank deposits, amounted to insured commercial banks. $48,960,000,000 on December 31, 1935, as In the last half of 1935 total loans and in- compared with $38,000,000,000 on June 30, vestments of insured commercial banks in- 1933, the smallest total for any report date in creased by $1,280,000,000 to a total of $34,- recent years, and with $56,770,000,000 on 810,000,000. Of this increase $1,200,000,000 December 31, 1928, the pre-depression peak. was at member banks. During the 6-months At the end of 1935 these deposits amounted to period both member and nonmember insured $32,160,000,000 at member banks, $5,570,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 MAY 1936 FEDERAL RESERVE BULLETIN 000,000 at nonmember insured commercial List of Registered Stocks banks, $9,960,000,000 at mutual savings The Board of Governors of the Federal banks, $470,000,000 at private banks for Reserve System has published a "List of which reports are available, and $800,000,000 Stocks Registered on National Securities Exat other banks. changes as of March 31, 1936", for the purpose of facilitating compliance by banks with Annual Report the provisions of Regulation U. One copy The text of the Annual Report of the Board was mailed to each member and nonmember is now available. The report deals with op- bank in the United States. Regulation U aperations of the Federal Reserve System and plies to loans by banks for the purpose of purcredit and business developments; it also in- chasing or carrying stocks registered on a cludes an appendix giving records of actions national securities exchange, and in detertaken on questions of policy by the Board of mining, for the purposes of Regulation U, Governors of the Federal Reserve System and whether or not a security is a "stock regisby the Federal Open Market Committee. tered on a national securities exchange", a These records are published this year for the bank may rely upon the list published by the first time, in accordance with provisions in Board. Additions and changes in the list will the Banking Act of 1935, approved August be indicated in supplementary lists, the first 23, 1935. The report will be later reprinted of which will be issued during June 1936. with the usual statistical tables and other Copies of the list may be obtained from the matters of record. Federal Reserve banks. NEW AVERAGES OF YIELDS ON UNITED STATES TREASURY NOTES AND PRICES OF UNITED STATES GOVERNMENT BONDS In the regular table on open-market rates in this issue of the BULLETIN, page 364, a new Amount issued (in Date included Date removed set of figures has been included showing millions in average from average average yields on United States Treasury of dollars) notes with 3-5 years to maturity, as com- 3',:(% Series A—1936 365 Aug. 1, 1932 Aug. 1, 1933 puted from bid and asked prices of these 1[4% Series A—1937 834 Sept. 15, 1932 Sept. 15, 1934 notes. In the regular table on bond prices, 3 2 % % % S e S ri e e r s i e B s — B— 193 19 7 36 _. - 3 5 6 0 1 8 D O e c c t. . 1 1 5 5 , , 1 1 9 9 3 3 2 2 A D p ec ri . l 1 1 5 5 , , 1 1 9 9 3 3 4 3 page 365, new average prices of United States 2^% Series A—1938 278 Feb. 1, 1933 Jan. 31, 1935 2%% Series B—1938 624 June 15, 1933 June 15, 1935 Government bonds have been substituted for 3% Series C—1938_. 455 Mar. 15, 1934 Mar. 15, 1935 the series formerly published. 2 23 V ^287 % o S S e e r r ie ie s s D A — — 1 1 9 9 3 3 8 9 - 1,2 5 9 9 4 6 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 3 3 4 4 Sept. 15, 1935 The average yields on United States Treas- V iy A8% % S S e e r r i i e e s s A B— — 1 1 9 9 4 4 0 0 1,3 7 7 3 8 8 J M un ar e . 1 15 5 , , 1 1 9 9 3 3 5 5 ury notes have been computed beginning Au- \Y%% Series B—1939 526 July 15, 1935 1H% Series C—1939 942 Sept. 15, 1935 gust 1932. Treasury notes issued during the 1H% Series C—1940 737 Dec. 15, 1935 l>-2% Series A—1941 677 Mar. 15, 1936 post-war period until early 1928 were partially tax-exempt and during the latter part of the period the issues were callable for The averages have been derived from the redemption before maturity. There were no yields on individual issues computed by the issues of notes between January 1928 and De- United States Treasury Department. Each cember 1931. Beginning December 1931 is- issue with a maturity of more than three sues have not been callable for redemption be- years has been included upon date of issue fore maturity date and are wholly tax-exempt, and dropped when its period to maturity but until August 1932 all issues offered had reached three years. Thus the average is maturities of three years or less. The fol- representative of the yields on medium-term lowing issues have been included in the Government issues. Each daily figure is an averages: unweighted average of the yields of the issues Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN MAY 1936 included, based on averages of closing bid AVERAGE YIELD ON UNITED STATES TREASURY and asked quotations for the day. 3-5 YEAR NOTES, BY WEEKS—CONTINUED Monthly and weekly averages of daily fig- [Averages of daily figures. Percent per annum] ures from August 1932 are given in the accompanying tables. e W nd e i e n k g Yield e W nd e i e n k g Yield e W nd e i e n k g Yield e W nd e i e n k g Yield AVERAGE YIELD OF UNITED STATES TREASURY 3-5 1934 1935 1935 1936 YEAR NOTES, BY MONTHS Dec. 1 1.97 Apr. 6 1.21 Aug. 17 1.16 Jan. 4 1.23 8 1.84 13 1.23 24 1.22 11 1.21 [Monthly averages of daily figures. Percent per annum] 15 1.78 20 1.20 31 1.37 18 1.18 22 1.74 27 1.17 25 1.22 29 1.73 Sept. 7 1.38 Month 1932 1933 1934 1935 1936 1935 May 1 1 4 1 8 1 1 1 . . . 1 1 1 3 2 2 2 2 1 1 8 4 1 1 1 . . . 4 4 5 0 9 5 Feb. 1 1 8 5 1 1 1 . . . 1 2 1 6 2 9 an. 5 1.69 25 1.13 Oct. 5 1.48 22 1.13 January _ 2.40 3.11 1.60 1.21 12 1.64 12 1.42 29 1. 11 February 2.54 2.80 1.42 1.15 19 1.64 June 1 1. 15 19 1.33 M Ap a r r i c l h__ _ _ „ 3 2 . . 0 9 9 0 2 2 . A 0 3 5 1 1 . .2 2 0 1 1 1 . . 0 1 9 0 26 1. 53 1 8 5 1 1 . . 1 1 5 3 26 1.30 Mar. 7 1.05 May _ _ ___..____. 2.68 1.92 1.12 Feb. 2 1.49 22 1.18 Nov. 2 1.32 14 1.11 June 2.53 1.73 1.14 9 1.51 29 1. 1 9 1.28 21 1.13 July 2.49 1.57 1.16 16 1.46 16 1.29 28 1.12 August __--_--__ 3.00 2.48 1.75 1.22 23 1.33 July 6 1. 17 23 1.28 September 2.96 2.31 2.25 1.43 13 1.16 30 1.29 Apr. 4 1.12 October 2 76 2 32 2 00 1 37 Mar. 2 1.24 20 1.15 11 1.07 November 2.77 2.98 1.99 1.29 9 1.20 27 1.1? Dec. 1.26 18 1.09 December . 2.50 3.23 1.78 1.26 16 1,21 1.24 25 1.09 23 1.20 Aug. 3 1.13 1.25 Year.. _. . 2.66 2.12 1.29 30 1.22 10 1. 15 1.22 il The revised. series of average prices of AVERAGE YIELD ON UNITED STATES TREASURY United States Government bonds includes 3-5 YEAR NOTES, BY WEEKS only issues due or callable after eight years. LAverages of daily figures. Percent per annum] This is the same group of bonds for which average yields are regularly published in the e W nd e i e n k g Yield e W nd e i e n k g Yield e W nd e i e n k g Yield e W nd e i e n k g Yield table on bond yields. The following issues of Government bonds were included in the aver- 1932 1933 1933 1934 age from 1919 to date: Aug. 6 3.01 Mar. 4 3.41 Oct. 7 2.36 May 5 2.01 " 13 3.06 11 0) 14 2.28 12 1.93 " 20 3.00 18 2.83 21 2.24 19 1.92 " 27 2.95 25 3.01 28 2.32 26 1.89 Amount issued (in Date included Date removed S " e pt. 1 3 0 2 2 . . 9 9 7 5 Apr. 8 1 3 3 . . 1 0 0 0 Nov. 1 4 1 2 2 . . 5 9 4 6 June 2 18 7 2 4 Issue o m f i d l o li l o la n r s s) in average from average " 17 2.95 15 2.72 18 3.05 16 r*70 O " c t. 2 1 4 2 2. . 8 9 6 6 2 2 2 9 2 2. . 8 9 7 8 Dec. 25 2 3 3. . 0 1 6 6 » 3 2 0 3 1 1 . . 7 6 2 9 First 4 % L i o b f e r 1 t 9 y 3 2 L -4 o 7 an: 568 Jan. 1, 1919 Dec. 31, 1919 8 2.83 May 6 2.83 9 3.24 434% of 1932-47 555 Jan. 1, 1919 June 15, 1924 " 15 2.76 13 2.71 16 3.24 July 7 162 Second Liberty Loan: " 22 2.71 20 2.67 23 3.31 14 156 4% of 1927-42 3, 808 Jan. 1, 1919 Nov. 15, 1919 " 29 2.75 27 2.57 << 30 3.28 21 1.53 434% of 1927-42 3,708 Nov. 15, 1919 28 155 Third Liberty Loan: Jan. 1, 1919 N " o v. 1 5 2 2 2 . . 7 8 4 2 June 1 3 0 2 2 . . 5 5 4 4 1934 Aug. 4 160 Fou 4 rt K h % L o ib f e 1 r 9 ty 2 8 Loan: 4,176 Jan. 1, 1919 Sept. 15, 1920 " " 2 1 6 9 2 2. . 7 7 4 9 2 1 4 7 2 2. . 5 5 1 2 Jan. 1 6 3 3 3 . . 1 2 4 5 1 1 1 8 1 17 7 2 3 Trea 4 s M u % ry o b f o 1 n 9 d 3 s 3 : -38 6,965 Jan. 1, 1919 Oct. 15, 1925 20 3.07 25 180 4K% of 1947-52 764 Jan. 1, 1923 D " " " e 1 c 9 . 3 2 1 3 3 3 4 0 1 2 2 2 2 2 . . . . . 6 4 3 7 6 8 6 7 3 5 July 2 2 1 8 2 9 1 5 2 2 2 2 2 . . . . . 4 4 5 5 4 8 7 4 2 3 Feb. 2 2 1 1 3 7 4 0 7 3 2 2 2 2 . . . . . 0 8 7 8 8 7 8 8 3 1 S n ept. 2 2 1 8 2 9 5 1 2 2 2 2 1 ! . 3 8 0 3 3 3 7 5 5 1 4 3 3 3 3 3 3 % 3 H % ^ ^ 4 % % % % % o o f f o o o o o 1 1 f f f f f 9 9 1 1 1 1 1 4 5 9 9 9 9 9 4 1 4 4 4 4 4 - - 1 6 5 5 3 6 0 - - 4 5 - - - 4 4 4 5 4 3 9 7 6 3 1,0 4 4 3 8 8 5 4 9 9 5 2 9 0 7 4 5 5 9 1 0 J J J A A A O a u u u p p c n l l y y g t r r . . . . . 1 1 1 1 1 1 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 2 2 2 3 3 2 3 7 6 5 1 1 8 1 J J M u u a n n r e e . 1 1 1 5 5 5, , , 1 1 1 9 9 9 3 3 3 3 2 5 Aug. 5 2.55 Mar. 3 2.77 M% of 1943-45 1,401 Nov. 1, 1933 Oct. 15, 1935 Jan. 7 2.44 12 2.53 10 2.58 Oct. 6 2 24 3)4% of 1944-46 1,062 Apr. 16, 1934 Apr. 15, 1936 14 2.46 19 2.50 17 2.37 13 2 05 3% of 1946-48 1,036 June 15, 1934 " 21 2.45 26 2.43 24 2.34 20 188 3H% of 1949-52 491 Dec. 15, 1934 " 28 2.31 31 2.27 27 188 2%% of 1955-60 2,611 Mar. 15, 1935 Feb. 4 2.27 Sept. 2 9 2 2 . . 2 3 7 5 Apr. 7 2.10 Nov. 3 199 2 2 % % % % o o f f 1 1 9 9 4 4 5 8 - - 4 5 7 1 1 1 , , 2 2 1 2 4 4 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 3 3 5 6 " 11 2.30 16 2.26 14 2.00 10 2 03 " 18 2.42 23 2.36 21 2.13 17 197 " 25 2.92 30 2.33 28 2.07 24 1.96 Monthly figures have been computed for the period beginning 1919, while the former 2Bank holiday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 319 series was available only for the period be- callable within eight years. This results in ginning 1926. Each figure is an unweighted variations from the former averages which average of the prices as published by the are greatest during the period from 1926 to Treasury Department. These are daily clos- 1928, when a larger proportion of the issues ing prices, or monthly averages of daily clos- included in the old averages were short-term ing prices, except prior to July 1933, when bonds. the mean of the bid and asked prices was used Monthly averages from 1919 to date and in some instances. The new averages differ Wednesday figures from 1929 to date appear from those formerly published in the exclu- in the tables below: sion of short-term issues, that is, those due or AVERAGE PRICE OF UNITED STATES GOVERNMENT BONDS, BY MONTHS L Monthly averages of daily figures] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 January. _ __ . 94.8 92.8 87. 5 97. 4 99.1 99.3 102.5 105.1 106.9 109.1 ' 103.0 104.0 106. 6 91. 3 103.6 100.2 105.4 February 94 1 91 6 87 0 96 7 99 0 99 6 102 6 '1055 0107 3 108 9 ilO1.8 104.2 105. 5 93. 6 102.5 102.1 106. 4 March .. . 94.2 91.2 87.1 97. 8 98.3 99.6 102.4 106.0 108.9 109.3 .100.2 105.7 105.6 95.9 101.1 103.1 106.2 April 94 5 89 4 87 5 99 6 98 1 100 3 102 8 104 3 109 1 108 8 101 6 104.8 105.1 98. 3 101.3 103.7 106.8 May . _ ... 95.1 86.7 87. 5 99. 9 98.4 101.1 103.5 104.7 109.7 108.2 101.5 105.5 106. 2 97. 7 102.7 104.7 106.8 June 94 8 87 0 87 3 100 1 98 8 102 6 104 5 104 7 109 2 107.4 -100 9 106.2 106. 5 97. 6 103. 7 104.9 107.0 July . 94.3 86.9 87.4 '100.9 98.8 103. 6 104.5 104.6 106.8 105.7 101.5 106.2 105. 4 99. 7 103.9 105.6 107.3 August 93 8 86 0 87 9 101 0 98 8 104 0 103 8 104 2 107 3 103 5 100 8 106.0 105.2 101.3 103.7 104.3 106.5 September. _ . _ 94.4 87.1 89.1 :i00.5 98.6 103. 9 103.9 104.3 107.5 103.8 101. 0 106.2 104.0 101.6 103.8 102.3 104. 7 October 94 6 89 3 92 6 99 4 98 1 104 5 103 9 104 5 107 7 103 7 102 0 106.5 98.8 101.5 103.5 103.4 104.9 November 93.7 87.8 95. 0 98. 6 98.5 104.1 104.8 105.4 108.5 104.8 ; 105.0 106.8 99.0 101.4 100. 6 103.7 105. 3 December.. . _. _. 93.3 85.6 97. 2 • 98. 7 98.7 103.5 104.7 106.2 109.3 103.9 .104.8 106.4 95.3 102.3 99.9 104.1 105.2 Year, 94.3 88.4 89. 4 , 99. 2 98. 6 102.2 103.6 105.0 108. 2 106.4 102.0 105. 7 103. 6 98. 5 102.5 103.5 106.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN MAY 1936 AVERAGE PRICE OF UNITED STATES GOVERNMENT BONDS, BY WEEKS [Wednesday figures] 1929 1930 1931 ]932 1933 1934 1935 1936 Date Price Date Price Date Price Date Price Da ,e Price Date Price Date Price Date Price Jan. 2 103.9 Jan. 8 104. 7 Jan. 7 106.8 Jan. 6 91.4 Jan. 4 103.7 Jan. 3 100.7 Jan. 2 104.5 Jan. 8 105.7 9 103. 3 15 104.2 14 107.0 13 91.1 11 104.0 10 99.0 9 105.0 15 105.8 16 102.7 22 103.7 21 107.1 20 91.4 18 103.1 17 100.4 16 105.4 22 105.8 23 102.8 29 103.4 28 106. 4 27 91.1 25 103.9 24 100.3 23 106. 2 29 105.8 30 102.7 31 101.3 30 105.9 Feb. 5 104.1 Feb. 4 105. 8 Feb. 3 91.8 Feb. 1 104.0 Feb. 5 105.9 Feb. 6 102.7 11 104.4 11 106. 3 10 92.0 8 103.6 Feb. 7 101.8 Feb. 6 106.0 11 106.1 13 102.2 19 104.1 18 105. 6 17 94.7 15 103. 2 14 102.0 13 106.1 19 106.5 20 101.3 26 104.3 25 104.9 24 95.5 21 101.2 21 102.4 20 106.6 26 106.6 27 101. 5 28 102.1 27 106.9 Mar. 5 105. 2 Mar. 4 105.2 Mar. 2 95.5 Mar. 1 99.7 Mar. 4 106.9 Mar. 6 101.1 12 106. 1 11 105. 7 9 96.6 8 Mar 7 102. 7 Mar. 6 106. 9 11 107.0 13 99.4 19 106. 4 18 108. 1 16 95.9 15 101.2 14 103. 4 13 106.6 18 106.5 20 100.2 26 105. 8 25 105.7 23 96.2 22 102.0 21 103.5 20 106.0 25 106.8 27 100.0 30 95.6 29 101.5 28 103.5 27 106.4 Apr. 2 105.2 Apr. 1 105.1 Apr. 1 106.8 Apr. 3 100.3 9 104.7 8 105.0 Apr. 6 95.9 Apr. 5 101. 6 Apr. 4 103.9 Apr. 3 106.6 8 107.0 10 100.8 16 104. 3 15 105. 1 13 98.3 12 102.0 11 104.0 10 106.8 15 107.1 17 102.9 23 104. 8 22 105.1 20 99.2 19 100.5 18 103.7 17 106.6 22 107.0 24 102.4 30 104.9 29 105.5 27 99.9 26 101.3 25 104.0 24 107. 0 29 107.0 May 1 102.3 May 7 105. 6 May 6 105.4 May 4 98.1 May 3 101.8 May 2 104.3 May 1 107.3 8 102.1 14 105.6 13 106.4 11 99.2 10 102.7 9 104.7 8 107. 1 15 102.0 21 105. 6 20 107.1 18 97. 4 17 103. 0 16 104.8 15 106.9 22 100.6 28 105. 8 27 106. 4 25 96.5 24 103.3 23 104.7 22 107.0 29 101.1 31 103.3 29 104.9 29 106. 6 June 4 105. 9 June 3 106.6 June 1 96.2 June 5 100.9 11 106. 3 10 106.7 8 96.4 June 7 103. 6 June 6 105.0 June 5 106. 7 12 100.6 18 106. 2 17 106.7 15 98.5 14 103. 7 13 105. 4 12 107. 0 19 101.1 25 106. 3 24 108.2 22 98.6 21 103.9 20 105.0 19 107. 1 26 101.5 29 98.1 28 103.7 27 105. 0 26 107.2 July 2 106.3 July 1 105. 5 July 3 101.9 9 106.4 8 105.5 July 6 98.7 July 5 104.0 July 3 105.2 July 3 107.2 10 102.1 16 106.2 15 105. 5 13 99.6 12 104.0 11 106.0 10 107.3 17 101. 6 23 106. 2 22 105. 7 20 99.9 19 103. 8 18 106.0 17 107.3 24 101.2 30 106.2 29 105.3 27 101.2 26 103.8 25 105.8 24 107.3 31 100.9 31 107.2 Aug. 6 106. 2 Aug. 5 105.1 Aug. 3 101.1 Aug. 2 103.5 Aug. 1 105.0 Aug. 7 107.1 Aug. 7 100.8 13 106. 1 12 105. 3 10 101.7 9 103.6 8 104.6 14 106.8 14 100.8 20 106.0 19 105.3 17 101.2 16 103.8 15 104. 2 21 106.4 21 100. 8 27 105.9 26 105.1 24 101.3 23 103.9 22 103. 9 28 105.4 28 101.1 31 101.3 30 103.9 29 104.0 Sept. 3 108. 0 Sept. 2 105.2 Sept. 4 101.1 10 108. 0 9 104.8 Sept. 7 101.4 Sept. 6 103. 9 Sept. 5 103. 0 Sept. 4 105. 8 11 101.0 17 106. 2 16 104.2 14 101.6 13 104. 2 12 101.9 11 105. 6 18 101.2 24 108. 2 23 103.9 21 101.9 20 103. 4 19 101.6 18 104.4 25 101.0 30 102.2 28 101.8 27 103. 7 26 101. 9 25 104.7 Oct. 1 106.6 Oct. 2 100.7 8 106. 4 Oct. 101.9 Oct. 5 101.8 Oct. 4 103. 5 Oct. 3 102.2 Oct. 2 104.2 9 100.8 15 106.5 14 99.4 11 101.4 11 103. 5 10 102. 9 9 104. 5 16 101.7 22 106. 5 21 97.1 19 101.6 18 103. 7 17 103. 8 16 105.2 23 103. 3 29 106.7 28 97.2 26 101.4 25 103.6 24 104.2 23 105. 3 30 103.4 31 103. 6 30 105. 1 Nov. 5 106.7 Nov. 4 98.2 Nov. 2 101.4 Nov. 1 102.7 Nov. 6 104.6 12 106. 8 11 99.5 9 101. 3 8 101.5 Nov. 7 103. 3 Nov. 6 105.5 13 104.7 19 106. 8 ! 18 99.8 16 101.6 15 100.3 14 103. 3 13 105. 3 20 105.5 26 108. 9 ' 25 98.7 23 101.5 22 98.8 21 103. 8 20 105.3 27 105.4 30 101.6 29 100.2 28 103.9 27 105.2 Dec. 3 108.8 Dec. 2 98.0 Dec. 4 105.6 10 106. 3 9 96.4 Dec. 7 101.7 Dec. 6 100.0 Dec. 5 104. 1 Dec. 4 105.2 11 105.1 17 108.5 16 95.2 14 102.2 13 100.1 12 104. 3 11 105.3 18 104.7 24 108.3 ! 23 94.2 21 102. 6 20 99.7 19 104. 3 18 105.2 24 104.4 3L 103. 2 30 92. 6 28 103. 3 ' 27 99.8 28 104.1 24 105.4 31 104.4 1 1 | 31 105.6 1 Bank holiday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 321 BALANCE OF INTERNATIONAL PAYMENTS OF THE UNITED STATES The Department of Commerce has published a summary of the international transactions of the United States in 1935. The summary is given below in substantially the same form as that employed by the Department of Commerce. Balance Dollar Dollar receipts payments 1. Merchandise: j Goods sold by United States abroad $2,282,000,000 Goods purchased by United States abroad 2,048,000,000 $234,000,000 Net receipts from merchandise.. 234, 000, 000 2. Service items: Receipts for shipping and freight services... 62,000,000 Payments for shipping and freight services.. 102,000,000 $40,000,000 Receipts from foreign tourists 129,000,000 Expenditures of United States tourists 393,000,000 264,666,000 Interest and dividend receipts on United States investments abroad 426,000,000 140. 000,000 286,000,000 Interest and dividend payments on foreign investments in United States 115,000,000 Remittances and contributions to foreigners (net) ! Receipts from miscellaneous trade and service transactions i 247,000,000 Payments for miscellaneous trade and service transactions i 201,000.000 I 46,000,000 87, 000, 000 Net payments on service items ! 3. Gold and silver: Receipts from gold exports 2,000,000 : Payments for gold imports 1,741,000.000 ; 1, 739, 000,000 Receipts from silver exports.. 19,000,000 Payments for silver imports.. 355. 000,000 336, 000,000 Net payments on gold and silver. 22, 075,000, 000 4. Capital items: A. Reports of banks and brokers— ! Stocks and bonds sold to foreigners 1,964,000,000 ' Stocks and bonds purchased from foreigners 1,522,000,000 j 442,000,000 Net inflow of short-term funds.. _ I 970,000,000 B. Other data- Net receipts from direct investment and other capital transactions.. _j 115,000,000 Receipts from paper currency exports (partly estimated) 30,000,000 Payments for paper currency imports 31,000,000 1. 000, 000 Net receipts from capital items j 21,526,000,000 5. Residual item 402,000,000 Total of summary items j 2,162,000,000 2,162,000.. 000 1 These miscellaneous items include merchandise adjustments, governmental receipts and expenditures, and miscellaneous service items. 2 Differs from the Department of Commerce total because of transfer of $1,000,000 net movement of currency from section 3 to section 4. Foreign holdings of dollar currency are regarded as similar to foreign holdings of dollar deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN MAY 1936 Polish Control of Gold and Foreign Exchange In the BULLETIN for May 1935 translations Transactions were given of the monetary law of March 30, Control of foreign exchange transactions 1935, and the royal decree of March 31 estaband of gold exports and imports was instilishing the basis for purchase and sale of fortuted by decree of the President of Poland on eign exchange by the Exchange Equalization April 27. Official exchange rates will be es- Fund. The royal decree of April 16, 1935, tablished by the Bank of Poland and all trans- with the appended Convention of April 4 beactions in foreign exchange will be under con- tween the Belgian State and the National trol of a special committee of the bank. Deal- Bank of Belgium, and the royal decree of ing in foreign exchange will be restricted to April 19, creating an Office of Economic Rea few banks designated by the Minister of covery, were given in translation in the BUL- Finance. Bank deposits in Poland to the ac- LETIN for June 1935. Translations of the count of foreigners and extension of credits two recent decrees follow. to foreigners will be subject to control. The official text of the decree is not yet available. No. 273 From the adoption of the program of cur- ROYAL DECREE RELATIVE TO THE CONVERTIBILITY OF rency and banking reform in October 1927, NOTES OF THE NATIONAL BANK OF BELGIUM— MARCH 31, 1936 which was summarized in the BULLETIN for Leopold III, King of the Belgians, to all present and November 1927, until the decree of April 27, to come, greetings: 1936, Poland substantially maintained the By virtue of the law of July 31, 1934, extended by those of December 7, 1934, of March 15 and of March gold standard, although for some time mer- 30, 1935, granting to the King certain powers in refchandise imports have been subject to many erence to economic and financial recovery and the reduction of public expenditures; restrictions. An official statement issued By virtue of the monetary law of March 30, 1935; with the decree called attention to the recent By virtue of royal decree No. 160 of April 19, 1935. creating the Office of Economic Recovery; heavy drain of gold and foreign exchange for Upon proposal of Our Council of Ministers, we hoarding and the resulting depletion of the have decreed and do decree: ARTICLE 1. Article 1 of the monetary law of March reserves of the Bank of Poland. 30, 1935, suspending the obligation placed upon the National Bank of Belgium to redeem its notes in accordance with the provisions of article 8 of the royal decree of October 25, 1926, relative to monetary stab- Definitive Establishment of Gold Standard in Belgium ilization, is abrogated. Definitive establishment of the gold parity ARTICLE 2. Our Minister of Finance is charged with the execution of the present decree, which will of the belga, restoration of the convertibility become obligatory on the day of its publication in the of the notes of the National Bank of Belgium Moniteur.1 Given at Brussels, March 31, 1936. and other related measures which became effective on April 1 were summarized briefly in ROYAL DECREE DEFINITIVELY ESTABLISHING MONEthe BULLETIN for April 1936. Official texts TARY PARITY AND ABOLISHING THE EXCHANGE EQUALIZATION FUND—MARCH 31, 1936 of the two decrees of March 31, 1936, effect- Leopold III, King of the Belgians, to all present and ing these measures are now available, and to come, greetings: translations of them are given below. Pro- By virtue of the monetary law of March 30, 1935; vision for the redemption of notes, which By virtue of the royal decree of March 31, 1935, fixing the basis for operations of purchase and sale was earlier reported in an official cable as re- of foreign exchange by the Exchange Equalization quiring redemption in gold, is made by restor- Fund; By virtue of the royal decree of April 3, 1935, ing the effectiveness of article 8 of the royal creating an Exchange Equalization Fund: decree of October 25, 1926. This article, By virtue of royal decree No. 159 of April 16, 1935, giving specific approval to the convention concluded which had been suspended, provides for re- April 4, 1935, between the State and the National demption in gold, in silver at its gold value, or Bank of Belgium; By virtue of royal decree No. 160 of April 19, 1935, in foreign exchange, at the option of the Nacreating the Office of Economic Recovery; tional Bank. 1 Published in Moniteur Beige, April 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 323 Upon proposal of Our Council of Ministers, we quired to sell their shares at a fixed price. have decreed and do decree: The bank will become primarily a bankers' ARTICLE 1. The monetary parity, determined provisionally by the royal decree of March 31, 1935, at bank, and after July 1, 1936, will rediscount a weight of 0.150632 gram of fine gold to the belga, is definitively fixed at this rate. only for credit institutions, public and pri- The National Bank of Belgium will on this basis vate, but it will continue to make advances to revalue its gold reserve existing on the date when the present decree becomes effective.1 private individuals on Government obliga- The foreign exchange belonging to the Bank as of tions and certain other types of securities. March 29, 1935, will be revalued on the same basis. The increment in assets resulting from these re- Certain of the larger banks are to be declared valuations will accrue to the Treasury. public institutions and the banks already so ARTICLE 2. The royal decree of April 3, 1935, creating an Exchange Equalization Fund, is abrogated. constituted are confirmed in that status. Al- The assets of the Exchange Equalization Fund are though a number of these banks are wholly or to be returned to the Treasury. ARTICLE 3. Our Minister of Finance is charged partly owned by the Government, Governwith the execution of the present decree, which will ment ownership is not an essential feature of become obligatory on the day of its publication in the Moniteur.1 the new status. Given at Brussels, March 31, 1936. A new agency of control, the "Inspector- 1 Published in Moniteur Beige, April 1, 1936. ship for the protection of savings and for the regulation of credit," is established, to be Government Control of Credit Institutions and presided over by the Governor of the Bank Security Issues in Italy of Italy acting under a Committee of Minis- State control of the banking and credit ters. The Committee will define the objectsystem in Italy was completed by a royal ives of the Inspectorship and will consult the decree-law of March 12, 1936, following a Central Corporative Committee in order to decree of the Cabinet on March 3. The later provide for meeting the credit needs of the measure, entitled "Provisions for the proteccountry. The new Ministerial Committee tion of savings and for the regulation of will take over existing powers of various credit," places under Government control new security issues and all institutions for sav- ministers to supervise or control financial inings, personal loans, and agricultural and stitutions such as stock exchanges, mortgage commercial banking, including branches of credit banks, and other specialized credit foreign banks. agencies. The Bank of Italy becomes a public institu- New statutes for the Bank of Italy are to tion to be owned by banks and other financial be issued in pursuance of the decree of institutions. Private shareholders are re- March 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN MAY 1936 LAW DEPARTMENT Applicability of exception to section 23A of Federal banks and whether executive officers of mem- Reserve Act relating to indebtedness of affiliate on ber banks are required to report to the boards assets acquired from member bank of directors of such banks loans made to them Section 23A of the Federal Reserve Act from trust funds held by other banking insticontains certain limitations on loans or ex- tutions. tensions of credit by a member bank to its In response to the inquiry the Board stated affiliates and on investments by a member that an indebtedness of an executive officer bank in, or loans on, stock and obligations of of a member bank arising as a result of the its affiliates. This section contains a number lending of trust funds administered by such of exceptions, including the following which bank falls within the purposes of the law, was incorporated therein by the Banking Act since the opportunity of an executive officer of 1935: to use his influence to obtain a loan of such funds is present and the board of directors of The provisions of this section shall likewise not a member bank should be informed of any inapply to indebtedness of any affiliate for unpaid balances due a bank on assets purchased from such debtedness of its executive officers arising out bank * * *. of the lending of trust funds administered by other banks. Moreover, there is no justifica- In response to an inquiry the Board recently tion, under well recognized rules of statutory expressed the opinion that such exception, construction, to place a restricted meaning considering its intent and the substance of upon the provisions of the statute so as to the transactions involved, should be construed exclude an indebtedness arising out of the to apply to extensions of credit which result lending of trust funds administered by a when, upon the foreclosure of a real estate bank. Accordingly, the Board expressed the lien by a member bank, an affiliate of the view that the restrictions contained in section bank acquires title to the real estate and the 22 (g) of the Federal Reserve Act and the bank charges the amount of the defaulted Board's Regulation 0 include loans to execuobligation against the affiliate. The Board tive officers of member banks from trust also expressed the opinion that the provisions funds administered by such banks and likeof section 23A of the Federal Reserve Act are wise that an indebtedness of an executive not now applicable to such extensions of officer of a member bank to another bank credit even though they were made before the arising out of the lending of trust funds enactment of the Banking Act of 1935. should be reported to the board of directors The inquiry also related to loans made by a as provided in section 5 of the Board's Regumember bank to an affiliate for the purpose lation 0. of enabling the affiliate to pay carrying In reaching the conclusion that section charges on the real estate acquired by it in 22 (g) includes an indebtedness arising out the above-described manner. In this connecof the lending of trust funds, the Board tion, the Board stated that it believed that, in pointed out that a question might be raised order to carry out the real intent of the exas to what effect the $2,500 exception conception quoted above, such exception should tained in section 22 (g) might have on the be construed as applying to indebtedness arisprovision in secton 11 (k) of the Federal Reing out of incidental advances subsequently serve Act which prohibits a national bank made by the bank in good faith to protect exercising trust powers from lending funds itself against loss on the original indebtedheld in trust to any of its officers, directors, ness. or employees. However, the provision in section 22 (g) can be applied to loans of the bank's own funds and thus be given full effect Lending of trust funds by a bank included within the provisions of section 22 (g) of the Federal even though it is not considered as repealing Reserve Act the provision in section 11 (k) just above re- The Board recently received a request for ferred to. Under the usual rules of statutory construction, the repeal of statutes by implia ruling as to whether the restrictions concation is not favored, especially if the protained in section 22 (g) of the Federal Revisions of both statutes involved can be given serve Act and the Board's Regulation 0 infull effect and, in the circumstances, the clude loans to executive officers of member Board stated that section 22 (g) does not in banks from trust funds administered by such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

325 MAY 1936 FEDERAL RESERVE BULLETIN any manner affect the provision in section only if such renewal may be regarded as a 11(k). loan or extension of credit within the mean- The Board also observed that it is contrary ing of its provisions. In a case arising under to the established principles regarding the section 23A of the Federal Reserve Act which handling of trust funds for a trustee to have relates to loans and extensions of credit to any interest in the funds of a trust which he affiliates of member banks, the Board had is administering and likewise such principles previously taken the position that the reare applicable to executive officers of a cor- newal of an existing loan does not constitute porate trustee. These principles are so well an extension of credit within the meaning of established that some States have enacted such section. While the question was not laws forbidding corporate fiduciaries from directly involved in that case, the Board had lending trust funds to their own officers, expressed the view that the proviso in section directors, or employees; Congress has pro- 22 (g) of the Federal Reserve Act permitting hibited national banks from lending trust the renewal of loans made to executive offifunds to their own officers, directors, or em- cers prior to June 16, 1933, may properly be ployees ; and the Board has prescribed a simi- interpreted as imposing a limitation upon the lar prohibition in the form of a condition of period during which such loans may be remembership applicable to State member newed or extended, rather than as conferring banks. While there may be some State mem- a right of renewal or extension which did not ber banks which are not subject to the condi- otherwise exist. Moreover, the Board stated tion and the laws of the State under which that under the more usual interpretation of they operate may not prohibit such loans, the the words "extension of credit," such words Board expressed the view that such banks mean a grant or an allowance of credit rather should not lend trust funds to their own ex- than an extension of the time of payment of ecutive officers. a debt already in existence. In the circumstances, the Board expressed the view that a renewal or extension of a loan Renewal of loan to person who was not executive made by a member bank subsequent to June officer at time of making of loan 16,1933, to a person who was not at that time The Board has recently been presented with an executive officer of the bank is not to be the question whether, under section 22 (g) of regarded as a loan or extension of credit the Federal Reserve Act, a loan which was within the meaning of the prohibitions of made by a member bank in June, 1935, to an section 22 (g) of the Federal Reserve Act. individual who was not at that time an executive officer of the bank may now be renewed or extended at maturity where such indi- Transfers of loans vidual is now an executive officer of the bank Ruling No. 1 interpreting Regulation U.— within the meaning of that term as defined In response to an inquiry from certain banks in the Board's Regulation 0. in New York City concerning section 3(e) Section 22 (g) of the Federal Reserve Act, of Regulation U, the Board of Governors of as amended by the Banking Act of 1935, pro- the Federal Reserve System rules as follows: vides that loans made to executive officers of A bank may accept the transfer of a loan member banks prior to June 16,1933, may be from another lender, provided the loan is not renewed or extended, under certain condi- increased and the collateral for the loan is not tions, for periods expiring not more than five changed, even though the "maximum loan years from that date. Since, under the facts value" of the collateral be less than the stated in the inquiry, the loan in question was amount of the loan, but may not thereafter not made to an executive officer of a member permit at any time withdrawals or substitubank prior to June 16,1933, a renewal of such tions of collateral that would increase the loan would not fall within the scope of this deficiency at such time. provision of section 22 (g) of the Federal Reserve Act and the making of such a renewal would not, therefore, be subject to the condi- Applicability of Public Utility Holding Company Act tions prescribed in the statute or in section 4 of 1935 to banks of the Board's Regulation 0. For the information of member banks, A renewal of a loan in the circumstances there is set out below the text of a letter described would be prohibited by the statute addressed to a number of banks by the Chair- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN MAY 1936 in satisfaction in whole or in part of any man of the Securities and Exchange Commissuch debt or in exchange for such debt; sion regarding the applicability of the Public (4) securities acquired by such bank in ex- Utility Holding Company Act of 1935 to change for securities described in parabanks, and the text of Rule 3A3-1 of the Com- graphs (1), (2) an<J (3) above, as a remission referred to in the letter. sult of any reorganization or recapitalization of the issuer of such securities. Any inquiry relating to this matter should be addressed to the Securities and Exchange (b) The term "bank" as used in this Rule shall mean (1) a banking institution organized under the Commission. laws of the United States, (2) a banking institution or trust company incorporated under the laws of any SECURITIES AND EXCHANGE COMMISSION State or of the District of Columbia, which is pri- WASHINGTON marily engaged in the commercial banking business or in the business of exercising fiduciary powers, or GENTLEMEN: It has come to our attention that a both, or (3) a receiver, conservator, or other liquinumber of banks are apparently unaware of the dating agent of any of the foregoing in his capacity fact that, as a result of acquiring public utility securi- as such. ties in liquidation of debts or holding them in trust (c) Any bank exempted under paragraph (a) of capacities, or otherwise, such banks may constitute this Rule shall, within 30 days after the last day of "holding companies" as defined in the Public Utility February, May, August and November in each year Holding Company Act of 1935. or such later date thereafter as the Commission may Section 2(a) (7) of the Act defines as a "holding by order prescribe, file with the Commission a statecompany" any company which owns, controls, or holds ment on Form U-3A3-1, as required by the instrucwith power to vote, 10 per cent or more of the out- tions for said form, containing the information standing voting securities of a public utility company. therein specified and such further information as the A public utility company is defined in section 2 (a) (5) Commission may require; provided, however, that as an electric or gas utility company, and the latter the statement for the quarter ending February 29, are further defined in paragraphs (3) and (4) of 1936, may be filed not later than April 30, 1936. section 2(a). (d) No bank exempted by paragraph (a) of this Section 4(a) of the Act required all holding com- Rule shall enter into or take any step in the performpanies which use the mails or interstate commerce in ance of any service contract, as the term is used in any of the ways therein specified, to register with this section 13(a), whereby such bank is given the ex- Commission, except that the Commission is directed clusive right to render financial services to any assoby section 3 (a) to exempt certain classes of holding ciate company thereof which is a public-utility or companies. Acting pursuant to this authority, the holding company. Commission has promulgated Rule 3A3-1 exempting (e) In addition to its power to amend or rescind certain banks from the provisions of the Act applica- this Rule, the Commission by order, after notice and ble to them as holding companies, subject to the con- opportunity for hearing, may terminate, suspend, or dition that they file quarterly statements with this modify the exemption provided by this Rule as to any Commission on Form U-3A3-1. The first of these bank, if (1) such bank shall fail to comply with any statements is due not later than April 30, 1936. of the provisions of paragraphs (c) or (d) of this Enclosed you will find copies of the Act and also of Rule, or (2) such bank shall evade, seek to evade, or the Rule and Form mentioned above. be used to evade the provisions of the Act. Very truly yours, (Signed) JAMES M. LANDIS, Chairman. Loans by Federal Deposit Insurance Corporation to insured banks RULE 3A3-1, AS PROMULGATED NOVEMBER 25, 1935 The following Joint Resolution of Congress (RELEASE NO. 24) AND AMENDED MARCH 18, 1936 amending section 12B of the Federal Reserve (RELEASE NO. 115) Act was approved on April 21. Rule 3A3-1. Exemption of certain banks, (a) Any bank as defined in paragraph (b) of this Rule [PUBLIC RESOLUTION—No. 83—74TH CONGRESS] shall, except insofar as specified in paragraphs (c) [S. J. Res. 230] and (d) of this Rule, be exempt from any obligation, JOINT RESOLUTION duty, or liability imposed by the Act upon such bank Amending paragraph (4) of subsection (n) of section 12B of the as a holding company, if such bank does not own, Federal Reserve Act, as amended. control, or hold with power to vote, 10 per cent or Resolved by the Senate and House of Representamore of the voting securities of any public-utility or tives of the United States of America in Congress holding company other than— assembled, That paragraph (4) of subsection (n) of (1) securities of which such bank is not thesection 12B of the Federal Reserve Act, as amended, beneficial owner; is amended by striking out "July 1, 1936" and insert- (2) securities pledged as security for, or ac- ing in lieu thereof "July 1, 1938". quired in connection with the liquidation Approved, April 21, 1936. of, a debt resulting from a loan or other credit at any time in good faith extended This resolution extends until July 1, 1938, by such bank either alone or in conjunc- the period in which the Federal Deposit Intion with other lenders; surance Corporation may make loans to an (3) securities acquired by such bank, under any plan of reorganization or otherwise, open or closed insured bank, purchase assets Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 193G FEDERAL RESERVE BULLETIN 327 of such a bank, or guarantee any other in- tion. Such application may be made by the orsured bank against loss by reason of its as- ganizers in the case of a new national bank, by the suming the liabilities and purchasing the State bank or trust company in the case of a conassets of an insured bank. Such action may version, and by the national bank the charter of be taken by the Corporation if it will reduce which is to be retained in the case of a consolidation. the risk or avert a threatened loss to the Cor- Each application made under the provisions of poration and will facilitate a merger or con- this section shall be executed and forwarded in duplisolidation of an insured bank with another cate, together with duplicate copies of any docuinsured bank or will facilitate the sale of the ments containing any information submitted with assets of an insured bank to and assumption the application, to the Federal Reserve bank of the of its liabilities by another insured bank. district in which the applying bank is located. SECTION 2. CONSIDERATION OF APPLICATIONS In passing upon an application for permission to Revision of Regulation F relating to the exercise of trust powers by national banks exercise the fiduciary powers authorized by section 11 (k) of the Federal Reserve Act, as amended, the The Board of Governors has recently re- Board of Governors of the Federal Reserve System vised its Regulation F relating to the exercise will give special consideration to the following matof trust powers by national banks. The text ters: of the revised regulation, which will become effective on June 1, 1936, is set forth below. (a) Whether, under the provisions of section 11 (k) of the Federal Reserve Act, as REGULATION F amended, the bank has sufficient capital and surplus to render it eligible to receive permis- (Revised effective June 1, 1936. Superseding Regulation F, Series of 1930) sion to exercise the fiduciary powers applied for TRUST POWERS OF NATIONAL BANKS and whether the granting of any or all of such powers would be in contravention of State or AUTHORITY FOR REGULATION local law; This regulation is issued under authority of the (h) The needs of the community for trust provisions of section 11 (k) of the Federal Reserve service of the kind applied for and the probable Act, as amended, which, together with related pro- volume of such trust business available to the visions of law, are published in the Appendix hereto. bank; (c) The general condition of the bank, par- SECTION 1. APPLICATION ticularly the adequacy of its net capital and A national bank desiring to exercise any or all of surplus funds in relation to the character and the powers authorized by section 11 (k) of the Fed- condition of its assets and to its deposit liabilieral Reserve Act, as amended, shall make application ties and other corporate responsibilities, includto the Board of Governors of the Federal Reserve ing the proposed exercise of trust powers; System for a special permit authorizing such national (d) The general character and ability of the bank to exercise such powers. If the applying bank management of the bank; is not authorized to exercise any of such powers, the (e) The nature of the supervision to be given application should be made on Form 61; and if the ap- to the proposed trust activities, including the plying bank is authorized to exercise one or more but qualifications and experience of the members of not all of such powers, the application should be the proposed trust investment committee; made on Form 61b. (/) The qualifications, experience and char- In the case of the organization of a new national acter of the proposed executive officer or officers bank, the conversion of a State bank or trust com- of the trust department; pany into a national bank, or the consolidation of (g) Whether the bank has available comtwo or more national banks or of a State bank or petent legal counsel to advise and pass upon trust company with a national bank under the trust matters whenever necessary; and charter of the latter, when none of the national (h) Any other facts and circumstances that banks involved in such consolidations is authorized seem to it proper. to exercise trust powers, application for such a permit may be made in advance on behalf of the new, SECTION 3. CONSOLIDATION OF TWO OR MORE converted or consolidated national bank, and the per- NATIONAL BANKS mit may be issued simultaneously with the consum- Where two or more national banks consolidate mation of such organization, conversion or consolida- under the provisions of the Act of Congress ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN MAY 1936 proved November 7, 1918,1 as amended, and any one tern to act in fiduciary capacities and subsequently, of such banks has, prior to such consolidation, re- while the permit is in force, changes its name under ceived a permit from the Board of Governors of the the provisions of the Act of Congress approved May Federal Reserve System to act in fiduciary capacities 1, 1886,3 it is not necessary for the bank to make a which is in force at the time of the consolidation, the new application to continue to act in such capacities. rights existing under such permit pass by operation However, in order that the records of the bank may of law to the consolidated bank and the consolidated be complete and that it may have convenient evidence bank may act in such fiduciary capacities in the of its right to exercise trust powers under its new same manner and to the same extent as the bank name, the Board, upon receipt of advice from the to which such permit was originally issued; and no Comptroller of the Currency that such change in new application to continue to act in such capacities name has been legally effected, will issue a certificate is necessary. However, in order that the records of to it under such new name evidencing its right to the consolidated bank may be complete and that it exercise the trust powers previously granted to it may have convenient evidence of its right to exercise under its old name. trust powers, the Board, upon receipt of advice from the Comptroller of the Currency that the consolida- SECTION 6. TRUST DEPARTMENT AND MANAGEMENT tion has been consummated, will issue a certificate (a) Separate trust department.—Every national to the consolidated bank showing its right to exercise bank which obtains permission from the Board of the trust powers theretofore granted by the Board Governors of the Federal Reserve System to act in to any of the national banks taking part in the con- a fiduciary capacity shall, before undertaking to act solidation. in such capacity, establish a trust department which shall be separate and apart from every other de- SECTION 4. CONSOLIDATION OF STATE BANK WITH partment of the bank. NATIONAL BANK (b) Directors' supervision of trust department. Section 3 of the Act of Congress approved Novem- —The board of directors is responsible for the inber 7, 1918,2 as amended, authorizes any bank, trust vestment of trust funds by the bank, the disposition company, savings bank, or other banking institution of trust investments, the supervision of the trust deincorporated under the laws of any State or in the partment, the determination of the policies of such District of Columbia to be consolidated directly with department and for the review of the actions of all a national bank located in the same State, county, committees appointed by the board of directors for city, town, or village under the charter of such na- the conduct of the trust department. The accepttional bank, and provides in effect that, when such ance of all fiduciary accounts shall be approved by consolidation is consummated, the consolidated na- the board of directors or a committee appointed by tional bank shall succeed to the specific fiduciary ap- such board, and the closing out or relinquishment of pointments, designations and nominations of the all such accounts shall be approved or ratified by State institution at the time of the consolidation. It the board of directors or a committee appointed by is not necessary for the national bank to have a per- such board. Any such approval or ratification shall mit from the Board of Governors of the Federal Re- be recorded in the minutes of the board of directors serve System in order to administer the specific or of such committee as the case may be. trusts to which it thus succeeds, but the provision (c) Trust investment committee.—Before any does not confer upon the consolidated national bank such national bank undertakes to act in any fiduciary the right to act generally in fiduciary capacities or capacity, the board of directors of the bank shall to undertake any other trust business. Unless the appoint a trust investment committee which shall national bank already has a permit from the Board be composed of at least three members, who shall be of Governors of the Federal Reserve System to act capable and experienced officers or directors of the in fiduciary capacities which is in force at the time bank. All investments of trust funds by the trust of the consolidation, it will be necessary for the bank department of every such national bank shall be to obtain such a permit before undertaking to act made, retained or disposed of only with the approval generally in fiduciary capacities or to accept any of the trust investment committee; and such comother trust business. mittee shall keep minutes of all its meetings, showing the disposition of all matters considered and SECTION 5. CHANGE OF NAME passed upon by it. Such committee shall, at least If a national bank has received a permit from once during each period of twelve months, review the Board of Governors of the Federal Reserve Sys- all the assets held in or for each fiduciary account to determine their safety and current value and the 1 Applicable provisions of the Act of Congress approved November 7, 1918, as amended, are printed in the Appendix to this regulation. 2 Section 3 of the Act of Congress approved November 7, 1918, as 3 The applicable provisions of the Act of Congress approved May 1, amended, is printed in the Appendix to this regulation. 1886, are printed in the Appendix to this regulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

329 MAY 1936 FEDERAL RESERVE BULLETIN advisability of retaining or disposing of them; and the Board of Governors of the Federal Reserve Sysa report of all such reviews, together with the action tem, a committee of directors, exclusive of any active taken as a result thereof, shall be noted in the officers of the bank, shall, at least once during each minutes of the trust investment committee. Such period of twelve months, make suitable audits of committee may have such additional duties relating the trust department or cause suitable audits of such to the trust department as may be prescribed by the department to be made by auditors responsible only board of directors. to the board of directors, and shall, likewise at (d) Executive officer.—Before any such national least once during each period of twelve months, asbank undertakes to act in any fiduciary capacity, certain by thorough examination made or caused to its trust department shall be placed under the man- be made by such committee— agement and immediate supervision of an executive (1) Whether a review of all the assets in each officer or officers qualified and competent to adtrust as to their safety and current value and minister trusts, and the duties of such officer or the advisability of retaining or disposing of officers shall be prescribed by the board of directors them has been made in accordance with section of the bank. Such duties shall be evidenced by the 6 (c) of this regulation; by-laws of the bank or by a resolution duly adopted (2) Whether trust funds awaiting investby and entered in the minutes of the board of diment or distribution have been held uninvested rectors. All officers and other persons taking part or undistributed any longer than was reasonin the operation of the trust department shall be ably necessary. adequately bonded. (e) Competent legal counsel.—Every such na- Such committee shall promptly make a full report tional bank shall designate, employ or retain comof such audits and examination, in writing, to the petent legal counsel who shall be readily available board of directors of the bank, together with a to pass upon trust matters and to advise with the recommendation as to the action, if any, which may bank and its trust department; but the bank shall be necessary to correct any unsatisfactory condinot engage in the practice of law. tions. The board of directors shall give due con- (/) Principles of trust institutions.—Every such sideration to such report and recommendation, tonational bank shall conform to sound principles in gether with the latest report of examination by the the operation of its trust department.4 Comptroller of the Currency or examiners designated by the Board of Governors of the Federal Reserve SECTION 7. BOOKS AND ACCOUNTS System 6 furnished to the bank, and shall take such (a) In general.—Every national bank which has steps as are appropriate to correct any criticized received permission from the Board of Governors matters. A report of the audits and examination reof the Federal Reserve System to exercise fiduciary quired under this section, together with the action powers shall keep the books and records of the trust taken thereon, shall be noted in the minutes of the department separate and distinct from other records board of directors; and such report shall be made a of the bank. All trust accounts opened shall be so part of the records of the bank. kept as to enable the national bank to furnish such information or reports with respect thereto as may SECTION 9. TRUST FUNDS AWAITING INVESTMENT be required by the Comptroller of the Currency or OR DISTRIBUTION the Board of Governors of the Federal Reserve System. The records of the trust department shall con- (a) In general.—Funds received or held by a natain full information relating to each trust. tional bank as fiduciary awaiting investment or distribution shall not be held uninvested or undis- (6) Record of pending litigation.—Every such tributed by the bank any longer than is reasonably national bank shall keep an adequate record of all necessary. litigation pending against it in connection with its administration of any trust. authorities may have access to reports of examination made by the Comptroller of the Currency in so far as such reports relate to the trust department of such bank, but nothing in this Act shall be construed SECTION 8. EXAMINATIONS OF TRUST DEPARTMENT as authorizing the State banking authorities to examine the books, records, and assets of such bank." In addition to examinations by examiners appointed While this provision denies to the State banking authorities the right to examine the trust department of any national bank without the by the Comptroller of the Currency5 or designated by bank's consent, it does not prohibit the bank from permitting an inspection of its records by any one it desires. 6 This does not relieve the board of directors of any responsibility for 4 The Statement of Principles of Trust Institutions approved by the prompt consideration of, and action on, matters criticized in the latest Executive Council of the American Bankers Association under date report of examination by the Comptroller of the Currency or the Board of April 11, 1933, is included in the Appendix to this regulation and is of Governors of the Federal Reserve System furnished to the bank or for commended to banks operating trust departments. the prompt consideration and action on any matter coming to the atten- 6 Section ll(k) of the Federal Reserve Act, as amended by the Banking tion of the board of directors from any other source which requires action Act of 1935, approved August 23,1935, provides that "The State banking for the protection of parties at interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN MAY 1936 (b) Use in conduct of business of trustee bank. When such instrument does not specify the char- —Funds received or held by a national bank as acter or class of investments to be made and does not fiduciary awaiting investment or distribution shall expressly vest in the bank, its officers or its directors not be used by the bank in the conduct of its busi- a discretion in the matter, funds received or held in ness, unless the bank, under authorization by its trust shall be invested, with the approval of the board of directors, first delivers to the trust depart- trust investment committee, in any investments in ment, as collateral security: which corporate or individual fiduciaries in the State in which the bank is acting may lawfully invest. (1) Bonds, notes, bills, certificates of in- (6) Court trusts.—A national bank acting in any debtedness or other direct obligations of the fiduciary capacity under appointment by a court of United States, or obligations fully guaranteed competent jurisdiction shall, subject to the superby the United States as to principal and invision of the trust investment committee, make all terest; or investments of funds received or held by it in trust (2) Other readily marketable securities of under an order of that court, and copies of all such the classes in which State trust companies or orders shall be filed and preserved with the records State banks exercising trust powers are au- of the trust department of the bank. If the court thorized or permitted to invest trust funds under order vests a discretion in the bank to invest funds the laws of the State in which such national received or held by it in trust, or if, under the laws bank is located; or of the State in which the bank is acting, corporate (3) Other readily marketable securities of fiduciaries appointed by the court are permitted to the classes defined as "investment securities" exercise such a discretion, the bank, with the appursuant to section 5136 of the Revised Statutes proval of the trust investment committee, shall inof the United States, as amended.7 vest such funds in any investments in which corpo- The securities so deposited as collateral shall be rate or individual fiduciaries in the State in which owned by the national bank and shall at all times the bank is acting may lawfully invest. be at least equal in market value to the amount of (c) Collective investments of trust funds.— the trust funds so used in the conduct of the bank's Funds received or held by a national bank as fidubusiness.8 ciary shall not be invested in participations in pools of mortgage bonds or other securities, except when SECTION 10. INVESTMENT OF TRUST FUNDS the cash balances to the credit of certain trust estates held by such national bank are too small to (a) Private trusts.—Funds received or held by a be invested separately to advantage.'* Such small national bank as fiduciary shall, with the approval amounts may, with the approval of the trust investof the trust investment committee and subject to the ment committee, be invested collectively, and parrules of law applicable to fiduciaries, be invested ticipation certificates may be issued by the trust promptly and in strict accordance with the will, deed department to the various participating estates, proor other instrument creating the trust. When the vided : instrument creating the trust contains provisions expressly authorizing the bank, its officers or its di- (1) That the bank owns no participation in rectors to exercise a discretion in the matter, funds the securities in which such collective investreceived or held in trust shall be invested only with ments are made and has no interest in them exthe approval of the trust investment committee. cept as trustee or other fiduciary; and (2) That such collective investments are not » Section 5136 of the Revised Statutes of the United States, as amended, prohibited by State law or by the instrument provides that as used in that section ''the terra 'investment securities' creating the trust. shall mean marketable obligations evidencing indebtedness of any person, copartnership, association, or corporation in the form of bonds, notes, and/or debentures commonly known as investment securities under such further definition of the term 'investment securities' as may SECTION 11. PURCHASE OR SALE OF TRUST ASSETS TO by regulation be prescribed by the Comptroller of the Currency"; and a OR FROM TRUSTEE BANK OR ITS DIRECTORS, OFFICERS copy of the regulation prescribed by the Comptroller under the authority of section 5136 may be obtained upon request made to his office. OR EMPLOYEES s Section ll(k) of the Federal Reserve Act, as amended, requires that the national bank shall set aside in the trust department "United States (a) Obligations of trustee bank or its directors, bonds or other securities approved by the Board of Governors of the Federal Reserve System". This subsection of this regulation is in- officers, etc.—Funds received or held by a national tended as a general approval by the Board of all securities which comply bank as fiduciary shall not be invested in stock or with the requirements thereof and the Board will not give specific approval to any particular securities. obligations of, or property acquired from, the bank If a national bank desires to substitute securities for securities already deposited in the trust department as collateral for trust funds used in the conduct of the business of such bank, such a substitution may be a This does not prevent the bank from investing the funds of several made provided the substituted securities comply with the requirements trusts in a single real estate loan of the kind which could be made by of this subsection and the substituted securities and other securities so the bank under the provisions of section 24 of the Federal Reserve Act, deposited as collateral at all times are at least equal in market value to as amended, if the bank owns no participation in the loan and has no the amount of trust funds so used in the conduct of the bank's business. interest therein except as trustee or other fiduciary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 331 or its directors, officers, or employees, or their in- Governors of the Federal Reserve System to act in terests, or in stock or obligations of, or property fiduciary capacities shall, before undertaking to act acquired from, affiliates of the bank.10 in any fiduciary capacity, make a similar deposit of (b) Sale or transfer of trust assets to trustee securities with the State authorities. If the State bank or its directors, officers, etc.—Trust assets authorities refuse to accept such a deposit, the seshall not be sold or transferred to the national bank, curities shall be deposited with the Federal Reserve to its directors, officers, or employees, or their in- bank of the district in which such national bank is terests, or to affiliates of the bank, except that, in located and such securities shall be held for the procases in which the bank has been advised by its tection of private or court trusts with like effect as counsel in writing that it has incurred a contingent though the securities had been deposited with the or potential liability to a trust and desires to relieve State authorities. itself from such liability, such a sale or transfer may be made with the approval of the board of SECTION 14. COMPENSATION OF BANK directors; provided that in all such cases the bank, (a) In general.—If the amount of the fee or comupon the consummation of the sale or transfer, shall pensation for acting in a fiduciary capacity is not reimburse the trust involved in cash or other ac- regulated by State law or stipulated or provided for ceptable assets. in the instrument creating the trust, a national bank (c) Dealings between trust accounts.—A national acting in such capacity may charge or deduct not bank acting as fiduciary shall not make any advance more than a reasonable fee or compensation for its to any trust from the funds belonging to any other services. When the bank is acting in a fiduciary trust, except when the making of such advances to capacity under appointment by a court, it may rea designated trust is specifically authorized by the ceive such fee or compensation as shall be lawfully trust instrument covering the trust from which such allowed or approved by that court. All income deadvances are made. rived from the investment of the funds of a trust, less a proper fee or compensation and all other SECTION 12. CUSTODY OF TRUST SECURITIES AND proper charges, shall be paid over to, or credited to INVESTMENTS the account of, such trust. The securities and investments of each trust shall (b) Officer or employee of bank as co-fiduciary. be kept separate from the properties of the bank, —No national bank shall, except with the specific and the securities and investments of each trust also approval of its board of directors, permit any of its shall be kept separate from those of all other trusts officers or employees, while serving as such, to retain except as provided in subsection (c) of section 10 any fee or other compensation for acting as a coof this regulation.11 Trust securities and invest- fiduciary with the bank in the administration of any ments shall be placed in the joint custody of two or trust accepted or undertaken by it. more officers or employees of the bank designated for that purpose by the board of directors of the bank; SECTION 15. INSOLVENCY OR VOLUNTARY LIQUIDATION and all such officers and employees shall be ade- OF BANK quately bonded. (a) Insolvency.—Whenever a national bank exercising fiduciary powers becomes insolvent and a SECTION 13. DEPOSIT OF SECURITIES WITH STATE receiver is appointed therefor by the Comptroller of AUTHORITIES the Currency, such receiver shall, pursuant to the Whenever the laws of a State require corporations instructions of the Comptroller and to the orders of acting in a fiduciary capacity to deposit securities the court or courts of appropriate jurisdiction, prowith the State authorities for the protection of pri- ceed to close such trusts and estates as can be closed vate or court trusts, every national bank in that promptly and transfer all other trusts and estates to State which obtains permission from the Board of properly appointed substitute fiduciaries. (6) Voluntary liquidation.—Whenever a national 10 Under recognized principles of sound practice regarding the handling of trust funds, a trustee or other fiduciary should not have any interest, bank exercising fiduciary powers is placed in volundirect or indirect, in the funds of a trust except as a fiduciary, and this tary liquidation, the liquidating agent shall, in acrequirement contemplates that the national bank will not invest trust funds in the obligations of any organization in which officers, directors, cordance with the laws of the State in which such or employees of the bank have such an interest as might affect the exercise of the best judgment of the management of the bank in investing national bank is located, proceed at once to liquidate trust funds. This requirement shall not be deemed to prohibit invest- the affairs of the trust department as follows: ments which are expressly required by the instrument creating the trust or by court order. n This does not prevent the bank from investing the funds of several 1. All court trusts and estates under the juristrusts in a single real estate loan of the kind which could be made by the diction of a court shall be closed or disposed of bank under the provisions of section 24 of the Federal Reserve Act, as amended, if the bank owns no participation in the loan and has no in- as soon as practicable in accordance with the terest therein except as trustee or other fiduciary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN MAY 1936 orders or instructions of the court having juris- ceipt of the documents referred to in subsection (a) diction. of this section of this regulation, the Board will re- 2. All voluntary trusts which can be closed quest the Comptroller of the Currency, upon the promptly shall be closed as soon as practicable occasion of the next regular examination of such and final accounting made therefor. national bank, to have one of his examiners make an 3. All other trusts shall be transferred by investigation of the trust department of the bank appropriate legal proceedings to properly ap- in order to determine whether the bank, pursuant to pointed substitute fiduciaries. authority granted to it under section 11 (k) of the Federal Reserve Act, has actually accepted or under- SECTION 16. SURRENDER OF TRUST POWERS taken the exercise of any trust; and, if so, whether it appears from the records of the trust department (a) Procedure.—Any national bank which has in the case of each trust so accepted or undertaken: been granted the right by the Board of Governors of the Federal Reserve System to act in any fiduciary (1) That all assets and papers belonging to capacity or capacities and which desires to surrender the trust estate have been delivered by the bank such right shall signify such desire through a resolu- to the person or persons entitled to receive them; tion duly adopted by, and recorded in the minutes of, and its board of directors. A properly certified copy of (2) That the duties of the bank as fiduciary such resolution shall be filed with the Federal Re- have been completely performed and that the serve bank of the district in which such national bank has been discharged or otherwise properly bank is located and shall be accompanied by (1) relieved of all of its duties as fiduciary. a letter stating the reason why, or the purpose for In exceptional cases, the Board may make, or may which, such national bank wishes to surrender its request the Comptroller of the Currency to make, a right to exercise trust powers, unless such reason or special examination of the trust department of such purpose shall have been amply stated in the resolunational bank in order to obtain the information retion itself, (2) the permit or permits previously ferred to in this subsection. issued by the Board to such national bank granting (d) Certificate of Board of Governors of the it the right to act in any fiduciary capacity, and (3) Federal Reserve System.—If, upon the basis of the any certificate or certificates previously issued to examination referred to in subsection (c) of this such national bank by the Board under the prosection of this regulation, the Board shall be satisfied visions of sections 3 and 5 of this regulation, except that the national bank desiring to surrender its right that, in case any such permit or certificate shall to exercise trust powers has never accepted or underhave been lost or destroyed, an affidavit by any taken to exercise any trust or that its duties as fiduciofficer of such national bank as to such loss or deary have been completely performed and that it has struction shall be filed in lieu of such lost or debeen discharged or otherwise properly relieved of all stroyed permit or certificate. of its duties as fiduciary, and if, in the case of a na- (b) Words "Trust Company" as part of bank's tional bank the title of which previously had included title.—Before issuing the certificate described in the words "trust company," the Board shall also be subsection (d) of this section of this regulation, the satisfied, from advice received from the Comptroller Board will require any national bank which desires of the Currency, that the bank has properly elimito surrender its right to exercise trust powers, and nated these words from its title, the Board may, in its which has the words "trust company" as part of its discretion, issue to such national bank a certificate title, to eliminate such words from the title. The certifying that such bank is no longer authorized to elimination of such words involving a change in the exercise any of the trust powers conferred upon it by name of the bank is a matter within the jurisdiction the Board.12 of the Comptroller of the Currency. Such a national bank, therefore, at the time of the adoption of the SECTION 17. BOARD FORMS resolution referred to in subsection (a) of this sec- All forms referred to in this regulation and all such tion of this regulation, should communicate with the forms as amended from time to time shall be a part Comptroller of the Currency for advice as to the of this regulation. procedure it will be necessary for it to pursue in order to eliminate such words. Advice that such 12 Section ll(k) of the Federal Reserve Act provides that, upon the issuance of such a certificate by the Board, "such bank (1) shall no longer national bank has taken this step should be given, be subject to the provisions of this subsection or the regulations of the in writing, to the Federal Reserve bank at the time Board of Governors of the Federal Reserve System made pursuant thereto, (2) shall be entitled to have returned to it any securities which it may of the filing of the documents required by subsection have deposited with the State authorities for the protection of private or court trusts, and (3) shall not exercise thereafter any of the powers (a) of this section of this regulation. granted by this subsection without first applying for and obtaining a (c) Examination of trust department.—Upon re- n su e b w s e p c e ti r o m n i . t " to exercise such powers pursuant to the provisions of this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

333 MAY 1936 FEDERAL RESERVE BULLETIN APPENDIX In any case in which the laws of a State require that a corporation acting as trustee, executor, ad- Section 11 (k) of the Federal Reserve Act, as ministrator, or in any capacity specified in this secamended by the Acts of Congress approved Septem- tion, shall take an oath or make an affidavit, the ber 26, 1918, June 26, 1930, and August 23, 1935, president, vice president, cashier, or trust officer of such national bank may take the necessary oath or provides as follows: execute the necessary affidavit. The Board of Governors of the Federal Reserve It shall be unlawful for any national banking asso- System shall be authorized and empowered: ciation to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee mak- (k) To grant by special permit to national banks ing such loan, or to whom such loan is made, may be applying therefor, when not in contravention of fined not more than $5,000, or imprisoned not more State or local law, the right to act as trustee, execu- than five years, or may be both fined and imprisoned, tor, administrator, registrar of stocks and bonds, in the discretion of the court. guardian of estates, assignee, receiver, committee of In passing upon applications for permission to estates of lunatics, or in any other fiduciary capacity exercise the powers enumerated in this subsection, in which State banks, trust companies, or other cor- the Board of Governors of the Federal Reserve Sysporations which come into competition with national tem may take into consideration the amount of capbanks are permitted to act under the laws of the State ital and surplus of the applying bank, whether or in which the national bank is located. not such capital and surplus is sufficient under the Whenever the laws of such State authorize or per- circumstances of the case, the needs of the commit the exercise of any or all of the foregoing powers munity to be served, and any other facts and cirby State banks, trust companies, or other corpora- cumstances that seem to it proper, and may grant or tions which compete with national banks, the grant- refuse the application accordingly: Provided, That ing to and the exercise of such powers by national no permit shall be issued to any national banking banks shall not be deemed to be in contravention of association having a capital and surplus less than State or local law within the meaning of this Act. the capital and surplus required by State law of State National banks exercising any or all of the powers banks, trust companies, and corporations exercising enumerated in this subsection shall segregate all such powers. assets held in any fiduciary capacity from the general Any national banking association desiring to surassets of the bank and shall keep a separate set of render its right to exercise the powers granted under books and records showing in proper detail all trans- this subsection, in order to relieve itself from the actions engaged in under authority of this subsection. necessity of complying with the requirements of this The State banking authorities may have access to subsection, or to have returned to it any securities reports of examination made by the Comptroller of which it may have deposited with the State authorithe Currency insofar as such reports relate to the ties for the protection of private or court trusts, or trust department of such bank, but nothing in this for any other purpose, may file with the Board of Act shall be construed as authorizing the State bank- Governors of the Federal Reserve System a certified ing authorities to examine the books, records, and copy of a resolution of its board of directors signifyassets of such bank. ing such desire. Upon receipt of such a resolution, No national bank shall receive in its trust depart- the Board of Governors of the Federal Reserve Sysment deposits of current funds subject to check or tem, after satisfying itself that such bank has been the deposit of checks, drafts, bills of exchange, or relieved in accordance with State law of all duties as other items for collection or exchange purposes. trustee, executor, administrator, registrar of stocks Funds deposited or held in trust by the bank awaiting and bonds, guardian of estates, assignee, receiver, investment shall be carried in a separate account and committee of estates of lunatics or other fiduciary, shall not be used by the bank in the conduct of its under court, private, or other appointments prebusiness unless it shall first set aside in the trust viously accepted under authority of this subsection, department United States bonds or other securities may, in its discretion, issue to such bank a certificate approved by the Board of Governors of the Federal certifying that such bank is no longer authorized to Reserve System. exercise the powers granted by this subsection. Upon In the event of the failure of such bank the owners the issuance of such a certificate by the Board of of the funds held in trust for investment shall have a Governors of the Federal Reserve System, such bank lien on the bonds or other securities so set apart in (1) shall no longer be subject to the provisions of addition to their claim against the estate of the bank. this subsection or the regulations of the Board of Whenever the laws of a State require corporations Governors of the Federal Reserve System made puracting in a fiduciary capacity, to deposit securities suant thereto, (2) shall be entitled to have returned with the State authorities for the protection of pri- to it any securities which it may have deposited with vate or court trusts, national banks so acting shall the State authorities for the protection of private or be required to make similar deposits and securities so court trusts, and (3) shall not exercise thereafter deposited shall be held for the protection of private any of the powers granted by this subsection without or court trusts, as provided by the State law. first applying for and obtaining a new permit to National banks in such cases shall not be required exercise such powers pursuant to the provisions of to execute the bond usually required of individuals this subsection. The Board of Governors of the Fedif State corporations under similar circumstances are eral Reserve System is authorized and empowered to exempt from this requirement. promulgate such regulations as it may deem neces- National banks shall have power to execute such sary to enforce compliance with the provisions of this bond when so required by the laws of the State. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN MAY 1936 subsection and the proper exercise of the powers constituent institution at the time of such consolidagranted therein. tion was acting under appointment of any court as trustee, executor, administrator, registrar of stocks Sections 1 and 3 of the Act of Congress approved and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics or in any other November 7, 1918, as amended by the Acts of Confiduciary capacity, the consolidated national banking gress approved February 25, 1927, June 16, 1933, association shall be subject to removal by a court of and August 23, 1935, provide in part as follows: competent jurisdiction in the same manner and to the same extent as was such constituent corporation Be it enacted by the Senate and House of Repre- prior to the consolidation, and nothing herein consentatives of the United States of America in Con- tained shall be construed to impair in any manner gress Assembled, That any two or more national the right of any court to remove such a consolidated banking associations located within the same State, national banking association and to appoint in lieu county, city, town or village may, with the approval thereof a substitute trustee, executor, or other fiduof the Comptroller of the Currency, consolidate into ciary, except that such right shall not be exercised one association under the charter of either existing in such a manner as to discriminate against national banks, on such terms and conditions as may be law- banking associations, nor shall any such consolidated fully agreed upon by a majority of the board of association be removed solely because of the fact that directors of each association proposing to consolidate, it is a national banking association. * * * and be ratified and confirmed by the affirmative vote of the shareholders of each such association owning The Act of Congress approved May 1, 1886, proat least two-thirds of its capital stock outstand- vides in part as follows: ing, * * * SEC. 2. That any national banking association may change its name or the place where its operations SEC.3. That any bank incorporated under the laws of discount and deposit are to be carried on, to any of any State, or any bank incorporated in the District other place within the same State, not more than of Columbia, may be consolidated with a national thirty miles distant, with the approval of the Compbanking association located in the same State, county, troller of the Currency, by the vote of shareholders city, town, or village under the charter of such na- owning two-thirds of the stock of such association. tional banking association on such terms and condi- A duly authenticated notice of the vote and of the tions as may be lawfully agreed upon by a majority new name or location selected shall be sent to the of the board of directors of each association or bank office of the Comptroller of the Currency; but no proposing to consolidate, and which agreement shall change of name or location shall be valid until the be ratified and confirmed by the affirmative vote of Comptroller shall have issued his certificate of apthe shareholders of each such association or bank proval of the same. owning at least two-thirds of its capital stock out- SEC. 3. That all debts, liabilities, rights, provisions, standing, or by a greater proportion of such capital and powers of the association under its old name shall stock in the case of such State bank if the laws of devolve upon and inure to the association under its the State where the same is organized so require. new name. *• * * Upon such a consolidation, or upon a con- SEC. 4. That nothing in this act contained shall be solidation of two or more national banking associa- so construed as in any manner to release any nations under section 1 of this Act, the corporate exist- tional banking association under its old name or at ence of each of the constituent banks and national its old location from any liability or affect any action banking associations participating in such consolida- or proceeding in law in which said association may tion shall be merged into and continued in the con- be or become a party or interested. solidated national banking association and the consolidated association shall be deemed to be the same A STATEMENT OF PRINCIPLES OF TRUST INSTITUTIONS corporation as each of the constituent institutions. All the rights, franchises, and interests of each of This statement was adopted by the Executive Comsuch constituent banks and national banking associa- mittee of the Trust Division, American Bankers Astions in and to every species of property, real, per- sociation on April 10, 1933, and approved by the sonal, and mixed, and choses in action thereto be- Executive Council of the American Bankers Associalonging, shall be deemed to be transferred to and tion on April 11, 1933. vested in such consolidated national banking association without any deed or other transfer; and such consolidated national banking association, by virtue FOREWORD of such consolidation and without any order or other This Statement of Principles has been formulated action on the part of any court or otherwise, shall in order that the fundamental principles of instituhold and enjoy the same and all rights of property, tions engaged in trust business may be restated and franchises, and interests, including appointments, thereby become better understood and recognized by designations, and nominations and all other rights the public, as well as by trust institutions, themand interests as trustee, executor, administrator, selves, and in order that it may serve as a guide registrar of stocks and bonds, guardian of estates, for trust institutions. assignee, receiver, committee of estates of lunatics In the conduct of their business trust institutions and in every other fiduciary capacity, in the same are governed by the cardinal principle that is commanner and to the same extent as such rights, fran- mon to all fiduciary relationships—namely, fidelity. chises, and interests were held or enjoyed by any Policies predicated upon this principle have for their such constituent institution at the time of such con- objective its expression in terms of safety, good mansolidation: Provided, hotvever, That where any such agement, and personal service. Practices developed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 335 under these policies are designed to promote effi- with respect to the administration of the trust; to ciency in administration and operation. acquaint the beneficiaries with all material facts in The fact that the services performed by trust in- connection with the trust; and, in administering the stitutions have become an integral part of the social trust, to exercise the care a prudent man familiar, and economic structure of the United States makes with such matters would exercise as trustee of the the principles of such institutions a matter of public property of others, adhering to the rule that the interest. trustee is primarily a conserved. Section 4. Corporate trust business.—In the ad- ARTICLE I.—DEFINITION OF TERMS ministration of corporate trusts and agencies the Section 1. Trust institutions.—Trust institutions trust institution should render the same fine quality are corporations engaged in trust business under of service as it renders in the administration of perauthority of law. They embrace not only trust com- sonal trusts and agencies. Promptness, accuracy, panies that are engaged in trust business exclusively and protection are fundamental requirements of effibut also trust departments of other corporations. cient corporate trust service. The terms of the trust Section 2. Trust business.—Trust business is the instrument should be carried out with scrupulous business of settling estates, administering trusts and care and with particular attention to the duties imperforming agencies in all appropriate cases for in- posed therein upon the trustee for the protection of dividuals; partnerships; associations; business cor- the security-holders. porations; public, educational, social, recreational, and charitable institutions; and units of government. ARTICLE IV.—OPERATION OF TRUST DEPARTMENTS It is advisable that a trust institution should limit Section 1. Separation of trust properties.—The the functions of its trust department to such services. properties of each trust should be kept separate from those of all other trusts and separate also from the ARTICLE II.—ACCEPTANCE OF TRUST BUSINESS properties of the trust institution itself. Section 2. Investment of trust funds.—The invest- A trust institution is under no obligation, either ment function of a trustee is care and management moral or legal, to accept all business that is offered. of property, not mere safekeeping at one extreme or Section 1. Personal trust business.—With respect speculation at the other. A trust institution should to the acceptance of personal trust business the two devote to its trust investments all the care and skill determining factors are these: Is trust service that it has or can reasonably acquire. The responsineeded, and can the service be rendered properly? bility for the investment of trust funds should not be In personal trusts and agencies, the relationship is reposed in an individual officer or employee of a trust private, and the trust institution is responsible to department. All investments should be made, rethose only who have or may have a financial interest tained or sold only upon the authority of an investin the account. ment committee composed of capable and experienced Section 2. Corporate trust business.—In considerofficers or directors of the institution. ing the acceptance of a corporate trust or agency the When the trust instrument definitely states the trust institution should be satisfied that the company investment powers of the trustee, the terms of the concerned is in good standing and that the enterprise instrument must be followed faithfully. If it should is of a proper nature. become unlawful or impossible or against public policy to follow literally the terms of the trust in- ARTICLE III.—ADMINISTRATION OF TRUST BUSINESS strument, the trustee should promptly seek the guid- Section 1. Personal trusts.—In the administration ance of the court about varying or interpreting the of its personal trust business, a trust institution terms of the instrument and should not act on its should strive at all times to render unexceptionable own responsibility in this respect except in the face business and financial service, but it should also be of an emergency, when the guidance of the court careful to render equally good personal service to beforehand could not be obtained. If the trust inbeneficiaries. The first duty of a trust institution is strument is silent about trust investments or if it to carry out the wishes of the creator of a trust as expressly leaves the selection and retention of trust expressed in the trust instrument. Sympathetic, investments to the judgment and discretion of the tactful, personal relationships with immediate bene- trustee, the latter should be governed by consideraficiaries are essential to the performance of this duty, tions of the safety of principal and dependability of keeping in mind also the interests of ultimate bene- income and not by hope or expectation of unusual ficiaries. It should be the policy of trust institutions gain through speculation. However, a trustee should that all personal trusts should be under the direct not be content with safety of principal alone to the supervision of and that beneficiaries should be disregard of the reasonable income requirements of brought into direct contact with the administrative the beneficiaries. or senior officers of the trust department. It is a fundamental principle that a trustee should Section 2. Confidential relationships.—Personal not have any personal financial interest, direct or trust service is of a confidential nature and the con- indirect, in the trust investments, bought for or sold fidences reposed in a trust department by a customer to the trusts of which it is trustee, and that it should should never be revealed except when required by not purchase for itself any securities or other proplaw. erty from any of its trusts. Accordingly, it follows Section 3. Fundamental duties of trustees.—It is that a trust institution should not buy for or sell to the duty of a trustee to administer a trust solely in its estates or trusts any securities or other property the interest of the beneficiaries without permitting in which it, or its affiliate, has any personal financial the intrusion of interests of the trustee or third par- interest, and should not purchase for itself, or its ties that may in any way conflict with the interests affiliate, any securities or other property from its of the trust; to keep and render accurate accounts estates or trusts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN MAY 1936 ARTICLE V.—COMPENSATION FOR TRUST SERVICE Section 4. Entering corporate trust field.—Since the need for trust and agency services to corpora- Section 1.—A trust institution is entitled to reasontions, outside of the centers of population, is much able compensation for its services. Compensation more limited than is that of trust and agency servshould be determined on the basis of the cost of the ices to individuals, a trust institution should hesitate service rendered and the responsibilities assumed. to enter the corporate trust or agency field unless Minimum fees in any community for trust services an actual demand for such services is evident, and should be uniform and applied uniformly and imthe institution is specially equipped to render such partially to all customers alike. service. ARTICLE VI.—PROMOTIONAL EFFORT ARTICLE VII.—RELATIONSHIPS Section 1. Advertising.—A trust institution has Section 1. With public.—Although a trust departthe same right as any other business enterprise to ment is a distinctly private institution in its relations advertise its trust services in appropriate ways. Its with its customers, it is affected with a public interest advertisements should be dignified and not overstate in its relations with the community. In its relations or overemphasize the qualifications of the trust in- with the public a trust institution should be ready stitutions. There should be no implication that legal and willing to give full information about its own services will be rendered. There should be no reflec- financial responsibility, its staff and equipment, and tion, expressed or implied, upon other trust institu- the safeguards thrown around trust business. tions or individuals, and the advertisements of all Section 2. With bar.—Attorneys-at-law constitute trust institutions should be mutually helpful. a professional group that perform essential functions Section 2. Personal representation.—The pro- in relation to trust business, and have a community priety of having personal representatives of trust of interest with trust institutions in the common end departments is based upon the same principle as that of service to the public. The maintenance of harof advertising. Trust business is so individual and monious relations between trust institutions and distinctive that the customer cannot always obtain members of the bar is in the best interests of both, from printed matter all he wishes to know about the and of the public as well. It is a fundamental prinprotection and management the trust institution will ciple of this relationship that trust institutions should give his estate and the services it will render his not engage in the practice of law. beneficiaries. Section 3. With life underwriters.—Life under- Section 3. New trust department.—A corporation writers also constitute a group having a community should not enter the trust field except with a full of interest with trust institutions in the common purappreciation of the responsibilities involved. A new pose of public service. Cooperation between trust trust department should be established only if there institutions and life underwriters is productive of is enough potential trust business within the trade the best mutual service to the public. It is a prinarea of the institution to justify the proper personnel ciple of this cooperation that trust institutions should and equipment. not engage in the business of selling life insurance. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 337 ANNUAL REPORT OF THE GERMAN REICHSBANK The annual report of the German Reichs- ing short-term provisional credits of the bank for the year ended December 31, 1935, Reich. This success could not have been was submitted to the general meeting of the achieved except for the initiative of trade shareholders by Dr. Hjalmar Schacht, presi- and industry, whose cooperation provided the dent of the Reichsbank, on March 19, 1936. necessary rounding-out of the public financ- The main text of the report is given here- ing program. In view of the greatness of the with:1 task and the expectation of further demands, With the historic action of reestablishing a cautious and helpful management of the universal military service, the leader and capital market and capital-accumulating Chancellor of the German nation laid the agencies was, and continues to be, urgently foundation for safeguarding its existence. needed, while giving preference always to the This action also represents an important con- requirements of the Reich; the greatest postribution to the removal of political and eco- sible economy in the use of available materials nomic uncertainty in the world. must take first place in economic and financial To a considerable extent the restoration of measures, in order that what has already military service took the place of the work- been achieved may be consolidated and its creation measures, most of which have now final sucess assured. been liquidated, and gave a new impetus to Money market, interest and credit policy.— trade and industry. The activity of produc- The market continued to be extraordinarily tion and turnover greatly exceeded that of the liquid, as had been the case in 1934; even the previous year. Further headway, therefore, repeated funding issues had only temporary could be made in the struggle against unem- effects. Funds made available to trade and ployment and social distress. Wages and in- industry through financing various types of dustrial profits improved greatly. Through work-creation were used in part to repay the systematic pursuit of a policy which con- bank credits and to liquidate loans of the sidered the economic situation as a whole, credit institutions which had become frozen any marked advance in industrial prices was during the crisis, in part to increase cash prevented. The foreign trade position was holdings, bank balances and savings deposits; no less serious in spite of the gradual im- the demand for new credits was inconsiderprovement of our trade balance. Although able, owing to the large scale of public relief the harvest was not especially favorable, ad- financing. Thus, in credit institutions there verse effects on the supply of food and raw was a large accumulation of funds seeking materials were prevented through compre- investment and being used in increasing hensive regulation of our foreign trade under amount for the purchase of first-class securithe so-called "New Plan," to prevent adverse ties. The market for Reich Treasury bills effects on the supply of goods and raw mate- expanded greatly, so that in the first half of rials. Owing to the continuance of a state the year new and longer-term issues could be of economic defense among the nations, Ger- placed on the market. In order to prevent many was compelled more and more to base an undue increase in the flotation of shorther foreign trade policy on the principle of term Treasury bills and, on the other hand, self-sufficiency. Balancing of Government to make good the dearth of securities suitable budgets was facilitated through reduction in for bank portfolios, the Gold Discount Bank costs of providing for the unemployed, was made an auxiliary of the money market through the increase of revenue from taxa- —a resumption of the procedure followed in tion resulting from the business revival, and 1927. By issuing single-name promissory through improvement in methods of tax col- notes of three-months' maturity, this institulection. ^ The obligations of the Reich, origi-tion made available to the market a suitable nating in the work-creation program, could short-term investment. These promissory be met as they matured without increasing notes, which were taken by banks and banktaxation. The continued accumulation of ing institutions on the same terms as private capital made it possible to begin consolidat- discounts are accepted by the Reichsbank, had reached a circulation of about 700,000,000 1 The report, available in German, contains in addition a number reichsmarks by the end of the year. The of tables and charts showing the operations of the bank in detail. For funds which flowed into the Gold Discount earlier reports see Bulletin for May 1935, April 1934, May 1933, April 1932, August 1931, May 1930, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN MAY 193 Bank from the money market were invested decline in private credits did not, however, rein work-creation bills; by this means the flect any inability or unwillingness to lend on abundance of funds on the money market the part of the Reichsbank, but was due to the could be used to finance the work-creation fact that the abundance of credit permitted program without recourse to the Reichsbank. the demands of trade and industry to be satis- The increase of the capital of the Gold Dis- fied without resort to the central bank. Curcount Bank by 200,000,000 reichsmarks (to rent demands for credit on the part of trade 600,000,000 reichsmarks) was made with a and industry could at any time be satisfied in view to this new task, and was effected by full. Similarly, seasonal credits for agriculthe Reichsbank's taking over all the new ture were provided in the usual amount. Note shares against the delivery, at the quotation circulation, owing partly to larger business of the day, of fixed interest-bearing securities turnover and the restoration of the Saar terout of its hidden reserves. ritory to German rule, increased by about The easy money position was reflected in 385,000,000 reichsmarks at the end of 1935, declining interest rates on the money market. or by about 10 percent as compared with the The interest rate on private discounts was re- year before; higher figures were shown also duced three times during May, each time by for transfer and clearing accounts. one-eighth of 1 percent, to an average of 3 Capital market.—In the capital market, percent, and after a temporary advance at which is a most important agency for conthe end of September, it now stands at this solidation of the work-creation short-term same level. The rates for day-to-day money, credits of the Reich, systematic efforts were and for short-term and longer-term Treasury continued to bring about order and easier conbills, showed a similar downward trend. ditions. To this end a series of legislative The work-creation program was systemat- and administrative measures were adopted. ically developed through the provision of Chief among these was the promotion of conmore ample funds on the part of the Reichs- version operations inaugurated at the beginbank. For the performance of the new finan- ning of 1935, and described in detail in last cial tasks arising out of Germany's rearmayear's report. Owing to the very favorable ment program, short-term financing—for results obtained from reducing the rates of lack of adequate capital—also had to be used interest on mortgage bonds, municipal bonds, along with the budget appropriation. In and Government loans, it became possible to order to prevent unfavorable effects upon the lower the interest rate on such securities also price structure and wages as a result of exas were not directly affected by the legislative cessive short-term Government indebtedness, measures. By decree of March 26, 1935 it was essential in Treasury and central bank (Reichsgesetzblatt I, page 470), credit instipolicy to set scrupulous limits to such operatutions which had offered holders of their tions. The Reichsbank, therefore, relying debentures (Schuldverschreibungen) a reupon the repeatedly expressed determination duction of interest to 4^ percent, were reof the Government of the Reich to maintain quired to lower the interest rate on their sound currency conditions, held firmly to its mortgages and claims against semi-governcurrency policy. Thanks to the previous remental corporations by IV2 percent per ansults of the consolidation of short-term govnum, no matter whether these investments ernment obligations and the cooperation of were specifically held as cover for the debenthe Gold Discount Bank and other credit intures or not. In the case of new long-term stitutions in meeting Government demands loans of credit institutions also, an interest for credit, very large sums outside the rate structure corresponding to the changed Reichsbank could be made available to the conditions was worked out in close collabora- Reich during the past year. The figures for tion with the Reichsbank. These efforts were Reichsbank investments in bills and securiassisted by the fact that Government guaranties, and in advances on collateral, therefore, tee of credits for home building and subsistshowed an increase at the end of the year ence homesteads was restricted to cases in of only 325,000,000 reichsmarks as compared which interest rates for the former type of with the year before. The composition of the mortgage, and for guaranteed mortgages of bill portfolio, according to classes of borrowthe second type, did not exceed 5 percent. A ers, naturally showed an increase in the Govsimilar rate was established as the standard ernment's share of Reichsbank credit and a for mortgages of savings banks and insurance decline in that of private individuals. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 339 companies. Agriculture also was able to take necessity, arising from lack of available capiadvantage of the changed rates; by the law tal, for Government assistance to housing reof July 31, 1935 (Reichsgesetzblatt I, page quires that funds released through reduction 1057), on interest rates for agricultural of the rent tax should not be left at the absocredit secured by farm lands, the reduction lute disposal of individual landlords. On the of interest rates for agriculture—previously basis of the law of March 30, 1935 (Reichsdue to expire on September 30—was con- gesetzblatt I, page 469), for promotion of tinued indefinitely by the maintenance of a housing, these funds were allocated by the rate of 4^ percent for credits granted by Reich for housing purposes, landlords being banking institutions. Industrial bonds not paid in bonds of the 4 percent municipal conincluded in conversion operations frequently version loan, for which ample marketing reached or even exceeded their par value, so facilities were provided. In order to protect that rates on these securities also could some- the capital market from the pressure arising times be adjusted to the new interest level. from maturing revaluation mortgages1 and All these reductions in interest led to a nar- mortgages on which interest had been rerowing of the abnormally wide margin be- duced, a further prolongation of the morttween short-term and long-term rates and, gage moratorium—this time for three years with all due consideration to the just claims —was announced, together with further proof the creditors, brought the burden of in- visions for the protection of debtors. terest payment more into harmony with the By withholding from the capital market all debtors' capacity to pay. The amount of in- demands which could be deferred, the fundterest to be saved to Government organiza- ing operations inaugurated at the beginning tions and private borrowers when all the of the year for short-term credits of the Reich measures come into effect is estimated at con- could be successfully carried on, with a reducsiderably more than 500,000,000 reichsmarks tion in the rate of interest. In order to avoid annually, as compared with the position when overloading the market, the funding operathe present regime assumed power. tion was carried out gradually, as opportunity offered from time to time. The success The accumulation of new capital took place in handling loan operations thus far would chiefly at the savings banks, the social insur- have been inconceivable without the recent ance authorities, and the private insurance unification of capital market policy. This companies. It fell far short, however, of unification began with the establishment in satisfying the urgent demand. As a result May 1933 of a commission, under the direcof improved earning capacity, the capital in- tion of the president of the Reichsbank, to vestment required in private business could supervise the money and capital market; in a as a rule be financed in adequate amount from short time it brought about the consolidation the resources of the enterprises themselves. of municipal finances, made open-market The authorities responsible for capital mar- operations by the Reichsbank possible, ket policy, especially the Reichsbank, more brought about reorganization of the banking than ever made a point of stimulating all the and credit system and the stock exchanges, resources of supply for the market and of the law regulating stock exchange securities, creating all available facilities for financing. reduction of interest rates, and a series of To round out this program, a close coordina- important individual measures; finally, durtion of the entire financial and economic ing the past year, it increased the efficiency policy, and the most economical administra- of the capital market to a degree which, in tive and spending procedure on the part spite of all that remains to be done, will enof all Government departments are essential. able the market to fulfill its tasks with con- The control of the capital market was broad- fidence. ened, especially in regard to security listings Gold and foreign exchange.—The foreign on the stock exchange. In view of the urgent exchange position unfortunately became no requirements of the Government, even legitieasier during the past year. The Reichsmate demands of private business must take bank's holdings of gold, and foreign exsecond place for the sake of strengthening change eligible as note cover, continued to be the financial capacity of the Reich; excepwholly inadequate in amount, and were still tions can be made only rarely, and then only further reduced toward the end of the year for purposes of extreme urgency which fall within the program of reconstruction. The i Mortgages revalued after the post-war inflation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN MAY 1936 by payments for foodstuffs. In these circum- operation to assure the import of necessary stances no easing of foreign exchange control commodities, and to protect German trade could be considered. Rather, the efforts of and industry against the disadvantages of the authorities were directed, on the one Germany's position as a country which is hand, to further adjustment of the foreign lacking in raw materials. This success is the exchange laws to the altered requirements more remarkable because the delivery of forand, on the other, to maintaining or expand- eign exchange for the purchase of raw mateing German exports—as the most important rials has steadily increased both as a result source of foreign exchange—in the face of of the business revival and of higher prices trade restriction measures and the effects of for foreign raw materials. currency depreciation abroad. Payments to To an increasing extent payments to forforeign countries continued to be managed eign countries on merchandise and capital on the principle laid down in the New Plan, account were effected within the framework of delivering foreign exchange for imports of clearing agreements. As a result, the acand other purposes only in proportion to the cumulating volume of freely disposable foramount of available foreign exchange. This eign exchange was sharply reduced. The opprocedure was made more severe through the position of the Reichsbank to restriction of second executory decree under the law of July trade through compulsory clearing arrange- 24, 1935 (Reichsgesetzblatt I, page 1046), on ments was further strengthened in view of foreign exchange control, which requires the this development. Clearing operations are of importer to obtain an authorization for for- advantage only in cases where an additional eign exchange in the case of certain desig- export of German commodities is guaranteed, nated commodities. By this means the last and not where existing opportunities to acloophole for importing foreign goods without quire freely disposable foreign exchange are official sanction was closed, thus preventing curtailed. In spite of serious objections, howany further increase in the volume of indebt- ever, this form of payment must continue to edness arising from the uncontrolled pur- be used, through force of circumstances, as chase of commodities outside the clearing an emergency trade expedient. The adaptaarrangements; such purchases had seriously tion of clearing agreements to the requiredisturbed the clearing arrangements and had ments of foreign trade relations made it necconstituted an undue burden on the avail- essary to keep constantly in touch and to able foreign exchange resources. To guard hold frequent negotiations with the foreign against the danger that domestic trade and parties to the agreement. In addition to the industry might be deprived of supplies existing clearing agreements, which were through the increasing export to foreign many times amended and improved, a numcountries of vitally necessary commodities as ber of new agreements were made. Of spea result of the international situation, the ex- cial importance among these is the Germanport of certain foodstuffs and industrial raw Polish economic agreement of November 4, materials had to be prohibited. 1935 (Reichsgesetzblatt II, page 767), which Reorganization of the economic relations of adjusts reciprocal payments through a clear- Germany with foreign countries according ing arrangement in place of provisional setto the principles of the New Plan was under- tlements, as heretofore. An exception to the taken in September 1934 with the coopera- principal of clearing agreements was made tion of the Reichsbank, because of the scar- in the German-Belgian convention of July 27, city of foreign exchange. This proved to be 1935 (Reichsanzeiger No. 175), for a new of decisive importance for the economic de- regulation of reciprocal trade. According to velopment of Germany. Continued absence this convention and following the precedent of control over the import of commodities of the well-known British agreement, paywould have resulted in an unendurable ag- ments between Germany and Belgium after gravation of the foreign exchange problem; August 1, 1935, were made in free foreign instead, however, the management of imports exchange, with the stipulation that a definite has been undertaken with a view to their sys- mutual trade quota should be established. A tematic limitation according to Germany's new agreement was concluded with trade capacity to pay and the urgency of her need representatives of the Soviet Union in April for the commodities to be imported. Only for additional German exports in the amount thus has it become possible in the year and of 200,000,000 reichsmarks, payment to be a half during which the plan has been in made as heretofore, not through a clearing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 341 operation, but by means of a credit in the bank, as a result of the broadening of the amount named for a total period of about 5 definition of credit institutions according to years on the same terms as were previously paragraph 1 of the German Credit Act of Deemployed in trading with the Soviet Union. cember 5, 1934 (for translation of the full Restrictions on the transfer of funds text, see BULLETIN for January 1935, pp. 30abroad, which were introduced at the trans- 38). Necessary travel abroad for economic fer conference of April-May 1934 in Berlin, or official purposes was facilitated by the prohad to be continued. The transfer agree- vision that delivery of foreign currency over ment, arrived at in accordance with the prin- and above the statutory limit of the equivaciples laid down in the communique of the lent value of 50 reichsmarks might be made conference, and terminating on June 30,1935, upon presentation of emergency certificates was extended on similar terms for another which designated government offices are auyear to June 30, 1936, by announcement of thorized to grant. the board of directors of the Reichsbank on Quotations of free reichsmarks on foreign June 22, 1935. Under the agreement, cash markets generally fluctuated around mint transfers continue to be banned except for parity. In relation to the movements of other that part of the payment operations which exchanges, especially those of the gold curhas been arranged for by a clearing or pay- rency countries, an overvaluation of the ment agreement, or through various arrange- reichsmark took place at times, so that its ments other than the deposit of funds at the parity was considerably exceeded and the Conversion Office for German Foreign Debts. shipment of gold to Germany became profit- Payment of maturing interest obligations was able. In the second half of the year, however, made to an increasing extent through the is- the quotation declined sharply, showing that sue of certificates of indebtedness of the Con-the embargo on the export of reichsmarks, version Office. This method, however, is only issued in April 1934, was not enough to elimia makeshift emergency measure; a definitive nate reichsmark notes from foreign trade to solution can not be expected from any such the extent required by the German foreign continued postponement, but only from a exchange position. By the third executory judicious reduction of interest obligations. decree under the law of December 1, 1935 By a further announcement of July 8, 1935 (Reichsgesetzblatt I, page 1408), for the (Reichsanzeiger No. 137), the board of direc- management of foreign exchange, sending or tors of the Reichsbank—representatives of bringing reichsmark notes from abroad into the foreign creditors concurring—put into Germany, as well as receiving them, was foreffect the provisions governing the allocation bidden except by special permission. This of loan amortization funds paid into the Con- decree was passed because, on the one hand, version Office. Thus a comprehensive man- German exports were being paid for in Geragement of foreign loan amortization—which man bank notes illegally conveyed abroad in has been possible to only a limited extent evasion of treaty agreements and in defiance since July 1, 1933—was set up in such a way of commercial usage; and because, on the that holders of debt certificates drawn for re- other hand, in spite of all controls and prohidemption could exchange them for debt cer- bitions, property values in the form of reichstificates of the same issue or of another Ger- mark notes were continuing to be sent abroad. man loan. In this connection provisions were Standstill agreement.—German Standstill issued for handling sinking fund installments obligations showed a further decline, espein the case of special debts. The service of cially as a result of repayments in registered the foreign loans of the Reich was continued marks, so that at the end of February 1936 within the framework of special agreements. there remained an amount of approximately On October 15, 1935, the board of directors 1,400,000,000 reichsmarks. Through the of the Reichsbank made a new announcement German credit agreement of 1936, which (Reichsanzeiger No. 243-245) regarding came into effect on March 1, 1936, the Standtransactions in foreign currency; this super- still was extended for another year, until seded the previous regulation of November February 28, 1937. The existing lines of 15, 1934, and was better adapted to the prac- credit remain essentially unchanged. The tical requirements of foreign exchange opera- authority of the Reichsbank to suspend a tions. It also became necessary to limit the transfer of capital repayments was broadnumber of foreign exchange banks to those ened. The former agreements for postponwhich had a clearing account at the Reichs- ing the transfer of Gold Discount Bank pay- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN MAY 1936 ments and extending the time for making im- open by the prolongation for another year, port remittances still hold gpod. The objec- to December 31, 1936, of the powers granted tions offered by the German representatives to the State Governments in 1931. In the to the creditors' demands for larger interest field of State banking, the Reich Minister of payments were unanswerable by the creditors Economy was empowered by the Law for themselves, so that the previously recognized State Banks of October 18, 1935 (Reichsprinciple of a uniform rate of interest was gesetzblatt I, page 1247), to take the measmaintained. Provisions as to the right of ures necessary to give suitable form to the creditors to call in registered marks, and as organization of the State banks. The effito the use of registered marks for travelling ciency of the German savings and credit sysexpenses, were broadened. tem is promoted by the law of December 13, The credit agreement for German Govern- 1935 (Reichsgesetzblatt I, page 1457), on the ment debtors was prolonged without any con- dissolution of specialized savings institusiderable changes for another year to March tions ; the law prohibits the establishment of 15, 1937. new institutions of this character and pro- Banking reorganization.—The reform of vides that those already in existence shall be the banking system, initiated by the German liquidated with the cooperation of the State Credit Act of December 5, 1934, was further savings banks, since their continued existence advanced during the past year, with the can no longer be considered necessary even Reichsbank cooperating. The role of the from the standpoint of providing credit. Reichsbank was, in particular, to perform the Private banks of issue.—With the expiraduties assigned to it on the Supervisory Board tion on December 31, 1935, of the note issue for Credit, as well as to condense and tabuprivilege of the four private banks of issue, late the greatly increased number of monthly the unification of German central banking, and trial balance sheets of the banking instiwhich was begun in 1875, has been definitely tutions. Several supplementary provisions, completed. The decree of December 21, 1935 which had become necessary as the law came (Reichsanzeiger No. 298), of the Reich Minto be practically applied, were added by the ister of Economy regulates the calling in, law of December 13, 1935 (Reichsgesetzblatt withdrawal from circulation, and destruction I, page 1456), for amending the German of outstanding notes of these banks. The re- Credit law. Of particular importance, as the demption of the notes will be effected in cowork of reorganization is still in process, was the provision extending for two years the au- operation with the Reichsbank. The gold thority of the Reich Commissioner to prohibit holdings of the four banks were taken over the continuance of enterprises; this author- through purchase by the German Gold Disity would otherwise have expired at the end count Bank. Final disposition of this gold, of 1935. Moreover, opportunities under the which amounted to about 74,000,000 reichslaw for savings bank reorganization were left marks, has not yet been decided. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 343 BALANCE SHEET OF THE GERMAN REICHSBANK AS OF DEC. 31, 1935, AND DEC. 31, 1934 [In thousands of reichsmarks] Assets 1935 1934 Liabilities 1935 Gold, not under lien (gold bars, domestic and Total bank note issue 9,899, 588 i, 753, 456 foreign coins): Credit balances of giro and current accounts-.. 1, 031, 755 983, 540 In the cash offices of the bank 62, 246 57, 897 Non-interest bearing deposits 37 33 With foreign banks of issue 20, 228 21, 205 Original capital 150, 000 150,000 Legal reserve fund (including transfers from 82, 475 79,102 net profits of the year) 75, 273 71,265 Reserve for pension and unemployment fund.. 80, 000 80,000 Cash: Reserve for probable losses 241,962 241, 962 Reichsbank notes 5, 612, 685 5, 851, 206 Subsidiary coin 152,233 162,164 Reserves for: Rentenbank notes 10, 594 23, 989 Printing of new notes - 15, 953 16,035 Notes of German private banks of issue. _. 5, 250 6,112 New buildings 20, 092 21,660 5, 780, 762 6, 043, 471 36,045 37, 695 Credit balances in foreign currencies (of which Special reserve fund for future payments of the equivalent of 3,195,000! reichsmarks was dividends 40,261 40, 254 assigned as cover for the notes in circulation). 32,899 70, 284 Foreign notes 2, 029 3,998 Miscellaneous: Foreign bills and checks 142, 353 34,444 Interest on bills due in 1936 26, 807 219, 650 Domestic bills and checks: Dividends due but not yet paid 325 322 Treasury bills of the Reich 53, 370 44, 940 Dollar Treasury notes of the Reich to be Other domestic bills and checks 4, 356, 359 3, 986, 354 redeemed by the Reichsbank 150 153 Silver 43 Liabilities in foreign currencies 56 19,713 Unpaid claim of the German Government Loans against collateral (lombards), viz: —contra account 70,082 70,082 Loans against gold and silver (sec. 21, 3, a, Payments due from the German clearing of the bank law) 12 2,368 office to the Franco-German office 95, 000 Loans against securities (sec. 21, 3 b, c, d, Other book debts 45,125 60, 048 of the bank law) 72, 418 132, 714 Loans against bills (sec. 21, 3 e, of the bank 142, 545 264, 968 law) 1,087 2,403 Loans against goods (sec. 21, 3 f, of the Net profits for the year less 10 percent assigned bank law) 10, 359 8,063 to the legal reserve 36,077 36,026 Loans against Treasury bills of the Reich (sec. 21, 3 g, of the bank law) 141 84,157 145, 689 Securities eligible for note cover, purchased in virtue of sec. 21, 4 of the bank law 350, 836 444, 775 Other securities owned 324, 499 327,911 Overdue and doubtful claims _. 6,370 16, 580 Land and buildings 30,000 30,000 Claims resulting from the settlement with the Reich 95, 971 94, 775 Miscellaneous: Bank notes no longer fit for circulation 1,737 1,642 Postponed claim on the German Government in virtue of sec. 11, 4, of the law of Aug. 30, 1924, for the liquidation of Rentenbank notes in circulation 70, 082 70, 082 Credit balances with postal check offices,. 12, 713 11,723 Investments for pension and unemployment fund 78, 778 78, 825 Reichsmark claims on foreign correspondents 14,199 Reichsmark claims on foreign correspondents (medium-term claims) 21, 342 Revolving credit to the Reich 58, 500 800 Claims against the Reich for sinking-fund purchases 23, 460 26, 007 Advances for new Reichsbank building, Berlin 8,362 Foreign exchange authorized but not yet delivered 36,773 21,355 Other claims 100,892 82, 468 391,420 336, 806 Total assets.. 11, 733, 544 11,659,199 Total liabilities..-- 11,733,544 11,659,199 1 609,000 reichsmarks on Dec. 31, 1934. 2 Interest on bills due in 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN MAY 1936 ANNUAL REPORT OF THE SWISS NATIONAL BANK The annual report of the Swiss National exchange fluctuations by intervening in the Bank for the year ended December 31, 1935, exchange market. was presented to the general meeting of In view of the obvious need for exchange shareholders on February 11, 1936, by the stabilization, it would be desirable that Govpresident of the bank, Dr. G. Bachmann. Sec- ernments should cease at once to use monetions of the report are given herewith:1 tary manipulation as a weapon of their eco- The world economic situation in 1935 nomic policy. Stable rates of exchange are showed much the same characteristics as in one of the conditions of recovery for inter- 1934; political tension, the tendency of Gov- national trade. In last analysis the primary ernments toward extreme nationalism, mone- function of the gold standard is to maintain tary uncertainty, and most of all, obstacles exchange rates; above all, it regulates interput in the way of international settlements national economic relations and thereby inby foreign exchange controls, continued to fluences the internal economic activity of each obstruct the revival of a more active move- country. The gold standard in its function ment of trade and of capital from country to as international monetary standard is incomcountry. Economic sanctions decreed by the patible with a regime of autarchy. On the League of Nations against Italy and made other hand, the experiences of recent years effective on November 18, 1935, created a prove that the problem of monetary stabilinew barrier to international trade. It is true zation cannot be easily solved in conferences. that figures for world trade rose slightly, but The future will show at what level the rate of rather as a result of higher prices than of a exchange of a country which has abandoned larger volume of operations. In some coun- gold will find its equilibrium. The establishtries the economic position showed relative ment of new parities can be nothing more improvement as the result of a natural ex- than the legal confirmation of an accomplished fact, but the return of confidence so pansion in certain lines of business. The urgently needed for the whole of world econ- Italo-Ethiopian war, and the fears to which omy will not come about until new parities it gave rise, probably increased demands for shall be not merely provisional but final. war materials and thus stimulated trade here and there. In spite of higher production The Swiss franc.—In the history of the figures, the continuance of a great number of Swiss franc the year 1935 will certainly be unemployed persons proved that the eco- numbered among the most eventful which the nomic depression had not been overcome. bank has ever known. During the first two Monetary stabilization.—Monetary stabili- months the National Bank suffered a loss of zation was a topic of frequent discussion dur- gold amounting to 100,000,000 francs as a ing the year and made considerable progress result of huge sales of Swiss francs and investments in American dollars and French from the practical point of view. In particufrancs. A moderate degree of calmness had lar, the Bank for International Settlements scarcely been reestablished when monetary and the International Chamber of Commerce difficulties took place in Belgium. Later, took a strong position in favor of exchange speculative attacks were launched against the stabilization. The importance of stability of Swiss franc. The resulting distrust of our exchange rates was recognized even by those currency was reflected especially in the withwho, up to the present time, have refused to drawals of foreign balances invested in Switlink their currencies definitely to gold. Engzerland, in the sale of Swiss securities on land endeavored with considerable success to the part of both foreign and Swiss holders, maintain the fluctuations of the pound beand in the conversion of balances into gold tween narrow limits by means of its Exand foreign exchange and the flight into real change Equalization Fund. The President values. of the United States made no use during the One of the strongest arguments used by year of his power to reduce the gold value speculators against the Swiss franc was furof the dollar still further. On more than one nished by the referendum on the crisis (a occasion banks of issue tried to prevent undue popular referendum to alleviate the crisis and its effects). Although the wording of 1 The report, available in French, contains in addition sections dealing with legislation, organization, personnel, international developments^ the referendum made no direct mention of clearing agreements, the Federal railways, etc., together with a number ofthe monetary problem, many groups nevertables showing the operations of the bank in detail. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

345 MAY 1936 FEDERAL RESERVE BULLETIN theless linked the fate of the Swiss franc to the Federal Department of Finance and Custhat of the referendum. They called atten- toms, addressed the following circular to all tion to the fact that maintenance of prices banks and savings institutions: and wages, and the guarantee to all Swiss cit- International speculation against the gold currenizens of a decent standard of living, could not cies, notably those of the small countries, has been be realized without the expenditure of con- acute for weeks. The success which this has had in siderable sums which the Government would Belgium has aggravated the pressure on Holland be called upon to furnish. Because of the and Switzerland. These attacks could not have succeeded if they had not found support within the counposition of the public finances, opponents of try against which they were directed. In Belgium the referendum doubted that the necessary it was the advocates of devaluation who finally funds could be obtained without recourse to brought about the depreciation of the belga. In the printing press. In foreign countries Switzerland speculators in exchange and advocates especially, it was thought that in the voting of devaluation of our franc have also been active and have acted to the disadvantage of the entire populaon June 2 the Swiss people were to decide tion. between maintenance and devaluation of the Therefore, the bank of issue finds itself compelled currency. The repercussions of the attack to refuse credits insofar as they are intended for against the franc upon the general economic speculative purposes. Business enterprises and insituation, and especially upon the money and dividuals who, for the sake of safeguarding their own fortune, are hoarding gold or foreign exchange and capital markets, were not only severe but commodities in quantities exceeding the normal needs lasting. of their trade, cannot expect discount accommoda- From the beginning of the year up to the tion or advances against their securities from the first of June the National Bank had to put bank of issue. 744,000,000 francs in gold and gold exchange The National Bank of Switzerland desires that the banks should agree to adopt a uniform line of conat the disposal of the market. It is imposduct in granting credits to their customers. In the sible to say in what proportion the gold lost interest of maintaining a liquid position, it is imby the National Bank was applied, respec- portant that banks should accordingly refuse to astively, to repayment of foreign balances and sist all speculative operations in any form whatever when they are directed against our currency. It is to conversion of Swiss balances into foreign especially necessary to be on guard against foreign exchange. It had been anticipated that the exchange operations which appear to be legitimate gold which had come into Switzerland during transactions effected for Swiss or for foreign account. 1931 and 1932 would return abroad. Un- The National Bank of Switzerland believes that the fortunately the decline of the gold reserve banks will cooperate with it to the same end, namely, to maintain the franc at its existing parity, and will during the year was not regarded with the therefore pursue a credit policy which shall be identisame equanimity as its earlier increase; it cal with its own. was not even regarded with the same indifference as the larger decline of 760,000,000 On June 20, 1935, as a result of negotiafrancs which took place in 1933. In addition tions with representatives of banking groups, to paying out gold and foreign exchange, the the National Bank and the banks concluded National Bank adopted a number of defen- the following "Gentlemen's Agreement": sive measures. "1. The banks adhering to this convention will, as On May 3, 1935, the official discount rate in the past, refrain on principle from participating was raised by y% percent to 2^ percent, and in any monetary transactions of a speculative charthe rate of advances against securities was acter and from making or furthering in any way such raised from 2*4 to 3*4 percent. By this transactions for third parties. "2. The banks will refrain from executing any measure the National Bank gave notice that operations in gold with the public and will not make the situation of the money market, of the any advances against gold as security either in Swiss banks and of the central bank, had changed francs or in foreign currencies. Arbitrage operations as a result of the transfer of capital abroad. in gold with foreign countries and the sale of gold But the advance of rates was intended chiefly for normal needs of industry will continue to be free. "3. The banks will not execute or assist any longto indicate the determination of the central term exchange operation or any advance against the bank to maintain the currency at par, and to pledge of securities denominated in foreign currenprovide a warning to those groups which cies. Exceptions to this shall be long-term operations were speculating in exchange and commodi- and advances which a thorough examination has shown to be economic and commercial, and in no way ties to the detriment of the currency and the speculative, in character. economic situation. "4. The banks will examine all exchange opera- At the same time the board of directors of tions submitted to them in order to eliminate so far the National Bank, after consultation with as possible those which seem unsuitable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN MAY 1936 "5. The banks will promptly inform the National June the amount of bills and bonds dis- Bank of Switzerland of any acts or movements preju- counted by the National Bank rose to 108,dicial to the currency, which may come to their 000,000 francs as compared with an average attention." of about 18,000,000 francs in the three pre- This arrangement is similar to those which ceding years. After the easing of the situabanks of issue in other countries have taken tion in June and July, discounts at the Nain similar circumstances. tional Bank declined at a relatively rapid The bank refrained from passing any for- rate. eign exchange regulations because prohibi- The withdrawal of funds invested in bank tion of the export of gold, and restrictions on certificates and savings accounts, and the buying and selling foreign exchange, are in- lack of eligible bills, led the banks to apply compatible with the free functioning of the to the National Bank to a much greater exgold standard. tent for advances on collateral. The charge On June 2, 1935, with the rejection of the sometimes made that the bank of issue was crisis referendum, speculation against the reluctant to grant credit is unjustified. The Swiss franc collapsed and a considerable National Bank increased the supply of money easing of the tension soon took place. Gold especially by granting lombard loans, disflowed into Switzerland between July and counting Prescriptions" and bills of the Con- October. In the closing weeks of the year federation Loan Office and by the purchase the monetary crisis in France affected the of notes issued by that institution. Swiss curency without, however, causing any Capital market.—The changed situation considerable losses of gold. was felt more positively on the Swiss capital Money market.—Events of a monetary market than on the money market. In order character during the early months of 1935 to lower interest rates further, an effort was had an adverse effect on the Swiss money made in the early months of the year to assist market. At the beginning of the year liquid the capital market through cooperation of the funds in the money market were seeking in- money market. Unfortunately, the huge vestment in public securities and there was a sales of Swiss Government securities, espedemand for short-term investment facilities cially by foreign holders, soon checked the —especially through the issue of "rescrip- decline of interest rates. These sales brought tions" [bills of public bodies such as the Fed- about a sharp decline in security prices, eral, Cantonal, and municipal governments, which for a time brought the yield of these and the Federal railway]—but after the de- securities up to 5^ percent, a level which valuation of the belga, the situation was re- had not been reached since 1925. For several versed. From the end of January to the end years Switzerland had benefited by moderate of May market funds with the bank of issue interest rates; it owed this advantage not (demand liabilities) declined from 592,000,- only to the accumulation of capital in the 000 francs to 244,000,000 francs. The tight- country and to its financial strength, but also ening of the money market, due to withdraw- to the inflow of foreign funds. As a result als of bank deposits, stiffened the private dis- of the decline and occasional stoppage in the count rate. It was no longer possible to dis- inflow of these funds, and as a result of the count below the official rate. In June the pri- outflow of capital and the difficulties which vate discount rate stood at 3 percent. No checked the repatriation of Swiss balances, easing of the situation on the money mar- rates of interest rose in Switzerland. ket took place until gold began to flow back The reduced tension which followed the into Switzerland. By the end of the year, voting on the crisis referendum was reflected liquid market funds with the bank of issue somewhat more slowly in the capital market increased by 156,000,000 francs; the private than in the money market. Although giltdiscount rate declined to 2% percent but rose edged securities increased in price and deagain to 2V2 percent in the closing weeks of clined in yield, it was evident that recent the year. events had had far-reaching consequences. During recent years demand for discount The withdrawal of foreign balances from credit at the National Bank had been incon- Switzerland, the sale of Swiss securities by siderable, but during the monetary crisis foreign owners, and the investment of Swiss early in 1935, the banks resorted to the credit funds in foreign securities or their converfacilities of the bank of issue. At the end of sion into gold had deprived the market of a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 347 considerable part of its liquid funds. Fears could be made more accessible to commerce inspired by the international political situa- and industry by the creation of organization and a lessened confidence in the sound- tions similar to the agricultural cooperatives. ness of Government finance, were reflected What was then accomplished tended to prein the unsuccessful result of loan flotations vent or at least to check the raising of rates. and in talk of forced conversions. Moreover, The National Bank participated actively in after five years of crisis it is quite under- the study of the problem of interest rates. standable that the accumulation of capital The bank wished most of all to facilitate the should have slowed down, and in many cases issue of loans—in other words, debt consoliit was necessary to draw upon reserves. dation—by public corporations which were The development of the situation in the unable to cover their financial needs by levycapital market influenced the movement of ing new taxes. It was also a question of givrates of interest on certificates issued by the ing the banks an opportunity to obtain the banks. A rise in interest rates was antici- renewal of their certificates without permitpated as early as the beginning of 1935. To ting an advance in the rate paid on these prevent the advance in money rates from securities to bring about a rise in the morthaving too serious an effect on certificates gage rate. The problem of rates was also the and from causing rapid and unjustified ad- subject of discussions in the Federal Chamvances in interest, the National Bank, acting bers and in the parliaments of the Cantons. under Article 10, paragraph 2 of the Banking On September 18, 1935, the Federal Council Law, called a conference on June 13, 1935, of stated its opinion that the best way to check interested banking groups for an exchange a new advance of rates was the restoraof views on the problem of interest rates. tion of budget equilibrium by the public cor- The majority of the participants agreed with porations. the opinion of the National Bank; they recog- During the year the question was raised nized that rates of interest fixed by the agree- whether Switzerland, following the example ment of October 1933 between the Federal of other countries, might not relieve budget Department of Finance and Customs and the expenditures by undertaking a forced conbanks—that is, about 3% percent for the version of loans. Basing its action on a re- Cantonal banks and 4 percent for the great cent memorandum of the National Bank, the banks and the local banks—should not be ex- Federal Council took its stand against any ceeded without good reason. As a result of such measure. the increasing yield of our gilt-edged securi- Mortgage market.—The mortgage market ties, a great number of banks were faced with was especially affected by the course of the impossibility of abiding by the clauses of events. As early as June and July there were that convention, especially because too few indications of a slight advance of the mortmaturing certificates were being renewed and gage rate. More serious, however, was the the public was investing less of its funds in repudiation of mortgages. Certain groups of certificates. Once again experience demon- debtors did not hesitate to ask the intervenstrated that economic laws are stronger than tion of the authorities and to demand that all artificial measures. The rate of interest compulsory legal measures should be taken is itself subject to the law of supply and de- under the form of a moratorium. At the remand. The National Bank has never ceased quest of the Federal Department of Finance to insist that no illusions should be cherished and Customs, the Swiss Union of real estate as to the effectiveness of legal regulation of owners and landed proprietors undertook an the movement of interest rates. Up to the inquiry into the extent of these repudiations; end of the year the bank, under Article 10, fortunately the inquiry did not confirm the paragraph 1 of the Banking Law, was noti- prevailing reports regarding the situation in fied of and examined 91 increases in interestthe mortgage market. Repudiations occurred rates. At the end of the year 13 establish- chiefly in cases where building activity apments again adopted lower rates. peared to have been over-developed during Public opinion has seldom been so inter- the past few years. A conference attended ested in the problem of interest rates as dur- by the Federal Department of Finance and ing the past year. Early in 1935 efforts were Customs, the National Bank, and representamade to introduce new rate reductions. On tives of the interested groups was held at this occasion the question was asked, to what Zurich on October 31, 1935; it went on recextent the credit facilities of the bank of issue ord in favor of measures of a private char- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN MAY 1936 acter and opposed official measures of pro- Federal finance.—During the year the Fedtection. Further conversations between eral Council and the Federal Chambers took representatives of credit establishments and decisive measures to reform the Federal the various groups of banks resulted in the budget. During the summer the Federal conclusion of a "Gentlemen's Agreement." Council raised the tariff on sugar and on The banks which adhered to this agreement fuels for motor cars. On November 22, 1935, declared themselves prepared in principle to the Council submitted to the Federal Astake due account of the particular circum- sembly a message and the draft of a Federal stances of each debtor before refusing mort- decree urging new emergency measures for gage credits and to observe in general the restoration of budget equilibrium in 1936 and greatest caution in refusing credits in order 1937. In presenting this twofold program to restore quiet to the mortgage market; they the Federal Council indicated its firm deappointed the fiduciary commissions of the termination to restore balance to the budgets Cantons as tribunals of conciliation between of the Confederation and the Federal railmortgage creditors and debtors and assured ways, both by creating new revenues and by the commissions of support in the accom- reducing expenditures. The Council of the plishment of the task with which they were Cantons and the Commission of the National entrusted. All mortgage debtors may appeal Council approved this program and made only to the fiduciary commissions, even if the a few amendments. The discussion of the creditor is not a party to the "Gentlemen's draft of the decree by the National Council Agreement." will take place in January 1936. One of the reasons, and by no means the Economic situation.—During the year least, for the difficulties which prevailed in signs of recovery were manifest in the ecothe mortgage market was the custom fol- nomic situation of Switzerland; but unforlowed hitherto of supporting it with the aid tunately there were also certain signs of of the short-term money market. The need deterioration. The trade balance showed a deficit of 461,000,000 francs in 1935, which of converting these short-term funds into was 129,000,000 francs less than the year long-term mortgage bonds (lettres de gage) before. The value of exports declined became increasingly apparent. If the sugslightly; so that the improvement in the trade gestions made by the National Bank as long balance was entirely the result of the conago as 1910 in a report to the Federal Countraction of imports. The sharp decline of cil had been adopted earlier, the mortgage imports of manufactured goods reflected the market would today have been in a far less reduced purchasing power of the Swiss popuunfavorable position. lation. Certain industries, watch making, The National Bank asked how it could for example, were able to show a slight imcooperate to assist mortgage financing. As provement. Others, such as the chemical inthere could be no question of coming directly dustry, succeeded in maintaining a relatively to the bank of issue to finance the mortgage favorable level of business, though in many market, the only method of resort to the bank cases not without difficulty. The volume of was to make application for a brief period exports reflected a certain increase in emfor credit from the Confederation Loan ployment, but the prices left much to be de- Office; but in order that this institution sired. The tourist business showed improvemight not be compelled to obtain its funds ment in some parts of the country. The Govexclusively from the National Bank, it was ernment, however, continued to assist the authorized to float interest-bearing securities hotel industry, partly by grants of money and on the market; thus far it has not made use partly through restriction of hotel building. of this authorization. Price control.—On March 18, 1935, the The economic depression, increasing diffi- Federal Council submitted to the Federal culties in settlement of payments abroad, and Assembly a message accompanied by a draft especially the withdrawal of funds, created of a Federal decree regarding price control. grave anxieties for the Swiss banks. Under This draft proposed to give legal status to articles 25 and following of the Banking the bureau charged with control of prices, Law, certain banks were given the privilege which has been in existence since December of extending their maturities or obtaining a 1931 as part of the Federal Department of moratorium. Public Economy. The task of organizing this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY FEDERAL RESERVE BULLETIN 349 bureau and defining its functions was to be already reduced; it declared also that it had given to the Federal Council, which was also never adopted any program for price reducto be authorized to pass price regulations. tion sponsored by groups of interested par- When the National Council adopted this ties. In its message of November 13, 1935, draft, with several amendments, the tariff it pointed out the danger which a rigid and commission of the Council of the Cantons general price reduction would present; but raised some objections. As a result the Fed- it likewise insisted that we must gradually eral Council abandoned the plan, hoping that adapt our conditions of living to those of its general plenary powers would furnish the world economy. This is in fact the chief legal basis necessary for its interventions. problem for Switzerland. Because of its In the message of November 12, 1935, on economic structure and the composition of special economic measures, the Federal Coun- its population, our country is compelled to cil expressly declared that it did not intend import and export commodities. But even to pass general price regulations, but that it if foreign countries were disposed to buy hoped to be able to check abuses. The meas- Swiss products and to pay for them, Switzerures of economic protection which the Gov- land could not develop her exports to a suffiernment applied at the frontier resulted in cient extent unless lower costs of production strengthening prices up to a certain point. enabled her to meet competition on world It happened sometimes that certain persons markets. There are undoubtedly offical meastried to exploit this protection in order to ures of protection and support (limitation of keep prices up. In cases of this kind, the imports, fixing quotas, prohibitions of im- Government had to intervene, to fix prices ports, raising tariff rates, and clearing agreewhen necessary, and even to apply penalties. ments for foreign exchange) which tend to In the course of the discussion of the draft make the price structure in Switzerland someof the decree by the commission of the Coun- what rigid. Furthermore, costs of produccil of the Cantons, it appeared that there was tion in private enterprises have become less objection to giving the Federal Council ple- and less easy of adjustment as a result of the nary powers in economic matters. The com- intrusion of politics into the regulation of mission decided to postpone the question of wages, and the putting into force of tariffs plenary powers until the fate of the finance through conventions between cartels, trusts, program was settled. and other monopoly corporations. In prac- Economic adjustment.—In 1935 the prob- tice it is impossible to proceed to a uniform lem of economic adjustment was the subject lowering of prices and wages, but it is neverof many heated discussions. Confronted theless imperative that their movement—and with groups of people demanding a reduction especially the development of interest rates, of prices, the opponents of such measures of house rents, and of farm rents—should took a stand against them. Economic groups, become more elastic; for without a decline in associations of employers and employees sent the cost of living, Swiss products will never to the Federal Council requests for or against find foreign markets to the necessary extent. economic adjustment. In its message of The transformation of industries and their March 18, 1935, the Federal Council called orientation toward the domestic market have attention to the fact that it had never been in their limits. Switzerland is poor in raw mafavor of a general reduction of prices brought terials and cannot exist under an economic about by the Government and applying with- regime which is concentrated on the domestic out discrimination to prices and wages market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN MAY 1936 BALANCE SHEET OF THE SWISS NATIONAL BANK AS OF DEC. 31, 1935, AND DEC. 31, 1934 [In thousands of Swiss francs] Assets Liabilities 1935 1934 Swiss gold coin 256,294 235, 344 Notes in circulation 1, 366, 274 1,440,272 Foreign gold coin 243, 672 251, 669 Giro accounts 357,905 539,407 Gold bars 670, 655 1, 247, 788 Federal accounts 7,629 39, 612 Other deposits 24,838 45,864 Total gold in vault 1,170,620 1, 734,801 Foreign clearing accounts 16, 433 5,500 Gold earmarked abroad 218,187 174,991 Drafts and checks in circulation 1,222 928 Rediscounts 839 61 Total gold 1, 909, 792 Capital 50,000 50,000 Surplus 12,000 11,500 Other cash items 4,265 5,283 Net profits 5,253 5,253 Foreign exchange on gold standard countries. 7,099 7,070 Dividends unpaid 12 11 Foreign exchange other than gold exchange.. 1,206 438 Reserve for uninsured risks 1,000 1,000 Reserve for printing bank notes. 1,000 1,000 Swiss portfolio: Miscellaneous liabilities 43, 030 38, 777 Swiss bills 25, 281 13, 413 Rescriptions 114, 552 3,984 Other discounts 12, 644 8,861 152, 477 26, 257 Securities of the Loan Office of the Swiss Con federation 85, 535 5,922 Advances on security: On call at 10 days' notice 139,189 114,958 Other 3,003 3,027 142,193 117,985 Government securities 44, 887 52, 486 Due from postal check offices 1,189 1,459 Due from Swiss correspondents 26, 655 19, 244 Items for collection 1,332 1,043 Coupons 732 537 Interest accrued on securities 313 400 Unpaid capital 25,000 25, 000 Bank premises 3,000 3,000 Furniture and fixtures l l Miscellaneous assets 2,746 3,270 Total assets 1,887, 435 2,179,186 Total liabilities.. 1,887,435 2,179,186 1 Carried at 1 franc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

351 MAY 1936 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 23 and released for publication April 25] Production and employment at factories of awards for publicly-owned projects conincreased from February to March, while tinued considerably smaller than in December output of minerals declined. There was con- and January, when the dollar volume of such siderable expansion in retail trade. contracts was relatively high. Production and employment.—The Board's Distribution.—Retail trade, which had been combined index of industrial production, reduced in January and February by unusuwhich includes both manufacturing and ally severe weather, increased considerably mining and makes allowance for seasonal in March. Sales at department and variety changes, remained unchanged in March at stores and by mail-order houses serving rural the February figure of 94 percent of the 1923- areas showed a more than seasonal increase. 1925 average. Production of automobiles The number of new automobiles sold was also rose sharply in March to a total of 425,000 larger than in February. passenger cars and trucks and continued to Freight-car loadings of most classes of increase during April. There was a seasonal commodities increased from February to increase in output of steel in March, followed March by more than the usual seasonal in the first three weeks of April by a rapid amount. Total loadings declined somewhat rise in activity. Estimates of the rate of profrom the relatively high level of the three duction in that period averaged around 67 preceding months, however, reflecting a sharp percent of capacity as compared with the rate reduction in shipments of coal. of 59 percent reported for March. Production Commodity prices.—The general level of of cement and lumber increased more than wholesale commodity prices, which had deseasonally from February to March, and acclined somewhat between the third week of tivity at meat-packing establishments and February and the middle of March, showed at silk mills also increased, although a decline relatively little change in the following four is usual in these industries at this time of the weeks. Retail prices of foods declined duryear. There was little change in output at ing March. cotton textile mills, while at woolen mills Bank credit.—Excess reserves of member activity decreased by more than the usual banks, after declining sharply in the last half amount. Production of anthracite and biof March, increased by about $300,000,000 in tuminous coal showed a substantial reduction the first three weeks of April to a total of from the relatively high level of February, and this decrease accounted for the decline $2,640,000,000. This increase, like the prein total output at mines. ceding decline, was due chiefly to operations of the Treasury. After the middle of March Factory employment increased by more Treasury balances at the Federal Reserve than the usual seasonal amount from the banks were built up through the collection of middle of February to the middle of March, taxes and receipts from the sale of new seand pay rolls showed a larger increase. Emcurities, and in April these balances were ployment increased in the machinery indusdrawn upon to meet expenditures. tries, at sawmills, and at establishments pro- Partly as a result of these expenditures, ducing wearing apparel. There was a deposits at reporting member banks in leaddecrease in the number of workers at plants ing cities, which had declined in March, inproducing rubber tires and tubes, where a creased in the first half of April, when total strike was in progress in the middle of March. loans and investments of these banks also At automobile factories the number employed increased. From February 26 to April 15 declined slightly, while pay rolls showed a total loans and investments of reporting memconsiderable increase. ber banks showed an increase of about $800,- The value of construction contracts 000,000, reflecting increases of $380,000,000 awarded, according to figures of the F. W. Dodge Corporation, showed a seasonal in- in investments, of $180,000,000 in loans to crease from February to March. Awards for brokers and dealers in securities, and of residential building increased seasonally, and $240,000,000 in so-called "other" loans, which contracts for other private construction ad- include loans for commercial, industrial, and vanced to the highest point since 1931. Value agricultural purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN MAY 1936 MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS Wednesday figures BILLIONS OF DOLLARS 11 DEPOSITS WITH F.R.BANKS 1930 1931 1932 1933 1934 1935 1936 MEMBER BANK RESERVE BALANCES 1930 1931 1932 1933 1934 1935 1936 Latest figures for April 29. See table on page 353. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

353 1936 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES AND RESERVE BANK CREDIT MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES fin millions of dollars] Member bank Reserve bank credit outstanding Treas- Treasury Other reserve balances Date (Wednesday) co B d u i i n l s l t - s ed bo B u il g ls ht s m U G e e . c r o e n u v n S - r - t i . - R c O b e r a s t e h e n d r e k i v r t e Total M s t g t a o o o r n l c y d k e- a n l r a - a c e u t b u n n r i y a o r d c - n n y k - M in c t u o io l n c a n i e - r y - c d F R a b e e w s e p a h d s i n o e e t a s k h r r i v n s a t e l d s b m p N e o r e o s m n d it - e - s - R c e F o e s a e u r e c a d n - r l - t v s e Total E m ( x e a c s t e t e i s d - s ) ties 1935—Apr. 3 6 5 2,431 19 2, 462 8, 568 2, 548 5,497 3,404 230 253 4,193 1,821 Apr. 10 .. 6 5 2, 430 21 2, 463 8, 614 2. 549 5, 487 3, 376 224 253 4,287 1,907 Apr. 17 .. 7 5 2,431 27 2,470 8, 672 2, 549 5,512 3,149 271 257 4, 501 2,095 Apr. 24 7 5 2,430 10 2,452 8,701 2, 550 5, 459 2,978 258 4,719 2,264 May 1 6 5 2, 430 21 2,463 8,721 2, 543 5,489 2,978 276 263 4,721 2, 252 May8 6 5 2, 430 25 2, 466 8,728 2, 536 5, 496 2. 938 277 261 4,758 2,304 May 15 5 2, 430 32 2,473 8,737 2, 534 5,494 2, 901 267 259 4,822 2,350 May 22 7 5 2,430 18 2, 459 8, 762 2, 531 5,481 2,906 285 259 4,821 2,328 May 29 8 5 2,430 24 2, 467 8, 835 2,526 5,511 2,970 262 258 4,827 2,322 June 5 8 5 2, 430 32 2, 475 8, 916 2, 521 5,514 3. 030 196 257 4,914 2,400 June 12 8 5 2, 430 29 2,472 9,016 2,514 5, 493 2, 988 214 258 5, 049 2,521 June 19 7 5 2,430 40 2,482 9, 089 2, 510 5, 498 3, 023 301 264 4,996 2,445 June 26 5 2,430 30 2,472 9,109 2,508 5, 498 2,991 306 263 5,029 2,471 JulyS 8 5 2,431 24 2,468 9,119 2,504 5, 619 3, 002 312 258 4,900 2,320 July 10 7 5 2,430 31 2, 473 9,123 2, 503 5,551 2,932 302 263 5,052 2,456 July 17 5 2,430 30 2,472 9,127 2,501 5, 530 3, 086 302 258 4,924 2, 340 July 24 6 5 2,430 19 2, 460 9,135 2, 503 5, 496 3,134 265 258 4, 945 2,335 July 31 5 2,430 23 2,465 9,144 2,510 5, 518 2, 991 253 257 5,100 2,513 Aug. 7 _ ._ . .. 6 5 2, 430 34 2,476 9,158 2,477 5, 550 2, 932 253 261 5,115 2, 547 Aug. 14 . _ . 6 5 2,430 36 2,477 9,184 2, 437 5, 558 2,775 251 259 5,254 2,667 Aug. 21.... 7 5 2,430 26 2,468 9, 189 2,421 5, 574 2,722 230 260 5, 291 2, 682 Aug. 28-._- 9 5 2,430 26 2,471 9,197 2,408 5,573 2, 683 213 260 5,346 2,749 Sept. 4 11 5 2,430 25 2,472 9, 209 2,395 5, 650 2, 746 193 259 5,228 2, 643 Sept. 11 ___ 11 5 2,430 34 2,479 9, 219 2,391 5,638 2, 629 186 248 5,388 2,790 Sept. 18 10 5 2, 430 27 2,472 9,240 2,390 5,632 2,839 244 250 5,136 2,527 Sept. 25 10 5 2,430 29 2,474 9, 297 2, 382 6,626 2,778 262 250 5,236 2, 592 Oct. 2 10 5 2,430 24 2,470 9,414 2, 399 5, 688 2,814 306 251 5,224 2, 569 Oct. 9 10 5 2, 430 34 2,478 9, 463 2, 396 5, 698 2,747 313 250 5,330 2,694 Oct. 16 9 5 2, 430 52 2, 496 9, 584 2,404 5,696 2, 693 307 254 5,534 2,878 Oct. 23 7. 5 2, 430 31 2,472 9, 629 2,397 5, 684 2,694 292 254 5,575 2,900 Oct. 30 6 5 2,430 33 2,474 9,686 2,401 5,686 2,665 296 260 5, 653 2,981 Nov. 6 ._. i 5 2,430 21 2, 462 9,714 2,401 5, 754 2, 655 236 260 5,671 2,993 Nov. 13 9 5 2, 430 49 2,492 9,747 2, 399 5, 746 2,641 249 257 5, 746 3,052 Nov. 20— 5 5 2,430 31 2,471 9,804 2,409 5, 739 2. 648 262 253 5,782 3,069 Nov. 27 6 5 2,430 32 2,472 9, 874 2,421 5,820 2,625 282 252 5,789 3,051 Dec. 4 5 5 2, 430 29 2,470 10,009 2,442 5,843 2, 626 262 5,905 3,173 Dec. 11 6 5 2, 430 33 2,474 10,068 2,447 5,841 2,558 270 6,040 3,304 Dec. 18 ... 7 5 2,430 41 2, 483 10, 098 2, 458 5,902 3,161 281 258 5,437 2,706 Dec. 24... 7 5 2, 431 81 2, 523 10,115 2,464 5,991 3,156 266 259 5,429 2, 693 Dec. 31 5 5 2,431 45 2,486 10,125 2,476 5,882 3,110 255 253 5,587 2,844 1936—Jan. 8 5 5 2,430 35 2, 476 10,144 2,476 5, 783 3,049 265 253 5, 745 3,002 Jan. 15 5 5 2,430 45 2, 485 10,158 2,492 5,722 3,018 284 253 5, 859 3,095 Jan.22 6 5 2, 430 36 2,477 10,172 2,498 5, 704 3,093 296 253 5, 802 3,030 Jan. 29 7 5 2,430 28 2,470 10,179 2, 492 5, 693 3,031 301 254 5, 863 3,087 Feb.5 10 5 2,430 44 2,489 10,168 2,491 5,742 2, 958 324 255 5,869 3,089 Feb. 12 8 5 2, 430 65 2, 508 10,155 2, 496 5,763 2, 993 364 254 5,784 3,007 Feb. 19 7 5 2, 430 64 2, 505 10,160 2, 499 5,771 2, 979 327 255 5, 832 3,045 Feb. 26 7 5 2, 430 33 2,475 10,163 2,502 5,775 2,949 323 254 5, 839 3,062 Mar. 4 6 5 2,431 34 2, 475 10,167 2, 506 5,848 2, 898 321 269 5. 813 3,043 Mar. 11... 5 5 2,430 33 2,473 10,170 2, 503 5,840 2, 909 337 274 5, 786 3,008 Mar. 18 6 5 2,430 44 2,485 10,173 2, 503 5,841 3, 587 328 261 5.144 2,388 Mar. 25 6 5 2,430 45 2,485 10,177 2,502 5, 837 3,667 340 261 5,059 2,315 Apr. 1 7 5 2, 430 34 2, 477 10,185 2, 504 5,884 3, 614 331 259 5, 077 2,338 Apr. 8 6 5 2,430 38 2,479 10,190 2, 505 5,906 3,502 346 I 258 5, 161 2,384 Apr. 15 6 5 2,430 35 2,477 10, 200 2, 502 5, 877 3,374 335 ! 260 5,333 2,548 Apr. 22 5 5 2, 430 35 2,475 10.209 2,501 5,860 3, 269 355 260 5, 442 2,640 Apr. 29 _. 5 5 2,430 32 2,472 10, 221 2,501 5, 859 3,208 362 259 5, 506 2,686 NOTE.—For description of figures in this table and discussion of their significance, see B ULLETIN for July 1935, pp. 419-429. Reprints of articles, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN MAY 1936 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS END OF MONTH FIGURES [In millions of dollars] Reserve bank credit outstanding Member bank Treas- Treasury Other reserve balances Mone- ury Money cash and Non- Fed- End of month co B d u i i n s l - l t s ed bo B u il g ls ht s m U G e e c r . e o u n n v S r - t - i . - R c O b e r a s t e h e n d r e k i v r t e Total s t g t a o o r l c y d k a t n r b i e c o d a u n n n n r c a k - y a l- - in c t u io c la n ir - - d R F b e w e e p a d s o i n e e t s k h r r i v s a t e s l b m p e o r e s m d it e s - - R c e o e a s u r c e a - n r l t v s e Total m E ( x e a c s t t e e i s d - s ) ties 1934—November. 11 6 2,430 6 2,453 8,132 2,468 5,549 3, 022 161 239 4,081 1,801 December. 7 6 2,430 20 2,463 8,238 2,511 5,536 3,150 189 241 4,096 1,814 1935—January... 7 6 2,430 19 2,461 8,391 2,495 5, 380 2,991 191 243 4, 543 2,206 February.. 6 6 2,430 23 2, 465 8, 527 2, 519 5,467 3,004 207 246 4,587 2,199 March 8 5 2,437 21 2,471 8,567 2,540 5,493 3, 358 226 253 4,247 1,846 April 6 5 2,430 27 2, 468 8.710 2,544 5,478 2,996 271 263 4, 715 2,253 May 8 5 2,430 26 2,469 8, 858 2,525 5,540 2.969 254 257 4,832 2,318 June 6 5 2,433 37 2,480 9, 116 2, 506 5, 568 2,908 325 261 4,979 2,414 July 7 5 2,430 23 2, 465 9,144 2,510 5, 518 2,991 253 257 5,100 2,513 August 11 5 2, 432 37 2, 485 9,203 2,398 5,629 2, 694 198 260 5,305 2,708 September. 10 5 2, 430 32 2,477 9, 368 2, 386 5, 683 2, 740 304 250 5,254 2,600 October. __ 6 5 2,430 40 2,482 9,693 2,400 5,713 2, 657 299 258 5,648 2,970 November. 6 5 2,430 39 2,480 9,920 2,438 5,846 2,619 284 253 5, 835 3,100 December. 5 5 2,431 45 2,486 10,125 2,476 5,882 3,110 255 253 5,587 2,844 1936—January. _. 9 5 2,430 35 2,479 10,182 2,493 5, 737 3,001 304 253 5,860 3,084 February.. 7 5 2,430 40 2,482 10, 167 2,499 5,846 2, 937 327 254 5,784 2,986 March 8 5 2, 430 31 2,474 10,184 2,504 5,877 3, 607 332 259 5,087 2,305 April 5 5 2,430 34 2,475 P10, 225 P2, 499 vb, 886 PS, 213 356 259 5,486 2,664 p Preliminary. Back figures.—See Annual Report for 1934 (table 5), and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 353 of this BULLETIN. MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS AVERAGES OF DAILY FIGURES [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Year or month co B d u i i n s l - l t s ed bo B u il g ls ht s m U G e e c r . e o u n n v S r - t - i . - R c O b e r a s t e h e n d r e k i v r t e Total M s t g t a o o o r n c l y d k e- a t T n r b i e c o u d r a n u e n r n y a n r c a k - s y l a - - - M in c t u i o o c l n a n ir e - - y c T d R F a b e r e w s e e p a h d s a n i o e e t s a s k h r r u i v n s a t r e d l s y b m p N e o r e o s m d n it e - s - - R c O e F o e a s t u e r c h e a d - n r e l - t v r s e Total Excess ties 1929—Average.. _ 952 241 208 1,459 3,996 2,015 4,476 229 30 376 2,358 43 1930—Average.. _ 272 213 564 1,087 4,173 2,025 4,245 239 28 393 2,379 55 1931—Average. __ 327 245 669 1,274 4,417 2,025 4,672 251 97 373 2,323 89 1932—Average.._ 521 71 1,461 2,077 3,952 2,096 5,328 275 56 351 2,114 256 1933—Average... 283 83 2,052 2,429 4,059 2,271 5,576 343 147 350 2,343 528 1934—Average... 36 25 2,432 2,502 7,512 2,381 5,403 2,879 185 253 3,676 1,564 1935—Average. _. 7. 5 2,431 2,475 9,059 2,478 5,585 2,919 252 255 5,001 2,469 1934—November. 18 2,430 2,466 8,047 2,455 5,494 2,970 165 238 4,100 1,834 December. 10 2,430 2,472 8,191 2,494 5,577 3,120 181 242 4,037 1,748 1935—January.. _ 2,430 2,465 8,284 2,504 5,411 3,053 194 242 4,355 2,035 February.. 2,430 2,462 8,465 2, 513 5,439 2,965 189 246 4,601 2,237 March 2,431 2,461 8,552 2,526 5,477 3,122 236 250 4,452 2,065 April 2,431 2,471 8,641 2,548 5,500 3,209 258 256 4,436 2,026 May 2,434 2,476 8,755 2,534 5,507 2,942 278 259 4,778 2,297 June 2,431 2,479 9, 025 2,513 5,522 2,989 266 261 4,979 2,438 July 2,430 2,473 9,128 2,504 5,550 3,032 293 259 4,970 2,385 August 2,431 2,476 9,180 2,441 5,576 2,795 233 261 5,232 2,636 September. 2,430 2,480 9,246 2,389 5,651 2,734 236 252 5,243 2,628 October. __ 2,430 2,482 9,545 2, 398 5,704 2,693 307 253 5,469 2,820 November. 2,430 2,482 9,777 2,410 5,770 2,630 256 256 5,757 3,061 December. 2,430 2, 494 10, 072 2,454 5,897 2,869 276 263 5,716 2,983 1936—January.._ 2,430 2,484 10,158 2,486 5,757 3,058 280 253 5,780 3,033 February.. 2,430 2,493 10,163 2,495 5,779 2,981 329 255 5,808 3,038 March 2,430 2,484 10,172 2,502 5,857 3,278 336 266 5,420 2,653 April 2,430 2,480 10, 202 2,503 5,892 3,384 348 259 5,300 P2, 519 p Preliminary. Back figures .—See Annual Report for 1934 (table 2) and for excess reserves see BULLETIN for August 1935, pp. 499-500. See also note on p. 353 of^this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

355 MAY 1936 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS IN DETAIL; ALSO FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] Apr. 30, 1936 Mar. 31,1936 Apr. 30, 1935 Gold certificates on hand and due from U. S. Treasury.. 7, 703, 835 7, 665, 346 5, 748, 844 Redemption fund—Federal Reserve notes 12,877 14, 865 20, 520 Other cash 332, 496 347, 090 244,137 Total reserves.. 8, 049, 208 8, 027, 301 6,013, 501 Bills discounted: For member banks 5, 474 7,654 5,678 For nonmember banks, etc.. 10 359 144 Total bills discounted 5,484 8,013 5,822 Bills bought: Payable in foreign currencies 4,684 4,674 4, 696 Industrial advances 30, 346 30, 409 26, 309 U. S. Government securities: Bought outright.. 2, 430, 239 2, 430, 250 2,430, 215 Other Reserve bank credit: Other securities 181 181 Due from foreign banks 631 650 702 Reserve bank float (uncollected items in excess of deferred availability items) _. 3,518 1294 27 Total Reserve bank credit outstanding.. 2, 475, 083 2, 473, 883 2, 467, 771 Federal Reserve notes of other Reserve banks 21, 089 18,811 18,150 Uncollected items not included in float 552, 035 522,104 506, 434 Bank premises 48, 031 47, 885 49, 617 All other assets 38, 509 36,811 40, 205 Total assests . 11,183,955 11,126,795 9,095,678 LIABILITIES Federal Reserve notes: Held by other Federal Reserve banks. 21, 089 18,811 18,150 Outside Federal Reserve banks 3,741,017 3, 744, 947 3,134,629 Total notes in circulation. 3, 762,106 3, 763, 758 3,152, 779 Deposits: Member bank—reserve account... 5, 485, 655 5, 087, 086 4, 714, 787 U. S. Treasurer—general account.. 682,139 1, 077, 494 98, 360 Foreign bank 80, 635 62, 694 15, 252 Other deposits 275, 262 269, 477 255, 419 Total deposits 6, 523, 691 6, 496, 751 5, 083, 818 Deferred availability items. 552,035 522,104 506, 434 Capital paid in 130, 659 130, 723 146, 662 Surplus (sec. 7) 145, 501 145, 501 144, 893 Surplus (sec. 13b) 26,513 26, 513 19, 209 Reserve for contingencies. _ 34, 109 34,105 30,807 All other liabilities 9,341 7,340 11, 076 Total liabilities 11,183, 955 11,126, 795 9, 095, 678 Contingent liability on bills purchased for foreign correspondents.. 20 Commitments to make industrial advances 25, 568 25," 084" 16, 929 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents. 4, 015, 343 4, 019, 380 3, 425, 781 Collateral held by agents as security for notes issued to banks: Gold certificates on hand and due from U. S. Treasury 4, 029, 903 3,987, 843 3, 285,979 Eligible paper 4,087 6,155 4,110 U. S. Government securities - 57, 000 69, 000 226,100 Total collateral-. 4, 090, 990 4, 062, 998 3, 516,189 i Deferred availability items in excess of uncollected items. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN MAY 1936 KINDS OF MONEY IN CIRCULATION [Money outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S s o t i a a l l r v l n d a e d r r s - c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y a 8 e 9 s s - 0 S s u i i a l b v r s y e i r d- M c i o n i o n r U S n n t o a i t t t e e e s s d ! ] R F n e e o d se t e e r r s v a e l R F n b e e o d a se t n e e r k r s v a e l t n b i N o o a t n n a e - a k s l 1934—October 5, 453 136 510 123 273 j 3,124 112 856 November.. 5, 549 133 558 291 124 273 3,176 107 853 December. _ 5,536 130 592 294 125 265 3,176 101 820 1935—January 5,380 127 580 287 123 259 3,048 j 97 827 February 5,467 126 599 289 123 263 3,119 I 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 j 5, 629 114 739 298 126 283 3,362 75 596 September I 5,683 112 756 302 127 286 3,439 73 553 October.. 5,713 111 773 306 128 281 3, 495 70 514 November. 5, 846 110 812 309 130 284 3, 612 68 487 December.. 5,882 109 312 131 3,667 66 458 1936—January... 5,737 107 809 303 129 259 3,598 63 436 February. 5,846 106 841 304 129 254 3,696 60 421 March 5,877 104 864 307 131 245 3,727 406 April P.... 5, 886 103 308 132 250 3,725 ! 56 391 p Preliminary. NOTE.— For figures of paper currency of each denomination in circulation see p. 392. Back figures—See Annual Report for 1934 (table 49). ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO AND FROM STOCK UNITED STATES1 [In millions of dollars] fin thousands of dollars] Gold Net 1936 a s t t o e c n k d Increase Net release Other Year or month yea o r f or in st o g c o k ld im go p l o d rt f e ro ar m - factors 2 From or to— April March January-April month marki Im- Ex- Im- ! Ex- Im- Exports ports ports ports ports ports 1932 -_. ... _._ 4,226 52.9 -446. 2 457.5 41.6 1933 4,036 -190.4 -173.5 -58.0 41.1 1934 8,238 4, 202. 5 1,133. 9 82.6 2,986.1 Belgium. __ . 1 England 1,541 48 57 | 1,849 7,639 5, 042 1935—January 8,391 153.3 149.4 1.1 2.8 France 1,564 13 ! 5,091 17 180 February.. 8,527 135.3 122.8 .2 12.3 Germany 5 M arch 8,567 40.4 13.0 -.7 28.1 Netherlands 344 0 3,765 April 8,710 143.4 148.6 -2.3 -2.9 Switzerland _ ___ 0 May . 8,858 148.1 140.0 -1.5 9.6 Union of Soviet June 9,116 257.1 230.4 1.0 25.8 Socialist Re- July 9,144 27.9 16.2 -.4 12.1 publics _ . __ 814 1, 594 j 4,718 August 9,203 59.5 46.0 1.8 11.7 Canada 11,236 3 1,686 ! 8 23, 960 32 September 9,368 165.0 156.7 1.0 7.3 Central America 268 349 i 1,271 October _ 9,693 325.2 315.3 -1.9 11.8 Mexico 713 885 114 3,229 321 November 9,920 226.7 210.6 .6 15.5 Argentina 2 5 December 10,125 205.2 190.0 1.3 13.9 Chile 1,249 541 3,241 Colombia 1, 742 3,485 Year 10,125 1,887. 2 1, 739. 0 .2 148.0 Ecuador 184 446 1,373 Peru 647 183 ___ __ 1,057 1936—January 10,182 57.2 45.6 -1.7 13.3 Uruguay February 10,167 -15.5 -16.6 -9.5 10.6 Venezuela 48 42 188 March.. _ 10,184 17.2 5.5 1.0 10.7 Australia... __ -. 651 373 7,719 April P10,225 P40.9 28.1 -.2 P 13.0 British India 5,106 16, 851 China and Hong Kong 385 2,301 v Preliminary. Dutch East Indies. Japan place 1 d G o u l n d d e r r e le e a a s r e m d a r f k ro m (w i e t a h r m al a lo rk w a a n t ce F e w d h er e a n l n R e e c s e e s r s v a e ry b f a o n r k s c h l a e n s g s es g o i l n d A Ph ll i l o i t p h p e i r n e c ou Is n l t a r n ie d s s 2 , . 1,7 2 1 4 6 1 1,57 4 8 4 6,0 7 5 0 0 1 gold earmarked abroad for account of Federal Reserve banks). 2 Figures are derived from preceding columns and indicate net result Total 28,106 51 7, 795 2,315 88, 884 26, 341 of such factors as domestic production, movements into and out of nonmonetary use, imports and exports that do not affect gold stock during the month or year, and increment resulting from reduction in 1 Figures represent customs valuations which, with some exceptions, weight of gold dollar. are at rate of $35 a fine ounce. 2 Includes all movements of unreported origin or destination. Back figures—See Annual Report for 1934 (table 44). Back figures—See table, p. 372, and Annual Report for 1934 (tables 46 and 47). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

357 MAY 1936 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVE BALANCES [Average of daily figures. In millions of dollars] I Reserves held Excess reserves Month or week T m o b t e a a m l n — k b s e a r ll Ne C w i ty Y o i rk r O e c s i t t e h i r e e v s r e 'C b o a u n n k t s ry" T m b o a t e a n m l k — b s e a 2 r ll Ne C w i ty Y o i rk r O e c s i t t e h i r e e v s r e "C b o an u k n s t r 2 y" 1935—March 4,452 1,760 1,787 905 2,064. 7 779.0 842.3 443. 5 April 4,436 1,715 1,831 890 2, 025. 6 723.0 878.4 424. 3 May 4, 778 1,813 2,031 935 2, 296. 9 797.5 1,038. 4 461.0 June 4,979 1,969 2,092 918 2, 437. 6 915.3 1, 079. 0 443.4 July 4,970 1,938 2,072 960 2, 385. 2 867.6 1, 037. 5 480.1 August 5,232 2,306 1,989 937 2, 635. 8 1, 214. 2 956.4 465.3 September.. 5, 243 2,320 2,023 900 2, 628.0 1,177. 3 979.5 471.2 October 5, 469 2,460 2,101 908 2, 819. 7 1, 308. 8 1, 035. 2 475.7 November.. 5,757 2, 563 2,253 941 3,061.2 1, 392. 7 3,162.1 506.4 December.. 5,716 2, 541 2, 239 935 2, 982. 7 , 350. 4 1, 133.1 499.2 1936—January.... 5, 780 2,593 2,209 978 3, 032. 7 ., 395. 4 1, 090. 4 547.0 February.. _ 5, 808 2,579 2,231 998 3,037. 8 , 360.1 1,110.5 567.3 March3 5, 420 2, 271 2,171 978 2, 653. 0 ., 055. 8 1, 054. 2 543.0 Week ending (Friday) 1936—Jan. 3 . 5, 571 2,516 2,120 935 2, 826.0 , 326. 8 1, 008. 4 491. 0 Jan. 10 5, 704 2, 534 2,201 969 2, 964. 0 , 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... 0,839 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 2,230 989 3, 023. 0 1, 370. 3 1,107. 2 546. 0 Feb. 28 5,804 2,608 2,228 969 3, 019.0 1,387. 2 1,107.1 525.0 Mar. 6... 5,782 2,530 2,257 995 3,003.0 1, 303. 9 1,140. 4 559.0 Mar. 13.. 5,773 2,394 2, 350 1,029 2, 997. 0 1,166. 2 1, 230.1 601. 0 Mar. 20.. 5,316 2,194 2,134 988 2, 547.0 974.8 1, 014. 6 558. 0 Mar. 27.. 5, 059 2,084 2, 029 945 2,313.0 894.0 911.7 507.0 1 Central reserve city banks only. 2 Weekly figures of excess reserves of all member banks and of country banks are estimates. 3 For total reserves and estimated excess reserves of all member banks during the following month, see tables on pp. 353 and 354. Back figures.—See Annual Report for 1934 (table 67). MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS [Averages of daily figures. In millions of dollars] Total deposits subject to reserve Net demand deposits Time deposits Month or week i ! | T m b o a e a n m i k i b s ' e ~ i r i ! : I Clt5 ^ X * ^, r O e c s t i e h t r i e e v r s e " b C a tr n o y k u " s n - i m T ba o e n a m t l k a l b s l e - r C Y N i o e ty r w k 2 r O e c s i t t e h i r e e v s r e " b C a tr n o y k u " n s1 - T m ba o e a n m t l k a l b s l e - 1 r C Y N i o e ty r w k 2 r O e c s i t t e h i r e e v s r e b "C a tr n o y k u " s n 1 - 1935—March 586 8, 050 12, 148 9, 387 19, 554 7, 399 7, 662 4,493 10,031 651 4,486 4,895 April 882 8, 145 12,260 9,477 19, 768 7, 481 7,745 4,542 10,114 664 4,515 4,935 May 571 8, 318 12, 647 9, 606 20, 377 7, 655 8,085 4, 638 10,194 663 4, 562 4,969 June 003 8, 565 12,814 9, 624 20, 899 7, 967 8,275 4, 657 10,103 597 4,539 4,967 July 401 8,702 12, 979 9,720 21,295 8, 095 8,481 4,719 10,107 607 4,498 5,002 August 463 8. 896 12, 968 9,599 21,311 8,253 8,474 4,584 10,152 643 4,494 5, 015 September. 336 9,272 13, 072 8, 992 21,179 8,642 8, 561 3,975 10,157 630 4,510 5,017 October 753 9,382 13,311 9,061 21, 464 8,693 8, 755 4,016 10,289 688 4,556 5,045 November.. 161 9. 508 13,559 9,095 21, 872 8, 850 8, 977 4,045 10, 289 657 4,581 5,050 December.. 480 9,644 13,719 9,117 22, 200 9,013 9,119 4, 069 10,280 632 4,600 5,049 1936—January.... 666 ; 9,688 13, 900 9, 077 22, 254 9,067 9,217 3,969 10,412 620 4,683 5,109 February.... 828 j 9. 835 13, 923 9, 070 22, 428 9, 235 9, 226 3, 967 10.400 600 4, 697 5,103 March 897 i 9,816 13,920 9,161 22, 412 9,209 9,193 4,011 10. 485 607 4,727 5,150 AVeek ending (Friday): I 1936—Jan. 3 __ 9, 634 13,823 9,005 9,170 i 629 4,653 J J a a n n . . 1 1 0 7 tI 9 9 , , 5 6 9 7 3 5 1 1 3 3 , , 8 9 6 1 1 8 8 9 , , 0 9 4 5 9 2 9 9 , , 1 2 8 3 7 6 | 6 6 4 2 1 6 4 4 , , 6 6 7 8 3 1 Jan. 24 I 9, 725 13,932 9,120 9,246 ! 604 4,686 Jan. 31 .....', 9,772 13,931 9,168 9,238 j_ 603 4,693 Feb. 7... •| 9, 827 13, 898 9,227 9,207 600 4,691 Feb. 14.. 9,809 13,940 9,211 9,241 598 4, 699 Feb. 21 . 9,844 I 13,936 9,245 9,240 599 4,696 Feb. 28.. 9,852 | 13,921 9,250 9,221 602 4,700 Mar. 6 9,897 13,895 9,295 9,177 602 4,718 Mar. 13 9, 915 13, 940 9,306 9,209 609 4,731 Mar. 20 : 9, 843 13, 946 9,237 9,214 606 4,732 Mar. 27 9, 629 13,934 9,016 9,207 614 4,727 i Weekly figures are not reported. 2 Central reserve city banks only. NOTE.—The method of computing net demand deposits subject to reserve was changed by the Banking Act of 1935 approved Aug. 23, 1935. See BULLETIN for October 1935, p. 644. Back figures.—See Annual Report for 1934 (table 67). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN MAY 1936 ALL BANKS IN THE UNITED STATES [Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency] LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1931—Mar. 25 55, 924 36,813 19,111 34, 729 22, 840 11,889 i 9,987 i 6,068 i 3,920 11,208 7,906 3,302 June 30 55, 021 35, 384 19, 637 33, 923 21,816 12,106 10, 506 6,169 4,337 10,593 7,399 3,194 Sept. 29 53,365 33, 750 19,615 33, 073 20,874 12,199 i 10, 506 i 6,169 i 4,337 9,786 6,707 3 079 Dec. 31 49, 704 31,305 18, 399 30, 575 19,261 11,314 10,488 6,218 4,270 8,641 5,827 2,814 1932—June 30 46,071 27, 834 18, 237 28,001 16,587 11,414 10,316 6,130 4,186 7,755 5,117 2,637 Sept. 30 45, 852 26,985 18, 867 28,045 15,924 12,121 i 10, 316 i 6,130 i 4,186 7,491 4,931 2,560 Dec. 31 44, 946 26,063 18, 883 27,469 15,204 12, 265 10,182 6,079 4,103 7,295 4,780 2,515 1933—June 30 2 40,076 22, 203 17, 872 24, 786 12, 858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Oct. 25 3 24,953 13,059 11,894 Dec. 30 40, 319 21, 977 18,342 25,220 12, 833 12, 386 9,985 5,906 4,079 5,115 3,238 1,877 1934—Mar. 5 3 26, 548 12, 706 13, 842 June 30 ' 42, 502 21, 278 21, 224 27,175 12, 523 14, 652 9,904 5,648 4,256 * 5,423 3,108 2,315 Oct. 17 3 27, 559 12, 293 15, 267 Dec. 31 43, 458 "20, 473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—Mar. 4 43, 747 20,394 23, 353 28, 271 11, 953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44, 416 20, 272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 45,008 20,140 24, 868 29, 301 11,841 17, 460 9,854 5,302 4,552 5,853 2,997 2,856 Dec. 31 45, 717 20,329 25,388 29, 985 12,175 17,810 9,804 5,210 4,594 5,929 2,944 2,985 r Revised. 1 Figures of preceding call carried forward. 2 Beginning June 30,1933, all figures (other than for mutal savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 3 Nonmember bank figures not available. * In connection with the increase over December 1933, see the headnote regarding private banks. Back figures.—Bee Annual Report for 1934 (table 61). DEPOSITS, EXCLUSIVE OF INTERBANK NUMBER OF BANKS DEPOSITS [In millions of dollars] Nonmember Member banks banks Nonmember banks Call date Total Other Call date All banks M b e a m nk b s er M sav u i t n u g a s l no O n t m he e r m- Total ti N on a- al State s M a b v a u i n t n u k g a s s l m n b o e e m n r - banks ber banks banks 1931—Mar. 25 51,427 31,153 i 9, 507 10, 767 1931—Mar. 25 22, 372 7,928 6,930 998 i 603 13,841 June 30 51, 782 31, 566 10,017 10,199 June 30 21, 903 7,782 6,800 982 600 13, 521 Sept. 29 49,152 29,469 i 10,017 9,666 Sept. 29 21, 294 7,599 6,653 946 i 600 13,095 Dec. 31 45, 821 27,432 10,105 8,284 Dec. 31 19, 966 7,246 6,368 878 597 12,123 1932—June 30 41,963 24, 755 10,020 7,188 1932—June 30 19, 046 6,980 6,145 835 594 11, 472 Sept. 30 . 41, 942 24, 903 i 10, 020 7,020 Sept. 30 18, 794 6,904 6,080 824 i 594 11,296 Dec. 31 41, 643 24, 803 10,022 6,818 Dec. 31 . 18, 390 6,816 6,011 805 594 10, 980 1933—June 30 2 37, 998 23,338 9,713 4,946 1933—June 30 2 14, 519 5,606 4,897 709 576 8,337 Oct. 25 3 23, 453 Oct. 25 3 5,818 5,052 766 Dec. 30 .__ 38, 505 23, 771 9,708 5,026 Dec. 30 15,011 6,011 5,154 857 579 8,421 1934— J O M u c n a t e . r . 1 3 5 7 0 3 3 41,870 2 2 2 6 5 7 , , , 4 6 2 8 1 9 4 5 3 9,780 4 5, 475 1934— J O M u c n a t e . r . 1 3 5 7 0 3 3 15,835 6 6 6 , , , 2 4 3 0 7 3 6 5 3 5 5 5 , , , 4 2 4 1 8 6 7 8 1 9 9 9 1 5 7 8 8 2 578 8,882 Dec. 31 '44, 770 28, 943 9,828 6,000 Dec. 31 '16, 039 6,442 5,462 980 579 '9,018 1935—Mar. 4 44,455 28, 589 9,837 6,029 1935—Mar. 4 16, 024 6,422 5,446 976 579 9,023 June 29 45, 766 29, 496 9,920 6,350 June 29 15, 994 6,410 5,425 985 571 9,013 Nov. 1 47, 522 31,072 9,936 6,513 Nov. 1 15, 904 6,400 5,403 997 571 8,933 Dec. 31 48, 964 32,159 9,963 6,842 Dec. 31 15,836 6,387 5,386 1,001 570 8,879 For footnotes see table above. »-Revised. 'Revised. NOTE.—Prior to Dec. 30,1933, member-bank figures include interbank For footnotes see table above. deposits not subject to immediate withdrawal, which aggregated $103,- 000,000 on that date. Back figures—See Annual Report for 1934 (table 60). Back figures.—See Annual Report for 1934 (table 60). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1936 FEDERAL RESERVE BULLETIN 359 ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n lo a v o e n a e n t n d a s t s l t s - Total C Y N k b o s T r i i e o u e o d t o r r w t - y e s - k i o se t t T o h i c e n o u e s r r s i- e l R o st a e a n a t l s e a b a p c o a R n i c o n w n c e e s r - : k e n p t- s s t- ' O c c u w a u u n s t n e h r i r s s - e e d e e e d d r - - L ba o t n o a k n s s a U a c b p n A n e l a e i c c p y t - e t e i - - s n d ab B p a r b a i o l y l l e a s - d b p C m o c a o u i p e a m g r e l - h r - t k L C Y N e b o r i r t o e s t o o a y r w - n i k n s 1 Total Direc t t ion a F g s n u u te a l e l r y d - s O e ti c t e u h s r e i r - States TOTAL—ALL MEM- BER BANKS 1933—June 30 2 24, 786 11,337 165 3, 752 2,372 192 4, 857 330 291 87 788 11,928 6,887 5,041 Oct. 25.1 24, 953 11,523 178 3, 631 2, 364 257 5,092 297 303 164 748 11,894 6,801 5,093 Dec. 30 25, 220 11,315 166 3, 606 2, 359 213 4,972 287 223 132 840 12, 386 7, 254 5,132 1934—Mar. 5 26, 548 11,093 164 3,480 2,382 250 4,817 225 350 157 855 13,842 8, 667 181 4,995 June 30 27,175 10,804 208 3,309 2,357 210 4,721 153 264 200 1,082 14, 652 9,137 3 276 3 5, 239 Oct. 17 27, 559 10, 782 167 3,158 2,297 229 4,932 149 276 253 802 15,267 9,186 709 5,372 Dec. 31 28,150 10. 509 187 3,110 2, 273 232 4,708 155 256 232 843 16,122 9,906 989 5,227 1935—Mar. 4 28, 271 10,420 184 3, 031 2, 250 207 4,748 133 235 255 875 16,318 9,821 1,200 5,298 June 29 28, 785 10,369 192 2, 931 2,277 135 4,834 119 201 247 975 16, 857 9,871 1, 558 5,427 Nov. 1 29, 301 10, 465 179 2,885 2,279 159 4,963 94 154 260 841 17, 460 10,080 1,764 5, 615 Dec. 31 29, 985 10,548 196 2,893 2,284 169 5,006 98 181 272 1,047 17,810 10, 501 1, 768 5,541 1936—Mar. 4 30,288 10,460 211 2,832 2,301 156 4,960 82 164 280 1,089 18,189 10, 564 1,880 5,745 NEW YORK CITY 4 1933—June 30 2 7,133 2,297 1,044 157 120 937 162 224 720 3, 709 2, 551 1,158 Oct. 25... 6,971 2, 436 985 149 179 1,075 143 233 624 3,501 2,320 1,181 Dec. 30 6, 995 2,395 989 148 130 1,084 146 170 706 3, 542 2, 362 1.179 1934—Mar. 5 7. 351 2,321 938 156 171 1,009 112 276 687 3, 932 2,768 105 1,059 June 30 7, 666 2,202 882 156 144 965 68 225 883 4, 265 3,053 3 157 3 1, 056 Oct. 17 7, 545 2,294 826 150 159 1,108 66 232 631 4,300 2,954 237 1,109 Dec. 31 7, 761 2,202 820 139 164 1,024 63 210 662 4,602 3, 246 278 1,078 1935—Mar. 4 7,783 2,198 805 139 145 1,054 52 203 678 4, 628 3, 200 298 1,131 June 29 8, 303 2,146 783 138 82 1, 085 48 183 930 4,983 3, 462 348 1,174 Nov. 1 8,167 2,185 775 136 101 1,114 35 135 828 4, 968 3,340 405 1,223 Dec. 31 8,418 2,196 793 140 107 1,096 42 158 1,018 4,985 3,425 401 1,159 1936—Mar. 4 8,802 2,215 792 148 1,112 29 141 1,043 5,355 3, 602 505 1,248 OTHER RESERVE CITIES 1933—June 30 2 9,780 4,846 111 1, 590 1,160 1,915 129 51 58 4,621 2,867 1,754 Oct. 25 9,951 4,912 117 1,542 1,144 2,033 120 91 100 4,645 2,889 1,757 Dec. 30 10,157 4,797 106 1,524 1,151 1,937 103 78 112 5, 000 3,209 1,790 1934—Mar. 5 10,816 4,669 101 1,465 1,158 1,870 79 89 138 5, 763 3, 954 75 1,734 June 30 11,054 4, 586 138 1,388 1,145 1,853 53 115 154 6,104 4,102 3 94 » 1, 908 Oct. 17 11,367 4,562 102 1,319 1,120 1,956 55 151 123 6,423 4,240 257 1,926 Dec. 31 11,609 4, 459 118 1,294 1,108 1,873 65 135 131 6,764 4,551 356 1,857 1935—Mar. 4 11,739 4, 436 113 1, 261 1,093 1,909 56 142 134 6, 933 4,601 453 1,878 June 29 11,743 4,425 120 1,216 1,120 1, 917 50 126 26 7,093 4.478 658 1,957 Nov. 1___ 12, 313 4,522 107 1,209 1,117 2,034 40 124 10 7,589 4, 865 751 1,973 Dec. 31 12, 647 4,599 123 1,206 1,109 2,100 39 132 22 7,824 5,136 744 1,944 1936—Mar. 4 12, 601 4,527 132 1,174 1,110 2,056 36 130 31 7,845 5,090 745 2,011 COUNTRY BANKS 1933—June 30 2 7,873 4,194 1,117 1, 055 2,005 27 3,598 1,469 2,129 Oct. 25 8,031 4,175 1,104 1,070 1,984 46 3,748 1,592 2,156 Dec. 30 8,068 4,123 1,092 1, 061 1,952 34 3,845 1,683 2,162 1934—Mar. 5 8,381 4,103 1,077 1,068 1,937 54 4,148 1,946 2,202 June 30 8,456 4,016 1, 039 1,056 1, 903 72 4, 283 1,982 3 25 ' 2, 276 Oct. 17 8,649 3,926 1,012 1,026 1,868 95 4,545 1,992 215 2,337 Dec. 31 8,780 3,849 996 1,026 1,810 92 4,756 2,108 355 2,293 1935—Mar. 4 8,749 3,786 966 1, 018 1, 785 109 4,757 2,020 448 2,289 June 29 8,739 3,798 932 1,020 1,831 116 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 902 1,026 1,815 132 4,903 1,874 609 2,419 Dec. 31 8,919 3,754 894 1,035 1,810 135 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,716 865 1.043 1,791 145 4,989 1,873 630 2,486 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Beginning June 30, 1933, figures relate to licensed banks only. 3 An estimated small amount of Home Owners' Loan Corporation bonds fully guaranteed by the United States Government is included in 'Other securities" on this date. 4 Central Reserve city banks. Back figures.—See BULLETIN for November 1935, pp. 722 and 723, or reprint, which may be obtained from Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN MAY 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 R a e r e r i r n e e v a t d v - - k h e l - e s s C va i a n u sh lt b a w m a B n d t n e o i i c a s c k t - e l - h - s s 1 r o e i e t p t i p f d l e e r o e i o o c n s m n a c - s c r o s t s - 2 l - - b m D a I t e n i n o s c - k - te s rb b a e F a n i o n k g r k n - s S m U G e t e a r n o e d n t n i v e - t t - - s f P u u l n i b c d - s c c C l h c c e e a o r f e t e e a e i t o f n c e c t f r s r d . f d i e d t s k h - i i r ' t s - s , , s t p p u I i v h n e c n o o a a t o i e i c d n r d l r p r r . s a t s - i - - s - , - - , , j i d m u t e s D s a p t e a n e o - d d d s - - • b m D I a t n e i o n s c t - - k e s rb b a e F a i n o n g k r k n - s f P u u l n i b c d - s P s in t a o a g s v l - s - s t p I p u i v h n c e n o o a a t o i e i d c n r r l d p r r . s a t i s - - - s - , - - , , r B i o n o w g r s - - TOTAL—ALL MEM- BER BANKS 1933- June 30 5 2, 235 405 2,008 1,485 3, 057 145 806 1,087 657 11,830 12,089 89 1 300 788 7,803 191 Oct. 25 2,651 447 1,917 1.060 2,990 117 918 1. 106 465 11,873 12, 384 87 6 270 781 7,971 188 Dec. 30 2,678 471 2,031 I. 132 3, 139 129 967 1,320 378 12,109 12,674 83 7 301 778 7,957 143 1934-Mar. 5 3, 148 486 2. 376 1, 159 3,676 173 1,790 1, 425 549 12,252 13,066 92 7 305 755 8, 258" 91 June 30 3,819 473 2, 760 1.057 4, 070 155 1, 6581,598 372 13, 349 14, 261 122 8 333 585 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 4 294 472 8,916 24 Dec. 31 - 4,082 609 3, 149 1,903 4. 569 147 1,636 1,799 838 14, 951 15, 686 134 7 294 452 9,020 13 1935 -Mar. 4 4, 518 534 3, 386 1,475 5,095 169 1,270 1, 861 741 14, 872 15, 999 145 8 290 399 9,203 17 June29_ 4, 933 537 3, 396 1. 183 4, 978 273 779 2, 091 417 16, 206 17, 530 136 5 285 307 9,462 9 Nov. 1. 5, 662 541 3, 760 1, 756 5, 558 361 650 2, 251 686 17, 327 18, 509 132 6 310 227 9, 671 9 Dec. 31 5, 573 665 3,776 2, 255 5, 696 444 844 2,139 882 18, 035 18,801 151 5 361 218 9, 680 6 1936 -Mar. 4 5, 784 624 3,970 1,718 6, 148 394 600 2, 173 779 17, 927 19,161 152 5 344 167 9,784 11 NEW YOKK CITY ° 1933 -June 30 K 846 46 101 874 1.255 127 332 96 461 4, 676 4, 358 22 1 4 110 671 8 Oct. 25 .; 968 42 90 553 1, 215 100 379 71 299 4, 513 4, 330 1 5 10 106 6S0 31 Dec. 30 903 47 93 476 1,200 112 422 141 167 4,494 4,325 1 6 14 107 620 1934—Mar. 5 1, 170 67 91 631 1,402 154 843 109 368 4,422 4, 268 7 13 105 600 June 30 1,417 64 97 415 1,591 135 802 167 154 4, 894 4,800 1 7 12 69 649 Oct. 17... 1, 443 64 84 666 1.689 116 559 201 360 5,107 5,001 1 3 8 65 623 Dec. 31 1, 576 86 103 1,069 1,798 126 792 229 540 5,370 5, 069 1 7 4 56 591 J 935—Mar. 4 1,856 58 86 810 2,047 147 572 190 500 5,329 5, 209 1 7 4 44 595 June 29... 1,935 51 133 447 1,983 248 369 354 149 5,924 5, 979 4 6 27 567 Nov. 1__ 2, 590 54 109 873 2,203 327 219 468 413 6,104 6,112 4 13 3 680 Dec. 31 I 2,541 65 111 1. 133 2. 338 410 224 323 524 6, 479 6,193 4 12 3 591 1936--Mar. 4 2, 493 57 108 829 2, 527 363 140 260 496 6,471 6. 398 4 11 586 OTHER RESERVE CITIES 1933- -June 30 K 937 156 205 462 1,575 356 437 4, 578 4, 677 59 209 394 3,299 16 Oct. 25 . ,154 172 142 389 1,545 425 455 4,727 4,892 74 172 382 3,339 21 Dec. 30 .. 1, 202 198 169 484 1, 685 434 557 126 4,822 5,021 72 ] 204 371 3,364 16 1934 -Mar. 5 1,293 189 333 j 393 1, 993 766 613 107 4,823 5,150 80 206 349 3,495 8 1,633 194 559 468 2, 178 682 700 132 5,305 5,670 106 1 234 260 3,727 Oct. 17 1, 685 228 590 552 2,431 458 692 132 5, 871 6,143 117 1 199 197 3,793 Dec. 31... 1, 683 247 50 627 2, 429 666 767 193 5,992 6, 324 117 1 206 187 3,875 1935 -Mar. 4... 1, 746 231 873 502 2,684 546 826 151 5,901 6,376 128 211 167 3,985 June 29 2,079 250 856 544 2,649 319 872 164 6,522 7,013 119 1 203 118 4,139 Nov. 1 2,172 251 038 662 2,955 335 889 167 7,128 7,523 115 1 218 84 4,168 Dec. 31 2,105 295 989 887 2,943 483 915 231 7,302 7, 562 134 1 266 79 4,210 1936— Mar. 4 2,274 298 106 703 3, 188 366 949 177 7, 204 7,628 135 1 251 72 4,260 COUNTRY BANK.S 1933—June 30 6.. 452 203 702 149 228 116 555 72 2,576 3,054 7 86 285 3,833 167 Oct. 25 529 232 685 118 230 114 579 68 2,633 3,162 12 87 293 3,953 136 Dec. 30... 573 225 769 172 254 111 622 85 2,793 3,328 10 83 300 3,973 123 1934 -Mar. 5 685 230 951 135 281 181 702 74 3,007 3,648 11 87 301 4,163 83 June 30 769 216 1,105 174 300 174 731 85 3,150 3, 792 15 87 256 4,388 35 Oct. 17 848 258 1,257 189 345 125 787 98 3,472 4,168 17 87 210 4,500 17 Dec. 31 822 275 296 207 342 178 804 106 3,589 4,292 16 84 210 4,554 13 1935—Mar. 4 916 246 427 163 364 152 845 90 3,642 4,414 17 75 188 4,623 14 June 29 920 236 406 192 347 90 865 104 3, 761 4, 538 16 76 162 4,756 9 Nov. 1 900 237 613 221 399 95 895 106 4,095 4,875 17 78 140 4,824 8 Dec. 31. _. 927 305 676 235 415 137 901 127 4,254 5,047 16 83 136 4,879 6 1936—Mar. 4 1,017 268 757 187 433 93 965 106 4,252 5,136 17 82 95 4,938 8 1 Prior to Dec. 31, 1935, excludes balances with private banks to the extent that such balances were reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31, 1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31 1935. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935 less cash items reported on hand but not in process of collection. 5 Beginning June 1933 figures relate to licensed banks only. e Central reserve city banks. Buck figures.-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

MAY 1936 FEDERAL RESERVE BULLETIN 361 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 Re- Date or month i m T n lo a v o e n a e n t n d a s t s t l s - Total Y C N k b o s T i r i e u o e d t o o r y r t w e - s - k * o o c t t n 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 O m lo u t t e a s h o r t n e o s s 2 r - L ba o t n o a k n s s p a c c m a A c n a e o n i c p e p c m a d e - r e t l - - s - r t k L o Y C e N o r b i o e s a t r r w y n k o i i s n - Total U D m i . r e S e n c t . t i t G o o n o a b F s g v n l u u i e t g e a l r a l e r n y - - d - s O e t t c i h e u s e ri r - b s s w F e a R e e e r r i n r e a t v d v - k h l e - e s v C a i a n u s l h t i d b a w o B a n t m n i i a c c t k e l e h - s s s 3 bought TOTAL—101 CITIES 1935—April 19,856 6,758 172 2, 168 1,120 3, 298 116 424 785 11,773 7, 909 783 3,081 3,462 307 1,968 December 20, 769 6,824 174 2,107 1.139 3,404 81 358 921 12, 585 8, 433 1,131 3,021 4,694 376 2,312 1936—January 20, 928 6, 723 176 2,071 1,142 3, 334 70 364 923 12, 848 8,599 1,155 3,094 4, 773 354 2, 336 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 April 21,745 6, 932 215 2,077 1,141 3,499 70 351 13, 384 8,767 1,273 3,344 4,180 370 2, 262 Feb. 5___ . 21,023 6, 666 174 2, 064 1,140 3,288 70 353 13, 046 8, 701 1,179 3,166 4,825 339 2,332 Feb. 12 21,082 6, 663 175 2,054 1,138 3, 296 70 354 908 13,087 8, 717 1,197 3, 173 4,741 357 2, 306 Feb.19 _ 21,100 6, 662 178 2,057 1,146 3,281 69 351 909 13,109 8,726 1,197 3,186 4,772 359 2,334 Feb. 26 21,006 6, 646 171 2,048 1,146 3,281 66 349 898 13,047 8,690 1,201 3,156 4,788 371 2,368 Mar. 4_: 21, 206 6,758 195 2,060 1,148 3, 355 64 341 1,003 13,040 8,634 1,224 3,182 4, 723 360 2, 401 Mar. 11 21, 326 6, 793 202 2,067 1,146 3,378 349 1,062 13, 054 1,244 3,222 4,632 376 2, 419 Mar. 18. 21, 637 6,842 200 2,090 1,146 3,406 346 979 13,387 1, 257 3,265 4,089 362 2,287 Mar. 25 21,611 6, 850 189 2,087 1,150 3,424 343 934 13, 407 8,859 1,265 3,283 4,008 366 2,230 Apr. 1__. 21, 621 6, 962 220 2,103 1,144 3,495 352 990 13, 229 8,643 1,265 3,321 3,866 356 2,198 Apr. 8 .. 21,731 6,962 213 2,098 1,143 3,508 353 984 13,362 8,791 1,267 3,304 4,052 375 2,234 Apr. 15 21, 796 6, 929 219 2,062 1,140 •3, 508 352 1,023 13,426 8,796 1,276 3, 354 4,216 365 2,316 Apr. 22 21, 783 6,910 214 2,059 1.140 3,497 351 1,009 13,451 8, 805 1,277 3, 369 4,348 372 2,310 Apr. 29 21, 795 6, 898 209 2, 053 1,141 3. 485 346 1, 032 13, 452 8,802 1,281 3,369 4, 416 382 2, 252 NEW YORK CITY 1935— April 7,693 2,123 754 130 1,184 216 659 4, 633 3, 295 272 1,066 1,618 67 December. 7, 921 2, 095 745 125 1,166 171 897 4,712 3, 320 379 1,013 2,430 82 1936—January 7, 937 2, 036 730 128 1,119 173 895 4,799 3, 346 399 1,054 2, 498 76 February 8,061 2,025 734 130 1,100 161 873 4, 969 3,430 434 1,105 2,484 79 March 8, 391 2,089 750 135 1, 141 .158 960 5,145 3, 479 519 1,147 2,138 April. _ 8,547 2,121 747 132 1,175 164 967 5,259 3,511 551 1,197 1,968 Feb. 5 8,028 2,020 731 127 1,102 162 860 4,953 3,422 420 1,111 2,487 81 Feb. 12 8,072 2,020 731 127 1,101 163 882 4,974 3,430 434 1,110 2,418 80 Feb. 19 8,094 2,029 738 134 1,095 160 882 4,990 3,438 436 1,116 2,498 80 Feb. 26 8,048 2,031 736 134 1,100 160 4,957 3,431 444 1,082 2.533 Mar. 4___. 8,29f 2,097 742 135 1,158 155 5,046 3,451 479 1,116 2, 390 75 Mar. 11 8,457 2,069 744 135 1,128 159 1,027 5,169 3,522 511 1,136 2,225 79 Mar. 18. _ 8,410 2,095 758 135 1,138 160 946 5,160 3,466 537 1,157 1, 989 78 Mar. 25 8,400 2,096 755 136 1,141 158 898 5,203 3,476 549 1,178 1,949 78 Apr. 1_ 8, 533 2,120 758 134 1,165 168 956 5,237 3, 485 550 1,202 1,892 86 Apr. 8 8,514 2,148 763 134 1,184 165 944 5,222 3,499 549 1,174 1,910 77 Apr. 15__ 8, 556 2,118 '737 131 •1,183 163 980 5,264 3,506 559 1,199 1,972 83 Apr. 22 8, 561 2,117 '•740 131 1,179 163 969 5,284 3,523 549 1,212 2, 009 76 Apr. 29_. 8, 571 2,101 739 130 1, 104 159 988 5, 289 3, 545 548 1, 196 2, 056 74 OUTSIDE NEW YORK CITY i 1935—April | 12,163 4,635 117 1,414 990 2,114 126 7,140 4,614 511 2,015 1, 844 258 1,901 December \ 12,848 4, 729 115 1, 362 1,014 2, 238 187 24 7,873 5,113 752 2,008 2,264 316 2, 230 1936—January 12, 991 4, 687 117 1,341 1,014 2,215 191 28 8, 049 5, 253 756 2,040 2,275 301 2, 260 February. __ 12, 992 4, 634 113 1,322 1,013 2, 186 191 28 8,103 5,278 760 2,065 2,298 305 2, 256 March 13,054 4,721 133 1, 326 1,012 2,250 187 35 8,077 5,258 728 2,091 2, 225 315 2,257 April 13,198 4,811 148 1, 330 1,009 2,324 187 41 8,125 5, 256 722 2,147 2,212 319 2,183 Feb. 5_ 12, 995 4, 646 114 1,333 1,013 2, 186 191 28 8,093 5,279 759 2, 055 2,338 289 2, 251 Feb. 12 13,010 4, 643 114 1, 323 1,011 2, 195 191 26 8,113 5,287 763 2,063 2,323 305 2,226 Feb. 19__ 13, 006 4, 633 116 1,319 1,012 2,186 191 27 8,119 5,288 761 2,070 2,274 309 2,254 Feb. 26 12, 958 4, 615 110 1,312 1,012 2,181 189 29 8,090 5,259 757 2,074 2,255 317 2,291 Mar. 4_ 12, 910 4,661 133 1,318 1,013 2,197 186 34 7,994 5,183 745 2,066 2,333 311 2, 326 Mar. 11 12, 869 4,724 140 1,323 1,011 2,250 190 35 7, 885 5,066 733 2, 088 2,407 324 2,340 Mar. 18 13, 227 4,747 136 1, 332 1,011 2,268 186 33 8,227 5,399 720 2,108 2,100 313 2, 209 Mar. 25_ 13,211 4, 754 125 1, 332 1,014 2,283 185 36 8,204 5,383 716 2,105 2,059 315 2,152 Apr. 1__ 13,088 4,842 157 1,345 1,010 2,330 184 34 7, 992 5,158 715 2,119 1, 974 308 2,112 Apr. 8 13,217 4,814 146 1,335 1, 009 2,324 188 40 8,140 5,292 718 2,130 2,142 324 2,157 Apr. 15_ 13, 240 4,811 152 1, 325 1,009 2,325 189 43 8,162 5,290 717 2,155 2,244 315 2,233 Apr. 22 13,222 4, 793 147 1,319 1, 009 2,318 188 40 8,167 5,282 728 2,157 2, 339 321 2,234 Apr. 29 13, 224 4, 797 141 1,324 1,011 2.321 187 44 8. 163 5, 257 733 2,173 2,360 327 2, 178 r Revised. 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 3 Includes reporting banks' own acceptances. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on Dec. 31, 1935, was approximately $38,000,000 at all weekly reporting member banks. For other figures and note, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN MAY 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Demand deposits Time deposits Date or month i r c n e i e t e o t i d s p e o p l s l o m n r e a r o o c s s i t f c - - - a O s t s h e e ts r l a T T i i s a t o o s i b e t t e i a a s t l l s l - D b o a t I m n ic n k e t s e s- rb F a b o n a r k n ei k g s n G U S m o n t v a e i e t t n e e r t s n d - c C h f e e i e t e c r c . d t k i- s, Other j i u d t m s s e D — t a p e e n o - d a d s d 2 - - b m D a I e n o n s - k t ti e s c rb b a e F a n i o n g k r k n - s Other r B i o n o w g r s - - l O i i a t t i b h e i e s l r - t c C a o l a u p a n c i t - - TOTAL—101 CITIES 1935—April 1,177 1,477 28, 247 4,582 184 1,094 530 12, 563 11,916 131 7 4,922 5 739 3,490 December 1,429 1,403 30, 983 5,268 438 609 556 14, 776 13, 904 120 3 4,872 2 821 3,518 1936—January 1,335 1,330 31, 056 5,485 427 654 537 14, 622 13, 824 135 3 4,892 2 796 3,503 February 1,277 1, 337 31,140 5,512 397 545 493 14, 848 14, 064 135 3 4,893 2 807 3,505 March 1,413 1,334 31, 255 5,516 376 646 580 14, 714 13, 881 133 4 4,923 13 838 3,512 April 1,526 1,354 31, 437 5,351 356 758 576 14, 932 13, 982 133 4 4,971 7 822 3,527 Feb. 5 1,156 1,327 31,002 5,516 406 435 14,712 13, 991 135 3 4,892 3 799 3,503 Feb. 12 1,398 1,337 31, 221 5,480 398 547 535 14, 924 14,061 135 4 4,889 2 803 3,504 Feb. 19 1,260 1,333 31,158 5,524 393 524 519 14, 853 14,112 135 4 4,889 2 808 3,507 Feb. 26 1,295 1,351 31,179 5,527 391 510 482 14, 903 14,090 135 4 4,900 3 820 3,504 Mar. 4 1,437 1,342 31, 469 5,739 387 511 620 14, 783 13, 966 134 3 4,911 3 866 3,512 Mar. 11 1,546 1, 347 31, 646 5, 699 380 510 664 14, 923 14, 041 133 5 4,931 13 877 3,511 Mar. 18 1,369 1,318 31,062 5,375 373 785 527 14,613 13,771 134 4 4,922 21 795 3,513 Mar. 25 1,300 1, 329 30, 844 5,252 366 777 508 14,539 13, 747 133 3 4,921 17 815 3,513 Apr. 1 1,744 1,353 31,138 5,297 370 774 699 14, 623 13, 578 133 4 4,909 22 789 3,518 Apr. 8 1,263 1,335 30,990 5,292 359 760 14, 667 13, 890 135 3 4,956 6 803 3,523 Apr. 15 1,850 1,344 31, 887 5,487 351 755 15,154 13, 996 133 3 4, 958 6 821 3,527 Apr. 22 1,346 1,345 31, 504 5,379 350 751 15, 059 14,187 133 5 4,985 2 833 3,533 Apr. 29 1,428 1,393 31,666 5,299 348 752 528 15,158 14, 258 132 5 5,047 865 3,532 NEW YORK CITY 1935—April 643 10, 656 1,893 162 527 371 5,333 5,061 7 619 4 277 1,463 December 754 483 11,730 2,210 403 182 355 6, 217 5,818 3 569 332 1,459 1936—January 670 472 11, 706 2,359 398 180 348 6,101 5,779 3 540 1 314 1,462 February 627 472 11,774 2,336 368 143 317 6,295 5,985 3 537 312 1,463 March 737 465 11,859 2,343 347 164 409 6,229 5, 901 3 542 11 348 1,463 April 478 11,912 2,292 325 197 390 6, 366 5, 968 3 547 5 321 1,466 Feb. 5 545 11, 660 2,340 376 161 271 6, 209 5,935 3 537 301 1,462 Feb. 12 722 472 11,816 2,320 370 144 339 6,340 5,957 3 532 305 1,463 Feb. 19 629 471 11,822 2,345 364 137 345 6,312 6,028 3 537 315 1,464 Feb. 26 612 475 11, 799 2,339 361 131 314 6,318 6,020 3 542 327 1,464 Mar. 4 753 471 12,034 2,466 357 131 438 6, 235 5,950 3 537 370 1,467 Mar. 11 468 12,129 2,451 349 131 486 6,315 5,953 4 543 12 377 1,461 Mar. 18 457 11,671 2,270 343 198 361 6,158 5,831 3 541 18 318 1,461 Mar. 25 660 463 11,601 2,187 337 197 352 6,177 5,869 3 546 14 326 1,462 Apr. 1 978 485 12,022 2,233 339 198 489 6, 416 5,927 3 546 20 314 1,464 Apr. 8 567 467 11,586 2,240 329 198 286 6,225 5,944 3 533 6 301 1,465 Apr. 15 1,036 472 12,169 2,376 319 198 520 6, 437 5,921 3 532 318 1,466 Apr. 22 623 471 11, 791 2,317 318 196 301 6,316 5,994 4 545 326 1,468 Apr. 29. 741 495 11,992 2,293 318 196 356 6,437 6, 052 4 576 345 1, 467 OUTSIDE NEW YORK CITY 1935—April 534 17, 591 2,689 567 159 7,230 6,855 131 4,303 1 462 2,027 December 675 920 19, 253 3,058 427 201 8, 559 8,086 120 4,303 2 489 2,059 1936—January 665 858 19,350 3,126 474 189 8,521 8,045 135 4,352 1 482 2,041 February 650 865 19, 366 3,176 402 176 8,553 8,079 135 4, 356 2 495 2,042 March 676 869 19,396 3,173 482 171 8,485 7,980 133 1 4,381 2 490 2,049 April 737 876 19, 525 3,059 561 186 8,566 8,014 133 1 4,424 2 501 2,061 Feb. 5 611 858 19, 342 3,176 437 164 8,503 8,056 135 4,355 3 498 2,041 Feb. 12 676 865 19, 405 3,160 403 196 8,584 8,104 135 1 4,357 2 498 2,041 Feb. 19 631 862 19,336 3,179 387 174 8,541 8,084 135 1 4,352 2 493 2,043 Feb. 26 683 876 19, 380 3,188 379 168 8,585 8,070 135 1 4,358 3 493 2,040 Mar. 4 684 871 19, 435 3,273 380 182 8,518 8,016 134 4,374 3 496 2,045 Mar. 11 698 879 19, 517 3,248 379 178 8,608 8,088 133 1 4,388 1 500 2,050 Mar. 18 681 861 19,391 3,105 587 166 8,455 7,940 134 1 4,381 3 477 2,052 Mar. 25 640 19, 243 3,065 580 156 8,362 7,878 133 4,375 3 489 2,051 Apr. 1 766 19,116 3,064 576 210 8,207 7,651 133 1 4,363 2 475 2,054 Apr. 8 696 868 19, 404 3,052 562 200 8,442 7,946 135 4,423 502 2,058 Apr. 15 814 872 19, 718 3,111 557 172 8,717 8,075 133 4,426 6 503 2,061 Apr. 22 723 874 19, 713 3,062 555 173 8,743 8,193 133 1 4,440 2 507 2,065 Apr. 29 687 19, 674 3,006 556 172 8,721 132 1 4,471 520 2,065 1 Does not include cash items in process of collection reported in balances with domestic banks. Prior to 1936, includes a relatively small amount of cash items on hand but not in process of collection. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and prior to 1936, less cash items reported as on hand but not in process of collection. NOTE.—For back figures and description of figures see BULLETIN for November 1935, pp. 711-738, or reprint, which may be obtained from the Division of Research and Statistics. See also p. 876 of BULLETIN for December 1935 and Annual Report for 1932 (tables 78-82). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 363 ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS BANKERS' ACCEPTANCES, BY HOLDERS (DOLLAR BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) ACCEPTANCES) [In millions of dollars] [In millions of dollars] H er e a l l d b a R b n e y k s F s er e v d e - Held b b y a n a k c s cepting o st n B o r a g e s o d e o d i d n s B go a o o s n e d d s End of month T s o t i o a n u t n g t a - d l - o F a w c o - n r o c e f o F a i u g c o fo - n n r r t - Total O bi w lls n bo B u il g ls ht o H t b h e y e ld rs End of month Total B p U i i a o o n m . s n r t S e o t - s . d o B p f U n r a o o . s r e m S e t x s . d - s c U S h ( h r w e i n o t p o a d i a u r p t t i r s e e t e e e s s d - d ) c D h e a o x n ll - g a e r s f t s h r c o t i i o r b o e p i e u e n r s p i e - n g o e d - n d r count corre- between tween spond- domestic foreign ents points points 1933—December... 764 219 1933—December 764 94 207 277 182 1934—January 771 105 4 567 255 312 95 1934—January 771 89 225 277 175 February 750 56 5 581 266 315 108 February 750 98 203 261 184 March 685 23 5 576 252 324 81 March __ 685 103 186 226 168 April 613 3 4 536 236 299 70 April 613 103 164 186 158 May 569 (') 3 507 226 281 59 May 569 100 150 164 152 June 534 0) 2 480 220 260 53 June 534 97 145 141 148 July 516 0) 1 472 222 250 42 July 516 94 135 138 144 August 520 0) 1 483 222 261 37 August 520 89 140 147 141 September. __ 539 0) 1 503 223 280 35 September 539 94 138 166 137 October 562 1 0) 516 245 271 45 October 562 93 147 184 133 November. _. 561 0) 0) 517 252 265 44 November 561 148 195 127 December 543 0) 497 243 254 46 December 543 140 193 119 1935—January 516 0) 0) 485 238 247 30 1935—January 516 133 179 114 February 493 0) 452 217 235 41 February 493 123 166 109 March 466 0) 423 197 226 43 March 466 101 122 134 106 April 413 0) 391 178 214 22 April 413 103 114 96 99 May 375 356 162 193 19 May 375 107 100 76 91 June 343 317 154 163 26 June 343 102 94 57 89 July 321 296 148 148 24 July 321 99 86 47 86 August 322 292 145 147 30 August 322 102 81 52 83 September.. _ 328 301 148 154 27 September 328 102 77 66 79 October 363 339 178 161 24 October 363 106 98 82 November. __ 387 358 182 175 29 November 387 105 111 84 December. __ 397 368 183 185 29 December 397 107 110 84 1936—January 384 353 181 172 31 1936—January 384 108 84 February 377 340 172 168 37 February 377 114 86 March 359 321 150 171 38 March 359 113 87 i Less than $500,000. Source: American Acceptance Council. Source. For acceptances outstanding (and held by accepting banks), Back figures—See Annual Report for 1933 (table 97). American Acceptance Council. Back figures—See Annual Report for 1933 (table 100). COMMERCIAL PAPER OUTSTANDING i BROKERS' BORROWINGS [As reported by dealers. In millions of dollars] [Net borrowings on demand and on time in New York City reported by members of the New York Stock Exchange. In millions of dollars] End of month 1932 1933 1934 1935 1936 Total an F d r o t m ru s b t a c n o k m s - b F an ro k m s, b p r r o iv k a e t r e s, January 108 85 108 171 178 End of month panies fo a r g e e ig n n c ie b s a , n e k t i c n . g M Fe a b r r c u h a . r . y 1 10 0 6 3 8 7 4 2 1 1 3 1 3 7 1 1 8 7 2 7 1 18 7 0 6 April 108 64 139 173 1935 1936 1935 1936 1935 1936 May 111 60 142 173 June 103 73 151 159 January 825 925 758 891 67 34 July. ... 100 97 168 164 February 816 924 750 888 66 36 August 108 107 188 177 March. _ 773 997 706 956 67 41 September 110 123 192 183 April. 805 1,064 762 1,028 43 35 October 113 130 188 180 May 793 759 34 November 110 133 178 178 June 808 776 32 December . 81 109 166 172 July. 769 741 28 August 772 750 22 i Includes some finance company paper sold in the open market. September 781 759 22 Back figures.—See Annual Report for 1934 (table 76). October 792 772 20 November 846 821 25 December __ 938 907 31 Back figures.—See Annual Report for 1934 (table 75). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN MAY 1936 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES IN NEW YORK CITY RATES ON REDISCOUNTS FOR AND ADVANCES TO [Percent per annum] MEMBER BANKS Prevailing rate on— Average rate on— Rediscounts and advances un- Advances under sec. Averder sees. 13 and 13a of the 10 (b) of the Fed- age Federal Reserve Act eral Reserve Act Prime Prime Stock- Stock ex- U. S. yield on Federal Re- Month or week com- bank- ex- change call Treas- U. S. serve bank e R M ff a e t a c e y 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 e s i- e R M ff a e t a c e y t i o n 1 n In g i e n ff n ec in t g b - e- m m p 4 a o e t p r n o c e t i r h 6 a , s l a a d c n e c a 9 r c e s y 0 e ' p s s t , - c l h t d o i a a a 9 m n n y 0 e g s s, e New loan n s e R w e- al d u o w p a r f y e y f i r e t i h r b 2 o e i 7 i d n d l 3 l - s 3 T n - o u r 5 e t r e y y a s e s - a 1 r Boston 2 Feb. 8, 1934 23/2 2A Sept. 20, 1935 1935 New York Feb. 2, 1934 2 2 Oct. 10, 1935 April 0.63 0.64 I 0. 17 1.20 Philadelphia- 2 Jan. 17, 1935 2H Nov. 2, 1935 May .25 .25 ! . 15 1. 12 • Cleveland May 11, 1935 2 2 Oct. 19, 1935 June .25 .25 I . 13 1. 14 Richmond 2 May 9, 1935 2H 2K2 Sept. 23, 1935 July.. .25 .25 j .07 1. 16 Atlanta... 2 Jan. 14, 1935 23^ 23/2 Sept. 14, 1935 August .25 .25 . 10 1.22 Chicago 2 Jan. 19, 1935 2H 23^ Sept. 20, 1935 September .25 .25 .22 1.43 St. Louis 2 Jan. 3, 1935 2H 2^2 Oct. 3, 1935 October .29 .29 .20 1.37 Minneapolis __ 2 May 14, 1935 2^ 2H Oct. 29, 1935 November .75 .75 .14 1.29 Kansas City.. 2 May 10, 1935 2lA Aug. 26, 1935 December .75 .75 .09 1.26 Dallas__. ... 2 May 8, 1935 2H 2V2 Oct. 8, 1935 San Francisco. 2 Feb. 16, 1934 2Y2 2.4 Sept. 20, 1935 1936 January . 10 1.21 RATES ON DISCOUNTS FOR AND ADVANCES TO INDIVID- February .08 1. 15 UALS, PARTNERSHIPS, AND CORPORATIONS March .11 1.09 Advances secured by April . 10 1.10 Discounts and advances direct obligations of under par. 3 of sec. 13 the United States of the Federal Re- (last paragraph of sec. Weekending: Federal Reserve serve Act s 1 e 3 r v o e f A th c e t ) Federal Re- Feb. l.___ .75 I .10 1.22 bank Feb. 8__._ .75 .09 I 1. 19 e R f M f a e a c te y t i o 1 n n In g i e n f n fe in ct g — be- e R f M f a e a c te y t i o 1 n n In g i e n f n fe in c g t — be- F F F e e e b b b . . . 2 2 1 2 5 9 . . . . _ . _ . Vs . . . 7 7 7 5 5 5 . . . 0 0 0 8 8 7 j j ' 1 1 1 . . . 1 1 1 3 6 1 Mar. 7__._ .75 .10 1.05 Mar. 14._. .75 . 10 1. 11 Boston ... ... . 6 Aug. 11, 1932 4 Oct. 20, 1933 Mar. 21... .75 .12 1. 13 New York. 6 Aug. 10, 1932 VA Feb. 8, 1934 Mar. 28_._ .75 .13 1. 12 Philadelphia 6 Aug. 12, 1932 4 Oct. 20, 1933 Apr. 4 .75 . 11 1. 12 Cleveland. 5 July 24, 1934 May 11, 1935 Apr. 11... .75 ..oj 1.07 Richmond 5A July 16, 1934 4 Feb. 19, 1934 Apr. 18... .75 .09 j 1.09 Atlanta 5 Mar. 20, 1934 4 Mar. 17, 1934 Apr.25... .75 .09 I 1.09 Chicago 6 Aug. 13, 1932 4 Oct. 16, 1933 St. Louis 5>2 July 10, 1934 4 Feb. 21,1935 1 For description of average and back figures, see p. 317. Minneapolis 6 Aug. 10, 1932 Wi Apr. 15, 1933 Back figures.—See Annual Report for 1934 (tables 54 and 55), except Kansas City 5 July 10, 1934 3^2 May 10, 1935 for average yield on U. S. Treasury 3-5 year notes. Dallas 6 Sept. 8, 1932 4 Mar. 12, 1934 RATES CHARGED CUSTOMERS BY BANKS IN San Francisco. 6 Sept. 2, 1932 4 Oct. 19, 1933 PRINCIPAL CITIES [Weighted averages of prevailing rates] NOTE.—For rates on industrial advances see p. 386. BUYING RATES ON ACCEPTANCES New York City a 8 n d o th ea er s te n r o n r t c h i e ti r e n s 27 w s e o st u e t r h n e r c n i ti a e n s d [Buying rates at the Federal Reserve Bank of New York] Month 1934 1935 1936 1934 1935 1936 1934 1935 1936 Maturity e R f M f a e a c te y t i o 1 n n In g i e n f n fe in ct g — be- Pre ra v t i e ous January 3.58 2.83 2.64 4.65 4.08 3.62 5.40 4.95 4.47 February._ 3.43 2.90 2.56 4.49 4.02 3.63 5.39 4.84 4.51 March 3.31 2.64 2 61 4.52 4.05 3.60 5.40 4.85 4.44 1-15 days Oct. 20, 1933 April 3.39 2.61 2^54 4.52 3.99 3.47 5.34 4.80 4.40 16-30 days _. .do. May _. 3.42 2.69 4.39 3.88 5.28 4.79 31-45 days.... w. do June 3.30 2. 66 4.30 3.78 5.19 4.76 4 9 6 1 6 1 1 2 - - - 1 1 6 9 - 2 1 0 0 8 0 d d 0 a d a y d y a s s a y _ _ y s _ . . s _ _ . - . . . """! 1 ' X A /4 A d d d do o o o - . J A S O u e u c l p t y g o t u e b s m e t r ber. 3 3 3 3 . . . . 3 2 2 3 0 6 8 3 2 2 2 2 . . . 6 6 7 7 7 1 2 2 4 4 4 4 . . . 1 1 1 1 5 2 3 1 3 3 3 3 .7 8 7 7 9 7 5 5 5 5 5 5 . . . 0 0 0 0 5 5 7 4 4 4 4 4 . . . 5 5 6 5 5 8 3 1 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 figures.—See Annual Report, for 1934 (table 51). Back figures.—See Annual Report for 1934 (table 57). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY W6(> FEDERAL RESERVE BULLETIN 365 BOND PRICES l STOCK PRICES i Other bonds 3 Preferred Common stocks (index, 19 stocks Year, month, or date (indus- Year, month., or date T U r . e a S s . - C r o a r t p e o- Corporate tr g ia ra l d h e i ) g 2 h- Total I t n r d ia u l s- R ro a a i d l- Utility ury* and 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 33 grade) 1933 average.. 104.8 63 66 38 78 1934 average.. 120.7 73 81 42 69 1935 average.. 133. 8 78 91 34 72 Number of issues. 4 60 60 20 20 20 1935—April 132. 2 68 79 29 59 1933 average... 102. 5 84.0 73.4 69.2 70. 5 80. 6 May 134.8 73 86 31 65 1934 average _ 103. 5 96.7 84.5 81.9 83.8 87.8 June 134.0 76 88 33 70 1935 average 106.0 102.3 88.6 88.2 79.4 98.2 July 134.8 79 92 34 74 August 135. 4 83 95 36 82 1935—April 106.8 100. 0 85. 5 85.9 75. 0 95. 5 September _. 135. 0 85 98 37 82 May 106.8 101. 2 87.1 87.3 76.5 97.4 October 134.8 86 100 35 82 June 107.0 102. 2 88.3 87.3 79.3 98.4 November.... 136.9 94 108 38 91 July 107.3 104.2 89.2 88.5 78.8 100. 2 December.. 137.0 96 110 41 92 August 106.5 104. 2 89.9 89.0 79.6 100.9 September. 104.7 103.1 90.4 89.4 80.6 101.0 1936 -January 137. 3 102 116 45 99 October 104.9 101.9 89.8 89.8 78.4 101.0 February 138.7 107 122 50 103 November.. 105. 3 103. 5 91. 1 90.8 79.8 102.7 March 139. 6 109 125 49 103 December.. 105.2 104. 5 92.5 91.0 83.1 103.1 April . 138.8 107 123 48 99 1936—January 105. 8 106. 5 95. 3 92.5 88.7 104. 7 Apr. l._. 139.1 109 126 49 102 Februarv.. _ 106.3 107.8 97.2 93.0 93.6 105. 1 Apr. 8__. 139.3 111 127 50 103 March 106. 6 108. 4 96.6 92.1 92.7 105. 1 Apr. 15_. 138.8 109 126 50 102 April 107. 0 107.9 95. 9 91.2 91.6 10-1. 8 Apr. 22.. 138. 8 106 122 48 99 Apr. 29.. 138.2 98 113 43 91 Apr. l... 106. 8 107. 9 96.3 91.8 92.0 105.0 Apr. 8... 107.0 108.4 96.4 91.6 92.7 104.9 Apr. 15.. 107. 1 108.1 96.2 91.5 92.1 104. 9 1 Monthly data are averages of daily or weekly figures. Apr. 22.. 107. 0 108.1 95.7 90.9 91.4 104. 9 2 Average derived prices. Apr. 29.. 107.0 107.1 94.5 90.2 89.2 104. 2 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. CAPITAL ISSUES 2 Revised series, including Treasury bonds due or callable after 8 years. For description of average and back figures, see p. 317. [Long-term; i. e., 1 year or more. In millions of dollars] 3 Prices derived from average yields. 4 45 corporate and 15 municipal. New ssues Source.—U. S. Treasury bonds, based on price quotations from Treas- Reury Department; for other bonds, Standard Statistics Co. fund- Back figures.—See Annual Report for 1934 (table 93), except for U. S. Domestic ing Treasury bonds. Total issues Year, month, or U. B S O . N M D ip u a n l Y i c 3 - IELD C S o l rporate, by ratings 4 Year or month m e a ( f i e d o g n s o r n d - t - ) ic Total i S n m a p t i n a a c u d l t i - - e B n a o o C n t n 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 f i e d o g n s r o d n - t - ) ic date Treas- (highury 2 grade) Aaa Aa A Baa 1926 6,314 5,189 1,344 2,667 1,087 1,125 1,046 1927 7,556 6,219 1,475 3,183 1,474 1,337 2,220 Number of issues. __ 7-11 15 30 30 30 30 1 19 9 2 2 9 8 1 8 0 , , 0 0 4 9 0 1 9 6 , , 4 7 2 8 0 9 1 1 , , 4 3 1 7 8 9 2 2, , 0 3 7 8 8 5 2 5 , , 9 9 6 2 1 4 1,2 6 5 7 1 1 1 1, , 4 8 2 5 2 8 1930 6,909 6,004 1,434 2,980 1,503 905 711 1933 average 3.31 4.71 4.49 5.23 6.09 7.76 1931 3,089 2,860 1,235 1,240 311 229 949 1934 average 3.10 3.95 4.00 4.44 5.08 6.32 1932 . 1,194 1,165 762 305 20 29 538 1935 average 2.70 3.16 3.74 4.13 4.62 5.81 1933 720 708 483 40 120 12 344 1935— M A a p y ril 2 2 . . 6 6 4 1 3 3. . 2 2 7 5 3 3. . 7 7 4 2 4 4 . . 1 1 9 8 4 4. . 6 7 6 5 6 5 . . 1 9 4 9 1 1 9 93 3 4 5 . _ 1 1 , , 3 4 8 3 6 8 1 1 , , 3 4 8 3 6 8 8 88 0 4 3 3 1 3 4 4 4 3 6 5 9 0 0 3,2 8 8 2 4 6 J J N A D S O u u e o e u c l n p y c t v g e o t e e u e b m m s m e t b r b . b e e e r . r r .. . __ 2 2 2 2 2 2 2 . . . . . . . 6 5 7 7 7 7 6 6 9 7 8 3 3 1 3 2 2 3 3 3 2 . . . . . . . 0 8 2 1 9 9 0 2 7 5 6 7 5 8 3 3 3 3 3 3 3 . . . . . . . 7 8 7 7 7 7 7 0 0 7 2 2 9 5 4 4 4 4 4 4 3 . . . . . . . 9 1 1 1 1 0 1 7 0 8 5 5 3 1 4 4 4 4 4 4 4 . . . . . . . 5 5 5 5 4 6 5 6 7 7 4 4 2 3 5 5 5 5 5 5 5 . . . . . . . 6 7 6 5 8 3 6 9 7 2 0 6 7 3 1935— J J M A S O A u u e u c a p n l p t y y g r e o t i u l e b s m e t r be . r. 1 1 1 1 9 3 8 4 5 7 5 0 4 6 4 2 7 8 1 1 1 1 9 8 3 5 7 4 5 0 6 4 8 7 4 2 1 4 4 6 7 3 3 5 1 4 4 9 6 2 6 4 3 2 2 7 1 1 2 9 7 9 0 7 4 (2 2 ) 0 6 3 8 5 3 0 0 0 0 0 0 0 4 4 3 2 2 2 5 1 8 5 5 8 1 1 7 4 4 9 4 3 0 1936— F J e a b n r u u a a ry ry 2 2 . . 6 6 2 8 2 2 . .8 9 6 3 3 3 . . 6 6 6 2 3 3 . . 8 8 0 5 4 4. . 2 3 4 1 4 5. . 1 9 0 3 N D o ec v e e m m b b e e r r .. . 2 1 3 1 1 6 2 11 3 6 1 1 8 2 2 4 4 3 8 0 1 3 9 0 0 2 22 6 6 1 A M p a r r i c l h 2 2 . . 5 5 4 1 2 2 . .7 7 6 8 3 3. . 6 6 0 1 3 3. . 7 7 9 7 4 4 . .2 2 6 3 4 5 . .0 9 4 9 1936— F J e a b nu r a u r a y ry.. 1 1 0 2 7 2 1 10 1 7 5 8 5 9 0 6 4 1 1 4 0 0 7 2 1 8 9 7 5 A Ap p r r . . 8 1 2 2. . 5 5 0 2 2 2. . 7 7 6 7 3 3 . . 6 5 0 8 3 3 . . 7 7 7 8 4 4. . 2 2 4 5 4 5. . 0 9 4 8 M Ap a r r il ch.. 2 1 1 3 3 0 1 1 3 7 0 7 6 4 0 9 1 4 0 6 2 2 1 6 3 3 0 7 6 8 3 4 8 3 Apr. 15 2.50 2.75 3.59 3.79 4.26 5.01 Apr. 22 2.51 2.75 3.60 3.79 4.26 5.05 1 Includes publicly offered issues of Federal land banks, Federal in- Apr. 29 2.51 2.77 3.60 3.81 4.29 5.14 termediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation, not shown separately. 2 Less than $500,000. 1 Monthly data are averages of daily or weekly figures. Sources.—For domestic issues, Commercial and Financial Chronicle; 2 Average, computed by Treasury Department, of yields of all out- for foreign issues (issues publicly offered) annual totals are as finally sta 3 4 n S M d t i a o n n o g d d a T y r ' r s d e a I S n s t u v a e r t y i s s t t b o i o r c s s n ' d C S s e o d r . v u i e c e o . r callable after 8 years. r c e o p B m o a p r c t i k e l e d d f i g b c u y u r r e D r s e . e — n p t S l a y e r e t a m n ( d e fo n r a t re f o i f g s u u C r b e o j s e m c o t m f t e o n r c e r e w e , v i w i s s i h s o u i n l e e . s — mo an n n th u l a y l a fi n g d u re q s u a a r r t e e r a l s y Back figures.—See Annual Report for 1934 (table 94). basis) Annual Report for 1934 (table 92). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN MAY 1938 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITY MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Non- Interest-bearing debt outstanding Apr. 30, 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 Bonds* Notes C ic e a r t t e if s - Bills June 1932 19,487 19,161 14, 250 1, 465 2,831 616 326 June 1933 22, 539 22,158 14, 223 4,780 2,200 954 381 Total 30, 601 16,005 12,383 259 1,953 June 1934 27,053 26,480 16,510 6,932 1,635 1,404 573 Obligations maturing: Before July 1, 1936 1, 087 687 400 1935 July 1-Sept. 30, 1936 1,579 878 701 April 28, 669 27, 766 15, 394 10,236 158 1,978 904 Oct. 1-Dec. 31, 1936 1,009 358 651 May.. __ _ 28, 639 27, 738 15,157 10,471 157 1,953 901 Jan. 1-Mar. 31, 1937 629 429 200 June - . 28, 701 27, 645 14, 936 10, 501 156 2,053 1,056 Apr. 1-June 30, 1937 502 502 July 29,123 27,923 14, 576 11,065 254 2,028 1,200 July 1-Dec. 31, 1937 817 817 August 29, 033 27, 956 14, 715 11,036 252 1, 952 1, 076 1938 1, 946 1,946 September.. _ 29, 421 28, 432 14,300 11, 929 251 1,952 989 1939 2, 762 2,762 October 29,462 28,380 13,998 11,929 250 2,204 1,081 1940 2,854 2,854 November 29,634 28, 617 14,008 11,957 249 2,404 1,017 1941 1,511 834 677 December ___ 30, 557 29, 596 14, 672 12, 274 247 2,404 961 1943 898 898 1945 1,401 1,401 1936 1946 1,519 1,519 January 30,516 29,618 14,688 12, 272 254 2,404 899 1947 1,697 1, 697 February 30, 520 29, 646 14,714 12, 270 258 2,405 874 1948 1, 036 1,036 March. 31,459 30, 591 15, 981 12,400 258 1, 953 868 After 1948 8,235 8,235 April 31,425 30, 601 16, 005 12, 383 259 1,953 i 825 Other obligations 2 _ 1,118 386 473 259 i Includes $454,000,000 of Government liability for retirement of 1 Issues classified as of date of final maturity; most issues callable at national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal-savings bonds only issues callable before 1940. of funds by banks; this compares with $815,000,000 on July 31, 1935, 2 Includes United States savings bonds and such issues as postaland $639,000,000 on Apr. 30, 1935. savings bonds and notes, retirement-fund notes, and adjusted-servicecertificate 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 Receipts Expenditures 2 c e o t a u c c . n - t & s, In cr c e r a e s a e s e d u o r r in d g e- Excess excess period Period c M el i l s a - - General2 Recovery and relief 3 ( c o + e f i ) p re o ts - r ( c o + e f ) i p re o ts - r Total c ta o I x n m e - s e n i r n n e e n t o v u a e e u e l r - s - ot A he ll r J Total e I p n s u t t b e o l r i n - c o A th l e l r Total Relief P w u o b rk li s c ot A he ll r4 p t e u e n r x e d - s i- p t e u e n r x e d - 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 Fiscal year ending June 1933 2,080 746 858 4,681 2,715 31, 277 -2. 602 -5 +445 +3, 052 1 1 9 9 3 3 4 5 3 3, , 8 1 0 1 0 6 1, 8 0 1 9 8 9 1 1 , , 4 6 7 5 0 7 1,044 6 6, , 8 7 0 4 2 5 8 7 2 5 1 7 2 1, , 9 3 8 2 4 7 4 3, , 6 0 5 0 5 4 2 1, , 8 3 4 4 4 2 1,0 6 2 4 0 5 1,5 2 1 9 5 2 - - 3 3 , , 6 0 3 0 0 2 + + 8 6 3 1 5 3 +1, 720 + +1 4 , , 5 6 1 4 4 8 10 months ending: -741 April 1934 2,488 605 1,220 662 5,470 617 1,623 3,231 1, 545 451 1,234 -2, 982 +834 +1,432 +3, 580 April 1935 3,091 822 1,383 886 5,520 678 1,958 2,884 1,907 860 117 -2,430 +167 -647 +1,615 April 1936 3,331 1,081 1,688 562 5, 582 610 2,228 2,744 933 1,522 289 -2, 252 +128 +601 +2, 725 1935—April 228 29 116 83 611 118 213 279 192 45 43 -383 +21 -511 -149 May 246 23 137 86 542 24 181 336 178 78 81 -296 +348 +22 -30 June 464 254 138 72 740 119 197 425 258 82 85 -277 +99 -115 +63 July 279 23 165 91 673 8 318 347 114 88 146 -394 -77 -52 +419 August 299 24 219 56 508 27 193 289 158 s 9 139 -210 -17 -314 -87 September 421 231 143 47 563 101 217 245 142 87 16 -143 +78 +324 +389 October 235 30 153 53 624 104 234 286 145 123 19 -389 +23 -325 +40 November 234 19 142 74 487 10 216 262 127 130 4 -253 +42 -39 +172 December 434 228 153 52 591 107 237 247 97 148 2 -157 +8 +774 +923 1936—January 228 35 138 55 456 19 197 241 64 225 e 49 -228 +64 -205 -41 February 218 43 132 43 496 31 164 301 43 218 40 -277 +37 -237 +3 March 752 412 291 48 570 131 226 214 11 254 6 51 +181 -22 +1, 099 +939 April 231 36 152 43 614 72 228 314 33 259 22 -383 -7 -424 -34 1 Includes processing taxes, customs, and miscellaneous receipts. 2 Excludes public-debt retirement. 3 Prior to July 1933, recovery and relief expenditures included only net expenditures of the Reconstruction Finance Corporation; other items subsequently classified as recovery and relief expenditures were included in general expenditures. 4 Includes expenditures classified by the Treasury as agricultural aid, aid to home owners, and miscellaneous, which includes direct loans and expenditures of the Reconstruction Finance Corporation. 6 Includes also increment resulting from reduction in the weight of the gold dollar, receipts from seigniorage, expenditures chargeable against increment on gold (other than for retirement of national-bank notes), and beginning June 1935 transactions in checking accounts of certain special governmental agencies whose balances were transferred on May 31, 1935, to these accounts. 6 Excess of credits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

367 MAY 1936 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MARCH 31, 1936 [Based 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 s F t C r i u n o c a rp t n i o c o - e n m C C o o re d rp d it o i y t - A W i d s o t m r r a i k - n s - in c tu r s e t r i d a t i l u t - Other in m g s a o t g i r t e t u - - in c f r s a e t r i d m t i u t - in m g s a o t g i r t t e u - - Other 31 M ,1 a 9 r 3 . 6 29 F , e 1 b 9 . 36 31 M ,1 a 9 r 3 . 5 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions_. 470 1 103 4 578 630 856 Preferred stock, etc 851 (i) 5 856 869 874 Home mortgage loans 2,952 2, 952 2,943 2,569 Farm mortgage loans 2 943 2, 943 2,932 2,764 Other agricultural loans 22 298 40 140 208 0) 707 696 444 All other loans _ 824 138 175 1,137 1,124 1,029 Total loans and preferred stock _. 2,167 298 138 40 316 2, 943 208 3,060 4 9,173 9,194 8,534 Cash 3 3 3 89 91 22 99 28 340 363 339 United States direct obligations 3 24 40 93 9 301 470 460 469 Obligations of Government credit agencies: Fullv guaranteed by U. S. __ 19 2 85 9 101 216 217 215 Prod O u t c h t e io r n 2 credit association class 25 2 (2) 27 28 49 A stock 74 74 74 75 Accounts and other receivables:_ 31 10 2 13 136 4 68 4 268 269 159 All other assets. 4 0) 16 0) 112 140 0) 3 130 5 489 466 363 Total assets other than interagency 2 2, 205 312 153 166 638 3, 351 411 3, 375 444 11,055 11,072 10, 204 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States 252 1,407 * 3,018 4,676 4,662 3,658 Other 2 2 1,215 155 5 1,375 1,364 1,789 Other liabilities (including reserves) 31 0) 3 24 135 3 110 26 332 317 238 Total liabilities other than interagency 2 282 0) 3 24 2,757 158 3,133 26 6,383 6,343 5,684 Excess of assets over liabilities, excluding interagency transactions.. 1,923 311 153 162 614 594 254 243 419 4,672 4,728 4,520 Privately owned interests 148 2 28 166 344 343 333 U. S. Government interests... 1, 923 311 153 162 614 446 252 214 253 4,328 4,386 4,187 i Less than $500,000. 2 Excludes $760,000,030 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Includes $82,000,000 of unclassified assets of Federal savings and loan associations. 4 Includes unissued bonds covering loans in process. NOTE.—For explanation of table and back figures see BULLETIN for April 1936, p. 220. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Apr. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 29, Mar. 31, Apr. 30, 1935 1935 1935 1935 1936 1936 1936 1936 P Loans to financial institutions 706,907 561, 547 533, 769 524,127 497, 289 474, 596 423,061 1 410, 383 Loans on preferred stock of banks and insurance companies.. 48, 327 48, 054 47, 880 47,909 47, 573 46, 730 46. 820 46,053 Preferred stock, capital notes, and debentures 869, 219 878, 686 879, 348 871, 760 877, 679 861, 749 850, 986 851, 620 Agricultural loans 21, 463 22, 669 22, 524 22, 246 21, 994 21,910 21, 873 8,623 Loans to railroads (including receivers) 386, 612 412,805 412, 765 396, 250 393, 712 390, 202 389,239 394,168 Loans for self-liquidating projects 134,507 169, 498 174, 373 147, 563 154, 947 156, 592 160,951 164, 891 Loans to industrial and commercial businesses 14, 652 34, 623 37, 335 40, 013 43, 686 46,488 48, 287 50,194 Loans to drainage, levee, and irrigation districts 23, 507 43,086 45,488 50,025 51, 790 51, 853 53, 420 54, 713 Other loans 76 1, 973 1,947 2,283 1,858 3,876 3,917 3,587 Securities purchased from Public Works Administration 15, 282 102, 562 115,238 154, 001 124, 689 154, 242 151, 593 143,838 Total loans and investments, other than interagency-- 2, 220, 553 2, 275, 503 2, 270, 669 2, 256,177 2,215,216 2, 208, 238 2,150,148 2,128,071 Loans to Federal land banks 70, 474 52,046 50,108 45,074 35, 819 35,215 34, 723 34,365 Loans to Commodity Credit Corporation 49,156 263, 746 265,994 267, 541 297,091 297, 449 297, 279 291, 961 Capital stock of, and loans to R. F. C. Mortgage Co 10,000 12, 477 13, 555 14, 721 15, 523 15, 952 16, 725 17, 623 Preferred stock of Export-Import banks . 12, 500 10,000 10,000 10,000 10,000 10,000 10,000 10, 000 Total all loans and investments 2, 362, 683 2, 613, 772 2, 610, 324 2, 593, 513 2, 573, 649 2, 566, 854 2, 508, 875 2, 482, 020 p Preliminary. 1 Includes $155,000,000 of loans for distribution to depositors of closed banks. NOTE.—For explanation of table and back figures, see April BULLETIN, p. 220. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN MAY 1936 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans F c e re d d e i r t a l b a in n t k e r l m oa e n d s i a to te Loans to cooperatives byby i— and discounts for— End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p s a c p c R o r n r c o r o e c d u e e r a d d i a g l d a g u i t b t i i t t u r i o t c i a o i c r o n t - a n a n i o n a s o l k s r s l - n , s - , f c i i e n o n t O t x i a o s i o t c n v t p h n i e c e e t e s p i s r u n r , a t - g - ti P a o s r t n s i o o o d c n c u r i s e a c d - - it t R i u a t r r e g a c a g t r l o i i i o c o r c p u n n r o l s e a - - d l - c d r E g r l o o o e m p a u n e n a g c r s y n h - d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a c B o t e n l i o a u n k v p n d t s e e r k i s a r f n , - o l g r i M A i r n n e t g g a g u v r r o r i f k A c a u l e v u l n c t - l t d - for cooperatives 2 1933—December. _ 1,232, 707 70, 738 73, 263 60,989 27 144,636 89,811 15,211 18, 697 157, 752 1934—December.. 1,915, 792 616, 825 99, 675 55,672 60, 852 87,102 110,186 33,969 27,851 54, 863 1935—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 93, 025 78, 351 161,178 30,050 30,119 49, 761 May 1, 998, 228 716, 243 129, 954 56, 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 58,854 110,030 68, 670 196, 732 5,023 25,037 49,196 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 44,688 December. _ 2,071, 925 794, 726 104, 706 46, 490 94,096 43, 400 172,489 2,731 50,013 44,433 1936—January.. __ 2.066, 308 802, 782 105, 457 46,045 96, 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 March 2, 059, 978 817,899 122,849 48,045 116,392 39,617 167,826 2,074 41,083 44, 306 1 Does not include loans by joint stock land banks, which are now in liquidation. 2 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 3 columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY THE UNITED STATES 1 LOANS OUTSTANDING, BY INSTITUTIONS [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Home mortgage loans by- Federal Home Recon- Federal savings and loan Federal Farm Owners' struction associations 2 home End of month TToottaall MMoorrttggaaggee LLooaann Finance loan Corpora- Corpora- Corpora- End of month Home bank tion tion 2 tion 3 Owners' Number of Loans reported loans to Loan Cor- associations member poration i institu- 1933—December.. 180 180 New Convert- tions 3 Re- associ- ed asso- 1934—September- 1,875 733 896 246 Total port- ations ciations October 2,596 805 1,543 248 ing November- 2,823 878 1,695 249 December.. 3,063 980 1,834 249 1932—December 838 1935—January-_. 3,300 1,041 2,009 250 1933—December.. _ 105, 920 59 85, 442 February- 3,480 1,089 2,140 251 1934—December... 2,196, 988 639 455 10, 758 58,976 86, 658 March 3,590 1,124 2,215 251 April 3, 660 1,154 2,256 250 1935—March 2, 539, 408 752 572 18, 699 93, 910 72, 637 May 3,728 1,188 2,290 250 April 2, 578, 883 778 613 20, 800 112, 847 74,011 June 4,123 1,226 2,647 250 May 2,620,119 808 623 24,081 123,741 75, 836 July 4,205 1,274 2,682 249 June 2, 660, 677 851 655 27,070 138,129 79, 233 August 4,248 1, 282 2,716 250 July 2, 702, 247 894 691 32,850 146,161 80, 877 September.. 4,369 1,368 2,748 253 August 2, 747,022 922 758 37, 345 192,959 86,025 October 4,421 1,382 2,786 253 September .. 2, 788, 203 949 828 44,072 219,980 90, 432 November. 4,460 1,387 2,819 253 October 2, 838, 086 979 851 53, 362 239,263 95, 595 December. . 4,494 1,387 2,855 252 November __ 2, 886,013 1,002 851 54, 703 240, 777 97,089 December. ._ 2, 940,029 1,023 881 60,103 255, 580 102, 795 1936—January 4,562 1,399 2,911 253 February... 4,630 1,407 2,970 253 1936—January 2, 984, 438 1,044 898 60, 457 269,186 102,800 March 4,654 1, 407 2,995 252 February 3,014, 423 1,061 898 64,092 272, 554 102,942 March 3,040,137 1,078 P896 P70, 112 P270, 793 103, 358 1 Principal amount of obligations guaranteed as to interest and principal. p Preliminary. 2 Excludes obligations guaranteed as to interest only. 1 Loans closed. 3 Excludes obligations held by U. S. Treasury and reflected in the 2 No monthly reports prior to September 1934; they now exclude public debt; includes notes given in purchase of gold which were retired largely new associations recently chartered and inactive associations. in February 1934. 3 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

MAY 1936 FEDERAL RESERVE BULLETIN 369 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 l Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Whole- Year and Total Ma tu n r u e f s ac- Minerals Total Residential All other ployment 3 ro p l a l y s 3 loadings 4 * c s o a m le month modity Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Adprices6 justed usted justed usted justed justed justed justed justed justed justed justed justed justed justed justed 1919 ... 84 63 44 79 107 97 84 139 1920 87 63 30 90 108 117 91 154 1921 67 67 70 56 44 65 82 76 79 98 1922 . 85 86 74 79 68 88 91 81 87 97 1923 101 101 105 84 81 86 104 103 100 101 1924 .. . 95 94 96 94 95 94 97 96 97 98 1925 104 105 99 122 124 120 99 101 103 104 1926 108 108 108 129 121 135 101 104 106 100 1927 106 106 107 129 117 139 99 102 103 95 1928..._ 111 112 106 135 126 142 99 102 103 97 1929 119 119 115 117 87 142 105 109 106 95 1930.. .... 96 95 99 92 50 125 92 89 92 86 1931 81 80 84 63 84 77 68 75 73 1932 63 71 28 40 64 46 56 65 1933 75 82 25 37 69 49 58 66 1934 78 32 48 79 62 62 75 1935 90 37 50 82 70 63 1933 March 59 60 April 66 60 May 78 63 June - 91 65 July 100 102 69 August 91 91 70 September 84 83 71 October 76 76 71 November 72 70 71 December 75 73 71 1934 January 72 February 92 74 March 100 74 April 90 73 May 88 74 June . . 87 75 July 84 75 August 80 76 September 82 78 October 81 77 November 81 77 December 90 77 1935 J F a e n b u r a u r a y r y fI 9 9 1 2 9 9 4 6 8 7 0 9 March 90 97 79 April 79 87 80 May 88 89 80 June _ 97 98 80 July 84 84 79 August 85 81 81 September 92 87 81 October 100 93 81 November 95 92 81 December 96 101 81 1936 January '99 103 21 90 81 February j 106 110 22 73 81 March i 89 95 P27 P65 80 " Preliminary. r Revised. * Average per working day. 1 For indexes of groups and separate industries see pp. 401-402; for description see BULLETIN for February and March 1927. 2 3-month moving average of F. W. Dodge Corporation data centered at second month; for description see BULLETIN for July 1931, p. 358. 3 The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETINS for June 1934, pp. 324-343, and December 1935, p. 888. For current indexes of groups and separate industries see pp. 403 -404. Underlying figures are for pay-roll period ending nearest middle of month. 1 For indexes of groups see p. 370. 5 Index of Bureau of Labor Statistics; 1926=100. Index numbers for groups of commodities (also data by weeks) are given on p. 400. Back figures—See Annual Report for 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN MAY 1936 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Month 1932 1933 1934 1935 1936 1932 January 150 121 172 176 198 136 February _ _ _ _ 154 102 163 163 182 March 155 108 191 185 April 135 105 179 164 May. 132 114 160 165 June 114 120 171 170 July 107 144 162 173 August . 109 131 172 172 September 132 160 191 199 October 153 193 206 221 November 139 184 195 269 December.. __ _ 132 193 171 223 Year 1,611 1,675 2,133 2,282 CO CO CV Excess of exports 1933 1934 1935 1936 1932 1933 1934 96 136 167 187 15 25 37 84 133 152 193 23 18 95 158 177 P200 24 13 88 147 171 9 17 112 107 155 171 20 7 110 122 136 157 4 —2 79 143 127 177 27 1 91 155 120 169 17 -23 98 147 132 162 34 13 105 151 130 189 48 42 104 129 151 169 34 56 97 134 132 187 35 59 1,323 1,450 1,655 2,048 288 225 OO OO OO OOO OO 1935 1936 9 11 -11 8 p-5 -6 6 -5 34 13 34 »• —3 52 3 60 37 77 32 44 100 38 r 36 478 r 235 v Preliminary. r Revised. * Including both domestic and foreign merchandise. 8 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 sales 1 Index o m f s o t n oc th k ) s (end of Mar. Nov. Dec. Jan. Feb. Mar, Month fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t Adjusted for seasonal variation variation adjustment variation adjustment Total 65 66 71 70 70 1935 1936 1935 1936 1935 1936 1935 1936 Coal 82 67 74 78 97 Coke 52 61 68 73 79 Grain and grain products- _ 67 65 62 70 68 January. _. 79 58 Livestock 39 44 39 38 33 February.. 62 Forest prcducts 33 40 45 42 36 March 67 Ore 40 46 58 62 62 Miscellaneous 70 77 86 79 74 ApriL. Merchandise J 64 64 66 64 62 May_. June.. 76 63 61 Without seasonal adjustment July August September.. 67 Total 62 67 62 63 65 Coal 77 74 79 88 106 October Coke 52 62 73 80 89 November. 91 Grain and grain products._ 57 69 61 67 66 December. _ 84 145 61 Livestock 34 50 39 39 31 Forest products 34 39 37 38 37 Year.. 79 64 Ore 10 32 14 15 15 Miscellaneous 67 76 67 63 63 Merchandise 1 65 66 62 60 60 p Preliminary. r Revised. 1 Based throughout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and Suni In less-than-carload lots. days and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for Based on daily average loadings. Source of basic data: Association of seasonal variation makes allowance in March and April for the effects American Kailroads. upon sales of changes in the date of Easter. Back figures.—See BULLETIN for April 1935, pp. 254-255, and Annual Back figures.—See BULLETIN for February 1931, pp. 108-109. Report for 1934 (table 95). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

371 MAY 1936 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Europe End of month (5 T 0 o c ta o l u i n- United Canada tries) Qfnf/io c T o o u t n a t l r i ( e 2 s 7 ) Austria Belgium Bulgaria s C lo z v ec a h k o ia - Denmark England France m G a e n r y - 1935—March .. _ 22,099 8,567 190 11, 633 45 S3? 19 112 i0 1,586 5,479 33 April 21, 861 8,710 187 11,279 45 518 19 112 i0 1,587 5,366 33 May 21, 473 8, 858 189 10, 714 45 605 19 112 if) 1,587 4,759 33 June 21, 678 9,116 188 10, 670 45 634 19 113 V) 1,588 4,708 35 July 21, 675 9,144 188 10, 636 45 19 113 50 1,588 4,726 38 August 21, 759 9,203 193 10, 664 45 612 19 113 54 1,593 4, 756 38 September _ 21, 926 9,368 186 10, 678 45 604 19 113 54 1,595 4,770 38 October 22, 313 9,693 186 10, 714 45 609 19 113 54 1,604 4,773 35 November.. 22, 225 9,920 188 10,394 45 615 19 113 54 1,628 4,388 36 December.. P 22, 391 10,125 189 10, 348 46 611 19 112 54 1,648 4,395 33 1936—January P 22, 399 10,182 186 P 10, 296 46 600 19 112 54 1,652 4,324 31 February ___ P 22, 465 10,167 186 P 10, 358 46 593 19 112 54 1,653 4,362 29 March P 22, 514 10,184 184 P 10, 379 46 586 v 19 113 54 1,653 4,348 29 April P10, 225 187 p 54 1,670 4,106 p 28 Europe—Continued End of month Greece Bungary Italy N l e a t n h d e s r- NorwayT Poland Po g r a t l u- Ru n m ia a- Spain Sw I v a i n tzer u. R s. . s 3 . Y sla u v g i o a - 6 c t o o ri u t e h n s e - r 1935—March 38 23 519 553 61 • 96 68 106 741 160 560 748 36 59 April 37 23 519 439 61 1 97 68 106 741 160 446 748 38 56 May 37 23 519 440 66 97 68 106 741 161 390 748 40 57 June 36 23 49 427 75 97 68 107 741 161 j 391 748 40 57 July . _ . 36 23 468 380 75 97 6S 107 741 162 ! 421 748 40 57 August 35 23 419 402 84 97 68 108 741 162 446 748 40 59 September _ 36 23 379 365 84 89 68 108 734 165 j 448 839 40 62 October. __ 36 23 2 351 401 84 86 68 108 734 174 s 453 839 41 62 November.. 35 23 351 427 84 84 68 109 735 180 455 839 43 63 December. _ 34 23 2 273 438 84 . 84 68 109 735 185 454 839 43 63 1936— January 34 23 270 455 84 " 84 P68 109 735 194 454 839 44 63 February.. . 33 23 270 463 84 85 P68 110 735 200 472 839 44 65 March 32 23 270 486 84 81 P68 110 726 206 i 493 839 44 P 67 April 483 726 495 Latin America Asia and Oceania Africa End of month c T o ( o u 1 t n 0 a - l gen- Chile l C b o i m o a - - M ic e o x- Peru g U u r a u y - c o o t u 4 h n e - r c T o o u (7 t n a - l India Japan Java N l Z a e e n a w d - T k u ey r- c o o t u h 2 n e - r T co o ( u 4 ta n l - Egypt A So fr u ic th a c o o t 2 h u e n r tries) tries tries) tries tries) tries 1935—March 596 403 29 14 26 19 82 23 805 275 398 80 25 22 5 308 55 236 17 April 597 403 29 14 4 26 20 8? 23 801 275 400 76 23 22 5 286 55 214 17 May _. _ 616 420 29 14 26 20 8? 25 800 275 403 71 23 23 5 295 55 223 17 June 611 420 29 14 26 20 76 26 802 275 407 68 23 23 291 220 17 July 609 420 29 14 26 20 74 26 797 275 410 61 23 23 5 301 55 230 17 August 611 420 29 14 26 20 74 27 798 275 413 58 23 23 5 290 55 219 17 September _ 613 420 29 14 26 20 74 28 797 275 416 55 23 23 6 284 55 212 17 October 636 441 29 15 26 20 74 30 800 275 418 55 23 23 5 284 55 212 17 November.. 636 441 29 16 26 20 74 29 803 275 422 54 23 24 5 284 55 212 17 December__ 639 444 29 16 26 20 74 P30 807 275 425 54 23 24 6 284 55 212 17 1936—January P639 444 29 17 26 20 74 P30 804 275 428 54 23 24 3 293 55 221 17 February.. . P641 444 29 18 26 P 20 74 P31 810 275 431 54 23 24 3 P303 55 231 p 17 March P636 438 P29 18 26 P20 p74 P31 815 275 433 58 23 24 3 P316 55 244 P17 p Preliminary. 1 See notes under Italy, U. S. S. R., and Mexico. 2 Bank of Italy suspended regular publication of its statement after Oct. 20, 1935. Figure as of that date is given for October and November 1935. The figure for December and subsequent months is that published in the Annual Report of the Bank of Italy for December 31, 1935. 3 Figures for March 1935, or September 1935, carried forward for subsequent months for which no figures have been reported. 4 Figure for March 1935 carried forward for subsequent months for which no figures have been reported. NOTE.—The countries for which figures are not shown separately are in Europe: Albania, Danzig, Estonia, Finland, Latvia, and Lithuania; in Latin America: Bolivia, Brazil, Ecuador, Guatemala; in Asia and Oceania: Australia and Siam; and in Africa: Algeria and Belgian Congo. For back figures and for full description of this table, see BULLETIN for May 1932, pp. 311-318, June 1933, pp. 368-372; December 1934, p. 801; and November 1935, p. 758. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN MAY 1936 GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month p w ro o d r u ld c- Africa North and South America Far East tion Total A So fr u ic th a d R e h s o ia - A W fr e ic st a B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au l s ia tra- Japan India $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929 404,969 359,347 215, 242 11,607 4,2)7 2,390 39, 832 45, 835 13, 453 2,823 683 i 8,712 6,927 7,508 1930 430, 725 373,154 221,523 11, 476 4,995 2,693 43, 454 47,123 13,813 3,281 428 : 9,553 8,021 6,785 1931 481, 592 394,399 224,833 11,193 5, 524 3,224 55, 637 49, 524 12, 855 4,016 442 ;12,134 8,109 6,815 1932 499, 241 421, 655 233, 931 12,030 5,992 3, 642 62, 933 53, 623 12,070 5,132 788 i14, 563 8,198 6,782 1933 524, 390 420,093 227, 673 13,335 6,623 3,631 60,933 52,842 13,189 6,165 3,003 ! 16, 790 8,968 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35 1933 887,845 711, 260 385, 474 22, 578 1L, 214 6,148 103, 224 89, 467 22, 297 10,438 5,094 28,428 15,183 11,715 1934 963, 369 722, 970 366, 795 24, 264 12,153 6,549 104, 023 107, 632 23,135 12, 045 8,350 30, 447 16, 354 11, 223 1935 042, 208 P769, 409 377,090 25,477 13, 625 7,159 114,816 124,116 P23, 870 11,517 • 9, 25131,117 19, 981 11,394 1935—March___ 76, 716 60, 433 31,015 2,009 1,078 587 8,732 9,203 1,836 925 1,005 1,468 1,619 955 April 76,511 60,028 30, 301 2,052 L, 106 594 8,599 8,573 1,750 1,015 895 2,637 1,568 938 May 82, 715 62, 932 32,072 2,177 L, 162 627 9,423 9,623 1,048 945 651 2,533 1,717 954 June 86, 485 63,002 31, 089 2,101 ,095 588 10,002 9,588 1,166 857 1,113 2, 623 1,844 937 July 94, 913 67, 030 32, 458 2,150 L, 095 615 9,988 11,793 2,181 1,001 546 2,635 1,610 958 August 96,062 67,178 32, 667 2,155 L, 152 631 10, 303 10, 603 2,532 1,125 536 2,844 1,669 961 September 96, 949 68,066 31, 472 2,009 ,160 590 9,813 12,108 3,287 978 1,088 2,939 1,674 949 October.._. 100, 596 69,013 32, 596 2, 403 ,249 614 10, 560 12, 703 1,671 1,035 506 2,923 1,779 974 November 94, 449 65,866 31, 671 2, 205 L, 181 614 10, 261 10,883 1,115 981 937 3,279 1, 785 953 December. v 90, 499 p 70,316 31,829 2,272 ,174 542 10, 756 13,158 P 2, 590 834 r 905 3,423 1,866 1936—January... P 83, 541 p 65,957 32, 275 2,320 P ,400 592 9,714 10,195 P 2,100 1,335 770 2,690 1,595 971 February.. P 82, 399 p 64, 616 31, 290 2,201 p ,400 574 9,325 9,650 2,835 1,159 p 770 P 2, 690 P 1, 750 P971 March P 86, 609 p 67, 726 32, 709 P 2, 275 P] ,400 P574 P 10,080 10,969 P 2, 520 1,018 P 770 P 2, 690 p 1, 750 971 p Preliminary. Corrected. ' Revised. NOTE.—For monthly figures back to January 1929 and far explanation of table sea BULLETIN f r April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, February 1935, p. 107, and April 1935, p. 284. For annual figures of world production back to 1873 see 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] Uuited States Total Net imports from or net exports (—) to: Year or month net imports China All e o x r p n o e rt t s England France Belgium N l e a t n h d e s r- Sw la i n tz d er- Canada Mexico Co b l i o a m- B I r n i d ti i s a h H a o n n d g c o o th u e n r - (-) Kong tries 1934 i . L, 131,994 499,870 260, 223 8,902 94,348 12,402 86,829 30, 270 16,944 76, 820 16, 452 28, 935 1935 1, 739, 019 315, 727 934, 243 3 227,185 968 95,171 13, 667 10,899 75, 268 9,431 56, 453 1935—January. 149,392 85, 577 14, 592 12,812 12,091 4,991 2,101 10, 616 1,528 5,083 February... 122, 772 63,424 45, 766 1,466 339 5,346 729 2,112 522 359 2,711 March. 13, 003 -187 56 4,449 833 1,407 2,139 334 3,972 April 148,608 1,481 32, 510 94, 890 10,968 923 2 2,924 313 4,596 May 140 016 1,689 124,052 3,885 3,053 948 1,752 167 507 3,962 June 230 373 938 194 298 22 061 8 734 679 448 3,215 July 16 229 31 975 5, 770 722 1, 750 28 438 6,515 August 45 983 5 40 28, 277 5,398 753 6, 671 1,127 3,711 September 156, 719 37,114 40, 423 37,811 15,069 699 1 19,821 640 5,141 October. 315, 347 109, 954 156, 977 3 17, 605 629 9,368 762 1, 746 12, 359 1, 125 4,817 November 210 567 7.101 180,141 2,676 5,865 880 28 8,913 1,007 3,956 December 190, 010 8,600 145, 388 4,727 9,060 748 11,108 1,605 8,774 1936—January 45, 643 5,786 3,514 1 10, 745 764 1, 743 11, 744 1,176 10,170 February — 16 635 —2 890 — 17 180 —3 421 273 659 740 5,185 March 5 480 1 792 13 —343 1,677 772 5,154 April 28,055 1,493 1,564 11, 232 713 1,742 5,106 385 5,819 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

373 MAY 1936 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] England Xet imports from or net exports (—) to: Total Year or month net im- South e o x p r p o o n rt ) r e s t t s U S n ta i t t e e s d France m G a e n r y - g B iu e m l- N 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 li s a tra- A d W R f e r h s e i i c o s a a - t , , c o t o A r th i u e l e l n s r - Africa 1934 716, 269 -497,166 348,190 121,017 -13,585 32, 575 17, 568 26,316 206, 711 4,863 41, 790 335, 253 92, 737 1935 369, 747 -435, 502 142,13: -4, 726 -17,476 10, 796 8,832 16, 565 181, 627 3,198 37, 981 404, 295 22,020 1934—November 49, 585 -17,284 27,026 152 -5,198 -550 670 18, 791 190 2,686 18,495 2,910 December 27, 215 -22, 489 1,769 69 -1,087 310 241 17, 882 128 4,126 23, 469 2,797 1935—January -4, 279 -79,628 4,270 36 -349 8,780 381 24,046 12 4,066 37,231 -3,124 February -36, 566 -74,127 -17,739 28 -951 2,145 2,057 19,093 88 3,067 18, 669 11,105 March 66, 557 66 26, 612 53 -1,992 51 1,195 2, 970 15,457 296 2, 685 12, 661 6, 503 April _ _ . 36,529 -20, 533 -33,348 266 -1,013 33,237 152 424 16, 249 693 1,920 17,658 20, 823 May -3, 247 69,128 209 -1,962 5,780 410 2,696 2,962 484 2,838 55, 847 11,143 June 118,067 -18,547 86, 926 -943 -11,601 -593 292 3,570 7,159 429 1,969 42,473 6,933 July 16, 289 -1,141 -5,719 -4, 416 118 -11,888 261 2,831 5,663 405 5,375 33, 532 -8,731 August 39,016 -12,871 -5, 697 -26 82 1,642 287 449 26,102 420 4,148 35, 512 -11,032 September -36, 086 -81, 032 -5, 663 23 2 -36 322 25, 301 70 3,662 29,949 -8,683 October -36,158 -87,929 -2, 739 68 217 -1,136 2, 535 28 11,900 134 3,414 44,995 -7, 644 November 18, 286 -33, 744 25,198 50 -20, 204 461 1,798 12,857 56 2,842 33,325 -4, 353 December 40, 811 -22, 075 910 114 -27 1,798 14, 838 54 1,995 42,442 7,265 1936—January 41, 974 -12,059 3,202 78 94 -591 311 11,035 56 1,889 39,852 1,893 February . 38, 649 1,136 -3, 253 173 33 -7, 569 138 5,958 11, 686 63 2,037 26, 454 1.792 March 47, 666 3, 440 6,738 92 99 -13,354 430 4,090 10, 896 2,574 31,033 1, 558 France Net imports from or net exports (—) to: Year or month Total net !•• imports or|j England Ger- Belgium Italy N la e n th d e s r- Poland A So fr u ic th a Sw la i n tz d er- c A o l u l n o t t r h ie e s r 1934 . • -408,961 -242,363 -351, 729 31, 036 -17,669 91,021 74, 995 -1,371 746 r 23, 648 -17,276 1935 -817, 309 -909, 665 -120,053 -13, 592 -186,937 195, 369 21,183 7,227 10, 241 176, 420 2,493 1934—December. '37,294 r-21,920 ' 6, 993 -3,114 65, 437 -232 -132 * 4,037 210 1935—January... 7,796 -15,376 -2, 931 115 -994 25, 755 -206 1,231 300 February __ -32, 479 -50, 314 8,670 1 -2, 497 249 -6 11,975 -629 March 19,118 648 14, 676 3 -3,851 -201 -12 -137 April 99, 395 -28, 566 38, 332 -474 -26, 395 3,907 1, 995 111^ 292 -1,379 May -195,876 -77,803 -53, 283 -594 -109,195 -406 -885 2 44,621 1,667 June -393, 551 -223,070 -110,834 -190 -56, 265 620 -1,101 391 -3,431 321 July -12,206 414 -13,150 -1 -45 2, 093 -650 -180 1,295 -1,981 August 50, 770 14 4, 905 1,990 -1,148 27,417 25, 759 -482 1 -3, 418 -290 September. 26, 482 -23, 688 8,811 -700 27, 224 5,561 -132 -917 9,482 236 606 October.. _. -68,693 -157,153 -72 -9,178 4,597 89,062 5,221 -898 -1,172 900 November. -246,615 -258, 554 -15,060 11 -8, 235 35, 433 -11,245 7,539 1,100 2,397 December. -71,450 -76, 217 -117 -595 -10,133 9,834 357 4,702 719 1936—January... 40, 393 -890 -4, 695 2.636 -40 36, 598 -789 8,110 -411 February,. 23, 375 2, 364 -2, 740 -221 -5 18, 299 -43 -330 6,992 -940 March P__. 13.923 12,209 -5,915 2. 037 1,495 -8,138 -174 3, 619 i 8, 791 v Preliminary. r Revised. 1 $9,079,000 imported by France from Spain in March 1936. NOTE.—Great Britain.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised official totals published for the year as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN MAY 1936 GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Germany Netherlands Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net im e o x r p p n o o e r r t t t s s England France N l e a t n h d e s r- e S r w la i n tz d - S U . .S R . . c o o A th u l e n l r - i e m o x r p p o n o r e r t t t s s U S n ta i t t e e s d E la n n g d - France m G a e n r y - g B iu el m - e S r w la i n tz d - c o o A th u l e n l r tries tries 1934 -90, 920-109,386-42, 907 -28,114 163 85, 390 3,934 -122,664 -46,040 -31,038 -78, 610 25, 716 9,285 -4, 784 2,608 1935 42,969 5,180 13, 225 7,394 9,888 6,376 905 -198,549 -221, 245 18, 397-41, 260 -5,142 48,004 -1,257 3,956 1934—Dec. 1,206 -85 — 1 -3 1,162 230 -9, 431 -9, 270 -312 62 78 -95 -25 131 1935—Jan.. 287 67 4 83 -23 12 -18,300 -15, 605 -3, 221 110 -161 27 617 Feb.. 295 -49 5 75 46 218 -2, 899 -2,495 -352 64 77 -159 -197 163 Mar_ li: -19 6 -107 Q 241 510 37 -1,299 617 -93 1,066 -136 319 April 735 -50 745 87 -162 44 71 -120.492 -97, 632 -20, 890 -20, 966 -210 20, 081 -862 -15 May. 6, 666 -206 418 237 26 i,100 91 -5,080 -2,810 -1,562 277 162 -289 71 -929 June- 2, 876 1,057 275 1,014 12 517 -14,797 -19,259 1,375 667 -862 3,379 113 -210 July. 9, 525 4,504 4 810 4,113 94 -26,102 -29, 215 15, 702 -21, 909 -462 9,563 -8 227 Aug.. 4,76S 33 3,972 693 17 54 -4,514 -152 -9,436 -86 2,900 -23 2,283 Sept. 4,355 -4 142 480 4,014 -276 -37, 290 -40, 868 2, 861 249 -160 133 9 488 Oct__ 10, 566 -49 7, 058 2,532 1,116 -93 -13,080 -10, 373 514 -1,339 -2, 046 275 -114 2 Nov. 780 -17 5 680 67 45 38,746 -3,026 20, 084 10, 564 -239 11, 248 -86 199 Dec. 2,004 -87 591 810 671 88 4,749 5,334 -149 -561 -6 -52 183 1936—Jan.. -2, 584 -2, 510 -189 77 131 16, 967 1,761 170 192 14, 291 -11 564 Feb.. -1,307 45 -2, 054 647 63 -8 10, 425 3,435 7,664 -40 -339 -3 -474 181 Mar. -258 -60 -19 -322 25 118 35,806 574 12, 842 -312 13,693 -47 569 S wi t zerland British India Net imports from or net Y m e o a n r t o h r T n o e t t al Net imports from or net exports (—) to: T n o e t t al exports (—) to: G pr o o l - d Change in: imports imports duce o x r ( p ) o n r e t t s U S n ta i t t e e s d E la n n g d - France Bel- Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x r ( p ) n or e t t s U S n ta i t t e e s d E la n n g d - c o t o A r th i u e l e n l s r - I t n i i o d n n ia s I e n R r d v e i - e a s 1 P i I n n h r g i o d v s l i d a a i - t n 2 e 1934. ... -46,065 -12,784 -45,955 -29, 235 18,397 19, 431 2,580 1,500 -230, 720 -82,183 -144,185-4,352 11, 222 173-219,671 1935 -230, 788 647 -54, 858 -181,725 -13,940 25, 542 342 -6, 795 -161,872 -17, 364 -145,181 '672 11,393 -150,472 1934—Dec. -1,950 -417 -4,143 2,280 114 -15 -23, 255 -7,457 -15,588 995 -22, 257 1935—Jan -4,125 -17 -216 -4, 344 472 -218 198 -16,334 -1,249 -15,293 208 946 -2 -15,386 Feb -15,025 -51 -2,108 -16,117 225 2,689 -90 428 -17,746 -2, 367 -15,108 -271 903 1 -16,844 Mar -17,830 5 -6,839 — 16,148 415 4,734 -202 207 -18,439 -18,225 -214 955 —5 -17,479 April -139,633 324 -31, 619 -107,021 7 2,110 1,041 -4, 475 -3, 675 -3,831 155 938 -2, 737 May -63, 229 -17.878 -38, 514 -5,972 303 -409 -760 -6, 604 -699 -6, 558 653 954 -5, 650 June.. _. -5,640 49 '549 '2,684 -8, 651 -74 153 -352 -3, 824 -4,078 254 937 -2,887 July 1,417 3 1, 610 2,' -1 262 -3, 455 -22, 383 10 -21, 575 -818 958 -21,425 Aug 9, 328 64 -38 1,273 4,080 519 3,430 -25,464 -6, 309 -18,922 -233 961 -24, 503 Sept 5,845 107 3,017 -24 16 3,312 -766 184 -11,400 -2, 648 -9,117 365 949 -10,451 Oct 1, 367 163 1,085 881 1,343 241 -2, 344 -11,160 -1,330 -10,032 202 974 -10,186 Nov -934 -332 -3, 227 1,849 -49 825 -14, 540 -1,573 -13,199 232 953 -13,587 Dec -2, 330 -2,088 -4,166 21 4,724 -139 -682 -10,303 -1,199 -9, 243 139 -9, 337 1936—Jan... 2,462 -195 -6, 783 47 9,496 -137 34 -13, 809 -559 -362 971 -12,838 Feb.. 6,571 -518 -5, 705 1,821 9,612 1,377 -16 P-9, 846 -9, 616 -230 P971 p -8,875 Mar.. 21,413 -841 -3, 492 1,724 21, 537 567 1,917 P-7,712 P971 P-6,741 p Preliminary. c Corrected. 1 Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. 2 Figures derived from preceding columns; net imports plus production minus increase in reserves in India. 'NOTE.—Germany, Netherlands, and Switzerland.—In some cases the annual aggregates of the official monthly figures differ somewhat from the revised offiicial totals published for the year as a whole. German gold movements by individual countries, beginning with January 1936, are subject to official revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

375 MAY 1936 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in issue Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of d m e e p n a t r ) t 1 - Cash reserves co D u is n - ts Securi- ci t r i c o u n la- Deposits l O ia t b h i e li r and ad- ties ties Coin Notes vances Bankers' Public Other 1935—Feb. 27__ 192.5 75.1 6.2 92.0 377.4 95.5 19.4 40.7 18.2 Mar. 27.. 192.5 71.1 5.6 99.0 381.4 96.6 20.1 41.2 18.3 Apr. 24._ 192.6 59.4 5.8 97.4 393.2 98.1 7.6 39.6 17.7 May 29.. 192.6 62.2 5.3 96.7 390.4 88.0 23.1 36.0 17.8 June 26. _ 192.7 55.9 10.2 108. 6 396.9 102.4 16.2 38.8 18.0 July 31... 192.8 44.5 10.8 100.7 408.3 75.7 24.4 38.5 18.1 Aug. 28_. 193.4 53.8 12.9 93.5 399.6 96.9 9.4 36.5 18.2 Sept. 25_ 193.6 55.4 12.4 95.4 398.2 87.2 19.5 39.0 18.3 Oct. 30... 194.7 54.8 11.2 98.2 399.9 82.5 26.2 38.6 17.7 Nov. 27.. 197.6 56.3 9.5 98.4 401.3 90.9 19.7 36.5 17.8 Dec. 25__ 200.1 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Jan. 29__. 200.5 63.3 18.8 94.0 397.1 106.0 15.9 36.7 18.2 Feb. 26._ 200.6 60.7 11.0 96.2 400.0 106.2 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 Apr. 29 . 202.7 45.9 114.0 416.9 104.7 7.5 39.0 17.7 Assets Liabilities Loans on— Deposits Bank of France (Figures in millions of francs) Gold e F x o c r h e a i n g g n e Do b m il e l s s tic m G S t e o h e n v r o t e m r s r t n e - - - s O e t c t i h e u e s r r i - - 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 - \ j Other l O ia t t i b h e i s e li r curities 1935—Feb. 22. 82,040 961 3,998 3,080 5,833 7,914 81,917 3, 619 16, 328 1,962 Mar. 29. 82, 635 1,017 4,170 20 3,119 5,833 8,074 83,044 3,668 16, 213 1,943 Apr. 26. 80,933 1,066 4,280 10 3,094 5,805 7,967 82, 352 3,703 15,145 1,954 May 31. 71, 779 2,150 7,137 937 3,371 5,805 8,691 82, 776 2,771 12,315 2,008 June 28. 71,017 1,210 8,021 735 3,277 5,805 7,999 82, 099 2,983 10,969 2,013 July 26. 71, 277 1,240 7,301 692 3,171 5,805 8,077 81,128 3,241 11,090 2,105 Aug. 30. 71, 742 1,236 7,575 543 3,103 5,800 8,212 82, 240 3,244 10, 666 2,062 Sept. 27 71, 952 1,232 8, 060 192 3,098 5,800 8,023 82, 399 3,051 10, 848 2,060 Oct. 30. 71, 990 1,262 8,373 371 3,141 5,800 7,939 83,306 2,862 10, 647 2,059 Nov. 29. 66,191 1,385 11,005 1,090 3, 267 5,800 8,032 82, 447 2,826 9,361 2,136 Dec. 27. 66, 296 1,328 9,712 573 3,253 5,800 7,879 81,150 2,862 8,716 2,113 1936—Jan. 31. 65, 223 1,324 9,210 3,350 5,708 8,724 81, 503 2,798 8,088 2,119 Feb. 28. 65, 789 1,309 9,758 932 3,250 5,708 8,186 81,239 2,854 8,706 2,134 Mar. 27 65, 587 1,297 12, 053 671 3,325 5,708 83,197 2,889 8,434 2,148 Apr -24 61, 937 1,305 14, 392 623 3,349 5,708 8,193 82, 557 2,722 7,895 2,334 Liabilities Rei chsbank Reserves Securities (Figu r r e e ic s h i s n m m ar il k l s io ) ns of Gold e F x o c r h e a i n g g n e Tr b e i a l s ls ury b c il O h l e s t c h ( k e a s r n ) d Se lo c a u n r s ity E a l c s i o g n v i o e b t r l e e Other a O s t s h e e t r s 1935—Feb. 28.. 3,656 188 437 328 697 3,617 Mar. 30. 3,799 66 427 330 701 3,664 Apr. 30_. 3,861 87 373 328 739 3,711 May 31. 3, 732 86 338 324 775 3,810 June 29. 3, 879 89 337 324 781 3,895 July 31_. 3, 833 52 337 324 814 3,878 Aug. 31. 4,000 54 340 324 781 4,032 Sept. 30. 4,144 73 346 324 770 4,143 Oct. 31.. 4,058 66 345 316 868 4,159 Nov. 30. 4,096 78 346 315 922 4,186 Dec. 31. 4,498 84 349 315 853 4,285 1936—Jan. 31.. 3,884 72 349 315 4, Feb. 29. 4,026 72 348 315 861 4,177 Mar. 31. 4,201 56 336 321 771 4,267 Apr. 30. 4,353 73 240 319 702 4,348 p Preliminary. i Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN MAY 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1935 1935 Central bank Central bank March Fe a b ry ru- Janu- March March Fe a b ry ru- Ja a n ry u- March National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): : Gold 7, 556 7,556 7,122 Gold 180,417 80, 565 180, 253 .06, 585 Foreign exchange 18, 406 16, 866 22, 342 Sterling exchange 387 96 26 1,156 Loans and discounts 3,233 3,248 2,491 United States exchange 7,097 8,355 9,768 6,818 Other assets 4, 647 4,694 3,241 Advances to Government 2,196 Note circulation 11,720 11,789 13,490 Government securities: Demand deposits 10, 780 9,241 10, 847 2 years or less 29,661 26,125 24, 785 39, 324 Other liabilities 11,342 11,334 10,860 Over 2 years 81,144 82, 540 80, 900 .15,014 Central Bank of the Argentine Other assets 4, 527 5,132 9,714 2,588 Republic J (millions of pesos): Note circulation 85, 518 84, 605 87, 979 97,080 Gold at home 1,224 1,224 1,224 Total deposits 210,868 212,006 213, 864 69, 094 Gold abroad and foreign ex- Chartered banks 188, 203 186, 933 178,739 .48, 979 change 121 141 130 Government 21,116 23, 989 33, 293 19,854 Negotiable Government bonds 202 190 165 Other liabilities 6,847 6,202 5,798 5,310 Other assets 143 145 144 Central Bank of Chile (millions of j Note circulation 987 pesos): i Deposits: Gold and foreign exchange in re- Member bank 447 405 383 serve. 142 142 142 Government 191 249 241 Loans and discounts 79 80 50 Other 9 11 4 Government debt 706 706 713 Other liabilities 45 47 48 Note circulation 578 570 531 Commonwealth Bank of Aus- Deposits 281 317 tralia (thousands of pounds2): Central Bank of China3 (millions of Issue department: yuan): Gold and English sterling 16, 003 15,994 15, 994 15, 708 Gold 51 53 24 Securities 39, 351 35,173 35, 421 30,052 Silver 161 209 109 Banking department: Foreign exchange 90 99 Coin, bullion, and cash 1,152 930 881 985 Due from domestic banks 102 107 London balances 26, 513 18, 575 14, 609 33,146 Loans and discounts 181 170 Loans and discounts 11,127 14.044 16, 701 13, 398 Securities 323 314 184 Securities 35, 657 35, 707 35,957 36,123 Other assets 45 45 73 Deposits 70, 890 69, 680 68, 104 85, 770 Note circulation 225 225 93 Note circulation 47,045 47.045 47, 295 47,050 Deposits—Government 275 274 230 Austrian National Bank (millions Bank 284 297 46 of schillings): Other 38 71 14 Gold 243 243 242 242 Other liabilities 132 129 144 Foreign bills 81 82 74 32 Bank of the Republic of Colombia Domestic bills 218 220 222 234 (thousands of pesos): Government debts 624 624 624 624 Gold at home and abroad 4 30,830 30, 974 29, 502 9,922 Note circulation 929 931 929 914 Foreign exchange 4 3, 658 4,168 4,921 2,868 Deposits 234 233 225 199 Loans to member banks 887 1,208 1,458 6,545 National Bank of Belgium (mil- Note circulation 41,315 41, 532 40, 072 36,072 lions of belgas): Deposits 31,500 31. 880 33, 240 23, 206 Gold 3,319 3,359 3,400 2,259 National Bank of Czechoslovakia Domestic and foreign bills 1,182 1,201 1, 241 933 (millions of koruny): Loans to State 160 160 160 380 Gold 2,692 2,690 2,691 2,684 Note circulation 4,163 4,072 4,101 3,770 Foreign balances and currency _. _ 47 73 82 291 Deposits 681 830 882 211 Loans and advances 1,413 914 1, 253 1,124 Central Bank of Bolivia (thousands Note circulation 5, 413 5,210 5,208 5,560 of bolivianos): Deposits 778 534 920 796 Gold at home and abroad 22,011 21, 294 20. 544 10, 731 Danish National Bank (millions of Foreign exchange 8,022 7, 752 12,033 4,224 kroner): Loans and discounts.! 7,575 7,943 7,630 14, 782 Gold 118 118 118 133 Securities: Foreign bills, etc 28 19 16 23 National Government 388, 668 388, 723 388,723 277,131 Loans and discounts 73 73 73 73 Other 2,921 2,877 2,984 3,342 Note circulation 371 375 365 369 Note circulation 152, 521 149. 819 146, 973 101, 903 Deposits 80 67 99 Deposits 228, 000 229, 490235,933 161, 701 Bank of Danzig (thousands of Bank of Brazil (millions of milreis): gulden): Cash 281 264 306 354 Gold 5 20,766 20, 761 20, 756 20,144 Correspondents abroad 367 307 293 174 Foreign exchange of the reserve5. _ 2,021 1,631 2,117 1,090 Loans and discounts 2,935 2,885 2,900 2,858 Other foreign exchange 5,976 5,491 4,391 148 Note circulation 10 20 20 20 Loans and discounts 15,893 15, 785 17, 884 24,614 Deposits. 3,216 3,116 3,016 2,832 Note circulation ; 28, 274 27, 698 27, 772 39, 258 National Bank of Bulgaria (mil- Deposits 3,879 2,990 2, 741 1,257 lions of leva): Central Bank of Ecuador (thou- Gold 1,591 1, 591 1,568 sands of sucres) : Net foreign exchange in reserve.__ -100 -96 -75 Golds 31, 568 30,974 15, 162 Total foreign exchange 440 493 468 Foreign exchange 6,181 • 7,823 11,218 Loans and discounts __ 1,226 1,304 603 Loans and discounts 39, 757 41, 519 52, 620 Government obligations 2,671 2,671 2,698 Note circulation 47, 370 46, 691 43,154 Note circulation 2,113 2, 177 2,229 Deposits 15,160 19, 571 22, 855 Other sight liabilities 2,131 2. 198 1. 842 r Revised. 1 Bank commenced operations May 31, 1935. 2 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling. 3 Items for issue and banking departments consolidated. 4 Beginning Apr. 6, 1935, gold and foreign exchange valued on basis of Deso price of gold in New York, s Parity of gulden reduced May 2, 1935, from $0.3296 to $0.1899. e By law of Dec. 18, 1935, gold in vault revalued at rate of 9.968331 sucres per gram of fine gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 377 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank March Febru- Janu- March : March Febru- Janu- March ary ary ary National Bank of Egypt* (thou- ; Bank of Japan (millions of yen): ! sands of pounds): Gold j 513 511 506 472 Gold 6,545 6, 545 6,545 6,545 Advances and discounts j 914 1,222 782 870 Foreign exchange 3,269 4,125 4,947 3,070 Government bonds ! 533 397 506 643 Loans and discounts 5,385 5,963 6,417 4,374 Notes issued 1,367 1,657 1,453 1,334 British, Egyptian, and other Total deposits i 657 369 404 578 Government securities 38,819 38, 024 38, 322 34, 999 Bank of Java (millions of florins): , Other assets 5,867 5,683 6,162 3,691 Gold ! 85 117 Note circulation ! 21,639 22, 240 22, 216 19,046 Foreign bills ' 2 2 2 1 Deposits—Government i 6,310 6,657 8,647 8,203 Loans and discounts 61 65 64 65 Other ! 23,611 23,141 23,351 17, 293 Note circulation 154 156 153 175 Other liabilities 8,327 8,303 8,180 8,138 Deposits ' 24 22 24 43 Central Reserve Bank of El Salva- Bank of Latvia (millions of lats): , dor (thousands of colones): Gold ' 46 46 46 46 Gold 12, 818 12, 791 11,921 Foreign exchange reserve 6 7 7 6 Foreign exchange : 3,957 2,774 3,182 Bills 50 50 51 59 L G o o a v n e s r n a m nd e n d t i s s c e o c u u n ri t t s ies 798 7, 9 0 8 1 0 2 7,6 14 5 1 2 L N o o a te n s c irculation : 5 3 9 9 5 3 8 7 5 3 9 7 7 3 2 9 Other assets 1,923 1,368 1,590 Government deposits 39 38 36 48 Note circulation 15, 667 14, 668 15, 584 Other deposits i 101 103 110 107 Other sight liabilities 7,531 6,878 5,553 Bank of Lithuania (millions of litu): Other liabilities 3,295 3,381 3,350 Gold 51 41 46 Bank of Estonia (thousands of , Foreign exchange3 19 22 20 8 krooni): ! Loans and discounts 3 , 87 89 94 104 Gold : 34,124 34,130 34,121 28, 615 Note circulation 109 106 105 98 Net foreign exchange 2, 450 2,046 884 5,259 Deposits 47 47 47 56 Loans and discounts j 22,229 22, 471 23, 313 14,155 Netherlands Bank (millions of flor- I Note circulation : 41,700 41, 278 39, 583 37, 725 ins): Deposits—Government 14,018 18, 594 17, 562 8,326 Gold 714 813 Bank 10,625 9,393 11,930 8,085 Foreign bills 1 2 2 Bank of Finla O nd th e (m r illions of mark- 2,869 2,464 3,181 2,546 N Lo o a te n s c i a r n c d u l d at i i s o c n o unts ; 1 7 5 8 2 1 7 1 5 5 0 4 7 1 5 5 7 7 "1 8 5 4 4 8 " kaa): Deposits 121 130 108 163 Gold ; 501 489 485 323 Reserve Bank of New Zealand Balances abroad and foreign (thousands of pounds): credits 1,328 1,263 1,287 1,317 Gold 2,802 2,802 2,802 3,002 Foreign bills : 87 85 79 107 Sterling exchange 24,830 23,113 22,104 22, 435 Domestic bills 865 766 711 750 Other assets—__ 2,069 2,012 1,997 2,300 Note circulation 1,520 1,445 1,342 1,441 Note circulation 10,153 9,855 10,064 9,341 Other sight liabilities 657 589 752 344 Demand deposits 17, 903 16,445 15, 215 16, 837 Bank of Greece (millions of drach- Bank 8.992 10, 671 10, 253 4,796 mas): Government . 8, 789 5,676 4,510 12,033 L G o o a ld n s a a n n d d f o d r i e s i c g o n u e n x ts c hange ; 3 5 , , 3 1 3 5 9 5 4 3 , , 8 3 7 58 3 3 4 , , 3 6 9 6 9 2 3 2 , , 7 5 8 6 7 7 Ban O k the o r f lia N bi o li r t w ie a s y (millions of 1, 645 1,628 1,623 1,558 Government obligations 4,172 3,281 3,281 3,267 kroner): Note circulation 5,670 5,521 5,614 5,541 Gold 185 185 185 135 Other sight liabilities 5,953 5,401 5,064 3,770 Foreign balances and bills 46 41 37 45 Liabilities in foreign exchange 275 251 247 170 Domestic credits 202 203 202 232 National Bank of Hungary (mil- Note circulation 357 346 339 323 lions of pengos): Foreign deposits 4 4 3 7 Gold 79 79 79 Total deposits 75 83 79 Foreign bills, etc -_-. 33 33 34 20 Central Reserve Bank of Peru Loans and discounts 514 526 519 535 (thousands of soles): Advances to Treasury 80 81 81 58 Gold and foreign exchange 48, 325 43, 597 Other assets 102 90 86 72 Bills 58, 247 61, 514 Note circulation 391 393 391 370 Note circulation 82, 675 71, 798 Deposits 121 122 119 86 Deposits 20, 522 29, 321 Certificates of indebtedness 104 104 104 115 Bank of Poland (millions of zlotys): Miscellaneous liabilities 166 163 160 168 Gold 427 445 445 507 Reserve Bank of India2 (millions Foreign exchange 26 17 21 15 of rupees): ; Loans and discounts 736 750 754 682 Issue department: Note circulation 979 979 959 945 Gold at home and abroad 444 444 444 Other sight liabilities 155 163 198 210 Sterling securities 673 673 662 Bank of Portugal (millions of es- Indian Gov't securities 244 244 255 cudos): Rupee coin 594 587 578 Gold 906 Note circulation 1,688 1,671 Other reserves 481 Banking department: Discounts and advances 290 Notes of issue department. _. 268 278 271 Government obligations. _ 1,049 Balances abroad 231 202 194 Note circulation 2,038 Investments 51 51 53 Other sight liabilities 872 Other assets 6 5 3 National Bank of Rumania (mil- Deposits—Go vernment 86 75 59 lions of lei): Bank 360 353 348 Gold 10,929 10, 884 10, 838 10, 461 Other liabilities 110 108 114 Foreign exchange of the reserve.--1 9 55 91 Loans and discounts ; 5, 509 5,399 5, 292 5,918 Special loans 4 ; 2, 594 2,688 2,709 2,876 State debt .. 11.179 10. 956 10. 827 9,824 1 Items for issue and banking departments consolidated. 2 Bank commenced operations Apr. 1, 1935. 3 Beginning with July, 1935, foreign exchange includes foreign bills previously reported with loans and discounts. 4 Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN MAY 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1935 1936 1935 Central bank March Fe a b ry r u- Ja a n ry u- March Central bank March Fe a b ry ru- Ja a n ry u- March National Bank of Rumania—Con. Swiss National Bank—Continued Other assets 11,871 11,751 11, 490 Loans and discounts 152 234 221 109 Note circulation 23,056 22,127 22, 298 21, 904 Note circulation 1, 319 1,274 1,275 1,358 Demand deposits 7,856 8,479 8,466 7,700 Demand deposits 411 466 405 481 Other liabilities 11,169 11, 081 10, 449 9,453 Central Bank of the Republic of South African Reserve Bank Turkey (millions of pounds): (thousands of pounds): Gold 30 30 28 Gold 29,644 28, 074 26, 801 28, 624 Foreign exchange 17 16 14 13 Foreign bills 5,208 5,206 5,512 6,558 Loans and discounts 13 17 24 2 Domestic bills 161 277 359 217 Investments 188 188 188 186 Note circulation 13,585 14, 251 14, 296 13, 076 Other assets 25 24 20 31 Deposits—Government 7,269 1,615 2,523 8,289 Note circulation 165 166 171 159 Bank 26,444 32, 834 28,519 25, 122 Deposits : 36 37 34 30 Other 2,941 1,378 2,157 2,817 Other liabilities... 70 72 70 Bank of Spain (millions of pesetas): Bank of the Republic of Uruguay Gold 2,228 2,253 2,253 2,269 (thousands of pesos): Silver 689 697 697 Issue department: Balances abroad 311 281 281 Gold and silver 41,091 41,091 Loans and discounts 2, 584 2,352 2,156 2,346 Note circulation 82, 865 81, 886 1 75, 016 Note circulation 5,171 5,197 4,789 4,560 Banking department: Deposits 1,105 1,180 1,390 1,049 Cash reserves °38, 452 40, 035 51,054 Bank of Sweden (millions of Loans and discounts '93, 785 94, 524 101,147 kronor): Other assets '• 55, 738 52, 425 40, 822 Gold 454 440 429 352 Deposits- Foreign assets 588 607 612 603 Demand 31,615 29, 965 32, 790 Domestic discounts and advances. 45 45 44 51 Time : 41, 595 41,332 39, 332 Government securities 29 29 29 138 Ministry of Finance 22, 021 22, 857 Other assets 186 177 168 114 Other 20, 737 20, 698 2,693 Note circulation 795 756 734 705 Other liabilities 72,007 72,131 43,191 Total deposits 401 442 447 455 National Bank of the Kingdom of Bank 226 237 257 Yugoslavia (millions of dinars): Government 146 174 158 Gold 1,490 1,480 1,461 1,266 Other liabilities 105 100 100 99 Foreign exchange 313 325 343 207 Swiss National Bank (millions of Loans and discounts 1,642 1,676 1,711 1,820 francs): Advances to State 2, 272 2,272 2,271 2,289 Gold 1, 509 1,445 1,389 1,713 Note circulation • 4,904 4,930 4,848 4,432 Foreign balances and bills 14 13 15 Other sight liabilities 1,481 1,472 1,504 1,191 c Corrected. 1 Liabilities of banking department. (See BULLETIN for December 1935.) BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1936 1935 1936 1935 Assets Liabilities Mar. 31 Feb. 29 Mar. 31 Mar. 31 Feb. 29 Mar. 31 Gold in bars 24, 198 29, 879 11,008 Demand deposits (gold) 19, 088 23, 948 10, 921 Cash on hand and on current account with banks __ _ 9,601 8,502 2, 639 Short-term deposits (various curren- Demand funds at interest 12, 960 14, 092 15, 465 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 26, 020 45, 915 23,711 (at cost): Time—Not exceeding 3 months. 113, 277 113, 752 108, 014 Commercial bills and bankers' acceptances 150, 250 147, 953 148, 451 Total 139, 297 159, 668 131,725 Treasury bills., _ ... 188, 279 211, 768 213, 976 Central banks for account of others: 338, 529 359, 721 362, 427 Demand ___________ 11, 334 9,605 22, 751 Time—Not exceeding 3 months 2,985 2,980 2,947 Time funds at interest—Not exceeding Other depositors: 3 months 36 033 33 738 37 482 Demand _ 813 2,446 2,220 Time—Not exceeding 3 months. 83 201 2,036 Sundry bills and investments* Maturing within 3 months: Long-term deposits: Treasury bills 36, 303 42, 541 31, 898 Annuity trust account ._ . _ _ 154, 340 154,434 154, 294 Sundry investments 61, 701 53, 322 64,038 German Government deposit 77,170 77, 217 77,147 Between 3 and 6 months: French Government guaranty fund. 61, 930 61, 930 61, 930 Treasury bills 13,411 13,424 28,165 French Government deposit (Saar) 2,031 2,031 2,031 Sundry investments ... 30, 607 42, 422 31, 664 Over 6 months: Total 295, 471 295, 611 295, 402 Treasury bills 50, 292 44, 317 28, 340 125, 000 125, 000 125, 000 Sundry investments 34, 530 35,148 36, 244 Reserves: Total 226, 844 231, 174 220, 348 Legal reserve fund 3,324 3,324 2,672 Dividend reserve fund ______ 5,845 5,845 4,866 Other assets: General reserve fund 11,690 11,690 9,732 Guaranty of central banks on bills Other liabilities: sold 6,235 6,150 6,120 Guaranty on commercial bills sold 6,278 6,150 6,234 Sundry items 6,383 6,235 4,340 Sundry items 39, 576 43, 023 43, 323 Total assets 660, 783 689,491 659, 829 Total liabilities 660, 783 689, 491 659, 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

379 MAY 1936 FEDERAL RESERVE BULLETIN COMMERCIAL BANKS [Figures are as of end of month, except those for England, which are averages of weekly figures] Assets Liabilities England (Figures in millions of pounds sterling) re C se a r s v h es M ca n o s l o h n l t o e a ic y r n t e d at B co il u ls n t d e i d s- Se t c ie u s ri- L cu o s a e t n r o s s m to - a O s t s h e e t r s Total D D e e p m o a s n it d s 1 Timei lia O b t i h li e t r ies 10 clearing banks 1935—Julv _ 219 14. 274 615 778 215 2,019 1,084 899 227 August __ _ _ _ _ _, 213 14. 287 615 768 205 2,013 1,068 899 224 September 208 147 299 619 766 205 2,024 1,080 903 221 October 204 141 297 626 111 213 2 036 1,064 921 224 November _ _ _ 214 147 293 621 778 214 2,040 1,080 918 227 December. _ _ _ __ _ 221 15. 322 605 784 231 2,091 1, 140 924 231 1936—January 220 15. 337 601 791 218 2, 092 230 Februarv___ ... _ __ 221 151 288 601 804 218 2,053 231 March 210 15. 249 605 829 221 2,038 230 11 clearing banks 2 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 March __ _____ _ 217 162 252 635 854 230 2,108 241 Assets Liabilities France (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b ue a n f k r s om B co il u ls n t d e 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 rime a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1935—July 4, 348 2,151 17, 464 7,702 1.383 28, 649 27, 932 718 293 4,106 August 4,211 2,39c 17, 226 7,592 1,414 28, 589 27,916 673 257 3,995 September. ___ _ 4,075 2,364 17,585 7,450 1,489 28, 684 28,016 669 236 4,043 October 3, 996 2, 41S 17, 692 7, 505 1,620 28, 800 28,101 699 268 4,158 November _ __ _ 3, 909 2,75£ 16,529 7,718 1,751 28,110 27, 406 704 329 4,226 December 3, 739 2 484 16,141 8 025 L,900 27, 553 26,859 694 337 4,399 1936—January ______ 3, 451 2,562 16, 601 7,765 ,086 27, 548 26, 859 689 349 3,568 February. _ . _ _ _ _. 3,431 2, 525 16, 470 8,006 1,101 27, 603 26, 903 700 338 3, 595 Assets Liabilities Germany (5 large B l e io rl n in s o b f a n re k i s c . h sm Fi a g r u k r s e ) s 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 t d e i d s- Loans Se t c ie u s ri- a O s t s h e e ts r Total D D e e p m o a s n it d s Time o C b b f r t a r a e o n i d m n k i e t s s d l O ia t t i b h e i s e li r - 1935—July . . 185 360 2,284 2,886 990 991 5, 525 2,482 3,043 716 1,455 August 151 341 2,221 2,899 1,019 992 5, 464 2,419 3, 045 705 1,454 September 195 341 2,035 2,918 1,061 996 5,382 2, 436 2, 947 701 1,463 October 156 314 2,167 2,889 1,033 993 5,408 2,451 2,957 682 1,463 November 139 316 2,162 2,884 1,027 983 5,376 2, 435 2,941 686 1,449 1936—January 134 306 2,294 2,847 1,003 958 5, 460 2, 480 2, 980 659 1,423 February 128 307 2,275 2, 900 987 945 5, 472 2, 409 3,063 652 1,417 March.. ___ __ ___, 186 317 2,285 2, 890 982 935 5, 544 2, 560 2, 985 651 1, 399 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada exclu d d ep in o g s it i s nterbank (10 cha l r io te n r s e d o f b C a a n n k a s d . ian F ig d u o r l e la s r s i ) n mil- re C se a r s v h es S l e o c a u n r s ity an O lo d t a h d n e s i r s- a a f n o f b d d r r r o e u o m i e n g a e d n t Se ti c e u s ri- a O s t s h e e ts r cir ti c o u n la- Total Demand Time l O ia t t i b h e i s e l r icounts banks 1935—June _. 207 85 955 127 1,018 468 122 2,039 613 1,426 699 July 209 77 938 134 1,031 460 114 2,032 604 1,428 702 August _ . _ 228 77 955 142 1,041 473 123 2,065 631 1,434 728 September _ 223 76 965 157 1,103 464 123 2,131 687 1,444 734 October 235 74 982 132 1,116 476 121 2,151 685 1,465 744 November.. _ _ . 229 96 980 151 1,137 453 124 2,174 699 1,474 748 December 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—January. ..___. .. . _. 220 78 874 150 1,207 472 112 2,144 645 1,499 745 February. _ _ 224 78 869 151 1,265 444 118 2,152 635 1,517 761 March 227 77 864 154 1,316 459 117 2,197 665 1,532 78. 1 Excluding deposits of the National Bank relating to offices outside England, which are included in the total. 2 District Bank included beginning January 1936. 3 Combined monthly balance sheet not published for December. NOTE.—For back figures and explanation of table see BULLETIN for October 1933, pp. 639-646, and June 1935, pp. 388-390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN MAY 1936 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective E la n n g d - France C m e G n a e t n r r- a y l ba I n ta k l y of— N la e n th d e s r- Sw la i n tz d er- b C an e k n t o r f a — l M Ra 7 a t y e ef D fec a t t i e ve b C an e k n t o r f a — l M Ra a t y e eff D ec a t t i e ve In effect Julv 1, 1935. 2 5 4 34 4 24 Albania 74 Nov. 16, 1933 India 3 Nov. 28, 1935 July 5 - - _ - 4 Argentina. __ 3,4 Mar. 1, 1936 Italy 5 Sept. 9, 1935 July 6 34 Austria . 3,4 July 10, 1935 Japan 3.29 Apr. 7, 1936 July 18 - _ 3 Belgium 2 Mav 16, 1935 Java 4 July 1, 1935 July 19 ._ Bolivia 6 July 5, 1932 Latvia _ _ 54 Jan. 1, 1933 J J u u l l v y 2 25 6 - - o 6 B C u an lg a a d r a ia 6 24 A M u a g r . . 1 1 1 5 , , 1 1 9 9 3 3 5 5 N Li e t t h h u er a l n a i n a d . s .. . 6 A Fe p b r . . 4 1 , , 1 1 9 9 3 3 6 0 Aug. 3 5 Chile. .. i cJan. 8, 1936 New Zea- 2V2 Aug. 9 - .__ 3 Colombia. V July 18, 1933 land 4 Aug. 1, 1934 Aug. 12 Czechoslo- Norway May 24, 1933 Sept. 9 -- 5 vakia 3 Jan. 1, 1936 Peru. _ __ fA May 20, 1932 Sept 17 6 Danzig 5 Oct. 21, 1935 Poland 5 Oct. 23, 1933 Oct. 17 _- 5 Denmark.. 3.4 Aug. 22, 1935 Portugal May 7, 1936 Oct 22 44 Ecuador 4 Nov. 30, 1932 Rumania 44 Dec. 15, 1934 N N o o v v . 1 5 4 - -- 4 34 E E l n g S l a a l n v d ador. 2 5 J J u u l n y e 3 5 0 , , 1 1 9 9 3 3 4 2 S S o p u a t i h n . A _ fr i _ ca s 5 y2 J M ul a y y 1 1 5 5 , , 1 1 93 93 3 5 Nov. 15 4 Estonia 44 Oct. 1, 1935 Sweden 24 Dec. 1, 1933 Nov. 22 5 Finland 4 Dec. 3, 1934 Switzerland. 2H May 3, 1935 Nov 26 6 France 6 Mav 7, 1936 Turkey 5lA Mar. 2, 1933 Jan. 2, 1938. . 5 Germany - 4 Sept. 22, 1932 U. S. S. R... 8 Mar. 22, 1927 Jan 10 4 Greece 7 Oct. 14, 1933 Yugoslavia. - 5 Feb. 1, 1935 Jan.16 3 Hungary 4 Aug. 29, 1935 Feb.4 . 24 Feb. 7 34 Mar. 28 _ 5 c Corrected. May 7 6 Changes since April 7: France—May 7, up from 5 to 6 percent; Port- In effect May 7, 1936. 2 6 4 5 24 24 ugal—May 7, down from 5 to 43^ percent. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] England (London) Germany (Berlin) Netherla d n am ds ) (Amster- Month a 3 c B ce a m p n t k o a e n n r c t s h e ' s s , T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a n B l l a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f th or Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f th or 1935—March 3.38 3.60 3.94 1.00 April 3.38 3.60 3.64 3.65 3.26 May 3.09 3. 10 3.17 3.78 2.96 June 3.00 2.93 3.16 4.42 3.83 July 3.00 2.97 3.10 3.25 2.77 August 3.00 3.00 3.06 4.78 4.72 September 3.02 3.07 3.21 5.48 5.65 October 3.04 3.26 3. 13 4.70 5.00 November. 3.01 3. 10 3.07 3.15 3.00 December. 3.00 3.23 3. 15 3.20 3.08 1936—January... 3.00 3.09 2.81 2.37 2.29 February.. 3.00 2.97 2.77 1.31 1.63 March 3.00 3.07 2.99 1.20 1.68 Sw la it n z d er- ( B B e r l u g s i s u e m ls) F (P r a a r n is c ) e (M It i a l l a y n) Hungary S ( h w S o t e o lm d ck e ) n - Japan (Tokyo) Month d P is r r c i a v o te a u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o te a u t n e t d P is r r c i a v o te a u t n e t c c ia o P l m ri p m m a e e p r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b c i o l u ls nted ov m e C o rn a n l i e l g y ht 1935-M Ap a r r i c l h 1 1 . . 5 8 0 0 2 2 . . 3 3 8 8 2 2 . .1 1 4 2 3 3. . 5 8 0 9 4^-7,4 3 4 4 2 y 42y -244 5 5 . . 1 1 1 1 2 2 . .5 7 4 0 J J M u u a l n y y e 2 2 2 . . . 3 6 7 9 0 9 2 1 1 . . . 8 8 1 8 8 2 2 5 4 . . . 5 7 0 6 2 6 3 3 3 . . . 5 5 5 0 0 0 4 & 4 3 4 / / T 2- - - 7 7 W 3 4 /2 2 3 33 4 4 2 2 2 3 4 ^ - ^ 4 - - 4 3 4 / , ^ 4 2 5 5 5 . . . 1 1 1 1 1 1 2 2 2 . . . 4 4 4 0 5 5 August 2.47 1.88 3.06 4.17 41^-74 23-2-44 5.11 2.60 September.. 2.40 1.88 2.85 4.87 4 -7 23^-43^ 5. 11 2.62 October 2.37 1.88 2.71 5. 00 4 -7 24-4 5.11 2.69 November.. 2.44 1.88 3.89 5.00 4 —7 23^4 5.11 2.78 December.. 2.50 1.88 5.89 5.00 4 -7 5.11 1936-- January... 2.48 1.52 4.26 5.00 4 -64 2% H34 5.11 2.64 February.. 2.37 1.45 3.81 5.00 4 -r " 2K 24-43^ 5.11 2.56 March 1.38 3.74 5.00 2444 NOTE.—For explanation of table see BULLETIN for November 1925, pp. 794-795; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736 and May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 381 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month A (p t r e i g n s e o a n )i - (p t A o ra u u l n s i - d a )2 A ( l u s in c s h g t i ) r l ! - ia ( g b B i e e u lg l m - a) B r ( r e m a is i z ) l- i il g B (l a e u r v l i ) - a 1 C (d a o n l a la d r) a ( C pe h s i o le )1 C (y h u i a n n a ) C ( o p b e lo i s a o m )1 - C (p u es b o a ) C s (k lo z o e v r c u a h n k a o i ) a - ( m D kr e a o n r n - k e) 1929 95.1274 480.83 14.0575 13.9124 11.8078 0.7216 99.2472 12.0601 41.9007 96. 5512 99. 9647 2.9609 26. 6802 1930 .. 83. 5050 458. 60 14. 0891 13.9524 10.7136 .7209 99. 8424 12. 0785 29. 9166 96. 4930 99.9515 2. 9640 26. 7650 1931 66. 7375 351. 50 14.0227 13.9285 7.0290 .7163 96. 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 99. 9409 2. 9618 18. 8317 1933 3 72. 8009 337.07 15. 4478 17.8996 7.9630 1.0039 91.9587 7. 6787 428. 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—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 5. 0996 40. 4002 54.4068 99. 9182 4. 1828 22. 0458 July 33. 0262 393. 31 18. 9148 16.9117 8. 3146 1. 3149 99. 8322 5.0990 38. 6791 52. 9692 99. 9194 4.1729 22.1303 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 4.1363 21.9834 December, _ 32. 8542 391. 28 18.7828 16.8565 8. 3902 1. 3309 99.0453 5.0937 29.4496 57.0300 99.9200 4.1433 22.0012 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. 1526 Februarys- 33. 3291 398. 06 18. 9708 17.0416 8.3803 1.3380 100.1136 5.0950 29.9116 58.2683 99.9209 4.1936 22.3211 March ___ 33.1346 396. 01 18. 8548 16.9787 8. 4871 1. 2902 99. 8421 5. 0930 29. 8243 57. 2235 99. 9025 4.1637 22.1898 April 32. 9541 393.72 18.7242 16.9146 8. 5564 1.2812 99. 5019 5.0853 29. 7339 57.0023 99. 9025 4.1359 22. 0644 Year or month ( E po g u y n p d t ) E ( n po g u la n n d) d F (m in a l r a k n ka d F (f r r a an n c c ) e ( m m r G e a a i e c r n r k h y - ) s- G (d m r r e a a e c ) h c - e ( H K do o o ll n n a g g r) ( H p g e u a n r n g y - o)1 ( I r n up d e i e a ) I (l t i a ra l ) y * J ( a y p en a ) n M (p e e x s i o c ) o N ( l f e a l t o 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 1931 465.1111 453.4990 2. 3875 3. 9200 23. 6302 1. 2926 24. 3305 17.4522 33.6895 5. 2063 48. 8509 635. 4919 40. 2298 1932 359. 5406 350. 6067 1.5547 3. 9276 23.7492 .8320 23. 4604 17. 4460 26. 3468 5.1253 28.1112 31.8500 40. 2949 1933 434.3908 423. 6821 1. 8708 5. 0313 30. 5179 . 7233 29.4516 22. 3598 31.8159 6. 7094 25. 6457 28.1025 51. 7209 1934 516.8549 503.9302 2.2277 6. 5688 39. 3751 .9402 38. 7156 29. 5746 37.8793 8. 5617 29. 7153 27. 7423 67.3831 1935 502. 6007 490.1761 2. 1627 6.6013 40.2575 .9386 48. 2173 29. 6023 36. 9640 8. 2471 28. 7067 27. 7779 67.7147 1935—April,__ _.. 495. 9246 483. 6812 2.1315 6. 5970 40.2638 .9354 52. 6702 29.4937 36. 4393 8. 2821 28. 3679 27. 9350 67. 4576 May... 501.1845 488. 7755 2.1543 6. 5883 40. 2472 .9340 59. 3095 29.4356 36. 8602 8. 2253 28. 7295 27. 7882 67. 6195 June 505. 9839 493. 4922 2.1782 6.6121 40. 4072 .9423 57. 5162 29. 5062 37.1944 8. 2566 28. 9931 27. 7781 67. 8743 July 508. 3151 495. 7659 2.1859 6. 6242 40. 3538 .9442 53. 0310 29. 6809 37. 3467 8. 2259 29.1510 27. 7660 67. 9862 August 509. 5780 496. 9880 2. 1907 6. 6262 40. 3456 .9437 50. 3262 29. 7010 37. 4849 8. 2074 29. 3192 27. 7521 67.7819 September . 505. 5597 493. 0654 2. 1742 6. 5908 40.2278 .9384 50. 0547 29. 6240 37. 2082 8.1409 28. 9378 27. 7558 67. 5556 October 503.2065 490. 7834 2.1645 6. 5892 40.2251 . 9391 48. 9702 29. 6367 37. 0217 8.1243 28. 6687 27. 7631 67.7416 November.. 504. 9614 492. 4950 2.1719 6. 5862 40.2251 .9390 36. 4772 29. 6242 37.1419 8.1024 28.6828 27. 7673 67.8024 December,. 505. 3533 492. 8772 2.1745 6. 5986 40.2167 .9383 32. 7016 29. 6185 37. 2008 8. 0750 28.7386 27. 7675 67. 7696 1936—January 508. 8316 496. 2696 2. 1890 6. 6251 40.3966 .9424 32. 2051 29.6778 37.4606 8.0276 28. 9932 27.7677 68.1734 February... 512.7045 500.0469 2. 2063 6. 6810 40.6870 .9509 32. 7955 29. 7856 37.7344 8. 0373 29.1299 27. 7691 68. 6769 March 509. 6623 497.0675 2.1928 6.6338 40.4389 .9457 32. 5619 29.6168 37.5101 7.9830 28.9381 27.7666 68. 3526 April 494. 2682 2.1807 6. 5898 40. 2383 .9389 32. 5247 29. 4781 37. 3153 7. 8936 28. 8688 27. 7679 67. 8854 Year or month Z (p e N o a u e l w n a d n - ) d 2 N (k o r r o w n a e y ) P (z o l l o a t n y) d P (e o s g c r a u t l d u o - ) R ( u n le m ia u) a- (p S A o o f u r u n ic t d h a )2 ( S pe p s a e i ta n ) S S ( m d t e o r e t l a t n l l a i t e t r s ) s - S ( w kr e o d n e a n ) S ( w l f a r i a t n n z d c e ) r-T (p u o r u k n e d y ) ( U g p u e r s a u o y - )1 Y ( s d l u a in v g a i o r a ) - 1929 483. 21 26. 6827 11.1940 4. 4714 0.5961 483.27 14.6833 56.0117 26.7839 19.2792 48.4105 98. 6294 1.7591 1930 468. 22 26. 7598 11. 2051 4. 4940 .5953 483. 79 11.6670 55. 9639 26. 8543 19.3820 47. 0608 85. 8650 1. 7681 1931. .. 415. 29 25. 0546 11.1970 4. 2435 .5946 480.76 9. 5453 52. 4451 25.2540 19.4009 47.1814 55. 3572 1.7680 1932 320.19 18. 0039 11. 1823 3.1960 .5968 476. 56 8. 0438 40. 3970 18.4710 19. 4049 47. 2854 47. 0639 1.6411 1933. .. 340.00 21. 4292 14.4135 3.9165 .7795 414. 98 10.7189 49.2320 22. 0324 24. 8355 60.4396 60. 3360 1. 7607 1934 402. 46 25. 3161 18. 8460 4.6089 1.0006 498. 29 13. 6150 59. 0052 25.9815 32. 3663 79. 0472 79. 9562 2. 2719 1935 391.26 24.6268 18.8824 4. 4575 .9277 484. 66 13.6783 57.1733 25. 2710 32. 4972 80.3123 80. 2513 2. 2837 1935—April 385. 85 24. 2975 18. 8617 4.3930 1.0074 478. 27 13.6693 56. 3329 24.9325 32. 3645 80.5065 80.2015 2. 2757 May _ 389.90 24. 5563 18.8426 4. 4407 1.0057 483. 34 13.6522 56. 8942 25.1988 32. 3230 80. 5269 80.0946 2. 2737 June 393. 54 24.7910 18. 9146 4. 4856 1.0078 488. 06 13.6982 57. 3762 25. 4408 32. 6800 80.6688 80. 3547 2.2913 July 395. 65 24. 9062 18.9574 4. 5095 1.0004 490. 61 13. 7259 57. 5466 25. 5583 32. 7474 80.6550 80.4841 2. 2965 August 396. 86 24. 9482 18.9567 4. 5153 . 9351 488. 74 13.7296 57. 8282 25. 6227 32. 7180 80.8063 80.5377 2. 2973 September . 393. 69 24. 7710 18.8450 4. 4868 .8077 488.42 13. 6569 57.6180 25. 4219 32. 5042 80.2667 80.1204 2. 2823 October 391. 86 24. 6570 18. 8361 4. 4703 . 7965 485. 63 13.6537 57. 4404 25. 3030 32. 5326 80.2442 80.1885 2. 2834 November.. 393.74 24. 7399 18. 8249 4. 4787 .7899 487. 08 13.6477 57. 6071 25.3877 32.4449 80.2674 80.1500 2. 2858 December. _ 394. 32 24. 7605 18. 8486 4. 4854 .7879 487. 44 13.6704 57. 6112 25. 4092 32. 4323 80.1536 80. 2075 2. 2886 1936—January 397. 53 24. 9316 18.9311 4. 5120 .7879 490. 83 13. 7274 58. 0574 25. 5829 32. 6622 80.6850 79.9466 2. 2991 February... 401.15 25.1214 19.1315 4. 5489 .7632 494. 51 13.8412 58. 5530 25. 7779 33. 0330 81. 3030 80.2582 2. 3196 A M p a r r i c l h 3 39 9 6 9 . . 0 8 8 0 2 2 4 4 . . 9 8 7 33 3 5 5 71 1 8 8 . . 8 9 2 6 6 2 2 3 4 4. . 5 5 0 1 9 5 2 5 . .7 7 3 3 3 7 0 7 4 48 9 8 1 . . 7 5 6 6 1 1 3 3 . . 6 7 5 4 4 5 0 0 5 5 8 7 . . 9 2 3 4 8 3 9 0 2 2 5 5 . . 6 4 2 8 5 1 8 7 3 3 2 2 . . 8 58 2 0 0 0 6 80.8184 8 7 0 9 . . 0 7 2 6 1 9 6 2 2 2 . . 3 2 0 8 3 8 0 2 1 Partly or wholly nominal since April 1933. 2 Partly or wholly nominal since April 1934. 3 Paper peso, equivalent to 44 percent of gold peso, quoted in place of latter beginning Dec. 13, 1933. Average for 1933 is for gold peso for Jan. 1-Dec. 10. 4 Beginning Apr. 10,1933, new yuan, containing 23,4934 grams of pure silver, quoted in place of old yuan, containing 23.9025 grams of pure silver. Average for 1933 is for new yuan for Apr. 10-Dec. 31; average for old yuan for Jan. 1-Apr. 9 was 20.2103 cents. s Nominal from Nov. 23, 1935 to Apr. 1, 1936, inclusive. 6 Silver peso quoted in place of gold peso beginning July 30, 1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso for Jan. 2-July 29 was 47.6510 cents. 7 Nominal beginning Apr. 28, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN MAY 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United Canada England France Germany Italy Japan N l e a t n h d e s r- Year or month (19 S 2 t 6 a = t e 1 s 00) (1926=100) (1930 = 100) (1913 = 100) (1913 = 100) (1913=100) 1 ( 9 O 00 c t = o b 10 e 0 r ) (19 1 2 0 6 0 - ) 30= 1926 100 100 695 134 602 237 106 1927 95 98 642 138 495 225 103 1928 97 96 645 140 462 226 102 1929 . _ _ _ 95 96 627 137 445 220 100 1930 86 87 100 554 125 383 181 90 1931 73 72 88 502 111 328 153 76 1932 65 67 86 427 97 304 161 65 1933 66 67 86 398 93 280 180 63 1934 75 72 88 376 98 273 178 63 1935 80 72 90 338 102 186 62 1934—December 77 71 88 344 101 276 181 1935—January 79 71 88 350 101 277 182 62 February 80 72 . 88 343 101 278 184 62 March 79 72 87 335 101 288 184 61 April _ _ _ _ 80 73 88 336 101 296 182 61 May 80 72 88 340 101 302 182 61 June__ _._ _ 80 72 88 330 101 308 180 61 July 79 72 88 322 102 310 180 61 August.. 81 72 88 330 102 323 183 61 September 81 72 90 332 102 330 189 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 1936—January 81 73 92 359 104 192 62 February 81 73 92 '372 104 191 62 March 80 72 92 376 104 191 62 f Revised. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) England 1930=100) France (1913 = 100) Germany (1913 = 100) Year or month pr F o a d r u m cts Foods co O i m t t i h m 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 i u a u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r io o n v s i- 1926 100 100 100 581 793 129 132 1927 99 97 94 599 678 138 129 1928 _ _ 106 101 93 584 697 134 133 1929 105 100 92 579 669 130 125 1930 88 91 85 100 100 526 579 113 113 1931 65 75 75 89 87 542 464 104 96 1932 48 61 70 88 85 482 380 91 86 1933 --. 51 61 71 83 87 420 380 87 75 1934 65 71 78 85 90 393 361 96 76 1935 79 84 78 87 90 327 348 102 84 1934—December __ 72 75 78 87 89 344 343 101 79 1935—January 78 80 78 87 89 351 350 100 ' 81 February 79 83 77 87 89 339 346 100 81 March 78 82 77 85 88 329 '340 99 83 April _ 80 85 77 85 89 325 345 100 84 May 81 84 78 86 90 324 353 101 84 June__ 78 83 78 86 89 307 351 102 86 July 77 82 78 85 90 292 347 103 85 August 79 85 78 86 90 311 347 104 85 September 80 86 78 88 90 322 341 104 84 October... __ _ _ _._ 78 85 78 89 92 331 351 104 84 November 78 85 79 88 93 338 357 105 84 December 78 86 79 89 93 350 356 105 1936—January 78 84 79 89 93 364 355 105 February 80 83 79 88 94 '391 356 105 March__ _ _ 77 80 79 87 94 396 358 105 £ £ j Indus- Indus- trial raw trial fin- and semi- ished finished products products 130 150 132 147 134 159 132 157 120 150 103 136 89 118 88 113 91 116 92 119 92 119 92 119 92 120 91 120 91 120 91 119 91 119 91 119 91 119 92 119 93 119 93 119 93 119 93 120 85 94 120 85 94 120 r Revised. Sources.—See BULLETIN for March 1931, p. 159, March 1935, p. 180, and October 1935, p. 678. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

383 MAY 1936 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month (1 U 9 S 1 n t 3 a i = t te e 1 d s 00)1 E 19 n 1 ( g J 4 u = la l 1 y n 0 d 0) 19 F 1 ( r 4 J a = u n l 1 c y 0 e 0)2 G 1 e 4 ( r 1 = m 9 1 1 a 3 00 - n ) y Year or month U 2 S 5 (1 n t = a 9 i 2 1 t t e e 0 3 0 d s - ) E 19 n 1 ( g J 4 u = la l 1 y n 0 d 0) ( 1 J 9 F a 1 r n 4 a . = - n 1 J c u 0 e 0 n ) e 2 G 1 e ( 4 1 r = 9 m 1 1 0 3 a 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 98 123 1935—March 122 122 88 119 1935—March 81 141 122 April 124 119 85 119 April 139 100 122 May. . 124 118 86 120 May 139 123 June 123 120 86 121 June 140 123 July 122 126 83 123 July 80 143 99 124 August 122 126 81 123 August 143 125 September 124 125 81 121 September. _ 143 123 October 124 128 85 120 October 81 145 95 123 November 131 87 120 November. 147 123 December 131 88 121 December 147 123 97 1936—January 131 90 122 1936—January 81 147 124 February 130 91 122 February _ 147 124 March 129 91 122 March 146 124 1 Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. Indexes for revised series, 1923-25=100, are 80 for October, 82 for November, 82 for December 1935, 82 for January 1936, 81 for February, and 80 for March. 2 Index represents prices converted to gold basis of 1914. Sources.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England— Ministry of Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Ge"ne"rale, and for cost of living, Commission d'e"tudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 avreage= 100) Year or month U ( S av n ta e i r t t a e e g d s e ( 1 E D 92 n e 1 c g e = l m a 1 n b 0 d 0 e ) r 1 ( a 1 F g 9 r 1 e a 3 = n 1 a c 0 v e 0 e ) r- G ( e a p v r r m e ic ra e a g ) n e y i U S n ta it t e e d s England l France Germany price) Number of issues 60 87 36 139 421 278 300 329 1926 _ _ . . _ . 97.0 110.0 57.4 100.0 100.0 100.0 100.0 1927 98.9 110.7 71.7 118.3 107.0 123.2 145.0 1928 98.7 112.3 80.8 85.5 149.9 115.9 178. 1 136.1 1929 95 7 110 2 85 1 81 4 190 3 119. 5 217. 6 122.8 J930 98.3 111.8 95.8 83.3 149.8 102. 6 187. 6 100.2 1931 _ _ 96. 1 108.4 96.9 2 83.4 94.2 78.9 132.2 2 78.0 1932 81. 1 113.2 88.6 2 67.1 48.4 67.9 105.2 3 50.3 1933 84.0 119.7 81.3 82.5 63.4 78.6 99.6 61.7 1934 . 96.7 127.5 82. 1 90.7 72.5 85.7 83.3 71.1 1935 102.3 129.9 83.5 95.3 78.5 86.3 79.7 82.9 1935—March 99.9 130.3 84.1 96.1 63.9 82.6 78.1 80.6 April 100.0 131.3 84.8 95.1 67.5 83.8 79.8 81.9 May.. _ 101.2 131.3 82.4 95.3 73.1 86.0 88.0 83.5 June 102.2 130.3 82.8 95.3 76.0 86.9 82.4 86.0 July 104.2 131.5 82.4 95.3 79.4 86.9 77.7 86.8 August 104.2 129. 8 83.9 95.4 83.3 88.3 79.0 87.6 September. _ . 103.1 124.3 82.7 95.1 85.0 84.7 76.4 85.0 October. _ 101.9 125.5 82,1 94.9 86.1 84.6 77.3 83.5 November 103.5 128.9 78.8 94.9 94.2 88.9 76.8 82.1 December. . 104.5 129.5 79.1 94.9 95.7 90.2 77.3 81.9 1936—January ___ __ ._. _ 106.5 130.1 78.9 95. 1 101.7 93.1 83.7 84.2 February. _ 107.8 131.0 77.9 95.2 106. 7 95.2 86. 7 86.0 March 108.4 130.2 75.2 95.3 108.7 94.1 84.1 85.6 1 Annual indexes are unweighted averages of monthly indexes. 2 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources— See BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN MAY 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] 19 1935 Wednesday figures (1936) Federal Reserve bank Federal Reserve bank April March April Apr. 1 Apr. 8 Apr. 15 Apr. 22 Apr. 29 Boston 608 176 650 Boston 385 289 1,215 1,121 526 New York 3, 370 4,183 3,801 New York 3,978 3,485 3,485 3, 095 3,436 Philadelphia 439 490 556 Philadelphia 460 442 464 389 320 Cleveland 39 91 132 Cleveland 50 45 43 29 20 Richmond 47 247 Richmond . _ 11 28 179 25 21 Atlanta 30 58 235 Atlanta. . . ... 104 6 56 4 Chicago 283 209 58 | Chicago _ .. -_ ._. . . 1,529 270 20 12 150 St Louis 18 33 16 | St. Louis 34 15 15 13 12 Minneapolis 119 94 52 j Minneapolis 145 140 130 91 103 Kansas City 219 228 92 Kansas Citv _ 172 380 202 110 155 Dallas 289 157 373 Dallas 239 279 287 299 315 San Francisco . . .. 133 188 159 San Francisco 147 122 97 82 265 Total 5,618 5,954 6,371 Total _ . - 7, 254 5,502 6,193 5,270 5,323 I Back figures.—See Annual Report for 1934 (table 10). TOTAL RESERVES, DEPOSITS, NOTE CIRCULATION, AND RATIO OF TOTAL RESERVES TO LIABILITIES [Averages of daily figures. Amounts in thousands of dollars] Ratio of total reserves to Total reserves Total deposits Federa c l i r R cu es la e t r i v o e n n 1 otes in d R e e p s o er s v it e n a o n te d l ia F b e i d li e ti r e a s l combined 1936 1935 1936 1935 1936 1935 1936 1935 April March April April March April April March April April March April Boston 593,419 593, 964 447,093 394, 054 398, 245 321, 393 342,473 338,267 266, 722 80.6 80.6 76.0 New York 3, 150, 357 3, 246, 829 2, 249, 302 3, 021, 025 3, 122, 427 2, 259, 876 797, 777 791, 861 662, 799 82.5 82.9 77.0 Philadelphia 460,008 446, 287 326, 607 340,119 330, 582 236, 970 280, 321 277, 700 237, 523 74.1 73.4 68.8 Cleveland- 629, 459 578, 504 455,183 464, 798 418, 639 335, 314 362, 798 360, 902 312, 739 76. 1 74.2 70.2 Richmond 279, 970 282,128 202, 637 218, 372 219, 245 159, 809 174, 775 175, 932 153,468 71.2 71.4 64.7 Atlanta. _. . 215, 895 213, 579 132, 328 148,597 144, 403 92, 910 161,128 160, 494 126,993 69.7 70.0 60.2 Chicago 1,426,827 1, 444, 468 1,138, 604 847,100 877, 539 703, 905 868, 878 862,020 792,159 83.1 83.0 76.1 St. Louis__ __ 227, 720 221, 706 183, 321 182. 662 176, 447 145, 059 162,028 162, 290 140,017 66.1 65.5 64.3 Minneapolis 160,898 177, 391 145, 206 118, 128 136, 881 107, 475 113,549 111, 625 104, 206 69.4 71.4 68.6 Kansas City 224, 064 216,414 199, 483 193, 923 185, 848 183,817 144, 925 143, 296 119,743 66.1 65.8 65.7 Dallas... 146, 491 154,973 98,303 159,177 158, 352 121,086 75,184 74, 974 47, 221 62.5 66.4 58.4 San Francisco. 507, 842 447, 469 327, 703 405, 306 348, 382 297, 918 286, 397 282, 981 207, 948 73.4 70.9 64.8 Total . _. 8, 022, 950 8, 023, 712 5, 905, 770 6, 493, 261 6, 516, 990 4, 965, 532 3, 770, 233 3, 742, 342 3,171,538 78.2 78.2 72.6 1 Includes Federal Reserve notes of other Reserve banks as follows: Latest month, $19,854,000; month ago, $18,012,000; year ago $16,422,000. Back figures—See Annual Report for 1934 (table 9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 385 ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK, ALSO FEDERAL RESERVE NOTE STATEMENT, APRIL 30, 1936 fin thousands of dollars] Total B to os n - Y N o ew rk P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a i a t n s - y Dallas F c S r i a a s n c n o - ASSETS Gold certificates on hand and due from U. S. Treasury 7, 703,835504, 2613, 055, 991 406, 832 582, 722 252, 010 208, 6061, 483, 545 222, 283150, 431206, 242139, 532491, 380 Redemption fund—Federal Reserve notes 12, 877 2,429 1, 607 282 644 191 2,070 376 1,048 290 1,111 494 2,335 Other cash 332,496 32, 068 96, 832 40, 929 31,380 19, £ 10,145 44,193 14,138 6,771 18, 807 4,883 12, 364 Total reserves 8, 049, 208538, 758 3,154,430 448, 043 114, 746 272, 18' 220,821 1,528,114237,469 157,492226,160144, 909 506,079 Bills discounted: Secured by U. S. Government obligations, direct and/or fully guaranteed 2,991 1,, 320 20 100 50 32 110 Other bills discounted 2,493 1,738 50 138 283 180 Total bills discounted 5,484 734 3,331 320 20 21 150 103 188 315 290 Bills bought in open market 348 1,754 471 439 190 163 578 61 133 133 327 Industrial advances 30, 346 2,903 7,706 5,324 1,825 3,862 830 2,148 521 1,462 951 1,731 1,083 U.S. Government securities: Bonds 265, 683 17, 956 68, 473 20, 755 23, 973 12, 834 11,019 28, 415 13, 492 14, 488 13,013 19, 347 21,918 Treasury notes 1, 554, T ' 103, 893 482, 760116, 714144, 293 77, 244 66, 320 171, 029 81, 704 45, 551 77, 206 56, 254131,921 Treasury bills 609, 667 35, 828 178,150 39, 651 49, 759 23, 638 22, 870 121, 720 28, 004 15, 531 26, 625 19, 39945, 492 Total U. S. Government securities 2, 430, 239157, 677 729, 383177,120 218, 025116, 716100, 209 321,164 123, 200 75,570 116,844 95, 000199, 331 Other securities 181 181 Total bills and securities 2, 470, 934161, 662 742,174183, 235 220, 309120, 789101, 202 324, 040123, 820 77,196118, 29797,17'9 201,031 Due from foreign banks 631 50 239 63 60 28 23 78 4 3 19 19 45 Federal Reserve notes of other banks.. 21,' 378 7, 360 880 953 983 1,584 3,245 1,467 91' 794 470 2,058 Uncollected items 555, 553 57,078 157, 692 39, 53, 347 43, 368 22, 323 73, 886 22, 959 13, 775 29, 734 17,756 23, 827 Bank premises 48,031 3,113 10, 849 5,063 6,525 2,919 2,284 4,830 2,452 1,531 3,360 1, 525 3,580 All other assets 38, 509 256 27, 556 4, 358 1,518 1,015 1,361 385 246 432 315 772 295 Total assets 11,183,955 761, 295 4,100, 300 681, 450897, 458 441, 289 349, 5981, 934, 571 18, 417251, 346378, 679 262, 630 736, 915 LIABILITIES Federal Reserve notes in actual circulation 3, 762,106 342, 325 790,007 280,056365, 517172,283 160, 725 870, 886 161, 480113,66'145, 208 4, 540 285, 412 Deposits: Member bank—reserve account..__ 5, 485, 655287, 260 2, 482, 375 281,978 398, 601569, 852108, 415 893, 308 1461,,360 78,152161, 548128,192 349, 610 U. S. Treasurer—general account.. 682,139 39,574 299,342 36,215 38,829 37,016 37, ( 38, 085 34, 636 29, 391 29,194 26, 483 35, 391 Foreign bank 80, 635 "I, 170 27,692 7,754 7,671 3,669 2,918 9,672 2, 501 2,001 2,416 2,418 5,753 Other deposits 275, 262 5,046 225,239 2,010 1,930 5,002 4,048 8,961 4,627 1,358 2,117 13, 656 Total deposits i, 523, 691338, 0503, 034, 648 3277,. 95' 4477,,035 211,805154, 318 945,113192, 458114,171194, 516 159, 210 40,44,10 Deferred availability items 552, 035 56, 960 153, 089 39, 299 53, 310 42, 531 21, 273 74, 952 24, 240 14, 677 29, 207 18, 499 23, 998 Capital paid in 130,659 9,397 50, 907 12, 322 12, 548 4,580 4,229 12, 020 3,764 2, 989 3,954 3,797 10, 152 Surplus (sec. 7) 145, 501 9,902 50, 825 13. 406 14, 371 5,186 5,616 21, 350 4,655 3, 149 3,613 3,783 9,645 Surplus (sec. 13b) 26, 513 2,874 7,744 4,231 1, 007 3,448 754 1,391 546 1,003 1,142 1,252 1,121 Reserve for contingencies 34, 109 1,413 8,849 3,000 3,111 1, " 2,511 7,573 893 1,470 844 1,328 1,849 All other liabilities 9,341 374 4,231 1,179 559 188 172 1,293 381 220 195 221 328 Total liabilities 11,183,955 761, 295 4,100, 300 681, 450 897, 458 441, 289 349, 5981,934,578 388,417251, 346378, 679262, 630736, 915 Ratio of total reserves to deposit and Federal Reserve note liabilities combined (percent) 78.3 79.2 82.5 73.7 75. 70.9 70.1 67.1 69. 1 66.6 73.4 Commitments to make industrial advances 25, 568 2,927 10, 239 340 1,465 2,407 375 1,945 104 590 582 4,514 FEDERAL RESERVE NOTE STATEMENT Federal Reserve notes: Issued to Federal Reserve bank by Federal Reserve agent 4, 015, 343359, 554 875, 751292, 013 378, 980180, 581179,406 903, 485168, 916117, 573153, 08082, 377 323, 627 Held by Federal Reserve bank 253, 237 17, 229 85, 744 11,957 13,463 8, 298 18, 681 32, 599 7,436 3, 906 7,872 7,837 38,215 In circulation 3, 762,106 342, 325 790, 007 280, 056 365, 517172, 283160, 725 870, 886161, 480113,667 145,208 74, 540 285, 412 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,029,903 376,617 890, 706 295, 000 381, 000 189, 000 151, 685 915, 000161, 632113, 000 144, 00083, 000 329, 263 Eligible paper 4,08^ 734 2,022 320 20 21 100 12 103 172 293 290 U. S. Government securities 57, 000 32, 000 i. 000 5,000 12, 000 Total collateral 4, 090,990 377, 351 892, 728 295, 320 381, 020189, 021183, 685 915,100169, 644118,103156,172 83, 293 329, 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN MAY 1936 RATES ON INDUSTRIAL ADVANCES [Approved by the Board of Governors of the Federal Reserve System, under sec. 13b of Federal Reserve Act as amended June 19, 1934. Percent per annum except as otherwise specified. In effect May 1, 1936] Boston Y N o e r w k d P e h l i p l h a- ia 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 M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - Advances direct to industrial or commer- Ad ci v a a l n o c r e g s a n to iz f a i t n i a o n n c s ing institutions: 3^-6 4-6 4-6 4^-6 6 6 5-6 5V2 6 4-6 5-6 On portion for which institution is obligated 3 3 3 4-6 5 i3 4H 4^-5 4 4 3-4 On remaining portion 4-5 (2) 4 4-6 5 5-6 4lA 4H-5 4 5-6 4-5 Commitments to make advances 1-2 M-2 1 1-2 Vi 1-2 *lA 1 3H-2 1 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent, s Flat charge. INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT OF JUNE 19, 1934, TO APRIL 29, 1936 [Amounts in thousands of dollars] Applications rec- Applications approved to date by Federal Reserve banks (with and ommended for without conditions) approval by In- Applications dustrial Advi- Date ( e l a a c st h W m e o d n n th e ) sday of N r u e m ce b iv e e r d t A o m d o a u te nt Nu s t o ( e m o w u e r t i b s y t e c h o r n a t d n C o A i d o ti m m o w n o d m i s u a t ) i h n t t e - - t Numbe T r ota A l mount a s R F d ta b e v e o n a d s a u d e n e n t r i r k - c v n a e e g l s s c R F t o m a b e e o m n a d s e u d e n e n m t r i k r - t v n a i s t e g l - A b p p l u c p e o t t r m e o n d v - o e * t d d E o r r r a x a e c p w p p a w p a i n n r l i i t e i d t - b h d , - y , s i F n p p t t a g a i a u o n n t r t u i i t a d i o n i o t n i c - n s n n c i t s - g - i- 2 1934—Dec. 26 5,053 187, 696 1, 122 54, 531 984 49, 634 13, 589 8,225 20, 966 5, 558 1,296 1935—Jan. 30 5,283 195, 710 1,341 73, 470 1,168 64,518 17,493 11, 739 26, 362 7,160 1,764 Feb. 27 5,595 205, 581 1, 432 76, 575 1,268 72, 525 19,163 13, 963 26, 591 10,727 2,081 Mar. 27 5,897 217,756 1,521 79,490 1,364 76, 441 20, 785 15,732 23. 552 13,900 2,472 Apr. 24 6,130 225, 900 1,633 86,374 1,467 81,134 26, 206 16, 908 16, 956 17,185 3,879 May 29 6,428 245, 078 1, 734 90, 799 1, 571 86, 282 26, 977 19,425 13, 850 21, 802 4,228 June 26 6,618 263, 482 1,815 102,331 1,646 88, 778 27, 518 20, 579 11,248 24, 900 4,533 July 31 6,863 271, 768 1,907 109, 603 1,739 103, 633 28, 354 23, 022 19, 735 26, 911 5,611 Aug. 28 7,029 278,022 1,970 112,629 1,786 107, 244 29, 447 26, 314 15,319 29, 556 6,608 Sept. 25 7,195 292, 747 2,009 121,837 1,834 115,350 30,132 26, 892 18, 791 32, 475 7,060 Oct. 30 7,388 299, 927 2,083 126,192 1, 901 118,378 32, 719 27, 057 13,357 36,565 Nov. 27 7,500 302, 331 2,134 130,502 1,948 121,947 32, 634 28, 002 13, 466 38, 952 8,893 Dec. 31 (Tuesday) 7,615 306, 708 2,176 132,460 1,993 124,493 32, 493 27, 649 11,548 44, 025 8,778 1936—Jan. 29 7,714 311,081 2,212 134,243 2,023 125, 810 32, 483 27, 004 10, 888 46,736 Feb. 26 7,831 315,081 2, 245 135, 320 2,049 126,643 32,129 25, 866 10, 434 50,636 7,578 Mar. 2.5 7,934 319,595 2,294 138, 450 2,097 129,580 30, 947 25, 421 11.008 54,654 7, 550 Apr. 29 8,046 323, 669 2,338 140,104 2,139 131,195 30, 800 25, 576 9,730 57,351 7,737 1 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. 2 Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks. NOTE.—On Apr. 29, 1936, there were 106 applications amounting to $6,832,951 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 387 MEMBER BANKS IN EACH DISTRICT RESERVES HELD, EXCESS RESERVES, AND BORROWINGS AT FEDERAL RESERVE BANKS [Averages of daily figures. In millions of dollars] Reserves held Borrowings at Federal Reserve banks Federal Reserve district Total Excess March February January March February January March February January Boston 324.3 368.5 375.8 179.9 225.4 234. 1 0.2 0. 1 0.3 New York 2, 495. 3 2,821.5 2, 823.1 1,163. 4 1, 486. 4 1, 509. 0 4. 1 5.7 4.0 Philadelphia.. 295.2 283.2 294.3 149.4 137.8 149. 3 .5 .4 Cleveland 355.9 349.9 339.3 190.8 187.2 176.7 1 .04 .01 Kichmond 193.8 176.8 170.2 118.1 99.1 92.7 03 . 1 .1 Atlanta 118. 9 120.6 111.6 56.3 58.9 48.9 05 .2 .1 Chicago 773.7 802. 5 390.0 414.5 412.3 .01 . 1 St. Louis 150.0 165. 6 157.8 76.7 91.5 83.4 .02 .01 Minneapolis.. 116.1 121.9 110.5 69.3 74.2 62.4 .1 . 1 Kansas City.. 168.1 175.4 175.8 88.6 96.4 95.5 .3 Dallas 128.8 127.9 128. 4 72.0 72.0 71.1 . 1 .1 San Francisco 300. 3 294. 3 299.0 98.3 94.6 97.2 .3 .03 Total... 5, 420. 5 5, 779. 8 2, 653. 0 3,037. 8 3, 032. 7 5.6 5.6 NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS NOTE.—The table showing "Net demand This change affected the figures for country and time deposits of member banks in larger banks more than it did for city banks because and smaller centers" by Federal Reserve dis- the former hold relatively small amounts of tricts, shown in previous BULLETINS, is balances due to banks, and before the change omitted from this issue of the BULLETIN. in the law the amount of permissible deduc- Since the change in the method of computing tions was negligible for most country banks. net demand deposits, effective last August As a consequence, net demand deposits at upon passage of the Banking Act of 1935, country banks previous to the change were the figures for net demand deposits have not closely similar in amount to gross demand been comparable with those previously pubdeposits. This is no longer the case as to lished (see BULLETIN for October 1935, pp. 644-645). Since August balances due from amounts and, moreover, owing to the increase banks have been deducted in full from gross since August in balances held with corredemand deposits; previously they were de- spondents the trends of the two types of ducted only from balances due to banks. deposits have differed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN MAY 1936 ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, MARCH 25, 1931, TO MARCH 1,1936 [Amounts in thousands of dollars] 1931 1932 1933 i 19341 19351 1935 i 19361 Mar. 25 Jane 30 June 30 Mar. 5 Mar. 4 Dec. 31 Mar. 4 ASSETS Loans (including overdrafts) 22,839,946 16,587,185 12,858,099 12,705,759 11,953,152 12,175,102 12,098,516 United States Government direct obligations 5,002,262 5,627,854 6,887,123 8,667,064 9,820,993 10,500,527 10,564,400 Securities fully guaranteed by United States Government. 180,888 1,199,664 1,767,864 1,879,722 Other securities 6,886,357 5,785,764 5^041449" 4,994,500 5,297,641 5,541,381 5,745,350 Total loans and investments 34,728,565 28,000,803 24,786,371 26,548,211 28,271,450 29,984,874 30,287,988 Customers' liability on account of acceptances 1,035,978 458,952 424,263 395,503 217,545 179,071 167,534 Banking house, furniture, and fixtures 1,239,935 1,166,263 982,036 982,606 1,003,788 991,684 998,653 Other real estate owned 199,935 233,014 227,074 290,329 324,369 366,979 371,344 Reserve with Federal Reserve banks 2,364,478 1,997,656 2,235,179 3,148,124 4,517,625 5,573,212 5,784,077 Cash in vault 461,267 478,224 404,502 486,086 534,293 664,778 623,518 Balances with private banks and American branches of foreign De b m an a k n s d balances with other domestic banks 2,791,204 1,730,770 2,008,218 2,303,449 3,266,060 3,6 3 2 6 1 , , 7 0 5 0 9 9 3,81 3 3 8 , , 0 0 6 7 5 0 Time balances with other domestic banks (2) (2) (2> 72,520 120,334 118,111 119,033 Balances with banks in foreign countries 145,414 101,070 108,070 111,282 135,190 50,788 56,429 Due from own foreign branches 150,962 91,549 106,041 98,053 38,083 5,572 3,000 C C a a s s h h i i t te e m m s s i n n o t p r i o n c p es ro s c o e f s s c o o l f l e c c o ti l o le n ction > 1,543,324 1,337,138 1,485,343 1,158,995 1,474,792 2,25 1 4 5 , , 7 9 5 7 5 2 1,71 1 8 0 , ,0 3 5 0 2 6 Redemption fund and due from United States Treasurer 32,264 32,548 37,261 40,674 32,620 Acceptances of other banks and bills sold with indorsement.... 524,104 55,022 7,948 24,741 2,602 "' 1M37 7^221 Securities borrowed 24,822 11,664 6,654 6,099 2,009 791 720 Other assets 300,024 216,388 227,820 258,612 327,397 246,543 241,688 Total assets.. 45,542,276 35,911,061 33,046,780 35,925,284 40,268,157 44,122,035 44,240,698 LIABILITIES Demand deposits: Individuals, partnerships, and corporations 14,860,135 11,890,163 11,830,246 12,251,863 14,872,114 18,035,082 17,927,045 United States Government 502,204 387,463 806,297 1,790,401 1,269,713 844,041 599,587 States, counties, and municipalities 1,478,593 1,313,569 1,087,329 1,424,731 1,861,412 2,139,464 2,173,455 Banks in United States 4,236,451 2,870,029 3,056,527 3,675,699 5,095,059 5,695,795 6,148,144 Banks in foreign countries 468,186 172,383 145,750 172,768 169,424 443,998 394,026 Certified and officers' checks, cash letters of credit and travelers' checks, etc 692,576 566,173 656,918 548,551 740,654 881,706 779,297 Time deposits: Individuals, partnerships, and corporations— Evidenced by savings pass books 9,446,356 7,491,268 6,127,412 6,746,532 7,745,809 8,293,860 8,309,030 Certificates of deposit 1,928,323 1,349,514 1,037,747 879,665 884,424 815,901 833,941 O C p h e ri n s t a m c a c s o u s n av ts ings and similar accounts 1,179,744 772,363 s 5 5 7 8 8 , , 6 8 5 1 6 2 « 5 3 9 6 5 , , 1 2 6 4 2 9 5 3 3 9 3 , , 7 1 0 9 8 8 54 2 8 1, , 5 3 0 7 3 2 5 4 9 4 6 , , 5 1 4 9 8 7 Postal savings 242,453 609,746 788,492 754,595 399,113 217,564 167,114 States, counties, and municipalities 529,635 336,929 299,659 304,926 290,033 361,346 343,873 Banks in United States 135,463 69,525 89,084 91,846 145,105 150,775 151,833 Banks in foreign countries 201,284 6,676 7,170 7,907 4,776 5,358 Total deposits 35,901,403 27,835,801 26,563,927 29,280,158 34,053,673 38,454,183 38,473,448 N Se o c t u r s e e d c u b re y d p b le y d g p e le o dg f e lo o an f s l o a a n n d s / o an r d i n /o v r e s i t n m v e e n st t m s ents (5) (5) (5) 2 4 5 , ,2 0 6 1 3 6 , , 4 7 2 3 8 0 30 3 , , 7 3 4 1 0 2 , , 9 7 5 2 3 0 3 3 5 , , 1 3 0 5 0 3 , , 7 4 2 6 1 2 3 2 5 , , 7 6 7 9 3 9 , , 5 9 2 2 0 8 Due to own foreign branches 98,393 28,186 23,529 44,667 957 51,379 70,831 National-bank notes outstanding 642,284 648,906 727,110 786,514 623,585 Agreements to repurchase securities sold 23,599 62,983 14,244 10,193 8,130 " 13^493 Bills payable and rediscounts 281,442 815,123 191,228 90,941 16,553 6,091 10,776 Acceptances of other banks and bills sold with indorsement 524,104 55,022 7,948 24,741 2,602 11,137 7,221 Acceptances executed for customers 1,063,334 483,064 434,997 413,794 225,000 173,204 164,302 Acceptances executed by other banks for reporting banks 15,553 6,912 7,302 10,441 10,166 24,367 19,280 Securities borrowed 24,822 11,664 6,654 6,099 2,009 791 720 Interest, taxes, and other expenses accrued and unpaid 158,416 109,927 67,111 88,330 79,444 68,607 81,244 Dividends declared but not yet payable and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures () () () () 12,674 41,019 16,830 Other liabilities 210,8 192,553 165,648 163,544 126,055 137,977 200,328 Capital notes and debentures 125,673 119,077 115,100 109,827 Capital stock 2,657,172 2,440,467 2,220,330 2,378,117 2,560,582 2,518,640 2,511,884 Surplus 2,804,906 2,366,239 1,847,462 1,724,409 1,654,606 1,710,599 1,721,348 Undivided profits—net 910,480 510,696 373,258 376,282 419,272 458,292 493,141 Reserves for contingencies 225,483 343,518 396,032 401,381 351,586 336,375 339,405 Retirement fund for preferred stock and capital notes and debentures 2,186 6,166 6,620 Total liabilities (including capital account). 45,542,276 35,911,061 33,046,780 35,925,284 40,268,157 44,122,035 44,240,698 Number of banks 7,928 5,6 6,206 6,422 6,387 6,377 1 Beginning with June 30. 1933, figures rela,ite to licensed banks only. 2 Included in "Other Assets." 3 Includes $33,418,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 4 Includes $34,030,000 of deposits, the payment of which was deferred by agreement with depositors or otherwise. 5 Not reported separately. 6 Included in "Undivided profits." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

389 MAY 1936 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—CONDITION ON MARCH 4, 1936, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city All member Al i l p p n m at h io p n r al A m ll e m S b ta e t r e member banks ci R ty e s m er e v m e - C m o e u m n b tr e y r banks 3anks banks ber banks banks New York Chicago ASSETS Loans (including overdrafts) 12,098 516 7 420 575 4,677 941 3 446,777 476,150 4,279,418 3,896,171 United States Government direct obligations 10564 400 6471 174 4 093 226 3 601,531 1 131,291 3958,275 1,873,303 Securities fully guaranteed by United States Government 1,879,722 1303 590 576 132 505,389 88,811 655,848 629,674 Other securities 5745350 799 793 1 952557 1248,335 249,634 1761,345 2,486,036 Total loans and investments 30,287,988 18988 132 11,299 856 8 802,032 1945,886 10,654,886 8,885,184 Customers' liability on account of acceptances 167,534 85 748 81 786 125,150 5,169 34,565 2,650 Banking house, furniture, and fixtures 998,653 645477 353 176 240,248 24,789 344,589 389,027 Other real estate owned . . 371 344 184095 187 249 31,572 7,675 149,124 182,973 Reserve with Federal Reserve banks 5,784 077 3 637060 2,147 017 2493,144 479,950 1,794,166 1,016,817 Cash in vault 518 465 783 157 735 56,897 34,642 263,545 268,434 Balances with private banks and American branches of foreign banks 38070 95688 12382 2,539 10,395 21.351 3,785 Demand balances with other domestic banks 3,813 065 2 968 953 844 112 104,966 184,124 1,832,406 1,691,569 Time balances with other domestic banks 119033 014 24 019 28 690 56,570 61,745 Balances with banks in foreign countries 564?9 37 680 18749 38,625 2,175 13,105 2,524 Due from own foreign branches 3,000 3000 3,000 Cash items in process of collection 1,718 306 956 630 761 676' 828,933 95,815 606,885 186,673 Cash items not in process of collection 10052 7 684 2 368 1,581 355 3,476 4,640 Acceptances of other banks and bills sold with indorsement 7221 4 647 2 574 5,855 336 839 191 Securities borrowed 720 547 173 160 80 480 Other assets 241 688 136 795 104 893 64,436 35,269 82,698 59,285 Total assets . . 44,240 698 28242 933 15,997 765 12796,166 2 827,270 15,861,285 12,755,977 LIABILITIES Demand deposits: Individuals, partnerships, and corporations 17,927 045 10849 160 7,077 885 6471,121 1243,449 5,960,962 4,251,513 United States GoverT)rr|pr)t, 599587 AM 516 165 140,335 80,559 285,468 93,225 States, counties and municipalities 2,173 455 1664 780 508 675 259,636 216,649 732,518 964,652 Banks in United States 148 144 915 698 2 232446 ? 526,840 593,746 2594,270 433,288 Banks in foreign countries 394 026 167986 226 040 363,459 3,558 25,670 1,339 Certified and officers' checks, cash letters of credit and travelers' checks etc. .. . . 779 ?97 364 533 414 764 495,948 25,958 151,289 106,102 Time deposits: Individuals, partnerships, and corporations— Evidenced by savings pass books 8,309 030 5 895267 2,413 763 314,838 356,203 3,338,674 4,299,315 Certificates of deposit 833 941 648 827 185 114 47,852 18,315 213,821 553,953 Open accounts 596 197 635 311 562 220,770 29,791 285,890 59,746 Christmas savings and similar accounts 44548 27 864 16684 2,093 2,624 14,401 25,430 Postal savings 167 114 149 707 17407 21 71,603 95,490 States counties and municipalities 343 873 985339 58 534 10,853 19 250,868 82,133 Banks in United States 151833 123 153 28 680 35 25 134,988 16,785 Banks in foreign countries 5 358 4 202 1 156 3,936 1,422 Total deposits ?8,473 448 ?4 R15667 13 657 7R1 10857,716 ? 570,917 14061,844 10,982,971 Secured by pledge of loans and/or investments 2,773 520 2 116578 656,942 339,250 249,956 1330,791 853,523 Not secured by pledge of loans and/or investments 35,699 928 22 699089 13,000,839 10,518,466 2,320,961 12731,053 10,129,448 70831 46 600 24 231 70 831 Agreements to repurchase securities sold 13493 1585 11908 10,082 1,749 1,662 Bills payable and rediscounts 10776 5 173 5,603 1,530 1,176 8,070 Acceptances of other banks and bills sold with indorsement 7221 4 647 2,574 5,855 336 839 191 Acceptances executed for customers 164302 84,263 80039 123,620 5,147 33,268 2,267 Acceptances executed by other banks for reporting banks 19280 10,282 8,998 12,980 180 5,519 601 Securities borrowed 720 547 173 160 80 480 Interest, taxes, and other expenses accrued and unpaid 81244 50,290 30,954 17,751 9,893 34,103 19,497 Dividends declared but not yet payable, and amounts set aside for undeclared dividends and for accrued interest on capital notes and debentures 16830 8,985 7 845 6,189 1,489 6,849 2,303 Other liabilities ?00 90,893 109 435 110,870 13,641 44,370 31,447 Capital notes and debentures 109827 109,8?7 25,650 250 41,668 42,259 Capital stock 9 511 884 1746,471 765413 637,905 136,550 788,782 948,647 Surplus 1 348 893,363 827985 675,576 44,645 542,586 458,541 Undivided profits—net 493 141 3?7 641 165.500 121,837 14,751 170,530 1S6,O23 Reserves for contingencies 339 405 150,637 188 768 116,461 29,334 125,486 68,124 Retirement fund for preferred stock and capital notes and debentures .. 6 620 5,889 731 1,153 137 2,436 2,894 Total liabilities (including capital account) 44,240 698 28,242,933 15,997,765 12,796,166 2,827,270 15861,285 12,755,977 Number of banks 6377 5,375 1,002 38 15 336 5,988 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN MAY 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 Boston Y N o ew rk C la le n v d e m Ri o c n h d - Atl ta an- Ch g i o ca- Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k Ch g i o ca- Loans and investments, total: Apr. 1 21,621 1, 218 9,405 1, 164 1,786 576 535 2,721 626 368 625 445 2, 152 8,533 1,771 Apr. 8 21, 731 1,210 9,387 1,165 1,782 573 536 2,854 631 384 626 446 2.137 8,514 1,902 Apr. 15 21, 796 1,214 9,430 1,169 1.788 575 537 2,835 634 395 448 2, 141 8,556 1,884 Apr. 22 21, 783 1,212 9,434 1,166 1,787 573 2,847 624 391 631 445 2,137 8,561 1,888 Apr. 29 21, 795 1,223 9,445 1,170 1,800 586 537 2,823 627 377 442 2,137 8,571 1,864 Loans to brokers and dealers in New York: Apr. 1 990 964 956 Apr. 8 984 955 944 Apr. 15 1,023 993 Apr. 22 1,009 980 969 Apr. 29 1,032 1,002 988 Loans to brokers and dealers outside New York: Apr. 1 220 39 Apr. 8 213 34 Apr. 15. 219 36 Apr. 22 L-._. 214 37 Apr. 29 209 36 Loans on securities to others (except banks) : Apr. 1 2,103 150 906 146 216 218 175 758 155 Apr. 8.__ 2,098 150 910 145 215 216 170 763 154 Apr. 15 r2,062 150 '883 145 213 209 169 '737 148 Apr. 22 r2,059 149 145 213 205 170 «740 146 Apr. 29 2,063 150 146 214 206 170 739 146 Acceptances and commercial paper bought: Apr. 1 352 43 175 21 3 5 11 24 23 168 16 Apr. 8 353 43 173 21 3 5 11 24 23 165 18 Apr. 15 352 44 171 21 5 5 10 24 23 163 18 Apr. 22 351 44 172 21 5 5 10 24 22 163 17 Apr. 29 346 45 167 21 5 5 10 23 23 ; 159 16 Loans on real estate: Apr. 1 1,144 85 249 66 187 21 38 16 367 134 15 Apr. 8 . __ . 1,143 85 249 65 186 21 39 16 367 134 15 Apr. 15 1,140 85 246 G5 186 21 39 16 367 131 15 Apr. 22 1,140 85 246 65 186 22 39 16 366 131 15 Apr. 29 1,141 85 245 65 185 22 39 16 367 130 16 Loans to banks: Apr. l 88 5 52 3 5 1 7 4 i i 52 5 Apr. 8 70 4 35 3 4 1 7 4 11 35 6 Apr. 15 66 3 32 3 4 1 7 4 i; 31 6 Apr. 22._ 62 3 28 3 4 1 7 4 2 ! 28 5 Apr. 29 67 3 34 3 4 1 7 4 1 I 34 5 Other loans: Apr. 1 3, 495 309 1,305 175 206 107 138 416 107 121 125 121 1 362 I 1.165 Apr. 8 3,508 309 1,324 177 207 106 135 413 106 122 125 123 i 361 ! 1, 184 Apr. 15 '3, 508 305 1,323 178 207 107 136 411 108 123 127 123 360 •1, 183 264 Apr. 22 . r'S, 497 304 1, 320 176 208 107 136 410 106 122 127 123 ! 358 1, 179 267 Apr. 29 3,485 307 1,306 177 207 106 136 106 123 128 123 ! 358 1,164 267 U. S. Government direct obligations: Apr. 1 8, 643 398 3, 726 322 829 254 200 1,412 240 143 244 172 | 703 3, 485 918 Apr. 8 8,791 398 3,737 323 827 252 201 1,542 246 155 245 173 692 3,499 1,047 Apr. 15 8, 790 402 3,742 323 830 256 201 1,524 245 157 246 171 696 3,506 1,031 Apr. 22 8,805 402 3, 759 322 829 254 200 1,533 239 157 245 171 694 3,523 1,033 Apr. 29 8,802 403 3,779 320 843 265 200 1,507 239 146 241 | 167 692 3,545 1,006 Obligations fully guaranteed 1 by U. S. Government: Apr. 1 1,265 17 578 70 145 51 42 137 550 Apr. 8 1, 267 17 577 69 146 51 42 3355 138 549 Apr. 15. _ 1,276 18 587 98 68 146 52 42 36 138 559 Apr. 22 1, 277 18 575 99 69 155 51 43 37 139 549 89 Apr. 29 1,281 18 575 101 65 159 51 43 37 140 548 92 Other securities: Apr. 1 3,321 171 1, 385 302 255 376 103 121 47 363 1,202 265 Apr. 8 3,304 168 1,358 301 257 384 102 121 48 364 1,174 273 Apr. 15 3,354 169 1,384 304 260 389 104 122 47 365 1.199 277 Apr. 22 3, 369 170 1,399 305 258 390 104 123 47 366 1,212 279 Apr. 29 3,369 175 1,383 307 263 79 392 106 124 47 367 1,196 280 Reserve with Federal Reserve bank: Apr. 1 3,866 230 1,965 202 273 128 468 82 105 77 219 1,892 347 Apr. 8 4,052 237 1,983 208 277 123 607 92 103 78 228 1,910 481 Apr. 15 4,216 242 2, 046 206 292 115 686 96 108 81 239 1,972 553 Apr. 22 4,348 236 2,124 214 304 122 712 109 105 78 244 2, 009 571 Apr. 29 4,416 227 2,160 203 313 113 765 107 108 83 232 2,056 620 1 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 391 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [In millions of dollars! Federal Reserve District City Total Boston 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 - At t l a an- Chica- 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 i r s a a c n n o - Y N o e r w k Ch g i o ca- Cash in vault: Apr. 1 356 120 35 Apr. 8 375 121 36 Apr. 15 365 121 36 Apr. 22 372 122 35 Apr. 29 382 122 36 Balances with domestic banks: Apr. 1 2,198 116 180 165 209 160 148 351 135 271 162 205 86 127 Apr. 8 2,234 119 171 158 212 175 146 374 125 81 270 169 234 77 162 Apr. 15 2,316 124 185 159 220 182 146 394 122 83 281 171 249 83 179 Apr. 22 2,310 120 180 158 213 182 157 387 122 78 272 172 269 76 182 Apr. 29 2,252 112 184 147 223 170 151 384 120 72 262 170 257 74 183 Other assets: Apr. 1 1,353 81 556 111 38 39 110 25 18 25 27 235 485 76 Apr. 8 1, 335 80 536 111 39 40 106 24 18 25 27 243 467 73 Apr. 15 1,344 79 541 110 38 43 107 24 18 25 27 246 472 74 Apr. 22 1,345 79 540 110 38 42 106 24 17 25 27 249 471 72 Apr. 29 1, 393 77 565 111 36 44 117 24 19 25 27 255 495 82 Demand deposits—adjusted: Apr. 1 13, 578 949 6,410 755 366 290 1,649 368 242 435 324 802 5, 927 1,000 Apr. 8 13, 890 959 6,426 759 995 372 291 1,924 370 240 432 330 792 5,944 1,280 Apr. 15 13, 996 955 6,407 755 1,021 372 292 1,980 377 239 445 335 818 5,921 1,329 Apr. 22 14,187 956 6,528 761 1,018 377 299 2,033 381 230 438 333 833 5,994 1,371 Apr. 29 14,258 956 6,583 755 1,038 375 302 2,062 379 214 435 337 822 6,052 1,399 Time deposits: Apr. 1 4,909 301 943 272 694 194 169 763 173 121 145 1,016 546 413 Apr. 8 4,956 300 932 273 693 194 169 810 174 120 145 1,028 533 460 Apr. 15 4,958 299 930 273 694 194 170 810 174 120 145 118 1,031 532 460 Apr. 22 4, 985 299 943 274 695 195 170 812 174 120 145 118 1,040 545 461 Apr. 29 5,047 298 975 274 716 194 170 812 174 120 145 118 1,051 576 461 U. S. Government deposits: Apr. 1 774 17 231 57 58 41 43 152 3 18 27 118 198 116 Apr. 8 760 16 231 57 58 41 43 138 3 19 27 118 101 Apr. 15 755 16 231 57 58 41 43 137 3 18 27 115 101 Apr. 22 751 16 228 57 58 41 43 137 3 19 27 113 196 101 Apr. 29 752 16 228 57 58 40 43 138 3 19 27 114 196 101 Interbank deposits, domestic: Apr. 1 5, 430 234 2,296 302 320 199 194 764 236 117 347 171 250 2, 233 569 Apr. 8 5,427 228 2,303 297 320 204 196 747 237 119 349 175 252 2,240 554 Apr. 15 5,620 246 2,442 303 319 203 196 762 233 121 356 175 264 2,376 567 Apr. 22. 5, 512 232 2,381 301 324 204 194 740 233 119 351 173 260 23,17 549 Apr. 29 5, 431 226 2,358 291 317 198 192 739 233 117 345 169 246 2,293 548 Interbank deposits, foreign: Apr. 1 374 343 3 2 5 1 10 342 4 Apr. 8 362 333 3 1 5 1 10 332 4 Apr. 15 354 323 3 2 5 1 1 I 11 322 4 Apr. 22 355 323 3 1 5 1 11 322 4 Apr. 29 353 323 3 1 5 1 11 322 4 Borrowings: Apr. 1 21 1 Apr. 8 6 """I Apr. 15 4 Apr. 22 1 Apr. 29 . Other liabilities: Apr. 1 789 25 327 19 14 34 313 314 29 Apr. 8 803 25 314 19 14 36 340 301 31 Apr. 15 821 25 331 19 14 39 334 318 34 Apr. 22 833 25 339 21 14 38 339 326 32 Apr. 29 865 26 358 24 15 47 334 345 41 Capital account: Apr. 1 3,518 231 1, 596 224 333 338 319 1, 464 224 Apr. 8 3, 523 231 1,597 224 334 339 320 1,465 224 Apr. 15 . 3,527 231 1,597 224 333 345 320 1,466 230 Apr. 22 . 3,533 231 1,600 223 334 345 321 1,468 230 Apr. 29 3,532 231 1,598 224 334 85 346 89 322 1,467 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN MAT 1936 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 $5 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 and lation ! Federal Reserve banks 2 1934—December _ _ _ _ 5,084 423 32 771 1,288 1,326 337 577 112 216 5 11 1935—January 4,940 401 32 740 1,240 1,293 336 571 111 214 5 7 13 February 5,024 407 31 755 1, 275 1,314 340 575 112 217 6 8 15 March _ _ _ 5,048 410 32 754 1,285 1,309 341 578 113 221 6 8 9 April 5,028 411 32 749 1,266 1,300 340 580 116 230 5 8 8 May 5,087 420 32 760 1,290 1,309 343 588 115 225 6 9 11 June __ .- _- _ _ _ 5,114 419 32 760 1,296 1,309 349 598 116 225 6 8 5 July 5,063 415 31 755 1,273 1,289 344 596 116 231 7 10 4 August _ _____ 5,172 424 32 778 1,324 1,313 347 598 116 233 7 11 11 September 5,220 433 32 788 1,334 1,321 349 603 118 232 14 12 October _ 5,245 435 32 787 1,337 1,329 354 610 119 233 7 14 11 November 5, 374 448 32 815 1,380 1,354 356 617 120 234 7 15 5 December. 5,404 460 33 815 1,373 1,359 358 627 122 239 7 16 6 1936—January 5,272 434 32 782 1,333 1,332 355 627 122 240 17 8 Februarv 5,379 434 32 802 1,373 1,360 3fil 633 123 243 8 18 8 March 5,405 439 32 804 1,378 1,361 362 641 125 247 7 17 9 1 Total of amounts shown by denominations less unassorted amounts in Treasury and Federal Reserve banks. 2 Includes $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures—See Annual Report for 1934 (table 50). SHIPMENTS AND RECEIPTS OF UNITED BANK DEBITS STATES PAPER CURRENCY [Debits to individual accounts. Amounts in millions of dollars] BY SELECTED BANKS IN NEW YORK CITY [In thousands of dollars] 1936 1935 Number of centers March February March 1935 1936 Month m Sh en ip ts - ce R i e p - ts Net re- m Sh en ip ts - ce R i e p - ts Net re- N O e u w ts id Y e o r N k e C w i t Y y ork City.. 140 1 1 17 9 , , 6 8 2 6 9 6 1 1 5 5 , , 8 7 0 6 6 6 r 1 1 5 5 , , 8 7 9 5 5 4 to Eu- from ceipts to Eu- from ceipts Federal Reserve districts rope Europe rope Europe Boston 2,064 1,702 1,721 New York 20. 200 16,424 16, 490 J J A S M A J F M O u u a e e p u c a a n l n p b t y r g y r e u o t i r u c l e b a u h s m r e a t y r b ry e . r . - . 2 1 , , 3 5 2 2 7 0 1 1 1 3 7 8 2 8 8 7 1 9 6 3 1 6 1 6 2 3 1 2 7 2 3 2 2 1 1 1 1 1 , , , , , , , , , 8 2 2 4 4 1 0 5 7 6 5 6 8 6 6 5 0 2 1 0 1 1 9 4 5 7 2 6 2 5 11 2 3 1 1 1 1 1 , , , , , , , , 0 9 0 6 3 8 6 4 6 2 0 7 2 5 9 2 7 3 0 6 7 5 4 9 9 2 2 6 0 0 3 1 , , 0 7 7 9 4 1 5 5 8 3 7 3 3 2 , , , 9 3 1 7 3 1 0 4 8 7 9 3 i 2 3 1 1 , , , , 3 9 3 1 5 9 0 5 2 5 4 7 D S A S M K R C P C a t h h a i a l t . i n c e l i l i n n a l c l v h L s n a a n F a e m a o s e d g t r l s u a a a e a o o i p n n l n C s p o d c d i h i l t s i i y s c a o 2 5 1 1 , , , , 6 6 0 5 9 6 8 5 7 6 6 4 0 9 7 0 4 4 4 1 4 9 1 4 4 4 2 5 0 8 2 4 1 1 , , , , 3 1 5 8 4 5 6 7 5 5 5 0 0 7 7 5 7 9 6 4 1 7 8 7 9 5 1 3 0 5 r 4 2 1 1 , , , . 5 4 2 8 4 5 7 5 7 1 3 8 8 9 8 1 8 2 7 6 9 5 4 2 0 1 6 7 5 0 N D o ec v e e m m b b e e r r . . . 4,2 6 0 03 3 8 7 5 8 1 2 13, 421 Total 37, 496 31,572 r 31, 649 Total 10, 628 19, 965 9,337 r Revised. Back figures.—See Annual Report for 1934 (table 78). 1 Net shipments. 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

MAY 1936 FEDERAL RESERVE BULLETIN 393 BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1935 AND JANUARY-APRIL, 1936 [Preliminary figures] Licensed banks suspended 1 Nonlicensed banks placed in liquidation or receivership 2 Number of banks De sa p n o d s s it s o f 3 d (i o n l la t r h s o ) u- Number of banks D s e a p n o d s s i ts o f 3 d (i o n l l t a h rs o ) u- January- January- January- January- Year 1935 April Year 1935 April Year 1935 April Year 1935 April 1936 1936 1936 1936 National banks 4 5, 313 4 6, 499 State bank members 4 6 4 8, 613 Nonmembpr insured bank*? 22 19 3.847 2 549 Other nonmember banks 1 998 428 48 9 14, 306 16,630 Total 34 20 10,158 2, 977 58 9 29, 418 16, 630 1 Includes banks placed on a restricted basis. 2 Includes nonlicensed banks absorbed or succeeded by other banks. 3 Deposits of licensed member banks suspended are as of dates of suspension; deposits of nonlicensed national banks placed in liquidation or receivership are as of dates of conservatorship; deposits of nonlicensed State bank members placed in liquidation or receivership are as of the nearest call dates prior to liquidation or receivership; and deposits of nonmember banks are based on the latest data available at the time of the reported closing of the banks. 4 Includes 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 Over 6 U. S. Government Total in 15 30 60 90 to 6 securities days days days days mos. Depos- End of month itors' Gash Cash, bal- in de- Guar- re- Bills d i s ances Total posi- Di- an- serve counted: tory rect teed funds, Apr. 1 7,254 5,181 403 125 985 541 19 banks Total obli- obli- etc.i Apr. 8 5,502 3,714 221 59 925 549 34 ga- ga- Apr. 15 6,193 4, 530 128 47 920 538 30 tions tions Apr. 22 5,270 3, 639 38 695 276 591 31 Apr. 29 5,323 3, 670 28 756 723 116 30 Bills bought in 1934—December 1,207 1,237 540 597 467 130 100 open market: Apr. 1 4,674 575 1,567 449 2,083 1935—January 1,201 1,232 509 614 467 147 109 Apr. 8 4, 688; 639 2, 798 697 554 February 1,205 1, 237 491 633 467 166 113 Apr. 15 4, 690^ 3, 062 368 777 483 March 1,203 1, 232 478 691 508 183 63 Apr. 22 4,682 775 380 529 2,998 ApriL 1,200 1,231 452 685 539 146 94 Apr. 29 4,684 394 671 280 3, 339 May 1, 205 1,237 412 709 562 147 116 Industrial ad- June 1, 205 1, 236 385 777 630 147 74 vances: Julv.. ... . 1, 189 1,221 364 777 630 147 80 Apr. 1 30, 363 1, 609 329 311 499 2,077 25, 538 August 1, 192 1,224 348 780 633 147 96 Apr. 8 30, 257 1,580 354 438 582 2,029 25, 274 September 1, 192 1,224 319 805 658 147 100 Apr. 15 30, 313 1,580 343 372 537 2,140 25, 341 October 1, 196 1,230 306 824 677 147 100 Apr. 22 30, 039 1, 676 251 440 581 2,070 25, 021 November 1, 199 1,234 294 853 706 147 87 Apr. 29 30, 319 1,716 267 424 584 2,159 25,169 December 1,201 1,237 287 853 706 147 97 U. S. Govt. securities: 1936—January 1,208 1,241 248 876 709 167 117 Apr. 1 2, 430, 243 9,20021,01049, 806 94, 376382 9991 872,852 February. PI, 214 Apr. 8 2, 430, 25219, 20021, 71047, 506103,576382,1251, 856,135 March. _ P1,216 Apr. 15 2, 430, 24921,01025, 80644,080119,037375,1481, 845, 168 Apr. 22 2, 430, 34121,71027,10687, 663 74, 488388, 5531, 830, 821 Apr. 29 2, 430, 27925, 80624, 00094, 376 71, 082395, 451I, 819, 564 p Preliminary. Other securi- 1 Includes working cash with postmasters, 5-percent reserve fund and ties: miscellaneous working funds with the Treasurer of the United States, Apr. 1 181 181 accrued interest on bond investments, and accounts due from late post- Apr. 8 181 181 masters. Apr. 15 181 181 Apr. 22 181 181 Back figures.—See BULLETIN for August 1935, p. 502. Apr. 29 181 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN MAY 1936 ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND NOV. 1, 1935, AND DECEMBER 31, 1934, BY DISTRICTS [Amounts in millions of dollars; figures for nonmember banks are for dates indicated or nearest thereto for which figures are available] Loans and investments Deposits, exclusive of interbank deposits Number of banks Total Loans Investments Federal Reserve district De- No- De- De- No- De- De- No- De- De- No- De- De- No- Decem- vem- cem- cem- vem- cem- cem- vem- cem- cem- vem- cem- cem- vem- cember ber ber ber ber ber ber ber ber ber ber ber ber ber ber 1935 1935 1934 1935 1935 1934 1935 1935 1934 1935 1935 1934 1935 1935 1934 ALL BANKS 1 Boston 5,408 5,451 5,441 2,760 2,781 2,904 2,648 2,670 2,537 5,666 5,655 5,479 895 896 912 New York___ 17, 853 17, 634 17,100 8,401 8,279 8,394 9,453 9,355 8,707 17,935 17, 426 16,938 1,263 1,269 1,270 Philadelphia 3,246 3,206 3,172 1,277 1,280 1,383 1,970 1,926 1,788 3,374 3,271 3,089 947 947 950 Cleveland 3,237 3,174 3,036 1,283 1,297 1,288 1,953 1,877 1,748 3, 458 3,339 3,075 1,273 1,272 1,270 Richmond 1, 743 1,707 1,682 754 753 767 989 954 916 1,978 1, 932 1,794 1,066 1,065 1, 057 Atlanta 1,116 1,090 1,105 522 533 588 594 558 517 1, 317 1,220 1,182 1,087 1,098 1,105 Chicago 4,664 4,498 3,977 1,514 1,448 1,518 3,150 3,050 2,459 5,529 5,265 4, 531 2,581 2,578 2,579 St. Louis 1,346 1,323 1,289 606 608 607 740 715 682 1,548 1,517 1,375 1,647 1,670 1,669 Minneapolis 1,017 1,000 957 432 431 375 585 570 582 1,172 1,148 1,051 1,401 1,402 1,427 Kansas City 1,238 1,231 1,182 540 521 482 698 710 700 1,618 1,589 1,432 1,967 1,972 2,002 Dallas 855 840 850 414 410 418 441 430 432 1,071 1,022 1,001 1,013 1,022 1,064 San Francisco 3,994 3,853 3,666 1,826 1,800 1,750 2,168 2,053 1,916 4,296 4,138 3,823 713 734 Total 45, 717 45, 008 43, 458 20, 329 20,140 20, 474 25, 388 24, 868 22,984 48,964 47, 522 44, 770 15, 836 15, 904 16, 039 MEMBER BANKS Boston 1,864 1,891 1,885 932 940 971 932 951 913 2,078 2,075 1,962 365 365 371 New York 10, 855 10, 616 10, 216 4,498 4,267 4,314 6,357 6,349 5,902 10, 825 10, 474 10, 082 793 793 791 Philadelphia 2,246 2,200 2,185 945 931 1,012 1,301 1,269 1,173 2,317 2,235 2,098 656 655 656 Cleveland 2,512 2,453 2,366 940 954 944 1,571 1,499 1,422 2,681 2,607 2,383 622 623 627 Richmond 1,104 1,081 1,059 462 458 465 643 622 593 1,253 1,207 1,118 404 404 400 Atlanta 893 856 871 393 384 440 500 472 431 1,015 949 909 328 328 332 Chicago 3,675 3,560 3,146 1,028 981 1,074 2,648 2,579 2,072 4,321 4,116 3,535 702 697 682 St. Louis 967 936 933 390 381 383 577 554 550 1,026 1,002 930 390 388 391 Minneapolis 734 721 699 308 307 263 426 414 435 846 828 755 501 504 524 Kansas City 996 995 956 399 383 351 597 612 606 1,189 1,159 1,061 726 728 734 Dallas 740 726 725 345 340 341 395 386 384 915 873 845 550 554 555 San Francisco 3,399 3,268 3,110 1,537 1,515 1,469 1,862 1,753 1,641 3,694 3,549 3,266 350 361 379 Total 29, 985 29, 301 28,150 12,175 11,841 12,028 17,810 17, 460 16,122 32,159 31,072 28,943 6,387 6,400 NONMEMBER BANKS Boston 3,544 3,561 3,556 1,829 1,841 1,933 1,715 1,719 1,624 3,589 3,580 3,517 530 531 541 New York 6,998 7,018 6,885 3,903 4,011 4,080 3,095 3,007 2,805 7,109 6,952 6,856 470 476 479 Philadelphia 1,000 1,006 986 332 348 371 668 657 616 1,057 1,036 991 291 292 294 Cleveland 725 722 670 343 343 344 382 378 326 778 733 692 651 649 643 Richmond 638 627 623 292 295 301 346 332 322 725 725 676 662 661 657 Atlanta 224 235 234 129 148 148 94 86 303 271 273 759 770 773 Chicago 988 938 831 486 468 444 502 470 1, 1,149 997 1,879 1,881 1,897 St. Louis 379 387 356 216 227 224 163 160 132 523 515 445 1,257 1,282 1,278 Minneapolis 283 280 259 123 124 112 159 156 147 326 320 297 900 898 903 Kansas City 242 236 226 142 138 132 100 98 94 429 431 371 1,241 1,244 1,268 Dallas 115 114 125 70 77 46 44 48 156 149 156 463 468 509 San Francisco 595 584 556 285 281 306 300 275 603 589 557 346 352 355 Total 15, 733 15, 707 15, 308 8,154 8,299 8,446 7,578 7,408 6,862 16,805 16, 449 15,827 9,449 9,504 9,597 1 Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 397. Back figures.See Annual Report for 1931 (tables 92-95), BULLETIN for February 1935 (p. 123), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 395 ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND NOV. 1, 1935 AND DEC. 31, 1934 BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks State De- No- De- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- cem- vem- cember 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber ber ber 1935 1935 1934 New England: Maine 109,923 113,194 112, 117 186,165 190, 932 176,949 301, 927 302, 589 285, 444 103 104 104 New Hampshire 103,136 103,691 110,284 160, 240 160, 520 156, 736 256,070 258, 312 249, 713 112 112 113 Vermont 85, 555 87,103 93, 618 79, 349 80,949 80, 716 167, 781 166, 713 165, 337 92 92 98 Massachusetts ,819, 707 1,824,824 1, 916,1891,585,388 1, 612, 449 1.522,362 3, 595, 3193,599,112 3, 475, 967 398 398 405 Rhode Island 178, 720 183,698 190,920 258, 491 256, 501 252, 977 443, 208 446, 638 441, 381 35 35 35 Connecticut 597, 362 604,008 622, 279 493, 495 480, 244 452, 474 1,169, 0921,140, 568 1,114,183 198 200 Middle Atlantic: New York ', 661, 3017,517,426 7, 592, 7478, 573.1538, 483, 869 7, 890, 24916, 090, 59815,660,342 15,222,878 915 918 922 New Jersey 734, 758 761,7 808, 973 907, 208 897, 922 832,311 1, 884, 9521, 794, 032 1, 737, 297 425 430 427 Pennsylvania ,510, 552 1,519,370 1,616,053 2, 762, 0342, 698, 104 2, 512, 1074, 261, 8234,181, 000 3, 931, 7221,131 1,128 1,136 East North Central: Ohio 750, 758 751, 043 725, 520 860,101 817.188 766, 757 1,904,321 1, 805, 737 1,639,325 715 714 706 Indiana 221, 001 213,777 205, 696 306,511 291,700 249,310 648, 746 610,189 535,629 550 552 548 Illinois 734,071 706, 649 765, 634 1, 862, 7441, 780, 777 1,422,309 2, 986,996 2,863,695 2,464, 864 883 882 882 Michigan 301,949 282, 314 284, 079 592, 994 579, 592 474, 587 1,139,964 1,056,721 886, 206 478 479 486 Wisconsin 221,271 224, 693 251, 732 384, 829 385,981 320, 297 700, 853 676, 347 611,403 619 621 624 West North Central: Minnesota 293, 591 293, 944 253, 936 399, 353 386,739 391,975 759,715 746, 875 682, 251 688 686 Iowa 192,139 175, 937 163,714 214,942 218, 606 189,320 487, ,r *"483, 636 417,011 661 656 663 Missouri 363,929 362, 767 345, 095 548, 592 541,911 502, 049.1. 090, 7791,084, 790 953, 942 706 706 710 North Dakota 26, 758 26,910 22, 483 28,217 27, 790 31,846 68, 875 67,949 65, 366 203 204 206 South Dakota 34,010 33,769 26, 770 30, 727 30,199 34,914 79, 621 77,168 74, 492 199 201 212 Nebraska 100,052 95, 830 81, 409 120,162 124, 963 127,477 254, 671 250,410 234,152 437 437 437 Kansas 122,439 116,991 115,382 125, 611 131,230 125,927 348, 866 339, 549 317,352 728 730 743 South Atlantic: Delaware 68, 265 69, 819 76, 739 88, 859 86, 179 71, 946 161, 153 147,894 139, 682 48 48 49 Maryland ._ 199, 798 201.438 204, 850 452, 815 434,795 420, 392 677, 218 652, 296 629, 339 202 202 201 District of Columbia___ 86, 825 85,134 84, 365 122,028 118,909 109,832 270, 680 265, 930 237, 594 22 22 22 Virginia 238, 543 239. 884 240, 010 152, 947 152,593 166, 593 440, 819 433,405 393,713 327 327 329 West Virginia 113,826 116,294 118,388 86, 923 83, 984 83, 857 237,135 234,513 221,170 183 183 182 North Carolina 105, 055 105,316 107,187 151,501 143, 207 115,582 284, 965 290,930 258,158 215 215 216 South Carolina 36,r 33, 878 41, 703 41,425 38, 807 37, 774 122, 212 111,732 105,158 145 144 136 Georgia 149,658 164,595 184, 986 121,453 111,111 96,129 309,112 291,169 282,620 321 332 327 Florida 62, 203 56, 161 55, 532 125, 092 120, 712 122,729 234,736 204, 958 205, 288 154 153 156 East South Central: Kentucky 195,101 190,418 187,255 150, 426 139,126 152,185 362, 730 343, 731 327,065 435 442 439 Tennessee 165,400 161, 692 174,649 144,187 134,167 127,447 351, 739 337, 474 313,056 326 326 332 Alabama 88, 254 92, 054 112,836 86, 381 80, 594 82, 532 217, 494 204,971 203, 730 217 218 222 Mississippi 52, 26^ 52, 770 58,493 61,178 58, 590 57, 920 149, 070 147, 414 139, 441 210 210 213 West South Central: Arkansas 45, 966 53, 666 55,979 48, 662 46, 319 46, 563 127,313 118, 786 112,882 225 241 237 Louisiana 113,063 113,491 125, 283 143, 439 135, 279 114,155 304, 048 274,622 268, 841 150 150 149 Oklahoma 110,806 104,950 95,916 142, 342 138,541 141,214 326, 383 314, 406 275,516 405 408 412 Texas 372, 403 367, 017 376, 378 411, 039 399, 926 396, 312 965, 640 923, 849 898, 714 905 947 Mountain: Montana 31,524 29, 887 24, 366 52, 466 50, 755 53, 068 122, 66: 118,044 102, 462 120 119 120 Idaho 20, 225 19,98V 15, 918 35, 862 34,170 33, 420 78, 926 74,116 66, 689 60 61 63 Wyoming 19, 066 18,957 18,171 15, 385 15, 241 16, 832 52, 458 49, 049 45, 731 59 59 60 Colorado 66,376 61, 323 119,098 126, 114 116, 833 248, 605 250, 646 224,486 157 157 161 New Mexico 12,108 11,899 9, 346 14, 975 14, 676 13,916 42, 444 39, 254 35,897 41 41 42 Arizona 18,911 17, 627 15, 361 23, 630 24, 597 22, 276 62,191 60, 325 52,460 15 15 17 Utah 44, 396 43, 232 38, 582 49, 967 54, 689 57, 256 115,434 108,830 104, 657 59 59 58 Nevada 4, 4, 633 3,430 13,197 13, 243 11,461 25,085 23,375 19,638 10 10 10 Pacific: Washington 157,686 152,929 135,273 196,183 190, 601 196, 403 399, 425 383,100 350, 796 189 202 204 Oregon 60, 591 61, 704 52, 52,r 129, 908 124,299 108,947 227, 838 223, 641 192, 482 96 99 106 California , 523, 8251,504,563 1, 493, 8401, 726, 5001,618,311 1, 496,8823, 404, 205 3, 280, 886 3,057,135 273 273 283 Total. 20,329,203 20.140,104 20,473,314 25,388,174 24,867, 701 22, 984,10548, 963, 793 47, 521, 71844,770,31515,83615,904 16, 039 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 397. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN MAY 1936 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND NOV. 1, 1935 AND DEC. 31, 1934, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks De- No- De- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- cember 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber ber ber 1935 1935 1934 New England: Maine 36, 251 36, 926 35,611 63, 984 64,186 61,126 107, 044 106, 872 98, 429 40 40 40 New Hampshire 26, 796 27, 351 27, 845 29, 657 29, 937 31, 040 55, 973 58, 215 52, 341 52 52 52 Vermont 20, 428 20, 561 20, 609 25, 676 25, 918 26, 777 47, 718 47, 387 42, 439 43 43 43 Massachusetts 482, 780 482,137 508, 993 453, 010 476, 731 465, 597 1, 064, 7711, 058, 4411,017,310 129 129 132 Rhode Island 36, 349 36, 816 38, 959 42,182 40, 545 39, 374 72, 683 75, 702 74,166 12 12 12 Connecticut 103, 508 105, 050 107, 093 102, 933 100, 959 95, 865 244, 793 233, 385 221, 397 54 54 54 Middle Atlantic: New York , 531, 7341, 416, 5521, 477, 9752, 403, 800 2, 383, 9052, 237, 251 4, 011, 4503, 895, 4983, 651, 650 459 461 New Jersey 221, 805 221, 066 247, 219 378, 602 375, 365 338, 946 707, 413 671, 456 640, 266 236 236 Pennsylvania 777, 496 780, 408 820, 700 1, 369, 809 1, 340, 6851, 241, 870 2, 087, 6032, 037, 6661, 884, 285 709 709 711 East North Central: Ohio 264, 117 263, 242 260, 872 432, 072 408,11 402, 28; 810,812 772, 26' 704, 825 249 250 253 Indiana . 82, 374 80, 442 75, 372 172, 507 174, 393 143, 788 318, 554 300, 756 256, 953 125 125 125 Illinois 522, 369 501,439 551, 693 1,306,491 1. 249, 0331,011,949 2, 097, 4152, 031, 5201, 729, 45' 299 296 292 Michigan 117,453 103, 465 113, 149 336,033 328,341 281, 926 619, 91 559, 527 468, 056 84 84 85 Wisconsin 93, 434 96, 896 121,610 220, 385 224, 833 186, 516 369, 625 355, 809 325, 439 106 106 106 West North Central: Minnesota 214,121 214,978 183, 264 281,514 271, 720 284, 087 536, 798 528,174 478,581 205 205 211 Iowa 63,167 58,."""" 58,149 98,504 101, 689 95,019 173,511 176, 416 160,498 118 119 123 Missouri 143,636 142, 474 133, 828 259, 812 253,131 251, 741 408, 790 402, 801 375, 363 8 87 90 North Dakota 16, 737 16, 651 13, 779 22, 142 22, or 25, 812 49, 780 49, 545 47,; 66 6' 69 South Dakota 17, 601 16, 801 13, 468 20, 492 19, 879 22, 985 47, 265 45, 461 43, 458 52 54 64 Nebraska 69, 914 68, 612 56, 697 100, 688 107,381 185, 625 182,195 168,124 13' 13' 138 Kansas 56, 878 54, 522 54, 966 76, 622 10 8 5 3 , , 9 -" 2 • 4 79, 620 191, 207 180, 377 172, 243 190 191 192 South Atlantic: Delaware 7,853 7, 8,323 9,605 9,638 9,647 16, 395 16, 430 14, 602 16 16 16 Maryland 56,117 54, 876 54,995 195, 926 187, 270 183, 635 246, 784 231, 246 230, 002 63 63 63 District of Columbia. 39, 674 38, 801 41,412 73, 276 70, 250 67, 263 150,716 145, 238 132, 440 9 9 9 Virginia 132, 0"" 132,012 136, 570 99, 310 99,311 117,784 273, 485 267, 901 247, 692 132 132 133 West Virginia 55, 534 56, 44^ 58,136 48, 928 46, 733 50, 343 123, 934 120, 333 115,659 79 79 79 North Carolina 29, 653 29, 524 30, 501 30, 537 25, 678 27, 524 79, 505 77, 049 71,115 44 44 44 South Carolina 20, 825 18,613 15, 652 21, 593 19, 92S 17,552 65, 799 57, 368 39, 505 20 20 19 Georgia 92, 949 91, 603 112,453 96,418 91, 724 73, 869 206, 666 203, 633 188, 250 57 57 58 Florida 44, 874 40, 026 40, 881 100, 874 96, 894 99, 583 177, 775 155, 309 155, 660 51 51 50 East South Central: Kentucky 89,948 87, 649 74, 048 85, 248 80, 048 88, 999 185, 731 177, 765 153, 500 100 100 Tennessee 113, 163 109, 455 121,81 119, 153 109, 133 106, 004 250, 320 236, 055 221,523 72 72 73 Alabama 64, 029 65, 747 79, 906 60, 891 57, 950 61, 680 151, 421 144, 960 142, 555 69 69 72 Mississippi 17, 64' 17, 78; 19, 376 23, 455 22, 607 23, 568 52, 654 50, 897 49, 727 25 25 25 West South Central: Arkansas 26, 641 26, 475 29, 401 32, 400 31, 76: 31, 634 72, 520 70, 066 64, 57 50 50 51 Louisiana 72, 673 72, 48' 84, 519 103,776 98, 605 82,109 200, 205 182, 243 181, 346 30 30 30 Oklahoma 96, 864 91,102 83, 767 127, 394 124, 216 125,64 280, 510 270,536 236, 018 214 215 217 Texas 308, 669 302, 438 304,168 360, 672 352, 256 344, 850 809, 756 776, 113 742, 465 454 456 456 Mountain: Montana 16, 384 15, 295 12, 223 32,517 31, 450 33, 843 72, 37 69, 328 61, 086 46 46 46 Idaho 7, 635 7, 497 5, 811 15, 791 14, 263 15, 340 32, 885 30, 960 26, 959 23 24 25 Wyoming 11,887 11,637 11,341 12,158 12,013 13, 324 36, 519 34, 799 31, 401 26 26 26 Colorado 52,975 50, 708 47,816 103,511 110,52' 103,769 203,831 205, 872 185, 278 81 81 81 New Mexico 9, 016 8,909 6,991 12,161 12,04' 11,712 33, 355 30,910 28,976 22 22 24 Arizona 12, 565 11,208 5,147 15,426 16,051 9,752 40, 506 38, 976 20,138 7 8 Utah 17, 724 17,371 15, 241 23, 733 23, 733 28, 652 51, 525 48, 819 46,815 13 13 13 Nevada 3,808 3,651 2,507 11,306 11,410 10, 099 20, 610 19, 168 16, 030 6 6 Pacific: Washington 98, 368 86. 896 76,106 139, 804 119,934 130,160 262,953 229, 632 214, 097 58 65 67 Oregon 49, 508 50, 344 41, 772 113,619 108, 49: 96, 382 193, 589 190, 305 163, 792 44 46 53 C alifornia I, 046,1791,040, 349 1, 032, 648 1,190,105 1.091,795 1, 039, 2742, 384, 9002, 276, 6392,124, 575 123 123 130 Total 7,494,188 7, 292, 047 7, 475, 37; 11,456,502 11,156,51 10, 434, 955 20, 886, 035 20, 128,02108, 518, 871 5,386 5, 4035,462 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

397 MAY 1936 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON DEC. 31 AND NOV. 1, 1935, AND DEC. 31, 1934, BY STATES [Amounts in thousands of dollars] Loans Investments Deposi b ts a , n e k x c d l e u p si o v s e i t o s f inter- Number of banks State De- No- De- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- cember 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber ber ber 1935 1935 1934 New England: Maine 73, 672 76, 268 76, 506 122,181 126, 746 115,823 194, 883 195, 717 187,015 63 64 New Hampshire 76, 340 76, 340 82,439 130, 583 130,583 125, 696 200,097 200,097 197, 372 60 61 Vermont 65,127 66,542 73,009 53,673 55,031 53,939 120,063 119,326 122,898 49 49 55 Massachusetts 1, 336, 9271,342, 687 1, 407,1961,132, 3781,135, 718 1,056, 7652, 530, 5482, 540, 671 2, 458, 657 269 269 273 Rhode Island 142, 371 146, 882 151,961 216, 309 215, 956 213, 603 370, 525 370, 936 367, 215 23 23 23 Connecticut 493,854 498,958 515,186 390, 562 379,285 356, 609 924,299 907,183 892, 786 144 144 146 Middle Atlantic: New York 6,129, 5676,100, 874 6,114,772 6,169,353 6, 099, 964 5, 652, 99812,079,14811,764,844 11, 571, 228 456 459 461 Ner Jersey 512,953 540,721 561,754 528, 606 522, 557 493, 365 1,177, 5391,122, 576 1,097,031 189 193 191 Pennsylvania 733, 056 738, 962 795.353 1, 392, 2251,357, 419 1, 270, 2372,174, 2202,143, 334 2, 047, 437 422 419 425 East North Central: Ohio 486, 641 487, 801 464, 648 428, 029 409, 071 364, 470 1, 093, 5091, 033, 470 934, 500 466 464 453 Indiana 138, 627 133, 335 130,324 134,004 117, 307 105, 522 330,192 309,433 278, 676 425 427 423 Illinois 211,702 205, 210 213, 941 556, 253 531, 744 410, 360 889, 581 832,175 735,407 584 586 590 Michigan 184, 496 178, 849 170,930 256, 961 251, 251 192, 661 519, 985 497,194 418,150 394 395 401 Wisconsin 127,837 127, 797 130,122 164, 444 161,148 133, 781 331, 228 320, 538 285, 964 513 515 518 West North Central: Minnesota 79, 470 78, 966 70, 672 117, 839 115, 019 107, 888 222,917 218, 701 203, 670 483 481 478 Iowa 128,972 117,050 105, 565 116, 438 116,917 94, 301 314, 377 307, 220 256, 513 543 537 540 Missouri 220, 293 220, 293 211, 267 288, 780 288,780 250, 308 2 681, 989 2 681,989 2 578, 579 619 619 620 North Dakota 10,021 10, 259 8,704 6,075 5,773 6,034 19, 095 18, 404 17, 558 137 137 137 South Dakota 16,409 16, 968 13, 302 10, 235 10, 320 11,929 32,356 31, 707 31, 034 147 147 148 Nebraska 30,138 27, 218 24, 712 19,474 19,466 20,096 69,046 68, 215 66, 028 300 300 299 Kansas 65, 561 62, 475 60, 416 48, 989 47, 306 46, 307 2 157, 659 2159,172 2 145,109 538 539 551 South Atlantic: Delaware 60,412 61,955 68,416 79, 254 76, 541 62, 299 144,758 131, 464 125,080 32 32 33 Maryland 143, 681 146, 562 149,855 256,889 247, 525 236, 757 430, 434 421,050 399,337 139 139 138 District of Columbia 47,151 46, 333 42, 953 48, 752 48, 659 42, 569 119, 964 120, 692 105,154 13 13 13 Virginia 106, 465 107,872 103,440 53,637 53,282 48,809 167,334 165, 504 146,021 195 195 196 West Virginia 58, 292 59, 847 60, 252 37,995 37, 251 33, 514 113,201 114,180 105,511 104 104 103 North Carolina 75, 402 75, 792 76, 686 120, 964 117,529 88, 058 205,460 213,881 187,043 171 171 172 South Carolina3 16,162 15, 265 26,051 19, 832 18, 885 20, 222 56, 413 54,364 65, 653 125 124 117 Georgia 56, 709 72, 992 72, 533 25,035 19, 387 22, 260 102, 446 87, 536 94, 370 264 275 269 Florida 17, 329 16,135 14, 651 24, 218 23, 818 23,146 56, 961 49, 649 49, 628 103 102 106 East South Central: Kentucky 105,153 102, 769 113,207 65,178 59, 078 63,186 176, 999 165, 966 173, 565 335 342 340 Tennessee 52, 237 52, 237 52,834 25, 034 25,034 21, 443 101,419 101,419 91, 533 254 254 259 Alabama 24, 225 26, 307 32, 930 25,490 22, 644 20, 852 66, 073 60,011 61,175 148 149 150 Mississippi 34, 620 34, 983 39,117 37, 723 35, 983 34, 352 96, 416 96, 517 89, 714 185 185 188 West South Central: Arkansas 19,325 27,191 26, 578 16, 262 14, 557 14,929 54, 793 48, 720 48, 305 175 191 186 M L T O o e o u k x u n la a i t s h a s i o i a n m n : a a 4 6 1 0 3 3 , , , 7 3 9 3 9 4 4 0 2 4 6 1 4 1 3 , , , 0 5 8 0 7 4 4 9 8 4 7 1 0 2 2 , , ,1 7 2 4 6 1 9 4 0 3 5 1 9 0 4 , , , 3 9 6 6 6 4 7 3 8 3 4 1 7 6 4 , , , 6 3 6 7 2 7 0 5 4 5 3 15 1 2 , , , 4 0 5 6 4 6 2 6 7 1 15 0 4 5 3 5 , , , 8 8 8 7 8 4 3 4 3 1 4 4 9 3 7 2 , , , 8 3 7 7 7 3 0 9 6 1 8 3 56 7 9 , , , 4 4 2 9 9 4 5 8 9 4 1 19 4 2 1 2 0 4 1 1 4 9 2 9 3 0 4 1 1 9 1 9 1 9 5 Montana 15,140 14,592 12, 543 19,949 19, 305 19, 225 50, 290 48, 716 41,376 74 73 74 Idaho 12, 590 12, 492 10,107 20,071 19, 907 18, 080 2 46,044 2 43,156 2 39,730 37 37 38 Wyoming 7,179 7,320 6,830 3,227 3,228 3,508 15, 939 14, 250 14, 330 33 33 34 Colorado 15,668 15,668 13, 507 15, 587 15, 587 13,064 44, 774 44, 774 39,208 76 80 New Mexico 3,092 2,990 2,355 2,814 2,629 2,204 9,089 8,344 6,921 19 18 Arizona 6,346 6,419 10, 214 8,204 8,546 12, 524 2 21, 685 2 21,349 2 32, 322 8 9 Utah 26, 672 25, 861 23, 341 26, 234 30,956 28, 604 63,909 60,011 57, 842 46 46 45 Nevada 1,018 982 923 1,891 1,833 1,362 4,475 4,207 3,r~ 4 4 4 Pacific- Washington 59,318 66,033 59,167 56,379 70,667 66,243 136, 472 153, 468 136,699 131 137 137 Oregon 11, 083 11,360 10, 753 16, 289 15, 807 12, 565 34, 249 33, 336 28,690 52 53 53 California 477, 646 464, 214 461,192 536, 395 526, 516 457, 608 1, 019, 305 1, 004, 247 932, 560 150 150 153 Total 12, 835, 01512, 848, 05712,998, 33713, 931, 672 13, 711,18412, 549,150 28, 077, 758 27, 393, 698 26, 251, 444 10,450 10, 501 10, 577 1 Comprises all licensed State commercial banks, trust companies, mutual and stock savings banks, and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 Includes interbank deposits. 3 Includes cash depositories. NOTE.—All figures in the December 1935 columns are as of December 31, except as follows: New Hampshire, June 29; Massachusetts, savings banks, October 31; Missouri and Tennessee, November 1; Colorado, November 30. All figures in the November columns are as of November 1 except as follows: New Hampshire, New Jersey, Indiana, Maryland, Georgia, Kentucky, Arkansas and Wyoming, June 29; Rhode Island, State banks and trust companies, September 30, savings banks, June 29; Connecticut, Ohio, Illinois, Iowa, North Dakota, Alabama and Utah, September 30; Maine and Nebraska, September 28; Massachusetts, savings banks, October 31; Minnesota, October 7; Kansas, September 23; Delaware, October 31; Louisiana, October 3; Colorado, November 30. For call dates of figures included in the December 1934 columns, see footnote at bottom of page 484 of the BULLETIN for July, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN MAY ALL BANKS IN THE UNITED STATES—Continued MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND NOVEMBER 1, 1935, AND DECEMBER 31, 1934, BY STATES [Figures in this table are also included in the table on p. 397 covering "State banks." Amounts in thousands of dollars] Loans Investments Deposits Number of banks De- No- De- State Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- cem- vem- cember 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber ber ber 1935 1935 1934 California _.. 36, 641 37, 395 41, 248 57, 503 55, 291 50, 280 89, 221 88, 246 87, 423 1 1 1 Connecticut: District No. 1 288, 733 292,020 302, 289 235, 032 230, 589 221,878 533, 274 529, 936 522, 206 59 59 59 District No. 2 ______ 81, 357 82,330 84, 604 68, 747 67, 364 63,810 149, 801 148, 260 145, 843 14 14 14 Delaware 12, 251 12, 243 12, 281- 21,813 21, 987 19, 568 31, 067 31, 080 29, 350 2 2 2 Indiana: District No. 7 8,684 8,876 9,048 2.681 2,487 2,648 12, 724 12, 513 12,176 4 4 4 District No. 8 4,650 4,880 5,097 1,988 1,571 1,925 7,151 6,913 6,692 1 1 1 Maine _ 34, 598 35, 291 36, 662 89, 958 90, 468 87,143 121, 741 121, 894 119,277 32 33 33 Maryland 51,807 55, 466 59, 231 149, 758 145, 034 136, 938 208, 598 205, 883 200, 303 13 13 13 Massachusetts _.. _ _ 1,120, 932 1,120,932 1,189, 520 936, 250 936, 250 872, 898 2, 087, 771 2,087, 771 2, 052, 306 193 193 193 Minnesota. _ . . 10, 705 11, 047 12, 541 50,170 48,636 45, 671 64, 313 63, 608 61,994 1 1 1 New Hampshire 68, 095 68,095 73, 523 122, 769 122, 769 119, 145 185, 324 185, 324 183, 441 47 47 48 New Jersey: District No. 2 142, 878 146,438 151, 392 154, 413 147, 452 142,089 309, 393 306, 206 301, 820 22 22 22 District No. 3 5,276 5, 361 5,386 8,042 7,572 7,907 14, 213 14, 028 13, 775 3 3 3 New York 3,100, 329 3,175, 298 3, 245, 620 2, 038, 653 2, 026, 864 1, 907,166 5,188, 808 5,193, 401 5,156, 251 135 135 137 Ohio. . .. _. 36, 212 36,112 38,660 65, 501 70, 815 59, 970 116,536 113,957 112, 347 3 3 3 Oregon 171 93 34 583 342 120 801 451 157 1 1 1 Pennsylvania: District No. 3 78, 486 79,951 85, 629 378,129 366, 328 353, 254 496, 039 482, 767 478, 421 7 District No. 4 13, 610 13, 746 14, 400 36,125 35, 434 33, 719 48, 467 48,113 46, 749 1 1 1 Rhode Island 55, 603 56,450 58, 805 115,508 114,249 107, 293 169, 580 169, 574 169, 454 9 9 9 Vermont 30, 930 31, 570 35, 518 31, 541 32,134 31,970 68, 703 68,143 71, 688 14 14 19 Washington.. ._ 25, 898 25, 823 26, 772 26, 964 26, 743 23, 730 55, 501 54, 258 51, 564 3 3 3 Wisconsin: District No. 7 2,274 2,319 2, 534 1, 493 1,480 1,577 4,099 4,028 4,248 4 4 4 District No. 9 61 62 85 35 35 23 83 83 95 1 1 1 Total 5, 210,181 5, 301, 798 5, 490, 879 4, 593, 656 4,551,894 4, 290, 722 9, 963, 208 9, 936, 437 9, 827, 580 570 571 579 NOTE.—The figures for Massachusetts and New Hampshire shown in the December 1934 and 1935 columns are as of October 31 and June 29, respectively. The figures in the November columns for Indiana, Maryland, New Hampshire, New Jersey, New York, Oregon, and Rhode Island are as of June 29; for Delaware and Massachusetts, October 31; Connecticut and Ohio, September 30; Maine, September 28; Minnesota, October 7. PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON DECEMBER 31 AND NOVEMBER 1, 1935, AND DECEMBER 31, 1934, BY STATES [Figures in this table are also included in the table on p. 397 covering "State banks." Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d lu e s p i o v s e i t o s f inter- Number of banks State De- No- De- Decem- Novem- Decem- Decem- Novem- Decem- Decem- Novem- Decem- cem- vem- cember 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber 1935 ber 1935 ber 1934 ber ber ber 1935 1935 1934 Alabama 83 3 38 1 Arkansas... 57 12 211 8 Connecticut: District No. 1 278 270 260 186 185 175 387 368 308 3 3 3 District No. 2 151 146 151 99 99 99 333 321 321 1 1 1 Florida 1,158 104 995 4 Georgia _ 594 1,335 1,804 161 309 398 1,803 1, 817 2,325 40 51 46 Indiana: District No. 7 2,019 1, 979 2,008 1,288 1,083 957 4,730 4,460 4,234 27 28 28 District No. 8 287 290 274 159 119 120 543 554 545 5 5 5 Iowa 137 1,469 235 1,309 512 3, 896 2 14 Kansas _. 3 160 155 67 238 217 105 457 432 1 2 2 Massachusetts _ 41 41 1 Michigan: District No. 7 _ 1, 729 1,214 3,413 25 District No. 9. _ _ _ 244 123 364 3 Missouri (District No. 8) 14 18 1 New Jersey (District No. 2) 15 11 11 17 18 21 21 13 10 2 2 2 New York 88,231 86, 813 85, 174 380, 282 348, 529 294, 024 397, 053 335, 158 320, 660 18 20 20 Ohio 2,041 2,029 1,784 513 489 491 3,023 3, 062 2,649 14 14 14 Pennsylvania: District No. 3 11,772 10, 514 12,171 37,123 37, 755 36, 209 56, 944 60, 365 55, 050 19 17 22 -District No. 4 1, 070 625 1, 495 735 578 936 1,682 1, 259 2, 038 5 4 9 South Carolina..- 866 902 902 2, 116 2 35 1,077 1,037 1,097 1 1 1 Texas 8 150 4 019 14 653 31 Total. 107, 484 105, 074 119,134 422, 981 389, 404 340,466 468, 213 408, 871 413, 298 138 148 241 NOTE.—The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21(a) of the Banking act of 1933; under the amended provisions of the Banking Act of 1933, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are included in the figures shown for November 1 and December 31, 1935. m The figures shown in the November 1935 columns are as of the following dates: Pennsylvania and South Carolina, November 1; Connecticut and Ohio, September 30; Georgia, Indiana, New Jersey and New York, June 29; and Kansas, September 23. All figures in the December 1934 columns are as of December 31 except those for Missouri, which are as of November 5, and those for New York, which are as of March 30, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

399 MAY 1936 FEDERAL RESERVE BULLETIN FEDERAL DEPOSIT INSURANCE CORPORATION CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 31, 1935, AND JUNE 29, 19351 [Amounts in thousands of dollars] December 31, 1935 June 29, 1935 National State Banks National State Banks banks banks not banks banks not All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s Reserve Reserve Reserve Reserve Reserve Reserve System Svstem System System System System Number of banks.. 14,123 5, 386 1.001 7,736 14,175 5, 425 Loans, discounts, and overdrafts (including rediscounts) 14,697,981 14, 188 4,680,914 2. 522, 879 14, 495, 455 7, 353, 254 4,574,712 2,567, United States Government obligations, direct and fully guaranteed 13,275,289 7, 800, 804 4, 467, 587 1,006,898 12,351,989 7, 163, 768 4. 265, 739 922, 482 Other bonds, stocks, and securities 6,841,099 3, 655, 698 1,885,683 1.299,718 6, 684, 498 3, 534, 391 1,892,754 1,257,353 Total loans and securities 34,814,369 18,950,690 11,034,184 4, 829, 495 33,531,942 ]H 051,413 10, 733, 205 , 747, 324 Customers' liability on account of acceptances. 180, 495 89,077 89, 994 1,424 -158.934 86.726 71.025 1,183 Banking house, furniture, and fixtures 1.196,266 645, 977 345, 707 204, 582 1,209,938 649, 786 348,859 211,293 Other real estate owned ' 550, 723 183,110 183,869 183, 744 507, 573 171.362 167,724 168, 487 Reserve with Federal Reserve banks 5,573,212 3, 436, 909 2, 136,303 4, 933, 277 3,092,178 1,841,099 Coin and currency 869, 626 490, 378 174,400 204, 848 705, 488 402, 442 134,568 168,478 Balances with other banks 5,104,271 2, 955, 468 871,199 1,277,604 4, 598, 807 2. 673, 338 794,009 1,131,460 C C a a s s h h i it t e e m m s s i n n o t p r i o n c p es ro s c o e f s s c o o l f l e c c o ti l o le n ction 2,30 1 4 7 , , 0 6 1 9 7 8 1, 24 1 4 2 , ,0 3 3 5 6 3 1.010 3, , 4 9 0 3 2 6 49 1 , ,7 2 2 62 6 ) ( 1,219,335 689,086 494, 287 35, 962 Redemption fund and due from the United States Treasurer 11.842 I 11.842 |. Acceptances of other banks and bills sold with endorsement 11,671 7. 136 4,001 534 6, 194 4.592 ! 1.450 152 Securities borrowed 1,489 547 244 698 2, 306 795 123 1,388 Other assets 293, 726 157,499 94, 616 41,611 365,983 179, 883 124,852 61,248 Total assets.. 50,917,563 28,173, 180 15. 948, 855 6, 795, 528 47,251,619 26,013.443 14,711,201 6. 526, 975 LIABILITIES Demand deposits of individuals, partnerships, or corporations 20, 074, 063 10,893,787 7, 141,295 2,038.981 18,029,625 9, 660, 072 6,546, 171 1,823, 382 Time deposits of individuals, imrtnerships, or corporations 12,495,559 6, 796, 367 2, 883, 269 2, 815, 923 12,254,071 6, 626, 877 2, 834, 889 2, 792, 305 Public funds of States and political subdivisions 3, 079, 425 1,975,619 525,191 578,615 2,912,506 1, 842. 858 532. 826 536, 822 U. S. Government and postal savings deposits 1,161,236 770,100 291.505 99,631 1,177,046 676,796 408, 523 91,727 Deposits of other banks; cash letters of credit; certified, officers', and travelers' checks outstanding 7,315,338 4, 366, 528 2,810,522 138,288 5, 926, 951 3.670, 199 2, 138,916 117,836 Total deposits. 44,125,621 24,802,401 13,651,782 5,671,438 40,300,199 22, 476, 802 12,461.325 5. 362,072 Secured by pledge of loans and securities 3, 492, 359 2, 360, 755 739, 966 391,638 3, 445, 769 2, 110, 327 973. 268 362,174 Not secured by pledge of loans and securities . 40, 633. 262 22.441,646 12,911,816 5, 279, 800 36, 854, 430 20, 366, 475 11,488,057 4, 999, 898 Mortgage bonds and participation certificates outstanding 31,347 6, 9 35, 304 27, 575 7, 729 Circulating notes outstanding 222, 045 222, 045 Agreements to repurchase securities sold 8,474 2, 301 366 8. 650 4,194 3,215 1,241 Bills payable 25,497 2,233 2,961 20,303 35,925 3 989 3,864 28,072 Rediscounts 1,048 769 128 151 1,724 654 360 710 Securities borrowed 1,489 547 244 698 2, 306 795 123 1,388 Acceptances executed by other books for account of reporting banks 25,014 13,066 11,301 647 14, 773 8,171 6, 179 423 Acceptances of other banks and bills sold with endorsement 11,671 7,136 4, 001 534 6,194 4, 592 1, 450 152 Acceptances executed for customers 173,704 84, 603 88, 601 500 160,886 85, 572 74,647 667 Interest, taxes, and other expenses accrued and unpaid 76, 166 42.711 25. 896 7, 559 77, 859 42, 301 27, 588 7,970 Dividends declared but not yet payable 43, 598 25, 683 15,336 2,579 37, 897 21.004 15,272 1,621 Other liabilities 183,509 92,68! 72, 233 18, 595 134, 655 62, 972 56, 329 15,354 Total liabilities, excluding capital account 44, 707,138 25,074, 131 13,902,732 5, 730, 275 41,038,417 22, 933,091 12, 677, 927 5, 427, 399 Capital stock and capital notes and debentures 3,300,196 1, 754, 675 879,065 666, 456 3, 365, 309 1,805, 728 877,591 681,999 Surplus 1, 946, 02C 886, 063 824. 536 235, 421 1,892,655 830, 001 817, 023 245,631 Undivided profits—net 548, 084 302, 347 155.945 89, 792 529, 451 297, 907 138,459 93, 085 Reserve for contingencies and undeclared dividends 407, 369 150,963 185,412 70,994 420, 661 143,565 199, 963 7, 133 Retirement fund for preferred stock or capital notes and debentures 8. 756 5, 001 1,165 2, 590 5, 126 3,151 238 1,737 Total liabilities, including capital account 50,917,563 28, 173, 180 15, 948, 855 6, 795, 528 47,251,619 26,013,443 14,711,201 ! 6,526,975 I | JSee discussion of this table on p. 316. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN MAY 1936 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926== 100] Other commodities Year, month, or week m c t A o i o e m d l s l i - - F p u r a c o r t d m s - Foods Total H p l i r e d o a e d t s h u e c a r n ts d p T ro e d x u ti c le ts m F li a u g t e h e l r t i i a n a n l g 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 B a u t i e l r d i i a n l g s ^ ^ dgs i f n H u g r o n g u i o s s h o e d - - s l M an i e sc o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.2 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.*1 89. i) 89.1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.;> ! 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4[ ' 73.5 75. 1 64.4 1933.- 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77. () 72.6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.;> 75.9 81.5 69.7 1935. 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80.6 68.3 1935—March 79.4 78.3 81.9 77.3 85.4 69.4 73.0 85.7 84.9 81.5 80.7 69.2 April.. _ . 80.1 80.4 84.5 77.2 86.3 69.2 72.8 85.9 84.6 81.0 80.7 68.7 May 80.2 80.6 84.1 77.6 88.3 69.4 73.1 86.6 84.8 81.2 80.6 68.7 June .- 79.8 78.3 82.8 78.0 88.9 70.1 74.2 86.9 85.3 80.7 80.5 68.4 July 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.2 78.7 80.4 67.7 August... ... . 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.6 85.4 78.6 80.5 67.3 September 80.7 79.5 86.1 77.8 90.9 71.8 73.0 86.6 85.9 80.2 80.5 67.1 October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80.6 67.5 November 80.6 77.5 85.1 78.8 95.0 73.4 74.5 86.9 85.8 81.2 81.0 67.4 December. 80.9 78.3 85.7 78.7 95.4 73.2 74.6 86.8 85.5 80.6 81.0 67.5 1936—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 Februarv _ 80.6 79.5 '83.2 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81.5 68.1 March _ ._ _ 79.6 76.5 80.1 78.9 94.9 70.8 76.2 86.6 85.3 79.3 81.4 68.3 Week ending— 1936—Jan. 4 80.9 79.3 85.8 78.8 96.6 72.9 75.5 85.9 85.2 80.1 82.2 67.5 Jan.11 80.5 78.3 84.6 78.8 97.7 72.4 75.4 86.0 85.2 80.2 82.4 67.8 Jan.18 80.2 78.1 82.9 78.9 97.8 71.0 76.4 86.0 85.2 80.3 82.2 67.8 Jan. 25 80.2 78.1 82.7 79.0 97.7 70.8 77.0 86.1 85.3 80.6 82.3 67.8 Feb. 1 80.5 79.5 83.2 79.1 97.5 70.9 77.1 86.0 85.4 80.5 82.3 67.9 Feb. 8 80.4 79.4 82.9 79.1 97.1 70.7 77.2 86.0 85.2 80.2 82.8 67.9 Feb. 15 80.6 79.9 84.0 79.0 97.0 70.6 76.9 86.0 85.3 79.9 82.8 68.0 Feb. 21 80.8 81.6 84.3 79.0 96.5 70.5 77.2 85.9 85.2 79.9 82. 8 68.0 Feb. 29 79.9 78.4 82.2 79.1 96.2 70.3 77.4 85.9 85.2 79.7 82.8 68.2 Mar. 7 79.7 77.7 81.4 79.0 95.7 70.4 77.3 86.0 85.0 79.4 82.7 68.2 Mar. 14.-. 79.2 76.4 79.7 79.0 95.5 70.4 77.2 85.9 85.1 79.0 82.6 68.2 Mar. 21 79.3 76.7 79.9 78.8 95.3 70.4 76.7 85.9 85.1 79.0 82.6 68.2 Mar. 28 . 79.3 76.8 79.7 78.8 95.3 70.4 76.7 85.7 85.2 79.1 82.7 68.2 Apr. 4 79.2 76.3 79.7 78.8 95.1 70.1 76.8 85.9 85.3 79.1 82.7 68.2 Apr. 11 79.5 76.9 80.2 79.0 95.1 69.9 77.6 85.9 85.4 79.0 82.8 68.3 Apr. 18 79.7 77.4 81.1 79.1 95.2 69.9 77.5 86.0 85.4 78.9 82.8 68.6 Apr. 25 79.6 77.8 80.4 79.0 95.2 69.7 77.4 86.0 85.5 78.2 82.8 68.6 1935 1936 1935 1936 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan. Feb. Mar. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 82 8 76 6 78.9 78.3 75.6 Agricultural implements 93.6 94.6 94.6 94.9 94.2 Livestock and poultrv 85 8 87 4 89 1 90 3 88.3 Iron and steel 86.0 86.9 87.1 86.9 86 3 Other farm products _ 72.1 72.8 70.8 72.7 69.1 Motor vehicles. 93.6 93.6 93.6 93.6 94.0 FOODS: Nonferrous metals 67.1 70.6 69.7 69.7 69.9 Butter, cheese, and milk 82.9 83.7 84.2 85.7 80.3 BUILDING MATERIALS: Cereal products 92 1 97.2 92.1 ••88.5 85.8 Brick and tile 90.2 88.9 88.4 88.4 88.9 Fruits and vegetables 63.2 63.7 62.2 62.4 65.1 Cem<ant 94.4 95.5 95.5 95.5 95.5 Meats 91.6 97.5 94.9 92.1 89.7 Lumber. .. - 79.9 81.5 82.2 82.3 82.6 Other foods 73 4 77 5 75 5 78.1 72.4 Paint, materials 79.4 80.0 79.6 79.5 79.2 HIDES AND LEATHER PRODUCTS: Plumbing and ileating ... 67.2 71. 1 71.7 73.8 73.8 Boots and shoes 97 2 100 1 100 5 100.5 100.4 Structural steel 92.0 92.0 92.0 92.0 92.0 Hides and skins 66.6 96.5 100.5 96.7 91.0 Other building materials.. 90.1 90.0 90.2 89.5 88.5 Leather 74.2 87. 6 87.3 86.0 85.0 CHEMICALS AND DRUGS: Other leather products 84 6 87 1 95 3 95.4 95.4 Chemicals... 88.1 87.7 87.6 87.0 85.9 TEXTILE PRODUCTS: Drugs and pharmaceuticas 73.0 74.7 74.0 73.2 73.0 Clothing 78 5 81 0 80 8 80.7 80.7 Fertilizer materials 66.3 64.5 64.4 64.5 64.8 Cotton goods 82.4 86.0 80.4 78. 1 77.1 Mixed fertilizers 72.8 67.7 68.8 68.8 68.3 Knit goods 62.5 62.2 61.8 62.0 62.1 HOUSEFURNISHING GOODS: Silk and rayon 27 3 33 7 33.5 31.6 30.9 Furnishines 84.1 84.7 84.8 85.0 84.9 Woolen and worsted (roods 73.1 81.0 81.4 82.8 83.8 Furnit ure 77.3 77.1 77.9 77.9 77.9 FUEL O A th N e D r L te I x G t H il T e I N p G ro d M u A c T ts ERIALS: 67.7 68.1 67.8 67.2 67.2 MISCAEuLLtoJV t N ir E e O s U a S n : d ubes- .- 46.6 45.0 45.0 45.0 45.0 Anthracite 81 1 82 9 82 3 82 6 82.5 Cattle feed 102.2 70.8 68.6 68.1 67.9 Bituminous coal 96.3 98 7 98.7 100.1 99.4 Paper and pulp _ . 80.6 79.2 79.8 79.9 80.3 Coke 88 8 89 6 92 7 93 7 93 7 Rubber, crude 23.5 27.2 29.8 32.0 32.9 Electricity 88.3 84.9 83.1 86.2 Other miscellaneous 80.1 80.2 80.4 80.6 80.6 88 fi 84.5 83.2 82.1 Petroleum products. _ 49.8 52.8 54.4 55.7 56.6" r Revised. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1934 (table 100); indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1934, see Annual Report for 1934 (table 101). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

401 MAY 1936 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1935 1936 Industry Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total.. 86 84 84 86 95 104 97 IRON AND STEEL. 72 66 81 '83 88 96 103 83 Pig iron 55 53 53 60 62 65 69 71 63 64 Steel ingots.__ 73 '68 70 83 86 90 99 106 85 85 TEXTILES ••99 102 100 105 104 106 113 106 111 105 102 100 Cotton consumption 90 85 82 85 95 99 98 108 106 99 100 Wool 95 110 124 122 128 132 112 126 118 114 107 111 96 Consumption 102 131 153 148 156 160 127 146 134 125 117 120 105 Machinery activity i 99 92 99 107 108 no 108 121 118 122 114 117 99 Silk C d a e r li p v e e t r i a e n s d rug loom activity * .. ! . 1 7 3 1 5 1 8 1 0 7 1 8 1 0 1 11 7 6 1 1 7 3 6 3 1 8 1 3 3 1 7 3 4 4 1 7 3 8 2 1 7 1 2 2 1 6 1 6 9 6 9 6 8 9 7 1 5 1 6 0 8 7 FOOD PRODUCTS 80 74 74 76 83 83 92 84 87 Slaughtering and meat packing.. 73 77 74 67 69 76 82 79 80 84 83 Hogs 51 58 54 44 46 50 50 57 54 54 61 52 61 Cattle. 98 96 94 92 93 107 107 111 107 110 111 109 109 Calves 112 113 108 106 115 119 124 117 118 126 120 109 115 Sheep.... 151 157 161 151 154 159 144 154 148 145 152 145 151 Wheat flour . 88 88 83 91 80 73 82 88 86 84 91 96 92 Sugar meltings 75 83 81 78 92 124 93 96 I PAPER AND PRINTING: Newsprint production 59 59 64 63 60 58 62 61 64 63 60 60 62 Newsprint consumption . 123 119 121 124 118 120 127 124 125 133 124 127 132 TRANSPORTATION EQUIPMENT: Automobiles 106 110 86 100 95 78 71 94 115 126 111 91 Locomotives 8 9 14 10 3 2 1 1 3 3 0 0 Shipbuilding 91 56 21 15 35 64 48 119 179 129 141 LEATHER AND PRODUCTS 110 115 114 104 109 105 104 105 109 124 118 '111 p 107 Tanning 95 98 100 97 95 93 94 97 105 105 103 96 Cattle hide leathers 91 93 98 90 89 91 90 98 105 103 96 95 Calf and kip leathers... 90 88 87 104 86 77 83 74 84 95 103 85 Goat and kid leathers.. 112 120 119 106 121 114 115 119 124 118 122 109 Boots and shoes 119 126 123 109 118 113 110 110 111 137 127 ' 121 114 CEMENT AND GLASS: Cement 47 51 55 58 52 44 47 52 59 59 47 49 58 Glass, plate 183 185 155 162 169 167 179 193 200 225 161 178 NONFERROUS METALS:2 Tin deliveries1 84 73 85 103 105 95 FUELS, MANUFACTURED: Petroleum refining 153 153 160 166 168 169 172 176 176 173 169 172 168 Gasoline ' 191 194 204 214 220 219 223 227 225 220 214 215 210 Kerosene 108 91 94 99 91 93 92 95 94 86 94 94 98 Fuel oil i 101 96 104 105 100 103 110 110 115 121 121 130 119 Lubricating oil L.. 94 100 100 97 92 100 102 103 106 104 96 98 105 Coke, byproduct 90 87 87 84 91 95 97 100 106 104 103 100 RUBBER TIRES AND TUBES.. 93 75 79 83 92 102 104 133 142 82 Tires, pneumatic 96 91 78 82 86 96 105 106 137 147 '120 84 Inner tubes 68 66 56 55 60 62 84 102 104 '90 64 TOBACCO PRODUCTS. 130 138 134 138 140 130 138 137 147 148 148 140 Cigars 67 67 66 67 70 67 70 69 73 73 75 71 Cigarettes 180 193 186 193 196 178 175 190 191 205 208 207 193 Minerals—Total . 87 84 87 93 92 103 110 95 Bituminous coal... 87 60 69 79 55 58 58 74 77 92 70 Anthracite 54 69 71 97 62 36 65 48 71 70 93 48 Petroleum, crude- 132 130 131 133 134 133 135 140 144 146 148 143 146 Iron ore 53 53 50 54 62 44 Zinc 73 79 80 81 84 82 85 Lead 63 55 59 60 59 67 59 Silver 51 47 73 59 71 68 90 1 Without seasonal adjustment. 2 includes also lead and zinc; see "Minerals." P Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March, 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN MAY 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100l 1935 1936 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactures—Total. 87 '85 83 87 96 95 93 IRON AND STEEL. 74 72 79 83 85 90 83 94 Pia; iron 58 56 57 58 60 65 70 69 67 67 Steel ingots._ 83 76 73 81 85 87 91 92 85 TEXTILES 100 100 101 95 97 99 106 116 111 105 110 108 102 Cotton consumption 94 90 88 79 75 77 92 102 101 100 111 106 105 Wool 96 108 117 114 119 126 115 134 124 114 108 117 98 Consumption 104 127 141 133 139 149 133 161 146 126 120 131 107 Machinery activity 99 92 107 108 110 108 121 118 122 114 117 99 Carpet and rug loom activity.. 71 80 71 76 83 74 78 72 66 66 75 68 Silk deliveries 130 116 110 103 126 117 141 132 116 106 112 103 FOOD PRODUCTS 75 78 73 74 74 81 86 82 92 82 Slaughtering and meat packing- 69 69 72 66 66 68 74 84 87 91 96 75 78 Hogs 51 52 52 45 41 38 37 49 60 71 81 57 62 Cattle 86 85 91 86 92 104 119 129 123 115 112 96 95 Calves 114 123 122 110 111 109 119 123 120 120 112 101 116 Sheep 137 148 158 147 154 160 168 170 146 142 154 136 137 Wheat flour 83 80 78 80 77 97 99 93 81 89 93 Sugar meltings 93 102 74 67 52 82 91 PAPER AND PRINTING: Newsprint production 59 60 65 64 58 56 62 61 63 63 61 60 61 Newsprint consumption. 128 127 124 123 105 107 125 132 134 137 119 125 138 TRANSPORTATION EQUIPMENT: Automobiles 130 141 108 114 100 29 78 125 126 108 94 125 Locomotives 13 10 3 2 1 1 4 3 0 0 Shipbuilding 71 27 22 51 64 35 105 138 92 100 LEATHER AND PRODUCTS 113 112 105 100 107 116 120 115 104 106 109 112 v 109 Tanning 94 95 95 95 95 95 100 103 103 102 99 99 Cattle hide leathers.... 92 93 93 88 86 90 94 101 104 100 97 101 Calf and kip leathers.. 80 79 83 100 100 93 96 88 80 81 85 78 Goat and kid leathers.. 115 119 110 106 113 111 121 124 122 127 116 113 Boots and shoes 125 123 112 104 115 130 132 123 105 108 116 '122 120 CEMENT AND GLASS: Cement 34 50 65 71 63 59 59 58 46 29 29 42 Glass, plate 199 205 169 165 168 181 193 192 202 201 174 194 NONFERROUS METALS:1 Tin deliveries 81 84 73 85 92 92 103 105 95 FUELS, MANUFACTURED: Petroleum refining 153 153 160 167 169 173 176 176 174 170 172 168 Gasoline 191 194 204 214 220 219 223 227 225 220 214 215 210 Kerosene 105 90 90 92 85 94 100 101 93 96 96 95 Fuel oil 101 96 104 105 100 103 110 110 115 121 121 130 119 Lubricating oil 94 100 100 97 100 102 103 106 104 96 105 Coke, byproduct 92 87 89 85 93 97 102 107 105 103 RUBBER TIRES AND TUBES.. 102 103 96 95 81 91 M07 Tires, pneumatic 105 107 99 84 93 103 102 '110 92 Inner tubes 74 75 68 57 76 75 75 r 82 67 TOBACCO PRODUCTS.. 124 127 136 150 152 139 143 148 140 119 141 135 132 Cigars 61 63 68 73 73 70 79 85 82 55 56 65 64 Cigarettes 171 175 188 212 215 192 193 200 189 168 204 188 183 Minerals—Total. 90 79 97 84 85 92 100 95 '99 106 89 Bituminous coal... 87 51 71 50 57 61 82 80 82 70 Anthracite 45 72 71 85 51 36 65 62 50 69 75 99 40 Petroleum, crude.. 130 130 132 136 137 136 139 141 143 142 142 140 145 Iron ore 80 105 102 109 119 105 37 Zinc 73 76 75 75 79 78 82 82 90 Lead 62 56 57 57 56 70 70 64 60 Silver 50 46 62 74 73 ' 100 99 i Includes also lead and zinc; see "Minerals." p Preliminary. r Revised. NOTE.—For description see BULLETINS for February and March 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, and September 1933, pp. 584-587. Series on silk-loom activity and on production of book paper, wrapping paper, fine paper, box board, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, usually published in this table, are in process of revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT 1936 FEDERAL RESERVE BULLETIN 403 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Adjusted for seasonal Without seasonal adjustment variation Without seasonal adjustment Industry and group 1936 1935 1936 1936 1935 March February March March February March March February March Total1 84.2 83.2 '82.5 84.3 83.9 '82.7 75.7 72.3 '70.8 IRON AND STEEL AND PRODUCTS1 77.1 76.0 71.8 76.1 75.9 70.8 69.7 65.2 59.3 Blast furnaces and steel works 77.2 76.6 74.0 75.5 75.8 72.4 73.5 68.2 63.3 Cast-iron pipe 55.2 54.3 48.6 55.5 56.4 48.9 34.9 34.1 25.1 Cutlery and edge tools 79.2 80. 1 80.1 76.5 77.8 77.4 63.6 65.2 61.2 Hardware 56.2 56.6 56.5 55.4 56.2 55.7 50.5 51.2 47.9 Steam, hot-water heating apparatus, etc 58.4 57.5 50.3 57.7 57.0 49.7 42.7 41.2 33.5 Stoves 100.1 95.7 91.8 98.8 99.2 90.6 84.3 78.8 68.2 Structural metal work 60.9 57.7 55.0 62.3 59.4 56.3 49.6 44.8 38.7 Tin cans, etc 93.9 91.4 86.4 96.9 95. 5 89.2 94.5 86.1 83.3 Wirework 143.2 139.1 124.5 143.6 136.2 124.9 139.0 124.0 115.1 MACHINERY I 93.6 '92.6 84.1 94.9 '93.6 85. 6 82.2 79.2 Agricultural implements 138.7 136.3 101. 3 129.6 128.1 94.7 171.0 165.3 113.7 Electrical machinery, etc 72.3 71.4 69.2 72.3 71.4 69.2 63.7 61.0 57.2 Engines, turbines, etc 116.2 112.6 90.8 114.3 111.9 89.3 88.7 84.3 64.2 Foundry and machine-shop products 81.5 80.0 73.5 80.4 79.6 72.6 71.6 68.3 57.5 M achine tools 104.5 103.6 79.6 102.1 101. 2 77.7 97.4 96.4 66.5 Radios and phonographs 186.1 ' 196. 0 189. 0 248.8 ' 239. 0 252. 7 109.7 r 114.0 110.6 Textile machinery 71.0 70.6 64.8 69.7 69.8 63.7 64.6 63.4 52.3 TRANSPORTATION EQUIPMENT I 101.4 100.4 103.6 97.4 98.0 99.4 90.2 80.5 98.2 Automobiles 113.0 113.8 119.5 108.1 110.4 114.4 97.7 87.3 112.7 Cars, electric and steam railroad 56.8 50.6 52.2 57.3 54.4 52.6 62.0 54.0 54.5 Locomotives 27.3 24.1 32.5 27.1 24.4 32.2 12.8 10.9 14.6 Shipbuilding 89.2 82.0 74.9 84.6 78.0 71.1 84.6 75.3 63.8 RAILROAD REPAIR SHOPS 60.0 58.2 53.6 60.3 59.0 53.8 62.8 57.8 49.6 Electric railroads 65.8 65.5 65.8 65.8 65.5 65.8 63.6 62.5 60.7 Steam railroads 59.6 57.6 52.7 59.9 58.4 53.0 62.9 57.6 48.9 NONFERROUS METALS AND PRODUCTS 1 89.3 '83. 0 87.1 88.3 '81.4 73.8 72.4 '65.0 Brass, bronze, and copper 87.0 87.2 82.0 84.7 85.6 79.8 70.0 70.3 64.0 Lighting equipment 79.0 82.2 69.8 78.2 82.3 69.1 72.5 73.6 57.0 Silverware and plated ware 66.6 66.4 69.0 66.1 66.4 68.5 52.2 48.8 52.5 Smelting and refining 89.0 90.1 75.7 87.1 88.2 74.1 64.8 63.5 48.3 Stamped and enameled ware 109.2 109.2 <• 108. 4 105.2 107.9 r 104. 4 96.8 90.7 '89.7 LUMBER AND PRODUCTS1 54.6 53.4 50.6 56.0 54.9 51.9 44.8 41.4 36.3 Furniture 72.4 72.6 69.1 73.7 73.3 70.3 55.7 54.3 49.7 Lumber, millwork 47.0 45.7 38.3 47.6 46.3 38.8 39.2 35.9 25.8 Lumber, sawmills 36.3 34.7 33.5 37.5 36.3 34.6 28.1 24.8 22.4 STONE, CLAY, AND GLASS PRODUCTS1 54.1 51.0 51.5 55.2 54.0 52.4 43.4 38.7 37.4 Brick, tile, and terra cotta 32.4 30.0 27.6 35.1 34.5 29.9 22.3 19.4 16.3 Cement 44.3 38.0 41.6 47.3 42.7 44.4 31.8 23.8 25.0 Glass 94.8 93.8 93.7 94.0 96.2 92.9 88.9 83.8 81.3 Pottery 71.3 67.7 72.9 66.9 71.4 57.8 53.1 52.4 TEXTILES AND PRODUCTS I 97.2 96.1 99.2 94.6 94.4 84.2 81.1 A. Fabrics* 93.3 ' 93.5 96.4 91.6 '92.0 94.6 79.9 79.9 83.3 Carpets and rugs 80.9 76.9 75.4 78.4 75.2 73.1 70.4 69.8 68.3 Cotton goods 91.5 ' 91.4 95.5 89.5 '90.0 93.4 77.7 78.5 80.6 Dyeing and finishing. 111.9 110.1 116.9 107.3 106.2 112.1 95.7 91.7 100.3 Knit goods 114.9 113.1 114.5 113.0 111.6 112.6 112.5 107. 1 114.6 Silk and rayon goods 64.7 65.2 76.5 63.0 64.2 74.4 53.5 51.3 65.6 Woolen and worsted goods 93.0 97.4 92.4 93.1 95.4 92.4 71.5 77.2 72.5 B. Wearing apparel x 102.0 97.9 101.4 97.5 95.8 96.9 87.7 88.5 Clothing, men's 96.3 95.0 94.6 94.4 92.5 92.7 81.0 82.0 Clothing, women's 133.8 126.0 133.6 122.8 122. 3 122.6 108.7 94.5 111.3 Millinery 70.8 58.7 70.2 63.0 54.4 62.5 76.2 51.7 70.5 Shirts and collars 105.5 103.0 104.3 105.5 104.0 104.3 104.7 96.9 101.3 LEATHER AND PRODUCTS 89.0 89.7 92.7 87.8 90.5 75.5 '79.8 84.1 Boots and shoes 87.4 88.1 92.1 85.4 86.4 89.9 69.7 '74.5 80.7 Leather 95.6 96.3 95.5 93.4 93.9 93.3 93.8 94.2 FOOD PRODUCTS I 92.0 91.1 '93.2 102.2 101.7 r 103. 9 87.5 84.7 '83.3 Baking 112.9 111.7 110.9 115.2 114.2 113.2 100.9 99.8 93.7 Butter 68.0 67.1 67.8 73.6 75.2 73.4 55.7 53.1 52.4 Canning and preserving 56.6 56.7 '59.2 108.8 118. 1 r 113.8 70.8 66.1 ' 64.3 Confectionery 73.9 73.2 82.2 76.9 74.7 85.5 66.6 64.3 72.9 Flour 73.7 73.9 75.0 74.6 74.2 75. 9 67.7 68.2 63.5 Ice cream 61.8 58.0 64.2 68.8 66.7 71.4 53.2 48.6 52.4 Slaughtering and meat packing 80.4 81.7 82.9 82.4 80.3 84.9 73.9 73.8 73.5 Sugar refining, cane 79.6 78.7 81.0 80.4 82.0 81.8 75.8 67.1 69.6 1 Includes current statistics for one or more industries not shown separately. • Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN MAY 1936 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Without seasonal adjustment Adjust v e a d r i f a o t r i o s n easonal Without seasonal adjustment Industry and group 1936 1935 1936 1935 1936 1935 March February March March February March March February March TOBACCO PRODUCTS 55.9 ' 55.5 57.8 56.4 r 55.2 58.2 44.9 43.4 44.3 Chewing and smoking tobacco and snuff 66.0 67.0 70.6 63.6 63.4 68.0 66.2 65.0 67.7 Cigars and cigarettes. _-._.--. __ ._ 54.6 r 54.0 56.1 55.4 r 54.9 57.0 42.2 r 40.7 41.3 PAPER AND PRINTING _ . 98.2 98.2 96.9 97.9 98.0 96.7 90.5 88.9 84.5 Boxes, paper 84.7 84.4 86.3 85.8 85.6 87.4 79.7 77.5 79.6 Paper and pulp 109.6 109.2 109. 7 109.6 109. 2 109.7 94.9 93.4 88.4 Book and job printing.. _ 89.0 90.5 87.4 87.9 89.6 86.4 81.9 81.6 77.0 Printing, newspapers and periodicals 102. 6 101.7 98.8 102.4 101.4 98.6 97.4 94.6 89.2 CHEMICALS AND PETROLEUM PRODUCTS ! 112.1 r 108.9 112.7 110.3 r 108.2 110.7 102.7 r 97.5 96.1 A. Chemical group, except petroleum i 113.2 •• 109. 1 113.9 110.7 r 107.9 111.1 102.3 97.2 96.0 Chemicals ..... . . 108.0 107.1 103.4 106.8 105.4 102.3 102.6 99.9 93.7 Druggists' preparations 99.0 97.7 98.9 96. 9 96.8 96.8 100.0 94.2 95.9 Explosives- 89.4 88.6 88.3 90.7 88.6 89.6 86.0 80.8 73.0 Fertilizers . . _ 141.4 94.1 167.5 109.8 89.2 130.0 123.6 76.8 130.4 Paints and varnishes 108.2 107.2 104.2 107.4 107.3 103.4 95.9 93.5 86.2 Rayon and allied products 352. 0 347.2 348.9 352. 0 347.2 348.9 267. 3 260. 8 252.3 Soap 96 4 96.4 103.3 96.0 96.0 102.9 95.0 94.5 95.9 B. Petroleum refining 107.6 r 108.0 107.9 108.7 r 109.4 109.0 104.0 r 98.5 96.4 RUBBER PRODUCTS I 72.6 ' 81.7 ' 84.5 73.6 r 82.2 ' 85.8 62.3 r 69.8 70.6 Rubber boots and shoes 59.6 57.8 r 58. 2 61.6 57.7 r 60.2 50.0 49.7 49.8 Rubber tires and inner tubes ._ . _._ 52.8 r 69. 9 75. 1 53.9 ' 70.6 76.6 46.9 r 60.2 62.7 1 Includes current statistics for one or more industries not shown separately. r Revised. NOTE.—The indexes for factory employment and pay rolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description and back figures see BULLETIN for May 1934, pp. 270-271. For description and back figures for the seasonally adjusted index of factory employment compiled by the F. R. Board of Governors, see BULLETIN for June 1934, pp. 324-343, and December 1935, p. 888. Underlying figures are for pay-roll period ending nearest middle of month. March 1936 figures are preliminary, subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1936 FEDERAL RESERVE BULLETIN 405 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Public works Total Residential Factories Commercial and public Educational All other Month utilities 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 1935 1936 January 99.8 204.8 22.4 37.4 7.1 9.0 10.8 15.5 44.4 76.9 3.7 39.5 11.4 26.5 February _. . 75.0 142.1 16.6 31.2 7.8 13.4 9.2 12.6 27.8 48.3 5.8 21.1 7.9 15.5 March 122.9 199.0 32.2 55.3 6.5 18.4 12.2 17.3 46.3 62.3 10.4 19.2 15.4 26.6 April 124.0 42.2 6.3 15.2 40 5 8 3 11 5 Mav 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 17.4 168 6 40 5 10 6 17 3 69 5 8.7 21.9 September 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 40.1 Year 1,844. 5 478.8 108.9 164.5 690.2 173.5 228.7 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] :Number Liabilities* 1936 1935 Federal Reserve Federal Reserve district district 1936 1935 1936 1935 March February March Mar. Feb. Mar. Mar. Feb. Mar. Boston ._ . _ 13,031 13,931 10,269 New York 42, 737 27,829 25, 590 Boston 82 87 101 961 1,708 1, 199 Philadelphia. 10, 739 9,382 5,988 New York 296 267 283 6,850 4,383 4, 573 Cleveland 17, 555 13, 388 9,135 Philadelphia.. 44 34 73 429 627 1,326 Richmond 17,136 13 227 11 082 Cleveland 65 79 65 1, 035 1,917 1,744 Atlanta 13, 279 12, 588 12, 780 Richmond 50 43 53 504 1, 608 1.031 Chicago 38,323 23, 490 21,871 Atlanta 29 21 28 411 108 246 St. Louis_ . 14,007 7,730 8,587 Chicago ... 115 96 98 1,877 1,405 2,040 Minneapolis 7,201 3,606 3,406 St. Louis 41 50 43 511 722 411 Kansas City_ 10, 520 4,293 7,350 Minneapolis 23 16 25 395 221 265 Dallas 14, 501 12, 586 6,882 Kansas City 47 40 33 1,709 173 292 Dallas 25 26 19 219 281 130 Total (11 districts) 199, 028 142,050 122, 941 San Francisco 129 97 119 1,370 936 2,104 Total 946 856 940 16, 271 14,089 15,361 i New series, excluding failures of real estate and insurance brokers, holding and finance companies, shipping agents, tourist companies, and transportation terminals which were included in figures published in this table prior to 1936. Data by months for 1934 and 1935 available at the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS KANSAS CITY KAHS. Oklahoma City L DALLAS® 1 Jit -*w Jacksonville — BOUNDARIES OF FEDERAL RESERVE DISTRICTS -"--BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEOERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITJES © FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis