Federal Reserve Bulletin, 1936-07

FEDERAL RESERVE BULLETIN JULY 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON International Gold and Capital Movements Legal Reserve Requirements of Central Banks Earnings and Expenses of Member Banks 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 CHESTER C. DAVIS 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. PATJLGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations 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. FOTJLK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE. GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) JAMES H. PERKINS. JOSEPH A. BRODERTCK District No. 3 (PHILADELPHIA) HOWARD A. LOEB, CHESTER C. DAVIS Vice-President. M. J. FLEMING G, H. HAMILTON District No. 4 (CLEVELAND) ARTHUR E. BRAUN. JOHN K. MCKEE District No. 5 (RICHMOND) CHARLES M. GO HEN. B. A. MCKINNEY District No. 6 (ATLANTA) H. LANE YOUNG. RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN. GEORGE J. SCHALLER District No. 8 (ST. LOUIS) WALTER W. SMITH, M. S. SZYMCZAK President. District No. 9 (MINNEAPOLIS) THEODORE WOLD. CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY)_»__W. T. KEMPER. WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel District No. 11 (DALLAS) JOSEPH H. FROST. E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO)__M. A. ARNOLD. JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account 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 se a r n v e an 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. Willett.i 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 F. J. Drinnen C. A. Mcllhenny.2 W. J. Davis. 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. W. H. Snyder.2 J. H. Dillard. St. Louis W. McC. Martin 0. M. Attebery J. S. Wood. 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. Worthington..__ J. W. Helm.2 Dallas C. C. Walsh B. A. McKinney R. R. Gilbert R. B. Coleman.2 San Francisco W. N. Moore 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: 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS ' PAGE Review of the Month—Recent credit developments—International gold and capital movements 509-515 National summary of business conditions 516-517 Summary of financial and business statistics 519 Earnings and expenses of member banks 520-529 Condition of all banks in the United States 530-535 Recent legislation regarding Bank of France and Government borrowing 536 The National Bank of Denmark Act 537-540 Legal reserve requirements of foreign central banks 541-543 Gold reserves of central banks and governments 544-547 Law department: Rulings of the Board: Eligibility of loans insured under National Housing Act 548 Maximum rates of interest payable on time deposits under Regulation Q 548 Applicability of section 2(c) of Regulation U to security dealers "making a market" in registered stocks or purchasing an inventory of such stocks for resale 549 Applicability to collateral for loans made prior to May 1, 1936, of provisions in Regulation U governing withdrawal or substitution of collateral 549 Applicability of section 2(f) of Regulation U to a loan to a dealer to purchase securities to comply with orders from customers 549 Amendment No. 8 of Regulation T 550 Amendment No. 1 of Regulation U 550 Amendment No. 2 of Regulation U 550 Annual report of the Central Bank of the Argentine Republic 551-563 Annual report of the Netherlands Bank 564-568 Financial, industrial, and commercial statistics: Member bank reserves, Reserve bank credit, and related items 569 Federal Reserve bank statistics 570-572 Member bank reserve balances 573 Money in circulation 574 Gold stock and gold movements 575 All banks in the United States 576 All member banks 577-578 Reporting member banks in leading cities 579-582 Banks suspended and placed in liquidation or receivership; bank debits; Postal Savings System 583 Acceptances, commercial paper, and brokers' borrowings 584 Federal Reserve bank discount rates 585 Money rates and bond yields 586 Security markets 587 Treasury finance 588 Governmental corporations and credit agencies 589-590 Production, employment, and trade 591-597 Wholesale prices 598 International financial statistics: Gold reserves of central banks and governments 599 Gold production 600 Gold movements 600-602 Central banks . 603-606 Bank for International Settlements 606 Commercial banks 607 Discount rates of central banks 608 Money rates 608 Foreign exchange rates „ 609 Price movements: Wholesale prices 610 Retail food prices and cost of living 611 Security prices 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 22 JULY 1936 No. 7 REVIEW OF THE MONTH at the Reserve banks from $500,000,000 to $1,400,000,000, and a corresponding decrease Member bank reserve balances, which inin excess reserves of member banks. creased in May and the first half of June During the latter half of June, as a result largely in reflection of gold of redemption of adjusted service bonds in the Member bank imports, were sharply reduced amount of about $800,000,000 and other curreserves . \ ' . ^ in the third week of June as rent expenditures, offset in part by additional a result of Treasury fiscal operations. They receipts, Treasury cash and deposits with the increased again in the last half of the month Reserve banks declined by $700,000,000. Acas the Treasury paid out large amounts from companying the redemption of the adjusted its accumulated balances in cashing adjusted service bonds there was an exceptionally service bonds. Excess reserves declined large increase of about $250,000,000 in the from a total of nearly $3,000,000,000 on June total amount of money in circulation. This 10 to about $2,000,000,000 on June 17, thegrowth in circulation of currency offset somesmallest amount for over a year. By the end what the effect of Treasury disbursements of the month they had again risen to about on excess reserves. As the funds obtained $2,700,000,000. from redemption of the adjusted service In recent months the Treasury has main- bonds are deposited in banks, either by the tained a large working balance and a much original recipients or after expenditure, the larger amount than usual on de-additional currency will return to the banks TErffeeacstu royf posit with Federal Reserve banks. and be gradually retired from circulation. operations The maintenance of these large This will further increase both the deposits Treasury deposits at the Reserve of banks and their excess reserves. banks has resulted in keeping excess reserves Inflow of gold from abroad which began of member banks at a lower level than would in April continued until the third week of otherwise have been the case. These Treas- June. This gold movement ury deposits, following a sharp increase in international was an important factor in March resulting from income tax receipts gold and increasing bank deposits and and the sale of new securities, were concapital ,_, n siderably reduced in April by current Treas- movements excess reserves. Toward the ury expenditures. The rate of reduction was end of June, however, the goldsomewhat diminished in May and until the bloc currencies strengthened on the exlatter part of June when the Treasury raised changes, and the movement of gold to the some of its current funds by weekly issues of United States was checked. Altogether $445,- Treasury bills of $50,000,000 in excess of cur- 000,000 of gold was shipped to the United rent maturities. On June 15 the Treasury States from the middle of April to the third sold on cash subscription about $1,100,000,- week of June—$47,000,000 from the Nether- 000 of new bonds and notes and exchanged lands and $333,000,000 from France. Duranother $1,000,000,000 for notes maturing ing much of this time the British Exchange on June 15 and August 1. Receipts from the Equalization Account was reported to be acsale of these securities and from income taxes quiring gold in Paris, and there were shipresulted in an increase of Treasury balances ments of French gold to Belgium. In the 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN JULY 1936 latter part of the period Swiss gold was sold Nearly two-thirds of our total receipts of to the Bank of France since Swiss exchange, gold and silver reflects the known movement which is stabilized by the Swiss National of capital to this country. A summary of the Bank principally through gold operations in figures as reported by the Department of Paris, was under much the same pressure as Commerce for 1934 and 1935 is given in the the other gold-bloc currencies. The pressure, table. however, came largely from the movement Notwithstanding the fact that the moveof Swiss funds to the United States, and thement of capital to the United States since the gold released by the Swiss bank in its sup- end of 1933 has been associporting operations in Paris was in effect sent Transfer of ated, to an important degree, to this country as a shipment from France. Unfted^StaVs116 with the difficulties of the The movement of the last two months has gold-bloc countries—France, brought the total amount of foreign gold ac- Switzerland, and the Netherlands—the bulk quired by the United States since of this capital has not come directly from f than these countries. About 60 percent of the rethe end Q 1933 to more $3,350,000,000. In addition, the ported net inflow of capital has been in the purchase of silver abroad, which has in some form of short-term balances, and of these, measure displaced gold in the international French, Dutch, and Swiss balances account balance of payments, has amounted to more for about a fifth. The movement of gold-bloc than $500,000,000. It is estimated that not balances to the United States has been considerably less than the return of American INTERNATIONAL TRANSACTIONS OF THE UNITED balances from abroad. Only a part of these STATES, 1934 AND 1935 American balances has been drawn directly [In millions of dollars; (+) indicates dollar receipts, (—) dollar payments] from the gold-bloc countries. To a con- Total, siderable extent they represent the release 1934 and 1934 1935 1935 of frozen accounts in Germany and other Gold and silver movement -3,378 -1,303 -2,075 countries where exchange controls are opera- Gold -2, 956 -1,217 -1,739 tive. The largest movement, however, has Silver —422 -86 -336 been a return of funds previously invested in Merchandise and service items._ __ +669 +461 +208 London. This movement out of London ap- Merchandise1 +736 +481 +255 Service items -67 -20 -47 pears to have been strongly influenced by the Capital items +1, 896 +360 +1, 536 market for forward exchange. Stocks and bonds +644 +202 +442 The importance of the forward exchange Rhort-tprm funds + 1,162 +192 +970 Direct investments and other capital market lies in the fact that forward operatransactions +90 -34 +124 tions are essential to re- Kesidual item ._ +813 +482 +331 Forward exchange e the risk of exchange 1 Includes merchandise adjustments. mar e l m os 0 s V es. When American much more than a sixth of this gold and sil-banks put funds at interest in London, they ver is accounted for by net payments to theincur the risk that sterling will decline and United States by foreigners for merchandise the funds depreciate in terms of dollars. The and services during this period. The table risk can be eliminated at the time the funds shows that the balance was about $670,000,- are transferred by selling sterling for future 000 in 1934-35; and this balance has not in-delivery. This fixes the exchange rate at creased materially in 1936 since merchan- which the sterling funds can subsequently be dise imports to the United States through converted into dollars. Forward sterling, May have somewhat exceeded exports. however, may sell at a premium or a discount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 511 with relation to the spot sterling rate at inconvenience. In fact, the increase of workwhich the transfer of funds to London is ing balances in the United States since the made. If this is the case, the banks will re- end of 1933 may well have been greater than ceive on their London funds the going rate the total increase in balances of the gold-bloc of interest plus the premium, or minus the countries. Much of this increase has come discount, on forward sterling. Since the endfrom Latin America and the Far East. of 1934 forward sterling has prevailingly Another factor, more difficult to trace, has been at a discount sufficient to offset the operated upon the movement of balances to higher interest rate that can be earned in the the United States. When the tension in London market, and American balances in Europe over the Ethiopian situation reached London, which were substantial at the end a critical point last autumn, there was a of 1934, have been reduced to what appears heavy transfer of funds from London to New to be a working minimum. York, and at other times international politi- The discount on forward sterling has been cal developments abroad appear to have stimconnected in some measure with the gold-bloc ulated the flow of capital. Thus, in addition difficulties. The movement of gold-bloc funds to direct transfers from the gold bloc, many to London has been an important factor in factors—release of frozen funds abroad, the maintaining spot sterling at a higher level situation in the forward exchange market, than operators in the forward market have the restoration of working balances here, and been willing to accept as permanent. Thus international tensions of a political character the gold-bloc difficulties have contributed to —have acted upon the movement of shorta forward market situation in which con- term balances to the United States. As has servative American banking funds have re- been noted this movement accounted for turned from London as well as from the gold- about 60 percent of the reported net inward bloc countries. This situation in the forward movement of capital since 1933. market has also made it profitable to place The remaining 40 percent mainly reprea substantial volume of British and other sents capital that has come to this country funds in New York. since 1933 through net pur- Much of the increase in dollar balances Foreign chase of securities. At the outhere, however, undoubtedly represents a re- secm-itieT ° se^ these purchases reprebuilding of working bal- sented, for the most part, for- Working balances ^ _ eign buying of foreign securities in this ances w W ch been re duced to a minimum during the period when market. Advantage was taken of the reduced the dollar was declining in 1933. At the cost of the dollar in 1934 and of the low quoend of that year the Department of Com- tations of many foreign dollar bonds to buy merce survey indicated that foreign balances back the bonds from American holders. In in the United States had been reduced to addition, regular sinking fund and redemp- $500,000,000. A year earlier, although inter- tion operations led to a demand for foreign national business was at a low ebb and cen-securities which continued to operate after tral banks had largely repatriated their dol- the special buying that had characterized lar reserves, foreign balances amounted to 1934 diminished. Altogether, about 40 per- $800,000,000. It is probable that at the pres- cent of the net inward movement of funds in ent time, with all activities at a considerably security transactions since 1933 has reprehigher level than in 1932, working balances sented transactions in foreign securities. of at least $800,000,000 are required to trans- The sustained movement into American act foreign business in this country without securities did not get under way until the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN JULY 1936 spring of 1935. During the summer it grew in this country throughout the depression a in volume and in the last quarter of the year volume of securities substantially as great attained its maximum rate. Buying has con- as the amount now held. Not more than 10 tinued active in 1936. The sustained char- percent of the $5,000,000,000 of long-term acter of the movement at times when Euro- assets shown in the table as held by foreignpean balances were not increasing, or were ers at the end of 1935 appears to have been being reduced as in the five months ending acquired since 1933. April 1936, suggests that foreign investors believe the American market offers an op- FOREIGN INVESTMENTS IN THE UNITED STATES, portunity for profitable investment of their BY COUNTRIES, DECEMBER 31, 1935 funds. This movement was interrupted at [In millions of dollars] the beginning of May following the recession in stock prices, but in recent weeks it has Total B G ri r t e a a i t n Canada G bl o o l c d co O u t n h t e ri r es been resumed. The interruption occurred at a time when the gold-bloc difficulties were in- Common stocks 2,015 372 408 552 683 Preferred stocks.. 329 146 66 64 53 creasing and the movement of balances, Bonds 607 91 49 338 129 Direct investments 1,045 362 322 276 85 which had been outward during the winter, Other investments 1,039 403 161 235 240 had turned heavily inward. Total 5,035 1,374 1,006 1,465 1,190 While the purchase of American securities Source of data: Department of Commerce. by foreigners since May 1935 appears to re- The table distributes investments by indiflect conditions in the United States more vidual countries and groups of countries. than conditions in Europe, most of the buying This distribution does not necessarily reflect on balance has come from Europe and the the ultimate ownership. Securities reported gold bloc as a whole accounts for nearly half. in the original data under Switzerland, for The other half largely represents British instance, may be held by Swiss institutions purchases or purchases executed through London. for account of other countries. In the case of direct investments, the stock of the parent Foreign purchases of American securities organization may be largely or entirely held have accounted for little more than one-fifth in countries other than that in which it is inof the total reported move- Foreign long- ment of capital to the United corporated. It is probable, however, that the term assets in States since 1933. To atable presents a broadly accurate picture of the distribution of foreign-held investments United States , at end of 1935 great extent the movementin the United States. More American investhas been in short-term bal- ments are held in Great Britain than in any ances. Yet, figures recently published by other country. The next largest amount is the Department of Commerce indicate that held in Canada, notwithstanding the fact the value of foreign long-term investments that there has been hardly any increase in in the United States at the end of 1935 was Canadian holdings during the movement that more than four times the amount of foreign began in May 1935. The gold bloc appears balances in this country. The large volume to have acquired during 1935 little more than of foreign investments in the United States a tenth of the investments it held at the end reflects the fact that the bulk of these invest- of the year. Gold-bloc purchases in the last ments was acquired before the recent pur- quarter of the year, however, were at an chasing movement began. Although securi- accelerated pace, which has been continued ties may have changed hands and market in 1936. values fluctuated, foreigners have maintained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

513 JULY 1936 FEDERAL RESERVE BULLETIN A considerable part of the capital that has against domestic liabilities such as notes and flowed out of the gold-bloc countries has deposits. At present in France the gold regone to countries other than quired by law against domestic liabilities is Gold-bloc reserves the United States. It is half again as great as that available for interprobable that England has national use. Domestic liabilities have conreceived more gold-bloc capital than the tracted somewhat as capital has been with- United States in recent years, although gold drawn, and a moderate amount of gold has itself has moved in greater volume to this thus been freed for international use. The country. While England has been receiving contraction, however, has been concentrated gold-bloc capital, British and other capital in those deposits which include the reserve has flowed to the United States and Ameri- balances of the commercial banks. These recan funds abroad have been brought home. serve balances appear now to have been re- As a consequence, shipments of gold from the duced close to a working minimum. Note gold bloc to this country have been at least circulation of the Bank of France has not detwice as large since the end of 1933 as capital clined. During June it increased contrary to movements from these countries to the United the usual decline after a month-end settle- States. ment date, and it is now nearly at the peak Reductions in gold-bloc reserves have been reached early in 1933. The gold available for greatest during the past fifteen months. international use at the end of June was less There were substantial declines, however, in than the gold paid out since March 1935. This Swiss and Dutch reserves in earlier years, takes no account of the sterling credit while some of the more recent gold losses amounting to about $200,000,000 that is due have been recovered. The table shows the to be repaid before the end of the year. changes in the reserve position of each of the In this issue of the FEDERAL RESERVE BULthree countries over the period during which LETIN the table showing gold reserves of the the outward movement of gold has been in world is enlarged to include adlarge volume. World gold ditional institutions, and a tabureserves lar statement is given of the CENTRAL GOLD RESERVES OF FRANCE, NETHERLANDS legal reserve requirements of 45 foreign cen- AND SWITZERLAND tral banks. The table on page 514 shows the [In millions of dollars at $35 an ounce] current reserve position of a group of 17 coun- Required by law Available tries holding more than 95 percent of the Total against domes- for intertic liabilities national use world's central gold reserves as reported in Bank of France: the BULLETIN. It is possible that in some Mar. 29, 1935 ... 5,478 2, 388 3,090 cases reserve items and liabilities against June 19, 1936 3,577 2,141 1,436 which reserves must be held are not shown Decrease 1,901 247 1, 654 Netherlands Bank: on the balance sheet of the central bank in a J D u e n c e . 2 2 7 2 , , 1 1 9 9 3 3 6 2 . 4 7 0 0 1 3 3 2 2 0 9 7 3 1 7 9 4 3 form precisely comparable with the law. In Decrease... 302 121 181 such cases the computation is subject to some Swiss National Bank: margin of error. The countries have been J O u c n t e . 3 2 1 3 , , 1 1 9 9 3 3 2 6 4 8 5 6 9 2 2 1 0 6 3 1 6 2 5 9 9 8 arranged in order of the magnitude of their Decrease . . . . 403 42 361 total international trade in 1935. Since in many countries the existing gold The table brings out the fact that a con-parity has ceased to be related to the value siderable portion of the gold reserves of all of the currency on the exchange market, the three countries is required by law to be held reserves available for international use have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN JULY 1936 been computed on the basis of current ex- the total reserves they now hold. Among change rates as well as upon that of the such countries are Germany, Italy, Switzerexisting legal value. At current rates of land, Japan, Argentina, and Brazil. The exchange the gold held by a number of cen- Bank of France and the Netherlands Bank tral banks represents a larger proportion of have lost more gold than they now have availtheir liabilities than it does when figured at able for international use, and the same statelegal value, and consequently on this basis a ment could be made of the Bank of England larger amount of the banks' gold reserves is if account be taken of the French-American available for international use. credits used up in defense of sterling in the summer of 1931. The drain encountered at that time was considerably greater than the CENTRAL GOLD RESERVES AT THE END OF MAY 1936 gold now held by the bank in excess of the [In millions of dollars] amount required by law against notes in cir- Available for inter- culation, irrespective of whether this free national use i reserve be computed on the basis of the legal Total With gold value of gold or the current market rate. held With gold valued at valued at current The Government's Exchange Equalization legal rate rates of exchange Account, however, now holds unreported gold that is entirely available for international United Kingdom 1,701 332 875 United States 10,402 6,300 6,300 use. Germany 28 2 28 2 28 France 3,781 1, 612 1,612 The United States has more gold set aside Japan 439 125 331 Canada 188 106 108 against its domestic liabilities than the total Belgium __ 610 254 254 Italy' 270 2 270 2 270 stock possessed by any other country. In ad- Netherlands _ 465 239 239 British India 275 27 125 dition it has gold available for international Argentina 438 316 316 South Africa 189 78 122 use to an amount more than three times as Sweden 220 124 165 Switzerland 485 315 315 great as the maximum gold drain during the Czechoslovakia __ 113 51 51 S R p u a m in a nia . 7 1 1 1 8 1 0 2 40 3 3 2 depression. The inflow of this gold has been Total (17 countries) 20, 433 10,179 11,546 the principal factor in the unprecedented increase of excess member bank reserves. 1 Gold not legally required against domestic liabilities. 2 Reserve requirements suspended. The strengthening of the French franc and a Latest figures available for Italy are as of December 31, 1935. other gold-bloc currencies in the third week Legal reserve requirements of central of June followed the anbanks are not always rigid. Provision is Gold bloc nouncement in the Chamber made in a number of cases for reserves to fall rf juSneWeek of Deputies on June 19 of the below the legal minimum subject to certain Government's financial propenalties. On the other hand, a deficiency in gram. An element in this program was legal reserves is generally regarded as per-action against those who failed to register missible only when a condition of extreme French capital abroad for tax purposes. Asemergency exists. The reserves available for surance was given that neither devaluation international use are broadly those so desig- of the franc nor a capital levy at home was nated in the table. contemplated. The domestic program in- In many cases these reserves are now less volving an expansion of Government exthan the international drains of gold that penditures was to be financed at the outset have been met at various times during the with advances from the Bank of France and course of the depression. In a number of subsequently by the issue of small-denominacountries such drains have been greater than tion Government securities designed to draw Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 515 into activity funds now hoarded. Following Administrator of the Agricultural Adjustment Administration. During the early the announcement of this program prices of months of this year Mr. Davis, at the request French securities rose, and there appears to of the President, made a trip abroad in order have been some inward movement of funds to survey at first hand trade conditions in Europe and to study the effect of changes in from abroad. Gold amounting to $3,000,000 the economic policies of foreign countries in was acquired by the Bank of France in the relation to American agriculture. week ending June 26. On June 24 the bank lowered its discount rate from 6 to 5 percent and on June 26 to 4 percent. Resignation of Mr. Morrison as Member of Board of Governors The Netherlands Bank which, in the week ending June 29, also gained $3,000,000 of As of July 9, 1936, the resignation tendered by Ralph W. Morrison of Texas as gold, reduced its discount rate from 41/2 pera member of the Board of Governors of the cent to 4 percent on June 25 and to 314 per- Federal Reserve System was accepted. Mr. Morrison had served as a member of the cent on June 30. In the week ending June Board since February 10, 1936. 30 the Swiss National Bank acquired gold to the amount of $1,000,000. Appointment of Chairman and Federal Reserve Agent, Deputy Chairmen, and Class C Directors at Federal Reserve Banks Appointment of Mr. Davis to the Board of Governors On July 7, 1936, Walton N. Moore was designated as Chairman and Federal Reserve On June 5 the President sent to the Senate Agent at the Federal Reserve Bank of the nomination of Chester C. Davis, of Mary- San Francisco for the period ending Decemland, as a member of the Board of Governors ber 31, 1936, on which date his term as for a term of eight years beginning February Class C director of the bank will terminate. 1, 1936. This appointment was approved by On June 16, 1936, Owen D. Young was apthe Senate on June 16, and Mr. Davis aspointed as a Class C Director of the Federal sumed his duties as a member of the Board on June 25. Reserve Bank of New York for the unexpired Mr. Davis was born in Dallas County, portion of the term ending December 31,1937, Iowa, on November 17, 1887. He was gradu- and as Deputy Chairman of the board of diated from Grinnell College, Iowa, in 1911. rectors of the bank for the remainder of the For seven years he edited newspapers in current year. South Dakota and Montana, and later became On July 7, 1936, Frank J. Lewis and Robert editor and manager of the Montana Farmer E. Wood were appointed as Class C Directors at Great Falls. In 1921 he was appointed to of the Federal Reserve Bank of Chicago for organize the Montana State Department of the unexpired portions of the terms ending Agriculture and was Commissioner of Agri- December 31, 1937, and December 31, 1938, culture until 1925, when he was appointed respectively, and Mr. Wood was appointed as director of grain marketing for the Illinois Deputy Chairman of the board of directors of Agricultural Association at Chicago. From the bank for the remainder of the current 1929 to 1933 he was executive vice president year. of a company, with headquarters in Chicago, On July 7, 1936, A. O. Stewart was apformed to manufacture industrial products pointed a Class C Director of the Federal from farm wastes, particularly cornstalks. Reserve Bank of San Francisco for the unex- Early in 1933 Mr. Davis was appointed direc- pired portion of the term ending December tor of the Production Division of the Agricul- 31, 1938, and as Deputy Chairman of the tural Adjustment Administration and on De- board of directors of the bank for the recember 15 of the same year he was appointed mainder of the current year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN JULY 1936 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 25 and released for publication June 27] Volume of industrial production, which of 1930. This level has been maintained in had increased sharply in April, was main- June, reflecting in part some accumulation of tained in May, and there was an increase in steel by fabricators in advance of the effective distribution of commodities to consumers. date of recently announced price increases. Declines in production were reported for Production and employment. — The many nondurable manufactures; at woolen Board's seasonally adjusted index of indusmills, however, activity increased. Output of bituminous coal declined from April to M"ay, PERCl PER CENT while output of crude petroleum continued in 140 INDUSTRIAL PRODUCTION 140 large volume. 130 130 Factory employment increased slightly 120 120 between the middle of April and the middle of \ 110 May, contrary to the usual seasonal tendency. 110 \ Increases were reported at plants producing 100 100 A . / iron and steel products, machinery, and most 90 90 l\ other durable manufactures. Changes in em- 80 ployment in industries producing nondurable 80 \ / ^ 'V 70 manufactures were largely of a seasonal 70 J nature. Factory payrolls were somewhat 60 60 larger in the middle of May than a month 50 50 earlier. 1929 1930 1931 t932 1933 1934 1935 1936 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. 120 WHOLESALE PRICES trial production in May was 101 percent of 110 110 the 1923-1925 average, as compared with 100 100 100 percent in April. Production of durable 90 v-90 manufactures increased further, reflecting larger output of steel and lumber, partly off- 80 om O m t o he d r ities r- 80 set in the total by a reduction in the output 70 Jtt\.J4 70 V foods' Ml 60 60 \ 50 50 120 120 \\>\ 110 FACTORY EMPLOYMENT AND PAYROLLS 110 40 Farm Products . 40 30 100 1929 1930 1931 1932 1933 1934 1935 1936 90 Indexes compiled by the United States Bureau of Labor Statis- Employment tics, 1926 = 109. By months, 1929 to 1931; by weeks, 1932 to date. /V 80 Latest figure is for week ending June 20, 1936. A 70 / 70 Total value of construction contracts 60 Payrol \ ls^1 ! 60 awarded, according to figures of the F. W. 50 50 Dodge Corporation, declined slightly from 40 \A / 40 April to May. Awards for residential build- V ing continued to increase and in May, as in 30 30 other months this year, were substantially 1929 1930 1931 1932 1933 1934 1935 1936 larger than a year ago when residential Monthly indexes of number employed and payrolls at factories, unadjusted for seasonal variation, 1923-1925 average = 100. building was first beginning to increase from the extreme low level of the depression. of automobiles from the high level of April. Distribution.—Department store sales, At steel mills the rate of activity in May was which usually decline at this season, increased higher than at any other time since the spring from April to May and there was also a rise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 517 in sales at variety stores and mail order currency in connection with the cashing of houses. Freight-car loadings increased by these bonds and checks. slightly more than the usual seasonal amount. United States Government obligations held Commodity prices.—Wholesale prices of by reporting member banks in leading cities, commodities, which had declined from the which had increased somewhat in May and middle of April to the middle of May, have advanced somewhat since that time and in the BILLIONS OF DOLLARS BILLIONS OF DOLU week ending June 20 were at 78.7 percent of MEMBER BANK CREDIT the 1926 average, according to the index of V*- Total Loans J the Bureau of Labor Statistics. In recent — Dem A an d d ju s D te e d p os \ i f ts-/\ / id Investments-aL-t weeks prices of livestock and livestock products, grains and flour, and textile raw materials and finished products have advanced. For many steel products price increases have been announced to take effect early in the third quarter. Bank credit.—Excess reserves of member banks, after a slow increase in May and the early part of June, declined by $900,000,000 in the week ending June 17. The reduction 7935 '34 in excess reserves was due principally to an Wednesday figures for reporting member banks in 101 leading increase in the deposits maintained at the cities, September 5, 1934 to June 17, 1936. Loans on real estate, Reserve banks by the Treasury, which re- loans to banks, and acceptances and commercial paper bought included in total loans and investments but not shown separately. ceived large payments for new securities issued, as well as quarterly tax installments. early June, showed a further sharp increase At that time the Treasury began to distribute in the week ending June 17 in connection checks and adjusted service bonds to veterans with the new issue of Government securities. and there was an increase in the demand for Bank loans also increased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN JULY 1936 MEMBER BANK RESERVES AND RELATED ITEMS Wednesday figures BILLIONS OF DOLLARS BILLIONS OF DOLLARS 11 1930 1931 1932 1933 1934 1935 1936 MEMBER BANK RESERVE BALANCES .".EXCESS RESERVES-::'-: 1930 1931 1932 1933 1934 1935 1936 Latest figures for June 24, 1936. See table on page 569. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 519 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS Average for year 1935 1936 1929 1932 1933 1934 1935 May June RESERVE BANK CREDIT, MEMBER BANK (Averages of daily figures; in millions of dollars) RESERVES, AND RELATED ITEMS Reserve bank credit—total. _ 1,459 2,077 2,429 2,502 2,475 2,476 2,479 2,484 2,493 2,484 2,480 2,476 2,478 Bills discounted 952 521 283 36 7 7 8 6 8 6 6 5 6 Bills bought 241 71 83 25 5 5 5 5 5 5 5 4 3 U. S. Government securities 208 1,461 2,052 2,432 2,431 2, 434 2,431 2,430 2,430 2,430 2,430 2,430 2,430 Monetary gold stock 3,996 3,952 4,059 7,512 9,059 8, 755 9,025 10,158 10,163 10,172 10, 202 10, 324 10, 514 Treasury currency. 2,015 2,096 2,271 2,381 2,478 2,534 2,513 2,486 2,495 2,502 2,503 2,495 2,492 Money in circulation 4,476 5,328 5,576 5,403 5,585 5,507 5,522 5, 757 5,779 5,857 5,892 5,918 6,062 Treasury cash and deposits with Federal Reserve banks 229 275 343 2,879 2,919 2,942 3,058 2,981 3,278 3,384 3,133 3, 372 Nonmember deposits and other accounts 406 407 497 438 507 537 527 533 584 603 608 606 567 Member bank reserve balances: Total 2,358 2,114 2,343 3,676 5,001 4,778 4,979 5,780 5,808 5,420 5,300 5,638 5,484 Excess 43 256 528 1,564 2,469 2,297 2,438 3,033 3,038 2,653 2,510 2,800 P2, 609 REPORTING MEMBER BANKS (Averages of Wednesday figures; in millions of dollars) Total loans and investments 22, 599 19,080 17, 505 18, 672 19,997 19,814 19, 887 20,928 21, 053 21, 445 21, 745 217832" 22, 373 Loans to brokers in New York City 1,405 337 591 815 820 844 844 923 901 995 1,008 973 1.074 Other loans on securities 6,251 4,508 3,343 2,711 2,301 2,306 2,289 2,247 2,230 2,272 2,292 2,290 2,334 All other loans 9,231 6,578 5,222 4,965 4,907 4,933 4,895 4,910 4,850 4,956 5,061 5,092 5,127 U. S. Government obligations: Direct 2,865 4,413 5,228 6,856 7,989 7,853 7,910 8,599 8,708 8,737 8,767 8,877 9,202 Fully guaranteed «325 928 787 943 1,155 1,194 1,247 1,273 1,286 1,303 Other securities 2,847 3,245 3,121 "3,000 3,052 3,091 3,006 3,094 3,170 3,238 3,344 3,314 3,333 Reserves with Federal Reserve banks 1,725 1, 673 1,822 2,875 4,024 3,820 4,041 4,773 4,782 4, 363 4,180 4,577 4,389 Cash in vault 248 214 240 271 326 301 318 354 356 366 370 378 387 Balances with domestic banks 1,142 1,250 1,322 1,688 2,112 2,043 2,018 2,336 2,335 2,334 2,262 2,283 2,290 Demand deposits—adjusted 0) C1) 0) 0) 12, 729 12, 373 12, 814 13,824 14,064 13, 881 13,982 14, 371 14, 563 T D i e m po e s d it e s p o o f s i d ts o m (e e x s c t l i u c d b in a g n k i s n 3 terbank)2 6,788 2 5 , , 7 66 7 6 2 4 2 , , 9 8 4 2 6 2 4 3, , 8 9 1 3 4 7 4 4 , , 8 9 8 3 3 8 4 4 , , 9 7 7 5 0 8 4 4 , , 8 7 7 4 4 7 4 5, , 8 6 9 2 2 0 4 5 , , 8 6 9 4 3 7 4 5 , , 9 6 2 4 3 9 4 5 , , 9 4 7 8 1 4 5 5 , , 0 4 5 7 1 7 5 5 , , 5 0 0 3 3 7 Borrowings 2,787 228 115 6 6 2 2 13 7 3 674 MONEY RATES AND BOND YIELDS (Averages of weekly figures; percent per annum) Commercial paper 5.85 2.73 1.72 1.02 .76 .75 .75 .75 .75 .75 .75 .75 Stock exchange call loans 7.61 2.05 1.16 1.00 .56 .25 .25 .75 .75 .75 .75 .93 1.00 U. S. Treasury bills .88 .52 .26 .14 .15 .13 .10 .08 .11 .10 .18 .23 U. S. Treasury bonds, long term 3.60 3.66 3.31 3.10 2.70 2.61 2.61 2.68 2.62 2.54 2.51 2.50 2.50 Corporate high grade bonds (Moody's Aaa)_ 4.73 5.01 4.49 4.00 3.74 3.74 3.72 3.66 3.62 3.61 3.60 3.58 3.55 CAPITAL ISSUES (Monthly basis; in millions of dollars) All issues—total 959 146 89 180 389 472 512 r400 302 »763 n, 004 413 731 New 841 100 60 116 124 87 58 122 107 130 177 112 217 Refunding 118 46 29 64 265 384 454 ••278 195 r634 '827 302 514 Domestic corporate issues—total 781 54 32 41 189 127 129 266 195 595 658 305 528 New 667 27 13 15 34 45 14 65 13 59 128 38 152 Refunding __ 115 27 18 26 ' 155 82 115 201 181 536 530 267 376 PRICES (Index numbers) Common stocks (1926=100) 190 48 63 72 78 73 76 100 106 109 109 101 106 Wholesale commodity prices (1926=100): All commodities 95 65 66 75 80 80 80 81 81 80 80 79 0) Farm products 105 48 51 65 79 81 78 78 80 77 77 75 0) Foods 100 61 61 71 84 84 83 84 83 80 80 78 0) Other commodities 92 70 71 78 78 78 78 79 79 79 79 79 0) Retail food prices (1923-25 = 100) 105 68 66 74 80 81 82 82 81 80 80 80 0) BUSINESS INDEXES (Index numbers, adjusted for seasonal variation, 1923-25—100) Industrial production—total.__ 119 64 76 79 90 85 86 98 94 93 100 ?101 (0 Manufactures __ 119 63 75 78 90 84 84 97 91 93 99 P101 (0 Minerals 115 71 82 86 91 89 98 103 110 95 105 P102 0) Construction—total 117 28 25 32 37 27 30 61 52 47 47 46 0) Residential 87 13 11 12 21 21 24 25 25 26 30 32 (0 All other 142 40 37 48 50 32 36 90 73 63 60 57 0) Factory employment 105 64 69 79 82 81 80 85 84 84 85 86 0) Factory pay rolls (unadjusted). 109 46 49 62 70 69 66 73 73 76 78 79 0) Freight car loadings 106 56 58 62 63 61 63 70 70 66 69 70 0) Department store sales 111 69 67 75 79 76 80 79 80 88 81 88 MERCHANDISE EXPORTS AND IMPORTS (Monthly basis; in millions of dollars) Exports, including re-exports 437 134 140 I 178 190 I 165 170 I 199 I 182 195 193 I P201 0) General imports 367 110 121 138 171 | 171 ! 157 187 | 193 199 203 P191 0) p Preliminary. • Partly estimated. '•Revised. i Figures not available. 2 Includes time deposits of banks, domestic and foreign, 1929-1934. 3 Does not include time deposits 1929-1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN JULY 1936 EARNINGS AND EXPENSES OF MEMBER BANKS Member banks of the Federal Reserve years and profits on securities sold. Charge- System, taken as a whole, showed net profits offs for losses and depreciation amounted to for the year 1935 for the first time since 1931.more than $500,000,000 in 1935 as compared These profits were earned notwithstanding with an average of nearly $800,000,000 in the the continued low level of money rates and four previous years and with about $200,the large volume of funds for which the banks 000,000 in the period prior to 1929. The net found no employment and on which they con- losses reported by member banks from 1932 sequently received no return. The improve- to 1934 were due to these large charge-offs. ment has reflected a decrease in charge-offs, an increase in recoveries, and appreciation in EARNINGS AND EXPENSES OF MEMBER BANKS securities sold. Detailed statistics of earnings and expenses of member banks in 1935 TOTAL CURRENT EARNINGS and 1934 are given in tables on subsequent / LOSSES LESS RECOVERIES. ETC. pages of this BULLETIN. / / TOTAL CURRENT EXPENSES Net profits, as shown in the tables, include not only net earnings from current operations but also recoveries and profits on securities sold, less charge-offs for losses and depreciation. In 1935 net profits were slightly more than $4 for every $100 of total capital funds, as compared with net losses of about X 41/) percent of capital in 1934 and 7^ percent in 1933. In the period from 1925 to 1929 NET PROFIT net profits averaged nearly 9 percent of capi- 500 i NET LOSS " tal funds. Cash dividends declared were in- 1927 1928 1929 1930 1932 1933 1934 creased slightly in 1935 and for the first time The accompanying chart shows that from since 1929 were covered in full by net profits; 1927 through 1929 total current earnings they continued, however, smaller than in the and current expenses increased slightly. The years prior to 1933. increase in total current earnings in that period reflected principally growth in the EARNINGS AND EXPENSES OF MEMBER BANKS volume of loans and investments, although there was also a small increase resulting from [In millions of dollars] a rise in interest rates. From 1929 to 1933 1929 1933 1934 total current earnings of member banks declined steadily, reflecting in part a decrease Total current earnings 2. 399 1,237 1,244 1,207 in loans and investments of member banks Total current expenses 1, 684 859 843 833 and in part a reduction in rates of interest Net earnings from current operations 715 378 394 374 on loans and in yields on securities. A fur- R Lo e s c s o e v s e a ri n e d s , d p e r p o r f e it c s i a o t n io s n ecurities sold, etC-_ 2 1 9 3 5 7 8 1 5 2 8 5 8 2 7 5 3 4 3 5 7 3 o 8 ther decrease occurred in 1935, as a result of Nat profit or loss (—) 557 -350 -225 212 continued declines in interest rates, which Cash dividends declared 403 151 174 187 more than offset the effect of an increase in earning assets. Gross earnings from current operations, The average rate of interest and discount as shown in the following table and in the on loans increased from 5.45 percent in 1927 chart, were slightly smaller in 1935 than in to 6.10 percent in 1929 and declined to 4.68 1933 and 1934, reflecting reduced yields on percent in 1933 and 4.16 percent in 1935. loans and investments. Although current Interest and dividend rates on investments expenses also declined, net earnings from cur- declined from an average of 4.70 percent in rent operations were smaller than in earlier the years 1927-1929 to 3.53 percent in 1933 years. The improvement in net profits re- and 2.76 percent in 1935. flected a substantial decrease in charge-offs In the period of decreasing gross earnings for bad and doubtful assets, and an increase since 1929 member banks have also reduced in recoveries on charge-offs of previous expenses. The principal reduction was in in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

521 JULY 1936 FEDERAL RESERVE BULLETIN terest paid on deposits. Interest paid on ratios of net profits to total loans and investtime deposits, which averaged about 3% per- ments and to total capital funds. cent from 1927 to 1930, averaged less than 2 Both national and State member banks percent in 1935, and interest paid on demand and member banks in each Federal Reserve deposits was practically eliminated by the district, taken as a whole in each group, Banking. Act of 1933. Total salaries an'd showed net profits in 1935 as compared with wages paid by banks increased slightly in net losses in 1934. Member banks in the 1934 and 1935, but in the latter year were Minneapolis and New York districts, which about one-fourth smaller than in 1929, com- reported relatively the largest net losses in pared with a reduction of about one-fifth in 1934, showed the greatest improvement in total loans and investments. 1935, while member banks in the Richmond These changes in current earnings and ex- and Chicago districts, which reported relapenses have had the net result of enabling tively small net losses in 1934, showed the member banks to continue throughout the de- smallest improvement in earnings in 1935. pression to show net earnings on current Insured nonmember banks, for which figures operations, which in most of the past ten are compiled by the Federal Deposit Insuryears have amounted to about 1.50 percent ance Corporation, also reported larger net of total loans and investments. This ratio earnings and smaller charge-off s in 1935 than declined in 1935, however, to a low level of in 1934, but these banks as a group showed 1.29 percent. a small net loss in 1935. Losses on loans and investments charged Figures of earnings and expenses of banks off by banks began to increase in 1930, ab- for 1935, grouped by size of banks, are shown sorbed practically all earnings and profits in for State member banks and for all insured 1931, and resulted in net losses in 1932, 1933 commercial State banks in tables on pages and 1934. In 1934, although allowances for 528-529. Data for national banks by size losses and depreciation reached a maximum, group for the year 1935 have not yet become member banks reported substantially larger available. All size groups of insured State recoveries from losses previously written off banks, except those with deposits of over and profits from securities sold. In 1935 $50,000,000, showed larger net earnings from losses declined to the smallest amount since current operations in 1935 than in 1934, and 1930, while recoveries and profits from se- all but one group showed net profits in 1935, curities sold showed a further increase, with after allowances for recoveries, losses, etc. the result that the banks, as a whole, again The group which includes banks with deshowed net profits. The total amount of net posits of between $5,000,000 and $50,000,000 profits in 1935, however, was less than half continued to show a net loss, though a much the pre-depression level, as were also the smaller one than in 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN JULY 1936 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY CLASSES OF BANKS, YEARS ENDED DEC. 31, 1935 AND 1934 Amounts (in thousands of dollars) Amounts per $100 of loans and investments 12 All member banks Nation b a a l n k m s ember State member banks All b m an e k m s ber N m b a e a t m i n o k b n s e a r l m b S e a m t n a k t b e s er 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 Earnings: Interest and discount on loans. _ 498,419 540,014 339, 272 362, 740 159,147 177, 274 $1.72 $2.01 $1.85 $2.13 $1.50 $1. 79 Interest and dividends on investments 467, 217 473, 791 315, 726 314, 217 151,491 159, 574 1.62 1.76 1.73 1.85 1 43 1 61 Interest on balances with other banks 1, 681 2,425 1,123 1, 375 558 1,050 .01 .01 .01 .01 .01 01 Collections charges, commissions, fees, etc 28,825 27, 810 20, 292 18, 350 8,533 9,460 .10 .10 . 11 . 11 .08 10 Foreign department _ __ 12, 282 17, 975 6,887 10, 750 5,395 7,225 .04 .07 .04 .06 .05 .07 Trust department 77, 703 70, 994 28, 540 25, 545 49,163 45, 449 .27 .26 .15 .15 .46 .46 Service charges on deposit accounts _ _ 35, 634 27, 619 24,887 19, 284 10, 747 8,335 .12 .10 .14 .11 .10 .08 Other current earnings 84,888 83, 245 55, 510 54, 521 29, 378 28, 724 .29 .31 .30 .32 .28 .29 Total earnings from current operations 1, 206, 649 1, 243,873 792, 237 806, 782 414, 412 437, 091 4.17 4.62 4.33 4.74 3.90 4.41 Expenses: Interest on deposits: Time _ _ 196, 490 227, 371 142, 520 162, 908 53, 970 64, 463 .68 .84 .78 .96 .51 .65 Demand 9,298 12, 494 6,726 8,787 2,572 3,707 .03 .05 .04 .05 .02 .04 Bank 2,695 3,498 1,703 2,074 992 1,424 .01 .01 01 .01 .01 .01 Total 208, 483 243, 363 150, 949 173, 769 57, 534 69, 594 .72 .90 .83 1.02 .54 .70 Salaries and wages 334, 468 327, 424 211, 242 206, 015 123, 226 121,409 1.16 1.22 1.16 1.21 1.16 1.22 Interest and discount on borrowed money 1,230 3, 637 429 1,577 801 2,060 .01 .01 .01 .02 Taxes 63, 680 62, 278 42, 628 42, 293 21,052 19,985 .22 .23 .23 .25 .20 .20 Other expenses _ 224, 654 212, 687 142, 528 132, 567 82,126 80,120 .78 .79 .78 .78 .77 .81 Total current expenses 832, 515 849, 389 547, 776 556, 221 284, 739 293,168 2.88 3.15 3.00 3.27 2.68 2.96 Net earnings _ _ __. 374,134 394,484 244,461 250, 561 129, 673 143,923 1.29 1.46 1.33 1.47 1.22 1.45 Recoveries, profits on securities,etc: On loans 71,901 44, 389 47, 327 31, 999 24, 574 12, 390 .25 .16 .26 . 19 .23 .12 On investments _ _ _ 277,027 185, 591 180, 441 119, 589 96, 586 66, 002 .96 .69 .98 .70 .91 .67 All other 27,078 23, 979 12, 309 15, 224 14, 769 8,755 .09 .09 .07 .09 .14 .09 Total 376, 006 253, 959 240,077 166, 812 135, 929 87,147 1.30 .94 1.31 .98 1.28 .88 Losses and depreciation: On loans _ _ 252, 374 451, 782 159, 978 299, 085 92, 396 152, 697 .87 1.68 .87 1.76 .87 1.54 On invp-St.Tnp.nts 198, 765 320, 496 116,182 206, 332 82, 583 114,164 .69 1.19 .64 1.21 .78 1.15 On banking house, furniture, and fixtures _ _ 33, 586 39, 422 23, 329 29, 414 10, 257 10, 008 .12 .15 .13 .17 .10 .10 All other 53, 537 61, 244 26, 950 36, 531 26, 587 24, 713 .18 .23 .15 .21 .25 .25 Total losses and depreciation. 538, 262 872, 944 326, 439 571, 362 211, 823 301, 582 1.86 3.24 1.79 3.36 2.00 3.04 Net profit, or net loss (—) 211, 878 -224, 501 158, 099 -153,989 53, 779 -70, 512 .73 -.83 .86 -.90 .51 -.71 Cash dividends declared 3 186, 810 173, 666 112, 918 91, 698 73, 892 81, 968 Loans 2 _ _ _ 11,985,150 12, 476, 572 7, 418, 739 7, 749, 869 4,566,411 4, 726, 703 Investments 2 _ _ 16, 913, 308 14, 453, 885 10, 866, 893 9, 268,115 6,046, 415 5,185, 770 Loans and investments 2 28, 898, 458 26, 930,457 18, 285, 632 17,017,984 10, 612, 826 9, 912, 473 Time deposits 2__ _ ___--. 10,181,426 9, 616, 323 7, 203, 568 6, 741, 268 2, 977, 858 2, 875, 055 Total deposits 2 35, 694, 475 30, 718, 669 22,976, 968 19,-725,908 12, 717, 507 10,992, 761 Capital funds 2 4 5,118, 478 5,049, 525 3,078, 033 2, 976, 272 2, 040, 445 2, 073, 253 Other ratios 1 2 Net profit, or net loss (-), per $100 of capital funds4 $4.14-$4. 45 $5.14-$5.17 $2.64-$3. 40 Interest and discount on loans per $100 of loans 4.16 4.33 4.57 4.68 3.49 3.75 Losses on loans per $100 of loans. _ 2.11 3.62 2.16 3.86 2.02 3.23 Interest and dividends on investmeiits per $100of investments. 2.76 3.28 2.91 3.30 2.51 3.08 Losses on investments per $100 of investments 1. 18 2.22 1.07 2.23 1.37 2.20 Interest on time deposits per $100 oftime deposits 1.93 2.36 1.98 2.42 1.81 2.24 Total deposits per $1 of capital funds* 6.97 6.08 7.46 6.63 6.23 5.30 Loans and investments per $1 of capital funds4 5.65 5.33 5.94 5.72 5.20 4.78 For footnotes see p. 523. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

523 JULY 1936 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1935 AND 1934—Con. [In thousands of dollars] Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 Earnings: Interest and discount on loans 39, 559 43,971 131,151 149,944 44,192 48, 277 47, 403 52, 049 23, 944 25, 222 20, 704 21,110 Interest and dividends on investments 28, 373 30, 751 142, 491 159,932 45, 337 43, 062 48, 670 46, 370 18, 915 18, 079 13, 643 13, 666 Interest on balances with other banks 34 47 423 968 129 206 124 93 64 76 102 Collection charges, commissions, fees, etc 6,421 7,285 651 611 1,216 1,432 1,160 1,163 2,313 2,164 Foreign department 969 1,287 8,197 12, 688 375 439 312 321 34 62 197 232 Trust department 5, 550 5,237 36, 352 33, 956 7,250 6, 361 5,369 4,913 1,922 1,699 1,340 1,162 Service charges on deposit accounts 2,970 2,474 8,109 6,212 1,717 1,234 2, 245 1,494 1,728 1,254 1,562 1,231 Other current earnings... 6,294 5,046 22, 348 24, 210 6,217 5,403 8,810 7,616 3,185 2,807 3,691 3,472 Total current earnings 84, 635 19, 642 355, 492 395,195 105,868 105, 593 114,149 114,288 50, 952 50, 362 43, 536 43,139 Expenses: Interest on deposits: Time 14,087 17, 258 37,187 46, 051 22, 491 24, 837 23, 014 27, 219 10,451 11, 686 7,020 8,194 Demand 56 210 2,118 2,569 519 1,018 1, 537 1,985 194 300 427 432 Bank 295 345 574 1,031 585 729 385 361 102 113 119 Total 14, 438 17, 813 39, 879 49, 651 23, 595 26, 584 24, 936 29, 565 10, 747 12, 075 7,560 8,745 Salaries and wages 23, 120 22, 695 110,116 111,001 25, 242 24, 745 26, 207 25, 422 12, 917 12, 284 11,951 11,216 Interest and discount on borrowed money 65 165 226 1,096 123 439 35 159 19 124 67 184 Taxes 4,543 4, 322 16,979 17, 441 5,126 4, 777 7, 046 6,229 2,704 2,793 2,832 2,832 14, 434 14, 001 75, 414 73, 469 17, 500 16,092 17, 737 16,025 7,881 7,601 8,583 7,834 Other expenses 56, 600 58, 996 242, 614 252, 658 71, 586 72, 637 75, 961 77, 400 34, 268 34, 877 30, 993 30,811 Total current expenses. 28, 035 30, 646 112,878 142, 537 34, 282 32, 956 16, 684 15, 485 12, 543 12, 328 Net earnings Recoveries, profits on securities, etc.: On loans 3,551 2, 238 29,361 15, 530 3,703 1,334 3, 409 1,857 2,163 1,177 1,063 903 On investments 15,054 12, 975 106, 212 77, 206 23, 091 11, 750 16, 546 9,817 11,199 10,143 7,950 5,695 All other 1,514 11, 682 5,342 1, 955 1,382 1,061 1,381 842 894 451 421 Total 20,119 17, 111 147, 255 28, 749 14, 466 21,016 13,055 14, 204 12, 214 9,464 7,019 Losses and depreciation: On loans 12, 978 31,134 102,19' 182, 605 24,997 33, 518 16,047 36, 255 9,241 16, 003 7,021 14,126 On investments 11,728 19, 354 75,028 149,185 21, 346 27, 510 18, 336 22, 635 9,414 10, 746 4,995 5,137 On banking house, furniture and fixtures 2, 265 2,445 11,212 14, 259 3, 305 1, 554 2,381 2,409 1, 582 1,233 1,076 972 Allother 2,724 4,411 18, 216 19,170 7,027 4,060 2,821 4, 793 1,728 1, 985 1,093 2,823 Total losses and depreciation 29, 695 57, 344 206, 653 365, 219 56, 675 66, 642 39, 585 66,092 21, 965 29, 967 14,185 23,058 Net profit, or net loss (—) 18, 459 -9, 587 53, 480 -124,604 6, 356 -19, 220 19, 619 -16,149 8,923 -2, 268 7,822-3,711 Cash dividends declared 3 13, 048 12,313 86, 543 88, 753 17, 775 17, 277 11,389 10, 070 6,058 6,312 4,973 4,191 Loans 2 955, 2551, 023, 510 4, 358, 243 555,126 971,934 046, 345 946,817 995, 953 461, 543 476,053 413, 357 414,711 931,861 865, 923 6,161, 410 347, 0791, 239, 447 091, 255 478, 5981, 263, 293 607, 443 524,172 453' 432 Investments 2 1,887,116 1,889,43310, 519, 653 902, 205 2, 211, 381 2,137, 600 2, 425, 415 , 259, 2461,068, 9861,000, 225 866, 599 821,143 Loans and investments1 709, 371 720, 564 2, 090, 761 !, 116, 8961, 019, 457 986, 732 1,163,0931, 074, 413 484, 873 458, 091 341, 544 327,,167 Time deposits 2 , 277, 5452,111188,,110099 12,630,417 1, 876,1862, 482, 511 , 217, 476 2,799, 395 ~2 , 440055,,186 382, 989 1,193, 5011,137, 927968, 104 Total deposits 2 373,166 3""6'8" , 9~2~7~ 1,996,552 !, 021, 418 481,912 476, 326 481, 445 464, 928 181, 884 175, 510 158, 669154,140 Capital funds 2 4 1 The ratios are based upon data taken from the customary abstracts of reports of condition and of earnings and dividends. It should be borne in mind in using them that the statistics employed represent aggregates for all member banks reporting on the various dates, and the ratios are therefore ratios of aggregates in which figures for large banks have a statistical influence somewhat disproportionate to their number in comparison with the figures for small banks. No adjustments nave been made in the underlying data for changes during a given year in the number of banks whose reports underlie the statistics, since the figures presented are for sufficiently large groups that the results appear not to be appreciably affected by these changes. 2 Figures for loans, investments, deposits, and capital funds are averages of amounts from reports of condition for 5 call dates (December to December). 3 Includes interest on capital notes and debentures. 4 By "capital funds" is meant the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Prior to July, 1932, reserves for dividends were also included in capital funds. Back figures.—See BULLETIN for August 1935, p. 540-542. For summary figures for the country as a whole, see Annual Report for 1934 (table 91.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN JULY 1936 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1935 AND 1934—Con. [In thousands of dollars] Federal Reserve district Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 Earnings: Interestanddiscountonloans_ 43,184 47, 524 17, 709 18, 485 13,103 14, 280 21,155 21, 536 21, 593 21, 278 74, 722 76, 338 Interest and dividends on in- » vestments 57, 361 50, 292 17,471 16,354 13, 357 14, 64' 18,145 18, 680 11,159 11,771 52, 295 50,187 Interest on balances with other banks 91 151 40 49 121 163 185 246 31 38 353 Collection charges, commissions, fees, etc 5,125 4,229 1,677 1,534 2,947 2,629 1,643 1,486 1,412 1,439 3,374 3,009 Foreign department 852 1,474 35 64 65 73 13 16 27 31 1,206 1,288 T Se ru rv s i t c e d e c p h a a r r t g m e e s nt on deposit 10, 390 9,183 1,317 1,102 1,192 I,1 484 430 5,550 4,931 accounts 5,877 4,664 1,331 966 1,153 957 2,820 2,094 1,759 1,452 4,363 3,587 Other current earnings 9,528 10, 725 3,006 2,907 2,482 2,579 4,615 4,373 3,844 3,428 10, T" 10, 679 Total current earnings.__ 132, 408 128, 242 42, 586 41, 461 34, 215 36, 254 49, 768 49, 525 40, 309 39, 867 152, 731 150, 305 Expenses: Interest on deposits: Time 20, 704 21,081 7,242 8,056 6,591 8,250 5,519 7,021 3,847 4,553 38, 337 43,165 Demand 1,293 1,550 292 302 160 373 564 1,026 462 525 1,676 2,204 Bank , 82 75 57 141 141 194 127 244 20 26 214 144 Total 22, 079 22, 706 7,591 8,499 6,892 8,817 6,210 8,291 4,329 5,104 40, 227 45, 513 Salaries and wages 37,876 35, 991 11,107 10, 566 9,813 9,738 14, 503 14,124 11, 605 11,006 40, 011 38,636 Interest and discount on borrowed money 63 233 550 903 21 33 13 42 36 90 12 169 Taxes 6,670 7,190 2,683 2,449 2,472 2,185 2,620 2,560 3,027 3,249 6,978 6,251 Other expenses 24, 288 21,964 7,195 6,902 6,617 7,435 10, 043 9,634 7,717 7,020 27, 245 24, 710 Total current expenses 90, 976 29,126 29, 319 25, 815 28, 208 33, 389 34, 651 26, 714 114, 473 115,279 Net earnings 41, 432 40,158 13, 460 12,142 8,403 8,045 16, 379 14, 874 13, 595 13, 398 38, 258 35, 026 Recoveries, profits on securities, etc.: On loans 11,1 7,1 2, 615 1,481 3,482 2,475 3,035 2,908 3, 517 2,946 4,304 3,651 On investments 28, 518 17, 376 12, 279 6,965 7,148 5,327 10, 458 7,042 8,978 4,671 29, 594 16, 624 All other 3,858 8,132 618 1,177 964 747 762 682 738 457 2, 633 1,466 Total- 44, 074 33, 397 15, 512) 9,623 11, 594 8,549 14, 255 10, 632 13, 233 8,074 36, 531 21, 741 Losses and depreciation: On loans 27,840 46, 832 6, 693 11,441 14, 553 8,919 14, 096 7, 864 14, 215 21, 583 37, 004 On investments 19, 270 23, 820 9, 358 12,175 5,533 12, 650 9,407 5,073 3,831 11,881 24,046 On banking house, furniture and fixtures 3,073 3,351 1,003 857 1,577 1, 2,301 1, 363 2,772 3, 803 5,721 All other 4,282 5,654 1, 697 2,348 1,838 2,113 2,580 1,964 2,624 8, 785; 8,958 Total losses and depreciation 54, 465 79, 657 18, 756 26, 792 14, 465 30, 618 19, 501 28,384 16, 264 23, 442 46,053 75, 729 Net profit, or net loss (—).. 31,041 -6,102 10, 216 -5,027 5,529-14,023 11,133 -2, 878 10, 564 -1,970 28, 736 -18,962 Cash dividends declared 3_. 9,963 6,280 4,255 3,072 4,111 2,346 4,950 4,226 5,355 4,413 18, 390 14, 413 Loans a 1, 02S, 6281,138, 381 378, 352 373, 583 280, 384 283, 810 336, 419 350, 539 338, 790 336, 7451,485,430 1,471, 816 Investmsnts 2_. 354, 313 1, 729, 583 556, 058 493, 758 427,835 389,018 608, 638 553, 695 381,193 357, 8291, 713, 270 1, 431, 843 Loans and investments 2.. 3, 382, 933 2, 867,969 934, 410 837, 341 708, 219 672, 828 975, 057 914, 234 719, 983 694, 574 3,198, 700 2, 903, 659 Time deposits 2_. 1,219,9691, 016, 616 349, 225 326, 543 343, 939 337,349 310,826 309, 408 195,838 194, 6271, 952, 5301, 747, 917 Total deposits 2_. 4,611,9513, 687, 4851, 209, 9"70 1.,, 030, 590932, 536 819,"350 1,, 485, 726 1,, 267, 5-45 1, 044, 227 941, 4613, 699, 2813,193, 676 Capital funds 2 4. 475, 608 452, 485 147, 850 141,980 114,811 107, 743 154,969 149, 027 143, 334 135, 814 408, 278 401,226 For footnotes see p. 523. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

525 JULY 1936 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued ALL MEMBER BANKS, BY DISTRICTS, YEARS ENDED DEC. 31, 1935 AND 1934—Con. Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 Amounts per $100 of loans and investments: 12 Interest earned $3.60 $3.96 $2.61 $3.14 $4.05 $4.28 $3.97 $4.36 $4.02 $4.34 $3.97 $4.25 Other earnings .88 .79 .77 .85 .74 .66 .74 .70 .75 .70 1.05 1.01 Total current earnings 4.48 4.75 3.38 3.99 4.79 4.94 4.71 5.06 4.77 5.04 5.02 5.26 Interest on deposits .77 .94 .38 .50 1.07 1.24 1.03 1.30 1.01 1.21 .87 1.06 Interest and discount on borrowed money 01 .01 .01 .02 .01 .01 .01 .02 Salaries and wages 1.23 1.20 1.05 1.12 1.14 1.16 1.08 1.13 1.21 1.23 1.38 1.37 Taxes .24 .23 .16 .18 .23 .22 .29 .28 .25 .27 .33 .34 All other expenses .76 .74 .72 .74 .79 .75 .73 .71 .74 .76 .99 .95 Total current expenses 3.00 3.12 2.31 2.55 3.24 3.39 3.13 3.43 3.21 3.48 3.58 3.74 Net earnings .. _ 1.48 1. 63 1.07 1.44 1.55 1.55 1.58 1.63 1.56 1.55 1.44 1.50 Recoveries, profits on securities, etc.__ 1.07 .91 1.40 .99 1.30 .68 .87 .58 1.33 1.22 1.09 .85 Losses and depreciation 1.57 3.03 1.96 3.69 2.56 3.12 1.63 2.93 2.05 3.00 1.64 2.81 Net profit, or net loss (—)__ .98 -.51 .51 -1.26 .29 -.90 .81 -.71 .83 -.23 .90 -.45 Other ratios: 12 Net profit, or net loss (—), per $100 of capital funds 4 4.95 -2.60 2.68 -6.15 1.32 -4.04 4.08 -3.47 4.91 -1.29 4.93 -2.41 Interest and discount on loans per $100 of loans 4.14 4.30 3.01 3.29 4.55 4.61 5.01 5.23 5.19 5.30 5.01 5.09 Losses on loans per $100 of loans 1.36 3.04 2.34 4.01 2.57 3.20 1.69 3.64 2.00 3.36 1.70 3.41 Interest and dividends on investments per $100 of investments. _ __ 3.04 3.55 2.31 2 99 3.66 3.95 3.29 3.67 3.11 3.45 3.01 3.36 Losses on investments per $100 of investments 1.26 2.24 1.22 2.79 1.72 2.52 1.24 1.79 1.55 2.05 1.10 1.26 Interest on time deposits per $100 of time deposits 1.99 2.40 1.78 2.18 2.21 2.52 1.98 2.53 2.16 2.55 2.06 2.50 Loans and investments per $1 of capital funds 4 5.06 5.12 5.27 4.90 4.59 4.49 5.04 4.86 5.88 5.70 5.46 5.33 Total deposits per $1 of capital funds -L 6.10 5.74 6.33 5.38 5.15 4.65 5.81 5.17 7.60 6.80 7.17 6.28 Federal Reserve District Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 1935 1934 Amounts per $100 of loans and investments: J2 Interest earned $2 97 $3.41 $3 77 $4.02 $3 75 $4 32 $4.05 $4.43 $4 55 $4.76 $3.98 $4.37 Other earnings _._ .94 1.06 .79 .76 1.08 1.06 1.05 .99 1.05 .98 .79 .81 Total current earnings 3.91 4.47 4.56 4.78 4.83 5.38 5. 10 5.42 5.60 5.74 4.77 5.18 Interest on deposits __ .65 .79 .81 .98 .97 1.31 .63 .91 .60 .73 1.26 1.56 Interest and discount on borrowed money 01 06 . 10 01 .01 01 .01 .01 Salaries and wages 1. 12 1.25 1.19 1.22 1.39 1.45 1.49 1.54 161 1.58 1.25 1.33 Taxes .20 .25 .29 .28 35 .32 .27 .28 42 .47 .22 .22 All other expenses.. . . .72 . 77 . 77 .80 .93 1.10 1.03 1.05 1.07 1.01 .85 .85 Total current expenses 2.69 3.07 3.12 3. 38 3.64 4.19 3.42 3.79 3.71 3.81 3.58 3.97 Net earnings 1.22 1.40 1.44 1.40 1.19 1.20 1.68 1.63 1.89 1.93 1. 19 1.21 Recoveries, profits on securities, etc__ 1.30 1. 16 1.66 1.11 1.64 1.27 1.46 1.16 1.84 1.16 1.14 . 75 Losses and depreciation _ ._ 1.61 2.78 2.01 3.09 2.04 4.55 2.00 3.10 2.26 3.38 1.44 2.61 Net profit, or net loss (—) _ .92 -. 21 1.09 -.58 .78 -2.08 1.14 -.31 1.47 -.28 .90 -.65 Other ratios: 1 2 Net profit, or net loss (—), per $100 of capital funds4 6.53 -1.35 6.91 -3.54 4.82 -13.02 7.18 -1.93 7.37 -1.45 7.04 -4. 73 Interest and discount on loans per $100 of loans 4.20 4. 17 4.68 4.95 4.67 5.03 5.77 5.97 6.37 6. 32 5. 03 5.19 Losses on loans per $100 of loans 4.11 1.77 3.06 2.49 5.13 2.43 3.91 2.32 4.22 1.45 2.51 Interest and dividends on invest- 2.71 ments per $100 of investments 2.91 3.14 3.31 3. 12 3.77 2.98 3.37 2.93 3.29 3.05 3.50 Losses on investments per $100 of 2.44 investments. 1.38 1.68 2.47 1.29 3.25 1.12 1.70 1.33 1.07 .69 1.63 Interest on time deposits per $100 of .82 time deposits _ _ 2.07 2.07 2.47 1.92 2.45 1.78 2 27 1.96 2.34 1.96 2.47 Loans and investments per $1 of 1.70 capital funds 4 6.34 6.32 6.11 6 17 6 24 6.29 6. 13 5 02 5.11 7.83 7.24 Total deposits per $1 of capital funds *_ 97. 7101 8. 15 8.18 7.26 8.12 7. 60 9. 59 8.51 7.29 6.93 9.06 7.96 For footnotes see p. 523. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN JULY 1936 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued NATIONAL BANKS, BY DISTRICTS, LAST SIX MONTHS OF 1935a [Compiled by the Comptroller of the Currency from reports submitted by national banks. In thousands of dollars Federal Reserve District Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is a M p n o i e n l - i - s K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Earnings: Interest and discount on loans 170,498 14, 090 29, 408 16, 399 12, 928 8,917 8,860 16,118 6,321 6,448 10,186 10,053 30, 770 Interest and dividends on investments- 155,113 10, 049 32, 556 16, 725 15,611 6,691 6,111 21, 827 5,684 5,868 8,005 4,982 21, 004 Interest on balances with other banks._- 469 13 39 28 56 24 39 30 10 49 62 12 107 Collection charges, commissions, fees, etc 10, 575 304 1,280 263 423 444 1,076 1,962 657 1 418 805 746 1 197 Foreign department._ __ _ _ 2,916 430 1,535 166 100 13 97 377 8 30 3 14 143 Trust department 15, 539 1,129 3,674 697 895 565 636 4,085 192 495 526 277 2,368 Service charges on deposit accounts 12, 722 1,072 1,924 597 699 656 702 2,118 468 539 1,363 831 1,753 Other current earnings 28, 258 2,550 6,003 1,711 2,145 1,032 1,534 3,836 851 1,141 1,914 1,701 3,840 Total earnings from current operations 396, 090 29, 637 76, 419 36, 586 32,857 18, 342 19, 055 50, 353 14,191 15, 988 22, 864 18, 616 61,182 Expenses: Interest on deposits: Time 68, 017 4,637 10, 063 8,769 6,832 3,842 2, 925 7,092 2,423 2,844 2,383 1,735 14, 472 Demand __ _ 2,876 21 602 192 384 68 183 394 123 70 176 202 461 Bank 831 117 76 141 159 55 58 32 25 55 40 7 66 Total 71, 724 4,775 10, 741 9,102 7,375 3,965 3,166 7,518 2,571 2,969 2,599 1,944 14, 999 Salaries and wages 106, 394 7,998 22, 787 7,613 7,483 4,564 5,300 14, 377 3,777 4,609 6,645 5,527 15, 714 Interest and discount on borrowed money 205 31 41 71 8 4 15 2 4 9 19 1 Taxes - - 21, 541 1,561 3,707 1,970 2,131 911 1,242 2,586 821 1,126 1,352 1,371 2,763 Other expenses. 73, 317 5,244 16,873 5,287 5,476 2, 769 3,864 9,685 2,470 3,010 4,372 3,632 10, 635 Total current expenses 273,181 19, 609 54,149 24, 043 22, 473 12, 213 13, 587 34,168 9,639 11,718 14, 977 12, 493 44,112 Net earnings 122, 909 10, 028 22, 270 12, 543 10, 384 6,129 5,468 16,185 4,552 4,270 7,887 6,123 17, 070 Recoveries, profits on securities, etc.: On loans 31, 292 1,664 10, 261 1,174 1, 636 759 515 6,372 810 2,263 1,711 2,079 2,048 On investments 75, 277 5,820 19, 588 6,072 4,987 2, 315 3, 153 8, 732 3,252 3,169 3, 335 3,040 11,814 All other __ 8,019 492 1,491 1,128 362 264 2S7 1,549 221 526 459 396 844 Total 114, 588 7,976 31, 340 8,374 6,985 3, 338 3,955 16, 653 4,283 5,958 5,505 5,515 14, 706 Losses and depreciation: On loans 78, 705 4,742 27, 012 10, 120 3, 786 2, 683 2,523 5, 681 1,780 2, 699 3, 796 3,589 10, 294 On investments 48, 541 5,250 12, 008 5,979 3,642 2,829 2,063 4,086 2,253 2,518 2,735 2,167 3,011 On banking house, furniture, and fixtures 13, 742 782 4,458 915 858 544 479 1,431 322 646 807 811 1,689 Allother 14, 542 1,041 2, 217 2,263 835 546 421 1,093 441 492 760 1,057 3,376 Total losses and depreciation 155, 530 11,815 45, 695 19, 277 9,121 6, 602 5,486 12, 291 4,796 6,355 8,098 7,624 18, 370 Net profit 81, 967 6,189 7. 915 1,640 8, 248 2, 865 3,937 20, 547 4, 039 3,873 5,294 4,014 13,406 Cash dividends declared 60,189 5,015 18, 257 5, 639 2, 974 2, 560 2,493 5,209 1,400 2,228 2,804 3,080 8,530 Capital funds,* Dec. 31, 1935 3, 099, 049282, 938775, 6 L7324,144 263, 412131, 238137, 065378, 272 98,105 106,049 139, 201136, 671326, 337 Number of banks, Dec. 31, 1935 5,386 319 626 593 523 339 273 521 320 433 676 491 272 For footnotes see following table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

527 JULY 1936 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued STATE MEMBER BANKS, BY DISTRICTS, LAST SIX MONTHS OF 1935 [In thousands of dollars] Federal Reserve District Total B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is a M p n o i e n l - i - s K C s a a it n s y - D la a s l- F c S r is a a c n n o - Earnings: Interest and discount on loans 79, 572 5,440 34, 955 5,908 10, 723 3, 266 1,316 5,192 2,726 600 1,001 595 7,850 Interest and dividends on investments 74, 690 3,697 36,035 6,004 8,787 2,313 776 7, 860 2, 901 424 822 311 4,760 Interest on balances with other banks. 179 2 80 34 16 4 4 3 7 1 10 2 16 Collection charges, commissions, fees, etc 4,238 148 1,889 89 253 219 155 624 252 102 44 74 389 Foreign department 2,543 37 2,190 17 61 6 41 10 3 1 177 Trust department 25,991 1,763 15, 533 3,128 2,010 504 192 1,439 600 17 104 8 693 Service charges on deposit accounts... 5,561 419 2,269 286 495 226 83 854 219 62 117 75 456 0 ther current earnings 14, 495 734 5,141 1,545 2,219 535 311 1,116 635 72 423 125 1,639 Total earnings from current operations... 207, 269 12, 240 98, 092 17,011 24, 564 7,073 2,837 17,129 7, 350 1,278 2,524 1,191 15, 980 Expenses: Interest on deposits: Time 25, 715 2,097 7,510 1,832 4,443 1,176 424 3 196 1,094 233 205 100 3,405 Demand _ _ _ 1,181 11 426 46 306 26 27 118 7 5 25 7 177 Bank 396 27 113 162 33 6 4 1 3 1 46 Total 27, 292 2,135 8,049 2,040 4,782 1,208 451 3,318 1,102 238 233 108 3,628 Salaries and wages 62, 045 3,607 32, 320 5,057 5,784 2,007 744 4,760 1,884 356 741 403 4,382 Interest and discount on borrowed money 363 4 62 10 6 5 4 24 244 1 2 1 Taxes .. .. _ 10, 455 862 3,858 764 1,827 383 258 954 438 82 122 89 818 Other expenses 41,058 1,967 20, 839 3,788 3,863 1,175 455 3,103 1,186 218 834 269 3,361 Total current expenses 141, 213 8,575 65,128 11, 659 16, 262 4,778 1,912 12,159 4,854 895 1,930 871 12,190 Net earnings 66,056 3,665 32, 964 5,352 8,302 2,295 925 4,970 2, 496 383 594 320 3,790 Recoveries, profits on securities, etc.: On loans ._ 15, 321 748 9,266 1,253 710 530 114 695 861 89 63 69 923 On investments 48, 905 1,187 31, 799 5,950 1,841 1,128 80 1,911 1,989 268 721 23 2,008 Allother 9,893 245 6,115 347 304 211 31 1,528 225 23 26 12 826 Total 74,119 2,180 47,180 7,550 2,855 1,869 225 4,134 3,075 380 810 104 3,757 Losses and depreciation: On loans 34, 426 1,778 20, 379 3,118 2, 466 1,287 417 2,118 883 514 351 236 879 On investments 33, 323 1,082 17, 031 4,945 2,123 760 116 3,221 1,730 214 108 37 1,956 On banking house, furniture and fixtures. _ _ _ 6,284 438 2,178 1,568 621 295 71 341 201 34 81 70 386 Allother 15, 836 381 9,579 1,421 545 498 93 886 270 99 203 34 1,827 Total losses and depreciation 89, 869 3,679 49,167 11,052 5,755 2,840 697 6,566 3,084 861 743 377 5,048 Net profit, or net loss (—) 50, 306 2,166 30,977 1,850 5,402 1,324 453 2,538 2,487 -98 661 47 2,499 Cash dividends declared2 36,164 1,701 23, 861 3, 383 2,966 838 346 1,009 372 77 139 156 1,316 Capital fundss, Dec. 31, 1935 2,046,123 91, 2221, 228,112159,310223, 509 51, 134 23,198 104, 743 50, 475 7,510 17,711 7,868 81,331 Numbers of officers, Dec. 31, 1935 7 337 496 2 354 524 697 381 257 882 397 208 198 208 735 Number of employees (full- and parttime), Dec. 31, 1935 52, 670 2,953 26, 578 4, 619 4,995 1,941 615 4,368 1,840 206 690 263 3,602 Number of banks, Dec. 31, 1935 1,001 46 167 63 99 65 55 181 70 68 50 59 78 1 For corresponding figures of State member and National banks for the first 6 months of 1935, see BULLETIN for December 1935, pp. 872-873. 2 Includes interest on capital notes and debentures. s The aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, reserves for stock dividends on common stock, and retirement fund for preferred stock and/or capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN JULY 1936 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued EARNINGS, EXPENSES, AND DIVIDENDS OF STATE BANK MEMBERS, YEAR ENDED DECEMBER 31, 1935,1 BY SIZE OF BANKS [In thousands of dollars] Banks operating throughout entire year, with deposits on Dec. 31, 1935 of— Total, all Banks State operatme b m an b k ers $ u 1 a 0 n 0 n d , d 0 er 00$ $ 1 2 0 5 0 t 0 o , ,0 0 0 0 0 1$ $ 2 5 5 0 0 t 0 o , , 0 0 0 0 0 1$ $7 5 5 0 t 0 0 o , , 0 0 0 0 0 1$ $ 7 1 5 0 , t 0 0 0 o , 0 0 0 0 0 ,- 1 $ $ 0 1 2 0 0 , , 1 0 0 0 0 0 0 t 0 0 o , , - - $ $ 0 2 5 0 0 , , 0 0 1 0 0 0 0 t 0 0 o , , - - $ $ 5 0 5 0 0 0 , 1 0 , 0 0 0 0 0 t 0 o 0 , , - - $ 0 5 0 o 0 1 v , 0 e a 0 r n 0 d ,- i l n y t g h e a l a e n r s 2 s Earnings: Interest and discount on loans. 159,146 52 639 1,812 2.016 1,487 5,039 12, 037 41, 566 93, 754 744 Interest and Dividends on investments.. 151,488 6 207 806 1,069 858 3,059 8,135 31,000 105, 641 707 Interest on balances with other banks.. 563 4 7 3 8 19 74 447 1 Collection charges, commissions, fees, etc. 8,538 5 92 176 173 111 313 797 1, 936 4,613 322 Foreign department ___ 5,394 22 6 31 208 5,127 Trust department 49,170 1 7 19 28 176 857 7,298 39 244 1 540 Service charges on deposit accounts 10, 750 5 49 131 181 129 382 1,234 3, 530 5,058 51 Other current earnings 29,374 1 46 179 235 169 612 1,604 8,780 17, 638 110 Total earnings from current operations- 414,423 69 1,034 3, 115 3,722 2, 785 9, 595 24, 714 94, 392 271, 522 3,475 Expenses: Interest on deposits: Time _ ... 53, 991 5 125 587 774 626 2,312 5,543 18, 537 25,143 339 Demand . . . _. 2,567 10 28 42 33 72 293 849 1 221 19 Bank 979 1 6 6 2 10 12 277 665 Total 57. 537 5 136 621 822 661 2,394 5,848 19, 663 27, 029 358 Salaries and wages . . 123, 222 24 345 908 998 751 2,570 6,142 26,637 83, 410 1,437 Interest and discount on borrowed money __ _ _ 802 1 5 20 18 1 30 367 339 21 Taxes 21,051 7 69 170 189 132 459 1,196 5, 012 13, 681 136 Other expenses 82,141 14 216 599 695 450 1,599 4, 532 18, 202 55, 225 609 Total current expenses 284, 753 51 771 2,318 2.722 1,995 7,052 18,085 69, 853 179, 366 2,540 Net earnings 129, 670 18 263 797 1,000 790 2,543 6,629 24, 539 92, 156 935 Recoveries, profits on securities, etc.: On loans 24, 583 5 49 184 182 98 382 684 3,981 18,968 50 On investments . . _ _ _ 96, 599 71 328 361 401 1 450 3 911 18, 629 71 156 292 Allother 14, 768 23 41 66 51 174 498 3, 975 9,917 21 Total 135,948 5 143 553 609 550 2,006 5,093 26, 585 100,041 363 Losses and depreciation: On loans __ _._ _ _ _. 92, 396 22 129 464 509 483 1,279 4,440 22, 047 62, 437 586 On investments 82, 608 23 223 457 451 1, 538 3,314 20, 108 56, 185 309 On banking house, furniture and fixtures. 10, 264 6 41 109 131 98 275 826 2, 551 6,084 143 Allother 26, 568 1 30 127 127 119 366 1,264 8,180 16,151 203 Total losses and depreciation 211,836 29 223 923 1,224 1,151 3,458 9,844 52, 886 140, 857 1,241 Net profit, or net loss (—) 53, 782 -6 183 427 385 189 1,091 1,878 -1, 762 51, 340 57 Cash dividends declared3 73, 926 10 85 231 291 219 758 1,935 9,442 60, 550 405 Number of officers on Dec. 31, 1935 7,337 18 207 431 373 212 553 778 1,891 2,736 138 Number of employees (full and part time) on Dec. 31, 1935 52, 670 6 112 283 355 269 973 2,663 12,024 35, 345 640 Number of banks Dec. 31, 1935 1,006 11 98 168 126 67 143 161 161 44 27 1 For corresponding data for 1934, see BULLETIN for August 1935, p. 545. 2 Includes two banks haviner no deposits. 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 529 EARNINGS AND EXPENSES OF MEMBER BANKS—Continued EARNINGS, EXPENSES AND DIVIDENDS OF INSURED COMMERCIAL STATE BANKS (INCLUDING STATE BANK MEMBERS OF THE FEDERAL RESERVE SYSTEM), YEAR ENDED DECEMBER 31, 1935,1 BY SIZE OF BANKS [Figures for nonmember banks compiled by Federal Deposit Insurance Corporation] fin thousands of dollars] Banks operating; throughout entire year, ^ivith deposits on Dec. 31, 1935 of— Banks operat- Total $1 u 0 a n 0 n d , d 0 e 0 r 0$ $ 1 2 0 5 0 t 0 o , ,0 0 0 0 0 1$ $ 2 5 5 0 t 0 0 o , , 0 0 0 0 0 1$ $ 5 7 0 5 0 0 to , , 0 0 0 0 1 0 $ $ 7 1 5 0 , t 0 0 0 o 0 , 0 0 0 0 ,- 1 $ $ 0 1 2 0 0 , , 1 0 0 0 0 0 0 t 0 0 o , , - - $ $ 0 2 5 0 0 , , 0 0 1 0 0 0 0 t 0 0 o , , - - $ $ 5 0 5 0 0 0 , 1 0 , 0 0 0 0 0 t 0 o 0 , , - - $ 0 5 0 o 0 1 v ,0 a e 0 r n 0 d ,- in 1 t g h y a l e n e a ss r2 Earnings: Interest and discount on loans 302,465 3,185 15,124 22,099 15,152 11,178 28,121 34,199 70,134 100, 771 2,522 Interest and dividends on investments._ 231,382 492 4,703 9,033 7,304 6,253 16,870 21, 756 52,062 111,385 1,524 Collection charges, commissions, fees, etc. 23, 731 646 2,617 3,254 1,805 1,101 2.097 2,437 4.490 4, 667 617 Foreign department _ .. 5,804 1 3 12 65 25 143 '421 5,131 3 Trust department 56 327 41 52 65 118 115 815 2,099 11,767 39 659 1 596 Service charges on deposit accounts.._ . 20, 758 173 980 1,579 1,108 901 2,334 2,938 5, 331 5, 225 189 Other current earnings.. 50, 297 211 1,029 1,831 1, 478 1,127 3, 387 4,620 17, 476 18, 736 402 Total earnings from current operations. 690, 764 4,729 24, 508 37,873 27,030 20, 675 53, 649 68, 192 161,681 285, 574 6, 853 Expenses: Interest on deposits _ _ 126,049 547 4,281 8,013 6,281 5, 342 13, 923 17,403 35, 681 33, 529 1,049 Salaries and wages 194 355 1,621 7,413 10,413 6, 958 5,162 13, 447 16, 631 44, 423 85, 749 2 538 Interest and discount on borrowed money 2 213 42 92 117 95 95 232 671 836 21 12 Taxes . . 36,419 332 1,420 2,049 1,410 1,072 2,837 3.471 8, 995 14, 521 312 Other expenses 134,063 1,134 5,132 7,370 5,091 3, 575 9,465 12, 262 31, 454 57,077 1, 503 Total current expenses 493,099 3,676 18, 338 27, 962 19,835 15,246 39,904 50, 438 121, 389 190,897 5,414 Net earnings 197, 665 1,0,53 6,170 9,911 7,195 5,429 13, 745 17, 754 40, 292 94, 677 1,439 Recoveries, profits on securities, etc.: On loans 34,34S 226 1.208 1,607 976 779 1,769 2,020 6,171 19, 250 342 On investments 135,496 172 1,977 4,029 3,165 2,844 8,050 10, 429 28, 673 75, 249 908 Allother 22,136 86 399 666 486 327 1,046 1,487 7,138 10,150 351 Total 191, 980 484 3,584 6,302 4,627 3,950 10, 865 13,936 41, 982 104, 649 1,601 Losses and depreciation: On loans . 158,293 883 4,171 5,842 4,543 3,766 9,932 14, 666 43, 326 69, 637 1 527 On investments 122,871 143 1,294 2,682 2,816 2, 555 7,845 10, 939 32, 738 60, 914 945 On banking house, furniture and fixtures. 16,486 165 786 1,086 704 480 1,277 1,629 3, 647 6,204 508 All other 43,175 194 859 1,499 934 779 2,986 3,693 13,811 17, 582 838 Total losses and depreciation 340, 825 1,385 7,110 11,109 8, 997 7,580 22, 040 30, 927 93, 522 154, 337 3, 818 Net profit, or net loss (—) 48, 820 152 2,644 5,104 2,825 1,799 2,570 763 -11,248 44, 989 -778 Cash dividends declared3 94, 399 256 1, 656 2, 647 1, 895 1,408 3,880 5, 066 15,067 61, 963 561 Number of officers on Dec. 31, 1935 28,191 1, 460 5,269 5. 309 2,621 1,622 3,018 2,267 3,176 2,816 633 Number of employees on Dec. 31, 1935.. _. 81, 625 498 2, 249 3,614 2,632 1, 976 5,418 7. 299 20, 415 36, 261 1,263 Number of banks Dec. 31, 1935 8,729 909 2, 504 2,077 883 503 803 475 285 48 242 1 For corresponding figures for 1934, see BULLETIN for August 1935, p. 546. 2 Includes two banks having no deposits. 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN JULY 1936 ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31 AND MARCH 4, 1935, 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 Total Loans Investments interbank deposits Number of I>anks Federal reserve district De- De- De- March Decem- March March cem- March March cem- March March Decem- March March cem- March 1936 1 b 9 e 3 r 5 1935 1936 1 b 9 e 3 r 5 1935 1936 1 b 9 e 3 r 5 1935 1936 1 b 9 e 3 r 5 1935 1936 1 b 9 e 3 r 5 1935 ALL BANKS1 Boston. __ _ 5,429 5,408 5,446 2,769 2,760 2,924 2,661 2,648 2,521 5,696 5,666 5,501 893 895 905 New York 18, 267 17,853 17, 249 8,419 8,401 8,366 9,848 9,453 8,883 17,819 17,935 16, 494 1,259 1,263 1,271 Philadelphia 3,263 3,246 3,203 1,258 1,277 1,363 2,006 1,970 1,840 3,368 3,374 3,112 947 947 947 Cleveland-- .. 3,251 3,237 3,031 1,279 1,283 1,275 1,972 1,953 1,756 3,461 3,458 3,054 1,273 1,273 1,273 Richmond 1,699 1,743 1,676 744 754 761 955 989 915 1,978 1,978 1,804 1,069 1,066 1,059 Atlanta 1,113 1,116 1,114 511 522 586 602 594 529 1,325 1,317 1,196 1,088 1,087 1,105 Chicago _ . . 4,770 4,664 4,104 1,509 1,514 1,507 3,261 3,150 2,597 5,507 5,529 4,597 2,579 2,581 2,597 St. Louis 1,362 1,346 1,294 597 606 612 765 740 683 1,543 1,548 1,396 1,645 1,647 1,674 Minneapolis 994 1,017 969 416 432 372 578 585 598 1,156 1,172 1,063 1,398 1,401 1,420 Kansas City 1,227 1,238 1,186 538 540 481 688 698 705 1,609 1,618 1,447 1,958 1,967 1,989 Dallas 835 855 830 408 414 416 427 441 413 1,089 1,071 1,015 1,009 1,013 1,051 San Francisco 3,944 3,994 3,649 1,826 1,826 1,735 2,119 2,168 1,914 4,220 4,296 3,775 690 696 733 Total 46,157 45, 717 43, 750 20, 275 20, 329 20, 397 25, 882 25, 388 23, 353 48, 771 48, 964 44, 455 15, 808 15, 836 16, 024 MEMBER BANKS Boston 1,896 1,864 1,892 939 932 995 956 932 896 2,098 2,078 1,971 362 365 365 New York 11,186 10, 855 10, 202 4,507 4,498 4,296 6,678 6,357 5,906 10, 574 10, 825 9,717 791 793 792 Philadelphia __ _ 2,258 2,246 2,214 931 945 993 1,327 1,301 1,220 2,302 2,317 2,103 657 656 655 Cleveland 2,516 2,512 2,359 941 940 930 1,576 1,571 1,429 2,678 2,681 2,346 623 622 624 Richmond 1,062 1,104 1,072 453 462 465 609 643 607 1,248 1,253 1,139 403 404 400 Atlanta _. _ 886 893 877 380 393 438 506 500 439 1,021 1,015 917 328 328 332 Chicago 3,758 3,675 3,257 1,014 1,028 1,058 2,743 2,648 2,199 4,268 4,321 3,562 701 702 686 St. Louis 975 967 930 381 390 380 594 577 550 1,023 1,026 926 390 390 391 Minneapolis 709 734 704 293 308 258 416 426 446 827 846 755 498 501 518 Kansas City 974 996 956 388 399 346 588 597 610 1,183 1,189 1,077 727 726 730 Dallas 716 740 703 337 345 336 380 395 367 929 915 857 550 550 552 San Francisco 3,354 3,399 3,106 1,535 1,537 1,458 1,818 1,862 1,649 3,622 3,694 3,218 347 350 377 Total 30, 288 29, 985 28, 271 12, 099 12,175 11, 953 18,189 17, 810 16, 318 31, 774 32,159 28, 589 6,377 6,387 6,422 NONMEMBER BANKS Boston 3, 534 3,544 3,554 1,829 1,829 1,929 1,704 1,715 1,625 3,597 3,589 3,531 531 530 540 New York 7,082 6,998 7,047 3,912 3,903 4,070 3,170 3,095 2,977 7,245 7,109 6,777 468 470 479 Philadelphia 1,006 1,000 989 327 332 369 679 668 620 1,066 1,057 1,009 290 291 292 Cleveland 735 725 672 339 343 345 397 382 327 784 778 708 650 651 649 Richmond 637 638 603 291 292 295 345 346 308 730 725 665 666 662 659 Atlanta __ 228 224 237 132 129 148 96 94 89 304 303 279 760 759 773 Chicago _ 1,012 988 847 494 486 449 518 502 398 1,239 1,208 1,034 1,878 1,879 1,911 St. Louis 387 379 364 216 216 231 170 163 133 520 523 470 1,255 1,257 1,283 Minneapolis _. 286 283 266 123 123 114 162 159 152 329 326 308 900 900 902 Kansas City 253 242 230 151 142 135 103 100 94 426 429 370 1,231 1,241 1,259 Dallas . 119 115 127 72 69 81 47 46 46 159 156 158 459 463 499 San Francisco.. 591 595 543 291 289 277 300 306 266 598 603 557 343 346 356 Total __ 15, 869 15, 733 15, 479 8,176 8,154 8,444 7,692 7,578 7,035 16, 997 16, 805 15, 866 9,431 9,449 9,602 1 Comprises all licensed national banks in the continental United States and all licensed nonnational banks described in footnote 1 on p. 533. Back figures—Bee Annual Report for 1931 (tables 92-95), BULLETIN for May 1936 (p. 394), etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

531 JULY 1936 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31 AND MARCH 4, 1935, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Loans Investments bank deposits Number of banks State De- March Decem- March March Decem- March March Decem- March March cem- March 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 New England: Maine 111,122 109, 923 112,718 191, 294 186,165 184, 368 305,878 301,927 289, 930 103 103 104 New Hampshire 103, 021 103,136 110, 009 160,960 160, 240 156,587 258, 494 256,070 250,027 112 112 113 Vermont 84,137 85, 555 91, 873 79, 565 79, 349 80, 209 165, 548 167, 781 162, 525 92 92 97 Massachusetts ,829,723 1, 819, 7071, 940, 2431, 608, 044 1, 585, 3881, 511, 536 3, 615, 920 3, 595, 3193,488,034 396 398 399 Rhode Island 177, 568 178, 720 190, 339 258,154 258, 491 235, 980 443, 958 443, 208 444,615 35 35 35 Connecticut 595, 928 597,362 618, 913 481, 286 493,495 453, 561 1,174, 562 1,169,092 1,118,581 198 200 Middle Atlantic: New York ', G83, 5717, 661, 3017, 577,1058, 984, 742 8, 573,1538,057, 8301.6,005,846 16,090, 59814, 766,093 913 915 920 New Jersey 732, 510 734, 758 795, 550 884, 338 907, 208 850, 801 1, 845, 060 1,884,952 1, 757,019 423 425 430 Pennsylvania ., 490, 6691, 510, 5521, 587, 7812, 803, 251 2, 762,034 2, 569, 314 4, 296, 037 4,261,823 3, 935, 978 1,130 1,131 1,132 East North Central: Ohio 746, 335 750, 758 727,067 873, 983 860,101 762, 453 1,878. 047 1, 904, 3211,633,225 715 715 710 Indiana 216, 509 221,001 204, 740 318,112 306, 511 251, 895 643, 796 648. 746 536,364 550 550 548 Illinois 736, 942 734,071 770, 886 1,945, 740 1,862, 7441, 548, 513 2, 925, 696 2, 452, 274 882 883 Michigan.... 293, 033 301, 949 279, 617 617,366 592, 994 505, 902 1,169,898 1,139, 964 927,154 475 478 Wisconsin 220, 614 221, 271 238, 523 382, 583 384, 829 298, 771 703, 497 700,853 622, 436 619 619 625 West North Central: Minnesota 279, 622 293, 591 252,422 390, 997 399, 353 402, 902 750, 790 759, 715 692,039 687 685 Iowa 198, 339 192,139 163, 970 213, 854 214,942 190,268 503, 535 487,888 448,734 662 661 668 Missouri 363,069 363, 929 344, 744 558, 651 548, 592 506, 365 1,086,012 1,090, 779 952, 665 706 706 709 North Dakota 26, 274 26, 758 21, 910 28,075 28, 217 33, 385 66, 544 68, 875 65,308 201 203 205 South Dakota 32, 722 34,010 26,831 31,415 30, 727 35, 974 77, 662 79,621 73,836 199 199 212 Nebraska 97, 545 100,052 83, 432 121, 564 120,162 125, 274 261,117 254,671 239,457 436 437 436 Kansas 123, 226 122,439 113, 775 130,946 125, 611 129, 940 333, 559 348,866 317,106 723 737 South Atlantic: Delaware 70, 749 68, 265 75,106 89,479 72,050 152, 353 161,153 133, 796 48 49 Maryland 198,015 199,798 205, 227 424, 772 452,815 415, 290 674, 336 677, 218 624,311 202 202 202 District of Columbia 86,082 86,825 83,015 116, 798 122,028 112,103 283, 221 270, 680 253, 332 22 22 22 Virginia 233,427 238, 543 233,481 154, 943 152,947 166, 516 441, 544 440,819 401,265 327 327 327 West Virginia 113,002 113,826 117, 202 86, 985 86,923 82, 479 243.393 237,135 222,997 184 183 183 North Carolina 105,860 105,055 110,258 149,615 151, 501 121,419 278, 111 284,965 256,546 214 215 217 South Carolina 34, 916 36,987 40, 704 40, 732 ••39,311 34,804 115,869 122, 212 98, 667 149 145 137 Georgia.... 147, 698 149, 658 190,707 126,050 121,453 94, 344 303, 845 309,112 285, 787 321 321 327 Florida 59, 282 62,203 56,612 132, 785 125,092 129, 758 260,831 234, 736 226, 643 155 154 156 East South Central: Kentucky 193,061 195,101 194, 261 154, 521 150,426 160, 810 364, 309 362, 730 346,175 435 435 440 Tennessee 159,196 165,400 170,279 140, 927 144,187 128,062 348,842 351, 739 314, 605 326 326 332 Alabama 84, 982 88, 254 109,887 87, 361 86, 381 81, 942 213, 716 217, 494 200, 740 217 217 222 Mississippi 53,679 52, 267 58, 541 62,155 61,178 59, 742 150, 954 149,070 142, 935 209 210 213 West South Central: Arkansas 44, 700 45, 966 56, 333 50,149 48, 662 43, 654 125.394 127, 313 109, 89' 225 225 243 Louisiana 107,808 113,063 120,416 140. 824 143,439 114,076 296,661 304, 048 258, 659 150 150 149 Oklahoma 110,885 110,806 97,348 142', 673 142, 342 138,220 326, 344 326, 383 283,000 404 405 410 Texas 367,821 372, 403 375, 545 396, 459 411,039 385,197 981, 761 965, 640 919, 538 892 935 Mountain: Montana 32,113 31, 524 24, 433 51,946 52, 466 53, 755 116,255 122, 667 102, 291 120 120 118 Idaho 19, 673 20, 225 15, 616 35, 557 35,862 31, 445 77, 558 78,929 64, 921 60 60 62 Wyoming 19, 662 19,066 17, 961 15, 969 15,385 16,149 51, 207 52, 458 45, 364 59 59 59 Colorado 66, 440 68,643 58, 390 110,851 119, ( 116,809 249, 972 248, 605 228, 487 155 157 159 New Mexico 12, 754 12,108 9,682 14, 842 14,975 14, 327 42,877 42, 444 36,064 41 41 42 Arizona 18, 230 18,911 15, 392 24, 378 23,630 21, 775 64, 692 62,191 53, 550 15 15 16 Utah 44, 363 44, 396 38, 230 54, 208 49,967 50, 575 114,177 115,434 104,477 59 59 59 Nevada 4,994 4,826 3,512 13,960 13,197 11, 552 26, 764 25, 085 20,154 10 10 •10 Pacific: Washington 153,167 157, 686 132, 282 194,315 196,183 192, 720 393, 052 399,425 344, 750 188 189 205 Oregon 58, 963 60,591 53, 403 132, 337 129, 908 122,203 227, 303 227, 838 195,118 94 '97 106 California ,531,011 1, 523, 8251,480.757 1, 671,089 1, 726, 500 1, 489, 530 3, 334, 441 3,404, 2053,007,037 270 273 281 Total 20, 275, 012 20, 329, 203 20,397, 028 25, 881, 600 r25, 386,060 23, 353,134 48, 771, 238 48, 963, 793 44, 454, 506 15, 808 '15, 83716, 024 r Revised. 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 533. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN JULY 1936 ALL BANKS IN THE UNITED STATES—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31 AND MARCH 4, 1935, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of banks bank deposits State De- March Decem- March March Decem- March March Decem- March March cem- March 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 New England: Maine 36,036 36, 251 35, 483 63, 930 63, 984 61, 523 107, 290 107,044 100, 631 40 40 40 New Hampshire 26, 681 26, 796 27, 570 30,377 29, 657 30, 891 58, 397 55,973 52, 655 52 52 52 Vermont 20, 059 20, 428 20,150 25, 919 25, 676 26, 698 47, 349 47, 718 43, 070 43 43 43 Massachusetts 491, 471 482, 780 532, 005 466, 845 453, 010 447, 762 1, 087, 6201, 064, 7711,021, 981 128 129 129 Rhode Island 38,186 36, 349 40, 703 42, 949 42,182 31,997 75,211 72, 683 75, 220 12 12 12 Connecticut 106, 036 103, 508 107, 465 102, 437 102, 933 92, 837 244,159 244, 793 218,124 54 54 54 Middle Atlantic: New York ,551,811 1, 531, 7341, 496, 2142, 527, 057 2, 403, 8002, 221, 0773, 912, 9404,011,450 3, 539, 829 459 459 460 New Jersey 219, 557 221, 805 239, 262 355, 732 378, 602 350, 214 667, 521 707, 413 643,189 234 236 237 Pennsylvania 756, 557 777, 496 1, 378, 091 1, 369, 8091, 296, 3912, 080, 8232,087, 6031,907, 939 709 709 709 East North Central: Ohio 260, 565 264, 117 265, 224 432, 234 432, 072 396, 791 792, 491 810,812 248 249 252 Indiana 77, 882 82, 374 74, 416 184,108 172, 507 146, 373 313, 604 318, 554 257, 688 125 125 125 Illinois 524, 798 522, 369 565, 690 1, 369, 403 1, 306, 4911,124, 5602, 042, 0632,097,415 1, 710, 477 299 299 293 Michigan 107, 677 117,453 110,359 336, 284 336, 033 301, 583 617, 087 619,979 492,042 83 84 85 Wisconsin 92, 777 93, 434 108, 401 218,139 220, 385 164, 990 372, 269 369, 625 336, 472 106 106 107 West North Central: Minnesota 200, 309 214,121 179, 706 270, 830 281, 514 290,009 524, 688 536, 798 477, 057 205 205 207 Iowa 63, 583 63,167 54, 324 95, 460 98, 504 93, 353 173, 447 173,511 164, 615 118 118 123 Missouri 142, 776 143, 636 133, 477 269, 871 259, 812 256, 057 404, 023 408, 790 374, 086 87 North Dakota 16, 253 16, 737 13, 206 22, 000 22,142 27, 351 47, 449 49, 780 47, 750 66 South Dakota 16, 979 17, 601 13, 440 20, 975 20, 492 24, 088 45, 949 47, 265 42, 677 52 52 64 Nebraska 66, 569 69, 914 57,171 102,534 100, f " 106, 389 190,191 185, 625 173, 040 13 13; 138 Kansas 55, 553 56, 878 53, 736 81, 535 76, 622 83, 812 180, 062 191, 207 171, 834 190 190 190 South Atlantic: Delaware 7,788 7,853 8, 309 9,623 9, 621 16, 522 16, 395 14,898 16 16 16 Maryland 54, 334 56, 117 53, 766 167, r~~ 195,926 185,173 243, 902 246, 784 224, 431 63 63 63 N V W D S G F o l i o e i o e r s u o r g s r t t t r i r t i h h g d i n c i V a i a C t C a ir a o a g r r f o i o n l C l i i i n a n o a a lumbia.._ 1 3 4 2 3 5 9 1 2 7 4 8 0 8 0 , , , , , , , 1 7 6 9 8 7 3 0 7 6 8 8 4 3 1 1 4 9 3 9 2 1 4 3 2 2 9 3 5 4 9 2 0 9 2 5 , , , , , , , 8 8 9 6 0 6 5 7 2 4 7 5 7 3 4 5 9 4 3 8 4 1 1 3 3 3 2 4 5 1 9 2 1 1 0 7 8 , , , , , , , 1 6 9 2 0 7 5 7 2 3 4 4 6 0 4 9 5 1 5 9 3 1 1 9 4 7 3 2 0 0 8 9 0 0 0 1 6 , , , , , , , 9 3 8 5 7 8 0 4 0 0 1 7 4 1 9 7 7 6 7 7 5 1 9 4 9 0 7 3 2 9 8 3 6 0 0 1 , , , , , , , 9 3 5 4 8 5 2 2 9 1 1 7 7 3 8 3 8 4 0 6 7 1 1 6 4 2 0 1 7 1 6 9 5 5 2 9 8 , , , , , , , 9 9 9 2 0 5 9 8 5 6 1 8 0 9 1 2 1 4 4 2 4 2 1 2 1 1 5 0 6 7 9 7 2 7 1 6 7 5 0 2 , , , , , , , 1 2 6 r 3 4 5 0 1 ' 9 2 8 4 3 0 " 9 0 4 1 2 1 2 1 1 7 5 0 6 7 2 7 0 3 6 5 7 3 9 , , , , , , , 4 7 5 7 9 7 6 9 8 0 1 6 3 7 9 5 5 6 4 6 5 2 1 1 1 1 4 4 1 7 6 5 9 6 1 6 9 1 2 1 , , , , , , , 4 5 9 4 2 9 5 1 9 6 8 1 1 3 7 9 6 8 0 8 2 1 4 2 5 7 5 3 9 3 0 1 9 7 2 1 4 2 5 7 3 5 9 4 0 1 9 2 7 1 8 4 5 5 3 1 0 9 4 0 8 1 9 East South Central: Kentucky 87, 908 89, 948 81, 054 89, 343 85, 248 97, 624 187, 310 185, 731 172, 610 100 100 Tennessee 106, 959 113,163 117,445 115,893 119, 153 106, 619 247, 423 250, 320 223, 072 72 73 Alabama 57,126 64, 029 76, 957 59. 651 60, 891 61, 090 150, 542 151, 421 139, 565 69 69 72 Mississippi 17, 960 17, 647 19,134 23, 145 23, 455 24, 091 52, 342 52, 654 50, 276 25 25 25 West South Central: Arkansas 24, 533 26, 641 29, 276 33, 593 32, 400 29, 446 72, 195 72, 520 62, 640 50 50 51 Louisiana 67,418 72, 673 81,061 101, 161 103, 776 82,14r 192, 818 200,205 174, 155 30 30 30 Oklahoma 95, 613 96, 864 84, 807 127, 840 127, 394 123, 451 281,379 280, 510 243, 533 214 214 216 Texas 301, 044 308, 669 300, 075 346, 527 360, 67 ~ 337, ^ 823, 252 809, 756 759, 865 454 454 456 Mountain: Montana 16, 862 16,384 11,878 31, 693 32,517 34, 516 68, 267 72, 37' 60, 961 46 46 45 Idaho 7,529 7, 635 5, 645 15,503 15, 791 15, 360 32, 340 32, 885 26, 745 23 23 25 Wyoming 12,363 11,887 11,177 12, 768 12, 158 12, 955 35, 852 36, 519 31, 489 26 26 26 Colorado 50, 288 52, 975 45, 244 93, 498 103,511 103, 223 204, 636 203, 831 186, 251 81 81 81 New Mexico 9, 440 9, 016 7, 223 11,800 12,161 12, 028 33, 711 33, 355 29,175 22 22 24 Arizona 11,961 12, 565 9, 527 15, 878 15, 426 14, 232 41, 949 40, 506 34, 441 7 8 Utah 17, 399 17, 724 15, 115 26, 294 23, 733 26, 44 50, 442 51, 525 46, 197 13 13 13 Nevada 3,991 3,808 2,608 12, 040 11,306 10, 092 20, 883 20, 610 16, 395 6 6 6 Pacific: Washington 94, 368 98, 368 74, 700 135, 802 139, 804 124, 93' 256, 303 262, 953 208, 001 58 58 67 Oregon 47, 699 49, 508 42, 905 115,084 113,619 108, 962 192, 354 193, 589 166, 091 41 44 53 California 1,052,388 1, 046, 1791, 022, 9271,147, 610 1, 190,1051, 035, 6262, 324, 5182, 384, 9002, 091, 302 123 123 128 Total 7, 420, 5757, 494,1887, 478, 82911,567,557 11.456,50210, 588, 334 20, 604, 628 20, 886, 01385, 501, 522 5,375 5,386 5,446 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 533 ALL BANKS IN THE UNITED STATES—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31 AND MARCH 4, 1935, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of banks bank deposits State De- March Decem- March March Decem- March March Decem- March March cem- March 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 New England: Maine 75, 086 73, 672 77, 235 127, 364 122,181 122, 845 198, 588 194, 883 189, 299 63 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 64, 078 65,127 71, 723 53, 646 53, 673 53,511 118, 199 120, 063 119, 455 49 54 Massachusetts , 338, 252 1, 336, 9271, 408, 238 1,141,199 1,132, 3781, 063, 7742, 528, 3002, 530, 5482, 466,053 269 270 Rhode Island 139, 382 142, 371 149, 636 215, 205 216,7 203,f 368, 747 370, 525 369, 395 23 23 23 Connecticut 489, 892 493, 854 511,448 378, 849 390, 562 360, 724 930, 403 924, 299 900,457 144 144 146 Middle Atlantic: New York i, 131, 760 6,129, 5676, 080,891 6, 457, 685 6,169, 3535,836, 753.2, 092, 90612, 079,14811,226,264 454 456 460 New Jersey 512, 953 512, 953 556, 288 528, 606 528, 606 500, 587 1,177, 539 1,177, 539 1,113,830 189 189 193 Pennsylvania 734, 112 733, 056 779, 083 1, 425,160 1, 392, 2251, 272, 9232, 215, 2142,174, 220 2, 028, 039 421 422 423 East North Central: Ohio 485, 770 486, 641 461, 843 441, 749 428, 029 365. 662 1, 085, 5561, 093, 509 934, 305 467 466 458 Indiana ._ 138, 627 138, 627 130, 324 134, 004 134, 004 105, 522 330,195 330,192 278, 676 42c 425 423 Illinois 212,144 211,702 205,196 576, 337 556, 253 423, 953 883, 633 889, 581 741, 7" 583 584 587 Michigan 185, 356 184, 496 169, 258 281,082 256, 961 204, 319 552,811 519, 985 435, 112 395 394 413 Wisconsin 127, 837 127, 837 130, 122 164, 444 164, 444 133,781 331, 228 331, 228 285, 964 513 513 518 West North Central: Minnesota 79, 313 79, 470 72, 716 120,167 117.839 112, 893 226, 102 222, 91 214, 982 483 478 Iowa 134, 756 128, 972 109, 64f 118, 394 116,438 96,915 330, 314, 377 284,119 544 543 545 Missouri 220, 293 220, 293 211,267 288, 780 288, 780 250, 308 2681, 989 2681,989 2578, 5' 619 619 620 North Dakota 10,021 10,021 8, 704 6,075 6, 075 6,034 19, 095 19,095 17, 558 13: 137 137 South Dakota 15, 743 16, 409 13,391 10, 440 10, 235 11,886 31, 713 32, 356 31, 159 14' 147 148 Nebraska 30, 976 30, 138 26, 261 19, 030 19, 474 18, 885 70, 926 69, 046 66,41" 299 300 298 Kansas .. 67, 673 65, 561 60, 039 49,411 48, • 46,128 2153, 49' 2157,659 2145, 272 533 538 547 South Atlantic: Delaware 62, 961 60,412 66, 797 79, 856 79, 254 62, 429 135,831 144, 758 118,898 32 32 33 Maryland 143,681 143, 681 151,461 256, — 256, 889 230, IF 430, 434 430, 434 399, 880 131; 139 139 District of Columbia--- 47, 339 47,151 43,07(J 46, 491 48, 752 45, 142 125,601 119,964 111,800 13 13 13 Virginia 106, 095 106, 465 100, 712 55, 994 53, 637 46, 535 169,334 167, 334 155, 047 195 195 196 West Virginia 58, 238 58, 292 60,181 37, 269 37, 99f 33, 265 117,852 113,201 106,087 105 104 103 North Carolina 75, 75P 75, 402 79, 019 118,808 120, 96- 95,917 200, 413 205, 460 186, 58C 171 171 173 South Carolina^ 16, 045 16, 162 20, 05S 20, 155 '17,718 15, 852 55, 766 56,413 47, 068 129 125 118 Georgia __ - 56, 709 56, 709 72, 533 25, 035 25, 22, 260 102, 446 102, 446 94, 370 264 264 269 Florida 16, 593 17, 329 15,109 25, 938 24,218 23, 764 64, 347 56, 961 54, 155 104 103 106 East South Central: Kentucky 105, 153 105,153 113,20; 65,178 65,178 63,180 176,999 176, 99G 173,565 335 335 340 Tennessee 52, 23' 52, 23 52, 834 25, 034 25, 034 21, 443 101,419 101,419 291, 533 254 254 259 Alabama 27, 85(5 24, 225 32, 930 27, 710 25, 490 20, 63, 66, 073 261. 175 148 148 150 M ississippi 35, 711 34, 620 39, 407 39,01C 37, 723 35,651 98, 612 96,416 92, 651 184 185 188 West South Central: Arkansas 20, 167 19, 325 27, 057 16, 55(i 16, 262 14, 208 53, 199 54, 793 47, 257 17, 175 192 Louisiana 40, 390 40, 39( 39, 35f 39, 663 39, 663 31, 934 103,843 103,843 84, 50' 120 120 119 Oklahoma 15,272 13,942 12,541 14, 833 14,948 14, 76S 44, 965 45, 8^• 39, 467 19C 191 194 Texas 66, 77" 63, 734 75, 47i 49, 932 50, 367 47, 93C 158,509 155, 884 159, 673 438 442 479 Mountain: Montana 15, 251 15, 14< 12, 555 20, 253 19,949 19, 23S? 47, 988 50, 290 41, 330 74 73 Idaho 12, 144 12, 59C 9,9' 20, 054 20,071 16, O8.r 245, 218 246, 044 238, 176 37 37 Wyoming 7, 291: 7, 171. 6, 784 3, 201 3,227 3, 194 15, 355 15, 939 13,875 33 33 Colorado 16, 152 15, 66$ 13, 146 17,353 15, 587 13, 586 45, 330 44,7' 42, 236 76 78 New Mexico 3,314 3, 092 2, 451) 3. 042 2,814 2, 299 9, 166 9, 089 6, 889 19 18 Arizona 6, 261) 6,3461 5.""" 8, 500 8, 20- 7,543 222, 743 221.685 219, 109 8 8 Utah 26, 964 26, 672! 23, 115 27, 9.1 26, 234 24,130 63, 735 63, 909 58, 280 46 46 Nevada 1,003 1,018: 904 1,920 1, 1,460 25, 24, 475 ?3, 759 4 4 Pacific: Washington 58, 791; 59,318 57, 582 58, 513 56, 379 136, 74S 136, 472 136, 749 130 131 138 Oregon 11,264 11,083! 10, 498 17, 253 16, 289 13,241 34, 949 34, 249 29. 02' 53 53 California 478, 623 477, 646 457, 830 523, 479 536, 395 453, 904 1, 009, 923 1,019,305 915, 73£ 14' 150 153 Total- 12, 854, 43712,835,015 12,918,199 14,314,043 13, 929, 558 12, 764, 80C28, 166, 61C28, 077, 75825, 952, 98' 10, 43c 0,451 10, 578 r Revised. 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 March 4, 1936 column are as of March 4, except as follows: Maine, March 28; New Hampshire, June 29, 1935; Massachusetts, savings banks, October 31; Rhode Island, State banks, February 29, savings banks, December 31; Connecticut, savings banks, March 31; New York, March 27; Kansas, March 25; Tennessee, November 1; Alabama, April 29; Colorado, March 25; Utah, March 28; New Jersey, Indiana Wisconsin, Missouri, North Dakota, Maryland, Georgia, Kentucky and Louisiana, December 31. For call dates of figures included in the December and March, 1935, columns, see footnotes at bottom of pages 397 and 693, respectively, of the December and October 1935 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN JULY 1936 ALL BANKS IN THE UNITED STATES—Continued MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31 AND MARCH 4, 1935, BY STATES [Figures in this table are also included in the table on p. 533 covering "State banks." Amounts in thousands of dollars] Loans Investments Deposits Number of banks State March Decem- March March Decem- March March Decem- March March c D em e- - March 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 1936 ber 1935 1935 California 35,750 36, 641 40, 734 57, 405 57, 503 51,060 87,926 89, 221 86, 727 1 Connecticut: District No. 1_. 285, 964 288, 733 300, 571 220, 642 235, 032 225, 067 538, 273 533, 274 526, 642 59 59 59 District No. 2_. 80, 786 81, 357 84,104 71, 866 68,747 63, 676 151, 647 149, 801 146.7 ~ 14 14 14 Delaware 12,156 12, 251 12,192 22, 626 21, 813 20, 437 31, 822 31,067 29, 996 2 2 2 Indiana: District No. 7_. 8,684 8,684 9,048 2,681 2,681 12, 724 12, 724 12,176 4 4 4 District No. 8_. 4,650 4,650 5,097 1,'""" 1,988 , 7,151 7,151 6, 692 1 1 1 M M M M N Ne e i a a a w n w i s r n n y s a e e H J la c e s a n o r h m s d t u e a s p y e s : t h ts ir . e ., . _ — _. . 1,12 3 5 6 1 4 0 1 0 8 , , , , , 9 0 7 8 4 3 9 5 0 6 5 2 9 7 0 1,12 3 5 6 1 4 0 0 1 8 , , , , , 9 8 0 5 7 0 3 9 9 0 7 2 5 8 5 1,18 3 5 7 1 9 9 3 6 1 , , , , , 1 7 5 2 5 2 2 3 2 2 0 1 3 9 1 1 3 2 4 9 4 6 2 9 0 9 , , , , , 7 3 8 2 7 5 5 6 5 6 8 6 9 0 9 9 1 12 3 8 4 5 2 6 9 9 0 , , , , , 7 1 9 2 7 6 7 5 5 5 9 0 0 8 8 8 1 1 7 8 4 3 1 2 8 7 1 6 9 , , , , , 9 1 1 7 9 8 2 7 4 1 3 9 5 5 5 0 8 8 2,0 1 1 8 8 6 2 7 5 4 3 , , , , 7 0 6 3 1 7 2 4 4 1 4 7 2,0 2 1 1 8 0 8 2 6 8 7 5 1 4 , , , , , 3 7 5 7 3 1 7 9 4 2 3 1 8 4 1 2,0 2 1 1 5 0 6 8 1 2 0 3 3 9 , , , , , 9 3 3 3 4 1 0 0 4 4 1 6 3 7 1 1 3 4 1 9 2 7 3 3 1 1 3 4 9 1 2 7 3 1 3 1 4 3 9 1 8 3 1 3 3 District No. 2__ 142, 878 142,878 149, 085 154, 413 154, 413 142, 242 309,393 309,393 303,678 22 22 22 District No. 3_. 5,276 5,276 5,419 8,042 8,042 7,818 14, 213 14, 213 13, 832 3 3 3 New York,__ _. 3,100, 329 3,100, 329 3, 245, 620 2, 038, 653 2, 038, 653 1, 907,166 5,188,808 5,156,251 135 135 137 Ohio 36,452 36, 212 38,216 72,845 65, 501 57, 449 116,869 116, 536 112,035 3 3 3 P O e re n g n o s n ylvania:x 171 171 34 583 583 120 801 801 157 1 1 1 District No. 3 V 76,179 78,486 84,234 378,072 378,129 354, 553 497,169 496, 039 480, 396 7 7 District No. 4__ 13, 521 13, 610 14,211 37,047 36,125 33, 925 48, 828 48, 467 46,867 1 1 Bhode Island _. 55, 603 55, 603 58,805 115, 508 115, 508 107, 293 169, 580 169, 580 169, 454 9 9 Vermont 30,110 30,930 34, 261 30, T • 31,541 31, 347 67, 637 68, 703 69, 799 14 19 Washington 25, 540 25, 898 26, 078 28, 272 26,964 24, 076 56,085 55, 501 51, 837 3 Wisconsin: District No. 7__ 2,274 2,274 2,534 1,493 1,493 1,577 4,099 4,C 4,248 4 District No. 9__ 61 61 85 35 35 23 83 1 Total 5,202,437 5, 210,181 5, 480, 492 4, 592,069 4, 593, 656 4, 297, 268 9, 972,462 9, 963, 208 9,836, 950 569 570 579 1 Excludes figures of 1 stock savings bank with aggregate deposits of $2,720,000 on March 4, 1936, formerly included with mutual savings banks prior to that date. NOTE.—All figures in the March 1936 columns are as of March 4, except as follows: Connecticut, March 31; Maine, March 28;Massachusetts and New Hampshire, October 31 and June 29, 1935, respectively; New York, March 27; Indiana, Maryland, New Jersey, Oregon, Rhode Island and Wisconsin, December 31. For call dates of figures included in the December and March 1935 columns, see footnotes on pages 398 and 694, respectively, of May 1936 and October 1935 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

535 JULY 1936 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES—Continued PRIVATE BANKS—PRINCIPAL ASSETS AND LIABILITIES ON MARCH 4, 1936, AND DECEMBER 31 AND MARCH 4, 1935, BY STATES [Figures in this table are also included in the table on page 533 covering"State banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of banks bank deposits State M 1 a 9 r 3 c 6 h b D e e r c 1 e 9 m 3 - 5 M 1 a 9 r 3 c 5 h M 1 a 9 r 3 c 6 h b D e e r c 1 e 9 m 3 - 5 M 1 a 9 r 3 c 5 h M 1 a 9 r 3 c 6 h b D e e r c 1 e 9 m 3 - 5 M 1 a 9 r 3 c 5 h M 1 a 9 r 3 c 6 h c D b e e m e r - - M 1 a 9 r 3 c 5 h 1935 Alabama 83 3 38 1 Arkansas __ 117 17 331 13 Connecticut: District No. 1 290 278 201 185 186 130 404 387 325 3 3 3 District No. 2 147 151 149 99 99 99 314 333 328 1 1 1 Florida 1, 240 118 1,093 4 Georgia 594 594 1,804 161 161 398 1,803 1,803 2,325 40 40 46 Illinois (District No. 7) . 10 15 1 Indiana: District No. 7 2,019 2,019 2,008 1,288 1,288 957 4, 730 4,730 4,234 27 27 28 District No. 8 287 287 274 159 151] 120 543 543 545 5 5 5 Iowa _ 136 137 1,494 236 235 1,309 513 512 4,047 2 2 4 Kansas 2 3 177 67 67 238 95 105 422 1 1 2 M assachusetts 42 43 1 Michigan: District No 7 1 685 1, 018 3,487 25 District No. 9 241 126 379 3 Missouri (District No 8) 14 18 1 New Jersey(District No. 2) 15 15 12 17 17 21 21 21 12 2 2 2 New York 98, 468 88, 231 85,173 377, 229 380,282 296, 804 378,203 397,053 327, 338 18 18 20 Ohio _ 1,958 2.041 1,799 508 513 502 3,075 3,023 2,717 14 14 14 Pennsylvania: District No. 3 9,667 11,772 12, 708 40, 691 37,123 36, 513 63,136 56,944 59,413 19 19 19 District No. 4 1,084 1,070 1,465 732 735 919 1,713 1,682 2,013 5 9 South Carolina 901 866 905 2 35 1,127 1,077 1,084 1 1 1 Texas 9 352 3,899 14,012 29 Total 115, 568 107, 464 120, 953 421, 374 '420,867 343, 226 455, 677 468, 213 424, 219 138 138 242 r Revised. NOTE.—Figures for March 1935 include private banks which reported to the Comptroller of the Currency under the provisions of Sec. 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 December 1935 and March 1936. The figures shown in the March 1936 columns are as of the following dates: Georgia, Indiana and New Jersey, December 31; New York, March 27. For call dates of figures included in the December and March 1935 columns, see footnotes on pages 398 and 694, respectively, of May 1936 and October 1935 BULLETINS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN JULY 1936 RECENT LEGISLATION REGARDING BANK OF FRANCE AND GOVERNMENT BORROWING The Law of June 23, 1936, limits to 20,- general council of the Bank of France, under date 000,000,000 francs the amount of French of June 18, 1936, Treasury bills that may be issued and ap- It has been agreed as follows: ARTICLE 1. Without prejudice to the provisions of proves a convention between the Bank of the agreements and conventions of June 10, 1857, France and the Government providing for March 29, 1878, October 31, 1896, November 11, the refunding of governmental bills redis- 1911, and June 23, 1928, and notwithstanding article counted by the bank and for the extension of 8 of this last convention, the Bank of France shall grant to the Government temporary non-interestadditional credit to the Treasury. The conbearing advances, up to an amount of 14,000,000,000 vention also provides that Treasury and other francs. governmental bills which have been redis- The Bank of France shall receive, as reimbursecounted by the Bank of France as a special ment for expenses incurred by it in connection with these advances, a commission of 0.2 percent per anoperation shall be carried as a separate item num of the effective amount of the aforesaid adinstead of with commercial bills as formerly, vances. and that a new balance sheet item shall be set ART. 2. These advances will assure the redemption, up showing the amount of advances granted as they mature, of ordinary Treasury bills and bills of governmental bodies which have been rediscounted to the Treasury as a result of the convention. by the Bank of France as special operations. These A translation of the law and the convention advances shall become available as the aforesaid follows: bills mature, and shall be carried thereafter as a special item by the bank of issue. LAW APPROVING A CONVENTION BETWEEN THE Meanwhile, from the promulgation of the law ap- MINISTER OF FINANCE AND THE GOVERNOR OF THE proving the present convention, ordinary Treasury BANK OF FRANCE, AND FIXING THE MAXIMUM bills and bills of governmental bodies mentioned in AMOUNT OF ORDINARY TREASURY BILLS THAT MAY the first paragraph of the present article, shall be BE ISSUED. carried as a special item in the break-down of the portfolio of commercial and governmental bill hold- The Senate and the Chamber of Deputies have ings of the Bank of France, and shall so be shown adopted, until their redemption by the grant of the advances The President of the Republic promulgates the mentioned above. following law: ART, 3. Notwithstanding article 8 of the convention of June 23, 1928, the Bank of France undertakes ARTICLE 1. The convention entered into on June to grant to the Government, on request of the Min- 18, 1936, between the Minister of Finance and the ister of Finance, in addition to the advances pro- Governor of the Bank of France is hereby approved; vided for in article 1 above and on the same condithe text is annexed to the present law. tions, new advances which shall be carried as a special ART. ? The maximum amount of ordinary Treasitem on the balance sheet of the bank of issue, to a ury bills is fixed at 20,000,000,000 francs for the maximum amount of 10,000,000,000 francs. year 1936, allowance being made for the issues au- ART. 4. As evidence of the advances granted by thorized by the law of March 23, 1936. virtue of the present convention, non-interest-bear- The present law, deliberated and adopted by the ing Treasury bills of 3-months' maturity, and re- Senate and the Chamber of Deputies, shall be adminnewable up to the time of the repayment of the aforeistered as a law of the State. said advances, shall be delivered to the Bank of Executed at Paris, June 23, 1936. France. ALBERT LEBRUN. ART. 5. The part of the circulation which, according to the terms of the laws and conventions now in By the President of the Republic: force, is subject to a stamp-tax of 20 centimes per The Minister of Finance, 1,000 francs, shall be reduced, for the calculation of VINCENT AURIOL. the amounts due under the head of this tax, by an amount equal to that of the advances granted by virtue of the present convention. ANNEX ART. 6. The amount of the advances made by virtue of the present convention shall not be included CONVENTION in the figure of the productive circulation serving as the basis for calculation of royalties as provided by Between the French Treasury and the Bank of the laws and conventions now in effect. France ART. 7. The present convention is free from stamp Between the undersigned: M. Vincent Auriol, and registration taxes. Deputy, Minister of Finance, acting in the latter Executed in duplicate at Paris, June 18, 1936. capacity, and M. Emile Labeyrie, Governor of the Read and approved, Read and approved, Bank of France, duly authorized by the vote of the VINCENT AURIOL. E. LABEYRIE. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 537 THE NATIONAL BANK OF DENMARK ACT Transformation of the former National be Danish subjects with domicile in Denmark, and Bank in Copenhagen into a Government cen- they shall also be of age and in possession of the tral bank, the National Bank of Denmark, civil rights and not be deprived of the right to dispose of their estate. became effective on May 1, 1936. On April SEC. 4. The Board of Directors shall consist of 25 7, the date of promulgation of the new law, members, viz.: an extraordinary meeting of the shareholders (a) 8 members with seats in the Rigsdag. These of the National Bank in Copenhagen ap- are to be elected according to the rules of section 45 of the Constitution. In case one of these members proved the terms upon which the National resigns his seat in the Rigsdag a new election shall Bank of Denmark should take over the old be held for the remaining term of office of the recentral bank as provided in the law. The signing member. The retiring member keeps his notification of the meeting, sent to share- seat in the Board of Directors until a successor has been elected. holders, stated the agenda as follows: (b) 2 members of whom one shall be an economist and the other a lawyer. These members, who must Authorisation for the Chairman of the Board of not be members of the Rigsdag, shall be appointed Directors to make an agreement concerning the by the Minister of Trade, Industry and Shipping. transfer of the National Bank in Copenhagen to a (c) 15 members with a thorough knowledge of new self-owned Bank against the redemption of the trade, industry and agriculture. These members, shares of the National Bank with 4 percent redeem- who must not be members of the Rigsdag, shall be able bonds guaranteed by the Government, in the elected by the Board of Directors, so that 3 members proportion of 1 to 2 plus 10 percent dividend and retire every year. Due regard shall be paid at the bonus for the current financial year. election to establish a comprehensive representation of trade, industry and agriculture including the The official English translation of the law workers occupied in trade, industry and agriculture, published by the Bank is given below in sub- and to secure a representation of the geographical stantially its original form. divisions of the country. The members mentioned in a-c shall be elected or appointed for 5 years. In case a member retires THE NATIONAL BANK OF DENMARK ACT before the expiration of his term of office, a new Act No. 116 member shall be elected for the rest of the term. The Board of Directors shall elect for one year at April 7, 1936 a time a chairman and a deputy-chairman. Before amendments to the provisions governing WE, CHRISTIAN THE TENTH, by the Grace of the Bank be made, the Board of Directors shall have God, King of Denmark and Iceland, the Vandals and an opportunity to express its opinion. Goths, Duke of Slesvic, Holstein, Stormarn, Dytmar- SEC. 5. The Committee of Directors shall be comschen, Lauenburg and Oldenburg, do hereby proclaim: posed of the 2 members of the Board of Directors The Rigsdag have enacted and We by Our Assent mentioned in section 4b together with 5 members confirmed the following Act. elected for 1 year at a time by the Board of Directors from among its members. Proportional election OBJECTS OF THE BANK shall take place in conformity with rules laid down SECTION 1. "Danmarks National Bank" (The in the By-laws of the Bank, in the case 3 mem- National Bank of Denmark) which, at the coming bers of the Board of Directors demand it. into force of this Act, confer section 33, takes over The Committee of Directors shall elect for one the "Nationalbanken i Kjobenhavn" (The National year at a time a chairman and a deputy-chairman. Bank in Copenhagen) shall as the Central Bank of The election shall be approved of by the Minister of this country have the object in conformity with this Trade, Industry and Shipping. Act and the regulations given under this Act to main- SEC. 6. The Board of Governors shall consist of 3 tain a safe and secure currency system in this counmembers. One of the Governors shall be nominated try, and to facilitate and regulate the traffic in by the King, and the other Governors appointed by money and the extension of credit. the Board of Directors on the recommendation of the Committee of Directors. The first mentioned GENERAL CAPITAL FUND, DOMICILE Governor shall be chairman of the Board of Gover- SEC. 2. The General Capital Fund of the Bank nors. shall be Kroner 50 millions. The head office and The Governors shall reside in Copenhagen or in domicile of the Bank shall be in Copenhagen. places closely connected wTith Copenhagen. They shall not take part in the management of trade and MANAGEMENT industrial organisations or companies nor carry on SEC. 3. The management of the Bank shall be or take part in the working of private trading, incommitted to a Board of Directors, a Committee of dustrial and agricultural activities. The Governors Directors and a Board of Governors. shall be under the obligation to send in their resigna- The members of the Board of Directors, the Com- tion before the expiration of the month in which they mittee of Directors and the Board of Governors shall complete their 70th year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN JULY 1936 THE ROYAL BANK COMMISSIONER Currency Act. Credit balances in foreign currency shall not be calcuJatod at a higher price than that SEC. 7. The Minister of Trade, Industry and Shipquoted on the Royal Exchange on the day of settleping in his capacity of Royal Bank Commissioner ment. shall see to it that the Bank fulfils its obligations SEC. 11. That part of the note circulation which is under this present Act and under the ordinances and not covered by the gold fund may be covered by provisions given pursuant to this present Act. gold and net-credit-balances on demand with foreign The Royal Bank Commissioner presides at the banks, provided they have not been included under meetings of the Board of Directors. He shall have section 10, bills of exchange, treasury bills, bonds the right to be present at the meetings of the Comand debentures subject to quotation on the Royal mittee of Directors and to be supplied with informa- Exchange, besides advances for which proper setion concerning the Bank to the extent he might curity has been given. desire. SEC. 12. The Bank shall at the expiration of every Decisions of particularly far-reaching character month report to the Royal Bank Commissioner on cannot be taken at a meeting of the Committee of the cover for the active note circulation. Directors when the Royal Bank Commissioner is not In case of any deviation from the rules governing present, unless he has been informed in advance that the cover for notes of the Bank under sections 9-11 the case will be dealt with at the meeting. it shall be the duty of the Bank to redress the deviation within the expiration of the succeeding month. BANK NOTE ISSUE SEC. 13. Under special circumstances the Board of SEC. 8. The Bank shall have the sole right to issue Directors shall, after having obtained the permission notes. of the Minister of Trade, Industry and Shipping, The notes issued by the Bank shall be legal tender for a period of up to 3 months at a time, be allowed between man and man and for payments and dis- to deviate from the rules prescribed for note cover. bursements which take place in public pay-offices. A decision to this effect shall be adopted by at least When the Minister of Trade, Industry and Ship- % of all the members of the Board of Directors. It ping gives his permission notes may be called in, and shall be the duty of the Bank as soon as possible to they shall then cease to be legal tender from a date re-establish the normal proportion of cover. fixed by ordinance from the Minister of Trade, Industry and Shipping. After the expiration of twelve REDEMPTION OF THE NOTES OF THE BANK, ETC. months from this date the retired notes shall cease SEC. 14. The Bank shall be under the obligation to constitute a claim against the Bank, provided that to redeem at its Head Office on demand the notes the Bank shall have the right to redeem the notes issued by the Bank at their face value either with after this time if circumstances justify it. legal tender gold coin or with gold ingots of ordinary The denominations, text and form shall be ap- fineness and weight, when notes are delivered in proved of by the Minister of Trade, Industry and amounts corresponding to the value of an ingot. Shipping. The Bank shall likewise be under the obligation SEC. 9. The Bank shall be permitted to put into to buy at its Head Office from any person who might circulation the amount of notes which may be re- desire it ingots of fine gold at a price corresponding quired at any time. to the gold price fixed by the Currency Act with the Provided, that the Bank shall possess free from deduction of XA per centum seigniorage. any encumbrance: The above provision can only be suspended by Act. (a) A gold fund, as set forth in section 10. (b) Assets of the nature laid down in section 11 OTHER FUNCTIONS OF THE BANK to a value corresponding to not less than that part SEC. 15. The functions of the Bank shall especially of the active note circulation which is not covered by comprise reception of money on folio account and the gold fund. current account, reception of deposits in safe custody, SEC. 10. The gold fund shall cover 25 per centum granting of advances and discounting of bills of exof the total active note circulation. It may consist of: change besides traffic in gold, foreign currency and (a) Gold, be it in coin or ingots, either in the securities. custody of the Bank or handed over by the Bank to The granting of advances shall take place only on the Royal Mint to be coined or melted. satisfactory security and normally for 1-3 months (b) Gold which, properly secured, has been de- but not exceeding 6 months. Renewal of advances posited abroad or which is in transit through, to or may take place. from foreign countries. Provided, that such gold Further provisions governing the general funcshall not count when the Bank's right to dispose tions of the Bank shall be laid down in the By-laws of thereof is restricted. the Bank. The gold under this subsection shall not exceed 5% SEC. 16. The Bank shall receive payments and of the total active note circulation. make disbursements for the State. The monthly For up to 5 per centum of the note circulation non- balance sheet shall give the figures of the credit interest bearing net credit balances on demand with and/or debit balances of the State with the Bank. foreign central banks, approved of in that respect by the Royal Bank Commissioner, may take the place ACCOUNTS AND DISTRIBUTION OF PROFIT of gold. SEC. 17. The financial year of the Bank shall be The value of legal tender gold coin shall be de- the calendar year. As soon as possible after the termined by the nominal value arid the value of other expiration of the financial year the books shall be gold coin and of gold in ingots by the fine gold con- balanced and the accounts for the year expired tents, the price of the gold in Danish currency being drawn up. The accounts shall contain a working calculated in conformity with the provisions of the account and a balance sheet. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 539 The accounts shall, under careful consideration GENERAL PROVISIONS of existing values and obligations and with the under- SEC. 20. The Minister of Trade, Industry and taking of necessary writings-off and allocations, be Shipping may at the request of the Board of Goverrendered as proper and cautious business practice nors of the Bank supply the Board with such infordictates. mation concerning banks, savings banks and the Securities admitted to public quotation on the Stock Exchange as is to be had from the Bank In- Royal Exchange shall not be entered at a higher spectorate, Savings Banks Inspectorate and the Stock value than the latest buying rate quoted at the close Exchange Inspectorate and which the Bank and the of the financial year. Minister find of interest for the Bank in its capacity Securities not admitted to public quotation on the as the Central Bank of the country. Royal Exchange shall be entered at the supposed In the same manner the Minister may on applicavalue on the day of settlement, but the value shall not tion from the aforesaid Inspectorates and for their exceed the price at which they were acquired. use ask for such information from the Bank as is of Foreign currency shall not be entered at a higher interest for the work of supervision. value than the rate of exchange quoted at the close of SEC. 21. The Bank shall be exempt from paying the financial year. all direct taxes and rates whatever. Provided that Real estate shall not be booked at a higher value the Bank shall pay taxes upon real estate which is than the buying price with addition of costs of imnot used for its own activity and such levies as have provements and deductions corresponding to the the character of consideration for special contribudepreciation through age and use and not exceeding tions. the value assessed for land and building tax. SEC. 22. The Bank may use unstamped paper for The booked value of other assets shall not exceed its notes and books and for the drafts, bonds and the market value. other documents executed in the course of banking. The accounts when approved by the Board of Bonds by which collateral security is pledged to Directors shall be sent to the Minister of Trade, Inthe Bank shall be made on unstamped paper. dustry and Shipping together with a report on the SEC. 23. When evidence placed before the Bank work of the Bank during the year expired. shows to the satisfaction of the Bank that a receipt When the accounts have been approved by the for money received on deposit or a memorandum of Royal Bank Commissioner, they shall be published deposit probably has been lost, the Bank shall be together with the Bank's report for the year expired. entitled by a notification in the Government Gazette SEC. 18. The accounts for the financial year shall to call the bearer to appear within 12 weeks. If be audited by 2 chartered accountants appointed by nobody appears the Bank may pay the amount of the Minister of Trade, Industry and Shipping for the document to the person who is the rightful 1 year at a time. creditor according to the books of the Bank. SEC. 19. The profit earned by the Bank shall go to SEC. 24. In case a contract of suretyship has been the Exchequer if it be not allocated to the reserve given for the repayment of an advance granted by fund or to special guarantee funds. the Bank and the borrower makes default in pay- Out of the profit of the financial year the Ex- ment of principal, instalment or interest, notification chequer shall prior to other payments receive Kr. 1 hereof shall, not later than 6 months after the mamillion. turity of the contribution mentioned, be sent by Thereafter 25 per centum of the remainder shall registered mail to each of the sureties or to the be allocated to the reserve fund if this fund be less surety or sureties authorized by the others to receive than Kr. 25 millions. such notification on behalf of all the sureties. The rest of the profit shall be paid to the Exchequer If the Bank omits to give such notification the Bank under the observation of the following rules: shall lose its claim on the sureties to the extent to If the rest of the profit does not exceed Kr. 4 mil- which the remedy of the sureties as against the borlions, one half of the amount shall be paid to the rower has been reduced in value through the omission. Exchequer and the other half written off the General SEC. 25. The Bank shall be subject to the provisions Capital Fund Certificate. In case the rest of the laid down in the Bank Act No. 122 of the 15th of profit exceeds Kr. 4 millions, Kr. 2 millions shall be April 1930, section 9, subsections 1-4 and 6-9, propaid and the remainder written off the General Capi- vided that the Governors of the Bank and branch tal Fund Certificate. When this certificate has been managers shall not obtain advances from the Bank redeemed in full the total rest of the profit goes to or the guarantee of the Bank for advances or be the Exchequer unless the Board of Directors with sureties for debts to the Bank. Furthermore section the approval of the Royal Bank Commissioner decides 21 of the same Act shall apply correspondingly with to allocate a part of the amount to reserves. regard to this present Act, the regulations given If losses of preceding years have entailed drawing under this present Act, and the resolutions of the on the General Capital Fund all payments to the Ex- Board of Directors. chequer shall be suspended until the loss of the Gen- SEC. 26. The Board of Directors shall, on the eral Capital Fund has been recovered. recommendation of the Committee of Directors and If losses of preceding years have reduced the Re- subject to confirmation by the Minister of Trade, serve Fund to less than the amount it constituted Industry and Shipping, draw up the By-laws of the when the Bank commenced business, the payment National Bank of Denmark, by which rules shall be under subsection 2 of this section shall be made and laid down governing the functions and the managethereafter the whole profit shall be used to increase ment of the Bank and the salaries, wages and old the Reserve Fund until it has regained the original age pensions for the Board of Governors and the Staff, etc., and the duties of the Auditors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN JULY 1936 The By-laws may be amended by the Board of Di- to the shareholders of the National Bank in Copenrectors subject to confirmation by the Minister of hagen they shall be delivered to the person who Trade, Industry and Shipping. holds the shares with legal title in due form. The amendments shall be valid when passed by a In exchange for shares registered in the name of simple majority of the whole Board of Directors. the holder in the books of the Bank bonds may also be handed out under the observance of the follow- AGREEMENT CONCERNING THE TAKING OVER OF THE ing rules: NATIONAL BANK IN COPENHAGEN (a) When evidence placed before the Bank shows to the satisfaction of the Bank that a share certifi- SEC. 27. By agreement between the National Bank cate probably has been lost the National Bank of in Copenhagen on one side and the Minister of Trade, Denmark shall be entitled by a notification in the Industry and Shipping and the Minister of Finance Government Gazette to call the person who might as representatives of the National Bank of Denmark on the other side it may be decided that all the assets be in possession of the share certificate to appear and liabilities, rights and duties of the old Bank within 6 months. If nobody appears the Bank may shall pass to the new Bank against a consideration deliver the bonds corresponding to the share certifiin the form of bonds which are to be redeemed within cate to the person registered in the books of the a certain number of years. The Government guar- Bank as proprietor of the share certificate. antees the interest and redemption of the bonds. (b) In case of defects in the transfers of title en- The consideration which the shareholders of the old dorsed on a share certificate the National Bank of Bank receive in the form of bonds shall not as far Denmark shall, if it is of opinion that the asserted as any part thereof is concerned be included in the ownership of the bearer is well founded, be entitled taxable income of the holder in question. to call the person or persons who might have any objections to the bearer's property in the share At the same time the new Bank commences busicertificate to appear within the aforesaid period of ness the old Bank shall cease to exist. The windingnotice. If no objections are made the Bank may up proceedings shall be conducted by the National Bank of Denmark. The statutory winding-up rules deliver the bonds to the bearer of the share certifineed not be observed. The aforesaid bonds shall be cate. issued to bearer. The bonds as well as transfers When evidence placed before the Bank shows to endorsed thereon besides all other documents made the satisfaction of the Bank that a share certificate, for the purpose of the taking over shall be exempt which according to the books of the Bank is made from stamp duty nor shall any fee be paid for the out to bearer, probably has been lost, and the person registration at the Courts of Law. notifying the loss possesses the coupons belonging to the share, the National Bank of Denmark shall THE ABOLITION OF THE ROYAL CHARTER, ETC. be entitled to pay to such person the interest due on the bonds corresponding to the s^are. If the Bank SEC. 28. The Royal Charter of the 4th day of July does not find to its satisfaction that the share cer- 1818 (confer Act No. 157 of the 12th day of July tificate has been destroyed, the interest shall not be 1907, Act No. 483 of the 30th day of August 1919 paid till the 1st day of February, 1937. If nothing and Act No. 201 of the 20th day of May 1933) shall to invalidate the right of the person notifying such be repealed. The duty of the Bank to pay to the loss has transpired within the expiration of 5 years Exchequer the profit derived from the exemption to from the taking effect of this Act the Bank may redeem with gold the notes issued by the Bank shall deliver the bonds to him. likewise cease. In case cash amounts are to be allotted to the share- The statutory provisions which otherwise apply to holders payment shall be made against the production the National Bank in Copenhagen shall in future of the dividend coupon for the year current at the apply to the National Bank of Denmark. taking effect of this present Act. After the expiration of 5 years from the taking TRANSITORY PROVISIONS effect of this Act all rights to claim bonds or cash SEC. 29. The General Capital Fund of section 2 allotments in exchange for the old shares shall be shall be paid by the Government in the form of a forfeited, and the undelivered bonds and cash General Capital Fund Certificate at the coming into amounts shall fall to the National Bank of Denmark force of this present Act. By degrees as funds out without compensation to the former shareholders. of the annual profit are allocated to the General Amounts gained in this way shall be allocated to Capital Fund corresponding amounts shall be written the Reserve Fund of the Bank. off the General Capital Fund Certificate. SEC. 32. In the period till the expiration of the The payment of interest on the bonds mentioned year 1948 the above provisions can only be amended in section 27 shall be made out of the working account by the consent of a majority of all the members of of the Bank before the profit of the year be ascer- the Board of Directors (confer section 14, last subtained. section). SEC. 30. The members of the Board of Directors elected at the meeting of shareholders of the old COMMENCEMENT Bank shall pass over to the Board of Directors of the SEC. 33. Section 27, subsection 1, shall take effect new Bank and take over the tasks laid upon the mem- at once. Otherwise the Act shall take effect on bers mentioned in section 4c. They shall remain on such date as may be fixed in the agreement menthe Board of Directors until their term of office tioned in section 27. The Minister of Trade, Indusexpires under the rules hitherto in force. At new try and Shipping shall publish the date of the taking elections held by the Board of Directors before the effect of this Act. end of July 1938 the provisions of section 4c shall With which all those concerned shall have to not apply in the case of a re-election. comply. SEC. 31. When the bonds of section 27 are allotted Given on Amalienborg, the 7th day of April 1936. 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JULY 1936 FEDERAL RESERVE BULLETIN 541 LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS In most countries central banks are re- now broadly interpreted in practice. Where quired by law to hold substantial reserves of the law permits exchange other than gold exgold or foreign exchange. Demands upon change to be counted as part of the legal rethese reserves occur chiefly in connection serves, this fact is noted in a footnote or with the settlement of international trans- among the qualifying provisions. Note is actions, since under the post-war gold stand- also made in the qualifying provisions when ard domestic circulation of gold coin has exchange eligible as legal reserve does not practically ceased. Only a portion of central include all short-term foreign assets, or does bank reserves, however, is available for inter- include long-term foreign securities. national use. In most countries a substantial Liabilities against which reserves are repart of the gold and foreign-exchange re- quired.—In each of the countries covered by serves is required by law to be held against the table reserves are required against notes. domestic liabilities. A tabular statement of Notes may be understood as notes in circulathe legal reserve requirements of 45 foreign tion outside the bank of issue. Where* as in central banks is presented below. Similar England, reserves are required against notes tables were published in the Federal Reserve issued that are retained by the bank, it is Bulletin for August 1930, p. 502, and July evident that the bank may at will release the 1932, pp. 437-438. reserves by retiring the notes. Reserves Reserves.—The assets of central banks against notes held by the bank are, therefore, most generally designated as reserves are available for international use. gold and foreign exchange. It is these assets Many countries also require reserves to that central banks can most effectively use be held against deposits and other demand in settlement of international transactions. liabilities of the bank. Where the law speci- Central bank statutes practically without ex- fies deposits only, the term has been used in ception permit gold to be counted as part of the table. In such cases items which might the legal reserves, although in some instances not be considered deposits, such as cashier's gold held abroad is either excluded or limited checks, drafts payable, and dividends, have to a small proportion of the reserves re- been noted in the column of qualifying proquired, as noted in the column of qualifying visions when it is clear that the bank includes provisions. Foreign exchange, on the other such items with the deposits against which hand, is often not permitted to count as part reserves must be held. of the legal reserves. In those cases in which Flexibility in reserve requirements.—The it is permitted, the fact that many of the reserve requirements shown in the table are statutes were adopted in a period when the not always absolute. Many central bank international gold standard prevailed is re- statutes permit reserves to fall below the flected in the frequent requirement that ex- legal minimum, subject to the payment of a change be gold exchange, i.e. exchange on a tax or the consent of the Government or both. country where the currency is by law con- Such provisions are noted in the table. In vertible into gold for export. Few currencies all cases, however, the statutory requirement satisfy this definition today, however, and it constitutes a standard which the bank is exis probable that the term ''gold exchange" is pected to observe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN JULY 1936 LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS Reserve requirements Central Liabilities against which reserves Bank of: are required Qualifying provisions, etc. Gold and Gold gold exchange Per cent Per cent Albania—. Notes 1 2 33^ Exchange included limited to two-thirds of required reserve. Argentina- Demand liabilities.. 221; 25 ' Exchange not limited to gold exchange; but liabilities in gold and exchange must be deducted from it. If reserve falls below 33 per cent during specified periods, no dividend shall be paid to shareholding banks. Australia.. Notes 25 Exchange included limited to English sterling. Austria Demand liabilities minus Federal 2 3 20 Reserve requirements to be increased to 22 per cent on January 1, debt A (Sch. 262, 986, 804). 1937; to 24 per cent on January 1, 1942; and to 25 per cent on January 1, 1947. Reserves must be revalued at end of each year on basis of schilling exchange during preceding 6 months. Belgian Congo.. Notes and subsidiary coin.. 20 40 Belgium Demand liabilities 30 40 Bolivia Notes and deposits i 50 Silver included limited to one-fifth of required reserve. Exchange included limited to deposits payable in gold on demand or on three days' notice in New York or London, except that since Sept. 6, 1932, domestic and foreign prime commercial bills may, with the consent of the superintendent of banks, be included up to one-tenth of required reserve. Bank includes drafts payable, dividends, and "other obligations" with deposits against which reserves are required. British India.. Notes.. 3 40 Gold must not be less than 400,000,000 rupees; at least 85 per cent of gold included must be held at home. Exchange included limited to deposits at Bank of England, sterling bills or British Government securities maturing within 5 years. Bulgaria-. Demand liabilities.- 25 Reserve net; i. e., minus any liabilities in exchange. Canada.-. Notes and deposits.. Government at bank's request may suspend reserve requirement for maximum period of one year. Chile.. Notes and deposits.. Exchange net; limited to demand deposits payable in gold in New York or London. Exchange purchased under laws of Apr. 19, 1932 (No. 5107) and Feb. 13, 1935 (No. 5594), regarding official exchange control, and an equivalent amount of notes and deposits are excluded in computing ratio. While bank holds Treasury notes issued under law of Jan. 7, 1932 (No. 5028) and later consolidated in a long-term Government debt, reserve requirements are reduced to 25 per cent. Bank includes cashiers' checks and dividends payable with deposits against which reserves are required. Colombia-. Notes- Exchange limited to demand deposits but not to gold exchange. During present emergency reserve requirements are reduced to 30 per cent or, so long as gold content of peso is not reduced, to 25 per cent. An additional reserve of 25 per cent of deposits plus outstanding Treasury notes is required in gold or other cash (silver not to exceed one-half). Czechoslovakia. Demand liabilities.. Danzig Demand liabilities.. 3 30 Exchange included must be valued at gold value. Denmark Notes 3 20 3 25 Gold abroad limited to 5 per cent of notes. Exchange not limited to gold exchange but must be noninterest-bearing demand deposits in central banks minus such deposits held for central banks. Exchange may not be valued higher than at market rate. Ecuador.. Notes and deposits. 40 Exchange included limited to deposits payable in gold. Egypt-.. Notes 50 Gold included must be held at home. Exchange included limited to British Treasury bills. El Salvador Demand liabilities.. After definitive stabilization of currency, net exchange may count as reserve. Such exchange is not limited to gold exchange, but must be held in central banks. If reserve falls below 30 per cent on three of the 24 report dates a year, no dividend shall be paid to shareholding banks. Estonia-. Demand liabilities 3 40 Exchange net. Finland- Demand liabilities, including un- 100 Exchange limited to undisputed balances with correspondents utilized credits, in excess of 1,200. valued at par or at market, whichever is lower; not limited to 000,000 markkaa. gold exchange. France Demand liabilities 35 Germany.. Notes 30 Exchange not limited to gold exchange but must be valued at its current gold value and mature within 14 days. Reserve requirements suspended since July 7, 1931. Greece Demand liabilities, minus holdings Reserve net, i.e., minus gold exchange liabilities. Reserve may of national silver coin up to 150,- include certain gold bonds of the Greek State up to 650,000,000 000,000 drachmas. drachmas. Reserve requirements suspended since Apr. 26, 1932. Guatemala.. Notes Gold in required reserves must be in bank's vaults. Silver may replace gold up to one-tenth of requirement shown in gold column. Deposits, due in 30 days or less, in- Reserve against deposits payable in a foreign currency may be cluding unutilized credits. held entirely in that currency. Note issue may not exceed 5 times bank's paid-up capital and surplus or 12,500,000 quetzals, whichever is larger. Deposits due in 30 days or less may not exceed 5 times bank's capital and surplus. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

543 JULY 1936 FEDERAL RESERVE BULLETIN LEGAL RESERVE REQUIREMENTS OF FOREIGN CENTRAL BANKS—Continued Reserve requirements Central Liabilities against which reserves Bank of: are required Qualifying provisions, etc. Gold and Gold gold exchange Per cent Per cent Hungary.. Demand liabilities minus Govern- Reserve requirements to be increased to 28 per cent on June 24, ment debt. 123 24 1938, and to 33^ per cent on June 24, 1943. Reserves must be revalued at end of each quarter on basis of pengo exchange during preceding 15 days. Italy... Demand liabilities 40 Reserve requirements suspended since July 22, 1935. Japan.. Notes in excess of fiduciary issue of i 100 Silver included limited to one-fourth of required reserve. Bank 1,000,000,000 yen. has not included silver in reserve since 1905. Bank may increase fiduciary issue, subject after 15 days to consent of Government and payment of tax on excess issue. Java Demand liabilities 140 Part of required reserve, to be determined by Governor-General must be held at home. Latvia.. Notes up to 100,000,000 lats_. 2 30 Against Government note issue, which may not exceed 48,000,000 lats, Government must maintain 25 percent reserve in gold ear- Notes in excess of 100,000,000 lats_ 2 50 marked at Bank of Latvia. Lithuania Notes 3314 Morocco Notes 11 1 /9 33 ^ Netherlands Demand liabilities.. 1 40 Eighty per cent of required reserve must be held at home. New Zealand Demand liabilities.. "25 Exchange may include sterling; liabilities in exchange must be deducted from gold exchange. Government at bank's request may suspend reserve requirements. Norway. Notes in excess of fiduciary issue of 100 Gold included must be held at home. Fiduciary issue may be 250,000,000 kroner. increased, subject to a tax, by authority of King and Storting. Peru Notes, deposits, and net foreign 1 50 Silver included must not exceed one-fifth. Exchange included items in process of collection. may consist only of deposits payable on demand in gold, or its equivalent, in New York or London, and up to one-half of reserve, bankers' acceptances payable in gold currencies. Poland... Demand liabilities in excess of 100,- 3 30 Gold net, after deduction of pledged gold and of liabilities in ex- 000,000 zlotys. change. Portugal- Notes up to 2,200,000,000 escudos 30 Notes subject to 30 per cent reserve may be increased beyond and other demand liabilities. 2,200,000,000 escudos with Government consent. Exchange net; may include sterling and foreign Government securities payable Notes in excess of 2,200,000,000 100 in sterling. Until July 1, 1941, certain Portuguese external gold escudos. bonds may be included up to 22 per cent of existing reserve. Rumania Demand liabilities 25 35 South Africa.. Notes, deposits, and bills payable._. 13 30 One-half of gold included must be held at home. Silver included limited to 6 per cent of deposits and bills payable. Spain Notes up to 4,000,000,000 pesetas 1 45 Ninety-seven per cent of gold included must be held at home. Silver included limited to 5 per cent of notes up to and including 4,000,000,000 pesetas and 10 per cent of notes in excess. Note Notes in excess of 4,000,000,000 pese- 1 60 circulation limited to 6,000,000,000 pesetas and may exceed tas. 5,000,000,000 only with Government consent. Government consent necessary for any reduction of gold and cannot be given unless gold is in excess of amount required for 6,000,000,000 pesetas of notes. Sweden.. Notes in excess of fiduciary issue of 50 Gold must not be less than 150,000,000 kronor. Eighty-five per 350,000,000 kronor. cent of gold included must be held at home. Government may increase fiduciary issue by 350,000,000 kronor. Switzerland Notes 40 Gold included must be held at home. United Kingdom Notes in excess of fiduciary issue of 100 At bank's request Treasury may decrease fiduciary issue or may, £260,000,000. for period up to two years, increase fiduciary issue. Uruguay Major notes of 10 pesos or more is- 45 3/5 Fiduciary issue of minor notes is permitted in place of major sued in excess of (a) bank's paid- notes, against paid-up capital. Against minor notes in excess of up capital less fiduciary issue of fiduciary issue, minimum reserve requirement is 45.6 per cent in minor notes and (b) rediscounted silver. Minor notes are limited to 20,000,000 pesos. Bank must bank documents up to 10,000,000 hold notes equivalent to 20 per cent of deposits. Gold coin may pesos. be held abroad only if 55,000,000 pesos of gold coin is held in Uruguay, unless specially authorized otherwise. Yugoslavia Demand liabilities 25 35 Gold included must be held at home. Provisionally since Jan. 21, 1935, reserve requirements are reduced from 25 and 35 per cent to 20 and 25 per cent, respectively, and bank is authorized, in computing these ratios, to value reserves at 28.5 per cent above legal rate. -1 May legally include silver. 2 Foreign exchange may be in any stable currency. 3 Reserve may be permitted to fall below stated reserve requirements subject, except in South Africa and Denmark, to the payment of a tax. Government consent is necessary in Denmark, Estonia, India, and South Africa. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN JULY 1936 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS With this issue of the BULLETIN, the table business on March 11, 1935. A small amount giving gold reserves of central banks and gov- of gold held by the Minister of Finance ernments regularly published in the BUL- against liabilities other than Dominion notes, LETIN has been revised somewhat to include which was not transferred to the Bank of four additional banks and to exclude figures Canada, is included in the figure of Canadian for the State Bank of the U. S. S. R. as well gold reserves. The Reserve Bank of India as for the preceding Russian State Bank. when it opened on April 1,1935, took over the Figures for the four additional banks for entire gold reserves held by the Government years prior to 1935, together with a tabular in the gold standard reserve, amounting to statement giving a detailed explanation of 28,698,000 rupees ($17,700,000), and in the how the figures for these four banks are ob- paper currency reserve amounting to 415,tained and also of the more important changes 519,000 rupees ($256,800,000). The Reserve in the compilation of the table since publica- Bank of New Zealand began operations on tion in the BULLETIN for June 1933, are given August 1, 1934, and by the end of September below. A detailed explanation of the above it had acquired the £4,350,000 ($35,900,000) table as heretofore compiled was published in of gold previously held by the six banks of the BULLETIN for July 1931 (pp. 392-398), issue. May 1932 (pp. 315-318), and June 1933 (p. When the gold content of the United States 372). dollar was reduced early in 1934, the par rate Figures for each of the four banks added of conversion into dollars of all foreign curto the table—the Central Bank of China, the rencies was automatically increased by 69.31 Banco Central de Reserva de El Salvador, percent. The new parity did not become efthe Banque d'Etat du Maroc, and the Bank fective until after close of business on Janufor International Settlements—relate to the ary 31, 1934, but for purposes of comparison last day of the month. The figure for the the January 1934 figures of central gold re- Bank for International Settlements repre- serves are given in terms of both the old and sents gold held by the bank for its own ac- the new parity in the table below. count, principally against central bank de- In addition to the general change effected posits payable in gold. by revaluation of the dollar, rates of conver- In four countries, Argentina, Canada, In- sion have been altered by revaluation of gold dia, and New Zealand, new central banks have in the nine following countries: Argentina, taken over most of the gold previously owned Austria, Belgian Congo, Belgium, Canada, by government offices or note-issuing banks. Columbia, Czechoslovakia, Danzig, and Ecua- The Banco Central de la Republica Argen- dor. Revaluation t)f foreign gold reserves tina, which began operations on May 31, does not affect their dollar value. The 1935, took over the entire gold stock of the change in terms of local currency is exactly Caja de Conversion amounting at the old offset by the altered value of the local curvaluation rate to 246,843,000 gold pesos rency in terms of dollars. ($403,000,000). The Banco de la Nation On May 31, 1935, gold held by the Caja de Argentina continued to hold a small amount Conversion in Argentina was revalued on the of gold—$220,000—on May 31, 1935. Since occasion of its transfer to the new Banco this institution's central banking functions Central de la Republica Argentina. The rate have now been transferred to the new Banco of conversion into United States dollars was Central de la Republica Argentina, its gold thus reduced for the gold peso from $1.6335 holdings are no longer included in the table. to $0.7484 and for the paper peso from In Canada $31,900,000 (U. S. $54,100,000) of $0.7187 to $0.3293. In Austria the gold holdgold held in vault by the Chartered Banks ings of the Oesterreichische Nationalbank and not previously included in the table, to- were revalued at the rate of 0.16667 gram of gether with $69,500,000 (U. S. $117,600,000) fine gold per schilling on April 30, 1934, of gold held against Dominion notes by the thereby changing the rate of conversion into Minister of Finance and $5,200,000 (U. S. United States dollars from $0.2382 to $8,800,000) deposited by the Chartered Banks $0.1875; and on December 31,1935, the value in the central gold reserves, were transferred of the schilling was changed slightly to to the Bank of Canada, which opened for 0.16768 gram gold, the new rate of conversion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

545 JULY 1936 FEDERAL RESERVE BULLETIN into United States dollars becoming $0.1887. carried forward currently for months for Gold held by the Banque du Congo Beige was which no figures are available. revalued on April 30, 1935, on the basis of 72 The Banco de Mexico, which does not sepapercent of its former parity. The rate of con- rate gold from silver and foreign exchange version into United States dollars was thereby on the balance sheet, reported its gold reserve reduced from $0.0471 to $0.0339. Gold be- in fine kilograms by letter from January 1933 longing to the Banque Nationale de Belgique until the transfer of reserves of the bank to was revalued after the last statement date in the Mexican stabilization fund in April 1935. March 1935 on the basis of 75 percent of the Since that time no separate report has been former parity, pending final determination made. The figure for March is therefore of a new gold content for the belga, which was carried forward for subsequent months. definitely fixed by law effective April 1, 1936, The growth of the practice of accumulatat 72 percent of the former gold content. ing unreported central reserves, particularly Thus, the rate for converting the gold hold- in government agencies created to administer ings of the Belgian central bank into United secret funds for the stabilization of curren- States dollars became $0.1766 on March 29, cies, has in recent years necessarily resulted 1935, and was reduced on April 1, 1936, to the in omissions from the compiled figures of cenpresent value of $0.1695. With the adoption tral gold reserves. The Exchange Equalizaof the Exchange Fund Act July 5, 1935, the tion Account established in England in June Bank of Canada began to value its gold in 1932 was followed by the United States Sta- Canadian dollars at the highest market price bilization Fund in June 1934, the Belgian Exobtainable in London or New York less certain change Equalization Fund in April 1935, the costs of shipment. Gold held by the Minister Canadian Exchange Fund in July 1935, and of Finance continues to be valued at par in the Exchange Fund of Uruguay in August Canadian dollars. Colombia revalued the 1935. The resources and scope of the Mexigold reserve of the Banco de la Republica on can stabilization fund (Fideicomiso de la April 6, 1935, on the basis of the peso price Reserva Monetaria) were enlarged in April of gold in New York on the last day of the 1935 when the gold reserves of the Bank of month. Gold is also reported on the monthly Mexico were turned over to the fund. In statement of the Banco de la Republica in Argentina the new central bank, on the octerms of fine ounces, which can be converted casion of its establishment, acquired gold and into United States dollars at $35.00 a fine foreign exchange resources from the Foreign ounce. On February 17,1934, Czechoslovakia Exchange Fund which had been created under reduced the gold content of the koruna by onethe decrees of November 1933 establishing sixth and thus altered the rate of conversion a new foreign exchange control system. The into United States dollars from $0.0502 to Belgian Exchange Equalization Fund was $0.0418. Danzig reduced the gold content of abolished by law of April 1, 1936. the gulden on May 2, 1935, changing the rate Some of these funds, it is believed, hold of conversion into United States dollars from little gold, and in certain other cases the gold $0.3296 to $0.1899. The Banco Central del holdings are only partly concealed. In the Ecuador revalued gold in vault by law of United States, for example, $1,800,000,000 December 18, 1935, valuing the sucre at the rate of 9.968331 sucres per gram of fine gold, of the original $2,000,000,000 allocated to the which reduced the rate of conversion into Stabilization Fund is currently reported on United States dollars from $0.3386 to $0.1129. the Daily Treasury Statement as still held in The Banca D'ltalia suspended publication the form of gold. On the other hand, the of its statement after October 20, 1935. The unreported gold of one of the foreign funds figure for December, however, was published is undoubtedly substantial, and there appear in the Annual Report of the Banca D'ltalia to be cases where governments, which have for 1935. Figures for the end of October and not formally established stabilization funds, November are estimated on the basis of equal hold unreported gold or where central banks distribution of loss of gold between the two fail to include some of their gold in reported reporting dates. The figure for December is reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN JULY 1936 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued NEW CENTRAL GOLD RESERVE ACCOUNTS SINCE JUNE 1933 (For earlier items and items substantially unchanged, see tabular statements in BULLETIN for May 1932 and June 1933.) Country Institution Source Items Ra U te n it o e f d c S o t n a v te e s r s d io o n ll ar i s nto Argentina May 1935 to date, Banco Cen- Current balance sheet.. Oro_. May 31, 1935, 1 paper peso= tral de la Republica Argen- $0.3293. tina. Letter from Banco Central de Gold abroad.. Original figures in fine ounces la Republica Argentina. converted at rate of 1 ounce= $35.00. British India.. April 1935 to date, Reserve April-July 1935, Department Issue Department: Gold coin 1 rupee=$0.6180. Bank of India. of Commercial Intelligence and bullion in India and and Statistics, Indian Trade outside. Journal; Aug. 1935 to date, current balance sheet. Canada.. Mar. 1935 to date, Bank of Mar.-June 1935, current bal- Gold 1 Canadian dollar=$ 1.6931. Canada. ance sheet. July 1935 to date, letter from Gold Original figures in fine ounces Bank of Canada. converted at rate of 1 ounce= $35.00. Mar. 1935 to date, Ministry of Letter from Minister of Gold 1 Canadian dollar=$1.6931. Finance. Finance. China- Central Bank of China May 1930-Oct. 1934, letter Gold coin and bullion at home May 1930-Jan. 1934, original from Central Bank of and abroad in issue and figures in fine ounces con- China; Nov. 1934 to date, banking departments. verted at rate of 1 ounce= special balance sheet. $20.6718; Feb. 1934 to date, converted at rate of 1 ounce= $35.00. El Salvador... 1920-June 1934, three banks of Letter from Banco Central de Gold coin. 1 colon=$0.50. issue. Reserva de El Salvador. July 1934 to date, Banco Cen- Current balance sheet Gold tral de Reserva de El Salvador. Morocco.. Banque d'Etat du Maroc Dec. 1922-Jan. 1935, letter from Encaisse or.. 1922-1927, 1 franc=$0.1930; Banque d'Etat du Maroc; June 1928-Jan. 1934, 1 franc= Feb. 1935 to date, current $0.0392; Feb. 1934 to date, 1 balance sheet. franc=$0.0663. New Zealand.. Aug. 1934 to date, Reserve Current balance sheet Gold- 1 New Zealand pound=$8.2397. Bank of New Zealand. Switzerland... Bank for International Settle- Current balance sheet Gold in bars July 1933-Jan. 1934, 1 Swiss ments. franc=$0.1930; Feb. 1934 to date, 1 Swiss franc=$0.3267 Uruguay Banco de la Republica Current balance sheet: Issue department: Sept. 1935 En monedas de oro.. 1 peso=$1.7511. Oct. 1935 to date Existencia en oro... Banking department: Letter from Banco de la Re- Gold. publica, Sept.-Dec. 1935. Current balance sheet, Jan. Encaje-oro. 193<i to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

547 JULY 1936 FEDERAL RESERVE BULLETIN GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In thousands of dollars] Swit- Swit- World zerland zerland total (52 (Bank (Bank End of month c e o x u cl n u t d ri i e n s g , China E v l a d S o a r l- r M oc o c - o f t o e r r n I a n - - End of month c T o o u t n a t l r i ( e 5 s 2 ) China E v l a d S o a r l- r M oc o c - o f t o e r r n I a n - - Russia— tional tional U.S.S.R.) Settle- Settlements) ments) $1 = 25 8/10 grains of gold nine-tenths fine; i.e.in ounce of fine gold = $1 = 25 8/10 grains of gold nine-tenths fine; i.e. an ounce of fine gold $20.67 $20.67 1913—December.. 4,070, 543 May. 10. 971, 799 1,194 3, 708 2, 555 1914—December.. 4, 539, 269 June if, 018, 057 3, 708 2,713 1915—December.. 5, 407, 594 July.. 10, 960, 30/ 3, 708 871 1916—December.. 5, 866,996 Auuggust.. 11,025,932 2, 504 3, 708 2,871 1917—December.. 6,473,441 September.. 10, 992, 930 3, 371 3, 708 2, 950 October 10,840,204 786 3, 708 3, 937 1918—December 6,807,718 November.. 10,943, 292 3,708 3, 937 1919—December 6, 794, 268 December. . 10, 970, 396 3,542 3, 937 1920—December 7, 241, 068 2, 365 1921—December 8, 031, 991 2, 029 1932—January 10,021,191 3, 542 3,937 1922—December 8, 402, 692 2,782 378 February. _. 11,099,708 1,202 3,542 3,932 March 11,181,141 1, 581 3,542 3, 932 1923—December 8, 594,129 3, 035 379 AApprril 11,195,509 1,889 3,542 3, 932 1924—December 8, 888, 206 4, 399 379 MMaay 11,092,449 2,036 3,542 3,932 1925—December 8, 885, 789 5, 403 379 June 11,009,715 1, 051 3,542 3,932 1926—December 9,131, 230 5, 930 386 July 11, 073, 882 1,295 3,542 3,932 1927—December 9,476, 794 5, 059 389 August.. 11,206,178 2,048 3,542 3,932 September.. 11, 337, 428 1,723 3, 542 3,932 1928—June 9,687,126 5, 059 389 October 11, 431, 598 1,195 3,542 3,932 July 9, 773, 036 5, 059 390 November.. 11,503,694 1, 603 3,542 3, 932 August 9,826,106 5, 059 2, 906 December. . 11,539,807 2, 688 3, 556 3, 932 September.. 9,871,172 5, 059 3,100 October 9,890,119 5, 059 3,100 1933—January... 11,562,786 1,682 3, 556 3,932 November.. 9, 929, 059 5, 059 3,100 February. 11,376,597 756 3, 556 3, 932 December.. 9,943,914 4, 895 3,119 March 11,573,530 1,754 3, 556 3, 932 April. 11,611,505 3,539 3, 556 3,933 1929—January 9, 974, 565 4, 895 2,844 May.. 11,524,577 3,685 3, 556 3, 931 February 9, 997, 932 4, 895 2,844 June.. 11,462,544 3, 862 3, 556 3,931 March 10,024, 542 4, 895 2,844 July 11,550,967 3,588 3, 556 3,931 993 April 9, 981, 534 4, 895 2,844 August 11,608,329 2, 496 3, 556 3, 931 993 May 10,048, 090 4, 895 2,844 September.. 11,643,645 3, 390 3, 556 3, 931 993 June 10,061,015 4. 895 2, 845 October. 11,654,629 5,357 3, 556 3,931 993 July 10,065, 751 4, 895 3,173 November.. 11,558,963 7,851 3,556 3,932 1,072 August 10,139, 292 4, 895 3, 212 December.. 11,528,518 5,228 3, 598 4,173 1,463 September 10,150,736 4, 895 3,212 October 10,171,569 4, 895 3, 095 1934—January.. 11,552,621 7,752 3,598 4,153 1.463 November 10,173, 476 4, 895 2,820 December 10,166,467 4,586 2,737 1930— F M J e a a b n r r u c u a h a ry ry 1 1 1 0 0 0 , , , 2 3 2 9 6 3 7 0 7 , , , 9 5 6 6 0 4 4 0 6 4 4 4 , , , 5 5 5 8 8 8 6 6 6 2 2 2 , , , 5 5 5 4 8 8 1 0 0 $1 = 15 i. 5 e /2 . 1 a n g r o a u in n s c e o f o f g o fi l n d e n g in ol e d - = te $ n 3 t 5 hs fine; April 10, 422, 034 4, 586 2,547 May 10, 452, 443 88 4, 586 2, 549 June 10, 485,162 1, 005 4, 586 2, 549 1934—January _._ 19, 553, 987 13,129 6,092 7,024 2,476 July 10,488,421 1,005 4, 586 2, 628 February.. 19,845,117 13,108 6, 092 7,324 5,868 August 10, 555,164 1,005 4, 586 2, 707 March..... 20, 049, 448 9, 434 6, 092 7,322 9, 205 September 10, 592, 002 1,005 4,586 2,746 April. 20,146, 671 10, 904 6, 092 7,232 9,205 October 10, 620, 477 1,005 4, 586 2,747 May 20, 280, 648 7, 923 6,092 7,232 8,504 November 10, 667, 475 1, 005 4, 586 2,747 June 20, 476, 590 8,319 6, 092 7,404 5,219 December 10,675,045 1,005 3, 708 2, 552 July 20, 612,168 8,422 5,578 7,399 4,842 August 20, 797, 760 9,637 5,578 7, 395 4,520 1931—January 10, 722, 697 2,544 3,708 2, 552 September. . 20,838, 690 10.190 5,578 7,395 3, 849 February 10, 780, 406 5, 565 3, 708 2, 552 October 20,896, 861 11,833 5, 960 7,383 3,837 March 10, 833, 909 6, 658 3,708 2,553 November.. 20, 957, 271 10, 787 5, 960 7,356 3,837 April 10, 864, 426 925 3, 708 2, 554 December.. 21, 050, 937 7,272 5,960 7,357 3,596 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN LAW DEPARTMENT Eligibility of loans insured under National Housing lation Q in effect when they were published Act as security for advances under section 10(b) and also comply with the definition of such of the Federal Reserve Act term in the current revision of Regulation Q, In reply to an inquiry regarding the status which became effective January 1, 1936. under section 10 (b) of the Federal Reserve However, the rate of interest provided in such Act of loans insured under the provisions of forms (3 percent per annum) may not now the National Housing Act, it was stated by be paid by a member bank. the Board that any advance under this sec- The provision of these forms which may tion must be secured to the satisfaction of have caused misunderstanding is the followthe Federal Reserve bank, and that there is ing provision contained in forms 3 and 4: no other limitation on the character of se- Interest payable for full months only at — per curity which may be used for such an adcent per annum if left or — per vance. Accordingly, a Federal Reserve bank (days or months) is authorized to make advances to a member cent if left more than bank under section 10 (b) of the Federal Re- (days or months) serve Act upon the security of modernization A time certificate of deposit payable upon loans insured under Title I of the National 30 days' written notice which provides for Housing Act or mortgage loans insured under interest at 1 percent per annum if left 30 Title II of the National Housing Act if such days but less than 90 days, or 2 percent per security is satisfactory to the Reserve bank. annum if left 90 days but less than 6 months, The question whether such loans would in or 2V2 percent per annum if left 6 months or particular cases constitute acceptable se- longer is not permitted by the provisions of curity must be determined by the Federal the supplement to Regulation Q. Such a time Reserve banks as and when requests for such certificate of deposit would at all times be advances are received from the member payable upon 30 days' written notice and, banks. therefore, under the provisions of the supplement, the maximum rate of interest payable thereon would be 1 percent per annum, even Maximum rates of interest payable on time deposits though the deposit were left with the bank under Regulation Q for a year or more. The Board has recently received an inquiry In other words, the maximum rate of interwhich indicated that there may be some con- est which may be paid on a time deposit is fusion as to the proper interpretation of the not determined by the length of time the deprovisions of the supplement to Regulation posit actually is left with the bank but is Q establishing a graduated scale of maximum determined by the length of time from the rates of interest payable upon time deposits. date of the deposit to the earliest date upon The supplement provides that member banks which it may be withdrawn under the terms may pay a maximum rate of 2V2 percent on of the certificate. Of course, a certificate time deposits having maturities of 6 months payable upon 30 days' written notice could or more or payable upon written notice of 6 provide for interest at y% percent per annum months or more, 2 percent on time deposits if left 2 months, % percent per annum if left having maturities of less than 6 months and 3 months, or 1 percent per annum if left 4 not less than 90 days or payable upon written months, but no matter how long the deposit notice of less than 6 months and not less than is left with the bank the rate of interest pay- 90 days, and 1 percent on time deposits hav-able on such a certificate may not exceed 1 ing maturities of less than 90 days or pay-percent per annum. able upon written notice of less than 90 days. In any case in which a member bank, acting This inquiry indicated that the confusion in good faith under a misapprehension as to may possibly have been caused in part by the the rate of interest which may be paid on a forms of time certificates of deposit pub- time certificate of deposit of the kinds published at page 708 of the FEDERAL RESERVE lished at page 708 of the FEDERAL RESERVE BULLETIN for November, 1933. These forms BULLETIN for November, 1933, has heretocomplied with the definition of "time certifi- fore issued any time certificate of deposit cates of deposit" under the edition of Regu- which provides that interest shall be paid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

549 JULY 1936 FEDERAL RESERVE BULLETIN thereon at a rate determined by the length of of enabling him to purchase these stocks and time the deposit is left with the bank, but not to carry them pending their sale. The loan exceeding 2y percent per annum, the Board might be expected to be outstanding for sev- 2 will not object to the payment of interest on eral months and to be reduced or increased such certificate in accordance with its terms, several times during its life. even though the rate exceeds that permitted On the basis of the facts as stated above, by the supplement to Regulation Q as inter- the Board ruled that neither of the foregoing preted herein; provided that the certificate loans comes within the exception contained and the rate of interest payable thereon com- in section 2(c) of Regulation U because ply in other respects with the provisions of neither loan is a loan to aid in the financing of Regulation Q and that steps are taken by the distribution of securities within the meanthe bank, through notice to the depositor or ing of the term "distribution" as used in such otherwise, to bring such certificate into con- section. formity with the provisions of the regulation as soon as possible. Applicability to collateral for loans made prior to May 1, 1936, of provisions in Regulation U governing withdrawal or substitution of collateral Applicability of section 2(c) of Regulation U to The Board has recently been presented security dealers "making a market" in registered with the question whether Regulation U restocks or purchasing an inventory of such stocks stricts the substitution or withdrawal of colfor resale lateral securing loans made before May 1, The Board has recently received a request 1936. In response, the Board expressed the for a ruling on the question whether section view that as a general rule the provisions of 2(c) of the Board's Regulation U, excepting Regulation U are not applicable to the withfrom the limitations prescribed in section 1 drawal or substitution of collateral for any of the regulation "any loan to a dealer, or to loan made prior to May 1, 1936. two or more dealers, to aid in the financing of The Board, however, stated that this genthe distribution of securities to customers not eral rule is subject to the following qualificathrough the medium of a national securities tion : If a bank has made another loan on or exchange," applies to the following loans by after that date (other than a loan excepted a bank to a dealer: by section 2 of the regulation) which is se- (1) The borrower is a dealer, a part of cured directly or indirectly by any stock and whose business consists of "making a mar- is for the purpose of purchasing or carrying ket" in a stock registered on a national securi- a stock registered on a national securities exties exchange. In this business he purchases change, and if the terms of the bank's agreethis stock from time to time for his own ac- ments with the borrower are such that the count on the exchange or "over the counter" collateral securing the first loan also secures from or through members of a national secu- the second loan, the bank must then combine rities exchange or brokers or dealers who the collateral for both loans in determining transact a business in securities through the whether any of the collateral for either loan medium of such members. In this business may be withdrawn. The bank may not, in he also sells the stock for his own account on this case, permit withdrawal of such ail the exchange but more often "over the coun- amount of collateral as would cause the maxiter" to his customers or to other persons, his mum loan value of the remainder to be less sales in either case being on a cash basis. The than the amount of the second loan. bank loan to the dealer is secured by this stock and is for the purpose of enabling him to purchase the stock and to carry it pending its Applicability of section 2(f) of Regulation U to a sale. loan to a dealer to purchase securities to comply (2) The borrower is a dealer who is a with orders from customers member of a national securities exchange. A An inquiry has been received by the Board part of his business consists of purchasing from a member bank as to whether a tempoon the exchange stocks registered thereon and rary loan to a dealer for the purpose of comof selling them on a cash basis to his cus- pleting a transaction, in which he purchases tomers or to other persons "over the counter." securities to comply with a bona fide order The bank loan in question is for the purpose from a customer, is exempted from the pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN JULY 1936 visions of Regulation U by section 2(f) Amendments of Regulation U thereof, which excepts from the limitation of The Board has recently adopted two amendthe regulation any temporary advance to ments to its Regulation U regarding loans by finance the purchase or sale of securities forbanks for the purpose of purchasing or carryprompt delivery which is to be repaid in the ing stocks registered on a national securities ordinary course of business upon completion exchange. Both of these amendments are of the transaction. In reply the Board, with- effective July 1, 1936. out passing upon all possible situations covered by the question, expressed the view that Amendment No. 1.—Section 2 of Regulaa loan of the following description would be tion U was amended by adding at the end excepted from the regulation under the pro- thereof two new subsections reading as folvisions of section 2(f) : lows: A dealer in securities receives an offer from a (j) Any loan to a member of a national securities customer to purchase a registered stock. It is agreed exchange for the purpose of financing his or his between the dealer and the customer that the dealer customers' bona fide arbitrage transactions in securiwill deliver the stock to the customer promptly, and ties; that the customer will pay for the stock promptly (k) Any loan to a member of a national securities upon delivery of the security. The dealer purchases exchange for the purpose of financing such member's the security, instructing the seller to deliver it to transactions as an odd-lot dealer in securities with a designated bank against payment. The bank, respect to which he is registered on such national knowing the facts of the case and understanding securities exchange as an odd-lot dealer. that it will be repaid by the dealer as soon as the dealer can arrange for his customer to take delivery Amendment No. 2.—Subsection (e) of secof and pay for the stock, makes a loan to the dealer tion 3 of Regulation U was amended to read for the purpose of paying the seller of the stock. as follows: (e) A bank may accept the transfer of a loan Amendment of Regulation T from another bank, or permit the transfer of a loan Regulation T, which relates to the exten- between borrowers, without following the requirements of this regulation as to the making of a loan, sion and maintenance of credit by brokers, provided the loan is not increased and the collateral dealers and members of national securities for the loan is not changed; and, after such transfer, exchanges, was recently amended by the a bank may permit such withdrawals and substitu- Board, effective July 1, 1936. This amend- tions of collateral as the bank might have permitted if it had been the original maker of the loan or had ment, which is designated as Amendment No. originally made the loan to the new borrower. 8 of Regulation T, added at the end of subsection (b) of section 3 of the regulation a One of the changes effected by Amendment new paragraph reading as follows: No. 2 of Regulation U was the change of the Notwithstanding any provisions of section 4 of term "another lender" to "another bank" and, this regulation, the creditor may permit such other accordingly, the interpretation of section 3 (e) member, broker, or dealer to withdraw money or of the regulation which was published on securities from such a special account if such withdrawal, in combination with any other transactions page 421 of the FEDERAL RESERVE BULLETIN made on the same day and together with demands for June 1936, to the effect that the term for additional margin in connection therewith, does quoted includes not only a bank but also any not result in any increase of the excess of the adother lender, is no longer effective as to justed debit balance of the account over the maximum loan value of the securities in the account. transfers on or after July 1, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 551 ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC The first report of the Central Bank of the The Monetary and Banking Laws were put Argentine Republic, for the financial period into force by the Government on March 28, from May 31 to December 31, 1935, was ap- 1935. A few days later, the Organization proved by the Board of Directors at the meet- Committee created under Law No. 12,160, being held on March 9, 1936. The Bank was gan its study of the bases of the constitution established by Law No. 12,155 of March 28, of the Central Bank in accordance with the 1935, a translation of which was published corresponding legal dispositions. As a rein the BULLETIN for July 1935, together with sult of this work, it submitted to the Governtranslations of the Banking Law (No. 12,156) ment draft proposals—later embodied in Deand the Law of Organization (No. 12,160), cree No. 61,127 of May 18, 1935—for the conenacted at the same time, and a brief sum- stitution of the Central Bank. These were mary of the three remaining measures in the strictly complied with by the Bank, as will be series. Sections of the official English text seen later. of the report are given herewith :L The Committee prepared a list of the banks Creation of the Central Bank.—The first in the country with a capital of not less than financial term of the Central Bank comprisesone million pesos, and informed each of these the period from May 31 to December 31, banks of the number of shares of the Central 1935. During this short time, the funda- Bank which it would be required to subscribe mental bases of the Bank's organization were in accordance with Article 5 of the Law. Subestablished and it began to carry out the scription of the share capital having been thus regulating functions assigned to it by the determined, the Committee decided to call a Law. General Meeting of the Shareholding Banks One of these functions is to adjust the in order to obtain the election of the ten Divolume of the circulating media to the re- rectors by the banks in accordance with Arquirements of business. Another is to secure ticle 12 of the Central Bank Law. the greatest possible degree of stability of At the plenary session of the General Meetmoney and credit. How the Central Bank has ing and at the meetings of the various secperformed these functions will be seen in the tions into which the General Meeting is dicorresponding sections of this Report. vided, the banks were allotted the number of It may be mentioned here, however, that votes to which they were entitled on the basis during the first seven months of its existence of the number of shares subscribed, subject the requirements of the market made no call to the limitations contained in Articles 5 and whatsoever on the Bank's capacity of expan- 23 of the Law, which provide that no sharesion. Nor was it necessary to increase the holding bank may hold more than one-fifth of circulation. On the contrary, shortly after the total capital subscribed by the banks, nor it began its work, the Bank had to intervene cast votes in excess of 10 percent of the total actively in pursuit of precisely the opposite number of votes corresponding to this capital. objective. It absorbed from the credit insti- As a result of subsequent developments, tutions as much as 267.6 million pesos of there has been a change in the distribution of funds in excess of those required for the nor- the votes. In the first place, as the Banco mal development of trade. Espanol del Rio de la Plata, Banco El Hogar Argentino, Ernesto Tornquist y Cia. Ltda. For the better understanding of these and and the Banco Argentino Uruguayo are now the other operations to be dealt with in the no longer regarded as banks by the Central course of this Report, it is necessary to de- Bank, owing to their having transferred their scribe the creation of the Central Bank or, in deposits to the Instituto Movilizador de Inother words, the series of constitutive operaversiones Bancarias (Institute for the Liquitions. dation of Bank Investments), they will not be entitled to take part in the next General 1 The report, available in Spanish and English, contains in addition sections dealing with the internal organization of the Bank, the profit Meeting of Shareholding Banks. A new inand loss account, and relations with other banks, lists of the original shareholding banks and of the foreign correspondents of the Central stitution, the Banco Espanol del Rio de la Bank, and statistical tables and charts. Plata Limitado, which received from the In- Amounts in Argentine currency throughout the report are in paper pesos ($). In December 1935 the average exchange rate of the paper peso stituto Movilizador the deposits of the four in New York was $0.3285. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN JULY 193G banks mentioned, became a shareholder as Central Bank fixed May 31 as the date on from March 9, 1936, by the transfer to it of which they were to be carried out. On that 456 shares in respect of its capital of 20,- day the Caja de Conversion and the Banco 000,000 pesos: these shares being part of the de la Nacion Argentina effected the corre- 647 shares originally subscribed by the for- sponding transfers to the Central Bank, and mer Banco Espanol del Rio de la Plata. In the funds derived from the revaluation of addition to these changes, two shareholding the gold reserves were applied to the amortibanks, the Banco Escandinavo Argentino and zation of the floating debt, and set aside for the Banco Italo Espanol Argentino, have been the Instituto Movilizador de Inversiones placed in liquidation as a result of action Bancarias as prescribed by Law. These opertaken by the Central Bank. ations will be referred to later. The first General Meeting on April 24,1935, A detailed verification of these transactions was presided over by the Chairman of the was made, and thereafter on the same day Organization Committee, Dr. Federico Pi- the Central Bank was established without any nedo, Argentine Minister of Finance. The interruption in the continuity of the various Directors elected at the Meeting, together functions transferred. Until the verification with the President, the Vice-President, the of the Caja de Conversion was completed, the Director nominated by the Government and exchange and renewal of currency continued the Director representing the Banco de la to be carried out by the authorities of that Nacion Argentina, formed the first Board of institution. the Institution. At the next General Meet- The Central Bank came into existence ing of the Shareholding Banks, a part of the therefore on May 31, on which date there was Board will require renewal. a plenary meeting of the Board to consider The Caja de Conversion and the Credito the constitutive acts and to adopt the initial Publico Nacional.—The Organization Com- measures for the Bank's future development. mittee thereafter advised the shareholding The official inauguration, however, did not banks that June 10 had been fixed as the finaltake place until some days later, on June 6. date for the payment of the first instalment The first stage in the plan of banking rein respect of the shares subscribed. It also organization was thus brought to a close; the called a preliminary meeting of the Board for other began some months later with the con- May 9 at which, among other measures neces- stitution of the Instituto Movilizador de Insary before the constitution of the Bank, con- versiones Bancarias. sideration was given to the immediate carry- Transfers to the Central Bank.—Before ing into effect of the Government's decrees going further, it is necessary to give a brief providing for the verification of the holdings description of the transfers to the Central of the Caja de Conversion (Conversion Office) Bank that formed part of the constitutive and of the Credito Publico Nacional, which operations. All the assets and liabilities of were to be transferred to the new Institution. the Caja de Conversion were transferred as The examination of the Caja de Conver- follows: sion took place between May 13 and June 19, and was a very thorough and arduous pro- Assets Liabilities ceeding. The books and the holdings of gold and other securities of the Caja were checked In pesos In pesos and proved correct in all details, whilst the Gold 561,006,035.34 Notes and Patriotic Loan Bonds. 145, 291,180. 00 subsidiary inspection disclosed the efficiency of the or- Bills rediscounted 216, 404, 765. 02 coinage 1, 215, 720, 238. 80 ganization and of the control systems adopted Debt of the National Government in reby its authorities. spect of issues previous to Law No. The examination of the Credito Publico 3,871 i 293, 018, 258. 44 Nacional took place on May 29 and was a Total 1,215, 720, 238. 80 Total.. 1,215,720,238.80 short and simple operation. The previous remarks regarding efficiency of organization 1 Law No. 3,871 of November 4, 1899, established the redeemability of may be applied equally to this other National the old fiduciary paper currency at the rate of 1 paper peso=0.44 gold peso Department, now incorporated in the Central Before making these transfers, the deduc- Bank. tions prescribed by Law as regards the sub- Beginning of operations,—The decree re- sidiary currency, i.e., the notes of denominagarding the constitutive operations of the tions of five pesos and under and the nickel Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 553 and copper coin, were made. These issues are now the exclusive obligation of the State, G to o l t d h c e o C in e s n t t r r a a l n s B fe a r n r k ed Amount rev R a a l t u e a o ti f on g N ol e d w (I v n a l p u e e s o o s f ) and have no special guarantee. The amount of this subsidiary currency was as follows: Argentinos._ ... _ 1, 523, 329 24. 8016 37, 780, 996. 53 U. S. Eagles 12, 237, 843 51. 4087 629,131,599.43 In pesos £ sterling 22, 300, 202 25. 0000 557, 505, 050. 00 Notes of 5 pesos and under 174,134,503.00 Total 1, 224, 417, 645. 96 Nickel and copper coinage 37,649,155.80 Total of subsidiary currency 211,783,658.80 The difference of 663,411,610.62 pesos be- After deducting this amount from the total tween this value and that at which the gold figure shown by the last balance sheet of thefigured in the books of the Caja de Conver- Caja de Conversion, the position was as fol-sion was credited to the National Governlows: ment together with the profit derived from the subsidiary nickel and copper coins, 37,- In pesos 649,155.80 pesos. The total amount credited Issue of the Caja de Conversion 1,215,720,238.80 Less subsidiary currency 211,783,658.80 to the Government in the books of the Central Notes of the Central Bank 1,003,936,580.00 Bank under these two headings was therefore 701,060,766.42 pesos. At the same time, the liability of the Na- Other book entries, of which details are tional Government to the Caja, in respect of given below, covered the distribution of this issues previous to Law No. 3,871, was reprofit in accordance with the Decree on conduced by the amount of the subsidiary notes stitutive operations. Of the 390,000,000 of the State, and a non-interest-bearing Bond pesos transferred on account of the Institute of Guarantee, to which reference is made in Movilizador, a sum of 216,404,765.02 pesos Article 4 of Law No. 12,160, was delivered in was applied immediately in purchasing the respect of the balance. bills rediscounted by the Banco de la Nacion In pesos Argentina, which had been passed to the Cen- Liability of the National Government to the Caja de Conversi6n in respect of old issues 293,018,258.44 tral Bank together with the gold and other Less notes of 5 pesos and under 174,134, 503.00 assets of the Caja de Conversion. The ad- Amount of non-interest-bearing Bond of Guarantee... 118, 883, 755. 44 ministration of these rediscounts was en- This Bond was delivered to the Central trusted to the Rediscount Committee which Bank by the National Treasury and will be continued to exercise its functions until the amortized in accordance with the prescrip- Instituto Movilizador started operations on tions of Article 36 of Law No. 12,155. December 28. By this time the Banco de la It should be borne in mind that while the Nacion Argentina had retired 167,013,613.54 entire amount of subsidiary currency (notes pesos of these rediscounts, utilising the Cenand nickel and copper coins) was deducted tral Bank for the transfer of the necessary from the total issue of the Caja de Conver- funds. sion, only that of the subsidiary notes was In pesos Paid to the Banco de la Nacion Argentina: deducted from the balance of the Govern- In repayment of the Government's ment's liability to the Caja, no account being direct debt 150,000,000.00 In cancellation of secured advances to taken of the 37,649,155.80 pesos in nickel and banks and other institutions against Treasury Bills i 23, 440, 344. 76 copper coins. This sum accordingly increased 173,440,344.76 the amount of the profits of the revaluation, Paid I n t o r e o d th em er p b ti a o n n k s o : f Treasury Bills 2 124,079,666. 91 making the total profit of the State 701,060,- 124,079,666.91 Instituto Movilizador: 766.42 pesos. Provision for capital and reserve fund credited at the Central Bank 390,000, 000. 00 Profit on the gold revaluation and the sub- 390, 000, 000. 00 sidiary coinage.—The revaluation of the gold Miscellaneous: Payment of the shares of the Central formed the basis of the whole programme Bank subscribed by the National Government 10, 000,000.00 covered by the laws on money and banks. On Payments to other institutions in rereceiving the gold from the Caja de Conver- demption of Treasury Bills 2 3, 540,754. 75 — 13, 540, 754. 75 sion, the Central Bank revalued it in accord- Total 701,060,766.42 ance with the Decree on constitutive operations, and within the limit established by the 1 On May 31,1935, the amount advanced against Treasury Bills by the Banco de la Naci6n Argentina was 278,149,164.76 pesos. An amount of Organization Law (No. 12,160). 254,708,820 pesos of these bills, after being converted into Consolidated Treasury Bonds was purchased by the Central Bank and the balance of The gold therefore figures in the first bal- 23,440,344.76 pesos was repaid by the Government with funds derived ance sheet of the Central Bank at 1,224,417,- from the profit of the gold revaluation and of the subsidiary coinage. 1 Including the sum of 3,260,741.86 pesos in respect of interest due to- 645.96 pesos, the details being as follows: gether with repayments of floating debt effected subsequently to May 31 with the balance remaining on that date of 11,588,944.56 pesos. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN JULY 1936 It is interesting to note the distribution of on behalf of and at the risk of the National the resources of the Institute Movilizador at Government, and an amount of 254,708,820 the beginning of its banking programme, so pesos in payment of the balance of Treasury as to establish clearly the final destination of Bills pledged by the banks as security for adthe profits from the revaluation and the sub- vances. This payment was made by the Censidiary coinage. The figures are as follows: tral Bank in accordance with the provisions of the Organization Law (Art. 7), in order In pesos Paid to the Banco de la Nacion Argentina to purchase these bills before they were conin purchase of claims against banks:l In cash 129, 017, 822. 65 verted into Consolidated Treasury Bonds. In bills rediscounted 49, 391,151. 48 The funds received by the Banco de la Nacion 178, 408, 974.13 Paid to other banks: Argentina, as a result of the above operations Paid to the Banco Espanol del Rio de la Plata Ltdo. on account of the de- were therefore as follows: posits of four banks transferred to it by the Instituto Movilizador 170,000,000.00 In pesos 170,000,000. 00 Funds received under various headings and proceeding Miscellaneous 11, 499,939. 60 from the profit on the revaluation of gold and on the Balance in hand:2 subsidiary coinage 351,849, 318. 89 At the Central Bank 10,091,086. 27 Funds received from the Central Bank in payment of At the Banco Espanol del Rio de la foreign exchange and bills purchased 377, 265, 508. 62 Plata Ltdo 20,000,000.00 30,091,086.27 Total 729,114,827.51 Total resources of the Instituto Movilizador.__ 390,000,000. 00 It now remains to describe another aspect 1 The credit claims against banks purchased by the Instituto Movili- of these operations. Having received these zador from the Banco de la Nacion Argentina amounted to 314,083,536.34 pesos, of which 178,408,974.13 pesos was paid immediately as indicated, funds, the Banco de la Nacion Argentina emthe balance being debited to the account of the Instituto Movilizador at the Banco de la Nacion. ployed them in the following manner: 2 On December 31,1935, of the balance in hand of the Instituto Movilizador, an amount of 18,300,000 pesos had been earmarked for various (a) By transferring to the Central Bank purposes. 136,316,625.88 pesos of Government deposits The distribution of the profit of 701,060,- and 69,913,771.63 pesos of Clearing House de- 766.42 pesos from the gold revaluation and posits (which the Law provides shall now be the subsidiary coinage may accordingly be held by the Central Bank), i.e., a total of summarized as follows: 206,230,397.51 pesos. (b) By retiring 216,404,765.02 pesos of In pesos Received by the Banco de la Nacion Ar- bills which it had rediscounted at the Caja gentina: In repayment of the Government's de Conversion: the administration of these direct debt and in repayment of advances 173, 440, 344. 76 rediscounts being, as already mentioned, in By sale, to the Instituto Movilizador, the hands of the Rediscount Committee from of claims against banks (cash and bills rediscounted) 178, 408, 974. 13 May 31 until the formation of the Instituto 351, 849, 318. 89 Received by other banks: Movilizador. These retirements were begun In repayment of Treasury Bills 124,079,666.91 By transfer of deposits 170,000,000.00 immediately after the formation of the Cen- Deposited by the Instituto Movili- tral Bank and continued until the Instituto zador 20,000,000.00 314,079, 666. 91 Movilizador was formed, when the balance Miscellaneous 25,040,694. 35 Balance at the Central Bank: outstanding of 49,391,151.48 pesos was ab- In o f n a v D o e u c r e o m f b th er e 3 In 1, s t 1 i 9 t 3 u 5 to Movilizador 10,091,086. 27 sorbed by compensating adjustments. 10,091,086.27 (c) By setting off in its books the funds Total 701, 060, 766. 42 deposited with it by country banks for the The Banco de la Nacion Argentina.—It has purpose of constituting their minimum cash been shown that the Banco de la Nacion Ar- reserves at the Central Bank. According to gentina received the sum of 351,849,318.89 the balance sheet of the Banco de la Nacion pesos in redemption of the Government's di- Argentina of December 31,1935, its branches rect debt, in repayment of part of its ad- operating a Clearing House held 34,353,906.54 vances against Treasury Bills and from the pesos of such founds, and those with no Clearsale of credit claims against banks to the ing House 38,301,413.89 pesos, or a total of Instituto Movilizador. In addition, the Cen- 72,655,320.43 pesos. tral Bank transferred to the Banco de la (d) By purchasing from the Central Bank Nacion, on the date the constitutive opera- 76,370,000 pesos of Certificates of Participations were carried through, an amount of tion in Consolidated Treasury Bonds. 122,556,688.62 pesos in purchase of the for- (e) By discounting Treasury Bills for the eign exchange which the latter had acquired National Government for an amount of 12,- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 555 050,000 pesos and for the State Oil Fields for created in accordance with the plan of the an amount of 2,000,000 pesos. Instituto Movilizador, began operations, is of Thus, of the 729,114,827.51 pesos received a transitory nature. In due course these by the Banco de la Nacion Argentina, 585,- surplus funds will be used to acquire sound 710,482.96 pesos was utilized under the five assets from the Instituto Movilizador, which above-mentioned headings. The balance of in turn will apply them to repay the balance 143,404,344.55 pesos was used to increase its of its debt to the Banco de la Nacion Argencash reserves, thereby greatly strengthening tina, in respect of bank credits purchased.1 its position. Its cash reserves amounted on The situation of the banks must therefore be December 31, 1935, to 346,101,111.64 pesos; considered as a whole (Banco de la Nacion (116,602,636.76 pesos in cash and 229,498,- Argentina and the other banks) in order to 474.88 pesos deposited at the Central Bank), continue the study of the effects of the finanequivalent to 25.2 percent of its total deposits cial laws on the banking system. of 1,373,205,654.52 pesos.1 Before the revaluation of gold, at the end Thanks to this increase in its available of April 1935, the cash reserves of the banks funds, the Banco de la Nacion Argentina has as a whole 2 amounted to 436.2 million pesos; recovered the resources which it employed on December 31 they had risen to 827.5 milsuccessfully in moderating the consequences lion pesos or an increase of 391.3 million of a violent crisis. Its reserves are now re- pesos. stored approximately to the level of previous The increase is nevertheless very much less years. than the amount of the fresh funds resulting Influence on the cash reserves of the banks. from the revaluation of gold and from the —A similar phenomenon occurred as regards subsidiary coinage (701.1 million pesos). the other banks. The repayment of Treasury This, as has been shown, is due to the re- Bills, which for a long time past had imabsorption of funds. mobilized a large part of the banking re- This increase resulted in a rise between sources, increased the liquidity of the other banks. The amount released totalled 124, April and December, of the ratio of the banks' 079,666.91 pesos which included 2,876,689.80 cash reserves to deposits from 12.5% to pesos in interest. 24.7%, the total liquid funds of the banks Similarly, when the Instituto Movilizador now being at a higher level than before the in carrying out its reconstruction pro- crisis, as will be seen in the following table. gramme, transferred to a new institution the 363,800,809.58 pesos of deposits from the DEPOSITS AND CASH RESERVES OF BANKS3 four institutions which had ceased to func- (Yearly averages of end-of-month balances) tion as banks, it also transferred, in addition to other assets, 170,000,000 pesos in cash, which together with a further 20,000,000 Year Deposits re C se a r s v h es Ratio pesos deposited in current account, gave the (Millionsof pesos) % new institution a great liquidity. 1926 2 3, 346. 6 617.9 18.5 The new funds received by other banks as 1927 2 3, 476. 8 635. 2 18. 3 a result of the applications of the monetary 1 19 9 2 2 9 8 3 3 , , 8 9 3 8 6 5 . . 9 3 9 7 0 0 9 4. . 6 1 2 17 3 . . 7 7 and banking laws amounted, therefore, in all 1930 3, 913. 2 528.5 13.5 1931 3, 730. 9 484.1 13.0 to 314,079,666.91 pesos. As in the case of the 1932 3, 535. 9 595. 8 16.9 1933 3, 514. 3 608.8 17.3 Banco de la Nacion Argentina, a large part 1934 3, 464. 7 485. 3 14.0 of this amount, 118,537,050 pesos, was offset 1935 3 3, 356. 7 827.5 24.7 by the purchase of Consolidated Treasury 1 Principal banks only. See note 2 below. Bonds from the Central Bank, leaving a bal- 2 Not including three institutions for which no data were available. 3 Balance of December 31. ance of new money of 195,542,616.91 pesos. A considerable part of this balance will These figures show that the cash reserves find its way to the Banco de la Nacion Argen- of the banks are greatly in excess of the tina. The extraordinarily high reserve ratio of 55 percent, with which the institution, 1 As already seen from note 1 on page 554, the Instituto Movilizador owes the Banco de la Nacion Argentina 135,674,562.21 pesos in respect of the balance of the credit claims against banks purchased. 1 In arriving at the cash figures no account has been taken of balances 2 These statistics comprise only the principal banks. According to with other banks, 9,500,000 pesos, or of balances abroad, 25,592,327.63 the bank census of 1925 these institutions controlled about 95% of the total pesos. loans and deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN JULY 1936 minimum legal requirements.1 The inten- tion funds used in their initial operations by tion of the law, however, was to establish an the institutions created by the banking and extreme limit below which a bank could not monetary laws, did not increase the monetary allow its reserve to fall without either going circulation. Instead, as has been seen elseinto liquidation or submitting an emergency where, these funds were applied to strengthen plan for speedy rehabilitation to the Central the cash reserves of the banks. Bank. The maintenance of ample cash re- It was stated at the beginning of this reserves superior to the legal minimum require- port that in adjusting the means of payment ments is therefore recommendable for rea- to the volume of business, the Central Bank, sons of elementary prudence, especially in when it began to work, tended to contract times of only moderate economic activity. rather than to expand the circulating media. With such reserves, the banks are in a posi- It employed for this purpose Consolidated tion to foster the expansion of business when Treasury Bonds, an instrument created by there is an improvement in the general the law. At the time of its constitution, the economy. Large cash reserves serve further- bank acquired 400 million pesos of these more to increase public confidence in the bonds, which bear 3 percent interest and have banking system, an essential condition if it a quarter percent annual accumulative sinkis to function properly. ing fund. The bonds did not constitute a new The fact that the country now has an In- Government issue, but were merely the restitution to supply deficiencies in the circula- sult of the conversion, into a new form of tion should in no circumstances serve as an State security, of the Balance of the Patriotic incentive to seek systematic employment for Loan Bonds amounting to 145,291,180 pesos all funds in excess of the minimum limit. On held by the Caja de Conversion and of 254,the contrary, the stronger the first line of 708,820 pesos of Treasury Bills held as secumonetary defence constituted by the cash re- rity for advances by the Banco de la Nacion. serves of the banks, the better will the whole In view of the relative abundance of funds system function. held by the credit institutions, the Central After years of crisis, the situation is now Bank immediately began its inter-bank operone of great liquidity. To watch closely and ations and on June 7, or a few days after beto forestall any tendency toward the im- ing constituted, offered the shareholding moderate use of these resources should be the banks Certificates of Participation in the constant duty of the banking authorities, so Consolidated Treasury Bonds for a nominal that the country's recovery may always be amount of 250 million pesos. maintained on economic realities. Currency circulation and open-market CERTIFICATES OF PARTICIPATION IN CONSOLIDATED operations.—It is interesting to note that fol- TREASURY BONDS PLACED WITH THE lowing the various and complex operations SHAREHOLDING BANKS arising out of the revaluation of gold, the [In pesos] monetary circulation of 1,177.9 million pesos at the end of 1935 only exceeded that of the End of: Nominal value Actual value previous year by 6.4 millions. 1935 June 210, 849,000. 00 234, 358, 721. 35 [In millions of pesos] July 250, 000, 000. 00 264, 249, 062. 75 August 250, 000, 000. 00 264, 249, 062. 75 December 31 C N e o n t t e ra s l of B t a h n e k S c u u b r s r i e d n i c a y ry Total N S O e o c p t v o t e e b m m er b b e e r r . 2 1 1 7 5 9 2 0 3 , , , 0 1 3 0 6 3 0 5 2 , , , 0 6 7 0 0 0 0 0 0 . . . 0 0 0 0 0 0 2 2 18 1 6 8 0 7 , , , 1 6 0 4 1 2 3 4 3 , , , 1 6 8 6 1 7 9 5 6 . . . 0 6 7 0 0 0 December. 178, 650, 000. 00 194, 907, 050. 00 1934 i 981.8 189.7 1,171.5 1935 . 981.8 2 196.1 1,177.9 The banks at once subscribed 210,849,000 1 To allow of a comparison the issue of the Caja de Conversion at (nominal value), the balance of 39,151,000 December 31, 1934, has been divided into notes of a higher face value than 5 pesos and subsidiary currency. being taken up shortly afterwards. The Cer- 2 Excluding subsidiary currency deposited in the vaults of the Central tificates were sold above par at prices of 120 Bank, which is out of circulation. pesos for Certificates maturing in 30 days, This, and other circumstances explained in 109.10 for 60 days and 104.35 for 90 days: the previous chapter show that the revaluathe Central Bank undertaking to repurchase 1 By Art. 2 of the Banking Law (No. 12,156) banks are required to the Certificates at maturity at the price at hold a cash balance equal to at least 16 percent of their demand deposits which they had been sold. Subsequent offers, and 8 percent of their time deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 557 with the exception of the second, which was sist the banking system through a difficult made at 104.35, were made invariably on a time, would cease with the formation of the 90 days basis at the price of 109.10. Thus, as Instituto Movilizador. This would leave the the preceding table shows, the Central Bank way clear for the Central Bank, equipped was able to absorb a large amount of funds with the resources which experience has which would otherwise have weighed heavily shown to be necessary, to employ rediscounton the money market. ing as a means for the better regulation of The arrangements for the offer of Certifi- the market. This problem, and the bases on cates were of a provisional character, the which rediscount operations would in due circumstances rendering this course advisable course be established, were in the meantime in order that experience might be acquired studied by the Central Bank. Not only is it before a definitive procedure was adopted. felt to be essential that bills presented by the Under the provisional arrangements the banks, in due course, for rediscount should banks were offered a fixed amount of Cerbe subjected to a strict examination, but that tificates. If the offer was over-subscribed, the activities of the banks should also be the excess reserves of each bank were taken supervised with a view to seeing that the into account in allotting the Certificates. Infunds obtained by the rediscount of eligible terest was paid at the end of the period, the paper are employed in accordance with the banks being charged a commission of onecredit policy of the Central Bank. tenth of 1 percent per annum. If they wished to re-sell the Certificates to the Central Bank The point of greatest importance at the before maturity, they could do so at any time moment in connection with rediscount operaby forfeiting interest for twice the unexpired tions is the rate, because though banks have period. no need to rediscount, the minimum rate must Experience in due course suggested the be fixed so that deposit rates may be estabwisdom of issuing calls for tenders for the lished in accordance with the provisions of Certificates, with allotments of the amount the Banking Law.1 The Regulatory Decree available to the highest bidders. This and of the Banking Law provides that the Cenother ideas, such as the proposal to allow the tral Bank shall fix the rediscount rate within banks to discount the Certificates at the Cen- 180 days of the formation of the Instituto tral Bank, were noted for submission in due Movilizador. At the close of the first financourse to the Committee of the Board in cial period the matter was under consideracharge of these operations.1 tion by the Bank. Rediscounts.—It is evident that as the Guarantee for the circulation.—The guar- Central Bank found it expedient to relieve antee for notes and other sight liabilities of the market of surplus funds, there was no imthe Central Bank on December 31, consisted mediate need to provide the rediscount faciliof gold received from the Caja de Conversion ties contemplated in the Central Bank Law. which, at the rate of transfer, amounted to Furthermore, as has already been stated, the 1,224.4 million pesos, and of gold and foreign Rediscount Committee continued to exercise exchange to the value of 129.3 millions, or a its functions until the constitution of the total of 1,353.7 millions. This is equivalent Instituto Movilizador de Inversiones Banto 137.88% of the notes issued by the Central carias and, at the same time, the Banco de la Nacion Argentina was authorized, in case of Bank, and to 80.11% of its total sight liabilinecessity, to grant additional credits to the ties, including notes, shown in the following banks on behalf of the Instituto Movilizador. detailed statement of December 31, 1935. Thus, the sequence of rediscount operations, applied as an emergency measure to as- i On February 5, 1936, the Bank fixed the minimum rediscount rate at 3.5% to take effect as from March 1, 1936. This rate refers to paper bearing two signatures (one of a commercial or industrial firm or one i The new regulations for inter-bank operations in Consolidated engaged in farming activities and the other that of a bank) of 90 days Treasury Bonds were approved by the Board on January 20, 1936, the or less; for the same paper of 180 days maturity (the maximum period principal points being as follows: The procedure of tenders and allot- allowed by the Central Bank Law) the rate is 1/8% higher; for three ment to the highest bidder was adopted; tenders will be called for twice signature paper (two commercial signatures and one of a bank) the Bank a month on fixed dates; tenders must be made on a discount basis, a will apply the minimum rate with a rebate of up to 1 /2%; the Central nominal amount of 100 being repayable at maturity; the certificates of Bank will also fix the rates applicable to other kinds of eligible paper. participation may be discounted at the Central Bank at the Bank's The rate of interest on advances to shareholding banks has been fixed minimum rate of discount for paper bearing two signatures; the Central as provided by the Law at 4.5%, i. e., at one point above the minimum Bank reserves the right to refuse any or all tenders; the Central Bank rate. Under the Banking Law, with a minimum rediscount rate of 3.5% may accept offers on dates other than those fixed for the tenders, at prices the banks will not be able to pay more than 2.5% on saving accounts or „ higher than those accepted at the last tender. more than 0.5% on sight deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN JULY 1936 In pesos ter, entirely separate from its own accounts. Notes 981,754,560.00 For in these matters it is not acting for its Deposits of the National Government 219,186,140. 45 Deposits of shareholding banks (including clearing own account but as the banker and agent of house balances) 482, 398, 958. 44 Other deposits and accounts 6, 545,072. 22 the Government, and in accordance with the latter's instructions. Total sight liabilities 1, 689,884, 731.11 Total cover in gold and foreign exchange 1, 353, 691, 547. 55 In the Address to Congress, the Govern- Percentage cover 80.11 ment described the regulative intention of The minimum guarantee required under the Exchange Fund. By means of the fund, Law No. 12,155 is 25%. The present cover it has been possible to secure relative stability of 80.11% provides a large margin which in the selling rates of exchange in the official makes for the soundness of the whole sys- market. That this stability has not been intem. If it were necessary, in referring to terrupted during the short period in which the easy cash position of the banks, to the Central Bank has been in charge, may be point to the desirability for moderation in seen from the table of maximum and minithe employment of the available banking re- mum rates of the principal currencies during sources, this caution applies with even the period June-December 1935. greater force to the reserves of the Central Bank. The Government's Address to Congress, which accompanied the draft banking Maximum Currency Maximum Minimum and monetary laws, drew special attention to Minimum the need for the maintenance of a high re- (In pesos) serve ratio in an agricultural country such as 1 £ 17. 04 16.99 0.3 Argentina, subject to wide fluctuations in its 100 $U. S. A.. 347. 60 341.47 1.8 100 French Fr 22.92 22.55 1.6 economic activity. The present cover in gold and foreign exchange is ample for this purpose, and places the Central Bank in a posi- The Central Bank, on October 18, 1935, in tion to satisfy a greater demand for currency a note addressed to the National Minister of arising from a real improvement in business, Finance, expressed the opinion that the ciror to provide timely relief from the pressure cumstances, which in other times had led to of a balance of payments in disequilibrium, the adoption of the system of tendering for by preventing or moderating abrupt fluctua- exchange and allocating it daily to the hightions in the exchanges. est bidders, had ceased to exist. The Bank The greater part of the gold and foreign pointed out that the provident formation of exchange deposited abroad, to which refer- the Exchange Fund now made it possible to ence has been made, was acquired from thesatisfy the daily demand without difficulty, Banco de la Nacion Argentina by the Central even when there was less on offer, or to ab- Bank at the time of its constitution, and is sorb offers when these exceeded the demand. held on behalf of and at the risk of the Na- The Central Bank was therefore authorized tional Government. A considerable propor- by the National Ministry of Finance to fix the tion of the foreign exchange so obtained and rate of exchange in accordance with the posiof subsequent purchases has been converted tion of the market.1 This change simplifies into gold, and deposited in safe custody at the the previous system and places the Central Bank of England and at the Bank for Inter- Bank in a better position to operate in the national Settlements at Basle. market when circumstances require its inter- Foreign exchange.—Apart from the Cen-vention. tral Bank's own holding of gold and foreign In accordance with Article 14 of the Orexchange, the National Government, as proganization Law, until the freedom of the marvided by the Organization Law, transferred ket is re-established, the Central Bank must, to the Bank the Exchange Fund and the foras is natural, observe the procedure laid eign exchange acquired with Unblocked Baldown by the Government for the exchange ances Fund (Fondo de Desbloqueo), and the control operations transferred to it. For this Fund for the surcharge of up to 20 percent purpose it has been necessary to establish a on imports without a prior permit (Fondo close co-operation based on a clear delimitadel Recargo de hasta el 20 percent). In respect of all the operations effected with these funds, the Bank keeps a detailed regis- i This authorization to fix the selling rate directly was put into effect as from January 2, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

559 JULY 1936 FEDERAL RESERVE BULLETIN tion of functions. Only some of the exchange abroad, this department took over the official control functions have been transferred to exchange duties which previously had been the Central Bank. The granting of exchange performed by the Banco de la Nacion. At the permits for imports and other remittances close of the first financial period, only a few abroad is dependent, to a certain extent, on minor duties for which this department is the general economic policy of the Govern- responsible remained to be taken over. ment, and is subject in the majority of cases The Exchange Department's operations to the provisions of international agreements. consist for the time being: in the purchase The National Ministry of Finance, through from authorized banks of foreign exchange the Exchange Control Office, continues there- arising out of current exports which, accordfore to carry out these functions, and also ing to circumstances, is incorporated either in controls the foreign exchange which export- the National Government's Foreign Exchange ers have to surrender at the official rates. On Fund or in the gold and foreign currencies the other hand, the tasks connected more reserve of the Bank; in the sale of foreign directly with the mechanism of the exchange exchange to the authorized banks so that the market have been transferred to the Central latter may liquidate exchange permits issued Bank. In the official market, the Central by the Exchange Control Department; in Bank operates with the authorized banks, arbitrage operations abroad; in the converpurchases the foreign exchange arising from sion, abroad, of currencies into gold or viceexports and sells the exchange required in re- versa ; in the remittance of funds abroad for spect of the permits issued by the department the payment of the service of the foreign of the Ministry of Finance. It therefore con- debt, and other transfers for the National trols all the operations carried out by the Government. As already explained, the debanks in the market, and checks at the same partment is also occupied with that part of time the receipts of the Exchange Profits the exchange agreements which directly con- Fund and the collection of the surcharge of cerns it. up to 20 percent on remittances in respect of The functions of control transferred to the imports without prior permits. department relate to exchange operations As financial agent of the National Govern- effected by the authorized banks, to the movement, the Bank has followed closely the ap-ments in the exchange holdings of the banks, plication of the agreements referred to above, both as regards official and free market purin so far as they refer to exchange. The ap- chases ; the collection of the surcharge of up plication of the agreement with Germany has to 20 percent on goods imported without prior been the subject of special consideration, in permits, and various other matters of less view of the fact that under the present prac- importance. tice holdings of Reichsmarks may only be Finally, and subject to the general responincreased when there is a sufficient forward sibilities already referred to, this department demand for this currency. is required, as from January 2, 1936, to fix Foreign exchange department.1—This de- daily, in accordance with instructions from partment has charge of all the gold and for-higher authorities, the official selling rate of eign exchange operations effected for the ac- exchange, thus abolishing the system of allotcount of the National Government and the ting exchange by tender, which has operated Bank. As explained elsewhere, it also does since the end of 1933. part of the work connected with exchange Application of the banking law.—The efficontrol. cient operation of the rediscounting system The National Government's Foreign Ex- depends, as already stated, upon the existence change Fund and the gold and foreign cur- of a permanent service of information regardrencies purchased by the Bank with its owning the activities of the banks. This, and the resources, but on behalf and at the risk of the application of the Banking Law, constitute National Government, are administered by the principal tasks of the Banking Inspection this department in accordance with instruc- (Inspection de Bancos). tions from higher authorities. The establishment of the Institute Movili- Once it had completed its organization and zador was carried through without disturbestablished relations with correspondents ing the market in any way, and the banking policy pursued by this institution will greatly 1 This section is from the chapter describing the internal organization facilitate the work of the Central Bank both of the Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN JULY 1936 as regards the regulation of currency and The Central Bank has been endowed with credit and the application of the provisions powers which must be employed with tact of the Law designed to secure the mainte- and moderation. All the banks in the counnance, by credit institutions, of a satisfactory try are subject to periodical inspection, and degree of liquidity. are required to supply the Bank with such Hence the work done during this first finan- information as it may request with regard to cial period has been of a preparatory nature. their business. The Law and its Regulatory It was necessary, in the first place, to regis- Decree, for the fundamental reasons given in ter the names of all non-shareholding banks the Government's Address to Congress, placed at the Central Bank. In accordance with the the Banking Inspection under the direct suprovisions of the Banking Law and its regula- pervision of the President of the Bank in tory decree, these banks were required to ap- order to secure the fullest independence and ply to the Government, through the Central impartiality in all decisions affecting the Bank, for authorization to continue their shareholding banks. Whilst building up a operations. By December 31, fifty-five ap- competent and fully qualified staff of inspecplications, each of which will be subjected to tors, the Bank will exercise extreme care in a careful study by the Central Bank, had been the gradual and methodical development of received. The position of other entities is the system of inspection. The Central Bank also being studied in order to decide whether has nevertheless already found it necessary or not they are subject to the Banking Law. to make some inspections and, in one instance, Another preliminary consideration was the as explained elsewhere, it was decided to deorganization of a system of information cree the liquidation of a bank in accordance which would enable the Central Bank to exer- with the powers granted by Law No. 12,156. cise a continuous supervision over the cash Bank's functions as financial agent of the reserves of the banks and to see that they National Government.—One of the services comply with legal requirements. Forms, performed by the Bank as financial agent of adapted to current banking practice, were the National Government has been the placprepared for the use of the banks in their ing of Treasury Bills for Government account. monthly declarations to the Central Bank of After the consolidation of Treasury Bills their daily balances, cash reserves and sight which took place when the Bank was constiand time liabilities. It has thus been neces- tuted, a balance of only 56,450,000 pesos resary to keep in continuous contact with the mained in circulation. These bills have been banks, answering their enquiries and issuing repaid regularly either from the proceeds of the requisite instructions. Since the applica- new issues of Treasury Bills or from the Nation of the programme of the Instituto Movili- tional Treasury's own resources. The new zador compliance with the regulations for bills have been offered by open tender to any minimum cash reserves has been almost gen- bidder, bank or otherwise. The following table shows the operations effected for aceral. The few exceptions, now being excount of the National Government. amined, are of small importance. The Bank is also studying the schemes for OPERATIONS IN NATIONAL GOVERNMENT the liquidation of real property, shares, de- TREASURY BILLS bentures and participations submitted by the banks in accordance with Article 4 of the Rate of interest on .So amount allotted Banking Law. When the extension granted Date ^ o for the presentation of such schemes expires p §3 S.-S 30 90 on March 31, final decisions will be made o 3 days days days and, so far as possible, regulations of a general character drawn up. 1935 (In thousands of pesos) (Average rate, %) In deciding on the many points relating to J A u u l g y . 1 1 9 9 , , 0 0 0 0 0 0 9 9 , , 0 0 0 0 0 0 6 5 , , 2 5 5 0 0 0 5 5, , 2 5 5 0 0 0 4 50 6 , , 5 7 0 5 0 0 2 2 . . 8 8 8 8 0 6 ' . the Banking Law which were frequently Aug. 31 9,000 9,000 8,400 8,400 46,150 2.500 2.833 3.000 Sept. 30 15,500 15, 500 10, 000 7,000 37, 650 2.750 3.000 3. 000* brought to the attention of the Central Bank, Oct. 31 16, 750 25, 000 40,400 16, 750 37, 650 2.348 3.000 2.974 Nov. 30 9,000 28, 650 every possible effort was made to ensure the Dec. 10 15, 800 25, 000 25, 300 24,800 37, 650 2.454 2.833 3.000' gradual and orderly development of the objects contemplated by the Law, and to avoid The Bank has also acted for the National unnecessary disorganization. Government and the Autonomous Depart- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

561 JULY 1936 FEDERAL RESERVE BULLETIN ments in various bond operations, advances Gold at home.—There have been no against security, etc. Undoubtedly, however, changes in this item since the revaluation of one of the Bank's most important duties is gold at 25 pesos per gold pound. that prescribed by Article 10 of the Regula- Gold abroad and foreign exchange.—These figures do not reflect variations in the total tory Decree of the Central Bank Law, which holding of gold and foreign exchange because provides that the Bank shall undertake the of the frequent transfers between this acissue of National Government Securities count and the Exchange Fund of the National either directly to the public or through the Government. intermediary of syndicates. Apart from a Subsidiary currency.—When the Bank was few minor operations, the Bank has not yet formed and began to accept cash deposits been able to undertake this task owing to the from the banks, it received a sum of 11,008,arrangements made by the Government be- 133.62 pesos in subsidiary currency. This fore the Central Bank was created. Mean- amount was credited to the current accounts while, however, the necessary organization is of the respective banks, and at the same time being prepared in order that the full coopera- figures amongst the assets of the Central tion of the Bank may be available as soon as Bank. The amount of subsidiary currency the National Treasury require it. has steadily increased and on December 31 stood at 15,653,147.86 pesos. As the total of Balance sheets.—Little need be added in subsidiary currency (211,783,658.80 pesos) explanation of the balance sheet of the Bank has not changed since May 31 last, the inafter what has been said about its activities. crease in the Central Bank's holding of this The following comparative table of the initial currency implies that a sum substantially and last balance sheets, accompanied by short less than the total amount is required by the explanations of each individual item, will public and the banks for current business help to give a general idea of the changes needs. The Bank's holding of subsidiary which have taken place. currency will serve, therefore, to satisfy a gradual increase in the requirements of the public and of the banks without calling upon BALANCE SHEET OF THE CENTRAL BANK the Government in the immediate future to (In thousands of pesos) increase the issue. It may be recalled that Article 36 of the Central Bank Law provides On On Differ- May 31 Dec. 31 ence that increases in the issues of subsidiary currency, subject to a per capita maximum of ASSETS 20 pesos, may only be made by the Govern- Gold at home 1, 224,418 1,224,418 Gold abroad and foreign exchange 122, 557 129, 274 + 6,717 ment on the request and through the inter- Subsidiary currency 11, 008 15, 653 + 4,645 Shareholding banks, shares subscrip- mediary of the Central Bank. No ti n o - n i n a t c e c re o s u t n -b t earing Government 9; 500 5,008 - 4,492 Shareholding banks, shares subscription Bond 118,884 118,884 account.—This account has been reduced Consolidated Treasury Bonds 400, 000 221, 350 -178,650 National Securities—Art. 34, Law from 9,500,000 pesos on May 31 to 5,008,000 Ba 1 n 2 k ,1 5 P 5 remises 1 1 4 , , 2 1 9 2 5 4 + + 14 1 , , 1 2 2 9 4 5 pesos on December 31 on which date pay- Other accounts 65 + 65 ment of the second share instalment fell due. 1,886, 366 1, 730, 071 -156,295 On that date only one bank had failed to pay LIABILITIES Capital 20, 000 20, 000 the instalment due. The shareholding en- Notes 964, 424 981, 755 + 17,331 tities which have ceased to be regarded as Deposits of shareholding banks 578, 533 482, 399 - 96,134 Deposits of National Government 136, 338 219, 186 + 82, 848 banks by the Central Bank, owing to the Other deposits 1,888 5,704 + 3,816 Account for capital of the Instituto transfer of their deposits to the Instituto Movilizador 10,000 - 10,000 Account for reserve fund of the Insti- Movilizador de Inversiones Bancarias may, tuto Movilizador 163, 595 -163,595 in accordance with the Law, retain their National Government, Fund for payment of Floating Debt to Banks___. 11,589 - 11,589 shares, but no longer have the right to take Difference in the quotation of Consolidated Treasury Bonds 16, 257 + 16,257 part in the General Meeting of Shareholding Bank Premises Amortization account. 240 -f 240 Banks. Profit and loss account 3,690 + 3,690 Other accounts 841 + 841 Non-interest-bearing Government bond.— 1, 886, 366 1, 730, 071 -156,295 There has been no change in respect of the bond which represents the Government's NOTE.—The figures are given in round thousands with the result that liability for the remainder of the balances of some slight differences appear in the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN JULY 1936 issues without metallic guarantee made prior counts has been the purchase, by the banks, of to Law No. 3,871. This bond is to be amor- Consolidated Treasury Bond Certificates and tized with half the profit from issues of sub- the retirement of Rediscounts by the Banco sidiary currency, and thus far, such issues de la Nacion. On the other hand, the fall in have not been necessary. balances was partly offset by the influx of Consolidated Treasury bonds.—The sum funds to the banks from the Institute Moviliof 178,650,000 pesos, nominal value, of Cer- zador. The net result of the operation of tificates of Participation in these bonds hav- these two opposing factors and others of a ing been placed with the banks, the initial minor character, was a reduction of 96,133,amount of 400,000,000 pesos has been re- 634.55 pesos in this item of the balance sheet duced to 221,350,000 pesos. The Bank is which, on December 31, stood at 482,398,under an obligation to re-purchase the Certifi- 958.44 pesos. cates sold. Deposits of the National Government.— National securities—Article 3i, Law No. The increase of 82,848,630.95 pesos in the 12,155.—The item of 14,124,260 pesos shownbalance of these accounts was the result of at December 31, represents the cost of 14,- financial operations of the Treasury and of 690,000 (nominal value) of National Govern- movements in "Resources Available Exment Bonds, acquired, in accordance with the change Profit Fund." The increase in this Law, as an investment of part of the Bank's account is due to the accumulation of excapital. change profits on the one hand, and to the Bank premises.—The only property taken sale of exchange or securities temporarily acinto account until the penultimate statement quired as an investment on the other. in the period, was that of Calle Reconquista, Other deposits.—Totals of this item, both at a value of 500,000 pesos. In the final at the beginning and end of the financial pebalance sheet it was resolved to include the riod, were relatively small. Nevertheless, premises in Calle San Martin, the transfer there was at one stage a balance of as much of the title deeds of which is pending. It is as 196,093,364.11 pesos resulting from payconsidered that the value will be amply ments to the Rediscount Committee in respect covered by the General Reserve Fund, to be of the retirement of rediscounts by the Banco created with part of the year's profits. de la Nacion Argentina. These transactions Thirty-five percent of the value of the Re- have already been explained. conquista property has been written off. As Accounts for the capital and for the reserve regards the San Martin building, a reserve fund of the Instituto Movilizador.—These acof 239,500 pesos (24.7 percent) has been counts have been explained above. The balcreated for future amortizations. ance of the Institute's funds are now included Capital.—The original figure of 20 millionin the current accounts of the National Govpesos remains unchanged. For the time be- ernment. ing the Bank has decided not to make further National Government, fund for the payissues of Capital. ment of floating debt to banks.—This repre- Notes.—Up to the statement of December sents the balance, on May 31, of the funds 15, on which date the notes issued amounted arising from the revaluation of gold and to 939,206,420 pesos, the circulation was credited to the National Government. This maintained below the May 31 figure of 964,- balance was subsequently used for further 423,830 pesos. In the second half of Decem- repayments of Treasury Bills. ber, however, there was a sudden increase to Difference in the quotation of consolidated 981,754,560 pesos. This was mainly due to Treasury bonds.—This item represents the drawings for the purpose of reinforcing the premium (over par) obtained by the sale of cash reserves of the new institution set up at Consolidated Treasury Bond Certificates to the time of the banking reorganisation. the banks. These balances are temporary Deposits of shareholding banks.—It is and disappear when the banks re-sell the Cerdifficult to analyse all the factors responsible tificates to the Central Bank at the original for the fluctuations in the current accounts of purchase price. shareholding banks, for these balances vary Bank premises amortization account.—A in accordance with minimum balance require- new account, formed as an amortization for ments and movements at the Clearing House. the offices in Calle San Martin once the title The main cause of the diminution in these ac- deeds have been registered. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

563 JULY 1936 FEDERAL RESERVE BULLETIN Profit and loss account.—The net profit of institution and the solution of its initial probthe financial period, the distribution of which lems, brings with him a valuable internais subject to the approval of the meeting of tional experience of central banking. Shareholding Banks. Relations with the Bank for International Relations with other Central Banks.—The Settlements at Basle were also promptly esadvantages of close cooperation between Cen- tablished and a deposit of gold made there. tral Banks have been emphasized on many One of our Directors, Senor Enrique Becoccasions. Within the scope of the Bank's querel, in the course of his recent voyage to international operations which, in present cir- Europe, visited that institution and excumstances, is naturally limited, every effort changed views with the principal banking has been made to promote the development authorities who meet there every month. of good relations with similar organizations Senor Becquerel also visited the Banque de abroad. France, where he studied certain features of With this end in view, the Bank of England, that institution's internal mechanism, and the Federal Reserve Bank of New York, the received information which will be of great Banque de France, the Reichsbank, the Banca use to the Bank, and for which the Central d'ltalia and other important Central Banks Bank is very grateful. have been asked to act as the Bank's corre- Relations have also been established with spondents. The Central Bank has reason to the Central Banks of the neighboring counbe specially grateful to the first of these intries. Various useful suggestions for institutions. The cooperation of the Bank of ternal organization were obtained from the England began with the visit of Sir Otto Banco de Chile, as a result of a mission en- Niemeyer, whose advice and recommendatrusted by the Organization Committee to one tions to the Argentine Government laid the of the present officials of the Central Bank. foundation of the reform of the monetary The Central Bank also appointed as its and banking system. The Bank of England correspondents certain of the large private has also been kind enough to lend, for a year, banks abroad.1 one of its high officials, Mr. F. F. Powell, who, in collaborating in the organization of this 1 A list of all foreign correspondents is included in the Report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN JULY 1936 ANNUAL REPORT OF THE NETHERLANDS BANK The annual report of the Netherlands Bank moreover, the Government supplied its loan for the year ended March 31, 1936, was pre- requirements out of short-term funds which, sented by the governor of the bank, Mr. from their very nature, were not intended L. J. A. Trip, to the general meeting of share- for that purpose. The possible dangers in holders on June 2, 1936. Sections of the re- such a situation, when these short-term loans port are given herewith:1 mature, need not be stressed. In such circumstances it cannot be the function of a The past year was a period of confusion bank of issue to make its credit resources and contradiction. While it was generally available in large volume to the Government. realized in theory that nothing but an im- To avoid the dangers threatening sound reprovement of international relations could covery from the side of public finance, measbring about world recovery, it seemed imures should be taken to secure truly balanced possible to put the theory into practice. budgets of Government departments, to limit Political relations showed increasing tension. the amounts to be covered out of loans, and Lack of confidence and fear of war were felt to consolidate the floating debt. to an increasing extent. In all countries measures for stronger armaments were Situation in the Netherlands.—In the adopted. The emergence of storm centers in Netherlands there was only a very moderate various parts of the world led even those degree of recovery. Somewhat greater stacountries whose peaceful intentions were be- bility, an advance in the direction of equilibyond question to increase their military de- rium—this is as far as the description of the fenses. present position can go. However deplorable this may be, certain basic factors explain the The resulting heavy demand for raw matepresent situation. The Netherlands enjoyed rials and labor for war industries can hardly relative prosperity for a considerable period be considered a factor of permanent proswhile in other countries the depression was perity. Unproductive expenditures of this already severe, so that not until some time kind aggravate still further the already later was the need for vigorous readjustment heavy burden of Government indebtedness realized here. The Netherlands, because of and taxation; even if they are met in the first its situation, economic structure, extensive place wholly or in part out of loan issues, transit trade and limited domestic market, they constitute fresh obligations against the could not fail to be especially hard hit by the future. protectionist policy which the great countries Government finance.—In almost every adopted as a means of counteracting the decountry the budget position gave cause for pression. This is particularly the case where anxiety. Governments were unable to keep a country's exports consist of specialized and expenditure within the limits of revenue. valuable products which are largely luxury- Rather, they undertook new lines of expendgoods. The Netherlands, moreover, having iture without providing the necessary funds. great financial and economic interests in the The volume of loans rose out of all propor- Netherlands-Indies, felt the adverse effects tion to the funds becoming available out of of the difficulties experienced by this rawactual savings. The Government absorbed material and food producing area; whereas these funds in considerable amount where the recent marked recovery in that part of revenues failed to balance the outgo. The the world has not yet affected the situation result was, on the one hand, that the burden of the mother country. Finally, the Netherof taxation rose with the burden of Governlands prides itself on a high standard of liv-. ment indebtedness; on the other hand, that ing, which it would be reluctant to abandon there was a dearth of international funds even partly or temporarily; meanwhile, the needed to develop the financially and econompopulation is now increasing by 100,000 anically backward territories and to strengthen nually. their purchasing power. In many cases, The economic and monetary policy followed 1 The report, available in Dutch and English, contains in addition by the Netherlands Government should not sections dealing with the general international situation, international be considered responsible for the difficult trade, international monetary developments, the money and capital market, the exchanges, clearing arrangements, personnel, etc., together situation of the country, nor should it be with a number of tables. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

565 JULY 1936 FEDERAL RESERVE BULLETIN called a failure. More time than had been its people. Devaluation or depreciation of anticipated is required for adjustment to the the medium of exchange is an emergency drastic changes in Netherlands economy measure which can bring temporary relief, brought about by the world crisis of 1929, but, as stands to reason and as experience has and the consequent international policy of shown, sooner or later loses its effect. Exprotectionism. This adjustment is not yet perience has also shown that this emergency complete. The level of expenses and costs is measure is taken at the expense of the people still too high. Heavy taxes are an impedi- who are least able to bear it, and are unable ment to recovery. What was said of the to defend themselves against its consebudgetary position and debt burden in almost quences; and that whether their wages reall countries, is equally applicable to the main the same or are lowered, the cost of Netherlands. There is not sufficient coopera- living will inevitably rise. It may be argued tion between the various lines of Netherlands that the advance in the cost of living will be industry with a view to reducing the level of inconsiderable, yet over a long period of time costs. This applies especially to the shel- the trend will be steadily upward. For illustered and protected industries, which fail to tration, it is sufficient merely to mention realize that for their own future as much as those countries which had recourse to devalufor the Netherlands position as a whole, this ation before the present depression, that is, is a necessary condition for cheaper produc- before the year 1929. Could anyone indeed tion and future sales. In many ways they believe that the great profits which many make still more difficult the struggle of the persons would make in case of devaluation, unsheltered and unprotected industries. and the book profits on the gold stock of the These last are the industries whose preserva- Netherlands Bank, would not have their tion is to be considered as of vital importance. counterpart in losses to be borne by others? They can fairly demand that, in their efforts The Netherlands will have to hasten its to maintain themselves without Government process of adjustment. Hitherto the first reassistance, they should not be hampered by quirement has been that each public corporaindustries which, with this assistance, can tion and private enterprise should put and afford an unduly high level of costs. Workers keep his own house in order, through reare frequently unwilling to cooperate in cost trenchment and sound practice. The next reduction by accepting a reduction in wages task is to limit—with the ultimate aim of until better times, and thus increasing opabolishing entirely — measures which the portunities for employment. Through this Government took to lessen the effects of the attitude they prejudice not only the position depression but which are now obstructing of the Netherlands but no less their own posithe process of adjustment. This task the tion, which certainly would not be improved Netherlands is determined to perform. It is by wage reductions at random through curquestionable whether these measures have rency depreciation or inflation, as adopted succeeded in accomplishing their object as in a number of countries. stated by the Government. That Government It still does not follow that the Govern- measures of assistance always facilitate adment's policy has failed, or that an infla- justment to a lower level of costs can hardly tionary policy should be adopted. If one con- be maintained. On the contrary, Government siders what has been accomplished since assistance in many cases seems to be made 1929, and the extent of the adjustment the end rather than the means. The need achieved in the years since the world depres- for abolishing these measures of assistance sion penetrated to the Netherlands, the pos- would become still more urgent if internasibilities of restoring economic and financial tional prices should rise. If such an advance equilibrium in this country are beyond doubt. caused an advance in the cost of living in the This is borne out by the improvement in the Netherlands, it would be more than ever relative level of costs and prices in various necessary to abolish these measures in order countries, and by the influence of the increas- to further adjustment and thus to strengthen ing gold production together with the depre- the economic position of the country. ciation of many monetary units. The convic- If, moreover, a greater measure of coopetion is strengthened that the present mone- ration and agreement could be achieved in tary policy should be continued for the mani- the political field, and certain temporary fest and permanent benefit of the country and sacrifies could be agreed upon, which are in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN JULY 1936 dispensable for the interests of the country The fall of the belga was the first cause of as a whole, the Netherlands could undoubtedly uneasiness, and of the fear that other counovercome its present difficulties. For this tries of the gold bloc would likewise be unpurpose it would not be necessary to take able to maintain the gold parity of their curmeasures which would curtail rights of con- rencies. A widespread international specutract, regardless of the circumstances of each lative movement developed against the florin. case. Complete regulation of this character The resulting discount on forward florins inis sometimes called "consistent deflation", duced many people temporarily to invest and is offered as the only alternative to de- large sums by purchasing foreign currencies valuation. This presenting of alternatives for cash and selling them forward. In this seems unfair. Consistent deflation would way a profit could be made of sometimes 12 consist only in refraining from the adoption or more percent per annum on the capital of measures which would hinder the natural thus invested. These operations, meanwhile, process of adjustment. If, however, for obvi- created a great demand for foreign exchange, ous reasons, it is impossible to abstain from and this demand induced large exports of adopting some emergency measures, there is gold. The Netherlands Bank, therefore, restill no reason to call the monetary policy a quested the private banks to restrict, even failure. On the other hand, the desirability more severely than before, the extension of should not be overlooked of adopting the facilities for such transactions to cases offerfewest possible measures which check the ing a reasonable presumption that the operanatural process of adjustment and making tions reflected normal commercial requiretheir duration as brief as possible. It should ments. The private banks responded and be remembered that a policy which by law continued to lend their cooperation in other curtails rights of contract affects the two ways as well. In addition, foreign central parties to every contract, whatever its pur- banks, in cooperation with the private banking systems of their own countries, took repose may be. After the experience of the strictive measures against speculation in past year, little need be said in defense of such foreign exchange. Tranquillity was restored a policy. The course of the crisis has shown in the early part of June, 1935, but not before that reorganizations were often effected at the bank had been forced to sell almost 169,considerable sacrifice by shareholders and 000,000 florins, or about 21 percent of its gold creditors, rather than forced by circumstock which, at the end of fiscal year 1934stances. Such reorganizations do not under- 1935, had amounted to 786,749,000 florins. mine confidence. Confidence is undermined, however, when law is infringed upon, especi- A total of 74,000,000 florins in gold had ally at a time when public authorities, in flowed back into the bank when the political view of the heavy demands on their crisis broke out toward the end of July, 1935. treasuries, desire more than ever to maintain On July 24 alone the gold sales reached a total and strengthen their credit. It would be of no less than 62,000,000 florins. The aggremost illogical, indeed, to appeal repeatedly for gate gold sales rose in one week to 142,000,the confidence essential to the success of any 000 florins, so that the gold stock was reloan or conversion operation and at the same duced to 550,000,000 florins before calm was time to undermine that confidence through again restored. The gold movement reflected statutory measures, which are included under in these figures had its origin within the the collective name of "consistent deflation country. Large sums were withdrawn from policy." the banks and from the money market and were converted into foreign exchange or gold. The Netherlands Bank.—In contrast to the The proceeds from export transactions were situation prior to the year 1934-1935, the left in the country of destination; indebtedpast year was one of severe strain for the ness on account of imports was paid immedimonetary policy of the Netherlands Bank. ately so far as possible. Every effort was Difficulties, however, could not frustrate made to acquire or to continue to hold liabilithe success of that policy, which was directed ties in florins, on the one hand, and on the to the maintenance of the gold value of the other hand, to convert the florins at one's florin. The difficulties sometimes originated disposal into foreign exchange or gold as in other countries, and sometimes within the quickly as possible. In these circumstances it country itself. was the plain duty of the Netherlands Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JTJLY 1936 FEDERAL RESERVE BULLETIN 567 to put an effective check on withdrawals of the past years. Granted that such advances florins and make a drastic advance in the were unable to attract gold from abroad as cost of its credit. Thus the bank felt itself in normal circumstances, that was not to be compelled to apply once more the means used expected under existing conditions. This on former occasions with good results; in 8 does not alter the fact that since the Netherdays' time it raised the discount rate from lands banking system was sound and flexible 3 to 6 percent, and the rate for loans and and its bank of issue was in a strong position, advances in current account from 31/2 to 61/2 the discount policy functioned effectively, percent. though perhaps with some time lag, to check After a net return flow of gold in the the outflow—and above all the permanent amount of 50,000,000 florins, uncertainty and expatriation—of funds which should be inuneasiness again developed as the time ap- vested within the country. proached for the first meeting between the It is, of course, to be regretted that the adnew Cabinet and the lower house of the States vance in rates increased the interest burden General. Consequently, the bank was com- of business enterprises, and therefore their pelled to sell about 72,000,000 florins of gold, costs of production. But, apart from the fact and to raise the rates again—which had that it was a choice of two evils, it should not meanwhile been lowered by 1 percent—to 6 be forgotten that the business community and 6V2 percent. When it became evident, itself is responsible for high interest rates to however, that the Cabinet and Parliament the extent that it sends or holds its own availwould cooperate with one another, the tension able funds abroad. gradually relaxed; in the period from Octo- In the second place, it can be said that, exber 17 to November 14, 1935, the bank was cluding abnormal capital movements, the able to lower its i*ates by 2V2 percent, after Netherlands balance of payments did not lose which two further reductions of V2 of 1 per-its equilibrium. The deficit in the trade balcent each were made on January 16 and Febance, covering the movement of commodities ruary 4, 1936. This last reduction brought exclusive of gold and silver, declined from the discount rate back to the level of 2^2 per- 763,000,000 florins in 1929 to 261,000,000 cent, which had been in effect at the beginflorins in 1935. Considered from the technining of the fiscal year, but had had to be cal monetary point of view, this represents abandoned as early as April 5, 1935. an improvement of 502,000,000 florins in the The return flow of funds to the Nether- balance of payments. To this figure should lands has resulted in an almost uninterrupted be added the amount of foreign issues which rise in gold holdings since September 27, used to be floated on the Netherlands market 1935. Gold holdings rose from their lowest before the crisis. This amount is estimated point of about 527,000,000 florins to 715,000,- at about 250,000,000 florins per annum. The 000 florins on the last day of the fiscal year. total of 750,000,000 florins is sufficient to bal- On balance, the gold stock declined from ance the decline in income from foreign loans, 786,749,000 florins at the beginning of the shipping and other services which the Nethyear to 714,654,000 florins at its close. As erlands ordinarily renders to foreign counagainst this loss of gold, there was a decline tries. Since November 1935, moreover, notof 82,674,000 florins in demand liabilities of withstanding the continued and very conthe bank. Thus, the decline in gold holdings siderable purchases of foreign stocks, espewas more than offset by the decline in liabilicially American, there has been a practically ties; the ratio of gold reserves against liacontinuous flow of gold to the Netherlands. bilities declined only from 79.28 at the begin- A third conclusion is that anxiety in rening of the year to 78.69 percent at the close. gard to the currency position must be con- The outline of events, as briefly sketched sidered harmful for the interests which all above, suggests certain important concluwho are not actuated by their own self intersions. est wish to serve. Fortunately, the people of In the first place, it should be observed the Netherlands have learned from the exthat the opinion which is often expressed— perience of almost 5 years, and are far less namely, that in circumstances such as those under discussion advances in the discount ready to let themselves be disturbed by forerate have only a psychological importance— bodings and criticisms which they have cannot be maintained in the light of events of learned to distinguish from facts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN JULY 1936 In conclusion, it has been shown that even were issued, to dwell at length on the possible the heaviest shocks to confidence, accom- dangers involved in the larger use of credit. panied by large withdrawals of capital and The gold reserve against the demand liabiliexports of gold, can be overcome, provided ties of the bank never fell below 62.07 pereffective measures are taken, and the Govern- cent. ment and bank of issue make it quite clear Maintenance of gold parity.—During the that they will not deviate from their pre- past year the Netherlands Bank had to take scribed course. It cannot be over-emphasized measures repeatedly in order to maintain the that the public still attach far too much sig- statutory gold parity of the florin. nificance to gold movements, which are no These measures consisted, first, in the demore than a natural result of changes in the livery of gold, in compliance with our declaraeconomic and financial spheres. The nature tion of 1903, in the form in which it was reinand the -exact limits of these changes are the stated in 1925. From time to time, also, the elements that really matter. If they repre- bank sold considerable amounts of French sent capital movements of a temporary char- francs, in order to prevent sudden and sharp acter, as was the case in this country during advances of the Paris rate of exchange the past financial year, they only result in the against florins. Finally, the discount rate conversion of gold into foreign assets. Be- was raised repeatedly, in order to check any sides, gold movements should not be con- undesirable expansion of loans by the bank, sidered as facts apart exerting no further which might also be prejudicial to the money influence. On the contrary, they will bring market; and as far as possible to limit exabout numerous and intense reactions in pro- change operations which might endanger the portion as the gold shipments assume greater maintenance of parity, at times when the exdimensions; and if their influence is intensi- change rates on other gold countries stood fied as far as necessary by the discount policyat or above gold export point and the and further measures of the central bank, premium for forward exchange was rising. those reactions will finally have the effect of The discount rate was changed no less than arresting the efflux of gold and of causing the 17 times during the year. return of the exported metal. In the meantime it may be imperative that the central BALANCE SHEET OF THE NETHERLANDS BANK AS OF bank should grant credits to the Treasury and MARCH 31, 1936 to the commercial banks in order to allow time for the desired effects to come about. [In thousands of florins] Thus, during the period of greatest pres- Mar. Mar. sure, loans and advances of the bank rose Assets 31, 1936 Liabilities 31,1936 from 158,254,000 florins on July 23, 1935, to Gold coin 127, 602 Notes in circulation 792, 019 280,629,000 florins on July 31. Thereupon, Gold bullion 587, 052 Current accounts 117,549 they declined to 192,785,000 florins on August Silver coin 19,315 Other demand liabilities.. 169 Correspondents abroad... 1,797 Capital- 20,000 24, 1935, after which, under the influence of Foreign bills 1,079 Reserve fund 3,106 Domestic bills 24,486 Special reserve 6,300 new gold sales and increasing uneasiness, Loans 89, 952 Pension fund 10,144 they rose to 286,368,000 florins on October Advances in current ac- Unearned discount on do- 1, 1935. Following this, international reac- Ad c v o a u n n c t es to the Govern- 41, 856 Un m e e a s r t n ic e d b ill d s iscount on 12 ment (law of May 27, foreign bills 1 t o i n o n D s h ec a e d m a b g e r r a d 1 u 9 a , ll 1 y 9 i 3 n 5 c , r e lo a a si n n s g a e n ff d e ct a , d s v o a n th c a e t s In l 1 v i 9 s e 3 t s e 2 t d ) m e b n y t s the in Am sh s a t r e e r s - 11, 958 D Ba i d v l i a i s n d p c e o e n s a d o l s f o p p f a r y o th a fi e b t s le g a e t n e t r h a e l 18 were smaller than the lowest figure quoted dam Brokers' Associa- meeting 1, 116 tion 28, 315 above, and on the last day of the fiscal year Shares of the Bank for Inthey amounted to only 157,372,000 florins. ternational Settlements of which 25 percent is This development shows how important it is paid in 1, 200 Other investments 9,845 for the success of its policy that the bank Net balance with banking correspondents 6 should restrict its credits during normal Cash items 45 times, in order to have great reserves of Interest accrued on loans. 659 Interest accrued on adcredit available when its help is needed in vances in current account 289 periods of stress; it shows, on the other hand Interest accrued on inno less, how unwarranted it is to become vestments 331 Commission account 47 alarmed when the bank employs part of its Bank premises and furniture 4,600 credit reserves and, as happened last year when the weekly balance sheets of the bank Total assets. 950,433 Total liabilities 950, 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 569 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Treasury reserve balances Date co B d u i i n l s l - t s ed bo B u il g ls ht s U m 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 l c y d e k - T re c u r u n e r a r y c - s y - M in c t o u io c l n a n i e r - y - c d F R a b e e w s e p a h d s n o i e e t s k a r h r i v n s a t e l s d b p m N e o r e o s m d n it e - s - - R c O e F o e a s t u e r h c e a d n - r e l - t v r s e Total E m ( x e a c s t e t e i s d - s ) ties End of month figures: 1935—May 31 2,430 2, 469 8,858 2,525 5,540 2,969 254 257 4,832 2,318 June 30_ 2,433 2,480 9,116 2, 506 5,568 2,968 325 261 4, 979 2,414 July 31 2,430 2, 465 9,144 2,510 5, 518 2,991 253 257 5.100 2, 513 Aug. 31 2,432 2,485 9,203 2,398 5, 629 2,694 198 260 5, 305 2,708 Sept. 30 2,430 2,477 9, 368 2, 386 5, 683 2,740 304 250 5, 254 2,600 Oct. 31 2,430 2,482 9, 693 2,400 5,713 2, 657 299 258 5, 648 2,970 Nov. 30 2,430 2,480 9,920 2,438 5, 846 2,619 284 253 5, 835 3,100 Dec. 31 2,431 2,486 10,125 2,476 5,882 3,110 255 253 5, 587 2,844 1936—Jan. 31 2,430 2,479 10,182 2,493 5.737 3,001 304 253 5, 860 3,084 Feb. 29 2,430 2,482 10,167 2,499 5. 846 2, 937 327 254 5, 784 2,986 Mar. 31 2,430 2,474 10,184 2, 504 5, 877 3,607 332 259 5,087 2, 305 Apr. 30 2,430 2,475 10, 225 2,500 5,886 3,213 356 260 5, 4S6 2,f64 May 30 2,430 2,474 10,402 2,490 5,953 3,101 337 256 5,719 2, 866 June 30 2,430 2, 473 10, 608 P2, 498 P6, 241 P3, 187 262 256 5, 633 2,717 Wednesday figures: 1935- Aug. 7 2,430 2,476 9,158 2,477 5, 550 2,932 253 261 5,115 2,547 Aug. 14 2,430 2, 477 9,184 2, 437 5, 558 2.775 251 259 5, 254 2,667 Aug. 21 2,430 2,468 9,189 2,421 5,574 2,722 230 260 5, 291 2,682 Aug. 28 2,430 2,471 9,197 2,408 5, 573 2,683 213 260 5,346 2,749 Sept. 4 2, 430 2,472 9,209 2, 395 5, 650 2,746 193 259 5,228 2,643 Sept. 11 2,430 2,479 9,219 2,391 5,638 2,629 186 248 5,388 2,790 Sept. 18 2,430 2,472 9,240 2,390 5, 632 2,839 244 250 5,136 2, 527 Sept. 25 2,430 2,474 9, 297 2,382 • 5, 626 2,778 262 250 5,236 2,592 Oct. 2 2,430 2,470 9,414 2,399 5, 688 2,814 306 251 5,224 2,569 Oct. 9 2,430 2,478 9,463 2,396 5,698 2,747 313 250 5,330 2,694 Oct. 16 2,430 2,496 9,584 2,404 5,696 2,693 307 254 5, 534 2,878 Oct. 23__ 2,430 2,472 9,629 2,397 5,684 2,694 292 254 5,575 2,900 Oct. 30 2,430 2,474 9,686 2,401 5, 686 2,665 296 260 5,653 2,981 Nov. 6_ 2,430 2,462 9,714 2,401 5,754 2,655 236 260 5,671 2,993 Nov. 13_. . 2,430 2,492 9,747 2,399 5,746 2,641 249 257 5,746 3,052 Nov. 20 2,430 2,471 9,804 2,409 5, 739 2,648 262 253 5,782 3,069 Nov. 27 2,430 2,472 9,874 2,421 5.820 2,625 282 252 5,789 3.051 Dec. 4 2,430 2,470 10, 009 2,442 5,843 2, 626 283 262 5,905 3,173 Dec. 11 2,430 2,474 10,068 2,447 5,841 2,558 280 270 6,040 3, 304 Dec. 18 2,430 2,483 10,098 2,458 5,902 3,161 281 258 5,437 2,706 Dec. 24 2,431 2, 523 10,115 2,464 5,991 3,156 266 259 5,429 2.693 Dec. 31 2,431 2,486 10,125 2,476 5,882 3,110 255 253 5, 587 2,844 1936—Jan. 8 2,430 2, 476 10,144 2,476 5,783 3,049 253 5,745 3,002 Jan. 15 2,430 2,485 10,158 2, 492 5,722 3, 018 253 5,859 3,095 Jan. 22__ 2,430 2,477 10,172 2, 498 5,704 3, 093 296 253 5,802 3,030 Jan. 29 2,430 2,470 10,179 2,492 5, 693 3,031 301 254 5,883 3,087 Feb. 5 2, 430 2,489 10,168 2,491 5, 742 2,958 324 255 5,869 3,089 Feb. 12 2, 430 2,508 10, 155 2,496 5, 763 2, 993 364 254 5,784 3,007 Feb. 19_. ._ 2, 430 2, 505 10,160 2, 499 5, 771 2,979 327 255 5,832 3,045 Feb. 26 2,430 2,475 10,163 2,502 5,775 2,949 323 254 5,839 3,062 Mar. 4 2,431 2, 475 10, 167 2, 506 5,848 2,898 321 269 5,813 3,043 Mar. 11 2, 430 2, 473 10,170 2,503 5,840 2,909 337 274 5,786 3,008 Mar. 18 2, 430 2, 485 10, 173 2, 503 5,841 3, 587 328 261 5,144 2,388 Mar. 25 2, 430 2,485 10, 177 2, 502 5,837 3,667 340 261 5,059 2,315 Apr. 1 2.430 2, 477 10. 185 2, 504 5,884 3, 614 331 259 5,077 2,338 Apr. 8 2,430 2, 479 10, 190 2, 505 5, 906 3, 502 346 258 5, 161 2,384 Apr. 15 2. 430 2, 477 10.200 2, 502 5, 877 3,374 335 260 5, 333 2,548 Apr. 22 2, 430 2,475 10.209 2, 501 5, 860 3, 269 355 260 5, 442 2,640 Apr. 29 2,430 2,472 10, 221 2,501 5, 859 3,208 362 259 5,506 2,686 May 6 2,430 2,478 10, 248 2, 497 5, 912 3,175 345 259 5,532 2,697 May 13 2, 430 2,469 10,302 2. 496 5,888 3,161 351 257 5, 611 2,774 May 20 2, 430 2,470 10, 375 2, 493 5, 896 3,138 353 258 5, 694 2,859 May 27 2, 430 2, 466 10,388 2, 494 5, 902 3,116 326 256 5,747 2,901 June 3 2, 430 2, 489 10, 409 2, 493 5, 953 3,084 319 292 5,713 2,844 June 10 2, 430 2,471 10, 480 2. 489 5, 937 3, 064 306 299 5,833 j 2, 948 June 17 2, 430 2, 480 10.543 2,490 6,048 4,028 282 261 4,894 i 2, 043 June 24 2, 430 2, 472 10, 600 2, 500 6,173 3,577 252 261 5,308 ! 2, 438 p Preliminary. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together with all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1934 (table 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN JULY 1936 ASSETS AND LIABILITIES OF FEDERAL RESERVE BANKS; ALSO FEDERAL RESERVE NOTE STATEMENT, JUNE 30, 1936 [In thousands of dollars] Total B t o o s n - 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- Chicago L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - ASSETS Gold certificates on hand and due from U. S. Treasury 8,106, 542 508, 6373, 056, 558 385, 815 577, 472 255, 385 225, 2061, 757,193 238,007174, 893 236, 224168, 978522,174 Redemption fund—Federal Reserve notes 12,949 2,114 1,281 1,119 686 618 1,705 825 920 231 1,000 417 2,033 Other cash 265,154 26, 225 70, 602 37, 392 25,112 15, 006 10,159 30, 554 11, 623 6,483 14, 051 5,8 12,121 Total reserves.. 8, 384, 645536, 976 3,128, 441424, 326 603, 270 271, 009 237,0701, 788, 572 250, 550181, 607 251, 275175, 221536, 328 Bills discounted: For member banks 4,072 2, 531 38 35 348 28 For nonmember banks, etc. - 10 Total bills discounted 4,082 2,531 269 38 79 35 348 28 Bills bought: Payable in foreign currencies 3,077 224 1,095 316 293 120 108 384 8 61 86 86 217 Industrial advances 29, 878 2,914 7,336 5,148 1,757 3,633 754 2,106 555 1, 339 1,009 1,649 1,678 U.S. Government securities: Bonds 315,671 21, 006 85, 802 27,431 30, 629 16, 627 12, 776 37, 553 16,8' 11,248 15, 968 12,155 27, 600 Treasury notes 1, 494, 219 99, 429 406,145 129,845144,977 78, 707 60, 474 177, 757 79, 886 53, 244 75, 580 57, 530130, 645 Treasury bills 620, 337 41, 278 168, 614 53, 905 60,189 32, 676 25,106 73, 797 33,165 22,105 31, 379 23, 885 54,238 Total Government securities 2, 430, 227 161, 713 660, 561211,181235, 795128, 010 98, 356 289,107129, 927 86, 597122, 927 93, 570 212,483 Other Reserve bank credit: Other securities 181 181 Due from foreign banks 237 23 22 28 7 Reserve bank float (uncollected items in excess of deferred availability items) 4,997 872 4,613 943 1485 976 1,560 11, 613 11, 042 740 164 L1, 432 171 Total Reserve bank credit outstanding 2, 472, 679166, 357 176, 227 217, 880 237, 420 132, 828100, 80; 290, 012129, 562 88, 775 124, 232 94, 228 214, 351 Federal Reserve notes of other banks--. 18, 409 335 5,097 753 1,037 1,221 1,252 2,490 1,292 1,310 1,687 319 1,616 Uncollected items not included in float. 607, 811 60, 501 176, 557 39, 035 48, 519 17, 923 79, 866 24, 790 14, 959 32,135 20, 917 29, 610 Bank premises 48,052 3,113 10, 851 5,f~ 6,525 2,919 2,284 4, 830 2,453 1,531 3,360 1,526 3,580 All other assets 42, 477 295 31,212 3,840 1,771 1,119 1,546 781 333 391 407 321 461 Total assets 11,574,073 767, 577 4,028, 385 690, 914 913, 022 457, 615 360, 8822,166, 551 408, 980 288, 573 413, 096 292, 532 785, 946 LIABILITIES F. Ii. notes in actual circulation (includes notes held by other F. R. banks) 4, 034, 482366, 606 830, 890 302, 990 388, 767187, 538 179, 553 920, 841174, 255121, 881151, 405 87, 446 322, 310 Deposits: Member bank—reserve account._- 5, 632, 735271, 3572, 343,113 282, 319 385, 516 178, 301419,7701, 085, 229162, 898 107,,183 189, 052139,865 368,129 U. S. Treasurer—general account._ 690,102 39, 771 373,464 26,528 31,997 23,370 23, 865 27, 899 27, 559 29, 822 28, 909 29, 292 ^ 626 Foreign bank 54, 169 4, 131 18,726 5, 192 5, 136 2,4571,954 6,476 1,675 1,340 1,611 1,619 3,852 Other deposits 207, 723 1,537 161,242 1,464 7,189 2,623 4, 569 2,889 7,732 4,185 314 2,464 11,515 Total deposits 6, 584, 729 316, 7962, 896, 545 315, 503 429, 838 206, 175504,158 1,122,493 199, 864 142, 530 219, 886 173, 240 411,.122 Deferred availability items. 607, 811 60, 501 176,557 39,035 62,999 48,519 17,923 79, 866 24, 790 14, 959 32,135 20, 917 29, 610 Capital paid in 130, 917 9, 369 50,947 12,283 12,635 4,709 4,233 12,057 3,767 2,977 3,954 3,805 10,181 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 1,3911 546 1,003 1,142 1,252 1,121 Reserve for contingencies.... 34,116 1, 413 8,849 3,000 3,111 1,2728,519 7,573 1,456 846 1,328 1,849 All other liabilities 10, 004 116 6,028 466 294 183 126 980 209 618 115 761 108 Total liabilities LI, 574, 073767, 577 4,, 028, 385 690, 913,022457, 615360, 8822,166, 551408, 980288, 573 413, 096 292, 532 785,946 Commitments to make industrial advances 23, 928 2, 779 9, 429 1,462 2,333 289 78 1,766 93 406 538 4,473 FEDERAL RESERVE NOTE STATEMENT Notes issued to Federal Reserve banks by Federal Reserve agents 4, 296, 310 382, 656 922, 374315, 527 401, 634196, 421197, 734 949, 202182, 232126, 210164, 583 95, 437 362, 300 Collateral held by agents as security for notes issued: Gold certificates on hand and due from U. S. Treasury 4, 269, 523396, 000 930, 70G301, 000 402!,,500192, 000168, 685 956,000 169, 632 128;,,ooo165, 000 96, 000 364,000 E U l . i g S i . b G le o p v a e p r e n r ment securities 63 2 , ,6 0 0 0 5 0 616 1,285 15,0 9 0 4 0 38 5,00 7 0 9 30, 00 2 0 1 13, 00 3 0 1 35 80 28 Total collateral- 4, 335,128 396, 616 931,991316,094402, 538197, 079198, 706 956,000 182, 663128, 035165, 080 96, 298 364,028 1 Deferred availability in excess of uncollected items. Reserve ratio.—Ratio of total reserves to deposit and Federal Reserve note liabilities combined, all Federal Reserve banks, 79.0 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 571 JULY 1936 PRINCIPAL ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i i l l a - a- C la le n v d e - m Ri o c n h d - l A an t- ta Chicago 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 i r s a a c n n o - ASSETS Total reserves: June 3 8,143, 529, 96;3,135,98' 445., 439 602, 540 268, 75'219, 389 647, 017241, 169,177241, 648143,2!4433 498, 849 June 10 8, 247, 873520, 8923,201, 443 438, 665 6181,, 88551268,07'9 215,153 660, 031260, 283168, 654234,136154, 212507, 474 June 17 3, 227, 326551,5883, ___,1.8.6. .456, 758 611,. ,552288 285, 310 229, 653 676, 523259, 403163, 554230. 032159,454517, 337 June 24 3, 243, 250546, 8633, 064, 655 451, 023405, 427 277, 856 228, 823 687, 096 251,311182,310 I, 588161, 221144 537,083 Total bills discounted: June 3 5,851 366 3,549 413 52 60 262 150 294 465 180 June 10 I... 5,403 283 3, 690 386 83 10 97 254 342 110 June 17 6, 539 871 4. 299 441 78 110 64 109 369 75 June 24 6,189 1, 146 3.603 556 147 33 57 8' 404 33 Bills bought, payable in foreign currencies: June 3 3,076 224 1,094 316 293 120 108 384 61 86 86 217 June 10 3,076 224 1,094 316 293 120 108 384 61 86 86 217 June 17 3,076 224 1, 094 316 293 120 108 384 61 86 86 217 June 24 :. 3,077 224 1, 095 316 293 120 108 384 87 61 86 86 217 Industrial advances: June 3 30,166 2, 935 7, 365 5,155 1, 784 3,752 2, 130 568 1,431 993 1,671 1, 594 June 10 30, 064 2, 924 7,38: 5,146 1,781 3,733 783 2,125 564 1, 340 992 1, 646 1,643 June 17 30, 058 2, 920 7, 370 5,178 1, 779 3, 730 763 2,113 563 1,338 1,023 1,658 1,623 June 24 29, 936 2,914 7,360 5,162 1,772 3,661 761 2,113 556 1, 335 1,017 1,655 1,630 U. S. Government securities: June 3 2, 430, 244157, 677 729, 383177,120218,025116,716100, 209 321,164123,200 75, 575116,844 95, 000 199, 331 June 10 2, 430, 24"157, 677 729, 383177,120218, 025116,716100, 209 321,164123, 200 75,578 116,844 95, "0"00" 199,331 June 17 2, 430, 253157, 677 729, 383177,120218, 025116,715100, 209 321,164123,200 75,585 116,844 95,000 199, 331 June 24 2, 430, 234157, 677 729, 383177,120218, 025116,716100, 209 321,164123, 200 75, 565 116, 84495, 000199,331 Total Reserve bank credit outstanding: June 3 2, 489, 031161,648 756, 556186, 600219, 958122,576101, 325,160122,625 77, 721117, 535 96, 096 200, 670 June 10 2, 471,103 161, 369 745, 344183, 528220, 398121, 787101,139 323, 315122, 39876, 735119,361 95, 268 200, 461 June 17 2, 479, 826161,191 752, 789186, 2If220, 749122, 427100,844 321, 416121,048 78,768 116,154 94,243 203, ,9"8"2 June 24 2,471,743 161, 507 745, 389184, 319219,419 122, 086103, 734 323, 074121, 941 77,289 117,614 94, 70;200, 664 LIABILITIES Federal Reserve notes in circulation: June 3 3, 793,959 345, 653 788, 866 2833,,933368, 589170, 285162,04' 877,964162, 772115,351143, 755 77, 374 297, 370 June 10 3, 785, 344, 724 777788,, 655 2833,,2 222003 37722, ,2 32939172, 825160, 910 878, 568160,997 114, 790143, 359 77, 788297, 905 June 17 3, 872, 984355, 668 797,620 2911,,440077 337755,,115511176,678167, 763 889, 783165, 324117, 485146, 558 81,7"0"3 307, 844 June 24 3,980,018 364, 498 813, 658 300, 434385,979184, 658175, 639 907, 766169, 843120, 765 151,122 85,915319, 741 Deposits: Member bank—reserve account: June 3 5, 713, 315270, 2452, 580, 355289, 533387, 84, 173,964113,874 , 019, 81150, 05696, 037173,082122,137336, 375 June 10 " 833,391263, 079 22,,6 7687,8| 43,288, 001397, 401173,271109, 361,024, 396168, 04889, 440173,018124, 0"05- 344, 936 June 17 4, 893, 667221,3112, 087,820 260, 014335, 632156, 69593, 455 939, 701140, 71981, 920153,084114, 5£67 308, 749 June 24 5, 307, 954256, 3972, 235', 578 273, 313057, 716171,647111,250 989, 769156, 049100, 975180, 426131,000 343, 837 U. S. Treasurer—general account: June 3 504, 733 30, 071 183,098 25, 351 33, 662 31, 942 30, 716 28, 287 32, 833 23.4 23, 943 28, 601 32, 752 June 10 516, 404 26, 727 178, 546 18, 597 38, 223 29, 48831, 901 31, 884 35,719 29', 30428, 823 36, 025 31,167 June 17 1,421,457 109,305 679, 930 58,129 90, 590 59,511 54, 733 122, 606 58, 756 31, 128 40, 099 45, 846 70, 824 June 24 929, 072 61, 581 499, 278 30, 861 51, 533 29, 086 31,877 68, 217 31, 77526, 814 29, 313 27, 871 40, 866 Foreign bank: June 3 53, 607 3, 961 19, 624 4,978 4,924 2, 355 1,873 6,208 1, 606 1,284 1, 549 1,552 3, 693 June 10 61, 675 4, 567 22, 486 5,740 5, 678 2, 716 2,160 7,159 1, 852 1,481 l,78r 1,790 4, 259 June 17 60, 378 4, 567 21, 188 5, 740 5,678 2, 716 2,160 7,160 1,852 1,481 1,787 1, 790 4, 259 June 24 56, 258 4, 079 21, 254 5,127 5,072 2, 426 1,929 6, 395 1,654 1,323 1, 596 1, 599 3, 804 Other deposits: June 3 295, 406 5, 793 225, 971 4, 056 4,848 3, 936 4,100 4,414 11, 579 4,741 12, 093 1, 683 12, 192 June 10 243. 94" 5, 337 194,964 2, 437 2,302 2, 316 4,179 2,172 9,957 4,588 851 2,082 12, 762 June 17 221, 584 1,77' 174,8' 3,475 3,299 2, 812 4,139 4,145 8,527 4, 309 479 2,091 11, 656 June 24 195,677 1,624 156, 807 1,398 2,170 2,195 3, 704 2, 179 7, 926 3, 964 301 1, 79011.619 Commitments to make industrial advances: June 3 24, 878 2,814 10, 285 307 1,464 2,368 29' 1,812 449 547 4,363 June 10 24, 798 2,812 10, 240 305 1,462 2,342 296 1,844 47' 547 4,303 June 17 24, 679 2,807 10, 203 305 1,461 2, 336 291 1,845 406 541 4,312 June 24 24, 452i 2. 789 9,813 294 1,462 2,334 290 1,826 406 538 4.529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN JULY 1936 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO JUNE 24, 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 la a s c t h W m e o d n n th e ) sday of N r u e m ce b iv er e d t A o m d o at u e nt Nu s t o ( e m o w u e r t s b i y t e h c r o 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 e v o n a d s a u e d n e n t r k i r - c v n a e e g l s s c R F t o m b a e e o m n a d s e u e d n e m n t r k i r - t v n a i s t e l g - A b p p l u c p e t o r t m e o n d v o - e t i d d E o r r a a x r e c w p p p w a p a i n n r l i i e t i d t b - h d , - y , i s F n p p t t a g a i u a o n n t r t u i i a t i d o n i o t n i c - n s n n c i t s - g i - - 2 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 18, 791 32, 475 7,060 Oct. 30 7,388 299, 927 2,083 126,192 1,901 118, 378 32, 719 27,057 13,357 36, 565 8,680 Nov. 27 7,500 302, 331 2,134 130, 502 1,948 121,947 32,634 28,002 13,466 38, 952 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. 20 7,831 315,081 2,245 135,320 2,049 126, 643 32,129 25, 866 10, 434 50, 636 7,578 Mar. 25 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 May 27 8,113 329, 316 2,374 141, 749 2,162 132,549 30,958 25, 095 9,343 59,512 7,641 June 24 8,158 331, 391 2,394 142, 811 2,183 133, 343 30, 486 24,452 9,381 61, 422 7,598 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 June 24, 1936, there were 60 applications amounting to $8,429,500 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. MATURITY DISTRIBUTION OF BILLS AND SECURITIES HELD BY RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 6 9 m 1 t o d o n ay th s s m O o v n er t h 6 s Bills discounted: June 3 5,851 4,501 166 761 68 354 1 June 10 5,403 4,159 120 715 47 362 June 17 _ . _ _...._ 6,539 4,852 684 586 77 340 June 24 . 6,189 4,411 124 591 638 425 Bills bought in open market: June 3 _ _ _.. 3,076 50 1,934 482 610 June 10 . . . 3,076 1,935 16 469 656 June 17 3,076 1,966 270 172 668 June 24 3,077 170 270 599 2,038 Industrial advances: June 3 30,166 1,513 403 593 634 2,036 24, 987 June 10 30,064 1,491 360 770 458 1,999 24,986 June 17 30, 058 1,671 228 681 620 2,012 24, 846 June 24 . . 29, 936 1,631 272 663 599 2,297 24,474 U.S. Government securities: June 3 . 2, 430, 244 44, 307 33, 514 107, 780 54,415 342, 726 1, 847, 502 June 10 _ . ._ 2, 430, 247 48, 541 41, 541 98, 298 66, 661 334, 861 1, 840, 345 June 17 2,430, 253 33, 514 34, 975 57, 286 123, 242 375, 573 1, 805, 663 June 24 .... 2, 430, 234 41, 541 26, 341 53, 559 114,972 390, 248 1, 803, 573 Other securities: June 3 181 181 June 10 181 181 June 17 181 181 June 24 . ... .._ 181 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

573 JULY 1936 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVE BALANCES, BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] Total reserves held Excess reserves Month or week T m o b e t a m a n l k b -a s e l r l 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 ba o n u k n s t 2 ry" 1935—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 1.162.1 506.4 December 5,716 2,541 2,239 935 2, 982. 7 1, 350. 4 1,133.1 499.2 1936—January 5,780 2,593 2,209 978 3, 032. 7 1, 395. 4 1,090. 4 547.0 February 2,579 2,231 3,037. 8 1,360.1 1,110. 5 567.3 March 5, 420 2,271 2,171 2, 653. 3 1,055. 8 1,054. 2 543.3 April 5,300 2,163 2,181 956 2, 509. 7 939.9 1, 058. 3 511.5 Mays 5, 638 2,384 2,293 961 2, 800. 4 1, 134. 4 1,154. 8 511.2 Week ending (Friday): 1936—Apr. 3 5,084 2,162 2,005 917 2, 325. 0 944.1 904.7 476.0 Apr. 10 5,150 2,127 2,085 938 2, 393. 0 910.7 971.9 510.0 Apr. 17 5,283 2,133 2,192 957 2, 501. 0 913.2 1,064. 5 523.0 Apr. 24 5,408 2,169 2,272 967 2, 613.0 945.0 1.138. 5 530.0 May 1- 5,473 2,225 2,275 973 2, 656. 0 991.8 1.139. 5 525.0 May 8 5, 515 2,253 2,256 1,005 2, 679. 0 1,007.1 1,122. 7 549.0 May 15 5,608 2,375 2,291 943 2, 774. 0 1,130. 0 1,151.5 493.0 May 22 5, 693 2,444 2,298 952 2,858. 0 1,197.1 1,158. 9 502.0 May 29 5,739 2,461 2,329 2,896. 0 1, 204. 6 1,187. 6 504.0 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 table on p. 569. Back figures.—See Annual Report for 1934 (table 67). MEMBER BANK RESERVE BALANCES, BY DISTRICTS [Averages of daily figures. In millions of dollars] Boston New York Philadelphia Cleveland Richmond Atlanta Total Excess Total Excess Total Excess Total Excess Total Excess Total Excess 1935—May 296.6 161.2 2,031.0 896.3 221.3 89.8 320.3 162.3 149.6 76 2 84.2 26 4 June -...-._ 291.3 154.4 2,169. 7 997.0 226. 6 91.4 299.8 139. 0 144.3 70.5 86.5 29.0 July 303.2 162.0 2,148. 4 956.5 225.8 88.4 309.3 147.0 151.3 76.7 104.3 47.1 August - _ 296.4 157.9 2, 507. 2 1, 294. 4 232.3 95.9 316.1 153. 3 156.9 81.9 101.7 44.5 September 305.8 167.5 2, 518.1 1, 261. 2 242.5 106.9 330.2 171.7 159.5 87.4 102.8 46.1 October 303. 5 164.7 2, 655. 7 1, 389.1 262.1 123.2 327.8 170.4 163.2 89.1 104.7 45.9 November. _ 318.8 179.9 2, 769. 5 1, 483. 0 268.6 128.7 358. 8 198.3 169.1 94.0 109.1 48.9 December 336. 5 196.0 2, 756. 4 1, 448. 9 266.3 124.1 335.8 172.9 170.0 93.6 108.3 45.9 1936—January _-. 375.8 234.1 2, 823.1 1, 509. 0 294.3 149.3 339.3 176. 7 170.2 92.7 111.6 48.9 February 368.5 225.4 2, 821. 5 1, 486. 4 283.2 137.8 349.9 187.2 176.8 99.1 120.6 58.9 March 324.3 179.9 2, 495. 3 1,163. 4 295.2 149.4 355.9 • 190.8 193.8 118.1 118.9 56.3 April 299. 6 153.8 2, 392.1 1, 049. 6 292.5 143.9 379.3 208.6 180.5 105. 4 112.8 48.0 May 283. 1 137.3 2, 625. 3 1, 254. 5 275.6 127.5 369.9 199.7 178.7 102.2 107. 0 41.4 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Excess Total Excess Total Excess Total Excess Total Excess Total Excess 1935— May .. 893.3 549.8 111.9 41.5 101.6 54.1 186.4 100. 3 107.6 50.6 274.0 88.6 June 950.1 596 5 137 9 67.8 113.0 63.6 181.9 93.2 109.0 51.6 268.7 83.6 July 868. 0 504.2 157.6 86.2 118.3 68.7 181.0 92.3 118.2 59.8 284.9 96.3 August _ . 778.6 419.7 144.6 74.3 115.1 67.9 173.8 87.3 120.8 61.0 288.7 97.8 September 742.9 388.5 147.4 77.7 104.9 60.7 172.8 90.2 106.7 51.7 309.2 118.3 October 784.0 423.0 163.8 92.4 106.0 59.0 170.5 87.4 107.3 51.0 319.9 124. 3 November 880.0 504.7 168.9 95.8 108.2 60.3 171.0 88.1 116.5 59.4 318.7 120.0 December 880.4 502.9 165.0 90.9 104.2 55.8 171.8 89.6 119.5 62.4 301.4 99.8 1936—January 793.9 412.3 157.8 83.4 110.5 62.4 175.8 95.5 128.4 71.1 299.0 97.2 February. - 802.5 414.5 165.6 91.5 121.9 74.2 175.4 96.4 127.9 72.0 294.3 94.6 March 773.7 390.0 150.0 76.7 116.1 69.3 168.1 88.6 128.8 72.0 300.3 98.6 April 778.0 403.0 142.0 68.1 82.4 35.8 162.4 81.0 124.5 67.0 354.2 145.4 Mav - _ 918.3 525.7 141.9 67.5 85.8 39.5 173.0 90.0 122.0 64.8 357.9 150.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN JULY 1936 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c G c e a r o t t i e l f d s i- d S o i l l l v a e 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 s 9 s - 0 S s u i i a b lv r s y e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F n b e e o a d se t n e e r k r s v a e l t n b i N o o a n t n a e - a k s l 1935—June 5,568 117 32 701 1 297 125 285 3,223 81 704 July 5,518 115 32 702 1 298 125 280 3,232 78 654 August 5,629 114 33 739 1 298 126 283 3,362 75 596 September _ _._ _ . 5,683 112 33 756 1 302 127 286 3,439 73 553 October 5,713 111 33 773 1 306 128 281 3,495 70 514 November 5,846 110 34 812 1 309 130 284 3,612 68 487 December _ _._ 5,882 109 34 828 1 312 131 275 3,667 66 458 1936—January 5,737 107 33 809 1 303 129 259 3,598 63 436 Februarv - ___ ... 5,846 106 34 841 1 304 129 254 3,696 60 421 March _ .__ 5,877 104 34 864 1 307 131 245 3,727 58 406 April 5, 886 103 34 886 1 309 132 249 3,726 56 391 May _ _______ 5, 953 102 34 914 1 312 133 265 3, 760 54 378 June? (>. 241 101 35 955 1 316 135 278 4,002 52 366 v Preliminary. Back figures.—See Annual Report for 1934 (table 49). PAPER CURRENCY OF EACH DENOMINATION IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Unas- End of month Total* $1 $2 $5 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 sorted 2 1935—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 7 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 February 5,379 434 32 802 1,373 1,360 361 633 123 243 8 18 8 March _ 5,405 439 32 804 1,378 1, 361 362 641 125 247 7 17 9 April _ __ 5,411 442 31 804 1,379 1, 360 360 643 126 249 7 19 10 Mav 5,473 451 32 820 1,402 1, 369 648 127 245 7 19 11 '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). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve banks and in circulation. In millions of dollars] [By selected banks in New York City. In thousands of dollars] End of month Total d S s o a i i l l n l v v l d a e e r r r s S i s a i u d r b y - - M co in in or u S t m at i e e s o s F e R e e r r e a v d - l e - t b i N o a n n a- k al Month m E S e u n h r t o i s p p - t e o R E e f u r c o r e o m i p p e ts rec N e e ip t ts bul- silver notes bank notes 1935—June 191 1,451 1,260 lion1 notes July 286 2,261 1,975 August 282 2,289 2,007 September. 721 1,157 436 1935_ J j u u l n y e .. . 2 2, , 5 5 1 0 0 6 8 8 8 5 4 9 3 3 1 1 3 5 1 13 3 4 3 3 3 4 4 7 7 8 8 1 4 7 75 6 0 9 N D O o e c c v to e e b m m e b b r e . e . r r _ . . 2 4 , , 5 2 6 3 0 0 6 3 3 8 8 7 5 6 8 1 4 2 1 13 1 , , 4 2 6 2 4 7 1 8 2 August 2,398 905 316 134 347 78 619 September. 2,386 940 317 134 347 75 573 1936—January. __ 748 2,743 1,995 October 2,400 997 320 134 347 72 530 February.. 13 3,317 3,304 November. 2,438 1,066 322 135 347 70 499 March 1,757 3,109 1,352 December.. 2,476 1,124 328 136 347 68 473 April 3,095 938 *2,157 May 3,852 1,685 i 2,167 1936—January 2,493 1,172 328 137 347 64 446 June 3,037 1,164 11,873 February _ _2,499 1,197 328 137 347 62 429 March 2,504 1,218 329 137 347 59 413 A J M u p a n r y e il ? 2 2 2 , . , 4 4 5 9 9 0 8 0 0 1 1 1 , , . 2 2 2 3 3 5 0 6 5 3 3 3 3 3 3 2 0 0 1 1 1 3 3 3 9 8 8 3 3 3 4 4 4 7 7 7 5 5 5 3 7 5 3 3 3 7 8 9 2 4 8 pp 1 F . o N 7 r - e 9 t d . s e h sc ip ri m pt e i n on ts . and back figures see BULLETIN for January 1932, p Preliminary. i Includes silver held against silver certificates amounting to $1,134,000,- 000 on June 30, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

575 JULY 1936 FEDERAL RESERVE BULLETIN GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO ANDFROM[ STOCK UNITED STATES 1 [In millions of dollars] [In thousands of dollars] s G to o c ld k Net 1936 Year or month y m a e t o a o e r n f n t o h d r I i n n st c o g r c e o k a ld se im g N o p e l o d t rt r m e f e r l a o e a r a r m k - s 1 e f O ac th to e r r s2 From or to— June May January-June 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 2,9.86.1 Belgium 2 2 1935—January 8,391 153.3 149.4 1.1 2.8 E Fr n a g n l c a e n d __ _ _ 20 3 2 ,7 9 1 8 7 3 72 13 4 3 , 0 1 0 5 3 7 34 1 1 5, 2 3 3 5 1 9 1 5 7 , 1 1 1 8 4 0 February 8,527 135.3 122.8 .2 12.3 Germany 2 7 March 8,567 40.4 13.0 -.7 28.1 Netherlands __ 38 811 8 751 47 563 3 765 April 8,710 143.4 148.6 -2.3 -2.9 Switzerland 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 2 571 1 043 8 331 August 9,203 59.5 46.0 1.8 11.7 Canada 552 I 1 700 5 26 212 38 September _ 9,368 165.0 156.7 1.0 7.3 Central America 219 358 1 848 325 October 9,693 325.2 315.3 -1.9 11.8 Mexico H 587 3 4 322 22 138 November 9,920 226.7 210.6 .6 15.5 Argentina. _. _ - 4 9 December 10,125 205.2 190.0 1.3 13.9 Chile 314 303 3,859 Year 10,125 1,887. 2 1, 739.0 .2 148.0 E C c o u lo a m do b r ia 2, 3 1 7 0 1 4 2,1 5 0 0 0 1 7 2 , , 2 6 4 8 5 9 1936—January 10,182 57.2 45.6 -1.7 13.3 U Pe r r u u g uay __ 190 239 1,486 February 10,167 -15.5 -16.6 -9.5 10.6 Venezuela 4 56 248 March 10,184 17.2 5.5 1.0 10.7 Australia 2 511 1 029 11 259 April _.. 10, 225 41.0 28.1 -.2 13.1 British Tndia r; Q47 9 720 32 508 May c 10,402 C176. 7 170.0 -3.2 '10.0 China and Hong June - -_ P10, 608 P206. 5 277.8 -24.8 P-46. 5 Kong 603 847 3 751 Dutch East Indies- Japan c Corrected, Philippine Islands, 2, 124 1 735 9 909 p Preliminary. All other countries2. 237 90 1, 028 i Gold released from earmark at Federal Reserve banks less gold Total 277, 851 77 169, 957 5 536, 692 26, 423 placed under earmark (with allowance when necessary for changes in gold earmarked abroad for account of Federal Reserve banks). 2 Figures are derived from preceding columns and indicate net result i Figures represent customs valuations which, with some exceptions, of such factors as domestic production, movements into and out of are at rate of $35 a fine ounce. nonmonetary use, imports and exports that do not affect gold stock 2 Includes all movements of unreported origin or destination. during the month or year, and increment resulting from reduction in weight of gold dollar. Back figures—See table, p. 600, and Annual Report for 1934 (tables 46 and 47). Back figures.—See Annual Report for 1934 (table 44). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN JULY 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. Under the amended provisions of Sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and May 1936, p. 398.] NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Nonmember [In millions of dollars] Member banks banks Nonmember banks Call date Total Total ti N on a a - l State M s b a a u v n t i u n k g a s l s m O n b o t e e h m n r e - r - 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 mbanks banks ber banks 1931— D S e ep c. t . 3 2 1 9 2 1 1 9 , , 9 2 6 9 6 4 7 7 , , 5 2 9 4 9 6 6 6, , 3 6 6 5 8 3 9 8 4 7 6 8 1 5 6 9 0 7 0 1 12 3 , , 1 0 2 9 3 5 1931— D S e ep c. t . 3 2 1 9 _ 4 45 9 , , 1 8 5 2 2 1 2 27 9 , , 4 4 6 3 9 2 1 1 1 0 0 , , 1 0 0 1 5 7 9 8 , , 6 2 6 8 6 4 1932— S D J e u e p n c e t . . 3 3 3 1 0 0 1 1 1 9 8 8 , , , 3 0 7 9 9 4 0 4 6 6 6 6 , , , 9 9 8 8 0 1 0 4 6 6 6 6 , , , 0 1 0 8 4 1 0 5 1 8 8 8 2 3 0 4 5 5 1 5 5 5 9 9 9 4 4 4 1 1 10 1 1 , , , 2 4 9 9 7 8 6 2 0 1932— D S J e u e p n c e t . . 3 3 3 1 0 0 . 4 4 41 1 1 , , , 9 9 6 4 6 4 2 3 3 2 2 2 4 4 4 , , , 7 8 9 5 0 0 5 3 3 1 1 1 1 0 0 0 , , , 0 0 0 2 2 2 0 2 0 7 6 7 , , , 1 0 8 8 2 1 8 0 8 1933—June 30 2 14, 519 5,606 4,897 709 576 8,337 1933—June 30 2 37, 998 23, 338 9,713 4,946 D O e ct c . 2 3 5 0 3 15,011 6 5 , ,8 0 1 1 8 1 5 5 , , 1 0 5 5 4 2 8 7 5 6 7 6 579 8,421 D O e c c t. . 2 3 5 0 3 38, 505 4 2 2 3 3 , , 4 7 5 7 3 1 9,708 5,026 1934— J D O M u e c n a t c e r . 1 3 3 5 7 1 0 3 3 1 1 5 6 , , 0 8 3 3 9 5 6 6 6 6 , , , , 4 4 2 3 4 0 3 7 2 6 3 5 5 5 5 5 , , , , 4 4 4 2 1 6 6 8 7 1 2 8 9 9 9 9 8 7 5 1 0 2 8 8 5 57 7 8 9 8 9, , 0 8 1 8 8 2 1934_ J D M O u e c a n c t r e . . . 1 3 3 5 7 1 0 3 3 __ 4 4 4 1 , , 8 7 7 7 0 0 2 2 2 2 8 7 6 5 , , , , 2 9 4 6 9 8 4 1 3 4 5 3 9 9 , , 7 8 8 2 0 8 5 6, , 0 4 0 7 0 5 1935— J N D M u e o n a c v e r . . . 3 2 1 4 1 9 1 1 1 15 6 5 5 , , , , 0 9 8 9 2 9 3 0 4 4 6 4 6 6 6 6 , , , , 4 4 4 3 1 2 0 8 0 2 0 7 5 5 5 5 , , , , 4 3 4 4 4 8 2 0 6 6 5 3 1,0 9 9 9 0 7 9 8 6 1 7 5 5 5 5 5 7 7 7 7 9 0 1 1 9 8 9 8 , , , , 0 0 9 8 2 1 7 3 3 3 9 3 1935— J N D M u e o n a c v e r . . . 2 3 4 1 9 1 4 4 4 4 4 5 7 8 , , , , 9 7 5 4 6 6 2 5 4 6 2 5 2 2 3 3 8 2 9 1 , , , , 1 4 0 5 5 9 7 8 9 6 2 9 9 9 9 9 , , , , 9 8 9 9 2 3 3 6 0 7 6 3 6 6 6 6 , , , , 3 0 8 5 5 2 4 1 0 9 2 3 1936—Mar. 4 15, 808 6,377 5, 375 1,002 569 8, 862 1936—Mar. 4 48, 771 31, 774 9,972 7,025 For footnotes see table below. For footnotes see table below. LOANS AND LWESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1931—Sept. 29 53,365 33, 750 19, 615 33, 073 20,874 12,199 1 10,506 1 6,169 1 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 1 10,316 1 6,130 1 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. 53 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. l._ 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, 715 20, 329 r25, 386 29, 985 12,175 17, 810 9,804 5,210 4,594 '5,927 2,944 '2,983 1936—Mar. 4 46, 157 20, 275 25, 882 30, 288 12, 099 18,189 9, 795 5,202 4,592 6,074 2,971 3,100 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. • 4 Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Back figures—See Annual Report for 1934 (tables 60 and 61). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

577 JULY 1936 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans to customers (except banks) Open-market loans Investments U.S. Govern- Purchased paper ment obliga- Call date i m T n 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 t - w 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 w n n e c e r g - k e n p t- s s t- ' O c c u w a u u n s t n e h i r 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 b c 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 a b i o l y l l e a - s d b p C o m c a o u i p e a m g r e l h - r - t k L C Y e N b o r r i t o e o s o a ty r - w n i k * n s Total Direc ti t on a F g s n u u te a l e l r y d - s O e t c i t e u h s r e i r - States TOTAL—ALL MEM- BER BANKS 1933-June30 2 24, 786 11,337 165 3,752 2,372 192 4,857 330 291 87 11,928 6,887 5,041 Oct. 25 24, 953 11, 523 178 3, 631 2,364 257 5,092 297 303 164 748 11,894 6,801 5,093 Dec. 30 25, 220 11,315 3,606 2,359 213 4,972 287 223 132 840 12,386 7, 2.54 5,132 1934—Mar. 5 26, 548 11,093 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 L0, 501 1,768 5,541 1936-Mar. 4 30,288 10,460 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 ' 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 June29.__.__ 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 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 3 1,908 Oct. 17 11,367 4,562 102 1,319 1,120 1,956 55 151 123 6,423 4,240 257 1,926 Dec. 31 11, 609 4,459 118 1,294 1,108 1,873 65 135 6,764 4,551 356 1,857 1935—Mar. 4 11,739 4,436 113 1,261 1,093 1,909 56 142 6,933 4,601 453 1,878 June 29 11,743 4,425 120 1,216 1,120 1,917 50 126 7,093 4,478 658 1,957 Nov. 1 12,313 4, 522 107 1,209 1,117 2,034 40 124 7,589 4,865 751 1,973 Dec. 31 12, 647 4,599 123 1,206 , 109 2,100 39 132 7,824 5,136 744 1,944 1936—Mar. 4 12, 601 4, 527 132 1,174 no 2,056 36 130 31 7,845 5,090 745 2,011 COUNTRY BANKS 1933—June 30 2 7,873 4,194 1,117 , 055 2,005 27 3,598 1,469 2,129 Oct. 25 8,031 4,175 1,104 ,070 1,984 46 3,748 1,592 2,156 Dec. 30 8,068 4,123 1,092 ,061 1,952 34 3,845 1,683 2,162 1934—Mar. 5 8,381 4,103 1,077 ,068 1,937 54 4,148 1,946 2,202 June 30 8,456 4,016 1,039 ,056 1,903 72 4, 283 1,982 3 25 3 2, 276 Oct. 17 8,649 3,926 1,012 ,026 1,868 95 4,545 1,992 215 2,337 Dec. 31 8,780 3,849 996 ,026 1,810 92 4,756 2,108 355 2,293 1935-Mar. 4 8,749 3,786 966 ,018 1,785 109 4,757 2,020 448 2,289 June 29 8,739 3,798 932 ,020 1,831 116 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 902 ,026 1,815 132 4,903 1,874 609 2,419 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

578 FEDERAL RESERVE BULLETIN JULY 1936 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e R a R e r e r i r n v e e 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 a i i o c k c t s l - e h - - s s 1 r o i e e t p t i f l p d e e r o e i o o s n c m c n a s c o r - s s 2 t - l - - b m D a I t n i e n o c s k t - - e s rb b a e F a n i o n k g r k n - s S U m G e t e n a r o e d n t i n v e - t t - - s r P u l u n i b c d - s c C l h c c e a o f e e a e i t o f n e c t f s r r f d i e d t s h k - i r ' s - s , s t p u p I i v n h c n o o a a o i e i d n r l r d p r r s a t - i - s - s - , - - , , j i d m u t e s D s a p t e a n e o - d d d s - - 4 b m D I a t n i e n o c t s - 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 i t n a o a g v s l - s - s t I p p u i v n h c n o o a a o e i i d n r l d r p r r s a t i - s - - s - , - - , , r B i o n o w g r s - credit, etc. etc. etc.* TOTAL—ALL MEM- BER BANKS 1933—June 30« 2,235 405 2,008 1,485 3,057 145 806 1,087 657 11,830 12,089 89 1 300 788 7,803 191 Oct. 25 2,651 447 1,917 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 1,132 3,139 129 967 1,320 378 12,109 12, 674 83 7 301 778 7,957 143 1934—Mar. 5 3,148 486 2,376 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 1,658 1,598 372 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 June 29 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 YORK CITY 6 1933—June 30 B._ 846 46 101 874 1,255 127 332 96 461 4,676 4,358 22 1 4 110 671 8 Oct. 25 968 42 90 553 1,215 100 379 71 299 4,513 4,330 1 5 10 106 680 31 Dec. 30... 903 47 93 476 1,200 112 422 141 167 4,494 4,325 1 6 14 107 620 5 1934—Mar. 5 1 170 67 91 631 1 402 154 843 109 368 4 422 4 268 7 13 105 600 June 30 1 417 64 97 415 1 591 135 802 167 154 4,894 4,800 1 7 12 69 649 Oct. 17 1,443 64 84 666 1,689 116 559 201 360 5,107 5,001 1 3 8 65 623 7 Dec. 31 1 576 86 103 1 069 1,798 126 792 229 540 5,370 5,069 1 7 4 56 591 1935—Mar. 4 1,856 58 86 810 2,047 147 572 190 500 5,329 5,209 1 7 4 44 595 2 June 29 1 935 51 133 447 1,983 248 369 354 149 5,924 5,979 4 6 27 567 Nov. 1 2,590 54 109 873 2,203 327 219 468 413 6,104 6,112 4 13 3 680 1 Dec 31 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 2 OTHER RESERVE CITIES 1933—June 30 s 937 156 1,205 462 1,575 17 356 437 124 4,578 4,677 59 209 394 3,299 16 Oct. 25 1,154 172 1,142 389 1,545 16 425 455 98 4,727 4,892 74 172 382 3,339 21 Dec. 30. _ 1,202 198 1,169 484 1,685 17 434 557 126 4,822 5,021 72 1 204 371 3,364 16 1934—Mar. 5 1 293 189 1 333 393 1 993 18 766 613 107 4 823 5 150 80 206 349 3,495 8 June 30 1 633 194 1 559 468 2 178 18 682 700 132 5 305 5 670 106 1 234 260 3,727 Oct. 17 1,685 228 1,590 552 2,431 19 458 692 132 5,871 6,143 117 1 199 197 3,793 Dec. 31 1,683 247 1,750 627 2,429 19 666 767 193 5,992 6,324 117 1 206 187 3,875 1935—Mar. 4 1 746 231 1,873 502 2,684 22 546 826 151 5,901 6, 376 128 211 167 3,985 1 June 29 2,079 250 1,856 544 2,649 24 319 872 164 6,522 7,013 119 1 203 118 4,139 Nov. 1 2 172 251 2 038 662 2 955 32 335 889 167 7 128 7 523 115 1 218 84 4,168 Dec 31 2,105 295 1 989 887 2 943 33 483 915 231 7 302 7 562 134 1 266 79 4,210 1936—Mar. 4 2,274 298 2,106 703 3,188 29 366 949 177 7,204 7,628 135 1 251 72 4,260 1 COUNTRY BANKS 1933—June 30 5 452 203 702 149 228 1 116 555 72 2,576 3,054 7 86 285 3,833 167 Oct. 25... 529 232 685 118 230 1 114 579 68 2,633 3,162 12 87 293 3,953 136 Dec. 30 573 225 769 172 254 1 111 622 85 2,793 3,328 10 83 300 3,973 123 1934—Mar. 5 685 230 951 135 281 1 181 702 74 3,007 3,648 11 87 301 4,163 83 June 30 769 216 1,105 174 300 1 174 731 85 3,150 3,792 15 87 256 4,388 35 Oct. 17 _ 848 258 1,257 189 345 1 125 787 98 3,472 4,168 17 87 210 4,500 17 Dec. 31 822 275 1,296 207 342 2 178 804 106 3,589 4,292 16 84 210 4,554 13 1935—Mar. 4.. 916 246 1,427 163 364 1 152 845 90 3,642 4,414 17 75 188 4,623 14 June 29.._ . 920 236 1,406 192 347 1 90 865 104 3,761 4,538 16 76 162 4,756 9 Nov. 1_ 900 237 1,613 221 399 2 95 895 106 4,095 4,875 17 78 140 4,824 8 Dec. 31 .. 927 305 1,676 235 415 1 137 901 127 4,254 5,047 16 83 136 4,879 6 1936— Mar. 4 1,017 268 1,757 187 433 1 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." 1 Does not include cash items in process of collection repDrted 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 $16,030,000. 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. 6 Central reserve city banks. Back figures.—Se9 BULLETIN for November 1935, pp. 72i-726, or reprint, which may ba obtained from Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 579 REPORTING MEMBER BANKS IN 101 LEADING CITIES [Monthly data are averages of weekly figures. In millions of dollars] Loans to customers (except banks) Ope l n o - a m n a s rket Investments Re- Date or month i m T n lo a v o e n a e t n n d a s t s l t s - Total Y N k b o s T r i e o u e o d o r r t w - e s - k o o c t t n T u h i e r o e s s i e r - s - e R lo s e t a a a n t l s e - m c O lo u t e t a s h o r t n e o s s r 2 - 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 e c p p m a d - e r e t l - - s - r t k L o C Y N e o i r o b e a s t r w r y n k i o i s n - Total U D m . i e r S n e t . c t i t G o o n o b F s g v l u u i e g a l r a l r n y - - - s O e t t c i h e u s e ri r - b s s w F e e a R e e r r i n r e a v t d v - k h l e - e s v C a i a n u s l h t d b a w o a B n t m n i i c a c t k e l e h - s s s 3 - City* bought anteed TOTAL—101 CITIES 1935—June 19,887 6,720 2,117 ,151 3,280 114 350 844 11,859 7,910 943 3, 006 4,041 318 2,018 1936— February 21,053 6,659 2,056 ,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 .,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 ,141 3,499 70 351 1,008 13, 384 8, 767 1, 273 3, 344 4,180 370 2,262 May 21.832 6,967 2,078 ,146 3.531 82 333 973 13, 477 8,877 1,286 3.314 4,577 378 2,283 June 22, 373 7,050 238 2,096 ,149 3,567 92 319 1,074 13, 838 9,202 1,303 3,333 4,389 387 2,290 Apr. 1 21, 621 6,962 2,103 ,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 ,143 3,508 70 353 984 13,362 8,791 1,267 3, 304 4,052 375 2,234 Apr. 15 21, 796 6,929 219 2,062 ,140 3,508 66 352 1,023 13, 426 8,796 1,276 3, 354 4,216 365 2,316 Apr. 22 21, 783 6,910 214 2,059 ,140 3,497 62 351 1,009 13, 451 8,805 1,277 3,369 4,348 372 2,310 Apr. 29 21, 795 209 2,063 ,141 3,485 67 346 1,032 13, 452 8,802 1,281 3, 369 4, 416 382 2,252 May 6 21, 897 6,950 212 2.083 ,146 3.509 101 341 1,020 13, 485 8,847 1,278 3,360 4, 458 370 2,242 May 13 21,820 6,953 208 2,080 ,146 3,519 100 336 969 13, 462 8,872 1,289 3,301 4,537 383 2,250 May 20 21, 799 6,995 213 2,079 ,147 3,556 62 332 964 13,446 1, 285 •3, 293 4,623 369 2,319 May 27 21,814 6,972 214 2,070 ,146 3, 542 65 322 940 13,515 8,920 1.290 3,305 4,690 389 2,319 June 3 22,148 7,065 238 2,094 ,147 3,586 92 315 1,154 13, 522 1, 305 3,308 4, 594 369 2,363 June 10 22,163 7,059 232 2,096 1,148 3,583 107 318 1,093 13, 586 8,975 1,303 3,308 4,744 386 2,359 June 17 22, 659 7,062 244 2,100 1,150 3,568 106 319 1, 051 14,121 9,449 1,302 3,370 3,937 389 2,201 June 24 22, 520 7,011 237 2,094 1,149 3,531 65 324 996 14,124 9, 474 1,302 3,348 4, 282 403 2,235 NEW YORK CITY 1935—June 7,703 2,082 733 127 1,163 165 4,590 3,299 311 1,892 79 1936—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 77 April 8,547 2,121 747 132 1,175 164 967 5,259 3,511 551 1,197 1,968 79 May 8,585 2,141 750 133 1,186 144 928 5,324 3,647 545 1,132 2,234 74 June 8,987 2,178 762 133 1,209 1,027 5,591 3,896 561 1,134 2,049 76 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 5, 264 3,506 559 1,199 1,972 83 Apr. 22 8,561 2,117 740 131 1,179 163 5,284 3,523 549 1,212 2,009 76 Apr. 29 8,571 2,101 739 130 1,164 159 5,289 3, 545 548 1,196 2,056 74 May 6 8,635 2,134 754 133 1,177 153 978 5,302 3,581 542 1,179 2,119 81 May 13 8,550 2,133 750 133 1,179 145 922 5,282 3,618 548 1,116 2,212 71 May 20 8,561 2,159 750 133 1,204 141 918 5,314 3,655 543 1,116 2,294 71 May 27 8.595 2,140 748 133 1,185 134 894 5,396 3,734 546 1,116 2,313 73 June 3 8,959 2,184 756 133 1,222 128 1,103 5, 487 3,809 557 1,121 2,163 76 June 10 8,917 2,179 761 133 1,212 132 1,042 5, 490 3,814 563 1,113 2,335 74 June 17 9,075 2,182 767 133 1,206 130 1,008 5,683 3, 954 564 1,165 1,791 78 June 24 2,169 765 133 1,196 139 955 5,704 4,007 559 1,138 1, 906 76 OUTSIDE NEW YORK CITY 1935—June 12,184 4,638 113 1,384 1,024 2,117 185 7, 269 4,611 2,026 2,149 274 1,939 1936—February 12, 992 4,634 113 1,322 1,013 2,186 191 8,103 5,278 760 2,065 2,298 305 2,256 Mareh 13, 054 4,721 133 1,326 1,012 2,250 187 8,077 5,258 2,091 2,225 315 2,257 April 13, 198 4,811 148 1,330 1,009 2,324 187 8,125 5, 256 2,147 2,212 319 2,183 May 13. 247 4,826 140 1,328 1,013 2,345 189 8,153 5,230 741 2,182 2,343 326 2,209 June 13, 386 4,872 164 1,334 1,016 2,358 187 8,247 5,306 2,199 2,340 334 2,214 Apr. 1 13,088 4,842 157 1,345 1,010 2,330 184 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 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 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 8,167 5,282 2,157 2,339 321 2,234 Apr. 29 13, 224 4,797 141 1,324 1,011 2.321 187 8,163 5,257 733 2,173 2,360 327 2,178 May 6 13, 262 4,816 142 1,329 1,013 2, 332 188 8,183 5,266 736 2,181 2,339 320 2,161 May 13 13, 270 4,820 137 1,330 1,013 2,340 190 8.180 5,254 2,185 2,325 330 2,179 May 20 13, 238 4,836 141 1,329 1,014 2,352 191 8,132 5,213 2,177 2,329 318 2,248 May 27 13, 219 4,832 140 1,322 1,013 2,357 188 8,119 5,186 744 2,189 2,377 334 2,246 June 3 13,189 4,881 165 1, 338 1,014 2,364 187 8,035 5,100 748 2,187 2,431 318 2,287 June 10 13, 246 4,880 159 1,335 1, 015 2,371 186 8,096 5,161 2,195 2,409 334 2,285 June 17 13, 584 4,880 168 1, 333 1,017 2,362 189 8,438 5,495 738 2,205 2,146 337 2,123 June 24 13, 522 4,842 162 1, 329 1,016 2,335 185 8,420 5,467 743 2,210 2,376 348 2,169 »• Revised. 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Includes reporting banks' own acceptances. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on 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

580 FEDERAL RESERVE BULLETIN JULY 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Cash Total Demand deposits Time deposits Date or month r i c e n i t e e o t i d s p e o p l s o l m n r e a r o o c s t s i f c - - - a O s t s h e e ts r l a T i i s a t o s i b e t e i a s t l l s - D b o a t I n m i n c k e t s e s r - b F a b o n a r k n ei k g s n G U S m o n t v a e it t e n e e r t d n s - c C h e e e tc r c . t k i- s, Other j i u d m ts s e D — t a p e e n o - d a d s d - 2 - b m D a I e n n o s k - t t e i s c rb b a F e 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 i c - t - TOTAL—101 CITIES 1935—June 1,132 ,407 28, 803 4,627 269 754 13, 478 12, 814 120 4,874 705 3,499 1936—February 1,277 ,337 31,140 5,512 397 545 493 14,848 14,064 135 4,893 807 3,505 March 1,413 ,334 31, 255 5,516 376 646 580 14,714 13,881 133 4,923 838 3,512 April '., 526 ,354 31,437 5,351 356 758 576 14, 932 13,982 133 4,971 822 3,527 May ,269 ,376 31,715 5,346 375 752 420 15, 220 14, 371 131 5,051 874 3,541 June ,385 .,371 32,195 5,371 447 797 499 15, 449 14, 563 132 5,037 913 3,543 Apr. 1 ,744 ,353 31,138 5,297 370 774 14, 623 13,578 133 4,909 22 3,518 Apr. 8 ,263 ,335 30,990 5,292 359 760 486 14,667 13,890 135 4,956 3,523 Apr. 15 ,850 ,344 31,887 5,487 351 755 692 15,154 13,996 133 4,958 821 3,527 Apr. 22 , 346 ,345 31, 504 5,379 350 751 15,059 14,187 133 4,985 833 3,533 Apr. 29 ,428 ,393 31,666 5,299 348 752 528 15,158 14, 258 132 5,047 865 3,532 May 6 ,283 ,383 31, 633 5,361 374 754 479 15,064 14, 260 130 5,076 850 3,540 May 13 ,341 ,379 31,710 5,360 377 752 15, 221 14, 272 132 5,056 871 3,544 May 20 ,241 ,363 31, 714 5,344 377 754 415 15, 216 14,390 131 5,043 892 3,538 May 27 ,210 1,379 31,801 5.317 374 747 393 15, 379 14, 562 132 5,028 884 3,543 June 3 ,479 1,389 32, 342 5,453 404 746 577 15,482 14, 580 131 5,035 959 3,551 June 10 ,255 1,395 32, 302 5,500 456 742 15, 467 14,677 133 5,033 956 3,546 June 17 ,535 1,358 32, 079 5,217 476 852 544 15, 422 14, 431 131 5,021 861 3,539 June 24 ,272 1,344 32,056 5,315 452 846 408 15, 427 14, 563 132 5,059 875 3,537 NEW YORK CITY 1935—June 583 533 10,834 1,8 245 375 311 5,730 5, 459 555 257 1,456 1936—February 627 472 11,774 368 143 317 6,295 5,985 537 312 1,463 March 737 465 11,859 2,343 347 164 409 6,229 5,901 542 348 1,463 April 789 478 11,912 2,292 325 197 390 5,968 547 321 1,466 May 565 494 12, 004 2,303 345 196 261 6,478 6,175 581 366 1,470 June 650 496 12,311 2,310 416 194 326 6,635 6,311 547 407 1,470 Apr. 1 978 485 12,022 2,233 339 198 6,416 5,927 546 314 1,464 Apr. 8 567 467 11, 586 2,240 329 198 286 6,225 5,944 533 301 1,465 Apr. 15 1,036 472 12,169 2,376 319 198 520 6,437 5,921 532 318 1,466 Apr. 22 623 471 11, 791 2,317 318 196 301 6,316 5,994 545 326 1,468 Apr. 29 741 495 11,992 2,293 318 196 356 6,437 6,052 576 345 1,467 May 6 608 505 11, 998 2,291 343 196 313 6,421 6,126 602 356 1,472 May 13 573 502 11, 961 2,318 347 196 236 6,440 6,103 583 364 1,473 May 20 550 482 12,009 2,323 347 198 256 6,456 6,162 578 379 1,468 May 27 528 485 12,049 2,278 344 194 241 6,596 6,309 561 363 1,468 June 3 716 504 12, 469 2,326 374 195 384 6,717 6,385 549 447 1,473 June 10 570 510 12, 458 2,408 425 194 286 6,671 6,387 550 448 1,472 June 17 744 495 12, 235 2,242 444 196 378 6,587 6,221 542 10 365 1,467 June 24 571 476 12, 082 2,263 419 192 257 6,565 6,251 547 367 1,468 OUTSIDE NEW YORK CITY 1935—June 549 874 17, 969 2,729 379 156 7,748 7,355 120 4,319 448 2,043 1936—February 650 865 19,366 3,176 402 176 8,553 8,079 135 4,356 495 2,042 March 676 19, 396 3,173 482 171 8,485 7,980 133 4,381 490 2,049 April 737 19, 525 3,059 561 186 8,566 8,014 133 4,424 501 2,061 May 704 882 19,711 3,043 556 159 8,742 8,196 131 4,470 508 2,071 June 735 875 19, 884 3,061 603 173 8,814 8,252 132 4,490 506 2,073 Apr. 1 19,116 3,064 576 210 8,207 7, 651 133 4,363 475 2,054 Apr. 8 696 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 4,426 503 2,061 Apr. 22 723 874 19, 713 3,062 555 173 8,743 8,193 133 4,440 507 2,065 Apr. 29 687 898 19, 674 3,006 556 172 8,721 8,206 132 4, 471 520 2,065 May 6 675 878 19, 635 3,070 558 166 8,643 8,134 130 4,474 494 2,068 May 13 768 877 19, 749 3,042 556 156 8,781 8,169 132 4,473 507 2,071 May 20 691 881 19, 705 3,021 556 159 8,760 8,228 131 4, 465 513 2,070 May 27 682 894 19, 752 3,039 553 152 8.783 8. 253 132 4, 467 521 2,075 J J u u n n e e 3 10 6 7 8 6 5 3 8 8 8 8 5 5 1 19 9 , , 8 87 44 3 3 3 , , 1 0 2 9 7 2 5 5 5 4 1 8 1 1 9 7 3 9 8 8 , , 7 7 6 9 5 6 8 8, , 1 2 9 9 5 0 1 1 3 3 1 3 4 4, , 4 4 8 8 3 5 5 5 0 1 8 2 2 2, , 0 0 7 7 4 8 June 17 791 863 19, 844 2,975 656 165 8, 835 8,210 131 4,479 496 2,072 June 24 701 858 19, 974 3, 052 654 151 8, 852 8,312 132 4,512 508 2,069 I 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

581 JULY 1936 FEDERAL RESERVE BULLETIN 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 B to o n s- Y N o e r w k P p h d h i el i 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-I Lo S u t. is n M o e i l a n i p - s - K C s a i a n t s - y Loans and investments, total: June 3 22,148 1,238 9,831 1,165 1,775 583 538 2, 823 603 374 646 446 2,126 8,959 1,875 June 10 22,163 1,245 "), 791 1,168 1,778 593 535 2,834 599 384 658 444 2,134 8,917 1,903 June 17 22,659 1,260 9,970 1,186 1, 838 621 2,916 616 386 671 466 2,179 9,075 1935 June 24 22, 520 1,250 9,890 1,187 1,825 622 615 376 466 2,164 8,998 1.929 Loans to brokers and dealers in New York: June 3 1,154 1,114 1,103 June 10 1,093 1,054 1,042 June 17 1,051 1,019 1,008 June 24 955 Loans to brokers and dealers outside New York: June 3 238 73 55 June 10 232 73 52 June 17 244 76 57 June 24 237 75 55 Loans on securities to others (except banks): June 3 2,094 153 901 146 217 206 170 756 144 June 10 2,096 154 905 147 216 205 170 761 143 June 17 2,100 154 911 149 215 204 169 767 143 June 24 2,094 154 149 215 204 168 765 143 Acceptances and commercial paper bought: June3 315 44 136 6 31 23 21 128 15 June 10 318 44 139 7 30 24 22 132 14 June 17 319 45 137 6 31 24 22 130 14 June 24 324 43 146 6 30 24 22 139 14 Loans on real estate: June 3 1,147 84 248 185 67 17 367 133 15 June 10 1,148 84 248 185 67 17 368 133 15 June 17 1,150 84 248 185 68 17 368 133 15 June 24 1,149 84 248 184 68 17 368 133 15 Loans to banks: June 3 92 3 57 3 4 10 4 1 57 6 June 10 107 3 74 2 4 10 4 1 74 6 June 17 106 3 72 2 5 1 10 4 1 72 6 June 24 65 3 31 2 5 1 10 4 1 31 6 Other loans: June 3 . 3, 586 311 1,364 181 209 108 137 428 107 119 131 129 362 1222 284 June 10 3, 583 311 1,355 183 211 107 137 435 106 114 132 129 363 1212 291 June 17 3, 568 314 1,348 179 211 107 137 431 105 110 132 127 367 1206 288 June 24 3, 531 313 1,337 180 210 105 134 430 104 100 131 126 361 1196 289 U. S. Government direct obligations: June 3 8, 909 418 4,041 301 810 261 1,447 203 146 244 166 674 3809 967 June 10 8, 975 425 4,046 301 812 274 1, 465 201 160 254 165 675 3814 996 June 17 9,449 438 4,204 323 872 303 212 1, 545 220 167 265 193 707 3954 1,021 June 24 9, 474 429 4,256 321 861 305 1,539 220 168 264 196 703 4007 1.014 Obligations fully guaranteed by U. S. Government: June 3 1, 305 18 589 101 67 155 55 45 151 557 95 June 10 1,303 18 595 103 67 146 55 45 154 563 94 June 17 1, 30: 18 596 103 67 146 52 46 157 564 94 June 24 1, 30! 18 591 105 67 144 55 47 158 559 93 Other securities: June 3 3, 308 167 1, 306 314 261 408 110 131 363 1,121 294 June 10 3,308 167 1,300 315 262 408 111 132 364 1,113 292 June 17 3,370 167 1,357 315 262 413 111 132 366 1,165 297 June 24 3,348 167 1,329 316 262 417 111 132 366 1.138 300 Eeserve with Federal Reserve bank: June 3 4,594 208 2, 276 199 284 115 876 106 114 215 2, 163 702 June 10 4,744 202 2,410 198 295 112 881 122 113 221 2,335 696 June 17 3, 937 171 1,856 178 248 100 811 101 100 199 1,791 641 June 24 4, 28f 197 2,001 183 267 112 850 113 123 220 1,906 677 Cash in vault: June 3 369 122 65 14 30 16 59 11 11 18 51 36 June 10 386 124 68 15 32 18 63 11 12 18 52 38 June 17 389 126 68 15 34 18 62 11 12 19 52 35 June 24 403 125 71 16 35 18 63 12 13 22 55 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN JULY 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued fin millions of dollars] Federal Reserve District City Total B to o n s- 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 - At t l a an- Ch g i o ca- L S ou t. is n M o e l i a i n s p - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Y N o ew rk Ch g i o ca- Balances with domestic banks: June 3 . 2,363 129 185 151 251 187 137 437 116 100 251 176 243 76 211 June 10 2,359 124 164 154 234 174 144 444 129 106 254 190 242 74 207 June 17.. _ _ _ 2,201 119 159 147 218 145 136 410 119 102 252 167 227 78 201 June 24 2,235 113 160 148 226 145 134 420 122 106 262 168 231 76 206 Other assets: June 3 1, 389 76 575 89 112 36 41 110 24 18 25 27 256 504 75 June 10 1,395 78 583 89 112 38 41 108 24 18 25 27 252 510 74 June 17 1,358 76 566 88 111 39 40 101 24 17 25 27 244 495 6Q June 24 1,344 75 547 89 110 41 40 106 23 18 25 27 243 476 73 Demand deposits—adjusted: June 3 14, 580 968 6 925 744 984 384 299 2,142 334 260 436 336 768 6, 385 1, 453 June 10 14, 677 971 6,877 751 989 388 299 2,172 372 263 455 353 787 6,387 1,472 June 17 14,431 954 0, 705 745 979 375 294 2,160 372 259 453 335 800 6,221 1,461 June 24 . . 14, 563 952 6, 765 740 988 383 301 2,173 381 264 466 347 803 6,251 1,473 Time deposits: June 3. . _ . _ 5,035 297 939 269 717 195 172 845 175 119 145 1.19 1,043 549 488 June 10 5, 033 296 940 268 716 194 173 846 175 119 145 120 1,041 550 489 June 17 5,021 295 933 267 717 194 173 846 175 119 145 120 1,037 542 488 June 24. 5,059 296 940 275 721 195 175 851 176 119 146 120 1,045 547 491 U. S. Government deposits: June 3 _ _ _ _ 746 16 228 57 54 40 43 137 9 3 18 27 114 195 101 June 10 742 16 226 57 54 40 43 136 9 3 18 27 113 194 101 June 17__. _ _ . .. 852 21 236 72 77 48 51 147 13 3 23 41 120 196 102 June 24 846 21 232 72 77 48 51 148 13 3 23 39 119 192 101 [nterbank deposits, domestic: June 3 5,584 227 2, 395 299 342 206 183 791 248 114 356 169 254 2,326 589 June 10 5,633 225 2,475 299 337 200 182 790 235 119 352 166 253 2,408 592 June 17.. 5,348 216 2, 306 281 323 190 177 759 219 115 347 164 251 2,242 565 June 24 5,447 223 2,327 286 322 196 177 782 222 122 364 170 256 2,263 587 Interbank deposits, foreign: June 3 408 8 379 3 1 1 5 1 10 378 4 June 10 460 8 430 3 1 1 5 1 11 429 5 June 17 480 9 449 3 1 1 6 1 10 448 4 June 24 457 10 425 3 1 1 6 1 10 423 5 Borrowings: June 3_ . . June 10 June 17 12 12 10 June 24 .. Other liabilities: June 3 959 25 461 22 18 24 7 35 11 4 2 5 345 447 30 June 10. _ 956 25 463 23 18 25 7 35 11 4 2 5 338 448 29 June 17 861 25 379 22 17 28 7 36 9 4 2 5 327 365 31 June 24; _ _ 875 26 381 24 18 26 7 41 10 5 3 5 329 367 35 Capital account: June 3 3,551 232 1, 605 224 336 88 86 350 83 56 90 77 324 1,473 234 June 10_ 3, 546 232 1,605 223 336 88 86 346 83 56 90 77 324 1,472 230 June 17 3, 539 232 1,599 224 335 88 86 346 83 56 90 77 323 1, 467 230 June 24 3, 537 232 1,599 223 336 90 87 346 83 56 90 77 318 1, 468 230 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

583 JULY 1936 FEDERAL RESERVE BULLETIN BANKS SUSPENDED AND NONLICENSED BANKS PLACED IN LIQUIDATION OR RECEIVERSHIP DURING 1935 AND JANUARY-JUNE, 1936 [Preliminary figures] Licensed banks suspended 1 Nonlicensed ba r n e k c s e i p v l e a r c s e h d ip i 2 n liquidation or Number of banks De sa p n o d s s it s o f 3 d (i o n l la th rs 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 la th rs o ) u- January- January- January- January- Year 1935 June Year 1935 June Year 1935 June Year 1935 June 1936 1936 1936 1936 National banks _. 4 5,313 4 6,499 State bank members 46 4 8, 613 Nonmember insured banks ._ _ 22 25 3,847 3,623 Other nonmember batiks 8 1 998 428 48 10 14, 306 16,713 Total 34 26 10,158 4,051 58 10 29,418 16,713 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). BANK DEBITS POSTAL SAVINGS SYSTEM [Debits to individual accounts. Amounts in millions of dollars] [In millions of dollars] 1936 1935 Assets Number of centers May April May U. S. Government securities Depos- New York City. . . 1 16, 227 17, 285 14, 551 End of month itors' Cash Cash, Outside New York City 140 16,998 17, 497 15, 557 bal- in de- Guar- reances Total posi- Di- an- serve Federal Reserve districts: tory rect teed funds, Boston 11 1,740 1,928 1,630 banks Total obli- obli- etc.1 New York__. 7 16, 904 17,903 15, 201 ga- ga- Philadelphia 10 1,490 1,456 1,473 tions tions Cleveland 13 1,794 1,879 1, 591 Richmond 7 589 604 551 Atlanta 15 758 717 702 1935—January _ 1,201 1,232 509 614 467 147 109 Chicago 21 4,559 4, 673 4,042 February 1,205 1,237 491 633 467 166 113 St. Louis 5 904 822 827 March. __ _ 1,203 1, 232 478 691 508 183 63 Minneapolis 9 559 600 541 April 1,200 1,231 452 685 539 146 94 Kansas City 15 955 987 879 May 1,205 1, 237 412 709 562 147 116 Dallas 10 563 568 488 June 1,205 1,236 385 111 630 147 74 San Francisco ___ 18 2,410 2,645 '2, 183 July 1, 189 1,221 364 111 630 147 80 1,192 1,224 348 780 633 147 96 Total 141 33, 225 34, 783 '30,108 September 1,192 1,224 319 805 658 147 100 October 1, 196 1,230 306 824 677 147 100 November 1,199 1,234 294 853 706 147 87 r Revised. December 1,201 1,237 287 853 706 147 97 Back figures.—See Annual Report for 1934 (table 78). 1936—January 1,208 1,241 248 876 709 167 117 February 1, 214 1,248 225 876 710 166 147 March 1,216 1,251 221 902 736 166 128 April PI, 215 May Pl, 214 p Preliminary. mi 1 s c In el c l l a u n d e e o s u s w o w r o k r i k n i g n g c as fu h n w ds ith w i p t o h s t t m he a st T e r r e s 5 a , s 5 u - r p er e r o ce f n t t h r e es U er n v i e t e f d un S d t a a t n e d s, accrued interest on bond investments, and accounts duefrom late postmasters. Back figures.—See BULLETtN for AugustL935, p. 502. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN JULY 1936 ACCEPTANCES, COMMERCIAL PAPER, AND BROKERS' BORROWINGS BANKERS' ACCEPTANCES, BY HOLDERS BANKERS' ACCEPTANCES, BY CLASSES (DOLLAR ACCEPTANCES) (DOLLAR ACCEPTANCES) [In millions of dollars] [In millions of dollars] H er e a l l b d a R b n e y k s s e F rv ed e - Held b b y a n a k c s cepting s o t n B o r a g e s o d e o d d in s B g a o o s o n d e s d United stored Based States in End of month s T t o i a o n u n t g t a d - l - o F a w c o - n r o c e o f F a i u c g o f - o n n r r t - Total O bi w ll n s bo B u il g ls ht o H t b h e y e ld rs End of month Total p U i i n o o m . t r n S o t - . s o B p U f n r a o o . s r S e m e t x . s d - s c h ( h r w e i o p o d a u p r i r s t e e e s d - ) c Do h e l a x l n - a g r e s t f h r c o i i o b r e p e u e s p i - n g e o - n d r count corre- between tween spond- domestic foreign ents points points 1934—February 750 56 5 581 266 315 108 1934—February.. 750 203 261 184 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 0) 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 562 147 184 133 N D o ec v e e m m b b e e r r . . _ _ . _ 5 5 6 4 1 3 0) 0) 4 5 9 1 7 7 2 24 5 3 2 2 2 6 5 5 4 4 4 6 4 N D o ec v e e m m b b e e r r . . 5 5 6 4 1 3 89 1 1 4 4 0 8 1 1 9 9 3 5 1 1 1 2 9 7 0) 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 356 162 193 19 May 375 107 100 76 91 June 343 317 154 163 26 June 343 102 94 57 July 321 296 148 148 24 July 321 99 86 47 August 322 292 145 147 30 August 322 102 81 52 September... 328 301 148 154 27 September. 328 102 77 66 79 October 363 339 178 161 24 October 363 106 75 98 82 November... 387 358 182 175 29 November. 387 105 84 111 84 December 397 183 185 29 December. 397 107 94 110 84 1936—January 384 353 181 172 31 1936—January.._. 384 108 94 96 84 February 377 340 172 168 37 February.. 377 114 94 81 86 March 359 321 150 171 38 March 359 113 91 66 87 April 344 310 143 167 34 April 344 111 86 57 89 May 331 297 155 142 34 May 331 110 81 55 82 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). BROKERS' BORROWINGS COMMERCIAL PAPER OUTSTANDING1 [Net borrowings on demand and on time in New York City reported by members of the New York Stock Exchange. In millions of dollars] [As reported by dealers. In millions of dollars] From private End of month 1932 1933 1934 1935 1936 Total an F d r o t m ru s b t a n co k m s - f b o a r n ei k g s n , b b r a o n k k e i r n s g , End of month panies agencies, etc. January 108 85 108 171 178 February.. 103 84 117 177 176 March 106 72 133 182 180 1935 1936 1935 1936 1935 1936 April 108 64 139 173 174 May 111 60 142 173 184 January _ 825 925 758 891 67 34 June 103 73 151 159 February 816 924 750 888 66 36 March.. _ 773 997 706 956 67 41 July .. 100 97 168 164 August 108 107 188 177 April ... _ . 805 1,064 762 1,028 43 35 September 110 123 192 183 May.. 793 970 759 934 34 36 June 808 989 776 955 32 34 October 113 130 188 180 November 110 133 178 178 July 769 741 28 December 81 109 166 172 August 772 750 22 September 781 759 22 1 Includes some finance company paper sold in the open market. October 792 772 20 November 846 821 25 Backf igures.—See Annual Report for 1934 (table 76). Oenpimbfir 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

JULY 1936 FEDERAL RESERVE BULLETIN 585 FEDERAL RESERVE BANK DISCOUNT RATES Advances secured by Rediscounts and advances un- Advances under sec. Discounts and ad- direct obligations of der sees e . r a 1 l 3 R a e n s d e r 1 v 3 e a o A f c t t he Fed- 10(b R ) e o s f e r t v h e e A F c e t deral of v s a e n c R . c e e 1 s s 3 e o u r f v n e d th e e A r c F p t a e r d . e 3 ral se t ( h c la e . s 1 t U 3 p o n a f i r t t e a h d g e r a F S p e t h a d t e e o r s f al Federal Reserve Bank Reserve Act) J R u a l t y e l be I g n in e n ff i e n ct g- v P r i a o r t e u e - s J R u a ly te l be I g n i n e n f i f n e g c — t J R ul a y t e 1 be I g n in e n ff i e n ct g- J R ul a y t e 1 be I g n i n e n ff i e n c g t - N Bo ew st on York___. F F e e b b . . 8 2 , . 1 1 9 9 3 3 4 4 2V2 S Oc e t p . t.2 1 0 0 , , 1 1 9 9 3 3 5 5 A A u u g g . . 1 1 1 0 , , 1 1 9 9 3 3 2 2 F O e c b t. . 2 8 0 , , 1 1 9 9 3 3 4 3 P C h le il v a e d l e a l n p d hia_- 2 IK J M an a . y 1 1 7 1 , , 1 1 9 9 3 3 5 5 2 2 V2 N Oc o t v . . 1 2 9 , , 1 1 9 9 3 3 5 5 J A u u ly g. 2 1 4 2 , , 1 1 9 9 3 3 4 2 M Oc a t y . 2 1 0 1 . , 1 1 9 9 3 3 3 5 D S A S M K R C a t h a i a t . i n c l l i n n a l c h L s a n n a m F a o s e g t s r u a a o o a i p n n s C o d c l i is i t s y c . o . . . . 2 2 2 2 2 2 2 2 J J J M M M M F a a a e n n n a a a a b . . . y y y y . 1 1 1 1 1 3 8 9 9 4 0 4 6 , . , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 5 4 5 5 5 5 5 5 2K V2 2 2 2 2 2 2 % K K V V Y X 2 2 2 A S S S O O S O c c e e u c e e t t t p p p p g . . . t t t t . . . . . 2 2 2 2 1 2 0 8 3 3 9 4 0 6 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 5 5 5 5 5 5 5 5 J J A A J M S S u u u e e u u a l l l p p y y y g g r t t . . . . . 2 1 1 1 1 1 8 2 0 6 3 0 0 0 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 2 4 2 4 2 4 4 2 4 4 4 4 4 I 4 K H A M M F F M O O e e p c c a a a b b t t r y r r . . . . . . . 2 1 1 1 1 1 1 1 1 9 7 6 5 0 2 9 . . . , . , . , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 3 3 3 3 3 3 3 3 4 4 5 4 3 3 5 3 RATES ON INDUSTRIAL ADVANCES BUYING RATES ON ACCEPTANCES [Approved by the Board of Governors of the Federal Reserve System, [Buying rates at the Federal Reserve Bank of New York] under Sec. 13(b) of the Federal Reserve Act as amended June 19, 1934. Percent per annum except as otherwise specified. In effect July 1, 1936] Advances to financ- Maturity e R f J f u a ec t l e y t i 1 o n n In g i e n f n fe in ct g — be- Pre ra v t i e ous ing institutions— Advances direct to Commit- 1-15 days . \i Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 16-30 davs do 1 m ga o e n r r i c z c i a o a t l m io o - n r- s t i w i n o s h n t i i c t f u h o - r m p O o a n r in t i r i o e n n - g a t d o v m an a c k e e s 4 3 6 6 1 1 - - - 9 6 4 0 0 5 d d d a a a y v y s s s V \/ i . . d d d o o o 1 1 1 tion is 91-120 days % do 1 obligated 121-180 davs 1 do IX N B Ph o e i w s l t a o d Y n e o lp rk hia ._ . ... __. 1 4 - - 6 6 3 3 3 4-5 K 1 - i 2 ch N ar O g T ed E . f — or R o a t t h es e r o c n l a p s r s i e m s e o f b b a i n ll k s e . rs' acceptances. Higher rates may be Cleveland . _ 4 1 Back figures.—See Annual Report for 1934 (table 51). Richmond _ . . 6 4-6 4-6 1 2 Atlanta 6 5 5 Chicago .- _. 5-6 13 5-6 1-2 St. Louis 5M Minneapolis ... _ _ . ... 6 1 Kansas City 4-6 2 4 2 4 3 1^2 Dallas 5-6 4 5-6 1 San Francisco 5-6 3-4 4-5 V2-2 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. 3 Flat charge. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN JULY 1936 MONEY RATES AND BOND YIELDS OPEN-MARKET RATES IN NEW YORK CITY RATES CHARGED CUSTOMERS BY BANKS IN [Percent per annum] PRINCIPAL CITIES [Weighted averages of prevailing rates; percent per annum] Prevailing rate on- Average rate on- Aver- 1928 1929 1930 1931 1932 1933 1934 1935 1936 age Prime Prime Stock- Stock ex- U. S. yield on Month or week com- bank- ex- change call Treas- U. S. New York City: mercial ers' change loans ury 273- Treas- January 4.56 5.74 5.64 4.24 4.71 4.12 3.58 2.83 2.64 paper, accept- time day bills ury February 4.44 5.73 5.35 4.31 4.71 4.11 3.43 2.90 2.56 4 to 6 ances, loans, offered 3-5 year March 4. 595.81 5.22 4.20 4.72 4.88 3.31 2.64 2.61 months 90 90 New Re- within notes! April 5.85 4.91 4.17 4.69 4.33 3.39 2.61 2.54 days days newal period May 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 June 5.09 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 July 5.38 5.88 4. 4.05 4.42 3.93 3.30 2.61 1935 August 5.56 6.05 4.41 3.97 4.45 3.97 3.33 2.67 May ZA Vs X .25 .25 .15 1.12 S O e c p to te b m er ber 5 5. . 6 6 3 3 4 4, .29 3 4 . . 9 2 3 7 4 4 . . 3 3 0 5 3 3 . . 7 7 9 6 ' 2 2 . . 7 7 2 2 June Vs X .25 .25 .13 1.14 November 5.56 5.86 4.17 4.67 4.12 3.52 3.22 2.77 A Ju u l g y ust 3 Z / /i Vs X X . . 2 2 5 5 . . 2 2 5 5 . . 1 0 0 7 1 1 . . 2 1 2 6 December 5. 635.74 4.16 4.64 4.22 3.48 3.18 2.61 September Si Vs X .25 .25 .22 1.43 Year 5. 155.88 4.69 4.22 4.49 4.02 3.33 2.70 October %/ Vs X .29 .29 .20 1.37 8 other northern and November % Vs 1 .75 .75 .14 1.29 eastern cities: December k Vs 1 .75 .75 .09 1.26 January 4.73 5.87 5. 4.61 5.07 4. 4.65 4.08 3.62 February 4.76 5.86 5.66 4.63 5.13 4.84 4.49 4.02 3.63 1936 March 4.81 5.91 5.47 4.62 5.14 5. 4.52 4.05 3.60 January ZA y 1 . 75 .75 .10 1.21 A M p a r y il ^ 4 5 . .0 9 4 1 6 6 . . 0 0 0 9 5 5 . . 2 1 2 3 4 4 . . 5 5 7 5 5 5. . 1 1 4 0 4 5 . .0 9 9 9 4 4 . .52 3 3 . . 8 9 8 9 3 3 . . 4 4 5 7 February ZA 1/ 1 .75 .75 .08 1.15 June 5.36 6.02 5.06 4.49 5.13 4.97 4.30 3.78 3.51 March 1/ 1 .75 .75 . 11 1.09 July „_ 5.57 4.81 4.48 5.05 4.82 4.15 3.87 April ZA 1/ 1 .75 .75 .10 1.10 August 5.59 6.11 4.79 4.47 5.12 4. 4.12 3.79 J M un ay e _ Z 3/ A V 1/ s VA 1 . .0 9 0 3 1 . .0 93 0 . . 1 2 8 3 1 1 . . 0 1 9 2 S O e c p to te b m er ber 5 5 . . 8 8 0 0 6 6 . . 2 2 4 5 4 4 . . 7 7 4 5 4 4 . . 4 6 8 2 4 5 . .03 4 4 . . 6 5 5 1 4 4. . 1 1 3 1 3 3 . . 7 7 5 5 November 5.82 4.66 4.87 4. 4.54 4. 3.63 Week ending: December 5.91 4.91 4. 4.59 3.98 3.67 A A p p r r . . 4 11 l ZA V V s s l l . . 7 7 5 5 . . 7 7 5 5 . . 1 1 0 1 1 1. . 0 1 7 2 Year 5.34 6.04 5.07 4.61 5.05 4.83 4.29 Apr. 18 Vs l .75 .75 .09 1.09 27 southern and Apr. 25 Vs l .75 .75 .09 1.09 western cities: May 2 ¥ Vs l .75 .75 .13 1.10 January 5.53 5.94 6.12 5.50 5.61 5.60 5. 4.95 May 9 Vs l .75 .75 . 19 1.11 February 5.53 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 May 16 ZA ' Vs VA 1.00 1.00 .18 1.09 March 5.54 6.04 5. 5.40 5.64 5.66 5.40 4.85 4.44 May 23.___ ¥ Vs VA 1.00 1.00 .20 1.08 April 5.54 6.07 5. 5.36 5.63 5.68 5.34 4.80 4.40 May 30 Vs VA 1.00 1.00 .22 1.09 May 5.56 6.10 5.75 5.26 5.64 5.66 5.28 4.79 June 6 ZA Vs 1.00 1.00 .23 1.07 June 5.67 6.16 5. 5.34 5.62 5.62 5.19 4.76 June 13 ¥ Vs VA 1.00 1.00 .24 1.09 July 5.77 6.1- 5.63 5.30 5. 63 5.54 5.07 4.58 June 20 .._ Vs VA 1.00 1.00 .24 1.16 August 5.80 6.22 5.58 5.28 5.68 5.53 5.05 4.63 June 27 _-_ Vs VA 1.00 1.00 .19 1.18 September 5.82 6.27 5.55 5.32 5.63 5.55 5.04 4.51 October 5.87 6.29 5.54 5.38 5.56 5.50 5.05 4.55 1 For description of average and back figures, see May Bulletin, p. 317. November 5.90 6.29 5.50 5.53 5.55 5.42 4.93 4.51 December 5. 91 6.20 5.43 5.56 5. 5.43 4.92 4.55 Back figures.—See Annual Report for 1934 (tables 54 and 55), except for average yield on U. S. Treasury 3-5 year notes. Year 5.70 6.14 5.72 5. 39 5.62 5.56 5.17 4.69 Back figures.—See Annual Report for 1934 (table 57). BOND YIELDS1 Corporate' Year, month, or date T U u re r . y a S s . 2 - M g ( r i h u a p i d n a g e i l h c ) - 3 Total By ratings Indus- By R g a r i o l- ups Public Aaa Aa A Baa trial road utility Number of issues._ ._ ^6-11 15 120 30 30 30 30 40 40 40 1933 average 3.31 4.71 5.88 4.49 5.23 6.09 7.76 5.32 6.06 6.25 1934 average . _ _ _ _ _ _ 3.10 3.95 4.96 4.00 4.44 5.08 6.32 4.52 4.96 5.40 1935 average 2.70 3.16 4.58 3.74 4.13 4.62 5. 81 4.25 4.95 4.53 1935—June _ 2.61 3.25 4.59 3.72 4.18 4.62 5.86 4.31 4.99 4.48 July 2 59 2 95 4 54 3 70 4 15 4 54 5.77 4.26 4.97 4 40 August 2. 66 2.87 4.54 3.77 4.15 4. 57 5.69 4.26 4. 95 4.42 September 2 78 3.08 4.52 3.80 4.11 4. 56 5.62 4.24 4.91 4.41 October 2.77 3.16 4.52 3.79 4.10 4.57 5.63 4.20 4.97 4.39 November 2 73 3.02 4.45 3.75 4.03 4.53 5.50 4.13 4.90 4.33 December 2 73 2 97 4 38 3.72 3.97 4.44 5.37 4.09 4.73 4.31 1936—January 2 68 2.93 4.23 3.66 3.85 4.31 5.10 3.93 4.50 4.26 February ... _ 2.62 2.86 4.15 3.62 3.80 4.24 4.93 3.88 4.32 4.25 March 2.54 2.78 4. 15 3.61 3.77 4.23 4.99 3.84 4.35 4.27 April 2.51 2.76 4.17 3. 60 3.79 4.26 5.04 3.84 4.41 4.27 May _ - - 2.50 2.76 4. 16 3.58 3.74 4.25 5.08 3.80 4.42 4.26 June 2.50 2.72 4.13 3.55 3.70 4.23 5.03 3.77 4.38 4.24 June 3. _ __ .. _ _. __ __ 2.48 2.73 4. 14 3. 56 3.72 4.23 5.05 3.78 4.39 4.25 June 10 2.48 2.73 4.13 3.55 3.70 4.23 5. 03 3.76 4.38 4.24 June 17__ _ __ -_ 2.50 2.72 4. 13 3. 56 3.70 4.24 5.01 3.78 4.37 4.24 June 24 2.51 2.71 4.12 3.55 3.69 4.23 5.02 3.77 4.37 4.23 r Revised. 1 Monthly data are averages of daily figures, except for municipal bonds, which are averages of Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 8 years. 3 Standard Statistics Co. 4 Moody's Investors' Service. Since the early part of 1934 less than 40 industrial bonds have been included owing to the fact that the number of industrial bonds with Aaa ratings has been reduced from 10 to 4 and with A a ratings from 10 to 3. Back figures—See Annual Report for 1934 (table 94). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

587 JULY 1936 FEDERAL RESERVE BULLETIN BOND PRICES i STOCK PRICES1 Corporate3 Preferred Common stocks (index, 1926=100) U. S. Munic- stocks Year, month, or date Treas- ipal Year, month, or date (indusury 2 g ( r h a i d g e h ) - 3 Total In tr d ia u l s- R ro a a i d l- Utility tr g ia r l a d h e ig )2 h- Total In tr d i u al s- R ro a a i d l- Utility Number of issues__. '6-11 15 60 20 20 20 Number of issues 20 419 347 32 40 1933 average 102.5 87.1 73.4 69.2 70.5 80.6 1933 average 104.8 63 66 38 78 1934 average-.- _____ 103. 5 97.3 84.5 81.9 83.8 87.8 1934 average 120.7 72 81 42 69 1935 average 106.0 109.4 88.6 88.2 79.4 98.2 1935 average 133.8 78 91 34 71 1935—June 107.0 107.8 88.3 87.3 79.3 98.4 1935—June 134.0 76 87 32 70 July 107.3 112 9 89 2 88 5 78 8 100 2 July 134 8 79 91 34 73 August 106. 5 114.4 89.9 89.0 79.6 100.9 August 135.4 83 95 36 81 September 104.7 110.7 90.4 89.4 80.6 101.0 September 135.0 85 98 37 82 October 104.9 109.4 89.8 89.8 78.4 101.0 October 134 8 85 99 34 81 November 105.3 111.6 91.1 90.8 79.8 102.7 November 136.9 93 107 38 90 December 105.2 112.6 92.5 91.0 83.1 103 1 Dfippmbp.r 137 0 95 109 41 92 1936—January 105.8 113.2 95 3 92 5 88 7 104 7 1936—January 137 3 100 115 44 97 February 106.3 114.4 97.2 93.0 93.6 105.1 February 138.7 106 121 49 103 March 106. 6 116 0 96 6 92 1 92 7 105 1 March 139 6 109 125 49 103 April 107.0 116.2 95.9 91.2 91.6 104.8 April 138.8 109 125 49 102 May 107.1 116. 2 95 5 90 6 90 8 105 0 May 138 6 101 116 45 95 June 106.6 116.9 96.2 90.6 92.5 105.5 June 138.8 106 121 48 102 June 3 —_ 107.3 116.8 96.0 90.6 92.0 105.4 June 3 138.9 103 118 47 99 June 10 107.2 116 8 96 2 90 5 92 4 105 6 June 10 138 9 105 120 47 102 June 17 _ 106.6 117.0 96.6 90 8 93 3 105 7 June 17 138 5 106 121 48 104 June 24 106.5 117.1 96.4 90.8 93.0 105.4 June 24 138.9 108 123 49 104 r Revised. 1 Monthly data are averages of Wednesday figures. 1 Monthly data are averages of daily figures except for municipal bonds, 2 Average derived prices. which are averages of Wednesday figures. Source.—Standard Statistics Co. 1 Average prices of all outstanding bonds due or callable after 8 years. Back figures—See Annual Report for 1934 (table 93). J Prices derived from average yields. Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co. Back figures.—See Annual Report for 1934 (table 93); for U. S. Treasury bonds, see May BULLETIN, p. 317. CAPITAL ISSUES [In millions of dollars] ?or new capital ]For refunding Total Domestic Domestic Y m e o a n r t o h r f ( i u a n n r n n e e g - d d w ) - m T a ( f o d e o n o r s t d - a t - i l c Total S m a t n a u d t - e F e e ra d l - Co B rp o o n r d a s te e F i o g r n - i m T a ( f e o d o n s r o d t - t a - i l c Total S m a t n a u d t - e F e e ra d l - C B or o p n o d r s ate e F ig o n r- 1 eign) n p i a c l i- cies2 Total n a o n t d es Stocks eign) n p i a c l i- a c g ie e s n 2 - Total n a o n t d es Stocks 1926 7,359 6.314 5,189 1,344 91 3,754 2,667 1,087 1,125 1,044 881 22 40 820 687 133 163 1927 9,774 7, 556 6,219 1, 475 87 4,658 3,184 1,474 1,337 2,218 1,978 35 93 1,850 1, 586 264 241 1928 9,898 8,040 6, 789 1,379 64 5 346 2, 385 2 961 1,251 1 858 1 620 36 0 1 584 1,054 530 238 1929 11,513 10.091 9.420 1,418 0 8, 002 2,078 5,924 671 1,422 1,387 13 0 1,374 542 833 35 1930 7 619 6,909 6,004 1,434 87 4,483 2,980 1 503 905 709 527 53 0 474 451 23 182 1931 4,038 3,089 2, 860 1,235 75 1,551 1,239 311 229 949 893 21 51 821 789 32 56 1932 1, 751 1,194 1,165 762 77 325 305 20 29 557 498 87 93 319 315 4 59 1933 1, 063 720 70S 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2, 160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,672 1,486 1,438 884 150 404 334 69 48 3,186 3,160 309 987 1,864 1,782 81 26 1935—June. __ 512 58 58 44 0 14 14 0 0 454 454 19 319 115 115 0 0 July___. 640 134 134 79 0 55 27 28 0 506 506 9 11 487 482 5 0 Aug.._. 424 198 152 36 85 30 29 (*) 46 227 208 28 (3) 180 156 24 18 Sept.._. 436 177 177 132 0 45 42 3 0 259 259 15 13 231 230 1 0 Oct 362 145 144 56 15 73 70 3 1 217 213 10 24 179 164 16 4 Nov 380 116 116 82 0 33 30 3 0 264 261 26 17 217 216 1 4 Dec 417 231 231 124 40 67 48 19 0 186 186 4 81 101 85 16 0 1936—Jan ••400 122 115 50 0 65 61 4 7 "278 240 38 (3) 201 201 (8) '39 Feb..__ 302 107 107 89 4 13 4 10 0 195 195 8 6 181 170 11 0 Mar._ •763 130 130 60 11 59 46 13 '0 ••634 614 69 9 536 525 11 '19 April . 1, 004 177 177 49 0 128 102 26 0 ••827 ••782 53 199 530 492 38 '45 May.__ 413 112 112 68 6 38 13 24 0 302 302 31 4 267 252 16 0 June 731 217 216 63 1 152 123 29 1 514 512 43 93 376 325 50 2 r Revised. 1 Includes issues of noncontiguous U. S. Territories and Possessions. J Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation. » Less than $500,000. Sources.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1934 (table 92) for figures of new issues—annual and quarterly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN JULY 1936 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITYT MATURITIES [In millions of dollars] [In millions of dollars] Interest bearing Non- Interest-bearing debt outstanding June 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... 32,989 18, 628 11,861 146 2,354 June 1934 27,053 26,480 16, 510 6,932 I, 635 1,404 573 Obligations maturing: Before Oct. 1, 1936 1,233 532 701 1935 Oct. 1-Dec. 31, 1936 . . 1,410 358 1,052 June 28, 701 27,645 14,936 10, 501 156 2,053 1,056 Jan. 1-Mar. 31, 1937 1,030 429 601 July... _ 29,123 27,923 14, 576 11,065 254 2,028 1,200 Apr. 1-June 30, 1937 502 502 August 29,033 27,956 14, 715 11,036 252 1,952 1,076 July 1-Dec. 31, 1937 817 817 September... 29,421 28,432 14,300 11,929 251 1,952 989 1938 1,946 1,946 October 29,462 28, 380 13,998 11,929 250 2,204 1,081 1939 2,762 2,762 November. __29, 634 28,617 14,008 11,957 249 2,404 1,017 1940 2,854 2,854 December... 30, 557 29, 596 14, 672 12, 274 247 2,404 961 1941 2,015 834 1,181 1943 898 898 1936 1945 1,401 1,401 January _ 30, 516 29, 618 14,688 12, 272 254 2,404 899 1946 1,519 1,519 February ._ 30, 520 29, 646 14,713 12, 270 258 2,405 874 1947 1,697 1,697 March 31,459 30, 591 15, 981 12,400 258 1,953 868 1948 1,036 1,036 April _._ 31, 425 30, 601 16,005 12, 383 259 1,953 825 1949 819 819 May. _ __31, 636 30, 823 16,030 12, 381 258 2,153 814 After 1949" . 9,043 9,043 June.. -__ 33, 779 32, 989 18, 628 11, 861 146 2,354 1790 Other obligations2 _. 2,008 1,382 480 146 i Includes $424,000,000 of Government liability for retirement of i Issues classified as of date of final maturity; most issues callable at national bank and Federal Reserve bank notes, as a result of deposit earlier dates; postal-savings bonds only issues callable before 1940. of funds by banks; this compares with $815,000,000 on July 31, 1935, 2 Includes United States savings bonds and such issues as postaland $629,000,000 on June 29, 1935. savings bonds and notes, retirement-fund notes, and adjusted-servicecertificate series, in which special funds are invested; also includes $945,000,000 of adjusted service bonds. SUMMARY OF TREASURY OPERATIONS [On basis of daily statement of United States Treasury. In millions of dollars General and special funds Trust Receipts Expenditures 3 co a u c- nts, In cr c e r a e s a e s e d u o r r i d ng e- Period c M e i l s l - a- General2 Recovery and relief3 E ( c o + x e f i ) c p e r o e t s s - s r ( e c o e + x e t f c c i ) . p e o r t s e s s r - s period Total c ta o I x n m e - e s n i r n n e e n t o v u a e e e u l r - s - ot A he ll r 1 Total e I p d n s u e t t b e b o l r t n i - c o A th l e l r Total Relief P w u o b rk li s c ot A h l e l r4 p t e u e n x r - e d s i- p t e u e n x r - e d s i- G b f a e u l n a n e n d r c a e l G de ro b s t s Fiscal year ending June: 1933 2,080 746 858 475 4,681 2,715 •1, 277 -2, 602 -5 +445 +3,052 1934 3,116 818 1,470 828 6,745 1,984 4,004 1,844 645 1,515 -3, 630 +835 +1, 720 +4, 514 1935 3,800 1,099 1,657 1,044 6,802 821 2,325 3,657 2,342 1,020 294 -3, 002 +613 -741 +1, 648 1936 4,116 1,427 2,010 680 8,477 749 4,436 3,291 985 2,092 213 -4,361 +123 +840 +5,078 1935— June 464 254 138 72 740 119 197 425 258 85 -277 +99 -115 +63 July 279 23 165 91 673 8 318 347 114 146 -394 -77 -52 +419 August 299 24 219 56 508 27 193 289 158 139 -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 6 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 « 51 +181 -22 +1, 099 +939 April 231 36 152 43 614 72 228 314 33 259 22 -383 -7 -424 -34 May 256 35 158 63 558 258 291 21 264 7 -302 +7 -84 +211 June 529 310 164 55 2,337 71,949 256 32 306 6 83 -l,8077 -12 +323 +2,142 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. •Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

589 JULY 1936 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 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 partly f u f n ro d m s 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 r d p d i o t i y t - A W i d s o m tr r a i k - n s - in c t r u 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 - - i c n 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 e t u - - Other 31 M ,1 a 9 y 36 3 A 0, p 1 r 9 i 3 l 6 31 M ,1 a 9 y 35 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions 449 1 111 4 565 567 813 Preferred stock, etc 840 0) 8 848 852 873 Home mortgage loans 2,962 2,962 2,960 2.626 Farm mortgage loans 2,954 2, 954 2,949 2,821 Other agricultural loans 9 257 38 146 228 0) 678 705 533 All other loans 823 129 228 1,180 1,176 1,057 Total loans and preferred stock 2,120 257 129 38 375 2,954 228 3,081 4 9,187 9,209 8,724 Cash 1 (i) 6 82 90 19 69 32 298 319 352 United States direct obligations 4 24 40 93 6 301 468 470 469 Obligations of Government credit agencies: Fully guaranteed by U. S 18 2 85 8 101 213 214 220 Prod O u t c h t e io r n 2 credit association class 25 2 (2) 2 28 26 46 A stock _______ 74 74 74 77 Accounts and other receivables 37 2 14 137 4 63 3 260 273 165 All other assets 4 0) 15 203 145 0) 3 170 4 542 513 378 Total assets other than interagency 2 2,162 257 144 166 700 3,370 428 3,396 445 11,070 11,099 10,430 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 252 1,422 * 3,045 4,719 4,696 3,775 Other 2 0) 2 1, 218 170 4 0) 1,392 1, 382 1,800 Other liabilities (including reserves) 33 0) 3 24 117 4 102 32 316 328 200 Total liabilities other than interagency 2 285 0) 3 25 2,757 174 3,151 32 6,427 6,406 5,776 Excess of assets over liabilities, excluding interagency transactions. _ 1,877 257 144 163 676 613 255 245 413 4,642 4,693 4,655 Privately owned interests 156 2 30 160 347 346 348 U. S. Government interests... 1,877 257 144 163 676 457 252 215 254 4,295 4,347 4,307 i Less than $500,000. 2 Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. 3 Includes $94,000,000 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] June 30, Dec. 31, Jan. 31, Feb. 29, Mar. 31, Apr. 30, May 31, June 30, 1935 1935 1936 1936 1936 1936 1936 1936? Loans to financial institutions 658, 213 524,127 497, 289 474, 596 423,061 410, 383 403.148 1386,343 Loans on preferred stock of banks and insurance companies.. 48, 316 47,909 47, 573 46,730 46,820 46, 053 46,092 45, 963 Preferred stock, capital notes, and debentures._ 876, 380 871,760 877, 679 861, 749 850,986 851,620 846, 614 795, 822 Agricultural loans 22, 398 22, 246 21, 994 21,910 21,873 8,623 8,684 1,499 Loans to railroads (including receivers) 414, 344 396, 250 393,712 390, 202 389, 239 394,168 393,154 388, 432 Loans for self-liquidating projects.. 146, 689 147,563 154, 947 156, 592 160, 951 164, 891 174.149 170, 269 Loans to industrial and commercial businesses 21, 746 40,013 43, 686 46,488 48,287 50,194 50,779 52, 651 Loans to drainage, levee, and irrigation districts 27, 596 50,025 51, 790 51, 853 53, 420 54, 713 55, 228 56,114 Other loans 2,476 2,283 1,858 3,876 3,917 3,587 3,518 3,115 Securities purchased from Public Works Administration 16,167 154,001 124, 689 154,242 151, 593 143,838 129, 634 134,170 Total loans and investments, other than interagency-. 2, 234, 3262, 256,1772,215,216 2, 208, 2382,150,148 2,128,071 2,110-fl 2, 034, 377 Loans to Federal land banks 59,873 45,074 35, 819 35,215 34, 723 34, 365 33, 948 33,538 Loans to Commodity Credit Corporation 148,181 267, 541 297,091 297,449 297, 279 291, 961 172,800 162,280 Capital stock of Commodity Credit Corporation 97,000 97,000 Capital stock of, and loans to R. F. C. Mortgage Co 10,000 14,721 15,523 15,952 16,725 17, 623 18,429 19,165 Preferred stock of Export-Import banks 10,000 10,000 10, 000 10,000 10,000 10, 000 10,000 10,000 Total loans and investments 2,462,380 2, 593, 5132, 573,649 2, 566, 8542, 508,8752, 482,020 2,443,175 2, 356, 360 v Preliminary. 1 Includes $142,000,000 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

590 FEDERAL RESERVE BULLETIN JULY 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— Regional 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 a s c p c r o n r c o r o e c d u e r a d d i a d l a g u i t t b i t t u r i t c i a i o c r o t - a n a n i o n s o l k s r s - n , - s , f c i i e n o n t O t x i a o s i o t c n v p t h n i e c e e t e s p i s r u r , n 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 a c 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 c g 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 r o i f k A c a u l e u l v 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—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, 884 110,030 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 April 2, 061, 881 823,110 132, 715 50, 015 127, 511 38, 665 175,151 1, 685 40, 015 43, 523 May 2, 062, 986 827, 052 140,177 52,158 135, 467 37, 711 176, 789 932 39, 688 41, 696 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 * 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 Total Mortgage Loan Finance loan Corpora- Corpora- Corpora- End of month Home bank tion tion 2 tion s Owners' Number of Loans reported loans to Loan Cor- associations member poration ! institu- 1933—December. 180 180 New Convert- tions 3 Re- associ- ed asso- 1934—October... 2,596 805 1,543 248 Total port- ations ciations November. 2,823 878 1,695 249 ing December. 3,063 980 1,834 249 1935—January... 3,300 1,041 2,009 250 1932—December 838 February.. 3,480 1,089 2,140 251 1933—December... 105, 920 59 85, 442 March 3,590 1,124 2,215 251 1934—December... 2,196, 988 639 455 10, 758 58, 976 86, 658 April 3, 660 1,154 2,256 250 May 3,728 1,188 2,290 250 1935—May 2,620,119 808 623 24, 081 123, 741 75, 836 June 4,123 1,226 2,647 250 June _ 2, 660, 677 851 655 27,070 138, 129 79, 233 July 4,205 1,274 2,682 249 July 2, 702, 247 894 691 32, 850 146, 161 80, 877 August 4,248 1,282 2, 716 250 August 2, 747, 022 922 758 37, 345 192, 959 86,025 September 4,369 1,368 2,748 253 September._ 2, 788, 203 949 828 44, 072 219,980 90, 432 October... 4,421 1,382 2,786 253 October 2, 838, 086 979 851 53, 362 239, 263 95, 595 November. 4,460 1,387 2,819 253 November __ 2,888,013 1,002 851 54, 703 240, 777 97, 089 December. 4,494 1,387 2,855 252 December.._ 2, 940, 029 1,023 881 60,103 255, 580 102, 795 1936—January. ._ 4,562 1,399 2,911 253 1936—January 2, 984, 438 1,044 898 60, 457 269,186 102,800 February.. 4,630 1,407 2,970 253 February 3, 014, 423 1,061 898 64, 092 272, 554 102, 942 March 4,654 1,407 2,995 252 March 3,040, 137 1,078 980 74,915 291,491 103. 358 April 4,676 1,411 3,013 252 April 3, 080, 029 1,102 1,006 81,816 303, 994 105, 972 May 4,702 1,422 3,029 252 May 3, 083, 312 1,114 1,006 88, 514 316, 208 110, 925 1 Principal amount of obligations guaranteed as to interest and princi- 1 Loans closed. pal. 2 No monthly reports prior to September 1934; they now exclude 2 Excludes obligations guaranteed as to interest only. largely new associations recently chartered and inactive associations. 3 Excludes obligations held by U. S. Treasury and reflected in the 3 Includes loans to Federal savings and loan associations, all of which public debt. Figure for December 1933 includes notes given in purchase are members, and a negligible amount to others than member institutions. of gold which were retired in February 1934. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 591 PRODUCTION, EMPLOYMENT, AND TRADE Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasona] variation] Industrial production 1 * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Depar ;ment Y an e d ar 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 * (valu n e lf ) lc * month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadusted usted usted usted usted usted usted usted usted usted usted usted usted usted usted usted usted usted usted 1919 83 84 77 63 44 79 107 97 84 78 1920 87 87 89 63 30 90 108 117 91 94 1921 67 67 70 56 44 65 82 76 79 87 1922 85 86 74 79 68 88 91 81 87 88 1923 .._. 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 97 96 97 99 1925 104 105 99 122 124 120 99 101 103 103 1926 108 108 108 129 121 135 101 104 106 106 1927 106 106 107 129 117 139 99 102 103 107 1928 111 112 106 135 126 142 99 102 103 108 1929 119 119 115 117 87 142 105 109 106 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 77 68 75 92 1932 64 63 71 28 13 40 64 46 56 69 1933 76 75 82 25 11 37 69 49 58 67 1934 79 78 86 32 12 48 79 62 62 75 1935 90 90 91 37 21 50 82 70 63 79 1933 May 78 79 77 80 79 77 16 19 11 13 20 24 63 63 43 55 55 67 67 June 91 91 93 92 85 83 18 21 13 14 23 27 67 67 47 62 61 68 64 July 100 96 102 97 91 90 21 24 13 13 28 32 73 72 51 65 66 70 48 Aug 91 90 91 89 91 95 24 25 12 12 33 36 77 76 57 61 65 75 59 Sept 84 85 83 84 87 94 30 30 12 12 45 45 78 80 59 60 68 69 73 Oct 76 78 76 76 81 89 37 35 12 12 57 53 78 80 59 58 66 69 77 Nov 72 72 70 70 82 85 48 42 13 12 76 66 76 76 56 59 60 66 75 Dec 75 69 73 67 86 81 57 45 13 11 93 73 75 75 55 63 56 70 121 1931 Jan 78 77 76 75 88 86 49 40 12 10 80 64 75 73 54 64 58 71 57 Feb 81 83 80 82 92 89 44 38 12 10 70 60 78 78 61 64 61 71 59 Mar.... 84 87 82 86 100 91 33 33 11 12 51 50 81 81 65 66 63 78 73 April 86 88 85 89 90 81 32 36 12 14 48 54 82 82 67 62 60 74 73 May .. 86 89 86 89 88 86 26 32 11 13 38 47 83 83 67 63 63 77 77 June 84 84 83 84 87 86 26 31 12 13 38 46 82 81 65 64 64 74 70 July._._ 76 73 74 71 84 84 27 30 12 12 39 44 80 79 61 61 63 73 51 Aug 73 73 72 71 80 83 27 28 10 10 40 43 79 80 62 59 63 77 60 Sept 71 73 69 70 82 87 29 30 11 11 44 45 74 76 58 59 67 75 79 Oct 74 75 72 73 81 87 31 29 12 12 46 43 77 78 61 57 64 73 82 Nov 75 74 74 73 81 84 31 28 11 11 48 41 77 77 60 59 60 74 83 Dec... 86 78 85 76 90 85 31 25 12 10 47 36 79 78 63 64 56 78 135 1935 Jan 91 88 90 87 94 91 27 22 12 10 39 32 81 79 64 64 58 74 59 Feb 89 91 88 91 96 92 28 24 14 13 39 33 82 81 69 65 61 75 61 Mar 88 91 86 91 97 90 26 26 16 16 35 34 83 83 71 65 62 82 71 April 86 89 86 91 87 79 27 30 18 22 33 38 82 83 71 61 59 73 79 May 85 87 84 87 89 88 27 32 21 25 32 39 81 81 69 61 61 76 76 June 86 86 84 85 98 97 30 35 24 26 36 43 80 80 66 63 63 80 76 July 86 83 86 83 84 84 35 39 25 25 43 50 81 80 65 58 60 80 55 Aug 87 87 88 87 81 85 38 40 24 24 50 54 82 82 70 60 64 78 61 Sept 90 90 91 89 87 92 43 44 25 25 58 59 82 84 72 62 70 81 86 Oct 95 97 95 96 93 100 48 45 25 25 66 62 84 85 75 64 73 77 86 Nov.... 97 97 98 98 92 95 60 53 26 25 88 76 85 85 75 66 67 81 91 Dec 104 96 104 95 101 96 67 53 26 22 101 79 86 85 76 71 62 84 145 1936 Jan 98 95 97 95 103 99 61 50 25 21 90 73 85 83 73 70 63 79 63 Feb 94 95 91 93 110 106 52 44 25 22 73 62 84 83 73 70 65 80 66 Mar 93 96 93 97 95 89 47 47 26 28 63 62 84 84 76 66 62 88 77 April _ 100 103 99 105 105 94 47 53 30 35 60 67 85 85 78 69 66 81 85 May P101 P105 P101 P105 P102 P101 46 56 32 38 57 70 86 86 79 70 71 88 88 June P89 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 592-593; 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. 594-595. Underlying figures are for pay-roll period ending nearest middle of month. 4 For indexes of groups see p. 597. Back figures—See Annual Report for 1934 (tables 95 and 100). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN JULY 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1935 1936 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—Total 84 95 104 93 P101 IRON AND STEEL 81 103 83 83 100 105 Pig iron 56 53 60 65 69 71 63 64 77 85 Steel ingots 67 70 83 90 99 106 85 85 102 107 TEXTILES 102 100 105 104 106 113 106 111 105 102 100 100 100 Cotton consumption ••86 82 82 85 95 99 98 108 106 99 100 105 103 Wool 123 122 128 132 112 126 118 114 107 111 96 89 97 Consumption 153 148 156 160 127 146 134 125 117 120 105 93 103 Machinery activity i '98 107 108 110 108 121 118 122 114 117 99 95 101 Carpet and rug loom activity r79 71 76 83 74 78 72 66 75 68 68 68 Silk deliveries 111 116 133 113 134 132 112 119 91 107 102 97 FOOD PRODUCTS 78 74 76 78 83 82 83 92 84 87 90 84 Slaughtering and meat packing... 74 67 76 76 82 79 80 84 77 83 89 84 Hogs 54 44 46 50 50 57 54 54 61 52 61 68 66 Cattle 94 92 107 107 111 107 110 111 109 109 114 104 Calves 108 106 115 119 124 117 118 126 120 109 115 116 111 Sheep 161 151 154 159 144 154 148 145 152 145 151 134 128 Wheat flour 83 91 73 88 84 91 96 92 • 87 Sugar meltings 75 83 78 78 92 124 93 78 PAPER AND PRINTING: Newsprint production 64 58 62 61 64 63 60 60 62 59 Newsprint consumption 121 124 118 120 127 124 125 133 124 127 132 131 136 TRANSPORTATION EQUIPMENT: Automobiles 85 94 77 93 114 125 110 90 109 124 118 Locomotives 14 10 3 2 1 3 3 0 0 1 3 Shipbuilding 56 21 15 35 48 119 179 129 141 138 120 LEATHER AND PRODUCTS 114 104 109 105 104 105 109 124 118 11] 107 Tanning _. 100 97 95 93 94 97 105 105 103 96 93 97 96 Cattle hide leathers 98 90 89 91 90 98 105 103 96 95 94 ••94 93 Calf and kip leathers 87 104 86 77 83 74 84 95 103 85 77 85 77 Goat and kid leathers 119 106 121 114 115 119 124 118 122 110 103 115 124 Boots and shoes 123 109 118 113 110 110 111 137 127 121 116 119 120 CEMENT AND GLASS: Cement 55 58 52 44 47 52 59 59 47 49 58 71 74 Glass, plate 155 162 169 167 179 193 200 225 161 178 211 212 NONFERROUS METALS:2 Tin deliveries1 84 73 85 91 92 92 81 103 105 95 101 FUELS, MANUFACTURED: Petroleum refining 160 166 168 169 172 176 176 173 169 172 168 17S Gasoline J 204 214 220 219 223 227 225 220 214 215 210 223 Kerosene 94 99 91 93 92 95 94 86 94 94 98 104 Fuel oil! 104 105 100 103 110 110 115 121 121 130 119 119 Lubricating oili 100 97 92 100 102 103 106 104 96 98 105 116 Coke, byproduct 89 87 84 91 95 97 100 106 104 103 100 112 RUBBER TIRES AND TUBES 75 79 83 92 102 104 133 142 116 82 77 96 Tires, pneumatic 78 82 86 96 105 106 137 147 120 84 80 99 Inner tubes 56 55 60 62 84 102 104 90 64 62 75 TOBACCO PRODUCTS __. 134 138 140 130 129 138 137 147 148 148 140 152 145 Cigars 66 67 70 67 69 70 69 73 73 75 71 74 71 Cigarettes 186 193 196 178 175 190 191 205 208 207 193 214 204 Minerals—Total 89 84 81 87 93 92 101 103 110 95 105 P102 Bituminous coal 79 55 58 75 71 78 80 92 70 84 76 Anthracite 71 97 62 36 65 48 48 71 70 93 48 69 Petroleum, crude 131 133 134 133 135 140 144 146 148 143 146 150 P151 Iron ore 53 53 50 54 62 62 44 80 Zinc 73 79 80 81 84 80 82 94 Lead 55 59 60 59 68 67 75 Silver 47 73 59 71 75 91 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

593 JULY 1936 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1935 1936 Industry May- June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactures—Total. 87 85 83 87 95 95 93 97 P105 IRON AND STEEL.. 72 64 79 83 85 90 83 94 111 114 Pig iron _. 57 50 58 60 65 70 69 67 67 87 Steel ingots... 73 65 81 85 87 91 92 85 96 117 TEXTILES 101 95 97 99 106 116 111 105 110 108 102 103 100 Cotton consumption 88 '78 75 77 92 102 101 100 111 106 105 112 106 W Sil o k o M C C l d a o e a r l n c i p s v h e u e i t n m r i a e e p r n s y t d i o a r n c u t g i v lo it o y m activity.. 1 1 1 ' ' 1 4 1 7 9 0 1 7 9 8 1 1 1 1 0 7 3 0 1 7 1 3 3 4 1 1 1 1 2 7 0 1 3 6 6 8 9 9 1 1 1 1 8 1 4 1 2 3 7 9 0 6 1 1 1 1 4 0 7 3 1 1 8 4 3 5 1 1 1 1 2 7 3 6 3 1 8 2 1 4 1 1 1 1 1 1 7 4 2 6 8 2 6 4 1 1 1 1 6 0 2 2 1 6 6 2 6 4 1 1 1 1 6 1 2 1 0 6 4 0 2 8 1 1 1 9 3 7 1 1 8 1 5 7 7 1 1 9 6 9 0 0 9 8 8 3 7 10 9 8 9 6 1 5 8 0 8 1 9 9 9 0 6 2 5 6 1 8 FOOD PRODUCTS 78 73 74 74 81 86 82 92 82 86 85 82 Slaughtering and meat packing.. 72 66 66 68 74 84 87 91 96 75 78 80 81 Hogs 52 45 41 38 37 49 60 71 81 57 62 61 64 Cattle 91 86 92 104 119 129 123 115 112 96 95 101 101 Calves 122 110 111 109 119 123 120 120 112 101 116 126 126 Sheep 158 147 154 160 168 170 146 142 154 136 137 126 126 Wheat flour 78 80 77 78 97 99 93 81 89 93 86 80 82 Sugar meltings 102 86 74 67 52 82 91 113 110 PAPER AND PRINTING: Newsprint production 65 64 58 56 62 61 63 63 61 61 61 60 Newsprint consumption.. 124 123 105 107 125 132 134 137 119 125 138 141 140 TRANSPORTATION EQUIPMENT: Automobiles 107 112 28 77 124 125 108 93 124 149 Locomotives 13 10 3 2 1 1 4 3 0 0 1 3 Shipbuilding 71 27 22 51 64 35 105 138 92 100 107 116 LEATHER AND PRODUCTS 105 100 107 116 120 115 104 106 109 113 110 '108 102 Tanning 95 95 95 95 100 103 103 102 99 99 92 95 91 Cattle hide leathers.... 93 88 86 90 94 101 104 100 97 101 95 '94 88 Calf and kip leathers... 83 100 100 93 96 88 80 81 85 78 69 76 73 Goat and kid leathers.. 110 106 113 111 121 124 122 127 116 114 105 114 116 Boots and shoes 112 104 115 130 132 123 105 108 116 122 122 '117 110 CEMENT AND GLASS: Cement 65 71 63 57 59 59 58 46 29 42 70 87 Glass, plate 169 165 169 181 193 192 202 201 174 194 235 231 NONFERROUS METALS: l Tin deliveries 84 73 85 91 92 81 103 95 101 FUELS, MANUFACTURED: Petroleum refining 160 166 167 169 173 176 176 174 170 172 168 178 Gasoline 204 214 220 219 223 227 225 220 214 215 210 223 Kerosene 90 92 85 94 100 101 93 96 96 95 103 Fuel oil 104 105 100 103 110 110 115 121 121 130 119 119 Lubricating oil 100 97 92 100 102 103 106 104 96 98 105 116 Coke, byproduct 85 81 97 102 107 105 106 103 114 119 RUBBER TIRES AND TUBES.. 95 81 91 99 107 85 113 Tires, pneumatic 99 84 93 103 102 110 92 87 117 Inner tubes 68 65 57 80 76 75 75 82 67 67 TOBACCO PRODUCTS.. 136 150 152 139 143 148 140 119 141 135 132 140 147 Cigars.: 68 73 73 70 79 85 82 55 56 65 64 70 73 Cigarettes 188 212 215 192 193 200 189 204 188 183 195 206 Minerals—Total.. 97 84 85 92 100 106 89 P101 Bituminous coal... 71 50 57 61 82 83 70 71 66 Anthracite 71 85 51 36 65 62 50 69 75 40 65 69 Petroleum, crude.. 132 136 137 136 139 141 143 142 142 140 145 150 P153 Iron ore 80 105 102 109 119 105 37 120 Zinc 73 76 75 75 79 78 82 95 Lead 62 56 57 57 56 70 70 70 64 73 Silver 50 46 62 59 74 73 100 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

594 FEDERAL RESERVE BULLETIN JULY 1936 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 variation Without seasonal adjustment Without seasonal adjustment Industry and group 1936 1935 1936 1935 1936 1935 May April May Mav April May May April May Total i_. 85.8 84.9 '81.4 85.7 85.1 '81.2 79.3 77.9 68.5 IRON AND STEEL AND PRODUCTS1 80.1 77.9 71.5 81.1 79.1 72.4 76.9 73.9 '58.3 Blast furnaces and steel works 80.9 78.1 72.5 82.1 79.7 73.6 82.5 79.2 61.1 Cast-iron pipe 57.1 56.1 48.1 58.2 56.7 49.1 40.7 37.2 27.4 Cutlery and edge tools 76. 1 75.3 77.9 76.5 77.9 78.3 62.5 64.8 59.6 Hardware 54.4 54.8 52.8 54.8 55.2 53.2 53.7 52.4 42.3 Steam, hot-water heating apparatus, etc 61.4 59.5 51.1 61.8 60.1 51.4 46.3 43.8 34.5 Stoves 104.1 102.0 97.2 106.2 104.9 99.1 87.5 85.5 74.2 Structural metal work 69.5 65.3 56.3 69.1 64.5 56.0 60.7 54.7 40.9 Tin cans, etc 97.6 95.4 89.5 98.6 95.8 90.4 98.6 94.3 87.0 Wirework 147.9 145.9 127. 8 147. 5 144.4 127.4 149.2 146.7 106.9 MACHINERY i 99.6 97.0 84.9 99.1 96.2 84.5 89.6 86.3 67.8 Agricultural implements 134.1 132.6 94.1 138.3 140.4 97.0 168.8 172.5 110.5 Electrical machinery, etc 77.1 75.3 70.7 77.1 75.3 70.7 71.1 68.6 58.2 Engines, turbines, etc 118.8 118.4 99.9 120.6 120.3 101.4 91.8 91.1 74.2 Foundry and machine-shop products.. 84.8 82.4 72.7 86.1 83.8 73.8 78.4 75.4 57.9 Machine tools 106.2 104.4 81.8 107.8 105.9 83.0 101.7 97.5 70.1 Radios and phonographs 256. 4 239.0 200.0 215.4 188.6 168.0 141.9 118.0 101.5 Textile machinery 69.3 70.3 62.6 70.4 70.8 63.6 63.6 62.5 51.6 TRANSPORTATION EQUIPMENT1 96.7 94.0 105.5 104.3 102.7 112.1 110.3 94.2 Automobiles 105. 2 108.0 105.9 115.6 114.1 116.4 124.0 121.7 105.1 Cars, electric and steam railroad- 56. 6 57.6 54.9 62.2 62.2 60.3 68.6 70.0 65.8 Locomotives 34.0 30.9 29.4 34.7 31.4 30.1 17.0 15.1 13.8 Shipbuilding 95.7 93.7 74.1 98.7 99.8 76.4 95.6 95.6 65.7 RAILROAD REPAIR SHOPS.. 59.7 59.4 53.3 60.1 59.9 53.6 61.6 60.6 52.5 Electric railroads 65.9 66.0 65.7 65.9 66.0 65.7 62.7 62.5 60.2 Steam railroads 59.3 59.0 52.3 59.7 59.4 52.7 61.6 60.6 52.0 NONFERROUS METALS AND PRODUCTS1. 89.4 87.6 '83. 3 89.0 88.7 '82.9 75.2 74.0 '63.7 Brass, bronze, and copper 87.2 85.3 80.3 87.7 86.8 80.8 73.3 70.8 61.5 Lighting equipment 83.7 77.1 70.4 82.3 78.0 69.2 80.4 74.7 58.2 Silverware and plated ware 65.6 65.4 74.4 65.1 65.5 73.9 48.9 48.7 57.0 S S m tam elt p i e n d g a a n n d d e re n f a in m in el g ed ware 1 8 0 8 9 . . 6 3 1 8 0 6 9 . . 7 7 10 8 5 0 . . 1 4 1 8 1 8 0 . . 0 8 1 8 1 8 2 . . 5 8 '10 7 6 9 . . 5 9 9 6 7 4. . 9 3 1 6 0 3 1 . . 5 1 r8 5 3 1 . .1 3 LUMBER AND PRODUCTS 1- 57.1 56.3 51.3 56.7 55. 6 50.9 48.1 46.3 34.8 Furniture 76.8 74.7 70.5 73.0 72.1 67.0 56.7 56.2 47. 1 Lumber, mill work 49.2 48.2 40.2 49.8 48.5 40.7 43.9 41.2 29.1 Lumber, sawmills 37.8 37.7 33.4 38.4 37.5 34.0 31.3 29.7 20. 1 STONE, CLAY, AND GLASS PRODUCTS1 58.2 57.1 53. 6 59.8 57.7 55.0 49.3 46.9 40.3 Brick, tile, and terra cotta 37.7 36.4 28.0 39.9 36.7 29.6 29.5 25.8 17.7 Cement 56. 7 52. 6 55. 3 58.4 52.3 57.0 44.0 38.3 36.8 Glass 95.6 95. 6 93.1 97.3 97.1 94.8 93.0 92.1 81.6 Pottery .... 69.6 70.5 70.9 70.2 71.6 71.5 52.8 56.9 50.3 TEX A TI . L E F S a b A r N ic D s 1 PRODUCTS1 9 90 4 . . 7 2 9 9 1 4. . 9 3 9 9 3 1 . . 6 0 9 90 4 . . 7 2 9 9 6 1 . . 9 1 9 91 3 . . 0 5 7 7 6 7 . . 4 0 8 7 0 8 . . 0 3 7 74 5 . . 9 5 Carpets and rugs 79.2 77.5 78.9 80.0 79.6 79.7 68.8 69.2 73.7 Cotton goods 89.7 90.0 87.3 90.4 90.4 88.0 77.3 77.1 70.7 Dyeing and finishing 107.1 108.8 110.0 107.1 111. 5 110.0 87.7 96.0 86.2 Knit goods 112.7 112.8 111.3 113.4 114.9 112.0 105.4 110.5 102.0 Silk and rayon goods 60. 3 63.9 65.6 60.5 64.8 65.9 49.4 53.5 54.5 B. W W e o a o r le in n g a a n p d p a w r o e r l s 1 ted goods. 8 98 8 . . 7 1 8 9 9 9 . . 2 1 9 9 3 5 . . 1 6 8 97 6 . . 9 7 1 8 0 7 1 . . 8 7 9 95 1 . . 3 1 6 7 7 3 . . 2 8 6 7 7 8 . . 3 7 7 7 1 2 . . 2 1 Clothing, men's 92.8 96. 1 92.1 88.3 93. 1 87.6 63.3 67.8 64.4 Clothing, women's 126.3 123. 7 118.0 132. 6 136.3 123.9 95.2 101.1 89.4 Millinery 63. 0 61.4 61.7 62.9 67.4 61.6 54.3 63.0 48.6 Shirts and collars 105. 5 109.7 107. 0 105.0 108.4 106.5 101.9 105.9 103.9 LEATHER AND PRODUCTS _ 86.2 87.0 89.1 83.9 86.4 86.7 65.9 72.3 Boots and shoes 84.0 85.2 87.9 81.4 84.3 85.2 56.8 62.4 66.7 Leather 95.6 94.7 94.5 94.3 94.9 93.2 95.9 94.5 90.0 FOOD PRODUCTS i 102.9 100. 5 '103. 1 96.3 94.1 '95.8 92.7 87.7 r87.3 Baking 114.8 115. 3 112.7 114. 8 113. 5 112.7 104.1 100.4 97.3 Butter 74.0 72.4 72.3 74.9 71.0 73.2 61.0 56.5 57.4 Canning and preserving 106. 4 92.2 '116. 7 68.1 68.2 r74. 7 85.1 78.8 '83. 7 Confectionery 76.8 77.7 82.6 69. 0 70.6 74.3 59.9 60.5 63.4 Flour 71.8 73.5 74.8 70.5 72.4 73.5 65.2 63.8 62.3 Ice cream 78. 3 71.6 74.2 82. 0 68.8 77.7 69.4 57.6 62.2 Slaughtering and meat packing.. 83. 8 83.4 81.6 82.8 80.7 80.6 77.6 73.6 74.0 Sugar refining, cane 81.2 82.4 83.1 81.7 81.8 83.6 74.0 73.9 75.7 ' Revised 1 Includes current statistics for one or more industries not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 595 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued [Adjusted to Census of Manufactures through 1931. 1923-25 average=100] Factory employment Factory pay rolls Adjusted for seasonal variation Without seasonal adjustment Without seasonal adjustment Industry and group 1936 1935 1936 1935 1936 1935 May April May May April May May April May TOBACCO PRODUCTS 57.0 56.2 56.8 56. 7 55. 4 56. 6 46.8 42.6 43.8 Chewing and smoking tobacco and snuff 66.2 67.2 67.9 64. 6 65.2 66.3 67.3 64.4 64.5 Cigars and cigarettes 55.8 54.8 55.4 55.7 54.1 55.3 44.2 39.8 41.2 PAPER AND PRINTING 99. 6 99.0 97.1 99.0 98.6 96 5 91.9 91 1 84 8 Boxes, paper 88.4 86.7 87.8 85.0 84.3 84.5 80.2 78.8 75.5 Paper and pulp 111.0 110.3 109.9 111.0 110.3 109.9 97.0 96.2 86.9 Book and job printing 90. 8 89.7 87.2 89.8 89.1 86.2 83.0 81.8 78.8 Printing, newspapers and periodicals.. 102. 7 103.2 99.3 103.0 103.5 99.6 98.9 98.5 90.4 CHEMICALS AND PETROLEUM PRODUCTS1 111.2 107. 6 109.3 110.0 110.7 108.0 102.9 101.3 94.8 A. Chemical group, except petroleum 1 _ 111.6 107.2 109.5 110.1 111.0 108.0 102.7 101.2 94.1 Chemicals 112. 2 108.3 109.0 110.3 109.0 107.1 107.0 104.9 97.8 Druggists' preparations 100.4 100.2 100.4 96.8 98.4 96.8 95.9 98.0 93.9 Explosives 86.2 87.8 90.6 83.1 85.3 87.3 80.4 77.7 74.4 Fertilizers 104. 2 74.4 103.7 110.7 138.0 110.1 113.9 123.9 91.7 Paints and varnishes 110.4 111.4 108.6 114.5 111.9 112.6 106.0 100.7 95.1 Rayon and allied products 341. 4 331.1 326.9 341.4 331.1 326.9 259.0 254.9 r237.1 Soap . -. 98.2 95.7 98.9 97.5 96. 8 98.2 95.7 93.6 93.8 B. Petroleum refining 109.6 109.4 108.5 109.4 109.4 108.3 103.4 101.7 96.8 RUBBER PRODUCTS1 81.8 82.1 '•81.1 83.0 82.1 '•82.4 76.8 74.0 66.5 Rubber boots and shoes 62.1 62.4 »-55.9 59. 0 59.8 50.9 52.0 43.2 Rubber tires and inner tubes 66. 8 67.0 70.2 70.0 68.1 73.6 68.2 63. 2 58.7 r Revised. 1 Includes current statistics for one or more industries not shown separately. 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. May 1936 figures are preliminary, subject to revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL RESERVE BULLETIN JULY 1936 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 55.2 6.5 18.4 12.2 17.3 46.3 62.3 10.4 19.2 15.4 26.6 April 124.0 '234.6 42.2 67.2 6.3 25.5 15.2 24.3 40.5 73 4 8 3 23 2 11.5 r21.1 May 126.7 216.1 44.9 70.3 9.8 12.9 13.9 18.8 31.4 63.6 9.0 20.7 17.7 29.8 June 148.0 49.8 9.5 15.0 39 1 17 7 16.8 July 159 3 48.4 14 6 15 8 53 9 9.2 17 4 August 168.6 40.5 10.6 17.3 69.5 8.7 21.9 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 rRevised 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 May Apr. May May Apr. May May Apr. May Boston 16,059 19, 952 13,104 D K N A S M P R C C t h h i a l e a t . i c e l i l n i n w a l c h v l L a s n a n a m e a o d s e g Y t l s u a a a e o o o n i p l n C s p r o d d k h i l t i i y s a 4 4 2 2 1 1 1 1 1 8 8 0 0 3 1 6 3 4 , , , , , , , , , , 5 9 4 5 6 8 4 7 2 7 0 2 3 1 1 8 1 1 8 0 9 1 8 2 9 8 9 4 8 1 ' '1 3 2 2 4 1 1 1 1 6 7 0 0 8 7 9 4 5 4 , , , , , , , , , , 5 1 1 8 2 9 2 7 5 2 8 6 2 1 5 4 3 7 6 3 4 1 8 0 2 7 0 2 5 0 2 2 1 1 2 8 4 5 9 7 0 6 5 3 , , , , , , , , , , 1 7 7 3 5 2 0 6 4 6 1 0 7 7 1 5 4 8 9 5 2 6 2 7 4 5 1 7 4 7 M N A S R C K B P C t h i h o e l a t . i c e l i n s w n i a l h L c v t a n s n o m a e a d o e Y t g n l s a a e u o a o o p l n n i C p . r s o d d k h . i l _ . . t i i . . y s a __ _ _ . _ 2 1 4 4 3 3 0 4 8 4 7 1 0 4 4 0 9 5 7 7 6 7 2 1 3 2 2 2 3 8 4 6 7 0 7 9 5 5 5 0 7 1 3 4 3 1 1 3 4 3 4 8 2 2 0 4 1 8 5 9 3 6 6 2 9 3 1 7 1 1 1 , , , , 0 6 6 9 4 4 2 6 2 1 6 4 9 8 8 4 3 6 1 5 0 2 1 8 0 3 6 7 1 0 4 1 1 1 1 , , , , , 6 7 4 5 6 4 4 2 2 2 3 2 5 8 4 2 9 7 3 2 4 5 2 8 2 6 6 6 7 1 5 1 1 1 , , , , 1 8 6 5 9 4 2 3 2 2 1 9 1 3 0 7 9 4 8 0 4 2 8 1 0 2 4 3 4 8 Total (11 districts) 216,071 ••234, 632 126, 720 D Sa a n ll a F s rancisco 9 1 0 3 9 1 7 7 1 3 1 0 2 73 7 1 6 5 9 2 4 0 0 1,3 3 4 3 8 5 Total 832 830 1,004 15, 375 14,157 14, 339 " Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

597 JULY 1936 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports i Merchandise imports 2 Excess of exports Month 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 January 150 121 172 176 ]99 136 96 136 167 187 15 25 37 9 11 February . ._ 154 102 163 163 182 131 84 133 152 193 23 18 30 11 -11 March 155 108 191 185 195 131 95 158 177 199 24 13 33 8 r_4 April . 135 105 179 164 193 127 88 147 171 203 9 17 33 -6 -10 May _. 132 114 160 165 P 201 112 107 155 171 p 191 20 7 6 -5 P 10 June 114 120 171 170 110 122 136 157 4 -2 34 13 July 107 144 162 173 79 143 127 177 27 1 34 -3 August 109 131 172 172 91 155 120 169 17 -23 52 3 September 132 160 191 199 98 147 132 162 34 13 60 37 October 153 193 206 221 105 151 130 189 48 42 77 32 November 139 184 195 270 104 129 151 169 34 56 44 100 December 132 193 171 223 97 134 132 187 35 59 38 r 37 Year 1,611 1,675 2,133 2,283 1,323 1,450 1,655 -2,047 288 225 478 235 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 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. 1Q0. FREIGHT-CAR LOADINGS, BY CLASSES [Index numbers; 1923-25 average=100] 1935 1936 May Jan. Feb. Mar. April May Adjusted for seasonal variation Total 61 70 70 66 69 70 Coal . 67 78 97 63 77 73 Coke 50 73 79 55 61 70 Grain and grain products _„ 68 70 68 85 86 Livestock 41 38 33 41 41 Forest products __ . 33 42 36 40 40 Ore 47 62 62 64 53 Miscellaneous .__ 64 79 74 77 77 Merchandise i 63 64 62 62 63 Total Coal Coke Grain and grain products .__ Livestock . Forest products . Ore Miscellaneous Merchandise L OO CO DEPARTMENT STORES—SALES, STOCKS [Index numbers based on value figures; 1923-25 average=100] Index of sales l Index o m f s o to n c th k ) s (end of 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 a t l , 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 a t l variation adjustment variation adjustment 1935 1936 1935 1936 1935 1936 1935 1936 January . 74 79 59 63 64 66 57 58 February 75 80 61 66 64 65 61 62 44 March. 82 88 71 77 63 65 65 67 71 80 April __ 73 81 79 85 64 65 66 68 64 May 76 88 76 88 64 66 66 67 June . _ 80 76 63 61 Without seasonal adjustment July . . 80 55 61 57 August 78 61 62 60 September 81 86 64 67 61 63 65 62 66 71 6 5 0 0 8 8 0 8 1 8 0 9 6 6 5 0 6 6 5 4 8 6 7 5 0 N O o ct v o e b m er ber . _ 8 7 1 7 8 9 6 1 6 6 6 7 7 7 2 5 55 67 66 72 66 69 December 84 145 65 61 3 3 8 5 3 3 8 9 3 3 7 1 3 4 5 2 4 3 2 8 3 4 7 6 Year .„ _ 79 64 71 15 15 15 27 107 67 63 63 73 79 83 65 60 60 63 65 66 p 1 B Pr a e s l e i d m t i h n r a o ry u . ghout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and Sun- 1 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 Railroads. 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

598 FEDERAL RESERVE BULLETIN JULY 1936 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u 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 e h l r t i i a a n 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 c C a d l h r s u e m g a s n i- d i f n H u g r o n g u i o s s o h e- d - s l M an is e c 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. £ 89. 1 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.5 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 86.5 75.9 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.2 80.5 80.6 68.3 1935—April . _ 80.1 80.4 84.5 77.2 86.3 69.2 72.8 85.9 84. f 81.0 80.7 68.7 Mav 80.2 80.6 84.1 77.6 88.3 69.4 73.1 86.6 84.? 81.2 80.6 68.7 June 79.8 78.3 82.8 78.0 88.9 70.1 74.2 86.9 85. ? 80.7 80.5 68.4 July 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.5 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 S O e c p to te b m er ber 8 8 0 0 . 7 5 7 78 9 . . 2 5 8 85 6 . . 0 1 7 7 7 8 . . 8 3 9 9 0 3 . . 9 6 7 72 1 . . 9 8 7 7 3 3 . . 4 0 8 8 6 6. . 6 5 8 8 5 6 . . 1 c 8 8 1 0 .2 1 8 80 0 . . 6 5 6 67 7 . . 5 1 November 80.6 77.5 85.1 78.8 95.0 73.4 74.5 86.9 85.5 81.2 81.0 67.4 December 80.9 78.3 85.7 78.7 95.4 73.2 74.6 86.8 85.^ 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 February 80.6 79.5 83.2 79.0 96.1 71.0 76.1 86.7 85. f 80.1 81.5 68.1 March _ _ _ 79.6 76.5 80.1 78.9 94.9 70.8 76.2 86.6 85. Z 79.3 81.4 68.3 April 79.7 76.9 80.2 78.9 94.6 70.2 r 76. 4 86. 6 85.7 78 5 81.5 68.6 May 78.6 75.2 78.0 78.8 94.0 69.8 76.0 86.3 85. £ 77.7 81.5 69.2 Week ending— 1936—Mar 7 79.7 77.7 81.4 79.0 95.7 70.4 77.3 86.0 85. C 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 85.5 79.1 82.7 68.2 Apr. 4 79.2 76.3 79.7 78.8 95.1 70.1 76.8 85.9 85.2 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. £ 78 2 82.8 68.6 May 2 79.1 77.1 79.1 78.9 94.9 69.7 77.3 86.0 85. £ 77.8 82.8 68.6 May 9 78.6 76.2 78.0 78.9 94.9 69.6 77.2 86.0 85. C 77,5 82.8 68.4 May 16 78.1 74.4 77.4 78.8 94.8 69.5 76.9 85.7 85. £ 77.3 82.8 69.2 May 23 78.2 75.0 77.5 78.7 94.3 69.2 76.8 85.7 85. f 77.3 82.8 69.1 May 30 78.4 75.9 78.4 78.8 94.3 69.2 76.8 85.7 85." 77.4 82.9 69.1 June 6 78.4 76.5 78.7 78.7 94.6 69.1 76.7 85. 7 85." 77.3 82.9 69.0 June 13 78.7 77.4 79.4 78.8 94.6 69.3 76. 6 85.7 85.8 77.3 82.9 69.3 June 20 78.7 77.4 79.7 78.7 94.4 69.4 76.4 85. 5 85. ( 77.6 82.9 69.6 June 27 79.4 80.2 81.0 78.8 94.4 69.5 76.4 85.4 85. ( 78.0 82.6 70.1 I 193, 1936 1935 1936 Subgroups Subgroups Ma: Feb. Mar. Apr. May May Feb. Mar. Apr. May FARM PRODUCTS: METALS AND METAL PRODUCTrs: Grains ... 83.2 78.3 75. 6 73.9 70.6 Agricultural implements., 93.6 94. 9 94.2 94.2 94.2 Livestock and poultry7- 87.6 90.3 88.3 88.3 82.5 Iron and steel .. 86.6 86.9 86.3 86.3 86.3 Other farm products. 75.0 72.7 69.1 70.4 71.4 Mote>r vehicles, 94.4 93.6 94.0 94.0 93.0 FOODS: Nonferrous metals 69.2 69.7 69.9 70.4 70.7 Butter, cheese, and milk 77.7 85.7 80.3 78.8 75.0 BUILDIN(1 MATERIALS: Cereal products 92. 3 '88.5 85.8 84.2 82.2 Briclc and tile . 89.3 88.4 88.9 89.0 88.8 Fruits and vegetables 66.3 62.4 65.1 67.8 72.3 Cem 94 9 95 5 95.5 95.5 95.5 Meats _ _ 97.0 92.1 89.7 91.0 85.1 Lumber _ . _ _ _ 79.8 82.3 82.6 83.2 83.0 Other foods 77 7 78 1 72 4 72 4 71 5 Paint materials 79 9 79 5 79 2 79 3 78.8 HIDES AND LEATHER PRODUCTS: Plumbing and 1leating 67.1 73.8 73.8 73.8 73.8 Boots and shoes 97 5> 100.5 100.4 100.3 100.2 Structural steel 92.0 92.0 92.0 92.0 92.0 Hides and skins 76.1 96.7 91.0 90.1 87.3 Other buildingmaterials 89.8 89.5 88.5 89.1 89.9 Leather. 79. ( 86.0 85.0 84.5 84.4 CHEMICALS AND DBoUGs: Other leather products 84 4I. 95 4 95 4 95 4 95 4 Chemicals 87 5 87 0 85 9 85 5 84.1 TEXTILE PRODUCTS: Drugs and pharmaceuticaIs 74.2 73.2 73.0 73.2 73.2 Clothing 78 5 80 7 80 7 80 8 81 1 Fertilizer materials 65 9 64 5 64 8 64 6 64.7 Cotton goods 82.7 78.1 77. 1 76.2 75. 5 Mixed fertilizers _ 73. 1 68.8 68.3 64.5 65.3 Knit goods 60.4 62.0 62. 1 62.0 60.6 HOUSEFURNISHINGGOODS: Silk and rayon 27 6 31 6 30 9 30 1 29 1 Furnish in es 84 1 85 0 84.9 85.0 85.0 Woolen and worsted j?oods 73.5 82.8 83.8 82.2 82.2 Furciture 77.1 77.9 77.9 78.0 77.9 FUEL O t A h N er D t L ex IG ti H le T I p N r G od u M c A ts TERIALS: 68.2 67.2 67.2 67.5 67.5 MlSCAEuLtLo A t N ir E e O s U a S n : d 1,ubes 45.0 45.0 45. 0 45.0 47.5 Anthracite _ 73.0 82.6 82.5 80.0 76.6 Cattle feed 107.0 68.1 67.9 74.0 71.2 Bituminous coal 95.7 100. 1 99.4 96.8 96. 5 Paper and pulp 80.0 79.9 80.3 80.5 80.5 Coke . . 88.7 93.7 93.7 93.7 93.7 Rubber, crude- 24.9 32.0 32.9 33.0 32.3 Electricity 88 7 86 2 84 4 82 8 Other miscellaneons 79 4 80 6 80. 6 80.6 80.7 Gas 92.0 82.1 84.4 84.8 Petroleum products. 52.2 55.7 56.0 57.9 "58." 2" 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

JULY 1936 FEDERAL RESERVE BULLETIN 599 INTERNATIONAL FINANCIAL STATISTICS GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia ! Europe End of month T c tr o o ( i 5 u e ta 2 s n ) l - * U S n ta i t t e e s d C a a d n a - E c tr u o ( i 2 r u e o 6 s n p ) - e A c tr o m i ( i c 1 u e a e 1 s n r ) - - O c t i r a o c a i n e e u d a ( s n 8 n ) - - A c tr o f i ( r u e 5 i s c n ) a - U K d n i o i n m t g e - d France m G a e n r y - Italy g B iu e m l- N l e a t n h d e s r- ti S N o w n a- i a t l zer B la .I n . d S. Bank 1935—January. __ 21,161 8,391 132 10, 956 598 810 275 1,586 5,438 32 519 599 555 600 4 February. _ 21, 303 8,527 135 10, 938 598 812 293 1,586 5,439 32 519 596 552 586 4 March 21, 377 8,567 190 10, 889 602 814 315 1, 586 5,479 33 519 532 553 560 4 April 21,140 8,710 187 10, 536 603 810 293 1,587 5,366 33 519 518 439 446 5 May 20, 755 8,858 189 9,972 622 812 302 1, 587 4,759 33 519 605 440 390 5 June _ 20, 963 9,116 188 9,931 617 812 299 1,588 4,708 35 498 634 427 391 9 July 20, 954 9,144 188 9,896 615 803 308 1,588 4,726 38 468 624 380 421 8 August 21, 038 9, 203 193 9,924 617 803 298 1,593 4,756 38 419 612 402 446 8 September 21,115 9, 368 186 9,847 619 804 291 1,595 4,770 38 379 604 365 448 8 October. __ 21, 500 9,693 186 9,880 641 807 291 1,604 4,773 35 346 609 401 453 11 November 21, 396 9,920 188 9,543 641 813 291 1,628 4,388 36 330 615 427 455 9 December. 21, 583 10,125 189 9,517 645 816 291 1,648 4,395 33 270 611 438 454 8 1936—January. __ 21, 598 10,182 186 9,467 646 817 300 1,652 4,324 31 2 270 600 455 454 11 February. _ 21, 665 10,167 186 9,529 648 825 310 1,653 4,362 29 270 593 463 472 10 March 21,711 10,184 184 9,547 642 830 323 1,653 4,348 29 270 586 486 493 8 April "21, 469 10, 225 187 9,312 "642 836 268 1, 670 4, 106 28 270 581 483 495 8 May.. P21, 362 10, 402 188 "9, 024 "641 "839 "268 1,701 3,781 28 270 610 465 485 11 June "10, 608 1,782 P3, 580 P29 270 J-638 404 460 Europe—Continued End of month Austria g B a u ri l a - C v z s a e l k o c - i h a o- m D a e r n k - Greece H ga u r n y - N w o a r y - Poland Po g r a t l u- Ru n m ia a- Spain S d w en e- Y sla u v g i o a - 6 c t o o ri u t e h n s e - r 1935—January... 45 19 112 60 39 23 61 96 68 104 740 159 37 59 February.. 45 19 112 60 39 23 61 96 68 105 740 159 38 58 March 45 19 112 60 38 23 61 96 68 106 741 160 36 59 April 45 19 112 60 37 23 61 97 68 106 741 160 38 56 May 45 19 112 60 37 23 66 97 68 106 741 161 40 57 June 45 19 113 60 36 23 75 97 68 107 741 161 40 . 57 July 45 19 113 60 36 23 75 97 68 107 741 162 40 57 August 45 19 113 54 35 23 84 97 68 108 741 162 40 59 September 45 19 113 54 36 23 84 89 68 108 734 165 40 62 October. __ 45 19 113 54 36 23 84 86 68 108 734 174 41 62 November 45 19 113 54 35 23 84 84 68 109 735 180 43 63 December. 46 19 112 54 34 23 84 84 68 109 735 185 43 63 1936—January. _. 46 19 112 54 34 23 84 84 68 109 735 194 44 63 February. . 46 19 112 54 33 23 84 85 68 110 735 200 44 65 March 46 19 113 54 32 23 84 81 68 110 726 206 44 67 April 46 19 113 54 32 23 84 72 68 111 726 209 45 67 May. 46 20 113 54 35 23 84 71 68 111 718 220 45 "68 June _ __ "89 "68 Latin America Asia and Oceania Africa End of month g t A i e n r n a - - Chile l C o b m i o a - - M ic e o x- Peru g U u r a u y - c o t o r th i u 5 e e n s r - China I B n is r d h i i t a - Japan Java N l Z a e e n a w d - T k u ey r- c o t o r th i u 2 e e n s r - Egypt A So fr u ic th a c o t o r th i 3 u e e n s r - 1935—January ___ 403 29 15 21 19 82 27 10 275 395 78 25 22 5 55 196 24 February._ 403 29 14 23 19 81 28 8 275 397 80 25 22 5 55 214 24 March 403 29 14 26 19 82 29 9 275 398 80 25 22 5 55 236 24 April 403 29 14 3 26 20 82 29 9 275 400 76 23 22 5 55 214 24 May 420 29 14 26 20 82 31 12 275 403 71 23 23 5 55 223 24 June 420 29 14 26 20 76 32 10 275 407 68 23 23 6 55 220 24 July... 420 29 14 26 20 74 32 6 275 410 61 23 23 5 55 230 24 August 420 29 14 26 20 74 34 5 275 413 58 23 23 5 55 219 24 September 420 29 14 26 20 74 35 7 275 416 55 23 23 6 55 212 24 October... 441 29 15 26 20 74 36 8 275 418 55 23 23 5 55 212 24 November 441 29 16 26 20 74 35 11 275 422 54 23 24 5 55 212 24 December. 444 29 16 26 20 74 36 10 275 425 54 23 24 6 55 212 24 1936—January... 444 29 17 26 20 74 36 11 275 428 54 23 24 3 55 221 24 February.. 444 29 18 26 20 74 37 15 275 431 54 23 24 3 55 231 24 March 438 29 18 26 20 74 38 15 275 433 58 23 24 3 55 244 24 April 438 "29 17 26 "19 74 38 15 275 435 61 23 24 3 55 189 24 May 438 "29 16 2(3 "19 "74 "38 "15 275 439 61 23 24 ?3 "55 189 "24 v Preliminary. 1 See notes under Italy and Mexico. 2 Figure for December 1935 carried forward. 3 Figure for March 1935 carried forward. 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, El Salvador, and Guatemala; in Asia and Oceania: Australia, and Siam; and in Africa: Algeria, Belgian Congo, and Morocco. 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; November 1935, p. 758, and pp. 544-547 in the current issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL RESERVE BULLETIN JULY 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 r A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n Canada U St n a i t t e e s d ' Mexico Co b l i o a m- Chile Au l s ia tra- Japan B I r n i d ti i s a h $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 4,297 2,390 39, 862 45, 835 13, 463 2,823 683 ; 8,712 6,927 7,508 1930.. 430, 725 373,154 221, 523 11, 476 4,995 2,699 43, 454 47,123 13, 813 3,281 428 i 9,553 8,021 6,785 1931.. 461, 592 394, 399 224,853 11,193 5,524 3,224 55, 687 49, 524 12, 865 4,016 442 12,134 8,109 6,815 1932.. 499, 241 421, 656 238, 931 12,000 5,992 3,642 62, 933 50, 625 12,070 5,132 788 •14, 563 8,198 6,782 1933.. 524,390 420,093 227, 673 13, 335 6,623 3,631 60,958 52, 842 13,169 6,165 3,009 • 16, 790 8,968 6,919 $1=15-5/21 grains of gold 9/10 fine; i. «., an ounce of fine gold=$35 1933.. 887, 845 711,260 385, 474 22, 578 11,214 6,148 103, 224 89, 467 22, 297 10,438 5,094 ! 28, 428 15,183 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.. 1,044, 472 771, 673 377, 090 25, 477 13, 625 7,159 114,816 r126,325 23,858 11,517 9,251 i 31,117 20,043 11,394 1935-May 82, 900 63, 116 32, 072 2,177 1,162 627 9,423 9,807 1,048 945 651 i 2,533 1,717 954 June.. 86, 670 63,186 31, 089 2,101 1,095 588 10, 002 9,772 1,166 857 1,113 i 2,623 1,844 937 July 95, 097 67, 214 32, 458 2,150 1,095 615 9, 988 11,977 2,] 81 1,001 546 i 2,635 1,610 958 August 96, 246 67, 363 32, 667 2,155 1,152 631 10,303 10, 787 2,532 1,125 536 2,844 1,669 961 September.. 97,134 68, 250 31, 472 2,009 1,160 590 9,813 12, 292 3,287 978 1,088 2,939 1,674 949 October 100,780 69,197 32, 596 2, 403 1,249 614 10, 560 12, 887 1,671 1,035 506 2,923 1,779 974 November.. 94, 633 66, 050 31, 671 2,205 1,181 614 10, 261 11,067 1,115 981 937 3,279 1, 785 953 December... 90,675 ' 70, 492 31, 829 2,272 1,174 542 10, 756 13, 342 2,583 834 905 3,423 1,866 1936—January 83, 355 65, 771 32, 275 2,320 1,221 592 9,714 10,195 2,092 1,335 770 i 2,690 1,595 971 February. _. P 82,464 P 64, 681 31, 290 2,201 1,164 574 9,325 9,650 P 2, 835 1,159 918 ; 2,801 1,843 920 March P 86, 691 P 67, 808 32, 709 2,359 1,326 544 10, 469 10,969 P 1, 645 r 1,040 1,147 ! 2,882 P 1, 750 968 April P 87, 601 p 68, 417 31,991 2,410 P 1, 470 543 10,474 11,062 P 2, 625 1,095 PI, 147 P 2,882 P 1, 750 p 968 May P 94,015 P 70, 332 32, 826 P 2, 415 P 1, 470 P543 P 10, 797 11,894 P 2,380 P 1,155 PI, 147 P 2,882 P 1, 855 p Preliminary. r Revised. Monthly figures for United States (including Philippine Islands) for 1935 represent estimates of American Bureau of Metal Statistics revised by subtracting from each monthly figure a constant amount so that the aggregate for 1935 is equal to the final annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for April 1933, pp. 233-35, February 1934, p. 108, November 1934, p. 737, and April 1936, 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] United States Net imports from or net exports (—) to: Total Year or month net imports China All e o x r p n o e rt t s K U in n g it d e o d m 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 1,131,994 499,870 260,223 8,902 94,348 12,402 86, 829 30,270 16,944 76,820 16,452 28,935 1935 1,739,019 315,727. 934, 243 3 227,185 968 95,171 13, 667 10,899 75,268 9,431 56, 453 1935—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 May 169,952 4,003 133,157 8 751 1,695 4,322 2,100 9,720 847 5, 357 June 277, 775 3,644 202, 983 2 38,811 551 14, 584 2,104 5,947 603 8,546 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

601 JULY 1936 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net 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 i e u l m - N l e a t n h d e s r- A So m ic u a e t r h - Canada B I r n i d ti i s a h S S m t e r e t a t n l i e t t s s - Au li s a tra- A d R f e r h s i o i c a - a , , c o o A th u l e n l r - West tries Africa 1934 716, 269 -497,166 348,190 121,017 -13,585 32, 575 17, 568 26,316 203,711 4,863 41, 790 335, 253 92, 737 1935 369, 747 -435, 502 142,137 -4, 726 -17,476 10, 796 8,832 16, 565 181, 627 3,198 37,981 404, 295 22,020 1935—January -4, 279 -79, 628 4,270 36 -349 8,780 381 24,046 12 4,066 37, 231 -3,124 February... -36, 565 -74,127 -17,739 28 -951 2,145 2,05; 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......... 146, 289 -3, 247 69,128 209 -1,962 5,780 410 2,696 2,962 484 2,838 55,847 11,143 June 118,057 -18,547 86,923 -943 -11,601 -593 292 3,570 7,159 429 42,473 6,933 July 16, 289 -1,141 -5, 719 -4,416 118 -11,888 261 2,831 5,663 405 5^375 33, 532 -8, 731 August 39, 016 -12,871 -5, 697 -26 82 1,642 287 449 26,102 420 4,148 35, 512 -11,032 September. -36,086 -81,032 -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, 285 -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 -6,982 480 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, 39,852 1,893 February... 38, 649 1,136 -3, 253 173 33 -7, 569 138 5,958 11, 685 63 2,037 26, 454 1,792 March 47, 666 3,440 6,738 92 99 -13,354 430 4,090 10,896 69 2,574 31,033 1,558 April 77,137 -9, 465 12, 710 4,295 -1,383 -1,409 145 899 9,413 87 3,329 55,108 3.409 May 74, 590 -12,611 25, 935 1,875 -17,602 1,761 31 1,708 13, 289 64 2,167 53,802 2', 883 France Year or month Total net Net imports from or net exports (—) to: imports or net exports (-) U S n ta i t t e e s d K U in n g it d e o d m m G a e n r y - Belgium Italy N l e a t n h d e s r- Poland A So fr u ic th a Sw la i n tz d er- c A o l u l n o t t r h ie e s r 1934 -408,961 -242,363 -351, 729 31,036 -17,6 91,021 74,995 -1,371 746 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 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 7,r~ -137 April 99,395 -28, 566 38,332 -474 -26, 395 3, 907 1,995 681 111, 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 2,1 -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 1,482 236 606 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 35~ 4,702 719 1936—January... 40,393 -890 -4, 695 2.636 -40 36, 598 -789 -127 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 April P -57,613 -6, 234 -12, 241 -1 -13,165 -27, 604 -175 1,060 748 May p-.--- -169,641 -120,660 -24, 575 3 -27,139 -2,019 8, 309 -3,912 346 v Preliminary. 1 $9,079,000 imported by France from Spain in March 1936. NOTE.— United Kingdom.—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

602 FEDERAL RESERVE BULLETIN JULY 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 U K d n i o n it m g e - d 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 t o A r th i u l e e l n s 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 U K d n i o n i m t g e - d France m G a e n r- y g B iu el m - e S r w la it n z d - c o t o A r th i u e l e n l s r - 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 6,376 905 -198,549 -221, 245 18, 397-41, 260 -5,142 48, 004 -1,257 3,956 1935—Jan.. 28' 67 4 83 -23 144 12 -18,300 -15,605 -3, 221 110 -66 -161 27 617 Feb.. 295 -49 5 75 46 218 -2, 899 -2,495 -352 64 77 -159 -197 163 Mar. 112 -19 6 -107 -9 241 510 37 -1,299 617 -93 1,066 -136 319 April 73S -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 1,100 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 66' -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.. 4,769 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 4,749 5,334 -149 -561 -52 183 1936-Jan.. -2, 584 -93 -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 8,489 -312 13, 693 -47 569 April. -1,201 -4, 343 3 2,932 22 186 31, 083 1, 384 31, 428 -1,568 73 -66 -166 May. -630 -3, 935 -1 3,146 91 -27,093 -10,153 -2, 206 67 -3, 010-11,829 -391 427 Switzerland British India Net imports from or net Y m e o a n r th or im T n p o e o t t a r l ts Net imports from or net exports (—) to: im T n p o e o t t a r l ts exports (—) to: G d p u r o o c l - d - Change in: e o x r ( p ) o n r e t t s U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu e m l- Italy N la e e n r t d - h s - c o t o A r th i u e l e n l s r - e o x r ( p ) o n r e t t s U St n a i t t e e s d U K d n i o n i m t g e - 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 2 P i I n h r n g i o d v s l i d a a - i t n 3 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 -6, 795 -161,872 -17, 394 -145, 510 1,032 11,393 -6 -150,472 1935—Jan -4,125 -17 -216 -4, 344 472 -218 198 -16,334 -1,249 -15,293 208 946 -15,386 Feb -15,025 -51 -2,108 -16,117 225 2, 689 -90 428 -17,746 -2, 367 -15,108 -271 903 -16,844 Mar -17,830 5 -6,839 -16,148 415 4,734 -202 207 -18,439 -18, 585 146 955 -17,479 April -139,633 324 -31,619 -107,021 7 2,110 1,041 -4, 475 -3, 675 '-30 '-3,800 155 938 -2, 737 May -63, 229 -17, 878 -38, 514 -5, 972 303 -409 -760 -6, 604 -6, 558 653 954 -5, 650 June -5, 640 549 2,684 -8,651 -74 153 -352 -3, 824 -4, 078 254 937 -2,887 July 1,417 1,610 2,998 -1 262 -3, 455 -22, 383 10 -21,575 -818 958 -21,425 Aug 9, 328 -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 -9,11' 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 -2,1 -4,166 21 4,724 -139 -10,303 -1,199 -9, 243 139 966 -9, 337 1936—Jan 2,462 -195 -6, 783 47 9,496 -137 34 -13,809 -559 -12,888 -362 971 -12,838 Feb. _ 6,571 -518 -5, 705 1,821 9,612 1,377 -16 -9, 846 -9, 616 -230 920 -8, 926 Mar 21,413 -841 -3, 492 1,724 21, 537 567 1,917 -7,667 -122 -7, 258 -287 968 -6, 699 April 22, 570 -131 7,292 -3 6,970 29 i 8,413 -10,351 -889 -9,711 249 P-9, 383 May 12,896 32 -4, 788 284 1,449 132 15, 794 P-8,409 P-7,441 v Preliminary. 1 $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936. 2 Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. 3 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 official 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

603 JULY 1936 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Go is l s d u e (in Note (Fi p g o ur u e 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 - C C oi a n sh reser N v o es tes a c v n o a D d n u i c n s a - e t d s s - Se ti c e u s ri- cir ti c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia ti t b e h i s e li r - 1935—Apr. 24 192.6 .5 59.4 5.8 97.4 393.2 98.1 7.6 39.6 17.7 May 29 192.6 .8 62.2 5.3 96.7 390.4 88.0 23.1 36.0 17.8 June 26 192.7 .6 55.9 10.2 108.6 396.9 102.4 16.2 38.8 18.0 July 31 192.8 .6 44.5 10.8 100.7 408.3 75.7 24.4 38.5 18.1 Aug. 28 193.4 .7 53.8 12.9 93.5 599.6 96.9 9.4 36.5 18.2 Sept. 25 ' 193.6 .8 55.4 12.4 95.4 598.2 87.2 19.5 39.0 18.3 Oct. 30 194.7 .8 54.8 11.2 98.2 599.9 82 5 26.2 38.6 17 7 Nov. 27 . _ 197.6 .8 56.3 9.5 98.4 401.3 90.9 19.7 36.5 17.8 Dec. 25 200.1 .6 35.5 8.5 94.7 424.5 72 1 12.1 37.1 18 0 1936—Jan. 29 200.5 .6 63.3 18.8 94.0 397.1 106 0 15.9 36.7 18 2 Feb. 26 200.6 .7 60.7 11.0 96.2 400.0 106.2 8.8 35.5 18.2 Mar. 25 200.6 .8 54.1 5.0 97.0 406.5 83.6 18.0 37.0 18.3 Apr. 29 . 202.7 .8 45.9 8.3 114.0 416.9 104.7 7.5 39.0 17.7 May 27. . 206. 4 .9 40.3 6.7 104.7 426.1 78.3 19.8 36.7 17.8 June 24 216.3 1.0 41.5 7.6 116.1 434.8 90.8 20.0 37.4 17.9 Assets Liabilities Loans on— Deposits Bank of France Ad- (Figures in millions of francs) Gold ch e F e a i o g x n r n - g - e Do b m il e l s s tic v G a e n t r o o n c v - e - s G S t o h e v r o e m r r t n - - s O ec th u e ri r - N c b u e l g r e i o t s i t e e ia - s - a O s t s h e e ts r c N i t r i c o o u t n e la- Govern- Other l O i t a i t b e h i s e li r ment ment se- ties ment curities 1935—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 Ausr. 30 71, 742 1,236 7,575 543 3,103 5, 890 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 9,210 969 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 8,028 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 May 29 57,022 1,427 19, 381 796 3,381 5, 708 8,134 84, 705 1,850 6,909 2,383 June26p 53, 998 1, 298 7,725 314,382 1,047 3,441 5, 708 85,107 1,304 6,528 Assets Liabilities Rei chsbank Reserves Securities (Figu re re ic s h i s n m m a i r l k li s o ) ns of Gold e F x o ch re a i n g g n e Tr b e i a l s ls ury b c i O l h l e s t c h ( k e a s r n ) d Se lo c a u n ri s ty E a c s li o g n v i o e b r t l e e Other a O s t s h e e ts r ci N r ti c o o u t n l e a- Deposits l O ia ti t b e h i s e li r - 1935—Apr. 30 82 4 27 3,861 87 373 328 739 3,711 952 837 May 31 82 4 63 3,732 86 338 324 775 3,810 770 824 June 29 86 4 53 3,879 89 337 324 781 3,895 819 838 July 31 94 6 6 3,833 52 337 324 814 3,878 743 845 Aug. 31 95 5 35 4,000 54 340 324 781 4,032 743 860 Sept. 30 ._ 95 6 40 4,144 73 346 324 770 4,143 774 879 Oct. 31 88 6 52 4,058 66 345 316 868 4,159 728 911 Nov. 30 88 5 56 4,096 78 346 315 922 4,186 806 913 Dec. 31._ . _ . __. 82 5 53 4,498 84 349 315 853 4,285 1,032 923 1936—Jan. 31 77 5 79 3,884 72 349 315 888 4,098 679 891 Feb. 29 72 5 43 4,026 72 348 315 861 4,177 652 914 Mar. 31 72 5 54 4,201 56 336 321 771 4,267 768 782 Apr. 30 _._ 70 5 71 4,353 73 240 319 702 4,348 688 798 May 30 70 5 37 4,606 60 219 319 648 4,430 729 807 June 30P 72 5 4, 699 56 220 311 4,389 960 (2) p Preliminary. 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. 2 Figures not yet available. 3 This account, in accordance with the Convention of June 18, 1936, between the Bank of France and the Treasury (see p. 536), includes 13,796 million francs of Treasury and other governmental bills formerly not differentiated from other bills. These special bills, which amounted to 13,833 million francs on June 19, 1936, are being automatically converted, as they mature, into advances to the Government without interest. The Convention authorizes 24,000 million francs of such advances. 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

604 FEDERAL RESERVE BULLETIN JULY CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank May April March May- May April March May National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): Gold -- 7,556 7,556 7,560 Gold 179, 733 179, 951 180, 417 106, 936 Foreign exchange 18, 209 18,349 21,820 Sterling exchange ... 1,918 1,681 387 191 Loans and discounts 3,111 3,170 2,449 United States exchange.. 13,390 7,699 7,097 10, 257 Other assets ... 5,029 5,031 3,303 Advances : Note circulation 11,545 11,679 14,118 Dominion Government Demand deposits 10, 710 10, 681 10, 396 Provincial Goyernments 3,000 Other liabilities.. 11,650 11, 746 10, 616 Government securities: Central Bank of the Argentine 2 years or less 30, 607 28, 602 29, 661 22,090 Republic i (millions of pesos): Over 2 years 80, 241 82, 323 81,144 117,860 Gold at home 1,224 1,224 1,224 1,224 Other assets... 4.891 6,794 4,527 5,517 Gold abroad and foreign ex- Note circulation 93, 397 90, 309 85, 518 74, 738 change 121 111 121 123 Total deposits _. 213, 503 211,688 210, 868 181, 588 Negotiable Government bonds. _. 93 226 202 400 Chartered banks 185,071 187, 447 188, 203 166, 971 Other assets 140 140 143 139 Government 27, 235 23, 915 21,116 14, 333 Note circulation , 1,018 1,021 964 Other liabilities 6,880 7,054 6,847 6,525 Deposits: Central Bank of Chile (millions of Member bank 338 451 447 579 pesos): Government 181 190 191 148 Gold and foreign exchange in re- Liquidation Institute 174 serve 142 142 142 Other 2 Loans and discounts 102 90 101 Other liabilities 20 Government debt 706 706 713 Commonwealth Bank of Aus- Note circulation .. 598 595 537 tralia (thousands of pounds2): Deposits 275 274 354 Issue department: Central Bank of China3 (millions of Gold and English sterling 16,003 16,003 16,003 15, 994 yuan) : Securities. _ 39, 343 40, 341 39, 351 32, 765 Gold 51 51 29 Banking department: Silver.. _._ 230 211 116 Coin, bullion, and cash 1,223 1,225 1,152 897 Foreign exchange... 86 74 10 London balances 20, 664 19,314 26,513 32, 358 Due from domestic banks.. _ 124 104 55 Loans and discounts 11,364 10, 642 11,127 13, 232 Loans and discounts . 210 213 103 Securities 35, 657 35, 657 35, 657 35, 873 Securities. 311 310 181 Deposits 65, 901 63, 902 70, 890 84, 673 Other assets 48 47 60 Note circulation 47,045 48,045 47, 045 47,050 Note circulation 269 254 94 Austrian National Bank (millions Deposits—Government 305 305 246 of schillings): Bank 312 292 54 Gold -- 243 243 243 242 Other 50 30 17 Foreign bills 86 82 81 61 Other liabilities 125 130 142 Domestic bills 220 218 218 232 Bank of the Republic of Colombia Government debts 624 624 624 (thousands of pesos): Note circulation 958 952 929 Gold at home and abroad 28,013 29, 789 30, 830 26, 301 Deposits 213 210 234 233 Foreign exchange... 4,900 5,738 3,658 4,009 National Bank of Belgium (mil- Loans to member banks 2,382 1,477 887 6,489 lions of belgas): Note circulation 43, 260 42, 824 41,315 36, 509 Gold 3, 597 3,429 3,319 3,428 Deposits 29, 095 30, 633 31, 500 25,889 Domestic and foreign bills 1,323 1,247 1,182 1,403 National Bank of Czechoslovakia Loans to State 160 160 160 166 (millions of koruny): Note circulation 4,284 4,255 4,163 4,031 Gold 2,695 2,694 2,692 2,687 Deposits 969 750 681 1,172 Foreign balances and currency._. 36 44 47 303 Central Bank of Bolivia (thousands Loans and advances 1,261 1,436 1,413 982 of bolivianos): Note circulation 5,482 5,509 5,413 5,567 Gold at home and abroad 22, 350 22, 243 22, 011 13, 047 Deposits 464 647 778 782 Foreign exchange 20, 861 8,640 8,022 7,801 Danish National Bank (millions of Loans and discounts.. 7,702 7,230 7,575 14, 079 kroner): Securities: Gold 118 118 118 133 National Government 418, 072388, 202 328,054 Foreign bills, etc 32 27 28 18 Other 2,921 2,921 2,921 3,342 Loans and discounts 70 71 73 76 Note circulation... 162,106 156, 534 152, 521 114,486 Note circulation 392 382 371 375 Deposits 260, 859 225,162 228,000 200, 365 Deposits 59 60 80 Bank of Brazil (millions of milreis): Bank of Danzig (thousands of Cash 211 281 292 gulden): Correspondents abroad 379 367 124 Gold 20, 785 20, 783 20, 766 22, 994 Loans and discounts 2,921 2,935 3,077 Foreign exchange of the reserve ... 2, 325 1,723 2,021 1,476 Note circulation 10 10 20 Other foreign exchange 5,934 6,317 5,976 136 Deposits. 3,140 3,216 2,878 Loans and discounts 14, 919 15, 038 15, 893 27, 422 National Bank of Bulgaria (mil- Note circulation 29, 298 28, 274 31,917 lions of leva) : Deposits 3,480 2,651 3,879 4,812 Gold 1,607 1,591 1,591 1,583 Central Bank of Ecuador (thou- Net foreign exchange in reserve.._ -128 -128 -103 -114 sands of sucres): Total foreign exchange _ 489 386 364 437 Gold 4 16, 286 Loans and discounts 1,385 1,372 1,184 884 Foreign exchange 10, 335 Government obligations.. _ 2,671 2,671 2,671 2,698 Loans and discounts 54,186 Note circulation 2,247 2,252 2,373 2,123 Note circulation 42,161 Other sight liabilities 2,181 2,094 1,763 2,309 Deposits 20, 565 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. * 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

605 JULY 1936 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank ! May April March May May April March May -I- ~r National Bank of Egypt1 (thou- Bank of Japan (millions of yen): sands of pounds): Gold 520 515 513 477 Gold 6, 545 6,545 6, 545 Advances and discounts 730 820 914 644 Foreign exchange 2. 558 3. 269 2,101 Government bonds 562 554 533 521 Loans and discounts 5, 016 5, 385 3, 526 Notes issued 1,371 1,317 1.367 1.170 British, Egyptian, and other Total deposits 444 580 657 420 Government securities 39. 555 38. 819 35, 083 Bank of Java (millions of florins): Other assets 5,309 5, 867 3, 355 Gold 89 85 104 Note circulation 21, 246 21,639 18, 551 Foreign bills 1 1 2 1 Deposits—Government 6,185 6, 310 7, 587 Loans and discounts 62 59 61 62 Other 23, 384 23,611 16, 543 Note circulation 156 155 154 172 Other liabilities | 8,169 8. 327 7, 930 Deposits 22 23 24 30 Central Reserve Bank of El Salva- | Bank of Latvia (millions of lats): dor (thousands of colones): ! Gold 46 46 46 Gold ! 12,917 12, 855 11,978 Foreign exchange reserve 7 6 3 Foreign exchange | 4,345 4, 550 1.582 Bills 52 51 50 59 Loans and discounts , 484 680 467 Loans 62 61 59 71 Government securities ! 6, 842 6, 912 7,478 Note circulation 37 38 39 37 Other assets < 1,882 1,992 1, 450 Government deposits 46 48 39 49 N O o th te e r ci s r i c g u h l t a t l i i o a n bilities __! 1 8 4, , 2 8 7 0 9 0 15 8 , , 2 3 5 9 5 4 1 5 4, , 1 4 8 3 0 4 Ban O k t o h f e L r i d t e h p u o a si n ts ia (millions of litu): ! 107 101 101 109 Ba k n ro O k o t n h o i e ) r f : li E ab s i t l o it n ie ia s (thousands of j ; 3. 392 3.340 3,341 G L Fo o o r a l e d n i s g n a n e d x c d h i a s n co ge u n 2 ts 2 5 2 7 4 1 4 8 5 2 0 3 1 8 5 1 7 1 9 101 Gold 34,135 34,125 34,124 31, 552 Note circulation i 108 107 109 97 Net foreign exchange 3, 220 2, 463 2, 450 2,721 Deposits ! 45 50 47 50 Loans and discounts 22,444 21,453 22, 229 11, 361 Netherlands Bank (millions of flor- I Note circulation . 40,997 41,887 41, 700 37,184 ins): Deposits—Government 13,580 14,345 14,018 9,174 Gold 684 710 714 646 Bank 9,402 10, 224 10, 625 9,388 Foreign bills 1 1 1 1 Other ' 2,756 2,682 2, 869 2,105 Loans and discounts 159 152 152 186 Bank of Finland (millions of mark- : Note circulation 763 766 781 837 Deposits 121 137 121 49 Gold 501 501 501 322 Reserve Bank of New Zealand Balances abroad and foreign (thousands of pounds): credits 1,248 1, 355 1,328 1,416 Gold 2, 802 2,802 2,802 2,802 Foreign bills I 88 83 87 87 Sterling exchange 23, 738 24, 225 24,830 22, 789 Domestic bills ! 870 892 865 784 Other assets 2,447 2,088 2. 069 2,284 Note circulation 1, 501 1, 546 1, 520 1, 369 Note circulation 10,157 10, 240 10,153 9,302 Other sight liabilities 652 689 657 543 Demand deposits 17.252 17, 272 17,903 16, 985 Bank of Greece (millions of drach- ' Bank 8,078 8, 585 8,992 4,206 mas): ! Government 8,983 8. 584 8,789 12, 767 Gold and foreign exchange 3 265 3, 334 3, 339 3, 604 Other liabilities 1,578 1, 602 1,645 1,588 Loans and discounts 5^ 130 5,140 5,155 2, 456 Bank of Norway (millions of Government obligations 4' 172 4,172 4,172 3,289 kroner): Note circulation ; 5' 041 5, 791 5, 670 5,319 Gold 185 185 185 145 Other sight liabilities j 6^ 154 5,949 5, 953 3,774 Foreign balances and bills 72 76 46 48 Liabilities in foreign exchange j ' 271 256 275 114 Domestic credits 190 195 202 212 National Bank of Hungary (mil- Note circulation 366 364 357 322 lions of pengos): Foreign deposits 5 5 4 7 Gold 79 79 79 79 Total deposits 83 89 75 Foreign bills, etc 26 31 33 20 Central Reserve Bank of Peru Loans and discounts 506 499 514 533 (thousands of soles): Advances to Treasury 80 80 80 60 Gold and foreign exchange 42, 351 41,136 43, 293 Other assets 110 111 102 69 Bills 73, 291 67, 914 62,176 Note circulation 385 390 391 359 Note circulation 86, 950 84, 925 74, 349 Deposits 119 109 121 98 Deposits 24,617 20, 161 26, 839 Certificates of indebtedness 98 104 104 109 Bank of Poland (millions of zlotys): Miscellaneous liabilities 172 171 166 170 Gold 375 381 427 509 Reserve Bank of India (millions Foreign exchange 15 26 15 of rupees): Loans and discounts 851 809 736 742 Issue department: Note circulation 1,061 1,010 979 952 Gold at home and abroad j 444 444 444 444 Other sight liabilities 123 148 155 219 Sterling securities I 683 683 673 506 Bank of Portugal (millions of es- Indian Gov't securities ! 235 234 244 411 cudos): Rupee coin : 605 591 594 503 Gold 910 910 910 907 Note circulation 1 i,695 1,707 1,643 Other reserves 478 460 454 439 Banking department: | Discounts and advances 365 380 364 311 Notes of issue department ! 308 246 268 221 Government obligations 1,046 1,046 1, 046 1,048 Balances abroad 153 194 231 175 Note circulation 2, 025 2. 026 1.998 2,020 Loans to Government I 40 Other sight liabilities 1,041 1,033 997 Investments : 62 50 51 55 National Bank of Rumania (mil- Other assets 1 8 8 6 3 lions of lei): Deposits—Government ' 179 65 86 200 Gold 11,005 10,971 10, 929 10, 531 Bank 240 365 360 144 Foreign exchange of the reserve... 91 Other liabilities j 111 109 110 110 Loans and discounts 5, 467 5, 553 5, 509 5,244 Special loans 3 2,445 2,474 2,594 2,787 State debt 11,193 11,151 11,179 10,006 1 Items for issue and banking departments consolidated. 2 Beginning with July, 1935, foreign exchange includes foreign bills previously reported with loans and discounts. 3 Agricultural and urban loans in process of liquidation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN JULY 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank May April March May May April March May National Bank of Rumania—Con. Swiss National Bank—Continued Other assets 11, 549 11,941 11,871 10, 736 Loans and discounts 151 143 152 281 Note circulation 21, 983 22,401 23, 056 20,937 Note circulation 1,302 1,311 1,319 1,302 Demand deposits 8,780 7,856 8,804 Demand deposits 373 403 411 244 Other liabilities 10,896 11,110 11,169 9,654 Central Bank of the Republic of South African Reserve Bank Turkey (millions of pounds): (thousands of pounds): Gold . 30 30 29 Gold 22,923 22,931 29,644 27,100 Foreign exchange 20 19 17 11 Foreign bills. 10, 389 9,446 5,208 6,034 Loans and discounts 11 14 13 13 Domestic bills 67 99 161 74 Investments 187 188 188 186 Note circulation 15,013 13,068 13, 585 13, 539 Other assets j 25 24 25 22 Deposits—Government 2,918 4,481 7,269 2,677 Note circulation ! 163 163 165 158 Bank 22, 648 21, 508 26, 444 25,063 Deposits j 39 39 36 23 Other 4,423 3,995 2,941 4,736 Other liabilities ! 73 72 70 79 Bank of Spain (millions of pesetas) • Bank of the Republic of Uruguay j Gold 2,202 2,228 2,228 2,270 (thousands of pesos): Silver 669 676 689 700 Issue department: Balances abroad 287 300 311 285 Gold and silver 41,091 41,091 Loans and discounts 2,690 2,668 2,584 2, 354 Note circulation 81, 330 84, 395 75, 847 Note circulation 5,424 5,354 5,171 4,560 Banking department: Deposits 1,079 1,068 1,105 Cash reserves 40, 309 37,124 51, 037 Bank of Sweden (millions of Loans and discounts. 91,647 94, 557 98, 757 kronor): Other assets 54,838 56, 885 43, 227 Gold 484 461 354 Deposits- Foreign assets , 522 565 627 Demand 30, 234 31, 973 31, 736 Domestic discounts and advances - 42 39 45 55 Time 42,019 41, 874 39, 753 Government securities 29 29 29 137 Ministry of Finance 20. 694 20,994 Other assets 209 190 186 113 Other 20, 842 20, 738 2,818 Note circulation 773 780 795 683 Other liabilities 73,005 72, 988 42,868 Total deposits I 397 391 401 505 National Bank of the Kingdom of Bank 88 161 226 Yugoslavia (millions of dinars): Government ! 293 193 146 Gold 1,522 1,497 1,490 1,332 Other liabilities , 114 111 105 Foreign exchange 341 307 313 220 Swiss National Bank (millions of ' Loans and discounts 1,623 1,617 1,642 1,789 francs): j Advances to State 2,273 2,272 2,272 2,291 Gold . | 1,484 1,516 1,509 1,193 Note circulation 4,844 4,824 4,904 4,446 Foreign balances and bills I 12 14 31 Other sight liabilities 1,625 1,553 1,481 1,239 i Liabilities of banking department. (See BULLETIN for December 1935.) BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] Assets Liabilities May April May May April May Gold in bars 32, 292 23, 200 16, 210 Demand deposits (gold) 24,110 19, 309 14,930 Cash on hand and on current account with banks 7,765 9,538 2,514 Short-term deposits (various curren- Demand funds at interest 15, 308 14,094 14, 903 cies) : Central banks for own account: Rediscountable bills and acceptances Demand 24,095 23, 606 22, 722 (at cost): Time—Not exceeding 3 months 113,615 108,075 104, 228 Commercial bills and bankers' acceptances 154, 212 137,125 131,020 Total 137,711 131,681 126,950 Treasury bills 176, 390 188, 792 219, 974 Central banks for account of others: Total 330, 602 325, 917 350, 994 Demand 5, 435 7,679 9,838 Time—Not exceeding 3 months 2,994 2,989 2,953 Time funds at interest—Not exceeding Other depositors: 3 months 33,994 38, 952 33,881 Demand : 119 522 1,577 Time—Not exceeding 3 months 333 684 2,120 Sundry bills and investments: Maturing within 3 months: 28, 944 27,158 36, 535 Long-term deposits: Treasury bills 41, 481 61, 993 44, 513 Annuity trust account 154, 905 154,764 155, 428 Sundry investments German Government deposit 77,453 77, 382 77, 714 Between 3 and 6 months: 29,365 21, 385 32, 269 French Government guaranty fund- 61, 930 61, 930 61, 930 Treasury bills 84, 964 63, 683 53, 313 French Government deposit (Saar). 2,031 2,031 2,031 Sundry investments Over 6 months: 41, 388 51, 583 18, 857 Total 296, 318 296,106 297,102 Treasury bills 1,765 1,694 35, 402 Sundry investments Capital paid in 125,000 125, 000 125,000 Reserves: Total 227,908 227, 496 220, 889 Legal reserve fund 3,784 3,324 3,324 Dividend reserve fund 6,092 5,845 5,845 Other assets: General reserve fund 12,183 11,690 11,690 Guaranty of central banks on bills Other liabilities: sold 1,330 6,213 6,137 Guaranty on commercial bills sold. 1,334 6,265 6,252 Sundry items 7,045 6,566 4,548 Sundry items 32, 837 40, 882 33,036 Total assets 656, 243 651, 976 650,075 Total liabilities 656, 243 651,976 650,075 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY 1936 FEDERAL RESERVE BULLETIN 607 COMMERCIAL BANKS [Figures are as of end of month, except those for the United Kingdom, which are averages of weekly figures] Assets Liabilities United Kingdom (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 d te i d s- Se ti c e u s ri- L cu o s a e t n r o s s m to - a O s t s h e e ts r Total D D e ep m o a s n it d s 1 Time1 lia O b t i h li e ti r es 10 London clearing banks 1935—September. 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. 221 159 322 605 784 231 2,091 1,140 924 231 1936—January.., 220 155 337 601 791 218 2,092 230 February.. 221 151 288 601 804 218 2,053 231 March 210 155 249 605 829 221 2,038 230 April 220 154 234 607 843 224 2,082 229 May 213 152 301 610 843 218 2,113 228 11 London clearing banks 2 1936—January __ 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 1,123 951 241 April 227 161 258 637 868 233 2,154 1,145 974 240 May 220 159 309 640 870 227 2, 185 1, 156 992 239 Assets Liabilities France (4 large banks. f F ra i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k r s om B co il u ls n d te i d s- Loans a O s t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e ti r es 1935—September, 4,075 2,364 17, 585 7,450 1,489 28, 684 28,016 669 236 4,043 October.. _ 3,996 2,413 17, 692 7, 505 1,620 28,800 28,101 699 268 4,158 November. 3,909 2,759 16, 529 7,718 1,751 28,110 27,406 704 329 4,226 December. 3,739 2,484 16,141 8,025 1,900 27, 553 26, 859 337 4,399 1936—January... 3, 451 2,563 16, 601 7,765 1,086 27, 548 26, 859 349 3,568 February.. 3,431 2,528 16, 470 8,006 1,101 27, 603 700 338 3, 595 March 3,587 2,617 16,135 7,700 1,222 27,194 26,522 672 391 3,677 April 3,517 2,902 16,199 7,677 1, 270 27, 410 26, 714 696 397 3,757 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 ti c e 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 e a o n d i m n k it s e s d l O ia ti t b e h i s e li r - 1935—September.. 195 341 2,035 2,918 1,061 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 1,449 December3. 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 April 136 301 2,429 2,847 973 916 5,595 2,585 3,010 644 1,363 May 141 300 2,406 2,884 980 873 5,621 2,622 2,999 636 1,327 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada excl d ud 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 . ia F n ig d u o r l e la s r s i ) n mil- Other a a n b d d r u o n e a e d t Se ti c e u s ri- a O s t s h e e ts r ci N r ti c o o u t n l e a- l O ia ti t b e h i s e li r re C se a r s v h es S l e o c a u n r s ity an lo d a n d s is- fo fr r o ei m gn Total Demand Time counts banks 1935—September. 223 965 157 1,103 464 123 2,131 687 1,444 734 October.... 235 982 132 1,116 476 121 2,151 685 1,465 744 November. 229 151 1,137 453 124 2,174 1,474 748 December. 228 945 141 1,155 485 111 2,180 1,486 745 1936—January.._ 220 874 150 1,207 472 112 2,144 645 1,499 745 February.. 224 151 1,265 444 118 2,152 635 1,517 761 March 227 154 1,316 459 117 2,197 665 1,532 783 April 228 145 1,314 478 114 2,229 692 1,536 767 May 225 131 1,345 446 116 2,193 1,527 753 1 Excluding deposits of the National Bank relating to offices outside the United Kingdom, 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

608 FEDERAL RESERVE BULLETIN JULY 1936 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Central bank of— Date effective K U in n g i d te o d m France m G a e n r y - Italy N la e n th d e s r- Sw la i n tz d er- b C an e k n tr o a f— l J R u 1 a l 0 t y e ef D fec a t t i e ve b C an e k n tr o a f— l J R u 1 a l 0 t y e ef D fec a t t i e ve In effect Aug. 1, 1935 2 3H 4 3 2K Albania 7 June 15, 1936 Italy 4H May 18, 1936 Aug. 3 5 Argentina Mar. 1, 1936 Japan 3.29 Apr. 7, 1936 Aug. 9 3 Austria Wi July 10, 1935 Java 4 July 1, 1935 Aug. 12 ~VA Belgium... 2 Mav 16, 1935 Latvia Jan. 1, 1933 Sept. 9 5 Bolivia 6 July 5, 1932. Lithuania 5* July 1, 1936 Sept. 17 6 British India 3 Nov. 28, 1935 Netherlands. July 7, 1936 Oct. 17 5 Bulgaria. ._ 6 Aug. 15, 1935 New Zea- O N c o t v . . 2 5 2 ... 4 4 H C C h an il a e da 3*- 2 4 V J 2J M an a . r . 1 8 1 , , 1 1 9 9 3 3 5 6 No la r n w d a y . V W A i M M a ay r. 2 2 4 , , 1 1 9 9 3 3 6 3 Nov. 14 3H Colombia.__ cJuly 19, 1933 Peru 6 May 20, 1932 Nov. 15.. 4 Czechoslo- Poland 5 Oct. 26, 1933 Nov. 22 5 vakia 3 Jan. 1, 1936 Portugal 4^ cMay 12, 1936 Nov. 26 __ 6 Danzig 5 Oct. 21, 1935 Rumania ±lA Dec. 15, 1934 Jan. 2, 1936 5 Denmark. __ 3^ Aug. 22, 1935 South Africa VA May 15, 1933 J J F F a a e e n n b b . . . . 4 1 1 7 6 0 3 4 3^ 3 2.H E E F E i l s c n t u o S l a a n a d n l i o v a d r ador- 5 J N D O u e o c l c y t v . . . 3 5 0 3 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 4 2 5 4 T S S S w p w u a r e i i k t d n z e e e y n rland- 5 2 2 & H 3 A ^ J D M M u e a l a c y y r . . 1 2 3 1 5 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 3 5 3 5 Mar. 28 5 France July 10, 1936 United,King- May 7 6 Germany 4 Sept. 22, 1932 dom 2 June 30, 1932 May 18 --AlA~ Greece 7 Oct. 14, 1933 U. S. S. R.._ 8 Mar. 22, 1927 May 30 33^2 Hungary 4 Aug. 29, 1935 Yugoslavia.. 5 Feb. 1, 1935 June 4 4^ J J u u n n e e 2 2 4 5 5 4 c Corrected. June 26 4 Changes since June 4: Albania—June 15, down from 7}4 to 7 percent; June 30 .. France—June 24, down from 6 to 5 percent; June 26, down from 5 to 4 July 7 !* percent; July 10, down from 4 to 3}4 percent; Netherlands—June 25, down July 10 . . from \}/2 to 4 percent; June 30, down from 4 to 3^£ percent; July 7, down In effect July 10,1936 2 4 3 2lA from 3>| to 3 percent. MONEY RATES IN FOREIGN COUNTRIES [Percent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month ac 3 B c e a m p n o t k a n e n t r c h s e s ' s, T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e t ' s 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 t f h 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 t f h or 1935—May .59 3.09 3.10 3.17 3.78 2.96 June .71 3.00 2.93 3.16 4.42 3.83 July .65 3.00 2.97 3.10 3.25 2.77 August .60 3.00 3.00 3.06 4.78 4.72 September. .58 3.02 3.07 3.21 5.48 5.65 October. __ .63 3.04 3.26 3.13 4.70 5.00 November. .57 3.01 3.10 3.07 3.15 3.00 December. .71 3.00 3.23 3.15 3.20 3.08 1936—January ___ .56 3.00 3.09 2.81 2.37 2.29 February._ .55 3.00 2.97 2.77 1.31 1.63 March .56 3.00 3.07 2.99 1.20 1.68 April .55 3.00 3.04 2.83 1.19 1.27 May .55 2.92 2.89 2.76 2.27 1.82 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t d P 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 p e r e - r Da m y o -t n o e - y day L m oa o to n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1935-May 2.39 2.12 2.56 3.50 5.11 2.40 June 2.60 1.88 5.72 3.50 5.11 2.45 July 2.79 1.88 4.06 3.50 5.11 2.45 August 2.47 1.88 3.06 4.17 A 5.11 2.60 September. 2.40 1.88 2.85 4.87 3 5.11 2.62 October. __ 2.37 1.88 2.71 5.00 4 -7 3 5.11 2.69 November. 2.44 1.88 3.89 5.00 4 -7 3 5.11 2.78 December. 2.50 1.88 5.89 5.00 4 4 - - 7 7 2% 5.11 2.69 1936—January—_ 2.48 1.52 4.26 5.00 4 -6 2% 5.11 2.64 February- 2.37 1.45 3.81 5.00 4 -6 2K 5.11 2.56 March 2.26 1.38 3.74 5.00 4 -6 2% 5.11 2.87 April 2.25 1.38 5.03 5.00 4.97 3.11 2.25 5.60 5.00 May NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736, and VIay 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

609 JULY 1936 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Year or month Ar t g in e a n- t A r u a s l - ia A ( u s s c t hi r l i - a g B i e u l m - Br (m a i z l i - l B I r n i d ti i s a h g B a u r l i - a Canada Chile China Co b l i o a m- Cuba C sl z o e v c a h k o i - a (peso)i (pound)2 ling)! (belga) reis)i (rupee) (lev)i (dollar) (peso)i (yuan) (peso)1 (peso) (koruna) 1929 95.1274 480.83 14.0575 13.9124 11.8078 36. 2020 0. 7216 99.2472 12. 0601 41. 9007 96. 5512 99.9647 2. 9609 1930 . 83. 5050 458. 60 14.0891 13.9524 10.7136 36. 0672 .7209 99. 8424 12.0785 29. 9166 96. 4930 99.9515 2. 9640 1931 66. 7375 351. 50 14. 0227 13.9285 7.0290 33.6895 .7163 96. 3528 12.0669 22. 4369 96. 5697 99.9295 2. 9619 1932 58. 4433 279. 93 13. 9599 13.9137 7.1223 26. 3468 . 7193 88.0896 7. 9079 21. 7357 95. 2750 99. 9409 2. 9618 1933 3 72. 8009 337. 07 15. 4478 17. 8996 7. 9630 31.8159 1. 0039 91. 9587 7. 6787 428. 5979 81. 6966 99.9464 3. 8232 1934 33. 5793 400. 95 18.7930 23. 2867 8. 4268 37. 8793 1. 2852101. 0060 10.1452 34. 0937 61. 7799 99. 9362 4. 2424 1935 32. 6585 388. 86 18. 8309 18. 4241 8. 2947 36. 9640 1.2951 99. 4933 5. 0833 36. 5707 56.0110 99. 9198 4.1642 1935—June 32. 8687 391. 28 18. 8821 16. 9393 8. 3122 37.1944 1. 3070 99. 9078 5. 0996 40. 4002 54. 4068 99. 9182 4.1828 July 33.0262 393. 31 18.9148 16.9117 8. 3146 37. 3467 1. 3149 99. 8322 5.0990 38. 6791 52. 9692 99. 9194 4.1729 August 33.1204 394. 52 18. 9405 16. 8878 8. 3657 37. 4849 1. 3332 99. 7799 5. 0633 36. 8645 53. 2263 99. 9185 4.1571 September _ 32. 8563 391. 52 18.8453 16.8618 8. 3378 37. 2082 1. 2935 99. 2563 5. 0515 37. 6226 55. 9846 99.9200 4.1363 October 32. 7140 389. 61 18.8117 16. 8468 8. 3791 37.0217 1. 3239 98.5800 5. 0694 35. 6091 57.3115 99. 9200 4.1411 November.. 32. 8152 390. 90 18. 7753 16. 8946 8. 3792 37.1419 1. 3404 98. 9236 5. 0950 29.6485 56. 5948 99.9200 4.1363 December.. 32. 8542 391. 28 18. 7828 16. 8565 8. 3902 37. 2008 1. 3309 99. 0453 5. 0937 29. 4496 57.0300 99. 9200 4.1433 1936—January 33. 0742 394. 50 18. 8320 16. 9355 8. 4167 37.4606 1. 3446 99. 9297 5. 0950 29. 6594 57. 3900 99.9231 4.1602 February.— 33. 3291 398. 06 18. 9708 17. 0416 8. 3803 37. 7344 1. 3380100.1136 5. 0950 29.9116 58. 2683 99. 9209 4.1936 March 33.1346 396.01 18. 8548 16. 9787 8.4871 37. 5101 1. 2902 99. 8421 5. 0930 29. 8243 57. 2235 99. 9025 4.1637 April 32. 9541 393. 72 18. 7242 16. 9146 8. 5564 37. 3153 1. 2812 99. 5019 5. 0853 29. 7339 57.0023 99. 9025 4.1359 May _ 33.1114 396. 09 18. 7222 16.9378 8. 5755 37. 5038 1. 2844 99. 8060 5.0775 29. 6900 57.0044 99.9000 4.1432 June 33. 4181 399. 99 18. 7587 16. 9065 8. 6310 37. 8716 1. 2838 99.7206 5. 0659 29. 8896 56. 9000 99.9000 4.1375 Year or month ( m D k e a r n o r n - k e) ( E p g o y u p n t d) F m i a n r l k a k n a d F ( r fr a a n n c c e ) ( m m G r a a e e i r r n c k - h y ) s- G ( r d m r e a a e ) c c h e - ( H K do o o l n n la g g r) ( H p g u e a n n r g - y o)1 I (l t i a r l a) y 5 J ( a y p e a n) n M ( e p x e i so c ) o N ( l e f a t lo n h r d e i s r n) - Z ( e p N o a e u l n w a d n ) d 2 1929 . 26.6802 498.0689 2.5160 3.9161 23.8086 1.2934 47.1669 17. 4414 5. 2334 46.0997 48.1830 40.1622 483. 21 1930 26. 7650498.6002 2. 5169 3. 9249 23. 8541 1. 2959 33. 8530 17. 4939 5. 2374 49. 3898 47.1331 40. 2251 468. 22 1931 25.0581 465.1111 2.3875 3.9200 23. 6302 1. 2926 24. 3305 17. 4522 5. 2063 48. 8509 635. 4919 40. 2298 415. 29 1932 18. 8317359. 5406 1. 5547 3. 9276 23.7492 .8320 23.4604 17. 4460 5.1253 28.1112 31. 8500 40. 2949 320.19 1933 19. 0709434. 3908 1. 8708 5.0313 30. 5179 .7233 29.4516 22.3598 6. 7094 25.6457 28.1025 51. 7209 340.00 1934.... 22. 4998 516.8549 2. 2277 6. 5688 39. 3751 .9402 38. 7156 29. 5746 8. 5617 29. 7153 27. 7423 67. 3831 402.46 1935 21. 8834 502. 6007 2.1627 6. 6013 40. 2575 .9386 48. 2173 29. 6023 8. 2471 28. 7067 27. 7779 67. 7147 391. 26 1935—June 22. 0458 505. 9839 2.1782 6. 6121 40. 4072 .9423 57. 5162 29. 5062 8. 2566 28. 9931 27.7781 67. 8743 393. 54 July 22.1303 508. 3151 2.1859 6. 6242 40. 3538 .9442 53.0310 29. 6809 8. 2259 29.1510 27. 7660 67. 9862 395. 65 August 22.1848 509. 5780 2.1907 6. 6262 40. 3456 .9437 50. 3262 29. 7010 8. 2074 29. 3192 27. 7521 67.7819 396. 86 September _ 22.0112 505.5597 2.1742 6. 5908 40.2278 .9384 50. 0547 29. 6240 8.1409 28. 9378 27. 7558 67.5556 393. 69 October 21. 9092 503. 2065 2.1645 6. 5892 40.2251 .9391 48. 9702 29. 6367 8.1243 28. 6687 27. 7631 67. 7416 391. 86 November.. 21. 9834 504. 9614 2.1719 6. 5862 40. 2251 .9390 36. 4772 29.6242 8.1024 28.6828 27. 7673 67. 8024 393. 74 December. _ 22. 0012 505. 3533 2.1745 6. 5986 40. 2167 .9383 32. 7016 29. 6185 8. 0750 28. 7386 27. 7675 67. 7696 394.32 1936—January 22.1526 508. 8316 2.1890 6. 6251 40. 3966 .9424 32. 2051 29. 6778 8. 0276 28. 9932 27. 7677 68.1734 397. 53 February- 22.3211 512. 7045 2. 2063 6. 6810 40. 6870 .9509 32. 7955 29. 7856 8. 0373 29.1299 27. 7691 68. 6769 401.15 March ... _ 22.1898 509. 6623 2.1928 6. 6338 40. 4389 .9457 32. 5619 29. 6168 7. 9830 28. 9381 27.7666 68. 3526 399. 08 April. 22.0644 506. 7796 2.1807 6. 5898 40. 2383 .9389 32. 5247 29.4781 7. 8936 28. 8688 27. 7679 67. 8854 396. 80 May . 22.1838 509. 5541 2.1901 6. 5858 40.2845 . 9338 32. 4629 29. 4241 7. 8560 29.0754 27. 7625 67.6335 399. 02 June 22.4054 2. 2098 6. 5934 40. 2730 .9316 32. 2598 29.4581 7. 8645 29.3924 27. 7644 67. 6861 402. 84 Year or month N ( o k r ro w n a e y ) P ( o z l lo a t n y d ) P (e o g s r a c t u l u d - o) Ru ( n l m i eu a a ) - ( S A p f o o r u u i n t c d h a )2 ( S pe p s a e i t n a) S S ( m t e d e o r t l n a t l i l t a t e s r s - ) S ( w k e ro d n e a n ) Sw ( l f i r a t a n z n e d c r ) -T ( u p r o k un e d y ) U ( K p n d i o i o n u t m g n e d - d ) ( U g p r e u s u a o - y )* Y ( s d l u i a g n v a o i r - a ) 1929 26. 6827 11.1940 4. 4714 0. 5961 483. 27 14.6833 56.0117 26. 7839 19. 2792 48. 4105 485. 6879 98. 6294 1. 7591 1930 26. 7598 11. 2051 4. 4940 .5953 483. 79 11.6670 55. 9639 26. 8543 19. 3820 47.0608 486. 2126 85.8650 1. 7681 1931 25. 0546 11.1970 4.2435 .5946 480. 76 9. 5453 52. 4451 25. 2540 19. 4009 47.1814 453. 4990 55.3572 1.7680 1932 18.0039 11.1823 3.1960 .5968 476. 56 8.0438 40.3970 18. 4710 19.4049 47. 2854 350.6067 47.0639 1.6411 1933 21. 4292 14.4135 3. 9165 .7795 414. 98 10. 7189 49. 2320 22.0324 24.8355 60.4396 423.6821 60.3360 1. 7607 1934 . 25. 3161 18. 8460 4. 6089 1.0006 498. 29 13. 6150 59.0052 25. 9815 32. 3663 79.0472 503. 9302 79. 9562 2. 2719 1935 24. 6268 18. 8824 4. 4575 .9277 484. 66 13.6783 57.1733 25. 2710 32.4972 80. 3123 490.1761 80. 2513 2. 2837 1935—June 24. 7910 18.9146 4. 4856 1. 0078 488.06 13. 6982 57. 3762 25. 4408 32. 6800 80.6688 493. 4922 80. 3547 2. 2913 July 24.9062 18.9574 4. 5095 1.0004 490.61 13.7259 57. 5466 25. 5583 32. 7474 80. 6550 495. 7659 80.4841 2. 2965 August 24.9482 18. 9567 4. 5153 .9351 488. 74 13.7296 57. 8282 25. 6227 32. 7180 80.8063 496.9880 80. 5377 2. 2973 September _ 24. 7710 18. 8450 4. 4868 .8077 488.42 13. 6569 57. 6180 25.4219 32. 5042 80. 2667 493.0654 80.1204 2. 2823 October 24. 6570 18. 8361 4. 4703 .7965 485. 63 13. 6537 57.4404 25.3030 32. 5326 80. 2442 490.7834 80.1885 2. 2834 November. _ 24. 7399 18. 8249 4. 4787 .7899 487. 08 13.6477 57. 6071 25. 3877 32.4449 80.2674 492. 4950 80.1500 2.2858 December. _ 24. 7605 18. 8486 4. 4854 .7879 487.44 13. 6704 57.6112 25. 4092 32. 4323 80.1536 492. 8772 80.2075 2. 2886 1936—January 24. 9316 18. 9311 4. 5120 .7879 490. 83 13. 7274 58. 0574 25. 5829 32. 6622 80.6850 496. 2696 79. 9466 2. 2991 February- 25.1214 19.1315 4. 5489 .7632 494. 51 13. 8412 58. 5530 25. 7779 33.0330 81.3030 500.0469 80.2582 2. 3196 March. 24. 9735 18.9623 4. 5155 .7377 491. 56 13. 7450 58. 2430 25. 6258 32.8206 80.8184 497.0675 80.0216 2. 3030 April 24.8335 718. 8262 4. 5092 .7330 488. 76 13. 6540 57.9389 25. 4817 32. 5800 80. 2835 494. 2682 79. 7692 2. 2882 J M u a n y e_ 2 2 4 5 . . 9 2 6 1 8 7 9 8 7 7 1 1 8 8 . . 7 7 9 9 9 2 8 2 4 4 . . 5 5 1 4 1 5 5 5 . . 7 7 3 2 0 7 9 3 4 4 9 9 1 6 . . 5 5 9 3 1 1 3 3 . . 6 6 5 4 9 5 1 4 5 58 8 . . 8 2 3 4 2 0 9 0 2 2 5 5 . . 8 6 7 1 6 9 9 4 3 3 2 2 . . 3 4 9 2 0 5 5 4 80. 2776 4 5 9 0 6 1 . . 9 9 2 7 3 4 9 2 7 7 9 9 . . 7 7 0 2 9 0 1 0 2 2 . . 2 2 8 8 6 7 6 1 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, 1933, inclusive. 6 Silver peso quoted in plac8 of gold peso beginning July 30, 1931. Average for 1931 is for silver peso for July 30-Dec. 31. Average for gold peso for Jan. 2-July 29 was 47.6510 cents. ' Nominal beginning Apr. 28, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL RESERVE BULLETIN JULY 193ft PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta i t t e e s d Canada K U in n g it d e o d m France Germany Italy (O Ja c p to a b n er N l e a t n h d e s r- (1926=100) (1926=100) (1930 = 100) (1913 = 100) (1913 = 100) (1913 = 100) 1900=100) (1926-30 = 100) 1926 100 100 695 134 602 237 106 1927 95 642 138 495 225 103 1928 97 645 140 462 226 102 1929. 95 627 137 445 220 100 1930 86 100 554 125 383 181 90 1931 73 502 111 328 153 76 1932 65 427 97 304 161 65 1933 66 398 93 280 180 63 1934 75 376 98 273 178 63 1935.._ 80 90 338 102 186 62 1935—February.. 343 101 278 184 62 March 335 101 288 184 61 April 336 101 296 182 61 May 340 101 302 182 61 June 330 101 308 180 61 July 322 102 310 180 61 August 330 102 323 183 61 September. 332 102 330 189 62 October 342 103 194 63. November. 348 103 194 63 December. 354 103 192 63 1936—January... 359 104 192 62 February.. 372 104 191 62 March 376 104 191 62 April 371 104 192 61 May 374 104 192 61 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) (1930=100) France (1913 = 100) Germany (1913 = 100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- Foods 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 c l l t - s P s r i o on v s i- a t f r n I i i n n d a i d l s s h u r e e s a m - d w i- tr I i i n a s d l h u e f d s i - n products products 1926 . . 100 100 100 581 793 129 132 130 150 1927 99 97 94 599 678 138 129 132 147 1928 . . 106 101 93 584 697 134 133 134 159 1929 105 100 92 579 669 130 125 132 157 1930 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 . 48 61 70 88 85 482 380 91 86 89 118- 1933 51 61 71 83 87 420 380 87 75 88 113 1934 . .. 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 1935—February 79 83 77 87 89 339 346 100 81 92 120 March 78 82 77 85 88 329 340 99 83 91 120 April 85 77 85 89 325 345 100 84 91 120 May... 84 78 86 90 324 353 101 84 91 119 June 83 78 86 89 307 351 102 86 91 July 77 82 78 85 90 292 347 103 85 91 119 August 79 85 78 86 90 311 347 104 85 91 1191 September _ 80 86 78 88 90 322 341 104 84 92 119- October... 78 85 78 89 92 331 351 104 84 93 119 November 78 85 79 88 93 338 357 105 84 93 119 December 78 86 79 89 93 350 356 105 84 93 1936—January . _ . 78 84 79 89 93 364 355 105 84 93 120 February 80 83 79 88 94 391 356 105 85 94 120 March 77 80 79 87 94 396 358 105 85 94 120 April 77 80 79 87 94 385 359 105 85 94 120 May 75 78 79 88 94 392 358 105 85 93 121 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

JULY 1936 FEDERAL RESERVE BULLETIN 611 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Year or month (1 U S 92 1 n t 0 3 a i 0 - t t 2 ) e e 1 5 d s = 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 1 ly 0 c 0 e )2 G 1 e 4 ( r 1 = m 9 1 1 0 3 a 0 - n ) y Year or month U 2 S 5 (1 n t = a 9 i 1 2 t t 0 e 3 e 0 - d s ) 1 E 9 n 1 ( g J 4 u = la l 1 y n 00 d ) ( 1 J 9 F a 1 r n 4 a . = - n 1 J 0 c u 0 e n ) e 2 G 1 e ( 4 1 r = 9 m 1 1 0 3 a 0 - n ) y 1926 161 113 146 1926 103 170 103 142 1927 156 113 153 1927 102 164 104 148 1928 157 112 153 1928 100 166 105 152 1929 105 154 124 156 1929 99 164 113 154 1930 100 145 125 146 1930 97 158 118 148 1931 82 131 124 131 1931 .. 89 148 116 136 1932 68 126 109 116 1932 80 144 107 121 1933 66 120 100 113 1933 ..- 76 140 106 118 1934 74 122 98 118 1934 _ 78 141 105 121 1935 80 125 86 120 1935 . 81 143 98 123 1935—May . . 81 118 86 120 1935—May 139 123 June 82 120 86 121 June 140 99 123 July . 80 126 83 123 July 80 143 124 August 80 126 81 123 August 143 125 September 80 125 81 121 September 143 95 123 October 80 128 85 120 October 81 145 123 November 82 131 87 120 November 147 123 December 82 131 88 121 December 147 97 123 1936—January __ 82 131 90 122 1936—January 81 147 124 February 81 130 91 122 February 147 124 March 80 129 91 122 March 146 99 124 April 80 126 90 122 April 81 144 124 May ___ 80 125 93 122 May - 144 124 i Since August 1933 the Bureau of Labor Statistics has published biweekly indexes. Figures given are for the date nearest 15th of month. J 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 G6n6rale, and for cost of living, Commission d'etudes relatives au cout de la vie a Paris. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks (1926 average= 100) Year or month ( U S a p v n t r e a i i c r t t e a e e ) g d s e1 ( 1 E D 92 n e 1 c g e = l m a 1 n 0 b 0 d e ) r 2 ( a 1 F g 91 r e 3 a = n 1 a 0 c v 0 e e ) r- G ( e a p v r r m e ic ra a e g ) n e 2 y U St n a i t t e e s d ^ England 2 France Germany Number of issues 60 87 36 139 '419 278 300 329 1926 __- . _ 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1927 100.7 110.7 71.7 118.3 107.0 123.2 145.0 1928 100.8 112.3 80.8 85 5 149.9 115.9 178.1 136. 1 1929 98.0 110.2 85.1 81.4 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 149.8 102.6 187.6 100.2 1931 90.9 108.4 96.9 4 83. 4 '94.7 78.9 132.2 * 78.0 1932 _ . 69.5 113.2 88.6 4 67.1 '48.6 67.9 105.2 4 50.3 1933 73.4 119.7 81.3 82.5 '63.0 78.6 99.6 61.7 1934 84.5 127.5 82.1 90.7 '72.4 85.7 83.3 71.1 1935 -_- -_ 88.6 129.9 83.5 95.3 '78.3 86.3 79.7 82.9 1935—May 87.1 131.3 82.4 95.3 73.1 86.0 88.0 83.5 June _ 88.3 130.3 82.8 95.3 '75.5 86.9 82.4 86.0 July 89.2 131.5 82.4 95.3 '78.8 86.9 77.7 86.8 August ._- 89.9 129.8 83.9 95.4 '83.0 88.3 79.0 87.6 September 90.4 124.3 82.7 95.1 85.0 84.7 76.4 85.0 October .__ 89.8 125.5 82.1 94.9 '85.2 84.6 77.3 83.5 November 91. 1 128.9 78.8 94 9 '93.3 88.9 76.8 82.1 December 92.5 129.5 79.1 94.9 '95. 3 90.2 77.3 81.9 1936—January 95.3 130.1 78.9 95.1 '100.1 93.1 83.7 84.2 February _ 97.2 131.0 77.9 95.2 '106. 1 95.2 86.7 86.0 March 96.6 130.2 75.2 95.3 108.7 94.1 84.1 85 6 April 95.9 131.5 75.8 95.3 '108. 9 95.5 82.8 88.3 May 95.5 131. 1 74.7 95.5 101.0 93.8 71.2 91.1 ' Revised. 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. This series replaces former series now discontinued which included 45 corporate and 15 municipal bonds. 2 Annual indexes are unweighted averages of monthly indexes. a Number of issues revised to represent more accurately the stocks included. Averages revised back to 1930. 4 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

FEDERAL RESERVE DISTRICTS MINNEAPOLIS S.DAK. I KANSAS CITY KANS. M°ST. LOUIS DALLAS® TEXAS BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE! BRANCH TERRITORJES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis