Federal Reserve Bulletin, 1936-12

FEDERAL RESERVE BULLETIN DECEMBER 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON International Capital Movements Revision of Employment Index Earnings and Expenses of Member Banks UNITED STATES OP AMERICA 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS PAGE Review of the month—Statement by Chairman Eccles—Publication of data on international capital position of United States—International capital movements 935-940 Inclusion of additional countries in the international currency arrangement 940 National summary of business conditions 942-943 Summary of financial and business statistics 945 Results of 1935 census of banks 946-947 Earnings and expenses of member banks 948-949 Revised index of factory employment adjusted for se asonal variation 950-978 Netherlands gold embargo and currency legislation 979-980 Financial, industrial, and commercial statistics, United States: Member bank reserves, Reserve bank credit, and related items 982 Federal Reserve bank statistics 983-987 Reserve position of member banks; deposits in larger and smaller centers 988 Money in circulation 989 Gold stock and gold movements 990 All banks in the United States 991 All member banks 992-993 Reporting member banks in leading cities 994-997 Bank suspensions; bank debits; Postal Savings System 998 Acceptances, commercial paper, and brokers' balances ,. _. 999 Federal Reserve bank discount rates 1000 Money rates and bond yields 1001 Security markets 1002 Treasury finance 1003 Governmental corporations and credit agencies '__ 1004-1005 Production, employment, and trade 1006-1014 Wholesale prices 1015 November crop report 1016 International financial statistics: Gold reserves of central banks and governments 1018 Gold production 1019 Gold movements 1019-1021 Central banks 1022-1025 Bank for International Settlements 1025 Commercial banks 1026 Discount rates of central banks 1027 Money rates 1027 Foreign exchange rates 1028 Price movements: Wholesale prices 1029 Retail food prices and cost of living 1030 Security prices 1030 Federal Reserve directory: Board of Governors and staff; Open market Committee and staff; Federal Advisory Council 1032 Senior officers of Federal Reserve banks; managing directors of branches 1033 Index to volume 22 1034 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 22 DECEMBER 1936 No. 12 REVIEW OF THE MONTH The most important influence in this expansion of reserve funds was the addition of On November 21 Chairman Eccles issued approximately $500,000,000 to the monetary the following statement: gold stock. The movement of gold to the "The Board of Governors of the Federal United States has continued during the past Reserve System met during the week with two months while the new currency arrangethe Federal Advisory Counment has been in operation. Statement by j p . cil an( later with the resi Chairman Eccles , « , , - ., ^ -r^ Considerable light is thrown upon interdents of the Federal Reserve national movements of gold in the past two banks. In addition, there was a meeting of years by the information the Federal Open Market Committee. Publication of data on foreign exchange trans- "In the course of these meetings, the busi- on international tions and international ac ness and credit situation was fully reviewed. capital position ot Particular attention was given to the fact United States capital movements for the that since the Board's action last July in rais- period January 2, 1935, to ing reserve requirements, there has been a September 30, 1936, which was released by continued and substantial increase of mem- the Treasury on November 27. The data reber bank reserves, resulting principally from garding capital movements are reported to a further large inflow of gold from abroad, so the Federal Reserve banks by banks and that member bank reserves are once more far security brokers on a weekly basis and in excess of legal requirements and of present cover short-term foreign assets and liabilities or prospective needs of commerce, industry and the movement of funds into and out of and agriculture. the country in security transactions. The "Those charged with responsibility for data are classified according to type and to credit and reserve policy are now giving care- the foreign country or area to which they ful consideration to the various problems pertain. Data regarding spot and forward raised by the effects of these reserves with a foreign exchange transactions, also classified view to taking such action at such time as ap- according to country and area, are reported pears to be necessary in the public interest/' by banks. It is intended to publish similar On July 14, when the decision to increase data by weeks once a quarter. reserve requirements of member banks by 50 The transfers of gold to the United States percent was made, excess reserves were $2,- since the end of September reflect in part the 900,000,000; on August 15, after the increase usual seasonal influences, but in reserve requirements had come into effect, Finovreesitgmne nts in chiefly the heavy movement United States excess reserves were reduced to $1,800,000,- of capital from abroad into 000. After that date total reserves of mem- American securities. Although ber banks increased by $600,000,000, and ex- the volume of this movement was unusually cess reserves on November 25 were $2,200,- large during the six weeks following the in- 000,000, notwithstanding a considerable auguration of the new currency arrangegrowth in required reserves caused by an in- ment, the chart shows that it had been procrease in member bank deposits. ceeding almost without interruption since 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN DECEMBER 1936 April 1935. From that date to the end of As has been noted, most of this great for- September 1936 foreigners put $640,000,000 eign investment was acquired before the deon balance into American securities, most of pression—a substantial portion of it before the orders coming from England and the the war. Dutch investments in American gold-bloc countries. If this be combined with railroad bonds and British investments in insubsequent acquisitions and allowance be surance subsidiaries are examples of the older made for rising security prices, the investtype of investment. In the intervening years ments of foreigners in this country since foreign buying and selling transactions have April 1935 may now have a market value of resulted in shifts of ownership and changes $1,000,000,000. in the securities held. During the war period foreign holdings in this country were reduced, SECURITY PURCHASES BY FOREIGNERS-NET IILL1ONS OF DOLLARS800 but during the last decade the movement of foreign funds has been prevailingly into, American Securities^^"^^ rather than out of, American securities. ^ ^ ^^ There appear to have been no sustained Foreign Securities....**** foreign withdrawals from the American security markets even during the early years , of the depression when confidence was at a 1935 1936 low ebb and prices were declining sharply. Net purchases of securities from Americans by foreigners as While many foreigners were selling during reported by banks and brokers in United States, cumulated weekly from Jan. 2, 1935. these years of world-wide unsettlement, they could do so only at prices that would induce The greater part of what foreigners now hold here, however, was acquired before the potential purchasers to buy. At these low depression. The Department of Commerce, prices foreigners as a group invested as much largely on the basis of a census of foreign in American securities as they withdrew. holdings, estimated foreign investments in Changes in private long-term foreign inthis country at the end of 1935 as follows: vestment in the United States and American investment abroad during the past decade are FOREIGN LONG-TERM INVESTMENTS IN THE UNITED shown in the table at the top of the next page. STATES, DECEMBER 31, 1935 American investments abroad have been [In millions of dollars] far more variable during the last decade than Common stocks (market value) 2,015 Preferred stocks (par value) 329 foreign investments in this country. This Bonds (par value) 607 Direct investments x (book value) 1,045 reflects the rise and fall of the market for new Other investments (various bases of value) .. 1,039 foreign issues. In 1927 and 1928 new foreign Total 5,035 issues were floated in the United States at a rate of well over $1,000,000,000 a year. By *Data relate to 1934. 1932 the new issue market had almost dis- Allowing for subsequent investments and appeared. Americans had already begun to broadly estimating the value of all stocks and sell back to foreigners large amounts of forbonds at current market value, it appears eign dollar bonds floated in earlier years. that foreigners may now have a long-term in- The chart above shows foreign buying of forvestment here of between $6,000,000,000 and eign securities in the United States during $6,500,000,000, of which readily marketable the period for which the Treasury figures are stocks and bonds comprise perhaps twoavailable. thirds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN INWARD AND OUTWARD MOVEMENT OF INVESTMENT CAPITAL * [In millions of dollars] Movement of foreign capital to or Movement of American capital to or Net from (—) United States from (—) foreign countries movement Year to or Amer- Redemp- Foreign stocks Redempfrom (—) ican Direct tion and and bonds Direct tion and United Total stocks invest- sinking Total invest- sinking States and ments fund ments fund bonds account i N ss e u w es Other account 1926 _ -602 93 126 32 -65 695 999 -171 189 -322 1927 —723 139 181 28 -70 862 1,201 -241 206 -304 1928 —662 526 526 70 -70 1,188 1,111 110 328 -361 1929 — 137 374 435 16 -77 511 631 -121 277 -276 1930 —267 61 119 19 -77 328 822 -446 202 -250 1931 219 53 94 9 -50 -166 212 —312 191 -257 1932 217 -56 —5 -1 -50 -273 27 -160 32 -172 1933 2 49 137 180 7 -50 48 10 120 41 -123 1934 2 202 -13 0 12 -25 -185 0 -105 34 -114 1935 462 344 335 24 -15 -118 44 50 -27 -185 1936 (9 months) 464 317 3 317 (4) (3) -147 9 3 -156 (4) (3) 1 Excluding payments on intergovernmental debts. Department of Commerce figures 1926-1935. 2 Including arbitrage transactions not shown in following columns. 3 Transactions on redemption and sinking fund account included with net security purchases. 4 Figures not available. As a result of the maintenance of the for- 000. Foreign balances in the United States, eign investment position in this country and which exceeded $3,000,000,000 in 1929, were the withdrawal of Americans from invest- reduced by $2,500,000,000 in the next four ments abroad the United States shifted in MOVEMENT OF INTERNATIONAL SHORT-TERM 1931 from a lender of private long-term cap- BANKING FUNDS ital on balance to the world—a position it had [In millions of dollars] occupied almost without interruption since the war—to a net importer of such capital. Net Inflow or Inflow or inflow outflow outflow The first column of the above table shows that Year or net (-)of (-)ot outflow foreign American this change in the country's international balances balances capital position has been accentuated in the 1930 -485 -300 -185 last two years. 1931 -709 -1,272 563 1932_ -409 -595 186 The international shifts of bank deposits 1933 -412 -383 -29 1934 192 86 106 and other short-term funds since 1929 have 1935 970 606 364 1936 (9 months) 390 296 94 been in general far greater International than the movements of long- years. This reduction, however, did not rebalances111 term capital. Annual figures sult in any substantial export of gold over the for the period 1930 to Sep- period as a whole. Part of the foreign shorttember 1936 covering the movement of for- term balances were utilized to pay for new eign and American balances are given in foreign investments at long term in the the table in the next column. The yearly fig- United States and for the repurchase from ures are taken from Department of Com- Americans of long-term investments abroad, merce reports; those for the first nine months and another part went to repay American of 1936 are from the records compiled by the short-term claims on foreign countries, which Federal Reserve banks for the Treasury. were reduced by $500,000,000 during the The net outflow of short-term funds in the period. The balance of foreign funds held in period 1930 to 1933 amounted to $2,000,000,- the United States was largely required to pay 000 compared with a net inflow of American for a continuing surplus of merchandise exand foreign long-term capital of $200,000,- ports from the United States and the service Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 FEDERAL RESERVE BULLETIN DECEMBER 1936 on American investments in foreign coun- Since 1933 the short-term capital movetries—items that were only partially covered ment has been sharply reversed, and the conby expenditures of American tourists, im- tinued inflow of long-term capital has been migrant remittances, and other international supplemented by an even larger transfer of revenues. The major items in the inter- balances from abroad. The chart shows this movement for the period during which the NET BALANCE OF INTERNATIONAL PAYMENTS OF THE Treasury figures are available. Some of these UNITED STATES short-term funds have come to the United [In millions of dollars] States in a comparatively steady flow since revaluation, but a far larger part has been re- Net receipts (+) or payments (—) ceived at intervals in sharp movements, usu- Items ally associated with a financial or a political 1934- 1930-33 Sept. 30, crisis in the former gold-bloc countries— 1936 France, Switzerland, and the Netherlands. Merchandise and service items.. +1,135 P +650 Great Britain and other European countries Long-term capital +218 +1,128 Short-term capital. -1,988 +1, 657 have been affected by these developments as Silver* -569 Gold +60 -3,644 well as by international uncertainties in Miscellaneous items and residual.. +575 +778 Europe. p Preliminary At the end of September 1936 short-term i Included with merchandise and service items in 1930-1933. balances held by foreigners in the United national balance of payments of the United States amounted to $1,460,- States for the periods 1930-1933, and 1934 to Increase in 000,000, an increase of nearly the end of September 1936, are shown in the foreign balances $1,000,000,000 since the end since 1933 above table, largely drawn from Department of 1933. The movement of of Commerce data. total balances and balances by countries for the period for which the figures have been CAPITAL MOVEMENT TO UNITED STATES-NET made public is shown in the charts on the MILLIONS OF DOLLARS 2400 j next page. French Dutch, and Swiss balances 2200 on September 30, 1936, totaled $390,000,000, 2200 r 2000 the bulk of which was acquired since the 2000 1800 end of 1933. This inward movement of funds 1800 Total / was associated to an important degree with 1600 1600 financial crises in the gold-bloc countries, 1400 1400 j though also influenced to some extent by the Balances^,/ 1200 unsettled international situation in Europe. 1200 1000 While readjustment of the currencies of the 1000 800 gold-bloc countries has been followed by some 800 urity Transactions jf return of hoarded funds and capital from 600 600 London, uncertainties abroad continue and 400 400 gold-bloc balances in the United States have 200 200 been little reduced since September. 0 0 The inflow of British balances from the 1935 1936 end of 1933 through September 1936 was Figures cumulated weekly from Jan. 2, 1935. Movement in balances represents net transfer of American and foreign short- $230,000,000, or nearly a quarter of the total term funds to United States from abroad as reported by banks in United States. Movement in security transactions, in which increase in foreign liabilities. The gold-bloc allowance has been made for changes in brokerage balances, represents net purchases of securities from Americans by foreigners difficulties, through their influence upon the as reported by banks and brokers in United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

939 DECEMBER 1936 FEDERAL RESERVE BULLETIN forward exchange market, were an important At the end of September British balances in factor in this movement, since the transfer of the United States totaled $295,000,000. Re- French and other funds to London raised cently there has been a return movement of the spot rate for sterling to a higher level British balances. This has accompanied a reduction in the discount on forward sterling SHORT-TERM FOREIGN ASSETS AND LIABILITIES and some firming of interest rates in London. MILLIONS OF DOLLARS OF BANKS IN U.S. MILLIONS OF DOLLARS Other European and non-European coun- 1600 1600 tries have increased their balances in the 1400 1400 Liabilities/ ^^V* United States by $420,000,000 since 1933, of 1200 1200 which about three-quarters was for account 1000 1000 of non-Europeans. For the most part the in- 800 Assets / 800 crease in these balances has been steady, in ——./v/u^ contrast to the series of sharp inward move- 600 600 r ments from Great Britain and the gold-bloc 400 400 Net Liabilities countries followed by periods of moderate 200 200 withdrawal. The regular manner in which 0 0 the balances of other European and non-Euroj pean countries have been built up suggests -200 -200 that these funds, which aggregated $780,- -400 -400 J 000,000 at the end of September, represent -600 i_ i J i i -600 to a large extent an accumulation of working 1935 balances customarily employed on foreign SHORT-TERM FOREIGN LIABILITIES OF BANKS IN U.S. money markets. The special factors which, MILLIONS OF DOLLARS MILLIONS OF DOLLARS in recent years, have rendered other money centers unattractive to such funds, have resulted in their concentration in New York. While the return of more stable monetary conditions may stimulate some redistribution of these funds among the leading money markets, an expansion of world trade should in- 1935 1936 crease the working balance requirements of Weekly figures representing banks' own accounts and accounts other countries which, in recent years, have handled on behalf of customers. increased their funds in the United States than operators in the forward market were for other reasons. willing to accept as permanent. In anticipa- The reduction in American balances abroad tion of a subsequent decline, the rate on stersince 1933 amounts to $625,000,000, if temling for future delivery was quoted substantiporary loans on gold in transit are eliminated. ally below the spot rate. This permitted Brit- Of this total, $180,000,000 ish and other holders of sterling to transfer Return of was withdrawn from the their funds to New York at a profit, inasmuch finTerilC9?3balanCeS London market and $65,as sterling sold at the spot rate could be re- 000,000 from the gold-bloc purchased for future delivery at a rate so countries, largely in response to influences much lower that the loss of interest in Lonalready discussed. An amount in excess of don was more than offset. Funds also were $250,000,000 represents the gradual liquidatransferred from London to New York in substantial volume during the international tion of frozen American claims on European tension over the Italian-Ethiopian hostilities. and Latin American countries where ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN DECEMBER 1936 change restrictions exist. The steady reduc- their adherence to the principles stated in tion in American balances abroad, except for the tripartite declaration of September 25. "Arrangements have been made by the temporary loans on gold at periods of heavy United States Treasury for gold transactions gold movements from Europe, is shown in on a reciprocal basis with these three counthe first chart on the preceding page. This tries. These arrangements are given effect inward movement of American funds has ac- by public statements of the Secretary of the centuated the effect upon the exchange mar- Treasury which are annexed hereto: "(1) A statement supplementing the ket and upon member bank reserves of the statement of the Secretary of the Treasury great flow of foreign capital to the United dated October 13, 1936, with respect to recip- States in recent years. rocal transactions in gold with certain countries, and withdrawing the statement of January 31, 1934, relating to the sale of gold for export; Appointment of First Vice President of the Federal Reserve Bank of Minneapolis "(2) A statement naming the countries of Belgium, The Netherlands and Switzer- Effective November 19, 1936, Mr. 0. S. land as complying with the conditions of the Powell, who was serving as Vice President, statement of October 13 as supplemented by was appointed First Vice President of the the above statement. Federal Reserve Bank of Minneapolis. "In addition to the statements to which reference is made above, copies of communications from the Governments of The Nether- Erratum in Federal Reserve Bulletin for November lands and Switzerland are made public here- On page 852 of the BULLETIN for Novem- with. ber 1936, first paragraph of the second col- FIRST STATEMENT umn, seventh line, the new parity of the Italian lira should be $0.05263 instead of "Supplementing the announcement made $0.5263. by him on October 13, 1936,1 relating to the sale of gold for export, the Secretary of the Treasury states that (hereafter, and until, INCLUSION OF ADDITIONAL COUNTRIES IN THE on twenty-four hours' notice, this statement INTERNATIONAL CURRENCY ARRANGEMENT of intention may be revoked or altered) the On November 24 the following statement United States, in addition to sales of gold to was issued by the Treasury: the exchange equalization or stabilization funds of foreign countries, will also sell gold "By authority of the President the Secrefor immediate export to, or earmark for the tary of the Treasury announces that as a account of, the treasuries, or any fiscal agenfurther step in the direction of international cies acting for or whose acts in this connecmonetary equilibrium arrangements have tion are guaranteed by the treasuries, of been made to give effect to the desire of the those countries whose treasuries or fiscal Governments of Belgium, The Netherlands agencies so acting or guaranteed are likewise and Switzerland to cooperate with the Govoffering to sell gold to the United States, proernments of the United States, Great Britain vided such offerings of gold are at such rates and France in accordance with the principles and upon such terms and conditions as the of the tripartite declaration of September Secretary may deem most advantageous to 25, 1936. the public interest. The Secretary announces "The Belgian Government notified the herewith, and will hereafter announce daily, United States of its adherence to these printhe names of the foreign countries complying ciples on September 26. Similar declarations with the foregoing conditions. All such sales of adherence have now been received from of gold by the United States will be made the Governments of The Netherlands and through the Federal Reserve Bank of New Switzerland. York, as fiscal agent of the United States, "The Governments of the United States, upon the following terms and conditions Great Britain, and France welcome the decwhich the Secretary of the Treasury deems larations of the Governments of Belgium, Switzerland and The Netherlands expressing 1 See BULLETIN for November, 1936, p. 852. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 941 DECEMBER 1936 most advantageous to the public interest: Governments of France, Great Britain and "Sales of gold will be made at $35 per fine the United States have seen fit to express ounce, plus one-quarter per cent handling their intention with regard to their monetary charge, and sales and earmarking will be policy and adheres to the general principles governed by the Regulations issued under the stated in their tripartite declaration of Gold Reserve Act of 1934. September 25, 1936.' "The Secretary further announces that "I avail myself of this opportunity "to rehis statement of January 31, 1934,2 relating new to you, Sir, the assurances of my highest to the sale of gold for export, is accordingly consideration. withdrawn. (Signed) C.VAN BREUGEL DOUGLAS, Charge d} Affaires a. i. SECOND STATEMENT of the Netherlands. "The Secretary of the Treasury today "The Honorable R. Walton Moore, named the following additional countries: Acting Secretary of State, Belgium Washington, D. C" The Netherlands Switzerland Swiss COMMUNICATION "Legation de Suisse, as complying with the conditions specified in Washington, D. C. his press release of October 13, 1936, as supplemented by his press release of November November 21, 1936. 24, 1936, for the purchase of gold from the 'Sir: United States for immediate export or ear- "I have the honor to inform you that I have mark. been instructed by my Government to convey to you the following: NETHERLANDS COMMUNICATION " 'The Government of Switzerland has "Royal Netherland Legation cognizance of the declarations by which the Governments of France, Great Britain and Washington, D. C. the United States of America have seen fit November 21, 1936. to express their intentions with regard to No. 3775 their monetary policy and adheres to the "Sir: general principles stated in their tripartite "Acting upon instructions of the Minister declaration of September 25/ of Foreign Affairs of the Netherlands I have "Accept, Sir, the assurances of my highest the honor to inform Your Excellency of the consideration. following declaration made by my Govern- (Signed) MARC PETER, ment: Minister of Switzerland. " 'The Government of The Netherlands has cognizance of the declarations by which the "The Honorable R. Walton Moore, Acting Secretary of State, Washington." 2 See BULLETIN for February, 1934, p. 69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN DECEMBER 1936 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 25 and released for publication November 28] Volume of industrial production increased three weeks of November production inseasonally in October and there was a sub- creased further and was larger than last stantial rise in employment and pay rolls. year. Activity at textile mills, which usually Prices of a number of industrial raw ma- increases in October, declined slightly from the high level of September. In the meatpacking industry output showed a further increase. Coal production increased seasonally, and production of crude petroleum continued at recent high levels. Factory employment increased by more than the usual seasonal amount between the middle of September and the middle of October. Increases in employment were general among the durable goods industries, with the largest expansion reported at factories producing automobiles and machinery, while changes in employment in the nondurable goods industries were largely of a seasonal 1929 1930 1931 1932 1933 1934 1935 1936 Monthly index of physical volume of production, adjusted for seasonal variation, 1923-1925 average = 100. terials and finished products have advanced. Production and employment.—In October the Board's seasonally adjusted index of industrial production was at 109 per cent of the 1923-1925 average, about the level of the three preceding months. Steel production was in larger volume than in any other month since 1929, and the rate of activity was sustained in the first three weeks of November. Output of automobiles rose sharply from September to October. The increase in this 1929 1930 1931 1932 1933 1934 1935 1936 Indexes compiled by the United States Bureau of Labor Statistics, 1926 = 100. By months, 1929 to 1931; by weeks, 1932 to date. DEPARTMENT STORE SALES Latest figure is for week ending November 21, 1936. character. Factory pay rolls rose by considerably more than the usual seasonal amount. Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, was slightly smaller in October than in September, with a decline in publicly owned 50 projects partly offset in the total by an increase in awards for private non-residential construction. 1929 1930 1931 1932 1933 1934 1935 1936 Distribution.—Sales by department stores and by mail-order houses serving rural areas Indexes of value of sales, 1923-1925 average = 100. increased from September to October by a period was less than a year ago, reflecting the larger amount than is usual at this season. fact that this year the date of the shift to Variety store sales showed a less than seaproduction of new models was less uniform sonal rise. Freight-car loadings increased among the leading producers, but in the first further in October, reflecting chiefly a larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

943 DECEMBER 1936 FEDERAL RESERVE BULLETIN volume of shipments of miscellaneous freight products, including automobile tires, glass, and of coal. woolen goods, and cotton goods. Commodity prices.—The general level of Bank credit.—Member bank reserves inwholesale commodity prices advanced some- creased in the four weeks ended November what during the first three weeks of Novem- 18, chiefly as the result of transfers of gold ber, following two and a half months of little to the United States. On that date member change. Since the middle of October prices bank reserves were $2,270,000,000 larger of a number of industrial raw materials, than legal requirements, the highest level particularly nonferrous metals, hides, rub- since the increase in reserve requirements ber, silk, and wool, have shown a consider- which became effective in the middle of able rise and there have also been substantial August. increases in the prices of some finished Adjusted demand deposits at weekly reporting member banks in leading cities have BILLIONS OF DOLLARS DOUJg continued to increase, and on November 18 amounted to about $15,400,000,000. Since the end of last May these deposits have increased by over $800,000,000, reflecting a rise in deposits outside New York City. Time deposits at reporting banks have remained at about the $5,000,000,000 level. Holdings of United States Government obligations at reporting banks have recently declined somewhat further. Since the end of June the decline has amounted to about $300,- 000,000 and has been at New York City, with little change elsewhere. Holdings of other 34 1935 securities have declined in recent weeks, re- Wednesday figures for reporting member banks in 101 leading flecting chiefly a reduction in the amount cities, September 5, 1934, to November 18, 1936. Loans on real estate, loans to banks, and acceptances and commercial paper held by New York City banks. Loans to bought included in total loans and investments but not shojwn customers have shown some further increase. separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN DECEMBER I93fi MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS Wednesday figures BILLIONS OF DOLLARS 11 11 10 A / 10 GOLD STOCK i > A11 MONEY IN CIRCULATION 1 J *\- - 4 4 • i A 3 3 i—-„-,„, 2 M s/ /^ • j RES C E J R R V LD E 1T B ANK ~ 2 i i 1 1 •• TREASURE UAbH ANU i DEPOSITS WITH F.R. BANKS 0 , • , . . t , , . i j i i < . . i . r i . i 1930 1931 1932 1933 1934 1935 1936 MEMBER BANK RESERVE BALANCES EXCESS RESERVES-.^/-::' 1930 1931 1932 1933 1934 1935 1936 Latest figures for November 25, 1936. See table on page 982. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 945 SUMMARY OF FINANCIAL AND BUSINESS STATISTICS 1936 1935 Annual averages Oct. Sept. Aug. Oct. Sept. Aug. 1929 1932 1933 1934 1935 RESERVE BANK CREDIT, MEMBER BANK RESERVES, AND RELATED ITEMS Averages of daily figures; in millions of dollars Reserve bank credit—total 2,480 2,479 2,474 2,482 2,480 2,476 1,459 2,077 2,429 2,502 2,475 Bills discounted 7 8 6 8 10 7 952 521 283 36 7 Bills bought.... 3 3 3 5 5 5 241 71 83 25 5 U. S. Government securities 1 2,430 2,430 2,430 2,430 2,430 2,431 208 1,461 2,052 2,432 2,431 Monetary gold stock 10, 983 10, 764 10, 674 9, 545 9,246 9,180 3,996 3,952 4,059 7,512 9,059 Treasury currency... __ 2,512 2,507 2,499 2,398 2,389 2,441 2,015 2,096 2,271 2,381 2,478 Money in circulation. 6,321 6,258 6,191 5,704 5,651 5,576 4,476 5,328 5,576 5,403 5,585 Treasury cash and deposits with Federal Reserve banks 2,559 2,619 2,691 2,693 2,734 2,795 229 275 343 2,879 2,919 Nonmember deposits and other accounts _ 502 528 584 560 488 494 406 407 497 438 507 Member bank reserve balances: Total 6,594 6,345 6,181 5,469 5,243 5,232 2,358 2,114 2,343 3,676 5,001 Excess 2,043 1,852 2,458 2,820 2,628 2,636 43 256 528 1,564 2,469 REPORTING MEMBER BANKS Averages of Wednesday figures; in millions of dollars Total loans and investments 22, 566 22, 520 22, 297 20,355 20,187 19, 825 22, 599 19,080 17, 505 18, 672 19,997 Loans to, brokers in New York City.. 945 983 916 800 844 830 1,405 337 591 815 820 Other loans on securities 2,243 2,247 2,232 2,237 2,228 2,239 6,251 4,508 3,343 2,711 2,301 All other loans 5, 530 5,398 5,217 4,926 4,857 4,778 9,231 6,578 5,222 4,965 4,907 U. S. Government obligations: Direct 9,310 9,320 9,357 8,156 8,045 7,859 2,865 4,413 5,228 6,856 7,989 Fully guaranteed 1, 255 1,246 1,254 1,114 1,094 1,024 e325 928 Other securities 3,283 3,326 3,321 3,122 3,119 3,095 2,847 3,245 3,121 e3,000 3,052 Reserve with Federal Reserve banks 5,276 4,995 4,875 4,435 4,251 4,245 1,725 1,673 1,822 2,875 4,024 Cash in vault— 399 383 376 339 336 327 248 214 240 271 326 Balances with domestic banks 2,385 2,311 2,354 2,253 2,212 2,104 1,142 1,250 1,322 1,688 2,112 Demand deposits—adjusted 15,152 14,962 14, 785 13,359 13, 283 13,131 0) 0) 0) 0) 12,729 Time deposits (excluding interbank)2 5,070 5,036 5,019 4,917 4,853 4,861 6,788 5,666 4,946 4,937 4,883 Deposits of domestic banks3.. 6,080 5,890 5,859 5,244 5,116 4,901 2,787 2,772 2,822 3,814 4,938 Borrowings 1 15 2 1 10 4 674 228 115 8 6 MONEY RATES AND BOND YIELDS Averages of weekly figures; percent per annum Commercial paper .75 75 .75 .75 75 75 585 2.73 1.72 1.02 .76 Stock exchange call loans 1.00 100 1.00 .29 25 25 761 205 1.16 1.00 .56 U. S. Treasury bills .13 16 .18 .20 10 88 .52 ?6 .14 U. S. Treasury bonds, long term. 2.42 241 2.43 2.77 2.78 2.66 3.60 '3.65 3.31 3.10 2.70 Corporate high grade bonds (Moody's Aaa) 3.18 318 3.21 '•3.52 359 3.60 473 5.01 4.49 4.00 3.60 CAPITAL ISSUES Amounts per month; in millions of dollars All issues—total 466 409 296 362 436 424 959 146 89 180 389 New 190 179 217 145 177 198 841 100 60 116 124 Refunding 276 230 79 217 259 227 118 46 29 64 265 Domestic corporate issues—total.. 366 250 232 252 276 210 781 54 32 41 189 New 95 75 171 73 45 30 667 27 13 15 34 Refunding 272 175 62 179 231 180 115 27 18 26 155 PRICES Index numbers Common stocks (1926=100) 119 114 113 85 85 83 190 48 63 72 78 Wholesale commodity prices (1926=100): All commodities 82 82 82 81 81 81 95 65 66 75 Farm products 84 84 84 78 80 79 105 48 51 65 79 Foods 83 83 83 85 86 85 100 61 61 71 84 Other commodities 80 80 80 78 78 78 92 70 71 78 Retail food prices (1923-25=100). 83 84 84 80 80 80 105 68 66 74 BUSINESS INDEXES Index numbers, adjusted for seasonal variation, 19%3-25=100 Industrial production.. — P109 109 108 95 91 88 119 64 76 79 90 Manufactures 110 110 95 92 89 119 63 75 78 90 Minerals 101 98 93 87 81 115 71 82 86 91 Construction—total 59 62 48 43 38 117 28 25 32 37 Residential 47 46 25 25 24 87 13 11 12 21 Allother 69 75 66 58 50 142 40 37 48 50 Factory employment4 94 93 87 86 86 105 66 72 82 86 Factory payrolls (unadjusted)4 83 83 76 74 71 109 47 49 63 71 Freight-car loadings.. 72 70 64 62 60 106 56 58 62 63 Department store sales 88 86 78 81 77 111 69 67 75 79 MERCHANDISE EXPORTS AND IMPORTS Amounts per month; in millions of dollars Exports, including re-exports.. 220 178 221 199 172 437 134 140 178 190 General imports P212 216 192 189 162 169 367 110 121 138 171 p Preliminary. ' Revised. e Partly estimated. s Do not include time deposits 1929-1934. i Figures not available. 2 include time deposits of banks, domestic and foreign, 1929-1934. * Revised series. See pages 950-978 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN DECEMBER 1936 RESULTS OF 1935 CENSUS OF BANKS The Bureau of the Census of the United the number of officers and employees at the States Department of Commerce has just end of 1935 or, for some banks, at the time published a report presenting the results of they ceased operation, and their compensaa nation-wide census of banks taken as a tion by class of bank during the year or any part of the 1935 census of business. Sta- part of the year when the banks were in tistics presented in the report were collected operation. The table on the following page by the Board of Governors of the Federal gives similar information by States. Reserve System, the Comptroller of the Cur- As shown in the table below there were rency, and the Federal Deposit Insurance 16,249 banks in the United States actively Corporation, as well as by the Bureau of theengaged in the banking business during Census. 1935, including the Federal Reserve banks The report gives statistics of the number and the Joint Stock Land banks and counting of banks and branches during 1935, the only head offices of branch systems. Of this number of executives and of other bank em- number 9,762 were State incorporated banks, ployees, and the total salaries and wages paid 5,402 were national banks, 554 were mutual in each of these groups during the year. Data savings banks, 243 were private banks, and are given separately by States and 9 geo-181 were industrial and Morris Plan banks. graphical divisions for the following classes of In the entire country 890 banks had branches banks: member banks of the Federal Reserve numbering 3,332, of which 3,135 were System, insured banks of the Federal Deposit branches of national banks and State incor- Insurance Corporation, national banks, State porated banks. incorporated banks, mutual savings banks, private banks, and industrial banks. Data are NUMBER OF BANKS AND BRANCHES,1 1935 also shown for unit banks and for branch banks. All banks actively engaged in the Number of banks banking business during any part of 1935 Number with the exception of 20 banks and 3 foreign Banks of Total Unit with branches bank agencies from which reports could not banks* branches be obtained are included in the report. The following table gives the number of banks and All banks 16, 249 15,359 3,332 National banks 5,402 5,226 176 1,323 NUMBER AND SALARIES OF BANK EXECUTIVES, State incorporated banks 9,762 9,143 619 1,812 SALARIED OFFICERS, AND EMPLOYEES, 1935 M Pr u iv tu at a e l b sa a v n i k n s gs banks 243 236 11 1 9 0 Industrial and Morris plan 554 492 N be u r m - of E sa x la e r c i u e t d i v o e f s f i a c n er d s e A m ll p l o o t y h e e e r s Fe b d a e n r k al s Reserve and Joint 181 155 26 banks Stock Land banks and 107 107 branch- Pay roll Pay roll es re- Num- (in Num- (in port- ber thou- ber thou- 1 The number of banks differs somewhat from the number shown on ing sands) sands) pages 531-535 of the July 1936 BULLETIN, principally because these figures include while those on pages 531-535 exclude banks which were in operation for some time during 1935 but not at the end of that year, also such Allbanks___ 19, 581 58,482 $197,316 207,976 $290,378 private banks as did not report to State banking departments. The Census figures were obtained principally from the three Federal bank National banks 6,725 23. 862 87, 835 90, 240 124.109 supervisory agencies, whereas those on pages 531-535 are based on ab- State incorporated banks___ 11, 574 30; 841 90,355 88, 822 120, 644 stracts of condition reports issued by the Comptroller of the Currency Private banks 253 251 467 2,338 4,505 and State banking departments. State banking department abstracts Mutual savings banks 11,515 do not include any Morris Plan "companies" and only a small number Industrial and Morris plan 673 2,482 12,735 18, 634 of Morris Plan and other industrial banks. For similar reasons the banks 1,829 number of branches as shown in this table differs from the number shown Federal Reserve and Joint 249 521 1,714 2,2 on page 304 of the April 1936 issue of the BULLETIN. Stock Land banks 13, 232 2 Federal Reserve banks, branches, and agencies; Joint Stock Land 107 525 4,210 20, 218 banks; and foreign bank agencies are considered as unit banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 947 BANK EMPLOYMENT, BANK PAY ROLLS, AND NUMBER OF BANKS, 1935 [As reported by the Bureau of the Census] Total employment s E a x la e r c i u e t d i v o e f s f i a c n er d s All other employees Number br N a u n m ch b e b r a o n f ks Division and state of banks and branches Main Number1 Pay roll Number1 Pay roll Number^ Pay roll reporting s B y r s a te n m ch s o a ff n ic d es branches United States total 266, 458 $487, 694, 572 58,482 $197, 316, 221 207,976 $290, 378, 351 19, 581 890 4,222 New England 21,099 41, 325, 311 4,095 17,337,090 17,004 23,988, 221 1,245 112 388 Connecticut 4,188 8,881,911 918 4,109, 537 3,270 4, 772, 374 234 5 15 Maine _ __ 1,315 2,190, 223 389 1,056,137 926 1,134,086 164 21 81 Massachusetts 12, 200 24,170, 823 1,988 9, 459,314 10, 212 14, 711, 509 2552 63 207 New Hampshire 850 1,391, 840 279 737, 576 571 654, 264 2 112 2 4 Rhode Island. _ __ _ 1,765 3, 387, 532 255 1,315,010 1,510 2,072, 522 2 77 13 59 Vermont 781 1, 302, 982 266 659, 516 315 643, 466 106 8 22 Middle Atlantic ___ 94, 419 197, 366, 776 12, 289 67, 712, 637 82,130 129, 654,139 3,412 199 1,105 New Jersey 9,131 17, 706, 007 1,863 7, 534, 201 7,268 10,171, 806 543 52 171 New York _ _ ._ __ _. 61,645 135,181,809 6,220 43,421,858 55, 425 91, 759, 951 2 1, 630 103 779 Pennsylvania 23, 643 44, 478, 960 4,206 16, 756, 578 19, 437 27, 722, 382 1,239 44 155 East North-Central 48, 330 80, 573, 475 10,852 32,050, 604 37, 478, 48, 522,871 3,785 172 649 Illinois 18, 938 33, 330,034 3,224 11, 523, 609 15, 714 21,806, 425 892 Indiana 4,870 6, 786, 900 1,687 3, 437, 276 3,183 3, 349, 624 611 32 83 Michigan _ _ 7,346 11, 739, 309 1,520 5, 227, 456 5,826 6,511,853 2 665 36 185 Ohio 12,113 20, 729, 691 2,587 7, 696, 594 9,526 13, 033,097 889 35 204 Wisconsin 5,063 7,987, 541 1,834 4,165, 669 3,229 3, 821, 872 728 69 177 West North-Central 26, 413 39,471, 541 9,964 21,141, 876 16, 449 18, 329, 665 3,820 104 257 Iowa . ___ _ 3,961 5, 323, 728 1,758 3, 319, 568 2,203 2, 004,160 805 93 216 Kansas 3,587 4, 897, 646 1,818 3, 237, 896 1,769 1, 659, 750 729 1 5 Minnesota .._ _ 5,891 9, 788, 206 2,057 4, 972, 911 3,834 4, 815, 295 704 4 14 Missouri 8,308 12,801,120 2,108 5. 533,110 6,200 7, 268,010 707 Nebraska 2,698 3, 976, 397 1,171 2, 279, 219 1,527 1, 697,178 453 North Dakota __. 978 1, 362,160 499 857, 382 479 504, 778 208 1 2 South Dakota 990 1, 322, 284 553 941, 790 437 380, 494 214 5 20 South Atlantic- 19, 891 32,437,183 5, 554 15,334,415 14,337 17,102, 768 2,038 135 476 Delaware _ . 792 1,491,315 219 738,749 573 752, 566 62 7 20 District of Columbia 1,734 3, 234,114 243 1, 217, 634 1,491 2,016,480 53 11 41 Florida _ 1,901 3,169,054 531 1,491, 692 1,370 1, 677, 362 163 2 6 Georgia 3,126 4, 697, 797 913 2, 228, 386 2, 213 2, 469,411 372 10 36 Maryland _ __ - - 3,455 5,881, 564 756 2, 524,029 2,699 3, 357, 535 292 24 113 North Carolina 2,530 3,826,129 826 2,016,135 1,704 1,809, 994 338 37 125 South Carolina __ _ 937 1, 370, 350 395 807, 897 542 562, 453 169 5 26 Virginia _ - 3,827 6,126, 856 1,136 2, 991, 279 2,691 3,135, 577 401 39 109 West Virginia _._ . _ 1,589 2,640,004 535 1,318,614 1,054 1, 321, 390 188 East South-Central ._ ._ - 10, 089 14, 833,488 3,631 7, 868, 528 6,458 6, 964, 960 1,372 61 204 Alabama 2,123 3, 227, 296 670 1, 620, 383 1,453 1, 606, 913 251 4 28 Kentucky _ _ _ 3,480 5,073,076 1,322 2, 790, 517 2,158 2, 282, 559 477 17 50 Mississippi 1,424 2, 002, 829 604 1, 217,163 820 785,666 251 21 60 Tennessee __ 3,062 4, 530, 287 1,035 2, 240,465 2,027 2,289,822 393 19 66 West South-Central 16,131 ' 25, 209,838 5,533 13,134,482 10, 598 12,075, 356 1,825 32 93 Arkansas. _ __ 1,416 1,905,105 626 1,146, 645 790 758,460 2 260 6 12 Louisiana 2,380 3,859,942 572 1, 723, 478 1,808 2,136, 464 204 25 75 Oklahoma 3,251 4,886,621 1,236 2, 634, 633 2,015 2, 251,988 418 1 6 Texas 9,084 14, 558,170 3,099 7, 629, 726 5,985 6,928,444 2943 Mountain 5, 567 9, 342, 535 1,748 4, 640, 555 3,819 4, 701,980 614 19 89 Arizona 492 848, 587 119 371, 566 373 477,021 39 6 28 Colorado 1,909 3, 281,876 522 1,475, 792 1,387 1,806, 084 168 Idaho 607 837, 970 209 468, 957 398 369, 013 88 5 32 Montana 784 1, 381, 568 322 814, 570 462 566,998 122 Nevada 148 242, 271 46 134,101 102 108,170 21 2 9 New Mexico 334 528,189 127 302, 345 207 225, 844 44 2 5 Utah ...- _. 854 1,495,105 223 643,814 631 851,291 72 4 15 Wyoming . _ __ ___ .__ 439 726, 969 180 429, 410 259 297, 559 60 Pacific 24, 519 47,134, 425 4,816 18, 096,034 19,703 29, 038, 391 1,470 56 961 California 19, 523 38, 675,923 3,612 14, 519, 649 15,911 24,156, 274 1,083 44 858 Oregon. 1,921 3,121, 542 446 1, 236,170 1,475 1, 885, 372 146 3 47 Washington 3,075 5,336, 960 758 2, 340, 215 2,317 2, 996, 745 241 9 56 1 Count of employees as of December, 1935, or when bank ceased operation. 2 Twenty banks and three foreign bank agencies, from which the Bureau was unable to secure reports, are not included. They are located as follows: eight in Massachusetts; one in New Hampshire; three in Rhode Island; six in New York (including three foreign bank agencies); two in Michigan; one in Arkansas; and two in Texas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN DECEMBER 1936 EARNINGS AND EXPENSES OF MEMBER BANKS NATIONAL BANKS, BY DISTRICTS, FIRST SIX MONTHS OF 19361 [Compiled by the Comptroller of the Currency from reports submitted by national banks. In thousands of dollars.] Federal Reserve District Total Boston Y N o e r w k d P e h l i p l h a- ia C l l a e n v d e- m Ri o c n h d -' la A n t t - a Chicago L S ou t. is a M p n o e in - li - s K C a i n t s y as Dallas F c S r is a a c n n o - Earnings: Interest and discount on loans 171,729 13,999 29, 626 15,694 12,894 8,859 8,913 16,316 6,285 6,213 10, 500 11,019 31,411 Interest and dividends on investments 158,092 10, 681 33,329 17,259 15, 966 6,055 6,388 22, 476 5,588 5,929 7,368 5,453 21,600 Interst on balances with other banks 443 13 40 30 45 28 38 31 19 41 52 6 100 Collection charges, commissions, fees, etc. 10, 575 351 1,359 277 435 370 1,043 1,944 569 1,334 830 612 1,451 Foreign department 2,591 450 1,010 171 94 14 90 397 10 39 4 10 302 Trust department 14, 719 1,090 3,765 659 877 485 494 3,746 245 469 553 195 2,141 Service charges on deposit accounts 13,408 1,170 2,043 633 721 657 791 2,182 503 520 1,368 865 1,955 Rent received 23,280 1,821 4,613 1,701 1,859 886 1,378 3,311 622 727 1,636 1,509 3,217 Other current earnings 6,100 674 2,246 282 416 150 196 599 267 268 210 173 619 Total earnings from current operations 400,937 30, 249 78,031 36, 706 33, 307 17,504 19, 331 51,002 14,108. 15,540 22, 521 19,842 62, 796 Expenses: Interest on deposits: Time 63, 774 4, 557 8,867 8,571 6,902 3,782 2,602 6,368 2,241 2,699 2,101 1,531 13, 553 Demand 2,657 33 555 263 272 60 174 321 143 74 177 215 370 Bank 722 111 83 56 161 49 55 33 27 34 34 5 74 Total 67,153 4,701 9,505 8,890 7,335 3,891 2,831 6,722 2,411 2,807 2,312 1,751 13,997 Salaries—officers ., 44,330 3,355 8,253 3,345 3,213 2,153 2,312 5,136 1,852 2,363 3,398 2,861 6,089 Salaries and wages—employees (other than officers) 63, 397 4,838 14,877 4,218 4,287 2,365 3,021 9,652 1,944 2,277 3,205 2,565 10,148 Fees paid to directors and members of executive, discount, and advisory committees 2,090 227 374 430 180 126 102 158 81 68 103 85 156 Interest and discount on borrowed money 117 21 27 31 2 2 1 8 6 2 6 9 2 Real estate taxes 10, 731 823 2,622 724 758 340 636 947 433 468 536 709 1,735 Other taxes 12, 705 805 1,976 912 1,147 680 598 2,118 555 794 789 897 1,434 Other expenses 77,338 5,643 17,361 5,551 5,968 3,008 4,159 10,192 2,532 3,237 4,680 4,072 10,935 Total current expenses. _ 277,861 20, 413 54, 995 24,101 22,890 12, 565 13, 660 34, 933 9,814 12,016 15,029 12,949 44,496 Net earnings 123,076 9,836 23, 036 12, 605 10,417 4,939 5,671 16, 069 4,294 3,524 7,492 6,893 18,300 Recoveries, profits on securities, etc.: Recoveries on loans - 32, 639 2,006 9,261 934 1,575 886 715 8,723 814 1,640 1,737 2,189 2,159 Recoveries on investments 67, 932 1,882 44,150 1,030 1,795 626 942 10,154 1,021 1,733 1,787 1,326 1,486 Profits on securities sold... 78, 919 5,528 19,424 7,254 6,421 3,917 4,031 12, 389 2,834 2,396 2,765 2,460 9,500 All other.. 4,869 360 745 254 313 251 227 765 194 404 471 393 492 Total 184,359 9,776 73, 580 9,472 10,104 5,680 5,915 32,031 4,863 6,173 6,760 6,368 13,637 Losses and depreciation: On loans 76,154 4,447 22,063 5,670 5,453 2,025 2,476 17, 704 1,400 1,750 2,018 2,144 9,004 On investments _ __ 44,979 3,818 9,751 4,656 4,203 2,397 2,329 5,415 2,017 2,877 2,529 1,792 3,195 On banking house, furniture and fixtures 10,624 793 2,672 699 860 290 470 1,163 303 423 711 687 1,553 All other.. 16,425 909 2,561 1,179 1,017 562 444 6,046 293 472 532 859 1,551 Total losses and depreciation 148,182 9,967 37, 047 12, 204 11, 533 5,274 5,719 30, 328 4,013 5,522 5,790 5,482 15, 303 Net profits 159, 253 9,645 59, 569 9,873 8,988 5,345 5,867 17, 772 5,144 4,175 8,462 7,779 16,634 Cash dividends declared 57,838 4,883 19, 293 5, 694- 2,718 2,232 2,176 5,549 1,960 1,569 2; 360 2,150 7,254 Capital funds,3 June 30,1936 ... 3,159,252 286, 612 788,192 327,493 271,401 133,188 139,938 389, 212 100,312 105,823 143,107 140,717 333, 257 Number of officers, June 30, 1936 24, 302 1,515 3,050 2,004 1,971 1,376 1,368 2,439 1,304 1,585 2,527 2,025 3,138 Number of employees (full and part time) June 30, 1936 92, 431 6,907 18, 544 6,208 6,406 3,824 5, COS 13, 875 3,368 3,828 5,382 4,142 14,939 Number of banks, June 30,1936 5,368 318 623 594 522 338 274 519 319 428 674 493 266 For footnotes see following table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

949 DECEMBER 1936 FEDERAL RESERVE BULLETIN EARNINGS AND EXPENSES OF MEMBER BANKS—Continued STATE MEMBER BANKS, BY DISTRICTS, FIRST SIX MONTHS OF 19361 [In thousands of dollars] Federal Reserve District Total Boston Y N o e r w k d P e h lp il h a- ia C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is a M p n o e i - n li - s K C a i n ty sas Dallas F c S r is a a c n n o - Earnings: Interest and discount on loans 81,330 5,087 36,699 5,578 10,990 3,393 1,304 5,469 2,664 524 971 686 7,965 Interest and dividends on investments .__ __ 77,135 3,818 37,929 5,874 9,025 2,608 882 8,253 2,384 444 821 294 4,803 Interest on balances with other banks 153 1 57 34 18 3 5 3 6 1 10 15 Collection charges, commissions, fees, etc 4,446 151 2,073 180 226 198 135 644 260 103 46 53 377 Foreign department 1,942 36 1,636 18 72 8 1 39 9 3 1 119 Trust department 26, 751 1,949 16, 360 3,001 2,017 491 193 1,560 339 12 143 17 669 Service charges on deposit accounts 5,839 429 2,370 240 587 234 107 921 231 56 117 80 467 Rent received 14, 905 814 7,086 1,245 1,962 602 234 851 353 44 285 105 1,324 Other current earnings.. 3,126 44 923 312 541 110 116 286 389 18 124 8 256 Total earnings from current operations._- 215, 627 12,329 105,133 16,482 25, 438 7,647 2,977 18,026 6,635 1,202 2,520 1,244 15,994 Expenses: Interest on deposits: Time 24,436 1,944 6,528 1,844 4,796 1,267 423 2,925 820 210 182 88 3,409 Demand 1,049 9 494 46 163 35 33 126 8 4 25 10 96 Bank 379 29 107 150 29 1 11 1 3 2 46 Total 25, 864 1,982 7,129 2,040 4,988 1,303 456 3,062 829 214 210 100 3,551 Salaries-Officers. _. 22,184 1,443 10, 643 1,660 i,eo9 878 372 2,076 812 239 330 257 1,565 Salaries and wages—employees (other than officers) 41, 646 2,149 22,379 3,478 4,152 1,332 392 3,063 1,125 121 433 155 2,867 Fees paid to directors and members of executive, discount, and advisory committees 930 109 420 99 78 41 19 53 41 5 12 5 48 Interest and discount on borrowed money 178 1 36 7 8 1 18 104 1 1 1 Real estate taxes 6,301 304 3,050 596 743 233 149 436 141 28 38 31 552 Other taxes 9,279 692 4,961 495 1,219 292 84 537 265 48 92 51 543 Other expenses 45, 642 2,078 24,195 3,807 4,360 1,391 513 3,360 1,580 243 772 270 3,073 Total current expenses 152,024 8,758 72, 813 12,182 17,457 5,470 1,986 12,605 4,897 899 1, 887 870 12,200 Net earnings 63,603 3,571 32,320 4,300 7,981 2,177 991 5,421 1,738 303 633 374 3,794 Recoveries, profits on securities, etc.: Recoveries on loans 11, 326 507 6,410 819 677 437 151 960 401 78 115 84 687 Recoveries on investments _ 16,999 558 11,360 1,945 1,011 427 49 492 608 157 76 31 285 Profits on securities sold_ 36,810 1,380 21, 225 3,084 2,206 1,507 529 2,972 1,250 158 94 86 2,319 All other 4,118 274 1,462 126 620 200 12 589 143 27 26 11 628 Total. . 69, 253 2,719 40,457 5,974 4,514 2,571 741 5,013 2,402 420 311 212 3,919 Losses and depreciation: On loans . 24,143 989 12,428 3,482 2,343 935 746 1,332 495 95 119 57 1,122 On investments 20,336 1,160 10, 283 1,545 961 1,351 186 2,617 333 158 43 7 1,692 On banking house, furniture and fixtures 4,958 298 2,438 517 469 250 35 243 194 16 19 22 457 All other 18, 525 547 11, 796 1,451 1,111 319 184 1,047 666 33 316 38 1,017 Total losses and depreciation 67, 962 2,994 36,945 6,995 4,884 2,855 1,151 5,239 1,688 302 497 124 4,288 Net profits 64,894 3,296 35,832 3,279 7,611 1,893 581 5,195 2,452 421 447 462 3,425 Cash dividends declared2 37,451 1,841 24,109 3,409 2,915 786 313 1,097 951 125 206 125 1,574 Capital funds3, June 30,1936. 2,076,115 90,912 1, 231, 210 160,583 231,109 56,901 26,076 110,864 51,190 7,786 18,058 8,109 83,317 Number of officers, June 30, 1936. _ 7,523 485 2,377 531 743 419 237 979 403 205 207 206 731 Number of employees (full and part time) June 30, 1936 55,392 3,088 27,806 4,802 5,494 2,106 629 4,592 1,879 234 742 270 3,750 Number of banks, June 30, 1936 1,032 44 169 64 106 66 56 198 70 67 55 59 78 i For corresponding figures of State member and National banks for the last 6 months of 1935, see BULLETIN for July 1936, pp. 526-527. »Includes interest on capital notes and debentures. 3 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

950 FEDERAL RESERVE BULLETIN DECEMBER 1936 REVISED INDEXES OF FACTORY EMPLOYMENT ADJUSTED FOR SEASONAL VARIATION The Board's seasonally adjusted indexes of made for many individual industries, but factory employment have been revised to take they were partly offsetting in the total, inasaccount of changes in the indexes of the much as some series were raised while others Bureau of Labor Statistics, from which the were lowered. Census data, which are col- Board's adjusted indexes are derived, and of lected every two years, are not yet available changes in the seasonal characteristics of for 1935 and the relationships established many individual employment series.1 Chart between the new series and the old series in I shows the revised index of total factory em- December 1933 have been continued except ployment, unadjusted and adjusted for sea- for a few instances in which current data sonal variation, by months from 1919 to date. have been revised. On the basis of experi- FACTORY EMPLOYMENT PER CENT ADJUSTED TO CENSUS OF MANUFACTURES THROUGH 1933. 1923-25 AVERAGE = 100 PER CENT 130 130 120 120 110 \ A 110 100 V J/' 100 90 \ If 90 /V / ft 80 \ 80 70 V J / 70 — Adjustedfor seasonal voiiation 60 60 Withoutseasona adjustnnent 50 50 40 40 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 CHART I.—Index without seasonal adjustment compiled by Bureau of Labor Statistics ; index adjusted for seasonal varition compiled by Board of Governors of the Federal Reserve System. Nature of revisions.—The principal re- ence with past adjustments, it seems likely visions made by the Bureau of Labor Statis- that the index of total factory employment tics were for the period since 1931 and re-for the period since the end of 1933 will be flected adjustments of the currently reportedraised further when subsequent census adseries to the level of employment shown by justments are made. the 1933 Census of Manufactures.2 As a The census adjustments raised or lowered result of adjustments to the census level, the the levels of the individual series but did not revised index of total factory employment change their month-to-month movements exfor the period since the end of 1933 is at a cept for gradual shifts during the period level about 5 percent higher than the former from 1931 through 1933. Seasonal and other index.3 Considerably larger revisions were movements for the groups and the total index were altered to some extent, however, be- 1 For a description of the previous seasonal adjustment of the cause the census adjustment changed the index of factory employment, see the FEDERAL RESERVE BULLETIN relative importance of individual series, for June, 1934. 2 Revised employment indexes, without seasonal adjustment, which at times showed marked differences for individual industries, groups of industries, and manufacturing in movements. as a whole may now be obtained from the Bureau of Labor Statistics and shortly the Bureau will issue a bulletin giving a detailed In view of this revision in basic data, the description of the revised indexes. 3 The Bureau of Labor Statistics has also revised the index of Board has taken occasion to reexamine and factory payrolls and, for the period since 1933, the revised index is revise the seasonal adjustment factors used about 2% per cent higher than the index formerly published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 951 in computing the seasonally adjusted in- In 1934 provisional adjustment factors dexes.4 Revisions in these factors have re- were computed for 29 series for which cursulted in substantial changes during recent rent njonthly data were first collected in 1931 years in the month-to-month fluctuations of and for two which began in 1929. At that many of the individual seasonally adjusted time the periods covered by these data were series, and have contributed to moderate too short, particularly in view of the sharp changes in activity, to make possible more than a rough approximation of seasonal FACTORY EMPLOYMENT movements. With data for two additional PERCENT EFFECTIVE SEASONAL ADJUSTMENT, 1936 PE 106 106 years it has been possible to measure more accurately the seasonal variation of these industries. 104 104 Seasonal factors for most of the other series, which began in 1919 or 1923, were 102 102 also found to be in need of revision for the \ last few years and in some cases for earlier k years as well. Nearly all of the changing 100 100 seasonal factors 5 formerly used were revised / s/ for recent years, and changing seasonal fac- \j 98 tors were computed for most series formerly V regarded as having constant seasonal movements. At the present time 54 of the 58 96 96 series for which monthly data have been available since 1923 have changing seasonal 94 94 factors. Jon. Feb. Man Apr. May June July Aug. Sept. Oct. Nov. Dec CHART II.—These figures are calculated by dividing the in- FACTORY EMPLOYMENT dex without seasonal adjustment by the corresponding adjusted index. The figures for November and December are PER CENT ADJUSTED FOR PER CENT estimated. 100 1UU r changes in the monthly movements of the adjusted index of total factory employment, 90 90 Re\/ised Series which is compiled by weighting and com- A/ bining the adjusted series for each industry. In general, the significant differences between 80 k 1 V ?'-••/ 80 the new factors and those formerly used occur in the period since 1930, revisions for Former Series earlier years having been relatively small. 70 \ 70 Chart II shows for each month in 1936 the \ . effective seasonal adjustment for the index of total factory employment as derived from 60 V" 60 the new seasonal factors for individual series. When the 1934 revision of seasonal factors was made, little reliance could be placed upon 50 50 the data for the years immediately preceding 1Q31 1932 1933 1934 1935 1936 1934, inasmuch as they covered the bottom CHART III.—Revised series adjusted to Census of Manufactures through 1933; seasonal factors computed in 1936. of the depression and showed greatly dis- Former series adjusted to Census of Manufactures through 1931 ; seasonal factors computed in 1934. torted movements. While the data since early 1934 have also been subject to broad non- The combined effects upon the total index seasonal fluctuations, such movements have of adjustments to the 1933 Census of Manbeen smaller than in other recent years and ufactures and of revisions in seasonal faca more nearly accurate measurement of cur- tors are indicated for the period from 1931 rent seasonal variation has been possible. to date in Chart III, which shows the revised index and the series formerly published. * These factors, which are derived from the indexes of the Bureau of Labor Statistics, reflect the seasonal variations in the Bureau's sample of each industry and, in some instances, they 5 Changing seasonal factors are those which take into account differ from factors which would be obtained from indexes repre- progressive shifts in the timing and amount of seasonal movesenting complete coverage. ments evident in the unadjusted series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN DECEMBER 1936 Seasonally adjusted indexes of employment able goods industries and a few others showin industries manufacturing durable goods ing abrupt nonseasonal shifts, a freehand and in those manufacturing nondurable goods curve was used in place of the moving averhave been compiled and are presented for the age in order that a closer approximation to first time in Table 5 and in Chart IV. the cyclical movement might be obtained, and The tables on factory employment and payratios of the unadjusted data to the values rolls currently published in the BULLETIN read from the freehand curve were comhave been revised to include more data as in-puted. The seasonally adjusted indexes comdicated on pages 1009 to 1012 of this issue. puted in 1934 and the twelve-month moving FACTORY EMPLOYMENT PER CENT ADJUSTED FOR SEASONAL VARIATION, 1923-25 AVERAGE = 100 120 110 •*••*•.. 100 \ -^ 90 80 7n 60 50 40 •-••{ PERC 120 no Nondurable A. .•-•„•••••• / 100 V **. Goods Industries A ••...•J \ *'• i / v : ••i \ •••l • : 90 / \ \ A / 80 \ •' V Durable \ Goods Industries r /\ \ /\ 70 / ^ 1 \ V 60 50 V 40 1923 1924 1925 1926 1927 192P 1929 1930 1931 1932 1933 1934 1935 1936 CHART IV.—Indexes adjusted to Census of Manufactures through 1933. In this grouping the durable goods industries are those in the iron and steel, machinery, transportation equipment, railroad repair shop, non-ferrous metals, lumber, and stone, clay and glass groups. The nondurable goods industries are those in the textile, leather, food, tobacco, paper and printing, chemicals and petroleum, and rubber groups. Method used for seasonal adjustment.— averages of the unadjusted data were used as The basic method used for the current re- guides for deriving such freehand curves vision of seasonal factors was the ratio-to- and in all cases the ratios to freehand curves twelve-month-moving average method, which were compared with the ratios to moving has been used by the Board in practically all averages. In selecting the freehand curves, of its adjustments for seasonal variation, ex- a careful attempt was made to avoid includcept the adjustment of the short employment ing in them any regularly recurring moveseries in 1934 when a ratio-to-free-hand curve ments and to draw them at the general level was used.6 The twelve-month moving aver- of the unadjusted data. The use of the freeage is a fairly accurate base or standard from hand curve made it possible to follow more which to measure seasonal variations when closely cyclical movements and other marked cyclical or other nonseasonal movements are nonseasonal fluctuations such as those reof moderate proportions. It has proved, sulting from strikes and the NRA codes, but however, to be relatively insensitive to sharp in no case were the ratios for the months cyclical turns and to other sudden shifts showing rapid changes given very much shown by many series during recent years. weight in selecting the seasonal factors. For some industries, particularly the dur- When the freehand curve was used, however, the ratios for other months immediately 6 See FEDERAL EESERVE BULLETIN for June 1934, November 1930, preceding or following the periods of rapid and April 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

953 DECEMBER 1936 FEDERAL RESERVE BULLETIN change were free from the effect of such which resulted in an abrupt change in seachanges, while the ratios to moving average sonal variation of employment in the inwere not. dustry, has not yet been in effect long enough Special problems were encountered in the to make possible accurate determination of seasonal adjustment of some individual the full extent of the change. The seasonal series. In the cement industry, for example, factors selected for current use, therefore, the absolute amount of seasonal fluctuation are only rough approximations. appeared to be as great at the depth of the Tables.—The Bureau of Labor Statistics' depression as in earlier years. It was de-revised indexes of total factory employment cided, therefore, to allow for seasonal varia- and pay rolls, without seasonal adjustment, tion by adding or subtracting absolute are shown in Table 1. amounts from the unadjusted indexes rather The Board's revised seasonally adjusted than by dividing the unadjusted indexes by index for total factory employment is shown the usual seasonal ratios. It was found that in Table 2 and indexes by groups and by insuch absolute seasonal factors could be de-dustries are given in Tables 5 and 6. Table termined more accurately and it is believed 3 shows the seasonal factors for 1936, and that they will probably be more reliable when Table 4 gives, by industries, the initial year activity in this industry increases. The auto- of the series and the average number of emmobile industry also presented a special prob- ployees in the 1923-25 base period, a measure lem owing to a shift in 1935 in the date for of the relative importance of each industry introducing new models. This new policy, in the total index. TABLE 1—REVISED INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS, WITHOUT SEASONAL ADJUSTMENT [Compiled by Bureau of Labor Statistics. Adjusted to Census of Manufactures through 1933. 1923-25 average = 100] EMPLOYMENT Year 1919 1920 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 January 104.8 114.3 82.5 100.8 100.1 96.5 100.7 98.2 94.8 100.6 97.1 79.5 69.1 62.6 76.5 82.0 86.6 February.. _. 101.6 113.3 82.4 84.5 102.6 101.5 98.2 101.7 99.7 96.4 102.9 97.1 80.1 70.3 63.7 81.1 84.9 86.7 March 101.9 115.5 83.0 85.7 104.7 101.7 99.1 102.2 100.3 97.4 104.1 96.7 80.5 69.3 61.5 84.4 86.0 87.8 April 102.0 114.0 82.0 85.5 105.2 100.0 98.9 101.5 99.6 97.0 105.3 96.1 80.4 67.1 62.9 86.0 86.2 89.0 May 102.6 111.5 81.8 87.8 105.3 96.7 98.2 100.4 99.0 97.0 105.2 94.5 79.8 64.6 65.8 86.2 84.7 89.6 June 103.8 110.6 80.9 89.5 106.0 93.8 98.1 100.4 99.1 97.6 105.4 92.6 78.0 62.5 70.2 84.9 83.1 89.9 July 106.5 108.1 79.7 87.8 104.9 90.8 98.0 99.4 98.0 97.5 105.9 89.3 76.9 60.4 74.9 82.4 83.4 91.0 August 109.1 108.4 81.3 91.0 105.2 92.1 99.7 101.4 99.3 100.1 107.7 88.6 77.0 61.8 79.6 83.5 86.1 93.4 September.. 111.2 107.1 83.3 94.0 105.6 94.3 101.6 103.5 100.4 102.1 108.7 89.5 77.3 65.1 83.2 80.0 88.0 95.3 October 110.8 103.4 84.1 96.7 104.4 95.1 102.2 103.1 99.5 102.4 107.5 87.6 74.6 66.3 82.8 82.2 89.3 96.5 November.. 112.0 97.2 84.2 98.4 103.1 94.7 101.9 101.3 97.3 101.5 103.3 84.4 72.0 65.5 79.5 80.3 88.7 December... 113.8 89.6 83.2 99.7 101.3 96.1 101.6 100.0 96.0 101.0 99.6 82.1 71.2 64.3 77.6 81.4 88.2 Average. 106.7 107.8 82.2 90.3 104.1 96.4 101.3 98.7 104.7 91.3 77.3 65.5 72.0 82.4 85.9 PAY ROLLS Year 1919 1920 1923 1924 1925 1926 1928 1929 1930 1931 1932 1933 1934 1935 1936 January 96.2 118.3 83.7 70.3 94.8 98.7 95.7 100.9 98.2 95.9 102.4 95.6 53.6 40.1 54.6 64.9 73.6 February. _. 90.4 116.7 82.1 73.1 98.1 104.1 100.9 105.1 104.3 101.1 109.3 98.6 74.1 54.8 41.0 61.3 69.9 73.6 March 91.0 124.8 82.4 75.3 102.8 104.1 102.6 106.6 105.7 102.6 111.6 98.6 75.4 53.1 37.9 65.6 71.6 77.4 April 90.0 122.0 79.7 74.2 104.1 101.9 100.1 104.3 104.3 100.5 112.7 97.5 74.2 49.4 39.8 68.1 71.6 79.1 May 90.9 123.5 78.1 77.6 107.5 97.5 100.8 103.0 104.1 101.3 112.9 95.1 73.1 46.8 43.7 68.1 69.3 80.6 June 92.9 125.3 76.2 80.9 107.7 92.2 98.8 103.2 102.4 101.7 111.2 92.0 69.5 43.5 48.1 66.0 67.3 80.8 July 95.6 120.4 72.4 78.6 103.4 85.4 96.9 98.9 98.4 99.1 107.1 84.1 66.1 40.2 51.7 61.3 66.4 80.0 August 100.9 122.7 74.6 83.2 103.8 89.2 99.5 103.3 101.7 103.2 112.0 83.1 65.8 41.0 57.7 63.2 70.9 83.4 September. 105.7 120.9 74.2 87.1 104.2 92.3 98.8 104.3 101.2 104.6 112.8 83.8 63.3 43.5 60.6 59.1 73.5 83.4 October 103.2 116.9 73.4 89.6 106.5 94.9 104.7 107.4 102.0 108.2 112.3 82.0 61.4 45.3 60.4 62.1 76.3 November. 107.7 108.1 72.5 93.4 104.4 93.4 104.7 104.0 98.4 105.0 104.1 76.6 58.1 43.5 56.5 60.6 75.5 December.. 115.0 99.0 74.0 95.7 102.8 97.7 105.1 103.3 105.7 100.5 75.0 57.5 42.3 55.5 64.1 77.4 Averagi 118.2 76.9 81.6 103.3 96.0 100.7 103.7 101.7 102.4 109.1 88.5 67.4 46.5 49.4 62.8 71.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 2.—REVISED INDEX OP FACTORY EMPLOYMENT, ADJUSTED FOR SEASONAL VARIATION [Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Month 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 January 107.0 116.6 82.2 83.9 102.3 101.4 97.7 102.2 96.7 103.0 99.4 81.7 71.0 64.2 78.3 February 102.8 114.5 83.1 85.1 102.9 101.5 98.3 101.9 100.0 96.9 103.6 97.8 80.8 70.6 64.1 81.4 85.1 87.2 March 101.5 115.1 82.6 85.5 104.0 100.9 98.4 101.6 99.9 97.1 104.2 96.7 80.5 69.1 61.4 84.0 85.4 87.6 April 101.9 113.9 81.9 85.7 104.7 99.6 98.6 101.2 99.6 96.9 105.2 95.8 80.2 66.9 62.7 85.4 85.5 88.5 May 102.9 111.6 81.9 88.0 105.6 97.0 100.9 99.4 97.3 105.4 94.4 79.7 64.6 65.9 85.9 84.5 89.6 June 104.0 110.7 81.2 89.8 106.6 94.4 101.1 99.7 97.9 105.7 92.8 78.3 62.8 70.7 85.2 83.6 90.3 July 106.7 108.2 80. 1 88.3 106.1 92.1 99.4 100.8 99.2 98.4 106.9 90.1 77.8 61.1 76.1 83.4 84.9 92.6 August 107.9 107.0 80.6 90.3 105.2 92.2 99.6 101.2 98.9 99.4 107.0 88.0 76.7 61.6 79.4 82.9 85.9 93.3 September 108.8 104.7 81.7 92.3 104.2 92.9 99.8 101.6 98.4 99.8 106.0 86.8 75.1 63.4 81.2 78.0 86.2 93.6 October 108.6 101.5 82.4 95.1 103.2 93.9 100.7 101.4 97.7 100.4 105.3 85.7 73.1 64.9 81.2 80.7 87.2 94.3 November 111.1 96.2 83.4 97.7 102.9 94.4 101.7 101.1 97.1 101.4 103.1 84.4 71.8 65.4 79.5 80.7 88.0 December 113.8 89.4 83.1 99.7 101.7 96.4 102.1 100.6 96.6 102.0 100.6 83.0 71.7 64.8 78.2 82.2 Annual index_ 106.7 107.8 82.2 90.3 104. 1 96.4 101.3 104.7 91.3 77.3 65.5 72.0 82.4 TABLE 3.—FACTORY EMPLOYMENT: SEASONAL ADJUSTMENT FACTORS FOR 1936 [Average for the year=100] Ja a n ry u- r F u e a b ry - March April May June July g A u u s - t t S b e e m e p r - - O b c e t r o- v N b e e m o r - - c D b e e m e r - - IRON AND STEEL AND PRODUCTS: Blast furnaces and steel works1 99.0 101.0 101.0 101.5 102.0 100.5 99.5 99.5 99.0 99.0 98.5 99.5 Cast-iron pipe* 99.5 97.5 98.0 98.0 99.5 103.0 102.5 103.0 102.0 100.5 98.0 98.5 Cutlery and edge tools 98.0 101.5 102.5 103.0 100.5 100.0 94.0 97.0 99.0 101.5 102.5 100.5 Forgings, iron and steel 101.0 101.0 105.0 101.0 101.0 100.0 94.0 98.0 98.0 100.0 100.0 101.0 Hardware1 100.0 100.8 101.4 100.7 100.8 100.7 97.5 96.5 99.7 100.6 100.4 100.0 Plumbers' supplies 97.0 101.0 101.0 98.0 98.0 102.0 104.0 102.0 99.0 101.0 100.0 97.9 Steam and hot-water heating apparatus, etc. i 96.5 99.5 100.0 99.5 100.0 100.0 95.0 99.5 101.0 104.0 104.0 101.0 Stoves1 85.0 92.4 97.0 102.0 103.0 101.1 98.0 101.0 107.8 109.1 106.9 96.7 Structural and ornamental metal work1 97.0 96.0 97.5 97.5 99.5 101.5 102.0 103.5 103.0 102.0 100.5 100.0 Tin cans, etc 93.0 94.0 96.0 97.5 98.0 102.0 104.0 108.0 110.0 102.5 98.0 97.0 Tools (not including edge tools, machine tools, files and saws) 100.0 101.0 101.0 101.0 100.0 100.0 99.0 96.0 99.0 101.0 101.0 101.0 MACHINERY: Agricultural implements1 102.5 105.5 105.0 105.5 103.0 98.0 94.0 95.0 97.5 95.5 98.5 100.0 Engines, turbines, etc1 98.0 101.0 102.0 103.0 101.0 102.5 101.0 100.0 99.0 97.0 97.0 98.5 Foundry and machine shop products1 99.0 100.5 101.0 102.0 101.5 100.0 99.0 99.0 99.5 100.0 99.5 99.0 Machine tools* 99.0 101.5 101.0 100.0 100.0 100.0 99.0 96.0 100.5 100.5 101.0 101.5 Radios and phonographs1 93.0 87.0 86.0 84.0 90.0 96.0 92.0 101.0 116.0 124.0 123.0 108.0 Textile Machinery1.. 101.0 101.5 102.5 102.5 100.5 100.0 99.5 98.0 96.5 98.0 99.0 101.0 Typewriters and parts 101.0 99.0 100.0 100.0 100.0 97.0 97.5 98.0 101.0 100.5 103.0 103.0 TRANSPORTATION EQUIPMENT: Aircraft 99.0 98.0 100.0 101.0 105.0 107. 5 103.0 97.5 93.5 95.5 101.0 99.0 Automobiles1 104.0 104.0 104.0 106.0 105.0 103.0 96.0 90.0 83.0 97.0 104.0 104.0 Cars, electric and steam railroad1 89.2 96.0 99.2 108.0 109.8 108.6 104.2 105.0 102.1 95.9 90.2 91.8 Locomotives1 92.0 94.0 100.0 104.0 106.0 105.0 104.0 103.0 100.0 97.0 96.0 99.0 Shipbuildings.. 100.0 99.0 100.5 103.0 102.5 99.0 98.0 97.0 100.0 100.5 99.0 101.5 RAILROAD REPAIR SHOPS: Steam railroad1 98.0 99.5 100.0 101.5 102.0 100.5 99.0 99.5 100.5 100.5 100.0 99.0 NONFERROUS METALS AND PRODUCTS: Aluminum manufactures 98.0 101.0 104.0 103.0 102.0 98.0 95.0 96.0 100.0 102.0 101.0 100.0 Brass, bronze and copper products1 99.0 100.0 102.0 101.5 101.0 99.5 98.0 97.0 98.0 101.0 102.0 101.0 Clocks and watches and time recording devices.._ 99.0 100.0 100.0 99.0 98.5 98.0 96.0 96.5 101.0 103.0 105.0 104.0 Jewelry 94.0 99.0 98.0 97.0 93.0 94.0 90.0 97.0 109.0 116.0 111.0 102.0 Lighting equipment 97.5 99.0 99.5 101.0 100.0 100.0 97.5 97.5 100.5 102.5 103.0 102.0 Silverware and plated ware 96.0 99.0 101.0 101.0 102.0 102.0 90.0 98.0 100.0 103.0 105.0 103.0 Smelting and refining 100.0 100.0 100.0 100.0 100.0 100.0 98.0 98.0 99.0 102.0 102.0 101.0 Stamped and enameled ware1 95.0 100.0 102.5 103.0 101.5 100.0 99.0 98.5 100.5 101.0 101.0 98.0 LUMBER AND PRODUCTS: Furniture1 96.4 99.0 98.9 96.5 95.7 96.9 97.1 101.0 103.9 107.0 105.7 101.9 Lumber, millwork1 95.0 97.0 97.5 99.5 102.0 102.0 103.0 103. 0 101.5 101.0 99.5 99.0 Lumber, sawmills1 93.0 95.0 97.0 100.0 102.0 103.0 101.0 103.0 104.0 104.0 101.0 97.0 STONE, CLAY, AND GLASS PRODUCTS: Brick, tile and terra cotta1 84.5 85.0 91.5 99.0 105.5 109.0 106.5 107.5 107.0 106. 5 103.0 95.0 Cement1 2 -11.2 -9.5 -6.7 +0.5 +6.3 +7.9 +8.5 +5.5 +4.0 +2.0 -1.0 -6.3 Glass 1 95.0 98.3 100.9 102.9 102.1 103.1 97.9 98.2 100.1 100.7 101.2 99.6 Marble, granite, slate and other products 84.0 87.0 93.0 100.0 103.0 105.0 107.0 108.0 108.0 105.0 102.0 98.0 Pottery1 . 97.0 101.0 104.0 105.0 104.0 98.0 92.0 96.0 99.0 101.0 102.0 101.0 For footnotes see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 955 TABLE 3.—FACTORY EMPLOYMENT: SEASONAL ADJUSTMENT FACTORS FOR 1936—Continued [Average for the year = 100] Ja a n ry u- r F u e a b ry - March April May June July g A u u s - t t b e e m r - O b c e t r o- v N b e e m o r - - c D b e e m e r - - TEXTILES AND PRODUCTS: (a) Fabrics: Carpets and rugs1 97.0 99.0 103.0 102.0 100.0 100.0 100.0 100.0 98.0 101.5 101.0 98.5 Cotton goods1 101.8 101.8 102.5 101.0 99.5 99.5 97.0 95.0 97.0 101.0 101.5 102.4 Cotton smallwares 100.0 105.0 106.0 105.0 102.0 97.0 94.0 93.0 97.0 101.0 100.0 100.0 Dyeing and finishing1 101.5 105.0 106.0 103. 1 100.0 96.4 93.8 94.6 97.3 99.5 101.1 101.7 Hats, fur-felt— 98.5 101.5 103.0 102.0 98.5 93.5 96.5 106.0 108.0 101.0 95.0 96.5 Knit goods1 98.0 100.0 101.0 101.0 100.5 100.0 94.5 96.0 99.5 103.5 104.0 102.0 Silk and rayon goodsi 103.0 106.0 103.0 97.0 94.0 92.0 95.0 98.5 104.5 103.0 101.0 103.0 Woolen and worsted goods1 100.0 108.0 103.0 94.5 98.0 98.5 96.5 100.5 101.0 101.0 99.5 99.5 (b) Wearing apparel: Clothing, men's1 96.0 103.0 105.5 102.0 96.0 97.5 98.5 103.0 105.5 103.0 96.0 94.0 Clothing, women's1 97.5 103.0 109.0 111.2 106.0 97.0 80.7 94.0 103.5 105.1 97.0 96.0 Corsets and allied garments 96.0 101.0 104.0 105.0 102.5 100.0 97.0 97.5 100.0 100.5 99.0 97.5 Men's furnishings 93.0 101.0 105.0 105.0 103.0 97.0 88.0 92.0 99.0 106.0 107.0 104.0 Millinery^ 98.0 108.0 115.0 113.5 106.0 94.5 74.0 98.0 111.5 103.0 91.0 87.5 Shirts and collars1 90.0 98.0 101.0 102.0 101.0 100.0 95.0 99.0 104.0 106.0 105.0 99.0 LEATHER AND PRODUCTS: Boots and shoes1.- 98.0 102.0 104.0 102.3 99.1 97.2 101.5 105.0 104.0 100.8 92.3 93.8 Leather1 100.0 101.0 101.5 100.0 99.0 99.0 100.0 99.5 99.0 101.0 99.5 100.5 FOOD PRODUCTS: Baking1 97.8 98.3 99.0 100.0 100.9 100.4 100.8 102.0 101.6 101.0 100.0 Beverages 90.0 90.0 94.0 99.0 102.0 109.0 112.0 110.0 107.0 102.0 93.0 92.0 Butter 93.0 92.0 94.0 97.0 101.0 106.0 107.0 107.0 105.0 101.0 100.0 97.0 Canning and preserving1 61.0 59.0 59.0 72.0 69.0 86.0 124.0 179.0 206.0 135.0 84.0 66.0 Confectionery1 96.5 97.5 98.5 93.5 91.5 89.5 85.5 89.5 112.5 119. 0 115.0 111.5 Flour1 99.2 100.0 98.7 97.2 97.1 98.0 100.4 100.8 103.7 103.2 101.7 100.0 Ice cream1 85.5 85.0 89.0 95.0 108.0 117.5 122.0 120.0 108.0 96.0 88.5 85.5 Slaughtering and meat packing1 103.5 100.5 97.5 97.3 98.8 99.5 99.0 99.0 99.0 100.5 101.0 104.4 Sugar, beet 87.0 42.0 41.0 45.0 52.0 55.0 58.0 80.0 85.0 230.0 240.0 185.0 Sugar refining, cane1 96.0 96.0 99.0 99.3 100.6 99.5 102.2 102.0 102.5 103.0 101.8 98.1 TOBACCO PRODUCTS: Chewing and smoking tobacco and snuff1 102.6 103.5 101.2 99.0 98.0 97.0 98.0 99.0 100.0 100.8 101.0 Cigars and cigarettes1 90.8 97.0 98.0 98.2 97.5 100.0 99.0 102.0 103.5 106.0 106.0 102.0 PAPER AND PRINTING: Boxes, paper1 97.0 97.5 98.0 98.0 98.0 97.0 97.5 98.5 102.5 106.0 106.5 103.5 Book and job printing1 102.0 101.5 99.5 99.5 99.5 97.5 98.0 99.0 99.5 100.0 100.5 103.5 Printing, newspapers and periodicals 100.4 100.2 100.2 100.3 100.3 99.7 98.7 98.0 100.2 101.3 101.8 CHEMICALS AND PETROLEUM PRODUCTS: (a) Chemicals group, except petroleum: Chemicals1 98.5 98.5 99.0 99.5 100.0 101.0 101.0 100.5 100.5 100.5 101.0 100.0 Cottonseed oil, cake, and meal1 107.0 103.0 103.0 76.0 62.0 61.0 67.0 87.0 124.0 146.0 134.0 130.0 Druggists' preparations1 101.5 101.0 101.0 99.0 97.0 95.5 95.0 98.0 102.0 104.5 103.5 102.0 Explosives1 100.0 101.5 100.0 97.0 98.0 98.0 98.0 99.0 100.5 103.0 103.0 102.0 Fertilizers1 100.4 111.3 155.0 161.3 106.2 68.6 67.0 70.0 90.3 90.0 87.7 92.2 Paints and varnishes 97.5 99.0 99.5 101.5 104.5 104.0 100.5 98.0 98.5 100.0 99.0 98.0 Rayon and allied products 101.0 102.0 101.0 100.0 98.0 96.0 97.0 99.0 100.0 102.0 102.0 102.0 Soap__ 98.0 99.5 100.0 101.0 100.0 99.5 98.0 98.5 101.0 104.0 102.0 98.5 (b) Petroleum refining1 99.5 99.0 99.0 99.0 99.0 100.5 101.0 101.0 101.5 101.0 100.0 99.5 RUBBER PRODUCTS: Rubber boots and shoes1 102.8 100.2 98.2 92.5 94.0 95.0 92.2 100.0 103.4 105.0 108.6 108.1 Rubber goods, other than boots, shoes, tires and tubes 99.0 101.0 101.5 102.0 101.0 99.0 97.5 96.5 98.5 102.0 102.0 100.0 Rubber tires and inner-tubes1 97.9 99.0 101.0 103.0 104.8 104.5 102.8 97.1 97.4 97.2 1 In these series there was evidence of progressive change in seasonal movement from year to year, and separate sets of seasonal factors were computed for each year. They may be obtained from the Division of Research and Statistics; factors shown are for the year 1936. 2 In computing the seasonally adjusted index the seasonal factor is subtracted (algebraically) from the unadjusted index; see discussion on page 953. NOTE.—No seasonal variation in employment was evident in the following industries: Bolts, nuts and washers; wirework; cash registers, adding machines and calculating machines; electrical machinery, apparatus and supplies; electric railroad repair shops; paper and pulp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 4.—INDUSTRIES INCLUDED IN INDEX OF FACTORY EMPLOYMENT Average Average Initial number Initial number year of of wage year of of wage Industry and group month- earners, Industry and group month- earners, 1923-25 ly 1923-25 (in thou- series (in thousands) sands) IRON AND STEEL AND PRODUCTS, NOT INCLUDING TEXTILES AND PRODUCTS 1 1,629.4 MACHINERY I 859.1 A. Fabrics i 1,105.6 Blast furnaces and steel works. _. 1923 406.4 Carpets and rugs 1923 33.9 Bolts, nuts, washers, and rivets 1931 14.2 Cotton goods 1919 441.8 Cast-iron pipe ... -. 1923 22.5 Cotton small wares 1931 15.7 Cutlery (not including silver and plated cutlery) Dyeing and finishing textiles.. 1919 65.1 and edge tools 1931 16.7 Hats, fur-felt_ 1931 15.7 Forgings, iron and steel 1931 23.8 Knit goods 1919 185.2 Hardware 1919 51.4 Silk and rayon goods 1919 125.7 Plumbers' supplies 1931 30.2 Woolen and worsted goods 1923 178.0 Steam and hot-water heating apparatus and B. Wearing apparel! 474.1 steam fittings 1923 43.2 Clothing, men's 1919 182.2 Stoves 1923 47.0 Clothing, women's 1919 127.7 Structural and ornamental metal work... 1923 49.4 Corsets and allied garments. _. 1931 15.3 Tin cans and other tinware 1931 30.2 Men's furnishings _. 1931 20.0 Tools (not including edge tools, machine tools, Millinery _. 1919 31.8 files and saws) 1931 17.9 Shirts and collars 1919 57.6 Wirework 1931 18.0 LEATHER AND PRODUCTS I_. 323.5 MACHINERY, NOT INCLUDING TRANSPORTATION Boots and shoes 1919 212.6 EQUIPMENT I __. __. _.. 885.5 Leather 1919 54.7 Agricultural implements 1923 28.2 Cash registers, adding machines, and calculat- FOOD AND PRODUCTS I 664.5 ing machines 1931 13.9 Baking 1919 162.4 Electrical machinery, apparatus, and supplies... 1923 222.4 Beverages 1931 27.9 Engines, turbines, tractors, and water wheels... 1923 50.0 Butter 1931 19.0 Foundry and machine-shop products 1923 397.5 Canning and preserving 1929 83.6 Machine tools 1923 28.3 Confectionery 1923 62.4 Radios and phonographs 1929 29.4 Flour 1919 33.5 Textile machinery and parts 1923 30.7 Ice cream 1923 23.3 Typewriters and parts 1931 14.0 Slaughtering and meat packing.. 1919 126.7 Sugar, beet 1931 8.2 TRANSPORTATION EQUIPMENT I 563.5 Sugar refining, cane 1919 14.7 Aircraft __ 1931 2.8 Automobiles 1919 402.7 TOBACCO PRODUCTS 138.4 Cars, electric and steam railroad.. 1923 63.5 Chewing and smoking tobacco and snuff 1923 15.9 Locomotives 1923 19.4 Cigars and cigarettes 1923 122.5 Shipbuilding 1923 54.4 PAPER AND PRINTING I 531.1 RAILROAD REPAIR SHOPS.. 482.1 Boxes, paper 1919 56.9 Electric railroads 1923 33.6 Paper and pulp 1919 120.6 Steam railroads 1923 448.5 Printing and publishing: Book and job.. 1923 133.1 NONFERROUS METALS AND THEIR PRODUCTS l 282.6 Newspapers and periodicals.. 1923 116.9 Aluminum manufactures 1931 15.3 Brass, bronze, and copper products 1923 65.1 CHEMICALS AND PETROLEUM PRODUCTS 2 331.4 Clocks and watches and time-recording devices. 1931 21.8 A. Chemical group, except petroleum * 266.6 Jewelry 1931 25.1 Chemicals.. 1919 57.0 Lighting equipment 1931 22.6 Cottonseed-oil, cake, and meal 1931 14.5 Silverware and plated ware 1931 17.0 Druggists' preparations 1923 13.7 Smelting and refining—copper, lead, and zinc... 1931 33.9 Explosives 1923 5.9 Stamped and enameled ware 1923 33.2 Fertilizers 1923 18.5 Paints and varnishes 1931 23.9 LUMBER AND PRODUCTS 1 909.9 Rayon and allied products 1929 16.0 Furniture 172.9 Soap 1931 16.2 Lumber: B. Petroleum refining 1923 64.8 Millwork 1923 106.5 Sawmills 1923 478.5 RUBBER PRODUCTS.. 134.3 Rubber boots and shoes 1923 25.2 STONE, CLAY, AND GLASS PRODUCTS 1 350.3 Rubber goods, other than boots, shoes, tires, Brick, tile, and terra cotta 1923 102.1 and inner tubes 1931 33.4 Cement _ 1919 36.9 Rubber tires and inner tubes 1923 Glass -_ 1919 69.8 75.7 Marble, granite, slate, and other products 1931 38.3 Total nondurable goods. Pottery 1923 37.4 4,042.1 Total all industries x, 3... Total durable goods _ 4, 333.1 8,375. 2 1 This total includes allowance for other industries not currently reported. 2 This group is a combination of chemical and petroleum groups less manufactured gas and includes allowance for other industries not currently reported. s Excluding manufactured gas, motion-picture production, and a few other industries included in manufactures by the Census but not by the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

957 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 5.—FACTORY EMPLOYMENT: INDEXES BY GROUPS [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Durable goods Nondurable goods Chem- Year and month g T d a o o b u o t l r d a e - s l s I a r t n e o e d n l c M e h r i a y n - - T p e m t q o r i a e o u rt n n n i a p s t - - - r s R r e h o p a o a a i p d l i - s r m N r f e o e o t u r a n - s l - s L p u a b r u c n o e m t d d r s - - S g c a t l l n o a a d s n y s e, g T n a d o o o b u o t n l r d a e - - s l T ti e le x s - L e p u r e r c o a a t n d t s h d - - p F u r o c o o t d s d - T p u o r c c o b o t a d s c - - p P a i r a n i n p n g d e t- r p p l i e a e r c u n o t a r m d d l o s - - p R u b r u c o e t b d r s - ucts 1919 99 9 116 6 94.3 86.4 98.8 108.1 114.5 113.4 96.0 1920 107.8 128.6 89.6 89.8 99.0 98.5 109.6 111.3 103.4 1921 66.6 77.5 76.6 72.2 92.6 86.6 93.3 108.3 88.0 1922 ._ 84.1 81.7 97.4 85.5 97.3 97.3 96.5 105.8 92.2 1923 104.6 103.9 105.8 107.6 108.6 105.4 101.5 100.4 103.5 105.2 106.6 101.4 105.7 99.2 102 9 102.6 1924 96.4 97.0 94.9 93.1 96.4 96.7 98.3 98.9 96.4 94.9 96.3 98.3 98.8 99.7 96.8 91.8 1925 99.0 99.1 99.3 99.3 95.0 97.9 100.2 100.7 100.1 99.9 97.1 100.3 95.5 101.1 100.3 105.6 1926 101.7 102.5 107.4 99.1 95.5 100.3 103.8 100.9 99.9 96.6 99.7 90.9 104.1 106.5 105.1 1927 95.6 97.2 102.4 87.9 89.0 96.5 93.9 99.9 102.4 104.0 97.7 100.2 93.4 104.1 104.2 105.7 1928 96.1 96.6 104.9 96.2 83.8 92.1 95.7 101.6 101.3 95.6 103.8 90.7 105.0 103.0 111.1 1929 103.7 102.6 125.9 103.5 82.6 111.4 95.2 93.8 105.8 104.8 98.5 111.1 83.9 111.3 115.7 111.0 1930 86.1 89.2 104.9 80.2 73.4 75.8 80.2 96.9 92.9 91.2 107.8 78.3 108.0 109.4 85.9 1931 67 3 69.7 78 3 66.3 64.1 74.0 56.0 63.7 87.9 87.2 84.3 95.6 72.1 96.3 95 4 73 9 1932 .. 52.8 56.5 57.0 55.5 52.5 60.4 43.6 46.7 79.2 77.9 81.2 88.6 65.6 85.5 85.5 67.6 1933 56 7 64.6 60.8 54.5 50.2 66.7 49.9 49.4 88.4 90.5 87.2 100.3 63.1 86.7 97 5 79.1 1934 69.5 75.7 80.0 83.3 53.5 81.1 54.5 57.6 96.2 94.4 92.4 114.5 66.2 95.4 110.7 88.4 1935 75.3 79.9 89.7 95.7 51.7 90.2 58.7 58.6 97.2 98.4 92.5 109.4 61.3 97.6 111.9 85.6 1919—January 110 2 120.4 87.2 74.8 91.3 104.4 121.6 129.8 94.6 February 103 3 117 6 87 0 75 4 84.0 103.2 117.5 127.4 94.3 March 98.6 113 9 88.7 76.5 86.0 100.8 112.7 125.8 94.4 April 93.7 112.7 87 8 83 1 91.3 101.7 113.6 126.7 94.1 May 92.1 109.7 88.7 87.4 96.4 104.7 111.9 123.7 92.7 June 94 1 107.4 88 6 91.0 100.1 105.9 112.6 112.8 95 2 July 101.5 108.1 92.2 84.1 105.6 108.7 113.2 101.1 96.7 August 103 3 113 6 95.6 93 9 105.3 109.9 111.8 90.8 97.6 September 103.0 117.4 99.4 90.7 104.7 111.4 113.0 95.6 97.4 October 91 6 121 7 103 2 93 4 105.1 113.3 115.0 100.0 96.8 November 100 7 126.2 104.9 90.3 107.4 116.0 113.6 114.7 98.1 December 107.2 130.6 108.0 90.1 109.4 117.5 115.6 114.0 100.4 1920—January 112.3 134.1 107.0 93.4 110.3 116.7 115.3 118.9 102.8 February 111 4 132.5 106.7 94.9 107.3 112.8 112.1 112.2 101.7 March 112.4 135.0 106 2 91 8 109.3 111.9 111.8 112.7 103.4 April. 111.0 133.8 99.4 89.0 110.1 111.8 113.1 116.3 103.8 May 106 1 131 5 91 7 89 6 109.8 110.2 113 4 111.1 103.7 June 110.1 132.7 85.4 91.0 106.2 105.2 114.1 110.6 103.8 July 111 6 133.3 79 4 90 2 99.1 98.3 112.2 109.9 105.7 August 108.7 130.8 86.8 89.2 96.4 93.6 109. 7 109.4 105.6 September 109.3 127.7 83.9 89.0 94.2 84.4 108.2 109.0 104.9 October 108.2 123.1 81.8 87.3 90.0 81.9 104.3 106.8 104.3 November 102 6 117 8 76 5 89.1 81.8 78.0 100.9 109.4 102.3 December 90.9 110.5 72.1 86.4 73.1 75.4 96.3 109.5 98.7 1921—January 74.4 103.1 73.1 77.2 70.7 72.7 91.4 110.2 94.7 February 76 2 95 0 75 4 69 4 81.7 77.7 93.5 105.3 93.7 March. 72.8 90.0 76.6 70.0 86.5 79.5 92.7 100.3 92.4 April 65.7 84.4 76 8 70 9 91.2 80.7 92.2 109.4 88.3 May 65 7 79 0 76 4 71 9 94.0 85.3 92 3 110 8 82.7 June... _ 61.9 74.9 76.3 71.9 95.4 90.0 93.0 111.7 83.4 July 55.4 69.2 74 7 71 3 97.4 91.8 92.2 110.4 84.0 August 59.3 67.7 74.3 71.0 98.0 92.2 91.7 110.7 85.4 September 61.6 66.7 75.8 73.0 100.3 93.0 93.6 109.4 86.0 October 65 9 65.7 77 4 72 2 100.0 92.3 95 4 109.4 87.1 November 69 7 66 1 80 8 72 3 98.7 91.7 96.6 106.7 88.6 December. __ 70.4 68.2 81.7 72 9 98.2 92.9 93.3 105.4 88.7 1922—January 67.4 70.6 89.9 74.0 97.6 93.2 92.8 99.4 91.4 February 71.2 71.4 93. 7 74 8 98.0 93.3 93.7 103.8 91.3 March 73 0 74 7 96 9 79 2 94 3 90.7 94 6 104 2 90 2 April 77.8 76.9 95.2 80.7 92.6 90.0 93.7 101.1 88.6 May 81.1 79.6 98 4 84 6 93.1 90.8 93 8 103 8 90.9 June... ._ 86.3 80. 1 100.8 85.3 93.4 94.3 95.7 103.8 90.6 July 88.2 80.1 100.2 86.3 95.5 97.6 96.8 111.7 91.3 August 88.4 81.2 99.4 88 8 96.9 98.9 98.2 110.9 93.2 88 8 86 1 97 6 90 4 98 5 102 0 96 6 108 4 93 7 October 93.1 89 1 98 5 91 3 99 7 103.2 96 9 108 3 94.1 November 95.9 92.7 99.1 92.8 102.6 105.6 99.8 106.8 94.2 December 98 8 97 4 97.8 93.7 105.3 107.7 98.7 106.8 95.7 1923—January 101 5 100 7 99 2 102 9 110 0 99.2 97.3 103.1 106.0 108.7 97.0 109.6 96.2 100.7 111.1 February 102.3 100.7 102.3 105.0 105.7 100.8 97.7 103.4 105.7 109.1 98.6 108.2 97.2 102.2 114.7 March. 103.3 101.6 104.4 106.6 106.9 100.9 97.2 104.7 107.3 108.2 99.6 108.2 99.4 102.7 115.2 April 104.0 102.0 107.3 104.9 106.7 100.7 98.8 105.6 108.1 110.1 101.2 109.7 100.3 102.1 114.4 May 105.1 103.9 108.2 105.3 108.9 101.6 100 4 106 1 108.8 108.9 101.2 107 3 99.7 108.0 115.7 June 107.0 107.3 108.6 107.6 111.9 103.0 102.3 106.2 108.2 109.2 102.3 107.0 100.6 106.8 110.5 July 107.0 106.3 109.7 106.5 111.4 103.7 103.4 105.2 108.1 105.4 102.8 104.5 100.1 104.9 104.4 August _ 106.6 107.3 108.2 107.8 112.3 102.7 102 4 103 7 105.7 104.8 102.9 102.9 100.2 104.4 91.6 September 105.8 105.8 107.8 108.2 110.6 101.9 102.4 102.4 103.8 104.4 103.3 103.4 99.4 101.5 84.9 October _ 105.2 105.4 105.1 111.0 109.4 101 8 101 4 101 1 101 2 103.4 103.4 103.7 99.6 100.4 87.0 November __ _ 104.9 104.2 105.2 114.4 107.4 101.4 100.1 100.7 100.2 104.1 103.1 102.9 99.2 101.2 89.7 December 103.1 101.4 103.7 112.0 102.4 100.7 100.2 100.1 99.7 102.6 101.7 102.3 99.3 100.3 92.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 5.—FACTORY EMPLOYMENT : INDEXES BY GROUPS—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Durable goods Nondurable goods Chem- Year and month g T d a o o b u o t l r d a e - l s s I a t r n e o e d n l c M e h r i a y n - - T p e m t q o r i a e o u rt n n n i a p s t - - - r s R r e h o p a o a a i p d l i - s r m N r f e o e o t u r a n - s l - s L p u a b r u c n o e m t d d r s - - S g c a t l l n o a a d s n y s e, g T n d a o o o b u o t n l r d a e - - s l T ti e le x s - L e p u r e r c a o a t n t d s h d - - p F u r o c o o t d s d - T p u o r c c b o o t a d s c - - P p a r i a n i n p n g d e t r - p p l i a e e c r n u t o a r d m l d o s - - p R u b r c u o e t b d r s - ucts 1924—January 102.7 102.6 103.2 109.1 100.6 100.1 101.4 100.0 99.6 100.7 102.0 102.8 99.9 100.0 92.0 February 102.8 105.0 101.4 106.9 98.5 102.1 101.0 100.2 99.8 100.2 102.9 102.3 100.2 100.3 92.4 March 102.3 105.5 101.1 104.7 98.1 101.2 101.6 99.5 98.7 100.4 101.6 100.9 100.1 100.4 91.5 April 101.0 105.1 100.4 98.6 97.8 100.3 101.5 98.2 96.2 98.7 100.4 101.4 100.4 100.2 90.6 May 97.4 96.4 91.1 96.8 99.7 100.1 96.6 94.3 95.6 99.0 98.5 100.1 100.4 90.0 June 94.1 94.7 0 86. 95.2 96.9 98.4 94.7 92.7 93.1 97.2 97.9 99.8 94.5 87.4 July 91.4 90.6 89.7 84.6 94.3 95.4 95.8 92.7 89.9 91.4 97.0 99.4 98.1 93.7 85.9 August 91.1 88.6 89.7 85.5 93.9 95.1 97.4 93.3 90.7 92.0 97.1 99.8 98.4 93.8 83.9 September 91.4 90.1 89.5 84.7 94.7 95.8 96.7 94.4 92.0 94.2 97.4 98.2 93.0 91.1 October 93.0 92.7 90.3 86.1 95.8 97.3 96.8 94.9 93.8 95.8 95.7 90.0 93.7 94.7 November 93.4 93.3 90.8 87.4 96.3 97.2 97.4 95.4 93.6 96.8 96.5 97.3 99.4 94.4 100.3 December 95.7 97.3 93.2 91.0 95.3 98.4 98.5 97.3 95.9 96.8 98.7 97.0 99.6 95.7 100.6 1925—January 97.3 100.6 95.0 92.4 95.3 100.4 99.3 98.2 96.9 97.4 99.7 97.2 100.0 96.5 99.4 February 97.8 100.9 96.3 91.0 96.4 101.4 98.9 98.0 98.0 100.4 96.9 100.6 96.9 101.6 March 97.7 100.6 96.0 92.8 96.4 100.1 99.2 98.5 98.3 99.6 97.0 101.3 98.2 102.7 April 97.8 98.6 97.0 96.0 95.6 100.0 100.6 99.5 99.7 98.2 99.1 93.9 101.1 99.5 103.1 May 97.8 97.7 97.8 98.5 93.8 99.4 100.0 99.4 99.4 97.9 96.9 100.7 98.2 107.1 June 98.0 97.2 98.0 98.1 94.1 100.0 100.3 99.8 100.2 95.4 95.3 100.6 98.8 108.2 July 98.0 97.2 98.4 99.1 94.1 99.6 98.6 100.9 101.8 96.3 100.4 95.4 100.9 100.1 111.0 August 98.4 97.0 99.2 100.7 94.1 99.4 100.8 100.8 101.1 96.8 100.3 95.6 100.8 100.8 109.7 September .1 97.0 100.2 101.7 94.9 100.1 101.3 100.4 100.1 97.7 101. 1 94.3 100.9 102.1 106.6 October 100.7 102.6 106.3 93.9 100.9 102.0 100.6 100.7 97.6 94.6 101.9 103.0 104.4 November 102.2 100.4 104.6 110.3 94.8 100.6 102.4 101.1 101.4 96.4 93.6 102.1 103.9 105.4 December 102.9 103.1 106.2 107.0 95.7 101.0 103.3 101. 1 101.0 95.1 100.1 94.3 102.3 105.2 108.7 1926—January 102.8 102.9 106.8 105.4 95.9 100.9 104.3 101.4 101.2 94.7 101.1 91.9 103.1 105.4 108.8 February 102.9 102.9 107.6 104.9 97.0 100.7 103.5 100.9 100.2 95.0 100.1 92.7 103.0 105.4 107.6 March 102.4 101.6 107.4 104.3 97.2 100.7 101.3 100.7 100.0 95.0 99.9 92.0 103.4 105.7 107.7 April 101.9 102.4 107.0 100.1 96.6 101.3 101.2 100.4 99.7 94.4 99.2 91.7 103.7 105.6 106.0 May., 101.4 101.8 107.0 96.7 97.1 101.0 102.8 100.4 99.5 94.5 99.4 89.8 104.0 106.9 102.9 June 101.7 101.9 107.2 99.0 95.7 100.9 104.1 100.5 99.0 95.4 99.6 92.3 104.2 107.9 102.4 July 101.7 102.4 107.4 99.0 95.0 100.7 104.7 99.8 98.1 96.8 99.7 90.4 103.9 106.9 98.0 August 101.9 102.6 108.2 98.9 94.9 100.7 105.4 100.4 98.4 97.8 100.0 89.1 104.4 107.4 104.7 September 101.9 103.2 108.2 98.9 94.8 99.4 105.7 101.3 100.1 98.0 100.0 89.3 104.9 107.2 106.6 October 101.4 103.4 108.5 95.5 94.0 99.7 104.7 101.4 100.4 98.4 99.7 89.4 105.5 107.2 108.7 November 100.8 103.0 106.7 94.7 94.4 104.7 101.4 100.4 100.0 99.7 89.6 105.6 107.0 105.2 December 99.4 101.2 106.5 90.7 93.6 103.1 101.7 101.8 99.7 90.3 104.7 106.0 103.4 1927—January 97.9 99.2 105.6 87.9 92.2 102.1 102.1 102.3 98.6 100.4 90.0 104.0 108.3 102.7 February 98.0 99.1 105.7 91.9 92.6 95.6 101.9 102.2 102.7 97.8 100.1 91.6 104.7 108.0 102.8 March 97.6 99.2 104.3 92.2 91.0 94.9 102.8 102.3 102.8 98.2 99.4 91.5 104.6 108.2 104. 1 April 103. 91.4 89.5 93.6 102.4 102.4 103.2 97.6 100.3 92.4 104.7 107.0 107.2 May 96.6 98.7 102.9 90.5 94.0 101.4 102.4 103.7 97.8 99.9 92.9 104.0 105.3 108.7 June 96.4 98.5 103.5 90.2 89.3 100.4 103.1 104.3 98.5 101.7 94.4 103.9 104.2 108.7 July 95.4 97.7 102.1 86.4 89.6 99.2 103.2 105.4 98.9 101.0 96.1 103.4 103.3 106.6 August 95. 1 96.4 102.0 87.1 88.4 94.0 98.1 103.0 105.7 99.2 100.4 90.9 104.4 102.7 106.0 September 94.1 95.9 100.4 84.7 87.6 93.5 98.1 103.1 105.9 98.0 100.7 95.4 104.3 101.9 105.4 October 93.6 95.0 100.8 83.8 86.9 93.3 97.1 102.1 104.4 97.3 99.4 95.6 104.2 100.7 104.7 November 92.7 94.0 99.4 82.5 85.8 92.6 98.1 101.9 104.3 95.2 99.6 95.1 104.1 100.7 104.6 December 92.3 93.4 84.4 85.3 91.2 96.9 101.2 103.4 95.1 99.2 94.1 104.0 99.7 107.0 1928—January 92.3 92.8 98.8 85.8 85.4 91.1 101.4 103.1 96.4 94.4 104.0 99.1 February 92.7 93.9 99.1 86.9 84.8 91.0 96.2 101.4 102.9 96.7 100.9 92.0 104.4 100.3 110.3 March 93.4 94.7 99.4 88.1 84.6 92.3 95.9 101.2 101.7 96.8 102.3 92.2 103.8 100.2 109.1 April 93.6 94.9 100.4 88.4 84.4 92.1 94.4 100.5 100.8 95.6 102.7 91.4 103.3 99.4 107.4 May 94.6 95.5 102.4 92.4 84.2 91.0 95.7 100.2 99.9 95.2 102. 4 91.5 104.2 99.3 105.7 June 95.6 96.1 103.8 96.0 84.3 91.6 95.3 100.4 100.3 96.2 102. 6 90.9 104.8 101.1 105.7 July 96.2 96.3 104.8 98.6 83.3 91.8 96.0 100.8 100.3 96.6 103.4 86.5 105.2 101.6 111.4 August 97.6 97.6 106.8 102.4 83.2 92.1 96.6 101.2 100.2 95.7 104.1 92.9 105.6 101.7 114.0 September 97.8 108.5 104.4 83.0 92.1 95.9 101.2 100.1 95.2 104.4 90.1 105.6 103.7 114.8 October 98.9 109.9 104.4 82.7 93.0 94.8 102.1 101.3 94.6 104.7 89.8 106.5 107.3 116.4 November 99.9 100.4 111.6 105.6 82.7 93.3 94.3 103.0 102.6 93.6 106.8 89.0 107.0 108.6 116.5 December 100.4 100.5 113.3 103.4 94.0 95.7 103.6 102.9 94.8 108.5 89.0 106.8 110.4 115.1 1929—January 102.0 101.4 115.9 107.3 82.9 94.7 96.4 104.0 103.2 95.5 109.3 85.4 107.4 111.7 117.0 February 102.6 100.7 118.1 109.4 83.4 94.7 95.4 104.6 103.4 95.5 109.2 86.9 109.0 112.8 116.4 March 103.4 100. 121.4 109.7 83.7 95.3 94.4 105.0 104.1 95.1 108.9 86.1 109.1 115.2 117.4 April 104.3 101.6 124.1 108. 83.4 96.1 94.1 106.2 104.7 96.1 113.9 86.4 109.3 116.4 116.4 May 104.8 102.9 127.4 107.3 82.9 95.7 94.1 106.0 105.6 98.0 111.0 84.2 110.0 114.3 115.1 June 105.3 103.8 130.1 105.0 82.5 96 2 93.9 106.1 106.1 98.1 109.4 84.4 111.2 115.1 114.5 July 106.5 104.6 132.9 106.1 83.0 98! 0 93.8 107.3 106.8 99.2 111.9 83.6 112.2 117.1 114.7 August 106.6 105.3 133.3 104.8 83.0 97.8 94.6 107.3 106.3 99.8 112.4 85.7 112.5 117.4 114.3 September 105.4 105.3 130.7 103.6 82.0 96.3 93.9 106.6 105.7 100.4 111.1 82.9 114.3 117.0 109.8 October 103.9 103.7 130.3 98.1 82.4 95.0 93.3 106.7 105.4 101.7 112.4 81.4 113.9 117.8 106.3 November 100.7 102. 0 125.2 91.3 81.4 92.4 92.0 105.6 103.8 102.2 112.8 81.9 113.8 117.4 96. 1 December 97.3 98.2 120.3 85.4 80.7 90.3 89.2 104.1 102.0 100.0 112.8 78.3 113.8 115. 8 93.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

959 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 5.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Durable goods Nondurable goods Chem- Year and month T g d a o o u b o t r l d a e - s l s I a r t n e o e d n l c M e h r i a y n - - T p e m t o q r i a e o r u t n n n i a p s t - - - r s R r e h o p a o a a i p d l i - s r m N r f e o e o t u r a n - s l - s L p u a b r u n c o e m t d d r s - - S c a t l n o a n d y e, T g n d a o o o b u o t n l r d a e - - l s T ti e le x s - L e p u r e r c a o a t n d t s h d - - p F u r o c o o t d s d - T p u o r c c b o o t a d s c - - p P a r i a n n i p n g d e t- r p p l i a e e c r n u o t a r d m l d o s - - p R u b r u c o e t b d r s - ucts 1930—January 95.9 98.1 117.9 87.3 79.5 88.0 103.1 101.0 97.7 110.9 81.6 113.0 115.0 93.8 February 94.4 97.5 115.9 85.3 78.3 85.5 86.2 101.6 98.8 96.6 109.8 80.0 112.1 114. 5 91.4 March 93.2 95.4 114.4 84.9 77.2 84.8 86.2 100.6 97.2 95.8 109.6 80.3 111.8 114.2 91.2 April 91.9 94.8 112.3 84.5 76.0 82.8 85.3 100.1 96.6 95.9 110.0 80.3 110.8 112.2 91.3 May 90.2 1 109.3 84.0 75.4 80.4 83.8 99.1 95.0 94.8 109.7 80.5 110.4 111.7 89.4 June 87.9 91.8 105. 81.6 74.7 78.0 81.6 98.1 93.9 93.3 108.5 80.2 109.6 111.3 88.4 July 84.8 88.9 102.3 78.4 72.2 75.0 78.6 95.8 90.4 91.0 107.4 79.1 108.6 111.1 84.3 August 82.1 85.5 98.8 76.8 71.2 71.6 76.6 94.3 89.1 89.0 106.0 76.1 107.2 109.1 84.8 September 80.2 83.4 98.1 74.9 70.7 68. 3 76.0 93.8 89.0 87.4 106.6 77.1 105.2 106.7 80.6 October 79.1 81.8 96.2 74.8 68.5 68.2 75.2 92.9 88.4 86.0 105.4 75.0 104.1 104.3 80.0 November 77.6 80.1 93.8 76.1 68.4 65.4 73.9 91.6 87.8 84.1 103.5 74.1 102.6 102.6 78.0 December 75.9 78.4 91.1 72.3 68.6 64.0 73.0 90.7 82.8 102.2 76.0 102.0 101.6 78.4 1931—January 74.2 76.8 89.0 69.4 69.4 80.4 62.2 70.5 85.7 83.0 102.3 74.0 100.7 100.4 77.6 February 72.8 75.0 87.6 66.7 69.2 79.0 61.3 70.0 19.4 86.6 82.9 100.0 76.0 99.4 98.8 75.3 March 72.1 74.6 85.9 68.5 67.9 77.9 59.9 69.5 87.9 85.9 98.9 75.5 99.4 95.7 73.2 April. 71.4 74.0 84.8 68.3 66.6 77.4 59.7 68.2 89.5 88.8 86.2 96.0 74.1 98.1 73.4 May 70.1 72.1 82.4 67.8 65.5 76.1 59.0 67.7 90.1 89.9 86.2 96.1 74.0 98.4 74.8 June 68.3 69.6 79.4 67.1 64.6 75.3 57.7 66.1 86.4 95.2 72.8 96.7 96.8 75.6 July 66.8 69.3 76.6 65.4 63.6 75.2 56.2 63.3 87.6 95.2 72.3 96.0 95.6 75.1 August 65.3 68.2 73.7 66.4 62.4 72.1 54.7 61.7 86.8 95.1 72.2 95.5 93 7 73.7 September 64.0 65.9 72.7 66.7 61.2 70.9 52.8 60.4 87.1 87.6 85.0 94.3 70.8 93.8 92^3 73.4 October 61.7 64.0 70.3 61.1 60.2 68.8 51.6 57.9 85.2 84.6 82.1 92.6 69.2 93.7 91.9 71.8 November 60.8 63.6 69.0 62.1 59.2 67.4 50.1 56.2 83.6 83.4 76.9 91.4 6S.8 92.3 91.2 71.4 December 60.6 63.5 68.4 64.8 59.0 67.6 48.3 55.2 83.7 83.1 82.2 91.9 66.0 91.3 90.6 71.3 1932—January 59.4 62.6 66.8 63.6 55.7 67.1 48.1 53.8 83.4 82.6 82.2 91.2 69.4 90.9 90.9 70.7 February 58.8 61.8 66.3 63.4 55.8 66.4 47.4 53.2 83.2 82.8 83.7 90.3 67.3 89.5 90.4 70.4 March 57.2 60.1 64.1 61.4 55.8 64.9 45.5 51.3 81.9 80.1 84.1 90.2 66.4 89.1 89.5 69.8 April 55.0 58.6 60.9 56.8 55.7 62.4 44.4 48.9 79.6 76.2 82.9 89.7 65.3 88.0 88.3 68.0 May 53.0 56.4 58.9 55.7 53.6 60.0 42.8 45.8 77.0 72.3 79.0 88.8 64.2 86.2 88.1 66.4 June 51.6 55.3 56.0 56.8 50.9 59.1 41.9 42.9 74.8 69.1 78.4 88.9 65.2 84.9 81.6 67.3 July 50.0 53.1 53.6 55.9 50.1 54.6 41.1 42.5 73.1 66.9 76.3 86.6 64.8 83.6 79.9 66.1 August.- 48.7 52.4 51.4 52.9 47.3 57.1 40.4 42.7 75.4 73.1 78.2 86.7 64.3 82.0 78.7 65.3 September 48.9 53.4 51.0 48.9 48.6 57.6 41.8 43.9 79.2 80.4 80.8 87.4 64.7 83.2 83.1 65.3 October 49.7 54.7 51.4 47.1 50.9 58.1 43.1 45.6 81.1 83.4 84.4 88.4 64.8 83.8 83.9 66.8 November 50.7 55.6 51.9 50.6 52.7 59.0 43.2 46.0 81.2 83.6 83.5 65.4 83.0 85.1 66.9 December 50.4 54.4 52.1 49.7 52.3 58.8 43.7 45.0 80.2 82.3 80.9 65.3 81.9 85.5 67.6 1933—January 49.4 53.0 50.0 50.1 51.2 57.7 43.4 80.1 80.9 81.8 90.7 63.3 81.8 86.0 65.6 February 49.0 54.2 50.4 48.0 49.4 57.3 42.6 44.2 80.3 80.9 82.9 92.1 62.2 81.7 86.8 65.9 March 46.9 51.9 49.0 42.8 48.9 54.2 40.8 42.7 77.1 75.3 81.0 91.3 57.0 80.8 85.9 63.7 April 47.0 53.4 49.5 42.3 45.8 55.7 41.4 42.0 79.4 79.3 80.9 95.3 56.2 80.4 85.8 63.6 May 49.4 56.3 52.1 44.7 47.1 58.8 43.9 43.7 83.6 85.2 84.7 97.6 63.9 81.5 89.5 66.6 June 53.5 61.8 56.5 48.9 46.3 63.7 48.4 48.0 89.0 94.4 89.9 98.4 64.8 83.7 93.6 73.9 July 58.8 68.8 60.9 56.3 50.2 68.7 52.8 52.5 94.7 104.3 92.4 98.4 64.4 85.4 101.3 83.8 August 63.6 75.0 67.1 62.9 52.4 75.8 55.3 55.7 96.4 103.4 92.7 102.7 64.9 90.0 103.1 94.0 September 66.7 77.8 71.1 69.3 52.9 78.4 58.2 55.5 99.9 91.7 108.7 63.4 93.3 106.9 95.9 October 66.8 75.8 73.6 70.2 52.7 78.1 58.3 54.4 98.0 92.0 110.6 64.7 94.1 108.4 94.9 November 65.3 74.4 74.3 63.4 52.9 76.4 56.4 54.1 94.8 95.2 88.0 109. 2 66.0 93.4 108.9 91.6 December 64.8 73.3 73.4 64.2 52.0 75.4 55.8 54.9 92.6 90.9 87.6 108.0 65.0 93.2 108.7 89.6 1934—January 64. 71.7 72.9 51.8 75.1 53.7 57.4 92.9 91.8 108.1 62.0 92.6 110.2 88.1 February 67. 73.4 75.5 80.0 51.7 77.2 54.1 58.2 96.4 97.3 93.4 109.2 66.7 93.5 112.0 90.1 March 70. 76.6 79.3 87.4 53.4 80.9 55.3 58.5 98.7 99.6 94.2 113.9 69.0 94.5 112.2 92.6 April 72. 79.2 82.6 91.6 55.0 83.3 55.8 59.2 99.2 100.5 95.3 111.3 69.4 96.0 112.4 95.4 May 73. 81.6 83.4 91.1 56.4 85.0 57.2 60.4 98.9 99.6 97.2 112.7 66.2 96.7 110.1 94.9 June 73. 83.5 83.3 90.2 57.4 83.7 55.6 59.4 97.4 95.9 94.6 115.1 66.1 96.3 110.3 91.4 July 71. 77.6 82.5 84.9 56.7 82.6 54.8 58.1 96.4 94.4 93.1 115.2 65.3 95.1 110.9 89.9 August 75.2 82.0 85.4 53.4 81.9 53.6 56.7 96.8 94.1 92.0 119.2 67.8 95.4 111.3 87.2 September 71.7 79.8 81.1 53.4 79.8 53.4 56.1 88.7 75.8 87.6 119.1 66.4 95.9 110.0 84.4 October 71.6 79.3 75.8 51.8 79.5 53.4 55.1 95.6 93.4 87.0 118.4 65.5 96.2 109.3 82.2 November 66. 72.4 79.6 74.7 49.7 80.4 53.2 56.1 95.5 93.6 91.4 116.1 64.1 96.1 109.4 80.8 December 73.4 80.6 82.5 50.6 83.4 54.0 55.9 96.7 95.9 94.2 114.8 64.4 96.2 110.2 84.1 1935—January 71.2 76.2 83.1 50.7 85.5 55.4 56.8 97.5 99.1 94.5 110.4 64.6 95.9 110.6 87.3 February 73.2 77.9 85.1 94.8 51.2 87.1 57.1 57.7 97.9 99.0 94.8 111.3 61.8 97.1 110.8 87.9 March 74.1 78.6 87.0 96.1 51.7 87.4 57.9 57.4 97.6 98.8 94.2 109.4 62.0 97.7 111.4 87.3 April 74.2 78.4 88.0 95.8 50.3 88.1 58.4 56.6 97.7 98.7 94.6 110.2 61.0 97.8 111.3 85.9 May 73.4 78.3 87.3 93.7 50.8 88.1 56.7 57.2 96.4 96.9 92.1 109.6 61.2 97.4 111.2 84.1 June 72.5 78.0 87.3 91.4 51.6 87.7 53.6 57.6 95.4 94.9 89.4 108.7 61.3 97.2 112.6 83.2 July 74.1 78.4 89.4 91.0 52.0 88.3 57.8 58.6 96.4 96.3 90.7 110.9 61.7 97.2 112.1 82.2 August 75.4 79.9 90.7 92.0 51.1 89.5 60.6 59.6 97.2 98.9 91.4 108.7 60.3 97.4 112.2 84.2 September 76.0 81.2 92.9 89.1 50.4 91.9 61.6 59.1 97.2 98.5 90.7 109.1 60.5 98.0 111.9 85.9 October 78.0 83.0 94.3 95.6 52.8 94.9 61.7 60.2 97.0 98.7 90.2 107.2 60.3 98.2 112.9 86.6 November 79.0 84.0 95.5 98.9 53.7 96.1 61.1 60.5 97.6 99.8 92.1 107.1 59.9 98.1 112.9 85.7 December 79.7 84.4 95.5 100.8 54.3 97.4 61.6 61.8 98.2 100.4 95.3 107.3 60.4 98.4 112.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 5.—FACTORY EMPLOYMENT: INDEXES BY GROUPS—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Durable goods Nondurable goods Chem- Year and month g T d a o o b u o t l r d a e - l s s I a r t n e o e d n l c M e h r i a y n - - T p e m t q o r i a e o u r n t n n i a p s t - - - r R r e o p a a a i d l i - r m N r f e o e o t u r a n - s l - s L p u a b r u c n o e m t d d r s - - S c a t l n o a n d y e, g T n d a o o o b u o t n l r d a e - - l s T ti e le x s - L e p u r e r c o a a t n d t s h d - - p F u r o c o o t d s d - T p u o r c c b o o t a d s c - - P p a i r a n n i p n g d e t- r p p l i a e e c r n u t o a r d m l d o s - - R p u b r u c o e t b d r s - ucts 1936—January 80.1 85.1 96.3 99.7 55.0 97.4 62.8 61.4 97.7 99.2 94.4 107.4 59.6 97.7 112.2 86.4 February 78.9 83.4 95.8 96.8 56.4 95.0 61.4 59.7 96.1 96.5 92.7 106.8 60.0 98.6 110.6 85.2 March 79.8 84.0 96.8 97.5 58.0 93.4 62.8 60.8 95.9 96.7 90.4 107.8 60.1 99.0 111.6 74.9 April 80.9 85.8 99.1 99.0 57.0 93.4 63.5 61.9 96.7 97.6 89.2 107.7 59.4 99.4 110.8 87.1 May 82.4 87.7 102.0 100.8 57.0 94.6 64.1 62.5 97.3 97.6 89.0 109.3 61.3 99.8 113.1 87.4 June 83.4 89.4 103.6 101.8 58.2 96.4 64.2 63.0 97.6 98.1 89.0 110.3 60.3 100.0 113.2 88.8 July 85.2 92.3 105.2 104.5 57.4 97.8 65.6 65.7 100.4 102.6 90.3 112.4 61.2 99.8 115.7 91.4 August 85.4 94.1 105.1 100.7 58.7 101.1 65.1 66.4 101.8 104.9 90.9 113.2 61.9 101.1 115.4 93.9 September 86.3 95.6 106.7 100.7 59.1 102.5 65.8 66.1 101.5 102.6 91.4 113.3 61.7 102.7 118.5 95.8 October 87.9 97.1 108.3 104.7 60.1 105.2 66.2 67.2 101.1 101.7 92.0 112.5 61.1 103.1 117.9 98.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

961 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average = 100] Iron and steel group Year and month u w B s r a t o n l n e a r a e d s k c l t s es B n e o u t l c t t s . s , , C p ir i a o p s n e t u t e a o d t n o l g d e l e s ry F i s i a n o r t n e o g r e d n g s l , - H w a a r r d e - J p l s e u u l r i m p s e ' - s b- h S w n a r e t a p d a e a t p t a t u h i e a m n s o r - g t- Stoves u m S m o w r t e a r r e o n l n u t r a a t a c k a - n l - l d T i o n i a n t w n h c d e a a r n re s n T t e e u o o o t d d o c t o g l i . s ) l i n e n s , g - W wo ir r e k - 1923 104.5 112.5 96.0 99.6 116.5 101.6 89.9 102.2 106.0 104.4 101.0 105.7 93.1 1924.. 97.1 89.5 101.6 102.4 97.4 96.6 100.1 97.7 95.0 97.7 100.0 102.2 100.0 1925 98.4 98.0 102.4 98.0 86.1 101.8 110.0 100.1 99.0 97.9 99.0 92.1 106.9 1926 ... 101.0 110.1 100.8 102.6 104.2 107.5 1927 95.7 96.0 101.8 94.6 65.5 93.0 96.7 99.3 96.2 106.1 98.4 91.7 120.4 1928 96.2 92.4 92.8 92.4 94.0 106.5 1929 103.2 114.0 87.8 89.5 87.8 101.7 92.5 91.6 99.3 111.2 104.3 107.6 124.2 1930 90.3 80.4 88.6 78.3 83.1 98.9 1931 68.4 74.2 71.5 74.2 41.9 70.3 65.1 67.1 69.4 76.0 83.7 60.4 L95.6 1932— _ . 57.8 55.2 46.3 67.4 32.1 58.9 48.3 47.4 55.0 49.7 73.3 48.8 [87.6 1933 71.0 59.8 42.1 64.5 33.4 63.4 52.6 51.6 64.3 43.3 77.3 53.5 97.9 1934 — . 83.6 66.4 54.5 77.0 46.4 71.0 52.2 49.6 82.0 53.6 89.2 64.7 118.4 1935 88.4 67.6 53.6 77.3 51.9 60.7 75.4 54.8 92.7 53.4 92.5 70.6 120.2 1923—January 99 91 101 102 119 97 February __ 101 93 101 101 107 98 March 101 93 102 104 107 102 April 102 93 102 104 109 102 May 104 93 102 104 108 104 June _ _ 109 97 102 104 109 108 July 107 98 104 105 113 103 August. 109 98 104 103 104 110 September 107 97 103 102 102 109 October 107 99 101 100 99 107 November 106 101 98 99 99 108 December... 102 101 98 99 99 105 1924—January 104 104 100 99 96 105 February 107 106 102 98 97 105 March 108 104 100 100 96 101 April.. _ . 108 104 100 102 96 99 May 99 104 99 100 96 99 June. , 93 101 96 99 95 98 July 89 99 91 97 90 96 August 86 100 89 96 93 96 September 87 98 93 96 94 96 October 92 101 94 96 95 91 November 93 100 95 96 95 91 December... 98 97 98 93 96 95 1925—January 102 100 98 98 97 96 February 102 103 99 98 98 97 March 101 102 101 97 98 97 April 99 100 100 96 95 96 May _ 97 101 101 96 95 97 June 96 99 101 96 98 98 July _ 96 100 101 99 97 100 August 95 102 103 99 99 99 September 95 104 104 100 100 97 October 97 105 104 104 101 99 November _ 98 106 105 107 103 99 102 108 106 110 104 99 1926—January _. 101 109 106 106 105 101 February 101 111 105 105 104 103 March 100 109 104 104 103 103 April 101 109 104 103 106 105 May 100 108 101 102 104 106 June 101 110 99 103 103 107 July 100 113 100 102 106 112 August. 101 111 99 102 105 111 September.. 102 113 99 102 104 112 October 103 111 99 101 104 110 November 102 110 98 101 104 110 December __ 100 107 95 99 103 109 1927—January 98 107 96 98 102 107 February. ._ 98 106 95 99 100 108 March 98 106 96 98 100 107 April 98 105 95 99 98 107 May 98 106 94 99 98 107 June 9 104 94 100 98 107 July- 9 102 93 103 92 106 August 9 100 90 101 95 107 September 9 97 92 102 95 106 October 9 96 91 100 94 104 November 9 96 90 98 93 104 December.. 9 97 89 96 9? 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDEEAL RESERVE BULLETIN DECEMBER 1936 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Iron and steel group Year and month fu w B s r a t o n l n e a r a e d k s c l t s es B n e o u t l c t t s . s , , C p ir i a o p s n e t C t e u a o d n t o l g d e l e s ry F i s i a n r o t n e o g r e d g s n l , - H w a a r r d e - P p l s e u u l r i m p e s' - s b- a h S w a n r e t a p d a e a t p t a t u i h e a m n s o r - g t- Stoves tu m S m o w r t a e r r e o n l n u t r a a t a c k a - n l - l d T ti o i n a n t w h n c d e a a r n re s c (n T t l e e o u o o d t o d c t o g l . i i s l ) e n n s , g - W wo ir r e k - 1928—January 92 96 89 91 88 15 February 93 94 89 91 91 105 March 94 95 90 92 91 105 April 94 94 90 94 92 104 May 95 95 90 94 94 105 June 95 94 92 94 95 106 July 96 90 91 93 95 105 August __ 97 90 95 97 95 107 September 98 92 95 93 95 107 October 99 91 96 92 96 107 November 101 89 98 90 97 109 December 101 88 98 86 98 112 1929—January 101 88 99 95 100 111 February 100 84 101 96 99 111 March 101 86 102 93 99 112 April 102 86 101 94 100 111 May 104 86 102 91 100 110 June 105 88 102 91 100 110 July 106 89 104 90 101 111 August 107 92 103 91 100 112 September 107 93 103 90 101 114 October 104 90 103 90 101 113 November 103 87 101 89 96 111 December 98 84 99 89 95 108 1930—January 99 81 100 85 95 108 February 99 83 98 85 94 105 March 97 84 95 82 89 104 April 96 86 94 82 87 104 May 96 84 92 81 86 103 June 94 83 89 78 86 101 July 90 81 88 76 84 101 August 86 80 84 76 81 95 Sfipt.fvmbfir 84 79 83 74 77 95 October 83 78 82 74 75 92 November 81 76 80 73 76 90 December 79 70 79 74 72 90 1931—January 77 78 70 78 45 77 73 75 72 87 93 63 89 February 75 79 75 76 42 75 70 72 72 85 93 62 86 March 74 79 75 76 39 74 69 72 74 83 91 62 89 April 74 79 78 76 40 74 67 70 73 81 92 62 90 May 71 79 76 75 40 73 66 68 73 78 90 60 91 June- 68 79 73 74 39 71 64 69 71 75 84 60 93 July 68 75 72 77 42 71 63 69 68 75 82 61 95 August 66 74 71 74 43 68 63 64 68 74 80 61 104 September 64 69 68 73 44 66 63 62 68 72 73 60 102 October 61 69 67 72 42 66 63 63 66 69 74 58 102 November 61 66 67 71 44 66 62 61 64 68 75 58 103 December 61 66 66 71 42 65 60 59 63 66 78 58 102 1932—January 61 65 62 72 39 64 61 56 62 64 79 56 96 February 61 64 59 73 39 63 57 55 61 61 76 55 97 March 60 61 52 72 37 62 53 53 59 59 75 53 93 April 59 59 48 73 33 61 54 49 57 56 74 52 90 May 57 52 46 73 34 59 53 43 55 52 72 51 89 June 56 56 41 68 32 59 50 44 51 49 74 48 88 July 54 54 43 65 32 55 47 43 48 46 71 45 81 August 54 51 41 64 29 55 46 43 48 45 69 43 84 September 56 51 38 64 27 56 40 45 53 43 72 45 86 October 58 52 41 63 29 57 39 46 54 41 73 45 85 November 59 50 43 62 27 58 43 47 57 41 73 47 83 December 58 50 42 60 27 58 36 43 56 41 71 46 80 1933—January 57 48 39 58 26 57 34 42 49 40 71 46 77 February 59 48 35 58 25 58 41 45 50 39 73 45 81 March 57 46 29 52 23 56 44 40 46 39 69 43 79 April 58 47 35 53 24 57 41 44 47 39 71 44 79 May 61 50 36 57 27 58 52 48 51 38 73 46 84 June 68 57 41 60 31 63 59 52 57 38 75 50 95 July 76 66 45 65 36 69 ' 61 58 68 42 77 55 104 August 84 72 46 70 40 74 62 61 75 45 82 62 112 September 86 74 48 75 44 71 69 62 80 49 83 62 119 October 84 72 50 77 39 66 63 55 81 51 81 63 118 November 82 70 49 76 43 66 53 56 83 50 84 63 113 December 81 67 51 75 44 68 51 56 77 50 88 63 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

963 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Iron and steel group Year and month fu w B s a r o t n l n e a r a d e k s c l t s es B n e o u tc l t t s . s , , C p ir i a o p s n e t C e t u a o d t n o l g d e l e s ry F i s i a n o t r n e g o r d e n s g l , - H w a a r r d e - Pl p s e u u l r i m p s e ' - s b- a h S w n a e r t p a d a a e t p t a t u i h e a n m s o r - g t- Stoves tu m S m o w r t a e r e r o n l n u t r a a t a c k a - n l - l d T ti o n i a n t w n h c d e a a r r n e s c (n T t l e e o u o o d t o d c t o g l i . i s l e ) n n s , g - W wo ir r e k - 1934—January 79 63 54 71 45 78 39 47 74 50 84 64 114 February 80 67 54 73 47 83 48 48 76 52 83 65 115 March 83 68 55 77 50 90 51 48 81 52 87 67 120 April 86 71 56 79 50 96 50 48 84 54 89 67 125 May -__ 90 74 55 80 51 92 49 50 87 55 91 67 128 June 94 72 55 79 50 82 56 51 88 55 93 66 125 July 87 68 54 80 47 60 55 53 83 55 94 65 118 August. _ _ _ 84 66 56 79 45 60 53 51 82 54 90 65 111 September 79 61 54 77 41 52 54 50 80 54 90 63 114 October 79 62 54 77 42 50 55 50 81 53 90 62 116 November 80 61 54 76 43 51 56 49 82 54 90 62 115 December 81 64 52 76 46 57 59 50 84 54 87 63 120 1935—January 84 69 53 77 48 59 62 52 90 54 90 66 115 February 87 66 53 77 51 63 62 52 91 53 89 68 117 March _ _ 88 67 53 78 50 63 64 52 89 53 88 69 119 April 87 68 51 77 53 61 67 53 90 54 89 70 123 May 86 68 53 77 50 60 71 54 90 53 91 70 121 June 86 66 53 77 49 58 72 54 92 52 92 69 116 July 86 64 54 75 51 58 78 54 94 53 95 68 111 August 89 66 53 77 50 57 82 55 95 53 95 68 113 September 90 67 54 77 53 59 87 56 94 54 94 71 112 October 92 69 54 78 54 63 87 58 95 55 96 74 126 November 93 71 56 78 55 64 86 59 96 55 96 76 132 December 93 71 57 80 56 65 87 59 97 53 94 78 138 1936—January 93 72 57 81 57 65 85 60 97 56 97 79 139 February 91 71 59 78 56 63 83 60 97 57 96 77 132 March -- 92 71 60 77 54 62 84 61 97 59 96 79 135 April 94 74 62 75 56 62 86 63 97 62 97 78 137 May 97 74 62 76 58 62 87 65 97 65 99 78 140 June 99 75 62 76 59 61 84 65 103 67 99 80 137 July 103 76 64 78 62 63 82 69 103 70 98 81 136 August 106 76 64 79 60 57 85 69 107 72 101 86 135 September 108 77 65 80 60 60 85 71 104 73 101 86 141 October 109 79 66 82 61 68 85 70 107 73 100 89 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average = 100] Machinery-group Railroad re- (Not including transportation equipment) Transportation equipment group pair shops Y m ea o r n a th nd m A t c p u i e m u l g r e n l r a - - - i t l - s c r C h t a m e e i e i d n g t a n r c a d s i g s e . s - h , - s - , t E c e m r e h i l r t c e c i y a n c a . - , - - l b g t E e i i u n n t n c r e e . - - s s , , F d c s p m a d h o u h r n r i u o o c a n y d t n - p - e s - c t M o h o i a n l - s e p R g h r a a a o n d p n d i h o o s s - p c T m a t e h a i n e r l i r a x y e n d t - s - - w T p a r y a i n p t r e d t e s r - s c A ra ir f - t A b m i u l o e to - s - s C r e t r a t o e a l r n a e a a i i r c l d c m d s - - , - L t m i o v o c e o - s - b S u i h n i i g l p d - - E r r t o a l r e a i il c c d - - S r r o t a e a i a l d - m 1923 110.0 107.4 103.0 99.1 108.4 108.1 89.5 116.4 100.0 103.6 100.6 126.9 157.7 114.5 104.0 108.9 1924 _ 88.1 97.2 97.9 96.0 93.9 92.0 105.9 92.7 100.0 100.0 93.6 93.8 76.4 93.2 99.1 96.3 1925 101.9 95.4 99.1 104.9 97.7 99.9 104.6 90.9 100.0 96.4 105.8 79.3 65.9 92.3 96.9 94.8 1926 115.3 115.4 103.3 119.3 90.1 104.8 75.0 86.2 97.4 96.5 95.4 1927 118.5 103.1 i 111.3 97.7 114.3 l 85.3 111.5 157.9 91.9 59.9 66.7 101 3 94.1 88.6 1928 137.9 113.2 98.8 127.9 78.5 108.1 48.4 45.4 79.5 89.6 83.3 1929 147 9 120.8 127.3 125.3 111 3 167.2 204.5 88.1 121.1 525.2 111 3 63 1 56 8 101 3 87 8 82 2 1930 110.7 107.1 106.1 94.2 126.0 141.0 71.2 80.3 54.7 52.3 107.3 85.8 72.4 1931 _ 62.3 87.3 80.9 68.1 69.7 74.7 124.4 61.3 77.8 353.1 71.0 29.6 28.0 83.0 79.3 62.9 1932 36.8 74.9 60.6 43.5 51.1 42.1 80.4 48.4 61.6 244.2 60.5 24.9 17.7 66.7 70.0 51.1 1933 39.6 78.2 58.8 47.0 54.6 44.9 112.1 60.5 68.5 279.6 60.6 22.5 12.2 56.8 62.9 49.2 1934 68.7 100.5 72.5 72.4 70.4 73.0 167.6 68.5 101.1 312.8 94.5 39.1 25.7 71.7 62.4 52.8 1935 99.9 103.0 80.6 101.3 76.9 93.2 173.6 64.0 107.0 374.7 110.4 39.3 23.9 76.5 61.8 51.0 1923—January 104 92 102 101 112 93 141 153 113 102 111 February 114 90 106 105 112 96 139 156 111 102 106 March 118 95 107 110 114 98 134 160 117 103 107 April 119 100 110 115 118 98 118 153 118 104 107 May 119 102 111 116 119 99 116 157 116 103 109 June 118 104 111 116 118 101 119 159 119 104 112 July 115 103 112 115 121 100 118 164 116 105 112 August 108 103 112 97 119 101 124 170 115 105 113 Seotember 105 102 111 108 121 102 124 166 113 106 111 October 99 100 107 107 119 104 132 166 114 104 110 November 99 101 107 104 114 108 141 153 113 105 107 December 99 99 105 102 109 109 123 135 109 104 102 1924—January 101 95 104 99 107 110 106 102 103 102 100 February 100 97 101 99 103 109 98 80 104 100 98 March 100 97 100 100 101 109 90 ' 71 101 101 98 April 94 99 100 98 97 101 89 68 99 100 98 May 87 99 95 95 93 91 96 73 90 100 97 June 78 97 91 93 93 85 94 78 91 99 95 July 76 96 88 88 89 83 94 75 90 98 94 August 77 96 88 84 89 85 92 69 86 98 94 September 80 93 88 86 84 85 90 68 86 97 95 October 84 93 89 85 86 86 90 73 88 99 96 November 87 94 90 88 84 87 91 80 87 99 96 December 92 95 93 89 86 91 97 83 89 99 95 1925—January 92 95 94 92 90 92 104 73 93 97 95 February 95 99 96 92 89 90 103 69 94 97 96 March 97 101 95 92 86 93 98 69 95 98 96 April _ _ __ 99 101 96 93 87 99 89 69 97 98 95 May 99 104 97 94 89 104 80 62 95 97 93 June 99 105 98 97 90 105 77 62 92 98 94 July 100 107 97 100 91 106 74 62 94 96 94 August 104 108 97 103 92 109 72 60 94 92 94 September 108 109 98 103 92 112 63 61 91 96 95 October 109 110 100 107 92 119 63 62 87 97 94 November 111 110 101 113 95 124 62 69 87 98 95 December. 112 111 102 115 97 119 67 72 90 99 95 1926—January 115 112 102 117 98 114 74 85 92 98 96 February 114 112 103 116 97 113 78 87 94 97 97 March 113 112 104 118 95 112 80 86 94 98 97 April 114 114 104 119 95 106 81 83 92 98 96 May 114 116 104 117 91 101 83 85 93 97 97 June 115 115 103 118 89 104 81 86 94 96 96 July 115 117 104 120 87 105 77 84 96 96 95 August 117 119 104 120 88 105 73 88 97 95 95 September 118 119 105 121 85 105 72 86 101 95 95 October 117 118 104 121 84 100 68 86 101 96 94 November 117 115 102 124 85 99 66 87 105 96 94 December 115 117 102 122 85 93 63 93 110 97 93 1927—January 114 117 102 121 83 90 63 80 109 96 92 February 114 117 102 119 84 95 60 79 113 96 92 March 115 115 101 117 85 96 58 75 111 96 91 April 114 112 100 117 85 96 61 69 109 96 89 May 115 110 99 114 85 94 64 66 106 94 89 June 117 109 98 114 87 93 68 65 104 95 89 July 118 109 97 113 87 90 64 66 99 95 89 August 121 110 97 112 87 91 61 71 97 94 88 September 121 109 94 112 87 88 59 70 94 94 87 October 123 109 95 111 87 88 58 60 93 92 87 November 124 109 93 111 83 88 54 53 90 91 85 December 128 109 93 110 83 92 46 48 88 92 85 * Data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

965 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6.—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average = 100] (Not includin M g a t c r h an in s e p r o y r - t g a r t o io u n p equipment) Transportation equipment group R p a a i i l r r o s a h d o p re s - Y m ea o r n a t n h d m A t p c u i e m g u l r e n r l a - - - i t l - s c r C h a t m e e i e i d g n a t n r a c d s i g s e s - . h - , s - , t c E e m r e h i l r t c e c i y a n a c . - , - l - b g t E e i i u n n t n c r e e . - - s s , , F d c s p m a d h o h u r n r i u o o c a n y d - t n p - e s - c t M o h o i a n l - s e R p g h r a a a o n d p n d i h o o s s - p c T m a t e h a i n e r l i r a x y d n e t - s - - w T p a r y a i n p t r e d t e s r - s c A ra ir f - t A b m i u l o t e o - s - s C r e t r a t o e a l r n a e a a i i r d l c c d m - s - , - L t m i o v c o e o - s - b S u i h n i i g l p d - - E r r t o a l r e a i i l c c d - - S r r o t a e a i a l d - m 1928—January 129 109 94 111 81 95 41 51 85 92 85 February 129 107 94 113 81 96 42 52 80 92 84 March 133 108 94 115 80 98 48 49 77 92 84 April 133 110 95 119 78 98 49 46 77 92 84 May 135 111 97 122 78 103 53 44 77 91 84 June 140 110 98 125 79 107 53 46 78 90 84 July 141 111 99 129 79 111 56 44 78 89 83 August 140 115 100 133 76 116 52 43 78 88 83 September 142 117 102 135 78 119 48 43 78 88 83 October 144 118 103 139 77 120 44 43 79 88 82 November 145 120 105 144 78 121 46 43 81 88 82 December 146 123 105 149 78 117 46 42 86 87 82 1929—January 148 Ill 124 107 155 154 79 121 47 45 90 87 83 February 149 114 125 109 157 157 81 124 49 45 90 87 83 March 153 118 125 110 164 180 83 123 52 48 96 90 83 April 159 122 125 111 165 195 87 120 57 55 100 87 83 May 158 127 126 113 166 220 92 117 60 60 102 89 82 June 157 132 128 114 169 224 94 113 62 59 102 87 82 July 156 136 128 114 173 261 96 113 66 64 104 89 83 August 147 137 126 115 183 260 93 112 67 63 104 89 83 September 140 137 127 113 173 230 92 110 71 60 104 88 81 October 137 136 128 113 174 227 88 101 72 62 105 88 82 November 135 132 124 110 169 182 87 91 74 60 109 88 81 December 134 127 120 108 160 131 85 83 79 58 109 87 80 ]Q30—January 134 123 119 106 157 128 84 84 82 61 115 88 79 February 133 120 119 104 149 128 84 82 74 61 115 88 78 March 135 119 117 102 146 127 81 83 68 59 113 87 76 April 129 116 118 101 141 118 78 84 63 58 111 88 75 May 124 112 116 99 136 116 73 84 59 57 109 87 74 June 111 108 110 97 133 116 71 82 53 58 109 87 74 July 102 103 106 93 123 132 66 78 53 54 106 85 71 August 90 100 99 90 112 144 66 77 50 49 109 85 70 September 92 100 95 88 112 158 63 75 47 47 106 85 70 October 91 98 92 85 107 167 62 76 42 44 103 85 67 November 90 95 91 83 100 162 62 80 33 41 97 85 67 December 88 92 89 81 96 152 63 76 34 38 94 82 68 1931—January 91 94 90 88 79 93 142 62 86 411 72 36 33 93 82 69 February... . .. 85 91 89 85 77 88 145 62 86 395 69 33 33 90 82 68 March 78 91 88 82 76 88 139 62 85 394 72 33 34 86 82 67 April •_. 72 91 87 77 74 85 155 62 80 376 73 31 31 86 82 65 May 63 89 84 69 74 82 133 63 79 374 73 26 28 85 82 64 June.. . _ ... 59 88 82 65 71 78 128 62 81 383 72 27 28 84 81 63 July 52 84 79 64 69 73 129 57 77 345 70 28 27 83 79 63 August 47 88 76 60 66 67 121 64 74 315 73 28 26 78 77 61 September 47 84 77 57 65 65 118 63 73 337 73 29 25 78 77 60 October.. ... ... 47 83 75 58 62 63 107 61 70 303 66 28 24 76 76 59 November 49 83 72 55 62 57 106 60 71 292 67 29 24 80 77 58 December 50 83 72 56 61 56 103 59 73 304 71 29 23 78 76 58 1932—January . 50 84 71 44 59 55 116 58 71 294 70 25 24 76 76 54 February 51 84 71 50 58 53 110 58 71 291 69 28 24 76 74 54 March . 52 81 69 49 55 51 100 56 70 291 67 29 22 74 73 55 April 46 80 66 46 53 47 90 52 70 268 61 25 21 74 73 54 May 36 80 64 45 52 41 86 48 68 249 60 23 20 72 71 52 June . 29 77 61 43 50 40 82 45 61 229 63 21 17 70 71 49 July 27 76 57 41 49 37 • 77 36 59 217 62 23 16 65 69 49 August 29 67 56 39 47 36 68 43 43 216 58 21 15 62 67 46 September 28 67 53 40 47 36 61 46 56 211 53 23 14 59 67 47 October .. .. 25 68 53 41 48 35 68 47 57 213 50 26 13 58 66 50 November 29 68 53 41 48 36 67 46 59 221 55 28 14 57 66 52 December 32 68 53 41 48 37 69 46 52 230 54 26 13 56 66 51 1933—January _ 33 66 51 41 46 39 57 46 59 223 55 24 12 55 66 50 February.. .. _. 34 67 51 40 46 37 65 46 57 228 53 21 11 53 65 48 March 34 65 51 38 44 33 64 44 55 237 46 20 8 49 64 48 April . . 32 66 51 38 44 33 75 43 56 246 47 18 7 44 63 45 May... .. 30 69 53 39 47 35 89 46 59 283 49 ' 18 7 48 63 46 June 35 75 56 42 51 39 98 53 59 284 55 15 8 50 62 45 July . . 38 79 59 46 56 41 102 63 63 297 64 21 9 55 62 49 August 41 85 63 46 62 49 114 77 74 301 71 25 13 61 61 52 September 45 89 66 56 65 53 129 81 78 309 79 25 15 66 62 52 October .. ... 49 92 69 58 66 57 153 79 83 314 79 26 20 68 62 52 November 52 92 68 61 65 60 169 78 87 314 70 28 20 66 63 52 December . . 56 93 67 63 64 61 166 74 89 320 71 31 17 68 63 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6.—FACTORY EMPLOYMENT : INDEXES BY INDUSTRIES—Continued Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average = 100] Machinery-group Railroad re- (Not including transportation equipment) Transportation equipment group pair shops Cash Foun Y m ea o r n a t n h d m A t c p u i e m g u l r e n r l a - - - i t l - s c r h t a m e e i e i d t n g n r c a d g i s . e s - - , s - , t E c m e e r l h r i t a e i c c y - c n a . , - - l b g i t i E e u n n t n r c e e - s - s . , , d c s p a m d u h h r n a r c i o o d - t n y - p s e c t M h o a i ol n - s e p R ; h a a r o a n d p n d io h o s s - p c T m a e t h a i e n r l i r a y x d e n t - s - - w T p a r y a i n p t r d e t e s r - s c A ra ir f - t A b m u il o t e - o s - s C r e t r a t e o a l r n a e a a i i r d c l c m d s - - , - L t m i o v o c e - o s - b S u i h n i i l g p d - - E r r t o a l r e a i ic l c d - - S r r t o a e a i a l d - m 1934—January ___ 95 66 63 64 162 320 51 February. _ 97 67 65 66 165 333 91 51 March 98 70 67 70 176 105 315 101 53 April 101 72 70 73 193 110 369 106 54 May 102 74 71 75 179 84 333 105 56 June 93 75 74 76 174 71 366 101 57 July 103 74 73 73 185 106 340 95 56 August 104 74 75 72 181 109 322 96 53 September. 104 75 75 69 158 107 298 91 53 October 105 74 77 69 151 111 261 85 51 November. 105 74 79 69 146 110 233 49 December. 74 81 69 161 109 256 50 1935—January _. _ 100 75 84 72 171 293 104 50 February.. 101 77 88 74 178 107 311 109 50 March 102 79 92 75 182 103 310 110 51 April 103 80 98 75 180 100 332 109 49 May 101 80 104 75 154 103 351 106 50 June 103 101 79 104 75 142 106 364 106 51 July 114 101 79 104 77 95 166 107 395 106 51 August 113 101 80 105 77 101 175 107 107 50 September. 111 103 83 106 79 101 182 108 103 50 October 112 106 85 108 79 104 186 112 441 110 52 November- 115 108 86 110 81 105 182 112 417 113 53 December. 118 110 84 111 82 106 176 112 409 115 54 m 1936—January... 120 112 82 115 83 109 189 110 408 113 February.. 118 114 81 116 82 108 186 112 442 109 54 March 121 116 82 118 84 109 179 112 471 108 92 56 April 122 118 86 121 85 112 185 113 495 109 58 May 123 119 88 124 88 114 198 114 487 112 57 June 124 112 90 122 90 116 209 87 470 112 57 July 115 114 92 117 92 120 210 102 494 116 101 58 August 100 100 92 113 93 119 209 114 505 109 102 57 September. 116 97 113 95 123 186 120 534 109 102 58 October 119 100 115 96 125 176 132 534 113 102 59 60 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

967 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average—100] Nonferrous metals group pr L o u d m uc b ts e r g a ro n u d p Stone, clay and glass group Smelt- Brass, ing, Year and month m m u A t i f u n a a l r u u n c e - - m - s br a p c p o n r o e n o d p r z d - e - C w l a e a o e n t t s c c c d , k h . s - J e e l w ry - L e m q i i n g u e g h n ip t t - - p S w w a l i a l n a a v t r r d e e e e d r- c r o i l a e n e p f n a g p i d d n , e - r S e t e n a a e l n a e m d m d d p - n F it u u r r - e L w m b u o e i m r r l , k l - L m s b a u e i w m l r l , - s - B c t a e t o r i n r i l t r d c e t a a k, m C e e n - t Glass g M b e i r t t l a e a c e n , r . , - - t P e o ry tucts and zinc 1923 106.3 103.4 97.6 105. 1 101.3 100.6 102.8 110.1 98.1 96.7 103.6 100.6 95.0 105.1 104.5 98.5 1924 100.0 96.6 100.0 99.8 100. 0 100.0 100.0 95.7 96.2 98.8 98.8 98.7 101.0 95.5 100.0 103. 8 1925 93.7 100.0 102.4 95. 1 98.7 99.4 97.2 94.2 105.7 104.5 97.6 100.7 104.0 99.4 95.5 97.7 1926 102 7 96 9 110 3 102 7 95 5 102 9 102 1 103 8 99 7 1927 96.6 101.2 102.9 96.2 92.9 98.4 89.9 93.0 108.8 90.7 86.6 99.0 98.3 94.3 105.6 98.0 1928 107 3 104 1 106 7 86 7 84 4 92 3 92 6 92 6 98 8 1929 138.4 121.5 98.2 111.4 104.2 92.6 91.3 120.5 111.9 84.6 87.7 91.5 90.3 96.7 98.7 94.7 1930 96 6 106.3 89.0 64.4 67.6 72.2 84 6 83 8 82 9 1931 90.2 74.9 74.3 74. 1 65.3 65.3 54.4 85.4 73.7 51.1 41.1 50.2 65.8 71.5 72.2 72.3 1932 __ 73.0 62.5 58.1 59.5 47.0 53.7 41.4 79.5 57.4 35.0 31.7 31.8 45.8 59.6 47.9 58.6 1933 89.1 73.4 58.9 59.3 46.5 54.1 42.9 97.2 61.0 33.2 39.6 31.3 42.8 71.3 43. 1 63.2 1934 91.8 84.9 79.2 72.1 59.0 67.2 59.1 119.4 62.4 35.4 45.0 34.8 51.7 91.6 39.6 72.2 1935 95.8 93.0 94.6 78.4 68.2 68.7 70.2 132.2 70.2 41.8 46.4 36.3 52.0 96.3 34.2 72.6 1923—January 101 117 98 94 101 96 94 105 93 February __ 103 114 98 94 103 96 96 105 92 March 104 114 98 95 103 97 96 102 92 April 107 116 98 95 103 100 93 104 93 May _. 106 116 100 98 103 100 93 108 96 June 107 115 100 100 105 101 93 113 98 July 105 115 100 99 106 102 94 108 111 August _. _ _ 105 107 100 98 104 104 94 108 101 September 101 105 98 97 104 104 95 106 102 October 100 101 98 96 104 103 94 103 102 November 100 99 96 96 104 101 97 101 102 December 101 102 94 97 104 100 101 99 103 1924—January __ 101 104 94 97 103 101 105 98 106 February ._ 101 108 96 99 104 100 105 99 102 March. 100 107 96 100 103 101 104 101 105 April 101 104 96 100 102 101 102 101 106 May___ 100 99 96 101 100 100 101 99 104 June _ _ 96 94 94 99 97 98 99 96 103 July __ 91 89 93 97 96 95 98 92 102 August __ _ _ 89 89 94 97 95 98 99 92 105 September 91 86 96 98 95 96 99 91 105 October 94 89 98 98 97 98 98 92 102 November 96 88 99 98 96 98 101 91 103 December 99 91 101 100 97 99 102 93 102 1925—January 99 90 104 101 99 99 103 96 101 February __ _ 98 90 104 102 101 100 102 95 102 March 98 92 105 101 98 101 102 95 101 April. _. _ 97 90 104 102 98 101 104 96 102 May- 99 91 104 103 97 101 104 96 101 June 100 93 104 103 98 100 104 98 99 July... 101 92 104 105 97 100 104 101 83 August. __ 100 94 106 105 96 100 104 101 96 September _ _ 101 96 106 107 97 100 105 102 97 October 101 98 108 108 97 100 104 103 98 November. _ _ _ 102 102 109 108 96 101 105 104 96 December _ 103 103 109 110 97 103 107 105 95 1926—January 103 100 109 108 97 105 104 106 96 February „_ _. 103 99 110 106 96 104 105 103 97 March 103 98 111 107 96 100 100 103 96 April 102 99 111 104 97 99 100 103 99 May_._ 102 96 110 103 97 102 102 103 99 June 102 96 110 102 97 103 102 105 100 July... 101 97 109 102 97 104 102 103 104 August, 101 97 110 102 96 105 103 104 102 September . 104 96 111 100 94 105 103 105 102 October 103 97 112 101 94 104 102 104 100 November 104 95 111 100 93 103 102 105 102 December . 104 92 110 97 93 101 101 102 101 1927—January 103 92 109 96 91 102 100 97 101 February . _ 100 92 108 94 89 101 99 98 102 March 101 94 109 93 88 103 101 97 101 April. _ 102 92 109 92 86 103 101 97 99 May _. 104 92 109 91 87 102 100 95 99 June 102 93 110 92 86 101 99 94 98 July 102 93 109 91 86 100 98 95 90 August 103 93 110 90 86 98 98 91 . 95 September 102 93 109 89 86 97 99 91 96 October 100 93 108 89 86 95 97 91 96 November 98 93 109 87 85 95 96 94 98 December 98 94 107 86 83 93 93 91 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Nonferrous metals group Lumber and Stone, clay and glass group products group Smelt- Brass, ing, Year and month m m t u A u i f n a a r l u u e n c s - m - - b p c r a p r o o n o e n p d r d - z ' e C w a e l e a o n t s t c c d c , . k h s J e e l w ry - e L m q i i u g n en i h g p t t - - p S w w a l i a l a n a v t r d r e e e e d r- c r o a i e l p n e f n i p a g d n d e , - r S e e t n a a e l n a e m d m d d p - , n F it u u r r - e L w m b u o e i m r l r k l , - L m s b a u e i w m l r l , - s - B c t a e r t o i n i r t l c r d t e k a a , m C e e n - t Glass g M b i e r t a t l a e c e n , r . , - - t P e o r t y ucts and zinc 1928—January 93 107 February 100 96 106 100 March 100 99 108 90 98 April 103 102 107 91 97 May 103 104 106 94 99 June 106 105 106 93 99 July 108 104 106 95 100 August 110 107 105 96 100 September 112 107 106 96 99 October 113 108 107 93 99 November 116 110 108 91 97 December 119 114 109 94 97 1929—January 120 118 110 87 97 97 February 123 116 110 97 95 March 124 116 110 96 April 126 118 112 95 May 123 119 112 96 June 124 121 112 96 95 July 123 122 115 90 95 96 August 123 124 115 90 98 94 September 122 122 116 88 98 October 120 124 114 87 99 November 116 125 111 85 98 93 December 114 121 104 85 94 93 1930-January 110 115 102 82 95 91 February 107 118 99 79 94 90 March 104 117 96 79 94 88 April 103 113 96 76 91 87 May 100 111 94 73 89 84 June _ 109 91 70 85 82 July 106 87 67 80 81 August 102 85 63 85 75 - 80 September 97 83 59 76 - 79 October 97 81 59 79 November 96 79 55 78 December 95 53 76 1931—January 93 50 74 77 February 101 91 48 73 75 March 99 87 46 73 74 April 101 45 72 81 75 May 99 43 74 77 June 101 43 75 75" July 103 41 72 74 August 81 39 73 71 September 77 37 73 71 October 75 37 69 69 November 73 35 65 67 December 74 80 32 67 64 1932—January 76 32 65 February 75 31 65 March. __ ... 75 31 65 64 April 73 31 62 62 May 69 30 59 59 June 70 31 57 56 July 70 31 57 51 August 73 31 54 52 September.. _ _. 72 31 55 53 October 72 33 58 58 November 74 33 59 60 December 75 34 59 59 1933—January 34 58 55 February 33 58 56 March 33 58 54 April 33 60 54 May 34 65 56 June 38 71 62 July 95 101 42 75 68 August 103 111 44 81 70 September 103 111 45 82 71 October 99 113 46 82 72 November 99 108 45 83 71 December 110 46 85 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

969 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Nonferrous metals group pr L od u u m c b ts e r g a ro n u d p Stone, clay and glass group Smelt- Brass, ing, Year and month m m t u A u i f n a r a l e u u n c s m - - - b p c r a p r o o n o e n p d r d z - - e w C a e a l e o t n t s c c c d , . k h s - J e e l w ry - e L m q i i n e g u g n h ip t t- - p S w w l a i a a l n a v t r d r e e e e d r- c r o l e a i e p n f n a i p g d d n e , - r S e e d t e n a l a m e a m d n p d - - n F it u u r r - e L w m b u o e i m r l r k l , - L m s b a u e i w m l r l , - s - B c t a r e t o i i n r c t l d r e t k a a , m C e e n - t Glass g M b e r it t a l a e c e n r , . , - - P te o ry tucts and zinc 1934—January 97 81 65 63 56 65 54 106 62 34 45 34 48 90 47 72 February 97 83 71 65 57 66 56 110 62 36 44 35 53 93 41 72 March 96 87 77 71 59 67 56 118 63 37 45 35 51 95 41 72 April 98 89 80 73 59 70 55 126 62 38 46 36 50 95 42 74 May 94 91 83 76 60 68 57 130 63 38 48 37 55 95 43 75 June. _ 95 89 80 73 57 66 59 128 64 36 46 37 54 93 42 74 July 87 87 80 73 58 66 61 126 63 35 45 35 53 93 40 73 August._ _ _ __ 86 85 81 72 58 69 62 122 62 34 44 35 52 91 37 69 September 83 82 81 72 59 68 61 115 62 33 44 33 53 89 38 70 October 88 80 82 73 60 67 62 113 61 35 44 33 51 87 36 71 November 90 80 84 74 61 67 63 115 61 35 44 34 52 89 36 71 December 90 83 86 78 63 67 64 123 63 36 44 35 50 89 33 73 1935—January 90 87 88 78 62 69 64 129 66 36 45 34 50 93 31 75 February ._ _ _ 93 92 88 76 63 67 65 130 67 38 46 35 49 95 33 74 * March 93 91 89 77 64 67 66 130 69 38 47 35 50 95 32 73 April. 94 92 91 76 64 69 67 131 70 38 47 33 52 93 34 73 May 94 91 92 75 63 71 69 130 69 38 45 33 54 95 36 72 June.-. 95 90 93 74 63 70 71 126 69 40 40 34 55 94 34 71 July 96 90 94 79 65 71 71 125 70 42 45 36 52 97 36 71 August 96 92 95 80 67 69 72 128 72 44 48 37 51 99 35 73 September- 97 95 98 81 71 68 73 130 73 47 48 37 51 98 33 73 October 99 98 101 82 78 69 73 138 72 47 49 39 54 99 34 71 November 101 99 102 81 77 68 75 142 72 47 48 39 53 99 35 72 December 101 100 103 80 78 68 77 147 73 46 49 42 54 100 36 72 1936—January 102 101 104 79 78 68 78 143 74 46 50 43 51 99 34 72 February 99 99 104 77 76 65 78 135 73 45 49 41 49 97 32 70 March 100 97 105 76 73 64 78 131 72 46 50 42 53 96 37 72 April 100 97 104 75 71 63 77 135 74 ' 47 51 43 54 96 38 71 May- 102 99 105 78 76 62 76 135 75 47 51 44 55 97 39 71 June _. __ 109 100 106 78 76 61 78 139 76 49 50 45 54 96 41 73 July 116 102 107 84 75 59 79 136 79 48 51 47 55 101 42 76 August 116 106 113 88 79 66 78 141 81 51 49 47 59 102 43 74 September 112 109 112 87 84 67 79 143 82 52 50 47 61 99 42 77 October 115 110 114 88 89 70 78 153 81 53 50 47 64 103 42 76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Textiles group Fabrics Wearing apparel Dye- Total r p C a u e n a g t d r s s - g C t o o o o n d t- s w s C m t a o o r a n e t l - s l is a t f i h e n i n i x n g d n - - g H f f u e a r l t t - s, g K o n od it s r g a S a o y n i o l o d k d n s W w s a e t o n o e n o d d r- l- Total m C in l e o g n t , ' h s - C w e in l o n o g m ' t s , h - - C se o t r s - M n i f i n u s e g r h n - s - 's li M ne il r - y S a l c h a n o i r l d r s - ts tiles goods 1923 105.4 103.8 106.7 104.4 97.4 106.4 104.8 99.7 109.3 105.4 107.0 104.3 105.2 94.6 103.2 107.9 1924 94.2 96.2 92.5 92.6 93.9 97.1 94.5 94.8 97.9 96. 1 97.3 96.6 100.0 100. 1 94.8 93 0 1925 100.4 100.0 100.8 103.0 108.7 96.5 100.7 105.5 92.8 98.5 95.7 99.1 94.8 105.3 102.0 99.1 1926 99.2 97.8 101.9 110.8 101.3 102.9 84.1 99.8 97.4 104.2 98.0 101.7 1927 101.3 96.9 105.8 ~~95~3~ 113.5 "16172" 102.6 101.5 86.7 105.8 102.5 121.0 ~~90.~6~ 125.~7~ 104.8 105.1 1928 96.2 92.8 95.5 114.9 102.6 101.0 83.1 108.3 101.3 133.7 105.7 106 3 1929 99.2 96.2 96.1 97.4 121.8 105.3 112.5 103.8 82.6 113.3 103.2 146.8 89.2 132.7 101.3 109.1 1930 86.0 74.2 80.7 112.0 102.9 95.1 67.2 105.0 91.4 142.2 91.3 102 7 1931 80.3 67.5 74.5 81.7 103.3 89.6 96.0 86.9 67.1 99.7 84.9 135.8 91.3 120.1 83.7 104.0 1932 71.9 52.9 67.1 72.2 92.8 72.6 94.1 74.0 56.0 89.1 79.4 116.9 89.3 103.8 73.9 91 0 1933 86.4 62.8 85.9 84.3 101.8 79.8 102.3 87.8 71.4 97.7 90.5 125.1 91.6 110.7 71.0 103.1 1934 89.7 69.1 91.2 90.1 113.6 82.8 107.7 88.4 65.7 102.9 95.8 136.0 93.1 113.1 64.9 104.4 1935 93.2 82.2 87.8 94.4 118.1 85.8 112.5 86.5 86.5 107.8 103.7 142.8 91.3 115.4 54.7 108.5 1923—January 105.9 102 110 100 105 99 106 106.7 107 107 106 110 February 105.9 101 109 99 104 99 107 105.4 107 104 105 109 March 107.3 101 111 98 106 99 111 107.3 111 104 105 109 April 108.7 101 112 100 106 101 114 106.9 110 104 103 108 May 109.5 103 113 100 107 102 115 107.4 111 104 104 108 June 109.0 106 112 99 107 102 113 107.0 108 108 105 108 July 108.2 110 108 99 108 101 115 108.4 108 111 108 108 August 105.7 107 105 95 107 101 111 106.2 107 107 105 109 September 103.6 108 104 93 104 100 108 104.8 106 104 103 108 October 100.6 105 99 95 102 98 105 102.9 105 101 101 107 November 100.3 103 99 95 102 98 105 100.9 102 100 97 107 December 99.9 102 99 95 101 97 104 100.1 101 99 97 105 1924—January 98.7 101 97 88 103 97 103 101.9 104 102 95 104 February 99.0 102 97 92 102 98 103 101.6 104 102 94 100 March 98.2 104 94 92 103 96 104 100.0 102 99 92 100 April 95.8 99 93 93 101 94 100 97.0 97 100 91 97 May 93.8 95 91 92 98 93 98 95.2 96 96 92 95 June 91.9 90 90 93 94 92 93 95.0 99 92 93 91 July 88.8 88 88 92 84 90 91 92.4 98 87 95 86 August 89.6 90 89 93 86 93 90 93.0 96 94 94 83 September 91.3 93 89 96 89 95 95 93.6 94 94 98 89 October 93.5 94 93 97 89 97 98 94.3 94 96 98 90 November 93.7 96 92 99 90 97 98 93.3 91 96 98 90 December 96.3 99 96 101 93 96 100 95.2 93 100 98 90 1925—January 98.0 100 98 104 95 98 99 94.8 93 96 100 92 February 98.8 101 99 105 98 99 97 95.8 95 96 101 94 March 99.3 101 99 107 100 99 97 96 2 95 96 102 95 April 100.7 101 101 108 100 101 97 97.1 96 96 102 97 May 100.9 102 102 109 101 103 94 95.8 93 95 101 100 June 101 0 102 102 108 101 106 92 98 1 95 98 103 99 July 101.7 100 101 110 104 109 94 101.4 96 105 105 102 August 100 9 99 101 110 103 110 91 101 1 97 103 105 102 September 99.8 100 98 110 102 110 90 100.1 97 101 99 102 October- 101.0 97 102 111 102 110 88 99.6 97 100 101 101 November 101.6 99 103 112 102 111 87 101 0 97 102 102 103 December 101.2 99 103 111 102 111 87 100.3 97 100 102 104 1926—January 101.5 99 103 113 103 111 87 99.4 96 101 100 103 February 100.1 99 103 112 103 108 81 99.2 96 101 99 103 March 99.9 99 103 112 103 104 81 99 0 96 101 99 103 April 99.2 99 104 110 101 102 82 99.1 97 101 99 100 May 98.7 97 103 110 101 100 82 100 0 97 105 100 101 June. . _ 97.8 96 101 111 101 99 81 100.0 97 106 95 101 July 97.1 96 100 108 100 99 84 97.8 95 102 95 102 August 97.1 97 99 111 101 101 82 99 0 97 105 94 100 September 99.2 98 102 111 101 102 85 99.3 98 105 95 101 October 99 6 98 102 110 101 102 87 99 8 99 105 96 102 November 99.6 98 102 111 101 103 88 100.0 99 105 99 102 December 99.5 98 102 111 101 103 88 104.3 102 114 102 101 1927—January 100.2 98 102 111 102 102 89 104.2 100 118 102 102 February _ 100.3 98 103 111 102 101 89 104 5 101 118 101 102 March. _ _ 100.6 97 104 112 102 102 88 104.0 100 118 100 102 April 101.1 97 105 112 102 103 87 104 4 101 119 101 102 May.. 101.3 97 106 113 102 103 86 105.1 102 120 102 103 June_ _ _ 102.1 99 107 113 103 102 86 105.1 102 120 103 104 July 103.0 101 110 114 102 102 85 106 6 103 124 105 106 August.- 103.2 97 110 115 102 102 87 106.3 104 120 108 107 September. 103.3 97 109 116 104 102 87 106.5 104 121 107 108 October- 101.0 94 106 115 103 100 85 106 9 104 123 107 108 November. __ _100.5 93 105 116 104 99 85 107 9 104 126 111 109 December 99.0 95 101 114 103 101 85 108.0 104 126 112 110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

971 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Textiles group Fabrics Wearing apparel Dye- Wool- Total C r p a a e u n r t g d - s s g C t o o o o t n d - s w s C a t m o r o a t n l e - l s is t a f e h i n x n i d - - ng H f f a u e t r l s - t , g K o n o i d t s r g S a a o i n y o l d o d k n s g w s a o o e t n o r e n d d - d s Total m C i e l n o n g t ' , h s - C w e i l o n n o ' m g t , s - h- C s o e r t - s M n i f i e n u s n r g h - ' s - s l M i i n l e - ry S a l c h a o n i r l d r s - ts tiles 1928—January. ___ 98.4 93 100 115 103 101 85 108.3 104 128 108 110 February._ 98.0 93 99 115 104 103 84 108. 1 104 128 109 108 March 96.9 93 98 114 103 103 83 107.2 102 127 108 109 April 95.7 91 96 112 102 99 82 106.8 101 128 108 107 May 94.7 93 93 114 101 100 83 106.7 101 129 108 105 June 94.8 91 93 114 102 101 84 107.9 101 133 108 105 July 94.9 92 93 114 103 99 83 108.3 100 137 104 105 August 94. 7 91 93 115 102 99 83 107.9 101 135 103 103 September. 94.4 92 93 115 103 100 80 108.0 100 136 103 105 October 95.7 94 94 116 102 102 83 109.0 100 139 103 106 November _. 96.9 95 96 118 103 102 84 110.6 101 143 104 106 December. _ 97.7 95 97 119 104 103 84 110.4 101 142 102 106 1929—January 98.1 96 98 119 105 101 84 110.0 100 142 103 106 February __. 98.4 96 98 120 107 102 83 110. 1 100 143 102 106 March 98.6 96 97 121 109 103 84 111. 5 101 144 102 109 April 99.2 96 96 121 110 105 86 112.6 103 144 104 109 May 100. 1 97 98 123 111 104 85 114. 1 104 147 104 110 June 100 2 98 98 124 112 105 83 115 2 105 149 104 110 July 101 0 97 97 124 117 106 83 115. 5 105 151 102 110 August 100.6 97 96 123 117 106 84 114.9 105 148 102 111 September,. 100.4 97 96 124 117 105 83 113.6 104 147 99 111 October 99.8 97 95 124 117 104 83 113.9 103 149 100 109 November,. 97.6 96 93 121 116 103 78 114.4 105 150 96 108 December.. 95.6 91 91 119 113 102 76 113.0 103 147 97 110 1930—January 94.4 89 91 119 111 101 74 112.4 102 148 96 110 February__ 92.3 87 88 118 110 101 70 109.8 99 143 95 109 March 90.4 84 86 117 106 102 67 108.7 96 145 95 108 April 90.0 83 86 116 106 102 67 107.9 95 143 94 106 May 88.3 78 84 115 105 98 68 106 4 94 143 93 103 June 87 2 73 82 112 105 98 69 105 4 93 141 90 103 July 83.7 66 78 107 101 91 69 102 2 91 135 87 102 August 82.0 69 76 108 98 88 68 101.8 88 139 89 99 September.. 81. 1 68 75 104 100 86 67 103 4 88 144 89 99 October 80.8 67 74 109 99 89 64 102.0 85 143 90 98 November. 81.0 65 74 110 99 93 62 100 0 83 140 87 December. _ 79.8 60 74 109 97 92 62 99.0 81 141 86 1931—January 78.1 61 72 82 109 96 90 91 61 99.9 84 140 91 126 84 February.. 79.2 66 72 83 109 95 94 92 63 100.3 83 141 89 125 84 100 March 80.8 68 75 86 107 95 94 92 66 100.9 84 141 89 123 85 102 April 81.7 70 76 86 107 94 94 91 69 101.7 86 141 92 120 83 104 May 83.1 73 78 86 107 90 96 91 70 102.0 87 140 94 122 82 107 June 82.1 73 76 85 104 91 97 86 73 100.7 84 139 92 124 84 106 July 83.4 74 78 84 102 95 100 80 77 103.0 86 141 91 126 89 109 August 83. 1 72 78 83 103 88 100 79 77 101.5 87 137 92 117 88 108 September.. 80.8 69 75 80 103 87 97 83 71 99.8 86 134 93 116 82 106 October 77.7 64 73 76 97 85 97 86 61 97.1 86 126 91 119 82 105 November. 76.9 61 71 76 96 80 97 85 60 95.2 83 125 91 111 81 102 December.. 76.7 60 71 74 96 79 98 85 59 94.6 82 126 90 115 81 1932—January 76.3 61 71 76 96 77 97 83 60 93.7 81 123 85 111 86 February.. 77.0 59 73 75 97 72 97 81 61 92.9 82 122 94 106 83 95 March 74.2 58 72 74 97 71 96 71 56 91.2 80 121 93 105 80 92 April 69.9 55 67 71 94 67 93 69 50 88. 2 78 119 90 99 74 87 May 65.1 53 62 67 90 64 89 64 44 86 2 76 117 89 93 65 87 June 61.8 51 56 68 89 67 88 60 42 83.7 70 117 89 100 63 July 61.4 45 55 69 83 68 84 59 50 77.8 70 99 85 91 62 August 69.0 46 62 69 87 71 89 73 60 80.6 75 102 86 88 68 September.. 75.8 48 71 70 97 76 96 80 64 88.4 80 115 87 105 75 October 77.9 52 73 75 95 81 99 84 65 93.7 85 121 91 111 80 November.. 77.1 54 72 77 94 81 101 81 60 96.4 90 121 91 117 74 December.. 75.9 52 71 75 94 75 99 79 60 94.9 87 121 92 115 70 1933—January 75.2 52 71 72 94 74 96 80 59 92.2 83 120 92 116 70 94 February... 74.4 50 71 72 92 73 94 78 61 93.8 84 124 93 110 70 95 March 68.9 46 68 68 88 70 90 71 47 88.4 81 114 90 101 64 92 April 72.4 46 70 70 93 73 92 77 54 93.3 84 125 88 100 73 93 May 79.3 51 77 77 96 77 97 87 63 96.7 88 131 90 101 71 96 June 90.2 59 89 88 105 82 106 93 79 101.6 93 133 92 115 76 105 July 101.0 70 101 100 117 82 113 101 92 109. 1 99 140 94 134 79 120 August 103.0 74 105 107 121 87 110 104 91 101.9 97 122 95 131 77 113 September.. 98.2 80 100 100 100 88 113 97 85 101.3 95 128 97 113 68 108 October 95.3 80 98 94 95 85 110 90 83 101.6 96 128 87 112 71 111 November.. 92.2 75 94 86 113 84 105 91 74 99.6 96 124 91 109 68 107 December.. 88.3 72 90 82 111 81 101 85 70 94.6 93 114 91 92 69 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Textiles group Fabrics Wearing apparel Total r C p a u e n a g t d r s s - g C t o o o o n d t- s w s C m t a o o r a n t e l - s l i D s t a f i h e i y n n n x i e g d n - - - g H f f u e a r l t t - s, g K o n od it s r g a S a o y n i o l o d d k n s W w s a e t o n o e n o d d r- l- Total m C in l e o g n t , h 's - C w e i l o n n o ' m g t s - , h- C s o et r s - M n i f i e n u s g r n h s - ' - li M ne il r - y S a l c h a o n i r l d r - s ts tiles goods 1934—January 89.0 92 111 99 95.8 123 93 February 93.9 115 107 102.8 135 111 105 March 96.1 118 111 105.2 140 117 109 April 97.0 100 121 113 106.3 139 120 111 May 96.0 100 121 113 105.3 97 140 112 111 June 91.7 93 117 111 103.3 95 137 110 110 July 90.9 93 113 108 100.2 94 130 113 103 August 88.9 92 114 107 103.6 98 137 114 103 September 63.2 52 100 101 103.3 97 137 114 104 October 88.5 92 115 106 102.3 96 136 112 102 November 88.4 91 97 106 103.3 95 139 122 101 December 92.4 92 121 108 101.7 96 136 116 1935—January 95.1 93 123 112 105.6 100 141 113 105 February.. 94.4 93 120 113 106.9 102 142 119 107 March 93.9 92 118 113 107.7 102 143 118 108 April 93.3 89 119 113 108.5 106 142 118 107 May 91.7 87 118 112 106.6 104 137 116 110 June 90.6 84 119 108 102.7 101 131 115 103 July 91.0 83 116 110 106.0 103 137 116 109 August 92.8 84 116 115 110.6 104 151 118 112 September 92.8 115 115 109.0 103 147 115 110 October 93.1 117 114 109.2 105 147 109 110 November 94.4 118 113 94 109.5 106 147 114 109 December 94.6 117 113 111.1 109 147 114 112 1936—January 93.2 97 116 113 110.5 108 145 117 109 February 90.4 112 113 108.2 105 143 116 110 March 90.6 113 114 108.2 104 144 116 109 April 91.8 91 116 114 108.4 104 143 118 111 May 91.3 91 115 113 109.5 105 146 123 109 June 91.8 94 116 112 110.3 107 144 130 111 July 95.5 96 117 118 116.6 109 159 141 115 August 98.1 101 117 121 117.0 106 167 138 118 September 96.8 99 114 121 113.6 104 157 133 116 October 95.5 101 115 117 113.4 105 155 130 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

973 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Leather and products group Food products group Can- Year and month B s a h o n o o d e t s s Le e a r th- B in a g k- e B ra e g v e - s Butter n p a i r n n e d - g C t f i e o o c n n - - serv- ery ing 1923 106.0 109.1 100.1 104.9 106.7 97.7 101.7 1924 96.7 95.4 101.1 97.0 100.0 86.9 96.5 1925 97.3 95.5 98.8 98.1 93.3 115.4 101.8 1926 -- - 95.6 96.7 101.4 105. 8 1927 95.6 96.6 105.9 96.6 105.6 112.0 101.1 1928 92.7 94.3 112.2 98.9 1929 96.7 91.1 123.6 101.3 100.3 134.6 101.7 1930 90.2 84.6 121.5 138.8 92.1 1931 85.3 76.9 112.6 85.5 82.0 106.1 82.0 1932 84.5 68.8 106.8 79.1 80.6 86.1 74.8 1933 89.8 80.7 112.2 138.2 86.7 112.7 81.0 1934 94.1 90.5 125.5 175.8 91.4 140.8 81.3 1935 93.1 94.9 124.3 172.7 82.3 148.7 80.8 1923—January _ __ 108 113 94 99 February 108 113 98 101 March 107 112 99 104 April 109 113 98 102 May 109 110 99 99 June 109 111 101 102 July 104 111 102 102 August 104 108 102 102 September 104 105 102 101 October 103 105 103 103 November 104 105 100 107 December 103 103 101 97 1924—January _ __ 101 101 101 96 February 100 101 104 95 March 101 100 103 98 April 99 98 102 95 May 96 95 102 92 June 93 92 102 97 July 92 90 100 99 August 93 90 100 100 September 94 93 100 98 October 96 94 99 97 November 98 95 101 93 December 97 96 101 96 1925—January 98 96 101 98 February 98 96 100 101 March 99 96 98 101 April 99 96 98 101 May 98 95 98 June 95 95 99 July 96 94 98 August 97 95 97 September 98 95 97 October 98 96 100 November 96 96 99 December 95 96 100 1926—January 94 96 99 February 94 96 98 jVlarch 94 96 100 April 93 96 100 May 93 96 101 June 95 94 102 July 96 96 102 August 97 98 102 September 97 98 102 October 97 98 102 November 99 98 102 December 98 98 103 1927—January 97 98 104 February 96 99 104 March 96 97 104 April 96 95 106 May 96 95 105 June 97 96 106 July 97 98 106 August 97 97 107 September 96 96 107 October 95 96 107 November 92 96 107 December 92 96 108 OOOOOOOO O Tobacco products group Slaugh- Chewtering Sugar ing and Cigars Flour Ice and Sugar, re- smok- and cream meat beet fining, ing to- cigapack- cane bacco, rettes ing etc. 104.9 99.2 104.7 92.1 103.4 102. 7 106. 2 99.7 102.0 100.3 100.0 98.2 102. 7 98.2 95.4 98.8 95.0 107.9 98.4 94.6 95.6 91.8 96.3 93.2 94.8 93. 1 90.4 89.4 94.0 94 0 90.0 94 9 82.6 94 9 85.5 95.5 94.8 89.4 75. 6 92.8 80.6 96.0 96 7 91.2 94 3 68.0 86 0 73.9 89.0 92.1 92.3 69.8 79.4 68.1 76.0 84.1 80.3 71.9 72.1 65.7 64.6 80 6 90.4 73 9 71.0 64.9 69.2 61.6 89.3 130.0 77.9 64.2 62.9 78.2 69.7 105 7 94.9 85 5 64.6 66 3 76.9 69.3 84.3 100.8 80.8 57.9 61.6 103 81 99 113 105 110 103 81 99 112 101 109 105 85 101 112 96 110 107 88 103 113 98 111 106 103 105 111 104 108 105 110 105 104 107 107 105 106 106 99 106 104 109 102 108 89 103 103 105 103 109 95 102 104 105 106 108 103 104 104 104 107 107 103 104 103 103 109 106 84 102 102 102 108 105 84 106 102 103 107 106 100 105 102 102 106 105 96 105 100 102 107 103 97 107 101 102 106 101 102 104 98 100 99 99 102 100 98 101 101 99 104 101 99 97 101 98 102 99 100 97 101 98 105 102 98 97 99 95 99 100 89 97 97 96 91 101 97 96 96 99 92 101 96 99 94 98 92 96 97 100 96 98 97 96 97 98 96 96 98 92 98 96 97 94 98 92 94 95 97 94 98 94 97 95 109 94 97 95 95 95 102 94 99 96 95 92 98 95 99 97 95 94 101 95 98 95 94 94 98 94 99 96 94 94 97 95 99 93 94 94 97 93 106 94 94 94 96 94 103 92 92 no 91 97 93 102 93 93 109 92 96 93 98 98 91 106 91 94 92 97 97 91 107 91 99 93 94 95 89 105 91 99 92 94 95 92 ' 107 92 96 93 91 95 90 104 94 97 94 92 95 88 105 92 93 95 91 91 89 105 91 97 95 91 90 89 104 92 95 94 94 89 90 101 90 97 93 92 87 91 104 90 96 93 92 85 91 102 89 96 94 89 86 92 101 89 96 93 91 86 92 102 89 95 94 92 83 94 102 91 94 95 96 82 94 105 91 93 97 98 82 96 102 90 93 97 99 80 98 101 89 92 94 97 81 92 102 89 92 94 96 80 97 98 89 93 93 97 83 97 98 88 96 93 95 82 97 99 88 96 92 95 80 96 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Leather and Food products group Tobacco products group products group Can- Slaugh Chew- Year and month B s a h o n o o d e t s s Le e a r th- Bak- Bev- Butter s n p a e i r n r n e v d g - - t C f e i o e r o c n n y - - - Flour cr I e c a e m t p m e a a r n e c i d a n k t g - S b u e g e a t r, f S i c n u r a i e g n n - a e g r , in s i b n m g a g c o a c t n k o o d - , - C r c i a e i g t n g t a d a e r - s s ing ing etc. 1928—January. __ 108 96 February.. 108 89 94 March 109 99 94 April 110 100 93 May 111 94 June 111 93 July 112 88 August 113 97 95 September. 115 97 92 October.... 115 100 92 November. 116 101 91 December. 118 101 91 1929—January... 118 137 100 87 February. _ 120 132 101 89 March 89 121 128 101 88 April 122 165 101 May 123 139 101 June 123 125 101 July 97 124 138 103 August 98 126 134 105 September. 99 126 127 101 85 October 100 127 132 102 84 November. 101 126 138 102 84 December. 127 138 102 80 1930—January... 126 124 103 83 February.. 125 122 82 March 124 128 82 April 124 135 82 May 123 137 82 June 123 134 82 July 121 136 August 121 137 September. 119 148 78 October 118 151 76 November. 117 138 75 December. 117 135 1931—January. __ 116 88 128 142 February._ 115 89 124 68 March 78 114 86 121 61 April 78 113 86 102 56 75 May 78 113 87 105 50 74 June 78 112 85 106 55 73 July 80 113 86 109 60 72 August 80 113 85 107 59 72 September. 77 112 84 108 59 71 October 74 111 83 100 71 69 November- 72 109 84 91 78 68 December . 72 110 84 92 91 65 1932—January... 71 109 84 95 60 February._ 72 108 83 92 73 March 71 109 80 93 80 April 71 108 81 91 81 May 68 108 80 88 81 June 64 106 80 94 89 64 July 63 106 76 84 89 64 August 65 106 73 79 79 63 September 68 104 78 81 87 64 October. _. 70 106 78 83 92 64 November. 72 105 81 90 98 65 December. 71 106 78 93 110 65 1933—January.._ 70 107 80 103 145 63 February.. 71 107 82 107 79 163 62 March 69 107 91 105 79 140 57 April 66 107 128 113 80 139 56 May. 74 108 144 116 83 130 64 June 81 109 157 109 85 133 65 July 86 111 158 97 88 132 65 August 92 113 158 94 97 128 65 September 93 118 161 119 105 132 63 October 120 158 133 103 111 64 November. 119 158 129 100 121 66 December. 90 119 164 129 96 145 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 975 TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES— Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] pr L o e d a u t c h t e s r g a r n o d up Food products group prod T u o c b t a s c g c r o oup Can- Slaugh- Chew- Year and month Boots Leath- Bak- Bev- Butter n a i n n d g C f o ec n - - Flour Ice te a r n i d ng Sugar, Su re ga - r in s g m o a k n - d Ci a g n a d rs shoes er ing erages pre- tion- cream meat beet fining, ing to- cigaserv- ery pack- cane bacco, rettes ing ing etc. 1934—January.. _. 89 91 121 168 94 124 79 75 66 95 151 79 64 62 February.. 95 92 122 169 92 127 83 77 66 97 83 86 67 67 March 96 93 124 169 93 159 83 78 65 97 87 86 68 69 April 97 93 125 170 93 138 81 78 67 97 93 84 68 70 May 100 92 126 179 96 136 80 78 72 100 94 85 67 66 June 97 92 126 181 96 146 78 78 72 104 97 89 64 66 July 95 91 128 182 93 136 79 79 73 106 105 80 64 65 August 94 88 127 182 91 150 81 79 72 116 103 85 64 68 September. 89 87 126 178 88 137 84 79 70 125 101 85 64 67 October 88 87 127 178 88 141 83 80 71 119 98 87 63 66 November. 93 89 127 176 87 144 81 78 70 no 88 91 63 64 December. 96 92 128 174 85 145 83 79 70 103 68 88 61 65 1935—January.... 96 93 121 173 84 149 83 79 69 93 55 87 61 65 February.. 96 94 126 174 84 148 84 78 70 88 95 84 60 62 March 96 93 125 173 82 139 85 78 70 87 96 81 60 62 April 96 94 125 170 83 147 84 78 71 85 98 84 59 61 May 93 94 125 171 83 150 83 77 70 83 96 82 57 62 June 90 93 125 168 83 144 82 77 70 83 88 83 58 62 July 91 93 123 172 83 167 81 76 70 83 91 83 58 62 August 92 94 123 175 82 151 79 77 70 82 108 80 56 61 September 91 96 125 173 82 155 79 76 67 81 112 75 56 61 October.... 90 95 125 172 81 139 77 76 67 81 120 78 57 61 November. 91 100 125 177 80 136 75 76 68 83 112 75 56 60 December. 96 99 125 176 81 140 79 75 68 82 88 78 57 61 1£36—January... 95 97 126 179 83 139 77 76 67 83 48 79 56 60 February.. 93 95 126 177 83 133 76 76 67 83 76 81 55 61 March 91 94 127 182 83 133 76 76 68 84 86 80 56 61 April 89 94 127 178 84 131 77 76 71 84 90 81 56 60 May 89 95 127 189 85 137 77 74 74 85 84 80 56 62 June 89 94 127 183 86 147 77 74 72 86 88 80 56 61 July 91 94 129 196 86 140 78 77 72 92 92 78 56 62 August 91 96 129 195 85 141 82 76 70 92 109 79 56 63 September. 91 98 129 196 82 148 78 74 72 92 111 76 56 62 October 92 96 131 187 82 145 76 74 69 91 118 74 57 62 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Chemicals and petroleum products group Paper and printing group Rubber products grouP Chemicals group, except petroleum Year and month Print- Cot- Rub- Book ing, ton- Drug- Paints Ray- Pe- Rub- Rub- ber B pa o p x e e r s, P p a a u n p l d p er p a r j i o n i n n b g d t- p p n e a a e r n p w io d e s d r - s - Total C i h ca e l m s - c s a o e a n i e k l d d , e p t g a i r i o r e s a n p t - s s - s p E iv l x o e - - s i F z ti e e l r r - s - n v a is a n h r d e - s o a p n u l r l c o a i t e d n s d - d Soap le tr u o m - s b a b h o n e o o d r e t s s g o b o a th e o ll r e d r s t a n i i n r n e e d - r s icals meal tubes 1923 100.0 100.0 98.3 98.9 102.8 105.7 87.8 97.7 108.5 100.5 95.6 87.3 104.9 103.0 117.0 103.1 97.7 1924 99.5 97.3 100.7 101.0 96.9 98.0 100.5 96.8 94.8 93.1 97.6 93.1 100.0 96.1 83.6 91.6 94.5 1925 100.5 102.7 101.0 100.1 100.2 96.3 111.7 105.5 96.7 106.4 106.8 119.6 95.1 100.9 99.4 105.3 107.8 1926 102 1 105 8 104 9 101 7 105 4 108.3 98.7 112.8 110 8 103 0 105 4 1927 99.2 102.2 106.9 102 2 102 8 127.0 110.4 98.5 100.8 117.5 164 8 82.9 109.9 106.8 110.3 103.3 1928 96 3 100 8 107 4 104 5 102 5 106. 6 95.4 107.6 104 7 105 0 109.9 1929 97.9 106.1 113.1 111.0 113.6 109.2 109.0 116.4 95.3 113.4 122.3 244.4 88.6 124.4 102.1 120.3 110.0 1930 90 7 102 5 110 9 109 9 105 6 99.5 108.2 79.7 111 0 242 2 124 9 82 0 79.0 1931 81.8 89.5 100.7 101 8 92 7 85. 1 84.5 103.2 80.4 78.8 94.4 241 9 87.4 106 2 63.2 102.3 64.9 1932 _- 73.5 81.9 85.3 92.9 82.2 76.0 95.2 92.3 63.6 56.5 87.3 214.3 82.7 98.7 59.6 91.3 59.8 1933 83 0 89.0 78 5 93 4 95 4 93.3 98 1 94.7 70.8 70.7 95 9 276 7 88.3 106 5 72.0 105.3 69.9 1934. 91.5 103.8 84.7 98.6 108.8 114.9 92.0 105.2 87.6 92.4 112.2 302.3 98.6 118.3 76.8 114.3 80.9 1935 93.4 107.6 86.8 99.3 110.7 113.7 78.0 102.9 81.8 88.3 120.0 337.0 99.2 116.7 67.5 116.6 77.9 1923—January 94 96 96 98 100 9 98 101 98 99 109 112 February _. 96 97 98 97 102.7 98 103 100 100 112 115 March 99 102 98 98 102 9 99 109 89 102 116 115 April 100 104 99 97 101 3 97 112 86 106 120 112 May 101 103 97 99 107 4 97 112 101 110 126 112 June 102 104 98 99 106.6 96 113 104 108 127 105 July 102 101 99 98 104 7 99 111 113 106 129 96 August 103 102 98 99 104 3 97 109 110 105 126 80 September 101 99 99 100 101.3 95 110 102 102 114 75 October 101 98 99 100 100 3 98 115 108 101 114 78 November 100 97 99 101 101.6 97 106 107 99 108 83 December 100 98 99 101 101.1 100 102 107 97 104 88 1924 January 101 97 100 102 100.7 103 103 98 97 100 89 February 101 98 100 102 101 0 100 102 97 98 96 91 March 102 98 100 101 101 1 98 104 97 97 91 92 April 102 99 100 102 100 8 97 102 94 97 87 91 Mav 99 98 101 102 101.2 96 97 99 98 87 91 June 99 98 101 101 93 9 93 94 86 97 85 88 July 96 94 100 101 93.2 96 91 82 96 79 88 August 98 95 100 101 93 4 95 89 81 95 58 93 September 99 96 102 102 92.8 94 88 88 94 66 100 October 100 98 102 100 93 5 96 88 92 94 67 104 November 98 98 101 100 94 3 96 90 94 95 90 103 December 99 98 102 100 95.8 98 91 99 95 91 104 1925—January 99 98 102 100 96 6 101 93 97 96 95 101 February 102 100 102 99 97.1 99 93 92 96 100 102 March 100 103 101 100 98 7 102 96 101 96 99 104 April 101 103 101 99 100.3 103 101 116 97 98 105 May 101 103 100 99 98 4 107 103 96 97 98 110 June 100 101 101 101 98 7 106 101 98 99 99 112 July 99 103 100 100 99 9 108 100 105 101 104 114 August 99 103 101 101 100 4 109 99 112 102 99 113 September 100 102 101 100 101.6 109 97 112 104 101 108 October 101 105 101 100 102 3 107 94 116 106 99 106 November 101 105 101 100 103 0 108 93 114 107 99 108 December 102 106 101 101 104.4 107 91 117 108 103 111 1926—January 103 106 103 101 104.9 106 90 118 108 105 110 February 102 106 102 101 104 8 107 90 121 108 103 109 March 102 106 103 101 105 3 109 91 117 107 108 108 April 102 107 104 101 104 9 109 94 104 108 107 105 May 102 107 104 101 106 4 111 94 111 109 107 101 June.. 102 106 105 101 107 3 110 98 116 110 106 101 July 103 105 105 101 106.1 104 101 113 110 85 102 August 103 105 105 102 106 6 109 100 112 111 105 104 September 102 106 107 102 105 9 108 105 116 113 104 106 October 101 106 107 103 105 3 109 107 113 115 102 110 November 101 106 108 103 104 9 109 108 112 115 101 106 December.. _ 101 104 107 102 103 7 109 106 101 115 100 103 1927—January. 101 104 105 103 106 1 111 103 104 117 102 102 February. 99 104 107 103 105.7 111 101 104 118 104 101 March 98 104 107 103 105 7 110 98 102 118 104 103 April 99 104 107 103 105 1 110 99 102 115 104 107 May 99 101 107 102 103 6 110 96 106 112 106 108 June. 99 101 107 102 102 7 111 99 101 110 108 107 July _ 99 101 106 102 102 1 108 100 97 109 106 105 August 99 102 107 102 101.6 112 99 97 107 106 104 September 100 102 107 101 101.1 110 98 100 105 110 101 October 99 102 107 102 99.9 113 97 97 104 110 101 November... 99 102 108 101 100.3 111 96 98 102 110 100 December 98 101 108 101 99.3 110 97 99 102 112 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

977 DECEMBER 1936 FEDERAL RESERVE BULLETIN TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Chemicals and petroleum products group Paper and printing group Rubber products group Chemicals group, except petroleum Year and month B pa o p x e e r s, P p a a u n p d l e p r p B a j r i o o n n in b o g d k t- p p P n e a a e r r n n i i p w o g n d e d , s t r - - - s Total C i h ca e l m s - s c C t a o o e a n o i e n k l d t d , - e - D p t g a i r r i o r e u s a n t p g - s s - - s p E iv l x o e - - s i F z ti e e l r - r - s n P v a i a s n a i h n r d e - t s s o a p R n u l r l a c o i a e y t d s n d - - d Soap le t P r u e o m - - b s R a b h o n u e o o d b r e t - s s g o R b o a t u e o h ll b r d e - r s t R a b n i i u n e e n r b e d r r - - s icals meal tubes 1928—January 100 108 102 98.3 100 95 99 102 110 105 February 99 109 102 99.9 105 100 109 102 109 108 March 100 106 103 99.6 105 95 114 103 103 108 April 99 105 104 99.0 104 96 106 101 108 104 May 99 107 104 98.8 105 95 103 101 107 102 June 100 107 104 100.7 107 93 109 102 100 104 July 100 109 105 101.0 103 93 108 104 108 109 August 101 308 105 100.9 109 88 106 105 104 114 September... 102 107 106 102.9 110 94 108 107 103 115 October 102 108 106 107.1 110 97 108 108 103 117 November.-. 104 108 107 108.4 111 98 107 110 104 117 December.,. 102 107 110.3 110 101 113 111 101 116 1929—January 103 108 108 111.8 108 113 101 108 236 111 100 119 February 104 112 108 112.6 110 120 104 106 237 114 98 118 March 104 112 108 114.9 112 118 104 114 246 117 100 119 April 105 110 109 115.9 113 117 105 118 249 119 100 118 May 105 112 109 112.3 111 115 102 111 231 122 100 116 June 106 113 111 113.2 111 115 98 113 242 123 103 114 July 106 115 111 114.7 109 116 94 121 249 127 106 113 August 107 114 112 114.8 110 116 93 119 250 128 110 111 September.. 108 118 114 113.8 108 116 91 114 247 130 107 107 October 100 109 114 114 113.8 107 117 90 113 249 134 104 103 November... 100 108 115 114 113.3 105 117 115 251 135 91 December... 108 115 114 111.6 107 116 110 246 133 1930—January 108 114 113 110.6 105 114 116 246 133 88 February 108 113 112 109.9 103 112 118 243 134 85 March 108 114 112 109 9 102 110 123 250 132 84 April 107 112 111 108.4 101 109 109 251 128 84 May 106 113 111 108.0 101 110 103 251 127 84 June 105 112 110 107.7 99 110 113 254 126 83 July 101 114 110 107.5 100 108 119 251 126 78 August 101 110 109 105.6 100 107 116 241 124 77 September.. 99 107 109 103.3 106 111 237 121 74 October 97 108 108 100.9 104 106 228 118 72 November.. 95 107 107 99.4 104 115 December.. 85 95 107 106 98.1 104 225 116 1931—January 92 106 105 97.1 110 105 214 114 104 February... 92 105 104 95.3 94 107 215 113 102 March 91 104 105 94.0 105 228 103 102 66 April 91 104 105 95.0 103 236 111 102 65 May 92 103 104 95.2 103 248 112 103 66 June 101 103 94.3 101 259 107 105 65 July 100 102 93.2 103 261 106 105 64 August 100 100 91.3 104 260 103 104 65 September.. 98 99 90.2 105 251 101 103 63 October 97 100 89.4 103 248 102 99 63 November. _ 96 88.7 101 243 102 63 December.. 95 87.9 99 242 101 63 1932—January 95 88.3 91 99 248 102 62 February... 92 87.8 93 98 244 101 62 March 90 87.0 100 98 237 100 61 April 89 85.6 110 95 231 99 60 May 87 85.3 120 96 220 100 58 June 77.4 95 86 161 99 59 July 75.5 100 86 158 60 August 74.4 88 85 154 59 September.. 79.7 92 86 217 87 58 October 81.0 90 87 226 59 November.. 82.1 90 87 231 59 December.. 82.2 90 90 87 238 87 59 1933—January 82.9 78 85 244 85 58 February... 83.4 80 85 241 101 85 59 March 82.2 80 90 84 231 101 83 56 April 82.1 79 88 85 219 101 85 56 May 86.2 83 95 89 90 247 82 103 91 59 June 91.2 88 117 91 96 265 104 101 67 July 100.9 94 118 95 102 284 103 113 76 August 102.7 103 109 95 106 314 105 129 83 September.. 102 106.1 107 105 97 106 325 110 129 84 October 103 106.8 108 105 100 105 319 115 129 83 November.. 101 106.8 109 96 103 103 320 118 122 80 December.. 100 106.2 109 97 105 103 310 119 114 80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN DECEMBER 1936 TABLE 6—FACTORY EMPLOYMENT: INDEXES BY INDUSTRIES—Continued [Adjusted for seasonal variation. Adjusted to Census of Manufactures through 1933. 1923-25 average=100] Chemicals and petroleum products group Paper and printing group Rubber products group Chemicals group, except petroleum Year and month Print- Cot- Rub- B p o a x p e e s r , P p a a u n p l d e p r p B a j r i o o n n in o b g d t k - p p n e a a e r i n p n w io g d e s d r * - s - Total C i h c e al m s - s c t a o e a o i n e n k l d d - , e D p t g a r r i i r u e s o a t n p g - s - s - s p E i l v x o e - - s i F z ti e e l- r r - s P n v i a a a s i n r h n d e - t s s o a p R n u l r a c l o a i t y d e n s - - d d Soap l t P e r e u o - m - b R s a b o h u n e o o b d r t e - s s g o R b o t a u e l o h b r d e l - s r t a b n i i n r n e e e d - r r s icals meal tubes 1934—January.. 99 108.3 113 103 105 108 311 92 118 85 113 78 February,. 101 110.3 113 116 106 110 313 97 119 83 116 81 March 103 110.7 116 102 106 111 313 101 118 83 121 83 April 105 111.6 118 102 106 113 314 102 116 86 124 86 May 106 99 108.2 119 99 105 115 268 101 118 83 126 85 June 105 99 108.4 118 92 106 114 280 118 81 117 84 July 103 98 109.2 118 90 103 113 301 118 80 118 81 August 103 99 109.4 117 92 105 113 302 120 75 112 80 September. 104 100 107.9 114 88 105 112 300 96 118 72 108 78 October. __ 105 99 106.9 113 83 106 111 296 100 119 68 104 77 November. 105 99 107.1 110 74 106 113 309 101 119 65 103 76 December. 106 85 99 108.2 110 79 105 114 318 119 64 108 1935—January... 105 98 109.2 111 78 104 113 329 117 ' 68 114 82 February.. 107 109.7 111 76 106 115 334 101 115 70 115 82 March 108 110.3 111 80 102 117 340 102 116 70 116 April 108 87 110.0 114 78 104 120 329 100 116 68 117 May 108 109.9 114 75 104 90 121 328 97 116 68 116 76 June 108 111.4 114 78 104 100 121 334 98 117 67 114 75 July 107 110.9 115 77 104 121 332 100 117 66 113 74 August 107 99 110.7 114 76 103 120 338 98 118 69 114 76 September. 108 101 111.0 114 77 102 79 121 348 100 115 68 118 78 Ocfober 108 101 111.9 115 81 101 122 344 100 117 67 119 79 November. 108 100 111.8 115 81 101 124 343 100 117 65 120 77 December . 109 101 111.2 116 77 101 123 345 97 117 67 122 78 1936—January... 107 101 111.2 116 76 100 123 344 97 116 69 120 78 February.. 108 102 109.2 116 72 101 121 335 95 116 69 118 76 March 108 102 110.6 116 73 102 121 343 95 116 72 118 57 April 109 103 109.1 116 68 103 123 325 94 118 78 12] 75 May 109 103 112.0 117 71 104 122 342 96 118 75 122 76 June 109 103 112.2 117 62 105 124 350 97 117 73 123 79 July 108 101 114.6 121 61 105 126 358 95 120 78 124 82 August 109 102 114.9 122 53 102 127 360 103 117 75 124 87 September. 110 105 118.1 126 78 101 129 360 106 120 75 126 89 October... 111 105 117.5 129 71 100 129 354 103 119 75 130 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

979 DECEMBER 1636 FEDERAL RESERVE BULLETIN NETHERLANDS GOLD EMBARGO AND CURRENCY LEGISLATION The Netherlands Government announced bullion is temporarily prohibited beginning Septemlate on September 26 its intention to prohibit ber 27, 1936, with the understanding that exceptions from this prohibition will be granted in favor of shipthe export of gold as a consequence of the ments accompanied by an authentic certificate of the monetary measures taken by France and Netherlands Bank, dated September 28,1936, or later, Switzerland earlier the same day. This an- stating that the shipment described therein is renouncement was followed by the issue of a leased for export; the said certificate must be de- Royal decree dated September 26 promulgat-livered to officials of the customs service for cancellation at the time of exportation. ing the embargo and of two regulations of the The Minister of Finance, Minister of Finance dealing respectively with OUD. the procedure for licensing exports of gold The Hague, September 26, 1936. and the closing of the security exchanges. A brief account of the Government's action was LAW OF THE THIRTIETH OF SEPTEMBER, 1936, CONgiven in the BULLETIN for October 1936, p. CERNING PROHIBITION OF EXPORT OF GOLD COIN AND 760. The Royal decree and the regulations BULLION.1 were published in a special number of the Wilhelmina, by the grace of God, Queen of the Nederlandsche Staatscourant bearing the Netherlands, Princess of Orange-Nassau, etc. date September 28. A law of September To all to whom these presents shall come, greetings: 30 gave statutory basis to the embargo decree, and another law of September 30 en- Whereas We have considered it necessary to give acted measures setting up a stabilization fund statutory basis to Our decree of September 26, No. 52, containing prohibition of export of gold coin and and relieving the Netherlands Bank of its gold bullion; obligation to redeem its notes. Translations Therefore, after hearing the Council of State and of various measures adopted are given below.after consultation with the States-General, We have approved and do hereby approve the following: ARTICLE 1. As soon as this Act comes into force PROHIBITION OF THE EXPORT OF GOLD COIN AND the Royal decree of September 26, 1936, No. 52, pro- BULLION hibiting the export of gold coin and gold bullion shall acquire force of law as from the day on which it was September 26, 1936. No. 52. signed. The embargo shall remain valid until re- We Wilhelmina, by the grace of God, Queen of the voked by the Government; its revocation shall be Netherlands, Princess of Orange-Nassau, etc. published in the Nederlandsche Staatscourant. ART. 2. The provisions of the Act of August 3, On proposal of Our Minister of State, Minister of 1914, (Staatsblad No. 344), as amended by existing Colonies, President of the Council of Ministers, and or future laws, shall apply to the embargo in like of Our Minister of Finance of September 26, 1936, manner as would be the case if such an embargo were No. 79, General Treasury: decreed in virtue of the said Act; except in so far as Having received a request of the Netherlands Bank the embargo itself contains provisions to the contrary. that Government measures be taken to prevent the possibility of removal of the gold supply of the ART. 3. This law shall come into force on the day Netherlands to foreign countries; after its promulgation. Have decreed and do hereby decree: We order and command that this decree shall be that the export of gold coin and gold bullion is tem- published in the Staatsblad, and that all Ministerial porarily prohibited from a date to be determined by Departments, authorities, institutions, and officials Our Minister of Finance, subject to exceptions there- whom it may concern shall see that it is strictly exefrom in certain specified cases to be granted in the cuted. discretion of the said Minister. Given at Loo Palace, the thirtieth of September, Our Minister of Finance is charged with the exe- 1936. cution of this decree. WILHELMINA. The Loo, September 26, 1936. The Minister of State, WILHELMINA. Minister of Colonies, The Minister of State, President of the Council of Ministers, Minister of Colonies, H. COLIJN. President of the Council of Ministers, The Minister of Finance, H. COLIJN. OUD. The Minister of Finance, Issued the thirtieth of September, 1936. OUD. The Minister of Justice, The Minister of Finance has ruled: VAN SCHAIK. That in pursuance of the Royal decree of September 26, 1936, No. 52, the export of gold coin and gold 1 Published as Staatsblad No. 101. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN DECEMBER 1936 LAW OF THE THIRTIETH OF SEPTEMBER, 1936, CON- ART. 3. Notwithstanding the provisions to the con- TAINING CERTAIN PROVISIONS IN CONNECTION WITH trary embodied in article 12 of the Bank Act 1919 3 THE EXTRAORDINARY CIRCUMSTANCES WITH REGARD (Staatsblad No. 553 of 1918), the Netherlands Bank TO FOREIGN EXCHANGE.2 is authorized to grant credits to the Government on the security of the Treasury paper which the Minister Wilhelmina, by the grace of God, Queen of the of Finance may issue under the terms of the preced- Netherlands, Princess of Orange-Nassau, etc. ing article. ART. 4. (1) The fund mentioned in article 1 will be To all to whom these presents shall come, greetings: managed by the Netherlands Bank in accordance with Whereas, We have considered it desirable to adopt the rules to be laid down by the Minister of Finance certain measures, in connection with the extraordi- and under his supervision. nary circumstances, with regard to foreign exchange; (2) The provisions of the Public Accountability Act of 1927 (Staatsblad No. 259) shall not apply to Therefore, after hearing the Council of State and the fund's operations. after consultation with the States-General, We have (3) As soon as the country's interests will permit, approved and do hereby approve the following: provisions shall be made by law to determine the way ARTICLE 1. A fund is established, for account and in which the use made of the moneys of the fund risk of the Government, for the purpose of influencing shall be accounted for and the date on which such foreign exchange rates by buying and selling money account shall be rendered. transfers, bills and similar paper payable abroad, ART. 5. The Netherlands Bank's obligation to pay and gold. its notes is suspended until further action by law. ART. 2. (1) The Minister of Finance is authorized ART. 6. This law shall come into force on the day to make advances to the fund mentioned in article 1 after its promulgation. We order and command that this law shall be pubon conditions to be fixed by himself; the total amount lished in the Staatsblad and that all Ministerial Deof the credits granted to the fund is not to exceed partments, authorities, institutions, and officials three hundred million guilders. whom it may concern shall see that it is strictly (2) The Minister of Finance is authorized to pro- executed. cure the funds required for making the advances Given at Loo Palace, the thirtieth of September, mentioned in the preceding paragraph by the sale 1936. of Treasury paper or by borrowing on the security WILHELMINA. of such paper, subject to existing or future provisions The Minister of Finance, of law on this subject. OUD. (3) Payments for interest and expenses incurred Published the thirtieth of September, 1936. in connection with the issue of the aforementioned The Minister of Justice, Treasury paper shall not be made out of funds ap- VAN SCHAIK. propriated in the budget to make provision for similar 3 Article 12, paragraph (1), of the Bank Act 1919 reads as folliabilities created by ordinary issues of Treasury lows : paper. "The Bank shall not grant to any person whomsoever any credit or advance without security; the terms credit or advance without security do not include moneys or goods entrusted by the Bank in its own interest to mandatories who are not in its regular service, 2 Published as Staatsblad No. 403. or to the Postal Cheque and Transfer Service." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN DECEMBER 1936 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding reserve balances Treasury Other Date co B d u i i n s ll t - s ed bo B u il g ls ht s m U G e e c r . e o u n S n v r - . t - i- R c O b e r a t s e h n e d e r k i v r t e Total M s t g t a o o o r c l n y d k e- T re c u r n u e r r y c a - y s- M i c n t u i o o l c n a n i e r - y - d R F b e e w e p a d s n o i e e t k s r h r i v s a t e s l b p m N e o r e o s m n i d t - e s - - R co F e e a s u e r c e a n d - r l t - v s e Total E m ( x e a c s t t e e i s d - s ) ties End of month figures: 1935—Nov. 30 6 5 2,430 39 2,480 9,920 2,438 5,846 2,618 284 253 5,835 3,100 Dec. 31 5 5 2,431 45 2,486 10,125 2,476 5,882 3,110 255 253 5,587 2,844 1936—Jan. 31 9 5 2,430 35 2,479 10,182 2,493 5.737 3,001 304 253 5,860 3,084 Feb. 29 _ . 7 5 2,430 40 2,482 10,167 2,499 5.846 2,937 327 254 5,784 2,986 Mar 31 8 5 2,430 31 2,474 10,184 2,504 5,877 3,607 332 259 5,087 2,305 Apr. 30 5 5 2,430 34 2 475 10 225 2 500 5,88( 3.213 356 260 5,486 2,664 May 30 5 3 2,430 35 2,474 10. 402 2,490 5,953 3,101 337 256 5,719 2,866 June 30 4 3 2,430 35 2.473 10 608 2.498 6 241 3 187 262 257 5,633 2,717 July 31 4 3 2,430 24 2.462 10, 648 2,496 6 162 2,879 306 253 6,005 3.029 Aug. 31 . 8 3 2,430 30 2,471 10, 716 2,500 6.227 2,508 287 256 6,410 1,950 Sept. 30 9 3 2,430 30 2.473 10, 845 2. 512 6.267 2.711 234 262 6,357 1,840 Oct. 31 6 3 2,430 36 2,476 11, 045 2,516 6,351 2,465 205 262 6,753 2,175 Wednesday figures: 1936—Jan. 8 5 5 2,430 35 2,476 10,144 2,476 5,783 3,049 265 253 5,745 3,002 Jan.15 5 5 2,430 45 2,485 10,158 2,492 5,722 3,018 284 253 5,859 3,095 Jan. 22 _ . 6 5 2,430 36 2,477 10,172 2,498 5,704 3,093 296 253 5,802 3,030 Jan 29 7 5 2,430 28 2,470 10,179 2,492 5,693 3,031 301 254 5,863 3,087 Feb. 5 10 5 2,430 44 2,489 10,168 2,491 5,742 2,958 324 255 5,869 3,089 Feb. 12 8 5 2,430 65 2,508 10,155 2,496 5,763 2,993 364 254 5,784 3,007 Feb. 19 7 5 2,430 64 2,505 10,160 2,499 5,771 2,979 327 255 5,832 3,045 Feb. 26 7 5 2,430 33 2,475 10,163 2,502 5,775 2,949 323 254 5,839 3,062 Mar. 4 6 5 2,431 34 2,475 10,167 2,506 5,848 2,898 321 269 5,813 3,043 Mar. 11 . 5 5 2,430 33 2,473 10,170 2,503 5,840 2,909 337 274 5,786 3,008 Mar. 18 6 5 2.430 44 2,485 10,173 2,503 5,841 3 587 328 261 5,144 2,388 Mar. 25 .. _„ 6 5 2.430 45 2,485 10,177 2,502 5,837 3,667 340 261 5,059 2,315 Apr. 1 7 5 2,430 34 2,477 10,185 2,504 5,884 3,614 331 259 5,077 2,338 Apr. 8 6 5 2,430 38 2,479 10,190 2,505 5,906 3.502 346 258 5,161 2,384 Apr. 15 6 5 2,430 35 2,477 10,200 2,502 5,877 3.374 335 260 5,333 2,548 Apr. 22 5 5 2,430 35 2,475 10. 209 2, 501 5,860 3,269 355 260 5,442 2,640 Apr. 29 5 5 2,430 32 2,472 10, 221 2,501 5,859 3.208 362 259 5,506 2,686 May 6 5 5 2,430 38 2,478 10, 248 2,497 5,912 3.175 345 259 5,532 2,697 May 13. . 5 5 2,430 30 2,469 10,302 2,496 5,888 3,161 351 257 5,611 2,774 May 20 5 5 2,430 30 2,470 10,375 2,493 5,896 3,138 353 258 5,694 2,859 May 27. 5 4 2,430 26 2,466 10, 388 2,494 5,902 3,116 326 256 5,747 2,901 June 3 . _. 6 3 2,430 50 2,489 10,409 2,493 5,953 3,084 349 292 5,713 2,844 June 10 5 3 2,430 32 2,471 10, 480 2,489 5,937 3,064 306 299 5,833 2,948 June 17 7 3 2,430 40 2,480 10, 543 2,490 6,048 4,028 282 261 4,894 2,043 June 24 6 3 2.430 32 2.472 10,600 2,500 6,173 3,577 252 261 5.308 2,438 July 1 4 3 2,430 35 2,473 10, 612 2,498 6,250 3,232 256 256 5,589 2,670 July 8 . 3 3 2,430 36 2,472 10, 622 2,498 6,242 3,015 263 256 5,814 2,883 July 15 3 3 2,430 42 2,478 10,629 2,496 6,190 3,021 266 255 5,872 2,923 July 22 3 3 2,430 30 2,466 10,634 2,497 6,153 2,955 300 254 5,935 2,986 July 29 4 3 2,430 23 2,460 10, 642 2,496 6,123 2,907 298 253 6,016 3,049 Aug. 5 4 3 2,430 26 2,463 10, 650 2,496 6,163 2,866 321 254 6,005 3,051 Aug. 12 8 3 2,430 36 2,477 10, 661 2,498 6,170 2,759 337 255 6,116 3,167 Aug. 19 6 3 2,430 18 2,457 10,678 2,499 6,184 2,625 342 255 6.229 1,813 Aug. 26 7 3 2,430 25 2,465 10, 695 2,501 6,184 2,553 336 256 6,332 1,892 Sept. 2 9 3 2,430 21 2,463 10, 717 2.502 6,225 2,482 280 255 6,441 1,958 Sept. 9 8 3 2,430 41 2,482 10, 736 2,508 6,276 2,420 271 288 6,471 1,997 Sept. 16 8 3 2,430 54 2,495 10, 762 2,507 6,255 2,789 251 263 6,206 1,714 Sept. 23 .7 3 2.430 33 2,473 10, 786 2.509 6,239 2,787 255 263 6,225 1,743 Sept. 30- 9 3 2,430 30 2,473 10, 845 2,512 6,267 2,711 234 262 6,357 1,840 Oct. 7 . 8 3 2,430 31 2,472 10, 971 2,509 6,305 2,636 271 263 6,479 1,954 Oct. 14 8 3 2,430 43 2,485 11,003 2.512 6.316 2.556 249 261 6,617 2,072 Oct. 21 6 3 2,430 23 2,463 11,008 2,514 6,311 2,491 227 264 6,693 2,127 Oct. 28 6 3 2,430 23 2,462 11,031 2,514 6,302 2,490 220 263 6,732 2,158 Nov. 4 7 3 2,430 7 2,448 11,058 2,515 6,378 2,487 200 262 6,693 2,138 Nov. 10. 7 3 2,430 29 2,470 11,105 2,516 6, 333 2,421 191 262 6,825 2,260 Nov. 18 5 3 2,430 25 2,454 11,127 2,520 6,375 2,428 197 260 6,851 2,276 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 1935 (table 2) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Averages of daily figures for recent months and years are shown in the table on p. 945. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 983 PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month figures 1936 1936 1935 Nov. 18 Nov. 10 Nov. 4 Oct. 28 Oct. 21 Oct. 14 Oct. 7 Sept. 30 Oct. Oct. ASSETS Gold certificates on hand and due from U. S. Treasury 8, 730, 839 8, 726,337 8, 650, 837 8,635,831 8, 609, 328 8, 581, 384 8, 527, 881 8, 384, 683 8, 650, 831 7,033,647 Redemption fund—F. R. notes.. 12,585 11, 853 11,354 12, 273 12, 471 13,136 12, 248 12, 428 11, 662 19, 727 Other cash 258, 858 243, 801 249, 355 265, 825 253, 547 251,328 252, 246 261, 445 251, 268 231, 685 Total reserves __ _ ___ _. 9, 002, 282 8,981, 991 8, 911, 546 8,913,929 8, 875, 346 8, 845,848 8, 792, 375 8, 658, 556 8,913,761 7, 285, 059 Bills discounted: For member banks _____ 4,742 6,363 6,574 5,604 5,667 7,741 7,121 6,545 5,882 6,332 For nonmember banks, etc 503 503 503 503 503 418 418 2,906 503 9 Total bills discounted 5,245 6,866 7,077 6,107 6,170 8,159 7,539 9,451 6,385 6,341 Bills bought: Payable in foreign currencies 3 086 3,086 3,087 3,087 3,089 3,098 3,098 3,098 3,087 4,676 Industrial advances 26, 037 26, 281 26, 474 26, 299 26, 427 26, 480 27,142 28,145 26, 478 32, 729 U. S. Government securities: Bonds 379,960 379,960 379, 960 378, 077 378,077 378, 077 378, 077 378,077 378, 077 238, 945 Treasury notes 1, 443, 363 1, 443, 363 1, 443, 363 1, 443, 363 1, 443, 363 1, 443, 363 1, 443, 363 1, 443, 363 1,443, 363 1, 635, 087 Treasury bills - 606,904 606,904 606,904 608, 787 608, 787 608, 787 608,787 608, 787 608,787 556,162 Total Government securities 2,430, 227 2, 430, 227 2, 430, 227 2, 430, 227 2,430, 227 2,430, 227 2, 430, 227 2, 430, 227 2,430, 227 2,430,194 Other reserve bank credit. __ _ -981 3,248 -18,577 -3,382 -2,514 17,178 4,291 2,435 9,344 7,587 Total Reserve bank credit outstanding ._ 2, 463, 614 2, 469, 708 2, 448, 288 2, 462, 338 2, 463, 399 2, 485,142 2,472, 297 2, 473, 356 2,475, 521 2, 481, 527 LIABILITIES F. R. notes in actual circulation _. 4,134, 270 4,142,981 4,134, 747 4,086, 242 4,091, 064 4,093,187 4, 077, 724 4,049,143 4,115, 874 3, 531, 891 Deposits: Member bank—reserve account _ _ _ 6, 850, 652 6,824, 565 6, 693, 359 6,732,003 6, 693,447 6, 616,920 6,478,948 6, 356,952 6, 752,698 5, 647, 701 U. S. Treasurer—general account--. 50, 485 54, 589 94, 549 99, 903 88, 337 135, 246 195, 786 252, 737 77,109 52,647 Foreign bank.__ ___ _ __ 52, 702 48,804 46, 778 65,479 63, 782 88,904 74,395 51, 950 44,249 22, 415 Other deposits... _ _.._ __._.. 143, 893 142,440 153,316 154,170 163, 492 159,828 197,022 181,873 161, 204 276, 413 Total deposits _ 7, 097. 732 7, 070, 398 6, 988, 002 7,051,555 7,009, 058 7,000, 898 6, 946,151 6, 843, 512 7, 035, 260 5, 999,176 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) . _ _ 80.1 80. 1 80.1 80.0 80.0 79. 7 79.8 79.5 79.9 76.4 MATURITY DISTRIBUTION OF U. S. GOVERN- MATURITY DISTRIBUTION OF BILLS HELD MENT SECURITIES HELD BY RESERVE BANKS BY RESERVE BANKS [In thousands of dollars] [In thousands of dollars] With- 3 mos. 1 year 2 years Over With- 16 to 31 to 61 to 91 days Over Total to 1 to 2 to 5 5 Total in 15 30 60 90 to 6 6 year years years years days days days days mos. mos. Total: Bills discounted: Oct. 28-. 2, 430, 227 655, 235316, 409371, 756 753, 789 313,30,38 Oct. 28 6,107 4,262 564 594 525 162 Nov. 4... 2,430, 227 630, 893338, 171, 756 753,802 33:4,,908 Nov. 4 7,077 5,250 565 319 155 Nov. 10.. 2,430, 227 627, 714342,047 3~7'1-, 756 753,802 ;3,3940,8 Nov. 10 6,866 5,130 511 209 156 Nov. 18.. 2,430, 227 621, 574348,187 371.!, 756 753,802 33:4,9,08 Nov. 18 5,245 4,054 479 317 Treasury bills: Bills bought in Oct. 28 608, 78: 389, 355219, 432 open market: Nov. 4 606,904 365,013241, 891 Oct. 28 3, 31 154 285 2,617 Nov. 10 606,904 361,834245,070 Nov. 4 3,087 83 264 2,566 Nov. 18 ... 606, 904 355,1 251, 210 Nov. 10 3,086 141 204 2,514 Nov. 18 3, 220 158 116 2,592 Treasury notes: Oct. 28 1,443, 363265, 880 96,977 3711,, 756 708, 750 Industrial ad- Nov. 4 1, 443, 363265, 880 96,977371, 756 708;,, '750 vances: Nov. 10 1, 443, 363265, 880 977 371', 756 708, 750 Oct. 28 26, 299 1,092 301 608 2,071 21, 243 Nov. 18 1, 443, 363265,880 96,977 371, 756 708, 750 Nov. 4 26, 474 1,035 457 677 949 2,002 21, 354 Nov. 10 26, 281 852 433 721 2,054 21, 341 Treasury bonds: Nov. 18 26, 037 991 348 780 797 2,004 21,117 Oct. 28 378, 077 45,039 3331,,038 Nov. 4 379, 960 45, 05: 334, 908 Nov. 10 379,960 45, 05: 334, 908 Nov. 18 379, 960 45, 05: 334, 908 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN DECEMBER 1936 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 h d h e i l i l - a a - C la le n v d e- m Ri o c n h d - l A a t n - ta Chicago Lo S u t. is n M o e l a i 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 - ASSETS Gold certificates on hand and due from U. S. Treasury: Oct. 28 8,635,831 572,964 3, 240,051 494 932 632,154 294, 267 233,163, 1733, 246 259, 435162, 554 247,102 161, 952 60:4,, 011 Nov. 4 8,650,837 583, 703 3, 247,400 495,'085 629, 566 311,690 235, 811,4 7 1:3,828 251,104 166.,,869 251,271166, 209 598,298 Nov. 10 8, 726, 337571,124 3,321, 289 497.834 638, 707 299, 67423 f8, 256 1, 717, 645 257, 258172.814 249,989163, 650598,097 Nov. 18 8, 730, 839577, 778 3, 322, 430 496 503 646,951 293, 654 232, 212, 1718, 330 252,195176, 575 252, 778165,849595, 575 Redemption fund—Federal Reserve notes: Oct. 28 12,273 1,666 1,476 427 882 660 2,557 414 676 717 790 270 1,738 Nov. 4 11, 354 1,627 1,304 362 821 387 2,487 245 661 709 780 261 1,710 Nov. 10 11,853 1,627 1,304 362 821 387 2,487 745 661 709 779 261 1,710 Nov. 18 12, 585 1,590 1,136 293 767 595 2,447 693 1,648 702 767 253 1,694 Other cash: Oct. 28 265, 825 31,027 65, 512 32,153 21, 547 13,956 11, 267 30,074 12, 780 6,203 15,026 7,377 18,903 Nov. 4 249, 355 29,936 56, 60430, 263 23, 521 14, 834 11,712 24, 037 13, 707 7,096 14, 205 7,022 16, 418 Nov. 10 243,801 27,963 62,435 29,633 19,446 14, 245 10,850 22, 242 13,822 6,440 13, 237 7,178 16, 310 Nov. 18 258,858 28,622 63,133 30,103 21,670 14,821 11, 838 26,788 15,626 6,291 14,138 7,306 18, 522 Total reserves: Oct. 28 5, 913, 929605, 657 3,307,039527,512 654, 583308, 883 246, 9871, 763, 734272, 891169, 474 262, 918 169, 599 624, 652 Nov. 4 \, 911, 546615, 266 r 552255,,771100 665533,,908 326,911250,0131, 738,110265, 47':2 174, 674 T "" Nov. 10 i, 981,991600, 714 527,829 658,974314, 306 251, 5931, 740,63!271, 741179,963 264^ 005 17l| 089 616^ 117 Nov. 18 ), 002, 282 607,990 3, 386, 6995267,899 669, 388 309,070 246, 5061,745,811269, 469183, 568 267, 683 173, 408 615, 791 Bills discounted: Secured by IT. S. Government obligations direct or fully guaranteed: Oct. 28 3,421 112 2,862 69 150 101 35 2 20 Nov. 4 4,142 572 3,195 85 2 101 50 2 60 Nov. 10 4,128 612 3,156 45 2 101 70 2 60 Nov. 18 3,345 492 2, 185 12 101 65 2 45 Other bills discounted: Oct. 28 2, 47 2,091 48 47 17 58 45 12 121 119 35 Nov. 4 2, 935 47 2,385 82 46 22 17 58 45 12 115 71 35 Nov. 10 2,738 37 2,251 4' 46 22 17 58 45 12 115 53 35 Nov. 18 1,900 37 1,520 47 46 22 17 58 45 12 14 47 35 Total bills discounted: Oct. 28 6,107 159 4,953 117 116 197 17 58 146 12 156 121 55 Nov. 4 7,077 619 5,580 167 121 24 1 58 146 12 165 73 95 Nov. 10 6,86( 649 5,407 92 126 24 17 58 146 12 185 55 95 Nov. 18 5,24^ 529 3,808 232 126 34 92 58 146 12 79 49 80 Bills bought in open market: Oct. 28 3,087 225 1,097 317 294 121 108 386 61 87 87 218 Nov. 4 3,087 225 1,098 317 294 121 108 385 61 87 87 218 Nov, 10 3,086 225 1,098 317 294 120 108 385 61 87 87 218 Nov. 18 3,086 225 1,098 317 294 120 108 385 61 87 218 Industrial advances: Oct. 28 26, 299 2,831 6,299 5,059 1,363 2,953 1,604 515 1,134 824 1,430 1,755 Nov. 4 26, 474 2,910 6,495 5,037 1,352 2,938 1,592 514 1,123 815 1,426 1,755 Nov. 10 26, 281 2,909 6,473 5,023 1,346 2,826 514 1,554 514 1,120 815 1,414 1,773 Nov. 18 26,037 2,904 6,409 5,013 1,262 2,789 498 1,540 1,103 814 1,408 1,809 U. S. Government securities: Bonds: Oct. 28 378,077 27,100 100, 381 32, 51338, 235 19, 526 15,431 44,172 18,016 14, 111 19, 581 15, 656 33, 355 Nov. 4 379,960 27, 234 100,883 32,675 38,425 19, 623 15, 508 44,392 18,107 14,182 19, 677 15, 734 33, 520 Nov. 10 379,960 27, 234 100,883 32,675 38, 425 19,623 15, 508 44,392 18,107 14,182 19, 677 15, 734 33, 520 Nov. 18 379,960 27, 234 100,883 32,675 38,425 19, 623 15,508 44, 392 18,107 14,182 19,677 15,734 33, 520 Treasury notes: Oct. 28 1, 443,363103,454 383, 224124,124145.967 74, 543 58,910 168,634 68, 782 53, 873 74, 747 59, 771127, 334 Nov. 4 1, 443, 363103, 456 383, 222124,124145, 96874, 543 58, 910 168, 634 68, 781 53,872 74, 748 59, 770127, 335 Nov. 10 1, 443,363103,456 383, 222124,124145.968 74, 543 58,910 168, 634 68,781 53, 872 74,748 59,770 112277,, 335 Nov. 18 1, 443, 363103, 456 383, 222 124:;, 121445, 968 74, 543 58, 910 168, 63468, 781 53, 872 74, 74859, 770127, 335 Treasury bills: Oct. 28 608, 787 43, 636 161, 638 52,353 61, 56731, 441 24, 847 71,127 29,011 22, 723 31, 52725, 210 53, 707 Nov. 4 606,904 43, 500 161,138 52,191 61, 376 31, 344 24, 770 70, 907 28,921 22, 653 31, 430 25,133 53, 541 Nov. 10 606, 904 43, 500 161,138 52,191 61, 376 31, 344 24, 770 70, 907 28, 921 22, 653 31, 43025,133 53, 541 Nov. 18 606,904 43, 500 161,138 52,191 61, 37631, 344 24, 770 70, 907 28,921 22, 653 31, 430 25,133 53, 541 Total U. S. Government securities: N O o ct v . . 2 4 8 2 2 , , 4 4 3 3 0 0 , , 2 2 2 2 7 71 1 7 7 4 4 , , 1 1 9 9 0 0 6 64 4 5 5 , , 2 2 4 4 3 32 2 0 0 8 8 , , 9 9 9 9 0 0 2 2 4 4 5 5 , , 7 7 6 6 9 9 1 1 2 2 5 5 , , 5 5 1 1 0 0 9 9 9 9 , , 1 1 8 8 8 8 2 2 8 8 3 3 , , 9331 1 1 1 5 5 , , 8 8 0 0 9 9 9 90 0 , , 7 7 0 0 7 7 1 12 2 5 5 , , 8 8 5 5 5 5 1 10 0 0 0 , , 6 6 3 3 7 7 2 2 1 1 4 4 : : ,, ,, 3: 3; 9 9 6 6 Nov. 10 2, 430, 227174,190 645, 243208,990245, 769125, 510 99,188 283,933115,809 90,707125,855IOO; 637 214, 396 Nov. 18 2, 430, 227174,190 645, 243208,990245, 769125, 510 99,188 283, 933115, 809 90, 707125, 855 100, 637 214, 396 Total bills and securities: Oct. 28 2, 465, 720177, 405 657, 592214,483 247r,,542128, 781 99, 845 285, 981116, 556 91,914 ]126, 922 102, 275 216, 424 Nov. 4 2,466,865177,944 658,416214,511247, 536128, 593 99, 830 285,968116, 55591,903 126', 922 102^ 223 216', 464 Nov. 10 2, 466, 460177, 973 658, 221214,422247, 535128,480 99,827 285, 930116,555 91, 900 126, 942 1V0 2,193 216,4"8"2" Nov. 18 2,464, 595177,848 656, 558214, 552 247,,451128, 45399,886 285,916116, 52991,883 1126, 835 102,181216,503 Due from foreign banks: Oct. 28 220 16 86 21 20 9 8 26 4 15 Nov. 4 220 17 84 21 20 10 8 26 4 15 Nov. 10 220 16 21 20 10 8 26 4 15 Nov. 18 221 17 21 20 10 8 26 4 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 985 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS BY WEEKS—Continued [In thousands of dollars] Total B t o o s- n Y N o ew rk C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - ASSETS Federal Reserve notes of other banks: Oct. 28 24, 720 326 8,052 1,379 3,115 1,536 2,551 1,841 1,387 1,042 606 2,297 Nov. 4 24, 852 330 7,f" 441 1,349 2,656 1,509 3,166 1,575 1,049 1,282 518 2,989 Nov. 10 23, 289 351 6,620 465 1,240 3,337 1,544 2,399 1,413 908 1,261 798 2,953 Nov. 18 26/""" 339 7,462 780 1,575 2,811 1,694 3,502 1,728 1,336 1,663 651 3,385 Uncollected items: Oct. 28 573, 59, 431 137, 618 44, 249 53, 449 56,068 22, 661 74, 285 25,475 15,769 31, 572 23,090 30,139 Nov. 4 556,847 66, 581 119,735 42,610 52, 591 52, 614 22,470 74, 27824,651 18,092 32, 881 22, 559 27, 785 Nov. 10 573,938 55, 879 129,980 37,300 57,130 56, 797 25,108 72, 38426,488 16, 58636, 918 25, 305 34, 063 Nov. 18 718, 925 76, 653 174, 336 52, 370 68,479 61, 332 27, 431 93,955 30,913 20,862 43, 596 30, 737 38, 261 Bank premises: Oct. 28 48,062 3,113 10,856 5,079 6,525 2,919 2,284 4,833 2,452 1,534 3,361 1,526 3,580 Nov. 4 48,067 3,113 10,860 5,079 6,525 2,919 2,284 4,833 2,453 1,534 3,361 1,526 3,580 Nov. 10 48,067 3,113 10,860 5,079 6,525 2,919 2,284 2,453 1,534 3,361 1,526 3,580 Nov. 18 48,066 3,113 10,860 5,078 6, 525 2,919 2,284 4, 833 2,453 1,534 3,361 1,526 3,580 All other assets: Oct. 28 39,116 375 29, 538 3,297 1,590 1,091 1,375 478 194 289 321 271 297 Nov. 4 40,255 473 30,264 3,119 1,729 1,115 1,406 593 237 328 298 296 397 Nov. 10 40,988 479 30,902 3,176 1,695 1,223 1,385 595 277 316 270 321 349 Nov. 18 41, 725 485 31, 552 3,r " 1,746 1,203 1,412 605 322 302 303 317 380 Total assets: Oct. 28 12,065,573846, 323 4,150,781795,229 965,088 500,866 374,696 2,131,888 419,413280,370 426,142 297, 373877, 404 Nov. 4 12,048,652863, 724 4,132,655 791,491963, 658 514,818 377, 520 2,106,974 410,947 287, 583 431,006 300, 620 867,656 Nov. 10 12,134,953838, 525 4,221,696 788, 292 973,119 507,072 381,749 2,106, 799 418,931291,210 432,763 301,238 873,559 Nov. 18 12, 302, 740866,445 4, 267, 552 802,798 995,184 505, 798 379, 221 2,134, 648 421,418 299,' 488 443J 447 308,' 826 877J 915 LIABILITIES Federal Reserve notes in actual circulation: Oct. 28 4,086,242360,346 841, 818 299',,187395, 544 202,112186 681 919, 591179,063129,988154,219 91,108 326,585 Nov. 4 ^ 4,134,747362,138 856,764 301., 552 396,549 2.,0557;4188,304 926,212 181,716132,166157,016 92,850 333,906 Nov. 10 4,142,981362,672 850,471303,590 404,483 205i,, 706187,871 930, 701181,164132,261156, 701 92,137 335, 224 Nov. 18 4,134, 270361,883 852,202 301,643 399,294 204:,,424 186,897 931,,^750 181,363133, 219 1~5"7,\ 42392,324 331 Deposits: Member bank—reserve account: Oct. 28 6, 732,003390,027 2,920,453 407, 249 442,947 214,828 143,005 1,061,019186,002 116,164 224,363160,830 465,116 Nov. 4 . 6, 693,3594.0.7_,4 66 2,918,851399,686 441., 225 222!,,357 898 1,031,848 176;470 120; 604 223; 260 158; 725 447; Nov. 10 6,824, 565381,311 .,-•-,--__ 4,, 885 _44_5.,, 270 _2_2_0,1 ,,571 ,__1_56 1, 050, 763187,605126,876 226,946 162, 906 455,029 Nov. 18 6,850, 652396, 670 3,016, 530 403, 923 458,336 216, 682 142, 5971,051, 709 18:4,, 711728,434 227, 336 164;160 459,558 U. S. Treasurer—general account: Oct. 28 99,903 2,610 22,325 3,379 10,744 8,733 3/ 22,405 5,440 3,600 3,838 4,361 9,030 N N N o o o v v v . . . 4 1 1 0 8 9 5 5 4 4 0 , , , 4 5 5 8 4 8 5 9 9 2 6 2 , , , 5 4 3 4 8 0 5 1 1 1 1 7 5 0 , , , 7 0 9 9 3 9 4 0 6 3 7 2 , , , 9 7 0 7 9 4 5 9 6 1 6 8 2 , , , 7 8 1 6 0 20 6 5 9 5 4, , , 2 5 7 7 7 0 1 5 9 5 1 1 , , , 5 4 4 6 8 9 7 5 5 1 4 6, , 5 5 1 9 7 0 9 1 5 6 3 2, , , 7 7 2 4 2 0 1 8 7 4 2 1 , , ,3 0 5 4 5 0 6 6 8 2 1 1, , , 7 9 9 0 6 4 8 2 6 4 3 5 , , , 2 2 8 6 5 2 0 2 6 1 4 4 3 , , , 6 6 7 6 5 2 3 9 6 Foreign bank: Oct. 28 65, 479 4,796 24,323 6,027 5,963 2,852 2,268 7,518 1,944 1,556 1,880 4,472 Nov. 4 46, 778 3,468 17,019 4,358 4,312 2,062 1,640 5,436 1,406 1,125 1,359 3,234 Nov. 10 48, 804 3,468 19,045 4,358 4,312 2,062 1,640 5,436 1,406 1,125 1,359 1,359 3,234 Nov. 18 52, 702 3r 19, 579 4,851 4,799 2,295 1,825 6,051 1,565 1,252 1,513 1,513 3,599 Other deposits: Oct. 28 '_ 154,170 4,596 83,148 1,588 24,345 2,993 3,436 1,803 8,850 740 1,851 16,824 Nov. 4 153,316 3,485 82,628 1,746 25,080 3,413 2,819 1,295 8,392 4,275 217 3,388 16, 578 Nov. 10 142,440 4,787 70,063 1,432 24, 204 3,215 3,583 1,594 7,542 4,301 232 3,039 18,448 Nov. 18 143,893 4/~~ 68, 484 ir~ 24, 359 3,549 7,133 1,690 7,792 4,234 816 3,186 16,331 Total deposits: Oct. 28 7,051, 555402,029 31,,050,249 418, 243 483,999 229,406 152,147 ,1 092,745 202,236 125,316 230,821 922 495,442 Nov. 4 6,988,002417,000 33,,026, 294 4121,,883366 448822,, 773377 2"37,,541154,852 1,055,084 192,995 130, 298 482, 507 N N o o v v . . 1 10 8 . 7 7 , , 0 0 7 9 0 7 , , 3 9 7 8 32 3 4 9 0 5 7 , , 8 46 6 4 7 3 3 , , 1 1 1 1 8 4 , ,6 3 2 4 7 5 4 4 1 1 4 3 :, ,3 , 7 9 6 7 4 4 9 6 48 ; 2 0 6 ,5 0 9 2 2" 13 2" 1 61 , ,| 4 7 2 9 3 7 1 15 5 3 5 , , 9 0 4 4 6 0" 1 1, ,0 5 0 7 6 , 4 9 , 6 0 4 4 9 1 9 1 9 9 , 6 , 7 8 6 1 1 5 1 1 3 3 3 6 ,6 , 4 42 8 8 2 3 2 0 32 , , 2 6 4 1 5 11 1 7 7 2 1 , , 1 1 5 1 64 4 8 4 4 8 , 0 1 , 5 3 1 70 Deferred availability items: Oct. 28 _"_ 577,408 59,911 133, 677 44,194 54,087 54,474 22,455 75, 760 27,881 15,814 31, 298 26, 24631,611 Nov. 4 575, 644 60, 619 124, 211 43,812 52,892 56,852 20,941 81,845 26,057 16,078 37,450 27,416 27,471 Nov. 10 570,910 56,020 127, 708 56,560 55,093 24,510 74,226 27,755 16,039 36,070 26,446 34,152 Nov. 18 720,127 73,109 175,481 54, 462 68,120 59,684 25,859 34, 794 32,943 20, 58043,657 33,310 38,128 •Capital paid in: Oct. 28 130, 241 9,402 50, 246 12,207 12, 567 4,718 4,248 12,198 3,757 2,943 3,955 3,823 10.177 Nov. 4 130, 232 9,396 50, 246 12,207 12, 568 4,719 4,248 12,191 3,757 2,943 3,956 3,823 10.178 Nov. 10 130, 219 9,397 50, 239 12,207 12, 569 4,716 4,248 12,191 3,757 2,944 3,952 3,823 10,176 Nov. 18 130, 224 9,397 50,240 12,207 12,569 4,716 4,255 12,188 3,756 2,948 3,952 3,822 10,174 ; Surplus (section 7): Oct. 28 145, 9,902 50,825 13, 406 14,371 5,186 5,616 21,350 4,655 3,149 3,613 3, 783 9,645 Nov. 4. _ __ 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 Nov. 10 . _ 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 Nov. 18 145, 501 50,825 13,406 14,371 5,186 5,616 21, 350 4,65; 3,149 3,613 3,783 9,645 .Surplus (section 13b): Oct. 28 27,088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Nov. 4 27, 088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Nov. 10 27,088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Nov.18 27, 088 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN DECEMBER 1936 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS BY WEEKS—Continued [ID thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - lanta Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - LIABILITIES Reserve for contingencies: Oct. 28 34,236 1,513 3,000 3,111 1,287 2,563 7,573 1,427 840 1,328 1,849 Nov. 4 34, 237 1,513 3,000 3,111 1,289 2,563 7,573 1,427 839 1,328 1,849 Nov. 10 34, 291 1,513 8,849 3,000 3,110 1,293 2,563 7,573 946 1,427 840 1,328 1,849 Nov. 18 34, 295 1, 513 8,849 3,000 3,110 1,304 2, 563 7,573 946 1,420 840 1,328 1,849 All other liabilities: Oct. 28 13, 302 346 7,373 761 402 235 232 1,' 379 730 254 911 399 Nov. 4 13, 201 282 7,722 447 423 209 242 1,328 325 75' 192 870 404 Nov. 10 13, 565 280 7,515 853 428 207 241 1,403 347 739 200 905 447 Nov. 18 13, 503 303 7,584 470 453 239 237 1,553 394 741 424 Total liabilities: O N c o t v . . 2 4 8 1 1 2 2 , , 0 0 6 4 5 8 , , 6 5 5 7 2 38 8 4 6 6 3 i, ,, , 7 2 3 4 2 3 4 41 1 ;5 3 0 2 , , 7 6 8 5 1 5 7 7 9 9 5 1 , , 2 49 2 1 9 9 9 6 6 3 5 , ,0 6 8 5 8 8 5 5 0 1 0 4 , , 8 8 1 6 8 6 3 3 7 7 7 4, , 5 6 2 9 0 6 2 2! !, ,, , 11 1 33 0 11 6 ,, , 8 9 8 7 8 4 4 41 1 0 9 , , 9 4 4 1 1 3 7 2 2 8 8 0 7, ,3 5 7 8 0 3 4 4 "3 2 '1 6 , ,1 0 4 0 2 6 2 3 9 00 7' , . , 62 3 0 7 8 3 6 7 8 , 7 7 6 , 5 4 6 04 Nov. 10 12,134,953 838, 525 4,221,696 788, 292 973,119 507', 072 381,7'4'9 2,106, 799 418, 931L 229911, ,210 432,763 301,238 873,559 Nov. 18 12, 302, 740866, 445 4,267, 552 802, 798 995,184 505, 798 379, 2"221,134,648 421'41,8 4 2189 9249898, 48484~3,447 308,826 877,915 Commitments to make industrial advances: Oct. 28 22, 790 2,516 9,362 1,403 2,338 302 1.290 354 495 4,341 Nov. 4 22, 574 2,407 253 1,400 2,334 301 1,287 351 495 4,358 Nov. 10 22,436 2,406 246 1,396 2,326 300 1,287 351 495 4,242 Nov. 18 22,138 2,385 246 1,359 2,375 300 351 495 4,205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 987 INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT, JUNE 19, 1934, TO NOVEMBER 18, 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 dustria Advireceived to date, sory Oommit- _ Federal Expired, Financ- Date ( e la a s c t h W m e o d n n th es ) day of net t ( e w e i s t h a t n o d w d i a th te - Total Reserve R b e a se n r k ve Approved o r r e p w a i i t d h , - in t g u t i i n o s n tiout conditions) KDoa-nnbK- commit- but not drawn by particiadvances ments com- appli- pations out- out- pleted i cant, out- Number Amount Number Amount Number Amount standing standing etc. standing 2 1935— Nov. 27__ 7,500 302,331 2,134 130, 502 1,948 121,947 32,634 28,002 13,466 38,952 8,893 Dec. 31 (Tuesday) 7,615 306, 708 2,176 132,460 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—Jan. 29 7,714 311,081 2,212 134,243 2,023 125,810 32,483 27,004 10,888 46,736 8,699 Feb. 26 7,831 315,081 2,245 135,320 2,049 126, 643 32,129 25,866 10,434 50, 636 7,578 Mar. 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 July 29 8,197 331,659 2,413 143,978 2,198 134, 233 30, 217 23,711 8,429 64,342 7,534 Aug. 26 8,240 333, 930 2,437 145,939 2,218 135,421 29,265 23,355 9,168 66,304 7,329 Sept. 30 8,284 336,119 2,463 147,191 2,243 137, 251 28,885 23, 307 8,566 69, 217 7,276 Oct. 28.... 8,308 336 763 2 477 148,237 2 259 138.731 27 038 22 790 8 544 72 915 7,444 Nov. 183 8,332 339, 522 2,482 148, 312 2,265 138,926 26,859 22,138 7,743 74,751 7,435 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, which amounted to $11,301,044 on Nov. 18, 1936. 3 Nov. 25 figures not yet available. NOTE.—On Nov. 18, 1936, there were 28 applications amounting to $4,323,601 under consideration by the Industrial Advisory Committees and the Federal Reserve banks. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, 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 l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. Bank by F. R. agent: Oct. 28 4, 388, 746379, 774 941,484 311, 922 420, 509 215, 471207,165 188, 775134, 609 165i,, 356 1,75'375, 967 Nov. 4. 4, 397, 757382, 438 940,365 313,941420,985 216, 932 207,448844 950, 284188, 868135, 451166, 360100, 740373, 909 Nov. 10 4, 443,261384, 503 956, "8"8:314,381 207,927 956,4 <40190,094136, 846167,450101,134 380i.,645 Nov. 18 4,466,513385,971960,677316, 260 426, 677 217, 976208, 950 970, 202191,147136,953168,289100,198383, 213 Held by Federal Reserve bank: Oct. 28 302, 504 19, 42899, 666 12, 735 24,' 13,359 20,484 28, 366 9,712 4,621 11,137 8,649 49, 382 Nov. 4 263,010 20, 300 83, 601 12, 38924,436 11, 19,180 24,072 7,152 3,285 9,344 7,890 40, 003 Nov. 10_ . ._ 300, 280 21,831106, 416 10, 791 23,! 12, 20, 056 25, 739 8,930 4,585 10, 749 8,997 45, 421 Nov. 18 332, 243 24, 088108, 475 14, 61727, 383 13, 55222, 053 38, 452 3,734 10,866 7,874 51, 365 In actual circulation1 Oct. 28 4, 086, 242360,346 841,818299,187 39i55,, 544202,112 919, 591179, 063129, 988 154:.,219 91,108 326. 585 Nov. 4 4,134, 747362,138 856,764 301,552396, 549 205J574188, 304 926, 212181,716132,166157,016 92,850 333; 906 Nov. 10 4,142, 981362, 672850, 471303, 590404, 483 20i55,. 706187,871930, 701181,164132, 261156, 701 92,137335, 224 Nov. 18 4,134, 270361, 888833 852, 202301, ~">,294204, 424186, 89'931, 750181, 363133, 219 1"5"7,, 42392, 324331, 848 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Oct. 28, _ 4, 365, 396,000 955, 706 314,000 423,000 216,000166,000 966,000 161, 632 122,000165,000 101,500379,000 Nov. 4__ 4, 369, 396,000 955, 706 316,000 423,000 218,000166,000 966,000 161, 632 122,000 101, 500379,000 Nov. 10 „ 4, 395, 396, 000 965, 706 318, 000 430, 000 219,000166,000 966,000 161,632 123,000165,000 101,500384,000 Nov. 18 4, 437,838396, 000 965, 706 318,000 430,000 219,000166,000 986, 000 166, 632 133,000167,000101, 500 389),,000 Eligible paper: Oct. 28 4,361 112 3,565 70 70 175 102 141 106 20 Nov. 4 5,289 572 4,182 86 2 102 151 59 60 Nov. 10 5,147 612 4,034 46 2 102 171 40 60 Nov. 18 3,534 492 2,444 185 12 102 65 34 45 U. S. Government securities: Oct. 28 93,000 45,000 30.000 15,000 3.000 Nov. 4 93,000 45,000 30,000 15, 000 3,000 Nov. 10 93, 000 45, 000 30,000 15,000 3,000 Nov. 18_._ ''A, 000 45,000 30,000 6,000 3,000 Total collateral: Oct. 28 4,463,199 396,112 959, 271314,070 423,070 216,175211, 000191,734137,000168,141101,606379,020 Nov. 4 4,468,127396, 572 959,888 316,086 423^ 075 2181!,002211,000 966,000191, 7"34 137,000168,151101, 559 379i,,060 Nov. 10 4,493,985 396, 612 969,740 318,046 430,080 2191,,002211,000 966,000191, 734138,000 168,171101,540 3841,,060 Nov. 18 4, 525,372 492 968,150 318,185 430, 219,012211,075 000196, 734139,000 170, 065 1'0".1, 534389, 045 1 Includes Federal Reserve notes held by other Federal Reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDERAL RESERVE BULLETIN DECEMBER 1936 RESERVE POSITION OF MEMBER BANKS, MEMBER BANK RESERVE BALANCES, OCTOBER 1936 BY CLASSES OF BANKS [ Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem-. serve Counand districts mand mand de- ber city try de- de- posits banks1 New Chi- banks banks1 posits posits * qu R i e r - ed Held c E e x s - s York cago Total reserves held: All member banks..30, 457 24,895 10,910 4,551 6,594 2,043 1935—October 5,469 2,460 541 1,560 November 5,757 2,563 614 1,639 941 Central reserve city banks: December 5,716 2,541 608 1,631 935 New York 10, 502 9,766 685 1,935 2,574 639 1936—January 5,780 2,593 495 1,714 978 Chicago 2,414 2,112 431 431 637 205 February 5,808 2,579 487 1,745 998 March 5,420 2,271 463 1,708 978 Reserve city banks: April 5,300 2,163 506 1,675 956 Boston district 1,014 900 124 141 224 83 May 5,638 2,384 636 1,657 961 New York district 213 174 141 33 39 7 June 5,484 2,183 682 1,664 954 Philadelphia district,. 1,180 976 242 157 274 117 July 5,861 2,279 653 1,886 1,042 Cleveland district 1,486 1,159 714 206 322 116 Aug. 1-15 6,063 2,502 572 1,899 1,090 Richmond district 656 512 200. 86 139 53 Aug. 16-312 6,291 2,503 580 2,005 1,204 Atlanta district 600 438 161 73 86 13 September 6,345 2,462 619 2,046 1,218 Chicago district 1,143 821 449 143 240 97 October 6,594 2,574 637 2, 153 1,230 St. Louis district 729 554 169 91 124 34 Week ending (Friday): Minneapolis district... 365 280 95 46 56 10 Oct. 2 6,317 2,434 623 2,065 1,196 Kansas City district... 987 662 162 107 153 46 Oct. 9 6,437 2,515 609 2,086 1,227 Dallas district 608 413 110 67 87 20 Oct. 16 6,600 2, 555 637 2,160 1,248 San Francisco district. 1,908 1,494 1,865 308 409 101 Oct. 23 6,675 2,607 651 2,185 1,233 Oct. 30 6,709 2,636 650 2,203 1,219 Total 10, 890 8,382 4,432 1,457 2,153 696 Excess reserves: 1935—October 2,820 1,309 297 738 476 Country banks: November 3,061 1,393 359 803 506 Boston district 797 611 571 90 137 47 December 2,983 1,350 353 780 499 New York district 1,224 945 1,342 160 251 91 1936—January __. 3,033 1,395 239 852 547 Philadelphia district._ 597 442 835 84 132 48 February 3,038 1,360 226 885 567 Cleveland district 553 389 585 67 114 47 March 2,653 1,056 208 846 543 Richmond district 479 310 323 47 74 27 April 2,510 940 262 796 512 Atlanta district 425 278 196 38 60 22 May 2,800 1,134 377 778 511 Chicago district 717 493 548 76 160 83 June 2,593 908 414 775 496 St. Louis district 327 219 206 32 55 23 July 2,907 1,004 369 961 575 Minneapolis district._. 301 198 264 33 60 28 Aug. 1-15 3,105 1,226 290 970 619 Kansas City district... 424 254 155 34 69 35 Aug. 16-312 1,852 600 160 601 490 Dallas district 453 275 91 33 69 36 September 1,852 535 195 624 498 San Francisco district . 353 221 243 34 50 16 October 2,043 639 205 696 502 Week ending (Friday): Total 6,651 4,635 5,362 728 1,230 502 Oct. 2 1,792 498 190 631 472 Oct. 9 1,908 583 182 643 500 (ex 1 c G ep ro t ss p r d i e v m at a e n d b a d n e k p s o s a it n s d m A in m u e s r d ic e a m n an b d ra b n a c l h a e n s c e o s f w fo it r h e ig d n o m b e a s n ti k c s ) b a a n n k d s O O c c t t . . 2 1 3 6 2 2, , 1 0 1 5 6 3 6 6 7 2 2 2 2 2 0 1 6 8 7 7 0 2 4 1 5 5 2 0 1 4 cash items in process of collection. Oct. 30 2,141 697 219 735 490 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. 2 Reserve requirements increased 50 percent effective Aug. 16. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [ Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. Oct. Sept. 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 1936 Boston . _ 1,812 1,732 695 696 1,687 1,611 570 572 125 122 125 125 New York _ _ _ _ _ 11, 938 11,857 2,169 2,116 1 1,156 11,149 1 1,012 11, 006 281 279 471 469 Philadelphia 1,776 1,693 1,078 1,070 1,548 1,475 648 645 229 218 429 425 Cleveland 2,039 1,983 1,299 1,296 1,821 1,768 1,036 1,034 218 215 263 262 Richmond... . . 1,136 1,097 523 520 959 929 343 340 177 168 180 179 Atlanta 1,025 989 357 357 889 856 281 282 137 133 76 75 Chicago ._ 4,275 4,193 1,429 1,428 i 1, 582 11, 555 l 772 1 763 278 277 226 224 St. Louis 1,056 1,005 375 374 866 823 278 278 190 183 97 96 Minneapolis. 665 66? 359 357 475 473 178 176 190 189 181 181 Kansas City 1,411 1,408 317 317 1,104 1,098 202 202 308 310 115 115 Dallas ... 1 061 1,017 201 200 806 775 160 159 255 242 41 40 San Francisco 2,261 2,208 2,109 2,110 2,114 2,064 2,010 2,011 147 144 98 98 Total 30,457 29,844 10,910 10,840 115,008 114, 576 17,492 *7,467 2,533 2,478 2,302 2,290 1 Excluding central reserve city banks, for which figures for latest month are shown in table above. NOTE.—For explanation and figures for period January-June 1936 see September BULLETIN, pp. 700-701. For earlier figures see April 1936 BULLE- TIN- p. 299, and previous issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 989 KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S 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 l b v r s y e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o 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—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 February 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 6,241 101 35 955 1 316 135 278 4,002 52 366 July 6,162 100 35 958 1 318 136 274 3,937 50 352 August 6,227 99 36 986 1 321 137 278 3,978 48 342 September 6,267 98 37 998 1 326 138 278 4,011 47 332 October 6,351 97 37 1,020 1 329 139 282 4,076 46 324 Back figures—Bee Annual Report for 1935 (table 38). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Paper currency * End of month Coin $50 and over $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1935—October... 467 435 787 1,337 1,336 354 610 119 233 14 November. 472 448 815 1,380 ,354 1,349 356 617 120 234 15 December. 478 460 815 1,373 ,359 1,369 358 627 122 239 16 1936—January ... 465 434 782 1,333 ,332 1,367 355 627 122 240 17 February.. 467 434 802 1,373 ,360 1,386 361 633 123 243 18 March 472 439 804 1,378 ,361 1,399 362 641 125 247 17 April 475 442 804 1,379 ,360 1,404 360 643 126 249 19 May 480 451 820 1,402 ,369 1,409 363 127 245 19 June 486 463 850 1,468 ,466 1,479 398 127 245 18 July 490 460 844 1,459 ,431 1,449 383 667 127 247 19 August 494 471 863 1,482 ,436 1,452 381 667 128 250 19 September. 501 477 868 1,488 ,437 1,467 383 673 130 253 21 October 505 484 882 1,516 ,460 1,478 385 679 132 255 19 i Includes unassorted amounts held in Treasury and Federal Reserve banks and $1,000,000 of currency of unknown denominations reported by the Treasury as destroyed. Back figures.—See Annual Report for 1935 (table 39). 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 u id r b y - - M co in in or U S n ta i t t e e s d s F e R e e r r e a d v - l - e t b i N o a n n a- a k l Month m E S e u n h r t i o 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—September. 721 1,157 436 lion* notes October. „ 2,536 864 11,672 November. 4,203 782 13,421 December. 603 851 248 1935— N D O e o c c v to e e b m m er b b e e r r . . . 2 2 2, , , 4 4 4 7 0 3 6 0 8 1 1 , , 1 0 9 2 6 9 4 6 7 3 3 3 2 2 2 0 8 2 1 1 1 3 3 3 6 4 5 3 3 3 4 4 4 7 7 7 6 7 7 8 0 2 4 5 4 7 9 3 3 9 0 1936— F M J e a a b n r r u c u h a a r ry y — . __ 1,7 7 5 4 1 7 8 3 2 3 3 , , , 3 1 7 1 0 4 7 9 3 3 1 1 , , , 3 3 9 5 9 0 2 5 4 1936—January 2,493 1,172 328 137 347 64 446 A M p a r y il 3 3 , , 8 0 5 9 2 5 1,6 9 8 3 5 8 1 1 2 2 , , 1 1 5 6 7 7 M A J M J F u u e p a a l n r b y y r e i c r l h uary.. 2 2 2 2 2 2 , , , , , , 5 5 4 4 4 4 0 0 9 9 9 9 4 0 6 0 9 8 1 1 1 1 1 1 , , , , , , 2 1 2 2 2 2 3 9 1 6 3 5 0 7 8 4 6 5 3 3 3 3 3 3 2 3 2 3 3 3 9 0 8 0 2 5 1 1 1 1 1 1 3 3 3 3 3 4 7 8 7 9 8 0 3 3 3 3 3 3 4 4 4 4 4 4 7 7 7 7 7 7 6 5 5 5 5 5 2 9 7 5 1 3 4 4 3 3 3 3 2 9 5 1 8 7 9 8 8 3 4 2 J J A S O u u e u c l n p t y g e o t u e b s m e t r ber. 3 3 2 , , , 9 0 0 9 9 4 3 1 8 0 9 7 3 1 0 2 2 5 1 1 , , , , , 1 1 3 0 4 6 3 4 7 2 4 1 8 8 2 i 1 3 1 1 1 2 , , , , , 0 4 4 8 8 9 4 0 7 1 7 8 9 3 8 August 2,500 1,277 338 142 347 49 348 September. 2,512 1,294 341 143 347 48 339 October 2,515 1,303 346 145 347 47 329 i Net shipments. For description and back figures see BULLETIN for January 1932, pp. 7-9. 1 Includes silver held against silver certificates amounting to $1,189,000,- 000 on Oct. 31, 1936, and $914,000,000 on Oct. 31, 1935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN DECEMBER 1936 GOLD STOCK AND GOLD MOVEMENTS IN THE UNITED STATES ANALYSIS OF CHANGES IN MONETARY GOLD MOVEMENT OF GOLD TO ANDFROM STOCK UNITED STATESl [In millions of dollars] [In thousands of dollars] Year or month y m a s G e t t o a o o o e r n f c l n d t o k 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 m re f N e r a l o e a r e a r m k t - s e i f O ac th to e r r s2 From or to— October Septe 1 m 93 b 6 er J O an ct u o a b r e y r - Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1932 _ 4,226 52.9 -446. 2 457.5 41.6 1933 4,036 -190.4 -173. 5 -58.0 41.1 1934 8,238 4,202.5 1,133. 9 82.6 2,986.1 Belgium _ _ 799 804 England _ 72, 156 8,204 102, 256 5,825 1935—March 8,567 40.4 13.0 -.7 28.1 France 95 013 136 671 590 821 17,180 April 8,710 143.4 148.6 -2.3 -2.9 Germany 1 7 May 8,858 148.1 140.0 -1.5 9.6 Netherlands _ 25, 745 1,463 74,773 3,765 June 9,116 257.1 230.4 1.0 25.8 Switzerland 8 524 532 July 9,144 27.9 16.2 -.4 12.1 Union of Soviet August. _ 9,203 59.5 46.0 1.8 11.7 Socialist Re- September 9,368 165.0 156.7 1.0 7.3 publics 1 541 11 208 October 9,693 325.2 315.3 -1.9 • 11.8 Canada 12 222 1 6 339 1 57,331 52 November 9,920 226.7 210.6 .6 15.5 Central America 291 417 3 100 December 10,125 205.2 190.0 1.3 13.9 Mexico 644 114 675 41 39,614 480 Argentina 1 12 Year 10,125 1,887. 2 1,739.0 .2 148.0 Chile 1,099 662 7,016 1936—January 10,182 57.2 45.6 -1.7 13.3 E C c o u lo a m do b r ia 36 4 0 2,10 3 1 9 1 3 1 , , 1 9 1 1 5 0 February ... 10,167 -15.5 -16.6 -9.5 10.6 Peru 181 248 2, 143 March 10,184 17.2 5.5 1.0 10.7 Uruguay April 10, 225 41.0 28 1 - 2 13.1 Venezuela 45 29 348 May 10,402 176.7 170.0 — 3.2 10.0 Australia 1 869 2 831 18 562 June 10, 608 206.6 277.8 -24.8 -46.4 British India 5,782 6,961 61, 602 July 10, 648 39.2 15.4 2.3 21.5 China and Hong August 10, 716 68.4 67.5 -11.9 12.9 Kong 451 442 6,534 September 10,845 129.0 171.8 -28.8 -14.0 Dutch East Indies October __ 11,045 199. 7 218.8 -11.3 -7.9 Japan Philippine fslands 2,157 2,405 17, 612 All other countries2- 102 314 1,785 6 i Gold released from earmark at Federal Reserve banks less gold placed under earmark (with allowance when necessary for changes in Total _-218, 929 117 171, 866 42 1,011,085 27, 308 gold earmarked abroad for account of Federal Reserve banks). 2 Figures are derived from preceding columns and indicate net result of such factors as domestic production, movements into and out of 1 Figures represent customs valuations which, with some exceptions, nonmonetary use or unreported holdings, imports and exports that do are at rate of $35 a fine ounce. not affect gold stock during the month or year, and increment result- J Includes all movements of unreported origin or destination. ing from reduction in weight of gold dollar. Back figures.—See table, p. 829, and Annual Report for 1935 (ttibles 34 Back figures—See Annual Report for 1935 (table 32) and 35). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

991 DECEMBER 1936 FEDERAL RESERVE BULLETIN 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 July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS Member banks Nonmember fin millions of dollars] banks Member banks Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n t i u n k g s al s b m n a b o e n e m n r k - s - Call date ba A n l k l s Total ti N on a- al State M s b a a v u n i t n u k g a s s l b n e o O r n t b m h a e e n r m k - s 1931—Dec. 31 19,966 7,246 6,368 878 597 12,123 1931—Dec. 31— 45, 821 27,432 17, 271 10,161 10,105 8,284 1932—June 30 19,046 6,980 6,145 835 594 11,472 1932—June 30. „ 41,963 24, 755 15, 629 9,126 10,020 7,188 Sept. 30 18,794 6,904 6,080 824 1594 11,296 Sept. 30._ 41, 942 24,903 15, 635 9,268 10, 020 7,020 Dec. 31 18,390 6,816 6,011 805 594 10,980 Dec. 3U_. 41, 643 24,803 16,101 8,702 10,022 6,818 1933—June 30 » 14, 519 5,606 4,897 709 576 8,337 1933—June 30 2. _ 37, 998 23,338 14, 772 8,566 9,713 4,946 Oct. 25 3 5,818 5,052 766 Oct. 25 3__ 23, 453 15,070 8,383 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30___ "38," 505' 23, 771 15, 386 8,385 "9," 708" 5,026 1934—Mar 5 3 6,206 5,288 918 1934—Mar. 5 3... 25, 293 16, 203 9,090 J O u c n t e 1 3 7 0 3 15,835 6 6 , , 4 3 3 7 3 5 5 5 , , 4 4 1 6 7 1 9 97 5 2 8 578 8,882 J O u c n t e . 1 3 7 0 3 . _ _ _ . 41, 870 2 26 7 , , 4 6 8 1 4 5 1 1 7 7 , ,0 6 9 9 7 3 9 9 , , 5 7 1 9 8 1 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31.._ 44," 770 18, 519 10, 424 "9," 828" 6,666 1935—Mar. 4 16,024 6,422 5,446 976 579 9,023 1935—Mar. 4._._ 44, 455 28, 589 18, 502 10,087 9,837 6,029 J N D u e o n c v . e . 3 2 1 1 9 __ 1 1 1 5 5 5 , , , 9 9 8 9 0 3 4 4 7 6 6 6 , , , 4 4 3 1 0 8 0 0 7 5 5 5 , , , 4 3 4 2 8 0 5 6 3 1,0 9 9 0 8 9 1 5 7 5 5 5 7 7 7 0 1 1 9 8 8 , , , 0 8 9 1 8 3 3 0 3 J N D u e o n c v e . . 3 2 1 1 _ 9 _ . . _ _ ._ _ _ 4 4 5 7 , , 7 5 6 2 6 2 3 2 3 9 2 1 , , , 1 0 4 5 7 9 9 2 6 2 2 1 0 0 9 , , , 1 0 8 2 3 8 8 1 6 1 1 11 0 0 , , , 4 9 2 6 4 7 5 4 3 9 9 9 , , , 9 9 9 3 2 6 6 0 3 6 6 6 , , , 8 3 5 4 5 1 2 0 3 1936-Mar. 4 15, 808 6,377 5,375 1,002 569 8,862 1936—Mar. 4____ 48, 771 31, 774 20,605 11,169 9,972 7,025 June 30 15, 752 6,400 5,368 1,032 566 8,786 June 30___ 51,335 34,098 21,986 12,112 10, 060 7,176 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Invest- Invest- Total Loans ments Total Loans ments 1931—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. 5 3 26, 548 12, 706 13, 842 June 30 42, 502 21, 278 21,224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Oct. 17 3 27, 559 12, 293 15, 267 Dec. 31 43,458 20, 473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—Mar. 4 43, 747 20,394 23, 353 28, 271 11,953 16,318 9,775 5,478 4,297 5,701 2,963 2,738 June 29 44,416 20,272 24,145 28,785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Nov. 1 . 45,008 20,140 24,868 29,301 11,841 17,460 9,854 5,302 4,552 5,853 2,997 2,856 Dec 31 45, 717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 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 2,974 3,100 June 30 48, 458 20, 679 27, 779 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,239 3,032 3,206 1 Figures of preceding call carried forward. 1 Beginning June 30,1933, all figures (other than for mutual savings banks) relate to licensed banks only, with some exceptions as to nonmember banks. 1 Nonmember bank figures not available. * 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 1935 (tables 47-48) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN DECEMBER 1936 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 t l s - Total C Y N k o b s T i i r o e u e d o t o r r t y w - e s - k i o se t t T o c h i u o n e e r s r i s - e l R o st a e a n a t l s e a b a c p o a R n i c o w n n c e e r g k - e n p t- s s t 1 - O c c u w a u u n s t n r e r i h s s e e - d e e e d d - r- b L a o t n o a k n s s a U a c b p n A n e l a e i c p c y t - e t e i - - s n d ab B p a r b a i o l y l l e a - s d b p C o m c a o u i p e a m g r e l - h r - t k L C Y N e b o r i tr o e s oo a t r w - y n i k n ' s Total Direc t t ion a F g s n u u te a l e l r y d - s O e t t i c h e u s e r r i- States TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 35,934 23,193 803 7,685 3,191 11,515 714 212 80 291 1,660 9,784 3,863 5,921 1933—June 30 2 24, 786 11,337 165 3,752 2,372 192 4,857 330 291 25 87 788 11,928 6,887 5,041 1934—June 30 27,175 10,804 208 3,309 2,357 210 4,721 153 264 20 200 1,082 14, 652 9,137 3 276 3 5, 239 Dec. 31__ . 28,150 10, 509 187 3,110 2,273 232 4,708 155 256 31 232 843 16,122 9,906 989 5, 227 1935—Mar. 4 28,271 10,420 184 3,031 2,250 207 4,748 133 235 34 255 875 16,318 9,821 1,200 5,298 June 29 28, 785 10, 369 192 2,931 2,277 135 4,834 119 201 17 247 975 16, 857 9,871 1,558 5,427 Nov. 1 29,301 10,465 179 2,885 2,279 159 4,963 94 154 27 260 841 17,460 10,080 1,764 5,615 Dec. 31.— 29, 985 10, 548 196 2,893 2,284 169 5,006 98 181 29 272 1,047 17,810 10, 501 1,768 5,541 1936—Mar. 4 30, 288 10,460 211 2,832 2,301 156 4,960 82 164 25 280 1,089 18,189 10, 564 1,880 5,745 June 30 32, 259 10,943 2,863 2,340 117 5, 355 81 144 18 278 1,079 19, 717 11, 721 1,950 6,045 NEW YORK CITY 4 1929—Dec. 31 8,774 4,964 2,145 169 2,595 322 128 46 21 1,202 2,091 1,112 979 1933—June 30 5 7,133 2,297 1,044 157 120 937 162 224 10 10 720 3,709 2,551 1,158 1934—June 30 7,666 2,202 882 156 144 965 68 225 10 13 883 4,265 3,053 3 157 3 1,055 Dec. 31 7,761 2,202 820 139 164 1,024 63 210 16 6 662 4,602 3,246 278 1,078 1935—Mar. 4 7,783 2,198 805 139 145 1,054 52 203 19 4 678 4,628 3,200 298 1,131 June 29 8,303 2,146 783 138 82 1,085 48 183 7 5 930 4,983 3,462 348 1,174 Nov. 1 8,167 2,185 775 136 101 1,114 35 135 12 4 828 4,968 3,340 405 1,223 Dec. 31 8,418 2,196 793 140 107 1,096 42 158 16 5 1,018 4,985 3,425 401 1,159 1936—Mar. 4 8,802 2,215 792 148 99 1,112 29 141 13 4 1,043 5,355 3,602 505 1,248 June 30 9,556 2,338 813 146 65 1,238 28 123 8 3 1,028 6,028 4,196 567 1,265 CITY OF CHICAGO * 1929— Dec. 31 1,757 1,330 240 533 535 9 5 5 11 309 116 193 1933—June 30 2 1,287 589 48 251 237 27 7 12 13 610 384 226 1934—June 30 1,445 491 41 188 219 13 1 18 19 889 585 3 76 3 228 Dec. 31 1,581 435 29 170 202 29 5 27 26 1,049 743 78 229 1935—Mar. 4 1,704 462 30 171 232 14 3 21 28 1,167 877 78 212 June 29 1,592 458 33 163 236 4 1 14 1 1,107 766 87 254 Nov. 1 1,792 433 25 154 227 3 1 13 1 1,336 973 96 267 Dec. 31 1,868 455 28 149 249 1 1 12 1 1,392 1,061 88 243 1936—Mar. 4 1,946 456 32 148 251 2 1 10 1 1,470 1,131 89 250 June 30 1,951 513 59 145 284 3 2 10 1 1,419 1,014 92 312 RESERVE CITY BANKS 1929—Dec. 31 12,029 8,418 425 2,775 1,538 679 258 42 24 102 239 2,944 1,368 1,576 1933—June 30 2 8,492 4,258 63 1,340 1,131 1,678 99 36 6 38 45 4,011 2,483 1,528 1934—June 30 9,609 4,096 97 1,200 :, 124 1,634 40 21 6 97 135 5,214 3,516 3 19 3 1,679 Dec. 31 10, 028 4,024 90 1,124 ,090 1,671 55 13 9 108 105 5,715 3,809 279 1,628 1935—Mar. 4 10, 036 3,974 83 1,090 ,077 1,677 48 12 9 122 106 5,766 3,724 376 1,666 June 29 10,151 3,967 87 1,053 ,105 1,682 43 10 7 112 25 5,986 3,712 571 1,703 Nov. 1 10, 521 4,089 82 1,055 ,103 1,806 34 13 12 111 9 6,253 3,892 655 1,706 Dec. 31 10, 780 4,144 96 1,057 1,094 1,851 34 19 10 120 21 6,432 4,076 656 1,701 1936—Mar. 4 10,655 4,071 101 1,027 ,096 1,805 31 18 9 120 30 6,375 3,958 656 1,761 June 30 11, 306 4,242 115 1,044 [,101 1,941 31 16 7 113 34 6,863 4,349 651 1,863 COUNTRY BANKS 1929—Dec. 31__ 13, 375 8,481 2,231 ,462 705 33 5 163 208 4,439 1,267 3,172 1933—June 30 2 7,873 4,194 1,117 ,055 2,005 4 1 27 10 3,598 1,469 2,129 1934—June 30 8,456 4,016 1,039 ,056 1,903 5 2 72 45 4,283 1,982 3 25 2, 276 Dec. 31 3,849 996 ,026 1,810 5 2 92 50 4,756 2,108 355 2,293 1935—Mar. 4 8,749 3,786 966 ,018 1,785 6 2 109 64 4,757 2,020 448 2,289 June 29 8,739 3,798 932 ,020 1,831 3 2 116 18 4,780 1,931 553 2,296 Nov. 1 8,821 3,758 902 ,026 1,815 3 2 132 3 4,903 1,874 609 2,419 Dec. 31 8,919 3,754 894 1,035 1,810 3 2 135 7 5,002 1,940 623 2,439 1936—Mar. 4 8,885 3,716 865 1,043 1.791 3 1 145 14 4,989 1,873 630 2,486 June 30 9,446 3,850 861 1,078 1,891 2 1 152 16 5,407 2,163 640 2,605 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. » Beginning June 30, 1933, figures relate to licensed banks only. 8 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. < Central reserve city banks. Back figures.—See Annual Report for 1935 (table 52). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1836 FEDERAL RESERVE BULLETIN 993 ALL MEMBER BANKS—RESERVES, DEPOSITS, AND BORROWINGS [In millions of dollars] Demand deposits Time deposits Cash Call date s b s w F e e a R e R r e r n r i e v e a t v d k - - h e l e - s s C va a i u s n l h t b a w m B a n d t i e a n c o i t s l k e - c h - - s s 1 • o i e p e t t f l d e r e i p e i o o s n m c o c a s c - n o r s s - t 3 l- - b m D a I t e n i n o c s k - t - e s rb b a F e a n i o n g k r k n - s S U m G e t e r a n e o d n t i n v e - t t - - s P "u l u i n b c d - sc C l h c c e o a f a e e e i o t f n e f t s c r r f d i e d s h t k - i r ' s s , s t p I p u i v n h c n o o a a o i e i d n r l d r p r r s a t i - s - - s - , - - , , j d i m u t e D s s a p t e a n e o - d d d s- - ' b m I D a t n e n i o c s t k - - e s rb b a e F a n i o n g k r k n - s f P u l u n i b c d - s P m t o a g s l s - - s t p I p u i v h n c n o o a a o i i e d n r l d p r r r s a t i - - s - s , - - - , , r B i o n o w g r s - - :redit etc. etc. TOTAL—ALL MEM- BER BANKS 1929—Dec. 31 2,374 558 2,168 3,896 3,517 544 143 ,335 1,681 17,526 16,647 95 595 122 12,267 879 1933—June 30 s 2,235 405 2,008 1,485 3,057 145 806 ,087 657 11,830 12,089 89 300 788 7,803 191 1934—June 30 3,819 473 2,760 1,057 4,070 155 1,658 ,598 372 13,349 14,261 122 333 585 8,763 35 Dec. 31 4,082 609 3,149 1,903 4,569 147 1,636 ,799 838 14,951 15, 686 134 294 452 9,020 13 1935—Mar. 4 4,518 534 1,475 5,095 169 1,270 ,861 741 14,872 15, 999 145 290 399 9,203 17 June 29 4,933 537 3,396 1,183 4,978 273 779 ,091 417 16,206 17, 530 136 285 307 9,462 Nov. 1 5,662 541 3,760 1,756 5,558 361 650 ,251 686 17,327 18, 509 132 310 227 9,671 Dec. 31 5,573 665 3,776 2,255 5,696 444 844 ,139 882 18,035 18,801 151 361 218 9,680 6 1936—Mar. 4 5,784 624 3,970 1,718 6,148 394 600 ,173 779 17,927 19,161 152 344 167 9,784 11 June 30 5,607 713 3,944 2,147 5,986 465 1,037 ,320 789 19,322 20, 284 151 378 152 10,099 6 NEW YORK CITY 6 1929—Dec. 31 827 179 2,406 1,198 464 20 128 1,180 5,847 4,750 133 18 1,112 179 1933—June 30 * 846 101 874 1,255 127 332 96 461 4,676 4,358 1 110 671 8 1934—June 30 1,417 97 415 1,592 135 802 167 154 4,894 4,800 7 69 649 Dec. 31 1,576 103 1,069 1,798 126 792 229 540 5,370 5,069 7 56 591 1935—Mar. 4 1,856 86 810 2,047 147 572 190 500 5,329 5,209 7 44 595 June 29 1,935 133 447 1,983 248 369 354 149 5,924 5,979 4 27 567 Nov. 1 2,590 109 873 2,203 327 219 468 413 6,104 6,112 4 3 680 Dec. 31 2,541 111 1,133 410 224 323 524 6,479 6,193 4 3 591 1936—Mar. 4 2,493 108 829 2,527 363 140 260 496 6,471 6,398 4 586 June 30 2,106 114 982 2,390 428 215 357 489 6,891 6,756 5 601 CITY OF CHICAGO 6 1929—Dec. 31 169 133 158 310 1,041 957 332 1933—June 30 * 232 203 61 259 46 870 912 358 1934—June 30 436 162 57 391 47 944 1,077 361 Dec. 31 415 207 90 445 46 1,073 1,189 381 1935—Mar. 4 359 182 70 505 41 1,047 1,179 374 June 29 675 249 73 504 20 1,208 1,357 469 Nov. 1 581 188 83 527 62 1,274 1,416 403 Dec. 31 511 209 135 522 98 1,301 1,401 413 1936—Mar. 4 480 195 96 594 81 1,243 1,390 407 June 30 749 195 147 635 102 1,444 1,546 444 RESERVE CITY BANKS 1929—Dec. 31 751 156 947 1,041 1,604 76 423 300 5,547 5,229 30 371 4,433 292 1933—June 30 s 705 122 1,002 401 1,315 312 349 108 3,708 3,764 59 208 2,941 16 1934—June 30 1,197 154 1,397 411 1,785 526 117 4,360 4,593 105 234 259 3,366 1 1 9 9 3 3 5 6 — — J J D N D M M u u e e o n n c c a a v e e . . r r . . . 3 3 3 2 1 4 4 1 1 0 9..... 1 1 1 1 1 1 1 , , , , , , , 5 7 7 4 5 3 2 9 6 9 0 9 8 6 1 3 4 3 4 6 8 2 2 2 2 2 2 1 5 1 1 6 8 0 9 6 3 8 4 9 7 7 1 1 1 1 1 1 1 , , , , , , , 9 8 6 6 7 9 5 1 4 0 9 7 0 4 0 9 7 0 9 7 3 4 5 4 5 7 6 7 7 0 5 3 7 3 6 9 7 2 7 1 2 3 2 2 2 2 2 2 1 , , , , , , , 9 4 5 1 4 1 5 8 9 2 7 2 4 5 4 4 2 9 8 5 1 2 2 3 2 5 5 9 7 8 8 1 0 9 3 5 5 3 5 5 6 6 6 7 7 7 4 3 3 8 8 7 0 3 3 3 5 5 4 7 2 1 1 1 1 1 1 0 4 6 5 4 5 3 4 6 9 1 0 2 2 4 5 4 5 6 5 6 , , , , , , , 3 4 8 9 9 0 8 1 1 5 1 6 0 5 4 9 4 9 1 1 5 5 5 6 6 6 6 5 , , , , , , , 1 1 1 1 6 5 2 3 9 0 6 4 5 3 6 7 7 1 1 6 8 1 1 1 1 1 1 1 3 1 1 3 2 3 1 5 9 5 5 8 4 7 2 2 2 2 2 2 0 0 1 5 6 1 3 6 1 1 6 8 1 1 1 8 6 7 7 8 6 1 4 5 9 2 6 7 8 3 3 3 3 3 3 3 , , , , , , , 6 4 8 9 7 7 6 9 6 9 7 6 5 1 4 0 6 0 5 3 1 COUNTRY BANKS 1929—Dec. 31 627 321 908 291 405 39 742 169 5,091 5,711 133 61 6,390 367 1933—June 30 6 452 203 702 149 228 116 555 72 2,576 3,054 86 285 3,833 167 1934—June 30 769 216 1,104 174 303 174 731 85 3,150 3,792 87 256 4,388 35 Dec. 31.-._ 822 275 1,296 207 342 178 804 106 3,589 4,292 84 210 4,554 13 1935—Mar. 4 916 246 1,427 163 364 152 845 90 3,642 4,414 75 188 4,623 14 June 29 920 236 1,406 192 347 90 865 104 3,761 4,538 76 162 4,756 9 Nov. 1 900 237 1,613 221 399 95 895 106 4,095 4,875 78 140 4,824 Dec. 31 927 305 1,676 235 415 137 901 127 4,254 5,047 83 136 4,879 1936—Mar. 4 1,017 268 1,757 187 433 93 965 106 4,252 5,136 82 95 4,938 June 30 322 1,727 256 410 207 1,008 121 4,567 5,440 80 87 5,094 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Does not include cash items in process of collection reported in balances with domestic banks. Prior to Dec. 31,1935, includes cash items on hand but not in process of collection, amounting on that date to $16,000,000. 3 Includes "Due to Federal Reserve banks (transit account)", known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 6 Beginning June 1933 figures relate to licensed banks only. 6 Central reserve city banks. Back figures.—See Annual Report for 1935 (table 53) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 FEDERAL RESERVE BULLETIN DECEMBER 1936 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 l n o a v e o n a e n t n d a s t s t l s - Total 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 p e p c m a d - e r e t l - - - s r k t L C o Y N e o r i o e b s a t r w y r n k o i i s n - Total D U m . i e r S n e . t c t i t G o o n o b F g s 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 R a e e e r n r i r e a d t v v - k h l - e e s v C a i a n u s l h t b d a w o a B n t n m i i c a c k t e e l h s - s s • bought anteed TOTAL—101 CITIES 1935—October 20,355 6,751 159 2,078 1,146 3,368 85 327 800 12,392 8,156 1,114 3,122 4,435 339 2,253 1936—April. 21, 745 6,932 215 2,077 1,141 3,499 70 351 1,008 13, 384 8,767 1.273 3,344 4,180 370 2,262 May 21,832 6,967 212 2,078 1,146 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 1,149 3,567 92 319 1,074 13,838 9.202 1,303 3,333 4,389 387 2,290 July 22,484 7,065 235 2,072 1,145 3,613 58 315 936 14,110 9,484 1,278 3,348 4, 710 386 2,493 August. 22, 297 7,066 209 2,023 1,147 3,687 63 320 916 13, 932 9,357 1,254 3,321 4,875 376 2,354 September 22, 520 7,238 212 2,035 1,143 3,848 92 315 983 13,892 9,320 1,246 3,326 4,995 383 2,311 October 22, 566 7,403 218 2,025 1,142 4,018 55 315 945 13,848 9,310 1,255 3,283 5,276 399 2,385 Sept. 2 22, 263 7,113 205 2,014 1,145 3,749 65 318 958 13, 809 9,263 1,236 3,310 5,082 371 2,272 Sept. 9 22, 433 7,196 213 2,039 1,146 3,798 88 315 1,028 13,806 9,250 1,237 3,319 5,109 394 2,275 Sept. 16 22, 614 7,257 214 2,038 1,143 3,862 97 316 989 13, 955 9,376 1,247 3,332 4,869 379 2,342 Sept. 23 22, 610 7,268 207 2,038 1,144 3,879 95 317 968 13, 962 9,377 1,252 3,333 4,891 391 2, 302 Sept. 30 22,682 7,358 222 2,048 1,139 3,949 112 311 972 13,929 9,336 1,256 3,337 5,023 378 2,363 Oct. 7 22, 607 7,379 221 2,041 1,142 3,975 56 315 953 13,904 9,359 1,250 3,295 5,117 390 2,346 Oct. 14 22, 568 7,397 218 2,019 1,142 4,018 54 315 929 13,873 9,323 1,258 3,292 5,248 410 2,433 Oct. 21 22, 571 7,414 213 2,014 1,143 4,044 56 316 965 13, 820 9,286 1,254 3,280 5,350 393 2,389 Oct. 28 22, 517 7,422 220 2,026 1,143 4,033 53 313 933 13, 796 9,274 1,257 3,265 5,390 405 2,371 Nov. 4 22,446 7,411 225 2,024 1,143 4,019 54 317 943 13, 721 9,250 1,253 3,218 5,324 402 2,435 Nov. 10- __ 22,488 7,430 216 2,025 1,144 4,045 70 326 938 13, 724 9,267 1,258 3,199 5,462 403 2,440 Nov. 18 22,442 7,450 209 2,029 1,150 4,062 58 329 915 13, 690 9,234 1,261 3,195 5,471 404 2,505 NEW YORK CITY 1935—October 7, 734 2,096 721 123 1,194 140 779 4,676 3,225 375 1,076 2,341 83 1936—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 1,209 132 1,027 5,591 3,896 561 1,134 2,049 76 July 8,860 2,192 745 133 1,241 131 897 5,614 3,946 522 1,146 2,178 80 August 8,607 2,148 697 132 1,245 118 875 5,434 3,843 466 1,125 2,357 73 September 8,753 2,229 707 132 1,315 114 936 5,414 3,830 456 1,128 2,354 72 October 8,687 2,326 705 131 1,412 123 906 5,308 3,761 461 1,086 2,461 74 Sept. 2 8,615 2,166 132 1,268 112 909 5,395 3,826 447 1,122 2,457 Sept. 9 8,758 2,207 709 132 1,291 111 977 5,407 3,832 450 1,125 2,388 70 Sept. 16 8,803 2,238 709 133 1,321 114 938 5,448 3,863 454 1,131 2,265 74 Sept. 23 8,786 2,242 710 133 1,326 118 924 5,438 3,843 463 1,132 2,303 71 Sept. 30 8,803 2,293 715 130 1,372 116 932 5,380 3,784 467 1,129 2,354 76 Oct. 7 8,716 2,305 709 131 1,386 120 914 5,352 3,794 460 1,098 2,411 72 Oct. 14 8,687 2,328 705 131 1,412 121 891 5,324 3,768 462 1,094 2,429 73 Oct. 21.. _ 8,692 2,334 702 131 1,424 125 924 5,285 3,742 459 1,084 2,495 76 Oct. 28 8,653 2,340 705 131 1,426 127 894 5,269 3,738 464 1,067 2,509 77 Nov. 4 8,608 2,331 707 131 1,415 131 903 5,219 3,722 464 1,033 2,496 76 Nov. 10 8,642 2,350 712 130 1,430 136 895 5,222 3,742 462 1,018 2,610 78 Nov. 18 8,611 2,377 712 130 1,458 137 874 5,197 3,722 1,012 2,592 79 OUTSIDE NEW YORK CITY 1935—October _ 12, 621 4,655 101 1,357 1,023 2,174 187 7,716 4,931 739 2,046 2,094 285 2,170 1936—April 13,198 4,811 148 1,330 1,009 2,324 187 8,125 5, 256 722 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 5,306 742 2,199 2,340 334 2,214 July : 13,624 4,873 162 1,327 1,012 2,372 184 8,496 5,538 756 2,202 2,532 334 2,413 August 13, 690 4,918 135 1,326 1,015 2,442 202 5,514 788 2,196 2,518 325 2,281 September. _ 13,767 5,009 137 1,328 1.011 2,533 201 8,478 5,490 790 2,198 2,641 331 2,239 October 13, 879 5,077 140 1,320 1,011 2,606 192 8,540 5,549 794 2,197 2,815 344 2,311 Sept. 2 13, 648 4,947 130 1,323 1,013 2,481 206 8,414 5,437 789 2,188 2,625 321 2,203 Sept. 9 13, 675 4,989 138 1,330 1,014 2,507 204 5,418 787 2,194 2,721 341 2,205 Sept. 16 13,811 5,019 139 1,329 1,010 2,541 202 8,507 5,513 793 2,201 2,604 328 2,268 Sept. 23 13, 824 5,026 134 1,328 1,011 199 8,524 5,534 789 2,201 2,588 338 2,231 Sept. 30.. ._ 13, 879 5,065 146 1,333 1,009 2,577 195 8,549 5,552 789 2,208 2,669 326 2,287 Oct. 7 13,891 5,074 142 1,332 1,011 2,589 195 8,552 5,565 790 2,197 2,706 337 2,274 Oct. 14... . 13, 881 5,069 138 1,314 1,011 2,606 194 8,549 5,555 796 2,198 2,819 352 2,360 Oct. 21 13,879 5,080 136 1,312 1,012 2,620 191 8,535 5,544 795 2,196 2,855 340 2,313 Oct. 28 13,864 5,082 142 1,321 1,012 2,607 186 8,527 5,536 793 2,198 2,881 349 2,294 Nov. 4 13, 838 5,080 147 1,317 1,012 2,604 186 8,502 5,528 789 2,185 2,828 343 2,359 Nov. 10.. _. 13, 846 5,080 138 1,313 1,014 2,615 190 8,502 5,525 796 2,181 2,852 348 2,362 Nov. 18 13,831 5,072 132 1,316 1,020 2,604 192 8,494 5,512 2,184 2,879 348 2,426 r Revised. 1 Loans (secured by stocks and bonds) to brokers and dealers in securities. 2 Includes reporting banks' own acceptances. 3 Figures reported prior to 1936 excluded a certain amount of time balances and balances with private banks; the amount excluded on 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

DECEMBER 1936 FEDERAL RESERVE BULLETIN 995 REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued [Monthly data are averages of weekly figures. In millions of dollars] Date or month r c n i e e t e C t o i d s p e o p a l s o l m n s r e a o r o h c s t s i f c - - - O as t s h e e ts r l a T T i i s a t o o s i b t e t e a i a s t l l s l - D ba o t I n i m c n k e t s e s- rba b 'o n a r k n e D k ig e s n ma G U S n m o d n t v a e i e t t n d e e r t e n s d p - os c C i h f e t e s i e t e r c c t d . k i- s, Other i u d t m s s e D — t a p e e n o d - a d s d - » - m b D a I e n n o s T k - t ti e s i c r m b b e a F e a n i d n o k g e r k n - p s osi O ts ther 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—October 1,218 ,374 29,974 5,125 351 633 453 14,124 13, 359 119 4,917 750 3,496 1936—April 1,526 ,354 31, 437 5,351 356 758 576 14,932 13,982 133 4,971 822 3, 527 May 1,269 ,376 31,715 5,346 375 752 420 15, 220 14, 371 131 5,051 874 3,541 June 1, 385 ,371 32,195 5, 371 447 797 499 15,449 14, 563 132 5,037 913 3,543 July 1,552 ,323 32,948 5,904 427 829 545 15, 760 14, 752 133 5,007 851 3,488 August 1,313 ,301 32, 516 5,729 409 821 439 15, 658 14, 785 130 5,019 816 3,488 September - 1,444 ,308 32,961 5,761 423 837 484 15,922 14,962 129 5,036 847 3,503 October 1,487 ,298 33,411 5,950 467 793 446 16,193 15,152 130 5,070 840 3,517 Sept. 2... 1,322 ,307 32, 617 5,731 403 820 449 15, 740 14, 867 129 5,032 805 3,500 Sept. 9__. 1,380 ,311 32,902 5,773 402 821 551 15, 747 14,918 128 5, 036 920 3,498 Sept. 16_. 1,614 ,282 33,100 5,801 408 849 509 16,015 14, 910 130 5,031 820 3,502 Sept. 23.. 1,285 ,300 32, 779 5,706 423 849 388 15. 896 14,999 129 5,018 842 3,506 Sept. 30_. 1,620 ,341 33,407 5,792 480 847 525 16,211 15,116 127 5,063 848 3,510 Oct. 7— 1, 338 ,305 33,103 5,903 466 849 450 15,877 14,989 129 •5,073 836 3,515 Oct. 14__ 1,473 ,299 33, 701 6,032 480 848 433 16,362 15,052 130 5,068 829 3,513 Oct. 21._ 1,465 ,284 33, 452 5,954 462 772 448 16, 245 15, 228 130 5,072 847 3,518 Oct. 28__ 1,400 ,303 33, 386 5,909 462 704 454 16, 286 15, 340 132 5,065 849 3,520 Nov. 4__. 1,613 1,302 33, 522 6, 057 448 626 477 16, 342 15, 206 130 5,042 865 3,530 Nov. 10_. 1,713 1,299 33, 805 6,104 451 596 704 16, 388 15, 379 130 5,022 868 3,537 Nov. 18- 1,670 1, 313 33,805 6,167 444 521 556 16, 513 15,399 130 5,029 893 3,544 NEW YORK CITY 1935—October 606 478 11,296 2,133 322 247 294 5,941 5,629 619 287 1,450 1936—April 789 478 11,912 2,292 325 197 390 6,366 5,968 547 321 1,466 May 565 494 12, C04 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 July 745 466 12,381 2,477 391 192 361 6,604 6,221 556 367 1,429 August 582 454 12,124 2,380 372 191 281 6,554 6,253 569 345 1,427 September.__ 653 468 12, 352 2,399 387 192 313 6,674 6,335 575 367 1,427 October 644 462 12, 383 2,444 427 172 277 6,667 6,301 610 351 1,431 Sept. 2... 591 459 12, 241 2, 403 368 191 292 6,640 6,341 577 331 1,432 Sept. 9__. 647 465 12, 381 2,387 366 190 370 6,611 6,334 571 434 1,427 Sept. 16.. 708 12, 354 2,405 372 193 328 6,687 6,307 567 344 1,425 Sept. 23_. 536 12, 215 2,365 385 193 232 6,675 6,371 561 359 1,425 Sept. 30_. 784 499 12, 568 2,431 444 193 346 6,758 6,320 598 366 1,428 Oct. 7— 597 475 12, 324 2,445 429 193 286 6,577 6,266 605 354 1,431 Oct. 14__ 718 457 12, 422 2,463 439 193 257 6,678 6,217 613 345 1,430 Oct. 21__ 623 452 12,391 2,446 421 164 272 6,685 6,334 611 355 1,433 Oct. 28. _ 637 463 12, 395 2,423 418 137 292 6,730 6,385 609 350 1,432 Nov. 4___ 706 465 12,410 2,496 405 117 299 6,289 591 362 1,440 Nov. 10.. 456 12, 727 2,545 414 111 516 6,766 6,396 567 363 1,441 Nov. 18_. 12, 595 2,534 404 97 381 6,774 6,360 377 1,442 OUTSIDE NEW YORK CITY 1935—October 612 896 18, 678 2,992 386 159 8,183 7,730 119 4,298 463 2,046 1936—April 737 876 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 July 807 857 20, 567 3,427 637 184 9,156 8,531 133 4,451 484 2,059 August 731 847 20, 392 3,349 630 158 9,104 8,532 130 4,450 471 2,061 September. 791 840 20, 609 3,362 645. 171 9,248 8,627 129 4,461 480 2,076 October 843 836 21,028 3,506 621 9,526 8,851 130 4,460 489 2,086 Sept. 2... 731 20,376 3,328 157 9,100 8,526 129 4,455 474 2,068 Sept. 9— 733 846 20, 521 3,386 631 181 9,136 8,584 128 4,465 486 2,071 Sept. 16.. 906 829 20,746 3,396 656 181 9,328 8,603 130 4,464 476 2,077 Sept. 23.. 749 834 20, 564 3,341 656 156 9,221 8,628 129 4,457 483 2,081 Sept. 30- 836 842 20,839 3,361 654 179 9,453 8,796 127 4,465 482 2,082 Oct. 7___ 741 830 20,779 3,458 656 164 9,300 % 723 129 % 468 482 2,084 Oct. 14.. 1,025 842 21, 279 3,569 655 176 9,684 8,835 130 4,455 484 2,083 Oct. 21__ 842 832 21,061 3,508 608 176 9,560 130 4,461 492 2,085 Oct. 28_. 763 840 20, 991 3,486 567 162 9,556 8,955 132 4,456 499 2,088 Nov. 4___ 907 837 21,112 3,561 509 178 9,646 8,917 130 4,451 503 2,090 Nov. 10- 827 843 21,078 3,559 485 188 9,622 8,983 130 4,455 505 2,096 Nov. 18 . 875 851 21, 210 3,633 424 175 9,739 9,039 130 4,449 516 2,102 r Revised. 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

996 FEDEKAL RESERVE BULLETIN DECEMBER 1936 REPORTING MEMBER BANKS IN 101 LEADING CITIES ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO [In millions of dollars] Federal Reserve District City Total Bos- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - At t l a an- Ch g i o ca- L S ou t. is n M o ea l i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Y N o e r w k Ch g i o ca Loans and investments, total: Oct. 28 22, 517 1,215 9,537 1,181 1,841 654 589 3,033 673 418 511 2,174 8,653 2,059 Nov. 4 22,446 1,215 9,491 1,175 1,845 646 587 3,025 672 416 511 2,174 8,608 2,051 Nov. 10 22, 488 1,221 9,523 1,181 1,841 662 587 3,012 667 414 507 2,184 8,642 2,048 Nov. 18 22, 442 1,215 9,493 1,177 1,857 633 587 3,022 670 408 689 511 2,180 8,611 2,052 Loans to brokers and dealers in New York: Oct. 28 933 902 894 Nov. 4 943 913 903 Nov. 10 938 907 Nov. 18 915 885 874 Loans to brokers and dealers outside New York: Oct. 28 220 80 39 Nov. 4 225 38 Nov. 10 216 34 Nov. 18 209 33 Loans on securities to others (except banks): Oct. 28 2,026 149 839 148 221 68 31 161 705 140 Nov. 4 2,024 148 841 148 220 197 160 707 139 Nov. 10 2,025 148 845 148 221 196 159 712 139 Nov. 18 2,029 149 846 147 221 159 712 141 Acceptances and commercial paper bought: Oct. 28 313 44 135 23 127 12 Nov. 4 317 44 139 22 3 24 131 12 Nov. 10 326 45 144 22 4 5 23 136 12 Nov. 18 329 44 145 23 4 5 22 137 12 Loans on real estate: Oct. 28 1,143 82 242 62 182 24 363 131 14 Nov. 4 1,143 82 242 62 182 24 364 131 14 Nov. 10 1,144 82 241 62 181 25 365 130 14 Nov. 18 1,150 87 241 62 182 27 25 364 130 14 Loans to banks: Oct. 28 53 2 23 2 4 1 1 23 Nov. 4 54 2 24 2 4 1 10 1 24 Nov. 10 70 2 39 2 4 1 1 10 2 1 39 Nov. 18 58 3 26 2 4 1 1 9 2 2 26 Other loans: Oct. 28 4,033 317 1,576 182 208 110 163 528 139 124 144 160 382 1,426 379 Nov. 4 4,019 318 1,566 179 210 111 164 526 139 123 143 160 380 1,415 377 Nov. 10 4,045 314 1,581 182 208 111 165 533 138 124 143 160 386 1,430 381 Nov. 18 4,062 301 1,608 181 210 113 166 532 139 123 144 161 384 1,458 379 U. S. Government direct obligations: Oct. 28 9,274 405 3,977 329 881 293 229 182 262 191 706 3,738 1,108 Nov. 4 9,250 406 3,962 330 885 283 208 1,605 229 181 261 189 711 3,722 1,106 Nov. 10 9,267 417 3,975 333 293 209 1,589 224 181 260 185 713 3,742 1,102 Nov. 18 9,234 420 3,955 333 901 262 205 225 179 258 184 716 3,722 1,106 Obligations fully guaranteed by U. S. Government: Oct. 28 1,257 18 501 59 149 69 50 159 464 92 Nov. 4 1,253 18 501 95 59 150 59 50 153 464 Nov. 10 1,258 18 503 92 55 151 58 50 159 462 Nov. 18 1,261 18 507 93 54 153 60 51 158 463 95 Other securities: Oct. 28 3,265 158 1,262 309 270 395 109 139 363 1,067 Nov. 4 3,218 156 1,223 306 391 109 139 363 1,033 265 Nov. 10 3,199 155 1,208 308 391 108 139 361 1,018 266 Nov. 18 3,195 155 1,201 306 271 391 108 139 359 1,012 265 Reserve with Federal Reserve bank: Oct. 28 5,390 306 2,616 287 335 143 885 128 149 101 292 2,509 Nov. 4 5,324 315 2,600 279 332 146 852 121 150 99 276 2,496 640 Nov. 10 5,462 293 2,713 282 337 142 865 130 153 104 281 2,610 652 Nov. 18 5,471 311 2,701 345 141 864 128 151 104 285 2,592 660 Cash in vault: Oct. 28 405 124 72 36 19 66 11 13 11 20 56 36 Nov. 4 402 123 75 35 19 64 12 11 11 20 59 35 Nov. 10 403 125 71 33 19 66 12 13 11 20 55 35 Nov. 18 404 124 72 37 18 68 11 12 10 19 56 36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

997 DECEMBER 1936 FEDERAL RESERVE BULLETIN REPORTING MEMBER BANKS IN 101 LEADING CITIES—Continued ASSETS AND LIABILITIES BY DISTRICTS AND FOR NEW YORK CITY AND CHICAGO—Continued [In millions of dollars] Federal Reserve District City Total B to o n s- Y N o e r w k P p d h h e i l i 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 a i i n p s - - K C sa a it n s y - Dallas F c S r is a a c n n o - Y N o e r w k Ch g i o ca- Balances with domestic banks: Oct. 28 2,371 131 180 161 270 150 128 428 133 83 274 173 260 77 195 Nov. 4_ 2,435 150 189 171 262 157 125 444 140 91 271 175 260 76 202 N N o o v v . . 1 1 0 8 . 2 2 , , 4 5 4 0 0 5 139 1 19 9 0 1 1 1 7 6 0 8 2 2 6 5 2 5 1 19 6 6 7 1 12 2 3 2 4 4 5 5 4 1 1 14 4 9 6 9 9 1 6 2 29 7 2 3 1 18 8 9 5 2 2 5 4 7 2 7 7 8 9 1 1 9 9 8 1 Other assets: 137 Oct. 28 1,303 76 535 87 109 39 39 103 24 17 24 29 221 463 69 Nov. 4 1,302 77 537 86 108 41 39 102 24 17 24 29 218 465 70 Nov. 10 1,299 78 529 87 107 40 40 102 24 17 24 29 222 456 69 Nov. 18 1,313 79 535 88 108 39 42 104 24 17 24 29 224 462 71 Demand deposits—adjusted: Oct. 28 15, 340 1,044 6,916 809 1,093 406 314 2,341 408 271 491 369 878 6,385 1,600 Nov. 4 15, 206 1,063 6,827 803 1,088 408 309 2,297 404 278 485 363 881 6,289 1,573 Nov. 10 15, 379 1,046 6,934 820 1,082 427 311 2,320 411 281 494 372 881 6,396 1,587 Nov. 18 15, 399 1,055 6,906 823 1,104 426 310 2,324 409 279 488 378 897 6,360 1,590 Time deposits: Oct. 28 5,065 286 1,008 279 713 199 177 812 180 122 147 121 1,021 609 435 Nov. 4_ 5,042 283 989 278 713 198 178 814 180 122 147 121 1,019 591 436 Nov. 10 5,022 283 965 278 713 198 178 815 180 122 147 121 1,022 567 436 Nov. 18 5,029 283 977 275 713 198 177 816 180 121 147 122 1,020 580 436 U. S. Government deposits: Oct. 28 704 13 171 72 66 40 46 130 11 3 22 41 89 137 89 Nov. 4 626 11 148 66 59 35 42 116 11 3 20 39 76 1 117 77 Nov. 10 596 11 141 62 57 33 40 109 11 3 20 38 71 111 72 Nov. 18 __ 521 10 124 55 51 28 36 94 10 3 17 36 57 97 60 Interbank deposits, domestic: Oct. 28 6,041 241 2,493 323 365 236 220 844 276 128 400 209 306 2,423 627 Nov. 4__ _ __ _ 6,187 255 2,567 330 368 243 223 869 280 134 401 217 300 2,496 644 Nov. 10 6,234 249 2,614 324 373 247 225 864 283 133 399 219 304 2,545 641 Nov. 18 6,297 247 2,604 333 378 249 228 881 288 133 423 223 310 2, 534 656 Interbank deposits, foreign: Oct. 28 467 11 424 4 2 2 1 1 15 422 5 Nov. 4 453 11 411 4 2 1 7 1 1 15 409 6 Nov. 10 456 9 420 3 1 1 5 1 1 15 418 4 Nov. 18 449 10 410 4 2 1 1 5 1 15 408 4 Borrowings: Oct. 28 Nov. 4 Nov. 10 Nov. 18 3 1 2 2 Other liabilities: Oct. 28 849 24 363 21 14 34 7 29 9 5 2 6 335 350 22 Nov. 4_ 865 24 375 21 14 35 8 31 9 4 3 6 335 362 24 Nov. 10 868 25 377 22 15 35 8 31 9 4 2 7 333 363 23 Nov. 18 893 26 390 22 15 35 8 33 9 4 3 6 342 377 25 Capital account: Oct. 28 3,520 233 1,565 225 338 90 86 352 85 56 89 78 323 1,432 237 Nov. 4_ 3,530 233 1,575 225 338 90 86 353 85 56 89 78 322 1,440 238 Nov. 10 3,537 233 1,576 226 339 90 86 355 85 56 90 78 323 1,441 239 Nov. 18 3,544 234 1,578 226 339 90 87 356 86 56 90 78 324 1,442 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL RESERVE BULLETIN DECEMBER 1936 BANK SUSPENSIONS1 POSTAL SAVINGS SYSTEM [In millions of dollars] Member Non-member banks banks Total, Assets all banks ti N on a- al State su I r n e - d2 in N su o r t ed U. S. Government Depos- securities itors' Cash Cash, Num 1 1 1 1 9 b 9 9 9 3 3 3 3 e 6 3 4 5 r , , . o J M f a b n a a . r n - . O k 1 s 6 c t - s D u e s c p . e 3 n 1 d . e _ d _ - : 1 3 7 3 5 8 9 4 7 9 4 1 6 3 2 8 6 2 1 4 6 8 2 8 4 End of month a b n a c l e - s1 Total b i p t n a o o n s r d y k i e - s - Total t o r i D g e b o a c i l n - - i t s - G t o t i a g e u b o n e a a l n - d - i r s - - f s e u e r t n r e c - v . d 2 e s, Deposits of suspended banks (in thousands of dollars): 3 1933, Mar. 16-Dec. 31 145, 710 17, 322 3,527 124, 861 1935—April 1,200 1,231 452 539 146 94 1934 _ 36,937 40 1,912 34,985 May 1,205 1,237 412 709 562 147 116 1935 10,099 5,313 3,847 939 June 1,205 1,236 385 777 630 147 74 1936, Jan.-Oct 9,668 9,125 543 July 1,189 1,221 364 777 630 147 80 August 1,192 1,224 348 780 633 147 96 September 1,192 1,224 319 805 658 147 100 1 Represents licensed banks suspended; does not include non-licensed October 1,196 1,230 306 824 677 147 100 banks placed in liquidation or receivership after the banking holiday. November 1,199 1,234 294 853 706 147 87 For statistics of latter see Annual Report for 1935 (table 69). December 1,201 1,237 287 853 706 147 97 2 Federal deposit insurance became operative January 1, 1934. 3 Deposits of member banks and insured non-member banks suspended 1936—January 1,208 1,241 248 876 709 167 117 b o ar f a e n t h k a e s s a b o r a f e n d b k a a s t s . e e s d o o f n s t u h s e p l e a n te si s o t n d , a a ta n a d v d a e il p a o b s le it s a t o t f i m no e n o - f i n th s e u r r e e d p o n rt o n of - m cl e o m si b ng er A M M Fe p a a b r y r i r c l u h ary 1 1 1 1 , , , , 2 2 2 2 1 1 1 1 4 6 4 5 1 1 1 1 , , , , 2 2 2 2 4 5 4 4 8 1 8 8 2 2 2 2 2 2 1 1 5 1 6 1 8 9 9 9 7 4 2 0 6 0 5 2 7 7 7 7 3 5 7 1 6 9 3 0 1 1 1 1 6 6 6 6 6 6 7 6 1 1 1 9 2 0 4 7 8 7 7 Back figures.—See Annual Report for 1935 (table 69). June 1,232 1,265 203 967 800 167 95 July 1,244 1,279 172 972 805 167 135 August l 249 September. I, 251 BANK DEBITS October I, 255 [Debits to individual accounts. Amounts in millions of dollars] p Preliminary. 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 1936 1935 No. of 2 Includes working cash with postmasters, 5-percent reserve fund and Centers miscellaneous working funds with the Treasurer of the United States, Oct. Sept. Oct. accrued interest on bond investments, and accounts due from late postmasters. New York City 1 20,142 15, 656 15, 733 Back figures.—See BULLETIN for August 1935, p. 502. Outside New York City. 140 17,171 17, 586 16, 844 Federal Reserve districts; Boston 2,148 1,665 1,808 New York 17,890 16, 328 16, 362 Philadelphia 1,741 1,607 1,598 Cleveland 2,059 1,792 1,676 Richmond 791 663 664 Atlanta 943 831 796 Chicago 5,260 4,622 4,146 St. Louis 1,078 922 918 Minneapolis 681 587 629 Kansas City 1,117 1,005 979 Dallas 729 650 590 San Francisco 2,875 2,570 r2,410 Total 141 37, 313 33, 242 '32, 577 r Revised. Back figures.—See Annual Report for 1935 (table 68). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 999 COMMERCIAL PAPER, ACCEPTANCES, AND BROKERS' BALANCES COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding By holders By classes C m o e m r- - Heldby accepting on B a g s o e o d ds Ba o s n ed cial banks stored in goods End of month paper Total Based United stored out- out- on Based States in stand- stand- Held im- on ex- (ware- Dollar foreign ing1 ing by ports ports house ex- counothers2 into from credits) change tries or Total Own Bills U. S. U. S. or shipped bills bought shipped bebetween tween domestic foreign points points 1935—October 180 363 339 178 161 24 106 75 98 4 82 November 178 387 358 182 175 29 105 84 111 3 84 December... __. 172 397 368 183 185 29 107 94 110 2 84 1936—January 178 384 353 181 172 31 108 94 96 3 84 February.. _ _ _ 176 377 340 172 168 37 114 94 81 2 86 March 180 359 321 150 171 38 113 91 66 2 87 April . _ . . .. 174 344 310 143 167 34 111 86 57 2 89 May 184 331 297 155 142 34 110 81 55 1 82 June _ _ _ . 169 316 276 129 147 40 107 74 49 2 85 July 188 316 278 131 147 37 105 68 57 2 84 August _. 205 308 279 140 139 29 104 63 60 2 79 September 197 315 276 139 137 39 107 64 66 2 76 October. __ _ 199 330 296 150 147 34 110 67 75 2 77 1 As reported by dealers; includes some finance company paper sold in open market. 2 Since April 1935 Federal Reserve banks have not held any dollar acceptances for own account or for account of foreign correspondents. Back figures—See Annual Report for 1935 (tables 66 and 67). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances1 Other credit balances Debit Debit End of month Customers' balances in balances in Cash on debit partners' firm hand Money In In balances investment investment and in bor- partners' firm In (net)i an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks rowed2 Free O (n th et e ) r m in e v n e t s a t n - dm i e n n v t es a t n - d a c c a c p o i u t n al ts trading trading (net) accounts accounts 1935—September _ 1,098 65 119 182 771 257 89 23 12 396 October 1,147 68 119 187 806 277 93 22 10 405 November. _. __ _ 1,212 73 134 189 859 294 92 22 13 415 December . 1,258 75 135 179 930 286 79 24 10 410 1936—January _ _ 1,297 63 139 193 922 319 91 26 17 416 February _ _ 1,290 64 147 208 908 328 98 26 15 425 March _ _. __ 1,351 67 168 181 995 303 89 23 15 429 April 1,295 65 173 268 1,033 301 88 28 13 426 Mav .. 1,257 65 159 229 970 282 83 25 14 422 June 1,267 67 164 219 985 276 86 24 14 420 July 1,295 68 158 221 981 287 96 24 14 422 August 1,287 69 142 213 967 283 92 25 12 423 September 1,317 72 141 227 995 289 99 24 14 423 October 1,333 69 151 235 989 316 100 25 17 428 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the methods by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN DECEMBER 1936 FEDERAL RESERVE BANK DISCOUNT RATES [Percent per annum] Advances secured by Rediscounts and advances un- Advances under sec. direct obligations of der sees. 13 and 13a of the Fed- 10 (b) of the Federal the United States eral Reserve Act * Reserve Act se ( c la . s 1 t 3 p o a f r t a h g e r a F p e h d e o r f al Federal Reserve Bank Reserve Act) N R ov a . t e 30 be I g n in ef n fe in ct g- v P r i a o r t e u e - s N R ov a . t e 30 be I g n in ef n fe in ct g- N R ov a . t e 30 >e In gi n e n f i f n e g c — t Boston Feb. 8,1934 Sept.20,1935 Oct. 20,1933 New York.... Feb. 2.1934 Oct. 10,1935 Feb. 8,1934 Philadelphia- Jan. 17,1935 Nov. 2,1935 Oct. 20.1933 Cleveland May 11,1935 Oct. 19,1935 May 11,1935 Richmond May 9.1935 Sept.23,1935 Feb. 19.1934 Atlanta Jan. 14,1935 Sept. 14,1935 Mar.17.1934 Chicago Jan. 19,1935 Sept.20,1935 Oct. 16,1933 St. Louis Jan. 3,1935 Oct. 3,1935 Feb. 21.1935 Minneapolis. . May 14,1935 Oct. 29,1935 Apr. 15.1933 Kansas City.. May 10,1935 Aug. 26,1935 May 10,1935 Dallas May 8,1935 Oct. 8,1935 Mar. 12.1934 San Francisco Feb. 16,1934 Sept.20,1935 Oct. 19,1933 1 Rates indicated also apply to United States Government securities bought under repurchase agreement. Back figures.—See Annual Report for 1935 (table 40). BUYING RATES ON ACCEPTANCES RATES ON INDUSTRIAL ADVANCES Buying rates at the Federal Reserve Bank of New York Approved by the Board of Governors of the Federal Reserve System, under Sec. 13(b) of the Federal Reserve Act as amended June 19,1934. [Percent per annum] Percent per annum except as otherwise specified. In effect Nov. 30, 1936 [Percent per annum] Maturity e N R ff o a ec v te t . i o 3 n n 0 In g i e n f n fe in ct g — be- Pre ra v t i e ous A in d g v a i n n c s e ti s t u to ti o f n in s— anc- Advances direct to Commit- 1-15 days i._. Oct. 20, 1933 1 Federal Reserve Bank industrial On por- ments 3 4 6 9 1 1 1 1 6 6 - - - - - 1 4 9 3 6 2 5 0 0 0 0 d d d d a d a a a y y a y y s y s _ s s . _ s . . .. . . . _ . . . . . . . . . . . . d d d d d o o o o o 1 1 1 1 1 g m a o e n r r i c z c i a o a t l m i o o - n r- s o i t w b t i n i o l s o h i n t g n i i c a t f u i o h t s e - r d 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 121-180 days. .—.do IK Boston 3^-6 3 1 This rate also applies to acceptances bought under repurchase agree- N Ph ew ila Y de o l r p k hia- 4 4 - - 6 6 3 3 4 (2 - ) 5 ments, which agreements are always for a period of 15 days or less. Cleveland 4^-6 3H 4 NOTE.—Minimum rates on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. Richmond 6 4-6 4-6 1-2 Atlanta 6 5 5 Back figures.—See Annual Report for 1935 (table 41). Chicago 5-6 13 5-6 1-2 St. Louis MAXIMUM RATES ON TIME DEPOSITS Minneapolis.. 6 43^-5 4H-5 Kansas City— 4-6 4 4 Dallas 5-6 4 5-6 Maximum rates that may be paid by member banks as established by San Francisco. 5-6 3-4 4-5 the Board of Governors under provisions of Regulation Q. [Percent per annum] 1 Authorized rate 1 percent above prevailing discount rate. 2 Same as to borrower but not less than 4 percent. ? Flat charge. Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning Back figures.—See Annual Report for 1935 (table 40). Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits 2V2 Postal Savings deposits Other time deposits payable in: 6 months or more 90 days to 6 months Less than 90 days NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, effective February 1, 1936, are the same as those now in effect for member banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1001 DECEMBER 1936 FEDERAL RESERVE BULLETIN 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- A ver- 1928 1929 1930 1931 1932 1933 1934 1935 1936 age Prime Prime Stock- Stock ex- u. s. yield on New York City: Month or week com- bank- ex- change call Treas- U. S. January __ 4.56 5 74 5.64 4 24 4.71 4.12 3.58 2.83 2.64 mercial ers' change loans ury 273- Treas- February 4.44 5.73 5.35 4.31 4.71 4.11 3.43 2.90 ?, 56 paper, accept- time day bills ury March 4.59 5.81 5.22 4 20 4.72 4.88 3.31 2.64 2.61 4 to 6 ances , loans, offered 3-5 year April 4.72 5.85 4.91 4.17 4.69 4.33 3 39 2.61 2.54 months 90 90 Re- within notesl May -_ - 4.97 5.88 4.74 4.11 4.55 4.24 3.42 2.69 2.51 days days New newal period June 5.09 5.93 4.59 4.13 4.61 4.10 3.30 2.66 2.44 July -_ -.. 5.38 5.88 4.48 4.05 4.42 3.93 3.30 2.61 2 44 August 5.56 6.05 4.41 3.97 4.45 3.97 3.33 2.67 2.42 1935 September 5.63 6.06 4.29 3.93 4.30 3 79 3.26 2.72 2,40 October 5.63 6.08 4.26 4.27 4.35 3.76 3.28 2.72 2.46 September % H K .25 25 .22 1.43 November 5.56 5.86 4.17 4.67 4.12 3.52 3.22 2.77 October % H .29 29 . 20 1.37 December. . 5.63 5.74 4.16 4.64 4.22 3.48 3. 18 2.61 November H i 75 75 14 1.29 December % Vs i 75 .75 .09 1.26 Year 5.15 5.88 4.69 4.22 4.49 4.02 3.33 2.70 8 other northern and 1936 eastern cities: January 4.73 5.87 5.88 4.61 5.07 4.89 4.65 4.08 3 6? J M F a e n a b r u r c a u h r a y ry _ _ „ U H H V y y8 8 s i i i . 7 7 7 5 5 5 . . . 7 7 7 5 5 5 . . . 0 1 1 8 1 0 1 L 1 . . 0 2 1 9 1 5 A M Fe p a b r r i r c l u h ary _ 4 4 4 . . . 9 7 8 1 6 1 6 5 5 . . . 0 8 9 0 6 1 5 5 5 . . . 2 6 4 2 6 7 4 4 4 . . 6 5 6 2 7 3 5 5 5 . . . 1 1 1 0 4 3 5 4 5 . . . 0 3 8 9 9 4 4 4 4 . . 5 4 5 2 9 2 3 4 4 . . . 9 0 0 9 2 5 3 3 3 . . 4 6 6 7 0 3 April _ H i .75 . 75 . 10 1. 10 May 5.04 6.09 5.13 4.55 5.14 4.99 4.39 3.88 3.45 May 34 \/ \-\JA 93 .93 . 18 1.09 June . _ 5.36 6.02 5.06 4.49 5.13 4 97 4.30 3.78 3,51 June H Vs IK 1.00 1.00 .23 1.12 July 5. 57 6 08 4 81 4,48 5.05 4.82 4.15 3.87 3.61 July H 1M 1.00 1.00 . 14 1. 17 A ugust 5.59 6. 11 4.79 4.47 5.12 4 68 4 12 3.79 3.47 August V\ 3/l6 IK 1.00 1 00 18 1. 12 September 5.80 6.24 4.74 4.48 5.03 4.65 4. 11 3.75 3.45 September Vie IH 1.00 1.00 .16 1.09 October 5.80 6.25 4.75 4.62 4.96 4.51 4.13 3. 75 3 50 October 3/4- Vie IK 1 00 1.00 . 13 1.1.2 November 5.82 6. 12 4.66 4 87 4.88 4 54 4.08 3.63 December... 5.91 5.94 4.68 4.91 4.88 4.59 3.98 3.67 Week ending: Aug. 22.___ H Vie IK 1.00 1.00 . 17 1.12 Year 5.34 6.04 5.07 4.61 5.05 4.83 4.29 3.86 Aug. 29 % Vie IK 1 00 1.00 15 1.09 27 southern and Sept. 5 VA Vie IK 1.00 1.00 . 13 L.07 western cities: Sept. 12___ % Vie \K 1.00 1.00 . 15 1.07 January 5.53 5.94 6. 12 5.50 5.61 5, 60 5.40 4. 95 4 47 Sept. 19—_ % Vie \K 1.00 1.00 .16 I 09 February 5.53 5.96 6.05 5.43 5.61 5.56 5.39 4.84 4.51 Sept. 26___ X Vie IK 1.00 1.00 . 19 L. 12 March 5,54 6.04 5.98 5.40 5.64 5 66 5.40 4.85 4.44 Oct. 3 X Vie IK 1.00 1.00 .16 . 13 April . 5.54 6.07 5.86 5 36 5.63 5.68 5.34 4.80 4.40 Oct. 10 X Vie \K 1.00 1.00 14 I. 11 May 5. 56 6 10 5.75 5.26 5.64 5.66 5 28 4.79 4 43 Oct. 17 X Vie VK 1.00 1.00 . 12 L. 12 June ._- _ 5.67 6. 16 5.69 5 34 5.62 5.62 5. 19 4.76 4.39 Oct 24 X Vi« IK 1.00 1.00 . 12 1. 12 July 5.77 6 17 5.63 5.30 5.63 5.54 5.07 4.58 4 35 Oct. 31 % Vie IK 1.00 1.00 . 12 1. 13 August.. _ 5.80 6 22 5.58 5 28 5.68 5. 53 5.05 4.63 4.25 Nov. 7 .._ H Vie 1M 1 00 1.00 . 11 1. 07 September 5.82 6 27 5.55 5.32 5.63 5.55 5.04 4.51 4.29 Nov. 14___. % Vie IK 1.00 1.00 . 10 1.01 October ._ _ 5.87 6.29 5 54 5 38 5.56 5. 50 5. 05 4. 55 4.22 Nov. 21— H Vie 1M 1.00 1.00 .08 . 96 November 5.90 6 29 5.50 553 5. 55 5.42 4.93 4.51 December 5.91 6 20 5.43 5.56 5.60 5.43 4.92 4.55 JFor description of average and back figures, see May Bulletin, p. 317. Year 5.70 6.14 5.72 5.39 5.62 5. 56 5.17 4.69 Back figures.—See Annual Report for 1935 (tables 42 and 43). BOND YIELDS1 Corporate4 Year, month, or date T U r . e a S s . - M i u p n a i l c- By rat ings By group ury 2 gr ( a h d ig e h ) 3 Total Aaa Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 6-12 30 30 30 40 40 40 1933 average 3.31 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 4.46 3.60 3.95 4.55 5. 75 4.02 4.95 4.43 1935—December. _. 2.73 2.97 4.19 3. 44 3. 65 4.35 5.30 3.71 4.73 4.12 1936—January 2. 68 2.93 4.04 3.37 3.57 4.21 5.00 3. 59 4.50 4.02 February- 2.62 2.86 3. 95 3.32 3.55 4.12 4.80 3. 57 4.31 3.98 March .54 2.78 3.95 3.29 3.55 4.10 4.86 3. 56 4.32 3.98 April 2. 51 2. 76 3.97 3. 29 3.57 4.12 4.91 3.57 4.38 3.97 May 2.50 2.76 3.96 3.27 3.53 4.11 4.94 3.55 4.40 3.95 June 2.50 2.72 3.94 3.24 3.51 4.09 4.90 3. 54 4.35 3.91 July 2. 50 2.70 3.90 3.23 3.48 4.05 4.84 3.52 4.31 3.86 August 2.43 2.68 3. 85 3.21 3.44 3.99 4.74 3.48 4.22 3.85 September.. 2.41 2.62 3. 79 3.18 3.41 3.94 4.62 3.44 4.09 3.83 October 2. 42 2. 58 3. 75 3. 18 3. 38 3.90 4. 54 3.42 4.02 3.80 Oct. 28-- 2. 43 3. 75 3. 18 3. 36 3. 92 4. 55 3.41 4. 05 3.79 Nov. 4_._ 2.40 2. 54 3. 75 3. 17 3. 35 3.91 4.55 3. 42 4. 03 3. 79 Nov. 11- 2. 31 2. 50 3.71 3. 15 3.31 3.86 4.51 3.38 4. 00 3.75 Nov. 18- 2.42 3.69 3. 14 3.29 3.82 4. 50 3.36 3. 99 3.72 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. * Moody's Investors' Service, revised series. Lists of industrial and public utility bonds revised back to January 1, 1935, and of railroad bonds back to January 1, 1936. Because of limited number of suitable issues, less than 40 industrial bonds are included; the industrial Aaa group has been reduced from 10 to 3 and the industrial Aa group from 10 to 4 Back figures.—See Annual Report for 1935 (table 74). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN DECEMBER 1936 BOND PRICES 1 STOCK PRICES i Corporate3 Preferred Common stocks (index, 1926=100) U.S. Munic- stocks Year, month, or date Treas- ipal Year, month, or date (indusury2 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 i ) g : h- Total In tr d i u al s- R ro a a i d l- Utility Number of issues. 6-12 15 60 20 20 20 Number of issues. 20 419 32 40 1933 average 102.5 87.1 73.4 69.2 70.5 1933 average 104.8 . 63 78 1934 average 103.5 97.3 84.5 81.9 83.8 87.8 1934 average 120.7 72 81 1935 average 106.0 109.4 88.2 79.4 98.2 1935 average 133.8 78 91 1935—October..,. 104.9 109.4 89.8 78.4 101.0 1935—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 90 December.. 105.2 112.6 92.5 91.0 83.1 103.1 December.. 137.0 95 109 92 1936—January _._. 105.8 113.2 95.3 92.5 88.7 104.7 1936—January 137.3 100 115 97 February __ 106.3 114.4 97.2 93.0 93.6 105.1 February.. 138.7 106 121 103 March 106.6 116.0 96.6 92.1 92.7 105.1 March 139.6 109 125 103 April 107.0 116.2 95.9 91.2 91.6 104.8 April 138.8 109 125 102 May 107.1 116.2 95.5 90.6 90.8 105.0 May 138.6 101 116 95 June 106.6 116.9 96.2 90.6 92.5 105.5 June 138.8 106 121 102 July 106.6 117.4 97.1 91.1 94.2 106.0 July 139.1 109 124 106 August 107.2 117.8 97.7 91:6 95.8 105.7 August 139.3 113 128 109 September. 107.2 118.8 98.6 92.2 97.9 105.8 September. 139.0 114 130 108 October.._. 106.9 119. 5 93.1 99.7 106.0 October 138.3 119 136 109 Oct. 28 106.8 119.7 99.1 92.8 105.6 Oct. 28 138.1 120 138 I 109 Nov. 4 107.1 120.3 99.3 93.1 99.2 105. 5 Nov. 4 138.2 123 143 ! 107 Nov. 11 108.0 121.0 100.0 94.1 99.9 106.0 Nov. 11.... 138.9 125 146 ! 109 Nov. 18___. 108. 7 122.6 100. 1 94.7 99.4 106.2 Nov. 18 139. 3 125 146 110 1 Monthly data are averages of daily figures except for municipal bonds, 1 Monthly data are averages of Wednesday figures. wh 2 i A ch v e a r r a e g e a v p e r r i a c g e e s s o o f f a l W l o e u d t n s e ta s n d d ay in g fi g b u o r n e d s. s due or callable after 8 years. 2 Average derived prices. 3 Prices derived from average yields. Source.—Standard Statistics Co. Source.—U. S. Treasury bonds, based on price quotations from Treasury Department; for other bonds, Standard Statistics Co. Back figures.—See Annual Report for 1935 (table 73) Back figures.—See Annual Report for 1935 (table 73); for U. S. Treasury bonds, see May BULLETIN, p. 317. CAPITAL ISSUES [In millions of dollars] For new capital ]?or refunding Total Domestic Domestic (new Total Total Y m e o a n r t o h r f i u a n r n n e g - d d ) - m a ( f e d o n o s r d - - tic 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 gn r- 1 m a ( f e d o n s o r d - t - ic Total S m a t n a u d t - e F e e ra d l - C B o o rp n o d r s ate e F ig o n r- 1 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 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 1,063 720 708 483 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—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 (3) 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 July..- 338 103 103 33 0 70 39 31 0 236 236 9 2 225 222 3 0 August. 296 217 217 46 0 171 146 25 0 79 79 10 8 62 55 6 0 Sept.... 409 179 178 104 0 75 48 26 1 230 230 55 0 175 156 19 0 Oct 466 190 174 79 0 95 60 35 16 4 1 272 249 22 0 276 276 1 Includes issues of noncontiguous U.S. Territories and Possessions. 2 Includes publicly offered issues of Federal land banks, Federal intermediate credit banks, Federal Farm Mortgage Corporation, and Home Owners' Loan Corporation; excludes direct obligations of U. S. Treasury. a 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 1935 (table 72) for figures of new issues—annual and quarterly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 1003 TREASURY FINANCE UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURIT1 MATURITIES [In millions of dollars] [In millions of dollars Interest bearing Non- Interest-bearing debt outstanding Oct. 31, Total inter- 1936 End of period (gross est debt) Total Bonds Notes C ic e a r t t e if s - Bills b i e n a g r- Total 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 ._- 33,083 19,258 11,368 105 2,354 June 1934 27,053 26,480 16. 510 6,932 1, 635 1.404 573 Obligations maturing: June 1935 28, 701 27, 645 14,936 10, 501 156 2,053 1,056 Before Jan. 1, 1937 1,209 358 851 Jan. 1-Mar. 31, 1937 1,080 429 651 1935 Apr. 1-June 30, 1937 1,153 502 651 September _ 29,421 28, 432 14, 300 11, 929 251 1,952 989 July 1-Sept. 30, 1937 1,018 817 200 October 29, 462 28, 380 13, 998 11,929 250 2,204 1,081 Oct. 1-Dec. 31, 1937 November .. 29, 634 28, 617 14,008 11, 957 249 2,404 1,017 1938 1,946 1,946 December..- 30, 557 29, 596 14, 672 12, 274 247 2,404 961 1939 . _ 2,762 2,762 1940 2,854 2,854 1936 1941 2,015 834 1,181 January. 30,516 29,618 14,688 12,272 254 2,404 899 1943. 898 898 February 30, 520 29,646 14, 713 12, 270 258 2,405 874 1945 1,401 1,401 March 31,459 30, 591 15,981 12, 400 258 1,953 868 1946-. . _ _ 1,519 1,519 April 31, 425 30, 601 16,005 12, 383 259 1,953 825 1947 1,697 1,697 May__ __ 31, 636 30, 822 16,030 12, 381 258 2,153 814 1948 1,036 1,036 June '33, 545 r32, 756 18, 395 11, 861 146 2,354 790 1949 819 819 July 33, 444 32, 679 18,303 11, 906 117 2,353 764 After 1949 _ . 10,025 10,025 August __ __ 33, 380 32, 624 18, 277 11,886 107 2,353 757 Other obligations 2_ __ 1,653 1,029 519 105 September. _ _33,833 33,088 19, 259 11,370 106 2,353 745 October 33, 833 33,083 19, 258 11, 368 105 2,354 i 749 1 Issues classified as of date of final maturity; most issues callable at earlier dates; postal savings bonds only issues callable before 1940; adr Revised. justed service bonds and most of the U. S. savings bonds are redeemable at option of holder. i Includes $375,000,000 of Government liability for retirement of 2 Includes United States savings bonds and such issues as postalnational bank and Federal Reserve bank notes, as a result of deposit savings bonds and notes, retirement-fund notes, and adjusted-serviceof funds by banks; this compares with $601,000,000 on Oct. 31, 1935. certificate series, in which special funds are invested; also includes $485,000,000 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 * co a u c n - ts, Increase or deetc.4 crease during Excess excess period Period c M el i l s a - - General2 Recovery and relief ( c o + e f i ) p r o e ts - r ( c o + e f i ) p r o e ts - r Total c ta o I x n m e - s e n i r n n e e n t v o u a e e e u l r - - s ot A he ll r Total I e p d n s u e t t b e b o l r t i n - c o A th l e l r Total Relief P w u o b rk li s c ot A he ll r3 p t e u e n r x e d - s i- p t e u e n r x e d - s i- G b f a e u l n a n e n d r c a e l G d r e o b s t s Fiscal year ending June: 1934 3,116 818 1,470 6,745 757 1,984 4,004 1,844 645 1,515 -3, 630 +835 +1,720 +4, 514 1935 3,800 1,099 1,657 1,044 6,802 821 2,325 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 4 months ending: October 1934 1,214 235 605 373 2,165 270 1,107 701 460 e 54 -951 +46 -770 +135 October 1935 1,234 307 679 247 2,368 240 962 1,167 558 289 320 -1,134 +5 -368 +761 October 1936 1,408 387 811 211 2,312 255 1,141 917 62 1,051 e 197 -904 -68 -918 +54 1935—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 e 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 8 258 291 21 264 7 -302 +7 -84 +211 June 529 310 164 55 2,337 132 51,949 256 32 306 6 83 -1,807 -12 +323 +2,142 July 294 39 201 54 412 10 320 82 35 275 6 228 -118 +2 -451 -335 August 343 32 264 47 551 26 273 252 14 247 69 -208 -55 -327 -63 September .._. 499 288 161 50 668 144 255 268 8 252 8 -169 (7) +284 +452 October 272 27 186 60 681 74 292 315 5 277 32 -409 -15 -424 ) i Includes processing taxes, customs, and miscellaneous receipts. 2 Excludes public-debt retirement. 3 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. 4 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. 5 Expenditures include $1,673,000,000 of payments to veterans under the Adjusted Compensation Payment Act of 1936. • Excess of credits. 7 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BULLETIN DECEMBER 1936 GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1936 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Financed wholly from Government unds Financed partly fu f n ro d m s Government Total Total Recon- Com- Public Agricul- Farm Other Home struction modity Works tural mort- farm mort- Finance Credit Admin- credit Other gage credit gage Other Sept. August Sept. Corpo- Corpo- istra- institu- institu- institu- institu- 30,1936 31,1936 30, 1935 ration ration tion tions tions tions tions ASSETS Loans and preferred stock: Loans to financial institutions.. 403 1 130 6 540 549 738 Preferred stock, etc 669 0) 3 90 759 751 878 TTomp mort2a°"6 loans 2,870 2,870 2,898 2,765 Farm mortgage loans 2.936 2,936 2,934 2,922 Othpr agricultural loans 1 210 31 145 229 0) 617 620 707 All other loans _ 814 141 249 1,204 1,194 1,148 Total loans and preferred stock 1,887 210 141 31 395 2, 936 229 3, 090 6 8.926 8,946 9, If8 Cash 1 3 78 99 24 36 25 267 272 376 United States direct obligations 4 27 41 99 4 326 500 493 4£2 Obligations of Government credit agencies: Fully guaranteed by U S 15 1 74 7 101 198 198 218 Prod O u t c h t e io r n 2 credit association class 27 2 (2) 5 33 31 38 A stock 75 75 75 77 Accounts and other receivables 32 4 2 16 168 4 53 4 282 284 186 All other assets 4 16 0) 218 157 0) 3 174 11 580 543 358 Total assets other than interagency 2 -. . _. 1, 924 214 156 157 736 3,408 430 3, 363 473 10. 861 10,842 10, 861 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 252 0) 1,422 2,993 4,667 4,667 4,411 Other 2 72 2 1, 215 171 2 (i) 1,460 1,465 1,376 Other liabilities (including reserves) 40 0) 5 31 147 4 114 53 395 375 234 Total liabilities other than interagency 2 291 72 5 32 2,783 174 3,109 53 6,521 6,507 6,021 Excess of assets over liabilities, excluding interagency transactions.. 1, 632 142 156 152 703 624 256 254 420 4,340 4,335 4,840 Privately owned interests. __ _ 162 3 31 157 353 354 357 U. S. Government interests... 1,632 142 156 152 703 462 253 222 264 3,987 3,981 4,483 i Less thhaann $$550000,,000 0. 2 Excluddees $$7,6010,000,00,00000 ooff FFeeddeerraall llaanndd bbaannkk bboonnddss hheelldd bbyy FFeeddeerraall FFaarrmm MMoorrttggaaggee Coorrppoorraattioon, 3 Shares of FFlederal savings andd llo an associiattii ons subbsicrbidb edb byH HOOLLCC ,f lf ormeirlly didn clui de"dA ilnl "tAh ll othert "a ssets," are nloiwfi classified in Preferred stock, etc." "All other assets" includes $49,000,000 of unclassified assets of Federal savings and loan associations. 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] Oct. 31, Apr. 30, May 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, 1935 1936 1936 1936 1936 1936 1936 1936? Loans to financial institutions 561,547 410,383 403,148 386, 343 374, 630 368, 393 355,539 1 344, 591 Loans on preferred stock of banks and insurance companies- 48,054 45,953 45, 992 45, 863 45, 579 48, 397 48, 216 2 47, 807 Preferred stock, capital notes, and debentures 878,686 844,720 839,714 788, 922 691,047 672, 687 668, 615 662, 587 Agricultural loans 22, 669 8,623 8,684 1,499 1,456 1,400 1,385 1,326 Loans to railroads (including receivers).. 412, 805 394,168 393,154 388, 432 350, 841 350, 948 349, 261 353, 810 Loans for self-liquidating projects.. 169,498 164,891 174,149 170, 269 176, 256 181,339 185,829 190, 569 Loans to industrial and commercial businesses 34, 623 50,194 50, 779 52, 651 55,120 56,149 57, 690 60, 945 Loans to drainage, levee, and irrigation districts 43, 086 54,713 55, 228 56,114 60,103 60, 965 61,778 62,632 Other loans 1,973 3,587 3,518 3,115 2,796 2,984 3,037 1,880 Securities purchased from Public Works Administration 102,562 143,838 129,634 134,170 128,921 142,210 140,478 145, 635 Total loans and investments, other than interagency.-2, 275, 503 2,121,071 2,103,999 2,027,371 1,886,749 1, 885, 4721,871,828 1,871,782 Loans to Federal land banks 52,046 34,365 33,948 33, 538 32.959 32,199 30,933 27, 993 Loans to Commodity Credit Corporation 263, 746 291, 961 172, 800 162.280 92, 368 93, 002 95,809 97, 916 Capital stock of Commodity Credit Corporation 97,000 97,000 97. 000 97, 000 97,000 97,000 Capital stock of, and loans to R. F. C. Mortgage Co 12, 477 17, 623 18,429 19,165 30.218 31,213 32,202 33, 996 Preferred stock of Export-Import banks 10,000 17, 000 17, 000 17, 000 17,000 20, 000 20,000 20,000 Total loans and investments. 2, 613, 772 2,482,020 2,443,175 2.356,360 2,156,294 2,158, 8852,147, 7712,148,786 p Preliminary. 1 Includes $116,000,000 of loans for distribution to depositors of closed banks. includes $701,000 of preferred stock instalment sale contracts. 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

DECEMBER 1936 FEDERAL RESERVE BULLETIN 1005 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans Federal intermediate byi- credit bank loans to Loans to cooperatives byand discounts for— Regiona End of month lan F d e d b e a ra n l ks Co B L m a a n n m d k is- p a s c p c o r n r c o r o e c d u e r a d d i a l d 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 O t t x i o a s i o t c v n p t h n i e e e c t e s p u s r i r , a n 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 u i a t r r e g a a c g t r l o i i i o c o r c p u n n r o l e s a - d - l - c d r E g r o l o o e m p a u n e n a c g r s y n h - d t m F c b i e e n r a d d e t n e e d i k r r a i - a s t te l B in C c a a c B o t e n l i o a n u k v p n t s d e e r k i s a r f n , - l o g r i M A i r n n e t g g a g u v r r o r i f k A c a u l e u l v n c t l - t d - for cooperatives 3 1933—December... 1, 232. 707 70, 738 73, 263 27 144,636 89,811 15,211 18,697 157,752 1934—December... 1, 915, 792 616, 825 99, 675 55, 672 60. 852 87,102 110,186 33, 969 27,851 54, 863 1935—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 June 2. 064. 037 827. 248 144,155 53, 231 139,468 36, 026 176, 234 247 39, 500 44, 556 July 2, 064, 759 829, 464 146, 243 53,041 140, 982 34, 610 174, 207 225 43,018 44,431 August 2, 067. 106 831,892 144, 423 52, 883 135, 603 33, 042 172, 863 314 44, 345 44, 025 September. _ 2,067,711 833, 906 138, 653 48, 039 122, 004 31, 216 171,320 405 56, 267 48, 583 October _._ 2, 067, 647 835,187 135, 791 41,912 110,775 28. 664 168. 688 758 71, 150 51,348 1 Does not include loans by joint stock land banks, which are now in liquidation. 1 Some of the loans made by the regional agricultural credit corporations and the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the 3 column? under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD OBLIGATIONS FULLY GUARANTEED BY LOANS OUTSTANDING, BY INSTITUTIONS THE UNITED STATES x [Loans in thousands of dollars] AMOUNTS OUTSTANDING, BY AGENCIES [In millions of dollars] Home mortgage loans by- Federa Home Recon- Federal savings and Federal Farm Owners' struction loan associations home End of month Total Mortgage Loan Finance loan Corpora- Corpora- Corpora- End of month Home bank tion tion 2 tion 3 Owners' Number of loans to Loan Cor- associations member poration ! Loans institu- 1933—December.. 180 180 re- tions 2 Re- ported 1934—December.. 3,063 1,834 249 Total porting 1935—April 1,154 2,256 250 May 1,188 2,290 250 June 1,226 2,647 250 1932—December 838 July 1,274 2,682 249 1933—December 59 85, 442 August 1,282 2,716 250 1934—December 32, 394, 038 639 455 69, 734 86, 658 September,. 1,368 2,748 253 October 1.382 2,786 253 1935—October 2,811,503 979 851 289,625 95, 595 November.. 1,387 2,819 253 November 2,855,312 1,002 851 295, 480 97, 089 December.. 1,387 2, 855 252 December .. 2, 897,162 1, 023 881 315, 683 102, 795 1936-January.... 1,399 2,911 253 1936—January 2, 924, 206 1,044 898 329, 643 102, 800 February... 1,407 2,970 253 February 2, 942, 931 1,061 898 336, 646 102. 942 March 1,407 2.995 252 March _ 2, 951, 640 1,078 980 366, 405 103, 358 April 1,411 3,013 252 April 2, 960, 197 1,102 1,006 390, 810 105,972 May 1,422 3,029 252 • Mav 2, 961, 761 1, 114 1,006 404. 722 110,922 June 1,422 3,044 252 June 2, 944, 501 1, 135 1,017 444.046 118,587 July 1,422 3,045 252 July 2, 921, 294 1, 165 *1, 025 C465, 682 122, 101 August 1,422 2,994 252 August 2, 898, 043 1, 175 rl, 076 r497, 852 125, 218 September.. 1,422 2,993 252 September. 2, 870, 480 1, 183 1,076 512, 744 129, 767 October 1,422 3,008 252 October 2,834, 610 1, 192 1,062 522, 834 134, 941 1 Principal amount of obligations guaranteed as to interest and princir Revised. c Corrected. pal. Also guaranteed are debentures issued by Federal Housing Admini In addition to loans the HOLC held on Oct. 31, 1936, $451,000,000 in istrator. The amount outstanding Oct. 31, 1936, was $12, 775. other assets, consisting principally of investments in the Federal Savings 2 Excludes obligations guaranteed as to interest only. and Loan Insurance Corporation and in various savings and loan asso- 3 Excludes obligations held by U. S. Treasury and reflected in the ciations, real estate and other property, and accrued interest receivable. public debt. Figure for December 1933 includes uotes given in purchase a Includes loans to Federal savings and loan associations, all of which of gold which were retired in February 1934. are members, and a negligible amount to others than member institutions. 3 Includes accrued interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN DECEMBER 1936 PRODUCTION, EMPLOYMENT, AND TRADE [Indexnumbers; 1923-25 average=LOO. The terms "adjusted"and unadjusted" refer to adjustment for esasonal variation] Indu>trial production ! * Construction contracts awarded (value) 2 Fac- Factory em- tory Freight-car Department ployment 3 pay loadings 4 * store sales * Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other rolls 3 (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justedjusted justedjustedjustedjusted justed justedjustedjustedjustedjusted justedjustedjustedjustedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 108 118 91 94 1921 67 67 70 56 44 65 82 77 79 87 1922 85 86 74 79 68 88 90 82 87 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 97 99 1925 104 105 99 122 124 120 100 101 103 103 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 91 89 92 102 1931 81 80 84 63 37 84 77 67 75 92 1932 64 63 71 28 13 40 66 47 56 69 1933 76 75 82 25 11 37 72 49 58 67 1934 79 78 86 32 12 48 82 63 62 75 1935 90 90 91 37 21 50 86 71 63 79 1933 Oct. 76 78 76 76 81 89 37 35 12 12 57 53 81 83 60 58 66 70 77 Nov 72 72 70 70 82 85 48 42 13 12 76 66 80 80 57 59 60 67 75 Dec. 75 69 73 67 86 81 57 45 13 11 93 73 78 78 56 63 56 69 121 1934 Jan. 78 77 76 75 88 86 49 40 12 10 80 64 78 77 55 64 58 73 57 Feb 81 83 80 82 92 89 44 38 12 10 70 60 81 81 61 64 61 73 59 Mar 84 87 82 86 100 91 33 33 11 12 51 50 84 84 66 66 63 76 73 April____ 86 88 85 89 90 81 32 36 12 14 48 54 85 86 68 62 60 76 73 May 86 89 86 89 88 86 26 32 11 13 38 47 86 86 68 63 63 75 77 June 84 84 83 84 87 86 26 31 12 13 38 46 85 85 66 64 64 73 70 July 76 73 74 71 84 84 27 30 12 12 39 44 83 82 61 61 63 73 51 Aug. 73 73 72 71 80 83 27 28 10 10 40 43 83 84 63 59 63 76 60 Sept 71 73 69 70 82 87 29 30 11 11 44 45 78 80 59 59 67 74 79 Oct. .__ 74 75 72 73 81 87 31 29 12 12 46 43 81 82 62 57 64 74 82 Nov 75 74 74 73 81 84 31 28 11 11 48 41 81 80 61 59 60 75 83 Dec. 86 78 85 76 90 85 31 25 12 10 47 36 82 81 64 64 56 77 135 1935 Jan. 90 88 90 87 94 91 27 22 12 10 39 32 84 82 65 64 58 76 59 Feb 89 91 88 91 96 92 28 24 14 13 39 33 85 85 70 65 61 77 61 Mar 88 91 87 91 97 90 26 26 16 16 35 34 85 86 72 65 62 79 71 April____ 86 89 86 91 87 79 27 30 18 22 33 38 86 86 72 61 59 75 79 May 85 87 84 87 89 88 27 32 21 25 32 39 85 85 69 61 61 74 76 June 87 86 85 84 98 97 30 35 24 26 36 43 84 83 67 63 63 79 76 July 86 83 87 83 84 84 35 39 25 25 43 50 85 83 66 58 60 80 55 Aug •_ 88 86 89 87 81 85 38 40 24 24 50 54 86 86 71 60 64 77 61 Sept 91 90 92 89 87 92 43 44 25 25 58 59 86 88 74 62 70 81 86 Oct. 95 97 95 96 93 100 48 45 25 25 66 62 87 89 76 64 73 78 86 Nov... 96 97 97 98 92 95 60 53 26 25 88 76 88 89 76 66 67 82 91 Dec 101 96 101 95 102 96 67 53 26 22 101 79 89 88 77 71 62 83 145 1936 Jan 97 95 96 95 103 99 61 50 25 21 90 73 89 87 74 70 63 81 63 Feb 94 95 92 93 110 106 52 44 25 22 73 62 87 87 74 70 65 83 66 Mar 93 96 93 97 95 89 47 47 26 28 63 62 88 88 77 66 62 84 77 April 100 103 100 105 105 94 47 53 30 35 60 67 89 89 79 69 66 84 85 May 101 105 101 105 101 100 46 56 32 38 57 70 90 90 81 70 71 87 89 June 104 104 105 105 99 100 52 60 36 39 65 78 90 90 81 70 72 87 84 July .... 108 105 109 105 101 101 59 65 44 45 71 82 93 91 80 73 75 91 63 Aug. 108 106 110 106 98 104 62 65 46 46 75 81 93 93 83 70 76 86 68 Sept 109 107 110 107 101 109 59 60 47 47 69 70 94 95 83 72 82 88 94 Oct... P109 P110 P110 P110 P104 P113 P56 *>54 P43 P42 ?67 P63 94 97 89 73 84 90 99 p Preliminary. * Average per working day. 1 For indexes of groups and separate industries see pp. 1007-1008; 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 Revised series. 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 for the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see pages 950-978 of this BULLETIN. For current indexes of groups and separate industries see pp. 1009-1012. Underlying figures are for pay-roll period ending nearest middle of month. < For indexes of groups see p. 1014. Back figures.—See Annual Report for 1935 (table 75). For department store sales see p. 631 of BULLETIN for August, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1007 DECEMBER 1936 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Board of Governors; adjusted for seasonal variation. 1923-25 average=100] 1935 1936 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 95 97 101 96 92 93 100 101 105 109 no no P110 IRON AND STEEL . 88 96 103 86 83 83 100 105 113 119 121 119 127 Pig iron 65 69 71 67 63 64 77 85 89 90 93 96 98 Steel ingots 90 99 106 88 85 85 102 107 115 122 124 121 130 TEXTILES _ _ . '112 106 111 105 102 100 100 100 107 115 120 120 114 Cotton consumption 99 98 108 106 99 100 105 103 111 124 125 127 119 Wool 126 118 114 107 111 96 89 97 103 106 115 108 105 Consumption 146 134 125 117 120 105 93 103 121 125 136 121 109 Machinery activity l '119 118 122 114 117 99 95 101 95 97 101 97 104 Carpet and rug loom activity J _ '76 72 66 66 75 68 68 68 66 67 77 88 95 Silk deliveries 132 112 119 98 91 107 102 97 101 108 118 130 121 FOOD PRODUCTS 83 82 83 92 84 87 90 84 88 92 91 90 93 Slaughtering and meat packing 82 79 80 84 77 83 89 84 85 92 96 100 105 Hogs 57 54 54 61 52 61 68 66 64 72 70 79 94 Cattle _ 111 107 110 111 109 109 114 104 113 116 128 125 115 Calves 117 118 126 120 109 115 116 in 119 130 141 144 129 Sheep _ 154 148 145 152 145 151 134 128 133 135 138 143 152 Wheat flour 88 86 84 91 96 92 88 87 94 101 92 77 82 Sugar meltings 78 86 92 124 93 96 95 78 89 77 71 70 68 PAPER AND PRINTING: Newsprint production 61 64 63 60 60 62 60 59 62 60 61 61 62 Newsprint consumption _ _ 124 125 133 124 127 132 131 136 137 131 136 140 140 TRANSPORTATION EQUIPMENT: Automobiles 105 107 108 93 107 122 117 118 124 111 107 93 Locomotives __ __ _ _ 1 3 3 0 0 1 3 6 9 9 '8 6 LEATHER AND PRODUCTS _._ 105 109 124 118 111 107 110 112 102 113 '115 111 P110 Tanning 97 105 105 103 96 93 97 97 91 94 r95 89 Cattle hide leathers _ _ _. _ 98 105 103 96 95 94 94 93 84 93 97 90 Calf and kip leathers 74 84 95 103 85 77 85 78 88 77 '70 68 Goat and kid leathers 119 124 118 122 no 103 115 124 113 117 113 109 Boots and shoes 110 111 137 127 121 116 119 122 109 126 128 '126 123 CEMENT AND GLASS: Cement 52 59 59 47 49 58 71 74 74 74 77 80 87 Glass, plate 193 192 202 201 174 184 213 220 218 220 226 236 241 NONFERROUS METALS:2 Tin deliveries1 92 80 81 103 105 95 101 98 112 128 107 99 105 FUELS, MANUFACTURED: Petroleum refining 176 176 173 169 172 168 178 180 181 183 186 189 Gasoline * 227 225 220 214 215 210 223 227 233 236 241 246 Kerosene 95 94 86 94 94 98 104 97 98 96 91 90 Fuel oil ! 110 115 121 121 130 119 119 120 117 117 119 119 Lubricating oil * 103 106 104 96 98 105 116 116 108 no 111 109 Coke, byproduct 97 100 106 104 103 100 112 120 123 121 126 128 129 RUBBER TIRES AND TUBES ] 91 99 99 107 89 85 113 121 130 124 119 122 Tires, pneumatic 1 93 103 102 110 92 87 117 125 135 129 123 125 Inner tubes l 76 75 75 82 67 67 86 89 90 90 92 96 TOBACCO PRODUCTS 138 137 147 148 148 140 152 145 147 154 147 157 146 Cigars 70 69 73 73 75 71 74 71 70 76 73 75 74 Cigarettes . __ _ __ 190 191 205 208 207 193 214 204 209 216 208 223 202 Minerals—Total _. 93 92 102 103 110 95 105 101 99 101 98 101 P104 Bituminous coal 75 71 78 80 92 70 84 76 74 80 77 82 Anthracite ._ .. __ 48 48 71 70 93 48 63 69 66 65 47 56 p48 Petroleum, crude 140 144 146 148 143 146 150 149 146 144 149 146 ^150 Iron ore 62 44 80 80 81 87 93 98 Zinc 80 82 84 84 77 85 91 94 103 104 100 98 101 Lead .„ 68 67 70 63 62 59 70 75 69 71 60 60 71 Bilver 75 68 68 80 93 90 96 91 103 101 88 111 1 Without seasonal adjustment. 2 Includes also lead and zinc; see "Minerals." v Preliminary r Revised. NOTE.—For description see BULLETINS for February and March, 1927. For latest revisions see BULLETINS for March 1932, pp. 194-196, September 1933, pp. 584-587, and November 1936, p. 911. 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

1008 FEDERAL RESERVE BULLETIN DECEMBER 1936 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Board of Governors; without seasonal adjustment. 1923-25 average=100] 1935 1936 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactures—Total 96 98 95 95 93 97 105 105 105 105 106 107 P110 IRON AND STEEL 85 89 90 83 87 94 111 114 113 111 118 118 124 Pig iron 65 70 69 67 64 67 82 87 88 85 89 93 98 Steel ingots__ 87 91 92 85 89 96 114 117 115 113 121 120 126 TEXTILES _ 116 111 105 110 108 102 103 100 101 107 113 120 118 Cotton consumption ___ 102 101 100 111 106 105 112 106 106 113 112 123 122 Wool nss 124 114 108 117 98 88 92 97 99 110 111 111 Consumption.... ._ _ 161 146 126 120 131 107 90 95 109 112 126 127 120 Machinery activity 119 118 122 114 117 99 95 101 95 97 101 97 104 Carpet and rug loom activity_. >76 72 66 66 75 68 68 68 66 67 77 88 95 Silk deliveries . _ 132 116 106 112 98 103 101 96 90 103 123 136 121 FOOD PRODUCTS 86 86 82 92 82 86 85 82 87 90 87 90 95 Slaughtering and meat packing __ 84 87 91 96 75 78 80 81 84 87 85 94 104 Hogs 49 60 71 81 57 62 61 64 65 64 53 59 80 Cattle . _ _ . 129 123 115 112 96 95 101 101 106 115 126 138 134 Calves 123 120 120 112 101 116 126 126 124 126 130 138 135 Sheep _ 170 146 142 154 136 137 126 126 131 135 139 165 167 Wheat flour 99 93 81 89 93 86 80 82 83 98 99 91 92 f ugar meltings _ ______ _ 74 67 52 82 91 113 110 87 106 94 79 75 65 PAPER AND PRINTING: Newsprint production 61 63 63 61 60 61 61 60 64 59 59 60 62 Newsprint consumption. _ 132 134 137 119 125 138 141 140 135 117 121 137 149 TRANSPORTATION EQUIPMENT: Automobiles 77 124 125 108 93 124 149 142 134 128 82 42 65 Locomotives 1 4 3 0 0 1 3 6 9 9 9 6 LEATHER AND PRODUCTS 115 104 106 109 113 110 108 103 98 112 127 129 P121 Tanning___ _ __ 103 103 102 99 99 92 95 91 90 94 96 95 Cattle hide leathers 101 104 100 97 101 95 94 88 83 90 95 93 Calf and kip leathers 88 80 81 85 78 69 76 74 86 90 r85 78 Goat and kid leathers 124 122 127 116 114 105 114 116 113 109 111 114 Boots and shoes 123 105 108 116 122 122 117 111 103 123 147 ••151 138 CEMENT AND GLASS: Cement ___ 59 58 46 29 29 42 70 87 92 91 99 100 99 Glass plate 193 192 202 201 174 194 235 231 196 198 226 236 241 NONFERROUS METALS: I Tin deliveries ._ 92 80 81 103 105 95 101 98 112 128 107 99 105 FUELS, MANUFACTURED: Petroleum refining __ 176 176 174 170 172 168 178 179 181 182 186 189 Gasoline 227 225 220 214 215 210 223 227 233 236 241 246 Kerosene 100 101 93 96 96 95 103 93 91 90 86 92 Fuel oiL. 110 115 121 121 130 119 119 120 117 117 119 119 Lubrcating oil 103 106 104 96 98 105 116 116 108 110 111 109 Coke, byproduct 97 102 107 105 106 103 114 119 121 118 122 125 129 RUBBER TIRES AND TUBES 91 99 99 107 89 85 113 121 130 124 119 122 Tires, pneumatic 93 103 102 110 92 87 117 125 135 129 123 125 Inner tubes. 76 75 75 82 67 67 86 89 90 90 92 96 TOBACCO PRODUCTS 148 140 119 141 135 132 140 147 161 167 158 173 157 Cigars _ _ 85 82 55 56 65 64 70 73 76 80 76 86 91 Cigarettes 200 189 168 204 188 183 195 206 230 238 225 245 212 Minerals—Total _ _____ 100 95 96 99 106 89 94 100 100 101 104 109 P113 Bituminous coal _ 82 80 83 88 98 70 71 66 66 72 75 87 P93 Anthracite 62 50 69 75 99 40 65 69 57 53 47 57 P62 Petroleum, crude 141 143 142 142 140 145 150 150 149 147 152 150 P152 Iron ore 105 37 120 157 164 177 178 167 Zinc ____ _ 78 82 86 89 82 90 95 95 99 97 93 93 98 lead 70 70 70 63 64 60 69 73 70 68 58 57 73 Silver .. 74 73 68 81 100 99 97 88 101 85 88 106 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 boxe?. 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

FEDERAL RESERVE BULLETIN 1009 DECEMBER 1936 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION) [Index numbers of the Board of Governors; adjusted to census of manufactures through 1933. 1923-25 average=100] 1935 1936 Industry and group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 86.2 87.2 88.0 88.6 87.2 90.3 92.6 93.3 93.6 94.3 Durable goods 76.0 78.0 79.0 79.7 80.1 78.9 79.8 82.4 83.4 85.2 85.4 86.3 87.9 Nondurable goods . 97.2 97.0 97.6 98.2 97.7 96.1 95.9 96.7 97.3 97.6 L00.4 101.8 101.5 101.1 IRON, STEEL PRODUCTS 81.2 83.0 84.0 84.4 85.1 84.0 85. £ 87.7 92.3 94.1 95.6 97.1 Blast furnaces, steel works._ 90 92 93 93 93 91 92 94 97 99 103 106 108 109 Bolts, nuts, washers, rivets _ 67 69 71 71 72 71 71 74 74 75 76 76 77 79 Cast-iron pipe 54 54 56 57 57 59 60 62 62 62 64 64 65 66 Cutlery, edge tools 77 78 78 80 81 78 77 75 76 76 78 79 82 Forgings 53 54 55 56 57 56 54 56 58 59 62 60 61 Hardware 59 63 64 65 65 63 62 62 62 61 63 57 60 68 Plumbers' supplies 87 87 86 87 85 83 84 86 87 84 82 85 85 85 Steam, hot-water heating___ 56 58 59 59 60 60 61 63 65 65 69 69 71 70 Stoves 94 95 96 97 97 97 97 97 97 103 103 107 104 107 Structural, ornamental 54 55 55 53 56 57 59 62 65 67 70 72 73 73 Tin cans, tinware, 94 96 96 94 97 96 96 97 99 99 98 101 101 100 Tools 71 74 76 78 79 77 79 78 80 81 86 86 89 Wire work 112 126 132 138 139 132 135 140 137 136 135 141 154 MACHINERY 92.9 94.3 95.5 95.5 96.3 95.8 96.8 102.0 103.6 105.2 105.1 106.7 108.3 Agricultural implements 111 112 115 118 120 118 121 122 123 124 115 100 95 100 Cash registers, etc 103 106 110 112 114 116 118 119 112 114 100 116 119 Electrical machinery 83 85 84 82 81 82 86 90 92 92 97 100 Engines, turbines, etc 106 108 110 111 115 116 118 121 122 117 113 113 115 Foundry, machine-shop products 79 79 81 82 83 82 84 85 90 92 93 95 96 Machine tools 101 104 105 106 109 108 109 112 116 120 119 123 125 Radios, phonographs 182 186 182 176 189 186 179 185 209 210 209 186 176 Textile machinery 65 65 66 67 68 69 69 68 70 70 71 73 75 75 Typewriters 108 112 112 112 110 112 112 113 114 87 102 114 120 132 TRANSPORTATION EQUIPMENT — 89.1 95.6 100.8 99.7 96.8 97.5 99.0 100.8 101.8 104.5 100.7 100.7 104.7 Aircraft 446 441 417 409 408 442 471 495 487 470 494 505 534 534 Automobiles 103 110 113 115 113 109 108 109 112 112 116 109 109 113 Cars, electric, steam railroad- 29 36 43 47 46 46 50 51 50 53 52 59 59 64 Locomotives 21 24 26 24 24 26 27 28 31 34 36 35 38 41 Shipbuilding 81 85 83 86 85 92 101 102 102 102 RAILROAD REPAIR SHOPS, 50.4 52.8 54.3 55.0 56.4 58.0 57.0 57.0 58.2 57.4 58.7 59.1 60.1 Electric railroad 61 61 61 62 62 62 63 62 62 62 62 62 Steam railroad 50 52 54 54 56 58 57 57 58 57 58 59 NONFERROUS METALS PRODUCTS. 91.9 94.9 96.1 97.4 97.4 95.0 93.4 93.4 94.6 97.8 101.1 102.5 105.2 Aluminum 97 99 101 101 102 99 100 100 102 109 116 116 112 115 Brass, bronze, copper 95 98 100 101 99 97 97 99 100 102 106 109 110 Clocks, watches 98 101 102 103 104 104 105 104 105 106 107 113 112 114 Jewelry 81 82 81 79 77 76 75 78 84 88 87 Lighting equipment 71 78 73 75 79 84 Silverware, plated ware 68 69 68 68 65 64 62 61 59 66 67 70 Smelting, refining 73 73 75 78 78 78 76 78 79 78 79 78 Stamped, enameled ware 130 138 142 147 143 135 131 135 135 139 136 141 143 153 LUMBER PRODUCTS 61.6 61.7 61. 1 61.6 62.: 61.4 62.! 63. 5 64.1 65.6 65. 1 65.8 66.2 L Fu u r m n b it e u r r , e mill work 4 7 7 3 4 7 7 2 4 7 7 2 7 4 3 6 7 4 4 6 4 7 5 3 7 4 2 6 74 4 7 7 5 7 4 9 8 8 5 1 1 8 5 2 2 8 5 1 3 Lumber, sawmills 48 49 48 49 50 49 50 51 50 51 49 50 50 STONE, CLAY, GLASS PRODUCTS _. 59. 1 60.2 60.5 61.8 61.4 59.7 62.5 63.0 65.7 66.4 66.1 67.2 Brick, tile, terra cotta 37 39 39 42 43 41 44 45 47 47 47 47 Cement 51 54 53 54 51 49 55 54 55 59 61 64 Glass 98 99 99 100 99 97 97 96 101 102 99 103 Marble, granite, slate 33 34 35 36 34 32 39 41 42 43 42 42 Pottery 73 71 72 72 72 70 71 73 76 74 77 76 TEXTILES PRODUCTS 98.5 98.7 99.8 100.4 96.5 97. 6 97. 6 98. 1 102.6 104.9 102.6 101.7 A. Fabrics 92.8 93.1 94.4 94.6 93.2 90.4 91.8 91.3 91.8 95.5 98.1 96.8 95.5 Carpets, rugs 91 85 82 81 83 83 83 85 92 92 Cotton goods 86 89 90 95 99 99 97 Cotton small wares 93 93 97 91 91 94 96 101 99 101 Dyeing, finishing textiles. 115 117 118 116 112 113 116 115 116 117 117 114 115 Hats, fur-felt 85 90 89 85 84 85 93 91 85 81 82 Knit goods 115 113 113 113 113 114 114 113 112 118 121 121 117 Silk, rayon goods 88 84 84 80 72 74 78 79 81 78 79 Woolen, worsted goods___ 86 94 93 89 82 82 84 83 81 77 78 B. Wearing apparel 109.0 109. 109.5 111. 110. 108.2 108. 108.4 109. 110.3 116.6 117.0 113.6 113.4 Clothing, men's 103 105 106 109 108 105 104 104 105 107 109 106 104 105 Clothing, women's 147 147 147 147 145 143 144 143 146 144 159 167 157 155 Corsets, allied garments._ 90 89 89 88 90 87 85 86 85 86 87 88 88 89 Men's furnishings 115 109 114 114 117 116 116 118 123 130 141 138 133 130 Millinery 55 54 51 52 53 50 57 55 55 54 60 60 57 55 Shirts, collars 110 110 109 112 109 110 109 111 109 111 115 118 116 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN DECEMBER 1936 FACTORY EMPLOYMENT, BY INDUSTRIES (ADJUSTED FOR SEASONAL VARIATION)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1933. 1923-25 average = 100] 1935 1936 Industry and group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. LEATHER PRODUCTS _ _ _ _ 90.7 90.2 92.1 95.3 94.4 92.7 90.4 89.2 89.0 89.0 90.3 90.9 91.4 92.0 Boots, shoes. _ __ __ 91 90 91 96 95 93 91 89 89 89 91 91 91 92 Leather 96 95 100 99 97 95 94 94 95 94 94 96 98 96 FOOD PRODUCTS 109.1 107.2 107.1 107.3 107.4 106.8 107.8 107.7 109.3 110.3 112.4 113.2 113.3 112.5 Baking _ _ _ _ _ _ _ 125 125 125 125 126 126 127 127 127 127 129 129 129 131 Beverages 173 172 177 176 179 177 182 178 189 183 196 195 196 187 Butter _ _ _ _ 82 81 80 81 83 83 83 84 85 86 86 85 82 82 Canning, preserving. _____ _ 155 139 136 140 139 133 133 131 137 147 140 141 148 145 Confectionery 79 77 75 79 77 76 76 77 77 77 78 82 78 76 Flour 76 76 76 75 76 76 76 76 74 74 77 76 74 74 Ice cream 67 67 68 68 67 67 68 71 74 72 72 70 72 69 Slaughtering, meatpacking, _ _ 81 81 83 82 83 83 84 84 85 86 92 92 92 91 Sugar, beet _ _ 112 120 112 88 48 76 86 90 84 88 92 109 111 118 Sugar refining, cane 75 78 75 78 79 81 80 81 80 80 78 79 76 k 74 TOBACCO MANUFACTURES _ . _ _ 60.5 60.3 59.9 60.4 59.6 60.0 60.1 59.4 61.3 60.3 61.2 61.9 61.7 61.1 Tobacco, snuff 56 57 56 57 56 55 56 56 56 56 56 56 56 57 Cigars, cigarettes 61 61 60 61 60 61 61 60 62 61 62 63 62 62 PAPER, PRINTING _ _ _ _ 98.0 98.2 98.1 98.4 97.7 98.6 99.0 99.4 99.8 100.0 99.8 101.1 102.7 103.1 Boxes, paper. _____ 93 94 94 94 94 93 93 93 93 94 95 97 99 100 Paper, pulp 108 108 108 109 107 108 108 109 109 109 108 109 110 111 Book, job printing. __ _ 87 87 88 87 86 88 88 88 89 90 91 93 94 94 Newspaper, periodical printing 101 101 100 101 101 102 102 103 103 103 101 102 105 105 CHEMICALS, PETROLEUM PRODUCTS _ _ 111.9 112.9 112.9 112.4 112.2 110.6 111.6 110.8 113.1 113.2 115.7 115.4 118.5 117.9 A. Other than petroleum. _ _ _ 111.0 111.9 111.8 111.2 111.2 109.2 110.6 109.1 112.0 112. 2 114.6 114.9 118.1 117.5 Chemicals 114 115 115 116 116 116 116 116 117 117 121 122 126 129 Cottonseed oil, cake, meal 77 81 81 77 76 72 73 68 71 62 61 53 78 71 Druggists' preparations 102 101 101 101 100 101 102 103 104 105 105 102 101 100 Explosives __ __ 80 82 82 80 81 82 84 82 79 84 88 89 91 90 Fertilizers 79 86 83 80 80 73 79 74 91 86 87 87 86 85 Paints, varnishes _ __ _ 121 122 124 123 123 121 121 123 122 124 126 127 129 129 Rayon, allied products 348 344 343 345 344 335 343 325 342 350 358 360 360 354 Soap. _. __ _ _ 100 100 100 97 97 95 95 94 96 97 95 103 106 103 B. Petroleum refining 115 117 117 117 116 116 116 118 118 117 120 117 120 119 RUBBER PRODUCTS 85.9 86.6 85.7 86.6 86.4 85.2 74.9 87.1 87.4 88.8 91.4 93.9 95.8 98.3 Rubber boots, shoes. 68 67 65 67 69 69 72 78 75 73 78 75 75 75 Rubber goods, other 118 119 120 122 120 118 118 121 122 123 124 124 126 130 Rubber tires, inner tubes 78 79 77 78 78 76 57 75 76 79 82 87 89 92 NOTE.—Revised figures. For description and back data see pages 959-978 of this BULLETIN. Underlying figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 1011 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufacturers through 1933. 1923-25 average — 100] Factory employment Factory pay rolls Industry and group 1935 1936 1935 1936 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. Total 88.0 89.3 91.0 93.4 95.3 73.5 76.3 80.0 83.4 83.4 88.8 Durable goods 75.2 79.0 84.3 84.3 84.4 85.5 62.7 68.2 78.6 75.6 76.7 77.0 85.0 Nondurable goods 101.7 100.4 95.9 102.9 105.8 87.2 86.6 83.7 85.6 91.9 91.5 93.7 IRON, STEEL PRODUCTS 81.6 83.4 90.1 91.8 94.2 96.0 97.6 66.6 69.5 80.8 86.2 92.1 Blast furnaces, steel works 89 91 100 103 106 107 108 72 74 95 93 98 102 Bolts, nuts, washers, rivets 67 69 75 76 76 77 79 60 67 75 74 77 87 Cast-iron pipe 55 54 66 66 66 66 33 32 46 46 45 50 Cutlery, edge tools 76 79 73 76 79 83 61 66 67 61 70 78 Forgings 52 54 59 59 59 59 61 41 43 48 46 47 52 Hardware 59 63 62 62 55 60 68 53 60 61 56 51 56 73 Plumbers' supplies 86 88 85 85 86 84 86 60 63 63 56 62 60 66 Steam, hot-water heating 57 60 65 66 69 72 73 45 50 55 54 60 58 66 Stoves 101 104 104 101 108 112 117 84 90 87 77 90 95 109 Structural, ornamental 55 56 68 71 75 75 75 42 43 60 61 66 66 Tin cans, tinware 104 99 101 102 109 112 103 102 96 98 109 113 Tools 70 75 80 81 83 85 90 65 72 76 82 82 94 Wirework 112 126 137 136 135 141 154 90 110 127 115 113 111 148 MACHINERY 93.6 95.6 103.3 103.8 104.3 107.4 109.5 79.1 82.7 95.5 92.6 93. J 94.6 102.5 Agricultural implements 108 107 121 108 95 93 95 110 110 126 105 90 83 101 Cash registers, etc 103 106 112 114 100 116 119 93 96 107 106 90 105 117 Electrical machinery 83 85 90 92 92 97 100 71 74 83 83 83 84 93 Engines, turbines, etc 105 105 125 118 113 112 112 89 90 110 101 98 91 99 Foundry, machine-shop products 79 79 90 91 93 94 96 66 68 84 81 84 85 90 Machine tools 102 104 116 118 114 124 126 90 94 110 108 108 111 122 Radios, phonographs _ 211 231 200 194 211 216 218 159 178 155 143 165 161 178 Textile machinery 62 64 70 71 71 73 73 51 55 62 63 65 63 66 Typewriters 109 113 84 112 121 133 95 73 102 112 129 TRANSPORTATION EQUIPMENT 76.3 92 9 104.9 101.3 92.7 87.1 101.8 59.5 77.9 98.1 92.0 75.9 95.4 Aircraft 417 42l' 505 509 492 499 510 317 325 386 368 353 347 372 Automobiles 85 106 116 111 98 90 110 65 88 107 100 83 77 102 Cars, electric, steam railroad 29 34 57 54 62 60 61 24 30 54 51 58 55 63 Locomotives 21 23 35 37 36 38 40 11 13 22 24 25 26 27 Shipbuilding 78 82 99 102 103 70 75 99 98 99 103 RAILROAD REPAIR SHOPS 50.7 53.1 58.5 56.9 58.4 59.3 60.4 47.5 51.3 60.1 56.0 57.7 59.2 63.5 Electric railroad 61 61 62 62 62 62 63 59 60 62 62 61 61 64 Steam railroad 50 53 58 57 58 59 60 47 51 60 56 58 59 64 NONFERROUS METALS PRODUCTS 92.3 97.7 95.5 94.5 102.9 108.3 74.3 82.1 79.9 77.4 82.9 99.7 Aluminum 97 101 107 111 111 112 117 81 89 94 96 100 111 Brass, bronze, copper 93 99 100 100 103 107 111 75 83 84 83 89 95 103 Clocks, watches 99 104 104 103 109 113 118 86 98 92 94 95 105 116 Jewelry 89 95 73 76 85 95 102 65 74 52 51 62 72 84 Lighting equipment 72 80 76 73 77 ' 85 91 59 69 69 63 66 75 83 Silverware, plated ware 68 71 62 54 65 67 72 55 58 46 39 50 55 68 Smelting, refining 73 74 78 78 77 78 79 53 55 63 62 62 64 68 Stamped, enameled ware 131 139 139 135 138 143 154 113 126 125 116 124 123 154 LUMBER PRODUCTS 63.9 64.5 64.8 65.6 66.6 53.3 54.4 55.8 54.5 58.9 60.3 63.5 Furniture 76 74 77 82 85 60 62 59 60 68 71 77 Lumber, millwork 48 50 50 52 53 53 39 40 44 42 47 47 50 Lumber, sawmills 50 51 52 52 51 52 52 43 43 45 43 45 46 47 STONE, CLAY, GLASS PRODUCTS 60.8 61.9 66.4 67.0 68.0 69. ] 47.1 49.5 55.8 55.3 58.3 58.2 62.5 Brick, tile, terra cotta 40 41 49 50 51 50 50 28 30 39 39 40 39 41 Cement 55 56 62 63 64 65 66 44 43 56 58 61 62 Glass 98 99 99 99 100 99 104 84 90 91 88 91 103 Marble, granite, slate 36 36 43 45 47 45 44 26 27 37 37 40 38 38 Pottery 73 71 70 72 76 52 55 52 50 55 62 66 TEXTILES PRODUCTS 99.4 101.2 96.2 96.3 101. 8 103.4 104.3 86.1 86.0 76.8 77.3 87.4 83.9 88.5 A. Fabrics 92.1 94.6 90.3 91.7 94.7 95.8 97.1 79.2 82.1 75.2 77.1 83.0 80.5 85. 1 Carpets, rugs 89 87 83 85 90 93 81 71 66 68 75 83 90 Cotton goods 83 86 92 95 96 98 69 74 76 79 82 82 87 Cotton small wares 90 94 91 91 94 97 102 82 86 82 82 89 88 100 Dyeing, finishing textiles 112 117 111 109 111 111 115 90 93 88 89 95 93 98 Hats, fur-felt 92 88 87 88 90 88 83 83 64 75 79 89 76 61 Knit goods 114 118 112 112 116 120 121 115 121 104 104 118 117 124 Silk, rayon goods 92 91 72 75 80 82 82 74 75 56 60 66 65 67 Woolen, worsted goods 87 89 79 80 82 78 79 69 72 62 63 65 55 60 B. Wearing apparel 113.7 113.8 107.6 104.6 115.8 118.4 118.3 96.1 90.0 76.6 74.3 92.4 87.0 91.5 Clothing, men's 109 108 104 107 110 109 108 91 85 79 81 87 81 82 Clothing, women's 152 154 140 129 157 163 163 122 115 86 81 119 110 119 Corsets, allied garments 90 90 86 85 86 88 90 84 82 77 80 85 91 Men's furnishings 114 116 126 124 127 132 138 106 97 91 98 97 118 Millinery 62 56 51 44 59 63 57 62 40 35 30 48 51 38 Shirts, collars 115 116 111 110 117 121 124 104 106 95 105 105 116 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN DECEMBER 1936 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (WITHOUT SEASONAL ADJUSTMENT)—Continued [Index number of the Bureau of Labor Statistics; adjusted to Census of Manufacturers through 1933. 1923-25 average = 100] Factory employment Factory pay rolls Industry and group 1935 1936 1935 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. LEATHER PRODUCTS. 93.4 91.0 91.4 94.4 94.1 92.8 74.5 71.4 74.2 75.7 74.0 Boots, shoes 94 91 92 95 95 93 71 65 58 70 77 71 Leather 95 97 94 90 90 94 96 FOOD PRODUCTS 132.4 118.4 107.9 116.9 127.9 135.9 124. 0 108.9 101.2 98.9 107.0 114.0 116.5 111.3 Baking 127 127 128 129 130 131 133 110 109 115 116 116 118 119 Beverages 185 175 199 220 215 210 191 190 175 221 266 237 227 199 Butter 86 82 91 92 91 83 65 61 71 72 71 68 65 Canning, preserving 319 188 126 174 253 196 250 155 103 138 231 259 178 Confectionery 89 92 69 67 74 91 88 83 60 56 66 81 86 Flour 79 79 72 78 77 77 74 75 67 76 75 71 73 Ice cream 72 64 84 88 77 66 61 55 73 80 74 68 58 Slaughtering, meatpacking.. 80 81 86 91 92 91 92 75 77 81 87 88 85 89 Sugar, beet 95 276 49 53 87 94 272 96 197 50 53 80 202 Sugar refining, cane 81 81 78 76 65 63 67 69 61 TOBACCO MANUFACTURES.. 62.5 63.6 60.2 60.6 63.0 63.6 64.5 51.3 52.5 50.1 51.0 53.5 53.3 54.7 Tobacco, snuff 56 57 55 55 55 55 57 59 58 56 58 58 62 61 Cigars, cigarettes 63 61 61 64 65 50 52 49 50 53 52 54 PAPER, PRINTING 97.9 99.0 102.6 104.0 85.1 87.1 89.2 92.0 96.5 Boxes, paper 96 100 91 92 102 106 92 99 86 93 99 108 Paper, pulp 108 108 109 108 109 110 111 93 95 93 97 95 102 Book, job printing 87 87 88 89 92 93 94 76 78 77 80 82 85 Newspaper, periodical printing. _ _ 100 101 103 100 100 104 105 91 97 92 92 101 CHEMICALS, PETROLEUM PRODUCTS-__ 112.9 115.5 110.3 112.7 113.4 119.5 120.3 101.4 103.0 105.4 106.4 108.1 112.0 114.3 A. Other than petroleum 111.8 114.8 108.5 110.5 112.2 118.8 120.3 99.0 101.3 103.3 103.8 106.8 110.6 113.9 Chemicals 115 116 119 123 123 127 130 103 104 113 115 118 120 125 Cottonseed oil, cake, meal 95 118 38 41 46 97 104 72 91 29 33 38 78 85 D Ex ru p g lo g s i i s v t e s s ' preparations 1 8 0 1 4 1 8 0 4 6 1 8 0 3 0 1 8 0 6 0 1 8 0 8 0 1 9 0 1 3 1 9 0 3 4 1 6 0 8 4 1 7 0 7 6 99 1 8 0 4 1 1 8 0 8 5 1 8 0 9 7 1 9 1 6 3 Fertilizers 72 77 59 59 61 78 77 63 64 84 52 55 76 70 Paints, varnishes 119 122 129 126 124 127 129 102 108 55 114 114 114 120 Rayon, allied products 348 351 336 347 357 360 362 279 278 121 288 300 302 308 Soap 101 104 96 93 102 107 107 98 99 277 92 101 101 105 B. Petroleum refining 117 118 118 122 118 122 120 109 109 95 115 112 116 116 112 RUBBER PRODUCTS 84.6 86.3 90.8 92.2 94.3 97.9 73.7 75.7 89.0 87.1 92.2 96.8 Rubber boots, shoes 70 71 72 75 77 78 54 56 57 55 61 62 65 Rubber goods, other 116 121 122 121 119 125 133 101 108 111 106 110 115 128 Rubber tires, inner tubes 83 84 86 87 69 90 92 92 94 NOTE.—Revised figures. For description see pages 950 - 953 of this BULLETIN. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for pay-roll period ending nearest middle of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 1013 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 21.1 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 148.0 233.1 49.8 73.6 9.5 10.2 15.0 21.9 39.1 80.4 17.7 18.3 16.8 28.7 July 159.3 294.7 48.4 72.0 14.6 19.1 15.8 28.6 53.9 126.6 9.2 23.3 17.4 25.1 August__ ___ 168.6 275.3 40.5 100.5 10.6 15.0 17.3 22.0 69 5 94.4 8.7 12.3 21.9 31.1 September 167.4 234.3 41.8 80.7 6.0 18.8 13.6 20.1 76.1 84.5 4.3 9.2 25.6 21.0 October _ _ 200.6 225.8 55.1 79.7 12.0 18.4 16.6 22.0 86 3 67.0 9.2 13.4 21.3 25.3 November 188.1 39 7 8 9 12 8 80 3 24.7 21.7 December _ . 264.1 45.1 9.9 12.0 94.5 62.6 40.1 Year 1, 844. 5 478.8 108.9 164.5 690.2 173 5 228 7 CONSTRUCTION CONTRACTS AWARDED, BY COMMERCIAL FAILURES, BY DISTRICTS DISTRICTS [Figures reported by Dun & Bradstreet. Amounts in thousands of [Figures for 37 States east of the Rocky Mountains, as reported by the dollars.] 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 Oct. Sept. Oct. Oct. Sept. Oct. Oct. Sept. Oct. Boston _ _ 19, 096 17,016 13,666 N P R A S C C M K D t h h l i e t a a . i e c l i w i n l n a l v c h L l n a s a n a e m o a d s e Y g t l s u a a a e o o o i p n l n s C r p d o d k h i l t i i y s a _ 2 2 2 3 4 1 1 4 0 2 8 5 8 9 6 8 1 , , , , , , , , , , 0 6 7 2 8 5 3 4 8 8 6 6 6 1 7 8 9 9 2 5 9 9 6 6 0 5 6 5 8 1 4 2 3 1 1 2 2 1 6 7 7 8 8 0 7 7 3 0 , , , , , , , , , , 0 3 1 7 1 7 7 3 7 2 1 1 4 3 0 8 9 6 4 5 2 0 0 7 1 5 7 8 9 7 3 2 2 3 1 1 7 6 5 9 6 6 4 6 7 6 , , , , , , , , , , 0 6 4 5 6 7 2 5 4 5 6 2 2 1 9 6 7 7 4 6 0 1 2 3 7 2 6 3 7 0 N A B P R C S M C K h t o i e h l t a . i c e l i w s i n n a l h c v L t a n s n o a m e o a d e Y g t n l s u a e a o a o o i l p n n C s p r o d d k h _ i l _ . t i i . y s a _ _ _ _ _ __ _ _ _ _ 1 3 4 2 2 8 6 6 2 2 1 0 5 7 4 7 5 3 6 9 5 1 3 3 3 2 8 5 7 2 1 1 9 0 0 8 6 1 6 5 7 4 3 1 8 3 8 5 7 3 3 1 2 1 9 7 7 3 8 8 7 7 6 9 3,3 4 7 6 6 3 2 1 7 1 1 0 0 3 9 0 7 2 4 2 5 8 4 9 4 2 9 6 7 6 3 1 , ,4 8 3 8 6 2 3 2 1 1 7 2 5 8 8 2 1 7 9 0 0 5 4 9 5 5 5 7 6 5 7 2 1 1 1 , , , , , 0 3 6 1 2 4 4 3 3 2 6 8 0 3 3 8 7 6 7 0 2 5 7 5 6 7 7 9 2 5 Total (11 districts) 225, 840 234,272 200, 596 D Sa a n ll a F s rancisco 9 1 0 0 1 7 1 9 16 1 2 3 84 8 6 0 _ 1,3 1 7 0 0 8 1,6 1 9 5 8 2 Total 611 586 1,056 8, 266 9,819 17,185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN DECEMBER 1936 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Vterchandise exports * Merchandise imports 2 Excess of exports Month 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 1932 1933 1934 1935 1936 January 150 121 172 176 199 136 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 -4 April 135 105 179 164 193 127 88 147 171 203 9 17 33 -6 -10 May 132 114 160 165 201 112 107 155 171 191 20 7 6 -5 10 June 114 120 171 170 185 110 122 136 157 190 4 -2 34 13 -5 July 107 144 162 173 180 79 143 127 177 194 27 1 34 -3 -14 August ._ 109 131 172 172 178 91 155 120 169 192 17 -23 52 3 -14 September 132 160 191 199 220 98 147 132 162 216 34 13 60 37 4 October _ 153 193 206 221 P265 105 151 130 189 P212 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 37 Year 1,611 1,675 2,133 2,283 1,323 1,450 1,655 2,047 .288 225 478 235 p Preliminary. 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. 160. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORES—SALES, STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1935 1936 Index of sales Index o m f s o to n c th k ) s (end of Oct. June July Aug. Sept. Oct Month fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t fo A r d s j e u a s s t o e n d al W sea it s h o o n u al t Adjusted for seasonal variation variation adjustment variation adjustment Total 64 70 73 70 72 1935 1936 1935 1936 1935 1936 1935 1936 Coal 67 70 74 71 74 Coke 60 75 83 79 85 Grain and grain products __. 70 89 98 73 58 January . 76 81 59 63 64 66 57 58 Livestock 47 41 49 52 48 February 77 83 61 66 64 65 61 62 Forest products 42 46 48 47 47 March 79 84 71 77 63 65 65 67 Ore 56 72 77 82 93 Miscellaneous 70 79 80 77 80 April 75 84 79 85 64 65 66 68 Merchandise 1 64 66 67 67 67 May 74 87 76 89 64 65 66 67 June... __ _ ._ 79 87 76 84 63 64 61 62 Without seasonal adjustment July 80 91 55 63 61 63 57 59 August 77 86 61 68 62 67 60 65 September 81 88 86 94 64 68 67 71 Total 73 72 75 76 82 84 Coal 76 61 65 68 80 90 October 78 90 86 99 66 69 72 76 Coke 61 69 73 71 83 87 November. 82 91 67 75 Grain and grain products _._ 78 77 117 88 71 69 December 83 145 65 61 Livestock 63 35 41 46 57 65 Forest products 43 48 47 50 50 49 Year 79 64 Ore 79 130 139 141 150 133 Miscellaneous 82 83 84 85 95 97 Merchandise 1 67 66 66 67 70 1 Based throughout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and Sundays and for 6 holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for 1 In less-than-carload lots. seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. Based on daily average loadings. Source of basic data: Association of American Railroads. Back figures.—Department store sales, see p. 631 of BULLETIN for August 1936; department store stocks, see pp. 254-255 of BULLETIN for April 1935. Back figures.—See BULLETIN for February 1931, pp. 108-109. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 1015 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index of Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week m c t o o ie 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 a e c r n ts d pr T o e d x u ti c le ts m F li a u g t e e h l r t i i a n a n l g d s a p n M r d o e d m t u a e c ls t t a s lm B a u t i e l r d i i a n l g s c C a d l h r s e u a m g n s 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 89.9 89.1 92 7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84 q 69.8 1932.. . 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.5 75 1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.6 75 8 62.5 1934.. 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.9 81 5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 80.5 80 6 68.3 1935—October 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80 6 67.5 November. 80.6 77.5 85.1 78.8 95.0 73.4 74.5 86.9 85.8 81.2 81 0 67.4 December 80.9 78.3 85.7 78.7 95.4 73.2 74.6 86.8 85.5 80.6 81 0 67.5 1936—January 80.6 78.2 83.5 78.8 97.1 71.7 75.1 86.7 85.7 80.5 81 4 67.8 February. _ _ _ _ 80.6 79.5 83.2 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81 5 68.1 March 79.6 76.5 80.1 78.9 94.9 70.8 76.2 86.6 85.3 79.3 81 4 68.3 April... __ _ _ 79.7 76.9 80.2 78.9 94.6 70.2 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 85.8 77.7 81 5 69.2 June 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86 2 85.8 78 0 81 4 69 7 July 80.5 81.3 81.4 79.5 93.4 70.5 76.2 86.9 86.7 79.4 81 2 71.0 August _ 81.6 83.8 83.1 79.7 93.6 70.9 76.3 87.1 86.9 79.8 81 4 71.5 September 81.6 84.0 83.3 79.6 94.6 70.9 76.1 86.8 87.1 81.7 81 7 71.3 October 81.5 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82 0 71.5 Week ending— 1936—July 4 _ 79.5 80.2 80.8 78.9 94.2 69.5 76.4 85.6 85.7 78.3 82.6 70.3 July 11 .__ 80.3 82.5 81.8 79.2 94.3 69.6 77.0 86.1 86.1 78.6 82.4 70.7 July 18 . __. 80.1 80.8 81.3 79.4 93.8 70.1 76.9 86.1 86.1 79.0 82.5 71.4 July 25 80.2 81.4 81.0 79.5 94.0 70.2 76.8 86.2 86.8 79.1 82.6 71.3 Aug. 1 80.3 81.5 81.0 79.4 94.1 70.3 77.0 86.3 86.8 78.9 82.6 70.5 Aug. 8 ._ 81.1 83.2 82.9 79.6 94.4 70.5 77.0 86.3 86.9 78.8 82.4 71.3 Aug. 15 81.1 83.6 82.6 79.6 94.2 70.6 76.9 86.3 86.9 79.2 82.5 71.1 Aug. 22 81.5 84.6 82.8 79.7 94.3 70.4 77.0 86.3 86.9 79.5 82.6 71.6 Aug. 29 81.2 83.3 82.5 79.7 94.3 70.3 76.9 86.4 86.9 80.3 82.6 71.6 Sept. 5 .. 80.9 82.1 82.2 79.6 94.5 70.1 76.9 86.4 87.0 80.5 82.6 71.4 Sept. 12 81.5 84.6 83.5 79.6 95.0 70.2 77.0 85.9 86.8 81.5 82.8 71.3 Sept. 19._ 81.4 84.8 83.1 79.6 95.4 70.5 76.9 85.9 87.0 81.5 83.1 71.2 Sept. 26 81.0 83.1 82.5 79.7 95.8 70.6 77.0 85.9 86.9 81.8 83.2 71.1 Oct. 3 81.3 84.5 83.0 79.8 95.7 70.7 77.1 86.3 86.9 81.7 83. 71.1 Oct. 10 81.2 84.1 82.6 79.9 96.1 70.9 77.3 86.4 87.1 81.7 83.2 71.0 Oct. 17 81.2 84.7 82.5 79.9 95.9 70.9 77.2 86.4 87.2 81.9 83. 71.3 Oct. 24 81.1 84.2 82. 1 80.1 96.5 71.2 77.3 86.3 87.3 82.3 83.2 71.5 Oct. 31 81.2 83.9 82.3 80.2 96.0 71.6 77.3 86.4 87.4 81.5 83. 71.9 Nov. 7 81.3 84.2 82.6 80.3 96.2 71.7 77.4 86.5 87.5 81.6 83.3 72.0 Nov. 14 82.0 85.5 83.5 80.8 96.8 72.4 77.4 87.1 87.7 81.9 83.4 73.5 Nov. 21 82.4 85.2 84.5 81.2 98.3 73.5 77.5 87.3 87.8 82.5 83.4 73.9 193£ 1936 935 1936 Subgroups Subgroups Oct July Aug. Sept. Oct. Oct. July Aug. Sept. Oct. FARM PRODUCTS: METALS AND METAL PRODUCTS: Grains 86.4 88.9 102.4 102.0 102 1 Agricultural imnlp.mp.nts 33 7 94 2 94.2 94 93.9 Livestock and poultry/ . 86.6 82.0 84.5 83.8 81.2 Iron and steel.. 36.9 87.6 87.9 88.1 88.8 Other farm products. 70.3 78.2 77.8 78.6 80.2 Motor vehicles. 32.9 92.9 92.9 91.5 90.8 FOODS: Nonferrous metals 70 9 70.4 70.8 71.4 71.7 Butter, cheese, and milk 76.9 83.8 87.6 89.5 87.4 Plumbing and seating 71.1 76.5 76.5 76.5 76.6 Cereal products _.. 98.9 84.4 87.5 87.6 87.5 BUILDING MATERLALS: Fruits and vegetables 59.1 79.7 76.1 71.5 73.8 Brick and tile 38 3 89.2 89.1 89.0 88.3 Meats 97.1 84 9 86 4 87 3 84 4 Cement 35 5 95 5 95 5 Qf 5 95 5 Other foods.. 81.2 73.4 75.6 76.7 77.4 Lumber 39 0 83.7 83.8 84 9 86.1 HIDES AND LEATHER PRODUCTS: Paint materials 31 9 80.4 81.0 Kf6 80.2 Boots and shoes. 98.8 99.3 99.3 99.3 99.3 Plumbing and 1leating 71.1 76.5 76.5 .5 76.6 Hides and skins 92.9 87.8 90.0 93.3 97.2 Structural steel 32 0 97.1 97.1 9' 1 97.1 Leather ._ 86.6 83.0 82.4 84.2 85.4 Other building materials.. 30.5 90.2 90.3 9C.3 90.4 Other leather products 85.0 95 4 95 4 95 4 95 4 CHEMICALS AND DRUGS: TEXTILE PRODUCTS: Chernicals . 38.3 85.9 86.2 8£.6 89.0 Clothing 80.8 80 7 80 8 80 8 81 2 Drugs and nharmflf»pntif>als 74 2 73 0 73 3 11 3 76.5 Cotton goods 84.6 78.7 79.5 80.0 82.0 Fertilizer materials 65.2 66.7 67.6 67.4 Knit goods 63 2 59 3 60 3 60 8 61 1 Mixed fertilizers 37 9 68 7 69 3 6£ 4 69.7 Silk and rayon 35.1 30.7 31.6 30.2 31.1 HOUSEFIJRNISHING GOODS: Woolen and worsted \?oods ... 79.1 82.0 81.2 80.9 80.5 Furnishings 34.2 85.1 85.2 85.4 85.6 Other textile product! 68.3 66.8 67 0 67.1 67 0 Furnitnre 76 9 77 2 77.6 78.0 78.3 FUEL AND LIGHTING MATERIALS: MISCELLANEOUS: Anthracite 82.5 78.5 79 1 80.6 81 8 Auto tires and tubes n o 47.5 47.5 47 5 47.5 Bituminous coal 98.0 96.0 96.4 97.0 97.3 Cattle feed 71. 6 107.9 114.2 107.5 111.8 Coke 88.8 93.7 93.7 93.9 97.8 Paper and pulp 79.7 80.6 80.6 80.7 80.8 Electricity 86.3 83.4 82.6 83.2 Rubber, crude 26.0 34.3 33.7 34.2 34.4 Gas 89.0 87.9 86.1 87 2 Other miscellaneous 30.2 80.8 81.3 81.5 81.5 Petroleum products 50.1 58.1 57.9 57.5 57. 9~ Back figures.—For monthly and annual indexes of groups, see Annual Report for 1935 (table I indexes of subgroups available at Bureau of Labor Statistics. For weekly indexes covering 1935, see Annual Report for 1935 (table 81). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN DECEMBER 1936 NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of November 1,1936l) fin thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1935 Nov. 1, 1936 1935 Nov. 1, 1936 1935 Nov. 1,1936 1935 Nov. 1, 1936 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 8 245 7 546 170 122 New York 29, 575 25, 647 7, 219 6,537 132 105 Philadelphia 54,140 49,913 18, 893 17,284 190 160 Cleveland . 196, 279 152,843 52,160 46, 783 164 209 Richmond 1,346 1.483 138,381 126, 811 26,723 25,075 Atlanta _ _ _ 2,649 3,018 171, 898 153 421 5 587 6 157 Chicago 880,218 547, 771 57, 807 62, 938 2,134 2,195 St. Louis _ - 2 2, 243 3 3, 326 262, 799 200,377 51,017 59, 624 122 177 Minneapolis 237, 631 109,031 17,658 9,222 118, 794 48, 966 Kansas City ._ _. _ -._ 471 356 200. 468 74, 465 141,955 205,945 8,915 6,706 Dallas 3,569 3,653 105; 386 72, 051 12,015 18,178 105 89 San Francisco _ _.. - 360 564 6,609 6,751 73,169 61, 354 28, 515 49,407 Total 10, 638 12, 400 2, 291, 629 1, 526, 627 464, 203 519,097 159, 241 108,136 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1935 Nov. 1, 1936 1935 Nov. 1, 1936 1935 Nov. 1, 1936 1935 Nov. 1, 1936 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 6,835 6,555 3,350 3,073 22,958 27, 498 46,810 52,317 New York 26,992 20,081 5,884 4,368 567 993 32, 267 31,518 Philadelphia... 16,699 14,941 2,412 1,790 28,488 34, 330 24,888 25,196 Cleveland 61,382 47,313 5,131 3,924 88,046 80,698 25,216 21,311 Richmond 19, 771 14, 568 3,208 2,239 800,376 660,662 28, 290 19, 672 Atlanta 10, 644 9,345 2,572 2,292 147,469 156, 475 12,042 9,706 Chicago 453, 391 369,081 17, 450 13,630 15,835 18,402 57,484 49,251 St. Louis 38,122 36, 627 5,835 4,217 189,075 179,829 13, 707 8,468 Minneapolis. _. 329, 799 129,172 9,249 7,473 1,131 1,294 56,496 28,406 Kansas City... 161,035 78, 365 8,578 6,439 2,865 2,456 36, 742 29, 283 Dallas 41, 259 27,492 1,135 1,172 3,441 3,678 San Francisco.. 30, 739 30. 210 11, 342 12,351 50, 295 53, 438 Total 1,196, 668 783, 750 76,146 1, 296,810 1,162, 637 387, 678 332, 244 1 Figures for spring wheat, oats, and tame hay from estimates for Oct. 1; for winter wheat from Aug. 1; no estimates made for Nov. 1. 2 Includes 9,000 bales grown in miscellaneous territory. 8 Includes 13,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN DECEMBER 1936 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Latin Asia Europe Total* Europe Amer- and Africa End of month c tr o ( i 5 u e 2 s n ) - U S n ta i t t e e s d C a a d n a - c tr o ( i 2 u e 6 s n ) - c tr o i ( i c 1 u e a 1 s n ) - O c t i r o c a i e u e a ( s n 8 n ) - - C t o ri u e n s) - U K d n i o n i 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 a n - i a t l zer B la .I n . d S. Bank 1935—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 21, 364 10, 402 188 9,024 641 841 268 1,701 3,781 28 270 610 465 485 11 June J»21, 403 10. 608 187 8,866 634 840 P268 1,782 3,580 29 270 638 404 460 12 July J»21, 743 10, 648 187 9,159 635 845 P269 1,977 3,643 29 270 633 437 471 10 August P21, 870 10,716 189 9,207 642 849 P269 2,017 3,614 28 270 632 457 489 12 September. P21, 779 10,845 191 P8, 980 P638 857 P269 2,049 3,322 25 270 631 456 508 12 October 11,045 186 PS, 835 P65S *>860 P269 2,049 3,194 26 270 621 388 583 13 Europe—Continued End of month Austria g B a u r l i - a C v z s a e l k o c - i h a o- m D a en rk - Greece H ga u r n y - N w o ay r- Poland Po g r a t l u- Ru n m ia a- Spain S d w en e- Y sl u av go ia - 6 c t o o ri u t e h n s e - r 1935—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 H2 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 46 20 113 54 33 23 89 70 68 112 718 231 46 70 July 46 20 113 54 31 23 89 69 68 112 718 231 46 71 August ... 46 20 109 54 28 23 91 70 68 112 3718 232 46 73 September. 46 20 108 54 P28 23 98 71 68 113 718 238 46 75 October ___ 46 20 91 54 P2S 23 98 71 P68 113 718 239 47 *>76 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 - I B n i r s d h i i t a - China Japan Java N l Z a e e n w a 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 t r h u i 3 e n e s r - 1935—June 420 29 14 4 26 20 76 32 275 10 407 68 23 23 6 55 220 24 July 420 29 14 26 20 74 32 275 6 410 61 23 23 5 55 230 24 August 420 29 14 26 20 74 34 275 5 413 58 23 23 5 55 219 24 September 420 29 14 26 20 74 35 275 7 416 55 23 23 6 55 212 24 October . 441 29 15 26 20 74 36 275 8 418 55 23 23 5 55 212 24 November 441 29 16 26 20 74 35 275 11 422 54 23 24 5 55 212 24 December. 444 29 16 26 20 74 36 275 10 425 54 23 24 6 55 212 24 1936—January... 444 29 17 26 20 74 36 275 11 428 54 23 24 3 55 221 24 February.. 444 29 18 26 20 74 37 275 15 431 54 23 24 3 55 231 24 March 438 29 18 26 20 74 38 275 15 433 58 23 24 3 55 244 24 April 438 29 17 26 20 74 38 275 15 435 61 23 24 3 55 189 24 May 438 29 16 26 19 74 39 275 17 439 61 23 24 3 55 189 24 June 435 29 16 26 19 68 40 275 13 442 60 23 24 3 55 189 P24 July 436 29 17 26 20 68 40 275 13 447 60 23 24 3 55 189 P25 August 441 29 17 26 20 68 41 275 15 450 59 23 24 3 55 189 P25 September 437 29 17 26 20 68 275 19 453 60 23 24 3 55 189 P25 Preliminary. 1 See notes under Italy, Mexico and Spain. 2 Figure for December 1935 carried forward for subsequent months. 3 No statements have been received for Bank of Spain since Aug. 1,1936. Figure as of that date is given for August 1936 and carried forward for subsequent months. * Figure for March 1935 carried forward for subsequent months. 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; July 1936, pp. 544-547; and August 1936, p. 667. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1019 DECEMBER 1936 FEDERAL RESERVE BULLETIN GOLD PRODUCTION [In thousands of dollars] Production reported monthly Estimated Year or month p w ro o d r u ld c- Africa North and South America Far East tion Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n Canada U S n ta i t t e e s d Mexico Co b l i o a m- Chile Au l s ia tra- Japan 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, 526 11,476 4,995 2,699 43, 454 47,123 13,813 3,281 428 9,553 8,021 6,785 1931 461, 592 394,399 224,863 11,193 5,524 3,224 55, 687 49, 524 12, 866 4,016 442 12,134 8,109 6,815 1932 499, 241 421, 656 238, 931 12,000 5,992 3,642 62, 933 50, 626 12,070 5,132 788 14, 563 8,198 6,782 1933 524,390 420,093 227,673 13,335 6,623 3,631 60,968 52,842 13,189 6,165 3,009 16, 790 8,968 6,919 $l=>15-5/M grains of gold 9/10 fine; i. e., an ounce of fine gold=*%$5 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, 627 771,827 377,090 25,477 13, 625 7,159 114,971 126,325 23,858 11,517 9,251 31,117 20,043 11,394 1935—October.... 100, 751 69,167 32, 596 2,403 1,249 614 10, 530 12,887 1,671 1,035 506 2,923 1,779 974 November, 94,639 66,056 31, 671 2,205 1,181 614 10, 266 11, 067 1,115 981 937 3,279 1,785 953 December.. 90, 685 70,501 31, 829 2,272 1,174 542 10, 766 13, 342 2,583 834 905 3,423 1,866 966 1936—January.... 83, 355 65, 771 32, 275 2,320 1,221 592 9,714 10,195 2,092 1,335 770 2,690 1,595 971 February. _ 82,444 64, 661 31, 290 2,201 1,164 574 9,325 9,650 2,815 1,159 918 2,801 1,843 920 March 86,988 68,105 32, 709 2,359 1,326 544 10,469 10,969 1,627 1,040 1,147 2,882 2,065 968 April 87,001 67,818 31, 991 2,410 1,258 543 10, 474 11,062 2,607 1,095 499 3,127 1,808 944 May__._-__ 93,071 69, 388 32, 826 2,413 1,289 547 10, 797 11,894 2,075 1,086 552 3,045 1,885 979 June. 99,578 70, 995 33, 086 2,384 1,285 585 11,083 11, 897 2,570 1,065 611 3,476 1,994 958 July P110,081 *75, 598 33, 846 2,354 1,352 676 11,183 14, 991 P2, 625 1,235 777 3,602 1,977 981 August P109, 433 P73, 650 33, 830 2,425 1,412 675 11,504 13,576 Pl, 820 1,098 992 3,422 1,916 981 September. ^110,964 P75,181 33,816 2,363 P1,505 z>675 11,579 14, 229 P2, 345 1,236 P992 3,515 P1,960 966 October Pll2, 760 P76, 977 34, 199 P2, 380 PI, 540 ^675 Pll, 585 15,770 P2, 275 PI, 120 P992 P3, 515 Pi, 960 P966 p Preliminary. 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, April 1936, p. 284, and July 1936, p. 600. 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 1936 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United State 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 30, 270 16,944 76,820 16,452 28,935 1935. 1, 739,019 315,727 934,243 227,185 95,171 13, 667 10,899 75,268 9,431 56,453 1935—July 16, 229 31 975 5,770 722 1,750 28 438 6,515 August 45, 983 5 40 28, 277 5,398 753 6,671 1,127 3,711 September 156, 719 37,114 40,423 37,811 15,069 699 1 19,821 640 5,141 October 315,347 109,954 156, 977 17, 605 629 9,368 762 1,746 12,359 1,125 4,817 November 210, 567 7,101 180,141 2,676 5,865 880 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 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 38, 811 551 14,584 2,104 5,947 8,546 July 15, 379 -9 27 882 869 2,106 5,654 5,847 August 67, 493 5,837 17,880 11, 664 15, 289 11 10, 688 1,890 4,234 September 171,824 8,204 136, 671 1,463 524 6,338 634 2,101 6,961 442 8,487 October 218,812 72,154 95,013 25, 745 12,222 530 4 5,782 451 6,105 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

1020 FEDERAL RESERVE BULLETIN DECEMBER 1936 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 n p et o r im ts - South e o x r p o n r e t t s U S n ta it t e e d s France m G a e n r- y g B iu e m l- N l e a t n h d e s r- A So m ic u a e t r h - Canada B I r n i d ti i s a h S S m t e r e t a t n l i t e t s s - Au l s ia tra- A d W R f e h r s e i o i c s - a a t , , c o t o t r A h i u e l e n l s r - Africa 1934 716, 269-497,166 348,190 121.017 -13,585 32, 575 17, 568 26, 316 206, 711 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—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, 067 -18,547 86, 926 -943 -11,601 -593 292 3,570 7,159 429 1,969 42, 473 6,933 July 16,289 -1,141 -5,719 -4,416 118 -11,888 261 2,831 5,663 405 5,375 33, 532 -8, 731 August 39, 016 -12,871 -5, 897 -26 1,642 287 449 26,102 420 4,148 35, 512 -11,032 September. -36,i -81, 032 -5, 663 23 -36 322 25, 301 70 3,662 29, 949 -8, 683 October___ -36,158 -87, 929 -2, 739 68 -1,136 2,535 28 11, 900 134 3,414 44, 995 -7,644 November. 18, 286 -33, 744 25,198 50 -20, 204 461 1,798 12,857 56 2,842 33, 325 -4, 353 December. 40,811 -22, 075 910 114 -27 -6,982 1,798 14, 838 54 I', 995 42,442 7, 265 1936—January... 41, 974 -12,059 3,202 78 94 -591 311 11, 035 56 1,889 39,852 1,893 February._ 38, 649 1,136 -3, 253 173 33 -7, 569 138 5,958 11,686 63 2,037 26, 454 1.792 March 47, 666 3,440 6,738 92 99 -13.354 430 4,090 10,1 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 26, 936 1.875 -17,602 1,761 317 1,708 13, 289 64 2,167 53, 802 2,883 June 69, 447 -26, 802 27, 060 3,903 -536 606 2,564 10, 860 133 1,610 45,147 4,902 July 195, 066 -4,384 142, 535 1,913 -747 -2,421 240 270 9,657 66 2,531 43,122 2,285 August 281, 401 -16,120 240, 868 1,789 -804 -2, 907 335 15,011 113 2,089 34, 552 6,474 September. 151,814 -14,096 108,666 6,086 6,369 -1,029 206 3 6,581 47 2,084 36,517 380 October 7,61c -72,441 -383 3,954 -1,039 2,458 434 7,853 112 1,' 45, 323 19, 349 Fran Net imports from or net exports (—) to: Year or month Total net imports or po n r e t t s e (— x- ) U S n ta i t t e e s d K U in n g it d e o d m Ger- 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 91,021 74, 995 -1,371 746 23, 648 -17,276 1935 -818, 053 -909, 665 '•-120,828 -13,592 -186,937 195, 369 21,216 7,227 10, 241 '•176, 419 r2, 494 1935—May .__ -204,309 - 77,803 - 53, 807 -594 -109, 195 -406 -819 2 36, 483 1,829 June -393, 376 -223, 070 -110,370 -190 -56, 265 620 -1,167 391 -3.564 232 July '-12,621 414 r - 13, 614 -1 -45 2,093 -650 -180 1,417 '-2,054 August »"49, 994 14 '4, 130 -1,990 -1,148 27, 417 25, 759 -482 1 r-3, 164 r-544 September.. 26, 482 -23,688 8,811 -700 27, 224 5.561 -132 -917 9,482 236 606 October -68,693 -157,153 -72 -9,178 4,597 89,062 5,221 -898 —1,172 900 November.. -246, 615 -258, 554 -15,060 11 -8, 235 35, 433 -11,245 7,540 1,100 2,397 December.. - 71, 450 -76, 217 -117 -595 -10,133 9,834 357 4,702 719 1936- January 40, 393 -890 -4,695 2.636 -40 36. 598 -789 -127 8,110 -411 February... 23. 375 2,364 -2,740 -221 -5 18. 299 -43 -330 6,992 -940 March 13, 923 12, 20" -5.915 2,037 1,495 -8,138 -174 3,619 i 8, 791 April -57.613 -6,234 -12,241 -1 -13,165 -27, 604 -175 1,060 748 May -169,706 -120,660 -24.575 3 -27.139 -2,019 -3,912 282 June -222, 872 -185,001 - 25, 671 25 -18,496 -825 -2,097 * 9,192 July -80,182 -6,695 -73,681 4 190 • 77 2,157 765 August -290, 371 -10,813 -266. 234 4 344 -26, -95 113,319 September?. -448, 732 -238, 402 -149,142 -4 -31, 853 -18,727 -45,391 134,781 ^Preliminary. '•Revised. i $9,079,000 imported by France from Spain in March, $8,354,000 in June, $12,503,000 in August, and $38,436,000 in September 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

1021 DECEMBER 1936 FEDERAL RESERVE BULLETIN GOLD MOVEMENTS—Continued [In thousands of dollars at approximately $35 a fine ounce] Germany Netherlands l Total Net imports from or net exports (—) to: Total Net imports from or net exports (—) to: Year or month net net i e m o x ( r p p ) n o o e r r t t t s s U K d n i o i n t 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 e l e n l 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 Ger- g B iu e m l- e S r w la i n tz 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 -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 -41, 260 -5,142 48,004-1, 257 3,956 1935—May.. 6,666 -206 418 237 26 6,100 91 -5,1 -2, 810 -1,562 277 162 -289 71 -929 June- 2,876 1,057 27i 1,014 12 517 -14,797 -19,259 1,375 667 -862 3,379 113 -210 J A u u ly g . _ . . 9 4, , 7 6 52 9 5 4,50 3 4 3 3,972 4 8 6 1 93 0 4,11r3 9 5 4 4 -2 -4 6 , , 1 5 0 1 2 4 -29, 215 15 - , 1 5 70 2 2- - 2 9 1 , , 4 9 3 0 6 9 -4 -8 6 6 2 9 2 , ,9 5 0 63 0 - - 2 8 3 2,2 2 8 2 3 7 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 -17 680 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 -71 -2,441 OK 61 -98 16,967 1,761 170 192 14, 291 -11 564 Feb... -1,307 35 -2, 029 801 27 -140 10,425 3,435 7,664 -40 -339 -3 -474 181 Mar... -258 -59 -19 -142 20 -59 35,806 574 12, 842 8,489 -312 13, 693 -47 569 April.. -1,201 -4, 277 13 3,077 22 -37 31, 083 1,384 31,428 -1, 568 73 -66 -166 May- -630 -3, "" 3, 256 76 -28 -27,093 -10,153 -2, 206 67 -3,010 -11, 829 -391 427 June.. 1,130 -1,720 2,821 23 4 -61, 601 -37,430 -500 86 -3,192 -19,941 -658 34 July... 3,248 -1,90." 3,06' 2,061 24 14, 226 1,966 -167 -3, 388 14, 868 -27 974 Aug__. 1,580 -1, 3,188 172 27,153 1,517 29, 013 -2, 793 -27 -1,553 995 Sept.. —3,51 -6,080 2,342 204 16, 461 -7, 335 96' 16, 962 -2,389 8,389 -351 216 Oct.._ 7,436 2,628 4,464 143 201 Switzerland British India Total Net imports from or net exports (—) to: Total Net e im xp p o o r r ts ts ( f — rom ) to o : r net Gold Change in: Y m e o a n r t o h r im n p e o t rts im n p e o t rts d p u ro c - es o xx r pp n oo e rt 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 i e u l m - 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 S n ta i t t e e s d U K d n i o i n t m 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 i d n v e i - e a s 3 P i I n h r n g i o v d s l d a i i a - t n e 4 1934. . -46,065 -12,784 -45, 955 -29, 235 18,397 19,431 2,580 1,500 -230, 720 -82.183 -144,185-4, 352 11, 222 173-219,671 1935... -230, 788 647 -54,858 -181,725 -13,940 25, 542 342-6, 795 -161, 872 -26,000 134,331—1, 540 11, 393 -150,472 1935—May.. -63, 229 -17,878 -38,514 -5,972 303 -409 -6, 604 -1,078 -6,181 655 954 -5,650 June... -5,640 49 549 2,684 -8, 651 -74 153 -3, 824 -26 -4,052 254 937 -2,887 July... 1,417 3 1,610 2,998 -1 -22, 383 — 1,122 -17.869 -3,392 958 -21, 425 Aug... 9,328 64 -38 1,273 4,080 519 -25, 464 -13, 378 —11,852 -233 961 -24, 503 Sept... 5,845 107 3,017 -24 3,312 -11,400 -2, 648 -9,ir 365 949 -10,451 Oct.... 1,367 163 1,085 881 1,343 -2, 344 -11,160 -1,330 -10,032 202 974 -10,186 Nov... -934 -332 -3, 227 1,849 -49 -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 -9, 337 1936—Jan.... 2,462 -195 -6, 783 47 -137 -13,809 -559 -12,888 -362 971 -12,838 Feb 6,571 -518 -5, 705 1,821 9,612 1,377 -9,846 -9, 616 -230 920 -8, 926 Mar... 21,413 -841 -3, 492 1,724 21, 537 567 -7,66: -122 -7, 258 -287 968 April.. 22, 570 -131 7,292 -3 6,970 29 -10,351 -9,711 249 944 -9, 407 May.. 13, 386 32 -4,298 284 -8 1,449 132 -11,357 — V -9, 723 260 979 -10,378 June... 5,188 -4 -1,704 2,057 -235 2,952 2,113 -10,355 -2,733 -8,000 378 958 -9, 397 July... -321 -7 820 -249 1,166 -20 -121 -15,032 -2, 055 -12,541 -436 981 -14,051 Aug.. 2,829 -113 3,176 -254 -20 -21 -7, '" —2, 732 —5, 317 66 981 -7,002 Sept- 33, 506 -575 -6, 396 40, 875 -286 -641 487 P-8, 260 966 P-7, 294 Oct... 14,848 19 5,f" 656 8,177 62 57 P—11, 569 P966 '—10, 603 p Preliminary. r Revised. 1 Beginning with October 1936 Netherlands figures are for gross imports; exports, which are subject to license, not reported since September 1936. 2 $8,444,000 imported by Switzerland from Czechoslovakia in April and $15,933,000 in May 1936. s Through March 1935 gold held by Government; subsequently, gold held by Reserve Bank of India to which Government gold was transferred. 4 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 July 1936, are subject to official revision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN DECEMBER 1936 CENTRAL BANKS Assets of banking department Liabilities of banking department Bank of England Gold (in (Fi p gu o r 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 i e s e p s n a u t r e ) t 1 - C C oi a n sh reser N v o es tes a v c n o a D d n u i c s n a - e t d s s - Se ti c e u s ri- ci N t r i c o o u n t l e a- 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—July 31 _. 192.8 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 93.5 399.6 96.9 9.4 36.5 18.2 Sept. 25. 193.6 55.4 12.4 95.4 398.2 87.2 19.5 39.0 18.3 Oct. 30_. 194.7 54.8 11.2 98.2 399 9 82.5 26.2 38.6 17.7 Nov. 27. 197.6 56.3 9.5 98.4 401.3 90.9 19.7 36.5 17.8 Dec. 25_ 200.1 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Jan. 29.. 200.5 63.3 18.8 94.0 397.1 106.0 15.9 36.7 18.2 Feb. 26_ 200.6 .7 60.7 11.0 96.2 c 399. 9 106.2 8.8 35.5 18.2 Mar. 25. 200.6 54.1 5.0 97.0 406.5 83.6 18.0 37.0 18.3 Apr. 29. 202.7 45.9 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 July 29_. 239.9 1.0 51.4 7.1 115.5 448.6 75.2 42.3 39.4 18.1 Aug. 26_ 244.8 1. 1 61.3 9.2 102.6 443.4 100.9 17.2 '37.8 18.2 Sept. 30. 248.7 1.1 59.3 8.6 100.7 449.4 60.7 49.7 40.9 18.3 Oct. 28 . 248.7 1.0 65.9 6.6 99.7 442.7 86.5 27.6 41.4 17.7 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances (Figures in millions of francs); Gold2 ch e e a i x g n - n ge S ci p a e l - 3 Other m G e t r e o o n n v - t - m G S e t o h e n v r o t e m r r s t n - e - - s O e ti c t e h u s e ri r - N c b u e l g r e i o t s i t e e i - a s - O as t s h e e ts r c N i t r i c o o u n t l e a- G m ov e e n r t n- Other l O i t a t i h b e e i s l r i - curities 1935—July 26 71,277 1,240 7,301 3,171 5,805 8,077 81,128 3,241 11,090 2,105 Aug. 30. 71,742 1,236 ', 57f 543 3,103 5,800 8,212 82,240 3,244 10,666 2,062 Sept. 27 .__ _ _ _J 71,952 1,232 8,060 192 3,098 5,800 8,023 82,399 3,051 10,848 2,060 Oct. 30 j 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 ,385 11,005 1,090 3,267 5,800 8,032 82,447 2,826 9,361 2,136 Dec. 27 I 66,296 ,328 9,712 573 3,253 5,800 7,879 j 81,150 2,862 8,716 2,113 1936—Jan. 31 65, 223 ,324 9,210 3,350 5,708 8,724 ; 81,503 2,798 8,088 2,119 Feb. 28_. 65, 789 ,309 9,758 932 3,250 5,708 8,186 I81,239 2,854 8,706 2,134 Mar. 27.. 65, 587 ,297 12,053 671 3,325 5,708 8,028 83.197 2,889 8,434 2,148 Apr. 24_. 61, 937 305 14, 392 623 3,349 5,708 8,193 82, 557 2,722 7,895 2,334 May 29.. 57, 022 426 19, 381 796 3,381 5,708 8,134 84,705 1,850 6,909 2,383 June 26 _ 53, 999 7,750 14, 333 1,048 3,441 5,708 8,015 85,106 1,305 6, 528 2,652 July 31... 54, 942 6,041 14,333 1,461 3,555 5,708 85,892 1,594 6, 254 2,267 Aug. 28_. 54, 511 7,063 14,333 3,454 5,640 8,125 84,324 1,523 7,037 2,301 Sept. 25.. 50,111 27 7,484 15, 903 3, 553 5,640 9,643 83, 750 1,679 6, 660 2,356 Oct. 30__. 64, 359 547 7,332 12, 303 3,447 5,640 8,204 87.198 3,973 9,247 3,553 Assets Liabilities Reichsbank Reserves Securities (Figu r r e e i s c h i s n m m ar il k l s io ) ns of Gold e F x o c r h e a i n g g n e Tr b e i a ll s s 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 t r l e e Other a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia ti t b e h i s e li r - 1935—July 31.. 3,833 337 324 814 3,878 743 845 Aug. 31. 4,000 340 324 781 4,032 743 860 Sept. 30. 4,144 346 324 770 4,143 774 879 Oct. 31.. 4,058 345 316 868 4,159 728 911 Nov. 30. 4,096 346 315 922 4,186 806 913 Dec. 31. 4,498 349 315 853 4,285 1,032 923 1936—Jan. 31.. 3,884 349 315 4,098 679 891 Feb. 29_ 4,026 348 315 861 4,177 652 914 Mar. 31. 4,201 336 321 771 4,267 768 782 Apr. 30. 4,353 240 319 702 4,348 688 798 May 30. 4,606 219 319 648 4,430 729 807 June 30. 4.699 220 311 704 4,389 960 815 July 31. 4,623 220 310 711 4,471 787 840 Aug. 31 _ 4,693 220 309 4,540 729 853 Sept. 30. 4,875 219 308 4,657 744 875 Oct. 31. 4,888 219 305 685 4,713 689 897 c Corrected. 1 Issue department also holds securities and silver coin as cover for fiduciary issue, which is fixed by law at £260,000,000. 2 By law of October 1,1936, gold provisionally revalued at rate of 49 milligrams gold 0.900 fine per franc. Of the total gold increment of about 17,000,000,000 francs, 10,000,000,000 francs was initially turned over to the stabilization fund established by the law of October 1. 3'Bills and warrants endorsed by the National Wheat Board (law of Aug. 15,1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of the Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). NOTE.—For explanation of table see BULLETIN for February 1931, pp. 81-83, July 1935, p. 463, and July 1936, p. 603. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1023 DECEMBER 1936 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. National Bank of Albania (thou- Bank of Canada (thousands of Casands of francs): nadian dollars): Gold 7,556 7, 556 7,556 Gold 179,369 179, 430 179,476 181,493 Foreign exchange 25, 387 25, 443 20,017 Sterling and United States Loans and discounts 3 758 3 606 3,115 Exchange 8,607 3,082 2,303 3,530 Other assets 4,732 4, 381 5, 514 Advances : Note circulation 11,590 11 712 13 139 Dominion Government 15, 725 Demand deposits 17, 555 17,162 11,814 Provincial Governments 1,000 3,000 3,000 Other liabilities 12, 287 12,113 11,248 Government securities: Central Bank of the Argentine 2 years or less 55, 763 46,071 31,108 25, 904 Republic (millions of pesos): Over 2 years 97, 657 92,016 79, 616 80, 887 Gold at home 1,224 1,224 1 224 1,224 Other assets __ _ 5,843 4,696 6,051 4,315 Gold abroad and foreign ex- Note circulation 129, 883 127, 790 106, 936 96,058 change 145 131 126 142 Total deposits __ _ 205, 354 187, 563 186, 659 209, 601 Negotiable Government bonds._. 94 87 106 217 Chartered banks ^___ 182, 877 173,846 180, 741 190, 854 Other assets 141 141 142 149 Government 22,161 13,616 5,648 18,255 Note circulation 1,015 1,004 991 939 Other liabilities 13,000 12, 940 7,958 6,195 Deposits: Central Bank of Chile (millions of Member bank __ _ 373 319 369 216 pesos): Government 174 219 198 199 Gold and foreign exchange in re- Liquidation Institute 174 serve 143 143 142 Other 5 4 5 162 Loans and discounts... 128 138 77 Other liabilities 37 37 34 42 Government debt 702 702 710 Commonwealth Bank of Aus- Note circulation 616 606 531 tralia (thousands of pounds i): Deposits... __ _ 272 298 336 Issue department: Central Bank of China2 (millions of Gold and English sterling 16,002 16,002 16, 004 15, 994 yuan): Securities 38 559 39,059 39 059 34,634 Gold 66 51 21 Banking department: Silver 262 '279 145 Coin, bullion, and cash 1,102 1,190 1,181 843 Foreign exchange 60 '47 8 London balances 21, 780 21, 778 21 126 17,318 Due from domestic banks _ __ 132 111 31 Loans and discounts 16,859 15, 564 15,088 14, 953 Loans and discounts 413 396 208 Securities 36, 108 36, 237 36 095 35, 755 Securities.. _ 164 187 176 Deposits 71 934 71,186 70 434 69, 595 Other assets 56 62 45 Note circulation 47, 039 47, 039 47 039 47, 045 Note circulation 317 307 134 Austrian National Bank (millions Deposits— Government 300 329 223 of schillings): Bank 387 338 94 Gold 243 243 243 242 Other 23 20 54 Foreign bills 112 132 130 137 Other liabilities 127 139 130 Domestic bills 210 213 216 230 Bank of the Republic of Colombia Government debts _. 624 624 624 624 (thousands of pesos): Note circulation 932 944 943 963 Gold at home and abroad 29, 686 29, 210 29,081 26, 905 Deposits 235 262 268 254 Foreign exchange 3,407 3,379 3,266 3,695 National Bank of Belgium (mil- Loans to member banks... . 7, 622 5,149 4,035 3,048 lions of belgas): Note circulation _. 47, 864 46, 231 47, 613 39,078 Gold 3,665 3,726 3 727 3,449 Deposits 31, 676 29, 152 28, 407 30, 689 Domestic and foreign bills 1, 345 1,367 1,377 1,363 National Bank of Czechoslovakia Loans to State 157 157 157 162 (millions of koruny): Note circulation 4,466 4,506 4 479 4,207 Gold3..___ 2,592 2,595 2,597 2,691 Deposits 858 803 942 969 Foreign exchange 464 41 124 105 Central Bank of Bolivia (thousands Discounts and advances. 1,620 1,772 1,492 1,292 of bolivianos): Government debt 2,029 2,031 2,034 2,055 Gold at home and abroad 25 416 23 981 17 105 Other assets 1 054 768 742 991 Foreign exchange 21, 480 15' 718 9,904 Note circulation 5,652 5,742 5,502 5,715 Loans and discounts 7,161 7,956 9,200 Demand deposits 504 391 481 477 Securities: Other liabilities 1,604 1,073 1,007 943 National Government 416,109 415,709 397,163 Bank of Danzig (thousands of Other . 4,645 2,703 3,076 gulden): Note circulation 187,096 178 862 145 046 Gold 29, 393 29, 013 20,807 17,120 Deposits 235, 980 231 492 243,516 Foreign exchange of the reserve.. 85 451 6,968 6,130 Bank of Brazil (millions of milreis): Other foreign exchange 3,159 4,099 4,284 8,007 Cash 220 223 217 223 Loans and discounts 14, 695 14, 870 14,870 «16,458 Correspondents abroad 381 326 319 280 Note circulation 31,557 31,471 30,963 29, 638 Loans and discounts 2,799 2,834 2 958 3, 146 Deposits _ 11,215 11,630 9,769 2,412 Note circulation 10 10 10 20 National Bank of Denmark4 (mil- Deposits ... . _. 3,275 3,227 3,422 3,129 lions of kroner): National Bank of Bulgaria (mil- Gold 118 118 118 118 lions of leva) : Foreign exchange 16 17 24 14 Gold 1,618 1,616 1,607 1,583 Loans to Government agencies. 206 230 217 223 Net foreign exchange in reserve .. -69 123 -126 Other loans and discounts.. _ _ 172 132 120 154 Total foreign exchange 545 490 492 246 Investments _ _ . _ _ 61 62 65 112 Loans and discounts 1,752 1,884 1 541 1,360 Other assets 80 78 86 23 Government obligations 2,671 2,671 2,671 2,671 Note circulation ._ 407 377 376 387 Note circulation 2,663 2,790 2 561 2,413 Deposits 86 102 98 146 Other sight liabilities 2,243 2,055 1,909 1,916 Other liabilities 160 159 157 113 c Corrected. 'Revised. 1 Beginning March 1936 all items valued by bank in Australian currency; previously valued partly in Australian currency, partly in sterling. 2 Items for issue and banking departments consolidated. 3 Increment resulting from revaluation of gold under law of October 9, 1936, converted into foreign exchange and carried partly in that item and partly in Other Assets. 4 Bank reorganized under law of April 7, 1936 (see BULLETIN for July 1936, p. 537, and August 1936, p. 632). First balance sheet on new basis was as of June 30, 1936. 5 Gold in vault revalued at rate of 9.968331 sucres per gram of fine gold by decree of Dec. 18,1935 and at rate of 11.6466 sucres per gram of fine gold by decree of June 13, 1936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL RESERVE BULLETIN DECEMBER 1936 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. Central Bank of Ecuador (thou- Bank of Japan (millions of yen): sands of sucres): Gold 540 536 533 495 Golds 17, 566 Advances and discounts 821 669 727 856 Foreign exchange 12,054 Government bonds 454 556 519 452 Loans and discounts 59, 709 Notes issued 1, 453 1,312 1,455 1,295 Note circulation 46. 922 Total deposits 397 529 390 481 Deposits 21, 505 Bank of Java (millions of florins): National Bank of Egypt 1 (thou- GokL__ 87 sands of pounds): Foreign bills 2 3 2 Gold 6, 545 6, 545 6,545 Loans and discounts 61 63 67 Foreign exchange 1, 559 1, 663 1,909 Note circulation 155 157 160 Loans and discounts 5.220 3,416 5,971 Deposits 23 25 20 British, Egyptian, and other Bank of Latvia (millions of lats): Government securities 40, 216 37,192 38,914 Gold 2 77 46 46 46 Other assets 4,648 4, 525 4,062 Foreign exchange reserve 22 12 10 6 Note circulation 23. 276 19,388 24,381 Bills 51 51 50 52 Deposits—Government 5,458 5, 275 6,526 Loans 78 78 71 54 Other 21,018 20, 390 18,177 Note circulation 39 36 35 37 Other liabilities 8,436 8,317 Government deposits 46 44 46 28 Central Reserve Bank of El Salva- Other deposits 130 129 120 112 dor (thousands of colones): Bank of Lithuania (millions of litu): Gold 13, 026 13,026 12, 465 Gold 71 65 64 35 Foreign exchange 806 1,151 1, 201 Foreign exchange 10 15 17 19 Loans and discounts 528 436 947 Loans and discounts 84 77 75 89 Government securities 6,723 6,730 7,065 Note circulation 111 108 107 104 Other assets 1, 163 1,208 1,132 Deposits 63 54 50 39 Note circulation 13, 710 13,673 13,037 Netherlands Bank (millions of flor- Other sight liabilities 4,418 4,758 6,157 ins): Other liabilities 4,120 4,121 3,616 Gold 570 670 672 589 Bank of Estonia (thousands of Foreign bills 2 2 2 1 krooni) : Loans and discounts 272 161 145 192 Gold 34,175 34,169 34,167 34,191 Note circulation 761 773 750 789 Net foreign exchange 4, 724 5,965 5,177 710 Deposits 123 101 111 55 Loans and discounts 22, 801 21, 260 19, 643 11, 433 Reserve Bank of New Zealand Note circulation 45, 085 43,173 41,182 40,124 (thousands of pounds): Deposits—Government 14, 940 13,431 13,123 13, 818 Gold 2,802 2,802 2,802 2,802 Bank 7,650 9,606 9,428 6,451 Sterling exchange 16, 545 16, 836 19, 799 16, 831 Other 2,120 2,489 3,938 1,946 Advances to State or State under- Bank of Finland (millions of mark- takings 3,453 1,795 kaa): Other assets 2,433 2,361 2,560 1,789 Gold 603 603 582 Note circulation 11, 480 11,175 11,148 8,951 Balances abroad and foreign Demand deposits 12,124 11,013 12, 422 10, 875 credits . 1, 255 1,118 1,147 1,281 Bank 7,692 6,874 5,697 4,496 Foreign bills 80 91 76 Government 4,084 3,898 6,436 5,691 Domestic bills 771 793 Other liabilities 1,629 1,605 1,590 1,597 Note circulation 1, 561 1, 551 1,503 1,302 Bank of Norway (millions of Other sight liabilities 854 735 734 659 kroner): Bank of Greece (millions of drach- Gold 215 215 200 185 mas): Foreign balances and bills 75 63 78 35 Gold and foreign exchange 2,884 3,076 2,800 3,661 Domestic credits 219 214 217 203 Loans and discounts 5,326 5,745 5,982 4,153 Note circulation 409 390 387 329 Government obligations 4,162 4,162 4,172 3,281 Foreign deposits 1 2 2 3 Note circulation 6,145 5,926 5, 618 6,215 Total deposits 105 110 79 Other sight liabilities... 5, 698 6,451 6,435 4,081 Central Reserve Bank of Peru Liabilities in foreign exchange.... 150 244 228 161 (thousands of soles): National Bank of Hungary (mil- Gold and foreign exchange 43, 746 47, 791 46, 092 lions of pengos): Bills 85, 564 83,134 57, 423 Gold 79 79 79 Note circulation 91,312 91, 574 83, 377 Foreign bills, etc 36 31 26 23 Deposits 33, 415 34, 951 16, 529 Loans and discounts 520 525 517 566 Bank of Poland (millions of zlotys): Advances to Treasury 94 93 94 72 Gold. _ 373 373 367 454 Other assets 149 135 118 81 Foreign exchange 20 16 15 17 Note circulation __ 427 417 410 412 Loans and discounts 846 828 818 868 Deposits 157 154 131 102 Note circulation 1,091 1,048 1,031 1,047 Certificates of indebtedness 93 96 104 Other sight liabilities 187 196 171 130 Miscellaneous liabilities 167 163 171 Bank of Portugal (millions of es- Reserve Bank of India (millions cudos): of rupees): Gold 910 910 909 Issue department: Other reserves 502 478 451 Gold at home and abroad 444 444 444 444 Discounts and advances 332 334 344 Sterling securities 673 673 673 662 Government obligations 1,045 1,045 1,047 Indian Gov't securities 234 234 234 255 Note circulation 2,156 2,072 2,070 Rupee coin... _._ 681 681 674 586 Other sight liabilities 901 Note circulation 1,710 1,645 1,622 1,602 National Bank of Rumania (mil- Banking department: lions of lei): Notes of issue department... 323 388 404 345 Gold _ 11,192 11,149 11,119 10, 721 Balances abroad 87 33 103 Foreign exchange of the reserve... 592 392 232 91 Loans to Government 10 Loans and discounts 6,857 6,363 6,243 5,450 Investments 54 56 58 54 Special loans» 2,435 2,445 2,445 2,724 Other assets _ _ 11 10 9 6 State debt 11, 380 11.373 11,350 10, 372 Deposits—Government 93 127 63 102 Bank _ 263 279 336 295 Other liabilities _ 119 117 115 113 1 Items for issue and banking departments consolidated. 2 By law of September 28, 1936, Latvian currency was linked to sterling at rate of 25.22 lats to the pound compared with previous market rate of about 15 lats to the pound. a Agricultural and urban loans in process of liquidation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1936 FEDERAL RESERVE BULLETIN 1025 CENTRAL BANKS—Continued [Figures as of last report date of month] 1936 1935 1936 1935 Central bank Central bank Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. Vational Bank of Rumania—Con. Swiss National Bank—Continued Other assets __ 13, 281 13, 292 12,407 12, 546 Loans and discounts 142 224 219 198 Note circulation... 24, 704 24, 269 23, 817 22, 430 Note circulation 1 413 1,369 1,303 1,325 Demand deposits 8, 956 8,697 8,521 8,417 Demand deposits 1,232 459 457 327 Other liabilities 12, 078 12, 048 11,459 11, 056 Central Bank of the Republic of South African Reserve Bank Turkey (millions of pounds): (thousands of pounds): Gold 30 30 30 29 Gold 22, 928 22, 930 22, 930 25, 742 Foreign exchange 16 11 9 3 Foreign bills 5,873 5,116 8 595 6 576 Loans and discounts 42 34 30 26 Domestic bills . 30 16 13 22 Tnvestmpnts 186 187 187 186 Note circulation.__ 15, 562 14, 097 15,051 12, 247 Other assets 25 27 28 Deposits—Government . 1,733 3,389 1,778 2,655 Note circulation 172 163 163 159 Bank 19, 267 17,994 23, 541 26 238 Deposits 39 45 45 28 Other . _ _ . 3,309 2,389 2 072 3 378 Other liabilities 88 77 75 85 Bank of Spain (millions of pesetas): Bank of the Republic of Uruguay Gold 1 2, 202 2,258 (thousands of pesos): Silver 650 692 Issue department: Balances abroad _ 280 281 Gold and silver 41 091 41 091 41 091 Loans and discounts 9 $29 2 198 Note circulation 75,104 77 457 73 752 Note circulation _ __ _ 5 573 4,740 Banking department: Deposits . 1. 152 1 255 Cash reserves 45 501 43,457 43,018 Bank of Sweden (millions of Loans and discounts 84, 923 86,172 99,050 kronor): Other assets ._ _. . .. 53, 287 55,120 46, 384 Gold 527 526 511 384 Deposits— Foreign assets - . _ 609 562 539 649 Demand 30, 541 30, 096 27,105 Domestic discounts and advances. 48 45 57 44 Time 43, 296 43, 379 40, 223 G overnment securities 29 29 29 79 Ministry of Finance 13 311 15,678 27,652 Other assets _ . 241 239 229 135 Other 13 689 13 749 19,373 Note circulation _ 839 853 801 743 Other liabilities 82, 873 81, 848 74,098 Total deposits _ _ _ 505 447 461 444 National Bank of the Kingdom of Bank. 367 306 297 311 Yugoslavia (millions of dinars): Government 117 118 141 104 Gold 1 592 1 553 1,531 1,379 Other liabilities 108 101 102 104 Foreign exchange 574 574 509 315 Swiss National Bank (millions of Loans and discounts 1,725 1,671 1,633 1,822 francs): Advances to State .- 2,262 2,262 2,262 2,280 Golds _ 2,408 1, 554 1,497 1 387 Note circulation 5 311 5 250 5,126 4,916 Foreign balances and bills 56 22 22 Other sight liabilities . _ ... 1,508 1,500 1,451 1,267 * All figures as of August 1, 1936, since which date no statements have been received from the Bank of Spain. 2 Gold revalued after September 30, 1936 at rate of 215 milligrams of fine gold per franc. BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss francs] 1936 1935 1936 1935 Liabilities Oct. 31 2 Sept. 30 i Oct. 31 Oct. 31 2 Sept. 30i Oct. 31 Gold in bars 38, 539 35,314 32, 231 Demand deposits (gold) 27, 541 27, 553 20,496 Cash on hand and on current account with banks 16. 322 5,770 2,924 Short-term deposits (various curren- Demand funds at interest 6,157 14, 806 19, 294 cies): Central banks for own account: Rediscountable bills and acceptances Demand 11,196 21, 770 40, 393 (at cost): Time—Not exceeding 3 months 97,200 124,927 104, 467 Commercial bills and bankers' acceptances 119,079 127,486 Total 108,396 146, 698 144,860. Treasury bills 165,186 211,611 Central banks for account of others: Total.. 284, 265 322, 685 339,097 Demand 5,393 6,344 10, 420 Time—Not exceeding 3 months 2,966 Time funds at interest—Not exceeding Other depositors: 3 months 34, 291 55,467 40, 283 Demand 113 118 2,227 Sundry bills and investments: Time—Not exceeding 3 months 284 531 500 Maturing within 3 months: Long-term deposits: Treasury bills 23,917 28,477 34, 996 Annuity trust account 153, 280 153,096 154,811 Sundry investments 64,184 63, 380 64, 712 German Government deposit 76, 640 76, 548 77,406 Between 3 and 6 months: French Government guaranty fund. 43, 289 61,930 61, 930 Treasury bills 24, 490 24,167 34, 844 French Government deposit (Saar). 1, 419 2,031 2,031 Sundry investments 32, 391 31,183 31, 796 Over 6 months: Total.. 274, 628 293, 605 296,177 Treasury bills 43, 682 41, 796 22, 215 Sundry investments 33, 556 35, 893 34, 358 Capital paid in 125,000 125, 000 125,000 Reserves: Total.. 222, 220 224, 896 222, 920 Legal reserve fund 3,784 3,784 3,324 Dividend reserve fund 6,092 6,092 5,845 Other assets: General reserve fund 12,183 12,183 11,690 Guaranty of central banks on bills Other liabilities: sold 971 6, 201 Guaranty on commercial bills sold. 1,377 1,389 6,244 Sundry items 124 7,984 5,412 Sundry items 38,098 45, 015 38, 611 Total assets 602, 888 8, 312 668, 362 Total liabilities 602,888 668, 312 668, 362 1 According to official announcement of the B. I. S., all figures for September 30, 1936, are expressed, as hitherto, in Swiss gold francs equivalent to 0.29032 gram of fine gold. Value of foreign currencies included among assets and liabilities is calculated on basis of market quotations on September 30, 1936, except for French franc for which no official rate was quoted on that date. Assets and liabilities in French francs have been converted into Swiss gold francs at the old parity between these currencies. Assets and liabilities of the Bank in those currencies which were devalued in the last week of September are approximately equal. 2 Reduction in total resources between September 30 and October 31, 1936, due to valuation of French franc assets and liabilities on October 31 at market rate on that date. See note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULLETIN DECEMBER 1936 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 i y c r n t e d at B co il u ls n d te i d s- Se t c ie u s ri- L cu o s a e t n r o s s m to - O as t s h e e ts r Total D D e e p m o a s n it d s 1 Time' lia O b t i h li e t r ies 10 London clearing banks 1936—February.. 221 151 288 601 804 218 March 210 155 249 605 829 April 220 154 264 607 843 May 213 152 304 610 843 June 218 152 322 612 852 July 217 152 341 610 857 August 226 156 338 612 850 September 222 159 336 620 854 1936—February.. March April May June July August September. SSEB 2,053 231 2,038 230 2,082 229 2,113 228 2,155 228 218 2,169 226 217 2,170 227 215 2,180 226 11 London clearing banks s 229 157 295 629 227 2,123 1,125 940 242 217 162 252 635 854 230 2,108 1,123 951 241 227 161 268 637 868 233 2,154 1,145 974 240 220 159 309 640 870 227 2,185 1,156 992 239 225 158 329 642 878 237 2,229 1,215 995 240 225 158 349 639 884 227 2,244 1,223 986 237 233 163 345 641 877 226 2,246 1,212 991 240 229 166 344 648 882 226 2,257 1,228 1,000 238 Assets Liabilities France Deposits Own (4 large banks. fr F a i n g c u s r ) es in millions of re C se a r s v h es D b u a e n f k 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 Demand Time a a c n ce c p e t s - lia O bi t l h i e ti r es 1936—February 3,431 2,528 16,470 8,006 1,101 27, 603 26,903 700 338 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 May 3,513 3,032 16,014 7,542 1,333 27,199 26, 523 676 424 3,812 June 3,494 2,768 14,972 7,328 1,385 25, 655 25, 022 633 394 3,897 July 3,206 2,410 15, 410 7,215 1,445 25, 334 24, 761 573 359 3,994 August. __ 3,097 15, 445 7,031 1,451 24,979 24,451 528 335 4,035 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- Other 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 t t i b h e i s e li r - 1936—February.. 128 307 2,275 2..90U 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 June 175 295 2,435 2,858 1,008 839 5,712 2,688 3,023 622 1,276 July 146 263 2,363 2,843 1,037 824 5,557 2,595 2,962 613 1,306 August 138 274 2,329 2,826 1,047 816 5,533 2,529 3,005 605 1,291 September. 180 287 2,360 2,779 1,066 847 5,621 2,575 3,045 575 1,323 Liabilities Deposits payable in Can- Entirely in Canada Security ada excluding interbank Canada loans deposits (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- Cash Security O lo t a h n e s r a a n f b d r d r o u o m 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 t r i c o o u t n l e a- l O ia t t i b e h i s e li r reserves loans and dis- foreign Total Demand Time counts banks 1936—February.. 224 78 151 1,265 444 118 2,152 635 1,517 761 March 227 77 154 1,316 459 117 2,197 665 1,532 783 April 228 83 862 145 1,314 478 114 2,229 692 1,536 767 May 225 87 828 131 1,345 446 116 2,193 666 1,527 753 June 230 91 777 113 1,368 502 115 2,207 702 1,505 757 July 227 91 768 110 1, 357 481 113 2,174 680 1,494 748 August 225 91 776 157 1, 355 487 115 2,175 672 1,503 800 September. 226 105 807 146 1,380 494 111 2,263 762 1,501 1 Excluding deposits of the National Bank relating to offices outside the United Kingdom, which are included in the total. * District Bank included beginning January 1936. 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

1027 FEDERAL RESERVE BULLETIN DECEMBER 1936 DISCOUNT RATES OF CENTRAL BANKS [Percent per annum] Date effective K U in n g i d te o d mFrance Cen m G tr a e a n r l y - ba I n t k a l o y f— N la e n th d e s r- Sw lan itz d er- b C an e k n tr of a — l N R 3 a o 0 t v e . ef D fe a ct t i e ve b C an e k n tr of a — l N R 3 o a 0 t v e . ef D fe a ct t i e ve I N n o e v f . f e 5 ct Nov. 1, 1935 2 3 4 5 4 A Al r b g a e n n i t a in a... . . 7 J M u a n r e . 15 1 , , 1 1 9 9 3 3 6 6 J It a a p l a y n . _ _ _ 3.29 A M p a r y . 18 7 , , 1 1 9 9 3 3 6 6 Nov 14 Austria 33^ July 10, 1935 Java 4 July 1, 1935 Nov. 15 4 Belgium 2 May 16, 1935 Latvia 5 Nov. 1, 1936 Nov 22 5 Bolivia 6 July 5, 1932 Lithuania. .. 53^ July 1, 1936 Nov. 26 6 British India 3 Nov. 28, 1935 Netherlands. 2y2 Oct. 20, 1936 Jan 2, 1936 5 Bulgaria 6 Aug. 15, 1935 New Zea- Jan. 10 4 Canada 23^2 Mar. 11, 1935 land 2/^ Mar. 2, 1936 Jan 16 3 Chile 3^-4^ Jan. 8, 1936 Norway 33^ May 24, 1933 Feb. 4 Colombia... 4 July 19, 1933 Peru... 6 May 20, 1932 Feb 7 SA Czechoslo- Poland. 5 Oct. 26, 1933 Mar. 28 5 vakia 3 Jan. 1, 1936 Portugal A}4 May 12, 1936 May 7 6 Danzig 5 Oct. 21, 1935 Rumania 43^ Dec. 15, 1934 May 18 434 Denmark. __ 4 Nov. 19,1936 South Africa 33^5 May 15, 1933 May 30 Ecuador 4 Nov. 30, 1932 Spain 5 July 15, 1935 June 4 El Salvador- 5 July 5, 1934 Sweden 23/£ Dec. 1, 1933 June 24 5 Estonia 43^ Oct. 1, 1935 Switzerland 13^ Nov. 26, 1936 June 25 4 Finland 4 Dec. 3, 1934 Turkey 53^2 Mar. 2, 1933 June 26 4 France 2 Oct. 16, 1936 United King- June 30 zy Germany... 4 Sept. 22, 1932 dom 2 June 30, 1932 July 7 3 Greece 7 Oct. 14, 1933 U. S. S. R.- 8 Mar. 22, 1927 July 10 3 Hungary 4 Aug. 29, 1935 Yugoslavia— 5 Feb. 1, 1935 Sept. 9 2 Sept. 25 5 Oct. 2 3 Changes since Oct. 29: Latvia—Nov. 1, down from b}4 to 5 per cent; Oct. 9 Denmark—Nov. 19,up from 3^2 to4 per cent; Switzerland—JNov. 26 N O O c c o t t v . . . 2 1 2 0 6 6 2 2y2 down from 2 to \y 2 per cent. In effect Nov. 30,1936 2 2 4 m 2Y2 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 t o k a n e n r t c h s e s s, T m b re i o l a l n s s t , u h r 3 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 ' ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n 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— October... 3.04 3.26 3.13 4.70 5.00 November. 3.01 3.10 3.07 3.15 3.00 December. 3.00 3.23 3.15 3.20 3.08 1936—January... 3.00 2.81 2.37 2.29 February- 3.00 2.97 2.77 1.31 1.63 March 3.00 3.07 2.99 1.20 1.68 April 3.00 3.04 2.83 1.19 1.27 May—L. 2.92 2.89 2.76 2.27 1.82 June 2.88 2.74 2.67 4.05 3.95 July 2.88 2.73 2.96 2.04 1.73 August 2.88 2.84 3.01 1.37 1.20 September. 3.00 2.89 3.01 1.33 1.29 October, __ 2.94 2.82 2.82 Pi. 97 Sw la i n tz d er- Belgium France Italy Hungary S ( w St e o d ck en - Japan (Tokyo) (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 t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c ia o P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o 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-October. __ 2.37 2.71 5.00 4 -7 3 5.11 2.69 November. 2.44 3.89 5.00 4 -7 3 5.11 2.78 December. 2.50 5.89 5.00 4 -7 2% 5.11 2.69 1936— J J M A M A F S O u u J e e p u c n l a a a p b y t r g r n y e o t i r c e u u l b u h m s a e a t r r b r y y e _ .. . r - . _ . 2 2 2 2 2 2 2 1 2 1 . . . . . . . . . . 6 9 2 2 2 3 4 2 2 2 9 8 5 6 5 7 8 5 5 5 1 1 1 1 . . . . . . . . . . . 3 2 3 3 3 5 3 3 3 4 8 9 8 8 8 2 8 8 8 5 3 3 4 3 5 3 3 2 5 5 . . . . . . . . . . 0 6 7 6 8 3 3 5 2 0 0 0 4 0 1 0 8 2 6 3 5 5 4 4 4 5 4 5 4 4 . . . . . . . . . . 0 0 0 5 5 0 5 7 5 5 0 0 0 0 0 0 0 8 0 0 4 4 4 4 4 4 4 - - - - - 6 6 - 6 6 6 - 6 3 3 6 > 3 > > > > } , 2 2 2 2 2 2 2 % * % H % % % A 2 2 2 V y y H 2 2 2 - - y i 4 A y 2 2 Y H2 5 5 4 5 4 4 4 4 4 . . . . . . . . . 1 1 1 7 7 9 8 7 9 1 1 1 5 5 7 3 5 3 2 2 2 2 2 2 2 2 3 . . . . . . . . . 6 5 6 8 6 5 8 7 1 4 6 9 7 3 3 1 3 1 p Preliminary. 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 May 1930, p. 318. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 FEDERAL RESERVE BULLETIN DECEMBER 1936 FOREIGN EXCHANGE RATES [Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency] Brazil (milreis) Year or month A t r i g n e a n- t A ra u l s i - a Au ( s sc t h r i i l- a g B iu el m - B I r n i d ti ia sh g B a u r l i - a Canada Chile China Co b l i o a m- Cuba (peso) (pound) ling) (belga) Free (rupee) (lev) (dollar) (peso) (yuan) (peso) (peso) Official market 1929 480. 83 14. 058 13.912 11. 8078 36. 202 0. 7216 99. 247 12.0601 41. 901 96. 551 99. 965 1930 458. 60 14.089 13. 952 10.7136 36. 067 0. 7209 99. 842 12. 0785 29. 917 96.493 99. 952 1931 351. 50 14. 023 13. 929 7.0290 33.690 0.7163 96. 353 12. 0669 22.437 96. 570 99. 930 1932 279. 93 13.960 13.914 7.1223 26. 347 0. 7193 88.090 7. 9079 21. 736 95. 275 99. 941 1933 337. 07 15. 448 17. 900 7. 9630 31.816 1. 0039 91. 959 7. 6787 28. 598 81. 697 99. 946 1934 400.95 18.793 23. 287 8. 4268 37. 879 1.2852 101. 006 10.1452 34.094 61. 780 99. 936 1935 388. 86 18. 831 18.424 8. 2947 36. 964 1.2951 99. 493 5. 0833 36. 571 56.011 99. 920 1935—October 389.61 18. 812 16. 847 8.3791 37.022 1. 3239 98. 580 5. 0694 35. 609 57. 312 99. 920 November-- 390.90 18. 775 16. 895 8. 3792 37.142 1. 3404 98. 924 5.0950 29.649 56. 595 99. 920 December _- 391. 28 18.783 16. 857 8. 3902 37. 201 c 1.3389 99. 045 5. 0937 29.450 57. 030 99.920 1936—January 394. 50 18. 832 16. 936 8. 4167 37. 461 1.3446 99. 930 5.0950 29.659 57. 390 99. 923 February. __ 398. 06 18. 971 17. 042 8. 3803 37. 734 1.3380 100.114 5. 0950 29. 912 58. 268 99.921 March 396. 01 18. 855 16. 979 8. 4871 37. 510 1. 2902 99. 842 5. 0930 29. 824 57. 224 99. 903 April 393. 72 18. 724 16.915 8. 5564 37.315 1.2812 99. 502 5. 0853 29. 734 57. 002 99. 903 May 396.09 18. 722 16.938 8. 5755 37. 504 1. 2844 99.806 5. 0775 29.690 57. 004 99. 900 June 399. 99 18. 759 16. 907 8. 6310 37. 872 1. 2838 99. 721 5. 0659 29. 890 56. 900 99. 900 July 400.15 18. 848 16. 899 8. 5349 37. 889 1. 2913 99. 900 5.1243 29. 967 56. 900 99. 900 August 400. 34 18.838 16. 862 8. 5222 5. 8637 37. 931 1.2988 99. 978 5.1725 30. 048 56. 900 99. 904 September. - 401. 06 18. 845 16. 893 8. 6445 5. 8901 38. 017 1. 2978 100.017 5.1691 29. 940 56. 505 99. 901 October 390. 33 18.732 16. 835 8. 7011 5. 8452 36. 991 1. 2848 100. 022 5.1727 29.331 56. 501 99. 924 Year or month C S (k l z o o e v r c a u h k na ia ) ( D m kr e a o n r n - k e) ( E p g o y u p n t d) F (m in a l r a kk n a d ) (franc) m ( m G re a a e i r c n r k h - y ) s G (d m r r e a a e c ) h c - e ( H K do o o l n n la g g r) ( H g p u e a n r n g y - o) I ( t li a r l a y ) J ( a y p e a n n ) M ( e p x e i s c o) o N ( e l f t a l h o n r e d i s r n - ) 1929 2. 9609 26. 680 498. 07 2.5160 3.9161 23. 809 1. 2934 47.167 17. 441 5. 2334 46.100 48.183 40. 162 1930 2. 9640 26. 765 498. 60 2.5169 3. 9249 23. 854 1. 2959 33. 853 17. 494 5. 2374 49.390 47.133 40. 225 1931 2.9619 25. 058 465.11 2. 3875 3. 9200 23. 630 1.2926 24. 331 17. 452 5. 2063 48. 851 35. 492 40. 230 1932 2. 9618 18. 832 359. 54 1. 5547 3. 9276 23. 749 0. 8320 23. 460 17. 446 5.1253 28. Ill 31. 850 40. 295 1933 3. 8232 19. 071 434. 39 1. 8708 5.0313 30. 518 0. 7233 29. 452 22. 360 6. 7094 25. 646 28.103 51. 721 1934 4. 2424 22. 500 516. 85 2.2277 6. 5688 39. 375 0. 9402 38. 716 29. 575 8. 5617 29.715 27. 742 67. 383 1935 4.1642 21. 883 502. 60 2.1627 6. 6013 40. 258 0. 9386 48. 217 29. 602 8.2471 28. 707 27. 778 67. 715 1935—October 4. 1411 21. 909 503. 21 2.1645 6. 5892 40.225 0. 9391 48. 970 29. 637 8.1243 28. 669 27. 763 67. 742 November. _ 4.1363 21. 983 504. 96 2.1719 6. 5862 40.225 0. 9390 36. 477 29. 624 8.1024 28. 683 27.767 67. 802 December _. 4. 1433 22. 001 505. 35 2.1745 6. 5986 40. 217 0. 9383 32. 702 29.619 8.0750 28.739 27. 768 67. 770 1936—January 4.1602 22. 153 508.83 2.1890 6. 6251 40. 397 0. 9424 32. 205 29. 678 8. 0276 28. 993 27. 768 68.173 February 4.1936 22. 321 512. 70 2. 2063 6.6810 40. 687 0. 9509 32.796 29. 786 8. 0373 29.130 27. 769 68. 677 March 4.1637 22.190 509. 66 2.1928 6.6338 40. 439 0. 9457 32. 562 29. 617 7. 9830 28. 938 27. 767 68.353 April 4.1359 22. 064 506. 78 2.1807 6. 5898 40. 238 0. 9389 32. 525 29. 478 7. 8936 28. 869 27. 768 67. 885 May 4.1432 22. 184 509. 55 2.1901 6. 5858 40. 285 0. 9338 32. 463 29. 424 7. 8560 29. 075 27. 763 67. 634 June 4.1375 22. 405 514. 62 2. 2098 6. 5934 40. 273 0. 9316 32. 260 29. 458 7. 8645 29. 392 27. 764 67. 686 July 4.1497 22. 419 514.95 2. 2106 6. 6202 40. 321 0. 9400 32. 040 29. 492 7. 8845 29.326 27. 765 68. 078 August 4.1318 22. 434 515.32 2. 2118 6. 5853 40. 221 0. 9387 31. 152 19. 777 7. 8673 29. 404 27. 753 67. 904 September.. 4.1319 22.480 i 516. 76 2. 2173 6. 5095 40. 083 0.9347 31.104 19.772 7. 8514 29. 414 27. 753 66.738 October 3. 6474 21. 866 502. 24 2. 1578 4. 6662 40. 196 0.8965 30. 359 19. 774 5.5299 28. 609 27. 747 53. 632 Year or month Z ( e p N a o e l u w a n n d d ) N (k o r r o w n a e y ) P ( o zl l o a t n y d ) ( P es o g c r u a t d l u o - ) R ( u n le m i u a ) a- ( S A p o f o r u u i n c th d a )( S p p es a e i t n a) S S ( m d t e o r e t l a t n la l i t e r t ) s s - ( S k d r w e o n e n - a) S e (f r w r l a a i n t n c z d ) - T p u o r u k n e d y ) U [ K p d n o i o i n u m t n g e d - d ) ( U g p u r es a u o y - ) Y ( s d l u a in v g a i o a r - ) 1929 483. 21 26. 683 11.194 4. 4714 0. 5961 483. 27 14. 683 56. 012 19.279 48.411 485. 69 98.629 1. 7591 1930 468. 22 26. 760 11. 205 4.4940 .5953 483.79 11. 667 55.964 26. 854 19. 382 47. 061 486. 21 85. 865 1. 7681 1931 415. 29 25. 055 11.197 4. 2435 480. 76 9.545 52. 445 25. 254 19.401 47.181 453. 50 55. 357 1. 7680 1932. 320.19 18.004 11.182 3.1960 476. 56 8.044 40.397 18. 471 19. 405 47.285 350. 61 47.064 1. 6411 1933 340. 00 21. 429 14. 414 3. 9165 .7795 414. 98 10.719 49. 232 22.032 24. 836 60.440 423. 68 60.336 1. 7607 1934_._. 402. 46 25. 316 18. 846 4.6089 1. 0006 498. 29 13. 615 59.005 25. 982 32. 366 79.047 503.93 79.956 2. 2719 1935 391. 26 24. 627 18. 882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32. 497 80. 312 490.18 80. 251 2. 2837 1935—October 391. 86 24. 657 18. 836 4.4703 .7965 485. 63 13. 654 57. 440 25. 303 32. 533 80.244 490. 78 80.189 2. 2834 November 393. 74 24. 740 18. 825 4.4787 .7899 487.08 13. 648 57. 607 25.388 32. 445 80.267 492.50 80.150 2. 2858 December 394. 32 24. 761 18. 849 4. 4854 .7879 487. 44 13.670 57.611 25. 409 32.432 80.154 492. 88 80. 208 2. 2886 1936—January 397. 53 24. 932 18. 931 4. 5120 .7879 490. 83 13. 727 58. 057 25. 583 32. 662 80. 685 496. 27 79.947 2.2991 February 401.15 25. 121 19.132 4. 5489 .7632 494. 51 13.841 58. 553 25. 778 33.033 81. 303 500. 05 80. 258 2. 3196 March 399. 08 24. 974 18. 962 4. 5155 .7377 491. 56 13. 745 58. 243 25. 626 32. 821 80. 818 497. 07 80. 022 2. 3030 April 396. 80 24.834 18.826 4. 5092 .7330 488. 76 13.654 57. 939 25. 482 32. 580 80. 284 494.27 79. 769 2. 2882 May 399. 02 24. 969 18.792 4.5115 .7309 491. 59 13.645 58. 240 25. 619 32. 391 80. 278 496. 97 79. 720 2. 2866 June 402. 84 25. 218 18. 800 4. 5455 .7273 496. 53 13. 659 58.833 25. 877 32.425 80.270 501. 92 79.709 2. 2871 July 403. 26 25. 233 18.915 4. 5568 .7279 497. 07 13. 714 58. 873 25. 893 32. 724 80. 355 502. 25 79. 820 2. 2985 August 403.42 25. 249 18.827 4.5558 .7317 497.19 13. 643 58.916 25. 910 32. 599 80. 272 502. 59 79.719 2. 2926 September 403. 97 25. 304 18. 824 4. 5586 .7315 497. 99 13.650 59.095 25. 965 31. 418 l80.145 503. 63 79. 679 2. 2912 October 393.25 24. 608 18. 828 4.4475 .7309 484. 32 57. 446 25. 253 22.993 79. 834 489. 84 79. 857 2. 2956 c Corrected. 1 No quotation available on one day for Egypt and on two days for Turkey. NOTE.—For additional information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see note in BULLETIN for November, 1936, p. 928, which applies currently except as noted above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1029 DECEMBER 1936 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta it t e e d s Canada K U in n g it d e o d m France Germany Italy (O Ja ct p o 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 98 642 138 495 225 103 1928 97 96 645 140 462 226 102 1929 95 96 627 137 445 220 100 1930 86 87 100 554 125 383 181 90 1931 73 72 88 502 111 328 153 76 1932 65 67 86 427 97 304 161 65 1933 __ _ _ 66 67 86 398 93 280 180 63 1934 75 72 88 376 98 273 178 63 1935 80 72 90 338 102 186 62 1935—July 79 71 88 322 102 310 180 61 August 81 72 88 330 102 323 183 61 September.. . 81 72 90 332 102 330 189 62 October 81 73 91 342 103 194 63 November 81 73 91 348 103 194 63 December 81 73 91 354 103 192 63 1936—January _ _. . 81 73 92 359 104 192 62 February 81 73 92 372 104 191 62 March 80 72 92 376 104 191 62 April 80 72 92 371 104 192 61 May 79 72 92 374 104 192 61 June. __ ._ _ __ _ 79 72 93 378 104 194 62 July 81 74 94 391 104 197 62 August _ __ _ _ _ 82 76 95 403 105 197 63 September 82 76 96 420 104 201 63 October _. _ 82 77 98 471 104 200 68 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926 = 100) France (1913 = 100) Germany (1913 = 100) (1930=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 o g u r d r i u c a u c l l t - s P s r io o n v s i- a t f r n i I i n d n a i l d s s h r u e e a s m d w - i- p tr I r i i n o s a d h d l u e u f d s c i - n ts 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 92 119 1935—July 77 82 78 85 90 292 347 103 85 91 119 August 79 85 78 86 90 311 347 104 85 91 119 September 80 86 78 88 90 322 341 104 84 92 119 October _ 78 85 78 89 92 331 351 104 84 93 119 November 78 85 79 88 93 338 357 105 84 93 119 December 78 86 79 89 93 350 356 105 84 93 119 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 June _ 78 80 79 89 94 394 364 106 85 93 121 July _ 81 81 80 90 96 405 378 106 85 93 121 August 84 83 80 94 96 425 384 106 85 94 121 September 84 83 80 95 97 449 '396 105 94 122 October. _ 84 83 80 98 97 487 457 104 95 122 r Revised. c Corrected. 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

1030 FEDERAL RESERVE BULLETIN DECEMBER 1936 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbersl [Index numbers] Year or month (1 U S 9 1 n t 2 0 a 3 i 0 t - t ) 2 e e 1 5 d s = E 19 n 1 ( g J 4 u = la l 1 y n 00 d ) 19 F 1 ( r 4 J a - u 1 n l 0 y 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 = 9 a i 1 2 t t 0 3 e e 0 - d s ) 1926 161 113 146 1926 103 1927 156 113 153 1927 102 1928 157 112 153 1928 100 1929 105 154 124 156 1929 99 1930 100 145 125 146 1930 97 1931 . 82 131 124 131 1931 89 1932 68 126 109 116 1932 80 1933 66 120 100 113 1933 76 1934 74 122 98 118 1934 78 1935 80 125 86 120 1935 _. 81 1936— October 80 128 85 120 1935—October 81 82 131 87 120 November . December 82 131 88 121 82 131 90 122 1936—January 81 February 81 130 91 122 February March 80 129 91 122 March April 80 126 90 122 April . May 80 125 93 122 May - June 84 126 93 123 June - - July 84 129 91 124 July August 84 129 93 124 August September 84 131 98 122 September October 83 132 102 122 October 00 England France Germany (July (Jan.-June (1913- 1914=100) 1914=100)2 14=100) 170 103 142 164 104 148 166 105 152 164 113 154 158 118 148 148 116 136 144 107 121 140 106 118 141 105, 121 143 98 123 145 123 147 123 147 97 123 147 124 147 124 146 99 124 144 124 144 124 144 101 125 82 146 125 146 125 82 147 102 124 148 124 1 From August 1933 to July 14, 1936, the Bureau of Labor Statistics published biweekly indexes. Figures given are for the date nearest 15th of month. »Index represents prices converted to gold basis of 1914. /Source*.—For both retail food prices and cost of living: United States—Bureau of Labor Statistics, Department of Labor; England—Ministry af Labour; Germany—Statistisches Reichsamt; France—For retail food prices, Statistique Generate, and for cost of living, Commission d'e"tudes relatives au coxit 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 a e e e g ) d s 1 e ( 1 E D 92 n e 1 c g = e l 1 m a 0 n b 0 d e )2 r ( a 1 F g 9 e 1 r 3 a = n 1 a 0 v c 0 e e ) r- G (a e p v r r e m ic ra e a g ) n e * y U S n ta it t e e d s 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 «83.4 94.7 78.9 132.2 8 78.0 1932 69 5 113.2 88.6 8 67.1 48.6 67.9 105.2 3 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—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 June _ 96.2 130.6 73.8 95.8 105.6 94.0 66.1 93.2 July 97.1 131.0 73.2 95.9 109.2 94.7 59.2 94.6 August 97 7 131.6 73.2 96.1 113.0 97.3 58.8 93.4 September _ . _ 98.6 132.1 75.2 96.1 114.1 98.2 65.7 91.8 October > 99.6 132.9 80.8 96.2 118.7 102.1 82.8 97.2 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Oo. 2 Annual indexes are unweighted averages of monthly indexes. ' Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. Sources.—See BULLETIN for February 1932, p. 121, and June 1935, p. 394. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DIRECTORY 1031 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 RONALD RANSOM, Vice Chairman JOSEPH A. BRODERICK JOHN K. MCKEE M. S. SZYMCZAK CHESTER C. DAVIS CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel J. P. DREIBELBIS, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL 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. BRODERICK District No. 3 (PHILADELPHIA) . HOWARD A. LOEB, CHESTER C. DAVIS V ice-President M. J. FLEMING District No. 4 (CLEVELAND) . ARTHUR E. BRAUN. G. H. HAMILTON District No. 5 (RICHMOND) . CHARLES M. GOHKN. JOHN K. MCKEE 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. District No. 10 (KANSAS CITY) . W. T. KEMPER. CHESTER MORRILL, Secretary WALTER WYATT, General Counsel District No. 11 (DALLAS) . JOSEPH H. FROST. J. P. DREIBELBIS, Assistant General Counsel District No. 12 (SAN FRANCISCO) . . M. A. ARNOLD. E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 1032 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Bank of— Reserve Agent President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young W. W. Paddock..... W. Willett.' New York Owen D. Young1 G. L. Harrison Allan Sproul W. R. Burgess. L. R. Rounds. L. F. Sailer. W. S. Logan. J. H. Williams. R. M. Gidney. C. H. Coe. Philadelphia- R. L. Austin. J. S. Sinclair.. F. J. Drinnen... C. A. Mcllhenny.a W. J. Davis. E. C. Hill. Cleveland E. S. Burke, Jr.. M. J. Fleming.. F. J. Zurlinden.. H. F. Strater. W. H. Fletcher. W. F. Taylor.* Richmond.. F. A. Delano.. Hugh Leach J. S. Walden, Jr.. R. H. Broaddus. J. G. Fry. G. H. Keesee.2 Atlanta.. H. W. Martin.. Oscar Newton.. R. S. Parker. H. F. Conniff. L. M. Clark. W. S. McLarin, Jr. M. W. Bell.2 Chicago.. R. E. Wood*.. Q. J. Schaller.. H. P. Preston.. W. H. Snyder.' C. S. Young. J. H. Dillard. St. Louis Paul Dillard1. W. McC. Martin.. O. M. Attebery.. J. S. Wood. J. G. McConkey. Minneapolis.. W. B. Geery. J. N. Peyton O. S. Powell Harry Yaeger. H. I. Ziemer.s E. W. Swanson. Kansas City... J. J. Thomas. G. H. Hamilton, C. A. Worthington.. A. M. McAdams. J. W. Helm.3 Dallas C. C. Walsh_. B. A. McKinney.. R. R. Gilbert R. B. Coleman.3 W. J. Evans. San Francisco.. W. N. Moore. W. A. Day.. Ira Clerk S. G. Sargent. W. M. Hale. C. E. Earhart.2 1 Deputy chairman. 2 Cashier. a 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. 1033 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 Acceptances: Paee Agricultural implements—Continued. Pase Bankers', outstanding 26, 97, 164, 275, 363, Wholesale prices 63, 135, 481, 584, 651, 725, 811, 901, 999 206, 305, 400, 495, 598, 665, 739, 825, 915, 1015 Buying rates: Agricultural loans by commercial banks, study At New York 27, 98, 165, 276, 364, of 224-246 482, 585, 652, 726, 812, 902, 1000 Agricultural loans by Reconstruction Finance In England 44, 115, 187, 292, 380, Corporation 31, 102, 169, 505, 608, 676, 751, 837, 927, 1027 279, 367, 486, 589, 656, 730, 816, 906, 1004 Discount rates, open market: Albania, National Bank of: Foreign countries 44, 115, 187, 292, 380, Condition of 40, 111, 183, 288, 376, 505, 608, 676, 751, 837, 927, 1027 501, 604, 672, 747, 833, 923, 1023 New York City 27, 98, 165, 276, 364, Discount rates: 483, 586, 653, 727, 813, 903, 1001 Change in 608 Held by member banks: Monthly figures 44, 115, 187, 292, 380, All banks on call dates 22, 93, 160, 271, 505, 608, 676, 751, 837, 927, 1027 359, 474, 577, 644, 718, 804, 894, 992 Amendments to Federal income tax regulations. 421 Reporting banks: Monthly figures.. .24, 95, 162, 273, 361, Amendments to foreign banking laws: 476, 579, 646, 720, 806, 896, 994 Belgium 219, 322 Weekly figures.. .59, 131, 202, 300, 390, Canada 789 478, 581, 648, 722, 808, 898, 996 Czechoslovakia 852 Acts: Denmark 537 Amendments to Securities Exchange Act... 424 France 536, 705, 782, 878 Branch banking, compilation of 858 Italy 852, 881 Foreign banking and monetary: Latvia 852 Belgium 219, 322 Netherlands 979 Canada 789 New Zealand 413 Czechoslovakia 852 Switzerland 880 Denmark 537 Amendments to regulations of Board of France 536, 705, 782, 878 Governors: Italy 852, 881 Regulation D 624 Latvia 852 Regulation F 327 Netherlands 979 Regulation L 48 Regulation T 72,122, 550 New Zealand 413 Switzerland 880 Regulation U 550 Taxation of preferred stock, capital notes, Amendments to regulations of Federal Deposit and debentures of banks held by Recon- Insurance Corporation 146, 147 Amendments to regulations under Gold Restruction Finance Corporation 423 serve Act 12 Advances to industries by Reserve banks. (See Amendments to Securities Exchange Act 424 Loans to industries.) Advances to member banks by Reserve banks: Annual reports: Banks which have not exhausted their eligi- Bank for International Settlements....... 427 ble paper; ruling of Board 624 Bank of Belgium 260 Discount rates on 27, 98, 165, 276, 364, Bank of Canada 256 482, 585, 652, 726, 812, 902, 1000 Bank of France 173 Loans insured under National Housing Act Board of Governors of the Federal Reas security for; ruling of Board 548 serve System 317, 685 Advisory Council, Federal. (See Federal Advisory Central Bank of the Argentine Republic... 551 Council.) German Reichsbank 337 Affiliates: Netherlands Bank 564 Indebtedness of, on assets acquired from Swiss National Bank 344 member bank, applicability of exception Appointment as executive of a member bank of to section 23A relating to; ruling of Board 324 person indebted to such bank; ruling of Investing of trust funds in securities pur- Board 121 chased from; ruling of Board 772 Argentina: Africa. (See South Africa.) Central Bank of: Agricultural conditions, discussion of 407, 847 Annual report 551 Agricultural credit corporations, assets and lia- Condition of 40, 111, 183, 288, bilities 30, 101, 168, 279, 376, 501, 604, 672, 747, 833, 923, 1023 367, 486, 589, 656, 730, 816, 906, 1004 Discount rates 187, 292, Agricultural implements: 380, 505, 608, 676, 751, 837, 927, 1027 Factory employment and pay-roll index.. 66,138, Gold reserves 35, 106, 178, 283, 209, 308, 403, 491, 594, 661, 735, 821, 911, 1009 371, 496, 599, 667, 742, 828, 918, 1018 1034 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1035 Argentina—Continued. Austria—Continued. Foreign exchange rates 45, 116, 188, 293, National Bank of—Continued. ^a^e 381, 506, 609, 677, 752, 838, 928, 1028 Discount rates 44, 115, 187, 292, Gold movements to and from United States 19, 380, 505, 608, 676, 751, 837, 927, 1027 90, 157, 268, 356, 472, 575, 642, 716, 802, Gold reserves 35, 106, 178, 283, 892, 990. 371, 496, 599, 667, 742, 828, 918, 1018 Assessment for building for Board of Governors Automobiles: of Federal Reserve System 129 Factory employment and pay-roll index: Assessment for expenses of Board of Governors Monthly figures 66, 138, 209, 308, of Federal Reserve System 128, 702 403, 491, 594, 661, 735, 821, 911, 1009,1011 Assets and liabilities: Revised index 492, 736, 954, 963 All banks in the United States on call dates: Production index 64, 136, 207, 306, By districts 394, 530, 775 401, 489, 592, 659, 733, 819, 909, 1007 By States 395, 531, 776 Revised production index 911 Bank for International Settlements: Tires and tubes, wholesale prices. . 63, 135, 206, Balance sheet 465 305, 400, 495, 598, 665, 739, 825, 915, 1015 Monthly figures 42, 113, 185, 290, Balance of international transactions: 378, 503, 606, 674, 749, 835, 924, 1024 Discussion of 411, 510, 848, 937 Federal Reserve banks: France 764 By weeks 18, 89, 156, 267, Germany 767 355, 468, 571, 638, 712, 796, 886, 984 United States 321, 510, 632, 781, 848, 937 End of month 55, 126, 197, 297, Balance sheets: 385, 467, 570, 637, 711, 795, 885, 983 Bank for International Settlements 465 Foreign central banks 39, 110, 182, 287, Bank of Belgium 262 375, 500, 603, 671, 746, 832, 922, 1022 Bank of Canada 259 Foreign commercial banks 43, 114, 186, 291, Bank of France 177 German Reichsbank 343 379, 504, 607, 675, 750, 836, 926, 1026 Netherlands Bank 568 Government corporations and credit Swiss National Bank 350 agencies: Balances, brokers' 693, 811, 901, 999 Monthly figures 30, 101, 168, 279, Balances, reserve, of member banks. (See Re- 367, 486, 589, 656, 730, 816, 906, 1004 serves.) On December 31, 1935 78 Bank credit. (See Credit.) Revision of tables 220-223 Bank debits 61, 133, 204, 302, Insured commercial banks 316, 399, 780 392, 480, 583, 650, 724, 810, 900, 998 Member banks: Bank deposits. (See Deposits.) All banks on call dates: Bank failures: Chart showing 141 Monthly figures 62, 134, 205, 303, November 1, 1935 2, 57, 58 393, 480, 583, 650, 724, 810, 900, 998 December 31, 1935 141, 200, 201 Years 1921-1934 236 March 4, 1936 388, 389 Bank for International Settlements: June 30, 1936 682, 703, 704 Annual report 427 Reporting banks 59, 131, 202, 300, Condition of: 390, 478, 581, 648, 722, 808, 898, 996 Balance sheet 465 Mutual savings banks 398, 534, 779 Monthly figures 42, 113, 185, 290, National banks, on call dates.. 58, 201, 389, 704 378, 503, 606, 674, 749, 835, 924, 1024 By States 396, 532, 777 Gold reserves 599, 667, 742, 828, 918, 1018 Nonmember banks, on call dates 394, 530, 775 Bank premises: Private banks, on call dates 398, 535, 779 Federal Reserve banks 55, 126, 197, 297, State banks, on call dates: 385, 467, 570, 637, 711, 797, 887, 985 All banks, by States 397, 533, 778 Stock certificate of State member bank rep- Member banks 58, 201, 389, 704 resenting stock of corporation holding; Austin, R. L., appointed Federal Reserve Agent ruling of Board 419 at Philadelphia 145, 316 Bank suspensions: Monthly figures 62, 134, 205, 303, Bank of, condition of 40, 111, 183, 288, 393, 480, 583, 650, 724, 810, 900, 998 376, 501, 604, 672, 747, 833, 923, 1023 Years 1921-1934 236 Foreign exchange rates 45, 116, 188, 293, Bankers' acceptances. (See Acceptances.) 381, 506, 609, 677, 752, 838, 928, 1028 Bankers' balances: Gold movements to and from United States.. 19, All member banks on call dates.... 23, 94, 161, 90, 157, 268, 356, 472, 575, 642, 716, 802, 272, 360, 475, 578, 645, 719, 805, 895, 993 892, 990. Reporting member banks: Gold production 36, 107, 179, 284, Monthly figures... 24, 95, 162, 273, 372, 497, 600, 668, 743, 829, 919, 1019 361, 476, 579, 646, 720, 806, 896, 994 Austria: Weekly figures 60, 132, 202, 301, Foreign exchange rates 45, 116, 188, 293, 391, 479, 582, 649, 723, 809, 899, 997 381, 506, 609, 677, 752, 838, 928, 1028 Banking laws: National Bank of: Branch banking 858 Condition of 40, 111, 183, 288, Foreign: 376, 501, 604, 672, 747, 833, 923, 1023 Belgium 219, 322 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 INDEX TO VOLUME 22 Banking laws—Continued. Bills—Continued. Foreign—Continued. Pa^e Discounted and bought by Federal Reserve Canada 789 banks—Continued. page Czechoslovakia 852 Wednesday figures 16, 87, 154, 265, Denmark 537 353, 466, 569, 636, 710, 794, 884, 982 France 536, 705, 782, 878 Blattner, George W., appointed assistant director Italy 852, 881 of Division of Research and Statistics of Board Latvia 852 of Governors 315 Netherlands 979 Board of directors of a member bank, secretary New Zealand 413 of, as executive officer of a member bank. .... 248 Switzerland 880 Board of Governors of Federal Reserve System: Bankruptcies. (See Failures.) Annual report 317, 685 Banks: Appointment of new Board by President. . . 71 Agricultural loans by, study of 224-246 Assessment for expenses of 128, 702 Census of, in 1935 946 Biography of members . 71-72 Loans to, by Reconstruction Finance Cor- Blattner, George W., appointed assistant poration 31, 102, 169, 279, 367, 486, 589, director of Division of Research and Sta- 656, 730, 816, 906, 1004. tistics 315 Number of, in United States. . . 21, 92, 159, 270, Broderick, Joseph A., appointed member. . . 71 358, 473, 576, 643, 717, 803, 893, 991 Building for, assessment on Reserve banks According to census of 1935. 946 for 129 (See also Federal Reserve banks; Member Davis, Chester C, appointed member 515 banks; National banks; Nonmember Dreibelbis, J. P., appointed assistant counsel 12 banks; State banks.) Eccles, Marriner A.: Banks for cooperatives, loans by. . 32, 103, 170, 280, Appointed member 71 368, 487, 590, 657, 731, 817, 907, 1005 Designated chairman. 71 Belgium: Hamlin, Charles S.: Appointed special counsel. 77 Foreign exchange rates 45, 116, 188, 293, Retirement as member 77 381, 506, 609, 677, 752, 838, 928, 1028 James, George R., retirement as member... 77 Gold movements to and from the United List of former governors, 1913-1936 84 States 19, 90, 157, 288, 356, Margin requirements on loans by brokers 472, 575, 642, 716, 802, 892, 990 fixed by 72, 217 Gold standard 219, 322 McKee, John K., appointed member 71 International currency arrangements 940 Members and officers, list of. .756, 842, 932, 1032 Money rates 44, 115, 187, 292, Miller, Adolph C: 380, 505, 608, 676, 751, 837, 927, 1027 Retirement as member 77 National Bank of: Supervision of construction of Board's Annual report 260 new building 77 Condition of 40, 111, 183, 288, Morrison, Ralph W.: 376, 501, 604, 672, 747, 833, 923, 1023 Appointed member 71 Discount rates 44, 115, 187, 292, Resignation of 515 380, 505, 608, 676, 751, 837, 927, 1027 Ransom, Ronald: Gold reserves 35, 106, 178, 283, Appointed member 71 371, 496, 599, 667, 742, 828, 918, 1018 Designated as Vice Chairman 685 Belligerent nations, shipment of war materials Statement of: to: Relating to excess reserves of member Financing of 7 banks 1 Proclamation of President regarding 11 Relating to increase in reserve require- Statement of Secretary of Treasury rements for member banks 613, 935 garding 9 Szymczak, M. S., appointed member 71 Bills: Terms of members 71 Buying rates: Thomas, J. J., retirement as member 77 At New York 27, 98, 165, 276, Bolivia, Central Bank of: 364, 482, 585, 652, 726, 812, 902, 1000 Condition of 40, 111, 183, 288, Foreign countries 44, 115, 187, 292, 376, 501, 604, 672, 747, 833, 923, 1023 380, 505, 608, 676, 751, 837, 927, 1027 Discount rates 44, 115, 187, 292, Discounted and bought by Federal Reserve 380, 505, 608, 676, 751, 837, 927, 1027 banks: Bonds: Average of daily figures... 17, 88, 155, 266, Issues of 28, 99, 166, 277, 354, 418, 518, 623, 689, 771, 856, 945 365, 484, 587, 654, 728, 814, 904, 1002 By weeks 18, 89, 156, 267, 355, 468, 571, 638, 712, 796, 886, 984 Prices: Earnings on 128, 702 Discussion of 411, 850 End of month figures 17, 88, 155, 266, Domestic 28, 99, 166, 277, 354, 466, 569, 636, 710, 794, 884, 982 365, 484, 587, 654, 728, 814, 904, 1002 Maturities 62, 134, 205, 303, Principal countries. 47, 118, 190, 295, 393, 469, 572, 639, 713, 795, 885, 983 383, 508, 611, 679, 754, 840, 930, 1030 Monthly statement 55, 126, 197, 297, United States Government. (See United 385, 467, 570, 637, 711, 795, 885, 983 States Government securities.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDE5X TO VOLUME 22 1037 Bonds—Continued. Brokers and dealers in securities—Continued. Yield on: Pa^e Margin requirements—Continued. Pase Discussion of 411, 617, 850 Rate fixed by Board 72, 217 Monthly figures 28, 99, 166, 277, Recommendations of Federal Advisory 365, 483, 586, 653, 727, 813, 903, 1001 Council relative to 6 Boots and shoes: Regulation R, revision of 51 Factory employment and pay-roll index: Regulation T, amendment to 72, 122 Monthly figures 66 138, 209, 308, Building contracts awarded: f 403, 491, 594, 661, 735, 821, 912, 1010 By types and by districts 68, 140, 211, 310, Revised index 954, 972 405, 493, 596, 663, 737, 823, 913, 1013 Production index 64, 136, 207, 306, Chart showing 410, 853 401, 489, 592, 659, 733, 819, 909, 1007 Discussion of 410, 847 Wholesale prices 63, 135, 206, 305, Index of 33, 104, 171, 281, 400, 495, 598, 665, 739, 825, 915, 1015 369, 488, 591, 658, 732, 818, 908, 1006 Borrowings of member banks at Reserve banks: National summary 14, 85, 152, 263, All banks on call dates 23, 94, 161, 272, 351, 415, 516, 620, 686, 768, 853, 942 360, 475, 578, 645, 719, 805, 895, 993 Building for Board of Governors, assessment on Reporting banks: Monthly figures 25, 96, 163, 274, Reserve banks for 129 362, 477, 580, 647, 721, 807, 897, 995 Building materials, wholesale prices of 63, 135, Weekly figures 60, 132, 203, 301, 206, 305, 400, 495, 598, 665, 739, 825, 915, 1015 391, 379, 582, 649, 723, 809, 899, 997 Bulgaria: Borrowings, United States Government: Foreign exchange rates 45, 116, 188, 293, Chart showing 5 381, 506, 609, 677, 752, 838, 928, 1028 Discussion of 4, 213, 412, 509 National Bank of: Monthly table 29, 100, 167, 278, Condition of 40, 111, 183, 288, 366, 485, 588, 655, 729, 815, 905, 1003 376, 501, 604, 672, 747, 833, 923, 1023 Branch banking, compilation of laws regarding. 858 Discount rates 44, 115, 187, 292, Branch banks, number of 218, 304, 946 380, 505, 608, 676, 751, 837, 927, 1027 As reported by census of 1935 946 Gold reserves 35,106,178, 283, Branch clearing accounts, classification of, in 371, 496, 599, 667, 742, 828, 918, 1018 computing reserves and in preparing call reports ; ruling of Board 247 Bulletin, Federal Reserve: Branches of Federal Reserve banks, managing Erratum, new parity of Italian lira 940 directors, list of 757, 843, 933, 1033 Rearrangement of tables in 413 Brazil: Bureau of Internal Revenue, ruling of, relative Bank of, condition of 40, 111, 183, 288, to applicability of Social Security Act to banks 857 376, 501, 604, 672, 747, 833, 923, 1023 Bureau of the Census, report of, on census of Foreign exchange rates 45, 116, 188, 293, banks, 1935 946 381, 506, 609, 677, 752, 838, 928, 1028 Burke, E. S., appointed Federal Reserve Agent British India: at Cleveland 145 Discount rates 608, 676, 751, 837, 927, 1027 Business and credit conditions: Gold imports and exports 38, 109, 181, 286, Discussion of 407, 845, 935 374, 499, 602, 670, 745, 831, 921, 1021 France 762 Gold movements to and from United States. 19, Germany 766 90, 157, 268, 356, 472, 575, 642, 716, 802, Great Britain 764 892 990. Meeting of Advisory Council, Open Market Gold production 36, 107, 179, 284, Committee, and presidents of Federal Re- 372, 497, 600, 668, 743, 829, 919, 1019 serve banks to discuss 935 Broderick, Joseph A., appointed member of National summary 14, 85, 152, 263, 351, 415, Board of Governors 71 516, 620, 686, 768, 853, 942 Brokers and dealers in securities: Statistical summary. 519, 623, 689, 771, 856, 945 Balances 693, 811, 901, 999 Business failures 68, 140, 211, 310, Loans to: 405, 493, 596, 663, 737, 823, 913, 1013 By all member banks on call dates. . 22, 93, Call money rates: 160, 271, 359, 474, 577, 644, 718, 804, Foreign countries 44, 115, 187, 292, 894, 992. 380, 505, 608, 676, 751, 837, 927, 1027 By reporting member banks: New York City 27, 98, 165, 276, Monthly figures 24, 95, 162, 273, 364, 483, 586, 653, 727, 813, 903, 1001 361, 476, 579, 646, 720, 806, 896, 994 Call reports: Weekly figures 59, 131, 202, 300, Classification of branch clearing accounts in 390, 478, 581, 648, 722, 808, 898, 996 preparing; ruling of Board 247 Discussion of 72, 315, 684 Condition of banks on dates of (See Con- Reported by New York Stock Exchange dition statements.) 26, 97, 164, 275, 363, 481, 548, 651, 725 Canada: Margin accounts, new statistics covering. . 684, Bank of: 693-695, 811, 901, 999 Annual report 256 Margin requirements: Condition of 40, 111, 183, 288, Discussion of 72, 217 376, 501, 604, 672, 747, 833, 923, 1023 Effect of, on loans 74 Discount rates 44, 115, 187, 292, 380, 505, 608, 676, 751, 837, 927, 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 INDEX TO VOLUME 22 Canada—Continued. Charts—Continued. Page Bank of—Continued. Page Condition of all member banks 141 Gold reserves 35, 106, 178, 283, Construction contracts awarded 410, 853 371, 496, 599, 667, 742, 828, 918, 1018 Debt, United States Government. 5 Banking legislation 789 Department store sales 687, 942 Commercial banks, condition of... 43, 114, 186, Earnings and expenses of member banks.. . 520 291, 379, 504, 607, 675, 750, 836, 926, 1026 Excess reserves of member banks.. 214, 313, 615 Foreign exchange rates 45, 116, 188, 293, Factory employment and pay-rolls 415, 381, 506, 609, 677, 752, 838, 928, 1028 516, 620, 686, 768, 853, 950-952 Gold production 36, 107, 179, 284, Revision of employment index 950, 951, 952 372, 497, 600, 668, 743, 829, 919, 1019 Farm mortgage holdings of principal lend- Gold movements to and from United States ing agencies 234 19, 90, 157, 268, 356, 472, 575, 642, 716, 802, French franc, price of, in New York and 892, 990. London 311 Wholesale prices 46, 117, 189, 294, Industrial production 409, 415, 516, 382, 507, 610, 678, 753, 839, 929, 1029 620, 686, 768, 853, 942 Capital: Loans and investments of member banks.. 683 Federal Reserve banks 55, 126, 197, 297, Loans to farmers 226, 228, 229 385, 467, 570, 637, 711, 789, 887, 985 Manufacturing production 846 International movements, discussion of 76, Member bank credit 314, 416, 517, 311, 509, 760, 937 620, 687, 769, 854, 943 Capital issues: Money rates 617 Discussion of 412, 618, 850 Prices received by farmers and demand de- Monthly figures 28, 99, 166, 277, posits of country banks 231 365, 484, 587, 654, 728, 814, 904, 1002 Prices, wholesale 416, 516, 620, 769, 942 Car loadings, freight: Production and prices in France 763 Index of: Production and prices in Germany 766 By classes 34, 105, 172, 282, Production and prices in Great Britain 764 370, 494, 597, 664, 738, 824, 914, 1014 Production, industrial 409, 415, 516, 620, Total 33, 104, 171, 281, 686, 768, 853, 942 369, 488, 591, 658, 732, 818, 908, 1006 Reserve bank credit 15, 86, 153, 264, National summary 14, 85, 152, 263, 352, 417, 518, 622, 688, 770, 855, 944 351, 415, 516, 621, 686, 768, 854, 942 Security purchases by foreigners 936 Case, J. H.: Short-term foreign assets and liabilities... 938 Appointed Federal Reserve Agent at New Short-term foreign liabilities of banks in York 145 United States 939 Resignation of 316 Chemicals: Cash: Factory employment and pay-roll index: Held by Federal Reserve banks 55,126,197, Monthly figures 67, 139, 210, 309, 297, 385, 467, 570, 637, 771, 795, 885, 983 404, 492, 595, 662, 736, 822, 912, 1010 Held by member banks: Revised employment index... 955, 956, 974 All banks on call dates... 23, 94, 161, 272, Wholesale prices 63, 135, 206, 305, 360, 475, 578, 645, 719, 805, 895, 993 400, 495, 598, 665, 739, 825, 915, 1015 Reporting banks: Chile: Monthly figures 24, 95, 162, 273, Central Bank of: 361, 476, 579, 646, 720, 807, 896-, 994 Condition of 40, 111, 183, 288, Weekly figures 60, 131, 202, 300, 376, 501, 604, 672, 747, 833, 923, 1023 391, 478, 581, 648, 722, 809, 898, 996 Discount rates 44, 115, 187, 292, Cement: 380, 505, 608, 676, 751, 837, 927, 1027 Factory employment and pay-roll index: Gold reserves 35, 106, 178, 283, Monthly figures 66 138, 209, 308, f 371, 496, 599, 667, 742, 828, 918, 1018 403, 491, 594, 661, 735, 821, 912, 1009 Foreign exchange rates 45, 116, 188, 293, Revised index 954, 966 381, 506, 609, 677, 752, 838, 928, 1028 Production index 64, 136, 207, 306, Gold movements to and from United 401, 489, 592, 659, 733, 819, 909, 1007 States 19, 90, 157, 268, Wholesale prices 63,135, 206, 305, 356, 472, 575, 642, 716, 802, 892, 990 400, 495, 598, 665, 739, 825, 915, 1015 Gold production 36, 107, 179, 284, Census of banks, 1935 946 Central America, gold movements to and from 372, 497, 600, 668, 743, 829, 919, 1019 United States 19, 90, 157, 268, China: 356, 472, 575, 642, 716, 802, 892, 990 Central Bank of, condition of.. 40, 111, 183, 288, Central banks, foreign. (See Foreign Central 376, 501, 604, 672, 747, 833, 923, 1023 banks.) Foreign exchange rates 45, 116, 188, 293, Chairmen board of directors Federal Reserve 381, 506, 609, 677, 752, 838, 928, 1028 banks. (See Federal Reserve Agents.) Gold movements to and from United States 19, Charts: 90, 157, 268, 356, 472, 575, 642, 716, 802, 892, Bank suspensions, by years, 1921-1932 236 990. Borrowings, largely agricultural, by country Gold reserves 599, 667, 742, 828, 918, 1018 banks at Federal Reserve banks 232 Christmas club accounts as savings deposits; Capital movement to United States 938 ruling of Board 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1039 Cigars and cigarettes: Comptroller of the Currency: Factory employment and pay-roll index: Pa^e Excerpts from address of, relating to pur-Pase Monthly figures 67, 139, 210, 309, chase of investment securities 421 404, 492, 595, 662, 736, 822, 912, 1010 Laws affecting national banks compiled by. . 773 Revised index 954, 972 Member of Federal Reserve Board, 1913- Production index 64, 136, 207, 306, 1936 84 401, 489, 592, 659, 733, 819, 909, 1007 Regulations of, governing purchase of in- Circulation, currency. (See Currency; Money.) vestment securities 194 Citrus growers associations, deposits of, as sav- Condition statements: ings deposits; ruling of Board 120 All banks in United States on call dates: Clearing-house bank debits 61, 133, 204, 302, By districts 394, 530, 775 392, 480, 583, 650, 724, 810, 900, 998 By States 395, 531, 776 Clerk, Ira, appointed vice president of Federal Monthly figures 21, 92, 159, 270, Reserve Bank of San Francisco 218 358, 473, 576, 643, 717, 803, 893, 991 Clothing: Bank for International Settlements: Factory employment and pay-roll index: Balance sheet 465 Monthly figures 66, 138, 209, 308, Monthly figures 42, 113, 185, 290, 403, 491, 594, 661, 735, 821, 912, 1010 378, 503, 606, 674, 749, 835, 924, 1024 Revised index 954, 970 Country member banks, on call dates 58, Wholesale prices 63, 135, 206, 305, 201, 389, 704 400, 495, 598, 665, 739, 825, 915, 1015 Federal Reserve banks: . Coal: By weeks 18, 89, 156, 267, Freight-car loadings 34, 105, 172, 282, 355, 468, 571, 638, 712, 796, 886, 984 370, 494, 597, 664, 738, 824, 914, 1014 End of month 55, 126, 197, 297, Production index 64, 136, 207, 306, 385, 467, 570, 637, 711, 795, 885, 983 401, 489, 592, 659, 733, 819, 909, 1007 Foreign central banks 39,110,182, 287, 375, Wholesale prices 63, 135, 206, 305, 500, 603, 671, 746, 832, 922, 1022 400, 495, 598, 665, 739, 825, 915, 1015 Foreign commercial banks.... 43, 115, 186, 291, Coin circulation 19, 90, 157, 268, 379, 504, 607, 675, 750, 836, 926, 1026 356, 471, 574, 641, 715, 801, 891, 989 Government credit agencies: Monthly figures 30, 101, 168, 279, 367, Collateral held against Federal Reserve notes... 55, 486, 589, 656, 730, 816, 906, 1004 126, 197, 297, 385, 467, 570, 637, 711, 799, 889, 987 On December 31, 1935 78 Colombia: Revision of tables 220-223 Bank of: Insured commercial banks 316, 399, 780 Condition of 40, 111, 183, 288, Member banks: 376, 501, 604, 672, 747, 833, 923, 1023 All banks on call dates: Discount rates 44, 115, 187, 292, Chart showing 141 380, 505, 608, 676, 751, 837, 927, 1027 November 1, 1935 2, 5, 7, 58 Gold reserves 35,106,178, 283, December 31, 1935 141, 200, 201 371, 496, 599, 667, 742, 828, 918, 1018 March 4, 1936 388, 389 Foreign exchange rates 45, 116, 188, 293, June 30, 1936 682, 703, 704 381, 506, 609, 677, 752, 838, 928, 1028 Monthly figures. . 22, 93, 160, 271, 359, Gold movements to and from United States 19, 474, 577, 644, 718, 804, 894, 992 90, 157, 268, 356, 472, 575, 642, 716, 802, 892, Reporting banks: 990. By districts 59, 131, 202, 300, 390, Gold production 36, 107, 179, 284, 478, 581, 648, 722, 808, 898, 996 372, 497, 600, 668, 743, 829, 919, 1019 Monthly figures. . 24, 95, 162, 273, 361, Commercial failures 68, 140, 211, 310, 476, 579, 646, 720, 806, 896, 994 405, 493, 596, 663, 737, 823, 913, 1013 Mutual savings banks 398, 534, 779 Commercial paper: National banks on call dates. . . 58, 201, 389, 704 Held by member banks on call dates.... 22, 93, By States 396, 532, 777 160, 271, 359, 474, 577, 644, 718, 804, 894, 992 Nonmember banks, on call dates.. 394, 530, 775 Held by reporting member banks: Postal Savings System... 62, 134, 205, 303, 393, Monthly figures 24, 95, 162, 273, 480, 583, 650, 724, 810, 900, 998 361, 476, 579, 646, 720, 806, 896, 993 Private banks, on call dates 398, 535, 779 Weekly figures 59, 131, 202, 300, State banks, on call dates: 390, 478, 581, 648, 722, 808, 898, 996 All banks, by States 397, 533, 778 Open-market discount rates 27, 98, 165, 276, Member banks 58, 201, 389, 704 364, 483, 586, 653, 727, 813, 903, 1001 Congress, joint resolution of, extending period Outstanding 26, 97, 164, 275, for loans by Federal Deposit Insurance Cor- 363, 481, 584, 651, 725, 811, 901, 999 poration 326 Commodity Credit Corporation: Construction contracts awarded: Assets and liabilities. 30, 101, 168, 279, By types and by districts 68, 140, 211, 310, 367, 486, 589, 656, 730, 816, 906, 1004 405, 493, 596, 663, 737, 823, 913,1013 Loans during 1935 81 Chart showing 410, 853 Loans to, by Reconstruction Finance Corpo- Discussion of 410, 847 ration 31, 102, 169, 279, 367, 486, 589, 656, 730, 816, 906, 1004 Index of, total 33, 104, 171, 281, 369, 488, Commodity prices. (See Prices.) 591, 658, 732, 818, 908, 1006 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 INDEX TO VOLUME 22 Construction contracts awarded—Continued. Page Currency—Continued. National summary... 14, 85, 152, 263, 351, 415, Circulation—Continued. "Page 516, 620, 686, 768, 853, 942 Chart showing 15, 86,153, 264, 352, 417, Corn crop estimates 69, 666 740, 826, 916, 1016 518, 622, 688, 770, 855, 944 f Corporate profits, discussion of 411, 849 Discussion of 509, 681 Cost of living 47,118,190, 295, 383, 508, End of month figures.. 17, 88,155, 266, 354, 611, 679, 754, 840, 930,1030 466, 569, 636, 710, 794, 884, 982 Cotton: Federal Reserve bank notes 18, 89, 156, Consumption, index of 64,136, 207, 306, 401, 267, 355 489, 592, 659, 733, 819, 909,1007 Federal Reserve notes 55, 126, 197, 297, Crop estimates 69, 740, 826, 916, 1016 385, 467, 570, 637, 711, 795, 885, 983 Manufactures: Paper, of each denomination.. 61, 133, 204, Factory employment and 302, 392, 471, 574, 641, 715, 801, 891, 989 pay-roll index: Wednesday figures 16, 87, 154, 265, 353, Monthly figures 66 138, 209, 308, 466, 569, 636, 710,-794, 884, 982 f 403, 491, 594, 661, 735, 821, 912, 1012 Cost of, at Reserve banks 128, 702 Revised employment index.... 954, 970 Foreign legislation regarding: Wholesale prices 63, 135, 206, 305, 400, Belgium 219, 322 ' 495, 598, 665, 739, 825, 915, 1015 Canada 789 Czechoslovakia 852 Country member banks: Denmark 537 Condition of, on call dates 58, 201, 389, 704 France 536, 705, 782, 878 Deposits, time and demand 20, 91, 158, 269, Italy 852, 881 357, 701, 800, 890, 988 Latvia 852 Loans and investments on call dates 22, 93, Netherlands 979 160, 271, 359, 474, 577, 644, 718, 804, 894, 992 New Zealand 413 Reserve balances 20, 91, 158, 269, 357, 470, Switzerland 880 573, 640, 714, 800, 890, 988 International agreements relative to stabili- Reserves, deposits, and borrowings.. 23, 94, 161, zation 759, 940 272, 360, 475, 578, 645, 719, 805, 895, 993 Shipments and receipts, paper.. . . 61, 133, 204, Credit agencies, Governmental: 302, 392, 471, 574, 641, 715, 801, 891, 989 Condition of: Statement by Secretary of the Treasury Monthly figures 30,101,168, 279, relative to stabilization 759, 940 367, 486, 589, 656, 730, 816, 906, 1004 Treasury, held by Reserve banks: On December 31, 1935 78 Averages of daily figures. . 17, 88, 155, 266, Explanation of tables 220-223 354, 418, 518, 623, 689, 771, 856, 945 End of month figures. . 17, 88,155, 266, 354, Credit, bank: 466, 569, 636, 710, 794, 884, 982 Federal Reserve: Wednesday figures 16, 87, 154, 265, 353, Averages of daily figures. . 17, 88, 155, 266, 466, 569, 636, 710, 794, 884, 982 354, 418, 518, 623, 689, 771, 856, 945 Chart showing 15, 86,153, 264, Outstanding.471, 574, 641, 715, 801, 891, 989 Curtiss, F. H., appointed Federal Reserve Agent 352, 417, 518, 622, 688, 770, 855, 944 End of month figures 17, 88, 155, 266, at Boston 145, 315 354, 466, 569, 636, 710, 794, 884, 982 Czechoslovakia: Wednesday figures 16, 87, 154, 265, Foreign exchange rates. . . 45, 116,188, 293, 381, 353, 466, 569, 636, 710, 794, 884, 982 506, 609, 677, 752, 838, 928, 1028 Member bank: Monetary legislation* 852 Chart showing. . 416,516,620,687,769,854 National Bank of: Discussion of 851 Condition of 40, 111, 183, 288, 376, National summary 14, 85,152, 263, 351, 501, 604, 672, 747, 833, 923, 1023 415, 517, 621, 686, 769, 854, 943 Discount rates: Change in 44 Credit unions, deposits of, as savings deposits; Monthly data 44, 115, 187, 292, ruling of Board 120 380, 505, 608, 676, 751, 837, 927, 1027 Crops: Gold reserves 35, 106,178, 283, 371, Discussion of 848 496, 599, 667, 742, 828, 918, 1018 Estimates 69, 666, 740, 826, 916, 1016 Danzig, Bank of: Loans on, by Farm Credit Administration.. 32, Condition of 40, 111, 183, 288, 376, 501, 604, 103, 170, 280, 368, 487, 590, 657, 672, 747, 833, 923, 1023 731, 817, 907, 1005 Discount rates... 44,115,187, 292, 380, 505, 608, 676, 751, 837, 927,1027 Cuba, foreign exchange rates 45,116,188, 293, Davis, Chester C, appointed member of Board of 381, 506, 609, 677, 752, 838, 928, 1028 Governors 515 Currency: Day, W. A., appointed president of Federal Re- Bills payable in foreign, held by Reserve serve Bank of San Francisco 218 banks 18, 89, 156, 267, 355, 468, 571, Debits to individual accounts 61, 133, 204, 302, 638, 712, 795, 885, 983 392, 480, 583, 650, 724, 810, 900, 998 Circulation: Debt, United States Government: Averages of daily figures.. 17, 88, 155, 266, Chart showing 5 354, 418, 518, 623, 689, 771, 856, 945 Discussion of 4, 213, 412, 509 By kinds 19, 90,157, 268, 356, 471, 574, Monthly figures 29, 100, 167, 278, 366, 641, 715, 801, 891, 989 485, 588, 655, 729, 815, 905,1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1041 Page Deposits—Continued. Deferred availability items, Reserve banks 55, Held by member banks—Continued. 126,197, 297, 385, 467, 570, 637, 711, 798, 887, 985 Reporting banks—Continued. Pa^e Weekly figures 60, 132, 203, 301, Deficient reserves, penalties for 128, 702 391, 479, 582, 649, 723, 809, 899, 997 Delano, Frederic A., appointed Federal Reserve Increase in reserve requirements made by Agent at Richmond 218 Board 613, 624 Denmark: Interest, maximum rate of, under Regula- Foreign exchange rates 45, 116, 188, 293, tion Q; ruling of Board 419, 548 381, 506, 609, 677, 752, 838, 928, 1028 Large accounts and liquidity of banks 877 National Bank of: Large, growth of, since 1933; survey by Condition of 40, 111, 183, 288, 376, 501, Board 683, 696-699, 877 604, 672, 747, 833, 923,1023 Mutual savings banks, on call dates 398, 534, 779 Discount rates: National banks, on call dates, by States, Change in 1027 396, 532, 777 Monthly figures 44, 115, 187, 292, New statistics covering time and demand.. 700 380, 505, 608, 676, 751, Payment of interest on: 837, 927, 1027 After maturity; ruling of Board 419 Gold reserves 35, 106, 178, 283, 371, Deferment of effective date of Regula- 496, 599, 667, 742, 828, 918, 1018 tion Q 48 Legislation regarding 537, 632 Maximum rate under Regulation Q: Department-store sales and stocks: Monthly figures 812, 902, 1000 Chart showing 687, 942 Rulings of Board regarding.. 419,548 Discussion of 848 Regulations of Federal Deposit Insur- Monthly figures 34, 105, 172, 282, 370, 494, ance Corporation regarding 147 597, 664, 738, 824, 914, 1014 Supplement to regulation 150 National summary 14, 85, 152, 263, 351, 415, Postal savings 62, 134, 205, 303, 393, 480, 516, 621, 686, 768, 854, 943 583, 650, 724, 810, 900, 998 Revision of index 63] Private banks, on call dates 398, 535, 779 Deposits: Savings, rulings of Board regarding. (See All banks in United States on call dates: Law Department.) By districts 394, 530, 775 State banks, on call dates 397, 533, 778 By States 395, 531, 776 Study by Board of accounts at 98 large Monthly figures 21, 29, 159, 270, 358, member banks in 37 cities 618, 696-699 473, 576, 643, 717, 803, 893, 991 Survey of ownership of large, made by On December 31, 1935 316 Board 683, 696-699 Banks suspended 62, 134, 205, 303, 393, Time certificates payable in 3, 6, 9, or 12 480, 583, 650, 724, 810, 900, 998 months; ruling of Board 247 Growth in, discussion of 2, 142, 214, 314, United States Government. (See United 619, 683, 851 States Government deposits.) Foreign central banks 39, 110, 182, 287, Withdrawal upon telephone or other oral 375, 500, 603, 671, 746, 832, 922, 1022 order; ruling by Board. 624 Held by Federal Reserve banks: Deputy chairmen of Federal Reserve banks, Averages of daily figures.. 17, 88, 155, 266, appointment of 13 354, 418, 518, 623, 689, 771, 856, 945 Directors of banks, applicability of Public Util- By weeks.. 468, 571, 638, 712, 797, 887, 985 ity Holding Company Act to; rules of Se- Chart, Wednesday figures. 15, 86, 153, 264, curities and Exchange Commission 625 352, 417, 518, 622, 688, 770, 855, 944 End of month figures 17, 88, 155, 266, Directors of Federal Reserve banks: 354, 466, 569, 636, 710, 794, 884, 982 Election of 13 Monthly figures.... 55, 126, 197, 297, 385, Expenses of meetings 128, 702 Lewis, Frank J., appointed Class C at Chi- 467, 570, 637, 711, 795, 885, 983 cago 515 Wednesday figures 16, 87, 154, 265, Stewart, A. O., appointed Class C at San 353, 466, 569, 636, 710, 794, 884, 982 Francisco 515 Held by member banks: Wood, Robert E., appointed Class C at Chi- All banks on call dates: cago 515 November 1, 1935 57, 58 Young, Owen D., appointed Class C at New December 31, 1935 200, 201 York 515 March 4, 1936 388, 389 (See also Federal Reserve Agent.) June 30, 1936 703, 704 Monthly figures 23, 94, 161, 272, Directory, Federal Reserve 756, 842, 932, 1032 360, 475, 578, 645, 719, 805, 895, 993 Discount rates: Discussion of. 2, 142, 214, 314, 618, 683, 851 Charged customers by banks. . . 27, 98, 165, 276, In larger and smaller centers 56, 130, 364, 483, 586, 653, 727, 813, 903, 1001 199, 299, 387, 714, 800, 890, 988 Discussion of 76, 214 In reserve city and country banks.. 20, 91, Federal Reserve banks 27, 98, 165, 276, 158, 269, 357, 701, 800, 890, 988 364, 482, 585, 652, 726, 812, 902, 1000 Reporting banks: Foreign central banks: Monthly figures 25, 96, 163, 274, Changes in: 362, 477, 580, 647, 721, 807, 897, 995 Bank of Denmark 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1042 INDEX TO VOLUME 22 Discount rates—Continued. Ecuador—Continued. Foreign central banks—Continued. Gold movements to and from Pa^e Changes in—Continued. Pa^e United States 19, 90, 157, 268, 356, 472, Bank of France 44, 76, 115, 292, 575, 642, 716, 802, 892, 990 380, 608, 837, 927 Egypt: . Bank of Italy 505 Foreign exchange rates. . 45, 116, 188, 293, 381, Bank of Japan 292 506, 609, 677, 752, 838, 928, 1028 Bank of Latvia 1027 National Bank of: Bank of Netherlands. 115, 505, 608, 927 Condition of 41, 112, 184, 289, 377, Bank of Portugal 380 502, 605, 673, 748, 834, 924, 1024 Bank of Switzerland 837, 1027 Gold reserves 35, 106, 178, 283, 371, National Bank of Albania 44 496, 599, 667, 742, 828, 918, 1018 National Bank of Czechoslovakia . 76 Election of directors of Federal Reserve banks.. 13 Discussion of 76 Eligible paper held as security for Federal Monthly figures 44, 115, 187, 292, 380, Reserve notes 55, 126, 197, 297, 385, 467, 570, 505, 608, 676, 751, 837, 927, 1027 637, 711, 799, 889, 987 Maximum rates on time deposits El Salvador, Central Reserve Bank of: under Regulation Q: Condition of.... 41, 112, 184, 289, 377, 502, 605, Monthly figures 812, 902, 1000 673, 748, 834, 924, 1024 Rulings of Board regarding 419, 548 Discount rates 44, 115, 187, 292, 380, 505, On industrial advances by Reserve Banks.. 54, 608, 676, 751, 837, 927, 1027 127, 198, 298, 386, 482, 585, 652, 726, Employment, factory: 812, 902, 1000 Chart showing 415, 516, 620, 686, 768, Open market rates in New York City. . . 27, 98, 853, 950-952 165, 276, 364, 483, 586, 653, 727, 813, Revision of index 950, 951, 952 903, 1001 Discussion of 409, 847 Discounts for individuals, partnerships, and Index of: corporations: By industries 66, 138, 209, 308, 403, Circular of Board outlining provisions under 491, 594, 661, 735, 821, 911, 1009 Banking Act of 1935 123 Revised 492, 736, 950-978 Rates 27, 98, 165, 276, 364, 482, 585, 652 Total 33, 104, 171, 281, 369, 488, 591, Dividends: 658, 732, 818, 908,1006 Corporate, discussion of 411, 849 National summary 14, 85, 152, 263, 351, Federal Reserve banks 129, 702 415, 516, 620, 686, 768, 853, 942 Insured commercial State banks 529 Endorsement, accommodation, of note by execu- Member banks 522, 948 tive officer of member bank; ruling of Board. . 248 Dollar acceptances 26, 97, 164, 275, 363, 481, England: 548, 651, 725, 811, 901, 999 Bank of: Dreibelbis, J. P., appointed assistant counsel of Condition of 39, 110, 182, 287, 375, Board of Governors 12 500, 603, 671, 746, 832, 922, 1022 Drinnen, Frank J., appointed first vice president Discount rates 44, 115, 187, 292, 380, 505, 608, 676, 751, 837, 927,1027 of Federal Reserve Bank of Philadelphia.... 413 Gold reserves 35, 106, 178, 283, 371, Drugs, wholesale prices.. 63, 135, 206, 305, 400, 495, 496, 599, 667, 742, 828, 918, 1018 598, 665, 739, 825, 915, 1015 Commercial banks, condition of. .. 43, 114, 186, Due to Federal Reserve Banks from 291, 379, 504, 607, 675, 750, 836, 926, 1026 foreign banks 55, 126, 197, 297, 385, 467, Exchange equalization account 77, 509 Foreign exchange rates 45, 116, 188, 293, 570, 637, 711, 797, 886, 984 381, 506, 609, 677, 752, 838, 928, 1028 Earmarked gold 19, 90, 157, 268, 356, 472, 575, Gold imports and exports net.. 37, 108, 180, 285, 642, 716, 802, 892, 990 373, 498, 601, 669, 744, 830, 920, 1020 Earnings and expenses: Gold imports and exports to and from Federal Reserve banks 128,129, 702 United States 19, 90, 157, 268, 356, 472, Insured commercial State banks 529 575, 642, 716, 802, 892, 990 Member banks 520-529, 948-949 Industrial conditions: Chart showing 520 Chart showing 764 National banks 526 Discussion of 764 State member banks 527 Money rates: Earnings, corporate, discussion of 411, 849 Discussion of 77 Eccles, Marriner S.: Monthly figures 44, 115, 187, 292, 380, Appointed member of Board of Governors. . 71 505, 608, 676, 751, 837, 927, 1027 Designated chairman 71 Retail food prices and cost of living 47, 118, Statement by, relative to conference with 190, 383, 508, 611, 679, 754, 840, 930, 1030 Advisory Council and presidents of Re- Security prices 47, 118, 190, 295, 383, 508, serve banks 935 611, 679, 754, 840, 930, 1030 Ecuador: Wholesale prices 46, 117, 189, 294, 382, 507, Central Bank of: 610, 678, 753, 839, 929, 1029 Condition of 40, 111, 183, 288, 376, 501, Erratum in Bulletin, new parity of Italian lira. . 940 604, 672, 747, 833, 923, 1023 Estonia, Bank of: Discount rates 44, 115, 187, 292, 380, Condition of 41, 112, 184, 289, 377, 502, 505, 608, 676, 751, 837, 927, 1027 605, 673, 748, 834, 924, 1024 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1043 Estonia, Bank of—Continued. Page Federal Home Loan Bank Board: Pa^e Discount rates 44, 115, 187, 292, 380, 505, Loans during 1935 81 608, 676, 751, 837, 927, 1027 Loans outstanding 32, 103, 170, 280, 368, Ethiopia, shipment of war materials to: 487, 590, 657, 731, 817, 907, 1005 Financing of 7 Federal income tax regulations, amendment to. . 421 Proclamation of President regarding 11 Federal intermediate credit banks; loans to Statements of Secretary of State regarding 9 cooperatives by 32, 103,170, 280, 368, 487, 590, Excess reserves. (See Reserves.) 657, 731, 817, 907, 1005 Exchange, foreign. (See Foreign exchange.) Federal land banks: Exchange stabilization fund 77, 509, 760 Loans by 32, 103, 170, 280, 368, 487, 590, Executive officer of member bank, rulings of 657, 731, 817, 907, 1005 Board regarding. (See Law department.) Loans during 1935 80 Expenditures and receipts, United States Loans to, by Reconstruction Finance Government: Corporation 31, 102, 169, 279, 367, 486, Discussion of 4, 213, 412, 509 589, 656, 730, 816, 906, 1004 Monthly figures 29, 100, 167, 278, 366, Federal Open Market Committee: 485, 588, 655, 729, 815, 905, 1003 Meeting of, to discuss credit conditions.... 935 Expenses of Board of Governors, Members and officers, list of 215, 756, 842, assessment for 128, 702 932, 1032 Export, sale of gold for; statement of Secretary Organization of 215 of Treasury regarding 852, 940 Regulations of, governing open-market Export of war implements to belligerent nations: operations 254 Financing of 7 Statement of, relative to excess reserves... 1 Proclamation of President regarding 11 Federal Reserve Agents: Statements of Secretary of State regarding 9 Appointment of 13 Expressage, cost of, at Reserve banks 128, 702 Austin, R. L., appointed at Factory employment. (See Employment.) Philadelphia 145, 316 Failures: Burke, E. S., appointed at Cleveland 145 Bank 62, 134, 205, 303, 393, 480, 583, Case, J. H.: 650, 724, 810, 900, 998 Appointment of, at New York 145 Commercial. ... 68, 140, 211, 310, 405, 493, 596, Resignation of 316 663, 737, 823, 913, 1013 Curtiss, F. H., appointed at Boston 145, 315 Farm Credit Administration: Delano, Frederic A., appointed at Richmond 218 Loans and discounts outstanding.. 32, 103, 170, Federal Reserve note account 55, 126, 197, 280, 368, 487, 590, 657, 731, 817, 907, 1005 297, 385, 467, 570, 637, 711, 799, 889, 987 Loans during 1935 81 Geery, W. B., appointed at Minneapolis.... 145 Farm Mortgage Corporation, loans during 1935 80 Hoxton, W. W., death of, at Richmond 12 Farm mortgage institutions: List of 757, 843, 933, 1033 Assets and liabilities 30, 101, 168, 279, 367, Moore, Walton N., appointed at San Fran- 486, 589, 656, 730, 816, 906, 1004 cisco 515 Loans during 1935 80 Placing of, on honorary basis 145 Farm products, prices of: Reappointment of, until March, 1936 145 Principal countries.. 46, 117, 189, 294, 382, 507, Stevens, E. M.: 610, 678, 753, 839, 929, 1029 Appointed at Chicago 145 United States 63, 135, 206, 305, 400, Resignation of 218 495, 598, 665, 739, 825, 915, 1015 Thomas, J. J., appointed at Kansas City 77,145 Farmers, loans to, by commercial banks, Walsh, C. C, appointed at Dallas 145, 316 Wood, J. S.: study of 224-246 Appointed at St. Louis 145 Federal Advisory Council: Appointed vice president at St. Louis.. 316 Election of officers 145 Federal Reserve bank notes: Expenses of conferences 128, 702 Circulation 19, 90, 157, 268, 356, 471, 574, Meetings of 145, 935 641, 715, 801, 891, 989 Members, list of 756, 842, 932, 1032 Tax on 128 Recommendations to Board of Governors: Federal Reserve banks: Excess reserves and open-market opera- Branches, managing directors of, list of... 757, tions 5 843,933,1033 Margin requirements on collateral loans Condition of. (See Condition statements.) of banks 6 Directors of. (See Directors.) Federal credit unions, deposits of, as savings Earnings and expenses 128, 129, 702 deposits; ruling of Board 120 Officers, list of 757, 843, 933, 1033 Federal Reserve Board: Federal Deposit Insurance Corporation: Members of, 1913-1936 84 Joint resolution of Congress extending (See also Board of Governors.) period for loans by 326 Federal Reserve Bulletin, rearrangement of Regulations: tables in 413 Displaying of signs 146 Federal Reserve directory 756, 842, 932, 1032 Payment of interest on deposits 147, 150 Federal Farm Mortgage Corporation, Federal Reserve notes: obligations outstanding 32, 103, 170, 280, 368, Circulation: By weeks. . 468, 571, 638, 712, 797, 887, 985 487, 590, 657, 731, 817, 907, 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 INDEX TO VOLUME 22 Federal Reserve notes—Continued. Foreign banks—Continued. Circulation—Continued. Deposits of, held by member banks—Con. Monthly statement. ..... 55, 126, 197, 297, Reporting banks: Page 385, 467, 570, 637, 711, 795, 885, 983 Monthly figures 25, 96, 163, 274, Outside Treasury and Reserve 362, 477, 580, 647, 721, 807, 897, 995 banks 19, 90, 157, 268, 356, 471, 574, Weekly figures 60, 132, 203, 301, 641, 715, 801, 891, 989 391, 479, 582, 649, 723, 809, 899, 997 Collateral held as security for 55, 126, 197, Due from, to Federal Reserve banks. . . 55, 126, 297, 385, 467, 570, 637, 711, 799, 889, 987 197, 297, 385, 467, 570, 637, 711, 797, 886, 984 Cost of 128, 702 Foreign exchange: Federal Reserve agents' accounts 55, 126, Exchange equalization fund 77, 509, 760 197, 297, 385, 467, 570, 637, 711, 799, 889, 987 French franc, readjustment of 760 Financial conditions. (See Business and finan- Importance of forward market 510 cial conditions.) Legislation: Financing the shipment of goods to belligerent Czechoslovakia 880 nations 7 France 760, 880 Financing, Treasury: Italy 852, 880 Discussion of 4, 213, 412, 509 Latvia 852 Monthly figures 29, 100, 167, 278, 366, Netherlands 980 485, 588, 655, 729, 815, 905, 1003 Poland .'. 322 Switzerland 707, 880 Finland: Publication of data on, by Treasury 935 Bank of: Rates 45, 116, 188, 293, Condition of 41, 112, 184, 289, 377, 381, 506, 609, 677, 752, 838, 928, 1028 502, 605, 673, 748, 834, 924, 1024 Discount rates 44, 115, 187, 292, 380, Foreign government accounts as savings de- 505, 608, 676, 751, 837, 927, 1027 posits; ruling of Board 119 Foreign exchange rates. . 45, 116, 188, 293, 381, Foreign investments in United States. 511, 633, 935 506, 609, 677, 752, 838, 928, 1028 Chart showing 936 Fiscal agency expenses of Reserve banks. .. 129, 702 Foreign trade: Float, Reserve bank 18, 89, 156, 267, 355, 467, Discussion of 411, 510, 848, 937 570, 637, 711 France 764 Germany 767 Food and food products: United States 321, 510, 632, 781, 848 Discussion of 849 Form of time deposit. 548 Factory employment and pay roll index: Monthly figures 67, 139, 210, 308, France: 403, 491, 594, 661, 735, 821, 912, 1010 Bank of: Revised index 954, 956, 972 Annual report 173 Prices: Condition of 39, 110, 182, 287, Retail, principal countries. . . 47, 118, 190, 375, 500, 603, 671, 746, 832, 922, 1022 295, 383, 508, 611, 679, 754, 840, 930, 1030 Discount rates: Wholesale: Changes in 44, 76, 115, Principal countries.. 46, 117, 189, 294, 292, 380, 608, 837, 927 382, 507, 610, 678, 753, 839, 929, 1029 Discussion of 76 United States 63, 135, 206, 305, Monthly data 44, 115, 187, 292, 400, 495, 598, 665, 739, 825, 915, 1015 380, 505, 608, 676, 751, 837, 927, 1027 Production index 64, 136, 207, 306, Gold reserves: Discussion of 513, 760 401, 489, 592, 659, 733, 819, 909, 1007 Monthly figures 35, 106, 178, 283, Foreign banks: 371, 496, 599, 667, 742, 828, 918, 1018 Central banks: Legislation affecting 536, 705, 761, 782 Annual reports of. (See Annual re- Discussion of 761 ports.) Capital movements from. . .76, 311, 509, 760, 937 Condition of 39, 110, 182, 287, Commercial banks, condition of. . . 43, 114, 186, 375, 500, 603, 671, 746, 832, 922, 1022 291, 379, 504, 607, 675, 750, 836, 926, 1026 Discount rates. (See Discount rates.) Exchange stabilization fund 760 Gold reserves: Foreign exchange rates 45, 116, 188, 293, Monthly figures 35, 106, 178, 283, 381, 506, 609, 677, 752, 838, 928, 1028 371, 496, 599, 667, 742, 828, 918, 1018 Franc: Revision of figures 544-547 Price of, in New York and London.... 311 Legal reserve requirements 541-543 Chart showing 311 Commercial banks, condition of. . . 43, 114, 186, Readjustment of gold content of 760 291, 379, 504, 607, 675, 750, 836, 926, 1026 Gold imports and exports: Deposits of, held by Reserve banks: To and from United States 19, 90, 157, By weeks 18, 89, 156, 267, 268, 356, 472, 575, 642, 716, 802, 892, 990 355, 468, 571, 638, 712, 797, 887, 985 Net 37, 108, 180, Monthly figures 55, 126, 197, 297, 285, 373, 498, 601, 669, 744, 830, 920, 1020 385, 467, 570, 637, 711, 795, 885, 983 Gold shipments to United States, discus- Deposits of, held by member banks: sion of 76, 311, 509, 760, 938 All banks on call dates. . . 23, 94, 161, 272, Gold standard, suspension of 760 360, 475, 578, 645, 719, 805, 895, 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1045 France—Continued. Gold—Continued. Industrial conditions: Pa^e Certificates: Page Chart showing 762 Circulation 19, 90, 157, Discussion of 762 268, 356, 471, 574, 641, 715, 801, 891, 989 Legislation affecting 536, 705, 761, 782 Held as security for Federal Reserve Legislation affecting industry 536, 705, notes 55, 126, 197, 297, 385, 467, 761, 782 570, 637, 711, 799, 889, 987 Monetary legislation 536, 705, 761, 878 Held by Federal Reserve banks. . . 55, 126, Money market 76, 312 197, 297, 385, 467, 570, 637, 711, 795, 885, Money rates 44, 115, 187, 292, 983. 380, 505, 608, 676, 751, 837, 927, 1027 Earmarked 19, 90, 157, 268, Retail food prices and cost of living. .. . 47, 118, 356, 472, 575, 642, 716, 802, 892, 990 190, 295, 383, 508, 611, 679, 754, 840, 930, 1030 Embargo, Netherlands 760, 979 Security prices 47, 118, 190, 295 Exchange equalization account 77, 509, 760 383, 508, 611, 679, 754, 840, 930, 1030 Foreign legislation regarding: Wholesale prices 46, 117, 189, 294, Czechoslovakia 852 382, 507, 610, 678, 753, 839, 929, 1029 France 760, 878 Freight-car loadings: Italy 852, 881 Index of: Latvia : 852 By classes 34, 105, 172, 282, Netherlands 979 370, 494, 597, 664, 738, 824, 914, 1014 Poland 322 Total 33, 104, 171, 281, Switzerland 880 369, 488, 591, 658, 732, 818, 908, 1006 Gold-bloc countries, outflow from 76, 510, National summary 14, 85, 152, 263, 760, 938 351, 415, 516, 621, 686, 768, 854, 943 Imports and exports: Furniture: Discussion of 76, 311, 509, 760, 935 Factory employment and pay roll index: England 77, 311 Monthly figures 66, 138, 209, 308, France 76, 311 403, 491, 594, 661, 735, 821, 912, 1012 Net 36, 107, 179, 284, Revised index 954, 966 372, 497, 600, 668, 743, 829, 919, 1019 Wholesale prices 63, 135, 206, 305, Publication of data on, by Treasury. . . 935 400, 495, 598, 665, 739, 825, 915, 1015 To and from United States. . . 19, 90, 157, Gasoline production 64, 136, 207, 306, 268, 356, 472, 575, 642, 716, 802, 892, 990 401, 489, 592, 659, 733, 819, 909, 1007 Sale of gold for export, statements by Geery, W. B., appointed Federal Reserve Agent Secretary of Treasury regarding, 852, 940 at Minneapolis 145 International movements, discussion of.... 76, Germany: 311, 509, 760, 935 Commercial banks, condition of. . 43, 114, 186, Production, world 36, 107, 179, 284, 291, 379, 504, 607, 675, 750, 836, 926, 1026 372, 497, 600, 668, 743, 829, 919, 1019 Foreign exchange rates 45, 116, 188, 293, Reserves held by foreign central banks: 381, 506, 609, 677, 752, 838, 928, 1028 Monthly figures 35, 106, 178, 283, Gold imports and exports: 371, 496, 599, 667, 742, 828, 918, 1018 Net 37, 108, 180, 285, Revision of figures 544-547 374, 499, 602, 670, 745, 831, 921, 1021 Statement of Secretary of Treasury: To and from United States. .. 19, 90, 157, Sale of gold for export 852, 940 268, 356,472, 575, 642, 716, 802, 892, 990 Stabilization of currency 759 Industrial conditions: Stock, monetary, in United States: Chart showing 766 Analysis of changes in 19, 90, 157, 268, Discussion of 766 356, 472, 575, 642, 716, 802, 892, 990 Money rates 44, 115, 187, 292, Averages of daily figures. . 17, 88, 155, 266, 380, 505, 608, 676, 751, 837, 927, 1027 354, 418, 518, 623, 689, 771, 856, 945 Reichsbank: Chart, Wednesday figures 15, 86, 153, Annual report 337 264, 352, 417, 518, 622, 688, 770, 855, 944 Condition of 39. 110, 182, 287, End of month figures 17, 88, 155, 266, 375, 500, 603, 671, 746, 832, 922, 1022 354, 466, 569, 636, 710, 794, 884, 982 Discount rates 44, 115, 187, 292, Wednesday figures 16, 87, 154, 265, 380, 505, 608, 676, 751, 837, 927, 1027 353, 466, 569, 636, 710, 794, 884, 982 Gold reserves 35, 106, 178, 283, Withdrawal of certificates by Federal Re- 371, 496, 599, 667, 742, 828, 918, 1018 serve Bank of New York 144 Retail food prices and cost of living.. 47, 118, Gold Reserve Act: 190, 295, 383, 508, 611, 679, 754, 840, 930, 1030 Amendment to regulations under 12 Security prices 47, 118, Proclamation of President extending powers 190, 295, 383, 508, 611, 679, 754, 840, 930, 1030 under 82 Wholesale prices 46, 117, Gold standard: 189, 294, 382, 507, 610, 678, 753, 839, 929, 1029 Belgium 219, 322 Gold: France 760 Amendment to regulations under Gold Re- Netherlands 760, 979 serve Act 12 Switzerland 760 Certificate fund, withdrawal from, by Fed- Government bonds. (See United States Governeral Reserve Bank of New York 144 ment securities.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 INDEX TO VOLUME 22 Government credit agencies. (See United States Hungary—Continued. Government credit agencies.) National Bank of—Continued. Page Government debt: Pa^e Gold reserves 35, 106, 178, 283, Chart showing 5 371, 496, 599, 667, 742, 828, 918, 1018 Discussion of 4, 213, 412, 509 Hutt, W. H.: Monthly figures 29, 100, 167, 278, Appointed first vice president of Federal 366, 485, 588, 655, 729, 815, 905, 1003 Reserve Bank of Philadelphia 218 Government deposits. (See United States Gov- Resignation of 316 ernment deposits.) Imports and exports: Government financing: Acceptances based on 26, 97, 164, 275, Discussion of 4, 213, 412, 509 363, 481, 584, 651, 725, 811, 901, 999 Monthly figures 29, 100, 167, 278, Balance of international transactions: 366, 485, 588, 655, 729, 815, 905, 1003 Discussion of 411, 510, 848, 937 Governors of Federal Reserve banks. (See France 764 Presidents of Federal Reserve banks.) Germany 767 Governors of Federal Reserve Board from 1913- United States... .321, 510, 632, 781, 848, 937 1936, list of 84 Discussion of 411, 510, 848, 937 (See also Board of Governors of Federal Export of war implements to belligerent Reserve System.) nations, restrictions 7, 9, 11 Grain: Gold. (See Gold imports and exports.) Freight-car loadings .. 34, 105, 172, 282, Merchandise 34, 105, 172, 282, 370, 494, 597, 664, 738, 824, 914, 1014 370, 494, 597, 664, 738, 824, 914, 1014 Wholesale prices 63, 135, 206, 305, Sale of gold for export, statement of Secre- 400, 495, 598, 665, 739, 825, 915, 1015 tary of Treasury regarding . . 852, 940 Greece: Income tax receipts 29, 100, 167, 278, Bank of: 366, 485, 588, 655, 729, 815, 905, 1003 Condition of 41, 112, 184, 289, Income tax regulations, amendment to 421 377, 502, 605, 673, 748, 834, 924, 1024 Index numbers: Discount rates 44, 115, 187, 292, Department stores sales and stocks: 380, 505, 608, 676, 751, 837, 927, 1027 Monthly figures 34, 105, 172, 282, Gold reserves 35, 106, 178, 283, 370, 494, 597, 664, 738, 824, 914, 1014 371, 496, 599, 667, 742, 828, 918, 1018 Revision of index 631 Foreign exchange rates 45, 116, 188, 293, Factory employment and pay rolls: 381, 506, 609, 677, 752, 838, 928, 1028 Monthly figures 66 138, 209, 308, f Guaranteed obligations of United States, 403, 491, 594, 661, 735, 821, 911 amounts outstanding 32, 103, 170, 280, Revised index 492, 736, 953-978 368, 487, 590, 657, 731, 817, 907, 1005 Freight-car loadings 34, 105, 172, 282, Hamlin, Charles S.: 370, 494, 597, 664, 738, 824, 914, 1014 Appointment as special counsel of Board.. 77 Industrial production 64, 136, 207, 306, Retirement as member of Board 77 401, 489, 592, 659, 733, 819, 909, 1007 Hay crop estimates 69, 666, 740, 826, 916, 1016 Merchandise imports and exports 34, 105, Holding companies, exemption of certain banks 172, 282, 370, 494, 597, 664, 738, 824, 914, 1014 under Public Utility Holding Company Act; Retail food prices and cost of living.... 47, 118, ruling of Securities and Exchange Commis- 190, 295, 383, 508, 611, 679, 754, 840, 930, 1030 sion 325 Security prices 47, 118, 190, 295, Home Loan Bank Board: 383, 508, 611, 679, 754, 840, 930, 1030 Loans by, during 1935 81 Wholesale prices 63, 135, 206, 305, Loans outstanding 32, 103, 170, 280, 400, 495, 598, 665, 739, 825, 915, 1015 368, 487, 590, 657, 731, 817, 907, 1005 India: Home mortgage institutions, assets and liabili- Foreign exchange rates 45, 116, 188, 293, ties 30, 101, 168, 279, 381, 506, 609, 677, 752, 838, 928, 1028 367, 486, 589, 656, 730, 816, 906, 1004 Reserve Bank of: Home Owners Loan Corporation: Condition of 41, 112, 184, 289, Loans during 1935 80 377, 502, 605, 673, 748, 834, 924, 1024 Obligations outstanding 32, 103, 170, 280, Discount rates 44, 115, 187, 292, 368, 487, 590, 657, 731, 817, 907, 1005 380, 505, 608, 676 Hong Kong, foreign exchange rates... 45, 116, 188, Gold reserves 35, 106, 178, 283, 293, 381, 506, 609, 677, 752, 838, 928, 1028 371, 496, 599, 667, 742, 828, 918, 1018 Hoxton, W. W., Federal Reserve Agent at Rich- (See also British India.) mond, death of 12 Individuals, partnerships, and corporations: Circular of Board outlining provisions under Hungary: Banking Act of 1935 123 Foreign exchange rates 45, 116, 188, 293, Deposits held by member banks.... 23, 94, 161, 381, 506, 609, 677, 752, 838, 928, 1028 272, 360, 475, 578, 645, 719, 805, 895, 993 Money rates , 44, 115, 187, 292, Discount rates on advances to 27, 98, 165, 380, 505, 608, 676, 751, 837, 927, 1027 276, 364, 482, 585, 652 National Bank of: Condition of 41, 112, 184, 289, Industrial Advisory Committee, expenses of 128, 702 377, 502, 605, 673, 748, 834, 924, 1024 Industrial production: Discount rates 44, 115, 187, 292, Chart showing 409, 415, 526, 620, 686, 380, 505, 608, 676, 751, 837, 927, 1027 768, 853, 942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1047 Industrial production—Continued. Investments: Pa^e Discussion of 408, 846 Foreign, in United States. . . 511, 633, 935, 936 France 762 (See also Loans and investments.) Germany 766 Iron and steel: Great Britain 764 Factory employment and pay-roll index: Index of 64, 136, 207, 306, Monthly figures 66, 138, 209, 308, 401, 489, 592, 659, 733, 819, 909, 1007 403, 491, 594, 661, 735, 821, 911, 1009 Manufactures, chart showing 409, 846 Revised index 954-978 National summary 14, 85, 152, 263, Production index 64, 136, 207, 306, 351, 415, 516, 620, 686, 768, 853, 942 401, 489, 592, 659, 733, 819, 909, 1007 Revised index 911 Wholesale prices 63, 135, 206, 305, Industries: 495, 598, 665, 739, 825, 915, 1015 Loans to, by Reserve banks: Italy: By weeks 18, 89, 156, 267, Bank of: 355, 468, 571, 638, 712, 796, 886, 984 Discount rates: Discount rates 54, 127, 198, 298, Change in 505 386, 482, 585, 652, 726, 812, 902, 1000 Monthly data 44, 115, 187, 292, Earnings on 128, 702 380, 505, 608, 676, 751, 837, 927, 1027 Maturities 62, 134, 205, 303, Gold reserves 35, 106, 178, 283, 393, 469, 572, 639, 713, 795, 885, 983 371, 496, 599, 667, 742, 828, 918, 1018 Monthly figures 55, 126, 197, 297, Exports of war materials to: 385, 467, 570, 637, 711, 795, 885, 983 Financing of 7 Number and amount of. . 54, 127, 198, 298, Proclamation of President regarding. . 11 386, 469, 572, 639, 713, 799, 889, 987 Statements of Secretary of State re- Profits, discussion of 411, 849 garding 9 Insurance, cost of, Federal Reserve banks. 128, 702 Money rates 44, 115, 187, 292, Insured banks: 380, 505, 608, 676, 751, 837, 927, 1027 Branch banking laws relating to 859 Foreign exchange rates 45, 116, 188, 293, Condition of 399, 780 381, 506, 609, 677, 752, 838, 928, 1028 Dividends paid by 529 Government control of banking and credit.. 323 Earnings and expenses of 529 Monetary legislation 852, 881 Suspensions 724, 810, 900, 998 Wholesale prices 46, 117, 189, 294, (See also Federal Deposit Insurance Cor- 382, 507, 610, 678, 753, 839, 929, 1029 poration.) James, George R., retirement as member of Board 77 Interest: Japan: Maximum, on time deposits under Regula- Bank of: tion Q; ruling of Board 419, 548 Condition of 41, 112, 184, 289, On public debt: 377, 502, 605, 673, 748, 834, 924, 1024 Discussion of 2, 213, 412, 509 Discount rates: Monthly figures 29, 100, 167, 278, Change in 292 366, 485, 588, 655, 729, 815, 905, 1003 Monthly figures 44, 115, 187, 292, Payment of, on savings deposit between in- 380, 505, 608, 676, 751, 837, 927, 1027 terest-paying dates; ruling of Board. .. . 192 Gold reserves 35, 106, 178, 283, Rates : 371, 496, 599, 667, 742, 828, 918, 1018 Charged customers by banks.. 27, 98, 165, Foreign exchange rates 45, 116, 188, 293, 276, 364, 483, 586, 653, 727, 813, 903, 1001 381, 506, 609, 677, 752, 838, 928, 1028 Discussion of 76, 214 Gold movements to and from United States Open-market, in New York City. . . 27, 98, 19, 90, 157, 268, 356, 472, 575, 642, 716, 802, 165, 276, 364, 483, 586, 653, 727, 813, 903, 892, 990. 1001. Gold production 36, 107, 179, 284, (See also Discount rates.) 372, 497, 600, 668, 743, 829, 919, 1019 Interlocking directorates under Clayton Act, Money rates 44, 115, 187, 292, Regulation L, revision of 48 380, 505, 608, 676, 751, 837, 927, 1027 Internal revenue receipts 29, 100, 167, 278, Wholesale prices 46, 117, 189, 294, 366, 485, 588, 655, 729, 815, 905, 1003 International investment position of the United 382, 507, 610, 678, 753, 839, 929, 1029 States 633 Java, Bank of: International monetary agreements, United Condition of 41, 112, 184, 289, States, England, France, Belgium, Nether- 377, 502, 605, 673, 748, 834, 924, 1024 lands, Switzerland 759, 940 Discount rates 44, 115, 187, 292, International transactions, balance of: 380, 505, 608, 676, 751, 837, 927, 1027 Discussion of 411, 510, 848, 937 Gold reserves 35, 106, 178, 283, France 764 371, 496, 599, 667, 742, 828, 918, 1018 Germany 767 Joint resolution of Congress extending period for United States 321, 510, 632, 781, 848, 937 loans by Federal Deposit Insurance Corpora- Investment securities: tion 326 Excerpts from address of Comptroller of the Land Bank Commissioner: Currency regarding purchase of 421 Farm mortgage loans by 32, 103, 170, 280, Regulations of Comptroller of the Currency 368, 487, 590, 657, 731, 817, 907, 1005 governing purchase of 194 Loans during 1935 80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1048 INDEX TO VOLUME 22 Latvia: Law department; rulings of the Board—Con. Bank of: Pa Deposits—Continued. Condition of 41, 112, 184, 289, Time deposits: 377, 502, 605, 673, 748, 834 Maximum rate of interest under Pa^e Discount rates: Regulation Q 419, 548 Change in 1027 Payable in 3, 6, 9, or 12 months. . . 247 Monthly figures 44, 115, 187, 292, Payment of interest after maturity 419 380, 505, 608, 676, 751, 837, 927, 1027 Deferment of effective date of Monetary legislation 852 Regulation Q 48 Law department; rulings of the Board: Discounts for individuals, partnerships, and Act amending Securities Exchange Act.... 424 corporations, circular of Board outlining Act relating to taxation of preferred stock, provisions under Banking Act of 1935.. 123 capital notes, and debentures of banks Executive officer of a member bank: held by Reconstruction Finance Corpora- Appointment of person as, who is intion 423 debted to such bank 121 Advances to member banks under section Endorsement, accommodation of note by 248 10(b) of Federal Reserve Act: Endorsement by, of note of partnership Banks which have not exhausted their in which he has a minority interest. . 772 eligible paper 624 Indebtedness of, to another bank, re- Loans insured under National Housing porting of 192, 248 Act as security for 548 Indebtedness of, to Morris Plan bank, Affiliates: reporting of 249 Indebtedness of, on assets acquired from Loan of trust funds to. 324, 690 member bank, applicability of excep- Loan to a corporation in which officer tion to section 23A relating to 324 is interested 249 Investing of trust funds in securities Loan to a partnership in which officer purchased from 772 has an interest 250, 625 Appointment as executive officer of a mem- Overdrafts or carrying of cash items ber bank of person indebted to such bank 121 for 121 Bank premises, stock certificate of State Provisions of law which are applicable member bank representing stock of cor- to loans heretofore made to 193 poration holding 419 Renewal of loan to person who was not Branch banking laws, compilation of 858 executive officer at time of making Bureau of Internal Revenue, rulings of, rela- loan 325 tive to applicability of Social Security Renewal or extension of loan made to, Act to banks 857 prior to June 16, 1933 420 Christmas club account as savings deposit. 120 Report by, of indebtedness evidenced by Classification of "branch clearing" ac- a note discounted by another bank. . 690 counts in call reports and in computing Report by, of indebtedness to another reserves of member banks 247 bank in its capacity as trustee 690 Deposits: Secretary of board of directors of a Payable in 3, 6, 9, or 12 months 247 member bank as 248 Payment of interest on: Exemption of certain banks under Public After maturity 419 Utility Holding Company Act; ruling of Deferment of effective date of Securities and Exchange Commission. . . 325 Regulation Q 48 Maximum rate under Regulation Federal Deposit Insurance Corporation, Q 419, 548 joint resolution of Congress extending period for loans by 326 Savings deposits under Regulation Q: Christmas club accounts 120 Federal income tax regulations, amend- Citrus growers' association 120 ment to 421 Credit unions 120 Indebtedness of affiliate on assets acquired Distinction between business cor- from member bank, applicability of excepporation and individual 191 tion to section 23A relating to 324 Federal credit unions 119 Interest, payment of, on deposits. (See De- Foreign Government accounts.... 119 posits, payment of interest on.) Funds of an individual used in his Investment securities, purchase of: business 120 Excerpts from address of Comptroller Municipalities 247 of the Currency regarding 421 Mutual life and fire insurance companies 119 Regulations of Comptroller of the Currency regarding 194 National Trade associations 119 Parent as agent or trustee for child 119 Joint resolution of Congress extending Payment of interest between in- period for loans by Federal Deposit Interest-paying dates 192 surance Corporation 326 Publications of nonprofit organiza- Laws: tions 119 Branch banking, compilation of 858 Receivers of business corporations 191 Federal, affecting national banks, com- Withdrawal upon telephone or pilation of, by Comptroller of the other oral order 624 Currency 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1049 Law department; rulings of the Board—Con. Law department; rulings of the Board—Con. Loans insured under National Housing Act Regulations—Continued. as security for advances under section Pase Comptroller of the Currency—Con. Pase 10 (b) of Federal Reserve Act 548 Excerpts from address of, regard- Loans to a dealer to purchase securities to ing purchase of securities 421 comply with orders from customers, ap- Federal income tax, amendment to.... 421 plicability of section 2(f) of Regula- Federal Open Market Committee 254 tion U 549 Renewal of loan to person who was not ex- Loans, transfers of, under Regulation U. . 325 ecutive officer at time of making loan... 325 National Housing Act, loans insured under, Reserves of member banks: as security for advances under section Classification of "branch clearing" ac- 10 (b) of Federal Reserve Act 548 counts in computing 247 Officers and directors of banks, applicability Certain drafts drawn upon Federal Reof Public Utility Holding Company Act to 625 serve banks included in gross demand Overdrafts or carrying cash items for execu- deposits in computing 192 tive officer of member bank 121 Regulation D, supplement to, increas- Partnership, loan to, in which executive offi- ing requirements 624 cer of member bank has an interest 250, Savings deposits. (See Deposits, savings.) 625, 772 Securities Exchange Act, amendments to. . 424 Public Utility Holding Company Act: Securities and Exchange Commission: Applicability of, to member banks; rul- Rules of, pursuant to Public Utility ing of Securities and Exchange Com- Holding Company Act 625 mission 325 Ruling regarding applicability of Pub- Applicability of, to officers and directors lic Utility Holding Company Act to of banks 625 member banks 325 Receiver: Security dealers "making a market" in Deposits of, as savings deposits 191 registered stocks or purchasing an inven- Investing of trust funds in obligations tory of such stocks for resale 549 executed by 691 Social Security Act, applicability of, to Regulations: banks; ruling of Bureau of Internal Board of Governors: Revenue . 857 Regulation D, supplement to, in- Stock certificate of State member bank repcreasing reserve requirements.. 624 resenting stock of corporation holding Regulation F, trust powers of na- bank premises 419 tional banks, revision of 327 Taxation of preferred stock, capital notes, Regulation LL, interlocking bank and debentures of banks held by Recondirectorates under Clayton Act, struction Finance Corporation 423 revision of 48 Trust funds: Regulation Q, payment of interest Investing of, in obligations executed by on deposits: a receiver 691 Deferment of effective date of Investing of, in securities purchased section 1 of 48 from affiliate 772 Penalty for violation, no spe- Loans of, to executive officers of memcific 119 ber banks 324, 690 Regulation R, relationships with Trust powers of national banks: dealers in securities, revision of 51 Deposit of collateral with trust depart- Regulation T: ment for use of trust funds in conduct Amendments to 122, 550 of bank's business 691 Interpretation of provisions in Record of pending litigation, keeping of 692 section 6 regarding 7-day Withdrawal of savings deposit upon teleperiod 122 phone or other oral order 624 Supplement to, prescribing Withdrawal or substitution of collateral maximum loan value of under Regulation U 549 registered securities 253 Laws: Regulation U: Branch banking 858 Amendment to, regarding loans by banks for purpose of Federal, affecting national banks, compilapurchasing or carrying tion of, by Comptroller of the Currency.. 773 stocks 550 Foreign banking and monetary: Interpretations of: Belgium 219, 322 "Another lender" under Canada 789 section 3 421 Czechoslovakia 852 Officer's statements as to Denmark 537, 632 loans under 421 France 536, 705, 761, 782, 878 "Total indebtedness" Italy 852, 881 under section 2 420 Latvia 852 Transfer of loans 325 Switzerland 880 Text and supplement 250, 253 Netherlands 979 Comptroller of the Currency: New Zealand 413 Purchase of investment securities. 194 Securities Exchange Act, amendment to... 424 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 INDEX TO VOLUME 22 Laws—Continued. Loans—Continued. Taxation of preferred stock, capital notes, To industries by Federal Reserve banks— and debentures of banks held by Recon- Page Continued. Page . struction Finance Corporation 423 Monthly figures 55, 126, 197, 297, Leach, Hugh, appointed president of Federal Re- 385, 467, 570, 637, 711, 795, 885, 983 serve Bank of Richmond 218 Number and amount 54, 127, 198, 298, Lead production index 64, 136, 207, 306, 386, 469, 572, 639, 713, 799, 889, 987 401, 489, 592, 659, 733, 819, 909, 1007 Rates of discount 54, 127, 198, 298, Leather: 386, 585, 652, 726, 812, 902, 1000 Factory employment and pay-roll index: Loans and investments: Monthly figures 6Q 138, 209, 308, All banks in United States on call dates: f 403, 491, 594, 661, 735, 821, 912, 1010 By districts 394, 530, 775 Revised index 954, 956, 966 By States 395, 531, 776 Production index 64, 136, 207, 306, Monthly figures 21, 92, 159, 270, 401, 489, 592, 659, 733, 819, 909, 1007 358, 473, 576, 643, 717, 803, 893, 991 Wholesale prices 63, 135, 206, 305, Member banks: 400, 495, 598, 665, 739, 825, 915, 1015 All banks on call dates: Legal fees, Federal Reserve banks 128, 702 November 1, 1935 57, 58 Legal reserve requirements of foreign central December 31, 1935 200,201 March 4, 1936 388, 389 banks 541-543 June 30, 1936. 703, 704 Lewis, Frank J., appointed class C director of Monthly figures 22, 93, 160, 271, Federal Reserve Bank of Chicago 515 359, 474, 577, 644, 718, 804, 894, 992 Liquidity of banks compared with large deposit Two months ending December 31, 1935 78 accounts 877 Chart showing 683 Lithuania, Bank of: Discussion of 3, 144, 213, 314, 683, 851 Condition of 41, 112, 184, 289, Reporting banks: 377, 502, 605, 673, 748, 834, 924, 1024 Monthly figures 24, 95, 162, 273, Discount rates 44, 115, 187, 292, 361, 476, 579, 646, 720, 806, 896, 994 380, 505, 608, 676, 751, 837, 927, 1027 Livestock: Weekly figures 59, 131, 202, 300, Freight-car loadings 34, 105, 172, 282, 390, 478, 581, 648, 722, 808, 898, 996 370, 494, 597, 664, 738, 824, 914, 1014 Mutual savings banks, on call dates 398, Wholesale prices 63, 135, 206, 305, 534, 779 400, 495, 598, 665, 739, 825, 915, 1015 National banks, on call dates, by States. ... 396, Living, cost of 47, 118, 190, 295, 532, 777 383, 508, 611, 679, 754, 840, 930, 1030 Private banks, on call dates 398, 535, 779 Loans: State banks, on call dates, by States 397, Agricultural, of commercial banks, study 533, 778 of 224-246 Lumber: By Farm Credit Administration. . 32, 103, 170, Factory employment and pay-roll index: 280, 368, 487, 590, 657, 731, 817, 907, 1005 Monthly figures 66 f 138, 209, 308, By Federal Home Loan Bank Board.. 32, 103, 403, 491, 594, 661, 735, 821, 912, 1012 170, 280, 368, 487, 590, 657, 731, 817, 907, 1005 Revised index 492, 954, 956, 966 By Government credit agencies: Wholesale prices 63, 135, 206, 305, Monthly figures 30, 101, 168, 279, 400, 495, 598, 665, 739, 825, 915, 1015 367, 486, 589, 656, 730, 816, 906, 1004 Machinery, factory employment and pay-roll On December 31, 1935 78 index: By Reconstruction Finance Corporation: Monthly figures 66 138, 209, 308, t During 1935 80 403, 491, 594, 661, 735, 821, 911, 1009 Monthly figures 31, 102, 169, 279, Revised index 954, 956, 960 367, 486, 589, 656, 730, 816, 906, 1004 Manufactures: Revision of tables 220-223 Durable and nondurable: On securities, by member banks: Chart showing 409, 846 All banks 22, 93, 160, 271, Discussion of 409, 846 359, 474, 577, 644, 718, 804, 894, 992 Index of production 64, 136, 207, 306, Reporting banks: 401, 489, 592, 659, 733, 819, 909, 1007 Monthly figures 24, 95, 162, 273, Revised index 911 361, 476, 579, 646, 720, 806, 896, 994 Margin requirements: Weekly figures 59, 131, 202, 300, Discussion of 72, 74, 217 390, 478, 581, 648, 722, 808, 898, 996 Effect of, on loans 74 To brokers. (See Brokers and dealers in New statistics covering 684, 693-695 securities.) Rate fixed by Board 72, 217 To executive officers of member banks. (See Recommendations of Federal Advisory Executive officers of member banks; law Council relative to 6 department.) Regulation T, amendment to 72, 122 To industries, by Federal Reserve banks: Margins as an instrument of credit control 74 By weeks 18, 89, 156, 267, Maturities: 355, 468, 571, 638, 712, 796, 886, 984 Bills and short-term securities... 62, 134, 205, Earnings on 128, 702 303, 393, 469, 572, 639, 713, 795, 885, 983 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1051 Maturities—Continued. Pase Money—Continued. Interest-bearing debt of United States. . 29, 100, Foreign legislation regarding—Continued. Pa^e 167, 278, 366, 485, 588, 655, 729, 815, 905, 1003 Czechoslovakia 852 McKee, John K., appointed member of Board of Denmark 537 Governors 71 France 536, 705, 782, 878 Meats, wholesale prices 63, 135, 206, 305, Italy 852, 881 400, 495, 598, 665, 739, 825, 915, 1015 Latvia 852 Member banks: Netherlands 979 Bills discounted for. (See Bills discounted.) Switzerland 880 Borrowings at Federal Reserve banks. (See International monetary agreements, United Borrowings.) States, England, France, Belgium, Neth- Branches, number of 218, 304 erlands, Switzerland 759, 940 Condition of. (See Condition statements.) Market abroad: Deposits. (See Deposits.) Discussion of 76, 312 Dividends paid 502-529, 948-949 England 77 Earnings and expenses 502-529, 948-949 France 76, 312 Loans and investments. (See Loans and Rates: investments.) Charged customers by banks... 27, 98, 165, National banks. (See National banks.) 276, 364, 483, 586, 653, 727, 813, 903,1001 Number of. . 21, 92, 159, 270, 358, 473, 576, 643, Chart showing 617 717, 803, 893, 991 Discussion of 76, 214, 617 Reserves. (See Reserves.) Factors in gold-bloc countries 76 State banks. (See State banks.) Foreign countries: Suspensions.. 62, 134, 205, 303, 393, 480, 583, Discussion of 76, 312 650, 724, 810, 900, 998 Monthly figures 44, 115, 187, 292, Membership of the Federal Reserve Board, 1913- 380, 505, 608, 676, 751, 837, 927, 1936 84 1027 Merchandise: Open-market, in New York City 27, 98 Balance of international transactions.. 321, 510, 165, 276, 364, 483, 586, 653, 727, 632, 781, 848, 938 813, 903, 1001. Freight-car loadings.. 34, 105, 172, 282, 370, Shipments and receipts, paper currency. . 61, 494, 597, 664, 738, 824, 914, 1014 133, 204, 302, 392, 471, 574, 641, 715, 801, Imports, discussion of 510, 848 891 Imports and exports.. 34, 105, 172, 282, 370, Treasury currency outstanding. . 471, 574, 641, 494, 597, 664, 738, 824, 914, 1014 715, 801, 891, 989 Mexico: (See also Currency.) Foreign exchange rates. . 45, 116, 188, 293, 381, Moore, Walton N., appointed Federal Reserve 506, 609, 677, 752, 838, 928, 1028 Agent at San Francisco 515 Gold movements to and from United States Morris Plan banks: 19, 90, 157, 268, 356, 472, 575, 642, 716, 802, Indebtedness of executive officer of a mem- 892 990. ber bank to, reporting of; ruling of Gold production.. 36, 107, 179, 284, 372, 497, Board 249 600, 668, 743, 829, 919, 1019 Number of, according to Census of 1935... 946 Gold reserves.. 35, 106, 178, 283, 371, 496, 599, Morrison, Ralph W.: 667, 742, 828, 918, 1018 Appointed member of Board of Governors. . 71 Miller, AdolphC: Resignation of 515 Retirement as member of Board 77 Municipal bonds: Supervision of construction of Board's new Prices of. . 28, 99, 166, 277, 365, 484, 587, 654, building 77 728, 814, 904, 1002 Minerals, index of production.. 64, 136, 207, 306, Yield on. .. 28, 99, 166, 277, 365, 483, 586, 653, 401, 489, 592, 659, 733, 819, 909, 1007 727, 813, 903, 1001 Monetary gold stock. (See Gold.) Municipalities, deposits of, as savings deposits; Money: ruling of Board 247 Circulation: Mutual insurance companies, deposits of, as Averages of daily figures.. 17, 88, 155, 266, savings deposits; ruling of Board 119 354, 418, 518, 623, 689, 771, 856, 945 Mutual savings banks: By kinds.. 19, 90, 157, 268, 356, 471, 574, Branches, number of 218, 304 641, 715, 801, 891, 989 Condition of, on call dates 398, 534, 779 Chart, Wednesday figures.. 15, 86,153, 264, Loans, investments and deposits on call 352, 417, 518, 622, 688, 770, 855, 944 dates 21, 92, 159, 270, 358, 473, 576, 643, Discussion of 509, 681 717, 803, 893, 991 End of month figures. . 17, 88,155, 266, 354, Number of... 21, 92, 159, 270, 358, 473, 576, 466, 569, 636, 710, 794, 884, 982 643, 717, 803, 893, 991 Paper, of each denomination.. 61, 133, 204, According to Census of 1935 946 302, 392, 471, 574, 641, 715, 801, 891, 989 By States 398, 534, 779 Wednesday figures.. . 16, 87, 154, 265, 353, National bank note circulation 19, 90, 157, 466, 569, 636, 710, 794, 884, 982 268, 356, 471, 574, 641, 715, 801, 891, 989 t Foreign legislation regarding: National banks: Belgium . 219, 322 Applicability of Social Security Act to; Canada 789 ruling of Bureau of Internal Revenue. . 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 INDEX TO VOLUME 22 National banks—Continued. P New Zealand—Continued. Branch banking laws relating to 859 Reserve bank of—Continued. Branches, number of 218, 304 Gold reserves 35, 106, 178, 283, 371, Condition of, on call dates 58, 201, 389, 704 496, 599, 667, 742, 828, 918, 1018 By States 396, 532, 777 Legislation regarding 413 Dividends paid by 526, 948 Nonferrous metals, factory employment and Earnings and expenses 526, 948 pay-roll index: Insured, condition of 399, 780 Monthly figures 66, 138, 209, 308, 403, Laws affecting, compilation of, by Comp- 491, 594, 661, 735, 821, 912, 1012 troller of the Currency 773 Revised index 954, 956, 966 Number of 21, 92, 159, 270, 358, 473, Nonmember banks: 576, 643, 717, 803, 893, 991 Applicability of Social Security Act to; According to Census of 1935 946 ruling of Bureau of Internal Revenue.. 857 By States 398, 532, 777 Bills discounted for 18, 89, 158, 267, 355, Suspensions 62, 134, 205, 303, 393, 480, 467, 570, 637, 711, 795, 885, 983 583, 650, 724, 810, 900, 998 Branches, number of 218, 304 Receiver, investing of trust funds in obliga- Condition of 394, 530, 775 tions executed by 692 Deposits of, held by Reserve banks: Trust powers: Averages of daily figures...... 17, 88, 155, Collateral, deposit of, with trust de- 266, 354, 418, 518, 623, 689, 771, 856, 945 partment for use of trust funds in End of month figures 17, 88, 155, conduct of bank's business; ruling of 236, 354, 466, 569, 636, 710, 794, 884, 982 Board 691 Wednesday figures 16, 87, 154, Record of pending litigation, keeping 265, 353, 466, 569, 636, 710, 794, 884, 982 of 692 Insured, condition of 399, 780 Regulation F, revision of 327 Loans, investments, and deposits on call National Housing Act, loans insured under, as dates 21, 92, 159, 270, 358, 473, security for advances under section 10 (b) of 576, 643, 717, 803, 893, 991 Federal Reserve Act; ruling of Board 548 Number of 21, 92, 159, 270, 358, 473, National securities exchanges, list of stocks reg- 576, 643, 717, 803, 893, 991 istered on 317 Suspensions 62, 134, 205, 303, 393, 480, National summary of business conditions.... 14, 85, 583, 650, 724, 810, 900, 998 152, 263, 351, 415, 516, 620, 686, 768, 853, 942 Norway: National trade associations, deposits of, as sav- Bank of: ings deposits; ruling of Board 119 Condition of 41, 112, 184, 289, Netherlands: 377, 502, 605, 6/3, 748, 834, 924, 1024 Bank of: Discount rates. . 44, 115, 187, 292, 380, 505, Annual report 564 608, 676, 751, 837, 927, 1027 Condition of 41, 112, 184, 289, 377, Gold reserves. . . 35, 106, 178, 283, 371, 496, 502, 605, 673, 748, 834, 924, 1024 599, 667, 742, 828, 918, 1018 Discount rates: Foreign exchange rates 45, 116, 188, 293, Changes in 115, 505, 608, 927 381, 506, 609, 677, 752, 838, 928, 1028 Monthly figures 44, 115, 187, 292, Number of bank suspensions 62, 134, 205, 303, 380, 505, 608, 676, 751, 837, 927, 1027 393, 480, 583, 650, 724, 810, 900, 998 Gold reserves: Number of banks in the United States: Discussion of 513, 760 According to Census of 1935 946 Monthly figures 35, 106, 178, 283, On call dates: 371, 496, 599, 667, 742, 828, 918, 1018 By districts 394, 530, 775 Foreign exchange rates. . 45, 116, 188, 293, 381, By States 395, 531, 776 506, 609, 677, 752, 838, 928, 1028 Monthly figures 21, 92, 159, 270, 358, Gold embargo and currency legislation.... 979 473, 576, 643, 717, 803, 893, 991 Gold imports and exports: Number of branch banks 218, 304 Net 38, 109, 181, 286, 374, 499, 602, Number of insured commercial banks 399, 780 670, 745, 831, 921, 1021 To and from United States 19, 90, 157, Number of member banks 21, 92, 159, 270, 268, 358, 472, 575, 642, 716, 802, 892, 990 358, 473, 576, 643, 717, 803, 893, 991 Gold standard, suspension of 760 By districts 394, 530, 775 International currency agreements 940 Number of mutual savings banks 21, 92,159, 270, Money rates 44, 115, 187, 292, 380, 505, 358, 473, 576, 643, 717, 803, 893, 991 608, 676, 751, 837, 927, 1027 By States 398, 534, 779 Wholesale prices 46, 117, 189, 294, 382, Number of national banks 21, 92, 159, 270, 507, 610, 678, 753, 839, 929, 1029 358, 473, 576, 643, 717, 803, 893, 991 New Zealand: By States 396, 532, 777 Foreign exchange rates 45, 116, 188, 293, Number of private banks 398, 535, 779 381, 506, 609, 677, 752, 838, 928, 1028 Number of State banks 21, 92, 159, 270, Reserve Bank of: 358, 473, 576, 643, 717, 803, 893, 991 Condition of 41, 112, 184, 289, 377, By States 397, 533, 778 502, 605, 673, 748, 834, 924, 1024 Discount rates 44, 115, 187, 292, 380, Oats crop estimates 69, 666, 740, 826, 916, 1016 505, 608, 676, 751, 837, 927, 1027 Officers and employees of banks, census of 1935. 946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1053 Officers of banks, applicability of Public Utility Portugal—Continued. Holding Company Act to; rules of Securities Pa£e Bank of—Continued. and Exchange Commission 625 Discount rates: Pa£e Officers of Federal Reserve banks, list of. . 757, 843, Change in 380 933,1033 Monthly data 44, 115, 187, 292, Oil production index 64, 136, 207, 306, 401, 380, 505, 608, 676, 751, 837, 927, 1027 489, 592, 659, 733, 819, 909, 1007 Gold reserves 35, 106, 178, 283, Open Market Committee, Federal. (See Federal 371, 496, 599, 667, 742, 828, 918, 1018 Open Market Committee.) Foreign exchange rates 45, 116, 188, 293, Open-market operations: 381, 506, 609, 677, 752, 838, 928, 1028 Recommendations of Federal Advisory Postage, cost of, at Reserve banks 128, 702 Council regarding 5 Postal savings deposits held by member banks. . 23, Regulations governing 254 94, 161, 272, 360, 475, 578, 645, 719, 805, 895, 993 Paper: Postal Savings System 62, 134, 205, 303, Factory employment and pay-roll index: 393, 480, 583, 650, 724, 810, 900, 998 Monthly figures 67, 139, 210, 309, Potato crop estimates.. . 69, 666, 740, 826, 916, 1016 404, 492, 595, 662, 736, 822, 912, 1010 Powell, O. S., appointed first vice president of Revised index 954, 956, 976 Federal Reserve Bank of Minneapolis 940 Production index 64, 136, 207, 306, President of United States, proclamations of: 401, 489, 592, 659, 733, 819, 909, 1007 Export of implements of war to Italy and Wholesale prices 63, 135, 206, 305, Ethiopia 11 400, 495, 598, 665, 739, 825, 915, 1015 Extending powers under Gold Reserve Act. 82 Partnerships, loans to, in which executive officer Presidents of Federal Reserve banks: of a member bank has an interest; ruling of Appointments of, up to March 11, 1936. .. . 145 Board 250, 625, 772 Day, W. A., appointed at San Francisco. . . . 218 Pay rolls: Expenses of conferences 128, 702 Bank, as reported by Census of 1935 946 Leach, Hugh, appointed at Richmond. ..... 218 Factory: List of 757, 843, 933, 1033 Discussion of 409, 847 Meeting of 935 Index of: Sinclair, J. S., appointed at Philadelphia.. 218 By industries 66, 138, 209, 308, Press statements: 403, 491, 594, 661, 735, 821, 911, 1009 Board of Governors and Federal Open Mar- Revised 492, 736, 950 ket Committee relative to excess reserves. 1 Total 33, 104, 171, 281, Board of Governors relative to increase in 369, 488, 591, 658, 732, 818, 908, 1006 reserve requirements of member banks. . . 613 National summary 14, 85, 152, 263, Changes in officers at Federal Reserve 351, 415, 516, 620, 686, 768, 853, 942 banks 316 (See also Employment.) Meeting of Advisory Council, Open Market Penalties for deficient reserves 128, 702 Committee, and presidents of Federal Reserve banks to discuss credit conditions. . 935 Peru: Secretary of Treasury relative to currency Central Reserve Bank of: stabilization 759,940 Condition of 41, 112, 184, 289, 377, 502, 605, 673, 748, 834, 924, 1034 Prices: Discount rates 44, 115, 187, 292, Bonds, domestic 28, 99, 166, 277, 380, 505, 608, 676, 751, 837, 927, 1027 365, 484, 587, 654, 728, 814, 904, 1002 Gold reserves 35, 106, 178, 283, Commodity, wholesale: 371, 496, 599, 667, 742, 828, 918, 1018 By groups 63, 135, 206, 305, Gold movements to and from United 400, 495, 598, 665, 739, 825, 915, 1015 States 19, 90, 157, 268, 356, 472, 575, Chart showing 416, 516, 620, 769, 942 Discussion of 407, 848 642, 716, 802, 892, 990 National summary 14, 85, 152, 263, Philippine Islands, gold movements to and from 351, 415, 517, 621, 686, 769, 854, 943 United States 19, 90, 157, 268, 356, 472, Principal countries 46, 117, 189, 294, 575, 642, 716, 802, 892, 990 382, 507, 610, 678, 753, 839, 929, 1029 Poland: Food: Bank of: Discussion of 849 Condition of 41, 112, 184, 289, Principal countries 47, 118, 190, 295, 377, 502, 605, 673, 748, 834, 924, 1024 383, 508, 611, 679, 754, 840, 930, 1030 Discount rates 44, 115, 187, 292, France, discussion of 763 380, 505, 608, 676, 751, 837, 927, 1027 Security (stocks and bonds) : Gold reserves 35, 106, 178, 283, Chart showing 73 Discussion of 72, 407, 411, 850 371, 496, 599, 667, 742, 828, 918, 1018 Domestic 28, 99, 166, 277, 365, Foreign exchange rates 45, 116, 188, 293, 484, 587, 654, 728, 814, 904, 1002 381, 506, 609, 677, 752, 838, 928, 1028 Principal countries.. 47, 118, 190, 295, 383, Government control of gold and foreign ex- 508, 611, 679, 754, 840, 930, 1030 change transactions 322 United States Government bonds: Portugal: Monthly figures 28, 99, 166, 277, 365, Bank of: 484, 587, 654, 728, 814, 904, 1002 Condition of 41, 112, 184, 289, New averages substituted 318 377, 502, 605, 673, 748, 834, 924, 1024 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1054 INDEX TO VOLUME 22 Printing and stationery, Federal Reserve banks, Page Receipts and expenditures of Treasury: Page cost of 128, 702 Discussion of 4, 213, 412, 509 Private banks: Monthly table.... 29, 100, 167, 278, 366, 485, Branches, number of 218, 304 588, 655, 729, 815, 905, 1003 Condition of, on call dates 398, 535,779 Receiver: Number of: Deposits of, as savings deposits; ruling of According to Census of 1935 946 Board , 191 By States 398, 535, 779 Investing of trust funds in obligations exe- Proclamations of President of United States: cuted by; ruling of Board 691 Export of implements of war to Italy and Reconstruction Finance Corporation: Ethiopia 11 Act regarding taxation of preferred stock, Extending powers under Gold Reserve Act. 82 capital notes, and debentures of banks Production credit associations, loans by.... 32, 103, held by 423 170, 280, 368, 590, 657, 731, 817, 907, 1005 Assets and liabilities 30, 101, 168, 279, 367, Production, industrial: 486, 589, 656, 730, 816, 906, 1004 Chart showing.. 415, 516, 620, 686, 768, 853, 942 Expenditures of Reserve banks for. .. 129, 702 Discussion of 408, 846 Explanation of monthly tables 220-223 France 762 Loans and investments: Germany 766 During 1935 80 Great Britain 764 Monthly figures 31, 102, 169, 279, 367, Index of 64, 136, 207, 306, 401 486, 589, 656, 730, 816, 906, 1004 489, 592, 659, 733, 819, 909, 1007 Obligations of, outstanding. .. 32, 103, 170, 280, Manufactures, chart showing 409, 846 368, 487, 590, 657, 731, 817, 907, 1005 National summary 14, 85, 152, 263, 351, Revision of tables 220-223 415, 516, 620, 686, 768, 853, 942 Taxation of preferred stock, capital notes, Revised index 911 and debentures of banks held by, act Profit and loss account of Reserve banks 129 regarding 423 Profits, corporate, discussion of 411, 849 Redemption fund, Federal Reserve banks.... 55, Public debt: 126,197, 297, 385, 467, 570, 637, 711, 795, 885, 983 Chart showing 5 Discussion of 4, 213, 412, 509 Refunding operations of Treasury, discussion Monthly figures 29, 100, 167, 278, 366, of 4, 213, 412, 509 485, 588, 655, 729, 815, 905, 1003 Regional agricultural credit corporations, Public Utility Holding Company Act: loans by 32, 103, 170, 280, 368, 487, Applicability of, to member banks; ruling 590, 657, 731, 817, 907, 1005 of Securities and Exchange Commission. . 325 Applicability of, to officers and directors of Regulations: banks; rules of Securities and Exchange Board of Governors: Commission 625 Regulation D, reserve requirements, Public Works Administration: supplement to 624 Assets and liabilities 30, 101, 168, 279, Regulation F, trust powers of national 367, 486, 589, 656, 730, 816, 906, 1004 banks, revision of 327 Loans to, by Reconstruction Finance Regulation L, interlocking directorates Corporation 31, 102, 169, 279, under Clayton Act, revision of 48 367, 486, 589, 656, 730, 816, 906, 1004 Regulation Q, interest on deposits: Publications of nonprofit organizations, depos- Deferment of effective date of secits of, as savings deposits; ruling of Board. .. 119 tion 1 of 48 Railroads: Savings deposits, rulings of Board Loans to, by Reconstruction Finance Cor- interpreting. (See Law departporation. . .31, 102, 169, 279, 367, 486, 589, ment.) 656, 730, 816, 906, 1004 Regulation R, relationships with deal- Stocks and bonds, prices of 28, 99, 166, 277, ers in securities 51 Regulation T: 365, 484, 587, 654, 728, 814, 904, 1002 Amendments to 72, 122, 550 Ransom, Ronald: Interpretation of section 6 regard- Appointed member of Board of Governors.. 71 ing the 7-day period; ruling of Designated as vice chairman of Board of Board 122 Governors 685 Supplement to 253 Ratio of total reserves to deposit and Federal Regulation U: Reserve note liabilities combined 55, 126, 197, Amendment to 550 Discussion of 215, 216 297, 385, 467, 570, 637, 711, 795, 885, 983 Rulings interpreting. (See Law Real estate, loans on: department.) By all member banks on call dates 22, 93, Text of 250 160, 271, 359, 474, 577, 644, 718, 804, 894, 992 Supplement to 253 By reporting member banks: Comptroller of the Currency governing Monthly figures.... 24, 95, 162, 273, 361, purchase of investment securities 194 476, 579, 646, 720, 806, 896, 994 Federal Deposit Insurance Corporation: Weekly figures.... 59, 131, 202, 300, 390, Displaying of signs 146 478, 581, 648, 722, 808, 898, 996 Payment of interest on deposits 147 Rearrangement of tables in Bulletin 413 Federal income tax, amendment to 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1055 Regulations—Continued. Reserves—Continued. Governing purchase of investment securi- Held by member banks—Continued. ties, excerpts from address of Comptroller Pase Excess—Continued. Paee of the Currency regarding 421 Chart showing 214, 313 Open-market operations 254 Wednesday figures 264, 352, Under Gold Reserve Act, amendment to.... 12 417, 518, 622, 688, 770, 855, 944 Relief, expenditures for. 29, 100, 167, 278, 366, Discussion of 1, 75, 141, 213, 312, 485, 588, 655, 729, 815, 905 408, 509, 613, 681, 851, 935 Rent paid by Federal Reserve banks 128, 702 End of month figures.. 17, 88,155, 266, Reserve city member banks: 354, 466, 569, 636, 710, 794, 884, 982 Condition of, on call dates 58, 201, 389, 704 Meeting of Advisory Council, Open Deposits. .20, 91, 158, 269, 357, 701, 800, 890, 988 Market Committee, and presi- Loans and investments on call dates... 22, 93, dents of banks, to discuss 935 160, 271, 359, 474, 577, 644, 718, 804, 894, 992 Recommendations of Federal Ad- Reserve balances.. 20, 91, 158, 269, 357, 470, visory Council regarding 5 573, 640, 714, 800, 890, 988 Reserve city and country banks. . 20, Reserves, deposits, and borrowings.... 23, 94, 91, 158, 269, 357, 470, 573, 640, 161, 272, 360, 475, 578, 645, 719, 805, 895, 993 714, 800 Reserves: Statement of Board of Governors Computation of: and Federal Open Market Com- Certain drafts drawn upon Federal Re- mittee regarding 1 serve banks included in gross demand Statement of Board relative to deposits; ruling of Board 192 increase in requirements 613 Classification of branch clearing ac- Wednesday figures 16, 87, 154, 265, counts ; ruling of Board 247 353, 466, 569, 636, 710, 794, 884, 982 Deficient, penalties for 128, 702 Reporting banks: Effect of increase in requirements on mem- Monthly figures 24, 95, 162, 273, ber banks 681 361, 476, 579, 646, 720, 806, 896, 994 Gold: Weekly figures.... 60, 131, 202, 300, Discussion of 514, 760 390, 478, 581, 648, 722, 809, 898, 996 Foreign central banks: Increase in requirements for member banks At the end of May 1936 514 made by Board 613, 624 Monthly figures. .. .35, 106, 178, 283, Regulation D, supplement to 624 371, 496, 599, 667, 742, 828, 918, 1018 Revision of figures 544-547 Requirements: Foreign gold-bloc countries, discussion Discussion of 613, 681, 935 of 76, 513, 760 Effect of increase in, on reserve position World, discussion of 513, 760 of member banks. 681, 773 Held by Federal Reserve banks 53, 125, 196, Increase in, made by Board 613, 624 296, 384, 468, 571, 638, 712, 796, 886, 984 Legal, of foreign central banks 541-543 Held by member banks: Statement by Board relative to increase Balances: in 613 All banks on call dates 23, 94, 161, Resources and liabilities. (See Assets and 272, 360, 475, 578, 645, 719, 805, liabilities.) 895, 993 Retail food prices, principal countries.... 47, 118, Averages of daily figures. .17, 88, 155, 190, 295, 383, 508, 611, 679, 754, 840 266, 354, 418, 518, 623, 689, 771, 856,945 Retail trade, department stores: By classes of banks 20, 91, 158, Discussion of 410, 848 269, 357, 470, 573, 640, 714, 800, Monthly figures. ... 34, 105, 172, 282, 370, 494, 890, 988 597, 664, 738, 824, 914, 1014 By Federal Reserve districts.... 470, Retirement system, contributions by Federal 573, 640, 714, 800, 890, 988 Reserve banks 128, 702 Chart, Wednesday figures 15, 86, Revisions: 153, 264, 352, 417, 518, 622, 688, Gold reserve tables of foreign central banks 770, 855, 944 and governments 544—547 End of month figures 17, 88, Index of department-store sales 631 155, 266, 354, 466, 569, 636, 710, Indexes of factory employment and pay 794, 884, 982 rolls 492, 736, 950-978 Wednesday figures 16, 87, Indexes of production 911 154, 265, 353, 466, 569, 636, 710, Prices of United States Government bonds. 317 794, 884, 982 Discussion of 3, 75, 141, 213, 312, 408, Regulation L — Interlocking directorates 509, 613, 681, 851, 935 under Clayton Act 48 Excess: Regulation R—Relationships with dealers Averages of daily figures.... 17, 88, in securities 51 155, 266, 354, 418, 518, 623, 689, Tables relating to Governmental corpora- 771, 856, 945 tions and credit agencies and Reconstruc- By Federal Reserve districts.... 470, tion Finance Corporation 220-223 573, 640, 714, 800, 890, 988 Yield on United States Treasury notes.... 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1056 INDEX TO VOLUME 22 Rubber products, factory employment and pay- Silver: Page roll index: Page Circulation 19, 90, 157, 268, 356, Monthly figures 67, 139, 210, 309, 404, 471, 574, 641, 715, 801, 891, 989 492, 595, 662, 736, 822, 912, 1010 Production index 64, 136, 207, 306, 401, Revised index 955, 956, 975 489, 592, 659, 733, 819, 909, 1007 Rulings of Board of Governors. (See Law Sinclair, J. S., appointed president of Federal department.) Reserve Bank of Philadelphia 218 Rumania: Social Security Act, applicability of, to banks; Foreign exchange rates 45, 116, 188, 293, ruling of Bureau of Internal Revenue 857 381, 506, 609, 677, 752, 838, 928, 1028 South Africa: National Bank of: Foreign exchange rates 45, 116, 188, 293, Condition of 42, 112, 184, 289, 381, 506, 609, 677, 752, 838, 928, 1028 377, 502, 605, 673, 748, 834, 924, 1024 Gold production 36, 107, 179, 284, Discount rates 44, 115, 187, 292, 372, 497, 600, 668, 743, 829, 919, 1019 380, 505, 608, 676, 751, 837, 927, 1027 Reserve Bank: Gold reserves 35, 106, 178, 283, Condition of 42, 113, 185, 290, 371, 496, 599, 667, 742, 828, 918, 1018 378, 503, 606, 674, 749, 835, 924, 1024 Salaries, Federal Reserve banks 128, 702 Discount rates 44, 115, 187, 292, Savings deposits, rulings of Board interpreting. 380, 505, 608, 676, 751, 837, 927, 1027 (See Law department.) Gold reserves 35, 106, 178, 283, Secretary of the Treasury: 371, 496, 599, 667, 742, 828, 918, 1018 As member of Federal Reserve Board, Spain: 1913-1936 84 Bank of: Statement by: Condition of 42, 113, 185, 290, Currency stabilization 759,940 378, 503, 606, 674, 749, 835, 924, 1024 Gold, sale of, for export 852, 940 Discount rates 44, 115, 187, 292, Securities: 380, 505, 608, 676, 751, 837, 927, 1027 Foreign investments in United States, Gold reserves 35, 106, 178, 283 512,633,935 371, 496, 599, 667, 742, 828, 918, 1018 Held by Federal Reserve banks: Foreign exchange rates 45, 116, 188, 293, Maturities 62, 134, 205, 303, 393, 381, 506, 609, 677, 752, 838, 928, 1028 469, 572, 639, 713, 795, 885, 983 State banks: Monthly figures 55, 126, 197, 297, 385, 467, 570, 637, 711, 795, 885, 983 Applicability of Social Security Act to mem- Held by reporting member banks: ber banks; ruling of Bureau of Internal Revenue 857 Monthly figures 24, 95, 162, 273, 361, Branch banking laws relating to 859 476, 579, 646, 720, 806, 896, 994 Branches, number of 218, 304 Weekly figures 59, 131, 202, 300, 390, Condition of, on call dates: 478, 581, 648, 722, 808, 898, 996 All banks, by States 397, 533, 778 United States Government. (See United Member banks 58, 201, 389, 704 States Government securities.) Dividends paid by member banks 527, 949 Securities and Exchange Commission: Earnings and expenses of member Rules of, pursuant to Public Utility Holding banks 527, 949 Company Act 625 Insured member banks, condition of. . . 399, 780 Ruling regarding applicability of Public Number of: Utility Holding Company Act to member According to Census of 1935 946 banks 325 By States 397, 533, 778 Securities Exchange Act: Monthly figures 21, 92, 159, 270, Amendments to 424 358, 473, 576, 643, 717, 803, 893, 991 Regulation U under 215 Suspensions 62, 134, 205, 303, 393, 480, Security issues: 583, 650, 724, 810, 900, 998 Discussion of 412, 618, 850 Monthly figures 28, 99, 166, 277, 365, Stevens, E. M.: 484, 587, 654, 728, 814, 904, 1002 Appointed Federal Reserve Agent at Chicago 145 Security markets, discussion of 850 Resignation of 218 Security prices (stocks and bonds) : Stewart, A. O., appointed class C director of Chart showing 73 Discussion of 72, 411, 850 Federal Reserve Bank of San Francisco 515 Domestic 28, 99, 168, 277, 385, 484, Stock certificate of State member bank repre- 587, 654, 728, 814, 904, 1002 senting stock of corporation holding bank Principal countries 47, 118, 190, 295, 383, premises; ruling of Board 419 Stock exchange: 508, 611, 679, 754, 840, 930, 1030 Discount rates on loans 27, 98, 165, 276, Shipments of war materials to belligerent 364, 483, 586, 653, 727, 813, 903, 1001 nations: Customers' debit balances, etc., of Financing of 7 firms carrying margin accounts.... 684, 693, Proclamation of President regarding 11 811, 901, 999 Statements of Secretary of State regarding 9 Margin accounts, new statistics. .. 684, 693-695 Signs, displaying of, regulation of Federal De- Margin requirements on loans fixed by posit Insurance Corporation regarding 146 Board 72, 217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1057 Stock exchange—Continued. Switzerland—Continued. Recommendations of Advisory Council rela- Pa^e Swiss National Bank—Continued. tive to margin requirements 6 Gold reserves: Page Regulation U: Discussion of. 76, 513, 760 Text of 250 Monthly figures 35, 106, 178, 371, Supplement to 253 496, 599, 667, 742, 828, 918, 1018 Stocks and bonds: Szymczak, M. S., appointed member of Board of Foreign investments in United States 511, 633, 935 Governors 71 Issues of: Tax: Discussion of 412, 618, 850 Federal Reserve bank note circulation 128 Monthly figures 28, 99, 166, 277, 365, Federal Reserve bank premises 128, 702 484, 587, 654, 728, 814, 904, 1002 Income, amendment to regulations 421 List of stocks registered on National Se- Preferred stock, capital notes, and debencurities Exchanges 317 tures of banks held by Reconstruction Prices: Finance Corporation, act regarding 423 Chart showing ..... 73 Receipts by Treasury 29, 100, 167, 278, Discussion of 72, 411, 850 366, 485, 588, 655, 729, 815, 905, 1003 Domestic 28, 99, 166, 277, 365, Telephone and telegraph expenses of Federal 484, 587, 654, 728, 814, 904, 1002 Reserve banks . 128, 702 Principal countries.. 47, 118, 190, 295, 383, Terms of office of members of Board of Gover- 508, 611, 679, 754, 840, 930, 1030 nors 71 Refunding issues, discussion of 412 Textiles: Regulation U 215 Factory employment and pay-roll index: Straits Settlements, foreign exchange rates.... 45, Monthly figures 66, 138, 209, 308, 403, 116, 188, 293, 381, 506, 609, 677, 752, 838, 928, 1028 491, 594, 661, 735, 821, 912, 1012 Summary of business conditions. . . . 14, 85, 152, 263, Revised index 954, 956, 970 351, 415, 516, 620, 686, 768, 853, 942 Production index 64, 136, 207, 306, 401, Summary of financial and business statistics. . . 418, 489, 592, 659, 733, 819, 909, 1007 519, 623, 689, 771, 858 Wholesale prices. 63, 135, 206, 305, 400, Surplus, Federal Reserve banks: 495, 598, 665, 739, 825, 915, 1015 Amounts transferred to 129 Thomas, J. J.: Monthly figures 55, 126, 197, 297, 385, Appointed Federal Reserve Agent at Kansas 467, 570, 637, 711, 798, 887, 985 City 77,145 Suspensions, bank 62, 134, 205, 303, 393, Retirement as member of Board of Gover- 480, 583, 650, 724, 810, 900, 998 nors 77 Sweden: Tires and tubes, rubber: Bank of: Factory employment and pay-roll index: Condition of 42, 113, 185, 290, 378, Monthly figures 67, 139, 210, 309, 404, 503, 606, 674, 749, 835, 924, 1024 492, 595, 662, 736, 822, 912, 1010 Discount rates 44, 115, 187, 292, 380, Revised index 955, 976 505, 608, 676, 751, 837, 927, 1027 Production index 64, 136, 207, 306, 401, Gold reserves 35, 106, 178, 283, 371, 489, 592, 659, 733, 819, 909, 1007 496, 599, 667, 742, 828, 918, 1018 Revised production index 911 Foreign exchange rates. . 45, 116, 188, 293, 381, Wholesale prices 63, 135, 206, 305, 400, 506, 609, 677, 752, 838, 928, 1028 495, 598, 665, 739, 825, 915, 1015 Money rates 44, 115, 187, 292, 380, Tobacco: 505, 608, 676, 751, 837, 927, 1027 Crop estimates 69, 666, 740, 826, 916, 1016 Switzerland: Manufactures: Foreign exchange restrictions 707 Factory employment and pay-roll Foreign exchange rates 45, 116, 188, 293, index: 381, 506, 609, 677, 752, 838, 928, 1023 Monthly figures 67, 139, 210, 309, Gold imports and exports: 404, 492, 595, 662, 736, 822, 912, 1010 Net 38, 109, 181, 286, Revised index 954, 956, 972 374, 499, 602, 670, 745, 831, 921, 1021 Production index 64, 136, 207, 306, 401, To and from United States 19, 90, 157, 268, 489, 592, 659, 733, 819, 909, 1007 356, 472, 575, 642, 716, 802, 892, 990 Trade: Gold standard, suspension of 760 Foreign: International currency arrangements 940 Balance of international transactions: Monetary legislation 880 France 764 Money rates 44, 115, 187, 292, Germany 767 380, 505, 608, 676, 751, 837, 927, 1027 United States 321, 510, Swiss National Bank: 632, 781, 848, 937 Annual report 344 Discussion of 411, 510, 848, 937 Condition of 42, 113, 185, 290, Retail: 378, 503, 606, 674, 749, 835, 924, 1024 Discussion of 410, 848 Discount rates: Monthly figures 34, 105, 172, 282, 370, Changes in 837, 1027 494, 597, 664, 738, 824, 914, 1014 Monthly figures 44, 115, 187, 292, Wholesale, discussion of 411, 848 380, 505, 608, 676, 751, 837, 927, 1027 Traveling expenses, Federal Reserve banks. 128, 702 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 INDEX TO VOLUME 22 Treasury Department, statements by: United States Government securities—Con. Currency stabilization 759, 940 Bonds—Continued. Gold, sale of, for export 852, 940 Prices: Pa^e Treasury financing: Monthly figures.. 28, 99, 166, 277, 365, Discussion of 4, 213, 412, 509 484, 587, 654, 728, 814, 904, 1002 Monthly figures 29, 100, 167, 278, 366, New averages substituted 318 485, 588, 655, 729, 815, 905, 1003 Yield on 28, 99, 166, 277, 365, 483, 586, 653, 727, 813, 903, 1001 Treasury notes of 1890, circulation 19, 90, 157, Redemption of 4, 213, 412, 509 268, 365, 471, 574, 641, 715, 801, 891, 989 Held as security for Federal Reserve Trust funds: notes 55, 126, 197, 297, 385, 467, 570, Investing of, in securities purchased from 637, 711, 799, 889, 987 an affiliate of a national bank; ruling of Held by Federal Reserve banks: Board 772 Averages of daily figures.. 17, 88, 155, 266, Loans of, to executive officers of banks; 354, 418, 518, 623, 689, 771, 856, 945 ruling of Board 324, 690 By weeks 18, 89, 156, 267, Trust powers of national banks: 355, 468, 571, 638, 712, 796, 886, 984 Collateral, deposit of, with trust department Earnings on 128, 702 for use of trust funds in conduct of End of month figures 17, 88, 155, 266, bank's business; ruling of Board 691 354, 466, 569, 636, 710, 794, 884, 982 Receiver, investing of trust funds in obliga- Maturities 62, 134, 205, 303, tions executed by; ruling of Board 691 393, 469, 572, 639, 713, 795, 885, 983 Record of pending litigation, keeping of.... 692 Monthly figures 55, 126, 197, 297, Regulation F, revision of 327 385, 467, 570, 637, 711, 795, 885, 983 Turkey: Wednesday figures 16, 87, 154, 265, Central Bank of: 353, 466, 569, 636, 710, 794, 884, 982 Conditions of 42, 113, 185, 290, 378, Held by member banks: 503, 606, 674, 749, 835, 924, 1024 All banks on call dates 22, 93, 160, 271, Discount rates 44, 115, 187, 292, 380, 359, 474, 577, 644, 718, 804, 894, 992 505, 608, 676, 751, 837, 927, 1027 Discussion of 2, 143, 214, 315, 683 Gold reserves 35, 106, 178, 283, 371, Reporting banks: 496, 599, 667, 742, 828, 918, 1018 Monthly figures 24, 95, 162, 273, Foreign exchange rates.. 45, 116, 188, 293, 381, 361, 476, 579, 646, 720, 806, 896, 994 506, 609, 677, 752, 838, 928, 1028 Weekly figures 59, 131, 202, 300, 390, 478, 581, 648, 722, 808, 898, 996 Union of Soviet Socialist Republics: Recommendation of Federal Advisory Coun- Bank of: cil regarding System holding of 5 Discount rates 44, 115, 187, 292, 380, Redemption of 4, 213, 412, 509 505, 608, 676, 751, 837, 927, 1027 Treasury bills: Gold reserves 35, 106, 178, 283, 371, 496 Discount rates on 27, 98, 165, 276, Gold movements to and from United 364, 483, 586, 653, 727, 813, 903, 1001 States 19, 90, 157, 268, 356, 472, Held by Federal Reserve banks.. 55, 126, 575, 642, 716, 802, 892, 990 197, 297, 385, 467, 570, 637, 711, 796, 886 United States Government credit agencies: 984. Condition of: Issues of, discussion of.. 412, 509 Monthly figures 30, 101, 168, 279, 367, Yield on 27, 98, 165, 276, 364, 486, 589, 656, 730, 816, 906, 1004 483, 586, 653, 727, 813, 903, 1001 On December 31, 1935 78 Treasury notes: Expenditures by Reserve banks for. .. . 129, 702 Held by Federal Reserve banks.. 55, 126, Explanation of tables 220-223 197, 297, 385, 467, 570, 637, 711, 796, 886 United States Government debt: 984. Chart showing 5 Yield on: Discussion of 4, 213, 412, 509 Description of figures 317 Monthly figures 29, 100, 167, 278, 366, Monthly figures 317, 364, 483, 485, 588, 655, 729, 815, 905, 1003 586, 653, 727, 813, 903, 1001 United States Government deposits: United States notes, circulation 19, 90, 157, 268, Held by Federal Reserve banks 55, 126, 197, 356, 471, 574, 641, 715, 801, 891, 989 297, 385, 467, 570, 637, 711, 797, 885, 983 United States Postal Savings deposits held by Held by member banks 23, 94, 161, member banks 23, 94, 161, 272, 360, 475, 272, 360, 475, 578, 645, 719, 805, 895, 993 578, 645, 719, 805, 895, 993 Held by reporting member banks: United States Postal Savings System 62, 134, Monthly figures 25, 96, 163, 274, 362, 205, 303, 393, 480, 583, 650, 724, 810, 900, 998 477, 580, 647, 721, 807, 897, 995 United States Treasury, financing of: Weekly figures 60, 132, 203, 301, 391, Discussion of 4, 213, 412, 509 479, 582, 649, 723, 809, 899, 997 Monthly figures 29, 100, 167, 278, 366, United States Government securities: 485, 588, 655, 729, 815, 905, 1003 Uruguay: Bonds: Bank of: Held by Federal Reserve banks 55, 126, Condition of 42, 113, 185, 290, 197, 297, 385, 467, 570, 637, 711, 795, 885, 378, 503, 606, 674, 749, 835, 924, 1024 983. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 22 1059 Uruguay—Continued. Wood, J. S.: Bank of—Continued. Page Appointed Federal Reserve Agent at St. Paee Gold reserves 35, 106, 178, 283, Louis 145 371, 496, 599, 667, 742, 828, 918, 1018 Appointed vice president of Federal Reserve Foreign exchange rates 45, 116, 188, 293, Bank of St. Louis 316 381, 506, 609, 677, 752, 838, 928, 1028 Wood, Robert E., appointed class C director of Gold movements to and from United States 19, Federal Reserve Bank of Chicago 515 90, 157, 268, 356, 472, 575, 642, 716, 803, 892, Wool and woolens: 990. Factory employment and pay-roll index: Venezuela, gold movements to and from United Monthly figures 66, 138, 209, 308, States 19, 90, 157, 268, 356, 472, 575, 642, 403, 491, 594, 661, 735, 821, 912, 1012 716, 802, 892 Revised index 954, 970 Vice governors of Federal Reserve Board, mem- Production index 64, 136, 207, 306, bers of, 1913-1936 84 401, 489, 592, 659, 733, 819, 909, 1007 Vice presidents of Federal Reserve banks: Wholesale prices 63, 135, 206, 305, Appointment of 145 400, 495, 598, 665, 739, 825, 915, 1015 Clerk, Ira, appointed at San Francisco. . . . 218 Yield on bonds: Hutt, W. H., appointed at Philadelphia 218 Discussion of 411, 617 List of 757, 843, 933, 1033 Monthly figures 28, 99, 166, 277, Powell, O. S., appointed at Minneapolis... 940 365, 483, 586, 653, 727, 813, 903, 1001 Walden, J. S., appointed at Richmond 851 Yield on United States Treasury notes: Walden, J. S., appointed first vice president of Description of figures . 317 Federal Reserve Bank of Richmond 851 Monthly figures 317, 364, 483, 586, Wall, Norman J., article by, on agricultural 653, 727, 813, 903, 1001 loans of commercial banks 224-246 Young, Owen D., appointed class C director of Walsh, C. C, appointed Federal Reserve Agent Federal Reserve Bank of New York 515 at Dallas 145, 316 Yugoslavia: War materials, shipment of, to belligerent Foreign exchange rates 45, 116, 188, 293, nations: 381, 506, 609, 677, 752, 838, 928, 1028 Financing of 7 National Bank of: Proclamation of President regarding 11 Condition of 42, 113, 185, 290, Statement of Secretary of Treasury re- 378, 503, 606, 674, 749, 835, 924, 1024 garding 9 Discount rates 44, 115, 187, 292, Wheat, crop estimates. . . 69, 666, 740, 826, 916, 1016 380, 505, 608, 676, 751, 837, 927, 1027 Withdrawal of savings deposits upon telephone Gold reserves 35, 106, 178, 283, or other oral order; ruling of Board 624 371, 496, 599, 667, 742, 838, 918, 1018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N. DAK. i I MINN. MINNEAPOLIS ( S.DAK. IOWA CH1CA KANSAS CITY M°ST.LBUIS KANS. OKLA. Oklahoma City \ ARK« , Little#Rock/ 5^ New Orleans i 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